Page 13 - LatAmOil Week 10 2022

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Guzman also told Reuters on March 9 that rather than eliminate them abruptly.
Argentina’s government was committed to “We are planning to reduce energy subsidies
reducing domestic energy subsidies, in line with gradually,” the news agency quoted him as say-
the conditions for renegotiation of its interna- ing. “Obviously, the speed at which the goals are
tional debts. He emphasised, though, that Bue- achieved will depend on how the international
nos Aires wanted to phase these subsidies out situation evolves.” ™

Ishpingo is a field within the onshore ITT block (Image: YPF)

YPF reports net profits down

and revenues up in Q4-2021

ARGENTINA’S national oil company (NOC) naphtha and natural gas – contributed to the
YPF reported last week that its net profits had uptick in revenues, YPF noted in its interim
dropped to $247mn in the final quarter of 2021, report. “Local demand for fuels in [the Octo-
down by 54.2% on the figure posted in the same ber-December interval] increased above
period of 2020. pre-pandemic levels, with growth in local sales
YPF attributed the year-on-year decline to of gasoline and diesel of 7.2% and 6.9% respec-
bullish trends on the world oil market, explain- tively, consolidating a better-than-expected
ing in its latest interim report that it had only annual recovery,” it said.
been able to pass part of the impact of these The company’s capital expenditures
price increases on to its customer base. Argenti- amounted to $908mn in the fourth quarter of
na’s domestic energy pricing regime effectively last year, up by 68.8% on the figure of $538mn
forces fuel producers to shoulder a portion of posted in the same period of 2020, it added.
the cost paid by consumers. The interim report also included data on
The NOC’s financial performance was signif- YPF’s full-year financial performance in 2021. It
icantly better in several other areas. According said the NOC had posted a net loss of $34mn on
to the interim report, YPF’s revenues totalled revenues of $13.238bn last year, compared with
$3.62bn in the fourth quarter, up by 59.5% on a net loss of $1.098bn on revenues of $9.376bn in
the year-ago figure of $2.27bn, and its EBITDA 2020. YPF also reported an EBITDA of $3.812bn
(earnings before interest, taxes, depreciation and and an adjusted EBITDA of $3.839bn in 2021,
amortisation) stood at $628mn, up by 138.8% up from $1.945bn and $1.454bn the year before.
on the year-ago figure of $263mn. Meanwhile, Also in 2021, YPF’s capital expenditures
adjusted EBITDA amounted to $834mn, up by amounted to $2.671bn. This represents a 71.9%
nearly 356% on the year-ago figure of $183mn. rise on the previous year’s figure of $1.554bn, the
Sales of various fuels – including diesel, report stated. ™

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