SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May, 2017
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 or Form 40-F:
Form
20-F ☒ Form 40-F ☐
Indicate by
check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
YPF Sociedád Anonima
TABLE OF CONTENTS
YPF S.A.
Consolidated Results
Q1 2017
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Consolidated Results Q1 2017
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CONTENT
2
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Consolidated Results Q1 2017
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Adjusted EBITDA for Q1 2017 was Ps 16.8 billion, 34.7% higher than Q1
2016.
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Q1
2016
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Q4
2016
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Q1
2017
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Var.%
Q1 17 / Q1 16
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Revenues
(Million Ps)
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46,934
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54,558
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57,003
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21.5
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%
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Operating income
(Million Ps)
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1,618
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3,396
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4,511
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178.8
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%
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Operating income before Impairment of assets
(Million Ps)
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1,618
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2,151
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4,511
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178.8
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%
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Net income
(Million Ps)
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855
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1,775
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192
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-77.5
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%
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Net income before impairment of assets
(Million Ps)
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855
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966
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192
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-77.5
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%
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Adj. EBITDA
(Million Ps)
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12,493
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13,933
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16,826
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34.7
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%
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Earnings per share
(Ps per Share)
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2.54
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4.35
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0.06
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-97.5
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%
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Capital Expenditures
(Million Ps)
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14,741
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18,569
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11,950
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-18.9
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%
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Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling
interest - Deferred income
tax - Income
tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on
investments in companies + Depreciation of property, plant and equipment + Amortization of intangible assets + Impairment of property, plant and equipment.
(Amounts are expressed in billions of Argentine pesos, except where indicated)
1.
MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q1 2017
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Revenues for Q1 2017 were Ps 57.0 billion, 21.5% higher than Q1 2016.
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Operating income for Q1 2017 was Ps 4.5 billion, 178.8% higher than Q1 2016.
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Net income for Q1 2017 was a gain of Ps 0.2 billion compared to net income of Ps 0.9 billion recorded for Q1 2016.
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Hydrocarbon production for Q1 2017 was 573.5 Kboed, 1.5% lower than Q1 2016. Crude oil production for Q1 2017 was 234.0 Kbbld, 6.0% lower than Q1 2016. Natural gas production for Q1 2017 was 45.3 Mm
3
d, 2.8% higher than Q1 2016. NGL production for Q1 2017 was 54.7 Kbbld, 2.9% lower than Q1 2016.
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Refinery processing levels in the Downstream business segment for Q1 2017 were 91.2%, 1.0% lower than Q1 2016.
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Capital expenditures in property, plant and equipment for Q1 2017 were Ps 12.0 billion, 18.9% lower than Q1 2016.
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3
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Consolidated Results Q1 2017
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2. ANALYSIS OF RESULTS FOR Q1 2017
Revenues for Q1 2017 were Ps 57.0 billion, 21.5% higher than Q1 2016, due primarily to the following factors:
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Gasoline revenues increased Ps 3.3 billion, 30.5% higher than Q1 2016, due to a 29.1% increase in gasoline mix prices, which was partially offset by a 1.1% decrease in sales volumes, despite a 9.8% increase in sales
volumes of Infinia gasoline, a premium gasoline product;
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Diesel revenues increased Ps 3.1 billion, 20.7% higher than Q1 2016, due to a 25.0% increase in diesel mix prices, which was partially offset by a 3.4% decrease in sales volumes, despite a 15.8% increase in sales
volumes of Infinia diesel, a premium diesel product;
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Natural gas revenues increased Ps 1.3 billion, 13.8% higher than Q1 2016, due to a 6.5% increase in prices in Argentine peso terms, as a result of an increase in third party sale prices and the effect of the stimulus
program for the surplus injection of natural gas on incremental production, as well as a 0.7% increase in sales volumes;
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Retail natural gas revenues (residential and small business and companies) increased Ps 0.8 billion, 99.9% higher than Q1 2016, due to YPFs controlled company Metrogas S.A. (Metrogas), which recorded a
6.4% increase in sales volumes and a 69.9% increase in prices for a total revenue increase of Ps 0.7 billion, 80.7% higher than Q1 2016, and the compressed natural gas sold at YPFs service stations, which recorded a 91.0% increase in prices
and stable sales volumes;
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Asphalt revenues in the Argentine domestic market increased Ps 0.4 billion, 237.3% higher than Q1 2016, due to a 193.9% increase in sales volumes and a 14.8% increase in prices;
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Fuel oil revenues in the Argentine domestic market decreased Ps 1.4 billion, 49.5% lower than Q1 2016, due to a 37.8% decrease in sales volumes and a 18.8% decrease in prices; and
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Export revenues increased Ps 1.3 billion, 40.4% higher than Q1 2016, due to a 63.7% increase in export revenues of jet fuel and a 46.2% increase in export revenues of liquefied petroleum gas, all due to increases in
prices in Argentine peso terms, as well as a 79.2% increase in exports of petrochemical products in sales volumes and prices, and exports of virgin naphtha, which did not record export volumes in Q1 2016.
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Cost of sales for Q1 2017 was Ps 45.8 billion, 14.1% higher than Q1 2016. This includes a 14.4% increase in production costs and a 24.8% increase in
purchases. Cash costs, which include costs of production and purchases but exclude depreciation and amortization, increased by 18.8%. This increase was driven by the following factors:
4
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Consolidated Results Q1 2017
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a) Costs of production:
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Lifting costs increased Ps 1.4 billion, 16.6% higher than Q1 2016, reflecting a 19.3% increase in the unit indicator in Argentine peso terms;
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Depreciation of property, plant and equipment increased Ps 1.2 billion, 11.7% higher than Q1 2016, due to increased investments in assets and appreciation based on their valuation in U.S. dollars, which is the
functional currency of the company;
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Production costs related to refining increased Ps 0.5 billion, 30.9% higher than Q1 2016, due primarily to increased costs for the consumption of materials, spare parts, electricity and other supplies and fuels,
reflecting a 33.7% increase in the unit indicator in Argentine peso terms;
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Transportation costs increased Ps 0.4 billion, 23.2% higher than Q1 2016, due primarily to increases in rates; and
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Royalties decreased Ps 0.2 billion, 4.5% lower than Q1 2016. Of this decrease, Ps 0.4 billion was related to a decrease in royalties for crude oil production, due to lower production and lower wellhead values, partially
offset by Ps 0.2 billion related to an increase in royalties for natural gas production, due to higher wellhead values of these products and higher production volumes.
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b) Purchases:
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Biofuel purchases increased Ps 1.8 billion, 71.2% higher than Q1 2016, due to higher FAME and ethanol biofuel prices of 39.8% and 43.6%, respectively, a 19.7% increase in volumes purchased of ethanol biofuel and a 22.0%
increase in volumes purchased of FAME;
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Fuel imports increased Ps 0.3 billion, 24.8% higher than Q1 2016, due to a 61.0% increase in prices of diesel and jet fuel and a 12.6% increase in volumes purchased of diesel, which was partially offset by an absence of
gasoline imports in Q1 2017;
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Grain purchases in the agricultural sales segment through the form of barter, which were recorded as purchases for accounting purposes, increased Ps 91.0 million, 18.8% higher than Q1 2016, primarily due to a 18.6%
increase in volumes purchased and stable prices; and
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Crude oil purchases from third parties decreased Ps 0.1 billion, 2.8% lower than Q1 2016, due to an 11.3% decrease in the purchase price in Argentine peso terms, related to the 2017 crude oil pricing structure in the
Argentine domestic market agreed to between producers and refiners, partially offset by a 9.5% increase in volumes purchased.
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Administration expenses for Q1 2017 were Ps 1.8 billion, 20.5% higher than Q1 2016. The increase was principally due to higher personnel expenses and higher
IT costs.
