FULL YEAR & 4th QUARTER 2018 EARNINGS WEBCAST March 8th, 2019 1
THE ARGENTINE CONTEXT Strong macro during first half of the year before FX crisis severely affected the economy Closure of capital markets for Argentina Export taxes imposed on all products and services Increase in international…
YPF 2018 MILESTONES UPSTREAM Substantial progress in Vaca Muerta: production increase, reduction in development and lifting cost, new infrastructure, FIDs that provide the basis for acceleration of shale oil production growth Organic…
YPF 2018 MILESTONES (cont.) DOWSTREAM Higher sales of gasoline and diesel despite economic downturn Increased prices periodically to close gap with import parity Acquisition of Oil Combustibles assets, allowing logistics efficiencies…
SAFETY AND SUSTAINABILITY AS CORE VALUES TOTAL IFR DOW JONES of people injured for each million hours worked SUSTAINABILITY INDEX (1) 2008 - 2018 Oil & Gas Upstream & Integrated Industry YPF score by RobecoSAM 1.89 100 DJSI OGX…
CREATING A LEANER AND MODERN COMPANY 2018 MAIN INITIATIVES TRANSFORMATION Real time well data analysis: implemented in STRATEGY +50% of the wells Efficiency in proppants value chain: 30% reduction in proppants costs achieved 15…
FULL YEAR 2018 Financial highlights Revenues of Ps 435.8 billion (+72.4%) Adj. EBITDA(1) of Ps 133.5 billion (+99.9%) Recurring Adj. EBITDA(1) of Ps 121.5 billion (+82.0%) CAPEX of Ps 95.4 billion (+64.4%) Proved reserves up…
ORGANIC INCREASE IN RESERVES Reserve Replacement Ratio 178% Shale P1 reserves representing 19% of total reserves TOTAL HYDROCARBON PROVED RESERVES (MBOE) 1,212 1,226 1,132 1,083 1,113 1,080 1,014 982 1,005 979 929 2008…
TOTAL PRODUCTION DECREASED BY 4.5% DRIVEN BY NATURAL GAS CURTAILMENTS TOTAL PRODUCTION PRODUCTION BREAKDOWN (KBOE/D) NGL (KBOE/D) Conventionals Shale + Tight Natural Gas -4.5% Crude Oil 20.9 555.0 555.0 530.2 530.2 -23.1% -39.5…
STRONG INCREASE IN NET SHALE PRODUCTION COMBINED WITH COST REDUCTIONS Dec 18 NET SHALE O&G PRODUCTION (1) 72 SHALE OIL DEVELOPMENT COST - LOMA CAMPANA (KBOE/D) (USD/BOE) 57.7 16.1 +57.0% 13.4 11.4 36.7 2016 2017 2018…
LOMA CAMPANA CONTINUOUSLY INCREASING WELL PRODUCTIVITY 300 TYPE WELL A AVERAGE CUMULATIVE OIL PRODUCTION KBBL KBBL 200 Type Well A 2,500 m 250 EUR OIL EUR GAS 1,036 27 100 200 KBBL Mm3 Type Well A - 2500m 2500m wells production…
WE ARE EXPANDING THE CURRENT SHALE OIL DEVELOPMENT HUB SIZE WITH 3 FIDs GROSS NEW GROSS DEDICATED PRODUCTION PRODUCING CAPEX 2019 (1) RIGS (1) Dec-2019 (1) WELLS IN 2019 (1) (MUSD) (KBOE/D) LOMA 4 40 59 670 CAMPANA-Ph2 LA…
GAS PRODUCTION, RESTRICTIONS AND PRICE 2018 NATURAL GAS PRODUCTION 2018 GAS REALIZATION PRICE Mm3/d USD/MMBTU Estimate vs. Actual NG Production Production curtailments Market 48 8 Subsidies 46 7 5 44 6 4 42 5 40 3 4 38 3…
DOMESTIC SALES OF MOST PRODUCTS INCREASED; CRUDE PROCESSED DECREASED DUE TO SCHEDULED MAINTENANCE STOPPAGES CRUDE PROCESSED SALES OF REFINED PRODUCTS (KBBL/D) (KM 3) -3.2% +0.7% 17,910 18,032 293.1 283.8 +3.7% Exports…
GRADUAL ADJUSTMENTS IN FUEL PRICES TO BRIDGE GAP WITH IMPORT PARITY FUELS BLENDED PRICE VS IMPORT PARITY(1) (% VARIATION) Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 Sep-18 Oct-18 Nov-18 Dec-18 Jan-19 Feb-19 Fuels…
DOWNSTREAM MARGIN RESILIENCE IN A CONTEXT OF COMBINED CURRENCY DEVALUATION AND OIL PRICE INCREASE DOWNSTREAM ADJUSTED EBITDA(1) F.O.B. REFINERY/TERMINAL PRICE (2) Excluding inventory revaluation USD/BBL (USD per refined barrel)…
INCREASE IN ANNUAL REVENUES AND ADJUSTED EBITDA REVENUES (1) RECURRING ADJ. EBITDA (1) (2) CAPEX (1) (In Millions of USD) (In Millions of USD) (In Millions of USD) +1.7% +8.8% -4.3% 15,544 4,410 3,496 15,291 3,347…
Q4 2018 RESULTS IN LINE WITH Q4 2017; MARGINS REMAINED STABLE REVENUES (1) RECURRING ADJ. EBITDA (1) (2) CAPEX (1) (In Millions of USD) (In Millions of USD) (In Millions of USD) -0.9% +0.1% -6.3% 3,976 3,939 956 978 957…
HIGHER CRUDE OIL PRICES AND LOWER COSTS IN THE UPSTREAM BUSINESS BOOSTED ADJUSTED EBITDA IN 2018 ADJ. EBITDA (In Billions of PS) 14.3 121.5 46.8 -2.1 -4.3 50.7 66.8 43.8 -77.8 16.1 Operating Non-cash (1) Recurring…
POSITIVE FREE CASH FLOW DRIVEN BY STRONG CASH GENERATION CONSOLIDATED STATEMENT OF ADJUSTED CASH FLOW FREE CASH FLOW (1) (In Billions of PS) (Cumulative, In Billions of PS) 20.9 36.8 125.1 12.8 23.9 8.8 -88.3 15.1 -26.3…
STRONG CASH POSITION TO COVER SHORT TERM MATURITIES FINANCIAL DEBT AMORTIZATION SCHEDULE (1) (2) USD denominated debt DETAILS (In Millions of USD) Peso denominated debt 1,724 1,761 90% denominated 1,515 in USD and 10% 1,468…
Outlook Continue improving safety track record; sustainability as a core Year 2019 value Focus on shale oil to accelerate growth based on outstanding 2018 results Secondary recovery turn around and massive deployment of EOR Shale…
FY18 & 4th Quarter Earnings Webcast Questions and answers 25
FULL YEAR & 4th QUARTER 2018 EARNINGS WEBCAST March 8th, 2019 26
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