Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Entity Interactive Data Current | Yes |
Document Period End Date | Dec. 31, 2019 |
Document Fiscal Year Focus | 2019 |
Document Fiscal Period Focus | FY |
Entity Registrant Name | YPF SOCIEDAD ANONIMA |
Entity Central Index Key | 0000904851 |
Current Fiscal Year End Date | --12-31 |
Entity Address, Country | AR |
Entity Well-known Seasoned Issuer | Yes |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Filer Category | Large Accelerated Filer |
Entity Shell Company | false |
'Entity Emerging Growth Company | false |
Entity Common Stock, Shares Outstanding | 393,312,793 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Class A Shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 3,764 |
Class B Shares [member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 7,624 |
Class C shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 40,422 |
Class D Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 393,260,983 |
Title of 12(b) Security | Class D Shares |
Security Exchange Name | NYSE |
No Trading Symbol Flag | true |
American Depositary Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | YPF |
Title of 12(b) Security | American Depositary Shares, each representing one Class D Share, par value 10 pesos per share |
Security Exchange Name | NYSE |
Consolidated statements of fina
Consolidated statements of financial position - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Noncurrent Assets | |||
Intangible assets | $ 37,179 | $ 20,402 | $ 9,976 |
Property, plant and equipment | 1,069,011 | 699,087 | 354,443 |
Right-of-use assets | 61,391 | ||
Investments in associates and joint ventures | 67,590 | 32,686 | 6,045 |
Assets held for disposal | 8,823 | ||
Deferred income tax assets, net | 1,583 | 301 | 588 |
Other receivables | 11,789 | 9,617 | 1,335 |
Trade receivables | 15,325 | 23,508 | 2,210 |
Total noncurrent assets | 1,263,868 | 785,601 | 383,420 |
Current Assets | |||
Assets held for disposal | 3,189 | ||
Inventories | 80,479 | 53,324 | 27,149 |
Contract assets | 203 | 420 | 142 |
Other receivables | 36,192 | 21,867 | 12,684 |
Trade receivables | 118,077 | 72,646 | 40,649 |
Investment in financial assets | 8,370 | 10,941 | 12,936 |
Cash and cash equivalents | 66,100 | 46,028 | 28,738 |
Total current assets | 309,421 | 208,415 | 122,298 |
TOTAL ASSETS | 1,573,289 | 994,016 | 505,718 |
SHAREHOLDERS' EQUITY | |||
Shareholders' contributions | 10,572 | 10,518 | 10,402 |
Reserves, other comprehensive income and retained earnings | 531,977 | 348,682 | 141,893 |
Shareholders' equity attributable to shareholders of the parent company | 542,549 | 359,200 | 152,295 |
Non-controlling interest | 5,550 | 3,157 | 238 |
TOTAL SHAREHOLDERS' EQUITY | 548,099 | 362,357 | 152,533 |
Noncurrent Liabilities | |||
Liabilities associated with assets held for disposal | 4,193 | ||
Provisions | 144,768 | 83,388 | 54,734 |
Deferred income tax liabilities, net | 97,231 | 91,125 | 37,645 |
Contract liabilities | 294 | 1,828 | 1,470 |
Income tax liability | 3,387 | ||
Taxes payable | 1,428 | 2,175 | 220 |
Lease liabilities | 40,391 | ||
Loans | 419,651 | 270,252 | 151,727 |
Other liabilities | 703 | 549 | 277 |
Accounts payable | 2,465 | 3,373 | 185 |
Total noncurrent liabilities | 710,318 | 452,690 | 250,451 |
Current Liabilities | |||
Liabilities associated with assets held for disposal | 3,133 | ||
Provisions | 5,460 | 4,529 | 2,442 |
Contract liabilities | 7,404 | 4,996 | 1,460 |
Income tax liability | 1,964 | 357 | 191 |
Taxes payable | 11,437 | 10,027 | 6,879 |
Salaries and social security | 10,204 | 6,154 | 4,132 |
Lease liabilities | 21,389 | ||
Loans | 107,109 | 64,826 | 39,336 |
Other liabilities | 1,310 | 722 | 2,383 |
Accounts payable | 148,595 | 84,225 | 45,911 |
Total current liabilities | 314,872 | 178,969 | 102,734 |
TOTAL LIABILITIES | 1,025,190 | 631,659 | 353,185 |
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY | $ 1,573,289 | $ 994,016 | $ 505,718 |
Consolidated statements of comp
Consolidated statements of comprehensive income - ARS ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net income | ||||
Revenues | $ 678,595 | $ 435,820 | $ 252,813 | |
Costs | (575,608) | (359,570) | (211,812) | |
Gross profit | 102,987 | 76,250 | 41,001 | |
Selling expenses | (49,898) | (27,927) | (17,954) | |
Administrative expenses | (24,701) | (13,922) | (8,736) | |
Exploration expenses | (6,841) | (5,466) | (2,456) | |
(Impairment) / Recovery of property, plant and equipment | (41,429) | 2,900 | 5,032 | |
Other net operating results | (1,130) | 11,945 | (814) | |
Operating (loss) / profit | (21,012) | 43,780 | 16,073 | |
Income from equity interests in associates and joint ventures | 7,968 | 4,839 | 1,428 | |
Financial income | 93,405 | 100,083 | 17,623 | |
Financial loss | (91,533) | (63,681) | (28,629) | |
Other financial results | 4,162 | 5,123 | 2,208 | |
Net financial results | 6,034 | 41,525 | (8,798) | |
Net (loss) / profit before income tax | (7,010) | 90,144 | 8,703 | |
Income tax | (26,369) | (51,538) | 3,969 | |
Net (loss) / profit for the year | (33,379) | 38,606 | 12,672 | |
Items that may be reclassified subsequently to profit or loss: | ||||
Translation differences from subsidiaries, associates and joint ventures | (8,011) | (18,307) | (641) | |
Result from net monetary position in subsidiaries, associates and joint ventures | [1] | 8,953 | 14,006 | |
Exchange differences reversed to profit for the period | [2] | 1,572 | ||
Translation differences from Assets held for disposal | (499) | |||
Items that may not be reclassified subsequently to profit or loss: | ||||
Translation differences from YPF | 220,425 | 175,329 | 23,057 | |
Other comprehensive income for the year | 221,367 | 172,600 | 21,917 | |
Total comprehensive income for the year | 187,988 | 211,206 | 34,589 | |
Net (loss) / profit for the year attributable to: | ||||
Shareholders of the parent company | (34,071) | 38,613 | 12,340 | |
Non-controlling interest | 692 | (7) | 332 | |
Other comprehensive income for the year attributable to: | ||||
Shareholders of the parent company | 219,666 | 169,674 | 21,917 | |
Non-controlling interest | 1,701 | 2,926 | ||
Total comprehensive income for the year attributable to: | ||||
Shareholders of the parent company | 185,595 | 208,287 | 34,257 | |
Non-controlling interest | $ 2,393 | $ 2,919 | $ 332 | |
Earnings per share attributable to shareholders of the parent company | ||||
Basic and Diluted | $ (86.85) | $ 98.43 | $ 31.43 | |
[1] | Result associated to subsidiaries, associates and joint ventures with the Peso as functional currency. See accounting policy in Note 2.b.1. | |||
[2] | Corresponds to reversal to net profit for the year, for the partial disposal of the investment in YPF EE. See Note 3. |
Consolidated statements of chan
Consolidated statements of changes in shareholders equity - ARS ($) $ in Millions | Total | Subscribed capital [member] | Adjustment to contributions [member] | Treasury shares [Member] | Adjustment to treasury shares [member] | Share-based benefit plans [member] | Acquisition cost of treasury shares [member] | Share trading premium [member] | Issuance premiums [member] | Shareholders' contribution [member] | Legal reserve [member] | Future dividends [member] | Investments [member] | Purchase of treasury shares [member] | Initial IFRS adjustment [member] | Other comprehensive income [member] | Retained earnings [member] | Equity attributable to Shareholders of the parent company [member] | Equity attributable to Non-controlling interests [member] | ||||
Balance at the beginning of the fiscal year at Dec. 31, 2016 | $ 118,661 | $ 3,923 | $ 6,085 | $ 10 | $ 16 | $ 61 | $ (152) | $ (180) | $ 640 | $ 10,403 | $ 2,007 | $ 5 | $ 24,904 | $ 490 | $ 3,648 | $ 105,529 | $ (28,231) | $ 118,755 | $ (94) | ||||
Accrual of share-based benefit plans | [1] | 162 | 0 | 0 | 0 | 0 | 162 | 0 | 0 | 0 | 162 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 162 | 0 | |||
Repurchase of treasury shares | (100) | (3) | (4) | 3 | 4 | 0 | (100) | 0 | 0 | (100) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (100) | 0 | ||||
Settlement of share-based benefit plans | [2] | (63) | 4 | 4 | (4) | (4) | (187) | 161 | (37) | 0 | (63) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (63) | 0 | |||
As decided by the Shareholders' Meeting on April 26, 2019 for December 31, 2019, April 27, 2018 for December 31, 2018 and April 28, 2017 for December 31, 2017 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 711 | (24,904) | (390) | (3,648) | 0 | 28,231 | 0 | 0 | ||||
As decided by the Board of Directors on June 27, 2019 for December 31, 2019, December 12, 2018 for December 31, 2018, June 8, 2017, July 9, 2017 and December 14, 2017 for December 31, 2017 | (716) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (716) | 0 | 0 | 0 | 0 | 0 | (716) | 0 | ||||
Other comprehensive income | 21,917 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 21,917 | 0 | 21,917 | 0 | ||||
Net profit (loss) | 12,672 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 12,340 | 12,340 | 332 | ||||
Balance at the end of the fiscal year at Dec. 31, 2017 | 152,533 | 3,924 | 6,085 | 9 | 16 | 36 | (91) | (217) | 640 | 10,402 | 2,007 | 0 | 0 | 100 | 0 | 127,446 | [3] | 12,340 | 152,295 | 238 | |||
Modification to the balance at the beginning of the fiscal year at Dec. 31, 2017 | [4] | (298) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (298) | (298) | ||||||||||
Balance at Dec 31,2017 year modified at the beggining of the fiscal year of Dec, 31 2018 at Dec. 31, 2017 | 152,235 | 3,924 | 6,085 | 9 | 16 | 36 | (91) | (217) | 640 | 10,402 | 2,007 | 0 | 0 | 100 | 0 | 127,446 | 12,042 | 151,997 | 238 | ||||
Accrual of share-based benefit plans | [1] | 308 | 0 | 0 | 0 | 0 | 308 | [5] | 0 | 0 | 0 | 308 | [5] | 308 | |||||||||
Repurchase of treasury shares | (120) | (3) | (4) | 3 | 4 | 0 | (120) | 0 | 0 | (120) | (120) | ||||||||||||
Settlement of share-based benefit plans | [2] | (72) | 2 | 3 | (2) | (3) | (229) | 222 | (65) | 0 | (72) | (72) | |||||||||||
As decided by the Shareholders' Meeting on April 26, 2019 for December 31, 2019, April 27, 2018 for December 31, 2018 and April 28, 2017 for December 31, 2017 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 1,200 | 11,020 | 120 | (12,340) | ||||||||||
As decided by the Board of Directors on June 27, 2019 for December 31, 2019, December 12, 2018 for December 31, 2018, June 8, 2017, July 9, 2017 and December 14, 2017 for December 31, 2017 | (1,200) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (1,200) | (1,200) | |||||||||||
Other comprehensive income | 172,600 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 169,674 | 169,674 | 2,926 | ||||||||||
Net profit (loss) | 38,606 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 38,613 | 38,613 | (7) | ||||||||||
Balance at the end of the fiscal year at Dec. 31, 2018 | 362,357 | 3,923 | 6,084 | 10 | 17 | 115 | 11 | (282) | 640 | 10,518 | 2,007 | 0 | 11,020 | 220 | 0 | 297,120 | [6] | 38,315 | 359,200 | 3,157 | |||
Accrual of share-based benefit plans | [1] | 493 | 0 | 0 | 0 | 0 | 493 | 0 | 0 | 0 | 493 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 493 | 0 | |||
Repurchase of treasury shares | (280) | (4) | (6) | 4 | 6 | 0 | (280) | 0 | 0 | (280) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (280) | 0 | ||||
Settlement of share-based benefit plans | [2] | (159) | 5 | 7 | (5) | (7) | (491) | 446 | (114) | 0 | (159) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (159) | 0 | |||
As decided by the Shareholders' Meeting on April 26, 2019 for December 31, 2019, April 27, 2018 for December 31, 2018 and April 28, 2017 for December 31, 2017 | [5] | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 4,800 | 33,235 | 280 | 0 | 0 | (38,315) | 0 | 0 | |||
As decided by the Board of Directors on June 27, 2019 for December 31, 2019, December 12, 2018 for December 31, 2018, June 8, 2017, July 9, 2017 and December 14, 2017 for December 31, 2017 | [5] | (2,300) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (2,300) | 0 | 0 | 0 | 0 | 0 | (2,300) | 0 | |||
Other comprehensive income | 221,367 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 219,666 | 0 | 219,666 | 1,701 | ||||
Net profit (loss) | (33,379) | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | 0 | (34,071) | (34,071) | 692 | ||||
Balance at the end of the fiscal year at Dec. 31, 2019 | $ 548,099 | $ 3,924 | $ 6,085 | $ 9 | $ 16 | $ 117 | $ 177 | $ (396) | $ 640 | $ 10,572 | $ 2,007 | $ 2,500 | $ 44,255 | $ 500 | $ 0 | $ 516,786 | [7] | $ (34,071) | $ 542,549 | $ 5,550 | |||
[1] | See Note 36. | ||||||||||||||||||||||
[2] | Net of employees’ income tax withholdings related to the share-based benefit plans. | ||||||||||||||||||||||
[3] | Includes 132,391 corresponding to the effect of the translation of the financial statements of YPF S.A. and (4,945) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar, as detailed in Note 2.b.1. | ||||||||||||||||||||||
[4] | Corresponds to the change in the accounting policy described in Note 2.b.18. | ||||||||||||||||||||||
[5] | See Note 29. | ||||||||||||||||||||||
[6] | Includes 307,720 corresponding to the effect of the translation of the financial statements of YPF, (21,680) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 11,080 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1. | ||||||||||||||||||||||
[7] | Includes 528,145 corresponding to the effect of the translation of the financial statements of YPF, (29,691) corresponding to the effect of the translation of the financial statements of investments in subsidiaries, associates and joint ventures with functional currencies other than the U.S. dollar and 18,332 corresponding to the recognition of the result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency, as detailed in Note 2.b.1. |
Consolidated statements of ch_2
Consolidated statements of changes in shareholders equity (Parenthetical) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Corresponding to recognition of result for the net monetary position of subsidiaries, associates and joint ventures with the Peso as functional currency | $ 18,332 | $ 11,080 | |
YPF S.A. [member] | |||
Corresponding to the effect of the translation | 528,145 | 307,720 | $ 132,391 |
Subsidiaries, associates and Joint ventures [member] | |||
Corresponding to the effect of the translation | $ (29,691) | $ (21,680) | $ (4,945) |
Consolidated statements of cash
Consolidated statements of cash flow - ARS ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Cash flows from operating activities | ||||
Net (loss) / income | $ (33,379) | $ 38,606 | $ 12,672 | |
Adjustments to reconcile net (loss) / income to cash flows provided by operating activities: | ||||
Income from equity interests in associates and joint ventures | (7,968) | (4,839) | (1,428) | |
Depreciation of property, plant and equipment | 145,894 | 87,569 | 53,512 | |
Depreciation of right-of-use assets | 10,509 | |||
Amortization of intangible assets | 2,374 | 1,749 | 838 | |
Retirement of property, plant and equipment and intangible assets and consumption of materials | 19,124 | 12,101 | 4,592 | |
Charge on income tax | 26,369 | 51,538 | (3,969) | |
Net increase in provisions | 13,090 | (3,422) | 4,924 | |
Impairment / (Recovery) of property, plant and equipment | 41,429 | (2,900) | (5,032) | |
Exchange differences, interest and other | (5,939) | (28,611) | 7,611 | |
Share-based benefit plans | 493 | 308 | 162 | |
Accrued insurance | (498) | (417) | (206) | |
Result of companies' revaluation | (11,980) | |||
Result from the sale of areas | (778) | |||
Changes in assets and liabilities: | ||||
Trade receivables | (11,833) | (25,912) | (8,073) | |
Other receivables | (13,076) | (9,873) | 895 | |
Inventories | 6,726 | 951 | (1,556) | |
Accounts payable | 29,435 | 18,769 | 3,747 | |
Taxes payables | (1,145) | 2,615 | 2,550 | |
Salaries and social security | 4,534 | 1,904 | 1,065 | |
Other liabilities | 803 | (1,178) | (717) | |
Decrease in provisions included in liabilities due to payment/use | (4,862) | (2,652) | (1,388) | |
Contract assets | 445 | (278) | (130) | |
Contract liabilities | 776 | 2,179 | 2,661 | |
Dividends received | 811 | 583 | 328 | |
Proceeds from collection of lost profit insurance | 758 | 496 | ||
Income tax payments | (6,955) | (2,248) | (1,084) | |
Net cash flows from operating activities | [1],[2] | 217,137 | 125,058 | 71,974 |
Investing activities: | ||||
Acquisition of property, plant and equipment and intangible assets | (161,455) | (88,293) | (59,618) | |
Contributions and acquisitions of interests in associates and joint ventures | (4,826) | (280) | (891) | |
Proceeds from sales of financial assets | 957 | 7,879 | 4,287 | |
Interests received from financial assets | 1,063 | 750 | 980 | |
Payments from business combinations | (2,307) | |||
Proceeds from the sale of areas | 382 | |||
Net cash flows used in investing activities | (163,879) | (82,251) | (55,242) | |
Financing activities: | ||||
Payment of loans | (93,456) | (55,734) | (36,346) | |
Payments of interests | (41,606) | (26,275) | (17,912) | |
Proceeds from loans | 97,351 | 39,673 | 54,719 | |
Repurchase of treasury shares | (280) | (120) | (100) | |
Payments of leases | (15,208) | |||
Payment of interests in relation to income tax | (583) | |||
Dividends paid | (2,300) | (1,200) | (716) | |
Net cash flows used in financing activities | (56,082) | (43,656) | (355) | |
Translation differences provided by cash and cash equivalents | 22,896 | 18,139 | 1,665 | |
Reclassification of assets held for disposal | (61) | |||
Net increase in cash and cash equivalents | 20,072 | 17,290 | 17,981 | |
Cash and cash equivalents at the beginning of the fiscal year | 46,028 | 28,738 | 10,757 | |
Cash and cash equivalents at the end of the fiscal year | 66,100 | 46,028 | 28,738 | |
Net increase in cash and cash equivalents | 20,072 | $ 17,290 | $ 17,981 | |
Payment of short term lease and variable charges | $ 11,184 | |||
[1] | Does not include exchange differences generated by cash and cash equivalents, which is exposed separately in the statement. | |||
[2] | Includes 11,184 for payment of short-term leases and payments of the variable charge of leases related to the underlying asset return/use. |
Consolidated statements of ca_2
Consolidated statements of cash flow (Parenthetical) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non cash transactions | |||
Unpaid acquisitions of property, plant and equipment and concession extension liabilities | $ 24,909 | $ 11,561 | $ 6,019 |
Hydrocarbon wells abandonment obligation costs' recalculation | 1,172 | $ (11,710) | (4,913) |
