Energy Stocks and Bonds: The Best Investments in the Sector in July

Argentine energy stocks closed July 2026 with mostly positive results in both dollars and pesos, in a month marked by the recovery of international oil prices and expectations for new projects related to Vaca Muerta and RIGI. According to the Monthly Energy and Market Report from RICSA ALyC, YPF was the best-performing local stock in dollars, with a rise of 15.5%, while Vista Energy led the annual performance with an increase of 57.6%.{#p-1786718457117-10989}

The movement was in line with the rebound in crude oil prices. During July, Brent rose 23.6% month-on-month and WTI advanced 21.8%, benefiting companies with greater exposure to oil, especially within the upstream segment.{#p-1786718457117-66842}

The positive climate was also reflected in the corporate energy debt market. In the case of negotiable obligations, the report does not measure price variation but the yield to maturity as of July 31, 2026. There, the highest yields were concentrated in Vista Energy's dollar-linked bonds, while in hard dollars, the highest yield corresponded to a bond from YPF.{#p-1786718457117-93403}

YPF led the monthly increase in dollars {#p-1786718457117-68451}

Among the energy stocks in Argentina measured in dollars, YPF had the best performance in July. The ADR of the oil company rose 15.5% month-on-month and accumulated a 56.6% improvement for the year.{#p-1786718457117-37910}

YPF's performance occurred in a month of strong activity for the sector, with advances in infrastructure projects, new announcements related to RIGI, and an international crude oil price that returned to operate at higher levels following global geopolitical tensions.{#p-1786718457117-89202}

Vista Energy came in second place for monthly performance in dollars, with a rise of 10.4%. However, it was the best-performing Argentine stock for the year within the panel, with a gain of 57.6%.{#p-1786718457117-71524}

Pampa Energía and Edenor completed the second group of best monthly performances, both with a rise of 7.5% in dollars. In the case of Pampa, the annual increase was 16.1%, while Edenor maintained a year-on-year decline of 5.9%, the only annual drop among the highlighted stocks in the report.{#p-1786718457117-25013}

TGS also accompanied the positive movement, with a monthly increase of 7.1% and an annual rise of 10.9%. Central Puerto had the lowest monthly performance within the group of energy ADRs surveyed, with an improvement of 2.7%, although it accumulated an annual increase of 25%.{#p-1786718457117-60370}

Vista was the energy stock with the best annual performance {#p-1786718457117-66881}

The annual ranking shows a closer competition between Vista and YPF. Vista topped the panel with a rise of 57.6% in dollars, closely followed by YPF, which accumulated an increase of 56.6%.{#p-1786718457117-49435}

Vista topped the panel with a rise of 57.6% in dollars, closely followed by YPF, which accumulated an increase of 56.6%.{#p-1786724106015-90695}

The difference between both companies is that Vista achieved the best annual performance, while YPF led in July. In both cases, the momentum was associated with the attractiveness of unconventional assets, expectations of productive growth, and the improvement in international crude prices.{#p-1786718457117-89815}

Further behind were Central Puerto, with an annual increase of 25%; Pampa Energía, with 16.1%; and TGS, with 10.9%. Edenor was the exception: despite the monthly rebound, it still accumulated an annual decline of 5.9% in dollars.{#p-1786718457117-52689}

In pesos, there were also significant movements within the local panel. Central Costanera rose 11.39% in July, Metrogas advanced 11.38%, Edenor gained 8.60%, Pampa Energía increased 8.50%, and TGS improved 8.65%. In contrast, Transener fell 5.73% and Camuzzi retreated 2.30% for the month.{#p-1786718457117-77532}

ON hard dollar: YPF had the highest yield {#p-1786718457117-29408}

In hard dollar negotiable obligations, denominated and payable in dollars, the highest yield in the panel corresponded to YPF YM38O, with a yield of 3.55% and a modified duration of 0.93.{#p-1786718457117-71024}

The second place went to Otamérica Ebytem OTS5O, with a yield of 3.33% and a duration of 0.22. Then came YPF Luz YFCMO, with a yield of 3.10%, and Pan American Energy PN34O, with 3.06%.{#p-1786718457117-20259}

Vista Energy Argentina VSCYO showed a yield of 2.82%, while YPF YM37O yielded 2.39%. At the lower end of the hard dollar curve were YPF Luz YFCIO, with 1.48%; YPF Luz YFCKO, with 1.41%; YPF Luz YFCNO, with 0.89%; and Pan American Energy PN38O, with 0.68%.{#p-1786718457117-34409}

The ranking shows that, among dollar instruments, the highest yields were concentrated in YPF bonds, Otamérica Ebytem, YPF Luz, and Pan American Energy, although with significant differences in duration.{#p-1786718457117-12391}

ON dollar linked: Vista offered the highest yields {#p-1786718457117-65968}

In dollar linked negotiable obligations, denominated in dollars but payable in pesos at the official exchange rate, Vista Energy concentrated the highest yields in the panel.{#p-1786718457117-1112}

The ON VSCJO showed a yield of 6.96%, the highest in the survey, with a modified duration of 0.57. In second place was VSCKO, also from Vista, with a yield of 5.80% and a duration of 1.56.{#p-1786718457117-19788}

Further back were YPF YMCLO, with a yield of 4.59%; Pan American Energy PNECO, with 4.53%; and Pan American Energy PNRCO, with 4.48%.{#p-1786718457117-52230}

The rest of the panel was below those levels: YPF YMCRO yielded 4.17%, YPF Luz YFCDO 4.08%, Vista VSCQO 3.33%, Pan American Energy PNICO 3.11%, and Oleoductos del Valle OLC3O 2.67%.{#p-1786718457117-45010}

The difference compared to ON hard dollar is clear: dollar linked instruments offered higher yields, with Vista as the main reference for performance within that curve.{#p-1786718457117-41974}

The energy market remains active {#p-1786718457117-73944}

The report also highlighted movements in new issuances. AES Argentina auctioned a negotiable obligation at the beginning of August for $50 million for 24 months, with a demand of $77.9 million that brought the placement to the maximum expected. The fixed rate was 6.47% per year, and the funds will be used to finance capex, working capital, and improve the maturity profile.{#p-1786718457117-84651}

The financial results for the month show that the energy sector has once again become one of the most active areas in the local market. In equities, the highest monthly return was for YPF, while the best annual performance was for Vista. In corporate debt, Vista's dollar-linked bonds offered the highest yields, while YPF led in hard dollars.

The combination of higher oil prices, new RIGI projects, advancements in infrastructure, and increased financial activity sustains investor interest in Argentine energy companies. The performance in July confirmed that the market continues to reward companies with direct exposure to Vaca Muerta and export projects.

A municipality entered the market

A new development in the market was that the municipality of San Isidro successfully conducted the bidding for its first private investment bond in the capital markets, becoming the first municipality in the province of Buenos Aires to finance public works through this tool.

The issuance, amounting to $30 billion allocated for the urban renewal plan, received bids for nearly $39 billion, representing an oversubscription of 29%. Despite the high demand, the original amount to be placed will be maintained. From Adcap Grupo Financiero, which participated in the bidding, it was highlighted that the rate was TAMAR + 7%.

"The result of the bidding reflects the market's confidence in fiscal management and the potential of San Isidro," stated the Municipality.