Appointment and Role
Diego Santilli, Argentina's Chief of Staff, will join YPF's board as a Class A director representing the national state, according to official sources. The appointment comes just over a month after he replaced Manuel Adorni as head of the Cabinet. Santilli will serve in one of the company's most significant institutional positions, exercising state representation through the so-called Gold Share.[S1][S2]
Santilli will serve ad honorem, having renounced any remuneration. The average director's salary at YPF is around US$954,000 annually, based on the company's approved 2026 budget. His decision aligns with that of his predecessors. The formal designation was communicated in a document dated August 10, 2026, in Buenos Aires, and filed with the CNV, detailing his express and irrevocable waiver of any fees, honoraria, or other economic benefits.[S2][S5]
Powers and Board Structure
The state holds 51% of YPF's shares since the 2012 expropriation. Combined with the Gold Share, Santilli will have veto power over strategic decisions, direct influence in shareholder assemblies, and a decisive vote in any merger, reorganization, or privatization processes. The board comprises 11 titular directors, six alternate directors, and six trustees, with the state representative holding a unique seat.[S1][S4]
Santilli fills the seat vacated by Adorni, who resigned in June. Adorni had assumed the Class A directorship in late January, replacing Guillermo Francos, who moved to a Class D position. This appointment continues a tradition of Cabinet chiefs representing the state on YPF's board, reinforcing direct government presence in company decisions.[S1][S6]
Record Quarterly Results
The announcement follows YPF's best quarter in history. Net profit for Q2 reached US$1.205 billion, nearly triple the US$409 million from Q1 and well above the US$58 million from the same period in 2025. Adjusted EBITDA hit a record US$2.804 billion with a 43% margin, the highest in two decades, while revenues grew 42% year-on-year to US$6.574 billion.[S1][S4]
The surge was driven by higher oil prices, as YPF does not hedge its crude production. The average realized price reached US$91.1 per barrel, up 33% from Q1 and 53% year-on-year. Following the results, shares rose about 1% after Wall Street closed, ADRs gained 3.6%, and international oil prices jumped 5.6%.[S1][S2]
