Ypf Sociedad Anonima 6-K, filed Aug 11, 2023

Ypf Sociedad Anonima 6-K, filed Aug 11, 2023

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Ypf Sociedad Anonima (YPF)

6-K 2023-08-11 For: 2023-08-10

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Added on July 07, 2026

Ypf Sociedad Anonima filed this 6-K on August 11, 2023.

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1. MAIN HIGHLIGHTS			2

2. ANALYSIS OF CONSOLIDATED RESULTS			4

3. EBITDA AND ADJUSTED EBITDA RECONCILIATION			7

4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT			10

4.1. UPSTREAM			10

4.2. INDUSTRIALIZATION			14

4.3. COMMERCIALIZATION			17

4.4. GAS AND POWER			20

4.5. CORPORATE AND OTHER			22

5. LIQUIDITY AND SOURCES OF CAPITAL			23

5.1. CASH FLOW SUMMARY			23

5.2. NET DEBT			24

6. TABLES AND NOTES			26

6.1. CONSOLIDATED INCOME STATEMENT			26

6.2. CONSOLIDATED BALANCE SHEET			27

6.3. CONSOLIDATED CASH FLOW STATEMENT			28

6.4. MAIN PHYSICAL MAGNITUDES			30


Summary Consolidated Financials Unaudited Figures, in US$ million	2Q22		1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22		1H23			Y/Y Δ
Revenues		4,995		4,238			4,375			-12.4	%		3.2	%		8,755		8,613			-1.6	%
EBITDA		1,576		1,116			1,075			-31.8	%		-3.7	%		2,636		2,191			-16.9	%
Adjusted EBITDA		1,513		1,044			1,005			-33.5	%		-3.8	%		2,508		2,050			-18.3	%
Operating income before impairment of assets		885		335			221			-75.0	%		-34.0	%		1,289		556			-56.9	%
Operating income		885		335			221			-75.0	%		-34.0	%		1,289		556			-56.9	%
Net income before impairment of assets		810		341			380			-53.1	%		11.4	%		1,077		721			-33.1	%
Net income		810		341			380			-53.1	%		11.4	%		1,077		721			-33.1	%
EPS		2.04		0.87			0.86			-57.8	%		-1.1	%		2.72		1.73			-36.4	%
Capex		904		1,298			1,374			51.9	%		5.8	%		1,634		2,672			63.5	%
FCF		321		(17	)		(284	)		N/A			1570.6	%		700		(301	)		N/A
Cash and cash equivalents		1,242		1,296			1,470			18.4	%		13.4	%		1,242		1,470			18.4	%
Total debt		7,086		7,339			7,782			9.8	%		6.0	%		7,086		7,782			9.8	%


Consolidated Revenues Breakdown Unaudited Figures, in US$ million	2Q22		1Q23		2Q23		Y/Y Δ			Q/Q Δ			1H22		1H23		Y/Y Δ
Diesel		1,771		1,620		1,640		-7.4	%		1.3	%		3,053		3,260		6.8	%
Gasoline		880		892		833		-5.3	%		-6.6	%		1,696		1,726		1.8	%
Natural gas as producers (third parties)		413		270		386		-6.7	%		42.9	%		724		656		-9.4	%
Other		1,229		977		1,122		-8.7	%		14.8	%		2,112		2,100		-0.6	%

Total Domestic Market		4,293		3,759		3,982		-7.3	%		5.9	%		7,585		7,741		2.1	%

Jet fuel		128		162		107		-16.6	%		-33.9	%		214		268		25.2	%
Grain and flours		302		5		46		-84.7	%		846.8	%		415		51		-87.7	%
Crude oil		0		12		46		N/A			277.6	%		5		58		1026.3	%
Petchem & Other		272		300		195		-28.4	%		-35.2	%		536		495		-7.7	%

