YPF, an oil company, reported a net profit of approximately 657 million dollars in the first quarter of 2024, marking a 93% increase from the previous year. The company attributed this improvement to higher fuel prices, although sales saw a slight decline due to the economic downturn in Argentina. Despite the challenges, YPF’s adjusted profitability and revenues showed growth during this period.
The rise in fuel prices, a decrease in imports, and improved crude oil prices locally contributed to YPF’s positive financial results. The company benefited from cost reductions in extraction due to the devaluation in December. However, local fuel demand decreased by 11% as sales at service stations and diesel consumption took a hit.
YPF maintained its oil production levels and saw growth in shale oil production, but faced challenges in the retail fuel demand segment. Market share gains were offset by a decline in consumption during April. YPF executives are set to discuss their strategic plan and address investor questions in an upcoming virtual conference.
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