Energy in Argentina Market Players Analysis¶
Products and Services¶
The energy market in Argentina in 2024-2025 is dominated by several key players involved in various segments, including exploration and production of hydrocarbons, refining and distribution of fuels, and electricity generation from conventional and renewable sources. The Vaca Muerta shale formation remains a significant driver of activity, particularly in oil and natural gas production, while the renewable energy sector is seeing continued investment and growth.
Detailed Report on the Top 10 Market Players
YPF SA: As Argentina's integrated national oil and gas company, YPF is involved across the entire hydrocarbon value chain, from upstream exploration and production of crude oil, natural gas, and LPG to downstream refining, marketing, transportation, and distribution of petroleum products. They also have a significant presence in gas and power generation and are a major player in renewable energy through their affiliate, YPF Luz. In 2024, YPF demonstrated strong production growth, especially in shale oil from Vaca Muerta, and maintained a dominant position in the national refining capacity and fuel retail network.
Pampa Energía SA: This diversified energy company operates in oil and gas production, electricity generation (thermal and renewable), petrochemicals, and transmission and distribution. Pampa Energía is actively involved in the Vaca Muerta shale play, contributing to natural gas production growth. They are also recognized as a major player in Argentina's renewable energy market. The company reported revenue growth in 2024.
Vista Energy S.A.B. de C.V.: Focused primarily on the exploration and production of unconventional shale oil and gas within the Vaca Muerta formation, Vista Energy has rapidly become a significant independent operator in this key area. A major development is their acquisition of Petronas Argentina's assets, including a joint venture in the prolific La Amarga Chica block, which is expected to boost their production and revenue significantly. The company experienced strong financial performance in 2024, driven by increased oil production.
Central Puerto SA: A leading private-sector power generation company, Central Puerto is involved in generating and selling electricity from both conventional (thermal) and renewable sources. They also have operations in natural gas distribution and the management of thermal plants. The company has a substantial installed generation capacity and reported increased sales in 2024, with a significant portion of their energy sales coming from thermal sources, complemented by a growing contribution from renewables.
Tecpetrol SA: Part of the Techint Group, Tecpetrol is a significant oil and gas exploration and production company with a strong focus on Argentina's hydrocarbon basins, particularly the unconventional resources in Vaca Muerta. They are a major natural gas producer in the country, with their Fortín de Piedra field in Vaca Muerta being a key contributor to national shale gas output. While primarily focused on gas, they also produce crude oil.
Pan American Energy (PAE): As a major oil and gas exploration and production company with national capital, PAE plays a key role in the Argentine hydrocarbon sector. They are involved in the growth of gas production from the Vaca Muerta formation, with operations in areas like Aguada Pichana Oeste.
Pluspetrol: Another significant oil and gas exploration and production company with national capital, Pluspetrol is also a key contributor to the increase in Vaca Muerta gas production, operating in areas such as La Calera.
Chevron Argentina S.R.L.: Chevron operates in Argentina's upstream sector, producing crude oil and natural gas, primarily in the Neuquén Basin. They are the eighth-largest oil producer in the country and hold interests in Vaca Muerta concessions, including joint ventures with YPF. Chevron is also involved in the oil transportation infrastructure through an interest in the Oldelval pipeline system.
Shell: Operating in Argentina, Shell is one of the major companies involved in the fuel distribution network, alongside YPF, Axion Energy, and Trafigura. They also have upstream interests and are mentioned as operating in the Vaca Muerta region.
Genneia SA: Recognized as Argentina's leading renewable energy company, Genneia specializes in the generation of electricity from wind and solar sources. They have a substantial installed renewable capacity and were a major producer of wind and solar energy in 2024, holding significant market shares in both segments. The company has plans for further expansion in solar generation in 2025.
