YPF Announces 1Q24 Results, Webcast Set for May 10

TL;DR

YPF dropped 1Q24 earnings, webcast today.

AI Summary

YPF Sociedad Anónima announced its first quarter 2024 (1Q24) results on May 9, 2024. The company's functional currency is the US dollar, and financial statements are prepared according to IFRS in Argentina. The webcast for the 1Q24 results is scheduled for May 10, 2024, at 9:00 am ET.

Why It Matters

This filing provides investors with the latest financial performance data for YPF, a key energy company, allowing them to assess its current standing and future prospects.

Risk Assessment

Risk Level: low — The filing is a routine earnings announcement and does not contain significant new risks.

Key Players & Entities

• YPF Sociedad Anónima (company) — Registrant
• May 9, 2024 (date) — Announcement date
• May 10, 2024 (date) — Webcast date
• 9:00 am ET (time) — Webcast time
• 10:00 am BAT (time) — Webcast time

FAQ

Key Financial Figures

• $ — al statements are reported in US$ and AR$, and as from 1Q24, quarterly financial
• $1,245 million — businesses. Adjusted EBITDA totaled US$1,245 million (+15% vs. 4Q23), on the back of better
• $1,252 m — ate of 92% (+4% q/q). CAPEX totaled US$1,252 million, decreasing 15% q/q and 4% y/y, m
• $394 m — . Free cash flow totaled a negative US$394 million, compared to a negative US$60 mil
• $60 million — S$394 million, compared to a negative US$60 million in 4Q23, considering that the payment o
• $7.2 b — from operations, raising net debt to US$7.2 billion, while maintaining net leverage r
• $4,310 million — % 2.8 % Net Revenues amounted to US$4,310 million (+3% q/q), mainly driven by higher loca
• $29 — variations include price effects by (US$29) million in 1Q23, (US$29) million for 4
• $169 — n 1Q23, (US$29) million for 4Q23 and (US$169) million for 1Q24. OPEX totaled US$1,3
• $1,380 million — $169) million for 1Q24. OPEX totaled US$1,380 million (-6% q/q), mostly explained by the shar
• $1,088 million — ases and Stock Variations amounted to US$1,088 million (-16% q/q), primarily due to lower impo
• $6 million — other operating results represented a US$6 million gain (vs. US$152 million in 4Q23), main
• $152 million — represented a US$6 million gain (vs. US$152 million in 4Q23), mainly due to lower FX regime
• $1,782 million — a non-recurring impairment charge of US$1,782 million was recorded in 4Q23, as a result of th
• $652 million — reciation and amortization in 1Q24 to US$652 million (-16% q/q). 2 The financial informat

Filing Documents

• d832513d6k.htm (6-K) — 502KB
• g832513dsp001.jpg (GRAPHIC) — 85KB
• g832513g0509075224933.jpg (GRAPHIC) — 12KB
• g832513g0509075225166.jpg (GRAPHIC) — 12KB
• g832513g0509075227398.jpg (GRAPHIC) — 21KB
• g832513logo.jpg (GRAPHIC) — 3KB
• 0001193125-24-135479.txt ( ) — 688KB

