YPF Reports Record-Breaking First Quarter 2026 Results: Strong Revenues and EBITDA Growth
YPF, a leading energy company in Argentina, recently reported its first quarter 2026 earnings results, which exceeded expectations and set new records. The company's strong performance was driven by increased international prices, rising fuel demand, and record-high refinery processing levels.
In the first quarter of 2026, YPF's revenues reached $4.95 billion, representing a 9% quarter-over-quarter growth and a 7% year-over-year increase. The company's adjusted EBITDA (Earnings Before Interest, Taxes, Depreciation, and Amortization) for the quarter was nearly $1.6 billion, marking the highest first quarter level in YPF's history with an outstanding margin of 32%. This represents a significant 24% and 28% increase on a sequential and interannual basis, respectively.
The main factor driving this growth was higher shale oil production, improved pricing dynamics, and the transformation of the upstream segment's cost matrix, which is now focused on the shale business. YPF's shale oil output reached an impressive 205,000 barrels per day in the first quarter, a 5% increase versus last quarter and a remarkable 39% growth against a year ago. This milestone positions YPF on track to achieve its full-year target of approximately 215,000 barrels per day, with a December exit rate of 250,000 barrels per day.
One notable operational efficiency achieved during the first months of the year was setting a new fracturing record at Loma Campana field. The company also signed a strategic agreement with Halliburton to incorporate four fracturing sets in Vaca Muerta through a new electrical fracturing technology, improving efficiency and reducing costs.
YPF's investment during Q1 reached nearly $1 billion, with 78% allocated to conventional operations. On a sequential basis, CapEx decreased by 10%, primarily due to increased maintenance activities in the downstream segment during Q4 2025. Interannually, the lower investment is explained by reduced exposure to conventional assets and the impact of one-off items booked last year.
The company's free cash flow was outstanding at $871 million, a significant improvement from $171 million in the same quarter last year. This exceptional cash generation was supported by YPF's strong operating performance and the collection of strategic M&A proceeds of around $500 million. As a result, YPF's net levered ratio improved to 1.57 times, down from 1.9 times in Q4 2025.
Horacio Marín, Chairman and CEO of YPF, highlighted several key aspects of the quarter during the earnings call. He stated that the company's performance was a testament to its strategic vision and operational efficiency, which enabled it to deliver on its ambition and guidance for the year.
