On a day when the international price of a barrel of oil broke $59 – an impact reflected in the actions of the country’s major energy companies – YPF announced it would invest $6 billion in 202620% more than last year.
Industry analysts say greater oil supply is expected in 2026 The average price of crude oil is about $63, lower than the average price of $68 this year and far from $75 in 2024. The most negative scenarios even see a fall to $55 per barrel.
Despite this context, YPF plans to expand its investments to maintain activity levels. The company’s president and CEO, Horacio Marinexplained that part of this financing will come from the reserves received the sale of 50% of Profertil to Adecoagroan operation that netted him $600 millionand for the transfer of the conventional Manantiales-Behr field to Rovella Capital, the contributed another $500 million. It was the last conventional asset the oil company retained in Chubut.
To these resources would be added the funds that YPF could receive from the sale of 70% of Metrogas shares, estimated at between $500 and $600 million. To advance the formal process, the company hopes that Enargas extends the concession license, which expires in December 2027after 35 years validity. The company had the right to a ten-year extension, but the sanction of the Basic Law extended this period to 20 years.
In the last quarter, YPF produced 240,000 barrels of oil per dayOf these, 170,000 were from unconventional production in Vaca Muerta. This corresponds to 70% of the total and is in line with Marín’s goal of making the company a 100% unconventional producer.
“We want to have a million-dollar reserve for possible oil price problems. It is expected that there will be a decline next year, but we do not want to slow down activity since the price is expected to rise again by 2027,” Marín said in a meeting with journalists at the Puerto Madero Tower.
In the coming weeks, YPF expects important developments in its project Liquefied natural gas (LNG) In Argentina the most important strategic bet Horacio Marin for the development of the company. The initiative could generate export revenue of around $10 billion per year from 2030.
Marín hopes to seal the entry of XRG, the international energy investment arm of Adnoc (Abu Dhabi National Oil Company), the fourth largest oil company in the world with a daily production of 4 million barrels. The other partner already confirmed is the Italian ENI.
The next step will be sending it to the bank JP Morgan Structuring project financing amounting to 70% of the total cost of the initiative. The current plan is to produce the following from 2030: about 12 million tonnes per year (MTPA)equivalent to 54 million cubic meters (m3), 35% of total production, by installing two ships on the coast of the Río Negro. The loan would be for just over $12,000 millionwith the participation of about 200 banks and about 300 investment funds, while the rest would be covered by contributions from the partners.
However, Marín intends to expand the project by incorporating a third 6 MTPA vessel. For this purpose, YPF is looking for a new partner to replace Shell. The Anglo-Dutch oil company paused its involvement almost a year after signing an agreement to analyze the feasibility of the project. Among the alternatives the company is evaluating a fund with participation from Saudi Aramco appears – the largest oil company in the world – a possible rethink at Shell or the founding of an American company.
If YPF manages to expand capacity to 18 million tons per year, The financing, structured by JP Morgan, is expected to rise to around $17 billionwhich would mean a significant flow of foreign exchange for the Argentine economy. The companies hope to sign the final investment decision (FID) in the first half of 2026.
In parallel, the company will advance a segmentation strategy for its gas station network starting next year. There will be three categories: premiumwhich will operate under the brand YPF Black; the traditional ones that keep the current name (full); and the inexpensive ones that are called Refiplus and they will be located in more remote areas with lower demand.
Premium gasoline is no longer sold at premium stations and we will look to strengthen the value proposition, with a particular focus on the dining offering. In this context, the company conducts negotiations with the chef Christian Petersen to improve the options of their Zen Pizzas, Nuestras Constumbres Criolla Empanadas and Valenti Sandwiches.
Also with McDonald’s so that there are in the establishments of gas stations and with shops of the cult hamburger brand Pharmacy.
In addition, YPF will install one starting this summer Modular station in the places with the greatest demand, such as the Atlantic coast. In winter the unit would be relocated to the main ski areas.
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