State oil company YPF presented its first quarterly balance sheet of the year and reported a loss of US$25 million. The company's revenues improved 16.6% from the last quarter of 2020, rising from US$2.27 billion to US$2.64 billion. However, it is still below the US$2.832 billion revenue the oil company had in the first quarter of 2020. YPF explained that revenues were explained by a generalised increase in volumes and prices of local sales and exports, which offset higher fuel taxes and currency devaluation. However, it noted that local demand for the main refined products (naphtha and diesel) is still 6% below Q1 2019 levels. On the upstream side, YPF said revenues fell 5.2% year-on-year in dollar terms, explained by a reduction in both crude oil and natural gas production. Revenues from crude oil fell 5.7 per cent year-on-year, as production contracted 7.8 per cent. In the case of natural gas, revenues declined 10.3 per cent as production fell 16.8 per cent. The company also highlighted the 20% growth in non-conventional crude oil production. Finally, free cash flow (FCF) allowed the company to reduce net debt levels by US$324 million.