1
Investor Presentation March, 2014
2
Disclaimer
Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management,
including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future
crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict.
YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such
as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s
Annual Report on Form 20-F for the fiscal year ended December 31, 2012 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it
clear that the projected performance, conditions or events expressed or implied therein will not be realized.
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.
3 3
Agenda
Company overview 1
Recent performance 2
Financial considerations 3
4
Shareholder structure 1 Board composition
Argentine government 2
Argentine government “Series A”
Repsol
Free float
51.0% 37.09%
11.9%
0.01%
Ratings
B-
AA (Arg)
Markets
YPFD YPF
(2) In exercise of the rights derived
from the Repsol shares subject to
expropriation in accordance with Law
26,741 y art. 57 published in the
Official Gazzette on May 7, 2012
(1) As of 12/31/13
Designated by the
Provinces
Mr. Nagel
Mr. Ivovich
Mr. Cretini
Mr. Félix
Mr. Ortiz
Independent
Mr. Valle
Mr. Brizuela
Mr. Uchitel
Mr. Piacentino
Company
Executives
Mr. Dasso
Mr. Cuesta
Mr. Arceo
Chairman of the Board,
Mr. Galuccio
Shares Class A
Mr. Kicillof Labor Union
Representative
Mr. Soloaga
Designated by Repsol
Mr. García del Río
Mr. Tombeur
Caa1
Ba1 (Arg)
Corporate Governance
5 5
Sales 1
US$ 16,514 mm
EBITDA 1 2
US$ 4,297 mm
Net income 1 2
US$ 1,041 mm
Employees 6
17,747
Exploration
and production
• Production 4: 232 Kbbl/d of crude oil, 48 Kbbl/d of NGL and 33.9 Mm3/d of natural gas
• Proved Reserves 3 4 in 2013: 628 mm bbl of liquids and 455 mm boe of gas
• Unique unconventional opportunities: Vaca Muerta, Lajas, Pozo D-129
Downstream -
refining
and logistics
• Total refining Capacity: 320 Kbbl/d 5 6 (more than 50% 6 of Argentina’s total capacity)
• High level of conversion and complexity
• Nearly 2,700 km 6 of crude oil and 1,801 km 6 of refined products pipeline
Downstream -
petrochemicals • The petrochemical business is integrated with the rest of the production chain
• Output Capacity: 2.2 6 mm ton per annum
Downstream -
marketing
• The country’s leading company in fuel marketing (56.5% 6 market share in diesel and
gasoline)
• 1,542 6 7 service stations
Major Affiliates • MEGA: Liquids separation and a fractioning plant
• Refinor: Refining, transportation and marketing of refined products
• Profertil: Leads the fertilizer production and wholesale business,
producing urea and ammonia
• AESA: Engineering, manufacturing, construction, operating
and maintenance services to power and energy companies
Leading Integrated Energy Co. In Argentina
(1)YPF financial statements values in IFRS converted to US$ using 2013 average FX of 5.5. (2) Considers non recurrent results for 2Q 2013, not including a non cash provision of
855 MARS relating to claims arising from discontinuity of gas export contracts to Brazil in 2009. (3) Includes oil, condensates and liquids; converted using 1 boe = 5.615 mm cf of
gas as per 20-F 2012. (4) As of FY 2013 financial statements (5) Does not includes 50% of Refinor (13 kbbl/d). (6) Company Data, 2013. (7) Excludes 71 Refinor service
stations.
