Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking the highest in the last 10 years and the third largest in company history, despite a 15% contraction in Brent prices [5][10] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year, primarily due to the significant drop in Brent prices [10][11] - Adjusted EBITDA increased by 8% in 2025, with the EBITDA margin growing from 24% in 2024 to 27% in 2025 [11][12] - Free cash flow returned to positive territory in Q4 2025 at $261 million, driven by operational performance and proceeds from asset sales [13] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% year-on-year in December 2025, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [6][23] - Conventional oil production averaged 90,000 barrels per day in 2025, a 32% decline compared to 2024, with Q4 production dropping to 68,000 barrels per day [23][24] - The midstream and downstream segments achieved record-high operational results, with refinery utilization rates reaching almost 100% in Q4 2025 [7][12] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32% in 2025, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2 times and a reserve life of 9 years [7][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, which increases to 60% when including third-party gas stations [38] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [10][44] - Significant steps were taken in the development of the LNG project, with a commitment from international partners and a competitive LNG breakeven price positioning YPF for future leadership in the global LNG market [9][40] - The company executed a series of M&A transactions to enhance its portfolio, including acquiring world-class blocks in Vaca Muerta and divesting conventional assets [8][31] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite volatile pricing environments [5] - The company expects to target shale oil production of approximately 215,000 barrels per day in 2026, with an exit rate of around 250,000 barrels per day [44] - The outlook for adjusted EBITDA in 2026 is estimated to range between $5.8 billion and $6.2 billion, driven by a strategic shift in production mix and efficiency programs [44] Other Important Information - The company successfully raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [10][18] - Safety performance improved significantly, achieving a frequency rate of 0.09 accidents per million hours worked [14] Q&A Session Summary Question: Production targets and operational bottlenecks - Management expects to deliver between 200,000 to 210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher production [48][49] Question: Well productivity and drilling inventory - YPF maintains a leading position in well productivity, with significant cost reductions achieved through competitive bidding processes [50][51] Question: Free cash flow profile and concentration - The company anticipates a neutral to slightly negative free cash flow position for 2026, influenced by CapEx and M&A activities [53][62] Question: Conventional asset investments and lifting costs - Management aims to exit conventional production entirely by the end of 2026, with expected lifting costs decreasing to around $7 per barrel [66][68]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking a 8% increase from the previous year, despite a 15% contraction in Brent prices [5][11] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year [10] - The adjusted EBITDA margin grew from 24% in 2024 to 27% in 2025, indicating improved operational efficiency [11] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% year-on-year in December 2025, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [6] - The lifting costs were reduced by 44% in Q4 2025 compared to the previous year, with total upstream lifting costs declining to $9.6 per BOE [6][24] - The midstream and downstream segments achieved record-high refinery utilization rates, with Q4 reaching nearly 100% [7][12] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32%, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2x [7][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, increasing to 60% when including third-party gas stations [38] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [10][44] - Significant M&A activities were executed, including the acquisition of three world-class blocks in Vaca Muerta and a partnership with Vista Energy to accelerate development [8][9] - The Argentina LNG project is a key focus, with plans for a total LNG capacity of around six million tons per year, supported by competitive breakeven prices [40][42] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite market volatility [5] - The company expects to target shale oil production of approximately 215,000 barrels per day in 2026, with an adjusted EBITDA range of $5.8 billion to $6.2 billion [44][45] - The management expressed confidence in meeting debt obligations and maintaining a strong financial position [21][22] Other Important Information - The company raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [10][19] - Safety performance improved significantly, achieving a frequency rate of 0.09 accidents per million hours worked [14] Q&A Session Summary Question: Production targets and operational bottlenecks - Management indicated that production