Argentina's state-run oil firm YPF SA posted first-quarter 2017 profit of 192 million pesos (US$12.47 million), down 78% from 855 million pesos one year earlier, the company said on May 9.
EBITDA, a gauge of operating profit, rose 34.7% from the previous year to 16.83 billion pesos, however.
YPF, which is seeking partners to develop some of the world's largest shale reserves in Vaca Muerta, said total petroleum production fell 1.5% from a year earlier to 573,500 barrels per day.
Crude oil production fell 6% while gas output rose 2.8% to 45.3 million cubic meters per day (1.6 billion cubic feet).
The company said investments in property, plants and equipment fell 18.9% to 11.95 billion pesos from the first quarter of 2016.
YPF said it has placed 96 new wells on production in the first quarter of 2017, including 14 in Vaca Muerta, and that it finalized 11 exploratory wells. (US$1 = 15.395 Argentina pesos on March 31)