6
Integrated across value chain
/ As of December 2013
Oil
business
Natural gas
business
Production figures refer to YPF in Argentina only
Production
231 Kbbl/d Refining
278 Kbbl/d
Domestic
market
Domestic market
71% Domestic prices (gasoline, diesel)
17% International prices (FO, bunker, jet fuel,
petrochemicals, lubricants, LPG and others)
88%
12% Exports International prices
(naphtha, LPG, jet fuel, crude, petrochemicals,
fuel oil, soybean oil and meal and others)
7 Kbbl/d
217 Kbbl/d
Purchases
61 Kbbl/d
Imports (Gas purchased
by ENARSA)
+ Purchases
+
Domestic
market
Exports 0.2%
99%
Residential
+ CNG
Industrial
Power
plants
58% 16%
26%
Upstream
34 mm m3/d
Export
market
7 Kbbl/d
7
Source: Company Data, 2013
(1) Company Data, 2013 – (2) Includes international reserves of 1.2 MBOE
YPF has 90 concessions in the most productive Argentine basins
(total reserves 1P: 1,083 mm boe1) and 52 exploration blocks
in the country (48 onshore and 4 offshore) 1 Proved reserves: 71 mm boe
% liquids: 98%
% gas: 2%
Production: 8.1 mm boe
Cuyana
Proved reserves: 57 mm boe
% liquids: 16%
% gas: 84%
Production: 8.5 mm boe
Noroeste
Proved reserves: 288 mm boe
% liquids: 83%
% gas: 17%
Production: 42.2 mm boe
Golfo San Jorge
Proved reserves: 86 mm boe
% liquids: 24%
% gas: 76%
Production: 6.1 mm boe
Austral
Proved reserves: 580 mm boe
% liquids: 48%
% gas: 52%
Production: 115.7 mm boe
Neuquina 2013
Proved reserves 2 Production share
Liquids
58%
Gas
42%
Total: 1,083 mm boe Total: 466 mm boe
Pan American
17%
Wintershall
6%
Apache
4%
Others
12%
Sinopec
4%
Tecpetrol
2%
Chevron
San Jorge
2%
Total Australl
6% Petrobras
6%
YPF
37%
Pluspetrol
4%
Source: IAPG, as of December 2013
Upstream - Significant Potential with Leading Market Position
8 8
NEUQUINA
GOLFO
SAN JORGE
AUSTRAL
CUYANA
NOROESTE
4,4
Unconventional opportunities
Notes:
K: thousand; M: million; B: billion (109)
CHACO
PARANAENSE
Other Opportunities
Pozo D-129 (shale oil / tight oil)
Vaca Muerta (shale oil / gas)
Lajas (tight gas)
Noroeste - Tarija
Los Monos (shale gas)
Noroeste - Cretaceous
Yacoraite (shale / tight oil & gas)
Chaco Paranaense
Devonian – Permian (shale oil)
Cuyana
Cacheuta (shale oil)
Potrerillos (tight oil)
Austral
Inoceramus
Neuquina
Mulichinco (tight oil / gas)
Los Molles (shale / tight gas)
Agrio (shale oil)
Golfo San Jorge
Neocomiano (shale oil / gas)
Tested & Producing
9
Description
Area 30,000 km2
Gross
Shale oil & gas Vaca Muerta
Area 12,075 km2
Net YPF
Oil 77%
Wet gas 5%
Dry gas 18%
Windows 1
Oil
Wet
gas
Dry
gas
TOC (%)
Thickness (mts)
Reservoir pressure (psi)
3-10
30-450
4,500-9,500
4-5
60-90
3,000-4,000
0.5-4
60-90
7,000-12,000
2-12
10-60
2,000-5,500
3-5
30-100
2,500-8,500
12
20-30
4,200
Source: SPE, Wood Mackenzie and YPF data.