will be between 200-210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher output [49] Question: Well productivity and drilling inventory - Management noted that YPF has the highest well productivity among Argentine companies and is focused on reducing costs through competitive bidding [50] Question: Free cash flow profile and concentration - Management explained that free cash flow for 2026 is expected to be neutral to slightly negative, influenced by CapEx and M&A activities [60] Question: Conventional assets divestment timeline - Management aims to exit conventional production entirely by the end of 2026, focusing solely on shale operations [64] Question: LNG project partnerships - Management confirmed binding agreements with current partners and is evaluating interest from additional partners, though not necessary for project development [78]

Financial Data and Key Metrics Changes - In 2025, the company achieved a record-high EBITDA of $5 billion, marking the highest in the last 10 years and the third largest in company history, despite a 15% contraction in Brent prices [4][9] - Annual revenues totaled $18.4 billion, reflecting a modest decline of 4% compared to the previous year, primarily due to the significant drop in Brent prices [9][10] - Adjusted EBITDA increased by 8% in 2025, with the EBITDA margin growing from 24% in 2024 to 27% in 2025 [10][12] - Q4 adjusted EBITDA reached nearly $1.3 billion, reflecting an impressive 53% internal growth [10] Business Line Data and Key Metrics Changes - Shale oil production grew by 42% in December 2025 year-on-year, reaching 204,000 barrels per day, exceeding the target of 190,000 barrels per day [5][22] - Conventional oil production averaged 90,000 barrels per day in 2025, a 32% decline compared to 2024, with Q4 averaging 68,000 barrels per day [22][24] - The midstream and downstream segments achieved record-high operational results, with a refinery utilization rate of almost 100% in Q4, growing by 10% internally [6][11] Market Data and Key Metrics Changes - Vaca Muerta shale reserves expanded by 32%, now accounting for 88% of total peak oil reserves, with a reserve replacement ratio of 3.2 times and a reserve life of 9 years [6][29] - The company maintained a solid 56% market share in domestic gasoline and diesel sales, increasing to 60% when including third-party gas stations [39] Company Strategy and Development Direction - The company is focused on becoming a leading shale integrating company and a significant shale exporter, with a strategic shift towards unconventional operations [9][45] - Significant steps were taken in the development of the LNG project, with a commitment from international partners and a competitive LNG breakeven price positioning YPF for leadership in the global LNG market [8][41] - The company executed a series of significant acquisitions in Vaca Muerta, reinforcing its portfolio and operational efficiency [7][34] Management's Comments on Operating Environment and Future Outlook - Management highlighted the transformational year of 2025, emphasizing resilience and operational discipline despite volatile pricing environments [4] - The company anticipates a production target of approximately 215,000 barrels per day for shale oil in 2026, with an expected exit rate of around 250,000 barrels per day [45] - The outlook for adjusted EBITDA in 2026 is estimated to range between $5.8 billion and $6.2 billion, driven by strategic production shifts and efficiency programs [45] Other Important Information - The company successfully raised $3.7 billion in new funding during 2025, demonstrating strong market access and credibility [9][18] - Free cash flow returned to positive territory in Q4 2025 at $261 million, primarily driven by operational performance and asset sales [12][18] Q&A Session Summary Question: Production targets and operational bottlenecks - Management expects to deliver between 200,000 to 210,000 barrels per day in the first half of 2026, with infrastructure improvements needed for higher production [50][51] Question: Well productivity and drilling inventory - YPF maintains a leading position in well productivity, with significant cost reductions achieved through competitive bidding processes [52][53] Question: Free cash flow profile and concentration - The company anticipates a neutral to slightly negative free cash flow position for 2026, influenced by CapEx and M&A activities [56][64] Question: Conventional asset investment and production evolution - Management aims to exit conventional production entirely by the end of 2026, focusing solely on shale operations [68][69] Question: LNG project partnerships - The company is analyzing interest from potential new partners for the LNG project but can proceed with current partners [81][82] Question: Refining margins and pricing strategy - The company employs a dynamic pricing policy to manage refining margins, adjusting prices based on market conditions [86]

Core Viewpoint - Norway's Socialist Party has withdrawn its support for a proposal that would have impacted Equinor's Hammerfest liquefied natural gas (LNG) plant regarding its planned onshore electricity connection [1] Group 1 - The proposal in question aimed to deprive Equinor's Hammerfest LNG plant of a planned onshore electricity connection [1]