We recently published 10 Stocks Stealing Wall Street’s Spotlight. YPF Sociedad Anónima (NYSE:YPF) is one of the top performers on Monday. YPF Sociedad Anónima (NYSE:YPF) snapped a three-day losing streak on Monday, climbing 12.78 percent to finish at $26.92 apiece, as investors cheered the US Treasury’s financial lifeline to Argentina. YPF Sociedad Anónima (NYSE:YPF), an energy company based in Argentina, has been trading lower alongside the overall Argentine markets over the past few weeks as the countr ...

Group 1 - YPF Sociedad Anónima's share price decreased by 12.16% from September 5 to September 12, 2025, making it one of the worst-performing energy stocks during that week [1] - The company operates in the oil and gas sector, engaging in both upstream and downstream activities in Argentina [2] - YPF's stock price decline is attributed to political uncertainty following President Javier Milei's party's significant loss in local elections, raising concerns about the government's ability to implement economic reforms [3] Group 2 - Since the beginning of 2025, YPF's share price has fallen by over 39%, indicating a substantial downturn in its market performance [4] - Despite the potential of YPF as an investment, there are suggestions that certain AI stocks may offer better upside potential with less downside risk [4]

Core Insights - YPF Sociedad Anónima reported second-quarter 2025 earnings of 13 cents per share, missing the Zacks Consensus Estimate of 56 cents, and a decline from $1.32 in the same quarter last year [1][8] - Total quarterly revenues were $4.64 billion, below the Zacks Consensus Estimate of $4.84 billion, and down from $4.94 billion year-over-year [1][8] - The weak performance was primarily due to lower crude oil production and a decrease in oil prices [1] Operational Performance - Total hydrocarbon production in Q2 was 545.7 thousand barrels of oil equivalent per day (Mboe/d), a 1% increase from 539 Mboe/d in Q2 2024 [2] - Crude oil production averaged 247.9 thousand barrels per day (MBbl/D), slightly down from 248.8 MBbl/D a year ago, attributed to lower conventional output [2] - Natural gas production increased by 2.3% year-over-year to 39.7 million cubic meters per day, supported by higher shale gas output [3] Price Realizations - Average price realization for crude oil decreased by 16% year-over-year to $59.5 per barrel [4] - Average natural gas price realizations increased by 1.9% year-over-year to $4.1 per million British thermal units (MMBTU) [4] - Adjusted EBITDA from upstream activities fell by 5.5% year-over-year to $771 million due to lower oil prices [4] Midstream & Downstream - Processed crude volumes reached 301.4 MBbl/D, slightly higher than 299.2 MBbl/D in the prior-year quarter [5] - Refineries' utilization rate improved to 89.2% from 88.5% in the previous year [5] - Adjusted EBITDA from the Midstream & Downstream segment was $439 million, up 12.6% year-over-year, aided by lower crude oil purchase costs and increased oil exports [5] Operating Expenses - Total operating expenses for the quarter were $1,529 million, a 17% decline from $1,842 million reported in the year-ago quarter, primarily due to reduced exposure to mature fields [6] Cash Flow - Net cash flow from operating activities totaled $1,146 million, while the company reported a negative free cash flow of $365 million for the quarter [9] Balance Sheet - As of June 30, 2025, YPF had cash and short-term investments of $1 billion and total debt of $9.8 billion [10]

