$YPF · YPF SOCIEDAD ANONIMA
YPF reported Q3 2026 results with revenues of $6,557 million (flat q/q, +41% YoY), net income of $1,196 million, and Adjusted EBITDA of $2,503 million — the second-highest quarterly result after the record set in Q2 2026. Shale oil production grew to 224 kbbl/d (+32% YoY), now 86% of total crude output. Free cash flow reached $901 million, driving net leverage to a decade-low 0.8x. The company also returned to international capital markets with a $1.2 billion 9-year bond at 7.85%.
- Net income reached $1,196 million vs. a $198 million loss in Q3 2025, driven by higher prices and shale growth.
- Adjusted EBITDA of $2,503 million was the second-highest quarterly result ever, with a 38% margin.
- Shale oil production hit 224 kbbl/d (+32% YoY), now 86% of total crude output; December 2026 exit rate target of 250 kbbl/d.
- Free cash flow was $901 million, the second-highest quarter on record, enabling net leverage to fall to 0.8x.
- YPF issued a $1.2 billion 9-year bond at 7.85% yield (~300 bps over Treasuries), pre-funding 2027 and 2029 maturities.
Markets closed — no regular-session reaction yet; extended-hours move not captured here.
YPF's transformation from a $198 million quarterly loss to $1.2 billion in profit in one year, combined with a decade-low leverage ratio and return to international bond markets, signals a structural inflection in Argentina's largest energy company.
YPF's results reflect the broader Argentina energy renaissance: shale-driven production growth, declining lifting costs ($7.8/boe, -12% YoY), and zero fuel imports for another quarter — a stark contrast to the import-dependent era pre-Vaca Muerta ramp.
Lower Brent crude prices in Q3 2026 compressed realized oil prices 10% q/q to $81.4/bbl, and a return to the customary Medanito discount to Brent replaced the exceptional Q2 premium. Conventional production continues to decline rapidly (-39% YoY) under the divestment program.