Argentine national oil company YPF SA has raised its capital expenditure (capex) forecast for full-year 2022, with a focus on developing the Vaca Muerta Shale formation.

argentina rig chart

New CEO Pablo Iuliano and CFO Alejandro Lew hosted a conference call to discuss the 51% state-owned company’s second-quarter results.

“Better-than-expected economic performance so far in 2022 enhanced our cash flow generation and also left us with a more constructive outlook for the rest of the year,” Lew told analysts. 

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He said that “both shale oil and shale gas continue showing remarkable growth compared to the previous year, while also marking fresh new quarterly...