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- **Shale Dominance**: Shale oil production reached 190,000 bpd in October (+35% YoY), driving 70% of total output. Lifting costs halved to $9/BOE. 
- **Financial Resilience**: Pro forma FCF of -$172M (excluding M&A) despite $759M negative FCF. Refinanced $500M bond at record-low 8.25% yield. 
- **Growth Ambitions**: 2026 shale oil target 215,000 bpd; 2027 target 290,000 bpd. LNG project to cost $20B-$25B with 70% non-recourse financing. 
- **Strategic Shifts**: Exiting conventional fields by end-2025 to become pure shale player. Metrogas and YPF Agro divestments underway. 
- **Operational Excellence**: Record 326,000 bpd refining capacity (2009 high). Autonomous drilling/fracking set new industry benchmarks.

**【CEO Summary Section】**
- Q3 2025 revenue: $4.6 billion (-12% YoY) due to 13% Brent price decline. Adjusted EBITDA: $1.4 billion (flat YoY, +20% QoQ). Shale oil production reached 190,000 bpd in October (+35% YoY, +12% QoQ), exceeding 2025 target of 165,000 bpd. Lifting costs reduced 45% YoY to $9/BOE. Vaca Muerta shale production mix increased to 70% of total output. Negative free cash flow ($759M) due to $523M asset acquisition and mature field exit costs. Net debt: $9.6B (2.1x leverage). Refinanced $500M bond at 8.25% yield, lowest in years.

**【CFO Financial Commentary】**
- Q3 2025: Negative free cash flow ($759M) driven by one-off costs. Pro forma FCF: -$172M (excluding M&A). Net debt: $9.6B (2.1x leverage). Issued $625M in local bonds at 7.65% avg yield. Repaid $120M secured notes early. Secured $700M cross-border loan for 2026 maturities. LNG project CapEx: $20B-$25B, 70% non-recourse financing. 2031 bond reopening at 8.75% yield, oversubscribed 3x.

**【Q&A Highlights】**
- **Production Growth**: 2026 target 215,000 bpd; 2027 target 290,000 bpd. Shale-only strategy by end-2025. 
- **M&A Strategy**: Active in 2025 (Total Astral acquisition), but 2026 focus on developing existing assets. 
- **Divestments**: Metrogas to be sold post-concession renewal. YPF Agro to seek strategic partner for 50% stake. 
- **LNG Project**: Phase 3 FID with Eni (12MTPA), new partner ADNOC. 2030 first LNG export. 
- **Working Capital**: Q3 negative $360M due to gas sales accruals, longer collection days, inventory restocking. Normalizing in Q4. 
- **Leverage**: Target <2.0x. No oil price hedging plans. 
- **Refining**: La Plata refinery named Refinery of the Year, 97% utilization. Exported 30,000 m³ refined products to Uruguay in Q3.

YPF Sociedad Anónima (YPF) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

YPF

YPF fundamentals

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