Amended Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 (6-k/a)

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SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

FORM 6-K/A

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of November, 2022

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  ☒

 

 

 

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EXPLANATORY NOTE

YPF S.A. is amending its report on Form 6-K with the 3Q22 Earnings Press Release furnished to the Securities and Exchange Commission on November 9, 2022 (File/Film Number: 001-12102/221374207) (the “Form 6-K”) solely for the purpose of amending a typo included on page 3, within the section “Main Highlights”, related to the cumulative CAPEX for the nine months period ended September 30, 2022, where the proper figure should have been US$2.9 billion instead of US$3.6 billion, as correctly reflected on the table “Summary Consolidated Financials” that appears on page 2. Except as described above, this amendment does not amend any other information set forth in the Form 6-K. This amendment to the Form 6-K is the corrected version of YPF’s 3Q22 Earnings Press Release.

 

 

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CONTENT

 

1. MAIN HIGHLIGHTS			2
2. ANALYSIS OF CONSOLIDATED RESULTS			4
3. EBITDA AND ADJUSTED EBITDA RECONCILIATION			7
4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT			8
4.1. UPSTREAM			8
4.2. DOWNSTREAM			12
4.3. GAS AND POWER			15
4.4. CORPORATE AND OTHER			17
5. LIQUIDITY AND SOURCES OF CAPITAL			18
5.1. CASH FLOW SUMMARY			18
5.2. NET DEBT			19
6. TABLES AND NOTES			21
6.1. CONSOLIDATED INCOME STATEMENT			21
6.2. CONSOLIDATED BALANCE SHEET			22
6.3. CONSOLIDATED CASH FLOW STATEMENT			23
6.4. MAIN PHYSICAL MAGNITUDES			25

 

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Basis of Presentation

From 3Q20 onwards, the Earnings Release is expressed in U.S. dollars to facilitate the reading of results. YPF has defined the U.S. dollar as its functional currency and subsidiaries having the Argentine Peso as functional currency were adjusted for inflation, corresponding to a hyperinflationary economy, in accordance with IAS guidelines. Unless otherwise indicated, the calculation of all Income Statement figures in U.S. dollars are calculated as the sum of: (1) YPF S.A. individual financial results expressed in Argentine pesos divided by the average exchange rate of the period; and (2) the financial results of YPF S.A.’s subsidiaries expressed in Argentine pesos divided by the exchange rate at the end of period. Cash Flow items were converted to U.S. dollars using the average exchange rate for each period; whereas Balance Sheet items were converted to U.S. dollars using the end of period exchange rate for each period. The accumulated financial information presented in this document is calculated as the sum of the quarters for each period.

 

Summary Consolidated Financials Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Revenues			3,621				4,855				5,179				43.0	%			6.7	%			9,618				13,669				42.1	%
EBITDA			1,214				1,545				1,533				26.3	%			-0.8	%			3,184				4,114				29.2	%
Adjusted EBITDA			1,154				1,500				1,498				29.8	%			-0.1	%			3,005				3,971				32.1	%
Operating income before impairment of assets			428				850				805				88.1	%			-5.3	%			816				2,034				149.4	%
Operating income			428				850				701				63.8	%			-17.6	%			816				1,930				136.6	%
Net income before impairment of assets			237				798				746				214.9	%			-6.5	%			(280	)			1,792				N/A
Net income			237				798				678				186.3	%			-15.0	%			(280	)			1,724				N/A
EPS			0.59				2.01				1.72				191.5	%			-14.4	%			(0.69	)			4.37				N/A
Capex			696				932				1,186				70.5	%			27.3	%			1,763				2,865				62.5	%
FCF			144				310				262				81.7	%			-15.3	%			740				963				30.1	%
Cash and cash equivalents			1,034				1,243				1,335				29.1	%			7.4	%			1,034				1,335				29.1	%
Total debt			7,489				7,085				6,989				-6.7	%			-1.4	%			7,489				6,989				-6.7	%

EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/- one-off items. EPS attributable to shareholders of the parent company (basic and diluted). FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).

1. MAIN HIGHLIGHTS

 

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Adjusted EBITDA remained very strong reaching the US$1.5 billion quarterly mark for the second time in a row and expanding 30% y/y primarily on the back of improved pricing across our business segments and an enlarged hydrocarbon production based and despite significant cost pressures.

 

•

Total hydrocarbon production remained flat vis à vis the previous quarter at 504 Kboe/d, while increasing 1.8% y/y boosted by a strong 7.3% expansion in our crude oil production, which averaged 225 thousand barrels per day in the quarter.

 

•

Shale oil and shale gas production continued delivering healthy growth rates, with 48% and 22% y/y expansions, respectively, while we continued making progress on operational efficiencies setting new records on fracking and drilling speeds.

 

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Domestic fuels’ demand remained strong in the quarter, standing 11.3% above pre-pandemic levels of 3Q19, and 1.7% q/q, resulting in a new quarterly record in domestic sales of diesel.

 

•

Processing levels at our refineries recorded a slight sequential decrease during the quarter primarily driven by a programmed maintenance stoppage in the Plaza Huincul refinery. However, production of gasoline and middle destillates increased during the quarter through the maximization of our refinery conversion levels which, together with higher imported volumes, allowed to meet the historical high diesel demand and partially rebuild inventories.

 

•

Total OPEX for the quarter expanded by 6.4% sequentially, primarily as a result of the appreciation of the Argentine Peso in real terms, as inflation and wage increases continued to climb faster than the devaluation of the currency.

 

•

CAPEX activity continued gaining speed in 3Q22 expanding 27.3% q/q and 70.5% y/y, totaling US$1.2 billion and accumulating US$2.9 billion during the 9M22, being on track to fully deploy our updated target for the year.

 

•

Free cash flow was positive for the tenth consecutive quarter at US$262 million – accumulating US$966 million during 9M22, allowing for a further reduction in our net debt to US$5,655 million and taking the net leverage ratio down to 1.18x.

 

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2. ANALYSIS OF CONSOLIDATED RESULTS

 

Consolidated Revenues Breakdown Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Diesel			1,220				1,775				1,950				59.8	%			9.9	%			3,252				5,008				54.0	%
Gasoline			720				880				878				21.9	%			-0.3	%			1,914				2,575				34.5	%
Natural gas as producers (third parties)			507				444				499				-1.6	%			12.3	%			1,160				1,269				9.4	%
Other			775				1,069				1,248				61.1	%			16.8	%			2,148				3,065				42.7	%
Total Domestic Market			3,222				4,168				4,575				42.0	%			9.8	%			8,475				11,917				40.6	%
Jet fuel			33				122				120				269.6	%			-1.3	%			83				327				296.2	%
Grain and flours			159				304				220				38.0	%			-27.7	%			503				637				26.7	%
Crude oil			6				0				0				N/A				N/A				23				5				-76.6	%
Petchem & Other			201				261				264				30.9	%			1.1	%			535				782				46.0	%
Total Export Market			399				687				604				51.3	%			-12.1	%			1,144				1,752				53.2	%
Total Revenues			3,621				4,855				5,179				43.0	%			6.7	%			9,618				13,669				42.1	%

During 3Q22, revenues totaled US$5,179 million, increasing by 6.7% q/q and 43.0% y/y. On a sequential basis, this growth was primarily due to higher diesel and natural gas prices, and higher volumes dispatched of gasoline, natural gas and jet fuel.

 

•

Total diesel revenues in the domestic market (retail and wholesale) – 37.7% of total revenues – increased by 9.9% sequentially driven by an expansion of 9.7% in prices while volumes dispatched remained virtually unchanged (+0.2%), maintaining the all-time-high demand recorded during the previous quarter. It is worth highlighting that diesel demand in the agro business declined by 21% during the quarter, fully compensated by an increasing demand in the retail and industrial segments.

 

•

Gasoline sales in the local market – 16.9% of total sales – remained essentially flat q/q (-0.3%), where the contraction in prices, measured in dollar terms, almost offset the expansion in demand of 4.1%.

 

•

Natural gas revenues as producers sold to third parties in the domestic market, representing 9.6% of total sales, increased by 12.3% q/q reflecting the benefit of higher average realization prices by 10.6% driven by the seasonality factor included in the Plan GasAR between May and September, while volumes slightly increased by 1.5%.

 

•

Other domestic sales jumped 16.8% q/q mainly due to higher sales of jet fuel and natural gas to the retail distribution segment -through our subsidiary Metrogas-. Moreover, sales of some refined products, such as lubricants and coal, increased during Q3 benefited from a higher pricing environment, despite a 12.6% decline q/q in Brent oil price.

 

•

Export revenues decreased by 12.1% q/q mainly due to lower exports of grain and flours, on the back of a lower seasonal demand, partially offset by higher natural gas exports, which represented almost 4% of total natural gas sales as producers, sold with a remarkable price of 7.5 USD/MBTU.

