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Argentina's YPF reverses losses in Q2, revenue up nearly 45%

Reuters
Updated ·1 min read
The headquarters of Argentina's state energy company YPF is seen in Buenos Aires

(Reuters) -Argentina's national oil company YPF announced on Wednesday it reversed losses during the second quarter from the year before, boosted by a surge in oil and gas prices in the market.

The firm's net profit hit 94.06 billion pesos ($751 million), up from a 46.26 billion peso net loss from the year-earlier period.

The state-run producer's revenue totaled $4.8 billion in the quarter, a 44.9% increase.

YPF said in statement it expects to increase its investment for 2022 by 10% to $4 billion, up 50% from 2021.

($1=125.1 pesos)

(Reporting by Valentine Hilaire, Eliana Raszewski and Noe Torres; Editing by Brendan O'Boyle)