We use cookies to understand how you use our site and to improve your experience.
This includes personalizing content and advertising.
By pressing "Accept All" or closing out of this banner, you consent to the use of all cookies and similar technologies and the sharing of information they collect with third parties.
You can reject marketing cookies by pressing "Deny Optional," but we still use essential, performance, and functional cookies.
In addition, whether you "Accept All," Deny Optional," click the X or otherwise continue to use the site, you accept our Privacy Policy and Terms of Service, revised from time to time.
You are being directed to ZacksTrade, a division of LBMZ Securities and licensed broker-dealer. ZacksTrade and Zacks.com are separate companies. The web link between the two companies is not a solicitation or offer to invest in a particular security or type of security. ZacksTrade does not endorse or adopt any particular investment strategy, any analyst opinion/rating/report or any approach to evaluating individual securities.
If you wish to go to ZacksTrade, click OK. If you do not, click Cancel.
YPF reported Q1 earnings of $1.03 per share, topping estimates as operating expenses fell 20.1% y/y.
YPF's upstream EBITDA jumped 46.8% on higher oil prices and lower lifting costs.
YPF generated $871M in free cash flow and reduced net debt to $8.4B during the quarter.
YPF Sociedad Anónima (YPF - Free Report) reported first-quarter 2026 earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 83 cents by 24.1%. The bottom line improved from the year-ago quarter’s figure of 32 cents per share.
Total quarterly revenues of $4.9 billion missed the Zacks Consensus Estimate of $5 billion by 2.0%. The top line increased 7.3% from the prior-year level of $4.6 billion.
The strong quarterly earnings were driven by increased crude oil production, higher crude oil price realizations and reduced total operating expenses. However, reduced hydrocarbon production and lower natural gas price realizations partially offset the positives.
YPF Sociedad Anonima Price, Consensus and EPS Surprise
In the first quarter of 2026, YPF’s total hydrocarbon production was 525 thousand barrels of oil equivalent per day (Mboe/D), down 5% from 552.1 Mboe/D in the corresponding period of 2025. Crude oil production in the reported quarter averaged 271.0 thousand barrels per day (MBbl/D) compared with 269.9 MBbl/D a year ago. The improvement can be primarily attributed to higher shale production, partially offset by lower conventional output.
YPF’s natural gas production in the reported quarter decreased 12.2% year over year to 32.8 million cubic meters per day. Gas production was primarily affected by lower conventional gas output from mature fields. Natural gas liquids production was 47.7 MBbl/D compared with 47.3 MBbl/D in the prior-year quarter.
Average Price Realizations
The average price realization for crude oil improved 0.8% year over year to $68.4 per barrel. The average natural gas price realization fell 1.7% from the year-ago quarter to $2.9 per million British thermal unit.
YPF’s adjusted EBITDA from upstream activities increased 46.8% year over year to $1.1 billion, primarily driven by lower lifting costs and other expenses.
Midstream & Downstream
In the quarter under review, processed crude volumes reached 344.3 MBbl/D, up 8.3% from 318 MBbl/D in the year-ago quarter. Refineries’ utilization rate in the first quarter was 102%, up from 94% in the prior-year quarter.
Adjusted EBITDA, excluding the price effect of oil products on inventories, for the segment was $598 million, improving 9.5% year over year.
YPF’s Total Operating Expenses
Operating expenses in the quarter totaled $1.4 billion, down 20.1% from $1.7 billion in the year-ago quarter.
YPF Converts Operations and M&A Proceeds Into Cash
Net cash flow provided by operating activities in the quarter was $1.9 billion. The company reported free cash flow of $871 million for the quarter. Capital spending for the first quarter was $980 million, down 19% from a year ago, driven by lower exposure to conventional assets and the acquisition of new unconventional concessions, which were booked in the first quarter of 2025.
YPF’s Deleverages and Rebuilds Liquidity
As of March 31, 2026, the company’s cash and short-term investments were $1.7 billion, up from $1.1 billion recorded in the fourth quarter of 2025. Net debt decreased to $8.4 billion from $9.4 billion in the fourth quarter of 2025. Net leverage declined to 1.57X from 1.87X sequentially, supported by both higher liquidity and lower gross debt.
The company used strong cash generation to prepay about $750 million of debt in the first four months of 2026, aiming to reduce future maturities and lower its average cost of debt.
YPF 2026 Guidance
YPF reaffirmed its full-year 2026 capital expenditure guidance in the range of $5.5 billion to $5.8 billion. The company expects spending and activity to increase further in the coming quarters, which should support higher oil and gas production in the second half of 2026.
YPF’s Zacks Rank & Other Key Picks
YPF currently sports a Zacks Rank #1 (Strong Buy).
Chevron reported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.
Zacks' 7 Best Strong Buy Stocks (New Research Report)
Valued at $99, click below to receive our just-released report
predicting the 7 stocks that will soar highest in the coming month.