 

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Consolidated Costs Breakdown Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Lifting cost			(495	)			(610	)			(631	)			27.6	%			3.5	%			(1,365	)			(1,774	)			30.0	%
Other Upstream			(71	)			(85	)			(89	)			25.4	%			4.7	%			(424	)			(230	)			-45.7	%
Refining & Logistics			(284	)			(344	)			(378	)			32.9	%			9.8	%			(768	)			(1,011	)			31.6	%
Other Downstream			(124	)			(148	)			(166	)			33.7	%			12.4	%			(334	)			(421	)			26.2	%
G&P, Corpo. & Other			(105	)			(171	)			(181	)			72.0	%			5.6	%			(64	)			(478	)			646.2	%
Total OPEX			(1,079	)			(1,358	)			(1,444	)			33.9	%			6.4	%			(2,955	)			(3,914	)			32.5	%
Depreciation & Amortization			(780	)			(693	)			(722	)			-7.4	%			4.3	%			(2,363	)			(2,066	)			-12.5	%
Royalties			(221	)			(242	)			(263	)			18.8	%			8.7	%			(579	)			(720	)			24.3	%
Other			(124	)			(186	)			(174	)			40.1	%			-6.7	%			(356	)			(483	)			35.5	%
Total Other Costs			(1,126	)			(1,121	)			(1,159	)			2.9	%			3.4	%			(3,298	)			(3,269	)			-0.9	%
Fuels imports			(170	)			(346	)			(568	)			235.0	%			64.2	%			(339	)			(1,248	)			268.0	%
Crude oil purchases to third parties			(235	)			(310	)			(361	)			53.6	%			16.5	%			(735	)			(927	)			26.1	%
Biofuel purchases			(136	)			(251	)			(304	)			123.9	%			20.8	%			(333	)			(722	)			116.6	%
Non-oil agro purchases			(311	)			(503	)			(386	)			23.8	%			-23.3	%			(752	)			(1,080	)			43.7	%
Other purchases			(265	)			(315	)			(408	)			54.2	%			29.7	%			(625	)			(918	)			46.8	%
Stock variations			95				210				272				187.6	%			29.3	%			206				485				135.8	%
Total Purchases & Stock Variations			(1,022	)			(1,515	)			(1,755	)			71.7	%			15.9	%			(2,579	)			(4,410	)			71.0	%
Other operating results, net			34				(12	)			(16	)			N/A				36.3	%			30				(41	)			N/A
Impairment of assets			—				—				(104	)			N/A				N/A				—				(104	)			N/A
Operating Costs + Purchases + Impairment of Assets			(3,193	)			(4,005	)			(4,478	)			40.2	%			11.8	%			(7,198	)			(8,483	)			17.9	%

Stock variations include price effects by US$30 million in 3Q21, US$131 million for 2Q22 and US$151 million for 3Q22.

In terms of costs, operating expenses (OPEX) in the third quarter totaled US$1,444 million, expanding 6.4% compared to 2Q22 due to the continued overall accelerated inflationary environment and a slower-than-expected pace of the currency depreciation, combined with higher transportation costs and increased maitainance activity on the back of the 2 months programmed stoppage of our Plaza Huincul refiney. In the same line, when compared to the same period of last year, total OPEX increased 33.9%, driven by the inflationary macroeconomic enviroment described above, coupled by an overall growth across our business, on the back of higher O&G production, processing levels and demand.

Total Purchases and Stock Variations, a category highly correlated with demand levels for refined and non-oil agro products, increased by 15.9% sequentially.

 

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Gasoline and diesel imports increased by 75.7% q/q, driven by 67.9% higher imported volumes combined with higher prices by 4.7%. The expansion of both gasoline and diesel import volumes, which represented 13% of total fuels sales, together with higher gasoline and middle destilated production out of our refineries, allowed to meet the higher demand and partially restock inventories.

 

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Crude oil purchases grew by 16.5% q/q led by an increase in volumes of 12.8%, due to a rebuild in refineries inventories, and higher prices of 3.3%, aligned with the sequentuial increase in fuels price at the pump.

 

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Non-oil agro purchases decreased by 23.3% sequentially, mainly due to lower seasonal demand of grains and flours, aligned with the lower sales of these products.

 

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Biofuel purchases grew by 19.8%, where biodiesel increased 25.4% and bioethanol expanded 12.8%. Biodiesel variation can be explained through a higher blend in diesel sales that has been in place since mid-June, partially offset by a decrease of 12.3% in prices. On the other hand, bioethanol purchases increased mainly due to higher gasoline demand.

In terms of our inventories, a positive stock variation of US$272 million was recorded during 3Q22, mainly due to higher crude and diesel inventories, as well as an upward trend in the replacement cost of our inventories.

 

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Consolidated Net Income Breakdown Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Operating income			428				850				701				63.8	%			-17.6	%			816				1,930				136.6	%
Interests in companies and joint ventures			45				133				145				225.4	%			8.7	%			117				393				235.6	%
Financial results, net			(82	)			(4	)			115				N/A				N/A				(247	)			67				N/A
Income tax			(153	)			(181	)			(282	)			84.2	%			55.8	%			(966	)			(666	)			-31.1	%
Net Income			237				798				678				186.3	%			-15.0	%			(280	)			1,724				N/A
Net Income before impairment of assets			237				798				746				214.9	%			-6.5	%			(280	)			1,792				N/A

Net financial results for 3Q22 represented a US$115 million gain compared to the loss of US$4 million posted in 2Q22. This was primarily led by the higher devaluation of Argentinian currency; higher interests rates on our liquidity and lower debt intereses accrued owing to the reduction of our financial debt.

As a result of the operating and financial evolution, earnings before taxes in Q3 reached a positive mark of US$ 960 million, slightly decreasing by 1.9% q/q, while net income for the quarter resulted in a gain of US$678 million, compared to the gain of US$798 million in 2Q22, accumulating over 1.7 billion during the first 9 months of the year.

 

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3. EBITDA AND ADJUSTED EBITDA RECONCILIATION

Adjusted EBITDA for 3Q22 reached a quarterly mark of US$1,498 million, remaining roughly stable on a sequential basis. When compared to the same period of last year, EBITDA increased 29.8% mainly due to higher realization prices across the board, including higher prices of diesel, gasoline, natural gas and other international-priced products and the expansion in oil production and processing levels, partially offset by higher OPEX.

The below tables display the reconciliation between EBITDA and Adjusted EBITDA for the quarter:

 

Reconciliation of Adjusted EBITDA Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Q/Q Δ
Net Income			237				798				678				186.3	%			-15.0	%			(280	)			1,724				N/A
Financial results, net			82				4				(115	)			N/A				N/A				247				(67	)			N/A
Interests in companies and joint ventures			(45	)			(133	)			(145	)			225.4	%			8.7	%			(117	)			(393	)			235.6	%
Income tax			153				181				282				84.2	%			55.8	%			966				666				-31.1	%
Unproductive exploratory drillings			5				2				6				16.6	%			157.8	%			6				13				125.4	%
Depreciation & amortization			780				693				722				-7.4	%			4.3	%			2,363				2,066				-12.5	%
Impairment of assets			—				—				104				N/A				N/A				—				104				N/A
EBITDA			1,214				1,545				1,533				26.3	%			-0.8	%			3,184				4,114				29.2	%
Leasing			(64	)			(63	)			(74	)			15.8	%			16.4	%			(188	)			(202	)			7.6	%
Other adjustments			5				19				39				753.6	%			106.3	%			9				59				591.5	%
Adjusted EBITDA			1,154				1,500				1,498				29.8	%			-0.1	%			3,005				3,971				32.1	%

 

EBITDA breadkdown by segment Unaudited Figures, in US$ million		Upstream				Downstream				Gas & Energy				Corporate & Other				Consolid. Adjustments				Total
Operating income			302				374				49				(118	)			94				701
Depreciation & amortization			541				139				20				23				(1	)			722
Unproductive exploratory drillings			6				—				—				—				—				6
Impairment of assets			104				—				—				—				—				104
EBITDA			953				513				69				(95	)			93				1,533
Leasing			(48	)			(20	)			(6	)			—				—				(74	)
Other adjustments			1				1				(5	)			41				—				39
Adjusted EBITDA			906				494				58				(54	)			93				1,498

The main variations of Adjusted EBITDA for the quarter by business segment are displayed on the below chart:

 

 

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4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT

4.1. UPSTREAM

 

