Group 1 - The Argentine company is consolidating its position as the leading integrated oil company in the country [1] - The company is achieving strong results in operational efficiency and profitability [1] - A long-term strategy focused on shale development and export is driving the company's success [1]

YPF Sociedad Anonima (YPF) shares ended the last trading session 9% higher at $29.59. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 14.8% loss over the past four weeks.YPF Sociedad Anonima’s stock surged during the last trading session, buoyed by the continued strength in oil and gas prices, which rose by nearly $3 per barrel. Natural gas prices also experienced an increase. The broader market rally was fueled by ...

YPF Sociedad Anónima (YPF) recently announced its 2025 investment plans that will mark a significant move in Argentina’s energy sector with a $3.3 billion investment in Vaca Muerta. The investment, which constitutes two-thirds of the company’s total $5 billion capital expenditure, will be entirely directed toward completing and connecting its existing wells that are drilled but uncompleted rather than drilling new gas wells. This strategic investment plan highlights its commitment to maximizing returns in A ...

YPF is the largest energy company of Argentina, producing approximately 36% of the total oil and 29% of the total natural gas in the country and supplying 56% of the fuel markets through a network of more than 1600 service stations and other assets. YPF is one of the largest shale operators outside the United States and, as an integrated energy company, generates a large offering consisting of fuels, natural gas, electricity, petrochemicals, lubricants and products for agriculture, among others. Media Relat ...

E n glis h t r a n sla tio n o f t h e c o n s olid a t e d fin a n cial s t a t e m e n t s o rigin ally file d in S p a nis h wit h t h e C N V. In case of discrepancy, the consolidated financial statements filed with the CNV prevail over this tra n sla tio n. YPF SOCIEDAD ANONIMA CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2024, 2023 AND 2022 CONTENT | | Glo s | s a r | y o f | t e r | m s | | | | | | | | | 1 | | | | | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | --- | ...

Cash Flow - Net cash flows from operating activities in 2024 amounted to US$ 5,869 million, a decrease of US$ 44 million compared to US$ 5,913 million in 2023, primarily due to lower dividends received [619]. - Net cash flows used in investing activities in 2024 were US$ 5,511 million, an increase of US$ 179 million from US$ 5,332 million in 2023, mainly due to lower proceeds from sales of financial assets [620]. - Net cash flows used in financing activities in 2024 were US$ 293 million, primarily due to interest payments of US$ 707 million [621]. Debt and Liabilities - Total debt as of December 31, 2024, was US$ 11,491 million, with US$ 2,301 million maturing in less than one year [626]. - Total other liabilities amounted to US$ 7,803 million as of December 31, 2024, including exploratory and development commitments of US$ 1,994 million [623]. Cash and Investments - Total cash and cash equivalents at the end of fiscal year 2024 were US$ 1,118 million, slightly down from US$ 1,123 million at the beginning of the year [619]. - Capital investments and expenditures in 2024 totaled US$ 5,537 million, with 74.3% allocated to upstream activities [627]. - The company was committed to purchase goods and services for approximately US$ 6,490 million as of December 31, 2024, with US$ 1,235 million maturing in less than one year [622]. Compliance and Expansion - The company is in compliance with its financial covenants as of December 31, 2024, ensuring liquidity and operational stability [617]. - The company signed assignment agreements for 8 groups of assets, subject to regulatory approvals, indicating ongoing market expansion efforts [629].

Argentina's largest oil company, YPF (NYSE: YPF ), with significant production developments in the Vaca Muerta region, considered the second-largest natural gas reserve on the planet and the fourth-largest oil reserve, struck a note of optimism after presenting its 2024 annual results. This cameI am a financial analyst and public accountant, with experience in accounting, auditing and tax areas, working for various multinational companies over 10 years. I have also passed the CFA level II exam.For about 6 y ...

