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YPF(YPF) - 2020 Q3 - Earnings Call Presentation
2020-11-11 15:10
3 rd QUARTER 2020 EARNINGS WEBCAST NOVEMBER 11TH, 2020 IMPORTANT NOTICE Saf e harbor statement under the US Priv ate Securities Litigation Ref orm Act of 1995. This document contains statements that YPF believ es constitute f orward-looking statements within the meaning of the US Priv ate Securities Litigation Ref orm Act of 1995. These f orward-looking statements may include statements regarding the intent, belief , plans, current expectations or objectiv es of YPF and its management, including statements ...
YPF(YPF) - 2020 Q2 - Earnings Call Transcript
2020-08-11 22:10
Financial Data and Key Metrics Changes - Revenues contracted by 47% year-over-year and 31% quarter-over-quarter to $1.9 billion, with fuel sales declining by about 50% compared to the same quarter last year [33][34] - Adjusted EBITDA reached $28 million for the second quarter, significantly impacted by the pandemic, while reported EBITDA stood at $171 million [38][39] - Net debt at the end of June was $7.4 billion, approximately $250 million lower than at the end of March, primarily due to an increase in cash position [38] Business Line Data and Key Metrics Changes - Upstream segment's adjusted EBITDA contracted by 79% year-over-year to $156 million, with a margin decline from 44% to 19% [40] - Downstream adjusted EBITDA contributed $123 million, down 16% year-over-year, affected by steep declines in demand for gasoline, diesel, and jet fuel [41] - Gas and energy segment reported a loss of $128 million, primarily due to deteriorating results from Metrogas and a non-cash accounting provision [42] Market Data and Key Metrics Changes - Crude oil production decreased by 10% year-over-year to 201,000 barrels per day, while natural gas production fell by 13% to 35 million cubic meters per day [45] - Average crude oil realization price was $28.9 per barrel, down 51% from the previous year, with prices fluctuating due to local and international market conditions [46] - Natural gas selling price averaged $2.5 per million BTU, down from $3.9 per million BTU a year ago, with expectations for higher prices due to the new Plan Gas 4 [47] Company Strategy and Development Direction - The company aims to become a net oil and gas exporter by fully developing the Vaca Muerta shale play, focusing on both domestic and international markets [14][27] - A company-wide cost reduction program has been initiated, targeting a structural reduction of 30% across operations [55] - The upstream business has been decentralized into two vice presidencies to enhance efficiency and decision-making [24][56] Management's Comments on Operating Environment and Future Outlook - Management expressed optimism about recovering demand for products as COVID-19 restrictions ease, although the timing remains uncertain [13] - The company is focused on maintaining financial stability and managing net financial debt within sustainable levels [28] - Future production is expected to remain below 2019 levels, with a cautious approach to capital deployment until market conditions improve [96] Other Important Information - The company successfully executed a liability management exercise, achieving a 58.7% acceptance level for a bond exchange, significantly alleviating short-term refinancing needs [71] - A temporary reduction in salaries for non-unionized personnel was implemented, ranging from 10% to 25% [58] - The company has set up special sales to review and renegotiate contracts with over 10,000 vendors to achieve cost efficiencies [61] Q&A Session Summary Question: Details on the new gas plan and its impact - Management sees the new gas plan as a positive signal for price stability and expects it to mitigate production decline and reduce the need for gas imports [75][76] Question: Free cash flow generation and breakeven analysis - Free cash flow generation was primarily driven by non-cash items and collections from legacy gas programs, with approximately $500 million generated despite a challenging quarter [82] Question: Update on divestments - The company is evaluating potential divestments of non-core assets to strengthen core activities and improve cash generation [86][87] Question: Sustainability of working capital benefits - Working capital benefits were mainly from legacy gas program collections, with expectations for continued cash generation from these sources [90][91] Question: Future strategic plan and CapEx evolution - The company plans to maintain net indebtedness at sustainable levels and will limit capital deployment to core oil and gas activities, with a new strategic plan expected as market conditions clarify [96][97] Question: Operational concerns regarding conventional production decline - Conventional production is currently about 20,000 barrels per day below pre-COVID levels, but management is targeting a resumption of activity to restore production levels [99]
YPF(YPF) - 2020 Q2 - Earnings Call Presentation
2020-08-11 15:09
Clasificación YPF: No Confidencial 2 nd QUARTER 2020 EARNINGS WEBCAST AUGUST 11TH, 2020 IMPORTANT NOTICE Saf e harbor statement under the US Priv ate Securities Litigation Ref orm Act of 1995. This document contains statements that YPF believ es constitute f orward-looking statements within the meaning of the US Priv ate Securities Litigation Ref orm Act of 1995. These f orward-looking statements may include statements regarding the intent, belief , plans, current expectations or objectiv es of YPF and its ...