Upstream Operating data Unaudited Figures		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Net Production Breakdown
Crude Production (Kbbld)			209.4				225.3				224.8				7.3	%			-0.2	%			209.1				224.1				7.2	%
Conventional			153.8				148.3				144.7				-5.9	%			-2.4	%			156.4				147.2				-5.8	%
Shale			52.1				73.9				77.0				47.8	%			4.2	%			49.5				73.8				49.1	%
Tight			3.5				3.2				3.1				-12.0	%			-3.0	%			3.3				3.1				-4.9	%
NGL Production (Kbbld)			41.7				41.7				38.0				-8.8	%			-8.9	%			36.0				41.3				14.8	%
Conventional			14.8				16.8				14.7				-0.9	%			-12.5	%			16.5				15.7				-4.4	%
Shale			25.3				23.7				22.3				-12.0	%			-6.1	%			18.0				24.3				34.9	%
Tight			1.6				1.3				1.1				-31.1	%			-15.2	%			1.5				1.3				-14.2	%
Gas Production (Mm3d)			38.9				37.6				38.4				-1.2	%			2.1	%			34.9				38.0				8.9	%
Conventional			16.9				15.2				15.0				-11.2	%			-1.4	%			17.5				15.2				-13.2	%
Shale			14.0				15.5				17.1				22.2	%			10.9	%			9.7				16.0				65.0	%
Tight			8.0				7.0				6.3				-21.0	%			-9.6	%			7.7				6.9				-11.3	%
Total Production (Kboed)			495.6				503.7				504.4				1.8	%			0.1	%			464.8				504.6				8.6	%
Conventional			274.8				260.6				253.6				-7.7	%			-2.7	%			283.1				258.7				-8.6	%
Shale			165.5				194.7				207.0				25.0	%			6.3	%			128.3				198.4				54.7	%
Tight			55.3				48.3				43.8				-20.7	%			-9.3	%			53.4				47.5				-11.0	%
Average realization prices
Crude Oil (USD/bbl)			55.3				65.1				67.5				21.9	%			3.6	%			52.4				63.9				22.1	%
Natural Gas (USD/MMBTU) (*)			4.2				3.9				4.4				4.5	%			13.1	%			3.7				3.8				1.2	%

 

(*)	Average realization price for third parties

Total hydrocarbon production remained stable sequentially, recording a 1.8% increase year over year boosted by a strong 7.3% expansion in our crude oil production, almost unchanged against Q2. On the natural gas side, production jumped 2.1% on a sequential basis, while NGLs production was negatively affected by programmed maintenance activities at MEGA during the months of August and September, resulting in an 8.9% q/q contraction.

Shale production continued expanding strongly during the quarter, where shale oil and shale gas increased by 47.8% and 22.2% y/y, respectively, representing 41.0% of our total consolidated production, growing from 33.4% a year ago.

Average daily crude oil production remained almost flat (-0.2% q/q), where shale production expanded by 4.2% and conventional production dropped 2.4% driven by the natural decline of our mature fields, partially offset by the positive results of the tertiary recovery. Regarding tertiary production, it is worth mentioning the progress achieved so far in the Manantiales Behr block, currently operating 8 Polymer Injection Units leading into new production records (26.6 kbbl/d during October, representing 28% of total production), as well as the promising results from the main three key pilots beyond Manantiales Behr being deployed at Chachahuen in Mendoza, El Trebol in Chubut and Los Perales in Santa Cruz.

On the natural gas side, average daily production increased by 2.1% q/q, driven by a 10.9% higher shale gas production, which was slightly offset by the 1.4% reduction in our conventional production.

 

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Oil and gas realization prices increased sequentially. Our average realization oil price increased by 3.6% q/q aligned with local fuel price adjustments implemented during the quarter, to about US$67.5 per barrel, although still priced at a discount to export parity. On the gas side, the average price for third parties for the quarter was 4.4US$/MMBTU rising by 13.1% q/q supported by the seasonality factor included in the Plan GasAR between May and September.

In 3Q22, total segment revenues reached US$2,008 million, increasing by 14.8% compared to 2Q22 and 25.2% y/y.

 

•

Crude oil revenues expanded by 14.5% q/q mainly led by a rise of 10.5% q/q in sales volumes as described above.

 

•

Natural gas revenues went up by 16.2% q/q, mainly due the seasonal price increase of 13.1% detailed previously, coupled by an increase of 2.8% in volumes sold.

 

Upstream Financials Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Crude oil			1,065				1,263				1,445				35.8	%			14.5	%			2,986				3,860				29.3	%
Natural gas			536				487				566				5.6	%			16.2	%			1,244				1,439				15.6	%
Other			4				(1	)			(3	)			N/A				354.7	%			7				(2	)			N/A
Revenues			1,604				1,749				2,008				25.2	%			14.8	%			4,237				5,296				25.0	%
Depreciation & amortization			(606	)			(506	)			(541	)			-10.7	%			7.0	%			(1,850	)			(1,522	)			-17.7	%
Lifting cost			(495	)			(610	)			(631	)			27.6	%			3.5	%			(1,365	)			(1,774	)			30.0	%
Royalties			(221	)			(239	)			(259	)			17.3	%			8.7	%			(579	)			(711	)			22.6	%
Exploration expenses			(10	)			(13	)			(19	)			92.5	%			45.5	%			(20	)			(42	)			111.3	%
Other			(50	)			(45	)			(152	)			201.9	%			241.7	%			(193	)			(285	)			47.7	%
Operating income before impairment of assets			222				337				406				82.8	%			20.3	%			229				962				320.6	%
Impairment of assets			—				—				(104	)			N/A				N/A				—				(104	)			N/A
Operating income			222				337				302				36.0	%			-10.5	%			229				858				275.2	%
Depreciation & amortization			606				506				541				-10.7	%			7.0	%			1,850				1,522				-17.7	%
Unproductive exploratory drillings			5				2				6				16.6	%			157.8	%			6				13				125.4	%
Impairment of assets			—				—				104				N/A				N/A				—				104				N/A
EBITDA			833				845				953				14.4	%			12.7	%			2,085				2,497				19.8	%
Leasing			(38	)			(39	)			(48	)			27.2	%			24.7	%			(115	)			(124	)			8.1	%
Other adjustments			0				1				1				478.3	%			76.4	%			0				2				506.6	%
Adjusted EBITDA			795				807				906				13.9	%			12.2	%			1,970				2,375				20.6	%
Capex			559				730				867				54.9	%			18.7	%			1,465				2,203				50.4	%
Unit Cash Costs Unaudited Figures, in US$/boe		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Lifting Cost			10.8				13.3				13.6				25.4	%			2.3	%			10.8				12.9				19.9	%
Royalties and other taxes			5.2				5.7				6.2				18.8	%			9.6	%			5.0				5.7				14.7	%
Other Costs			1.7				2.1				2.1				23.0	%			1.9	%			2.0				1.9				-4.5	%
Total Cash Costs (US$/boe)			17.8				21.0				21.9				22.9	%			4.2	%			17.7				20.5				15.7	%

In terms of our cost structure per unit basis, total cash costs increased by 4.2% sequentially and 22.9% y/y, due to the following:

 

•

Lifting cost increased by 2.3% q/q mainly driven by cost pressures in local currency that continue to run higher than the FX depreciation. Compared to 3Q21, lifting cost expanded 25.4%, driven by the previously mentioned inflationary process and the higher activity in terms of production, pulling and maitainance costs. When breaking down our lifting costs by type of operation in 3Q22, our unconventional activities averaged 3.8 US$/BOE a decrease of 1.4% q/q while our conventional activities averaged US$21.7 per BOE, a rise of 6.0% q/q. Lifting cost within our shale core hub achieved a further increase from 3.5 US$/boe in 2Q22 to 3.7 US$/boe in 3Q22, primarily due to the combination of higher maintenance activities and general cost pressures.

 

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•

Royalties within the upstream segment and other taxes increased 9.6% sequentially, where natural gas royalties increased by 18.2%, and oil royalties went up by 5.6%, mainly due to higher realization prices.

In summary, adjusted EBITDA for the upstream segment reached US$906 million in the quarter, growing by 12.2% q/q and 13.9% y/y.

 

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CAPEX:

During Q3 upstream capex totaled US$867 million, increasing by 18.7% sequentially and 54.9% y/y, where 70.7% was allocated to drilling and workover activities, 26.8% to new facilities or the expansion of existing ones, and the remaining 2.5% to exploration and other upstream activities.

During this quarter, drilling and workover activities continued with the positive trend initiated at the beginning of the year, completing a total of 75 new wells in our operated blocks. Regarding activity within our unconventional upstream operations, during the quarter, we completed a total of 36 new horizontal wells in our operated blocks, 33 of shale oil and 3 of shale gas and drilled a total of 47 new horizontal wells, 38 of which were in oil-producing blocks and 9 targeting shale gas, representing a new quarterly mark in terms of drilling activity.

In terms of efficiencies within our shale operations, during the third quarter we continued setting new records on drilling and fracking performance, averaging 259 meters per day in drilling and over 210 stages per set per month on fracking, increasing by 29% and 13% respectively, when compared to the same quarter in 2021. As an example of these productivity improvements, during the quarter we drilled the first slim-design wells with more than 4,000 meters of lateral length in Rincón del Mangrullo block, setting a new record in terms of horizontal length for a well with “slim-design”.

Moreover, we continued with the strategy of developing Vaca Muerta beyond the core hub blocks. In that regard, during the months of September and October we tied in 2 wells at our fully-owned Lajas Este block and we have just finished drilling the first delineation well at the Loma Amarilla block, also 100% owned by us, targeting to fracture it before the end of this year.

