Ypf Sociedad Anonima 6-K, filed May 18, 2023

Ypf Sociedad Anonima (YPF)

6-K 2023-05-18 For: 2023-05-18

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Added on April 11, 2026

About this 6-K

Ypf Sociedad Anonima filed this 6-K on May 18, 2023.

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Note	Description	Page
	Glossary of terms	1
	Legal Information	2
	Condensed interim consolidated statements of financial position	3
	Condensed interim consolidated statements of comprehensive income	4
	Condensed interim consolidated statements of changes in shareholders’ equity	5
	Condensed interim consolidated statements of cash flow	7
	Notes to the condensed interim consolidated financial statements:
1	General information, structure and organization of the Group’s business	8
2	Basis of preparation of the condensed interim consolidated financial statements	9
3	Seasonality of operations	11
4	Acquisitions and dispositions	11
5	Financial risk management	11
6	Business segment information	12
7	Financial instruments by category	17
8	Intangible assets	17
9	Property, plant and equipment	18
10	Right-of-use assets	21
11	Investments in associates and joint ventures	21
12	Inventories	24
13	Other receivables	24
14	Trade receivables	24
15	Investment in financial assets	25
16	Cash and cash equivalents	25
17	Provisions	25
18	Income Tax	26
19	Taxes payable	27
20	Salaries and social security	27
21	Lease liabilities	27
22	Loans	28
23	Other liabilities	30
24	Accounts payable	30
25	Revenues	30
26	Costs	32
27	Expenses by nature	33
28	Other net operating results	34
29	Net financial results	34
30	Investments in joint operations	34
31	Shareholders’ equity	35
32	Earnings per share	35
33	Issues related to Maxus Entities	35
34	Contingent assets and contingent liabilities	36
35	Contractual commitments	37
36	Main regulations	37
37	Balances and transactions with related parties	39
38	Employee benefit plans and similar obligations	42
39	Assets and liabilities in currencies other than the peso	43
40	Subsequent events	44


Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		Subsidiary A-Evangelista S.A.
AFIP		Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES		National Administration of Social Security (Administración Nacional de la Seguridad Social)
ASC		Accounting Standards Codification
Associate		Company over which YPF has significant influence as provided for in IAS 28
B2B		Business to Business
B2C		Business to Consumer
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Argentine Nation Bank (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
BONAR		Argentine Treasury Bonds (Bonos de la Nación Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CDS		Associate Central Dock Sud S.A.
CGU		Cash-Generating Units
CNDC		Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV		Argentine Securities Commission (Comisión Nacional de Valores)
CPI		Consumer Price Index published by INDEC
CSJN		Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán		Joint Venture CT Barragán S.A.
Dollar		United States Dollar
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA		Energía Argentina S.A. (formerly Integración Energética Argentina S.A. “IEASA”)
FACPCE		Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas)
FASB		Financial Accounting Standards Board
FOB		Free on board
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
Gas Austral		Associate Gas Austral S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
IIBB		Turnover tax (Impuesto a los ingresos brutos)
INDEC		National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
JO		Joint operation
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
LGS		General Corporations Law (Ley General de Sociedades) No. 19,550 (T.O. 1984), as amended
LNG		Liquified natural gas
LPG		Liquefied Petroleum Gas
MBtu		Million British thermal units
MEGA		Joint Venture Company Mega S.A.
Metroenergía		Subsidiary Metroenergía S.A.
Metrogas		Subsidiary Metrogas S.A.
MINEM		Former Ministry of Energy and Mining (Ministerio de Energía y Minería)
NO		Negotiable Obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
OLCLP		Joint Venture Oleoducto Loma Campana – Lago Pellegrini S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OPESSA		Subsidiary Operadora de Estaciones de Servicios S.A.
OTA		Joint Venture OleoductoTrasandino (Argentina) S.A.
OTC		Joint Venture OleoductoTrasandino (Chile) S.A.
PEN		National Executive Power (Poder Ejecutivo Nacional)
Peso		Argentine peso
PIST		Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil		Joint Venture Profertil S.A.
Refinor		Joint Venture Refinería del Norte S.A.
ROD		Record of decision
RTI		Integral Tariff Review (Revisión Tarifaria Integral)
RTT		Transitional Tariff Regime (Régimen Tarifario de Transición)
SE		Secretariat of Energy (Secretaría de Energía)
SEC		U.S. Securities and Exchange Commission
SEE		Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE		Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH		Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC		Under-Secretariat of Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary		Company controlled by YPF in accordance with the provisions of IFRS 10.
Sustentator		Joint Venture Sustentator S.A.
Termap		Associate Terminales Marítimas Patagónicas S.A.
TFN		National Fiscal Tribunal (Tribunal Fiscal de la Nación)
UNG		Unaccounted Natural Gas
US$		United States Dollar
US$/Bbl		Dollar per barrel
UVA		Unit of Purchasing Power
VAT		Value Added Tax
YPF Brasil		Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda.
YPF Chile		Subsidiary YPF Chile S.A.
YPF EE		Joint venture YPF Energía Eléctrica S.A.
YPF Gas		Associate YPF Gas S.A.
YPF Holdings		Subsidiary YPF Holdings, Inc.
YPF International		Subsidiary YPF International S.A.
YPF or the Company		YPF S.A.
YPF Perú		Subsidiary YPF E&P Perú S.A.C.
YPF Ventures		Subsidiary YPF Ventures S.A.U.
YTEC		Subsidiary YPF Tecnología S.A.
Y-LUZ		Subsidiary Y-LUZ Inversora S.A.U. controlled by YPF EE
WEM		Wholesale Electricity Market
WI		Working interest


YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
AS OF MARCH 31, 2023 AND DECEMBER 31, 2022 (UNAUDITED)
(Amounts expressed in millions of pesos)


	Notes		March 31, 2023		December 31, 2022
ASSETS
Non-current assets
Intangible assets		8		79,182		68,052
Property, plant and equipment		9		3,767,050		3,100,306
Right-of-use assets		10		112,591		95,748
Investments in associates and joint ventures		11		376,546		337,175
Deferred income tax assets, net		18		3,341		3,010
Other receivables		13		43,202		36,468
Trade receivables		14		1,101		1,027
Investment in financial assets		15		35,015		35,664

Total non-current assets				4,418,028		3,677,450

Current assets
Inventories		12		389,389		307,766
Contract assets		25		1,874		148
Other receivables		13		134,489		143,231
Trade receivables		14		275,518		266,201
Investment in financial assets		15		58,878		56,489
Cash and cash equivalents		16		211,905		136,874

Total current assets				1,072,053		910,709

TOTAL ASSETS				5,490,081		4,588,159

SHAREHOLDERS’ EQUITY
Shareholders’ contributions				6,411		6,306
Retained earnings				2,250,866		1,844,724

Shareholders’ equity attributable to shareholders of the parent company				2,257,277		1,851,030

Non-controlling interest				20,997		17,274

TOTAL SHAREHOLDERS’ EQUITY				2,278,274		1,868,304

LIABILITIES
Non-current liabilities
Provisions		17		451,578		455,213
Deferred income tax liabilities, net		18		330,402		306,708
Income tax liability		18		4,318		4,588
Taxes payable		19		177		185
Salaries and social security		20		437		215
Lease liabilities		21		55,850		48,224
Loans		22		1,301,199		1,053,196
Other liabilities		23		20,737		3,302
Accounts payable		24		1,492		1,319

Total non-current liabilities				2,166,190		1,872,950

Current liabilities
Provisions		17		102,946		34,981
Contract liabilities		25		19,683		13,577
Income tax liability		18		5,376		4,711
Taxes payable		19		30,648		30,660
Salaries and social security		20		44,250		52,622
Lease liabilities		21		62,226		52,061
Loans		22		231,479		201,808
Other liabilities		23		11,743		2,359
Accounts payable		24		537,266		454,126

Total current liabilities				1,045,617		846,905

TOTAL LIABILITIES				3,211,807		2,719,855

TOTAL LIABILITIES AND SHAREHOLDERS’ EQUITY				5,490,081		4,588,159


YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE-MONTH PERIOD ENDED MARCH 31, 2023 AND 2022 (UNAUDITED)
(Amounts expressed in millions of pesos, except per share information, expressed in pesos)


YPF SOCIEDAD ANONIMA
CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS
AS OF MARCH 31, 2023 AND COMPARATIVE INFORMATION (UNAUDITED)


			For the three-month period ended March 31,
	Notes		2023		2022
Net income
Revenues		25		820,325		401,451
Costs		26		(646,516)		(303,142)

Gross profit				173,809		98,309


Selling expenses		27		(82,750)		(40,506)
Administrative expenses		27		(30,970)		(14,774)
Exploration expenses		27		(3,698)		(1,123)
Other net operating results		28		(1,435)		(1,457)

Operating profit				54,956		40,449


Income from equity interests in associates and joint ventures		11		16,946		12,229

Financial income		29		116,187		32,110
Financial costs		29		(135,742)		(43,037)
Other financial results		29		24,007		6,332

Net financial results		29		4,452		(4,595)



Net profit before income tax				76,354		48,083


Income tax		18		(17,754)		(21,666)

Net profit for the period				58,600		26,417


Other comprehensive income

Items that may be reclassified subsequently to profit or loss:
Translation effect from subsidiaries, associates and joint ventures				(17,650)		(3,835)
Result from net monetary position in subsidiaries, associates and joint ventures⁽¹⁾				24,400		8,378
Items that may not be reclassified subsequently to profit or loss:
Translation differences from YPF				344,515		71,406