5
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Consolidated Results Q1 2017
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Selling expenses for Q1 2017 were Ps 3.9 billion, 27.7% higher than Q1 2016. This was driven primarily by
increases in transport expenses, primarily due to higher rates paid for domestic transport of fuels, and increases in personnel costs, depreciation of property, plant and equipment, advertising and promotional activities and taxes on bank debts and
credits.
Exploration expenses for Q1 2017 were Ps 0.6 billion, 30.6% higher than Q1 2016.
Other operating results, net, for Q1 2017 was a loss of Ps 0.4 billion, a 112.0% increase compared to a loss of Ps 0.2 billion for Q1 2016. This was
principally due to increases in contingencies for legal proceedings in Q1 2017.
Financial results for Q1 2017 were a loss of Ps 7.2 billion compared to a
gain of Ps 4.0 billion in Q1 2016. This change was driven primarily by negative foreign exchange effects on net liabilities in Argentine peso terms of Ps 2.8 billion, generated by the appreciation of the Argentine peso in Q1 2017 compared to Q1
2016, which recorded positive foreign exchange effects on net liabilities in Argentine peso terms of Ps 8.1 billion, generated by the devaluation of the Argentine peso. Higher interest expenses and other financial results of Ps 0.3 billion were also
recorded in Q1 2017 due to increased levels of debt in Q1 2017 compared to Q1 2016, which was partially offset by lower interest rates for debt in Argentine peso terms.
Income tax for Q1 2017 was a benefit of Ps 2.8 billion compared to an expense of Ps 4.9 billion in Q1 2016. This benefit was mainly due to lower deferred tax
of Ps 7.6 billion and, to a lesser extent, a Ps 0.1 billion decrease in current income tax. The lower deferred tax charge is mainly due to the lower difference generated by the revaluation of the book values in relation to the property, plant and
equipment tax values maintained in historical pesos to be deducted from tax as they are depreciated, taking into account the companys functional currency and the appreciation of the peso recorded in Q1 2017 and the devaluation observed during
Q1 2016.
Net income for Q1 2017 was a gain of Ps 0.2 billion, a decrease of 77.5% compared to a gain of Ps 0.9 billion in Q1 2016.
Total capital expenditures for property, plant and equipment in Q1 2017 were Ps 12.0 billion, 18.9% lower than Q1 2016.
6
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Consolidated Results Q1 2017
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3. ANALYSIS OF OPERATING RESULTS BY BUSINESS SEGMENT FOR Q1 2017
3.1 UPSTREAM
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Q1
2016
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Q4
2016
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Q1
2017
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Var.%
Q1 17 / Q1 16
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Operating income
(Million Ps)
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4,441
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2,135
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899
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-79.8
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%
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Operating income before Impairment of assets
(Million Ps)
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4,441
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890
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899
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-79.8
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%
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Revenues
(Million Ps)
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29,330
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28,878
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27,777
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-5.3
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%
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Crude oil production
(Kbbld)
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249.0
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239.7
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234.0
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-6.0
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%
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NGL production
(Kbbld)
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56.3
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54.2
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54.7
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-2.9
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%
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Gas production
(Mm3d)
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44.0
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44.6
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45.3
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2.8
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%
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Total production
(Kboed)
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582.3
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574.1
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573.5
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-1.5
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%
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Exploration costs
(Million Ps)
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454
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1,651
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593
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30.6
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%
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Capital Expenditures (*)
(Million Ps)
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12,255
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13,824
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9,448
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-22.9
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%
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Depreciation
(Million Ps)
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9,096
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8,330
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9,935
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9.2
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%
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Realization Prices
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Crude oil prices in domestic market
Period average
(USD/bbl)
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61.9
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53.3
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53.0
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-14.4
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%
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Average gas price
(USD/Mmbtu)
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4.71
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4.79
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4.96
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5.3
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%
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Operating income for the Upstream business segment for Q1 2017 was Ps 0.9 billion, 79.8% lower than Q1 2016.
Revenues were Ps 27.7 billion for Q1 2017, 5.3% lower than Q1 2016, due primarily to the following factors:
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Natural gas revenues from sales to third parties increased Ps 1.3 billion, 13.8% higher than Q1 2016, due to a 6.5% increase in prices in Argentine peso terms, which was partially offset by a 0.7% increase in sales
volumes.
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Crude oil revenues decreased Ps 2.7 billion, 13.7% lower than Q1 2016, due to a 5.2% decrease in Argentine peso terms of the transfer price between the business segments, while volumes transferred between business
segments and to third parties decreased 6.8% and 64.0%, respectively.
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7
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Consolidated Results Q1 2017
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The price obtained in U.S. dollars for crude oil in the Argentine domestic market for Q1 2017 decreased 14.4% to US$53.00/barrel, due to the pricing structure agreed to between producers and refiners discussed above.
The price obtained in U.S. dollars for natural gas was US$4.96/Mmbtu, 5.3% higher than Q1 2016.
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Hydrocarbon production for Q1 2017 was
573.5 Kboed, 1.5% lower than Q1 2016. Crude oil production for Q1 2017 was 234.0 Kbbld, 6.0% lower than Q1 2016. Natural gas production for Q1 2017 was 45.3 Mm
3
d, 2.8% higher than Q1 2016. NGL
production for Q1 2017 was 54.7 Kbbld, 2.9% lower than Q1 2016.
With respect to development activity, 96 wells were put in production in Q1 2017,
including the shale and tight wells mentioned below.
Hydrocarbon production in shale areas net to YPF for Q1 2017 was 34.3 Kboed, including 16.0 Kbbld of
crude oil, 5.9 Kbbld of NGL and 2.0 Mm
3
d of natural gas. During Q1 2017, 14 wells were put in production targeting the Vaca Muerta formation, for a total of 555 wells, including 8 active drilling
rigs and 9 workovers.
With respect to tight gas development, net production in Q1 2017 reached a total of 13.1 Mm
3
d, of which 86.6% came from areas operated by YPF. During Q1 2017, 13 new wells were put into production, 9 in Aguada Toledo-Sierra Barrosa, 2 in Rincon del Mangrullo and 2 in Estación Fernandez
Oro.
Operating costs for Q1 2017 were Ps 26.3 billion, 8.5% higher than Q1 2016, mainly due to the following:
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Lifting costs increased Ps 1.4 billion, a 16.6% increase, reflecting a 19.3% increase in the unit indicator in Argentine peso terms;
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Depreciation of property, plant and equipment increased Ps 0.8 billion, a 9.2% increase; and
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Royalties decreased Ps 0.2 billion, a 4.5% decrease, related to a decrease in royalties for crude oil production of Ps 0.4 billion, due to lower production and lower wellhead values, partially offset by an increase in
royalties for natural gas production of Ps 0.2 billion due to higher wellhead values of these products and higher production volumes.
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Exploration expenses for Q1 2017 were Ps 0.6 billion, an increase of 30.6% compared to Ps 0.5 billion for Q1 2016. This change was due principally to a Ps 0.2
billion increase in negative results from unproductive exploratory wells in Q1 2017 compared to Q1 2016. Expenses for the development of geological and geophysical studies decreased Ps 34 million between Q1 2017 and Q1 2016. Nevertheless, total
exploration investments increased Ps 0.5 billion, 163.5% higher than Q1 2016.
Unit cash costs in U.S. dollars increased 5.3% to US$20.60/boe for Q1 2017
from US$19.50/boe for Q1 2016, including taxes of US$5.60/boe and US$6.10/boe, respectively. In turn, the average lifting cost for YPF was US$12.20/boe, 10.1% higher than US$11.10/boe for Q1 2016.
8
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Consolidated Results Q1 2017
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CAPEX
Capital expenditures for the Upstream business segment for Q1 2017 were Ps 9.4 billion, 22.9% lower than Q1 2016.
