(Energy Analytics Institute, 11.Nov.2020) — Argentina’s state-controlled YPF announced operating and financial results for the third quarter of 2020. What follows is a summary of key data.
MAIN HIGHLIGHTS OF 3Q:20
— Revenues rose 19.5% sequentially on the back of a significant recovery in fuels´ sales and stabilization in oil and gas output.
— When compared to the second quarter, demand for refined products recovered significantly, driving a 41% rise in gasoline volumes sold and 22% in diesel.
— Higher volumes processed at YPF’s refineries, which averaged a capacity utilization of 73% in the quarter, rose from lows of 47% in April, despite moving forward with a programmed major maintenance at our La Plata Refinery starting in September which had been suspended in April.
— Total hydrocarbon production was stabilized at 468,500 oil equivalent barrels per day on gradual resumption in well activity, having mobilized over 35 rigs by September, including drilling, workover and pulling towers.
— Costs were kept under control as our efficiency program started delivering its initial results, growing by a meager 1% quarter over quarter, as operating expenses, excluding purchases and royalties, decreased 19%.
— Prices at the pump were adjusted twice during the quarter, accumulating, on average, an increase of 8% in Peso terms. However, when calculated in dollars, realized prices at the pump decreased by 25.3% and 19.8% year over year for diesel and gasoline, respectively.
— Net income for the third quarter resulted in net loss of $482mn, a significant improvement when compared to the loss of $1,258mn in the second quarter, but still in negative territory, as the effects of the pandemic continued having a toll on our economic results.
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