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Full Year 2015 Earnings Webcast – YPF S.A.

YPF S.A. · Mar 4, 2016 · 22 slides

Investor presentation from the Shale Experts oil & gas presentation and slide database. Every page is imaged and its text indexed for search across operators, plays, basins and time.

Slides

  1. Full Year 2015 Earnings Webcast – YPF S.A. – slide 1
    Full Year 2015 Earnings Webcast March 4, 2016 Buenos Aires, Argentina
  2. Full Year 2015 Earnings Webcast – YPF S.A. – slide 2
    Contents 1 2015 Highlights 2 Review of Operations 3 2015 Financial Results 4 2015 Financial Situation 5 Conclusions 3
  3. Full Year 2015 Earnings Webcast – YPF S.A. – slide 3
    2015 Highlights Revenues increased by 10% in Ps and decreased by 3.6% in USD driven by lower prices in dollars across most products Adj. EBITDA was up 14.8% in Ps and 0.8% in USD, maintaining margin around 30% Upstream production…
  4. Full Year 2015 Earnings Webcast – YPF S.A. – slide 4
    Review of Operations Results Expressed in US Dollars The Company continued to deliver solid results; Revenues down 3.5% and Adj. EBITDA up by 0.8%; Operating Income affected by impairment. Revenues (1) Adj. EBITDA (1) (2) Operating…
  5. Full Year 2015 Earnings Webcast – YPF S.A. – slide 5
    Review of Operations Production Total production grew 3% with focus in natural gas. Operated production grew 7%. Total Production (Kboe/d) Crude Oil Production (Kbbl/d) Natural Gas Production (Mm3/d) +3.0% +2.1% +4.1% 576.7…
  6. Full Year 2015 Earnings Webcast – YPF S.A. – slide 6
    Review of Operations Reserves Proven Reserves increased by 1.2%; tight and shale Reserves accounted for 11% of total P1 reserves. Total Hydrocarbon (Mboe) Liquids (Mbbl) Natural Gas (Mboe) RRR: 107% RRR: 104% RRR: 110% +1.2% +0.6%…
  7. Full Year 2015 Earnings Webcast – YPF S.A. – slide 7
    Review of Operations Downstream Performance Crude processing up 2.9% with 94% of capacity used. Sales of refined products grew 2% with gasoline growth of 3.6% and flat diesel volumes. Crude processed (kbbl/d) Domestic sales of refined…
  8. Full Year 2015 Earnings Webcast – YPF S.A. – slide 8
    Review of Operations Refined Products Demand Gasoline sales consistently above 2014; Diesel almost flat despite a difficult August. Monthly Gasoline Sales (Km3) Monthly Diesel Sales (Km3) 480 + 3.6% 800 - 0.4% 460 750 440 420…
  9. Full Year 2015 Earnings Webcast – YPF S.A. – slide 9
    Review of Operations Shale Oil & Gas Developments Operator 50.6 Gross Production 46.2 (Boe/d) 43.3 41.7 38.0 31.7 22.7 19.0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Next Steps for 2016 Cost…
  10. Full Year 2015 Earnings Webcast – YPF S.A. – slide 10
    Review of Operations Tight Gas Developments Tight gas production Loma La Lata Rincn del Mangrullo (121 km2 29,900 acres)(1) (183 km2 - 45,200 acres) in 2015 represented Objective: Lajas formation Objective: Mulichinco formation 12.1%…
  11. Full Year 2015 Earnings Webcast – YPF S.A. – slide 11
    Review of Operations Coke Project Total Capex (2012-2016) +950 MUSD Project start-up in 2nd half 2016 Increase diesel production volumes by 10% Significantly reduce Argentinas diesel imports
  12. Full Year 2015 Earnings Webcast – YPF S.A. – slide 12
    Review of Operations Sand Treating Facility for Hydraulic Stimulation Total Capex (2014-2017) +160 (*) MUSD Project start-up in Q1 2016 (Resin coated sand plant start-up in 2017) Treatment capacity of 1 MTn/y and 0.2 MTn/y of…
  13. Full Year 2015 Earnings Webcast – YPF S.A. – slide 13
    Review of Operations 2016 Upstream Activity Outlook 10 14 101 92 88 70 49 65 74 46 58 25 2011 2012 2013 2014 2015 Rigs WO Stand-By Rigs Stand-By WO Focus on productivity and efficiencies Target of +15% reduction of…
  14. Full Year 2015 Earnings Webcast – YPF S.A. – slide 14
    2015 Financial Results Revenues and Adj. EBITDA increased by 10% and 14.8% respectively, Operating Income dropped 16%. Revenues (millions of Ps) Adj.EBITDA (millions of Ps) (1) Operating Income (millions of Ps) +10.0% +14.8%…
  15. Full Year 2015 Earnings Webcast – YPF S.A. – slide 15
    2015 Financial Results Operating Income Operating Income reached Ps 16.6 billion during 2015, 16% below 2014, mostly driven by an increase in depreciation and impairment charge. (In million of Ps) 2,065 2,712 14,194 -10,361…
  16. Full Year 2015 Earnings Webcast – YPF S.A. – slide 16
    2015 Financial Results Upstream The Upstream business segment experienced a significant reduction in Operating Income, despite production increase. (In millions of Ps) 1,751 9,590 -5,755 12,353 -5,895 -2,535 7,535 -1,535…
  17. Full Year 2015 Earnings Webcast – YPF S.A. – slide 17
    2015 Financial Results Downstream Downstream Operating Income was down due to higher charge of Ps 1,485 million on crude oil and refined products stock write-down. In millions of Ps 6,754 281 -4,864 10,978 -2,661 8,446…
  18. Full Year 2015 Earnings Webcast – YPF S.A. – slide 18
    2015 Financial Situation Operating Cash Flow down due to working capital build-ups; higher cash position despite currency devaluation. Consolidated statement of cash flows Cash flow from operations (in millions of Ps) (in millions…
  19. Full Year 2015 Earnings Webcast – YPF S.A. – slide 19
    2015 Financial Situation Leverage ratio within target; extended average life of debt. Increase in account receivables with public sector. Financial debt amortization schedule (1) (2) (in millions of USD) Debt profile highlights…
  20. Full Year 2015 Earnings Webcast – YPF S.A. – slide 20
    Conclusions Stock Performance YPF stock traded in line with Brent oil price and peer group, despite significantly better performance. Last Six Months Trading EBITDA Evolution (2013-2015) 110% 140% EV/EBITDA = 2.7x 120% 100% 100%…
  21. Full Year 2015 Earnings Webcast – YPF S.A. – slide 21
    Conclusions Bond Performance YPF strong credit metrics are not reflected in YTM; also decoupled from Argentine sovereign rally. Yield To Maturity Net Debt / EBITDA % 2.72x 2.75x 12 Average= 2.28x 10 08 1.35x 06 1.25x 0.97x…
  22. Full Year 2015 Earnings Webcast – YPF S.A. – slide 22
    Conclusions Outlook 2016 Adapt to a new business environment by: 20% / 25% Capex reduction Flat hydrocarbon production with focus in natural gas Focus on cost reduction opportunities Finalize our new coke project to increase diesel…

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