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].

Group 1 - YPF, Argentina's largest oil company, has significant production developments in the Vaca Muerta region, which is the second-largest natural gas reserve and the fourth-largest oil reserve globally [1] - The company expressed optimism after presenting its 2024 annual results, indicating a positive outlook for future performance [1]

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]

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 [23] - Adjusted EBITDA totaled $4.7 billion in 2024, reflecting a 15% annual increase, mainly boosted by higher revenues in hydrocarbon production [23] - 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 [24] - Net debt rose to $7.4 billion, a 9% increase from 2023, but the net leverage ratio was successfully reduced to 1.6 times [24][42] 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, an increase of 4% versus 2023, with shale output representing 53% of the total [25] - Crude oil production reached 257,000 barrels per day, showing a 6% annual growth, while natural gas production grew 3% to 37.4 million cubic meters per day [26] - In the downstream segment, processing levels reached 301,000 barrels per day in 2024, a 2% increase from 2023, with a refined utilization rate of 92% [34] Market Data and Key Metrics Changes - YPF became the largest oil exporter in Argentina in 2024, with oil export revenues nearly tripling to around $1 billion, averaging 35,000 barrels per day [18] - The gap to import parity for fuel prices decreased from 20% in 2023 to just 2% in 2024, despite significant currency devaluation [18][34] - Fuel sales volumes decreased by 7% in 2024 to 13.9 million cubic meters, mainly due to exceptionally high demand in 2023 [34] Company Strategy and Development Direction - The company is focusing on increasing shale oil production share from 50% to a minimum of 80% and reallocating investments towards Vaca Muerta [5][6] - YPF is leading the development of midstream projects, including a new oil export pipeline, aiming to ramp up production to 180,000 barrels per day by the second half of 2026 [6] - The company is committed to exiting mature fields to eliminate losses and inefficiencies, with significant progress made in asset transfers [12][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets, particularly in shale oil, and highlighted the importance of operational efficiencies [30][31] - The company anticipates sustained growth in 2025, focusing on its most profitable asset, shale oil from Vaca Muerta [17] - Management acknowledged challenges from mature fields and adverse weather conditions but remains optimistic about future performance [20][24] Other Important Information - The company reported a negative free cash flow of $760 million in 2024, impacted by mature fields and weather conditions [21][39] - YPF plans to hold an Investor Day on April 11 to present its five-year plan and key strategic drivers [44] Q&A Session Summary Question: Update on Vaca Muerta expansion and confidence in production targets - Management expressed confidence in delivering production targets by Q4 2026, citing strong partnerships and operational capabilities [47][50] Question: Current crude oil selling prices and CapEx reduction considerations - Management indicated that crude oil prices are aligned with import parity and emphasized a strategy to avoid price spikes [54][58] - CapEx adjustments will be considered if oil prices decline significantly, but the company is resilient to low prices [62] Question: Free cash flow expectations for 2025 and LNG project updates - Management confirmed plans for neutral cash flow in 2025 and provided a positive outlook on LNG projects [69][70] Question: Interest in potential M&A activity in Argentina - Management stated that while YPF is open to opportunities, there are currently no plans to acquire additional refineries [81][83]

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 [26] - Adjusted EBITDA totaled $4.7 billion in 2024, reflecting a 15% annual increase, mainly boosted by higher revenues in hydrocarbon production [26] - 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 [27] - Negative free cash flow of $760 million was reported in 2024, despite improved EBITDA [23][42] 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, an increase of 4% versus 2023, with shale output representing 53% of the total [28][29] - Crude oil production reached 257,000 barrels per day, showing a 6% annual growth, while natural gas production grew 3% to 37.4 million cubic meters per day [29] - In the downstream segment, processing levels were 301,000 barrels per day in 2024, 2% higher than 2023, driven by refinery improvements [37] Market Data and Key Metrics Changes - YPF became the largest oil exporter in Argentina in 2024, with oil export revenues nearly tripling to around $1 billion [20] - The company maintained a strong fuel sales market share of 56% despite a 7% decrease in fuel sales volumes in 2024 [37] - The gap to import parity for fuel prices decreased from 20% in 2023 to just 2% in 2024 [20][36] Company Strategy and Development Direction - YPF is focusing on increasing shale oil production share from 50% to a minimum of 80% and reallocating investments towards Vaca Muerta [6][7] - The company is leading the development of midstream projects, including a new oil export pipeline, aiming to ramp up production to 180,000 barrels per day by the second half of 2026 [7][40] - A strategic exit from mature fields is underway to eliminate losses and focus on more profitable assets [14][22] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets and emphasized the importance of operational efficiencies [54][75] - The company anticipates sustained growth in 2025, concentrating efforts on shale oil production [19] - Management acknowledged challenges from mature fields and adverse weather conditions but expects these issues to be resolved with the exit program [22][42] Other Important Information - YPF successfully issued multiple bonds in 2024, including a $1.1 billion international bond, to refinance existing debt and support operations [13][44] - The company plans to hold an Investor Day on April 11 to present its five-year plan and discuss key strategic initiatives [47] Q&A Session Summary Question: What is the expected ramp-up for Vaca Muerta expansion? - Management is confident in delivering 180,000 barrels by Q4 2026, citing strong partnerships and operational capabilities [50][54] Question: What are the current crude oil selling prices and CapEx considerations for 2025? - Management indicated that crude prices are aligned with import parity and emphasized resilience to low prices, with CapEx adjustments possible if prices decline significantly [57][66] Question: What is the free cash flow outlook for 2025? - Management confirmed plans for neutral cash flow in 2025, with further details to be provided at the Investor Day [74] Question: Update on LNG projects and lifting costs? - Management expressed optimism about LNG projects and highlighted ongoing efforts to maintain lifting costs through efficiency improvements [76]