Total Export Market		702		479		393		*-43.9*	%		*-17.8*	%		1,170		872		*-25.5*	%

Total Revenues		4,995		4,238		4,375		*-12.4*	%		*3.2*	%		8,755		8,613		*-1.6*	%


Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Lifting cost		(610	)		(669	)		(746	)		22.4	%		11.5	%		(1,143	)		(1,415	)		23.8	%
Other Upstream		(111	)		(116	)		(124	)		11.5	%		6.8	%		(193	)		(241	)		24.5	%
Industrialization cost		(376	)		(415	)		(446	)		18.8	%		7.6	%		(693	)		(861	)		24.1	%
Commercialization, G&P, Corp. & Other		(211	)		(206	)		(271	)		28.6	%		32.0	%		(375	)		(477	)		27.3	%

Total OPEX		(1,308	)		(1,406	)		(1,588	)		*21.4*	%		*12.9*	%		(2,405	)		(2,994	)		*24.5*	%

Depreciation & Amortization		(689	)		(775	)		(854	)		23.9	%		10.2	%		(1,340	)		(1,629	)		21.6	%
Royalties		(241	)		(236	)		(247	)		2.4	%		4.4	%		(456	)		(483	)		5.8	%
Other costs		(336	)		(249	)		(260	)		-22.6	%		4.6	%		(581	)		(509	)		-12.3	%

Total Other Costs		(1,266	)		(1,260	)		(1,361	)		*7.5*	%		*8.0*	%		(2,377	)		(2,621	)		*10.3*	%

Fuels imports		(353	)		(400	)		(192	)		-45.6	%		-52.0	%		(690	)		(592	)		-14.2	%
Crude oil purchases to third parties		(309	)		(386	)		(323	)		4.5	%		-16.2	%		(565	)		(710	)		25.7	%
Biofuel purchases		(250	)		(230	)		(230	)		-8.1	%		0.0	%		(417	)		(459	)		10.2	%
Non-oil agro purchases		(503	)		(114	)		(253	)		-49.7	%		121.2	%		(693	)		(367	)		-47.0	%
Other purchases		(323	)		(224	)		(244	)		-24.4	%		8.8	%		(512	)		(468	)		-8.6	%
Stock variations		213			126			25			-88.3	%		-80.2	%		214			151			-29.4	%

Total Purchases & Stock Variations		(1,525	)		(1,228	)		(1,217	)		*-20.2*	%		*-0.9*	%		(2,662	)		(2,445	)		*-8.2*	%

Other operating results, net		(11	)		(9	)		12			N/A			N/A			(22	)		3			N/A

Operating Costs + Purchases + Impairment of Assets		(4,110	)		(3,903	)		(4,154	)		*1.1*	%		*6.4*	%		(7,466	)		(8,057	)		*7.9*	%


Reconciliation of Adjusted EBITDA Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Q/Q Δ
Net Income		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%
Financial results, net		22			(2	)		(140	)		N/A			6900.0	%		77			(142	)		N/A
Interests in companies and joint ventures		(132	)		(89	)		(94	)		-28.8	%		5.6	%		(247	)		(183	)		-25.9	%
Income tax		185			85			75			-59.5	%		-11.8	%		382			160			-58.1	%
Unproductive exploratory drillings		2			6			—			N/A			N/A			7			6			-14.3	%
Depreciation & amortization		689			775			854			23.9	%		10.2	%		1,340			1,629			21.6	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

EBITDA		1,576			1,116			1,075			*-31.8*	%		*-3.7*	%		2,636			2,191			*-16.9*	%

Leasing		(63	)		(72	)		(70	)		10.2	%		-2.3	%		(128	)		(141	)		10.3	%

Adjusted EBITDA		1,513			1,044			1,005			*-33.5*	%		*-3.8*	%		2,508			2,050			*-18.3*	%

YPF Sociedad Anónima

Date: August 10, 2023

/s/ Pedro Kearney

Pedro Kearney

Market Relations Officer


EBITDA breadkdown by segment Unaudited Figures, in US$ million	Upstream			Industrialization			Commercialization		Gas & Power			Corporate & Other			Consolid. Adjustments		Total
Operating income		75			155			46		22			(90	)		13		221
Depreciation & amortization		668			126			12		31			17			0		854
Unproductive exploratory drillings		—			—			—		—			—			—		—
Impairment of assets		—			—			—		—			—			—		—

