OREANDA-NEWS. Argentina's state-controlled oil company YPF said on Thursday net profit was 1.383 billion pesos (\$161.7 million) in the fourth quarter while full-year earnings came in at 9.002 billion pesos.

Both figures were below market expectations for profit of 2.827 billion pesos in the October to December period and 10.350 billion pesos for 2014.

Oil output at YPF, which was nationalized in 2012 after the Argentine government seized the stake held by Spanish oil major Repsol, rose 5.3 percent in 2014 while natural gas production climbed 25.1 percent, the statement said.