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UPDATE 1-Argentina's YPF first-qtr profit slides 78 pct from year ago
May 9, 2017 / 9:58 PM / 7 months ago

UPDATE 1-Argentina's YPF first-qtr profit slides 78 pct from year ago

(Adds Ebitda, production details)

BUENOS AIRES, May 9 (Reuters) - Argentina’s state-run oil firm YPF SA posted first-quarter profit of 192 million pesos ($12.47 million), down 78 percent from 855 million pesos a year earlier, the company said on Tuesday.

Earnings before interest, taxes, depreciation and amortization, a gauge of operating profit, rose 34.7 percent from the previous year to 16.83 billion pesos, however.

YPF, which is seeking partners to develop some of the world’s largest shale reserves in Vaca Muerta, said total petroleum production fell 1.5 percent from a year earlier to 573,500 barrels per day.

Crude oil production fell 6 percent while gas output rose 2.8 percent to 45.3 million cubic meters (1.6 billion cubic feet) per day.

The company said investments in property, plants and equipment fell 18.9 percent to 11.95 billion pesos from the first quarter of 2016.

YPF said it has put 96 new wells in production in the first quarter, including 14 in Vaca Muerta, and finalized 11 exploratory wells. ($1 = 15.395 pesos on March 31) (Reporting by Caroline Stauffer and Walter Bianchi; Editing by Lisa Shumaker and Matthew Lewis)

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