YPF’s Q1 report showed stable market reaction, reflecting an overall performance in line with expectations without notable surprises or disappointments.

• Revenues reached $4.95 billion, up 9% sequentially and 7% year-over-year, driven by higher international prices and increased refinery throughput.
• Adjusted EBITDA was nearly $1.6 billion with a 32% margin, supported by higher shale oil output and cost improvements in upstream operations.
• Shale oil production rose to 205,000 barrels per day, a 5% sequential increase and 39% growth from a year ago, comprising 76% of total oil production.
• Capital expenditure declined 10% sequentially to nearly $1 billion, with plans to accelerate spending later in the year to meet full-year guidance of $5.5–5.8 billion.
• Free cash flow improved markedly to $871 million, aided by strong operations and $500 million in M&A proceeds, reducing net leverage to 1.57x.