Contributions in joint ventures | $ 19 | ||
Additions of right-of-use assets | 39,779 | ||
Capitalization of amortization of right-of-use assets | 2,021 | ||
Capitalization of financial accretion for lease liabilities | 311 | ||
Capitalization in joint ventures | $ 738 |
General Information, Structure
General Information, Structure and Organization of the Business of the Group | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
General Information, Structure and Organization of the Business of the Group | 1. GENERAL INFORMATION, STRUCTURE AND ORGANIZATION OF THE BUSINESS OF THE GROUP General information YPF Sociedad Anónima is a stock corporation sociedad anónima YPF and its subsidiaries form the leading energy group in Argentina, which operates a fully integrated oil and gas chain with leading market positions across the domestic Upstream and Downstream segments. Structure and organization of the economic Group The following table shows the organizational structure, including the main companies of the Group, as of December 31, 2019: (1) Held directly and indirectly. (2) See Note 3 (3) See Note 34.h. Organization of the business As of December 31, 2019, the Group carries out its operations in accordance with the following structure: • Upstream; • Gas and Power; • Downstream; • Central administration and others, which covers the remaining activities not included in the previous categories. Activities covered by each business segment are detailed in Note 5. Almost all operations, properties and clients are located in Argentina. However, the Group also holds participating interests in exploratory areas in Bolivia and production areas in Chile. The Group also sells lubricants and derivatives in Brazil and Chile. |
Basis of Preparation of the Con
Basis of Preparation of the Consolidated Financial Statements | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Basis of Preparation of the Consolidated Financial Statements | 2. BASIS OF PREPARATION OF THE CONSOLIDATED FINANCIAL STATEMENTS 2.a) Basis of preparation Application of IFRS The consolidated financial statements of the Group for the fiscal year ended December 31, 2019 are presented in accordance with IFRS as issued by IASB and interpretations issued by the IFRIC. Moreover, some additional issues required by the LGS and/or CNV’s regulations have been included. The amounts and other information corresponding to the years ended on December 31, 2018 and 2017 are an integral part of the consolidated financial statements mentioned above and are intended to be read only in relation to these financial statements. These consolidated financial statements were approved by the Board of Directors’ meeting and authorized to be issued on March 5, 2020. Current and Noncurrent classification The presentation in the statement of financial position makes a distinction between current and noncurrent assets and liabilities, according to the activities operating cycle. Current assets and liabilities include assets and liabilities, which are realized or settled within the 12-month All other assets and liabilities are classified as noncurrent. Current and deferred tax assets and liabilities (payable income tax) are presented separately from each other and from other assets and liabilities, as current and noncurrent, as applicable. Fiscal year-end The Company’s fiscal year begins on January 1 and ends on December 31, each year. Accounting criteria The consolidated financial statements have been prepared under historical cost criteria, except for financial assets measured at fair value through profit or loss. Non-monetary Use of estimates The preparation of financial statements at a certain date requires the Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the fiscal year. Future results might differ from the estimates and assessments made on the date of preparation of these consolidated financial statements. The description of any significant estimates and accounting judgments made by Management in applying the accounting policies, as well as the key estimates and areas with greater degree of complexity which require more critical judgments, are disclosed in Note 2.c. Consolidation policies For purposes of presenting the consolidated financial statements, the full consolidation method was used with respect to all subsidiaries, which are those companies which the Group controls. The Group controls an entity when it is exposed, or is entitled to the variable results arising from its equity interest in the entity, and has the ability to affect those results through its power over the entity. This capacity is, in general but not solely, obtained by the direct or indirect ownership of more than 50% of the voting shares of a company. Interest in JO and other agreements which gives the Group a contractually-established percentage over the rights of the assets and obligations that emerge from the contract, have been consolidated line by line on the basis of the mentioned participation over the assets, liabilities, income and expenses related to each contract. Assets, liabilities, income and expenses of JO are presented in the consolidated statement financial position and in the consolidated statement of comprehensive income, in accordance with their respective nature. Note 10 details the fully consolidated controlled subsidiaries. Furthermore, Note 28 details the main JO, proportionally consolidated. In the consolidation process, balances, transactions, profits and losses between consolidated companies and JO have been eliminated. The Company’s consolidated financial statements are based on the most recent available financial statements of the companies which YPF controls, taking into consideration, where applicable, significant subsequent events and transactions, information available to the Company’s management and transactions between YPF and such subsidiaries, which could have produced changes to their shareholders’ equity. The date of the financial statements of such subsidiaries used in the consolidation process may differ from the date of YPF’s financial statements due to administrative reasons. The accounting principles and procedures used by subsidiaries have been homogenized, where appropriate, with those used by YPF in order to present the consolidated financial statements based on uniform accounting and presentation policies. The financial statements of subsidiaries whose functional currency is different from the presentation currency are translated using the procedure set out in Note 2.b.1. The Group holds 100% of capital of the consolidated companies, with the exception of the holdings in Metrogas and YTEC. The Group takes into account quantitative and qualitative aspects to determine which subsidiaries have significant non-controlling non-controlling Financial information of subsidiaries, associates and joint ventures in hyperinflationary economies Under IAS 29 “Financial Reporting in Hyperinflationary Economies” the financial statements of an entity whose functional currency is the currency of a hyperinflationary economy shall be stated in terms of the measuring unit current at the end of the reporting period or fiscal year. The standard sets forth quantitative and qualitative factors to be contemplated in order to determine whether or not an economy is hyperinflationary. In recent years, inflation in Argentina has been high, with an accumulated inflation rate exceeding 100% over the last three years. In addition, certain recent qualitative and quantitative factors, such as the significant devaluation of the Peso, led to the conclusion that the restatement by inflation of annual or interim financial statements corresponding to annual or interim periods ending after July 1, 2018, should be applied. Companies could not present their restated financial statements because Decree No. 664/2003 of the PEN prohibited regulatory agencies (including the CNV) from receiving financial statements adjusted for inflation. Law No. 27,468, published on December 4, 2018 in the BO repealed Decree No. 1,269/2002 of the PEN as amended (including the aforementioned Decree No. 664/2003 of the PEN). The provisions of the aforementioned law became in full force and effect as of December 28, 2018, the date of the publication of the CNV General Resolution No. 777/2018, which established that annual financial statements, interim and special periods closing from December 31, 2018 inclusive, must be submitted adjusted for inflation, as established by IAS 29. The FACPCE’s guidelines will be applied to those issues not specifically addressed in the aforementioned regulations. Although the application of IAS 29 does not directly affect YPF because its functional currency is the U.S. dollar as mentioned in section b) of this Note, it does affect the investments that the Company has in its subsidiaries, associates and joint ventures whose functional currency is the Peso, all of which have restated their financial statements. In compliance with IAS 29 guidelines, the adjustment was based on the last date on which subsidiaries, associates and joint ventures whose functional currency is the Peso restated their financial statements to reflect the effects of inflation. For this purpose, in general terms, the inflation from the date of acquisition or addition, or from the date of asset revaluation, as applicable, was computed in balances of non-monetary non-monetary In accordance with the above, the initial application of IAS 29 as of December 31, 2018, generated an increase in equity, net income and other comprehensive income for the fiscal year of the Company. 2.b) Significant Accounting Policies 2.b.1) Functional and reporting currency and tax effect on Other comprehensive income Functional currency YPF, based on parameters set out in IAS 21 “The effects of change in foreign exchange rates”, has defined the U.S. dollar as its functional currency. Consequently, non-monetary Transactions in currencies other than the functional currency of the Company are deemed to be “foreign currency transactions” and are remeasured into functional currency by applying the exchange rate prevailing at the date of the transaction (or, for practical reasons and when exchange rates do not fluctuate significantly, the average exchange rate for each month). At the end of each fiscal year or at the time of payment, the balances of monetary assets and liabilities in currencies other than the functional currency are measured at the exchange rate prevailing at such date and the exchange differences arising from such measurement are recognized as “Net financial results” in the consolidated statement of comprehensive income for the fiscal year in which they arise. Assets, liabilities and results of subsidiaries, associates and joint ventures are shown in their respective functional currencies. The effects of the conversion into U.S. dollars of the financial information of those companies whose functional currency is other than the U.S. dollar are recorded as “Other comprehensive income” in the Consolidated Statement of Comprehensive Income. Presentation currency According to CNV Resolution No. 562, the Company must present its financial statements in pesos. Therefore, the financial statements prepared in the Company’s functional currency are translated into the presentation currency, as per the following procedures: • Assets and liabilities of each of the balance sheets presented are translated using the exchange rate on the balance sheet closing date; • Items of the consolidated statement of comprehensive income are translated using the exchange rate at the time the transactions were generated (or, for practical reasons, and provided the exchange rate has not changed significantly, using each month’s average exchange rate); • All translation differences resulting from the foregoing are recognized under “Other Comprehensive Income” in the statement of comprehensive income. Effects of the translation of investments in subsidiaries, associates and joint ventures with functional currency corresponding to a hyperinflationary economy Under IAS 21, the financial statements of a subsidiary with the functional currency of a hyperinflationary economy have to be restated according to IAS 29 before they are included in the consolidated financial statements of its parent company with a functional currency of a non-hyperinflationary Following the aforementioned guidelines, the results and financial position of subsidiaries with the Peso as functional currency were translated into U.S. dollars by the following procedures: all amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not be adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in other comprehensive income. These criteria were also implemented by the Group for its investments in associates and joint ventures. When an economy ceases to be hyperinflationary and an entity ceases to restate its financial statements in accordance with IAS 29, it will use the amounts restated according to the price level of the date on which the entity ceased to make such restatement as historical costs, in order to translate them into the presentation currency. Tax effect on Other Comprehensive Income Results included in Other Comprehensive Income in connection with translation differences and result from net monetary position generated by investments in subsidiaries, associates and joint ventures whose functional currency is other than U.S. dollar as well as conversion differences arising from the translation of YPF’s financial statements into its presentation currency (Pesos), have no effect on the income tax or in the deferred tax since at the time they were generated, the relevant transactions did not make any impact on net accounting result nor in taxable result. 2.b.2) Financial Assets Classification In accordance with IFRS 9 “Financial instruments”, the Group classifies its financial assets into two categories: • Financial assets at amortized cost Financial assets are measured at amortized cost if both of the following criteria are met: (i) the objective of the Group’s business model is to hold the assets to collect the contractual cash flow, and (ii) the contractual terms only require specific dates for payments of principal and interest. In addition, and for assets that meet the aforementioned conditions, IFRS 9 contemplates the option of designating, at the time of the initial recognition, an asset as measured at its fair value, if doing so would eliminate or significantly reduce the valuation or recognition inconsistency that could arise in the event that the valuation of the assets and liabilities or the recognition of profit or losses resulting therefrom be carried out on different bases. The Group has not designated a financial asset at fair value by using this option. As of the closing date of these consolidated financial statements, the Group’s financial assets at amortized cost include certain elements of cash and cash equivalents, trade receivables and other receivables. • Financial assets at fair value through profit or loss If either of the two criteria above are not met, the financial asset is classified as an asset measured “at fair value through profit or loss”. As of the closing date of these consolidated financial statements, the Group’s financial assets at fair value through profit or loss include mutual funds and public securities. Recognition and measurement Purchases and sales of financial assets are recognized on the date on which the Group commits to purchase or sell the assets. Financial assets are recognized when the rights to receive cash flows from the investments and the risks and rewards of ownership have expired or have been transferred. Financial assets at amortized cost are initially recognized at fair value plus transaction costs. These assets accrue interest based on the effective interest rate method. Financial assets at their fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as an expense in the statement of comprehensive income. They are subsequently valued at fair value. Changes in fair values and results from sales of financial assets at fair value through profit or loss are recorded in “Net financial results” in the statement of comprehensive income. In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In other cases, the Group records a profit or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable and observable market transactions for the same type of instrument or if it is based in a technical valuation that only inputs observable market information. Unrecognized profits or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in the factors (including time) that market participants would consider upon setting the price. Profit or loss on debt instruments measured at amortized cost and not included for hedging purposes are charged to income when the financial assets are derecognized or an impairment loss is recognized and during the amortization process using the effective interest rate method. The Group reclassifies all investments on debt instruments only when its business model for managing those assets changes. Impairment of financial assets The Group assesses the impairment of its financial assets according to the expected credit losses model. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach allowed by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. See Note 2.b.18. Offsetting financial instruments Financial assets and liabilities are offset when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. 2.b.3) Inventories Inventories are valued at the lower value between their cost and their net realizable value. Cost includes acquisition costs (less trade discount, rebates and other similar items), transformation and other costs, which have been incurred when bringing the inventory to its present location and condition. The net realizable value is the estimated selling price in the ordinary course of business less selling expenses. In the case of refined products, costs are allocated in proportion to the selling price of the related products (isomargen method) due to the difficulty for distributing the production costs to each product. Raw materials, packaging and other inventory are valued at their acquisition cost. The Group assesses the net realizable value of the inventories at the end of each fiscal year and recognizes in profit or loss in the consolidated statement of comprehensive income the appropriate valuation adjustment if the inventories exceed their net realizable value. When the circumstances that previously caused impairment no longer exist or when there is clear evidence of an increase in the inventories’ net realizable value because of changes in economic circumstances, the amount of a write-down is reversed. 