YPF Sociedad Anónima operates as an energy company in Argentina. The company’s upstream operations consist of the exploration, development, and production of crude oil, natural gas and liquefied petroleum gas (LPG). The company’s downstream operations include the refining, marketing, transportation and distribution of oil; and a range of petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. Additionally, the company is active in the gas separation and natural gas distribution sectors both directly and through its investments in various affiliated companies. The company conducts its business according to various organizations, such as Upstream, which consists of the company’s ‘Exploration and Production’ segment; and Downstream, which consists of the company’s ‘Refining and Marketing’, ‘Natural Gas Distribution and Electricity Generation’ and ‘Chemicals’ segments. The Exploration and Production segment’s sales to third parties in Argentina and internationally include sales of natural gas and services fees (primarily for the transportation, storage and treatment of hydrocarbons and products). The Downstream segment purchases crude oil from the Exploration and Production segment and from third parties. Downstream activities include crude oil refining and transportation, as well as the marketing and transportation of refined fuels, lubricants, LPG, natural gas, petrochemical products and other refined petroleum products in the domestic wholesale and retail markets and the export markets. In addition, the company’s activities related to power generation, which are not material for the company, which the company has developed through its controlled company, YPF Energía Electrica S.A., and the company’s natural gas distribution activities, which the company has developed through Metrogas S.A. (Metrogas), are also included in Downstream activities. Upstream Operations As of December 31, 2015, the company held interests in 108 oil and gas fields in Argentina. The company had proved reserves of approximately 679 million barrels (mmbbl) of oil, including condensates and natural gas liquids (NGLs), and approximately 3,072 billion cubic feet of gas, representing aggregate reserves of approximately 1,226 million barrels of oil equivalent (mmboe). Downstream Operations The company is Argentina’s major refiner with operations conducted at three wholly-owned refineries with combined annual refining capacity of approximately 116 mmbbl (319.5 thousand barrels per day (mbbl/d)). The company also owns a 50% equity interest in Refinería del Norte, S.A. (Refinor), an entity jointly controlled with and operated by Petrobras Energía S.A., which has a refining capacity of 26.1 mbbl/d. The company’s retail distribution network for automotive petroleum products consisted of 1,538 YPF-branded service stations, of which the company owns 112 directly and through its 100% subsidiary, Operadora de Estaciones de Servicios S.A. (OPESSA) as of December 31, 2015. The company is a major petrochemical producer in Argentina and in the Southern Cone of Latin America, with operations conducted through its Ensenada industrial complex (Complejo Industrial Ensenada (CIE)) and Plaza Huincul site. In addition, Profertil S.A. (Profertil), a company that the company jointly controls with Agrium Holdco Spain S.L. (Agrium), is a major producer of urea in the Southern Cone. Exploration and Production The company’s portfolio includes approximately 1,400 projects to develop proved, probable and possible reserves, in addition to contingent and prospective resources related to future developments and exploration activity. In January 2014, the company acquired Petrobras Argentina S.A.’s 38.45% participation in the concession contract UTE Puesto Hernández executed between both companies for the exploitation of the Puesto Hernández area. The Puesto Hernández area is an exploitation concession located in the provinces of Neuquen and Mendoza. The company is the holder of the concession until 2027, owning 100% of the participation in the Puesto Hernández area and becoming the operator of the concession. As of December
ypf s.a.-sponsored adr (YPF:New York)
Macacha Güemes 515
Buenos Aires, C1106BKK
Phone: 54 11 5441 2000
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