On the conventional side, our operations maintained their focus on sustainability related activities aiming to further reduce the priority risks in our facilities. At the same time, as described above, tertiary recovery activities continued being highly relevant during the quarter in the Manantiales Behr, El Trébol, Los Perales and Cañadón León blocks and secondary recovery activities remained on track mainly concentrated in the Golfo San Jorge basin.

 

 

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4.2. DOWNSTREAM

 

Downstream Operating data Unaudited Figures		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Crude processed (Kbbld)			263.0				287.6				279.0				6.1	%			-3.0	%			267.5				282.8				5.7	%
Refinery utilization (%)			80	%			88	%			85	%			490bps				-260bps				82	%			86	%			465bps
Sales volume
Sales of refined products (Km3)			4,610				4,743				4,920				6.7	%			3.7	%			13,015				14,235				9.4	%
Total domestic market			4,297				4,416				4,535				5.5	%			2.7	%			12,174				13,160				8.1	%
of which Gasoline			1,263				1,364				1,419				12.4	%			4.1	%			3,534				4,193				18.6	%
of which Diesel			2,084				2,284				2,288				9.8	%			0.2	%			5,826				6,602				13.3	%
Total export market			313				328				385				23.0	%			17.5	%			840				1,074				27.9	%
Sales of petrochemical products (Ktn)			197				139				115				-41.6	%			-17.0	%			567				382				-32.6	%
Domestic market			137				111				90				-34.1	%			-18.9	%			376				301				-20.0	%
Export market			60				27				25				-58.6	%			-8.9	%			192				82				-57.3	%
Sales of grain, flours and oils (Ktn)			381				517				449				17.6	%			-13.2	%			1,132				1,237				9.2	%
Domestic market			4				39				50				1117.2	%			29.3	%			26				96				265.9	%
Export market			377				478				398				5.6	%			-16.6	%			1,106				1,140				3.1	%
Sales of fertilizers (Ktn)			25				166				242				866.0	%			45.6	%			539				512				-4.9	%
Domestic market			25				166				242				866.0	%			45.6	%			539				512				-4.9	%
Net average prices of fuels in the domestic market
Gasoline (USD/m3)			516				589				564				9.3	%			-4.3	%			497				562				13.1	%
Diesel (USD/m3)			552				738				810				46.8	%			9.7	%			528				719				36.2	%
Other refined products (USD/bbl)			72				106				104				44.2	%			-2.5	%			66				99				49.8	%

Net Average domestic prices for gasoline and diesel are net of taxes, commissions, commercial bonuses and freights. Nominal capacity at 328.1 Kbbl/d since 1Q21.

Crude oil processed during the quarter stood at 279.0 Kbbl/d, which represented a decrease of 3.0% q/q and an increase of 6.1% y/y. The utilization rate was 85.0% and, despite the lower processing levels, during the third quarter we achieved a new record of gasoline and middle distillates production through the maximization of our refinery conversion levels. The sequential decrease in processing levels was primarily driven by a programmed maintenance stoppage in the Plaza Huincul refinery.

Domestic gasoline sales volumes increased by 4.1% q/q surpassing pre-pandemic levels by 9.4%, while domestic diesel volumes remained roughly stable sequentially, maintaining the record levels achieved during the previous quarter, standing 12.9% above pre-pandemic levels of the same third quarter of 2019. It is worth highlighting that diesel demand in the agro business declined by 21% during the quarter due to an intense drought, fully compensated by an increasing demand in the retail and industrial segments.

Net average diesel prices in the domestic market measured in U.S. dollar terms increased by 9.7% q/q, while net average gasoline prices decreased by 4.3% q/q. The sequential variation was the result of an active pricing policy at the pump, aiming at compensating the depreciation of the currency while also managing to partially track import parities. Moreover, during the third quarter, we have continued benefiting from a high pricing environment on the basket of refined products, other than gasoline and diesel, which represent between 15% and 20% of our total revenues. While the average price for this basket declined by 2.5% versus the previous quarter, among a decline of 13% in Brent oil price, it remained 44.2% above the average for the third quarter of 2021.

 

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Downstream Financials Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Diesel			1,220				1,775				1,950				59.8	%			9.9	%			3,252				5,008				54.0	%
Gasoline			720				880				878				21.9	%			-0.3	%			1,914				2,575				34.5	%
Other domestic market			528				844				1,007				90.8	%			19.4	%			1,613				2,473				53.3	%
Export market			394				671				559				41.9	%			-16.8	%			1,127				1,653				46.6	%
Revenues			2,861				4,170				4,394				53.6	%			5.4	%			7,907				11,708				48.1	%
Depreciation & amortization			(141	)			(138	)			(139	)			-1.1	%			1.0	%			(415	)			(411	)			-1.0	%
Refining & Logistics costs			(284	)			(344	)			(378	)			32.9	%			9.8	%			(768	)			(1,011	)			31.6	%
Fuels imports			(170	)			(346	)			(568	)			235.0	%			64.2	%			(339	)			(1,248	)			268.0	%
Crude oil purchases (intersegment + third parties)			(1,300	)			(1,600	)			(1,833	)			41.1	%			14.6	%			(3,721	)			(4,867	)			30.8	%
Biofuel purchases			(136	)			(251	)			(304	)			123.9	%			20.8	%			(333	)			(722	)			116.6	%
Non-oil agro purchases			(311	)			(503	)			(386	)			23.8	%			-23.3	%			(752	)			(1,080	)			43.7	%
Other			(285	)			(364	)			(413	)			44.7	%			13.6	%			(802	)			(1,061	)			32.2	%
Operating income before impairment of assets			235				625				374				59.2	%			-40.2	%			776				1,308				68.6	%
Impairment of assets			—				—				—				N/A				N/A				—				—				N/A
Operating income			235				625				374				59.2	%			-40.2	%			776				1,308				68.6	%
Depreciation & amortization			141				138				139				-1.1	%			1.0	%			415				411				-1.0	%
EBITDA			376				763				513				36.6	%			-32.7	%			1,191				1,719				44.3	%
Leasing			(21	)			(19	)			(20	)			-3.8	%			4.3	%			(56	)			(58	)			3.1	%
Other adjustments			(0	)			1				1				N/A				31.9	%			0				3				535.9	%
Adjusted EBITDA			355				745				494				39.4	%			-33.6	%			1,135				1,664				46.6	%
Holding results from oil products			48				192				40				-15.9	%			-79.0	%			217				300				38.2	%
Adjusted EBITDA excl. holding results from oil products			307				553				454				48.0	%			-17.9	%			918				1,364				48.6	%
Capex			113				171				226				100.1	%			32.5	%			245				502				104.7	%

Revenues during Q3 totaled US$4,394 million, an increase of 5.4% compared to 2Q22, mainly driven by higher prices of diesel and higher volumes dispatched of gasoline, jet fuel, lubricants, among others.

Refining and logistics costs went up 9.8% q/q, mainly as a result of the inflationary pressure on materials, services and energy costs in our refineries, coupled with higher transportation costs aligned with higher volumes sold of gasoline and jet fuel described above.

Separately, gasoline and diesel imports increased by 75.7% primarily due to higher prices and an even more pronounced increase in volumes. Crude oil purchases (including inter-segment purchases to our Upstream operations) increased by 14.6%, driven by a volume increase of 10.7%, primarly due to an inventory rebuilding and a higher crude oil realization price by 3.7%. Biofuel purchases increased by 20.8% mainly as a result of a higher mandatory biodiesel blend in force since mid-June and higher gasoline volumes sold in the quarter. Non-oil agro purchases decreased by 23.3%, aligned with the contraction in volume sales.

As a result, Downstream adjusted EBITDA, excluding inventories price effects from oil products, totaled US$17.8 per barrel of crude processed, decreasing q/q from US$21.1 per barrel of adjusted EBITDA recorded in the previous quarter. Within the Downstream segment, Refining & Marketing adjusted EBITDA reached US$15.0 per barrel, while Petrochemical business totaled US$2.9 per barrel.

 

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CAPEX:

In 3Q 2022, Downstream capex totaled US$226 million for the quarter, setting a 32.5% increase compared to the second quarter and a 100.1% rise y/y. Out of the total, 64.2% was allocated to refining, 19.4% to logistics, 8.4% to petrochemicals and the remaining 8% to marketing.

During 3Q22, we continued with the execution of the new fuel specifications project, including the construction of a new diesel hydrotreatment unit at the Luján de Cuyo refinery and a gasoline hydrotreatment and revamping of existing gasoline units, in La Plata industrial complex. The purpose of these works is to comply with the new fuel specifications established by Resolution No. 576/2019, which will come in force in 2024. In addition, we moved forward with the revamping of the Topping D Unit of the La Plata refinery, which will allow to process greater shale oil levels and is expected to be ready by 2024. In the same line, we started perliminary works for the revamping of the Topping Unit at the Plaza Huincul refinery, which will also enable us to increase the shale oil processing capacity.

