BUENOS AIRES (Reuters) -Argentina’s state-controlled energy company YPF swung to a net loss of $198 million in the third quarter , the company said on Friday, crediting the loss to a sharp increase in YPF’s income tax expense, specifically a deferred tax charge.
The company’s adjusted earnings before interest, tax, depreciation and amortization (EBITDA), a key measure of industry profitability, stood at $1.36 billion for the July-to-September period, down 1% from a year earlier and in line with the expectations of analysts polled by LSEG.
Revenues were $4.64 billion, the firm said in a filing, down 12% from the same quarter last year and a touch below analysts’ $4.76 billion estimate.
The company said its total production reached 523,100 barrels per day, down 6% from a year ago.
Shale oil production, meanwhile, rose 35% year-on-year to average 170,000 barrels per day. Excluding the effect of YPF’s sale of the 49% stake in Aguada del Chañar, shale production was up 43%, the company said.
(Reporting by Eliana Raszewski and Brendan O’Boyle; Editing by Sarah Morland)
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