Key Players in the Oil & Gas Industry in Argentina.

Key Players Table

Player name and short description	Detailed profile	Relevant context information	Estimates of volumes	Estimates of revenue
YPF S.A. - Argentina's state-controlled integrated energy company, the leading producer and exporter of oil and gas in the country.	YPF is the principal local producer of oil and gas in both conventional and unconventional segments. The company is focusing its strategy on the development of Vaca Muerta. It operates across the entire value chain, including exploration, production, refining, and marketing.	Key brands include YPF and AXION energy (through a joint venture). YPF aims to become one of the top 10 shale producers globally and the leading exporter from Argentina. They are pursuing an ambitious five-year plan with significant investments in Vaca Muerta and are exploring opportunities in GNL projects. In 2024, YPF increased its crude exports, primarily to Chile, by 174% compared to 2023.	In 2024, YPF's average daily production of unconventional oil was 122,000 barrels, peaking at 138,000 bbl/d in the last quarter. Their total hydrocarbon production in 2024 averaged 536.1 Kboe/d, with crude production at 257.5 Kbbl/d. They aim to reach a production of 1 million boe/d by 2030. For 2025, YPF plans to invest USD 5 billion, with 65% allocated to Vaca Muerta development, targeting a production of 190,000 barrels by the end of the year.	Reported revenues of USD 19.3 billion in 2024. Adjusted EBITDA for 2024 was USD 4.654 billion, a 15% increase from 2023. Net income in 2024 was USD 2.393 billion, a significant improvement from a loss in 2023.
Pan American Energy (PAE) - A leading energy group in Argentina with integrated upstream and downstream operations.	PAE is a major player in both conventional and unconventional hydrocarbon production in Argentina. They have significant operations in the Golfo San Jorge basin and are increasingly involved in Vaca Muerta. PAE operates across the value chain, including exploration, production, and refining and marketing through its AXION energy brand.	Key brands include AXION energy for their downstream operations. PAE is involved in a project with Golar to install an FSRU for LNG export, with significant planned investments. They are also investing in conventional areas like Cerro Dragón. Their strategy includes focusing investments in key areas like Manantiales Behr.	In 2024, PAE was the second-largest producer of oil nationally and the second-largest producer of gas in Argentina. Specific national production volumes for 2024 include 100 Kbbl/d of petroleum and 18.5 MMm3/d of gas. PAE had 25 active shale oil wells in Vaca Muerta in 2024. Their LNG export project is estimated to involve investments of over USD 1.65 billion in the first phase (2025-2031). They invested over USD 1.595 billion in exploration and exploitation in 2024.	While explicit total revenue figures for PAE in 2024 are not provided, their position as a major producer and investor, second only to YPF in several metrics, suggests they are likely among the top revenue earners. Their significant investments in exploration and exploitation in 2024 (USD 1.595 billion) indicate substantial financial activity.
Vista Oil & Gas - An independent energy company focused on the development of unconventional resources in Vaca Muerta.	Vista is the second-largest shale oil operator in Argentina. The company is primarily focused on the Vaca Muerta formation.	Led by Miguel Galuccio, former CEO of YPF. Vista aims for significant production growth in Vaca Muerta and is investing heavily in infrastructure and drilling. They are increasing their transportation capacity and incorporating new drilling and fracturing equipment. A significant portion of their income comes from exports. They are also focused on reducing their emissions intensity.	Vista's total production in 2024 averaged 69.7 Kboe/d, with a significant increase in the fourth quarter to 85.276 boe/d. Their petroleum production in Q4 2024 was 73.491 bbl/d, a 52% increase year-over-year. They aim to reach a total production of 100,000 boe/d in 2025 and 150,000 boe/d by 2030. Vista invested over USD 1.1 billion in 2024 and plans to invest over USD 1.1 billion in 2025. They connected 50 new wells in 2024.	Reported total revenues of USD 1.648 billion in 2024, a 41% increase from 2023. Adjusted EBITDA for 2024 was USD 1.0924 billion, a 25% increase from 2023. Export revenues accounted for 55% of total net revenues in Q4 2024.
Tecpetrol - The Techint Group's energy company with significant operations in Argentina, particularly in shale gas in Vaca Muerta.	Tecpetrol is a major producer of both gas and oil in Argentina, with a strong focus on unconventional resources in Vaca Muerta, particularly the Fortín de Piedra block, which is the largest unconventional gas field in the country.	Part of the Techint Group. Tecpetrol was a leader in shale gas production in Vaca Muerta in 2024. They are now accelerating their plans in shale oil with significant investments planned. They are also exploring opportunities in LNG exports. Their strategy involves working closely with a chain of local suppliers.	In 2024, Tecpetrol was a major producer of gas in Vaca Muerta, with 15.8 MMm3/d. Their total production in the first six months of 2024 was 127.3 Mboe/d, with 89% being gas and 11% oil. They aim to increase their oil production significantly, targeting 70,000 bbl/d by mid-2027 and potentially reaching 100,000 bbl/d. Tecpetrol invested approximately USD 700 million in 2024, with 60% allocated to Fortín de Piedra. They plan to invest USD 2 billion starting in 2025 for their shale oil projects.	While specific total revenue for 2024 is not explicitly stated, their EBITDA for the mobile year to June 2024 was USD 809 million. Approximately 70% of their sales come from gas and 30% from oil. FIX estimates their EBITDA for 2024 to be around USD 350 million.
Pluspetrol S.A. - An independent energy company with a presence in several Latin American countries, including significant operations in Argentina's unconventional areas.	Pluspetrol is a key operator in Argentina, involved in unconventional fields, high-pressure gas fields, and mature crude oil fields. They are a significant operator in Vaca Muerta.	Pluspetrol acquired assets from ExxonMobil in Vaca Muerta, including the Bajo del Choique – La Invernada block. They also have a stake in the Oldelval pipeline, improving their crude evacuation capacity. They are actively seeking funding for their Vaca Muerta developments. Pluspetrol is also a partner with YPF in the La Calera block.	In 2024, Pluspetrol's production in Argentina was 47.9 Mboe/d, primarily from La Calera. This production was 69% gas and 31% oil. They aim to reach 80 Mbbl/d of crude by 2028 and exceed 100 Mbbl/d in 2030, targeting a total production of 150 Mboe/d by 2028 and 200 Mboe/d from 2030. Pluspetrol invested around USD 550 million in CAPEX in 2024 and plans to invest USD 650 million in 2025, potentially increasing to USD 800 million annually. They invested USD 1.91 billion in asset acquisitions in 2024.	Pluspetrol's ingresos in 2024 reached approximately USD 2.3 billion globally, with about 50% coming from Peru. While the Argentina-specific revenue for 2024 is not explicitly stated, their investments and production volumes indicate a significant revenue contribution from their Argentine operations. They expect their EBITDA margin to increase significantly in the coming years due to Vaca Muerta development.
Compañía General de Combustibles (CGC) - An energy company part of the Corporación América group, with exploration and production operations in Argentina.	CGC is a leading energy company in Argentina, focused on the development, exploration, and production of gas and oil, with operations in five productive basins. They are the main operator in the Austral basin.	Part of the Corporación América group. CGC is among the top seven largest gas and crude oil producers in Argentina. They export all of their crude from the Austral basin and sell production from the Golfo San Jorge basin locally. CGC has participated in offshore exploration projects. They are also looking to potentially acquire new assets in Vaca Muerta.	In 2023, CGC's production accounted for 3.0% of Argentina's total gas and oil production. In the first nine months of 2023, their production was 54 Mboe/d. In 2024, their average daily gas production in Q4 was 6.197,7 Mm3, and average daily oil production was 3.803,1 m3. They aim for a 10% increase in production in 2024. CGC planned investments around USD 400 million annually for 2024-2025. However, they reportedly did not meet their planned investment target in the northern zone of Santa Cruz in 2024.	CGC's revenues totaled approximately USD 1.0578 billion in 2024, a 3.9% decrease from 2023. Their Adjusted Total EBITDA was approximately USD 282.1 million in 2024, an 18.1% decrease from 2023. FIX estimated their EBITDA for 2024 to be close to USD 350 million. Moody's Local expected their EBITDA in 2024 to be around USD 190 million. Their sales in 2023 were USD 645 million with an EBITDA of USD 170 million.

