Argentinan oil major YPF reported 1H2021 net losses of $486mn vs losses of $810mn in 1H2020. Revenues were up 72% to $3.35bn YoY, beating analysts’ estimates of $3.10bn. YPF attributed its revenue increase to shale production jumping 22% QoQ, primarily as a result of a 35% expansion in shale gas and a 48% jump when only considering their operating areas. Free cash flow increased 407% YoY to $311mn they said, despite the company moving forward with their investment plan for the year. YPF reported net debt of $6.5bn in Q2, falling from $7.3bn in 2Q2020 with its net leverage ratio improving to 2.7x, as compared to 4.9x in in the previous quarter. CEO Sergio Affronti said that “During the second quarter, we delivered very strong financial and operational results and profitability continued improving even surpassing pre-COVID levels”.
YPF´s dollar bonds were up with its 4% 2026s up 1.39 to 86.779, yielding 7.5% and its 7% 2047s up 0.94 to 66.563, yielding 10.87%
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