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YPF Q3 Earnings Beat on Lower Operating Expenses, Revenues Fall Y/Y
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Key Takeaways
YPF posted Q3 earnings of 84 cents per share, beating estimates despite lower year-ago results.
Lower operating expenses drove the beat, offsetting declines in production and price realizations.
Upstream EBITDA rose on reduced lifting costs and stronger seasonal natural gas sales.
YPF Sociedad Anónima (YPF - Free Report) reported third-quarter 2025 earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 82 cents. The bottom line declined from the year-ago quarter’s level of $3.75.
Total quarterly revenues of $4.64 billion missed the Zacks Consensus Estimate of $5.05 billion. The top line also decreased from the prior-year level of $5.3 billion.
The better-than-expected quarterly earnings can be primarily attributed to a reduction in total operating expenses. However, a decline in total hydrocarbon production and lower crude oil and natural gas price realizations partially offset the gains.
YPF Sociedad Anonima Price, Consensus and EPS Surprise
In the third quarter, YPF’s total hydrocarbon production was 523.1 thousand barrels of oil equivalent per day (Mboe/d), down 6.4% from 558.7 Mboe/d in the corresponding period of 2024. Crude oil production in the reported quarter averaged 239.8 thousand barrels per day (MBbl/D) compared with 255.8 MBbl/D a year ago. The decline can be primarily attributed to lower conventional production from mature fields, partially offset by higher shale output.
YPF’s natural gas production in the reported quarter decreased 4.8% year over year to 38.4 million cubic meters per day. Gas production was primarily affected by lower conventional gas output from mature fields. Natural gas liquids production was 41.9 MBbl/D compared with 49.5 MBbl/D in the prior-year quarter.
Average Price Realizations
The average price realization for crude oil decreased 12.1% year over year, reaching $60 per barrel. The average natural gas price realizations fell by 3% year over year to $4.3 per million British thermal unit.
YPF’s Adjusted EBITDA from upstream activities increased 32.9% year over year to $1,042 million, primarily driven by lower lifting costs and growth in seasonal natural gas sales.
Midstream & Downstream
In the quarter under review, processed crude volumes reached 326.2 MBbl/D, 9.3% higher than 298.3 MBbl/D in the year-ago quarter. Refineries’ Utilization Rate in the third quarter was 96.5%, which improved from 88.3% in the prior-year quarter.
The Adjusted EBITDA, excluding the price effect of oil products on inventories, from the segment was reported at $354 million, down 25.6% year over year. The decline was mainly due to a fall in local fuel prices.
Total Operating Expenses
The total operating expenses in the quarter totaled $1,356 million, a 30.9% decline from $1,962 million reported in the year-ago quarter. Decline in operating expenses stemmed from cost savings related to the reduced exposure to conventional mature fields and a notable rise in efficient shale production.
Cash Flow of YPF
Net cash flow provided by operating activities in the quarter totaled $1,225 million. The company reported a negative free cash flow of $759 million for the quarter.
Balance Sheet
As of Sept. 30, 2025, the company’s cash and short-term investments were $1.02 billion, and its total debt amounted to $10.6 billion.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.
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YPF Q3 Earnings Beat on Lower Operating Expenses, Revenues Fall Y/Y
Key Takeaways
YPF Sociedad Anónima (YPF - Free Report) reported third-quarter 2025 earnings of 84 cents per share, which beat the Zacks Consensus Estimate of 82 cents. The bottom line declined from the year-ago quarter’s level of $3.75.
Total quarterly revenues of $4.64 billion missed the Zacks Consensus Estimate of $5.05 billion. The top line also decreased from the prior-year level of $5.3 billion.
The better-than-expected quarterly earnings can be primarily attributed to a reduction in total operating expenses. However, a decline in total hydrocarbon production and lower crude oil and natural gas price realizations partially offset the gains.
YPF Sociedad Anonima Price, Consensus and EPS Surprise
YPF Sociedad Anonima price-consensus-eps-surprise-chart | YPF Sociedad Anonima Quote
Operational Performance
Upstream Production
In the third quarter, YPF’s total hydrocarbon production was 523.1 thousand barrels of oil equivalent per day (Mboe/d), down 6.4% from 558.7 Mboe/d in the corresponding period of 2024. Crude oil production in the reported quarter averaged 239.8 thousand barrels per day (MBbl/D) compared with 255.8 MBbl/D a year ago. The decline can be primarily attributed to lower conventional production from mature fields, partially offset by higher shale output.
YPF’s natural gas production in the reported quarter decreased 4.8% year over year to 38.4 million cubic meters per day. Gas production was primarily affected by lower conventional gas output from mature fields. Natural gas liquids production was 41.9 MBbl/D compared with 49.5 MBbl/D in the prior-year quarter.
Average Price Realizations
The average price realization for crude oil decreased 12.1% year over year, reaching $60 per barrel. The average natural gas price realizations fell by 3% year over year to $4.3 per million British thermal unit.
YPF’s Adjusted EBITDA from upstream activities increased 32.9% year over year to $1,042 million, primarily driven by lower lifting costs and growth in seasonal natural gas sales.
Midstream & Downstream
In the quarter under review, processed crude volumes reached 326.2 MBbl/D, 9.3% higher than 298.3 MBbl/D in the year-ago quarter. Refineries’ Utilization Rate in the third quarter was 96.5%, which improved from 88.3% in the prior-year quarter.
The Adjusted EBITDA, excluding the price effect of oil products on inventories, from the segment was reported at $354 million, down 25.6% year over year. The decline was mainly due to a fall in local fuel prices.
Total Operating Expenses
The total operating expenses in the quarter totaled $1,356 million, a 30.9% decline from $1,962 million reported in the year-ago quarter. Decline in operating expenses stemmed from cost savings related to the reduced exposure to conventional mature fields and a notable rise in efficient shale production.
Cash Flow of YPF
Net cash flow provided by operating activities in the quarter totaled $1,225 million. The company reported a negative free cash flow of $759 million for the quarter.
Balance Sheet
As of Sept. 30, 2025, the company’s cash and short-term investments were $1.02 billion, and its total debt amounted to $10.6 billion.
YPF’s Zacks Rank and Key Picks
YPF currently carries a Zacks Rank #3 (Hold).
Some top-ranked stocks from the energy sector are Oceaneering International (OII - Free Report) , Canadian Natural Resources Ltd. (CNQ - Free Report) and FuelCell Energy (FCEL - Free Report) . While Oceaneering and Canadian Natural Resources currently sport a Zacks Rank #1 (Strong Buy) each, FuelCell carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks #1 Rank stocks here.
Oceaneering International delivers integrated technology solutions across all stages of the offshore oilfield lifecycle. The company is a leading provider of offshore equipment and technology solutions to the energy industry. OII’s proven ability to deliver innovative, integrated solutions supports ongoing client retention and new business opportunities, ensuring steady revenue growth.
Canadian Natural Resources is one of the largest independent energy companies in Canada engaged in the exploration, development and production of oil and natural gas. The company boasts a diversified portfolio of crude oil, natural gas, bitumen and synthetic crude oil. It has delivered 25 consecutive years of dividend increases, one of the longest streaks among global oil producers.
FuelCell Energy is a clean energy company offering low-carbon energy solutions. It produces power using flexible fuel sources such as biogas, natural gas and hydrogen. The company designs fuel cells that generate electricity through an electrochemical process that combines fuel with air, reducing carbon emissions and minimizing the environmental impact of power generation. As such, FCEL is anticipated to play a crucial role in the energy transition by enabling industries and communities to shift from traditional fossil fuels to low-carbon alternatives.