YPF refining output hits historic high at 347,000 bpd in first half 2026, eliminating diesel and gasoline imports

YPF processed an average of 55,200 cubic meters per day of crude in the first half of 2026, equivalent to 347,000 barrels per day, marking the highest throughput in the company’s historical series. Finished fuel production reached 43,200 cubic meters daily, or 271,700 barrels per day, with contributions from the Ensenada, Luján de Cuyo, and Plaza Huincul refining complexes. The semester average builds on a verified first quarter in which YPF processed 344,000 barrels daily at 102 percent system utilization, exceeding nominal design capacity according to the May 7 filing with the National Securities Commission.

The first quarter processing level allowed YPF to eliminate imports of diesel and gasoline, with only residual jet fuel volumes imported. The semester average of 55,200 cubic meters per day exceeds the first quarter figure of 54,700 cubic meters per day, implying second quarter operations ran at approximately 55,700 cubic meters daily, close to 350,000 barrels per day. The company is expected to confirm these figures when it reports second quarter results in August.

CEO Horacio Marín attributed the performance to efficiency improvements and technological upgrades under the Plan 4×4 management program initiated in late 2023. The company stated that real-time monitoring at the refining center generated savings of USD 300 million in its first year of operation.

The refining system operates with increasing integration of unconventional crude. The La Plata refinery processes 70 percent Vaca Muerta oil, while Luján de Cuyo advances toward a 100 percent shale diet following modernization through the New Fuel Specifications project, which added 45,000 barrels per day of capacity. Marín characterized Plaza Huincul as Argentina’s best refinery.

Record processing volumes did not translate to equivalent downstream performance. In the first quarter, with throughput at 344,000 barrels per day, adjusted EBITDA per barrel in the segment fell from USD 19.5 to USD 14.9 as pump prices remained approximately 11 percent below import parity according to YPF’s report. Downstream profitability depends on local pricing relative to international benchmarks, a variable distinct from processing volume.

System evolution remains tied to Vaca Muerta crude evacuation. The La Plata and Luján de Cuyo complexes depend on transport infrastructure advances, with the Vaca Muerta Oil Sur pipeline serving as a key project to eliminate bottlenecks by 2027. The performance reinforces YPF’s export window, with zero imports and production at peak levels creating a structural fuel surplus. Marín outlined potential exports of Infinia, gasoline, and diesel to the region at the Argentina Oil & Gas Expo 2025.