Argentine state-controlled energy company YPF said it posted net income of 9 billion pesos (USD $1 billion) last year, up 58.5 percent from 2013.

The company said in a statement Thursday that it earned 141.9 billion pesos (USD $16.3 billion) in revenue in 2014, up 57.5 percent from a year earlier, “as a result of higher sales of diesel, gasoline and natural gas.”

Earnings before interest and taxes, or EBIT, climbed to 19.7 billion pesos (roughly USD $2.2 billion) in 2014, up 64.3 percent from the previous year.

The company also said that crude and natural gas production rose 13.5 percent from 2013.

“In 2014, YPF achieved a record year-over-year increase in its proved reserves. The increase of 11.9 percent relative to 2013 is the highest in the country’s history,” exceeding the previous record increase of 10.6 percent set in 2013, Argentina’s largest oil and natural gas producer said in the statement.

Date: February 27, 2015

Source: http://www.laht.com/article.asp?ArticleId=2376152&CategoryId=14093