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]

Core Viewpoint - YPF Sociedad Anonima has received a Zacks Rank 2 (Buy) upgrade, indicating a positive outlook based on rising earnings estimates, which significantly influence stock prices [1][3]. Earnings Estimates and Stock Price Impact - The Zacks rating system emphasizes the correlation between changes in earnings estimates and stock price movements, driven by institutional investors who adjust their valuations based on these estimates [4][6]. - For YPF, the increase in earnings estimates suggests an improvement in the company's underlying business, likely leading to a higher stock price as investors respond to this trend [5][8]. Earnings Estimate Revisions - YPF is projected to earn $7.76 per share for the fiscal year ending December 2024, reflecting a year-over-year increase of 52.2% [8]. - Over the past three months, the Zacks Consensus Estimate for YPF has risen by 5%, indicating a positive trend in earnings expectations [8]. Zacks Rank System - The Zacks Rank system categorizes stocks based on earnings estimate revisions, with only the top 20% of stocks receiving a 'Strong Buy' or 'Buy' rating, highlighting their potential for superior returns [9][10]. - YPF's upgrade to Zacks Rank 2 places it in the top 20% of Zacks-covered stocks, suggesting a favorable outlook for near-term stock performance [10].

Group 1: LNG Export Agreements - YPF signed a memorandum of understanding with three major Indian oil companies to export up to 10 million tons of liquefied natural gas (LNG) annually [1] - YPF collaborated with Shell for a $50 billion deal to develop the first phase of the Argentina LNG export project, aiming to produce 10 million tons of natural gas annually from the Vaca Muerta shale formation [2] Group 2: Lithium and Energy Transition - The agreement with Indian companies includes a strategic partnership to develop Argentina's lithium industry, essential for electric vehicle production [3] - YPF's cooperation in lithium extraction and processing aims to support India's decarbonization efforts [3] Group 3: Vaca Muerta Shale Formation - YPF's Vaca Muerta is recognized for having the second-largest shale gas reserves globally, which could reduce Argentina's dependence on oil and gas imports [4] Group 4: Future Revenue Projections - YPF is optimistic about Argentina's potential to become a global energy exporter, targeting $30 billion in revenues over the next decade [5] - The CEO of YPF has been actively visiting countries like Israel, South Korea, and Japan to secure more business opportunities [5] Group 5: Company Overview - YPF Sociedad Anonima operates as an international energy company focused on hydrocarbons and currently holds a Zacks Rank 3 (Hold) [6]

Core Insights - Central Puerto and YPF Luz have signed a strategic agreement to develop a high-voltage interconnection project aimed at supplying clean and efficient electricity to mining projects in the Puna region of Argentina [1][2]. Project Overview - This agreement represents a significant milestone as it is the first collaboration between two major electricity generation companies to evaluate the technical and regulatory aspects necessary for a large-scale electrical infrastructure project [2]. - The project will connect the mining sector and local communities in the Pastos Grandes and Hombre Muerto salt flats to the Argentine Interconnection System, with potential expansion to the Carachi Pampa salt flat [3]. - The estimated investment for the project ranges from $250 million to $400 million, depending on the final scope, and involves the construction of approximately 140 km of electric power transmission line, with the possibility of extending it up to 350 km [3]. Strategic Importance - The development of mining in northwestern Argentina is viewed as crucial for the country's economic growth, particularly in the context of increasing global demand for critical minerals essential for energy transition [4]. - The collaboration between Central Puerto and YPF Luz aims to enhance the competitiveness of mining companies by providing reliable, efficient, and sustainable energy solutions [4]. - YPF Luz emphasizes Argentina's opportunity to become a world leader in copper and lithium supply, highlighting the importance of comprehensive energy solutions to facilitate this goal [5].