Argentina's YPF Second-Quarter Net Profit Below Market Expectation


BUENOS AIRES, Aug 7 (Reuters) - Argentina's state-controlled oil company YPF had a second quarter net profit of 1.526 billion pesos ($187.6 million), the company said on Thursday, coming in below market expectation.

The market had expected a profit of 2.141 billion pesos for the second quarter ended June 30, according to a recent Reuters poll of analysts.

The energy firm, which wants to develop vast shale oil and gas resources in the south of the country but is struggling to raise finances, said net profit for the first six months of the year was 4.330 billion pesos.

Production grew 15.5 percent in the three-month period compared with the second quarter of 2013, YPF said, representing the fifth consecutive quarter of output growth.

Oil output grew 5.6 percent in second quarter, while natural gas production climbed 31.8 percent, the statement said.

Refining capacity during the period reached 91 percent, it said.

($1=8.135 Argentine pesos)

(Editing by Hugh Bronstein, Bernard Orr)


Generated by readers, the comments included herein do not reflect the views and opinions of Rigzone. All comments are subject to editorial review. Off-topic, inappropriate or insulting comments will be removed.