EBITDA		743			281			57		53			(73	)		13		1,075

Leasing		(39	)		(20	)		2		(12	)		—			—		(70	)
Other adjustments		—			—			—		—			—			—		—

Adjusted EBITDA		704			261			59		42			(73	)		13		1,005


Upstream Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Crude oil		1,261			1,406			1,363			8.1	%		-3.0	%		2,411			2,769			14.9	%
Natural gas		484			358			473			-2.3	%		32.2	%		871			830			-4.7	%
Other		65			65			60			-8.1	%		-7.4	%		126			125			-1.0	%

Revenues		1,810			1,828			1,896			*4.8*	%		*3.7*	%		3,408			3,724			*9.3*	%

Depreciation & amortization		(507	)		(602	)		(668	)		31.7	%		11.0	%		(984	)		(1,270	)		29.0	%
Lifting cost		(610	)		(669	)		(746	)		22.4	%		11.5	%		(1,143	)		(1,415	)		23.8	%
Royalties		(238	)		(233	)		(244	)		2.4	%		4.7	%		(450	)		(476	)		5.7	%
Exploration expenses		(14	)		(18	)		(8	)		-42.9	%		-55.6	%		(24	)		(26	)		8.3	%
Other		(91	)		(162	)		(155	)		69.9	%		-4.5	%		(224	)		(317	)		41.7	%

Operating income before impairment of assets		350			144			75			*-78.6*	%		*-47.9*	%		582			219			*-62.4*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		350			144			75			*-78.6*	%		*-47.9*	%		582			219			*-62.4*	%

Depreciation & amortization		507			602			668			31.7	%		11.0	%		984			1,270			29.0	%
Unproductive exploratory drillings		2			6			—			N/A			N/A			7			6			-14.3	%
Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

EBITDA		859			752			743			*-13.5*	%		*-1.2*	%		1,573			1,495			*-5.0*	%

Leasing		(39	)		(42	)		(39	)		1.2	%		-6.1	%		(76	)		(81	)		6.2	%

Adjusted EBITDA		821			710			704			*-14.3*	%		*-0.9*	%		1,497			1,414			*-5.6*	%

Capex		712			1,015			1,017			*42.8*	%		*0.2*	%		1,311			2,032			*55.0*	%


Unit Cash Costs Unaudited Figures, in US$/boe	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Lifting Cost		13.3			14.6			16.0			20.1	%		9.5	%		12.5			15.3			22.1	%
Royalties and other taxes		6.5			6.5			6.5			1.1	%		0.9	%		6.2			6.5			5.3	%
Other Costs		2.7			2.7			2.9			9.7	%		7.1	%		2.4			2.8			19.5	%

Total Cash Costs (US$/boe)		22.5			23.8			25.5			*13.4*	%		*6.9*	%		21.1			24.6			*16.9*	%


Industrialization Operating data Unaudited Figures	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Crude processed (Kbbld)		287.6			307.2			305.1			6.1	%		-0.7	%		284.7			306.1			7.5	%
Refinery utilization (%)		88	%		94	%		93	%		535bps			-63bps			87	%		93	%		653bps


Industrialization Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		3,267			3,104			2,894			*-11.4*	%		*-6.8*	%		5,831			5,998			*2.9*	%

Depreciation & amortization		(111	)		(124	)		(126	)		13.5	%		1.6	%		(219	)		(250	)		14.2	%
Industrialization cost		(376	)		(415	)		(446	)		18.8	%		7.6	%		(693	)		(861	)		24.1	%
Fuels imports (third parties)		(309	)		(344	)		(158	)		-48.9	%		-54.0	%		(613	)		(502	)		-18.2	%
Crude oil purchases (intersegment + third parties)		(1,590	)		(1,802	)		(1,662	)		4.5	%		-7.8	%		(3,010	)		(3,463	)		15.1	%
Biofuel purchases (third parties)		(250	)		(230	)		(230	)		-8.1	%		0.0	%		(417	)		(459	)		10.2	%
Stock variations		46			91			(25	)		N/A			N/A			133			66			-50.3	%
Other		(152	)		(94	)		(92	)		-39.4	%		-1.5	%		(267	)		(186	)		-30.2	%

