Improvements in Argentine national oil company YPF’s Vaca Muerta shale formation operations will allow for a more ambitious capex plan in coming years, a top executive for the company said Nov. 10.
The company, which set up a $4 billion capex plan for 2022, is still working on next year’s budget, CFO Alejandro Lew told investors on a call to discuss third-quarter results.
The firm sees further price pressures for the fourth quarter, which will reduce its EBITDA, which stood at $1.5 billion during the third quarter.
Operating costs rose 34% from the year-ago quarter due to inflation and general company growth, the firm noted in its quarterly results published Nov. 9.
The oil company reported Nov. 9 that it nearly tripled its third-quarter net profit from the same period last year as production and prices rose.
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