"If you do a benchmark, you will not find many companies in Latin America that can grow 6% in oil output nor one that can grow 30% in the output of gas," he said. "This is an extraordinary result."
The company's second-quarter output reached 241,000 barrels a day of crude oil and about 43.5 million cubic meters (about 1.5 billion cubic feet) of natural gas, which is still modest compared to leading South American oil producing nations like Brazil.
Mr. Galuccio said that YPF has also been able to borrow money at a lower rate than the Argentine government, which continues to be punished by international markets for its debt-default saga. Even then, the firm's last debt placement of about $1 billion carries interest of 8.2%, which is "expensive money," he added. Argentina expropriated a 51% stake in YPF from Spain's Repsol in 2012, arguing the Spanish company hadn't invested in exploration and production.
Mr. Galuccio, who became chief executive the same year, has been a key proponent of Argentina's plans to push new energy legislation through Congress that would make investing in the country less expensive. Among other things, the legislation would unify investment and taxation rules across provinces, capping certain provincial and municipal taxes and fees.