YPF considers starting dividend payments in 2027 or 2028

YPF CEO Horacio Marín told Bloomberg Línea during Argentina Week in Paris that the company is assessing whether to begin paying dividends in 2027 or 2028. The executive stated that the firm will present a formal dividend policy at its Investor Day in New York in April.

Marín argued that YPF shares are already trading at historic highs when adjusted for past dividends and the low public float during the Repsol era, which he estimated at roughly 1.8%. In the second quarter of the year, the state-controlled energy company posted a net profit of $1,205 million, compared with $58 million a year earlier. Adjusted EBITDA reached a record $2,804 million with a 43% margin on sales, while leverage dropped to 1.09 times.

The company also advanced its Argentina LNG export project alongside partners Eni and XRG, the investment arm of ADNOC. The consortium is working toward a final investment decision on November 26, 2026. Eni CEO Claudio Descalzi highlighted that the development requires more than $50,000 million in total investment and $25,000 million in operating costs over 25 years. The broader project contemplates $51,000 million in overall investment, including $29,000 million through 2031, two floating units with a capacity of 6 million metric tons per year, and expected annual exports of $10,000 million across two decades. YPF would hold a 36% upstream stake, while Eni and XRG would retain 32% each.

Marín expects to sign letters of intent with two countries in Europe and Asia within two to three weeks, aiming for gas contracts between 0.5 and 1.5 million metric tons annually. Meanwhile, Marín reiterated that the Vaca Muerta Oil Sur pipeline remains on schedule to begin line filling in early January. Initial exports through Río Negro are slated at 180,000 barrels per day, rising to 360,000 by mid-year and 550,000 barrels per day in 2028.