Investing
Argentina’s YPF swings to net loss amid dampened local oil prices
© Reuters. A car parks at a YPF petrol station in Buenos Aires March 25, 2015. REUTERS/Enrique Marcarian/File Photo
(Reuters) – Argentina’s national oil company YPF swung to a loss in the third-quarter, amid lower local oil prices and higher operating costs, the company said in a statement on Wednesday.
Net loss in the period hit $137 million, from a $693 million profit the previous year.
The state-run producer’s revenue decreased 15.9% to $4.5 billion during the July-to-September period, it said, citing “a drop in local fuel prices in dollars.”
Operating costs also grew 11% year-on-year, while earnings before interest, taxes, depreciation and amortization (EBITDA), or core earnings, for the quarter were down 37% to $992 million.
The results come despite the steady uptick in oil and gas production in recent years from western Argentina’s massive Vaca Muerta shale formation, one of the biggest in the world.
Read the full article here
-
Passive Income7 days ago
Are You Running Your Business, or Is Your Business Running You?
-
Side Hustles6 days ago
How to Be Unapologetically You and Why It Matters
-
Side Hustles7 days ago
How Your Body Language Can Help Win a Disagreement
-
Investing7 days ago
7 Marketing Strategies to Help Your Startup Grow and Scale
-
Investing5 days ago
Nvidia CEO Jensen Huang: Demand For Blackwell AI Is Insane
-
Side Hustles7 days ago
OpenAI Raises Record $6.6 Billion, Adds 50 Million New Users
-
Side Hustles6 days ago
With AI Magicx, It’s Like Getting an Entire Creative Team in One Money-Saving AI Tool
-
Side Hustles5 days ago
Mark Zuckerberg Is Now Second Richest Person in the World