Economy & Business - May 2024

ARGENTINA | YPF improves its results in Q1. On 9 May, Argentina’s state-owned oil company Yacimientos Petrolíferos Fiscales (YPF) released its financial results for the first quarter of 2024, which showed a 93% increase in net income year-on-year. The company reported US$657m in net income in January-March 2024, up from US$341m a year earlier. A drop in sales amid economic hardship in Argentina was counterbalanced by an increase in fuel prices. Total oil production stood at 526,000 barrels of oil equivalent per day (boed), up 3% year-on-year, and driven by shale production, which represented 49% of the total, the company said in securities filing. Crude oil production was up 7% year-on-year to 255,500 bod, roughly the same as during the last quarter of 2023. Natural gas production stood at 229,000 boed and natural gas liquids, 42,000 boed.