In terms of midstream oil investments, which consolidate within the Downstream segment, we continued moving forward with our strategy of de-bottlenecking the continuous expansion of the Vaca Muerta formation. In that regard, during the quarter we continued advancing with the expansion of Oldelval’s oil pipeline, which will double up the existing evacuation capacity, the Oil Tanking Ebytem’s export terminal, as well as with the construction of the new “Vaca Muerta Norte” oil pipeline, that will connect the core hub blocks with the northern of the Neuquén Province and the trans-Andean oil pipeline.

Finally, during this quarter, we continued improving safety conditions for our people and facilities, complying with the current environmental regulations in refining operations, logistics and dispatch of oil products.

 

 

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4.3. GAS AND POWER

 

Gas & Power Financials Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Natural gas as producers (intersegment + third parties)			546				493				585				7.0	%			18.6	%			1,258				1,466				16.5	%
Natural gas retail segment			147				138				150				2.0	%			8.9	%			313				349				11.5	%
Other			51				117				122				141.5	%			4.0	%			120				325				169.5	%
Revenues			744				748				857				15.2	%			14.5	%			1,692				2,140				26.5	%
Depreciation & amortization			(14	)			(21	)			(20	)			45.4	%			-5.1	%			(38	)			(63	)			64.2	%
Natural gas purchases (intersegment + third parties)			(539	)			(490	)			(580	)			7.6	%			18.4	%			(1,252	)			(1,466	)			17.1	%
Other			(162	)			(197	)			(208	)			28.1	%			5.4	%			(393	)			(518	)			31.8	%
Operating income before impairment of assets			29				40				49				70.1	%			22.5	%			9				92				959.8	%
Impairment of assets			—				—				—				N/A				N/A				—				—				N/A
Operating income			29				40				49				70.1	%			22.5	%			9				92				959.8	%
Depreciation & amortization			14				21				20				45.4	%			-5.1	%			38				63				64.2	%
Impairment of assets			—				—				—				N/A				N/A				—				—				N/A
EBITDA			43				61				69				62.1	%			13.0	%			47				155				229.8	%
Leasing			(5	)			(6	)			(6	)			10.6	%			0.0	%			(16	)			(20	)			19.3	%
Other adjustments			(0	)			(1	)			(5	)			30269.3	%			616.5	%			3				(6	)			N/A
Adjusted EBITDA			37				54				58				56.6	%			7.0	%			34				130				284.5	%
Capex			4				11				27				570.5	%			148.5	%			14				45				214.9	%

Sales of natural gas as producers include domestic and external markets

Revenues during 3Q22 totaled US$857 million, rising 14.5% compared to 2Q22, mainly driven by an increase of 18.6% in sales of natural gas as producers – 68.2% of the segment’s sales—due to a price increase of 12.8%, led by the seasonality factor included in the Plan GasAR, and an expansion of 5.2% in volumes sold.

Natural gas sales from our controlled company Metrogas S.A. to the retail distribution segment (residential customers and small businesses) and to large customers (power plants and industries) – 17.5% of segment’s sales – increased by 8.9% q/q mainly driven by higher natural gas volumes dispatched of 5.3% and higher prices of 3.4%.

On a y/y basis, Gas & Power’s revenues increased by 15.2% driven by a 7.0% growth in natural gas sales as producers, a 2.0% expansion of the retail segment sales and a 141.5% increase in other sales, driven by the transfer from the Upstream segment of the sales of propane and butane, now included in the new Midstream gas unit.

Total operating costs, excluding depreciation and amortization, increased by 14.7% q/q primarily due to a 18.4% increase of gas natural purchases, in line with the sales’ growth during 3Q22.

As a whole, Adjusted EBITDA stood at US$58 million, showing a 7.0% growth compared to the US$54 recorded in 2Q22.

 

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CAPEX:

During 3Q22 Gas & Power capex totaled US$27 million, increasing by 148.4% sequentially, mainly focused on the construction of new midstream gas facilities. In that regard, during the quarter we made progress in the development of (i) the “Tex Randall Project”, aimed at increasing the gas processing up to 6 Mm3/d in the core hub blocks and (ii) the Rincón del Mangrullo expansion project, aimed at improving the gas transportation capacity to the regulated system by 5 Mm3/d.

Finally, in September 2022, YPF and Petronas, the national oil and gas company of Malaysia, signed a Memorandum Of Understanding (MOU) and a Joint Study and Development Agreement (JSDA) for an integrated liquefied natural gas (“LNG”) project in Argentina that will involve the potential construction of a LNG terminal, together with the development of upstream unconventional gas projects, the construction of the associated infrastructure (including gas pipelines), as well as the international LNG marketing and trading.

 

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4.4. CORPORATE AND OTHER

 

Corporate & Other Financials Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Revenues			224				280				330				47.4	%			17.8	%			548				845				54.0	%
Operating costs and other			(261	)			(375	)			(448	)			71.5	%			19.6	%			(664	)			(1,117	)			68.2	%
Operating income before impairment of assets			(37	)			(94	)			(118	)			215.7	%			25.0	%			(116	)			(272	)			135.4	%
Impairment of assets			—				—				—				N/A				N/A				—				—				N/A
Operating income			(37	)			(94	)			(118	)			215.7	%			25.0	%			(116	)			(272	)			135.4	%
Depreciation & amortization			22				29				23				6.6	%			-21.9	%			63				73				15.1	%
Impairment of assets			—				—				—				N/A				N/A				—				—				N/A
EBITDA			(16	)			(65	)			(95	)			501.2	%			46.3	%			(53	)			(200	)			280.1	%
Leasing			—				—				—				N/A				N/A				—				—				N/A
Other adjustments			5				18				41				778.6	%			130.5	%			5				60				1186.1	%
Adjusted EBITDA			(11	)			(47	)			(54	)			384.5	%			14.4	%			(48	)			(140	)			192.0	%
Capex			19				21				66				245.7	%			220.8	%			39				117				197.8	%

This business segment involves mainly corporate costs and other activities that are not reported in any of the previously mentioned business segments.

Corporate and other adjusted EBITDA represented a loss of US$54 million in 3Q 2022, compared to a loss of US$47 million in 2Q22.

Our subsidiary AESA maintained its adjusted EBITDA q/q as well as the Sand Mining Operations unit. Consequently, the sequential increase in the EBITDA loss was recorded in our corporate areas driven by higher cost explained by the reigning cost pressures.

Moreover, comparing the evolution of the EBITDA y/y, the loss rose almost 400%, primarly driven by some one-off real estate sales recorded the same quarter of last year.

 

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5. LIQUIDITY AND SOURCES OF CAPITAL

5.1. CASH FLOW SUMMARY

 

Summary Consolidated Cash Flow Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Cash BoP			540				795				667				23.5	%			-16.1	%			650				611				-6.0	%
Net cash flow from operating activities			1,086				1,334				1,585				45.8	%			18.8	%			3,141				4,352				38.5	%
Net cash flow from investing activities			(789	)			(1,021	)			(990	)			25.5	%			-3.1	%			(1,844	)			(2,850	)			54.6	%
Net cash flow from financing activities			(200	)			(379	)			(350	)			75.3	%			-7.6	%			(1,247	)			(1,100	)			-11.8	%
FX adjustments & other			(15	)			(62	)			(78	)			429.4	%			25.8	%			(77	)			(180	)			133.0	%
Cash EoP			623				667				834				33.8	%			25.0	%			623				834				33.8	%
Investment in financial assets			410				575				500				22.0	%			-13.0	%			410				500				22.0	%
Cash + short-term investments EoP			1,034				1,243				1,335				29.1	%			7.4	%			1,034				1,335				29.1	%
FCF			144				310				262				81.7	%			-15.3	%			740				963				30.1	%

FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).

In 3Q22 we continued the positive trend in our cash flow from operations, which reached US$1,585 million, comfortably covering our investment plan and interest payments, allowing for further net debt reduction. On a sequential basis, the cash flow from operations increased 18.8%, despite flat adjusted EBITDA levels, primarily due to positive working capital variations, the latter resulting from import duties paid in advance the previous quarter.

Net cash flow from investing activities was negative US$990 million, compared to negative US$1,021 million in 2Q22. This decrease, despite the expansion in our investment activity, was mainly driven by lower investments in financial assets. In 3Q21, net cash outflow from investing activities was negative US$789 million, significantly lower than 3Q22, mainly driven by the expansion in our CAPEX plan.

Net cash flow from financing activities amounted to negative US$350 million in 3Q22, standing at similar levels to those recorded in the previous quarter.

As a result, free cash flow before debt financing reached US$262 million during the quarter, being positive for the tenth consecutive quarter.

This improvement was achieved through a very strong profitability level, partially compensated by the increase of our investment plan, remaining on track to meet the target of the year.

