Core Viewpoint - Momentum investing focuses on "buying high and selling higher" rather than traditional strategies of "buying low and selling high" [1] Group 1: Momentum Investing Characteristics - Momentum investing can be risky as stocks may lose momentum when their valuations exceed future growth potential [2] - A safer approach involves investing in bargain stocks that exhibit recent price momentum [3] Group 2: YPF Sociedad Anonima Analysis - YPF has shown a price increase of 39.5% over the past four weeks, indicating growing investor interest [4] - The stock gained 83% over the past 12 weeks, with a beta of 1.94, suggesting it moves significantly more than the market [5] - YPF has a Momentum Score of B, indicating a favorable time to invest [6] - The stock has a Zacks Rank 2 (Buy) due to upward revisions in earnings estimates, which attract more investors [7] - YPF is trading at a Price-to-Sales ratio of 0.91, suggesting it is undervalued [7] Group 3: Additional Investment Opportunities - Besides YPF, there are other stocks that meet the criteria of the 'Fast-Paced Momentum at a Bargain' screen [8] - Zacks offers over 45 Premium Screens to help identify potential winning stocks based on various investing styles [9]

Core Insights - Investors in the Oil and Gas - Integrated - International sector may consider YPF Sociedad Anonima (YPF) and Fuchs Petrolub SE Unsponsored ADR (FUPBY) as potential value opportunities [1] Valuation Metrics - YPF has a forward P/E ratio of 5.88, while FUPBY has a forward P/E of 18.57 [5] - YPF's PEG ratio is 0.13, indicating a favorable valuation compared to FUPBY's PEG ratio of 2.21 [5] - YPF's P/B ratio stands at 1.27, contrasting with FUPBY's P/B of 3.32 [6] Investment Grades - Both YPF and FUPBY hold a Zacks Rank of 2 (Buy), indicating a positive earnings outlook [3] - YPF has been assigned a Value grade of A, while FUPBY has a Value grade of C, suggesting YPF is currently the superior value option [6][7]

Here at Zacks, we focus on our proven ranking system, which places an emphasis on earnings estimates and estimate revisions, to find winning stocks. But we also understand that investors develop their own strategies, so we are constantly looking at the latest trends in value, growth, and momentum to find strong companies for our readers.Considering these trends, value investing is clearly one of the most preferred ways to find strong stocks in any type of market. Value investors use tried-and-true metrics a ...

Momentum investing is essentially the opposite of the tried-and-tested Wall Street adage -- "buy low and sell high." Investors following this investing style typically avoid betting on cheap stocks and waiting long for them to recover. They believe instead that one could make far more money in lesser time by "buying high and selling higher."Who doesn't like betting on fast-moving trending stocks? But determining the right entry point isn't easy. Often, these stocks lose momentum once their valuation moves a ...

