March 9 (Reuters) - Argentina's national oil company YPF on Thursday posted a fourth-quarter net profit that was up 69% from a year earlier, as the firm saw production and prices rise.

The state-run producer's net profit landed at $464 million for the last three months of 2022, from revenues that rose 24% to $4.65 billion.

YPF's crude oil production came in around 232,000 barrels of oil equivalent per day, up 3.1% from the third quarter, while gas production shrank 7% on lower seasonal demand.

The state-run company attributed the boost in production, as well as increased prices in "gasoil, jet fuel and gasoline," as factors propelling the quarter's income.

Benchmark Brent crude prices averaged around $88.60 per barrel during the quarter, YPF said.

YPF's earnings before interest, taxes, depreciation and amortization (EBITDA) rose 85% to $1.22 billion. However, the company also pointed to rising operating costs, up 29% from a year earlier.

It said operating costs through the year rose largely due to foreign-exchange effects on the Argentine peso and global inflation.

YPF's income comes largely from diesel, gasoline and natural gas sold domestically, though it also exports crude oil, jet fuel, petrochemicals and agricultural grains abroad.

The state firm, which leads development of Vaca Muerta, a Belgium-sized shale formation in Patagonia, is preparing to invest some $3.5 billion of $5 billion budgeted for the year in the project, the company has previously said.

YPF said Thursday it was continuing "to advance in (its) strategy of eliminating bottlenecks" related to the site's development.

The size of the investment will partially be backed with the $1 billion YPF aims to

raise in financing

this year, marking the company's return to debt markets as Argentina looks to ramp up gas exports and reverse a multi-billion dollar energy deficit. (Reporting by Kylie Madry and Aida Pelaez-Fernandez; Editing by Sarah Morland and Chris Reese)