References

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• Pan American Energy presentó al RIGI su proyecto de exportación de GNL con Golar. (2024, November 22). Retrieved from https://mejor-energia.com/pan-american-energy-presento-al-rigi-su-proyecto-de-exportacion-de-gnl-con-golar/
• YPF en Wall Street: Marín destacó la resiliencia de Vaca Muerta, adelantó que negocia un tercer proyecto de GNL con una 'supermajor' y adelantó cuánto petróleo producirá en 2030 • econojournal.com.ar. (2025, April 11). Retrieved from https://econojournal.com.ar/2025/04/ypf-en-wall-street-marin-destaco-la-resiliencia-de-vaca-muerta-adelanto-que-negocia-un-tercer-proyecto-de-gnl-con-una-supermajor-y-adelanto-cuanto-petroleo-producira-en-2030/
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• Tecpetrol, otra petrolera argentina que avanza con el diseño de una planta propia de GNL. (2024, October 10). Retrieved from https://mejor-energia.com/tecpetrol-otra-petrolera-argentina-que-avanza-con-el-diseno-de-una-planta-propia-de-gnl/
• CGC incumplió con el plan de acción, con la producción y con la inversión 2024 y la provincia lo quiere poner a administrar los recursos que deja YPF - OPI Santa Cruz. (2025, February 26). Retrieved from https://opisantacruz.com.ar/2025/02/26/cgc-incumplio-con-el-plan-de-accion-con-la-produccion-y-con-la-inversion-2024-y-la-provincia-lo-quiere-poner-a-administrar-los-recursos-que-deja-ypf/
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