Of these capital expenditures, 62% were invested in drilling and workover activities, 24% in facilities, and the remaining 14% in exploration and other
activities in the Upstream business segment.
In the Neuquina basin area, activities for Q1 2017 were focused on the development of the Loma Campana,
Aguada Toledo Sierra Barrosa (Lajas), Rincón del Mangrullo, El Orejano, La Amarga Chica, Loma La Lata (Sierras Blancas), EFO and Chachahuen blocks. Additionally, activity began in the Río Neuquén and Piloto La Ribera
blocks. Development activities continued at the Cuyana basin, mainly in the Barrancas, La Ventana, Mesa Verde and Ugarteche blocks. In the Golfo San Jorge basin, most activity was concentrated in Barranca Baya, Seco León,
Cañadón Yatel and Los Perales, in the province of Santa Cruz and Manantiales Behr in the province of Chubut.
Exploration activities for Q1
2017 covered the Neuquina, Golfo San Jorge and Austral basins. In the Neuquina basin, exploratory activity was in the Cerro Arena, Señal Picada - Punta Barda, Loma La Lata, Estación Fernandez Oro, Paso de las Bardas and Chachahuen
blocks. In the Golfo San Jorge basin, activity focused on the evaluation of deep targets in Los Perales and Cañadón de la Escondida blocks. In the Austral basin, exploratory activity was performed in the Fracción E
and Lago Fuego blocks.
During Q1 2017, 11 (five crude oil and six gas) exploratory wells were completed.
9
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|
|
Consolidated Results Q1 2017
|
3.2 DOWNSTREAM
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|
|
Q1
2016
|
|
|
Q4
2016
|
|
|
Q1
2017
|
|
|
Var.%
Q1 17 / Q1 16
|
|
|
|
|
|
|
Operating income
(Million Ps)
|
|
|
-798
|
|
|
|
520
|
|
|
|
4,364
|
|
|
|
646.9
|
%
|
|
|
|
|
|
Revenues
(Million Ps)
|
|
|
35,960
|
|
|
|
43,064
|
|
|
|
44,179
|
|
|
|
22.9
|
%
|
|
|
|
|
|
Sales of refined products in domestic market
(Km3)
|
|
|
4,037
|
|
|
|
4,043
|
|
|
|
3,952
|
|
|
|
-2.1
|
%
|
|
|
|
|
|
Exportation of refined products
(Km3)
|
|
|
493
|
|
|
|
498
|
|
|
|
419
|
|
|
|
-14.9
|
%
|
|
|
|
|
|
Sales of petrochemical products in domestic market (*)
(Ktn)
|
|
|
188
|
|
|
|
229
|
|
|
|
173
|
|
|
|
-8.0
|
%
|
|
|
|
|
|
Exportation of petrochemical products
(Ktn)
|
|
|
27
|
|
|
|
53
|
|
|
|
44
|
|
|
|
63.0
|
%
|
|
|
|
|
|
Crude oil processed
(Kboed)
|
|
|
294
|
|
|
|
299
|
|
|
|
291
|
|
|
|
-1.0
|
%
|
|
|
|
|
|
Refinery utilization
(%)
|
|
|
92
|
%
|
|
|
94
|
%
|
|
|
91
|
%
|
|
|
-1.0
|
%
|
|
|
|
|
|
Capital Expenditures
(Million Ps)
|
|
|
1,634
|
|
|
|
3,323
|
|
|
|
1,279
|
|
|
|
-21.7
|
%
|
|
|
|
|
|
Depreciation
(Million Ps)
|
|
|
1,202
|
|
|
|
1,712
|
|
|
|
1,569
|
|
|
|
30.5
|
%
|
|
|
|
|
|
Average domestic market gasoline price (**)
(USD/m3)
|
|
|
564
|
|
|
|
627
|
|
|
|
667
|
|
|
|
18.4
|
%
|
|
|
|
|
|
Average domestic market diesel price (**)
(USD/m3)
|
|
|
559
|
|
|
|
602
|
|
|
|
644
|
|
|
|
15.1
|
%
|
(*)
|
Fertilizer sales not included
|
(**)
|
Includes gross income and net of deductions, commissions and other taxes
|
Operating profit for the Downstream
business segment for Q1 2017 was Ps 4.4 billion compared to the operating loss of Ps 0.8 billion in Q1 2016.
Revenues were Ps 44.2 billion in Q1 2017,
22.9% higher than Q1 2016, due primarily to the following factors:
|
|
|
Gasoline revenues increased Ps 3.3 billion, 30.5% higher than Q1 2016, due to a 29.1% increase in gasoline mix prices and a 1.1% increase in sales volumes, including a 9.8% increase in sales volumes of Infinia gasoline,
a premium gasoline product;
|
|
|
|
Diesel revenues increased Ps 3.1 billion, 20.7% higher than Q1 2016, due to a 25.0% increase in diesel mix prices, which was partially offset by a 3.4% decrease in sales volumes, despite a 15.8% increase in sales
volumes of Infinia diesel, a premium diesel product;
|
|
|
|
Asphalt revenues in the Argentine domestic market increased Ps 0.4 billion, 237.3% higher than Q1 2016, due to a 193.9% increase in sales volumes and a 14.8% increase in prices;
|
10
|
|
|
|
|
Consolidated Results Q1 2017
|
|
|
|
Petrochemical product revenues in the domestic Argentine market increased Ps 0.3 billion, 34.8% higher than Q1 2016, due to a 46.8% increase in prices in Argentine peso terms, which was partially offset by an 8.2%
decrease in sales volumes;
|
|
|
|
Fuel oil revenues in the Argentine domestic market decreased Ps 1.4 billion, 49.5% lower than Q1 2016, due to a 37.8% decrease in sales volumes, which was partially offset by an 18.8% increase in prices; and
|
|
|
|
Export revenues increased Ps 1.3 billion, 40.8% higher than Q1 2016, due to a 63.7% increase in export revenues of jet fuel and a 46.2% increase in export revenues of liquefied petroleum gas, all due to increases in
prices in Argentine peso terms, as well as a 79.2% increase in exports of petrochemical products in sales volumes and prices, and exports of virgin naphtha, which did not record export volumes in Q1 2016.
|
Cost of sales and operating expenses for Q1 2017 increased Ps 3.1 billion, or 8.3% compared to Q1 2016, due primarily to the following factors:
|
|
|
Crude oil purchases decreased Ps 2.3 billion, 10.3% lower than Q1 2016, due to a decrease in prices in Argentine peso terms of crude oil purchased of 6.2%, related to the 2017 crude oil pricing structure in the
Argentine domestic market agreed to between producers and refiners, and lower volumes purchased. The volume of crude oil transferred from the Upstream business segment decreased 6.8%, and the volume purchased from third parties increased 9.5%;
|
|
|
|
Biofuel purchases increased Ps 1.8 billion, 71.2% higher than Q1 2016, due to higher FAME and ethanol biofuel prices of 39.8% and 43.6%, respectively, a 19.7% increase in volumes purchased of ethanol biofuel and a 22.0%
increase in volumes purchased of FAME;
|
|
|
|
Fuel imports increased Ps 0.3 billion, 24.8% higher than Q1 2016, due to a 61.0% increase in prices of diesel and jet fuel and a 12.6% increase in volumes purchased of diesel, which was partially offset by an absence of
gasoline imports in Q1 2017;
|
|
|
|
Grain purchases in the agricultural sales segment through the form of barter, which were recorded as purchases for accounting purposes, increased Ps 91 million, 18.8% higher than Q1 2016;
|
|
|
|
Production costs related to refining increased Ps 0.5 billion, 30.9% higher than Q1 2016, due to increased expenses for materials, parts, electricity, other supplies and fuel. As a result, taking into account the
decrease in volumes processed, unit refining costs in Q1 2017 were 33.7% higher than Q1 2016. Transportation costs related to production (shipping, oil pipelines, and multiproduct pipelines) increased Ps 0.3 billion, 27.1% higher than Q1 2016;
|
|
|
|
Property, plant and equipment depreciation increased Ps 0.4 billion, 36.5% higher than Q1 2016, resulting from an increase in the value of assets subject to depreciation compared to Q1 2016, taking into account the
commencement of operations at the new Coke unit at the La Plata refinery as of Q4 2016 and an increase in asset values, based on their valuation in U.S. dollars, the functional currency of the company; and
|
11
|
|
|
|
|
Consolidated Results Q1 2017
|
|
|
|
Selling expenses increased Ps 0.8 billion, 27.4% higher than Q1 2016, due to higher transportation costs related to an increase in Argentine domestic fuel transportation rates, increased advertising and promotional
activities and taxes on bank debts and credits.
