May 10, 2013 / 3:56 PM / 5 years ago

Argentina's YPF stands by 2013 oil and gas output targets

BUENOS AIRES, May 10 (Reuters) - Argentine state-controlled energy company YPF is standing by its targets for increased oil and natural gas production in 2013, a top executive said on Friday, a day after the company reported output drops in both segments in the first quarter.

YPF was seized by the government last year after it accused former parent company, Spain’s Repsol, of under-investing in the South American country.

“On total production, what we are expecting for the year it is a 1 pct increase in natural gas and a 4 pct increase in crude oil production,” YPF Chief Financial Officer Daniel Gonzalez said during a conference call with industry analysts.

“I affirm or reaffirm the target we came up with few months ago,” he added.

On Thursday YPF told the Buenos Aires stock exchange that its crude oil production slipped 0.7 percent in the first quarter from a year earlier, while natural gas output fell a steeper 3.7 percent.

The company reported a 2.8 percent fall in net profit to 1.26 billion pesos. Capital expenditures doubled to 4.28 billion pesos, and revenues rose 25.5 percent to 18.63 billion pesos during the January-March period.

Production costs rose 24.9 percent in the quarter, roughly in line with private estimates of annual inflation.

The company warned last month that inflation in the South American may keep rising and affect its results, a rare admission considering the company is controlled by a government known for playing down the problem.

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