Other comprehensive income for the period				351,265		75,949



Total comprehensive income for the period				409,865		102,366


Net profit / (loss) for the period attributable to:
Shareholders of the parent company				58,566		26,603
Non-controlling interest				34		(186)
Other comprehensive income for the period attributable to:
Shareholders of the parent company				347,576		74,645
Non-controlling interest				3,689		1,304
Total comprehensive income for the period attributable to:
Shareholders of the parent company				406,142		101,248
Non-controlling interest				3,723		1,118
Earnings per share attributable to shareholders of the parent company:
Basic and diluted		32		149.60		67.69


	For the three-month period ended March 31, 2023
	Shareholders’ contributions
	Capital		Adjustment to capital		Treasury shares		Adjustment to treasury shares		Share-based benefit plans			Acquisition cost of treasury shares ⁽²⁾			Share trading premium		Issuance premiums		Total
Balance at the beginning of the fiscal year		3,915		6,072		18		29		289			(4,499)			(158)		640		6,306
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		109			-			-		-		109
Settlement of share-based benefit plans		-		-		-		-		(1)			(2)			(1)		-		(4)
Other comprehensive income		-		-		-		-		-			-			-		-		-
Net profit for the period		-		-		-		-		-			-			-		-		-

Balance at the end of the period		3,915		6,072		18		29		397			(4,501)			(159)		640		6,411


	Retained earnings														Equity attributable to
	Legal reserve		Reserve for future dividends		Reserve for investments		Reserve for purchase of treasury shares		Other comprehensive income			Unappropriated retained earnings and losses			Shareholders of the parent company		Non- controlling interest		Total shareholders’ equity
Balance at the beginning of the fiscal year		139,275		-		-		-		704,235			1,001,214	⁽⁴⁾		1,851,030		17,274		1,868,304
Accrual of share-based benefit plans ⁽³⁾		-		-		-		-		-			-			109		-		109
Settlement of share-based benefit plans		-		-		-		-		-			-			(4)		-		(4)
Other comprehensive income		24,975		-		-		-		130,440			192,161			347,576		3,689		351,265
Net profit for the period		-		-		-		-		-			58,566			58,566		34		58,600

Balance at the end of the period		164,250		-		-		-		834,675	⁽¹⁾		1,251,941	⁽⁴⁾		2,257,277		20,997		2,278,274


	*In millions of dollars*															In millions of pesos
	Upstream			Gas and Power		Industrialization		Commercialization		Central Administration and Others		Consolidation Adjustments ⁽¹⁾		Total		Total
For the three-month period ended March 31, 2023
Revenues		43			98		58		3,975		64		-		4,238		820,325
Revenues from intersegment sales		1,785			47		3,046		41		246		(5,165)		-		-

Revenues		1,828			145		3,104		4,016		310		(5,165)		4,238		820,325


Operating profit / (loss)		144	⁽³⁾		(27)		188		70		(64)		24		335		54,956
Income from equity interests in associates and joint ventures		-			82		7		-		-		-		89		16,946

Net financial results															2		4,452
Net profit before income tax															426		76,354
Income tax															(85)		(17,754)
Net profit for the period															341		58,600

Acquisitions of property, plant and equipment		1,015			52		202		12		17		-		1,298		264,595
Acquisitions of right-of-use assets		49			-		4		17		-		-		70		14,737

Other income statement items
Depreciation of property, plant and equipment ⁽²⁾		568			12		102		12		15		-		709		136,950
Amortization of intangible assets		-			3		7		-		-		-		10		1,921
Depreciation of right-of-use assets		34			-		15		7		-		-		56		10,703

Balance as of March 31, 2023
Assets		12,121			2,781		7,078		2,425		2,033		(146)		26,292		5,490,081


	As of March 31, 2023
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		16,405		-		-		16,405

		16,405		-		-		16,405

Cash and cash equivalents:
- Mutual funds		121,255		-		-		121,255

		121,255		-		-		121,255

		137,660		-		-		137,660


	As of December 31, 2022
Financial Assets	Level 1		Level 2		Level 3		Total
Investments in financial assets:⁽¹⁾
- Public securities		13,029		-		-		13,029

		13,029		-		-		13,029

Cash and cash equivalents:
- Mutual funds		59,524		-		-		59,524

		59,524		-		-		59,524

		72,553		-		-		72,553


	March 31, 2023		December 31, 2022
Net book value of intangible assets		87,477		75,086
Provision for impairment of intangible assets		(8,295)		(7,034)

		79,182		68,052


	Service concessions		Exploration rights		Other intangibles		Total
Cost		93,124		14,010		45,705		152,839
Accumulated amortization		66,452		-		38,913		105,365