2.b.4) Intangible assets The Group initially recognizes intangible assets at their acquisition or development cost. This cost is amortized on a straight-line basis over the useful lives of these assets. At the end of each year, such assets are measured at their acquisition or development cost, considering the criteria adopted by the Group in the transition to IFRS, less its respective accumulated amortization and, if applicable, impairment losses. The main intangible assets of the Group are as follows: i. Service concessions arrangements Includes transportation and storage concessions. These assets are valued at their acquisition cost, considering the criteria adopted by the Group in the transition to IFRS, net of accumulated amortization. They are depreciated using the straight-line method during the course of the concession period. The Argentine Hydrocarbons Law allows the PEN to award 35-year concessions for the transportation of oil, gas and petroleum products following submission of competitive bids. The term of a transportation concession may be extended for an additional ten-year term. • Transport oil, gas and petroleum products; • Build and operate pipelines for oil, gas and their derivatives, storage facilities, pump stations, compressor plants, roads, railways and other facilities and equipment necessary for the efficient operation of a pipeline system. In addition, a transportation concession holder is under an obligation to transport hydrocarbons to third parties, without discrimination, in exchange for a tariff. This obligation, however, is applicable to oil or gas producers only to the extent the concession holder has available additional capacity, and is expressly subject to the transportation requirements of the concession holder. Transportation tariffs are subject to approval by the SE for oil and petroleum derivatives pipelines, and by ENARGAS, for gas pipelines. Upon expiration of a transportation concession, oil pipelines and related facilities revert to the Argentine Government, without any payment to the concession holder. In connection with the foregoing, the Privatization Law granted the Company 35-year • La Plata / Dock Sud • Puerto Rosales / La Plata • Monte Cristo / San Lorenzo • Puesto Hernández / Luján de Cuyo • Luján de Cuyo / Villa Mercedes Thus, assets meeting certain requirements set forth by the IFRIC 12, which the Company Management’s judgment are met in the facilities mentioned in the preceding paragraphs, are recognized as intangible assets. ii. Exploration rights The Group classifies exploration rights as intangible assets, which are valued at their cost, considering the deemed cost criteria adopted by the Group in the transition to IFRS, net of the related impairment, if applicable. Investments related to unproved oil reserves or fields under evaluation are not depreciated. These investments are reviewed for impairment at least once a year, or whenever there are indicators that the assets may have become impaired. Any impairment loss or reversal is recognized in the consolidated statement of comprehensive income. Exploration costs (geological and geophysical expenditures, expenditures associated with the maintenance of unproved reserves and other expenditures relating to exploration activities), excluding exploratory well drilling costs, are charged to expense in the consolidated statement of comprehensive income as incurred. iii. Other intangible assets This section mainly includes costs relating to computer software development expenditures, as well as assets that represent the rights to use technology and knowledge (“know how”) for the manufacture and commercial exploitation of equipment related to oil extraction. These items are valued at their acquisition cost, considering the deemed cost criteria adopted by the Group in the transition to IFRS, net of the related depreciation and impairment, if applicable. These assets are amortized on a straight-line basis over their useful lives, which range between 3 and 14 years. The Group reviews annually the mentioned estimated useful life. The Group has no intangible assets with indefinite useful lives as of December 31, 2019, 2018 and 2017. 2.b.5) Investments in associates and joint ventures Investments in associates and joint ventures are valued using the equity method. According to this method, the investment is initially recognized at cost under “Investments in associates and joint ventures” in the statement of financial position, and the book value increases or decreases to recognize the investor’s interest in the income of the associate or joint venture after the acquisition date, which is reflected in the statement of comprehensive income under “Income from equity interests in associates and joint ventures”. The investment includes, if applicable, the goodwill identified in the acquisition. Associates are considered those in respect of which the Group has significant influence, understood as the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Significant influence is presumed in companies in which a company has an interest of 20% or more and less than 50%. Joint arrangements are contractual agreements through which the Group and the other party or parties have joint control. Under the provisions of IFRS 11, “Joint arrangements”, and IAS 28, “Investments in Associates and Joint Ventures”, investments in which two or more parties have joint control (defined as a “joint arrangement”) will be classified as either a joint operation (when the parties that have joint control have rights to the assets and obligations for the liabilities relating to the joint arrangement) or a joint venture (when the parties that have joint control have rights to the net assets of the joint arrangement). Considering such classification, joint operations will be proportionally consolidated and joint ventures will be accounted for under the equity method. Associates and joint ventures have been valued based upon the latest available financial statements of these companies as of the end of each year, taking into consideration, if applicable, significant subsequent events and transactions, available management information and transactions between the Group and the related company, which have produced changes on the latter’s shareholders’ equity. The dates of the financial statements of such related companies used in the consolidation process may differ from the date of the Company’s financial statements due to administrative reasons. The accounting principles and procedures used by associates and joint ventures have been homogenized, where appropriate, with those used by the Group in order to present the consolidated financial statements based on uniform accounting and presentation policies. The financial statements of associates and joint ventures whose functional currency is the currency of a hyperinflationary economy and/or different from the presentation currency are translated using the procedure set out in Note 2.b.1. Investments in companies in which the Group has no significant influence or joint control, are valued at cost. Investments in companies with negative shareholders’ equity are disclosed in the “Other Liabilities” account. On each closing date or upon the existence of signs of impairment, it is determined whether there is any objective evidence of impairment in the value of the investment in associates and joint ventures. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable value of associates and joint ventures and their book value, and recognizes the difference under “Income from equity interests in associates and joint ventures” in the statement of comprehensive income. The recorded value of investments in associates and joint ventures does not exceed their recoverable value. Note 10 details the investments in associates and joint ventures. 2.b.6) Property, plant and equipment General criteria Property, plant and equipment are valued at their acquisition cost, plus all the costs directly related to the location of such assets for their intended use, considering the deemed cost criteria adopted by the Group in the transition to IFRS. Borrowing costs of assets that require a substantial period of time to be ready for their intended use are capitalized as part of the cost of these assets until they are ready for their intended use or sale. Major inspections, necessary to restore the service capacity of the related asset are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. The costs of renewals, betterments and enhancements that extend the useful life of properties and/or improve their service capacity are capitalized. As property, plant and equipment are retired, the related cost and accumulated depreciation are derecognized. Repair, conservation and ordinary maintenance expenses are recognized in the statement of comprehensive income as incurred. These assets are reviewed for impairment at least once a year, or whenever there are indicators that the assets may have become impaired, as detailed in Note 2.b.8. Depreciation Property, plant and equipment, other than those related to oil and gas production activities, are depreciated using the straight-line method, over the years of estimated useful life of the assets, as follows: Years of Estimated Buildings and other constructions 50 Refinery equipment and petrochemical plants 20-25 Infrastructure for natural gas distribution 20-50 Transportation equipment 5-25 Furniture, fixtures and installations 10 Selling equipment 10 Other property 10 Land is classified separately from the buildings or facilities that may be located on it and is deemed to have an indefinite useful life. Therefore, it is not depreciated. The Group reviews annually the estimated useful life of each class of assets. Oil and gas production activities The Group recognizes oil and gas exploration and production transactions using the “successful-efforts” method. The costs incurred in the acquisition of new interests in areas with proved and unproved reserves are capitalized as incurred under Mining properties, wells and related equipment. Costs related to exploration permits are classified as intangible assets. Exploration costs, excluding the costs associated with exploratory wells, are charged to expense as incurred. Costs of drilling exploratory wells, including stratigraphic test wells, are capitalized pending determination as to whether the wells have found proved reserves that justify commercial development. If such reserves are not found, the mentioned costs are charged to expense. Occasionally, an exploratory well may be determined to have found oil and gas reserves, but classification of those reserves as proved cannot be made. In those cases, the cost of drilling the exploratory well will continue to be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well, and the Group is making sufficient progress assessing the reserves as well as the economic and operating viability of the project. If any of the mentioned conditions are not met, the cost of drilling exploratory wells is charged to expense. In addition, the exploratory activity involves, in many cases, the drilling of multiple wells throughout several years in order to completely evaluate a project. As a consequence, some exploratory wells may be kept in evaluation for long periods, pending the completion of additional wells and exploratory activities needed to evaluate and quantify the reserves related to each project. The detail of the exploratory well costs in evaluation stage is described in Note 8. Drilling costs applicable to productive wells and to developmental dry holes, as well as tangible equipment costs related to the development of oil and gas reserves, have been capitalized. The capitalized costs described above are depreciated as follows: a) The capitalized costs related to productive activities have been depreciated by field on a unit-of-production b) The capitalized costs related to the acquisition of property and the extension of concessions with proved reserves have been depreciated by field on a unit-of-production Revisions in estimates of crude oil and gas proved reserves are considered prospectively in the calculation of depreciation. Revisions in estimates of reserves are performed at least once a year. Additionally, estimates of reserves are audited by external independent petroleum and gas engineers on a three-year rotation plan. Costs related to hydrocarbon well abandonment obligations Costs related to hydrocarbon well abandonment obligations are capitalized at their discounted value along with the related assets, and are depreciated using the unit-of-production current Environmental property, plant and equipment The Group capitalizes the costs incurred in limiting, neutralizing or preventing environmental pollution only in those cases where at least one of the following conditions is met: (a) the expenditure improves the safety or efficiency of an operating plant (or other productive assets); (b) the expenditure prevents or limits environmental pollution at operating facilities; or (c) the expenditure is incurred to prepare assets for sale and does not raise the assets’ carrying value above their estimated recoverable value. The environmental related property, plant and equipment and the corresponding accumulated depreciation are disclosed in the consolidated financial statements together with the other elements that are part of the corresponding property, plant and equipment which are classified according to their accounting nature. 2.b.7) Provisions and contingent liabilities The Group makes a distinction between: i. Provisions Represent legal or assumed obligations arising from past events, the settlement of which is expected to give rise to an outflow of resources and whose amount and timing are uncertain. Provisions are recognized when the liability or obligation-giving rise to an indemnity or payment arises, to the extent that its amount can be reliably estimated and that the obligation to settle is probable or certain. Provisions include both obligations whose occurrence does not depend on future events (such as provisions for environmental liabilities and provision for hydrocarbon wells abandonment obligations); as well as obligations that are probable and can be reasonably estimated whose realization depends on the occurrence of future events that are out of the control of the Group (such as provisions for con |
Acquisitions and Dispositions
Acquisitions and Dispositions | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Acquisitions and Dispositions | 3. ACQUISITIONS AND DISPOSITIONS • Assignment agreement of the Bajo del Piche, Barranca de Los Loros, El Medanito and El Santiagueño areas On June 11, 2018, YPF and Petróleos Sudamericanos S.A. (“PS”) entered into an agreement for the assignment of 100% of the exploitation concessions over the areas known as Bajo del Piche, Barranca de Los Loros, El Medanito and El Santiagueño, located in the provinces of Neuquén and Río Negro for an amount of US$ 22.3 million. On December 2, 2018, by Decree No. 1,677/2018, the Province of Río Negro approved the assignment. Also, on December 20, 2018, YPF and PS signed the documents required to execute the assignment. On January 2, 2019, YPF and PS signed a memorandum whereby from such date PS takes possession of the facilities located in such areas, taking responsibility for the same and releasing YPF from its role as operator of those exploitation concessions. On February 11, 2019, the Executive Branch of the Province of Rio Negro published Decree No. 1,677/2018 authorizing the sale of 100% of the exploitation concession. In consideration of the above, the Group recorded as of December 31, 2019, a profit of 1,523 included in “Other net operating results”. • Assignment agreement of the Al Sur de la Dorsal, Anticlinal Campamento, Dos Hermanas and Ojo de Agua areas On December 20, 2018, YPF and Oilstone Energía S.A. (“OESA”) have entered into an agreement for the assignment by YPF to OESA of 100% of the exploitation concessions in respect of the Al Sur del Dorsal, Anticlinal Campamento, Dos Hermanas and Ojo de Agua areas, located in the province of N On July 24, 2019, by means of Decree No. 1,346/2019, the Province of Neuquén approved the assignment of the areas. Additionally, on July 31, 2019 YPF and Oilstone Energía S.A. subscribed the documents required to formally execute the assignment. In consideration of the above, the Group recorded as of December 31, 2019, a loss of 558 included in “Other net operating results”. • Assignment agreement of Río Mayo and Sarmiento areas On August 2, 2019, YPF and Capetrol Argentina S.A. (“Capetrol”) entered into an assignment agreement whereby YPF assigns to Capetrol 100% of the exploitation concessions over the Río Mayo and Sarmiento areas, located in the Province of Chubut. The agreement contemplates the assignment of the concession for a consideration of US$ 1.1 million. On October 25, 2019, by means of Decree No. 1,185/2019, the Province of Chubut approved the assignment. Additionally, on October 28, 2019 YPF and Capetrol subscribed the documents required to formally execute the assignment. In consideration of the above, the Group recorded as of December 31, 2019, a loss of 187 included in “Other net operating results”. • Acquisition of Aguada del Chañar area On June 25, 2019, YPF received a notice from IEASA informing YPF that it was awarded the National and International Public Tender No. ADCH 01/2019, related to the assignment by IEASA of 100% of the conventional and unconventional exploitation, and transportation concession granted on the Aguada del Chañar area, located in the Province of Neuquén, together with all its assets and facilities. YPF won said Public Tender with a US$ 96 million bid. On June 28, 2019, Decree No. 1,096/2019 was published in the BO of the Province of Neuquén, authorizing such assignment. On the same date, IEASA and YPF signed the final agreements and perfected the assignment. In consideration of the above, the Group as of December 31, 2019, has recorded the exploratory mining property for 4,055 in “Intangible Assets”. • Acquisition of Ensenada de Barragán Thermal Power Plant On May 29, 2019, the Company received a notice from IEASA informing that YPF and Pampa Cogeneración S.A., a company controlled by Pampa Energía S.A. (“Pampa”), were awarded of the National and International Public Tender No. CTEB 02/2019, pursuant to their