Encouraging results
(1) Estimated over YPF net acreage
Vaca Muerta Barnett Haynesville Marcellus Eagle Ford Bakken
Vaca Muerta Unconventional Formation
0
5000
10000
15000
20000
25000
30000
35000
40000
45000
50000
55000
0 1 2 3 4 5 6 7 8 9 10 11 12
Production month
Cu
mu
lati
ve
oil
pro
du
cti
on
, b
bl
2011 Avg (15 wells)
2012 Avg (10 wells)
2013 Avg (103 wells)
Avg West Sweet Spot (10 wells)
Type well EUR 293 Kbbl
D 16,000 bbl
10
Downstream - solid market leadership
Source: 20-F 2012 – (1) YPF owns 50% of Refinor (not operated) – (2) As of December 2012
Proved reserves: 85 M boe
% liquids: 98
% gas: 2
Production: 8.8 M boe
Capacity: 105,5 kbbl/d
Luján de Cuyo refinery A
Proved reserves: 85 M boe
% liquids: 98
% gas: 2
Production: 8.8 M boe
Capacity: 189 kbbl/d
La Plata refinery B
Capacity: 25 kbbl/d
Plaza Huincul refinery C
Capacity: 26,1 kbbl/d
Refinor(1)
D
C
D
B
Terminals
Products pipeline
Oil pipeline
A
(3) Cumulative December 2013
Gasoline 3 Diesel 3
Crude Processing 2 No. of Gas Stations 2
55%
15%
9%
13%
8%
34%
15% 12%
11%
28%
55%
19%
6%
14%
6%
58%
13%
5%
14%
10%
Others Others
Others
Others
Market Share Breakdown (%)
11 11
-
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2011-12 2013-17 2018-22
-
500
1.000
1.500
2.000
2.500
3.000
3.500
4.000
4.500
2011-12 2013-17 2018-22
• 250 wells
• + 29% production
• 251 Mbbl
• 5,380 wells
• + 23% production
• 1.27 TCF
• 1,160 wells
Notes: Mbbl: Million barrels /
Tcf: Trillion cubic feet
Primary
Production Oil
Natural
Gas
Shale oil
Others
Secondary
Recovery
46%
8%
14%
32%
Shale gas
32%
Tight gas
27%
Others
8%
Infill
33%
Upstream plan
Exploitation
Exploration
MUSD
Capex
x2 ,
,
,
,
,
MUSD
x7
,
,
,
,
,
2013-17 2013-17
2013-17 2013-17
,
,
,
12
Downstream plan
Capex Refined products increase 2013 - 2017
Refining complex expansion and upgrading
Gasoline
Diesel
6% 3% 10%
8% 18%
5%
18%
Utilization Capacity Upgrading Conversion
Contribution by project
Light
crude
+ Topping /
vacuum
capacity
+ Alkylation /
reforming
capacity
+ Hydro-
cracking /
coking
capacity
+
Annual CAGR
2013-2017 total increase
Gasoline
Diesel
Total
24%
44%
37%
5.6%
9.5%
8.1%
,
,
,
,
,
0
200
400
600
800
1.000
1.200
1.400
1.600
1.800
2011-2012 2013-2017
MUSD x1.7
2013-17
13 13
Agenda
Company overview 1
Recent performance 2
Financial considerations 3
14
16,485
29,848
2012 2013
Upstream Downstream Others
Activity
Doubled investments during 2013
ARS Millions
Significant increase in activity
Drilling Rigs
Workover
25
46
65
2011 2012 sep-13
49
70
85
2011 2012 sep-13
160%
73%
+81.1%
Capex
15
46.9
41.3 38.1
34.2 33.4 31.4 33.0 35.6 35.5
2008 2009 2010 2011 2012 Q1 13 Q2 13 Q3 13 Q4 13
256.8
244.9 240.9
222.6 227.4 226.3 228.2
235.1 239.3
2008 2009 2010 2011 2012 Q1 13 Q2 13 Q3 13 Q4 13
Crude oil production (kbbl/d) Natural gas production (Mm3/d)
Production
Reverted downward trend in production seen in recent years
16
979
1,083
2012 2013
590
628
2012 2013
389
455
2012 2013
Reserves
(1) Approximately 6.5 Mboe were transferred to Consolidated Entities as a result of YPF Energía Eléctrica working interest on Ramos Field. These rights were previously owned by
former Pluspetrol Energy and thus disclosed under Equity-accounted Entities reserves.
+6.4% +17.0% +10.6%
Boosted proved reserves by 10.6%.
Solid results coming from secondary recovery projects, tight gas and shale formations.
