YPF Delivers Record $2.8B EBITDA as Net Leverage Falls to 1.09x in Q2 2026

summarizeSummary

YPF reported record quarterly EBITDA of US$2.8 billion and net income of US$1.2 billion, driven by surging shale production, higher oil prices, and peak refinery runs. Net leverage fell to 1.09x, the lowest in 11 years, and the company completed a 1-for-10 stock split.

check_boxKey Events · Earnings and Guidance · YPF

• Record EBITDA and Net Income

  Adjusted EBITDA reached US$2,804 million (+76% q/q, +149% y/y), the highest in YPF history, with net income of US$1,205 million (vs. US$409 million in 1Q26).

• Shale Oil Dominance

  Shale oil production averaged 213 kbbl/d, now 80% of total oil output, with lifting costs at just US$4.0/boe in the core hub, down 12% y/y.

• Record Refinery Runs, Zero Imports

  Refinery utilization hit 104%, processing a record 351 kbbl/d, eliminating fuel imports and supporting strong domestic and export sales.

• Balance Sheet Strengthens

  Net leverage fell to 1.09x from 1.57x in 1Q26, the lowest in 11 years, supported by US$824 million in free cash flow and US$2.5 billion in cash and short-term investments.

auto_awesomeAnalysis · YPF · Energy & Transportation

YPF delivered its strongest quarter ever, with Adjusted EBITDA surging 76% sequentially to US$2.8 billion on higher oil prices, record shale output, and peak refinery utilization. Net income hit US$1.2 billion, free cash flow remained robust at US$824 million, and net leverage fell to 1.09x — the lowest in over a decade. The results underscore the company's transformation into a low-cost shale producer, with 80% of oil now from Vaca Muerta and lifting costs down 31% year-over-year. Credit rating upgrades and a stock split further enhance the investment case, while progress on the VMOS export pipeline and Argentina LNG project signal long-term growth visibility.