Balance as of December 31, 2021		26,672		14,010		6,792		47,474


Cost
Increases		3,483		-		691		4,174
Translation effect		68,572		9,893		27,427		105,892
Adjustment for inflation ⁽¹⁾		-		-		6,363		6,363
Decreases, reclassifications and other movements		-		(4,346)		-		(4,346)

Accumulated amortization
Increases		3,560		-		2,692		6,252
Translation effect		49,484		-		26,628		76,112
Adjustment for inflation ⁽¹⁾		-		-		2,107		2,107
Decreases, reclassifications and other movements		-		-		-		-

Cost		165,179		19,557		80,186		264,922
Accumulated amortization		119,496		-		70,340		189,836

Balance as of December 31, 2022		45,683		19,557		9,846		75,086


Cost
Increases		666		-		89		755
Translation effect		29,656		3,501		11,926		45,083
Adjustment for inflation ⁽¹⁾		-		-		2,980		2,980
Decreases, reclassifications and other movements		-		(96)		-		(96)

Accumulated amortization
Increases		1,282		-		639		1,921
Translation effect		21,538		-		11,459		32,997
Adjustment for inflation ⁽¹⁾		-		-		1,413		1,413
Decreases, reclassifications and other movements		-		-		-		-

Cost		195,501		22,962		95,181		313,644
Accumulated amortization		142,316		-		83,851		226,167

Balance as of March 31, 2023		53,185		22,962		11,330		87,477


	March 31, 2023		December 31, 2022
Net book value of property, plant and equipment		3,915,602		3,233,211
Provision for obsolescence of materials and equipment		(31,536)		(26,671)
Provision for impairment of property, plant and equipment		(117,016)		(106,234)

		3,767,050		3,100,306


	Land and buildings		Mining property, wells and related equipment		Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		137,967		4,900,829		854,492		50,297		108,514		289,356		4,228		82,716		135,472		102,111		88,626		6,754,608
Accumulated depreciation		67,325		4,127,030		525,484		34,619		-		-		-		72,058		89,234		52,044		65,186		5,032,980

Balance as of December 31, 2021		70,642		773,799		329,008		15,678		108,514		289,356		4,228		10,658		46,238		50,067		23,440		1,721,628


Cost
Increases		141		49,165		9,433		1,654		129,830		441,811		6,152		181		-		-		5,104		643,471
Translation effect		86,377		3,647,068		634,515		32,957		75,915		218,533		2,401		58,485		99,489		-		47,208		4,902,948
Adjustment for inflation⁽¹⁾		19,713		-		-		5,440		2,060		6,441		-		3,239		-		96,791		23,621		157,305
Decreases, reclassifications and other movements		3,095		271,295		38,007		3,058		(105,285)		(268,710)		(6,299)		2,599		3,004		6,171		384		(52,681)

Accumulated depreciation
Increases		3,971		279,232		49,531		3,579		-		-		-		7,319		8,814		3,326		4,611		360,383
Translation effect		42,174		3,087,200		397,826		22,904		-		-		-		52,743		67,230		-		36,278		3,706,355
Adjustment for inflation⁽¹⁾		10,376		-		-		3,617		-		-		-		2,872		-		49,332		15,453		81,650
Decreases, reclassifications and other movements		(55)		(4,752)		(55)		(1,079)		-		-		-		8		(1,349)		(1,475)		(171)		(8,928)

Cost		247,293		8,868,357		1,536,447		93,406		211,034		687,431		6,482		147,220		237,965		205,073		164,943		12,405,651
Accumulated depreciation		123,791		7,488,710		972,786		63,640		-		-		-		135,000		163,929		103,227		121,357		9,172,440

Balance as of December 31, 2022		123,502		1,379,647		563,661		29,766		211,034		687,431		6,482		12,220		74,036		101,846		43,586		3,233,211


Cost
Increases		20		436		939		226		68,212		192,199		1,982		99		-		-		482		264,595
Translation effect		37,160		1,606,673		276,452		14,552		36,141		109,404		1,213		25,304		43,025		-		20,607		2,170,531
Adjustment for inflation⁽¹⁾		8,365		-		-		2,580		945		2,211		-		1,404		-		44,562		10,487		70,554
Decreases, reclassifications and other movements		2,833		105,461		8,836		950		(47,156)		(92,068)		(1,095)		16		2,353		2,907		73		(16,890)

Accumulated depreciation
Increases		1,408		116,980		17,417		1,382		-		-		-		1,576		2,962		1,304		1,597		144,626
Translation effect		18,404		1,352,693		175,926		10,008		-		-		-		23,256		29,574		-		15,762		1,625,623
Adjustment for inflation⁽¹⁾		4,499		-		-		1,697		-		-		-		1,252		-		22,431		7,167		37,046
Decreases, reclassifications and other movements		1		-		-		(263)		-		-		-		-		(552)		(10)		(72)		(896)