In terms of liquidity, our cash and short-term investments stood at US$1,335 million by the end of September, an increase of US$92 million when compared to the previous quarter, including US$500 million of sovereign bonds and treasury notes.

In terms of cash management, during the quarter we continued with an active asset management approach to minimize FX exposure, considering the regulations in force that prevent us from holding a larger portion of our liquidity in foreign currency. In that sense, in a context of limited available dollarized instruments in the local market and given the high level of liquidity that continued during this quarter, we ended up with a consolidated net FX exposure of 31.0% of total liquidity. Nevertheless, if we consider the liquidity invested in inflation indexed instruments as a proxy-hedge to FX risk, the net exposure falls to 22.0%.

 

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5.2. NET DEBT

 

Net debt breakdown Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Q/Q Δ
Short-term debt			1,092				766				857				11.8	%
Long-term debt			6,397				6,320				6,133				-3.0	%
Total debt			7,489				7,085				6,989				-1.4	%
Avg. Interest rate for AR$-debt			35.1	%			42.4	%			56.2	%
Avg. Interest rate for US$-debt			7.5	%			7.9	%			7.9	%
% of debt in AR$			5	%			3	%			2	%
Cash + short term investments			1,034				1,243				1,335				7.4	%
% of cash in AR$			60	%			62	%			62	%
Net debt			6,455				5,843				5,655				-3.2	%

Average interest rates for AR$ and US$ debt refer to YPF on a stand-alone basis.    

As of September 30th, 2022, YPF’s consolidated net debt totaled US$5,655 million, decreasing by US$188 million q/q. On a year over year basis, the total reduction in our net debt reached US$801 million and, when comparing the 10 last consecutive quarters with positive free cash flow, the cumulative net debt reduction totals the staggering amount of US$1,985 million.

On the same note, in 3Q22 we delivered further reduction in our net leverage position, reaching a ratio of 1.18x net debt to 12-month adjusted EBITDA, showcasing the tremendous recovery in our operating and financial performance, after peaking a net leverage ratio of 4.9x in 1Q21. In addition, our liquidity position covers our debt amortizations for the following 18 months.

Additionally, in October 2022, the local rating agency Fix increased our local issuer rating by two notches to AAA from AA+. Moreover, the rating agency Moody’s announced a change in YPF’s outlook to positive from stable, in both cases, highlighting the continuous improvement in operating and financial performance, as well as the tremendous growth opportunities for the mid and log term.

Regarding our maturity profile, as of September 30th, 2022, we faced total maturities of US$52 million for the remaining three months of 2022, mainly consisting in trade financing facilities. Moreover, for 2023 we face total maturities of US$941million, mainly consisting of both local and international bonds amortizations (accounting for a 76% of total).

 

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The following chart shows the consolidated principal debt maturity profile of the company as of September 30th, 2022, expressed in millions of dollars:

 

 

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6. TABLES AND NOTES

6.1. CONSOLIDATED INCOME STATEMENT

 

Income Statement Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Revenues			3,621				4,855				5,179				43.0	%			6.7	%			9,618				13,669				42.1	%
Costs			(2,820	)			(3,444	)			(3,784	)			34.2	%			9.9	%			(7,697	)			(10,067	)			30.8	%
Gross profit			801				1,411				1,394				74.0	%			-1.1	%			1,921				3,601				87.5	%
Selling expenses			(280	)			(377	)			(384	)			37.1	%			1.9	%			(780	)			(1,015	)			30.1	%
Administrative expenses			(117	)			(159	)			(171	)			45.7	%			7.2	%			(335	)			(468	)			39.7	%
Exploration expenses			(10	)			(13	)			(19	)			92.2	%			45.2	%			(20	)			(43	)			110.6	%
Impairment of property, plant and equipment and intangible assets			—				—				(104	)			N/A				N/A				—				(104	)			N/A
Other operating results, net			34				(12	)			(16	)			N/A				36.3	%			30				(41	)			N/A
Operating income			428				850				701				63.8	%			-17.6	%			816				1,930				136.6	%
Income of interests in companies and joint ventures			45				133				145				225.4	%			8.7	%			117				393				235.6	%
Financial Income			157				455				641				307.2	%			40.8	%			617				1,397				126.5	%
Financial Cost			(304	)			(510	)			(618	)			102.8	%			21.1	%			(1,046	)			(1,530	)			46.3	%
Other financial results			65				51				92				41.3	%			80.3	%			182				200				9.8	%
Financial results, net			(82	)			(4	)			115				N/A				N/A				(247	)			67				N/A
Net profit before income tax			390				979				960				146.2	%			-1.9	%			686				2,390				248.5	%
Income tax			(153	)			(181	)			(282	)			84.2	%			55.8	%			(966	)			(666	)			-31.1	%
Net profit for the period			237				798				678				186.3	%			-15.0	%			(280	)			1,724				N/A
Net profit for shareholders of the parent company			232				790				677				192.4	%			-14.3	%			(271	)			1,717				N/A
Net profits for non-controlling interest			5				8				1				-81.0	%			-87.5	%			(10	)			7				N/A
Earnings per share attributable to shareholders of the parent company (basic and diluted)			0.59				2.01				1.72				191.5	%			-14.4	%			(0.69	)			4.37				N/A

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

 

Income Statement Unaudited Figures, in AR$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Revenues			353,558				578,011				719,440				103.5	%			24.5	%			904,321				1,685,620				86.4	%
Costs			(275,354	)			(410,626	)			(527,339	)			91.5	%			28.4	%			(722,825	)			(1,241,107	)			71.7	%
Gross profit			78,204				167,385				192,101				145.6	%			14.8	%			181,496				444,513				144.9	%
Selling expenses			(27,369	)			(44,888	)			(53,453	)			95.3	%			19.1	%			(73,335	)			(125,565	)			71.2	%
Administrative expenses			(11,522	)			(19,218	)			(24,377	)			111.6	%			26.8	%			(31,559	)			(58,369	)			85.0	%
Exploration expenses			(963	)			(1,553	)			(2,593	)			169.3	%			67.0	%			(1,926	)			(5,269	)			173.6	%
Impairment of property, plant and equipment and intangible assets			—				—				(14,108	)			N/A				N/A				—				(14,108	)			N/A
Other operating results, net			3,286				(1,370	)			(2,158	)			N/A				57.5	%			2,955				(4,985	)			N/A
Operating income			41,636				100,356				95,412				129.2	%			-4.9	%			77,631				236,217				204.3	%
Income of interests in companies and joint ventures			4,358				15,465				19,038				336.9	%			23.1	%			10,913				46,732				328.2	%
Financial Income			15,374				53,736				87,286				467.8	%			62.4	%			57,035				173,132				203.6	%
Financial Cost			(29,862	)			(60,960	)			(86,026	)			188.1	%			41.1	%			(97,633	)			(190,023	)			94.6	%
Other financial results			6,535				7,017				15,478				136.8	%			120.6	%			17,482				28,827				64.9	%
Financial results, net			(7,953	)			(207	)			16,738				N/A				N/A				(23,116	)			11,936				N/A
Net profit before income tax			38,041				115,614				131,188				244.9	%			13.5	%			65,428				294,885				350.7	%
Income tax			(15,070	)			(21,551	)			(39,006	)			158.8	%			81.0	%			(90,966	)			(82,223	)			-9.6	%
Net profit for the period			22,971				94,063				92,182				301.3	%			-2.0	%			(25,538	)			212,662				N/A
Net profit for shareholders of the parent company			22,500				93,087				91,896				308.4	%			-1.3	%			(24,583	)			211,586				N/A
Net profits for non-controlling interest			471				976				286				-39.3	%			-70.7	%			(955	)			1,076				N/A
Earnings per share attributable to shareholders of the parent company (basic and diluted)			57.33				236.84				233.72				3.08				(0.01	)			(62.60	)			538.25				N/A

 

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6.2. CONSOLIDATED BALANCE SHEET

 