Core Insights - The Vaca Muerta Oil Sur (VMOS) project is set to significantly enhance Argentina's energy exports, with potential annual revenues reaching up to $15 billion, and expansions could increase this figure to $20 billion [1] - Shell and Chevron have joined the VMOS project as shareholders, marking a strategic move for Argentina to bolster its oil export capacity and attract foreign investment [5] Group 1: VMOS Project Overview - VMOS is a consortium involving YPF, Pan American Energy, Pampa Energía, Vista Energy, and Pluspetrol, aimed at developing Argentina's largest oil transport infrastructure [2] - The project includes a 437-kilometer pipeline from Vaca Muerta oil fields to a new export terminal in Punta Colorada, Río Negro, with an initial capacity of 550,000 barrels per day, expandable to 700,000 barrels [3] Group 2: Financial and Strategic Aspects - The total projected investment for the VMOS project is $3 billion, with $1.7 billion already secured in financing, and further incentives are being sought to expedite progress [4] - The participation of Shell and Chevron, anticipated since late 2024, is expected to play a crucial role in securing foreign investment and revenues, reinforcing Argentina's position as a key player in the global energy market [5]

Financial Data and Key Metrics Changes - Revenues reached $19.3 billion in 2024, marking an 11% annual increase driven by rebounded fuel prices and a rise in oil exports [34] - Adjusted EBITDA totaled $4.7 billion in 2024, reflecting a 15% annual increase, mainly boosted by higher revenues in hydrocarbon production [35] - Net results improved substantially, posting a gain of $2.4 billion in 2024, compared to a loss of $1.3 billion in the previous year [35] - Free cash flow was negative at $760 million in 2024, impacted by mature fields and severe weather conditions [59][60] Business Line Data and Key Metrics Changes - In the upstream segment, total hydrocarbon production amounted to 536,000 barrels of oil equivalent per day in 2024, a 4% increase versus 2023, with shale output representing 53% of the total [38] - Crude oil production grew by 6% in 2024, reaching 257,000 barrels per day, supported by a 26% shale expansion [39] - In the downstream segment, refinery processing levels exceeded 300,000 barrels per day in 2024, with a utilization rate of 92% [13][53] Market Data and Key Metrics Changes - YPF accounted for nearly one-third of Vaca Muerta shale oil production, achieving an output of 122,000 barrels per day in 2024, a 26% increase compared to 2023 [24] - Oil export revenues nearly tripled in 2024, reaching close to $1 billion, with an average of 35,000 barrels per day [26] - The gap to import parity for fuel prices decreased from 20% in 2023 to just 2% in 2024, despite significant currency devaluation [27][51] Company Strategy and Development Direction - The company is focusing on transforming its oil production matrix by increasing shale oil production share from 50% to a minimum of 80% [7] - YPF is reallocating investments towards Vaca Muerta and leading the development of the VMOS oil export pipeline, targeting production ramp-up to 180,000 barrels per day by the second half of 2026 [8] - The company aims to reduce the well construction cycle by 30% by 2025, leveraging efficiency improvements from the Toyota Well project [12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets and emphasized the importance of operational efficiencies to mitigate challenges from mature fields and weather impacts [30][37] - The company anticipates sustained growth in 2025, focusing on its most profitable asset, shale oil from Vaca Muerta [25] - Management highlighted the positive outlook for LNG projects and the potential for further operational improvements [114] Other Important Information - YPF successfully issued international bonds totaling $800 million in January 2024, followed by additional bond transactions, effectively lowering yields [15][16] - The company reported a 15% growth in sales EBITDA in 2024 compared to 2023, despite challenges from mature fields and weather impacts [29] Q&A Session Summary Question: Confidence in Vaca Muerta expansion and production ramp-up - Management expressed strong confidence in achieving the targeted production of 180,000 barrels by Q4 2026, citing partnerships and operational readiness [71][75] Question: Current selling prices and CapEx reduction considerations - Management discussed the pricing strategy for crude oil and gasoline, indicating that adjustments would be made based on market conditions, with potential CapEx reductions if oil prices decline significantly [81][102] Question: Free cash flow expectations for 2025 - Management confirmed plans for neutral cash flow in 2025, with further details to be provided at the upcoming Investor Day [110][113] Question: Update on LNG projects - Management provided a positive outlook on LNG projects, indicating that more details would be shared during the Investor Day [111][114] Question: Lifting costs and expectations for Q1 - Management noted ongoing efforts to maintain lifting costs through efficiency improvements, with expectations for stable costs moving forward [112][115] Question: M&A activity and interest in other assets - Management indicated no current interest in acquiring additional refineries but remains open to evaluating opportunities in core areas, particularly in Vaca Muerta [120][123]

Core Insights - Argentina has emerged as the top-performing stock market globally over the past three years, with the Global X MSCI Argentina ETF (ARGT) more than tripling in value since late January 2022, significantly outperforming other markets [1] Group 1 - The Global X MSCI Argentina ETF (ARGT) has increased over 200% since late January 2022, indicating a strong bullish trend in the Argentine market [1]