Cost		295,671		10,580,927		1,822,674		111,714		269,176		899,177		8,582		174,043		283,343		252,542		196,592		14,894,441
Accumulated depreciation		148,103		8,958,383		1,166,129		76,464		-		-		-		161,084		195,913		126,952		145,811		10,978,839

Balance as of March 31, 2023		147,568		1,622,544		656,545		35,250		269,176		899,177		8,582		12,959		87,430		125,590		50,781		3,915,602


	Provision for obsolescence of materials and equipment
Balance as of December 31, 2021		12,576

Increases charged to profit or loss		4,775
Applications due to utilization		(382)
Translation differences		9,624
Adjustment for inflation⁽¹⁾		78

Balance as of December 31, 2022		26,671

Increases charged to profit or loss		228
Applications due to utilization		(157)
Translation differences		4,731
Adjustment for inflation⁽¹⁾		63

Balance as of March 31, 2023		31,536


	Provision for impairment of property, plant and equipment
Balance as of December 31, 2021		66,793

Increases charged to profit or loss⁽¹⁾		18,427
Depreciation⁽²⁾		(22,364)
Translation differences		42,678
Adjustment for inflation⁽³⁾		700

Balance as of December 31, 2022		106,234

Increases charged to profit or loss		-
Depreciation⁽²⁾		(7,676)
Translation differences		18,129
Adjustment for inflation⁽³⁾		329

Balance as of March 31, 2023		117,016


	Land and buildings		Exploitation facilities and equipment		Machinery and equipment		Gas stations		Transportation equipment		Total
Cost		3,397		36,108		28,808		10,276		31,358		109,947
Accumulated depreciation		1,125		22,713		16,822		3,738		12,289		56,687

Balance as of December 31, 2021		2,272		13,395		11,986		6,538		19,069		53,260


Cost
Increases		402		21,655		2,330		676		20,265		45,328
Translation effect		2,347		30,633		21,376		6,025		25,259		85,640
Adjustment for inflation ⁽¹⁾		66		-		-		2,012		-		2,078
Decreases, reclassifications and other movements		(391)		(878)		(2,324)		(1,407)		(11,212)		(16,212)

Accumulated depreciation
Increases		1,092		10,878		7,529		1,626		14,614		35,739
Translation effect		1,199		19,894		14,611		2,288		13,198		51,190
Adjustment for inflation ⁽¹⁾		63		-		-		951		-		1,014
Decreases, reclassifications and other movements		(161)		(214)		(1,911)		(797)		(10,514)		(13,597)

Cost		5,821		87,518		50,190		17,582		65,670		226,781
Accumulated depreciation		3,318		53,271		37,051		7,806		29,587		131,033

Balance as of December 31, 2022		2,503		34,247		13,139		9,776		36,083		95,748


Cost
Increases		10		8,272		6,455		-		-		14,737
Translation effect		1,017		15,693		9,000		2,417		11,776		39,903
Adjustment for inflation ⁽¹⁾		32		-		-		843		-		875
Decreases, reclassifications and other movements		-		-		-		-		-		-

Accumulated depreciation
Increases		286		5,129		1,867		536		6,092		13,910
Translation effect		592		10,008		6,803		1,013		5,829		24,245
Adjustment for inflation ⁽¹⁾		31		-		-		486		-		517
Decreases, reclassifications and other movements		-		-		-		-		-		-

Cost		6,880		111,483		65,645		20,842		77,446		282,296
Accumulated depreciation		4,227		68,408		45,721		9,841		41,508		169,705

Balance as of March 31, 2023		2,653		43,075		19,924		11,001		35,938		112,591


	March 31, 2023		December 31, 2022
Amount of investments in associates		37,655		30,525
Amount of investments in joint ventures		338,891		306,650

		376,546		337,175


	Investments in associates and joint ventures
Balance as of December 31, 2021		156,925

Acquisitions and contributions		270
Income on investments in associates and joint ventures		58,082
Translation differences		123,223
Distributed dividends		(12,157)
Adjustment for inflation ⁽¹⁾		10,749
Capitalization in associates and joint ventures		83

Balance as of December 31, 2022		337,175

Acquisitions and contributions		1,174
Income on investments in associates and joint ventures		16,946
Translation differences		58,187
Distributed dividends		(41,235)
Adjustment for inflation ⁽¹⁾		4,299
Capitalization in associates and joint ventures		-

Balance as of March 31, 2023		376,546


	Associates				Joint ventures
	For the three-month period ended March 31,				For the three-month period ended March 31,
	2023		2022		2023		2022
Net income		1,452		222		15,494		12,007
Other comprehensive income		5,838		1,304		56,648		12,634