|
The volume of crude oil processed in Q1 2017 was 291 Kbbld, 1.0% lower than Q1 2016. These
lower processing levels resulted in a 3.1% decrease in diesel production, a 5.6% decrease in gasoline production and a 31.2% decrease in fuel oil production. In addition, the company increased its production of jet fuel, petrochemical products and
petroleum coal compared to Q1 2016.
CAPEX
Capital
expenditures for the Downstream business segment for Q1 2017 were Ps 1.3 billion, a 21.7% decrease compared to Q1 2016.
Improvements to the Topping III
unit in Mendoza continued, and it is expected to commence operations in the second half of 2017. Work to improve YPFs logistical facilities and optimize safety and environmental performance also continued.
12
|
|
|
|
|
Consolidated Results Q1 2017
|
3.3 GAS AND ENERGY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2016
|
|
|
Q4
2016
|
|
|
Q1
2017
|
|
|
Var.%
Q1 17 / Q1 16
|
|
|
|
|
|
|
Operating income
(Million Ps)
|
|
|
4
|
|
|
|
825
|
|
|
|
558
|
|
|
|
13850.0
|
%
|
|
|
|
|
|
Revenues
(Million Ps)
|
|
|
5,456
|
|
|
|
9,104
|
|
|
|
13,745
|
|
|
|
151.9
|
%
|
|
|
|
|
|
Capital Expenditures
(Million Ps)
|
|
|
457
|
|
|
|
877
|
|
|
|
943
|
|
|
|
106.3
|
%
|
|
|
|
|
|
Depreciation
(Million Ps)
|
|
|
88
|
|
|
|
73
|
|
|
|
65
|
|
|
|
-26.1
|
%
|
In its 2016 annual Financial Statements, the YPF Group began to report its Gas and Energy business segment, which includes
activities related to transportation, distribution and the sale of natural gas to third parties, regasification services for liquefied natural gas (LNG) and electricity generation.
Operating profits for this business segment in Q1 2017 were Ps 0.6 billion, compared to Ps 4 million in Q1 2016. This increase was due primarily to improved
results of regasification services for LNG in Bahía Blanca and Escobar in peso terms and to the incremental tariff restructuring by YPFs controlled company Metrogas, which recorded an operating profit of Ps 90 million in Q1 2017,
compared to a Ps 218 million operating loss in Q1 2016. We also recorded improved operating results of Ps 53 million, 46.4% higher than Q1 2016, from our controlled company YPF Energía Eléctrica S.A.
CAPEX
Capital expenditures for the Gas and Energy
business segment for Q1 2017 were Ps 0.9 billion, 106.3% higher than Q1 2016.
In Q1 2017, construction work on the new thermoelectric plants Loma Campana
I and Este, located in the basin of the same name, and the new thermoelectric plants, Y-GEN and Y-GEN II, in Loma Campana in the province of Neuquen and El Bracho in the province of Tucumán continued. Progress was also made on the Manantiales
Behr wind farm in Comodoro Rivadavia. The Y-GEN and YGEN II projects are the result of a collaboration with General Electric.
It is expected that Loma
Campana I, Loma Campana Este and Y-GEN will commence operations in the second half of 2017, and Y-GEN II will commence operations in the first half of 2018. The wind farm will gradually commence operations at the end of 2017 through the middle of
2018.
13
|
|
|
|
|
Consolidated Results Q1 2017
|
3.4 CENTRAL ADMINISTRATION AND OTHER
This business segment involves mainly corporate costs and other activities that are not reported in any of the previously-mentioned business segments.
Corporate operating income for Q1 2017 was a loss of Ps 1.0 billion, compared to a loss of Ps 0.5 billion in Q1 2016. This change was driven primarily by
higher personnel expenses, higher IT costs and increases in contingencies for legal proceedings.
Consolidation adjustments to eliminate results among
business segments not transferred to third parties were negative Ps 0.3 billion for Q1 2017. These adjustments were also negative Ps 1.5 billion in Q1 2016. In both periods, there was an increase in the difference between transfer prices between
businesses and the replacement cost of the companys inventory.
3.5 RELATED COMPANIES
Results from related companies for Q1 2017 were a gain of Ps 22 million, compared to a gain of Ps 97 million for Q1 2016. This decrease was due primarily to
lower results obtained by Profertil, Central Dock Sud and Refinor, which were not completely offset by improved results from Compañía Mega.
4. LIQUIDITY AND SOURCES OF CAPITAL
In Q1 2017, net cash flows provided by operating activities were Ps 24.7 billion, 127.7% higher than Q1 2016. This increase of Ps 13.8 billion was due to a Ps
4.3 billion increase in adjusted EBITDA, a reduction in working capital in Q1 2017 and a Ps 0.5 billion lower income tax payment. Among the principal reasons for the decrease in working capital was the collection of accounts receivable owed to the
company, including among others, accounts receivables received from the stimulus program for the surplus injection of natural gas during Q1 2017 compared to Q1 2016 when no collections were received from this program.
Net cash flows used in investing activities were Ps 14.8 billion for Q1 2017, 12.5% lower than Q1 2016. Investments in fixed and intangible assets were Ps
14.6 billion in Q1 2017, 15.8% lower than Q1 2016. In Q1 2016, Ps 0.4 billion in insurance payments were charged for material damage, in connection with damage to our crude treatment plant in Cerro Divisadero (Mendoza) in March 2014.
As a result of its financing activities during the Q1 2017, the company had a net use of funds of Ps 9.0 billion compared to Ps 16.0 billion of funds provided
in Q1 2016. This difference was due to lower debt issuances and refinancing of maturing debt of Ps 23.0 billion and higher interest payments of Ps 1.9 billion during Q1 2017.
Cash and cash equivalents, together with the companys investment in Argentine sovereign bonds, including those received to cancel the accounts
receivables of the Gas Plan program for the year 2015, which are still kept in the portfolio, were Ps 26.3 billion as of March 31, 2017.
At the end of Q1
2017, total debt in U.S. dollars was US$9.5 billion, net debt was US$7.8 billion(1) and the net debt/adjusted EBITDA LTM ratio was 1.87x(2).
14
|
|
|
|
|
Consolidated Results Q1 2017
|
The average interest rate for debt denominated in Argentine pesos at the end of Q1 2017 was 23.95%, while the
average interest rate for debt denominated in U.S. dollars was 7.81%.
