YPF's balance sheet showed losses in the third quarter

According to its financial statement, YPF reported a net loss of US$198 million in the third quarter. The company announced this on Friday. This loss was attributed to deferred taxes and the drop in Brent crude oil prices.

The company's adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA), a key indicator of industry profitability, reached US$1.36 billion for the July-September period, down 1% year-on-year and in line with analysts' expectations surveyed by LSEG. This was all due to Brent crude oil prices being 13% lower.

YPF reported revenues of US$4.64 billion, down 12% from the same quarter of the previous year and slightly below analysts' estimates of US$4.76 billion.

The company reported that its total hydrocarbon production decreased by 6% to 523,100 barrels per day. However, shale oil production increased by 35% year-over-year, reaching an average of 170,000 barrels per day, and now accounts for 70% of the company's total oil production.

Shale production hit a record high in October, YPF said in a separate statement on Friday, reaching 190,000 barrels per day.

YPF's performance is a key indicator for the Argentine economy, which depends on the company's operations in Vaca Muerta as it strives to become a net energy exporter and as the economy seeks dollars to accumulate more reserves.