joint offer, which was called by Resolution No. 160/2019 issued by the SGE (the “Tender Process”), in relation to the sale and transfer by IEASA of the goodwill of Ensenada de Barragán Thermal Power Plant (“CTEB”). The awarded companies decided to jointly acquire CTEB, through a company co-owned CTEB is located in the petrochemical complex of Ensenada, Province of Buenos Aires, with an installed capacity of 560 MW as of today. As part of the transaction, the acquiring companies will have a term of 30 months to complete the works required for CTEB to operate on a combined cycle basis, which will increase its installed capacity to 840 MW. Energy supply agreements with CAMMESA in respect of both the open and closed cycles have been entered into, pursuant to Resolution SE N°220/2007. The first agreement was executed on March 26, 2009 (expiring in April 27, 2022), and the second on March 26, 2013 for a term of 10 years from the commercial operation of the combined cycle. The joint investment for the acquisition of CTEB amounts to US$ 282 million, which includes the final amount offered (cash) in the Tender Process, and the purchase price of certain amount of debt securities (“VRDs”) issued under the supplemental agreement to the global financial and administration trust program for the execution of energy infrastructure projects – Series 1 – ENARSA (Barragán) “Contrato suplementario del programa global de fideicomisos financieros y de administración para la ejecución de obras de infraestructura energética -Serie 1- The acquisition of the goodwill of CTEB also includes the assignment of the Trust Agreement to CT Barragán, as trustor under the trust. The VDR debt under the Trust Agreement (excluding the VDRs to be acquired by the CT Barragán) amounts to approximately US$ 229 million, which is expected to be repaid with cash flows from CTEB. On June 26, 2019 the sale and transfer by IEASA of the goodwill of CTEB to CT Barragán was formally executed. Each shareholder made a capital contribution of US$ 100 million to CT Barragán, which also received a loan for US$ 170 million from a bank syndicate and a new schedule of payments and conditions of the CTEB existing trust. In both cases, without recourse to shareholders, except in the event of default of certain conditions. CT Barragán entered into an agreement with Pampa and YPF EE for the provision of administration and management services to CTEB, which will be provided alternately by Pampa and YPF EE for 4-year The following table shows in detail the transferred consideration and the fair values of the acquired assets and the liabilities assumed by CT Barragán as of June 26, 2019, after considering the price adjustment for US$10 million: Fair value as of the Fair value of identifiable assets and assumed liabilities: Financial assets at fair value 682 Property, plant and equipment 20,330 Inventories 341 VRDs (9,760 ) Total identifiable net assets / Consideration 11,593 The fair value of property, plant and equipment and inventories was calculated mainly based on the depreciated replacement cost approach corresponding to the acquired assets. To such end, CT Barragán had the assistance of an external appraiser. Additionally, CT Barragán has estimated the value in use that expects to obtain from the assets to ascertain that the fair value is not higher than its recoverable value. As a result of the process described above, CT Barragán has not identified separate intangible assets that must be recognized in relation to the business acquisition. • Agreement for YPF EE’s capitalization On December 14, 2017, the Board of Directors of the Company approved the terms of a memorandum of understanding signed with GE Energy Financial Services, Inc. (“GE EFS”) which established the framework conditions under which the parties would agree to the capitalization of YPF EE. This Agreement, the framework conditions of which were approved by the Board of Directors of the Company, established that GE EFS intended to contribute capital through a vehicle company and subscribe for shares of YPF EE in order to have a shareholding of 25% of its capital stock. As of December 31, 2017, the Group had classified its investment in YPF EE as assets and liabilities held for disposal in separate lines from the rest of the assets and liabilities, given that as of that date they had met all the requirements for this classification (see Note 2.b.24). Given that, at the time of classification, the fair value excluding costs of the transaction was higher, the investment in YPF EE has been valued at its book value, therefore, no impairment has been recorded at the time of reclassification. Although YPF EE represented a component within YPF because it was an individual CGU within the Gas and Power segment, it did not qualify as a discontinued operation since it did not represent a significant line of business nor a geographical area. On February 6, 2018, YPF entered into a definitive and binding agreement with EFS Global Energy B.V. (“GE”) and GE Capital Global Energy Investments B.V., companies indirectly controlled by GE EFS, which establishes the conditions for the capitalization of YPF EE (the “Share Subscription Agreement”). The Share Subscription Agreement establishes that, subject to compliance with certain conditions precedent, GE will subscribe for shares of YPF EE in order to achieve a participation equal to 24.99% of its capital stock and jointly control this company with YPF. On March 20, 2018, GE EFS Power Investments B.V., a subsidiary of EFS Global Energy B.V (both companies indirectly controlled by GE Energy Financial Services, Inc.; jointly “GE”), subscribed YPF EE shares representing 24.99% of its capital stock. Since then, GE EFS Power Investments and YPF jointly control YPF EE, undertaking to contribute as follows: • Subscription price of US$ 275 million: • US$ 135 million on the closing date of the transaction; and • US$ 140 million 12 months after the closing date of the transaction. • Contingent price of up to the maximum sum of US$ 35 million subject to the evolution of the electric market prices (33.33% as of 24 months from the closing date of the transaction and 16.67% each subsequent year). In this way, the capital structure of YPF EE after the issuance of shares is as follows: Shareholder Number of Interest holding in Class of Shares YPF 2,723,826,879 72.69218 % A OPESSA 86,476,112 2.30783 % A Group 2,810,302,991 75.00001 % A GE 936,767,364 24.99999 % B Total 3,747,070,355 100.00000 % The following table shows the main assets and liabilities held for disposal as of December 31, 2017: • Group of assets held for disposal: December 31, Property, plant and equipment 4,982 Investments in associates and joint ventures 2,117 Inventories 1 Other receivables 914 Trade receivables 713 Investments in financial assets 78 Cash and cash equivalents 61 Subtotal 8,866 Eliminations (43 ) Total 8,823 • Liabilities associated to the group of assets held for disposal: December 31, Provisions 96 Deferred tax liabilities 282 Salaries and social security 47 Other liabilities 1 Loans 4,072 Accounts payable 938 Subtotal 5,436 Eliminations (1,243 ) Total 4,193 As a result of the implementation of IFRS 10 and the aforementioned capitalization process of YPF EE, the Group recorded as of December 31, 2018, a profit of 11,980 (11,879 through YPF and 101 through OPESSA) included in the item “Other net operating results”, which includes a profit of 13,552 (13,451 through YPF and 101 through OPESSA) due to the dilution of its interest in YPF EE with the consequent loss of control over it and the subsequent revaluation of its residual interest (3,438 y 10,114, respectively) and a loss of 1,572 (fully corresponding to YPF) for the reversal to net profit for the period of the accrued translation corresponding to the investment in this Company. In order to determine the fair value of the investment in YPF EE, the Group has considered all the elements available as of the date of these financial statements, including the best estimation of the occurrence of the contingent payments provided in the operation. However, for the measurement of this fair value the Group has a term of one fiscal year to evaluate all the facts and circumstances existing as of the transaction date that might modify such measurement. Regarding the participation held after the aforementioned transaction, the Group has followed the guidelines of IFRS 10 “Consolidated financial statements” and has concluded that from the entry of GE in YPF EE, GE and YPF jointly control YPF EE. Consequently, the Group applied IFRS 11 “Joint Arrangements” defining such company as a joint venture, and measured it according to the equity method under the IAS 28 “Investments in associates and joint ventures”. Some of the main evaluated assumptions are described below: (i) Any decisions about the relevant activities of YPF EE thereof are to be taken jointly, there being no power of one shareholder over the other in relation to such activities, regardless of the different percentages of equity interests held in YPF EE by each of them. Although the Group owns a 75.00001% stake in YPF EE, according to the shareholders’ agreement, the following is required for decision-making purposes regarding the relevant activities: the approval of at least one Director appointed by each class of shares at the meeting of the Board of Directors and the approval of each class of shares for the adoption of such decisions at the Shareholders’ meeting; (ii) No shareholder has any power, as defined in IFRS 10, to the detriment of any other, independently of the number of Directors or personnel (key or not) appointed by each class of shares, in the management of the Company for its own benefit or to unilaterally modify the variable investment returns or ultimately, to unilaterally direct any of the decisions associated with the relevant activities. • Acquisition of strategic assets of Oil Combustibles S.A. (“Oil”) On May 11, 2018, Oil’s bankruptcy was determined and, by means of a resolution dated June 1, 2018, the intervening judge decided to grant YPF and Destilería Argentina de Petróleo S.A. (“DAPSA”) the management of Oil in accordance with the terms of the offer presented by both companies, pursuant to which YPF and DAPSA were entitled for a two-month On July 27, 2018, YPF and DAPSA filed a brief stating that they were able to continue the management for two additional months under certain conditions, which was accepted by the bankruptcy trustee and the judge. The hearing for the opening of bids for the parties interested in acquiring Oil’s industrial assets, originally scheduled for September 14, 2018, was held on October 1, 2018. On October 2, 2018, YPF received notice of the decision adopted by the judge in charge of Oil Combustibles S.A.’s bankruptcy proceedings, which awarded the industrial assets of the bankrupt company to YPF and DAPSA, pursuant to the local and international bidding process carried out in connection with the sale of Oil Combustibles S.A.’s assets. The total price of the transaction amounted to US$ 85 million, which was paid on November 2, 2018. From such amount, US$ 63 million correspond to net assets acquired by YPF. These, especially the docks and fuel storage tanks located in the Paraná River fluvial terminal, will allow the expansion of YPF’s logistics capacity for actual and future business. YPF requested the unavailability of the funds, which will remain deposited in the judicial account at the order of the court until the conveyance of title and registration of the real estate acquired in favor of YPF. The real property composing the River Terminal was registered with the General Register of Rosario of the Ministry of Justice of the Province of Santa Fe. Additionally, on November 6, 2018, Division D of the Argentine Court of Appeals rejected the appeal filed by some of the former Oil shareholders which challenged the award in favor of YPF and DAPSA under the bidding process described herein. The acquisition of these assets qualified as a business combination under IFRS 3. The following table resumes consideration and fair value of the acquired assets and the liabilities assumed on the acquisition date: Fair value at the Fair value of identifiable assets and assumed liabilities: Property, plant and equipment 2,327 Inventories 445 Provisions (465 ) Total net identifiable assets / Consideration 2,307 • Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas After the exchange on the interest mentioned on Note 33 b, the Group has recorded as of December 31, 2018, a profit of 1,167 included in the item “Other net operating results”. • Assignment of interest in Bajo del Toro area After fulfilling the precedent conditions mentioned on Note 33.b, the Group has recorded as of December 31, 2018, a profit of 871 included in the item “Other net operating results”. • Assignment of interest in the Aguada de la Arena and Río Neuquén areas As part of the acquisition by Pampa Energía S.A. (“PEPASA”) of the total shares of Petrobras Participaciones S.L., which held 67.2% of the capital and voting rights of Petrobras Argentina S.A. (“PESA”), YPF and PEPASA entered into an agreement subject to certain conditions precedent under which, once the acquisition by PEPASA of shareholding control of PESA had been completed, PESA transferred to YPF its interest in the operating concessions of two areas located in the Neuquén basin with production and high potential for gas development (of the tight and shale type), to be operated by YPF, in the percentages detailed below: (i) 33.33% participation in the Río Neuquén area, located in the Province of Neuquén and in the Province of Río Negro; and (ii) 80% participation in the Aguada de la Arena area, located in the Province of Neuquén. In order to implement this agreement, PEPASA and YPF signed a Framework Agreement for the Financing and Acquisition of Units and a Loan Agreement under which YPF, on July 25, 2016, granted PEPASA a guaranteed loan for the Indirect acquisition of the aforementioned areas in the amount of US$ 140 million, equivalent to the acquisition price of the aforementioned units, which does not differ from the fair value of the participation in said areas. On October 14, 2016, the assignment of the interest in the operating concessions between YPF and PESA was consummated, as follows: (i) an interest of 33.33% in the Río Neuquén area for the sum of US$ 72 million; and (ii) an interest of 80% in the Aguada de la Arena area, for the sum of US$ 68 million. On February 23, 2017, YPF and Petrouruguay S.A. subscribed the definitive agreement for the assignment in favor of YPF of 20% of the interest in the Aguada de la Arena area for US$ 18 million. Thus, YPF increased its participation to 100% in the aforementioned area. On March 31, 2017, YPF cancelled, 33.33% of its participation in the Río Neuquén area and 80% of its participation in the Aguada de la Arena area through a payment in kind pursuant to an assignment in favor of PESA of its contractual position under the loan contract with PEPASA. On September 5, 2018 the Province of Neuquén issued Decree No. 1,401/2018 which authorized the assignment of 33.33% of the Rio Neuquén area in favor of YPF. Additionally, on December 17, 2018, by Decree No. 2,314/2018, the Province of Neuquén approved the assignment of 100% interest in the Aguada de la Arena area to YPF (together with the assignment to YPF of the 20% of the transportation concession of the area). • Assignment agreement of the Cerro Bandera area YPF and Oilstone Energía S.A. (“OESA”) entered into an agreement for the assignment of 100% of the exploitation concession of the Cerro Bandera area in the province of Neuquén (the “Concession”) on November 22, 2017. It should be noted that OESA operates the block since 2011 under the respective operating Agreement subscribed with YPF. The agreement considers the assignment of the Concession for US$14 million. Moreover, the agreement sets forth that YPF maintains rights, under certain terms and conditions, to (i) the Vaca Muerta and Molles formations, in which it may continue to carry out exploration and potential exploitation works; and (ii) an exploratory project in the northern region of the Concession, and its potential exploitation. On April 27, 2018, the Executive Power of the Province of Neuquén issued Decree No. 525/2018 which authorized the assignment of 100% of the exploitation concession in respect of Cerro Bandera provided for in the assignment agreement. Based on the above, the Group has recorded as of December 31, 2018, a profit of 284 included in the item “Other net operating results”. |
Financial Risk Management