YPF(YPF) - 2020 Q1 - Earnings Call Transcript
2020-05-13 01:56
YPF Sociedad Anónima (NYSE:YPF) Q1 2020 Results Earnings Conference Call May 12, 2020 9:30 AM ET Company Participants Sergio Giorgi - Vice President of Strategy, Business Development and Investor Relations Guillermo Nielsen - Chairman of the Board Sergio Affronti - Chief Executive Officer Ignacio Rostagno - Head of Investor Relations, Market Relations Officer Conference Call Participants Luiz Carvalho - UBS Vicente Falanga - Bradesco Regis Cardoso - Credit Suisse Pavel Molchanov - Raymond James Bruno Montan ...
YPF(YPF) - 2020 Q1 - Earnings Call Presentation
2020-05-12 13:14
1 st QUARTER 2020 EARNINGS WEBCAST YPF MAY 12TH, 2020 IMPORTANT NOTICE Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respec ...
YPF(YPF) - 2019 Q4 - Annual Report
2020-04-24 21:03
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, 2019 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 ...
YPF(YPF) - 2019 Q4 - Earnings Call Transcript
2020-03-06 19:01
YPF Sociedad Anónima (NYSE:YPF) Q4 2019 Earnings Conference Call March 6, 2020 8:30 AM ET Company Participants Ignacio Rostagno - Investor Relations Manager Guillermo Nielsen - Chairman Daniel González - Chief Executive Officer Conference Call Participants Frank McGann - Bank of America Regis Cardoso - Credit Suisse Luiz Carvalho - UBS Pavel Molchanov - Raymond James Pedro Medeiros - Citigroup Andrew De Luca - Barclays Daniel Guardiola - BTIG Bruno Amorim - Goldman Sachs Barbara Halberstadt - JPMorgan Opera ...
YPF(YPF) - 2019 Q3 - Earnings Call Transcript
2019-11-08 23:53
YPF Sociedad Anónima (NYSE:YPF) Q3 2019 Earnings Conference Call November 8, 2019 8:30 AM ET Company Participants Ignacio Rostagno - Investor Relations Manager Daniel González - Chief Executive Officer Sergio Giorgi - Vice President, Strategy, Business Development & Investor Relations Conference Call Participants Bruno Montanari - Morgan Stanley Frank McGann - Bank of America Luiz Carvalho - UBS Regis Cardoso - Credit Suisse Santiago Wesenack - AER Partners Pavel Molchanov - Raymond James Pedro Medeiros - C ...
YPF(YPF) - 2019 Q3 - Earnings Call Presentation
2019-11-08 16:20
3 rd QUARTER 2019 EARNINGS WEBCAST YPF NOVEMBER 8TH, 2019 IMPORTANT NOTICE Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with re ...
YPF(YPF) - 2019 Q2 - Earnings Call Transcript
2019-08-09 19:35
YPF Sociedad Anónima. (NYSE:YPF) Q2 2019 Results Earnings Conference Call August 9, 2019 8:30 AM ET Company Participants Sergio Giorgi - Vice President-Strategy, Business Development and Investor Relations Ignacio Rostagno - Investor Relations Manager Conference Call Participants Bruno Montanari - Morgan Stanley Frank McGann - Bank of America Merrill Lynch. Vicente Falanga - Bradesco Luiz Carvalho - UBS Pavel Molchanov - Raymond James Operator Welcome to the Second Quarter 2019 YPF Sociedad Anónima Earnings ...