Project Overview - YPF Sociedad Anonima (YPF) is seeking $2 billion in external funding to complete the Vaca Muerta Sur project by Q2 2025 [1] - The project aims to increase Argentina's oil export capacity by transporting an additional 390,000 barrels per day to a coastal export terminal in Rio Negro [2] Financing Strategy - The total project cost is estimated at $3 billion, with YPF planning to secure $1.5 billion from international investors and $500 million locally [3] - YPF intends to cover approximately 70% of the costs through external funding and the remaining 30% through equity contributions from companies securing pipeline capacity [3] - The company is exploring partnerships with major energy firms such as Pampa Energy, Vista, Chevron, and Shell for the pipeline project [3] Long-Term Implications - The pipeline project is expected to position Argentina as a major regional oil exporter and allow YPF to meet growing global oil demand [4] - By connecting to a coastal export terminal, the project will enable YPF and Argentina to access international markets and increase oil export revenues [4] Energy Sector Insights - Smart Sand, Inc (SND) is a low-cost producer of high-quality Northern White frac sand, with growing demand expected due to sustained oil and gas market needs [6] - FuelCell Energy (FCEL) provides low-carbon energy solutions, playing a key role in the energy transition by enabling industries to shift from fossil fuels to cleaner alternatives [7] - Nine Energy Service (NINE) offers onshore completion and production services, operating across major US and Canadian basins, with anticipated growth due to sustained oil and gas demand [8]

Financial Data and Key Metrics - Revenue reached $5.3 billion, up 7% sequentially and 18% year-over-year, driven by higher seasonal gas sales, increased oil exports to Chile, and better fuel prices [10][11] - Adjusted EBITDA totaled $1.4 billion, up 13% sequentially and 47% year-over-year, primarily due to higher gas sales, shale hydrocarbon production, and improved fuel prices [12][13] - Net income grew significantly to $1.5 billion, almost three times the previous quarter, mainly due to a positive income tax impact [14] - Total hydrocarbon production averaged 559,000 barrels of oil equivalent per day, up 4% sequentially and 8% year-over-year, driven by strong shale operations [15] - Capital expenditures (CapEx) were $1.4 billion, up 13% sequentially, with 73% concentrated in upstream shale oil operations [15][16] - Free cash flow was negative $173 million, impacted by higher debt service payments and increased upstream activity [16] Business Line Performance - Shale oil production increased by 36% year-over-year, now representing almost half of total production [8] - Downstream processing levels averaged 298,000 barrels per day, with a refinery utilization rate of 90%, driven by efficiency improvements at La Plata Refinery [30] - Fuel sales volumes declined by 9% year-over-year, but local market share remained stable at 57% [32] - Diesel imports decreased to 4% of total fuel sales volumes, down from 7% in the previous year [33] Market Performance - The company became the largest oil exporter in Argentina, exporting approximately 40,000 barrels per day [9] - Oil exports to Chile increased by 37% sequentially, reaching 39,000 barrels per day [42] - The Vaca Muerta South Oil Pipeline (VEMOS) project achieved 50% construction progress, with the first tranche expected to start operations by Q1 2025 [43][44] Strategic Direction and Industry Competition - The company is focusing on increasing shale oil production, particularly in the Vaca Muerta region, which now accounts for 55% of total output [20] - The Andes Project, aimed at divesting mature conventional fields, has successfully executed nine FPAs for 25 blocks, with plans to add seven more blocks [18][19] - The company is advancing key infrastructure projects like VEMOS and the OldelVal pipeline to enhance oil export capacity [44][45] Management Commentary on Operating Environment and Future Outlook - Management highlighted the impact of extreme weather conditions in Patagonia, which affected conventional production but was offset by strong shale performance [6][10] - The company expects to achieve a lifting cost target of $15 per barrel of oil equivalent by year-end, up from the original $13 target due to inflation and divestments [25] - Management remains optimistic about the LNG project, with 14 MoUs signed with potential offtakers and ongoing discussions with super majors for equity investment [55][56] Other Important Information - The company issued a seven-year international bond for $540 million and repaid $334 million of 2025 notes and $166 million of 2027 notes [37] - Net debt remained stable at $7.5 billion, with an