UPDATE 1-Argentina's YPF says 2nd quarter net income up 50.5 pct yr/yr

miércoles 5 de agosto de 2015 17:24 GYT
 

(Adds EBITDA, upstream investment figure, context)

BUENOS AIRES Aug 5 (Reuters) - Argentina's state-run energy firm YPF posted a second quarter net income of 2.297 billion pesos ($252.8 million) on Wednesday, a 50.5 percent increase on the same period last year.

YPF earnings have been cushioned from the collapse of international oil prices by a government-controlled price for oil produced in the South American country, which sits at about $78 dollars per barrel.

YPF's second quarter figure came in slightly below the median forecast in a Reuters poll for a net income of 2.326 billion pesos.

YPF said earnings before interest, taxes, depreciation and amortization, or EBITDA, climbed 13.3 percent on the year to 12.40 billion pesos.

Argentina faces a gaping energy trade deficit but sits atop some of the world's largest untapped shale oil and gas resources. YPF reported shale oil production stood at 43,300 barrels per day and said 360 non-conventional wells had been dug to date.

Upstream investments - in conventional and non-conventional energy sources - rose 40.3 percent, while total hydrocarbon production rose 2.6 percent on the same period a year earlier.

($1 = 9.0875 pesos) (Reporting by Buenos Aires newsroom; Writing by Richard Lough; Editing by Grant McCool)