Financial Data and Key Metrics Changes - In Q2 2025, revenue remained stable at over $4.6 billion, with a 6% decline year-over-year despite a 20% drop in Brent prices [24][25] - Adjusted EBITDA was $1.12 billion, decreasing 10% sequentially and 7% year-over-year, primarily due to Brent price volatility and the exit from mature fields [25][26] - Q2 net profit was $58 million, a turnaround from a loss of $10 million in the previous quarter, but a sharp decline year-over-year due to higher depreciation and tax charges [26][27] - Free cash flow was negative at $355 million, impacted by mature fields and negative working capital [29][43] Business Line Data and Key Metrics Changes - Total hydrocarbon production was stable at 546,000 barrels of oil equivalent per day, with shale production representing 62% of total output [31] - Crude oil production decreased by 8% sequentially to 248,000 barrels per day, while shale oil production increased by 28% year-over-year [32][33] - Natural gas production increased by 6% sequentially to 40 million cubic meters per day, driven by seasonal demand [34] - Lifting costs decreased to $12.3 per barrel of oil equivalent, a 19% reduction sequentially [34] Market Data and Key Metrics Changes - Oil exports increased by 20% sequentially to 44,000 barrels per day, with a 43% year-over-year growth [33] - Local fuel prices decreased by 8% sequentially and 10% year-over-year, reflecting Brent price volatility [40] - Fuel sales volume grew by 4% sequentially, primarily due to seasonal demand recovery [40] Company Strategy and Development Direction - The company is focused on its 4x4 plan, emphasizing profitable operations in Vaca Muerta and divesting from mature fields [4][6] - A significant milestone was achieved with the financial closing of the BeMos project, which is expected to enhance production capacity [8][9] - The company aims to become a pure unconventional player by divesting conventional assets and focusing on high-potential shale operations [14][16] Management Comments on Operating Environment and Future Outlook - Management acknowledged the challenges posed by international price volatility but emphasized the resilience of the 4x4 plan [4][5] - The company expects to ramp up shale oil production significantly, targeting 190,000 barrels per day by the end of 2025 [7][8] - Management expressed confidence in achieving operational efficiencies and maintaining a strong market position despite external challenges [20][22] Other Important Information - The company secured a $2 billion syndicated loan for the BeMos project, marking a significant achievement in infrastructure financing in Argentina [9] - Moody's upgraded the company's credit rating from CAA1 to B2, reflecting improved financial stability [47] Q&A Session Summary Question: Update on development plans and acquisition impact - Management confirmed the acquisition of a high-potential field in Vaca Muerta, which is expected to enhance profitability and production [50][51] Question: Expectations for Phase one and Phase two of the project - Management indicated that Phase one is nearing completion, with expectations for good news regarding final approvals [59][60] Question: CapEx guidance and equity contributions - Management confirmed that CapEx guidance remains unchanged, with ongoing contributions to Vaca Muerta projects [69][70] Question: Proceeds from divesting conventional assets - Management refrained from providing specific figures but expressed confidence in achieving favorable returns from divestitures [75][76] Question: Competitive M&A landscape in Vaca Muerta - Management noted limited competition for available assets, with most companies focused on development [77][78] Question: Timeline for investing in the Total acquisition area - Management stated that development plans will be discussed with partners, aiming for synergies to reduce costs [82][84]

SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of August 2025 Commission File Number: 001-12102 YPF Sociedad Anónima (Exact name of registrant as specified in its charter) Macacha Güemes 515 C1106BKK Buenos Aires, Argentina (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F ...

Summary of Global Oil and Gas Valuation Report Industry Overview - The report focuses on the **Global Oil and Gas** industry, providing insights into major companies and market dynamics as of **July 18, 2025** [1][2]. Key Companies Mentioned - **India**: Bharat Petroleum, Hindustan Petroleum, Indian Oil, ONGC, Reliance Industries - **Europe**: BP, BW LPG, Ceres Power, ENI, Fuchs Petrolub, Galp, Industrie De Nora, ITM Power, MOL, Motor Oil - **North America**: Aemetis, Antero Resources, APA Corp, Chevron, ExxonMobil, Halliburton, Suncor Energy, Valero Energy - **China**: CNOOC, Petrochina, Sinopec - **Saudi Arabia**: Saudi Aramco - **Others**: Companies from South Africa, Thailand, South Korea, Japan, Australia, and Latin America are also included [2]. Core Insights and Arguments - **Valuation Metrics**: The report provides various valuation metrics such as **EV/DACF**, **FCF Yield**, and **P/E Ratios** for major oil companies, indicating their financial health and market performance [9]. - **Performance Ratings**: Companies are rated based on their performance, with **Chevron** and **ExxonMobil** receiving "Buy" ratings, while **Equinor** is rated as "Sell" [9]. - **Growth Projections**: The report includes **CAGR** estimates for 2024-2027, indicating expected growth rates for different companies, with **Cenovus Energy** projected to have a **78%** upside potential [9]. - **Market Trends**: The report highlights trends in the oil and gas sector, including shifts towards renewable energy and the impact of geopolitical factors on oil prices [6]. Important but Overlooked Content - **Analyst Conflicts of Interest**: The report discloses potential conflicts of interest due to UBS's business relationships with covered companies, which may affect the objectivity of the analysis [4][5]. - **Macro Assumptions**: The report includes macroeconomic assumptions that underpin the valuations, sourced from reputable databases like Bloomberg and Reuters [6]. - **Definitions and Metrics**: Key financial metrics and definitions are provided to ensure clarity in the analysis, such as the **Nelson Complexity Index** for refining capacity [8]. Conclusion - The **Global Oil and Gas Valuation Report** provides a comprehensive analysis of the industry, highlighting key players, financial metrics, and growth projections while also addressing potential conflicts of interest and macroeconomic assumptions that could influence investment decisions [1][2][4][5][9].

