YPF Slumps as Refinery Fire Pares Production: Buenos Aires MoverPablo Gonzalez
YPF SA, the state-run Argentine oil company, fell to the lowest in a month after a flood and fire at its largest refinery led it to cut its production outlook.
YPF dropped 2.7 percent to 115.30 pesos at 3:43 p.m. in Buenos Aires after declining to 114.80 pesos, the lowest intraday since March 5, while its American depositary receipts fell 2.5 percent to $13.63 in New York. Argentina’s benchmark Merval index rose 1.3 percent.
YPF’s La Plata refinery, the country’s largest, will cut daily output of 28,500 cubic meters (180,000 barrels) by 15 percent until at least the end of this year, the company said today in an e-mailed response to questions. YPF declined to elaborate on the timing for repairs and for a full recovery of production.
“Investors are punishing the stock because of an immense lack of information,” Juan Pablo Vera, the chief analyst at Buenos Aires-based brokerage Tavelli & Cia., said by telephone. “It’s unclear if YPF will have to subsidize fuel imports to supply the market.”
Pablo Dorfman, a YPF press official, declined to comment on the stock’s performance in an e-mailed response to questions.