RIO DE JANEIRO, BRAZIL - Argentine state-owned oil company YPF on Thursday, March 5th, reported a 2020 fourth quarter net profit that reversed a trend of quarterly losses over the last year as the coronavirus pandemic hit the oil price.
The company, which is spearheading development of the South American nation’s huge Vaca Muerta shale fields, reported a net profit of US$539 million in the fourth quarter and closed out 2020 with a total loss of US$1.098 billion.
“2020 was marked by the impact of the unexpected COVID-19 outbreak and the drop in oil prices . . .