Oil & Gas in Argentina Market Players Analysis¶
Products and Services¶
Here is a detailed report on the key market players in the Argentinian Oil & Gas industry, their main products and services, and an evaluation of their volume and revenue performance based on available data from 2024 and plans for 2025.
YPF S.A. YPF is the state-controlled integrated energy company and the leading producer and exporter of oil and gas in Argentina. The company is involved across the entire value chain, from exploration and production to refining and marketing, with key brands including YPF and AXION energy (through a joint venture). YPF's strategic focus is heavily on the development of unconventional resources in Vaca Muerta, aiming to become a top 10 shale producer globally and the leading exporter from Argentina. They are also exploring opportunities in GNL projects.
Pan American Energy (PAE) PAE is a significant energy group in Argentina with integrated upstream and downstream operations. They are a major producer in both conventional (Golfo San Jorge basin) and unconventional (Vaca Muerta) segments. PAE operates across exploration, production, and refining and marketing under its AXION energy brand. The company is involved in a notable LNG export project with Golar, anticipating substantial investments. PAE continues to invest in conventional areas while increasing its Vaca Muerta involvement.
Vista Oil & Gas Vista Oil & Gas is an independent energy company primarily focused on developing unconventional resources in the Vaca Muerta formation, where it stands as the second-largest shale oil operator. Led by Miguel Galuccio, the company is investing significantly in drilling and infrastructure to boost production and increase transportation capacity. Exports constitute a significant portion of their income.
Tecpetrol Tecpetrol, the energy arm of the Techint Group, holds significant oil and gas operations in Argentina, with a strong emphasis on unconventional resources in Vaca Muerta. They are a major player in shale gas, particularly in the Fortín de Piedra block, which is the largest unconventional gas field in the country. Tecpetrol is actively accelerating its shale oil plans with substantial planned investments and is also exploring LNG export opportunities.
Pluspetrol S.A. Pluspetrol is an independent energy company with operations in several Latin American countries, including significant activities in Argentina's unconventional areas (Vaca Muerta), high-pressure gas fields, and mature crude oil fields. They are a key operator in Vaca Muerta, having acquired assets from ExxonMobil. Pluspetrol has a stake in the Oldelval pipeline, which enhances their crude evacuation capacity. The company is actively seeking funding for its Vaca Muerta developments and is a partner with YPF in the La Calera block.
Compañía General de Combustibles (CGC) CGC, part of the Corporación América group, is an energy company with exploration and production operations across five productive basins in Argentina, being the main operator in the Austral basin. CGC is recognized among the top seven largest gas and crude oil producers in the country. They export all crude produced from the Austral basin while selling production from the Golfo San Jorge basin domestically. CGC has also been involved in offshore exploration and is considering acquiring new assets in Vaca Muerta.
Products and Services Growth/Decline Comparative Table¶
| Player Name | Main Products/Services | Volume Trend (2024 vs 2023) | Revenue Trend (2024 vs 2023) | Key Volume Metrics (2024) | Key Revenue Metrics (2024) |
|---|---|---|---|---|---|
| YPF S.A. | Oil & Gas (Conventional & Unconventional), Refining, Marketing, Exports, GNL projects. | Growth (especially unconventional oil production and crude exports). Planned significant growth in 2025 and towards 2030. | Growth (significant improvement from 2023 loss). Adjusted EBITDA increased by 15%. | Unconventional oil: 122 Kbbl/d avg, 138 Kbbl/d peak in Q4. Total hydrocarbon: 536.1 Kboe/d. Crude: 257.5 Kbbl/d. | Total Revenues: USD 19.3 billion. Adjusted EBITDA: USD 4.654 billion. Net Income: USD 2.393 billion. |