improved net leverage ratio of 1.5x [40] - The company is preparing to apply for the RIGI (Regime for the Promotion of Investments in Infrastructure) for the VEMOS project [48] Q&A Session Summary Question: LNG Roadshow and Equity Investors - The company has signed 14 MoUs with potential LNG offtakers and is in discussions with super majors for equity investment in the LNG project [55][56] Question: Lifting Cost Reduction Roadmap - The company aims to reduce lifting costs by focusing on unconventional production, which has significantly lower costs compared to conventional fields [58] Question: Free Cash Flow and CapEx Outlook for 2025 - The company expects free cash flow to turn positive by 2026, with CapEx remaining focused on unconventional operations in Vaca Muerta [64][67] Question: Midstream Infrastructure Progress - The VEMOS project has secured all necessary permits, with construction expected to start soon, and the OldelVal pipeline expansion is on track for completion by mid-2025 [72][75] Question: Production Growth and Shale Oil Guidance - The company maintains its guidance of 250,000 barrels per day of shale oil production by 2027, with potential upside depending on infrastructure improvements [108][111] Question: Downstream Pricing Strategy - The company follows international parity pricing for fuel, with prices adjusted based on market conditions, and expects demand to recover as economic activity improves [93][94] Question: Legal Dispute with Burford - The company is awaiting the next phase of the legal process with Burford, with no further updates provided due to confidentiality [72] Question: Nationwide Crude Production Forecast - The company expects Argentina's crude production to reach 1.2 to 1.4 million barrels per day by 2027, driven by infrastructure projects like VEMOS [130][134] Question: Asset Sales and Cash Flow Impact - The $205 million inflow in the cash flow statement is related to the sale of financial assets, not the Andes Project [139] Question: International Bond Issuance for Infrastructure Projects - The company is working on project finance for VEMOS, with LOIs received for $1.5 billion, and expects to finalize financing arrangements in the coming months [144]

On top of the Zacks Rank, investors can also look at our innovative Style Scores system to find stocks with specific traits. For example, value investors will want to focus on the "Value" category. Stocks with high Zacks Ranks and "A" grades for Value will be some of the highest-quality value stocks on the market today. Value investors also use the P/S ratio. The P/S ratio is is calculated as price divided by sales. Some people prefer this metric because sales are harder to manipulate on an income statement ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2023 Commission file number: 1-12102 YPF Sociedad Anónima (Exact name of registrant as specified in its charter) Republic of Argentina (Jurisdiction of incorporation or organization) Macacha Güemes 515 C1106BKK Ciudad Autónoma de Buenos Aires, Argentina (Address of principal executive of ...

Financial Statements and Reporting Standards - Consolidated financial statements for YPF Sociedad Anonima as of December 31, 2023, 2022, and 2021 are provided, including statements of financial position, comprehensive income, changes in shareholders' equity, and cash flows[1][2] - The financial statements include detailed notes on general business information, financial risk management, business segments, and financial instruments by category[2] - The financial statements are prepared in accordance with International Financial Reporting Standards (IFRS) and include information on acquisitions, disposals, and financial risk management[2] - Amendments to IAS 1 and IFRS Practice Statement 2, effective from January 1, 2023, require the disclosure of material accounting policies, replacing the term "significant accounting policies"[150][151] - Amendments to IAS 8 clarify the definition of accounting estimates, distinguishing them from accounting policies, effective from January 1, 2023[153][154] - Amendments to IAS 12 introduce an exception to the initial recognition exemption for deferred tax in transactions where assets and liabilities are recognized simultaneously, effective from January 1, 2023[157][158] - The Group has restated comparative information for fiscal years 2022 and 2021 following IAS 12 amendments, with no effect on initial retained earnings[159] - Amendments to IAS 12 related to the Pillar Two Model Rules of the International Tax Reform allow entities to defer recognition of deferred taxes, effective from January 1, 2023[160][161] - The Group anticipates no significant impact from amendments to IAS 1 on the classification of liabilities, effective from January 1, 2024[167][174] - Amendments