Operating income before impairment of assets		525			188			155			*-70.5*	%		*-17.6*	%		745			343			*-54.0*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		525			188			155			*-70.5*	%		*-17.6*	%		745			343			*-54.0*	%

Depreciation & amortization		111			124			126			13.5	%		1.6	%		219			250			14.2	%
EBITDA		636			312			281			*-55.8*	%		*-9.9*	%		964			593			*-38.5*	%

Leasing		(1	)		(20	)		(20	)		1289.2	%		0.3	%		(4	)		(41	)		853.4	%
Adjusted EBITDA		635			292			261			*-58.9*	%		*-10.6*	%		960			553			*-42.4*	%
Inventories price effect of oil products		171			(48	)		(22	)		N/A			-54.6	%		223			(70	)		N/A
Adjusted EBITDA excl. inventories price effect of oil products		463			340			283			*-39.0*	%		*-16.9*	%		737			623			*-15.5*	%

Capex		146			202			253			*72.8*	%		*25.0*	%		243			455			*86.9*	%


Commercialization Operating data Unaudited Figures	2Q22		1Q23		2Q23		Y/Y Δ			Q/Q Δ			1H22		1H23		Y/Y Δ
Sales volume to third parties
Sales of refined products (Km3)		4,782		4,790		4,873		*1.9*	%		*1.7*	%		9,347		9,663		*3.4*	%
Total domestic market (*)		4,455		4,346		4,483		0.6	%		3.1	%		8,664		8,830		1.9	%
of which Gasoline		1,364		1,515		1,431		5.0	%		-5.5	%		2,774		2,946		6.2	%
of which Diesel		2,284		2,052		2,227		-2.5	%		8.6	%		4,314		4,279		-0.8	%
Total export market		327		444		390		19.3	%		-12.1	%		682		834		22.2	%

Sales of petrochemical products (Ktn)		139		141		122		*-12.3*	%		*-14.0*	%		267		263		*-1.7*	%

Domestic market		111		83		70		-36.9	%		-15.8	%		210		153		-27.1	%
Export market		27		58		51		87.8	%		-11.3	%		57		109		92.0	%

Sales of Natural Gas (Mm3)		3,162		2,845		2,983		*-5.7*	%		*4.8*	%		6,313		5,828		*-7.7*	%

Domestic market		3,081		2,649		2,883		-6.4	%		8.8	%		6,019		5,533		-8.1	%
Export market		81		196		100		23.0	%		-49.1	%		294		295		0.6	%

Sales of fertilizers, grain, and flours (Ktn)		683		215		448		*-34.4*	%		*107.9*	%		1,058		663		*-37.3*	%

Domestic market		205		206		345		68.3	%		67.5	%		317		551		74.2	%
Export market		478		9		103		-78.5	%		1001.8	%		742		112		-84.9	%
Net average prices
Gasoline (USD/m3) (domestic market)		589		536		526		-10.8	%		-1.9	%		562		531		-5.6	%
Diesel (USD/m3) (domestic market)		738		745		692		-6.3	%		-7.1	%		670		718		7.2	%
Other refined products (USD/bbl) (including exports)		106		86		78		-26.7	%		-8.9	%		95		82		-14.5	%


Commercialization Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Diesel (third parties)		1,771			1,610			1,600			-9.6	%		-0.6	%		3,038			3,210			5.7	%
Gasoline (third parties)		880			889			828			-5.9	%		-6.9	%		1,696			1,717			1.2	%
Natural gas as producers (intersegment + third parties)		491			355			479			-2.3	%		34.8	%		880			835			-5.1	%
Other domestic market		886			725			781			-11.9	%		7.7	%		1,555			1,505			-3.2	%
Export market		686			437			368			-46.4	%		-15.9	%		1,121			805			-28.1	%