158% RRR 137% RRR 185% RRR
Total Hydrocarbon (Mboe) Liquids (Mbbl) Natural Gas (Mboe)
17 17
(1) 395 Km2 / 12,075 Km2
(2) 45 Km2 / 12,075 Km2
Republic of ArgentinaNeuquina Basin
Neuquén Province
Development model
290 Km2 (71,661 acres)
Directional wells upside
105 Km2 (25,946 acres)
Pilot consisting of 130 wells
and US$1.24 bn
Full program of ~1,500 wells
(US$15 bn+)
• Estimated oil production:
+ 50 Kbbl/d
• Estimated gas production:
3 mm m3/d
0.37% of total YPF’s VM
acreage 2
Initial investment of US$188 mm
16 wells to be drilled
YPF Operates
Loma Campana (395 km2 - 97,607 acres) Objective: Vaca Muerta Shale Oil with Chevron
El Orejano (45 km2 - 11,090 acres) Objective: Vaca Muerta Shale Gas with Dow
Total Gross Production (Kboe/d)
3.3% of total YPF’s
VM acreage 1
Rincón del Mangrullo (183 km2 - 45,200 acres) Objective: Mulichinco Tight Gas with Petrolera Pampa
YPF Operates
1st stage
• 40 km2 of 3D seismic
• 34 wells to be drilled
2snd stage
• 15 wells to be drilled
YPF Operates
JV Partners: Chevron, Dow and Petrolera Pampa
5.9 7.9
9.8 13.3
17.3
Q4 12 Q1 13 Q2 13 Q3 13 Q4 13
18
8,029 8,098
2012 2013
4,133 4,545
2012 2013
Crude processed (kbbl/d) Gasoline sales (Km3)
+10%
Downstream
Strong local demand and stable market share even with lower crude processed
due to the La Plata Refinery incident
Diesel sales (Km3)
+0.9%
288 278
2012 2013
-3.5%
19
3,902
5,681
2012 2013
18,053
29,394
2012 2013
7,903
12,015
2012 2013
Financial Results
+52.0% +62.8% +45.6%
Production and sales volume growth, coupled with pricing discipline, led to solid
financial results and healthy margins.
Recurring results exclude 855 MARS impact of non cash provision relating to claims arising from discontinuity of gas export contracts to Brazil in 2009.
Recurring Operating Income
(ARS million)
Recurring Net Income
(ARS million)
Recurring EBITDA
(ARS million)
20 20
Agenda
Company overview 1
Recent performance 2
Financial considerations 3
21
4,747
10,713
20,964
7,203
-22,201
Cash at the end of 2012
Cashflow from operations
Net financing Capex Cash at the end of 2013 (1)
(2)
In million of ARS
Notes Amount Interest Rate Maturity
Series XXIV
(Q4 2013) USD 150M Libor + 7.5% 58 months
Series XXV
(Q4 2013) ARS 300M
BADLAR +
3.24% 18 months
Series XXVI
(Q4 2013) USD 500M 8.875% 60 months
Series XXVII
(Q4 2013) ARS 150M
19% +
margin 18 months
Series XXVII
(Q4 2014) ARS 500M
BADLAR +
0% 72 months
Series XXVII
(Q1 2014) ARS 379M
BADLAR +
3.5% 21 months
FY 2013 Financial Situation
• Issued ARS 7.6 bn and USD 650 million in 2013; increased cash to ARS 10.7 bn
• Average life of debt of 3.5 years; Peso denominated debt at 41% of total; average interest
rates of 6.1% in USD and 21.5% in ARS
• Maintained solid capital structure
(1) Includes effect of changes in exchange rates / (2) Effective spendings in fixed assets acquisitions net of revenues from asset sales of 5,351 MARS.
22 22
Financial overview - consolidated balance sheet
Balance sheet Year 2013 (ARS million)
Year 2012 (ARS million)
VAR % 2013/2012
Cash & ST investments 10,713 4,747 126%
Fixed assets 93,496 56,971 64%
Other assets 31,386 18,231 72%
Total assets 135,595 79,949 70%
Loans 31,890 17,104 86%
Liabilities 55,465 31,585 76%
Total Liabilities 87,355 48,689 79%
Shareholders’ equity 48,240 31,260 54%
Source: YPF financial statements
23 23
Financial overview - consolidated income statement (*)
Income
statement
12 months
2013 (ARS million)
12 months
2012 (ARS million)
VAR % 12m 2013/2012
Q4 2013 (ARS million)
Q4 2012 (ARS million)
VAR % Q4 2013 /
Q4 2012
Net sales 90,113 67,174 34% 25,294 18,862 34%
Operating income 11,160 7,903 41% 3,820 1,846 107%
EBITDA 1 23,446 16,184 45% 7,322 4,064 80%
Net income 5,125 3,902 31% 1,918 1,019 88%
Source: YPF financial statements (1) EBITDA = Net Income + Depreciation of Fixed Assets + Amortization of Intangible Assets
24
Investor Presentation March, 2014