| Pan American Energy (PAE) | Oil & Gas (Conventional & Unconventional), Refining, Marketing, LNG Export project. | Stable or Growing (Second largest producer nationally, active in Vaca Muerta). Significant investments planned for LNG project and Vaca Muerta. | Likely Growth (Not explicitly stated, but high investment levels suggest strong financial activity). | Oil: 100 Kbbl/d (national). Gas: 18.5 MMm3/d (national). 25 active shale oil wells in Vaca Muerta. | Explicit total revenue not provided. Significant investments in exploration and exploitation (USD 1.595 billion). |
| Vista Oil & Gas | Unconventional Oil & Gas (Vaca Muerta). | Significant Growth (52% increase in petroleum production in Q4 2024 YoY). Total production increased in Q4 2024. Planned significant growth for 2025 and 2030. | Significant Growth (41% increase in total revenues). Adjusted EBITDA increased by 25%. | Total production: 69.7 Kboe/d avg, 85.276 boe/d in Q4. Petroleum production (Q4): 73.491 bbl/d. | Total Revenues: USD 1.648 billion. Adjusted EBITDA: USD 1.0924 billion. Export revenues: 55% of total net revenues in Q4. |
| Tecpetrol | Gas & Oil (especially unconventional shale gas in Vaca Muerta), accelerating shale oil, exploring LNG exports. | Substantial Volumes (Major gas producer in Vaca Muerta). Planned significant increase in oil production. | Not explicitly clear, but investments suggest expected future growth. EBITDA for mobile year to June 2024 provided. FIX estimate for 2024 EBITDA also provided. | Gas (Vaca Muerta): 15.8 MMm3/d. Total production (H1 2024): 127.3 Mboe/d (89% gas, 11% oil). | EBITDA (mobile year to June 2024): USD 809 million. FIX estimate EBITDA (2024): around USD 350 million. Sales: ~70% gas, ~30% oil. |
| Pluspetrol S.A. | Oil & Gas (unconventional, high-pressure gas, mature crude). | Significant Volumes (47.9 Mboe/d in Argentina in 2024). Planned significant growth in oil and total production towards 2028 and 2030. | Implied Growth in Argentina (Not explicitly stated, but significant investments and production targets suggest positive trend). Global revenues provided. Expected increase in EBITDA margin. | Production in Argentina: 47.9 Mboe/d (69% gas, 31% oil). | Global Ingresos (2024): ~USD 2.3 billion. Argentina-specific revenue not explicitly stated. |
| Compañía General de Combustibles (CGC) | Gas & Oil (exploration and production), Crude Exports (Austral), Local Sales (Golfo San Jorge). | Growth below target (Aimed for 10% increase in 2024, but reportedly missed investment target in northern Santa Cruz). Substantial daily production in Q4 2024. | Decline (Total revenues decreased by 3.9%). Adjusted Total EBITDA decreased by 18.1%. | Share of national production (2023): 3.0%. Production (9M 2023): 54 Mboe/d. Q4 2024 daily avg gas: 6.197,7 Mm3. Q4 2024 daily avg oil: 3.803,1 m3. | Total Revenues: ~USD 1.0578 billion. Adjusted Total EBITDA: ~USD 282.1 million. Sales (2023): USD 645 million. EBITDA (2023): USD 170 million. |
References¶
- Suscripción primaria de Obligaciones Negociables | IOL invertironline. (2025, April 30). Retrieved from https://www.invertironline.com/Uploads/informe_on/16219_ypf_on.pdf
- Compañía General de Combustibles S.A. - Moody's Local Argentina. (2024, February 19). Retrieved from https://www.moodys.com/retrievepdf.aspx?docid=PBC_1297734
- Pluspetrol dio a conocer sus planes para el bloque estrella que compró a ExxonMobil. (2025, January 23). Retrieved from https://mejor-energia.com/pluspetrol-dio-a-conocer-sus-planes-para-el-bloque-estrella-que-compro-a-exxonmobil/
- YPF lidera el ranking de producción de petróleo y gas en Vaca Muerta: el listado, empresa por empresa - Infobae. (2025, February 5). Retrieved from https://www.infobae.com/economia/2025/02/05/ypf-lidera-el-ranking-de-produccion-de-petroleo-y-gas-en-vaca-muerta-el-listado-empresa-por-empresa/
