YPF extends surge as Argentina president-elect picks Marín as new boss (NYSE:YPF)
YPF (NYSE:YPF) +4.2% in Monday’s trading to its highest since July 2019 as Argentina’s President-elect Javier Milei selected senior energy executive Horacio Marín to lead the state oil company.
Marín has spent 35 years at gas producer Tecpetrol, where he currently leads exploration and production; the company has been boosting its spending in the giant Vaca Muerta shale formation, with a $2B-plus investment in the Fortín de Piedra block catapulting it to the second largest gas producer in Argentina.
YPF (YPF) shares have surged more than 60% in the past week since Milei won Argentina’s runoff presidential election, following a campaign in which he said he wanted to privatize state-controlled companies like YPF.
Separately, Goldman Sachs analysts upgraded YPF (YPF) to Neutral from Sell, seeing the change in government raising investor focus on free cash flow generation, which could eventually turn positive if the new administration drives a company turnaround.
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