Tecpetrol Reports 164% Growth In Equivalent Production

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(Tecpetrol, 30.Sep.2018) — Buenos Aires-based Tecpetrol S.A., controlled by its Madrid-based parent company Tecpetrol Internacional S.L.U., which holds a 95.99% equity interest, announced results for the nine-month period ended on September30, 2018.

EBITDA for the nine-month period ended on September 30, 2018 was ARS 12,068.1 million, compared to ARS 699.5 million recorded in the same period of the previous year.

Investments in Property, plant and equipment during the nine-month period ended on September 30, 2018, net of unpaid acquisitions at the end of such period, reached ARS 22,416.2 million, increasing ARS 17,840.7 million in comparison with the same period of 2017. Such increase is mainly explained by the development of Fortín de Piedra area in Vaca Muerta formation.

At September 30, 2018, net debt (net debt = borrowings – cash and cash equivalents) totaled ARS 51,357.7 million, which was mainly taken to afford the above mentioned investments. At December 31, 2017, net debt totaled ARS 7,225.1 million.

Operating profit (loss) for the nine-month period ended on September 30, 2018 amounted to ARS 5,456.3 million (profit), compared to a loss of ARS 605.2 million during the same period of 2017. Such increase is mainly explained by the increase in gas production related to the development of Fortin de Piedra area; and an increase in average sale prices.

Net profit (loss) for the nine-month period ended on September 30, 2018 totaled ARS 2,189.9 million (profit), compared to a loss of ARS 920.1 million for the same period of the previous year. This increase is primarily explained by the above mentioned effects, which were partially offset by the net loss generated by exchange differences due to the exchange rate fluctuation of the Argentine peso against the U.S. dollar, and the interest costs of a larger amount of borrowings.

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