Argentina's integrated champion pivoting to Vaca Muerta shale (Loma Campana, La Amarga Chica, Bandurria) and divesting mature conventional fields; three refineries + retail; leads the Argentina LNG export project (with Shell, Eni, PAE).
51% state-owned, benefiting from Milei-era reforms/RIGI incentives; FX risk, the Petersen/Maxus ~$16bn litigation overhang, and thin/negative FCF from heavy shale capex are the key flags; the VMOS midstream build-out is unlocking crude exports.
Its EV/EBITDA of 6.0x is above the 5.9x median across the 142-company universe, the free-cash-flow yield of -8.3% is lower than the 6.5% median, and at $23.22/boe of proved reserves it is richer than the $13.51/boe median.
On a balanced screen across the universe, YPF scores 26/100, strongest on growth (51/100). Sub-scores: value 20, quality 32, growth 51, risk 82 (higher = riskier).
YPF holds approximately 1.3 billion boe of proved (1P) reserves with FY2025 production of about 527 thousand boe/d (55% liquids), a reserve life of roughly 6.8 years. Break-even: ~$40 (Vaca Muerta shale breakeven (WTI)) — Loma Campana / La Amarga Chica development breakeven ~$35-45/bbl, improving with efficiency and longer laterals.
For YPF, no SEC standardized measure is disclosed (non-US filer or listed NOC), so a public-source proved-NAV floor is not computable from US filings. See the interactive screener's NAV tab for peers where an SEC figure exists.
| Country / region | Prod. share | Country risk | Key jurisdiction risk |
|---|---|---|---|
| Argentina | 100% | 80 | FX controls, export taxes, macro instability despite Vaca Muerta upside. |
Enerquill Advisory provides asset valuation, petroleum fiscal modelling and risk analysis for oil, gas and LNG transactions — including bespoke, deal-specific NAV and acquirer–target screens that go well beyond this public data.
Work with us →About Enerquill| Asset | Location | Type | Notes |
|---|---|---|---|
| Loma Campana | Argentina | Shale oil (Vaca Muerta) | core, JV with Chevron |
| La Amarga Chica | Argentina | Shale oil | JV with Petronas |
| Bandurria Sur | Argentina | Shale oil | development |
| Vaca Muerta Sur pipeline | Argentina | Midstream | crude export pipeline |
| Argentina LNG | Argentina | LNG | export project |
| Refineries (La Plata, Lujan, Plaza Huincul) | Argentina | Downstream | refining |
| Conventional (divesting) | Argentina | Oil | mature fields exit |
| Retail (YPF stations) | Argentina | Marketing | fuels retail |
| Metric | 2021 | 2022 | 2023 | 2024 | 2025 |
|---|---|---|---|---|---|
| Production (mboe/d) | 491 | 513 | 526 | 547 | 527 |
| Proved reserves (bnboe) | 1.03 | 1.05 | 1.07 | 1.09 | 1.30 |
| Revenue ($bn) | 13.8 | 17.8 | 19.8 | 17.8 | 18.4 |
| EBITDA ($bn) | 3.8 | 4.6 | 4.2 | 4.6 | 5.0 |
| Net income ($bn) | -0.1 | 2.3 | -1.3 | 2.4 | -0.8 |
| Free cash flow ($bn) | 0.3 | -0.5 | -1.2 | -0.8 | -1.8 |
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✓ FY2025 figures verified against primary sources: