MercoPress. South Atlantic News Agency
YPF announces three wells confirm discovery of new shale deposits
Argentina’s recently nationalized oil and gas corporation YPF announced non conventional oil was discovered in five new wells drilled in the Patagonian provinces of Chubut and Neuquen and anticipated that fuel prices in the country will continue to gradually increase to eliminate the gap with competition. Read full article
Comments
Disclaimer & comment rulesI don't know where the cash is coming from. On 12/2011 balance sheet, they had 14 billion in current assets with 1.4 in cash and equivalents and 21.8 billion in current liabilities. Even if one removes 8 billioin in current portion of LTD, that still leaves 13.8 in current liabilities with only 1.4 billion in a cash position. No wonder argentina waved their tax debt.
Aug 31st, 2012 - 12:36 pm - Link - Report abuse 0Convenient, whilst ongoing talks with chevron, very convenient, especially when the report was made by under pressure YPF, maybe to suck chevron and potential investors in further,under false pretenses.
Aug 31st, 2012 - 12:40 pm - Link - Report abuse 0“secrecy regulations bar him from providing estimates of how much crude oil and natural gas might be in the new find.”, thats convenient!
maybe, just maybe he has just bought himself and CFK a tempoary reprieve at chevrons expense.
desperation is a disease and have Argentina has got it bad, on all fronts!
As it's “own resources” are low I can only assume it is the bond issue mentioned that will make up the lions share of it.
Aug 31st, 2012 - 12:42 pm - Link - Report abuse 0The article is very unclear which makes me wonder if the whole plan is just wishful thinking. Who is going to buy the bonds??
NB Don't they still owe Repsol for stealing the shares in the first place?
All the oil companies that YPF are chatting with are in argentina. It would be foolish for them NOT to at least talk to them so as not to ruffle her highness' feathers. It's more of the oil companies in argentina are humoring poor and out of cash YPF. No responsible drillers will be partners with YPF without concrete guarantees of independent excrows and market priced sales. And breakeven on shale drilling is still curtrently in the range of 80 a barrel.
Aug 31st, 2012 - 12:48 pm - Link - Report abuse 0The majors can wait until CFK is gone, they know the oil isn't going anywhere the only people rushing this are the Rgs.
Aug 31st, 2012 - 01:59 pm - Link - Report abuse 0Great =) Eat your hearts out haters!
Aug 31st, 2012 - 02:05 pm - Link - Report abuse 0Haters? to use such a strong hateful negative word, you have truly missunderstood,
Aug 31st, 2012 - 02:44 pm - Link - Report abuse 0I utterly empathize with Argentine kirchernists, rest assured there is no sorrier people on the face of the planet, remember its constructive empathy and nothing more, try not to look into things that are not there, because that would make you a sorry paranoid deluded kirchenist and thats enough for anybody to “dis-like”
20% coming from debt.
Aug 31st, 2012 - 03:08 pm - Link - Report abuse 0Does this mean they are just going to default on what they owe to raise the money?
With a current ratio of .65 and a negibile cash position, it is very possible. I really want to see there 10Q post expropriation. There LTD is subject to immediate call with significant ownership changes hands. LTD exploded in the past year from 188% to 4.6 billion and this does not include 7.6 billion of deferred debt with climbed 2 billion dollars. Selling below market price oil with going to put YPF deeper in the ground than the oil they crave for. At this point, they are another Worldcom/Eron of argentina.
Aug 31st, 2012 - 03:38 pm - Link - Report abuse 0That market cap was taking it's toll. Gross sales may have been expeanding between 28%, COGS sold skyrocketed to 41%. Gee I wonder why revenue streams had not keep pace with COGS.....can you answer that BK? When there is no longer a retained earning BK, what happens to the future continuation to operate under the “going concern principle”.
Plenty of oil in Argentina but who would risk investing, after what they did to Repsol. If I were a major shareholder in an oil company i know how I would vote.
Aug 31st, 2012 - 03:41 pm - Link - Report abuse 0http://www.foxbusiness.com/news/2012/08/31/ypf-ceo-unveils-five-year-growth-plan-in-argentina/
Take that as a yes then.
Aug 31st, 2012 - 03:42 pm - Link - Report abuse 0And Galuccio saying they will invest that based on cashflow, he has to know the companies he is wooing knows he is talking bullshit. The numbers do not add up to support that kind of investment. Does he not realize the financials are public information. 1 plus 3 does not equal 9
Aug 31st, 2012 - 04:15 pm - Link - Report abuse 0Patagonia - wasn't this native land invaded and stolen by Argentina in the 1870's?
Aug 31st, 2012 - 06:25 pm - Link - Report abuse 0A return of 15 - 20% on investment AT THE FRONT END!
Aug 31st, 2012 - 07:12 pm - Link - Report abuse 0No self-respecting oil company would entertain such palty returns, especially involving fracking.