(1)
|
Net Debt: Includes investments in financial assets (government securities) of US$968 million at market value
|
(2)
|
Net Debt: US$7,824 million/adjusted EBITDA LTM: US$4,173 million = 1.87x
|
15
|
|
|
|
|
Consolidated Results Q1 2017
|
5. TABLES AND NOTES
Q1 2017 Results
|
|
|
|
|
Consolidated Results Q1 2017
|
5.1 CONSOLIDATED STATEMENT OF INCOME
YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES
(Unaudited, figures expressed in millions of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2016
|
|
|
Sep-Dec
2016
|
|
|
Q1
2017
|
|
|
Var.%
Q1 17 / Q1 16
|
|
Revenues
|
|
|
46,934
|
|
|
|
54,558
|
|
|
|
57,003
|
|
|
|
21.5
|
%
|
Costs
|
|
|
(40,131
|
)
|
|
|
(46,326
|
)
|
|
|
(45,798
|
)
|
|
|
14.1
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
6,803
|
|
|
|
8,232
|
|
|
|
11,205
|
|
|
|
64.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Selling expenses
|
|
|
(3,045
|
)
|
|
|
(4,534
|
)
|
|
|
(3,887
|
)
|
|
|
27.7
|
%
|
Administration expenses
|
|
|
(1,486
|
)
|
|
|
(1,868
|
)
|
|
|
(1,790
|
)
|
|
|
20.5
|
%
|
Exploration expenses
|
|
|
(454
|
)
|
|
|
(1,651
|
)
|
|
|
(593
|
)
|
|
|
30.6
|
%
|
Impairment of property, plant and equipment and intangible assets
|
|
|
|
|
|
|
1,245
|
|
|
|
|
|
|
|
0.0
|
%
|
Other operating results, net
|
|
|
(200
|
)
|
|
|
1,972
|
|
|
|
(424
|
)
|
|
|
112.0
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income (loss)
|
|
|
1,618
|
|
|
|
3,396
|
|
|
|
4,511
|
|
|
|
178.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Results on investments in companies and joint
ventures
|
|
|
97
|
|
|
|
215
|
|
|
|
22
|
|
|
|
(77.3
|
%)
|
Finance Income
|
|
|
9,121
|
|
|
|
4,167
|
|
|
|
1,612
|
|
|
|
(82.3
|
%)
|
Finance Cost
|
|
|
(5,480
|
)
|
|
|
(6,710
|
)
|
|
|
(8,848
|
)
|
|
|
61.5
|
%
|
Other financial results
|
|
|
377
|
|
|
|
330
|
|
|
|
75
|
|
|
|
(80.1
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financial results, net
|
|
|
4,018
|
|
|
|
(2,213
|
)
|
|
|
(7,161
|
)
|
|
|
-278.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) profit before income tax
|
|
|
5,733
|
|
|
|
1,398
|
|
|
|
(2,628
|
)
|
|
|
-145.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Income tax
|
|
|
(4,878
|
)
|
|
|
377
|
|
|
|
2,820
|
|
|
|
(157.8
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) profit for the period
|
|
|
855
|
|
|
|
1,775
|
|
|
|
192
|
|
|
|
(77.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) profits for noncontrolling interest
|
|
|
(141
|
)
|
|
|
54
|
|
|
|
167
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Net (loss) profit for shareholders of the parent company
|
|
|
996
|
|
|
|
1,721
|
|
|
|
25
|
|
|
|
(97.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Earnings per share, basic and diluted
|
|
|
2.54
|
|
|
|
4.35
|
|
|
|
0.06
|
|
|
|
(97.5
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other comprehensive Income
|
|
|
15,407
|
|
|
|
4,850
|
|
|
|
(3,643
|
)
|
|
|
(123.6
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total comprehensive income for the period
|
|
|
16,262
|
|
|
|
6,625
|
|
|
|
(3,451
|
)
|
|
|
(121.2
|
%)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adj. EBITDA (*)
|
|
|
12,493
|
|
|
|
13,933
|
|
|
|
16,826
|
|
|
|
34.7
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Information reported in accordance with International Financial Reporting Standards (IFRS), except adjusted EBITDA.
(*)
|
Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains
(losses) on assets - Income on investments in companies + Depreciation of properties, plant and equipment + Amortization of intangible assets + Unproductive exploratory drillings + Impairment of property, plant and equipment.
|
17
|
|
|
|
|
Consolidated Results Q1 2017
|
5.2 CONSOLIDATED BALANCE SHEET
YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES
(Q1 2017 figures unaudited, figures expressed in millions of pesos)
|
|
|
|
|
|
|
|
|
|
|
12/31/2016
|
|
|
03/31/2017
|
|
Noncurrent Assets
|
|
|
|
|
|
|
|
|
Intangible assets
|
|
|
8,114
|
|
|
|
8,045
|
|
Properties, plant and equipment
|
|
|
308,014
|
|
|
|
297,613
|
|
Investments in companies and joint ventures
|
|
|
5,488
|
|
|
|
5,591
|
|
Deferred tax assets, net
|
|
|
564
|
|
|
|
362
|
|
Other receivables
|
|
|
3,909
|
|
|
|
1,887
|
|
Trade receivables
|
|
|
87
|
|
|
|
128
|
|
Investment in financial assets
|
|
|
7,737
|
|
|
|
7,315
|
|
|
|
|
|
|
|
|
|
|
Total Non-current assets
|
|
|
333,913
|
|
|
|
320,941
|
|
|
|
|
|
|
|
|
|
|
Current Assets
|
|
|
|
|
|
|
|
|
Inventories
|
|
|
21,820
|
|
|
|
21,032
|
|
Other receivables
|
|
|
13,456
|
|
|
|
10,161
|
|
Trade receivables
|
|
|
33,645
|
|
|
|
31,919
|
|
Investment in financial assets
|
|
|
7,548
|
|
|
|
7,532
|
|
Cash and equivalents
|
|
|
10,757
|
|
|
|
11,424
|
|
|
|
|
|
|
|
|
|
|
Total current assets
|
|
|
87,226
|
|
|
|
82,068
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total assets
|
|
|
421,139
|
|
|
|
403,009
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Shareholders equity
|
|
|
|
|
|
|
|
|
Shareholders contributions
|
|
|
10,403
|
|
|
|
10,429
|
|
Reserves, other comprehensive income and retained earnings
|
|
|
108,352
|
|
|
|
104,734
|
|
Noncontrolling interest
|
|
|
(94
|
)
|
|
|
73
|
|
|
|
|
|
|
|
|
|
|
Total Shareholders equity
|
|
|
118,661
|
|
|
|
115,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Noncurrent Liabilities
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
47,358
|
|
|
|
50,317
|
|
Deferred tax liabilities
|
|
|
42,465
|
|
|
|
39,360
|
|
Other taxes payable
|
|
|
98
|
|
|
|
262
|
|
Loans
|
|
|
127,568
|
|
|
|
123,532
|
|
Other liabilities
|
|
|
336
|
|
|
|
319
|
|
Accounts payable
|
|
|
2,187
|
|
|
|
1,747
|
|
|
|
|
|
|
|
|
|
|
Total Noncurrent Liabilities
|
|
|
220,012
|
|
|
|
215,537
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Liabilities
|
|
|
|
|
|
|
|
|
Provisions
|
|
|
1,994
|
|
|
|
1,772
|
|
Income tax payable
|
|
|
176
|
|
|
|
213
|
|
Other taxes payable
|
|
|
4,440
|
|
|
|
6,391
|
|
Salaries and social security
|
|
|
3,094
|
|
|
|
2,440
|
|
Loans
|
|
|
26,777
|
|
|
|
22,756
|
|
Other liabilities
|
|
|
4,390
|
|
|
|
466
|
|
Accounts payable
|
|
|
41,595
|
|
|
|
38,198
|
|
|
|
|
|
|
|
|
|
|
Total Current Liabilities
|
|
|
82,466
|
|
|
|
72,236
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities
|
|
|
302,478
|
|
|
|
287,773
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Liabilities and Shareholders Equity
|
|
|
421,139
|
|
|
|
403,009
|
|
|
|
|
|
|
|
|
|
|
Note: Information reported in accordance with International Financial Reporting Standards (IFRS).
