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MEXICO CITY, May 11 (Reuters) – Argentina’s national oil company YPF (YPFD.BA) reported a 26.4 billion pesos($238 million) first-quarter net profit Wednesday, dramatically reversing a 2.2 billion pesos loss from the same period a year earlier, driven by a production jump and operational costs reductions.

Hydrocarbons production reached 506,000 barrels of oil equivalent per day, a 16% increase from the year before.

The state-run producer’s revenue totaled $3.6 billion in the quarter, a 37.3% increase from the year-ago period, boosted by a hike in oil prices.

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Argentina’s leading oil company said in early April it had boosted supply of a type of diesel, called gasoil. Shortages of oil and gas have broken out worldwide following the Russian invasion of Ukraine. read more

YPF relies on massive shale deposits at a site known as Vaca Muerte, the world’s second-largest shale gas reserve and fourth-largest shale oil reserve, to pump a large percentage of its output.

The company’s chief executive, Sergio Affronti, previously said YPF was aiming to double its crude oil production by 2026.

($1 = 111.01 pesos end-March)

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Reporting by Noe Torres and Valentine Hilaire; Editing by Christian Plumb

Our Standards: The Thomson Reuters Trust Principles.