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]