18
|
|
|
|
|
Consolidated Results Q1 2017
|
5.3 CONSOLIDATED STATEMENT OF CASH FLOW
YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES
(Unaudited, figures expressed in millions of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1
2016
|
|
|
Q4
2016
|
|
|
Q1
2017
|
|
Operating activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Net income (loss)
|
|
|
855
|
|
|
|
1,775
|
|
|
|
192
|
|
Income (loss) from investments in companies and joint ventures
|
|
|
(97
|
)
|
|
|
(215
|
)
|
|
|
(22
|
)
|
Depreciation of property, plant and equipment
|
|
|
10,534
|
|
|
|
10,341
|
|
|
|
11,764
|
|
Amortization of intangible assets
|
|
|
153
|
|
|
|
206
|
|
|
|
181
|
|
Consumpsion of materials and retirement of property, plant and
equipment and intagible assets, net of provisions
|
|
|
1,183
|
|
|
|
2,190
|
|
|
|
869
|
|
Income tax charge
|
|
|
4,878
|
|
|
|
(377
|
)
|
|
|
(2,820
|
)
|
Net increase in provisions
|
|
|
1,092
|
|
|
|
2,248
|
|
|
|
1,671
|
|
Impairment of property, plant and equipment and intangible assets
|
|
|
|
|
|
|
(1,245
|
)
|
|
|
|
|
Interest, exchange differences and other
|
|
|
(4,666
|
)
|
|
|
1,105
|
|
|
|
6,369
|
|
Stock compensation plan
|
|
|
40
|
|
|
|
45
|
|
|
|
26
|
|
Changes in assets and liabilities:
|
|
|
|
|
|
|
|
|
|
|
|
|
Trade receivables
|
|
|
(7,966
|
)
|
|
|
(686
|
)
|
|
|
1,894
|
|
Other receivables
|
|
|
4,518
|
|
|
|
(1,728
|
)
|
|
|
3,175
|
|
Inventories
|
|
|
1,089
|
|
|
|
1,667
|
|
|
|
111
|
|
Accounts payable
|
|
|
778
|
|
|
|
1,477
|
|
|
|
1,145
|
|
Other Taxes payable
|
|
|
(760
|
)
|
|
|
(1,634
|
)
|
|
|
2,119
|
|
Salaries and Social Securities
|
|
|
(419
|
)
|
|
|
494
|
|
|
|
(651
|
)
|
Other liabilities
|
|
|
100
|
|
|
|
190
|
|
|
|
(950
|
)
|
Decrease in provisions included in liabilities for payments /
utilization
|
|
|
(354
|
)
|
|
|
(450
|
)
|
|
|
(273
|
)
|
Dividends received
|
|
|
|
|
|
|
(1
|
)
|
|
|
95
|
|
Insurance charge for loss of profit
|
|
|
607
|
|
|
|
|
|
|
|
|
|
Income tax payments
|
|
|
(740
|
)
|
|
|
(379
|
)
|
|
|
(245
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flow from operating activities
|
|
|
10,825
|
|
|
|
15,023
|
|
|
|
24,650
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Investing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of property, plant and equipment and Intangible assets
|
|
|
(17,303
|
)
|
|
|
(15,097
|
)
|
|
|
(14,574
|
)
|
Contributions and acquisitions of interests in companies and joint
ventures
|
|
|
|
|
|
|
(60
|
)
|
|
|
(272
|
)
|
Payments for acquisition of financial assets investments
|
|
|
(13
|
)
|
|
|
(236
|
)
|
|
|
(3
|
)
|
Interest received from financial assets
|
|
|
|
|
|
|
483
|
|
|
|
8
|
|
Insurance charge for material damages
|
|
|
355
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from investing activities
|
|
|
(16,961
|
)
|
|
|
(14,910
|
)
|
|
|
(14,841
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Financing activities
|
|
|
|
|
|
|
|
|
|
|
|
|
Payment of loans
|
|
|
(17,179
|
)
|
|
|
(23,844
|
)
|
|
|
(8,393
|
)
|
Payment of interests
|
|
|
(3,515
|
)
|
|
|
(4,709
|
)
|
|
|
(5,369
|
)
|
Proceeds from loans
|
|
|
36,603
|
|
|
|
21,552
|
|
|
|
4,769
|
|
Acquisition of own shares
|
|
|
|
|
|
|
|
|
|
|
|
|
Non controling interest contribution
|
|
|
50
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash flows from financing activities
|
|
|
15,959
|
|
|
|
(7,001
|
)
|
|
|
(8,993
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Effect of changes in exchange rates on cash and
equivalents
|
|
|
953
|
|
|
|
11
|
|
|
|
(149
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in Cash and Equivalents
|
|
|
10,776
|
|
|
|
(6,877
|
)
|
|
|
667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash and equivalents at the beginning of the period
|
|
|
15,387
|
|
|
|
17,634
|
|
|
|
10,757
|
|
Cash and equivalents at the end of the period
|
|
|
26,163
|
|
|
|
10,757
|
|
|
|
11,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Increase (decrease) in Cash and Equivalents
|
|
|
10,776
|
|
|
|
(6,877
|
)
|
|
|
667
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE
PERIOD
|
|
|
|
|
|
|
|
|
|
|
|
|
Cash
|
|
|
22,927
|
|
|
|
7,922
|
|
|
|
5,620
|
|
Other Financial Assets
|
|
|
3,236
|
|
|
|
2,835
|
|
|
|
5,804
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD
|
|
|
26,163
|
|
|
|
10,757
|
|
|
|
11,424
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Note: Information reported in accordance with International Financial Reporting Standards (IFRS).
