They will replace the current CEO, ultra macrista Daniel González. The questioned Miguel Gutierrez left YPF in virtual paralysis and with operational embezzlement
It is an extremely complex time for the oil industry in general. With a barrel of crude oil that for the first time traded negatively, a highly volatile international market and investments that are also affected by the pandemic, the situation picture presented to companies like YPF is quite complex.
It is in this difficult scenario that the company will go one step further in renewing its authorities. Specifically, eOn Thursday, April 30, the company will hold its General Shareholders’ Meeting, where a key issue will be discussed: the appointment of its new CEO.
This is an important point on the oil company’s agenda because the person who still holds that position is Daniel González, the last remnant of the macrism in the YPF leadership and who came to the oil company during the management of the questioned former president, Miguel Ángel Gutiérrez, who left the flag company in a virtual bankruptcy situation, with all its main indicators in the negative and today, facing the concrete possibility of a default.
That Assembly will be important because it will complete the renovation that the Alberto Fernández administration started at YPF, which began in mid-December 2019, with the appointment of Guillermo Nielsen as president of the firm and which was completed later on March 27, when they were Hector Recalde, the former governor of Mendoza, Celso Jaque, and the economist Ramiro Manzanal, are designated as Class A directors.
With the renewed leadership and a Government that focuses on self-sufficiency in hydrocarbons, the main concerns will be to define a strategy for Vaca Muerta, in a context in which global investments are affected by the collapse in the price of crude oil.
However, shortly after completing the change of managers, in the corridors of the oil company The results left by the management of Gutiérrez and the -until now- CEO, Daniel González, are very worrying at a productive and financial level.
Among the many things that are criticized for managing macrism is the fact that they have stopped focusing on oil and gas production. And, in the case of initiatives such as YPF Luz, where it advanced with projects in the field of renewable energies, they point out that it is an area where the Rohatyn Group has important interests, in which Gutiérrez is a partner and co-director of Finance.
Furthermore, according to an internal survey, Macrism left YPF with completely negative indicators and contrary to the projections that had been drawn up in the successive Strategic Plans.
The first of these, at five years old, was presented in 2017 and the results left by Gutiérrez’s management were completely unfavorable. If EBITDA (an accounting indicator that allows calculating the profitability of a company) is considered, it went from a projected level of 10% to a figure that ended up being -32%.
Regarding investments, disbursements of US $ 4,000 million were foreseen, but, as a counterpart, the management ended with a reduction of US $ 3,000 million.
In addition, the debt ratio, which marks the solvency of a company to pay its commitments, almost doubled, which resulted in YPF having to renegotiate all its liabilities.
As for natural gas production, the projections were far from reality: from proposing a 25% increase, the macrista management ended with an 18% contraction.
The document also shows how the second Strategic Plan, which the company presented in 2018, failed and that it was focused on unconventional oil: in addition to the collapse of the ratio corresponding to reserves, the production goal was not met, which set a growth target of up to 7%, to record a collapse of 8%.
Now, with the replacement of its CEO, the company aims to turn that complex page that, they warn, completely affected trust with investors.
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