Comprehensive income for the period		7,290		1,526		72,142		24,641


	March 31, 2023 ⁽¹⁾		December 31, 2022 ⁽¹⁾
Total non-current assets		390,706,869		325,583,892
Cash and cash equivalents		39,770,106		16,684,788
Other current assets		38,573,317		31,531,592
Total current assets		78,343,423		48,216,380

Total assets		469,050,292		373,800,272


Financial liabilities (excluding Accounts Payable, Provisions and Other Liabilities)		177,278,915		127,658,505
Other non-current liabilities		19,377,601		17,103,150
Total non-current liabilities		196,656,516		144,761,655
Financial liabilities (excluding Accounts Payable, Provisions and Other Liabilities)		29,067,551		26,591,063
Other current liabilities		16,808,623		19,627,928
Total current liabilities		45,876,174		46,218,991

Total liabilities		242,532,690		190,980,646



Total shareholders’ equity		226,517,602		182,819,626


Dividends received		-		4,500,000

	For the three-month period ended March 31,
	2023 ⁽¹⁾		2022 ⁽¹⁾
Revenues		21,849,784		12,305,886
Interest income		4,087,844		856,074
Depreciation and amortization		5,229,556		2,810,352
Interest loss		(3,028,484)		(2,078,949)
Income tax		(4,157,274)		(1,502,534)
Operating profit		12,910,824		6,852,481


Net profit		11,253,667		3,697,379
Other comprehensive income		32,444,309		8,259,218

Total comprehensive income		43,697,976		11,956,597


	March 31, 2023			December 31, 2022
Refined products		259,848			202,465
Crude oil and natural gas		98,344			79,511
Products in process		9,696			9,083
Raw materials, packaging materials and others		21,501			16,707

		389,389	⁽¹⁾		307,766	⁽¹⁾


	March 31, 2023				December 31, 2022
	Non-current		Current		Non-current		Current
Receivables from services and sales of other assets		2,354		1,876		2,238		663
Tax credit and export rebates		28,600		39,166		27,086		61,958
Loans to third parties and balances with related parties ⁽¹⁾		6,312		2,329		1,750		5,359
Collateral deposits		2		1,189		2		961
Prepaid expenses		4,820		19,186		4,091		7,193
Advances and loans to employees		98		1,116		97		948
Advances to suppliers and custom agents ⁽²⁾		-		21,758		-		29,269
Receivables with partners in JO		2,844		42,775		2,752		31,659
Insurance receivables		-		-		-		60
Miscellaneous		1,350		5,242		1,144		5,301

		46,380		134,637		39,160		143,371
Provision for other doubtful receivables		(3,178)		(148)		(2,692)		(140)

		43,202		134,489		36,468		143,231


	Provision for doubtful trade receivables
	Non-current			Current
Balance as of December 31, 2021		9,788	⁽²⁾		10,432

Increases charged to expenses		-			3,324
Decreases charged to income		-			(853)
Applications due to utilization		-			(897)
Net exchange and translation differences		-			2,098
Result from net monetary position ⁽¹⁾		-			(694)

Balance as of December 31, 2022		9,788	⁽²⁾		13,410

Increases charged to expenses		-			762
Decreases charged to income		-			(167)
Applications due to utilization		-			-
Net exchange and translation differences		-			940
Result from net monetary position ⁽¹⁾		-			1

Balance as of March 31, 2023		9,788	⁽²⁾		14,946


	March 31, 2023		December 31, 2022
Cash and banks ⁽¹⁾		77,293		65,407
Short-term investments		13,357		11,943
Financial assets at fair value with changes in results ⁽²⁾		121,255		59,524

		211,905		136,874


	Provision for lawsuits and contingencies					Provision for environmental liabilities				Provision for hydrocarbon wells abandonment obligations				Total
	Non- current			Current		Non- current		Current		Non- current		Current		Non- current		Current
Balance as of December 31, 2021		89,473			2,204		9,802		7,023		159,203		10,070		258,478		19,297

Increases charged to expenses		30,082	⁽²⁾		10		10,509		-		28,139		-		68,730		10
Decreases charged to income		(60,624)	⁽³⁾		(11)		(257)		-		(7,320)		-		(68,201)		(11)
Applications due to utilization		(2,003)			(4,301)		-		(6,887)		-		(8,160)		(2,003)		(19,348)
Reclassifications and other movements		(7,245)	⁽⁴⁾		4,254		(7,935)		7,935		31,656		15,667		16,476		27,856
Net exchange and translation differences		51,526			1,563		4,871		12		125,462		5,602		181,859		7,177
Result from net monetary position ⁽¹⁾		(126)			-		-		-		-		-		(126)		-