Financial Risk Management | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial Risk Management | 4. FINANCIAL RISK MANAGEMENT The Group’s activities expose it to a variety of financial risks: market risk (including foreign currency risk, interest rate risk, and price risks), credit risk and liquidity risk. Within the Group, risk management functions are conducted in relation to financial risks associated to financial instruments to which the Group is exposed during a certain period or as of a specific date. This section provides a description of the principal risks that could have a material adverse effect on the Group’s strategy in each operations center, performance, results of operations and financial condition. The risks facing the businesses, set out below, do not appear in any particular order of potential materiality or probability of occurrence. The sensitivity analysis of market risks included below are based on a change in one factor while holding all other factors constant. In practice this is unlikely to occur, and changes in some of the factors may be correlated, for example, changes in interest rate and changes in foreign currency rates. This sensitivity analysis provides only a limited, point-in-time • Market Risk management The market risk to which the Group is exposed is the possibility that the valuation of the Group’s financial assets or financial liabilities as well as certain expected cash flows may be adversely affected by changes in interest rates, exchange rates or certain other price variables. The following is a description of these risks as well as a detail of the extent to which the Group is exposed and a sensitivity analysis of possible changes in each of the relevant market variables. Exchange Rate Risk The value of financial assets and liabilities denominated in a currency different from the Company’s functional currency is subject to variations resulting from fluctuations in exchange rates. Since YPF’s functional currency is the U.S. dollar, the currency that generates the greatest exposure is the Peso (the Argentine legal currency). The Group does not use derivatives as a hedge against exchange rate fluctuations. The following table provides a breakdown of the effect a variation of 10% in the prevailing exchange rates on the Group’s net income, taking into consideration the exposure of financial assets and liabilities denominated in Pesos as of December 31, 2019: Appreciation (+) / depreciation (-) of exchange rate of Peso against U.S. dollar Income (loss) for fiscal year ended December 31, 2019 Impact on net income before income tax corresponding to financial assets and liabilities +10 % 2,855 -10 % (2,855 ) Interest Rate Risk The Group is exposed to risks associated with fluctuations in interest rates on loans and investments. Changes in interest rates may affect the interest income or loss derived from financial assets and liabilities tied to a variable interest rate. Additionally, the fair value of financial assets and liabilities that accrue interests based on fixed interest rates may also be affected. The table below provides information about the financial assets and liabilities as of December 31, 2019 that accrue interest considering the applicable rate: Financial (1) Financial (2) Fixed interest rate 59,912 435,882 Variable interest rate 7,668 90,878 Total (3) 67,580 526,760 (1) Includes temporary investments, loans with related parties and trade receivables with interest-bearing payment agreements. It does not include the rest of the trade receivables that are mostly non-interest (2) Includes only financial loans. Does not include accounts payable, which mostly do not accrue interest, nor the leases liabilities. (3) Includes principal and interest. The variable rate financial loans represent 17% of the total loans as of December 31, 2019, and include NO, pre-financing Approximately 92% (484,631) of the total of the financial loans of the Group is denominated in U.S. dollars and the remainder is mainly in Pesos, as of December 31, 2019. Financial assets mainly include, in addition to trade receivables, which have low exposure to interest rate risk, bank deposits, fixed-interest deposits and investments in mutual funds such as money market or short-term fixed interest rate instruments. The Group’s strategy to hedge interest rate risk is based on investing funds at a variable interest rate, which partially offset financial loans at a variable interest rate, as well as based on maintaining relatively low percentages of debt at a variable interest rate. The Group does not usually use derivative financial instruments to hedge the risks associated with interest rates. The table below shows the estimated impact on consolidated statement of comprehensive income that an increase or decrease of 100 basis points in the interest rate would have. Increase (+) / decrease (-) in the interest rates (basis points) Income (loss) for fiscal year ended December 31, 2019 Impact on net income after income tax +100 (534 ) -100 534 Price Risks The Group is exposed to the own price risk for investments in financial instruments (public securities and mutual funds), which were classified in the statement of financial position as “at fair value through profit or loss”. The Group continuously monitors the change in these investments for significant movements. As of December 31, 2019, the aggregate value of financial assets at fair value through profit or loss amounts to 15,408. The following table shows the effect that a 10% variation in the prices of investments in financial instruments would have on the Group’s results as of December 31, 2019: Increase (+) / decrease (-) in the prices of investments in financial instruments Income (loss) for the fiscal year ended December 31, 2019 Impact on net income before income tax +10 % 1,541 -10 % (1,541 ) The Group does not use derivative financial instruments to hedge the risks associated with the fluctuation of the price of commodities as well as the risk inherent to investments in public securities and mutual funds. Likewise, although not considered a financial risk, until recently, the Group was not significantly exposed to commodity price risks, as a result, among other reasons, of the existing regulatory, economic and government policies in force that determined that local prices charged for gasoline, diesel and other fuels were not affected in the short-term by fluctuations in the price of such products in international and regional markets. That is, there was a gap between domestic market prices and international market prices, which was evident in certain periods with price variations in directions (or values) substantially different from those observed in the international market. However, since the second semester of 2016 a local process was initiated to achieve an orderly transition towards international prices, through different agreements between producers, refiners and MINEM. After the finalization of the last agreement in 2017, according to MINEM, the hydrocarbons market in Argentina had become a fully free market and oil and fuel prices should be established in the free market and fluctuate. Based on the above, the Group’s pricing policy regarding the sale of fuels contemplates several factors such as international crude oil prices, refining differentials, processing and processing and distribution costs, the prices of biofuels, the exchange rate, local demand and supply, competition, inventories, export duties, local taxes and domestic margins for their products, among others. Consequently, beyond the Group’s expectation of substantially maintaining domestic prices with reference to those in international markets, exposure to price risk will depend on other factors (including, but not limited to, abrupt changes in the exchange rate, or in international prices or potential legal or regulatory limitations) that are also considered in the Group’s pricing policy, and which may therefore lead the Group to • Liquidity Risk management Liquidity risk is associated with the possibility of a mismatch between the need of funds to meet short, medium or long-term obligations. As mentioned in previous paragraphs, the Group intends to align the maturity profile of its financial debt to be related to its ability to generate enough cash to finance the projected expenditures for each year. As of December 31, 2019, the availability of liquidity reached 66,100, considering cash of 6,983 and other liquid financial assets of 59,117. Uncommitted bank credit lines together with the capital market constitute an important source of funding. Likewise, YPF has the ability to issue additional debt under the negotiable obligations global program and under the Frequent Issuer Program. In this regard, the Group used derivative financial instruments (forward U.S. dollars—Swiss francs contracts) as a tool to manage the exposure to liquidity risk, which as of December 31, 2019 were fully liquidated. Likewise, the Group entered into term purchase transactions for U.S. dollars. The following table sets forth the maturity dates of the Group’s financial liabilities as of December 2019: December 31, 2019 Maturity date 0 - 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years Total Financial liabilities Lease liabilities 21,389 14,849 9,474 5,710 3,010 7,348 61,780 Loans 107,109 85,882 42,520 28,954 37,390 224,905 526,760 Other liabilities 1,310 74 71 68 54 436 2,013 Accounts payable (1) 147,480 1,256 — — — 1,144 149,880 277,288 102,061 52,065 34,732 40,454 233,833 740,433 (1) The amounts disclosed are the contractual, undiscounted cash flows associated to the financial liabilities given that they do not differ significantly from their face values . Most of the Group’s loans contain usual covenants for contracts of this nature, which include financial covenants in respect of the Group’s leverage ratio and debt service coverage ratio, and events of defaults triggered by materially adverse judgements, among others. Additionally, see Notes 15, 31 and 32. Under the terms of the loan agreements and NO, if the Group breached a covenant or if it could not remedy it within the stipulated period, it would default, a situation that would limit its liquidity and, given that the majority of its loans contain cross default provisions, it could result in an early enforceability of its obligations. • Credit Risk management Credit risk is defined as the possibility of a third party not complying with its contractual obligations, thus negatively affecting results of operations of the Group. Credit risk in the Group is measured and controlled on an individual customer basis. The Group has its own systems to conduct a permanent evaluation of credit performance of all of its debtors, and the determination of risk limits with respect to third parties, in line with best practices using for such end internal customer records and external data sources. Financial instruments that potentially expose the Group to a credit concentration risk consist primarily of cash and cash equivalents, investment in financial assets, trade receivables and other receivables. The Group invests excess cash primarily in high liquid investments with financial institutions with a strong credit rating both in Argentina and abroad. In the normal course of business and based on ongoing credit evaluations to its customers, the Group provides credit to its customers and certain related parties. Likewise, the Group accounts for doubtful trade losses in the statement of comprehensive income, based on specific information regarding its clients. Provisions for doubtful accounts are measured by the criteria mentioned in Note 2.b.18. The maximum exposure to credit risk of the Group of December 31, 2019 based on the type of its financial instruments and without excluding the amounts covered by guarantees and other arrangements mentioned below is set forth below: Maximum exposure Cash and cash equivalents 66,100 Other financial assets 167,430 Considering the maximum exposure to the risk of the Other financial assets based on the concentration of the counterparties, credit with the National Government, direct agencies and companies with government participation, accounts for approximately 29% (48,167), while the Group’s remaining debtors are diversified. Following is the breakdown of the financial assets past due as of December 31, 2019: Current trade Other current Less than three months past due 23,060 1,855 Between three and six months past due 5,948 616 More than six months past due 4,774 1,192 33,782 3,663 At such date, the provision for doubtful trade receivables amounted to 6,580 and the provisions for other doubtful receivables amounted to 874. These provisions are the Group’s best estimate of the losses incurred in relation with accounts receivables. Guarantee Policy As collateral of the credit limits granted to customers, the Group receives several types of guarantees from its customers. In the gas stations and distributors market, where generally long-term relationships with customers are established, mortgages prevail. For foreign customers, joint and several bonds from their parent companies prevail. In the industrial and transport market, bank guarantees prevail. To a lesser extent, the Group has also obtained other guarantees such as credit insurances, surety bonds, guarantee customer – supplier, and car pledges, among others. The Group has effective guarantees granted by third parties for a total amount of 42,026, 24,377 and 10,789 as of December 31, 2019, 2018 and 2017, respectively. During the fiscal years ended December 31, 2019 and December 31, 2018, the Group did not execute guarantees. During the fiscal year ended December 31, 2017, the Group executed guarantees received for an amount of 2. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Segment Information | 5. SEGMENT INFORMATION The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest decision-making authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group’s business strategy. • Upstream The Upstream segment carries out all activities relating to the exploration, development and production of oil and natural gas. Revenue is generated from (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment. • Gas and Power The Gas and Power segment generates its revenue from the development of activities relating to: (i) the natural gas commercialization to third parties and the Downstream segment, (ii) the commercial and technical operation of LNG regasification terminals in Bahía Blanca (until October 31, 2018) and Escobar, by hiring two regasification vessels, and (iii) the natural gas distribution. Additionally, for the years ended December 31, 2017 and for the three months period as of March 31, 2018, it included revenues derived from the generation of conventional and renewable electricity corresponding to YPF EE. See Note 3. In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a “purchase” to the Upstream segment, and including Stimulus Plan for Natural Gas production in force (see Note 34.g), Gas and Power accrues a fee in its favor with the Upstream segment to carry out such commercialization. • Downstream The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil and gas to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels. It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Aviation, Agro, LPG, Chemicals and Lubricants and Specialties businesses. It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment. • Central Administration and Others It covers other activities, not falling into the aforementioned categories, mainly including corporate administrative expenses and assets and construction activities. Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices. Operating profit and assets for each segment have been determined after consolidation adjustments. Upstream Gas and Power Downstream Central Administration and Others Consolidation Adjustments (1) Total For the year ended December 31, 2019 Revenues from sales 2,046 131,055 531,724 19,743 (5,973 ) 678,595 Revenues from intersegment sales 286,585 8,697 3,447 27,502 (326,231 ) — Revenues 288,631 139,752 535,171 47,245 (332,204 ) 678,595 Operating profit / (loss) (49,194 ) 2,944 40,653 (15,866 ) 451 (21,012 ) Income from equity interests in associates and joint ventures — 5,339 2,629 — — 7,968 Depreciation of property, plant and equipment 119,821 (3) 1,378 20,805 3,890 — 145,894 Impairment of property, plant and equipment (2) 40,561 868 — — — 41,429 Acquisition of property, plant and equipment 136,589 6,170 22,455 7,630 — 172,844 Assets 742,850 199,357 508,026 129,331 (6,275 ) 1,573,289 For the year ended December 31, 2018 Revenues from sales 3,108 91,176 338,042 8,363 (4,869 ) 435,820 Revenues from intersegment sales 207,480 7,862 1,688 13,186 (230,216 ) — Revenues 210,588 99,038 339,730 21,549 (235,085 ) 435,820 Operating profit / (loss) 22,483 16,786 (4) 7,818 (6,055 ) 2,748 43,780 Income from equity interests in associates and joint ventures — 4,435 404 — — 4,839 Depreciation of property, plant and equipment 72,052 (3) 928 12,285 2,304 — 87,569 Recovery of property, plant and equipment (2) 2,900 — — — — 2,900 Acquisition of property, plant and equipment 63,171 1,968 15,632 2,877 — 83,648 Assets 480,263 129,885 307,312 82,762 (6,206 ) 994,016 For the year ended December 31, 2017 Revenues from sales 739 56,805 195,321 2,534 (2,586 ) 252,813 Revenues from intersegment sales 115,955 4,075 988 7,133 (128,151 ) — Revenues 116,694 60,880 196,309 9,667 (130,737 ) 252,813 Operating profit / (loss) 3,877 3,259 15,813 (4,400 ) (2,476 ) 16,073 Income from equity interests in associates and joint ventures — 634 794 — — 1,428 Depreciation of property, plant and equipment 45,279 (3) 290 6,926 1,017 — 53,512 Recovery of property, plant and equipment (2) 5,032 — — — — 5,032 Acquisition of property, plant and equipment 39,411 3,867 8,179 1,639 — 53,096 Assets 251,525 45,395 158,800 53,934 (3,936 ) 505,718 (1) Corresponds to the elimination among segments of the YPF Group. (2) See Notes 2.c. and 8. (3) Includes depreciation of charges for impairment of property, plant and equipment. (4) Includes the result for revaluation of the interest in YPF EE. See Note 3. The distribution of revenues by geographic area, according to the markets for which they are intended, for the years ended on December 31, 2019, 2018 and 2017, and property, plant and equipment by geographic area as of December 31, 2019, 2018 and 2017 are as follows: Revenues Property, plant and equipment 2019 2018 2017 2019 2018 2017 Argentina 589,653 390,892 230,728 1,068,832 698,222 353,868 Mercosur and associated countries 36,154 20,056 8,694 179 865 575 Rest of the world 35,836 15,711 8,785 — — — Europe 16,952 9,161 4,606 — — — 678,595 435,820 252,813 1,069,011 699,087 354,443 Intangible assets are geographically located in Argentina. As of December 31, 2019, no foreign client represents 10% or more of the Group’s revenue from its ordinary activities. |
Financial Instruments by Catego