Revenues		4,713			4,016			4,056			*-13.9*	%		*1.0*	%		8,290			8,072			*-2.6*	%

Depreciation & amortization		(28	)		(19	)		(12	)		-58.9	%		-39.0	%		(54	)		(31	)		-43.6	%
Refined & petrochemicals Products purchases (intersegment)		(3,091	)		(2,868	)		(2,681	)		-13.3	%		-6.5	%		(5,500	)		(5,549	)		0.9	%
Non-oil agro purchases (third parties)		(503	)		(114	)		(253	)		-49.7	%		121.2	%		(693	)		(367	)		-47.0	%
Natural gas purchases (intersegment + third parties)		(493	)		(359	)		(481	)		-2.3	%		33.9	%		(887	)		(841	)		-5.2	%
Stock variations		164			4			42			-74.6	%		897.7	%		179			46			-74.4	%
Commercialization cost & Other		(643	)		(589	)		(625	)		-2.8	%		6.1	%		(1,112	)		(1,214	)		9.2	%

Operating income before impairment of assets		120			70			46			*-61.7*	%		*-34.3*	%		223			116			*-48.0*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		120			70			46			*-61.7*	%		*-34.3*	%		223			116			*-48.0*	%
Depreciation & amortization		28			19			12			-58.9	%		-39.0	%		54			31			-43.6	%

EBITDA		148			89			57			*-61.3*	%		*-35.6*	%		277			146			*-47.2*	%

Leasing		(17	)		(10	)		2			N/A			N/A			(34	)		(8	)		-75.5	%

Adjusted EBITDA		131			79			59			*-55.0*	%		*-25.7*	%		243			138			*-43.3*	%

Inventories price effect of oil products		20			(10	)		(9	)		N/A			-3.3	%		20			(19	)		N/A
Adjusted EBITDA excl. inventories price effect of oil products		111			89			68			*-38.2*	%		*-23.2*	%		223			157			*-29.4*	%

Capex		20			12			28			*42.5*	%		*133.3*	%		26			40			*56.0*	%


GAS & POWER Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Natural gas retail (third parties)		157			65			145			-7.6	%		122.2	%		229			210			-8.3	%
Midstream Gas Revenues (intersegment + third parties)		53			54			48			-9.5	%		-10.6	%		103			102			-1.9	%
Other		59			26			71			20.4	%		171.9	%		85			97			13.9	%

Revenues		269			145			264			*-1.9*	%		*82.1*	%		418			409			*-2.2*	%

Depreciation & amortization		(19	)		(15	)		(31	)		65.5	%		105.8	%		(42	)		(46	)		10.8	%
Natural gas retail purchases (intersegment + third parties)		(99	)		(50	)		(98	)		-1.6	%		94.4	%		(141	)		(148	)		4.9	%
Midstream Gas purchases (intersegment)		(16	)		(19	)		(14	)		-9.9	%		-25.5	%		(32	)		(33	)		3.5	%
Operating cost & Other		(103	)		(88	)		(99	)		-4.1	%		12.8	%		(175	)		(187	)		6.6	%

Operating income before impairment of assets		32			(27	)		22			*-31.3*	%		*N/A*			28			(5	)		*N/A*

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		32			(27	)		22			*-31.3*	%		*N/A*			28			(5	)		*N/A*

Depreciation & amortization		19			15			31			65.5	%		105.8	%		42			46			10.8	%

EBITDA		51			(12	)		53			*4.6*	%		*N/A*			70			41			*-40.7*	%

Leasing		(6	)		—			(12	)		99.8	%		N/A			(14	)		(12	)		-15.0	%

Adjusted EBITDA		45			(12	)		42			*-7.7*	%		*N/A*			56			30			*-47.0*	%

Capex		11			52			45			*324.9*	%		*-13.5*	%		16			97			*522.2*	%


Corporate & Other Financials Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		258			310			*335*			*29.7*	%		*8.1*	%		465			645			*38.6*	%