19
|
|
|
|
|
Consolidated Results Q1 2017
|
5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION
(Unaudited, figures expressed in millions of pesos)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Q1 2017
|
|
Upstream
|
|
|
Gas & Power
|
|
|
Downstream
|
|
|
Corporate and
Other
|
|
|
Consolidation
Adjustments
|
|
|
Total
|
|
Revenues
|
|
|
155
|
|
|
|
12,755
|
|
|
|
43,978
|
|
|
|
714
|
|
|
|
(599
|
)
|
|
|
57,003
|
|
Revenues from intersegment sales
|
|
|
27,622
|
|
|
|
990
|
|
|
|
202
|
|
|
|
1,566
|
|
|
|
(30,380
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
27,777
|
|
|
|
13,745
|
|
|
|
44,180
|
|
|
|
2,280
|
|
|
|
(30,979
|
)
|
|
|
57,003
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss)
|
|
|
899
|
|
|
|
558
|
|
|
|
4,364
|
|
|
|
(1,006
|
)
|
|
|
(304
|
)
|
|
|
4,511
|
|
Investments in companies
|
|
|
|
|
|
|
56
|
|
|
|
(34
|
)
|
|
|
|
|
|
|
|
|
|
|
22
|
|
Depreciation of fixed assets
|
|
|
9,935
|
|
|
|
65
|
|
|
|
1,569
|
|
|
|
195
|
|
|
|
|
|
|
|
11,764
|
|
Impairment of property, plant and equipment and intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of fixed assets
|
|
|
9,448
|
|
|
|
943
|
|
|
|
1,279
|
|
|
|
280
|
|
|
|
|
|
|
|
11,950
|
|
Assets
|
|
|
210,579
|
|
|
|
36,553
|
|
|
|
123,151
|
|
|
|
34,090
|
|
|
|
(1,364
|
)
|
|
|
403,009
|
|
|
|
|
|
|
|
|
Q1 2016
|
|
Upstream
|
|
|
Gas & Power
|
|
|
Downstream
|
|
|
Corporate and
Other
|
|
|
Consolidation
Adjustments
|
|
|
Total
|
|
Revenues
|
|
|
5,897
|
|
|
|
4,750
|
|
|
|
35,750
|
|
|
|
537
|
|
|
|
|
|
|
|
46,934
|
|
Revenues from intersegment sales
|
|
|
23,433
|
|
|
|
706
|
|
|
|
210
|
|
|
|
1,661
|
|
|
|
(26,010
|
)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
29,330
|
|
|
|
5,456
|
|
|
|
35,960
|
|
|
|
2,198
|
|
|
|
(26,010
|
)
|
|
|
46,934
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Income (loss)
|
|
|
4,441
|
|
|
|
4
|
|
|
|
(798
|
)
|
|
|
(526
|
)
|
|
|
(1,503
|
)
|
|
|
1,618
|
|
Investments in companies
|
|
|
|
|
|
|
66
|
|
|
|
31
|
|
|
|
|
|
|
|
|
|
|
|
97
|
|
Depreciation of fixed assets
|
|
|
9,096
|
|
|
|
88
|
|
|
|
1,202
|
|
|
|
148
|
|
|
|
|
|
|
|
10,534
|
|
Impairment of property, plant and equipment and intangible assets
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Acquisitions of fixed assets
|
|
|
12,255
|
|
|
|
457
|
|
|
|
1,634
|
|
|
|
395
|
|
|
|
|
|
|
|
14,741
|
|
Assets as of December 31,2016
|
|
|
236,173
|
|
|
|
25,866
|
|
|
|
125,536
|
|
|
|
34,739
|
|
|
|
(1,175
|
)
|
|
|
421,139
|
|
20
|
|
|
|
|
Consolidated Results Q1 2017
|
5.5 MAIN FINANCIAL MAGNITUDES IN U.S. DOLLARS
(Unaudited figures)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Million USD
|
|
2016
Q1
|
|
|
2016
Q4
|
|
|
2017
Q1
|
|
|
Var
Q1 17/ Q1 16
|
|
INCOME STATMENT
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
3,251
|
|
|
|
3,542
|
|
|
|
3,647
|
|
|
|
12.2
|
%
|
Costs of sales
|
|
|
-2,780
|
|
|
|
-3,008
|
|
|
|
-2,930
|
|
|
|
5.4
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gross profit
|
|
|
471
|
|
|
|
534
|
|
|
|
717
|
|
|
|
52.1
|
%
|
Other operating expenses, net
|
|
|
-359
|
|
|
|
-314
|
|
|
|
-428
|
|
|
|
19.2
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
112
|
|
|
|
220
|
|
|
|
289
|
|
|
|
157.5
|
%
|
Depreciation and impairment of property, plant & equipment and intangible assets
|
|
|
730
|
|
|
|
591
|
|
|
|
753
|
|
|
|
3.2
|
%
|
Amortization of intangible assets
|
|
|
11
|
|
|
|
13
|
|
|
|
12
|
|
|
|
9.3
|
%
|
Unproductive exploratory drillings
|
|
|
13
|
|
|
|
80
|
|
|
|
24
|
|
|
|
81.8
|
%
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adj. EBITDA
|
|
|
865
|
|
|
|
905
|
|
|
|
1,077
|
|
|
|
24.4
|
%
|
|
|
|
|
|
UPSTREAM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
2,032
|
|
|
|
1,875
|
|
|
|
1,777
|
|
|
|
-12.5
|
%
|
Operating income
|
|
|
308
|
|
|
|
139
|
|
|
|
58
|
|
|
|
-81.3
|
%
|
Depreciation
|
|
|
630
|
|
|
|
541
|
|
|
|
636
|
|
|
|
0.9
|
%
|
Capital expenditures
|
|
|
849
|
|
|
|
897
|
|
|
|
604
|
|
|
|
-28.8
|
%
|
Adj. EBITDA
|
|
|
951
|
|
|
|
679
|
|
|
|
717
|
|
|
|
-24.6
|
%
|
|
|
|
|
|
DOWNSTREAM
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
2,491
|
|
|
|
2,796
|
|
|
|
2,827
|
|
|
|
13.5
|
%
|
Operating income
|
|
|
-55
|
|
|
|
34
|
|
|
|
279
|
|
|
|
-605.1
|
%
|
Depreciation
|
|
|
83
|
|
|
|
111
|
|
|
|
100
|
|
|
|
20.6
|
%
|
Capital expenditures
|
|
|
113
|
|
|
|
216
|
|
|
|
82
|
|
|
|
-27.7
|
%
|
Adj. EBITDA
|
|
|
28
|
|
|
|
145
|
|
|
|
380
|
|
|
|
1256.5
|
%
|
|
|
|
|
|
GAS & ENERGY
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Revenues
|
|
|
378
|
|
|
|
591
|
|
|
|
879
|
|
|
|
132.7
|
%
|
Operating income
|
|
|
0
|
|
|
|
54
|
|
|
|
36
|
|
|
|
12785.3
|
%
|
Depreciation
|
|
|
6
|
|
|
|
5
|
|
|
|
4
|
|
|
|
-31.8
|
%
|
Capital expenditures
|
|
|
32
|
|
|
|
57
|
|
|
|
60
|
|
|
|
90.6
|
%
|
Adj. EBITDA
|
|
|
6
|
|
|
|
58
|
|
|
|
40
|
|
|
|
525.5
|
%
|
|
|
|
|
|
CORPORATE AND OTHER
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
-141
|
|
|
|
-65
|
|
|
|
-84
|
|
|
|
-40.4
|
%
|
Capital expenditures
|
|
|
27
|
|
|
|
35
|
|
|
|
18
|
|
|
|
-34.5
|
%
|
|
|
|
|
|
CONSOLIDATION ADJUSTMENTS
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating income
|
|
|
-104
|
|
|
|
59
|
|
|
|
-19
|
|
|
|
-81.3
|
%
|
Average exchange rate for the period
|
|
|
14.44
|
|
|
|
15.40
|
|
|
|
15.63
|
|
|
|
|
|
NOTE: The calculation of the main financial figures in U.S. dollars is derived from the calculation of the financial results
expressed in Argentine pesos using the average exchange rate for each period.
