YPF posts record losses

摘要

ARGENTINA'S YPF posted a net loss of 85 billion pesos ($1,165 billion) in the second quarter of the year, as the fallout from the coronavirus pandemic caused a collapse in demand. Overall second-quarter revenue of 133.6 pesos was 16.7% down on the same period in 2019. YPF flagged a non-recurring charge of 57.4 billion pesos, mainly for an expected reduction in natural gas prices due to the market situation. The net loss before the asset impairment charge was 42 billion pesos, compared with a net loss of 2.3 billion pesos in the second quarter of 2019. Losses were lightened by the receipt of 4.4 billion pesos for the sale of a 11% stake in the Bandurria Sur area to block partners Shell and Equinor. Total production was 466,800 barrels of oil equivalent per day, down 9.5% from the second quarter of 2019.