View the Zacks #1 Rank List
Image: Bigstock
YPF Q1 Earnings Beat Estimates on Lower Expenses & Higher Oil Output
Key Takeaways
YPF Sociedad Anónima (YPF - Free Report) reported first-quarter 2026 earnings of $1.03 per share, which beat the Zacks Consensus Estimate of 83 cents by 24.1%. The bottom line improved from the year-ago quarter’s figure of 32 cents per share.
Total quarterly revenues of $4.9 billion missed the Zacks Consensus Estimate of $5 billion by 2.0%. The top line increased 7.3% from the prior-year level of $4.6 billion.
The strong quarterly earnings were driven by increased crude oil production, higher crude oil price realizations and reduced total operating expenses. However, reduced hydrocarbon production and lower natural gas price realizations partially offset the positives.
YPF Sociedad Anonima Price, Consensus and EPS Surprise
YPF Sociedad Anonima price-consensus-eps-surprise-chart | YPF Sociedad Anonima Quote
Operational Performance of YPF
Upstream Production
In the first quarter of 2026, YPF’s total hydrocarbon production was 525 thousand barrels of oil equivalent per day (Mboe/D), down 5% from 552.1 Mboe/D in the corresponding period of 2025. Crude oil production in the reported quarter averaged 271.0 thousand barrels per day (MBbl/D) compared with 269.9 MBbl/D a year ago. The improvement can be primarily attributed to higher shale production, partially offset by lower conventional output.
YPF’s natural gas production in the reported quarter decreased 12.2% year over year to 32.8 million cubic meters per day. Gas production was primarily affected by lower conventional gas output from mature fields. Natural gas liquids production was 47.7 MBbl/D compared with 47.3 MBbl/D in the prior-year quarter.
Average Price Realizations
The average price realization for crude oil improved 0.8% year over year to $68.4 per barrel. The average natural gas price realization fell 1.7% from the year-ago quarter to $2.9 per million British thermal unit.
YPF’s adjusted EBITDA from upstream activities increased 46.8% year over year to $1.1 billion, primarily driven by lower lifting costs and other expenses.
Midstream & Downstream
In the quarter under review, processed crude volumes reached 344.3 MBbl/D, up 8.3% from 318 MBbl/D in the year-ago quarter. Refineries’ utilization rate in the first quarter was 102%, up from 94% in the prior-year quarter.
Adjusted EBITDA, excluding the price effect of oil products on inventories, for the segment was $598 million, improving 9.5% year over year.
YPF’s Total Operating Expenses
Operating expenses in the quarter totaled $1.4 billion, down 20.1% from $1.7 billion in the year-ago quarter.
YPF Converts Operations and M&A Proceeds Into Cash
Net cash flow provided by operating activities in the quarter was $1.9 billion. The company reported free cash flow of $871 million for the quarter. Capital spending for the first quarter was $980 million, down 19% from a year ago, driven by lower exposure to conventional assets and the acquisition of new unconventional concessions, which were booked in the first quarter of 2025.
YPF’s Deleverages and Rebuilds Liquidity
As of March 31, 2026, the company’s cash and short-term investments were $1.7 billion, up from $1.1 billion recorded in the fourth quarter of 2025. Net debt decreased to $8.4 billion from $9.4 billion in the fourth quarter of 2025. Net leverage declined to 1.57X from 1.87X sequentially, supported by both higher liquidity and lower gross debt.
The company used strong cash generation to prepay about $750 million of debt in the first four months of 2026, aiming to reduce future maturities and lower its average cost of debt.
YPF 2026 Guidance
YPF reaffirmed its full-year 2026 capital expenditure guidance in the range of $5.5 billion to $5.8 billion. The company expects spending and activity to increase further in the coming quarters, which should support higher oil and gas production in the second half of 2026.
YPF’s Zacks Rank & Other Key Picks
YPF currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Chevron Corporation (CVX - Free Report) , BP plc (BP - Free Report) and Eni S.p.A. (E - Free Report) . CVX, BP and E each currently sport a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.
Chevron reported first-quarter 2026 adjusted earnings per share of $1.41, which beat the Zacks Consensus Estimate of 92 cents.
As of March 31, 2026, CVX reported $5.3 million in cash and cash equivalents. At the quarter's end, its total debt amounted to $45.4 billion.
BP reported first-quarter 2026 earnings of $1.24 per American Depositary Share, which beat the Zacks Consensus Estimate of 91 cents.
As of March 31, 2026, BP reported $35.7 million in cash and cash equivalents. At the quarter's end, its long-term debt totaled $25.3 billion.
Eni reported first-quarter 2026 adjusted earnings from continuing operations of 81 cents per American Depository Receipt, which missed the Zacks Consensus Estimate of $1.13.
As of March 31, 2026, E had a long-term debt of €21.7 billion and cash and cash equivalents of €8.3 billion.