Consolidated Balance Sheet		In US$ million								In AR$ million
Unaudited Figures		31-Dec-21				30-Sep-22				31-Dec-21				30-Sep-22
Non-current Assets
Intangible assets			419				412				43,014				60,612
Properties, plant and equipment			16,003				16,625				1,642,259				2,447,475
Assets for leasing			519				499				53,260				73,535
Investments in companies and joint ventures			1,529				1,866				156,925				274,672
Deferred tax assets, net			19				6				1,921				911
Other receivables			190				45				19,549				6,645
Trade receivables			43				10				4,363				1,478
Investment in financial assets			25				201				2,534				29,616
Total Non-current Assets			18,747				19,664				1,923,825				2,894,944
Current Assets
Assets held for disposal			1				0				103				0
Inventories			1,500				2,001				153,927				294,515
Contract assets			13				1				1,360				184
Other receivables			616				614				63,259				90,342
Trade receivables			1,305				1,673				133,904				246,349
Investment in financial assets			497				500				51,012				73,676
Cash and cash equivalents			611				834				62,678				122,793
Total Current Assets			4,543				5,623				466,243				827,859
Total Assets			23,290				25,287				2,390,068				3,722,803
Shareholders’ Equity
Shareholders’ contributions			102				65				10,504				9,561
Reserves, other comprehensive income and retained earnings			8,082				9,953				829,388				1,465,214
Non-controlling interest			80				101				8,226				14,807
Total Shareholders’ Equity			8,265				10,118				848,118				1,489,582
Non-current Liabilities
Provisions			2,519				2,548				258,478				375,160
Deferred tax liabilities, net			1,805				796				185,179				117,200
Income tax payable			29				33				3,026				4,858
Other taxes payable			2				1				201				194
Salaries and social security			32				4				3,262				556
Liabilities from leasing			276				247				28,335				36,316
Loans			6,534				6,133				670,535				902,880
Other liabilities			9				8				968				1,239
Accounts payable			9				8				888				1,185
Total non-current Liabilities			11,215				9,778				1,150,872				1,439,588
Current Liabilities
Provisions			188				178				19,297				26,201
Contract liabilities			130				254				13,329				37,362
Income tax payable			13				960				1,336				141,367
Other taxes payable			143				246				14,671				36,226
Salaries and social security			229				245				23,459				36,121
Liabilities from leasing			266				275				27,287				40,454
Loans			845				857				86,680				126,107
Other liabilities			34				10				3,468				1,492
Accounts payable			1,964				2,366				201,551				348,303
Total Current Liabilities			3,811				5,391				391,078				793,633
Total Liabilities			15,026				15,169				1,541,950				2,233,221
Total Liabilities and Shareholders’ Equity			23,290				25,287				2,390,068				3,722,803

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).    

 

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6.3. CONSOLIDATED CASH FLOW STATEMENT

 

Cash Flow Statement Unaudited Figures, in US$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Operating activities
Net income			237				798				678				186.3	%			-15.0	%			(280	)			1,724				N/A
Income of interests in companies and joint ventures			(45	)			(133	)			(145	)			225.4	%			8.7	%			(117	)			(393	)			235.6	%
Depreciation of property, plant and equipment			715				631				655				-8.4	%			3.9	%			2,175				1,875				-13.8	%
Depreciation of the right-of-use assets			52				50				56				7.4	%			12.5	%			151				157				4.1	%
Amortization of intangible assets			13				12				11				-16.1	%			-12.0	%			37				34				-9.0	%
Losses of property, plant and equipment and intangible assets and consumption of materials			74				100				111				50.9	%			11.5	%			244				296				21.4	%
Income tax charge			153				181				282				84.2	%			55.8	%			966				666				-31.1	%
Net increase in provisions			49				105				82				66.5	%			-22.0	%			193				260				34.2	%
Impairment of property, plant and equipment and intangible assets			—				—				104												—				104				N/A
Interest, exchange differences and others			105				126				(129	)			N/A				N/A				270				5				-98.1	%
Stock compensation plans			1				0				3				551.3	%			607.0	%			3				4				38.9	%
Accrued insurance			—				—				—				N/A				N/A				—				—				N/A
Results from exchange of debt instruments			—				—				—				N/A				N/A				(21	)			—				N/A
Results for assignment of participation in areas			(11	)			—				—				N/A				N/A				(16	)			—				N/A
Results from sales of assets held for disposal			(25	)			—				—				N/A				N/A				(58	)			—				N/A
Results from exchange of financial instruments			—				—				—				N/A				N/A				—				—				N/A
Changes in assets and liabilities
Trade receivables			(123	)			(231	)			(181	)			47.9	%			-21.4	%			(264	)			(526	)			98.8	%
Other receivables			(29	)			(135	)			(69	)			134.7	%			-49.0	%			(67	)			(47	)			-29.6	%
Inventories			(95	)			(210	)			(271	)			186.1	%			29.3	%			(206	)			(483	)			134.2	%
Accounts payable			(53	)			80				312				N/A				290.8	%			75				373				400.2	%
Other taxes payable			(15	)			(58	)			27				N/A				N/A				19				146				654.7	%
Salaries and Social Security			16				17				32				107.0	%			89.1	%			1				16				1339.7	%
Other liabilities			(24	)			(4	)			(2	)			-90.2	%			-42.6	%			(68	)			(26	)			-62.5	%
Decrease in provisions for payments / utilization			(14	)			(32	)			(47	)			235.2	%			49.7	%			(45	)			(109	)			144.5	%
Contract Assets			3				(4	)			14				384.9	%			N/A				(3	)			6				N/A
Contract Liabilities			104				(19	)			61				-41.3	%			N/A				111				210				88.9	%
Dividends received			—				64				2				N/A				-97.1	%			40				66				63.1	%
Insurance charge for loss of profit			—				—				—				N/A				N/A				5				1				-80.2	%
Income tax payments			(1	)			(4	)			(2	)			40.4	%			-52.5	%			(4	)			(8	)			97.1	%
Net cash flow from operating activities			1,086				1,334				1,585				45.8	%			18.8	%			3,141				4,352				38.5	%
Investing activities
Acquisitions of property, plant and equipment and intangible assets			(702	)			(820	)			(1,049	)			49.5	%			28.0	%			(1,695	)			(2,654	)			56.6	%
Contributions and acquisitions of interests in companies and joint ventures			—				—				(0	)			N/A				N/A				—				(0	)			N/A
Proceeds from sales of financial assets			103				195				168				63.7	%			-13.8	%			327				396				20.9	%
Payments for the acquisition of financial assets			(209	)			(416	)			(140	)			-33.1	%			-66.4	%			(547	)			(644	)			17.6	%
Interest received from financial assets			5				17				29				490.6	%			67.3	%			40				47				17.6	%
Collection for participation in areas and sale of assets			14				2				2				-82.6	%			36.8	%			32				6				-81.2	%
Net cash flow from investing activities			(789	)			(1,021	)			(990	)			25.5	%			-3.1	%			(1,844	)			(2,850	)			54.6	%
Financing activities
Payment of loans			(231	)			(232	)			(66	)			-71.3	%			-71.5	%			(1,310	)			(756	)			-42.3	%
Payment of interests			(183	)			(126	)			(183	)			0.0	%			44.5	%			(513	)			(482	)			-5.9	%
Proceeds from loans			286				9				47				-83.7	%			439.2	%			802				410				-48.9	%
Account overdraft, net			—				54				(47	)			N/A				N/A				—				(0	)			N/A
Acquisition of own shares			—				—				(6	)			N/A				N/A				—				(6	)			N/A
Payment of leasing			(72	)			(80	)			(93	)			28.9	%			15.4	%			(225	)			(258	)			14.7	%
Payment of interests related to income tax			(0	)			(2	)			(2	)			805.9	%			-1.1	%			(0	)			(5	)			972.8	%
Net cash flow from financing activities			(200	)			(379	)			(350	)			75.3	%			-7.6	%			(1,247	)			(1,100	)			-11.8	%
Effect of changes in exchange rates on cash and cash equivalents			3				26				45				1229.1	%			71.7	%			20				86				329.0	%
Translation adjustments			(18	)			(88	)			(123	)			579.2	%			39.4	%			(97	)			(266	)			173.6	%
Increase (decrease) in cash and cash equivalents			83				(128	)			167				100.7	%			N/A				(26	)			223				N/A
Cash and cash equivalents at the beginning of the period			540				795				667				23.5	%			-16.1	%			650				611				-6.0	%
Cash and cash equivalents at the end of the period			623				667				834				33.8	%			25.0	%			623				834				33.8	%

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

 

