Argentina YPF Q4 net income soars 88% on higher revenues, production

08 March 2014 00:04 Source:ICIS News

MEDELLIN, Colombia (ICIS)--Argentina’s state-controlled oil and gas company Yacimientos Petroliferos Fiscales (YPF) said on Friday that its Q4 2013 net income soared by about 88% to Argentine pesos (Ps) 1.92bn ($243m) from Ps1.02bn in the year-earlier period amid higher revenues and a boost in production.

Revenues in the October-December period reached Ps25.29bn, up by about 34% from Ps18.86bn in the same quarter in 2012, the company said.

Quarterly earnings before interest, taxes, depreciation and amortisation (EBITDA) more than doubled to Ps10.57bn from Ps5.04bn a year earlier.  

Production of crude oil and natural gas in the quarter increased by 6.3% and 10.2% year over year, respectively, the company said.

For the whole of 2013, net income rose by about 46% to Ps5.68bn from Ps3.90bn in 2012 following a 34% jump in revenues to Ps90.11bn.

Yearly revenues increased mainly as a result of higher domestic gasoline, diesel and natural gas sales, the company said.

EBITDA for the whole year increased by about 63% to Ps29.39bn, the company said.

Capital expenditures (capex) reached Ps29.85bn in 2013, about 81% higher than 2012 due to more development activity in the company’s upstream business segment.

($1 = Ps7.89)

By Simon West