Operating costs and other		(340	)		(374	)		(425	)		24.9	%		13.7	%		(603	)		(799	)		32.5	%

Operating income before impairment of assets		(82	)		(64	)		(90	)		*9.7*	%		*40.6*	%		(138	)		(154	)		*11.6*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A
Operating income		(82	)		(64	)		(90	)		*9.7*	%		*40.6*	%		(138	)		(154	)		*11.6*	%
Depreciation & amortization		26			15			17			-34.0	%		13.3	%		44			32			-26.9	%

EBITDA		(56	)		(49	)		(73	)		*29.8*	%		*49.0*	%		(94	)		(122	)		*29.4*	%

Leasing		—			—			—			N/A			N/A			—			—			N/A
Adjusted EBITDA		(56	)		(49	)		(73	)		*29.8*	%		*49.0*	%		(94	)		(122	)		*29.4*	%

Capex		15			17			31			*100.5*	%		*82.4*	%		38			48			*24.8*	%


Summary Consolidated Cash Flow Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Cash BoP		795			773			1,014			27.5	%		31.2	%		611			773			26.5	%
Net cash flow from operating activities		1,351			1,497			1,309			-3.1	%		-12.6	%		2,780			2,806			0.9	%
Net cash flow from investing activities		(1,037	)		(1,189	)		(1,259	)		21.4	%		5.9	%		(1,880	)		(2,448	)		30.2	%
Net cash flow from financing activities		(372	)		17			214			N/A			1158.8	%		(737	)		231			N/A
FX adjustments & other		(70	)		(84	)		(111	)		58.6	%		32.1	%		(107	)		(195	)		82.2	%

Cash EoP		667			1,014			1,167			*75.0*	%		*15.1*	%		667			1,167			*75.0*	%

Investment in financial assets		575			282			303			-47.3	%		7.4	%		575			303			-47.3	%

Cash + short-term investments EoP		1,242			1,296			1,470			*18.4*	%		*13.4*	%		1,242			1,470			*18.4*	%

FCF		321			(17	)		(284	)		*N/A*			*1570.6*	%		700			(301	)		*N/A*


Income Statement Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Revenues		4,995			4,238			4,375			*-12.4*	%		*3.2*	%		8,755			8,613			*-1.6*	%

Costs		(3,408	)		(3,299	)		(3,509	)		3.0	%		6.4	%		(6,229	)		(6,808	)		9.3	%

Gross profit		1,587			939			866			*-45.4*	%		*-7.8*	%		2,526			1,805			*-28.5*	%

Selling expenses		(522	)		(420	)		(482	)		-7.7	%		14.8	%		(899	)		(902	)		0.3	%
Administrative expenses		(155	)		(157	)		(167	)		7.7	%		6.4	%		(292	)		(324	)		11.0	%
Exploration expenses		(14	)		(18	)		(8	)		-42.9	%		-55.6	%		(24	)		(26	)		8.3	%
Impairment of property, plant and equipment and intangible assets		—			—			—			N/A			N/A			—			—			N/A
Other operating results, net		(11	)		(9	)		12			N/A			N/A			(22	)		3			N/A

Operating income		885			335			221			*-75.0*	%		*-34.0*	%		1,289			556			*-56.9*	%

Income of interests in companies and joint ventures		132			89			94			-28.8	%		5.6	%		247			183			-25.9	%
Financial Income		445			601			*792*			78.0	%		31.8	%		742			*1,393*			87.7	%
Financial Cost		(509	)		(710	)		*(842*	)		65.4	%		18.6	%		(919	)		*(1,552*	)		68.9	%
Other financial results		42			111			*190*			352.4	%		71.2	%		100			*301*			201.0	%
Financial results, net		(22	)		2			*140*			N/A			6900.0	%		(77	)		*142*			N/A

Net profit before income tax		995			426			455			*-54.3*	%		*6.8*	%		1,459			881			*-39.6*	%