From the Filing

6-K SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 6-K REPORT OF FOREIGN PRIVATE ISSUER PURSUANT TO RULE 13A-16 OR 15D-16 UNDER THE SECURITIES EXCHANGE ACT OF 1934 For the month of May 2024 Commission File Number: 001-12102 YPF Sociedad Anónima (Exact name of registrant as specified in its charter) Macacha Güemes 515 C1106BKK Buenos Aires, Argentina (Address of principal executive office) Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F: Form 20-FForm 40-F YPF Sociedad Anónima TABLE OF CONTENT ITEM 1 Translation of letter to the Argentine Securities Commission dated May 9, 2024. 1Q24 Webcast on May 10, 2024 9:00 am ET / 10:00 am BAT Buenos Aires, May 9, 2024 YPF (BYMA: YPFD | NYSE: YPF 1 ), announces the 1Q24 results. Information based on financial statements prepared according to IFRS in force in Argentina. The sum of the parts of certain figures is subject to rounding. The Companys functional currency is US$. As from 2022, annual financial statements are reported in US$ and AR$, and as from 1Q24, quarterly financial statements are also reported in both currencies to provide a better understanding of our business activities and analysis of our financial performance. 1. MAIN HIGHLIGHTS OF 1Q24 KPI 1Q24 4Q23 Q/Q 1Q23 Y/Y Financial Revenues 4,310 4,194 3 % 4,238 2 % Adjusted EBITDA 1,245 1,082 15 % 1,044 19 % Net Result 657 (1,861 ) N/A 341 93 % CAPEX 1,252 1,466 -15 % 1,298 -4 % FCF (394 ) (60 ) 557 % (17 ) 2218 % Net Debt 7,200 6,803 6 % 6,043 19 % Net Leverage Ratio (x) 1.7 1.7 0 % 1.2 39 % Upstream Hydrocarbon Production (Kboe/d) 526.0 510.7 3 % 510.6 3 % Crude Oil (Kbbl/d) 255.5 255.1 0 % 238.5 7 % Natural Gas (Mm3/d) 36.4 34.4 6 % 36.5 0 % NGL (Kbbl/d) 41.8 39.6 6 % 42.9 -3 % Crude Oil Price (US$/bbl) 68.3 59.3 15 % 66.8 2 % Natural Gas Price (US$/MBTU) 3.0 2.9 1 % 3.0 -1 % Medanito Oil Exports (Kbbl/d) 22.9 18.8 22 % N/A Total Lifting Cost (US$/boe) 12.9 15.3 -16 % 14.6 -12 % Core-Hub Lifting Cost (US$/boe) 3.4 4.0 -15 % 4.0 -16 % Downstream Crude Processed (Kbbl/d) 301.1 289.8 4 % 307.2 -2 % Refineries Utilization Rate (%) 92 % 88 % 4 % 94 % -2 % Local Fuels Volume Sold (Km3) 3,489 3,929 -11 % 3,566 -2 % Local Fuels Net Price (US$/m3) 691 620 11 % 655 5 % Imported Fuels (Km3) 142 711 -80 % 429 -67 % R&M Adj. EBITDA (US$/bbl) 19.1 16.8 13 % 13.2 44 % In US$ million, unless noted otherwise. EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 effects +/- one-off items. Net Leverage Ratio = Net Debt / LTM Adj. EBITDA. FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities). Fuels = diesel + gasoline. R&M is refining and marketing business, it excludes petrochemicals and agro businesses. Adjusted EBITDA totaled US$1,245 million (+15% vs. 4Q23), on the back of better local fuels prices in dollar terms, coupled with lower cost pressure after the devaluation of mid-December. These effects were partially offset by decreases in FX regime for exporters and replacement cost of our inventories. Interannually, the increase was even higher, driven by oil output growth. Total hydrocarbon production averaged 526 kboe/d (+3% both in q/q and y/y), boosted by shale contribution, representing now 49% of the total. Crude oil remained high at 255 kbbl/d (flat q/q but +7% y/y), on the back of a 21% interannual growth in shale oil that continued delivering positive results, reaching 112 kbbl/d in 1Q24 (+3% q/q and 21% y/y), while Medanito oil exports to Chile amounted to 23 kbbl/d (+22% q/q). Domestic fuels demand declined by 11% q/q, mainly due to retail demand contraction and seasonal diesel demand, resulting in lower fuels imports (-80% q/q and -66% y/y), representing only 4% of local fuels sales in 1Q 24. Processing levels at our refineries averaged 301 kbbl/d, reaching a refining utilization rate of 92% (+4% q/q). CAPEX totaled US$1,252 million, decreasing 15% q/q and 4% y/y, mainly affected by devaluation of mid-December. More than 50% of the total was concentrated in shale operations, in line with the Companys strategy for the short-term growth. Free cash flow totaled a negative US$394 million, compared to a negative US$60 million in 4Q23, considering that the payment of imports deferred from 2023 and debt services were not fully compensated by the positive cash flow from op

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