May 9 (Reuters) - Argentina's state oil firm YPF

on Thursday posted a first-quarter net profit nearly

doubling the year-ago figure, landing at $657 million, on the

back of higher production and prices.

Net profit came in 93% higher than the $341 million reported

in the same quarter of 2023.

Revenues inched up 2% to $4.31 billion, just above

expectations, driven by higher domestic fuel prices measured in

dollars and higher crude exports to Chile.

Total oil and gas production, meanwhile, rose 3%, with

crude production up 7%.

Shale production increased 21%, the company said.

YPF operates Argentina's massive Vaca Muerta shale

formation, one of the biggest in the world, which it hopes can

help the country boost production to eventually become a net

energy exporter and replenish the country's foreign reserves.

Core earnings, or adjusted earnings before interest,

taxes, depreciation and amortization (EBITDA) meanwhile rose 19%

to $1.25 billion, just under the forecast of $1.29 billion from

analysts polled by LSEG.