Lower Prices, Supply Glut Push YPF Away From Gas

摘要

Argentina’s state-controlled YPF says it will continue to de-emphasize natural gas investments in favor of oil projects, as recurring supply surpluses during non-winter months and a reduction in government price support for new shale gas output have hit local prices. Sergio Giorgi, vice president of strategy and business development, said Friday on YPF’s fourth- quarter earnings call that the firm earned an average of about $4.50 per million Btu for its gas last year. That was about 50c/MMBtu below the $5/MMBtu price the company expected at the start of the year, he said.