Income tax		(185	)		(85	)		(75	)		-59.5	%		-11.8	%		(382	)		(160	)		-58.1	%

Net profit for the period		810			341			380			*-53.1*	%		*11.4*	%		1,077			721			*-33.1*	%

Net profit for shareholders of the parent company		802			341			335			-58.2	%		-1.8	%		1,071			676			-36.9	%
Net profits for non-controlling interest		8			—			45			462.5	%		N/A			6			45			650.0	%
Earnings per share attributable to shareholders of the parent company (basic and diluted)		2.04			0.87			0.86			-57.8	%		-1.1	%		2.72			1.73			-36.4	%


Cash Flow Statement Unaudited Figures, in US$ million	2Q22			1Q23			2Q23			Y/Y Δ			Q/Q Δ			1H22			1H23			Y/Y Δ
Operating activities
Net income		810			341			380			-53.1	%		11.4	%		1,077			721			-33.1	%
Income from equity interests in associates and joint ventures		(132	)		(89	)		(94	)		-28.8	%		5.6	%		(247	)		(183	)		-25.9	%
Depreciation of property, plant and equipment		629			709			791			25.8	%		11.6	%		1,218			1,500			23.2	%
Depreciation of the right-of-use assets		49			56			54			10.2	%		-3.6	%		100			110			10.0	%
Amortization of intangible assets		11			10			9			-18.2	%		-10.0	%		22			19			-13.6	%
Losses of property, plant and equipment and intangible assets and		101			84			79			-21.8	%		-6.0	%		188			163			-13.3	%
Income tax charge		185			85			75			-59.5	%		-11.8	%		382			160			-58.1	%
Net increase in provisions		107			99			98			-8.4	%		-1.0	%		177			197			11.3	%
Impairment of property, plant and equipment and intangible assets		—			—			—			N/A			N/A			—			—			N/A
Stock compensation plans		1			4			8			700.0	%		100.0	%		1			12			1100.0	%
Changes in Assets and Liabilities & Others		(410	)		198			(91	)		-77.8	%		N/A			(138	)		107			N/A

Net cash flow from operating activities		1,351			1,497			1,309			*-3.1*	%		*-12.6*	%		2,780			2,806			*0.9*	%

Investing activities
Acquisitions of property, plant and equipment and intangible assets		(828	)		(1,262	)		(1,366	)		65.0	%		8.2	%		(1,625	)		(2,628	)		61.7	%
Contributions and acquisitions of interests in companies and joint ventures		—			(2	)		(2	)		N/A			0.0	%		—			(4	)		N/A
Loans with related parties, net		—			—			—			N/A			N/A			—			—			N/A
Proceeds from sales of financial assets		192			128			199			3.6	%		55.5	%		230			327			42.2	%
Payments for the acquisition of financial assets		(419	)		(82	)		(121	)		-71.1	%		47.6	%		(505	)		(203	)		-59.8	%
Interest received from financial assets		18			27			21			16.7	%		-22.2	%		18			48			166.7	%
Collection for participation in areas and sale of assets		-			2			10			N/A			400.0	%		2			12			500.0	%

Net cash flow from investing activities		(1,037	)		(1,189	)		(1,259	)		*21.4*	%		*5.9*	%		(1,880	)		(2,448	)		*30.2*	%

Financing activities
Payment of loans		(223	)		(133	)		(371	)		66.4	%		178.9	%		(670	)		(504	)		-24.8	%
Payment of interests		(120	)		(157	)		(144	)		20.0	%		-8.3	%		(293	)		(301	)		2.7	%
Proceeds from loans		2			472			820			40900.0	%		73.7	%		347			1,292			272.3	%
Account overdraft, net		51			(70	)		-			N/A			N/A			43			(70	)		N/A
Acquisition of own shares		-			-			-			N/A			N/A			—			—			N/A
Payment of leasing		(79	)		(92	)		(89	)		12.7	%		-3.3	%		(161	)		(181	)		12.4	%
Payment of interests related to income tax		(3	)		(3	)		(2	)		-33.3	%		-33.3	%		(3	)		(5	)		66.7	%

