Energy Markets
Argentina's YPF Q2 profits slump nearly 90% due to lower fuel prices
YPF, Argentina's energy company controlled by the state, reported a 90% drop in its second-quarter profit to $58 millions on Thursday. Fuel prices were cited as the main reason for this decline. Sales fell 6% to $4.64 Billion from the previous year, due to lower prices for refined products as well as seasonal declines in demand for naphtha. YPF’s performance is a crucial indicator for Argentina’s economy. The country is relying heavily on the Vaca Muerta Formation in its drive to become a Net Energy Exporter. Earnings before interest, taxes, depreciation, and amortization, or EBITDA, a key measure for profitability,...