State-controlled Argentine oil company YPF reported a net loss of $799 million in 2025, compared with a net profit of $2.393 billion in 2024.
According to the company’s consolidated financial statements, reported in U.S. dollars, Argentina’s largest hydrocarbon producer posted an operating profit of $1.74 billion in 2025, up from $1.48 billion in 2024, representing a 17.6% increase.
The company recorded an adjusted EBITDA of $5.009 billion last year, an 8% increase over 2024 and its highest adjusted EBITDA in the past 10 years.
“The focus on Vaca Muerta, the pursuit of efficiencies and active portfolio management allowed YPF to achieve record operational and financial results in a context of declining international prices,” the company said in a statement.
The oil company’s annual revenues totaled $18.448 billion, marking a 4% year-on-year decline.
YPF also reported that its net debt stood at $9.386 billion at the end of 2025, a 26% increase from the previous year.
In addition, the company said its investments fell 11% year-on-year last year, totaling $4.477 billion.
Total hydrocarbon production reached 527,000 barrels of oil equivalent per day last year, down 2% from 2024.
However, shale oil production surged 35% year-on-year, driven by strong growth in unconventional output in Vaca Muerta in southwestern Argentina, where YPF has focused its activities under the strategic plan launched in early 2024.
In December, unconventional crude production reached 204,000 barrels per day, 43% higher than in 2024, “exceeding the year-end target,” the company said.
“Currently, shale oil accounts for 70% of the company’s total oil production and helps offset the effects of exiting mature fields,” YPF added.