Financial Instruments by Category | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial Instruments by Category | 6. FINANCIAL INSTRUMENTS BY CATEGORY The following tables show the financial assets and liabilities by category of financial instrument and a reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Other receivables” and “Accounts payable” contain both financial instruments and non-financial “Non-financial “Non-financial Financial Assets 2019 Financial Assets Financial Subtotal Non-financial Total Other receivables (1) 19,078 — 19,078 29,892 48,970 Trade receivables (2) 139,982 — 139,982 — 139,982 Investment in financial assets — 8,370 8,370 — 8,370 Cash and cash equivalents 59,062 7,038 66,100 — 66,100 218,122 15,408 233,530 29,892 263,422 2018 Financial Assets Financial Subtotal Non-financial Total Other receivables (1) 14,860 — 14,860 17,250 32,110 Trade receivables (2) 98,930 — 98,930 — 98,930 Investment in financial assets — 10,941 10,941 — 10,941 Cash and cash equivalents 38,236 7,792 46,028 — 46,028 152,026 18,733 170,759 17,250 188,009 2017 Financial Assets Financial Subtotal Non-financial Total Other receivables (1) 6,793 — 6,793 7,541 14,334 Trade receivables (2) 44,182 — 44,182 — 44,182 Investment in financial assets — 12,936 12,936 — 12,936 Cash and cash equivalents 9,687 19,051 28,738 — 28,738 60,662 31,987 92,649 7,541 100,190 (1) Does not include the provision for other doubtful receivables. (2) Does not include the provision for doubtful trade receivables. Financial Liabilities 2019 Financial cost Financial Subtotal Non-financial Total Lease liabilities 61,780 — 61,780 — 61,780 Loans 526,760 — 526,760 — 526,760 Other liabilities 2,013 — 2,013 — 2,013 Accounts payable 149,880 — 149,880 1,180 151,060 740,433 — 740,433 1,180 741,613 2018 Financial Financial Subtotal Non-financial Total Lease liabilities — — — — — Loans 335,078 — 335,078 — 335,078 Other liabilities 1,271 — 1,271 — 1,271 Accounts payable 87,087 — 87,087 511 87,598 423,436 — 423,436 511 423,947 2017 Financial Financial Subtotal Non-financial Total Lease liabilities — — — — — Loans 191,063 — 191,063 — 191,063 Other liabilities 2,660 — 2,660 — 2,660 Accounts payable 45,638 — 45,638 458 46,096 239,361 — 239,361 458 239,819 Gains and losses on financial and non-financial 2019 Financial and financial Assets / Financial Assets / Total Interest income 7,665 — 7,665 Interest loss (48,136 ) — (48,136 ) Net financial accretion (5,592 ) — (5,592 ) Net exchange differences 47,935 — 47,935 Fair value loss on financial assets at fair value through profit or loss — (1,449 ) (1,449 ) Result from derivative financial instruments — (293 ) (293 ) Result from net monetary position 5,904 — 5,904 7,776 (1,742 ) 6,034 2018 Financial and non-financial Assets / at amortized Financial Assets / Total Interest income 3,033 — 3,033 Interest loss (28,717 ) — (28,717 ) Net financial accretion 7,627 — 7,627 Net exchange differences 54,459 — 54,459 Fair value gains on financial assets at fair value through profit or loss — 2,596 2,596 Result from — 933 933 Result from net monetary position 1,594 — 1,594 37,996 3,529 41,525 2017 Financial and non- financial Assets / Liabilities at amortized Financial Assets / value profit or loss Total Interest income 1,598 — 1,598 Interest loss (18,385 ) — (18,385 ) Net financial accretion (3,169 ) — (3,169 ) Net exchange differences 8,950 — 8,950 Fair value gains on financial assets at fair value through profit or loss — 2,208 2,208 Result from derivative financial instruments — — — Result from net monetary position — — — (11,006 ) 2,208 (8,798 ) Fair value measurements IFRS 9 defines the fair value of a financial instrument as the amount for which an asset could be exchanged, or a financial liability settled, between knowledgeable, independent parties in an arm’s length transaction. All financial instruments recognized at fair value are allocated to one of the valuation hierarchy levels of IFRS 7. This valuation hierarchy provides for three levels. In the case of Level 1, valuation is based on unadjusted quoted prices in active markets for identical financial assets or liabilities that the Group can refer to at the end of the period. A market is deemed active if transactions take place with sufficient frequency and in sufficient quantity for price information to be available on an ongoing basis. Since a quoted price in an active market is the most reliable indicator of fair value, this should always be used if available. Financial instruments assigned by the Group to this level comprise investments in listed mutual funds and public securities. In the case of Level 2, fair value is determined by using valuation methods based on inputs directly or indirectly observable in the market. If the financial instrument concerned has a fixed contract period, the inputs used for valuation must be observable for the whole of this period. The Group has not valued financial instruments under this category. In the case of Level 3, the Group uses valuation techniques not based on inputs observable in the market. This is only permissible insofar as no market data is available. The inputs used reflect the Group’s assumptions regarding the factors, which market players would consider in their pricing. The Group uses the best available information for this, including internal company data. The Group has not valued financial instruments under this category. YPF’s Corporative Finance Division has a team in place in charge of the valuation of financial instruments required to be reported in the financial statements, including the fair value of Level 3 instruments. The team directly reports to the CFO. The CFO and the valuation team discuss the valuation methods and results upon the acquisition of a financial instrument and, if necessary, on a quarterly basis, in line with the Group’s quarterly reports. The tables below show the Group’s financial assets measured at fair value as of December 31, 2019, 2018 and 2017 and their allocation to their fair value levels. 2019 Financial Assets Level 1 Level 2 Level 3 Total Investment in financial assets: - Public securities 8,370 — — 8,370 8,370 — — 8,370 Cash and cash equivalents: - Mutual funds 7,038 — — 7,038 7,038 — — 7,038 15,408 — — 15,408 2018 Financial Assets Level 1 Level 2 Level 3 Total Investment in financial assets: - Public securities 10,941 — — 10,941 10,941 — — 10,941 Cash and cash equivalents: - Mutual funds 7,792 — — 7,792 7,792 — — 7,792 18,733 — — 18,733 2017 Financial Assets Level 1 Level 2 Level 3 Total Investments in financial assets: - Public securities 12,936 — — 12,936 12,936 — — 12,936 Cash and cash equivalents: - Mutual funds 19,051 — — 19,051 19,051 — — 19,051 31,987 — — 31,987 The Group has no financial liabilities measured at fair value through profit or loss. The Group’s policy is to acknowledge transfers among the several categories of valuation hierarchies when occurred, or when there are changes in the prevailing circumstances requiring such transfer. During the years ended December 31, 2019, 2018 and 2017, there were no transfers between the different hierarchies used to determine the fair value of the Group’s financial instruments. Fair value of financial assets and financial liabilities measured at amortized cost The estimated fair value of loans, considering unadjusted listed prices (Level 1) for NO and interest rates offered to the Group (Level 3) for the other financial loans remaining, amounted to 476,750, 293,972 and 200,264 as of December 31, 2019, 2018 and 2017, respectively. The fair value of other receivables, trade receivables, cash and cash equivalents, other liabilities and accounts payable do not differ significantly from their book value. |
Intangible Assets
Intangible Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Intangible Assets | 7. INTANGIBLE ASSETS 2019 2018 2017 Net book value of intangible assets 37,608 20,402 9,976 Provision for impairment of intangible assets (429 ) — — 37,179 20,402 9,976 The evolution of the Group’s intangible assets for the years ended December 31, 2019, 2018 and 2017 is as follows: Service Exploration Other Total Cost 11,749 3,093 5,494 20,336 Accumulated amortization 7,235 149 4,838 12,222 Balance as of December 31, 2016 4,514 2,944 656 8,114 Cost Increases 947 8 198 1,153 Translation effect 2,141 513 953 3,607 Decreases and reclassifications (13 ) (149 ) 185 23 Accumulated amortization Increases 615 — 223 838 Translation effect 1,330 — 885 2,215 Decreases and reclassifications — (149 ) 17 (132 ) Cost 14,824 3,465 6,830 25,119 Accumulated amortization 9,180 — 5,963 15,143 Balance as of December 31, 2017 5,644 3,465 867 9,976 Cost Increases 1,303 276 765 2,344 Translation effect 15,544 3,414 6,636 25,594 Adjustment for inflation (1) — — 591 591 Decreases and reclassifications 31 (248 ) (100 ) (317 ) Accumulated amortization Increases 1,190 — 559 1,749 Translation effect 9,740 — 6,243 15,983 Adjustment for inflation (1) — — 58 58 Decreases and reclassifications — — (4 ) (4 ) Cost 31,702 6,907 14,722 53,331 Accumulated amortization 20,110 — 12,819 32,929 Balance as of December 31, 2018 11,592 6,907 1,903 20,402 Cost Increases 1,271 4,171 (2) 705 6,147 Translation effect 18,969 5,680 7,862 32,511 Adjustment for inflation (1) — — 833 833 Decreases and reclassifications (6 ) (103 ) 181 72 Accumulated amortization Increases 1,848 — 526 2,374 Translation effect 12,332 — 7,475 19,807 Adjustment for inflation (1) — — 199 199 Decreases and reclassifications — — (23 ) (23 ) Cost 51,936 16,655 24,303 92,894 Accumulated amortization 34,290 — 20,996 55,286 Balance as of December 31, 2019 17,646 16,655 3,307 37,608 (1) Corresponds to adjustment for inflation of opening balances of intangible assets in subsidiaries with the Peso as functional currency which was charged to other comprehensive income. (2) See Note 3. |
Property, Plant and Equipment
Property, Plant and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Property, Plant and Equipment | 8. PROPERTY, PLANT AND EQUIPMENT 2019 2018 2017 Net book value of property, plant and equipment 1,156,950 740,103 382,630 Provision for obsolescence of materials and equipment (6,610 ) (3,955 ) (1,652 ) Provision for impairment of property, plant and equipment (81,329 ) (37,061 ) (26,535 ) 1,069,011 699,087 354,443 Changes in Group’s property, plant and equipment for the years ended December 31, 2019, 2018 and 2017 are as follows: Land and 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 Electric power generation facilities Other property Total Cost 18,429 625,628 112,560 5,551 14,239 52,673 1,978 8,089 14,346 3,191 1,762 9,965 868,411 Accumulated depreciation 7,497 432,002 54,735 3,285 — — — 6,401 9,119 1,301 1,394 6,998 522,732 Balance as of December 31, 2016 10,932 193,626 (1) 57,825 2,266 14,239 52,673 1,978 1,688 5,227 1,890 368 2,967 345,679 Cost Increases 49 (4,370 ) (4) 103 66 7,394 47,453 2,207 20 — — — 174 53,096 Translation effect 3,028 113,481 19,728 1,032 2,101 8,568 373 1,466 2,744 — — 1,651 154,172 Decreases and reclassifications (112 ) 40,614 2,284 965 (7,741 ) (49,165 ) (1,687 ) 879 1,698 215 (1,762 ) (5) 188 (13,624 ) (3) Accumulated depreciation Increases 437 54,980 (4) 5,395 602 — — — 717 854 80 87 315 63,467 Translation effect 1,303 81,108 9,983 609 — — — 1,196 1,684 — — 1,151 97,034 Decreases and reclassifications 13 (1,756 ) (953 ) 16 — — — 372 (1 ) — (1,481 ) (5) (18 ) (3,808 ) Cost 21,394 775,353 134,675 7,614 15,993 59,529 2,871 10,454 18,788 3,406 — 11,978 1,062,055 Accumulated depreciation 9,250 566,334 69,160 4,512 — — — 8,686 11,656 1,381 — 8,446 679,425 Balance as of December 31, 2017 12,144 209,019 (1) 65,515 3,102 15,993 59,529 2,871 1,768 7,132 2,025 — 3,532 382,630 Cost Increases 425 (10,216 ) (4) 370 38 19,885 67,264 5,438 59 — — — 385 83,648 (6)(7) Translation effect 20,845 808,772 138,924 7,400 15,332 61,084 3,851 10,935 20,016 — — 11,468 1,098,627 Adjustment for inflation (8) 5,096 152 — 797 1,107 792 — 1,371 — 20,519 — 6,968 36,802 Decreases and reclassifications 287 30,807 6,482 313 (17,327 ) (64,288 ) (4,188 ) 1,898 2,194 243 — 838 (42,741 ) (3)(9) Accumulated depreciation Increases 758 82,939 (4) 9,517 960 — — — 1,561 1,680 677 — 777 98,869 (6) Translation effect 9,356 609,973 73,643 4,639 — — — 9,158 12,396 — — 8,127 727,292 Adjustment for inflation (8) 2,785 141 — 565 — — — 1,309 — 10,584 — 5,152 20,536 Decreases and reclassifications (35 ) (27,457 ) (25 ) (97 ) — — — (7 ) (35 ) (134 ) — (44 ) (27,834 ) (9) Cost 48,047 1,604,868 280,451 16,162 34,990 124,381 7,972 24,717 40,998 24,168 — 31,637 2,238,391 Accumulated depreciation 22,114 1,231,930 152,295 10,579 — — — 20,707 25,697 12,508 — 22,458 1,498,288 Balance as of December 31, 2018 25,933 372,938 (1) 128,156 5,583 34,990 124,381 7,972 4,010 15,301 11,660 — 9,179 740,103 Cost 48,047 1,604,868 280,451 16,162 34,990 124,381 7,972 24,717 40,998 24,168 — 31,637 2,238,391 Accumulated depreciation 22,114 1,231,930 152,295 10,579 — — — 20,707 25,697 12,508 — 22,458 1,498,288 Balance as of December 31, 2018 25,933 372,938 (1) 128,156 5,583 34,990 124,381 7,972 4,010 15,301 11,660 — 9,179 740,103 Cost Increases 46 1,980 (4) 4,676 83 43,089 114,878 6,532 106 — 865 — 589 172,844 (10) Translation effect 24,838 967,212 171,788 8,723 21,044 70,818 5,014 14,289 25,116 — — 13,581 1,322,423 Adjustment for inflation (8) 3,382 — — 716 920 1,326 — 828 — 13,010 — 4,793 24,975 Decreases and reclassifications 880 114,493 15,715 1,358 (37,620 ) (116,818 ) (8,132 ) 1,077 4,021 6,600 — (3,894 ) (22,320 ) (3) Accumulated depreciation Increases 1,260 137,017 (4) 16,092 1,345 — — — 2,536 2,765 989 — 1,325 163,329 Translation effect 11,444 758,928 93,611 5,917 — — — 11,935 15,822 — — 9,862 907,519 Adjustment for inflation (8) 1,726 — — 486 — — — 773 — 6,733 — 3,270 12,988 Decreases and reclassifications 9 (2,287 ) (33 ) (376 ) — — — (834 ) (13 ) 3,647 — (2,874 ) (2,761 ) (3) Cost 77,193 2,688,553 472,630 27,042 62,423 194,585 11,386 41,017 70,135 44,643 — 46,706 3,736,313 Accumulated depreciation 36,553 2,125,588 261,965 17,951 — — — 35,117 44,271 23,877 — 34,041 2,579,363 Balance as of December 31, 2019 40,640 562,965 (1) 210,665 9,091 62,423 194,585 11,386 (2) 5,900 25,864 20,766 — 12,665 1,156,950 (1) Includes 22,343 , 16,154 and 10,003 of mineral property as of December 31, 2019, 2018 and 2017, respectively. (2) As of December 31, 2019, there are 24 exploratory wells in progress. During fiscal year ended on such date, 18 wells were drilled, 29 wells were charged to exploratory expense , wells were derecognized for the assignment of certain areas and 20 wells were transferred to prove properties which are included in the account Mineral property, wells and related equipment. (3) Includes 48 , 60 and 7 of net book value charged to property, plant and equipment provisions for the years ended December 31, 2019, 2018 and 2017, respectively. (4) Includes 1,172 , (11,710) and (4,913) corresponding to hydrocarbon wells abandonment costs and 4,664 , 5,521 and 2,258 of depreciation recovery for the years ended December 31, 2019, 2018 and 2017, respectively. (5) Includes 6,772 and 1,790 of cost and accumulated depreciation, respectively, corresponding to the reclassification of assets of YPF EE as held for disposal. See Note 3. (6) Includes 1,470 and 1,092 of cost and accumulated depreciation, respectively, corresponding to additions for the acquisition of a participation in several areas. (7) Includes 2,327 corresponding to business combination. See Note 3. (8) Corresponds to adjustments for inflation of opening balances of property, plant and equipment of subsidiaries with the Peso as functional currency which was charged to other comprehensive income. (9) Includes 31,800 and 28,673 of cost and accumulated depreciation, respectively, corresponding to the reclassification of certain areas that were reclassified as assets held for disposal. See Note 3. (10) Includes 2,109 and 1,228 corresponding to short-term leases and the variable charge of leases related to the underlying asset return/use, respectively. Additionally, it includes 2,021 and 311 corresponding to the depreciation capitalization of right-of-use The Group capitalizes the financial cost as a part of the cost of the assets. For the fiscal year ended December 31, 2019, 2018 and 2017, the rate of capitalization has been 10.33%, 10.50% and 11.63%, respectively, and the amount capitalized amounted to 949, 660 and 707, respectively, for the years mentioned above. Set forth below is the evolution of the provision for obsolescence of materials and equipment for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Amount at beginning of year 3,955 1,652 1,380 Increase charged to profit or loss 410 629 11 Decreases charged to profit or loss (22 ) — (45 ) Amounts incurred due to utilization (48 ) (60 ) (7 ) Translation differences 2,315 1,666 248 Transfers and other movements — 68 65 Amount at end of year 6,610 3,955 1,652 Set forth below is the evolution of the provision for impairment of property, plant and equipment for 2019, 2018 and 2017: 2019 2018 2017 Amount at beginning of year 37,061 26,535 36,285 Increases charged to profit or loss (1) 41,429 36,937 — Decreases charged to profit or loss (1) — (39,837 ) (5,032 ) Depreciation (2) (17,435 ) (10,208 ) (9,955 ) Translation differences 20,274 23,634 5,237 Amount at end of year 81,329 37,061 26,535 (1) See Note 2.c. (2) Included in “Depreciation of property, plant and equipment” in Note 25. Set forth below is the cost evolution for the exploratory wells in evaluation stage as of the years ended on December 31, 2019, 2018 and 2017: 2019 2018 2017 Amount at beginning of year 4,067 1,236 1,475 Additions pending the determination of proved reserves 5,229 2,179 758 Decreases charged to exploration expenses (1,036 ) (382 ) (591 ) Reclassifications to mineral property, wells and related equipment with proved reserves (2,716 ) (703 ) (581 ) Translation difference 2,912 1,737 175 Amount at end of year 8,456 4,067 1,236 The following table shows the cost for exploratory wells under assessment for a period greater than a year and the number of projects related as of December 31, 2019. Amount Number of projects Number of wells Between 1 and 5 years 1,996 4 5 |
Right-of-use Assets
Right-of-use Assets | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Right-of-use Assets | 9. RIGHT-OF-USE ASSETS The evolution of the Group’s right-of-use Land and Exploitation Machinery Gas stations Transportation Total Balances for initial application of IFRS 16 450 6,732 8,612 3,356 3,909 23,059 Cost Increases 266 13,129 19,429 163 6,792 39,779 Translation differences 310 4,587 6,189 1,687 2,545 15,318 Adjustment for inflation (2) — — — 275 — 275 Decreases and reclassifications — (1,162 ) (1,264 ) (58 ) (64 ) (2,548 ) Accumulated depreciation Increases 208 6,051 3,174 667 2,430 12,530 (1) Translation differences 45 1,138 850 117 619 2,769 Decreases and reclassifications — (507 ) (283 ) (7 ) (10 ) (807 ) Cost 1,026 23,286 32,966 5,423 13,182 75,883 Accumulated depreciation 253 6,682 3,741 777 3,039 14,492 Balances as of December 31, 2019 773 16,604 29,225 4,646 10,143 61,391 (1) Includes 10,509 that were charged to “Depreciation of right-of-use (2) Includes the adjustment for inflation of subsidiaries with the Peso as functional currency for first application of IFRS 16, which was charged to other comprehensive income. |
Investments in Associates and J