Core Viewpoint - Argentina will not negotiate with Burford Capital regarding the ownership stake of YPF, the national oil company [1] Group 1: Legal Context - A U.S. judge, Loretta Preska, ruled that Argentina should transfer 51% of YPF's shares to Burford, which is leading a $16 billion lawsuit [1] - This ruling is part of a broader context where the same judge awarded $16 billion to YPF's shareholders, following the Argentine government's seizure of these funds in 2012 [1]

Core Insights - Burford Capital Limited has provided updates on two significant developments regarding litigation finance and enforcement actions against Argentina [1] Group 1: US Budget Reconciliation Bill - The Senate Parliamentarian ruled that proposed tax provisions related to litigation finance are not eligible for inclusion in the US Senate's draft of the budget reconciliation bill [2] Group 2: YPF Turnover Decision - The U.S. District Court for the Southern District of New York ordered Argentina to transfer its Class D shares of YPF, which represent approximately 51% of YPF's outstanding shares, to a global custody account at Bank of New York Mellon within 14 days [3] - The Court also instructed that these shares be transferred to Petersen and Eton Park within one business day [3] - This development is viewed positively in the context of the enforcement campaign against Argentina, although further judicial proceedings may occur [4] Group 3: Company Overview - Burford Capital is a leading global finance and asset management firm focused on law, involved in litigation finance, risk management, asset recovery, and various legal finance and advisory activities [5]

Investment Rating - The report provides a "Neutral" rating for BP and Eni, while it assigns a "Buy" rating to Chevron, ExxonMobil, Shell, TotalEnergies, GALP, OMV, and Cenovus Energy, indicating a positive outlook for these companies [10]. Core Insights - The report highlights that the global oil and gas sector is expected to experience a compound annual growth rate (CAGR) of 6.5% from 2024 to 2027, driven by increasing demand and recovering prices [10]. - The Brent front month price is projected to stabilize around $65.99 per barrel in 2025, while WTI is expected to be at $62.13 per barrel, reflecting a recovery from previous lows [7]. - Refining margins are anticipated to fluctuate, with European composite margins expected to average around $5.00 per barrel in 2025, indicating a challenging environment for refiners [7]. Summary by Sections Company Ratings and Projections - BP: Current price at 393.0, target price 400, with a 2% upside and a Neutral rating [10] - Chevron: Current price at 148.19, target price 177, with a 19% upside and a Buy rating [10] - ExxonMobil: Current price at 113.19, target price 130, with a 15% upside and a Buy rating [10] - Shell: Current price at 2,698, target price 2,900, with a 7% upside and a Buy rating [10] - TotalEnergies: Current price at 54.90, target price 60.0, with a 9% upside and a Buy rating [10] - Eni: Current price at 14.26, target price 13.0, with a -9% downside and a Neutral rating [10] - Cenovus Energy: Current price at 14.64, target price 25, with a 71% upside and a Buy rating [10] Market Assumptions - The report outlines macro assumptions for commodity prices, with Brent and WTI prices expected to stabilize in 2025 [7]. - The report also discusses refining margins, indicating a challenging environment for refiners with European margins projected at $5.00 per barrel [7]. Performance Metrics - The report includes performance metrics such as EV/DACF, FCF yield, and P/E ratios for major oil companies, providing a comprehensive view of their financial health and market positioning [10].

Investment Rating - The report provides a "Buy" rating for Chevron, ExxonMobil, Shell, TotalEnergies, GALP, OMV, and Cenovus Energy, while BP and Eni are rated as "Neutral" [10]. Core Insights - The report highlights a positive outlook for major oil companies, driven by expected increases in free cash flow and production growth rates. The average expected production growth for 2025-2027 is projected at 7% for the global sector [10]. - The report emphasizes the importance of refining margins, with European composite margins expected to stabilize around 5.00 in 2025, while US composite margins are projected to be around 15.67 [7][10]. - The macroeconomic assumptions indicate a gradual recovery in commodity prices, with Brent crude oil expected to average $65.99 per barrel in 2025, reflecting a slight increase from previous years [7]. Summary by Relevant Sections Company Ratings - BP: Current price at 380.7, target price 400, with a 5% upside, rated as Neutral (CBE) [10]. - Chevron: Current price at 144.97, target price 177, with a 22% upside, rated as Buy (CBE) [10]. - ExxonMobil: Current price at 109.73, target price 130, with an 18% upside, rated as Buy (CBE) [10]. - Shell: Current price at 2,615, target price 2,900, with an 11% upside, rated as Buy (CBE) [10]. - TotalEnergies: Current price at 54.74, target price 60, with a 10% upside, rated as Buy (CBE) [10]. - Eni: Current price at 13.86, target price 13.0, with a -6% downside, rated as Neutral (CBE) [10]. - Cenovus Energy: Current price at 14.42, target price 25, with a 73% upside, rated as Buy [10]. Financial Metrics - The report provides various financial metrics for the companies, including EV/DACF, FCF Yield, and P/E ratios, indicating strong financial health and potential for growth in the coming years [10]. - The average expected free cash flow yield for the sector is projected at 7.4% for 2025, reflecting robust cash generation capabilities [10]. Market Trends - The report notes a trend towards increased investment in renewable energy sources among major oil companies, which may impact their long-term strategies and market positioning [10]. - The refining sector is expected to see improvements in margins, particularly in the US and Europe, as demand recovers post-pandemic [7][10].