- Tecpetrol proyecta una inversión de u$s 2000 millones para acelerar sus planes en el shale oil | Mejor Energía. (2024, December 12). Retrieved from https://mejor-energia.com/tecpetrol-proyecta-una-inversion-de-us-2000-millones-para-acelerar-sus-planes-en-el-shale-oil/
- La petrolera de Techint invertirá USD 2.000 millones para aumentar su producción en Vaca Muerta - Infobae. (2024, December 12). Retrieved from https://www.infobae.com/economia/2024/12/12/la-petrolera-de-techint-invertira-usd-2000-millones-para-aumentar-su-produccion-en-vaca-muerta/
- YPF presentó su plan a cinco años y anunció inversión de US$5.000 millones en 2025 – Comercio y Justicia. (2025, April 16). Retrieved from https://comercioyjusticia.info/energia/ypf-presento-su-plan-a-cinco-anos-y anuncio-inversion-de-us5-000-millones-en-2025/
- YPF se consolidó como el principal jugador de Vaca Muerta: ganó USD 2.393 millones en 2024 - Infobae. (2025, March 7). Retrieved from https://www.infobae.com/economia/2025/03/07/ypf-se-consolido-como-el-principal-jugador-de-vaca-muerta-gano-usd-2393-millones-en-2024/
- YPF creció en 2024 con el foco en Vaca Muerta - Energía. (2025, March 7). Retrieved from https://www.revistapetroquimica.com/ypf-crecio-en-2024-con-el-foco-en-vaca-muerta/
- PAE e YPF lideran la producción de hidrocarburos en 2024 - Energía Online. (2025, January 17). Retrieved from https://energiaonline.com/pae-e-ypf-lideran-la-produccion-de-hidrocarburos-en-2024/
- Pluspetrol anuncia plan de desarrollo en Bajo del Choique - InfoEnergía. (2025, January 27). Retrieved from https://infoenergia.com/pluspetrol-anuncia-plan-de-desarrollo-en-bajo-del-choique/
- Informe de Calificación - Tecpetrol. (2024, October 16). Retrieved from https://www.fixscr.com/Portals/0/Generales/RATING%20TEC%20VF.pdf
- YPF Apunta a Liderar Vaca Muerta con Ambicioso Plan de US$30 Mil Millones. (2025, April 18). Retrieved from https://energia.lamatanza.digitalsig.com/ypf-apunta-a-liderar-vaca-muerta-con-ambicioso-plan-de-us30-mil-millones/
- YPF Sociedad Anónima : - Nota de Resultados 2024 y 4T24 | MarketScreener España. (2025, March 7). Retrieved from https://es.marketscreener.com/cotizaciones/accion/YPF-SOCIEDAD-ANONIMA-9664/noticias/YPF-Sociedad-Anonima-Nota-de-Resultados-2024-y-4T24-48299235/
- Vista invertirá más de US$ 1.100 millones en 2025 producir 100.000 barriles en Vaca Muerta - EconoJournal. (2024, October 25). Retrieved from https://econojournal.com.ar/2024/10/vista-invertira-mas-de-us-1-100-millones-en-2025-producir-100-000-barriles-en-vaca-muerta/
- Vista Oil aumentó 40% su producción de gas y petróleo pero sus ganancias cayeron el año pasado - Yahoo Finanzas. (2025, February 26). Retrieved from https://finance.yahoo.com/news/vista-oil-aument%C3%B3-40-producci%C3%B3n-185300136.html
- Pluspetrol SA - Informe de Calificación - Banco Provincia. (2025, April 23). Retrieved from https://bancoprovincia.com.ar/navegacion/images/pdf/pes/fma/Pluspetrol%20SA%20-%20Informe%20de%20Calificaci%C3%B3n.pdf
- El plan de Vista para alcanzar los 100.000 barriles diarios en 2025 - EnerNews. (2025, March 10). Retrieved from https://enernews.com/el-plan-de-vista-para-alcanzar-los-100-000-barriles-diarios-en-2025/
- PAE confirmó inversiones y cedió áreas en Santa Cruz - eolomedia. (2024, October 9). Retrieved from https://eolomedia.com.ar/pae-confirmo-inversiones-y-cedio-areas-en-santa-cruz/
- En 2024 se invirtieron más de USD 11.000 millones en el sector petrolero - Infobae. (2025, January 20). Retrieved from https://www.infobae.com/economia/2025/01/20/en-2024-se-invirtieron-mas-de-usd-11000-millones-en-el-sector-petrolero/
- Suscripción primaria de Obligaciones Negociables | IOL invertironline. (2025, January 17). Retrieved from https://www.invertironline.com/Uploads/informe_on/16115_pluspetrol.pdf