Investments in Associates and Joint Ventures | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Investments in Associates and Joint Ventures | 10. INVESTMENTS IN ASSOCIATES AND JOINT VENTURES The following table shows the value of the investments in associates and joint ventures at an aggregate level as of December 31, 2019, 2018 and 2017: 2019 2018 2017 Amount of investments in associates 6,419 2,374 911 Amount of investments in joint ventures 61,183 30,324 5,146 Provision for impairment of investments in associates and joint ventures (12 ) (12 ) (12 ) 67,590 32,686 6,045 The main movements during the years ended December 31, 2019, 2018 and 2017, which affected the value of the aforementioned investments, correspond to: 2019 2018 2017 Amount at the beginning of year 32,686 6,045 5,488 Acquisitions and contributions 4,826 280 910 Income on investments in associates and joint ventures 7,968 4,839 1,428 Translation differences 20,673 3,180 662 Distributed dividends (811 ) (583 ) (328 ) Interest maintained in YPF EE — 17,285 (1) — Adjustment for inflation (2) 1,510 1,640 — Reclassification of assets held for disposal — — (2,117 ) Capitalization in joint ventures 738 — — Other movements — — 2 Amount at the end of year 67,590 32,686 6,045 (1) Corresponds to the fair value of the interest maintained in the investment in YPF EE following the loss of control. See Note 3. (2) Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency, which was charged to other comprehensive income, as detailed in Note 2.b.1. The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the years ended December 31, 2019, 2018 and 2017. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates: Associates Joint ventures 2019 2018 2017 2019 2018 2017 Net income 2,032 1,025 543 5,936 3,814 885 Other comprehensive income 1,764 406 34 20,419 4,414 628 Comprehensive income for the year 3,796 1,431 577 26,355 8,228 1,513 The Group does not have investments in subsidiaries with significant non-controlling The management information corresponding to YPF EE’s assets and liabilities as of December 31, 2019 and 2018, as well as the net profit as of such dates are detailed below: 2019 (1) 2018 (1) Noncurrent assets 96,219 35,682 Current assets 26,622 12,596 Total assets 122,841 48,278 Noncurrent liabilities 57,799 13,348 Current liabilities 19,503 9,776 Total liabilities 77,302 23,124 Total shareholders’ equity 45,539 25,154 2019 (1) 2018 (1) Revenues 16,114 4,181 Costs (7,706 ) (1,655 ) Gross profit 8,408 2,526 Operating profit 7,796 4,686 Income from equity interests in associates and joint ventures 778 673 Net financial results (1,989 ) 280 Net profit before income tax 6,585 5,639 Income tax (2,359 ) (1,150 ) Net profit 4,226 4,489 (1) On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the YPF EE financial information disclosed here. The following table shows information of the subsidiaries: Information of the issuer Description of the Securities Last available financial statements Name and Issuer Class Face Value Amount Main Business Registered Address Date Capital stock Net profit / (loss) Equity Holding in Capital Stock Subsidiaries: (7) YPF International S.A. (6) Common Bs. 100 66,897 Investment Calle La Plata 19, Santa Cruz de la Sierra, República de Bolivia 12-31-19 15 5 78 100.00 % YPF Holdings Inc. (6) Common US$ 0.01 810,614 Investment and finance 10333 Richmond Avenue I, Suite 1050, TX, U.S.A. 12-31-19 48,461 (6 ) (12,848 ) 100.00 % Operadora de Estaciones de Servicios S.A. Common $ 1 163,701,747 Commercial management of YPF’s gas stations Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 164 1,193 4,307 99.99 % A-Evangelista Common $ 1 307,095,088 Engineering and construction services Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 307 (3,446 ) (698 ) 100.00 % Metrogas S.A. Common $ 1 398,419,700 Providing the public service of natural gas distribution Gregorio Aráoz de Lamadrid 1360, Buenos Aires, Argentina. 12-31-19 569 110 19,500 70.00 % YPF Chile S.A. (6) Common — — 50,968,649 Lubricants and aviation fuels trading and hydrocarbons research and exploration Villarica 322; Módulo B1, Qilicura, Santiago 12-31-19 2,730 (1,013 ) 2,196 100.00 % YPF Tecnología S.A. Common $ 1 234,291,000 Investigation, development, production and marketing of technologies, knowledge, goods and services Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 459 436 2,729 51.00 % Compañía de Inversiones Mineras S.A. Common $ 1 236,474,420 Exploration, exploitation, processing, management, storage and transport of all types of minerals; assembly, construction and operation of facilities and structures and processing of products related to mining Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 236 (407 ) 76 100.00 % The following table shows the investments in associates and joint ventures: 12-31-2019 12-31-2018 Information of the issuer Description of the Securities Last available financial statements Name and Issuer Class Face Value Amount Book value (2) Cost (1) Main Business Registered Address Date Capital stock Net profit / (loss) Equity Holding in Book Value (2) Joint Ventures: (5) YPF Energía Eléctrica S.A. (6) Common $ 1 1,879,916,921 35,382 1,085 Exploration, exploitation, industrialization and marketing of hydrocarbons and generation, transport and marketing of electric energy Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 3,747 4,227 45,539 75.00 % 19,320 Compañía Mega S.A. (6) Common $ 1 244,246,140 5,211 — Separation, fractionation and transportation of natural gas liquids San Martín 344, P. 10º, Buenos Aires, Argentina 09-30-19 643 220 12,612 38.00 % 3,405 Profertil S.A. (6) Common $ 1 391,291,320 10,778 — Production and marketing of fertilizers Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina 09-30-19 783 335 23,498 50.00 % 6,133 Refinería del Norte S.A. Common $ 1 45,803,655 1,881 — Refining Maipú 1, P. 2º, Buenos Aires, Argentina 09-30-19 92 (298 ) 3,296 50.00 % 1,307 Oleoducto Loma Campana-Lago Pellegrini S.A. (6) Common $ 1 738,139,164 762 738 Construction and exploitation of a pipeline, oil transport and storage, import, export, purchase and sale of raw materials, industrial equipment and machinery Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 868 (303 ) 909 85.00 % — CT Barragán S.A. (6) Common $ 1 4,279,033,952 6,799 4,348 Production and generation of electric energy Maipú 1, Buenos Aires, Argentina 12-31-19 8,558 2,370 13,619 50.00 % — 60,813 6,171 30,165 Associates: Oleoductos del Valle S.A. Common $ 10 4,072,749 1,778 — Oil transportation by pipeline Florida 1, P. 10º, Buenos Aires, Argentina 12-31-19 110 1,707 4,728 37.00 % 710 Terminales Marítimas Patagónicas S.A. Common $ 10 476,034 711 — Oil storage and shipment Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina 09-30-19 14 713 2,111 33.15 % 226 Oiltanking Ebytem S.A. (6) Common $ 10 351,167 871 — Hydrocarbon transportation and storage Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina. 12-31-19 12 869 2,775 30.00 % 424 Central Dock Sud S.A. (6) Common $ 0.01 11,869,095,145 1,542 — Electric power generation and bulk marketing Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina 12-31-19 1,231 3,447 15,284 10.25 % (4) 625 YPF Gas S.A. Common $ 1 59,821,434 965 — Gas fractionation, bottling, distribution and transport for industrial and/or residential use Macacha Güemes 515, P.3º, Buenos Aires, Argentina 09-30-19 176 1,388 4,218 33.99 % 258 Other companies: Other (3) — — — — 922 611 — — — — — — 290 6,789 611 2,533 67,602 6,782 32,698 (1) Corresponds to cost and contributions, net of dividends collected and capital reductions. (2) Corresponds to holding in shareholders’ equity plus adjustments to conform to YPF accounting principles. (3) Includes Gasoducto del Pacífico (Cayman) Ltd., Gasoducto del Pacífico (Argentina) S.A., A&C Pipeline Holding Company, Oleoducto Transandino (Chile) S.A., Oleoducto Trasandino (Argentina) S.A., Bizoy S.A., Civeny S.A., Bioceres S.A., Petrofaro S.A. and Sustentator S.A. (4) Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE. (5) As stipulated by shareholders’ agreement, joint control is held in this company by shareholders. (6) The U.S. dollar has been defined as the functional currency of this company. (7) Additionally, consolidates YPF Services USA Corp., YPF Europe B.V., YPF Brasil Comércio Derivado de Petróleo Ltda, Wokler Investment S.A., YPF Colombia S.A.S., Miwen S.A., Eleran Inversiones 2011 S.A.U., Lestery S.A., Energía Andina S.A and YPF Ventures S.A.U. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Inventories | 11. INVENTORIES 2019 2018 2017 Refined products 50,563 33,583 16,260 Crude oil and natural gas 24,756 14,571 8,474 Products in process 2,259 1,177 640 Raw materials, packaging materials and others 2,901 3,993 1,775 80,479 (1) 53,324 (1) 27,149 (1) (1) As of December 31, 2019, 2018 and 2017, the cost of inventories does not exceed their net realizable value. |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2019 | |
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Other Receivables | 12. OTHER RECEIVABLES 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Trade 455 2,706 150 2,210 74 2,892 Tax credit, export rebates and production incentives 6,896 6,076 3,534 3,315 360 3,131 Loans to third parties and balances with related parties (1) 2,435 3,288 3,565 4,920 185 1,116 Collateral deposits 2 640 1 575 1 315 Prepaid expenses 603 2,370 240 2,207 180 934 Advances and loans to employees 29 596 25 572 17 412 Advances to suppliers and custom agents (2) — 10,896 1 4,212 2 1,700 Receivables with partners in JO 2,248 7,932 2,644 2,379 743 1,165 Insurance receivables — 498 — 758 — 206 Miscellaneous 45 1,255 32 770 31 870 12,713 36,257 10,192 21,918 1,593 12,741 Provision for other doubtful receivables (924 ) (65 ) (575 ) (51 ) (258 ) (57 ) 11,789 36,192 9,617 21,867 1,335 12,684 (1) See Note 35 for information about related parties. (2) Includes among others, advances to customs agents for the payment of taxes and import rights related to the imports of fuels and goods. |
Trade Receivables
Trade Receivables | 12 Months Ended |
Dec. 31, 2019 | |
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Trade Receivables | 13. TRADE RECEIVABLES 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Accounts receivable and related parties (1)(2) 15,325 124,657 23,508 75,422 2,210 41,972 Provision for doubtful trade receivables — (6,580 ) — (2,776 ) — (1,323 ) 15,325 118,077 23,508 72,646 2,210 40,649 (1) See Note 35 for information about related parties. (2) See Note 23 for information about credits for contracts included in trade receivables. Set forth below is the evolution of the provision for doubtful trade receivables as of December 31, 2019, 2018 and 2017: 2019 2018 2017 Balance at beginning of year 2,776 1,323 1,084 Modification of balance at beginning of the fiscal year (1) — 425 — Balance at beginning of the fiscal year 2,776 1,748 1,084 Increases charged to expenses 3,891 444 222 Decreases charged to income (707 ) (91 ) (194 ) Amounts incurred due to utilization (112 ) — — Translation differences 847 607 92 Result from net monetary position (2) (103 ) 92 — Other movements (12 ) (24 ) 119 Balance at end of year 6,580 2,776 1,323 (1) Corresponds to the change in the accounting policy described in detail in Note 2.b.18. (2) Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. |
Cash and Cash Equivalents
Cash and Cash Equivalents | 12 Months Ended |
Dec. 31, 2019 | |
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Cash and Cash Equivalents | 14. CASH AND CASH EQUIVALENTS 2019 2018 2017 Cash and banks 6,983 6,678 9,672 Short-term investments 52,079 (1) 31,558 (1) 15 Financial assets at fair value through profit or loss (2) 7,038 7,792 19,051 66,100 46,028 28,738 (1) Includes term deposits and other invetsments with the BNA for 10,043 and 5,084 as of December 31, 2019 and 2018, respectively. (2) See Note 6. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
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Provisions | 15. PROVISIONS Changes in the Group’s provisions for the fiscal years ended December 31, 2019, 2018 and 2017 are as follows: Provision for lawsuits Provision for environmental Provision for hydrocarbon abandonment Total Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent Current Amount as of December 31, 2016 9,205 569 530 868 37,623 557 47,358 1,994 Increases charged to expenses 2,394 83 1,483 — 2,946 — 6,823 83 Decreases charged to income (1,570 ) (410 ) (6 ) — 8 2 (1,568 ) (408 ) Amounts incurred due to payments/utilization (25 ) (187 ) — (661 ) — (515 ) (25 ) (1,363 ) Net exchange and translation differences 1,483 75 — — 6,874 121 8,357 196 Reclassifications and other movements 180 (2) 558 (811 ) 811 (5,580 ) (1) 571 (1) (6,211 ) 1,940 Amount as of December 31, 2017 11,667 688 1,196 1,018 41,871 736 54,734 2,442 Increases charged to expenses 3,320 357 3,021 — 3,785 — 10,126 357 Decreases charged to income (371 ) (266 ) — — (14,250 ) — (14,621 ) (266 ) Amounts incurred due to payments/utilization (76 ) (129 ) — (933 ) — (1,514 ) (76 ) (2,576 ) Net exchange and translation differences 6,826 471 495 80 43,674 758 50,995 1,309 Increases due to business combination (3) — — 465 — — — 465 — Result from net monetary position (4) (204 ) 66 — — — — (204 ) 66 Reclassifications and other movements 73 (64 ) (1,457 ) 1,457 (16,647 ) (1) 1,804 (1) (18,031 ) 3,197 Amount as of December 31, 2018 21,235 1,123 3,720 1,622 58,433 1,784 83,388 4,529 Increases charged to expenses 18,460 (5) 9 1,695 — 7,409 — 27,564 9 Decreases charged to income (2,358 ) (744 ) (63 ) — (2,950 ) — (5,371 ) (744 ) Amounts incurred due to payments/utilization (73 ) (194 ) — (1,821 ) — (2,774 ) (73 ) (4,789 ) Net exchange and translation differences 7,405 443 479 106 35,219 1,079 43,103 1,628 Result from net monetary position (4) (92 ) — — — — — (92 ) — Reclassifications and other movements (744 ) 648 (2,003 ) 2,003 (1,004 ) (1) 2,176 (1) (3,751 ) 4,827 Amount as of December 31, 2019 43,833 1,285 3,828 1,910 97,107 2,265 144,768 5,460 (1) Includes 1,172 , (11,710) and (4,913) corresponding to the annual recalculation of abandonment of hydrocarbon wells cost for the years ended December 31, 2019, 2018 and 2017, respectively; (3,133) and (96) corresponding to liabilities reclassified as Liabilities associated to assets held for disposal as of December 31, 2018 and 2017, respectively. (2) Includes (2,098) corresponding to resolutions for contractual claims that were reclassified to Other liabilities (see Note 15.a.2); and 2,932 of reclassifications of Other liabilities (see Note 31). (3) See Note 3. (4) Includes adjustment for inflation of opening balances of provisions in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. (5) Includes 10,572 corresponding to the recognition of the dispute relating to the tax deduction of well abandonment costs for periods 2011-2017 plus the accrual of financial interest since March 31, 2019, date on which the Company decided to adhere to the payment facility plan. The Group is part to a number of labor, commercial, civil, tax, criminal, environmental, customs and administrative proceedings that, either alone or in combination with other proceedings, could, if resolved in whole or in part adversely against it, result in the imposition of material costs, judgments, fines or other losses. While the Group believes that such risks have been provisioned appropriately based on the opinions and advice of our legal advisors and in accordance with applicable accounting standards, certain loss contingencies are subject to change as new information develops and results of the presented evidence are obtained, among other factors. It is possible that losses resulting from such risks, if proceedings are decided in whole or in part adversely to the Group, could significantly exceed the recorded provisions. Additionally, due to its operations, the Group is subject to various laws and regulations relating to the protection of the environment. These laws and regulations may impose, among other things, liability on companies for the cost of pollution cleanup and environmental damages resulting from operations. Management believes that the Group’s operations are in substantial compliance with laws and regulations currently in force relating to the protection of the environment as such laws have historically been interpreted and enforced. However, the Group is periodically conducting new studies to increase its knowledge concerning the environmental situation in certain geographic areas where the Group operates in Argentina, in order to establish their status, causes and necessary remediation and, based on the aging of the environmental issue, to analyze the possible responsibility of the Argentine Government, in accordance with the contingencies assumed by the Argentine Government for which YPF has the right of indemnity for liabilities existing as of December 31, 1990. Until these studies are completed and evaluated, the Group cannot estimate what additional costs, if any, will be required. However, it is possible that other work, including provisional remedial measures, may be required. 15.a) Provision for lawsuits and contingencies The Group has recognized pending lawsuits, claims and contingencies, which are probable and can be reasonably estimated. The most significant pending lawsuits and contingencies recognized are described in the following paragraphs. 15.a.1) Liabilities and contingencies assumed by the Argentine Government before 1990 Under YPF’s Privatization Law, the Argentine Government took over certain obligations of the predecessor company as of December 31, 1990. In certain lawsuits related to events or acts that took place before December 31, 1990, YPF has been required to make advance payments established in certain judicial decisions. YPF has the right to be reimbursed for these payments by the Argentine Government pursuant to the above-mentioned indemnity. 