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Cash Flow Statement Unaudited Figures, in AR$ million		3Q21				2Q22				3Q22				Y/Y Δ				Q/Q Δ				9M21				9M22				Y/Y Δ
Operating activities
Net income			22,971				94,063				92,182				301.3	%			-2.0	%			(25,538	)			212,662				N/A
Income of interests in companies and joint ventures			(4,358	)			(15,465	)			(19,038	)			336.9	%			23.1	%			(10,913	)			(46,732	)			328.2	%
Depreciation of property, plant and equipment			69,548				74,560				89,569				28.8	%			20.1	%			202,975				226,938				11.8	%
Depreciation of the right-of-use assets			5,092				5,894				7,625				49.7	%			29.4	%			14,074				18,910				34.4	%
Amortization of intangible assets			1,246				1,492				1,621				30.1	%			8.6	%			3,485				4,295				23.2	%
Losses of property, plant and equipment and intangible assets and consumption of materials			7,151				11,738				15,074				110.8	%			28.4	%			22,706				35,915				58.2	%
Income tax charge			15,070				21,551				39,006				158.8	%			81.0	%			90,966				82,223				-9.6	%
Net increase in provisions			4,800				12,430				11,165				132.6	%			-10.2	%			17,978				31,248				73.8	%
Impairment of property, plant and equipment and intangible assets			—				—				14,108				N/A				N/A				—				14,108				N/A
Interest, exchange differences and others			9,966				14,033				(19,817	)			N/A				N/A				25,155				(5,019	)			N/A
Stock compensation plans			51				57				464				809.8	%			714.0	%			292				574				96.6	%
Accrued insurance			—				—				—				N/A				N/A				—				—				N/A
Results from exchange of debt instruments			—				—				—				N/A				N/A				(1,855	)			—				N/A
Results for assignment of participation in areas			(1,027	)			—				—				N/A				N/A				(1,499	)			—				N/A
Results from sales of assets held for disposal			(2,428	)			—				—				N/A				N/A				(5,549	)			—				N/A
Results from exchange of financial instruments			—				—				—				N/A				N/A				—				—				N/A
Changes in assets and liabilities
Trade receivables			(11,916	)			(27,199	)			(24,619	)			106.6	%			-9.5	%			(25,352	)			(63,891	)			152.0	%
Other receivables			(2,851	)			(15,902	)			(9,345	)			227.8	%			-41.2	%			(5,912	)			(8,600	)			45.5	%
Inventories			(9,202	)			(24,708	)			(36,774	)			299.6	%			48.8	%			(19,551	)			(61,767	)			215.9	%
Accounts payable			(5,134	)			9,405				42,318				N/A				350.0	%			5,799				49,781				758.4	%
Other taxes payable			(1,453	)			(6,886	)			3,675				N/A				N/A				1,275				15,725				1133.3	%
Salaries and Social Security			1,507				2,001				4,357				189.1	%			117.7	%			304				2,804				822.4	%
Other liabilities			(2,369	)			(492	)			(325	)			-86.3	%			-33.9	%			(6,339	)			(2,841	)			-55.2	%
Decrease in provisions for payments / utilization			(1,373	)			(3,729	)			(6,428	)			368.2	%			72.4	%			(4,127	)			(13,367	)			223.9	%
Contract Assets			283				(441	)			1,917				577.4	%			N/A				(265	)			1,060				N/A
Contract Liabilities			10,099				(2,231	)			8,283				-18.0	%			N/A				10,815				23,934				121.3	%
Dividends received			—				7,540				256				N/A				-96.6	%			3,794				7,796				105.5	%
Insurance charge for loss of profit			—				—				—				N/A				N/A				515				116				-77.5	%
Income tax payments			(129	)			(463	)			(253	)			96.1	%			-45.4	%			(387	)			(972	)			151.2	%
Net cash flow from operating activities			105,544				157,248				215,021				103.7	%			36.7	%			292,846				524,900				79.2	%
Investing activities
Acquisitions of property, plant and equipment and intangible assets			(68,176	)			(96,612	)			(142,371	)			108.8	%			47.4	%			(158,792	)			(322,612	)			103.2	%
Contributions and acquisitions of interests in companies and joint ventures			—				—				(40	)			N/A				N/A				—				(4,676	)			N/A
Proceeds from sales of financial assets			9,972				22,980				22,808				128.7	%			-0.7	%			30,512				49,261				61.4	%
Payments for the acquisition of financial assets			(20,284	)			(48,976	)			(18,955	)			-6.6	%			-61.3	%			(51,287	)			(77,340	)			50.8	%
Interest received from financial assets			475				2,034				3,919				725.1	%			92.7	%			3,696				6,042				63.5	%
Collection for participation in areas and sale of assets			1,376				212				334				-75.7	%			57.5	%			3,010				723				-76.0	%
Net cash flow from investing activities			(76,637	)			(120,362	)			(134,305	)			75.2	%			11.6	%			(172,861	)			(348,602	)			101.7	%
Financing activities
Payment of loans			(22,401	)			(27,381	)			(8,987	)			-59.9	%			-67.2	%			(120,045	)			(85,115	)			-29.1	%
Payment of interests			(17,730	)			(14,894	)			(24,772	)			39.7	%			66.3	%			(47,674	)			(58,140	)			22.0	%
Proceeds from loans			27,741				1,018				6,320				-77.2	%			520.8	%			73,788				45,068				-38.9	%
Account overdraft, net			—				6,332				(6,332	)			N/A				N/A				—				(794	)			N/A
Acquisition of own shares			—				—				(847	)			N/A				N/A				—				(847	)			N/A
Payment of leasing			(6,991	)			(9,470	)			(12,585	)			80.0	%			32.9	%			(20,971	)			(31,130	)			48.4	%
Payment of interests related to income tax			(26	)			(289	)			(329	)			1165.4	%			13.8	%			(47	)			(665	)			1314.9	%
Net cash flow from financing activities			(19,407	)			(44,684	)			(47,532	)			144.9	%			6.4	%			(114,949	)			(131,623	)			14.5	%
Effect of changes in exchange rates on cash and cash equivalents			329				3,089				6,108				1756.5	%			97.7	%			1,844				10,804				485.9	%
Increase (decrease) in cash and cash equivalents			9,829				(4,709	)			39,292				299.8	%			N/A				6,880				60,115				773.8	%
Cash and cash equivalents at the beginning of the period			51,669				88,210				83,501				61.6	%			-5.3	%			54,618				62,678				14.8	%
Cash and cash equivalents at the end of the period			61,498				83,501				122,793				99.7	%			47.1	%			61,498				122,793				99.7	%

 

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6.4. MAIN PHYSICAL MAGNITUDES

 

Main physical magnitudes Unaudited Figures		Unit		1Q21				2Q21				3Q21				4Q21				Cum. 2021				1Q22				2Q22				3Q22				Cum. 2022
Total Production		Kboe			39,330				41,961				45,591				44,542				171,424				45,523				45,836				46,406				137,765
Crude oil production		Kbbl			18,691				19,125				19,265				19,886				76,967				19,993				20,506				20,680				61,178
NGL production		Kbbl			2,653				3,329				3,832				2,757				12,572				3,979				3,796				3,496				11,271
Gas production		Mm3			2,860				3,102				3,576				3,482				13,020				3,427				3,424				3,535				10,385
Henry Hub		USD/MMBTU			2.7				3.0				4.3				4.8				3.7				4.6				7.5				6.8				14.3
Brent		USD/bbl			61.8				68.8				73.5				79.6				70.7				97.4				111.9				97.8				307.1
Sales volume (YPF stand alone)
Sales of refined products		Km3			4,232				4,365				4,702				4,756				18,055				4,571				4,743				4,920				14,235
Domestic market		Km3			3,993				4,077				4,389				4,396				16,855				4,209				4,416				4,535				13,160
Gasoline		Km3			1,240				1,032				1,263				1,452				4,987				1,410				1,364				1,419				4,193
Diesel		Km3			1,811				1,931				2,084				2,181				8,007				2,030				2,284				2,288				6,602
Jet fuel and kerosene		Km3			65				49				74				107				295				124				115				129				368
Fuel Oil		Km3			102				73				36				5				216				4				13				21				38
LPG		Km3			221				296				278				240				1,035				243				305				298				847
Other (*)		Km3			553				697				654				411				2,316				398				335				379				1,112
Export market		Km3			239				288				313				360				1,200				362				328				385				1,074
Petrochemical naphtha		Km3			0				96				89				20				205				22				53				85				159
Jet fuel and kerosene		Km3			25				27				29				59				140				74				81				89				243
LPG		Km3			74				23				62				154				313				124				28				73				225
Bunker (Diesel and Fuel Oil)		Km3			52				64				78				71				264				94				67				51				211
Other (*)		Km3			88				79				55				56				278				49				100				87				236
Sales of petrochemical products		Ktn			197				173				197				135				703				129				139				115				382
Domestic market		Ktn			116				123				137				114				489				99				111				90				301
Methanol		Ktn			43				57				71				53				224				68				76				54				197
Other		Ktn			73				66				66				60				265				32				35				37				103
Export market		Ktn			81				50				60				22				213				30				27				25				82
Methanol		Ktn			45				18				32				3				98				6				7				4				18
Other		Ktn			37				32				28				19				115				23				21				20				64
Grain, flours and oils		Ktn			294				456				381				238				1,371				271				517				449				1,237
Domestic market		Ktn			11				11				4				7				33				7				39				50				96
Export market		Ktn			284				445				377				232				1,338				264				478				398				1,140
Fertilizers		Ktn			186				328				25				221				760				104				166				242				512
Domestic market		Ktn			186				328				25				221				760				104				166				242				512
Main products imported (YPF stand alone)
Gasolines		Km3			82				6				46				89				223				122				40				49				211
Jet Fuel		Km3			0				4				0				6				9				2				0				1				4
Diesel		Km3			46				155				251				472				924				318				255				448				1,021

Other (*): Principally includes sales of oil and lubricant bases, asphalt, and residual carbon, among others.

 

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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 YPF’s 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 YPF’s 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 YPF’s control or may be difficult to predict.

YPF’s 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 Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 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.

 

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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.

 

		YPF Sociedad Anónima
Date: November 10, 2022		By:		/s/ Pablo Calderone
		Name:		Pablo Calderone
		Title:		Market Relations Officer