to IFRS 16 clarify the measurement of leases in sale and leaseback transactions, effective from January 1, 2024[168][169] - The Group is evaluating the effects of amendments to IAS 21 on the methodology for currency exchangeability, effective from January 1, 2025[180][183] Assets and Investments - YPF's consolidated financial statements include detailed information on intangible assets, property, plant, and equipment, and right-of-use assets[2] - The financial statements provide information on investments in associates and joint ventures, inventories, and other receivables[2] - Total assets increased significantly from ARS 2,390,068 million in 2021 to ARS 20,202,123 million in 2023, reflecting substantial growth in both non-current and current assets[17] - Property, plant and equipment increased from ARS 1,642,259 million in 2021 to ARS 14,293,427 million in 2023, highlighting substantial investment in infrastructure[17] - Cash and cash equivalents rose from ARS 62,678 million in 2021 to ARS 905,956 million in 2023, indicating improved liquidity[17] - Investments in associates and joint ventures are accounted for using the equity method, reflecting the investor's share of profit or loss and contributions/dividends[108] - Financial assets are measured at amortized cost if held to collect contractual cash flows, otherwise at fair value through profit or loss[117][118] - The Group uses the expected credit loss model to evaluate impairment of financial assets, recognizing changes in expected credit losses in profit or loss[121] - Non-current assets held for sale are measured at the lower of carrying amount and fair value less costs to sell[146] - Non-current assets classified as held for sale must meet specific criteria, including being highly probable for sale within one year and actively marketed at a reasonable price[147][148] - The Group performs impairment reviews for non-current assets classified as held for sale if their carrying amount exceeds fair value less disposal costs[149] Liabilities and Equity - Total liabilities increased from ARS 1,541,950 million in 2021 to ARS 12,898,308 million in 2023, reflecting higher financial obligations[17] - Shareholders' equity at the end of 2023 was ARS 7,303,815 million, compared to ARS 1,868,304 million at the end of 2022, reflecting significant growth[24][29] - Retained earnings grew from ARS 829,388 million in 2021 to ARS 7,215,993 million in 2023, showing a strong accumulation of profits over the years[17] - Retained earnings at the end of 2023 were ARS 3,077,042 million, up from ARS 1,001,214 million at the end of 2022[24][29] - Legal reserve increased to ARS 634,747 million in 2023 from ARS 139,275 million in 2022[24][29] - Reserve for future dividends grew to ARS 182,371 million in 2023 from zero in 2022[24][29] - Reserve for investments reached ARS 4,297,009 million in 2023, up from zero in 2022[24][29] - Unappropriated retained earnings and losses were negative ARS 1,003,419 million in 2023, compared to positive ARS 1,001,214 million in 2022[24][29] - Non-controlling interest increased to ARS 82,315 million in 2023 from ARS 17,274 million in 2022[24][29] - The company accrued ARS 1,191 million in share-based benefit plans in 2023, compared to ARS 262 million in 2022[24][29] Revenue and Expenses - Revenues grew from ARS 1,315,633 million in 2021 to ARS 5,484,544 million in 2023, indicating a strong upward trend in the company's financial performance[20] - Net profit or loss for the year showed a significant decline, from a loss of ARS 808 million in 2021 to a loss of ARS 1,532,745 million in 2023[20] - Earnings per share attributable to shareholders of the parent company dropped significantly from ARS 0.65 in 2021 to ARS -3,985.51 in 2023[20] - Total comprehensive income for the year increased from ARS 164,604 million in 2021 to ARS 5,436,310 million in 2023, indicating overall financial improvement[20] - Net profit for 2023 was a loss of ARS 1,532,745 million, compared to a profit of ARS 290,264 million in 2022[24][29] - Other comprehensive income for 2023 was ARS 6,969,055 million, a substantial increase from ARS 734,120 million in 2022[24][29] - Revenue from goods is recognized when control is transferred to the customer, while service and construction contract revenue is recognized over time[139][140] - Government grants are recognized at fair value when there is reasonable assurance of receipt and compliance with conditions[142] Cash Flows and Liquidity - Net cash flows from operating activities increased significantly to 1,774,199 million Argentine Pesos in 2023, compared to 736,660 million in 2022 and 400,014 million in 2021[36] - Net cash flows used in investing activities were (1,522,226) million Argentine Pesos in 2023, versus (523,024) million in 2022 and (243,992) million in 2021[36] - Net cash flows from financing activities turned positive at 33,164 million Argentine Pesos in 2023, after being (157,104) million in 2022 and (150,659) million in 2021[36] - Cash and cash equivalents at the end of 2023 stood at 905,956 million Argentine Pesos, a substantial increase from 136,874 million in 2022 and 62,678 million in 2021[36] - Unpaid acquisitions of property, plant and equipment and intangible assets reached 426,186 million Argentine Pesos in 2023, up from 93,730 million in 2022 and 36,371 million in 2021[37] - Hydrocarbon wells abandonment costs surged to 409,372 million Argentine Pesos in 2023, compared to 47,323 million in 2022 and 3,349 million in 2021[37] - Additions of right-of-use assets totaled 230,883 million Argentine Pesos in 2023, a significant increase from 45,328 million in 2022 and 27,745 million in 2021[37] Operational and Environmental Costs - The company holds 100% of the capital of consolidated companies, except for Metrogas (70%) and YTEC (51%)[67] - Intangible assets are amortized using the straight-line method, with an average useful life of 5 years for software licenses and computer applications[78] - Exploration rights are classified as intangible assets and are not amortized as they relate to fields in the evaluation stage[75] - Oil and natural gas production activities are recognized using the successful efforts method, with exploration costs charged to net income unless related to exploratory wells[83] - Depreciation of assets related to oil and natural gas production is adjusted based on changes in estimates of proved reserves, which are audited by independent third parties every 3 years[88] - Buildings and constructions have an estimated useful life of 50 years, while refinery equipment and petrochemical plants have a useful life of 20-25 years[89] - Lease liabilities are measured as the aggregate of future lease payments discounted at the lessee's incremental borrowing rate[94] - Right-of-use assets are depreciated using the straight-line method based on the lease term or the useful life of the underlying asset, whichever is shorter[95] - Impairment losses are recognized if the carrying amount of a cash-generating unit (CGU) exceeds its recoverable amount, with losses distributed pro rata among the CGU's assets[102] - The reversal of an impairment loss is recognized in operating profit or loss, increasing the carrying amount of the CGU to its revised recoverable amount[103] - The recoverable amount for each CGU is determined as the higher of its fair value less costs of disposal or its value in use, based on cash flow projections and discounted at the weighted average cost of capital[105] - Hydrocarbon prices, refined products, petrochemical products, and capital expenditure estimates are key factors in cash flow projections for CGUs[106] - The Group cannot estimate additional costs for environmental remediation until ongoing studies are completed and assessed[192] - Current costs for hydrocarbon wells abandonment are used to estimate future costs, with changes in laws, costs, or technologies potentially affecting these estimates[193] - The Group cannot anticipate future legislation or regulations, which could materially affect long-term operational results[194] - The Group has decided not to disclose certain critical information related to contingent liabilities and assets to avoid adverse effects on third-party claims[195] Taxation and Deferred Taxes - Income tax expense includes both current and deferred taxes, with provisions made based on expected payments to tax authorities[196] - Deferred tax assets are recognized based on the probability of offsetting tax loss carryforwards with future taxable income, relying on cash flow projections[200] Glossary and Legal Information - The glossary of terms includes definitions for key financial and operational terms such as ADR, AFIP, BCRA, CPI, and IFRS[6] - YPF's legal address is Macacha Güemes 515, Ciudad Autónoma de Buenos Aires, Argentina, and the fiscal year is No. 47 beginning on January 1, 2023[9] - The company's capital structure consists of 393,312,793 shares of common stock, with a par value of $10 per share and a total subscribed, paid-in, and authorized capital of ARS 3,933,127,930[14]

YPF Sociedad Anónima (NYSE:YPF) Q1 2023 Earnings Conference Call May 12, 2023 9:00 AM ET Company Participants Pablo Calderone - Investor Relations Manager Alejandro Lew - CFO Pablo Iuliano - CEO Sergio Massa - Economy Minister Conference Call Participants Walter Chiarvesio - Santander Carlos Moraes - Morgan Stanley Paula La Greca - TPCG Luis Carvalho - UBS Marcelo Gumiero - Credit Suisse Ezequiel Fernandez - Balanz Operator Ladies and gentlemen thank you for standing by. At this time I would like to welcome ...