The oil company YPF registered a net loss of 85,048 million pesos in the second quarter, 154 percent more than the red accumulated throughout all of last year. The pandemic and the sharp drop in crude oil caused a cataclysm in the numbers of the company controlled by the National State, which had already been facing problems in recent years. Revenues fell 16.7 percent year-on-year in pesos compared to inflation that accumulated 42.8 percent in the same period. This situation was mainly explained by a 54.1 percent drop in gasoline sales measured in volumes, partially offset by an approximate increase of 20.5 percent in the average price for the gasoline mix. In turn, investments plummeted 72.4 percent year-on-year as the company halted exploration and still does not have a single drilling rig in operation. In fact, in exploration and production the collapse was 78 percent. Gas production fell 12.7 percent and crude oil 10.3 percent.
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