Net cash flow from financing activities		(372	)		17			214			*N/A*			*1158.8*	%		(737	)		231			*N/A*

Effect of changes in exchange rates on cash and cash equivalents		(70	)		(84	)		(111	)		58.6	%		32.1	%		(107	)		(195	)		82.2	%
Translation adjustments		—			—			—			N/A			N/A			—			—			N/A
Increase (decrease) in cash and cash equivalents		(128	)		241			153			N/A			-36.5	%		56			394			603.6	%
Cash and cash equivalents at the beginning of the period		795			773			1,014			27.5	%		31.2	%		611			773			26.5	%

Cash and cash equivalents at the end of the period		667			1,014			1,167			*75.0*	%		*15.1*	%		667			1,167			*75.0*	%


Main physical magnitudes Unaudited Figures	Unit	1Q22		2Q22		3Q22		4Q22		Cum. 2022		1Q23		2Q23		Cum. 2023
Total Production	Kboe		45,523		45,836		46,406		45,924		183,690		45,956		46,695		92,652

Crude oil production	Kbbl		19,993		20,506		20,680		21,325		82,503		21,461		21,925		43,387
NGL production	Kbbl		3,979		3,796		3,496		3,915		15,186		3,859		3,889		7,748
Gas production	Mm3		3,427		3,424		3,535		3,289		13,674		3,281		3,320		6,601
Henry Hub	USD/MMBTU		4.6		7.5		7.9		5.0		6.3		2.8		2.3		2.5
Brent	USD/bbl		97.4		111.9		97.8		88.6		98.9		82.2		78.0		80.1
Sales volume *(YPF stand alone)*

Sales of refined products	Km3		4,565		4,782		4,896		4,912		19,155		4,790		4,873		9,663

Domestic market	Km3		4,209		4,455		4,536		4,431		17,631		4,346		4,483		8,830
Gasoline	Km3		1,410		1,364		1,419		1,487		5,680		1,515		1,431		2,946
Diesel	Km3		2,030		2,284		2,288		2,181		8,783		2,052		2,227		4,279
Jet fuel and kerosene	Km3		124		115		129		151		519		140		131		270
Fuel Oil	Km3		4		13		21		4		42		4		13		17
LPG	Km3		243		305		298		245		1,092		230		288		518
Other (*)	Km3		398		374		379		363		1,515		407		393		800
Export market	Km3		356		327		360		482		1,524		444		390		834
Petrochemical naphtha	Km3		15		52		60		23		151		20		63		83
Jet fuel and kerosene	Km3		74		81		89		110		353		117		94		212
LPG	Km3		124		28		73		164		389		133		121		254
Bunker (Diesel and Fuel Oil)	Km3		94		67		51		91		302		95		34		129
Other (*)	Km3		49		100		87		93		329		78		78		156

Sales of petrochemical products	Ktn		129		139		115		116		498		141		122		263

Domestic market	Ktn		99		111		90		95		396		83		70		153
Methanol	Ktn		68		76		54		55		252		45		36		81
Other	Ktn		32		35		37		40		143		38		34		73
Export market	Ktn		30		27		25		21		103		58		51		109
Methanol	Ktn		6		7		4		2		20		40		30		70
Other	Ktn		23		21		20		19		83		18		21		39

Sales of gain and flours	Ktn		271		517		449		270		1,507		100		275		375

Domestic market	Ktn		7		39		50		178		275		91		172		263
Export market	Ktn		264		478		398		92		1,232		9		103		112

Fertilizers	Ktn		104		166		242		228		741		115		173		288

Domestic market	Ktn		104		166		242		228		741		115		173		288
Main products imported *(YPF stand alone)*
Gasolines	Km3		122		40		49		92		303		142		47		189
Jet Fuel	Km3		2		0		1		3		7		4		0		4
Diesel	Km3		318		255		448		229		1,251		288		188		476