Balance as of December 31, 2022		101,083			3,719		16,990		8,083		337,140		23,179		455,213		34,981

Increases charged to expenses		5,190			133		1,520		-		13,371		-		20,081		133
Decreases charged to income		(692)			-		-		-		-		-		(692)		-
Applications due to utilization		(39)			(1,362)		-		(2,307)		-		(5,552)		(39)		(9,221)
Reclassifications and other movements		(92,246)	⁽⁵⁾		64,214		(2,269)		2,269		(5,538)		5,538		(100,053)		72,021
Net exchange and translation differences		15,033			666		1,374		195		60,659		4,171		77,066		5,032
Result from net monetary position ⁽¹⁾		2			-		-		-		-		-		2		-

Balance as of March 31, 2023		28,331			67,370		17,615		8,240		405,632		27,336		451,578		102,946


	March 31, 2023		December 31, 2022 ⁽⁴⁾
Deferred tax assets
Provisions and other non-deductible liabilities		35,747		27,205
Lease liabilities		41,327		33,297
Tax losses carryforward		61,088		29,620
Miscellaneous		283		247

Total deferred tax assets		138,445		90,369


Deferred tax liabilities
Property, plant and equipment and others ⁽¹⁾		(196,325)		(181,957)
Adjustment for tax inflation ⁽²⁾		(216,492)		(170,961)
Right-of-use assets		(39,407)		(31,819)
Miscellaneous		(13,282)		(9,330)

Total deferred tax liabilities		(465,506)		(394,067)

Total Net deferred tax ⁽³⁾		(327,061)		(303,698)


	Lease liabilities
Balance as of December 31, 2021		55,622

Leases increase		45,328
Leases decrease		(2,626)
Payments		(44,960)
Financial accretions		9,961
Exchange and translation differences, net		36,879
Result from net monetary position ⁽¹⁾		81

Balance as of December 31, 2022		100,285

Leases increase		14,737
Leases decrease		-
Payments		(17,694)
Financial accretions		3,977
Exchange and translation differences, net		16,765
Result from net monetary position ⁽¹⁾		6

Balance as of March 31, 2023		118,076


							March 31, 2023				December 31, 2022
	Interest rate⁽¹⁾				Maturity		Non-current		Current		Non-current		Current
Pesos:
NO		69.67%	-	73.06%		2023-2024		25,855		3,085		11,374		1,022
Loans		81.38%	-	81.40%		2024		12,000		2,184		8,136		4,359
Account overdraft			-			-		-		-		-		12,487

								37,855		5,269		19,510		17,868

Currencies other than the peso:
NO ^{(2) (3)}		1.00%	-	10.00%		2023-2047		1,196,425		170,069		990,512		146,569
Export pre-financing		1.90%	-	5.50%		2023-2025		32,003		4,646		-		3,971
Imports financing		7.30%	-	8.96%		2023		-		4,399		-		3,647
Loans		2.68%	-	19.75%		2023-2027		34,916		47,096		43,174		29,753

								1,263,344		226,210		1,033,686		183,940

								1,301,199		231,479		1,053,196		201,808


	Loans
Balance as of December 31, 2021		757,215

Proceeds from loans		49,265
Payments of loans		(94,517)
Payments of interest		(73,123)
Account overdraft, net		11,693
Accrued interest ⁽¹⁾		91,714
Net exchange differences and translation		514,249
Result from net monetary position ⁽²⁾		(1,492)

Balance as of December 31, 2022		1,255,004

Proceeds from loans		88,027
Payments of loans		(26,084)
Payments of interest		(29,915)
Account overdraft, net		(12,487)
Accrued interest ⁽¹⁾		33,406
Net exchange differences and translation		224,795
Result from net monetary position ⁽²⁾		(68)

Balance as of March 31, 2023		1,532,678


												March 31, 2023				December 31, 2022

Month	Year	Principal Value		Class		Interest rate⁽¹⁾				Principal Maturity		Non-current		Current		Non-current		Current