- La petrolera Vista cerró el 2024 con un aumento de producción del 51% y una mejora en la facturación de 41% - Infobae. (2025, February 26). Retrieved from https://www.infobae.com/economia/2025/02/26/la-petrolera-vista-cerro-el-2024-con-un-aumento-de-produccion-del-51-y-una-mejora-en-la-facturacion-de-41/
- Producción de petróleo promedio diaria por empresa | Argentina.gob.ar. Retrieved from https://datos.energia.gob.ar/dataset/produccion-de-petroleo-promedio-diaria-por-empresa/resource/35010306-5700-4374-a0b3-1f40d35d17c1
- Compañía General de Combustibles SA anunció sus resultados anuales por el ejercicio económico de 2024. - CGC. (2025, April 11). Retrieved from https://www.cgc.com.ar/compa%C3%B1%C3%ADa-general-de-combustibles-sa-anunci%C3%B3-sus-resultados-anuales-por-el-ejercicio-econ%C3%B3mico-de-2024
- Pluspetrol sale al mercado a buscar US$ 1.000 millones para financiar sus planes en Vaca Muerta - Forbes Argentina. (2025, January 17). Retrieved from https://www.forbesargentina.com/negocios/pluspetrol-sale-mercado-buscar-us-1000-millones-financiar-sus-planes-vaca-muerta-n32968
- El ojo en Vaca Muerta: CGC estudia sumar activos en 2025 - Diario Río Negro. (2025, April 16). Retrieved from https://www.rionegro.com.ar/petroleo/el-ojo-en-vaca-muerta-cgc-estudia-sumar-activos-en-2025-3439375/
- Estas son las empresas líderes en petróleo y gas de Argentina: YPF dominó en 2024. (2025, February 5). Retrieved from https://www.bloomberglinea.com/2025/02/05/estas-son-las-empresas-lideres-en-petroleo-y-gas-de-argentina-ypf-domino-en-2024/
- Argentina tuvo un año histórico en la producción de hidrocarburos. (2025, January 24). Retrieved from https://www.argentina.gob.ar/noticias/argentina-tuvo-un-ano-historico-en-la-produccion-de-hidrocarburos
- 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/
- Compañía General de Combustibles S.A. - Banco Provincia. (2025, February 27). Retrieved from https://www.bancoprovincia.com.ar/Uploaded/file/_fma_cgc_dic_2024.pdf
- Luego del informe que presentó CGC ¿qué pasará con Palermo ... (2025, April 21). Retrieved from https://opisantacruz.com.ar/2025/04/21/luego-del-informe-que-presento-cgc-que-pasara-con-palermo-aike/
- 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/
- Vista Energy B de C : Nota de resultados 2024 y 4T 2024 | MarketScreener España. (2025, February 26). Retrieved from https://es.marketscreener.com/cotizaciones/accion/VISTA-ENERGY-S-A-B-DE-C-101146477/noticias/Vista-Energy-B-de-C-Nota-de-resultados-2024-y-4T-2024-48323721/
- 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/
- Vista anunció una inversión de u$s1.100 millones en 2025 en Vaca Muerta. (2024, October 24). Retrieved from https://www.ambito.com/economia/vista-anuncio-una-inversion-us1100-millones-2025-vaca-muerta-n5850184/
- 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/
- Vista Energy Argentina S.A.U. (2025, February 27). Retrieved from https://www.moodys.com/researchandratings/argentine-affiliate/288001/053119/288001
- El CEO de YPF adelantó los planes de la petrolera en Houston: las inversiones que se vienen - Forbes Argentina. (2025, March 13). Retrieved from https://forbes.com.ar/negocios/ceo-ypf-adelanto-planes-petrolera-houston-inversiones-vienen-n33450/
- Balance de YPF: cómo le fue en 2023 y qué puede pasar con el precio de su acción. (2024, March 7). Retrieved from https://forbes.com.ar/money/balance-ypf-como-fue-2023-que-puede-pasar-precio-su-accion-n30639/
- Compañía General de Combustibles SA anunció sus resultados anuales por el ejercicio económico de 2024. - CGC. (2025, April 11). Retrieved from https://www.cgc.com.ar/compa%C3%B1%C3%ADa-general-de-combustibles-sa-anunci%C3%B3-sus-resultados-anuales-por-el-ejercicio-econ%C3%B3mico-de-2024/
- Vista Energy: la reacción de los inversores y los factores que condicionan su mega crecimiento - El Economista. (2025, February 27). Retrieved from https://eleconomista.com.ar/energia/vista-energy-reaccion-inversores-factores-condicionan-su-mega-crecimiento-n80013/