YPF SA Reports Mixed Results for the Third Quarter

YPF Sociedad Anónima, the state‑backed Argentine energy company, released its financial results for the third quarter and nine months ended September 30, 2025, on November 8, 2025. The announcement came after the company’s quarterly earnings conference, where analysts were invited to review the company’s performance and outlook.

Third‑Quarter Performance

  • Net Loss: The company reported a net loss for Q3, primarily attributable to significant tax expenses. This decline in profitability was highlighted in multiple market reports, including coverage by srnnews.com and investing.com on November 7.
  • Earnings per Share (EPS): While the company announced a net loss, analysts projected a modest positive EPS of approximately $0.758 USD for the quarter, down from $3.82 USD in the same period last year. This forecast was presented during YPF’s earnings conference and is reflected in the finanzen.net preview article dated November 6.
  • Revenue and Cash Flow: Detailed revenue figures were not disclosed in the brief release, but the company emphasized ongoing projects that are expected to strengthen cash flow in the medium term.

Long‑Term Strategic Developments

A key highlight of the announcement was YPF’s continued partnership with Eni and ADNOC’s XRG in advancing the Argentina LNG (ARGLNG) project:

  • Framework Agreement: On November 5, YPF and Eni signed a non‑binding framework agreement with XRG, a subsidiary of the Abu Dhabi National Oil Company (ADNOC). The agreement outlines the terms for XRG’s potential participation in the 12 million tonnes per annum (MTPA) liquefied natural gas (LNG) phase of the project.
  • Project Scope: The ARGLNG initiative, which aims to position Argentina as a significant LNG exporter, is part of a larger $50 billion investment in South America’s energy infrastructure. The collaboration is expected to accelerate the development of the LNG plant in the Vaca Muerta region, a key hydrocarbon basin.
  • Strategic Impact: By securing ADNOC’s interest, YPF enhances its access to capital, technology, and international market channels, which could mitigate the impact of recent fiscal challenges.

Market Context

  • Stock Performance: As of November 5, YPF’s share price stood at $36.52 USD, well below its 52‑week high of $47.43 USD reached on January 9, 2025, and above its 52‑week low of $22.82 USD recorded on September 18, 2025. The market cap of the company is approximately $12.999 billion USD.
  • Valuation: The price‑earnings ratio (P/E) remains at 12.852, suggesting that, despite the recent net loss, the market still values YPF’s future earnings potential at a moderate multiple.

Outlook

YPF’s management remains cautious yet optimistic. The company’s focus is on:

  1. Managing Tax Exposure: Addressing the tax liabilities that contributed to the quarterly loss, with an eye on restructuring fiscal strategies.
  2. LNG Project Progress: Finalizing the terms of the framework agreement with XRG and moving forward with the MTPA LNG phase, which could generate significant cash flows once operational.
  3. Operational Efficiency: Continuing to optimize conventional and unconventional gas and oil production within Argentina’s renewable energy framework.

In sum, YPF’s latest earnings release underscores the company’s resilience amid short‑term fiscal setbacks while reaffirming its strategic commitment to the LNG megaproject that promises to reshape Argentina’s position in the global energy market.