21
|
|
|
|
|
Consolidated Results Q1 2017
|
5.6 MAIN PHYSICAL MAGNITUDES
(Unaudited figures)
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2016
|
|
|
2017
|
|
|
|
Unit
|
|
|
Q1
|
|
|
Q2
|
|
|
Q3
|
|
|
Q4
|
|
|
Cum. 2016
|
|
|
Q1
|
|
Production
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Crude oil production
|
|
|
Kbbl
|
|
|
|
22,656
|
|
|
|
22,102
|
|
|
|
22,735
|
|
|
|
22,051
|
|
|
|
89,544
|
|
|
|
21,058
|
|
NGL production
|
|
|
Kbbl
|
|
|
|
5,124
|
|
|
|
4,512
|
|
|
|
4,608
|
|
|
|
4,987
|
|
|
|
19,230
|
|
|
|
4,923
|
|
Gas production
|
|
|
Mm3
|
|
|
|
4,008
|
|
|
|
4,074
|
|
|
|
4,127
|
|
|
|
4,099
|
|
|
|
16,308
|
|
|
|
4,076
|
|
Total production
|
|
|
Kboe
|
|
|
|
52,986
|
|
|
|
52,237
|
|
|
|
53,299
|
|
|
|
52,816
|
|
|
|
211,338
|
|
|
|
51,618
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Henry Hub
|
|
|
USD/Mbtu
|
|
|
|
2.09
|
|
|
|
1.95
|
|
|
|
2.81
|
|
|
|
2.98
|
|
|
|
2.46
|
|
|
|
3.32
|
|
Brent
|
|
|
USD/Bbl
|
|
|
|
37.88
|
|
|
|
45.56
|
|
|
|
45.79
|
|
|
|
49.19
|
|
|
|
43.56
|
|
|
|
53.68
|
|
Sales
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of petroleum products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasoline
|
|
|
Km3
|
|
|
|
1,283
|
|
|
|
1,119
|
|
|
|
1,178
|
|
|
|
1,248
|
|
|
|
4,828
|
|
|
|
1,297
|
|
Diesel
|
|
|
Km3
|
|
|
|
1,855
|
|
|
|
2,038
|
|
|
|
1,955
|
|
|
|
1,955
|
|
|
|
7,803
|
|
|
|
1,792
|
|
Jet fuel and kerosene
|
|
|
Km3
|
|
|
|
130
|
|
|
|
107
|
|
|
|
135
|
|
|
|
139
|
|
|
|
510
|
|
|
|
134
|
|
Fuel Oil
|
|
|
Km3
|
|
|
|
354
|
|
|
|
350
|
|
|
|
376
|
|
|
|
189
|
|
|
|
1,269
|
|
|
|
220
|
|
LPG
|
|
|
Km3
|
|
|
|
153
|
|
|
|
242
|
|
|
|
273
|
|
|
|
171
|
|
|
|
839
|
|
|
|
152
|
|
Others (*)
|
|
|
Km3
|
|
|
|
263
|
|
|
|
270
|
|
|
|
340
|
|
|
|
342
|
|
|
|
1,214
|
|
|
|
357
|
|
Total domestic market
|
|
|
Km3
|
|
|
|
4,037
|
|
|
|
4,126
|
|
|
|
4,257
|
|
|
|
4,043
|
|
|
|
16,463
|
|
|
|
3,952
|
|
Export market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Petrochemical naphtha
|
|
|
Km3
|
|
|
|
0
|
|
|
|
0
|
|
|
|
15
|
|
|
|
86
|
|
|
|
100
|
|
|
|
57
|
|
Jet fuel and kerosene
|
|
|
Km3
|
|
|
|
121
|
|
|
|
117
|
|
|
|
130
|
|
|
|
138
|
|
|
|
507
|
|
|
|
135
|
|
LPG
|
|
|
Km3
|
|
|
|
117
|
|
|
|
17
|
|
|
|
40
|
|
|
|
128
|
|
|
|
302
|
|
|
|
115
|
|
Bunker (Diesel and Fuel Oil)
|
|
|
Km3
|
|
|
|
149
|
|
|
|
116
|
|
|
|
93
|
|
|
|
87
|
|
|
|
445
|
|
|
|
83
|
|
Others (*)
|
|
|
Km3
|
|
|
|
105
|
|
|
|
24
|
|
|
|
26
|
|
|
|
59
|
|
|
|
214
|
|
|
|
28
|
|
Total export market
|
|
|
Km3
|
|
|
|
493
|
|
|
|
275
|
|
|
|
303
|
|
|
|
498
|
|
|
|
1,568
|
|
|
|
419
|
|
Total sales of petroleum products
|
|
|
Km3
|
|
|
|
4,529
|
|
|
|
4,401
|
|
|
|
4,560
|
|
|
|
4,540
|
|
|
|
18,031
|
|
|
|
4,371
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of petrochemical products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fertilizers
|
|
|
Ktn
|
|
|
|
24
|
|
|
|
40
|
|
|
|
91
|
|
|
|
114
|
|
|
|
269
|
|
|
|
35
|
|
Methanol
|
|
|
Ktn
|
|
|
|
55
|
|
|
|
82
|
|
|
|
105
|
|
|
|
85
|
|
|
|
327
|
|
|
|
55
|
|
Others
|
|
|
Ktn
|
|
|
|
133
|
|
|
|
125
|
|
|
|
122
|
|
|
|
144
|
|
|
|
524
|
|
|
|
118
|
|
Total domestic market
|
|
|
Ktn
|
|
|
|
212
|
|
|
|
247
|
|
|
|
318
|
|
|
|
343
|
|
|
|
1,120
|
|
|
|
208
|
|
Export market
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Methanol
|
|
|
Ktn
|
|
|
|
2
|
|
|
|
1
|
|
|
|
2
|
|
|
|
2
|
|
|
|
7
|
|
|
|
2
|
|
Others
|
|
|
Ktn
|
|
|
|
25
|
|
|
|
41
|
|
|
|
78
|
|
|
|
51
|
|
|
|
195
|
|
|
|
42
|
|
Total export market
|
|
|
Ktn
|
|
|
|
27
|
|
|
|
42
|
|
|
|
80
|
|
|
|
53
|
|
|
|
202
|
|
|
|
44
|
|
Total sales of petrochemical products
|
|
|
Ktn
|
|
|
|
239
|
|
|
|
289
|
|
|
|
398
|
|
|
|
396
|
|
|
|
1,322
|
|
|
|
252
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Sales of other products
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Grain, flours and oils
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Domestic market
|
|
|
Ktn
|
|
|
|
9
|
|
|
|
27
|
|
|
|
7
|
|
|
|
11
|
|
|
|
54
|
|
|
|
21
|
|
Export market
|
|
|
Ktn
|
|
|
|
169
|
|
|
|
311
|
|
|
|
256
|
|
|
|
151
|
|
|
|
887
|
|
|
|
159
|
|
Total Grain, flours and oils
|
|
|
Ktn
|
|
|
|
178
|
|
|
|
338
|
|
|
|
263
|
|
|
|
162
|
|
|
|
941
|
|
|
|
180
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Main products imported
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Gasolines and Jet Fuel
|
|
|
Km3
|
|
|
|
50
|
|
|
|
65
|
|
|
|
52
|
|
|
|
3
|
|
|
|
171
|
|
|
|
50
|
|
Diesel
|
|
|
Km3
|
|
|
|
145
|
|
|
|
239
|
|
|
|
306
|
|
|
|
45
|
|
|
|
736
|
|
|
|
145
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(*)
|
Principally includes sales of oil and lubricant bases, grease, asphalt and residual carbon, among others.
|
22
|
|
|
|
|
Consolidated Results Q1 2017
|
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 as of the date hereof of YPF and its management, including statements with respect to trends affecting YPFs future financial condition, financial, operating, reserve replacement and other ratios, results of
operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPFs plans, expectations or objectives with respect to future capital expenditures, investments,
expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as
the future price of petroleum and petroleum products, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks,
uncertainties, changes in circumstances and other factors that may be beyond YPFs control or may be difficult to predict.
YPFs actual future
financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures,
investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as the future price of petroleum and
petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to fluctuations
in the price of petroleum and petroleum products, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry
competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks,
wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates before the Comisión Nacional de Valores in Argentina and
with the U.S. Securities and Exchange Commission, in particular, those described in Item 3. Key InformationRisk Factors and Item 5. Operating and Financial Review and Prospects in YPFs Annual Report on Form 20-F
for the fiscal year ended December 31, 2016 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it
clear that the projected performance, conditions or events expressed or implied therein will not be realized.
These materials do not constitute an offer
for sale of YPF S.A. bonds, shares or ADRs in the United States or elsewhere.
The information contained herein has been prepared to assist interested
parties in making their own evaluations of YPF.
Investor Relations
E-mail: inversoresypf@ypf.com
Website: inversores.ypf.com
Macacha Güemes 515
C1106BKK Buenos Aires (Argentina)
Phone: 54 11 5441 1215
Fax: 54 11 5441 2113
23
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by
the undersigned, thereunto duly authorized.
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YPF Sociedad Anónima
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Date: May 9, 2017
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By:
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/s/ Diego Celaá
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Name:
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Diego Celaá
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Title:
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Market Relations Officer
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YPF Sociedad Anonima (NYSE:YPF)
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