The president and CEO of YPF, Horacio Marín, presented investors with a 2026 investment plan ranging between US$5.5 and US$5.8 billion following the results announcement. The financial roadmap aims to capitalize on operational efficiency in Vaca Muerta to achieve a projected production of 215,000 barrels per day, which would double the levels recorded at the start of the decade and consolidate a record adjusted EBITDA of up to US$6.200 million. “Almost 70% of this fund will be allocated to our shale operation. Additionally, we have very good results at new facilities, such as La Angostura Sur,” added the CEO. The plan also aims to reach a production of 250,000 barrels of shale oil per day by the end of the year. Meanwhile, Marín set a personal goal: to have no conventional production by the end of the year. He also highlighted that the company's production cost is just US$7 per barrel. Marín linked the production growth to transportation capacity, highlighting the strategic role of the Vaca Muerta Oil Sur (VMOS) project. He noted that infrastructure is the bottleneck and the company has started to address it to ensure the uninterrupted flow of crude to international markets in the first half of 2026. “We expect to deliver between 200,000 and 210,000 barrels per day in the first half of the year, which does not represent a significant increase,” he explained, stating that the reasons lie in evacuation limitations. “That is why YPF was one of the drivers of VMOS; we need more evacuation capacity to increase production,” he concluded. Marín also reported that the company has achieved a drilling cost of US$4,000 per meter, positioning it at the forefront of the local industry. “This year, the cost of extraction is decreasing, not only because we are abandoning conventional production, but also because we are improving shale production and focusing heavily on productivity. Our goal is a production of approximately 215,000 barrels per day. We want to be a shale company,” stated Marín. The projected 40-50% increase in EBITDA compared to 2023 levels was achieved “despite the fall in international prices” thanks to an efficiency program running through all areas of the oil company. The upstream business's profitability has become the management's priority, which implies an accelerated withdrawal from fields that do not offer double-digit returns. This level of competitiveness was reinforced through a bidding process with international service companies that led to a drastic reduction in the costs of key tools.
