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YPF of Argentina (NYSE:YPF) reported Thursday that its fourth-quarter net profit rose 69% from the year-ago quarter to $464 million on revenue that rose 24% year-on-year to $4.65 billion, citing higher production and pricing.
Fourth quarter crude oil production increased 3% quarterly to 232,000 bbl/day, while natural gas production fell 7% due to lower seasonal demand.
Benchmark Brent crude prices averaged $88.60/bbl during the quarter, YPF said.
Fourth quarter operating costs increased 29% over the prior year, largely due to the effects of the Argentine peso exchange rate and global inflation.
For fiscal 2022, YPF (YPF) reported a record annual net income of $2.2 billion, as EBITDA for the year increased 27% to nearly $5.0 billion and total annual production increased 7% from 2021 to 503,000 boe/ day.
YPF (YPF) shares have been consolidating of late after a massive rally in 2022, but valuation remains compelling, Mike Zaccardi writes in an analysis recently published in Seeking Alpha.