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YPF of Argentina (NYSE:YPF) reported on Thursday Q4 net profit up 69% from the first quarter to $464 million with revenue up 24% year-on-year to $4.65 billion, driven by higher production and prices.
Crude oil production in the fourth quarter increased 3% Q/Q to 232k bpd, while natural gas production fell 7% due to lower seasonal demand.
Benchmark Brent crude prices averaged $88.6 a barrel during the quarter, YPF said.
Operating expenses in the fourth quarter increased 29% from a year earlier, largely due to the effect of the exchange rate on the Argentine peso and global inflation.
For fiscal year 2022, YPF (YPF) reported a record annual net profit of $2.2 billion, while EBITDA for the year increased 27% to nearly $5 billion and total annual production increased 7% from 2021 to 503k barrels/ day.
YPF (YPF) shares have recently consolidated after a strong run in 2022 but valuations remain attractive, Mike Zaccardi wrote in a note. recently published analysis on Seeking Alpha.