YPF
—	1998	US$	15		-		Fixed	10.00	%		2028		3,094		127		2,624		42
April, February, October	2014/15/16	US$	1,522		Class XXVIII		Fixed	8.75	%		2024		72,314		59,772		61,318		48,336
September	2014	$	1,000		Class XXXIV		BADLAR + 0.1%	71.73	%		2024		167		171		167		228
April	2015	US$	1,500		Class XXXIX		Fixed	8.50	%		2025		236,325		3,404		200,391		7,192
October	2015	$	2,000		Class XLIII		BADLAR	69.67	%		2023		-		872		-		756
July, December	2017	US$	1,000		Class LIII		Fixed	6.95	%		2027		170,635		2,158		144,816		4,341
December	2017	US$	750		Class LIV		Fixed	7.00	%		2047		110,545		2,273		93,728		263
June	2019	US$	500		Class I		Fixed	8.50	%		2029		82,938		1,861		70,327		67
July	2020	US$	543		Class XIII		Fixed	8.50	%		2025		17,638		17,821		22,498		15,925
December, February	2020/21	US$	137		Class XIV		Fixed	2.00	%		2023		-		27,866		-		24,649
February	2021	US$	775		Class XVI		Fixed	9.00	%		2026		100,799		50,400		95,886		42,194
February	2021	US$	748		Class XVII		Fixed	9.00	%		2029		158,665		3,409		134,539		-
February	2021	US$	576		Class XVIII		Fixed	7.00	%		2033		115,411		-		96,356		1,836
February	2021	$	4,128		Class XIX		Fixed	3.50	%		2024		13,199		42		11,207		38
July ⁽²⁾	2021	US$	384		Class XX		Fixed	5.75	%		2032		80,227		859		68,029		1,724
January ⁽³⁾	2023	US$	230		Class XXI		Fixed	1.00	%		2026		47,834		119		-		-
January ⁽⁴⁾	2023	$	12,489		Class XXII		BADLAR + 3.0%	73.06	%		2024		12,489		2,000		-		-

													1,222,280		173,154		1,001,886		147,591


	For the three-month period ended March 31, 2023
	Upstream		Gas and Power		Industrialization		Commercialization		Central Administration and Others		Total
Diesel		-		-		1,261		327,074		-		328,335
Gasolines		-		-		691		170,181		-		170,872
Natural Gas ⁽¹⁾		-		13,632		-		58,031		-		71,663
Crude Oil		-		-		-		6,176		-		6,176
Jet fuel		-		-		13		57,214		-		57,227
Lubricants and by-products		-		-		-		27,198		-		27,198
Liquefied Petroleum Gas		-		-		-		19,738		-		19,738
Fuel oil		-		-		-		4,194		-		4,194
Petrochemicals		-		-		-		22,559		-		22,559
Fertilizers and crop protection products		-		-		-		18,962		-		18,962
Flours, oils and grains		-		-		-		6,023		-		6,023
Asphalts		-		-		147		8,169		-		8,316
Goods for resale at gas stations		-		-		-		6,407		-		6,407
Income from services		-		-		-		-		5,777		5,777
Income from construction contracts		-		-		-		-		7,494		7,494
Virgin naphtha		-		-		6,609		2,120		-		8,729
Petroleum coke		-		-		-		15,879		-		15,879
LNG Regasification		-		106		-		-		-		106
Other goods and services		8,191		6,412		1,899		7,587		100		24,189

		8,191		20,150		10,620		757,512		13,371		809,844


	For the three-month period ended March 31, 2023
	Production costs ⁽³⁾		Administrative expenses ⁽²⁾		Selling expenses			Exploration expenses		Total
Salaries and social security taxes		40,937		10,349		5,519			397		57,202
Fees and compensation for services		2,384		10,979		1,625			12		15,000
Other personnel expenses		12,156		1,170		541			16		13,883
Taxes, charges and contributions		6,420		630		36,663	⁽¹⁾		-		43,713
Royalties, easements and fees		49,259		-		115			81		49,455
Insurance		3,965		212		165			-		4,342
Rental of real estate and equipment		8,004		44		461			-		8,509
Survey expenses		-		-		-			1,541		1,541
Depreciation of property, plant and equipment		131,147		1,797		4,006			-		136,950
Amortization of intangible assets		1,333		570		18			-		1,921
Depreciation of right-of-use assets		10,150		4		549			-		10,703
Industrial inputs, consumable materials and supplies		23,537		268		871			41		24,717
Operation services and other service contracts		23,794		546		2,320			404		27,064
Preservation, repair and maintenance		62,686		1,666		2,806			73		67,231
Unproductive exploratory drillings		-		-		-			1,097		1,097
Transportation, products and charges		26,575		114		23,359			-		50,048
Provision for doubtful trade receivables		-		-		595			-		595
Publicity and advertising expenses		-		2,347		895			-		3,242
Fuel, gas, energy and miscellaneous		4,162		274		2,242			36		6,714

		406,509		30,970		82,750			3,698		523,927


	March 31, 2023		December 31, 2022
Non-current assets ⁽¹⁾		925,273		747,447
Current assets		34,914		27,740

Total assets		960,187		775,187

Non-current liabilities		60,665		52,133
Current liabilities		110,760		91,011

Total liabilities		171,425		143,144


	For the three-month period ended March 31,
	2023		2022
Balance at the beginning of the fiscal year		686,343		393,570
Other comprehensive income		124,873		32,605

Balance at the end of the period		811,216		426,175