Comparative Table Showing Volume and Revenue (2024/2025)¶
| Player Name | Main Products/Services | 2024/2025 Volume/Production Highlights (with growth/decline) | 2024/2025 Revenue Highlights (with growth/decline) |
|---|---|---|---|
| YPF SA | Crude Oil, Natural Gas, LPG, Refined Products, Electricity (Thermal & Renewable) | 2024 Crude Oil Production: 257,000 bbl/d (+6% YoY); 2024 Shale Oil Production: 122,000 bbl/d (+26% from 2023); 2024 Total Hydrocarbon Production: 536.1 kboe/d (+4% YoY); 2024 Natural Gas Production: 37.4 Mm3/d (+3% from 2023). | $19.3 billion (2024); $19.1 billion TTM (Dec 31, 2024). Growth indicated by production increases. |
| Pampa Energía SA | Crude Oil, Natural Gas, Electricity, Petrochemicals | Involved in Oil and Gas production; 2024 El Mangrullo (Vaca Muerta) contributed 5.6% of total shale gas production. Specific consolidated volumes not provided. | $1.876 billion (2024); $1.88 billion TTM (Dec 31, 2024); $2.16 billion TTM (2024). Growth in revenue in 2024 noted. |
| Vista Energy S.A.B. de C.V. | Shale Oil, Shale Gas, LPG (Exploration & Production) | Production increased in 2024; >15% share of Vaca Muerta shale oil output in 2024; Acquisition of La Amarga Chica assets adding production volumes. Specific consolidated volumes not provided. | $1.65 billion (2024); $1.77 billion TTM (Mar 31, 2025). Strong growth in 2024, mainly driven by increased oil production. |
| Central Puerto SA | Electricity (Conventional & Renewable), Natural Gas Transport & Distribution, Steam | 2024 Installed Capacity: 3,392 MW; 2024 Energy Sold: 14,176 GWh (12,037 GWh thermal, 2,139 GWh renewable); 2024 Steam Production: 3,010 k tn. | $807 million TTM (Dec 31, 2024); ARS 738,169.74 million (2024). Increase in sales in 2024. |
| Tecpetrol SA | Natural Gas, Crude Oil (Exploration & Production - Conventional & Unconventional) | Jan-Sep 2024 Natural Gas Production: 5,274 million m3 (+9% vs Jan-Sep 2023); Jan-Sep 2024 Crude Oil Production: 711,000 m3; 2024 Fortín de Piedra (Vaca Muerta) responsible for 12.1% of total Vaca Muerta shale gas production. | $1.164 million (Sales, Jan-Sep 2024). (Note: This figure appears unusually low and may be incomplete or specific to a segment). |
| Pan American Energy (PAE) | Crude Oil, Natural Gas (Exploration & Production) | 2024 Aguada Pichana Oeste (Vaca Muerta) contributed 5.9% of total Vaca Muerta shale gas production; Key role in Vaca Muerta gas growth. Specific consolidated volumes not provided. | Specific revenue for 2024 not provided. Mentioned as key player in overall growth, suggesting revenue increase. |
| Pluspetrol | Crude Oil, Natural Gas (Exploration & Production) | 2024 La Calera (Vaca Muerta) contributed 4.8% of total Vaca Muerta shale gas production; Key role in Vaca Muerta gas growth. Specific consolidated volumes not provided. | Specific revenue for 2024 not provided. Mentioned as key player in overall growth, suggesting revenue increase. |
| Chevron Argentina S.R.L. | Crude Oil, Natural Gas (Exploration & Production) | 2024 Net Daily Production: 51,000 bbl crude oil, 47 million cu ft natural gas. 8th largest oil producer in the country. | Specific revenue for 2024 not provided. |
| Shell | Refined Products (Fuel Distribution), Crude Oil, Natural Gas (Exploration & Production) | Involved in Vaca Muerta operations; One of four major fuel distribution companies. Specific consolidated volumes or production for Argentina not detailed for 2024. | Specific revenue for Argentina not detailed for 2024. |
| Genneia SA | Electricity (Wind & Solar Renewable Energy) | 2024 Wind & Solar Production: 3,898,993 MWh; Secured 19% of installed renewable capacity (2024); 21% of national wind generation (2024); 12% of national solar generation (2024). Plans to double solar generation in 2025. | Specific revenue for 2024 not explicitly stated. Production volumes indicate significant activity and likely revenue growth in the growing renewable sector. |
References¶
- U.S. Energy Information Administration: Country Analysis Brief: Argentina
- Ember: Argentina
- Deloitte: Argentina Oil & Gas Sector
- Net Zero Circle: Argentina's Burgeoning Renewable Energies Sector
- Mordor Intelligence: Argentina Renewable Energy Market Size & Share Analysis
- MarketScreener: Pampa Energía S.A. Reports Earnings Results for the Fourth Quarter and Full Year Ended December 31, 2024
- BBVA CIB: Energy transition in Argentina: Challenges and opportunities on the road to a sustainable future
- Stock Analysis: Vista Energy (VIST) Revenue 2017-2025
- Simply Wall St News: Vista Energy. de Full Year 2024 Earnings: Beats Expectations
- VISTA: Full Year and 4th Quarter Results
- PRNewsWire: Vista announces the acquisition of Petronas Argentina
- PitchBook: Central Puerto 2025 Company Profile: Stock Performance & Earnings
- Newsfile: Central Puerto FY 2024 & 4Q24 Earnings Release
- MarketScreener: Central Puerto S.A. Reports Earnings Results for the Full Year Ended December 31, 2024
- YPF Luz: EARNINGS RELEASE 4th Quarter 2024
- Cucchiara: 30th January 2025 Tecpetrol S.A.
- Hellenic Shipping News Worldwide: Argentina's oil and gas sector: Vaca Muerta shale can drive near-term growth and fuel medium-term opportunities
- IEA: Oil Market Report - December 2024 – Analysis
- U.S. Energy Information Administration (EIA): Argentina - International
- Trading Economics: Argentina Crude Oil Production
- Mordor Intelligence: Argentina Power Market - Size, Share & Companies
- Hellenic Shipping News Worldwide: Argentina's oil and gas sector: Vaca Muerta shale can drive near-term growth and fuel medium-term opportunities
- IEA: Argentina - Countries & Regions
- International Finance Corporation: Central Puerto and IFC promote the development of the first power line to boost sustainable mining in Argentina
- Climate Insider: 10 Wind Energy Companies & Startups To Know in 2025