Key Takeaways:
- Adjusted EBITDA hit a record $2.8 billion, up 76% from Q1.
- Shale oil output reached 213,000 barrels a day, 80% of total production.
- Management raised 2026 EBITDA guidance to about $8 billion from $6 billion.
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YPF posts record Q2 profit as shale output hits 213,000 bpd
YPF reported Q2 adjusted earnings of $3.07 a share, beating estimates by 46%, on record shale output and higher oil prices.
"Q2 was a landmark quarter in YPF's history, with 10 major milestones achieved across all our operations," Chairman and Chief Executive Horacio Marín said.
Revenue rose 42% from a year earlier to $6.57 billion, topping the $5.96 billion forecast. Adjusted EBITDA reached $2.8 billion, a company record and up 76% sequentially, while operating income hit $1.8 billion and net income came in at $1.2 billion, the second-best quarterly result in company history.
The results pushed YPF shares to $51.215, near the top of their 52-week range of $22.82 to $57.49. Management raised full-year adjusted EBITDA guidance to about $8 billion from $6 billion, assuming Brent at $75 a barrel in the second half.
Shale oil production reached 213,000 barrels a day, up 4% sequentially and 47% from a year earlier, with shale now accounting for 80% of total oil output. Refinery processing averaged 351,000 barrels a day, the highest utilization level in company history, generating surplus fuel for export. Lifting costs fell 31% year over year to $8.40 per barrel of oil equivalent.
Free cash flow totaled $824 million despite $1.3 billion in capital spending, lifting liquidity to a record $2.5 billion. Net leverage fell to 1.1 times, the lowest in more than a decade, after Fitch, S&P and Moody's all upgraded YPF's credit ratings this year.
Management now expects shale oil production to average about 215,000 barrels a day in 2026, exiting the year at roughly 250,000 barrels a day. Capital spending guidance rose about 5 percent to $5.8 billion to $6.2 billion, with free cash flow projected at about $2 billion and net leverage near 1.0 times.
The guidance raise signals management expects the Vaca Muerta shale push to keep lifting margins even as conventional fields are sold off. Investors will watch the Argentina LNG final investment decision, which Marín said is on track for the fourth quarter, and the VMOS pipeline start-up expected by year-end.
This article is for informational purposes only and does not constitute investment advice.
[1] YPF Q2 Earnings Beat Estimates on Shale Growth & Strong Pricing[2] Earnings call transcript: YPF Q2 2026 profit jumps on record shale output[3] YPF SA (YPF) (Q2 2026) Earnings Call Highlights: Record EBITDA and Shale Output Fuel Upbeat Guidance[4] YPF Q2 Earnings Beat Estimates on Shale Growth & Strong Pricing - August 13, 2026 - Zacks.com