Galuccio is learning how to bluff and bluster from his new mistress TMBOA but nobody will be taken in.
Blowing smoke up asses will not work on oil companies. Escrow is the magic word here.
Aug 31st, 2012 - 07:34 pm - Link - Report abuse 0More Argentine Success in the pipeline1
Aug 31st, 2012 - 09:40 pm - Link - Report abuse 0@16
Aug 31st, 2012 - 11:19 pm - Link - Report abuse 0More Argentine success?
When was the last Argentine success?
argentine success is defined as “thinking something happened” not something actually happened
Aug 31st, 2012 - 11:44 pm - Link - Report abuse 0@2 PirateLove (#)
Sep 01st, 2012 - 08:50 am - Link - Report abuse 0Aug 31st, 2012 - 12:40 pm
The little boy next door comes around often to play with my own young children. One day I overheard a conversation. My 8yo daughter was telling him about a recent family trip we made to Shanghai.
It transpired that young Angus went to Shanghai all the time but he didn't have any pictures to show.
I am a photographer and on another occasion I was getting my kit together for a job one day and young Angus happened by and noticed one of my cameras. It turns out he had one of these £3000 shooters but he never took it out of its box for fear of breaking it. You could hammer nails in with one of these things but I suppose some people can be a bit precious, even 8 year olds.
Apparently he also has a Triumph 1050 Speed Triple, just like mine but keeps it at his grandparents house and has over 100,000 cousins although understandably he couldn't remember all of their names or where any of them lived.
Anyway, when I read this story it reminded me of young Angus. Kids will be kids.
15 Captain Poppy
Sep 01st, 2012 - 10:37 am - Link - Report abuse 0They have not got access to escrow, so they are offering the Old Crow instead.
Ughh, wish I hadn't thought of that! LOL :o)
Of course and market price. And they still need something else
Sep 01st, 2012 - 01:48 pm - Link - Report abuse 0So I take it to us uninitiated economists, putting it simply and in language that the every day common man can understand, please excuse my choice of words. He is talking a load of bollocks, quaint expression that, but could it be rather descriptive of this situation?
Sep 01st, 2012 - 08:05 pm - Link - Report abuse 0@22
Sep 01st, 2012 - 11:15 pm - Link - Report abuse 0Galuccio is a desperate man; he has involved himself in a nightmare of epic proportions and is completely out of his depth.
He thought HE was in control, TMBOA told him HE was in control, but as usual, she lied.
She promised him money to carry out what was needed to make YPF produce the oil that Argentina is in desperate need of, but he soon learnt that he had to get the money himself. Hence this article.
So from Galuccio's perspective he is not talking bollocks. It's just that tp the rest of it, he is.
OK now?
YPF/Gazprom energy company reached a strategic accord
Sep 04th, 2012 - 11:09 pm - Link - Report abuse 0http://seattletimes.com/html/nationworld/2019064782_apltargentinarussiagas.html
24 ProRG_American
Sep 05th, 2012 - 12:24 pm - Link - Report abuse 0Have you actually read this article?
“Analysts have predicted that YPF can only meet its goals with outside help, but the five-year plan Galuccio unveiled last week would have YPF pay for most of the development by reinvesting its own revenues.
His message: Foreign partners are more than welcome in Argentina, but YPF will go it alone if it must.”
There you have it. Russia will SELL LNG to the Argies (hope they get their money up front) but that's it apart from talking.
I suspect you are an Argie who MAY be living in the USA but like Prat-Junta who says he lives in Canada, you can't stomach the fact that Argentina is the butt of the jokes world-wide.
Yup another open door for YPF to move forward. All these open doors that YPF is not getting through
Sep 05th, 2012 - 05:33 pm - Link - Report abuse 025 ChrisR (#) “Have you actually read this article?”
Sep 05th, 2012 - 11:23 pm - Link - Report abuse 0Yes I did. Did you?
“It was a positive meeting and another open door to move forward with the ambitious goals we have set for ourselves,” said Galuccio, who brought to the meeting Juan Garoby and Pablo Vera Pinto, his top executives for non-conventional resources and international finance. “Gazprom is the most important gas company in the world and we've found points in common to rapidly explore a shared collaboration.'”
Did he mention how hard it hit him in the ass when he walked out?
Sep 06th, 2012 - 10:23 am - Link - Report abuse 0“said the accord could lead to partnerships with the Russians in drilling for shale oil and gas in the South American country, as well as more supplies of Russian liquefied natural gas for Argentina's energy-hungry economy.”
Could....is not Will. All these talks of no deals!
27 ProRG_American
Sep 06th, 2012 - 12:08 pm - Link - Report abuse 0Ah! I understand your problem now: you ARE an Argie and English is an alien language.
That is why you think a deal has been signed! NO, it hasn't and most probably will not.
The ONLY thing the Ruskies have said is they will SELL Argentina LNG.
That's it!
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