15.a.2) Claims arising from restrictions in the natural gas market • DOP Claims Pursuant to Resolution No. 265/2004 of the Secretariat of Energy, the Argentine Government created a program of useful cutbacks of natural gas exports and their associated transportation services. Such program was initially implemented by means of Regulation No. 27/2004 of the Under-Secretariat of Fuels, which was subsequently substituted by the Program of Rationalization of Gas Exports and Use of Transportation Capacity (the “Program”) approved by Resolution No. 659/2004 of the Secretariat of Energy. Additionally, Resolution No. 752/2005 provided that industrial users and thermal generators (which according to this resolution will have to request volumes of gas directly from the producers) could also acquire the natural gas from the cutbacks on natural gas exports through the Permanent Additional Injection mechanism created by this resolution. Through the Program and/or the Permanent Additional Injection, the Argentine Government requires natural gas exporting producers to deliver additional volumes to the domestic market in order to satisfy natural gas demand of certain consumers in the Argentine market (“Additional Injection Requirements”). Such additional volumes are not contractually committed by YPF, which is thus forced to affect natural gas exports, which execution has been conditioned. The mechanisms established by the Resolutions No. 659/2004 and 752/2005 have been adapted by Secretariat of Energy Resolution No. 599/2007, which modifies the conditions for the imposition of the requirements, depending on whether the producers have signed the proposed agreement, ratified by such resolution, between the Secretariat of Energy and the producers. Resolution No. 1,410/2010 of the ENARGAS also approved the “Procedure for Applications, Confirmations and Gas Control” which sets new rules for natural gas dispatch applicable to all participants in the natural gas industry, imposing new and more severe regulations to the producers’ availability of natural gas. Additionally, the Argentine Government, through instructions made using different procedures, has ordered limitations on natural gas exports (in conjunction with the Program and the Permanent Additional Injection, named the “Export Administration”). On January 5, 2012, the BO published Secretariat of Energy Resolution No. 172, which temporarily extends the rules and criteria established by Resolution No. 599/2007, until new legislation replaces the resolution previously mentioned. This resolution was appealed on February 17, 2012 by filing a motion for reconsideration with the Secretariat of Energy. Because of the resolutions mentioned before, in several occasions since 2004, YPF was forced to suspend, either totally or partially, its natural gas deliveries to some of its export clients, with whom YPF has undertaken firm commitments to deliver natural gas. YPF has challenged the Program, the Permanent Additional Injection and the Additional Injection Requirements, established by Secretariat of Energy Resolutions No. 599/2007 and 172/2011 and ENARGAS Resolution No. 1,410/2010, as arbitrary and illegitimate, and has invoked vis-à-vis Costs from contractual penalties arising from the failure to deliver natural gas until December 31, 2019, have been charged to provision to the extent that such costs are probable and can be reasonably estimated. • AES Uruguaiana Emprendimentos S.A. (“AESU”) and Transportadora de Gas del Mercosur S.A. (“TGM”) On June 25, 2008, AESU claimed damages in a total amount of US$ 28.1 million for natural gas “deliver or pay” penalties for cutbacks accumulated from September 16, 2007 until June 25, 2008, and also claimed an additional amount of US$ 2.7 million for natural gas “deliver or pay” penalties for cutbacks accumulated from January 18, 2006 until December 1, 2006. YPF has rejected both claims. On September 15, 2008, AESU notified YPF that it would no longer be complying with its obligations, alleging late payments and non-compliance Additionally, YPF was notified of the arbitration process brought by TGM at the ICC, claiming from YPF the payment of approximately US$ 10 million plus interest up to the date of effective payment, in connection with the payment of invoices related to the Transportation Gas Contract entered into on September 1998 between YPF and TGM, associated with the aforementioned exportation of natural gas contract signed with AESU. On April 8, 2009, YPF requested that this claim be rejected and counterclaimed for the termination of the natural gas transportation contract based on its termination rights upon the termination by AESU and SULGAS of the related natural gas export contract. In turn, YPF initiated an arbitration process at the ICC against TGM, among others. YPF received the reply to the complaint from TGM, which requested the full rejection of YPF’s claims and filed a counterclaim against YPF asking the Arbitration Tribunal to require YPF to compensate TGM for all present and future damages suffered by TGM due to the termination of the Transportation Gas Contract and the Memorandum of Agreement dated on October 2, 1998, through which YPF undertook to pay irrevocable non-capital On April 6, 2011, the Arbitration Tribunal appointed in the “YPF vs. AESU” arbitration decided to sustain YPF’s motion, and determined the consolidation of all the related arbitrations (“AESU vs. YPF”, “TGM vs. YPF” and “YPF vs. AESU”) in the “YPF vs. AESU” arbitration. Consequently, AESU and TGM desisted from and abandoned their respective arbitrations, and all the matters claimed in the three proceedings are to be resolved in the “YPF vs. AESU” arbitration. On January 10, 2014, YPF was served with the complaint for damages filed by AESU with the Arbitration Tribunal claiming a total amount of US$ 815.5 million and also with the complaint for damages filed by TGM with the Arbitration Tribunal claiming a total amount of US$ 362.6 million, which were rejected by YPF. As a result of the legal and commercial complexities of the dispute between YPF, AESU and SULGAS, as well as the existence of litigation rights in different jurisdictions around the world (including the Republic of Argentina, the Republic of Uruguay and the United States of America), on December 30, 2016, these companies executed an agreement under which YPF undertook to pay a total of US$ 60 million for which, without admitting facts or rights, they waived all claims that as of the date they had or could reciprocally have, with the exception, in the case of YPF, of the nullity remedies filed against the arbitral awards that remain in effect. The payment was made on January 10, 2017. Moreover, on December 4, 2017, YPF entered into a settlement agreement with TGM terminating all existing claims between the parties, under which YPF agreed to pay TGM the sum of US$ 114 million in compensation as total and final payment of all the arbitration and legal actions of TGM (US$ 107 million in an initial payment on January 2, 2018 and the balance of US$ 7 million in 7 annual installments of US$ 1 million each, the first one maturing on February 1, 2018 and the rest on the same date of the following years). In addition, YPF committed to pay TGM the sum of US$ 13 million (in 7 annual installments of US$ 1.86 million each, with the same maturity date as the compensation balance) as payment on account of an interruptible exportation transport contract to be entered into by the parties and effective until 2027. This settlement agreement implied the withdrawal of the proceedings brought by YPF to obtain the declaration of the annulment of the Final Award of Damages and of the resources filed by TGM to obtain the revocation of the ruling of Division IV of the Federal Contentious Administrative Court of Appeals, which ordered the annulment of the Responsibility Award. The initial payment for US$ 107 million and the installments amounting to US$ 1 million and US$ 1.86 million were made timely on February 1, 2018, February 1, 2019 and February 3, 2020, respectively. • Transportadora de Gas del Norte S.A. ( “ TGN ” ) On April 8, 2009, YPF filed a complaint against TGN with ENARGAS, seeking the termination of the natural gas transportation contract with TGN in connection with the natural gas export contract entered into with AESU and other parties. The termination of the contract with that company is based on: (a) the impossibility of YPF to receive the service and of TGN to render the transportation service, due to (i) the termination of the natural gas contract with SULGAS and AESU and (ii) the legal impossibility of assigning the transportation contract to other shippers because of the regulations in effect, (b) the legal impossibility of TGN to render the transportation service on a firm basis because of certain changes in law in effect since 2004, and (c) the “Teoría de la Imprevisión” available under Argentine law, when extraordinary events render a party’s obligations excessively burdensome. As of the date of these financial statements, this complaint has not been resolved. In the complaint, TGN claimed the compliance with the contract and payment of unpaid invoices from February 20, 2007 until March 20, 2009 for a total of US$ 30 million. TGN then amended the complaint and claimed the payment of unpaid invoices (i) from April 20, 2009 until June 20, 2010 for a total of US$ 31 million, (ii) from July 20, 2010 until November 20, 2010 for a total of US$ 10 million, and (iii) from December 6, 2010 until January 4, 2011 for a total of US$ 3 million. Additionally, TGN notified YPF of the termination of its transportation contract because of YPF’s alleged failure to pay its transportation invoices. YPF has responded to these claims, rejecting them based on the legal impossibility of TGN to render the transportation service and in the termination of the transportation contract determined by YPF and formalized with a complaint initiated before ENARGAS. Regarding the trial for the collection of bills, in September 2011, YPF was notified of the resolution of the Court of Appeals rejecting YPF’s claims and declaring that ENARGAS is not the appropriate forum to decide on the matter and giving jurisdiction to the Civil and Commercial Federal courts to decide on the claim for the payment of unpaid invoices mentioned above. On September 21, 2016, evidence was submitted and the case was opened. Upon the expiration of the trial period and the submission of the final arguments, the case was set for rendering judgment. On April 3, 2013, YPF was notified of the complaint for damages brought by TGN, whereby TGN claimed the amount of US$ 142 million from YPF, plus interest and legal fees for the termination of the transportation contract. On May 31, 2013, YPF responded to the claim, requesting the dismissal thereof. On April 3, 2014, the evidence production period commenced for a 40-day After both parties’ pleas were submitted, the Lower Court decided it would defer its final judgment until after deciding on the claim brought by TGN to litigate in forma pauperis. TGN appealed through separate complaints, which were dismissed by the Court of Appeals in November 2017. On June 21, 2018, TGN filed for a withdrawal to the waiver it obtained in respect of payment of Court fees and costs, based on the improvement in its financial situation during 2018, and paid the Court fees. The Court requested TGN to express the taxable basis on which payment of the Court fees was assessed and ordered to notify YPF of this waiver. YPF opposed TGN´s request that each party bears its own legal costs and on November 28, 2018 the court decided to dismiss the request for the benefit of litigation without costs and charged TGN with legal costs. Without prejudice to this, the main file went on to pass sentencing. On April 5, 2019, the Second Chamber of the National Court of Appeals in Federal Civil and Commercial matters revoked the decision of the Lower Court and ordered that each party should bear its own costs, as it considered that YPF does not sustain any damages, since that benefit granted was only limited to the payment of the Court’s fees. • Nación Fideicomisos S.A. (“NAFISA”) NAFISA initiated a claim against YPF in relation to payments of applicable fees to Fideicomiso Gas I and Fideicomiso Gas II, respectively, for natural gas transportation services to Uruguaiana corresponding to the transportation invoices claimed by TGN. A mediation hearing finished without resulting in an agreement, concluding the pre-trial On February 8, 2012, YPF answered the claim, highlighting ENARGAS’ lack of competence on this matter, referring to the connection with the “TGN vs. YPF” trial, the consolidation in the “TGN vs. YPF” trial and rejecting the claim based on the theory of legal impossibility of TGN to provide the transportation services. On the same date, a similar order of consolidation was also submitted in the “TGN vs. YPF” trial. On April 12, 2012, ENARGAS resolved in favor of NAFISA. On May 12, 2012, YPF filed an appeal against such resolution to the National Court of Appeals in the Federal Contentious Administrative. On November 11, 2013, the court dismissed the direct appeal filed by YPF. In turn, on November 19, 2013, YPF submitted an ordinary appeal before the CSJN and on November 27, an extraordinary appeal was lodged before the CSJN. The ordinary appeal was granted and YPF timely filed the grounds for such an appeal. On September 29, 2015, the CSJN upheld YPF’s appeal and reversed the resolution issued by the Federal Contentious Administrative Court – Division IV – because ENARGAS lacks legal capacity to participate in these proceedings, as the parties are not subject to the Gas Law. The administrative instance for this case has been concluded, following the exhaustion of the administrative proceedings before ENARGAS. NAFISA has failed to file a complaint in court to date. 15.a.3) Claims within the jurisdiction of the CNDC The Users and Consumers Association claimed (originally against Repsol YPF S.A. before extending its claim to YPF) the reimbursement of the overprice allegedly charged to bottled LPG consumers between 1993 and 1997 and 1997 to 2001. In the response to the claim, YPF requested for the first period claimed, the application of the statute of limitations since at the date of the extension of the claim, the two-year On December 28, 2015, the lower court rendered judgment admitting the claim seeking compensation for the term between 1993 and 1997 filed by the Users and Consumers Association against YPF and ordered the Company to transfer the amount of 98 plus interest (to be estimated by the expert witness in the settlement period) to the Secretariat of Energy, to be allocated to the trust fund created by Law No. 26,020. The ruling rejects the claim for the items corresponding to the period between 1997 and 2001, considering that YPF’s position in the domestic bulk LPG market had not been sufficiently proved. Furthermore, the ruling dismissed the complaint against Repsol S.A., as Repsol YPF S.A. had no equity interest in YPF, nor any other kind of relation with YPF from 1993 to 1997, the period in which the plaintiffs claim YPF abused its dominant position. The Company appealed the decision, which was admitted with suspensory effect. The Users and Consumers Association also appealed the judgment and both parties filed their respective appellate briefs. On December 7, 2017, the Company was served with notice of the judgment of the Court of Appeals whereby: (i) confirming the claims for compensation for the 1993 to 1997 period; (ii) extending the claim of Users and Consumers Association for the period 1997 to December 1999 for the item “equity transfer of consumers to producers for the higher cost of LPG”, postponing the liquidation of the item for the execution stage of the judgment (the Court of Appeals did not set this amount); and (iii) partially granting the appeal filed by the defendant with respect to the item “damage caused by lower or different energy consumption due to the higher cost of LPG”. It should be noted that the ruling confirmed by the Court of Appeals does not order YPF to pay the claimant the ultimately settled amount, but rather to transfer such funds to the National Secretariat of Energy for the funds to be allocated to a trust fund created by Law No. 26,020, for purposes of the expansion of the natural gas network in areas with lower resources according to the criteria established by the enforcement authority. The enforcement authority, within six months from the settlement of the judgment amount, must present the corresponding feasibility studies (Dec. 470/2015) together with a work plan, which must begin within six months from the presentation of the feasibility studies. Finally, the Company filed an extraordinary appeal against the judgment of the Court of Appeals, which has been sustained and the court file has been submitted to the CSJN. 15.a.4) Environmental claims: • La Plata In relation with the operation of the refinery that YPF has in La Plata, there are certain claims for compensation of individual damages purportedly caused by the operation of the La Plata refinery and the environmental remediation of the channels adjacent to the mentioned refinery. During 2006, YPF submitted a presentation before the Environmental Secretariat of the Province of Buenos Aires, which put forward for consideration the performance of a study for the characterization of environmental associated risks. As previously mentioned, YPF has the right to indemnity for events and claims prior to January 1, 1991, according to Law No. 24,145 and Decree No. 546/1993. Additionally , there are certain claims that could result in the requirement to make additional investments connected with the operations of La Plata refinery. On January 25, 2011, YPF entered into an agreement with the environmental agency of the Government of the Province of Buenos Aires ( Organismo Provincial para el Desarrollo Sostenible In addition to the above, there are other similar claims made by neighbors of the same locale, alleging environmental and other associated damages. • Quilmes The plaintiffs who allege to be residents of Quilmes, Province of Buenos Aires, have filed a lawsuit in which they have requested remediation of environmental damages and also the payment as compensation for alleged personal damages. They base their claim mainly on a fuel leak in the pipeline running from La Plata to Dock Sud, currently operated by YPF, which occurred in 1988 as a result of an unlawful act that caused the rupture of the polyduct, when YPF was a state-owned company. Fuel would have emerged and become perceptible on November 2002, which resulted in remediation works that are being performed by the Company in the affected area, supervised by the environmental authority of the Province of Buenos Aires. The Argentine Government has denied any responsibility to indemnify YPF for this matter, and the Company has sued the Argentine Government to obtain a declaration of invalidity of such decision. The suit is still pending. In addition to the above, YPF was notified of a similar environmental claim for damages made by residents of the same locale. Such complaint has been answered in due course. At present, the case is undergoing the evidentiary stage. • Other environmental claims In addition to claims discussed above, the Group has other legal claims against it based on similar arguments. In addition, non-judicial 15.a.5) Tax claims • Dispute over the cost deduction for well abandonment The Company has consistently recorded the cost of abandoning wells in accordance with the criteria detailed in Note 2.b.6 and, in the absence of a specific treatment of that subject in the Income Tax Law and its Regulatory Decree, has deducted the charge for well plugging costs in the calculation of this tax, based on the general criteria of the standard for deduction of expenses (accrual criteria). Nevertheless, this interpretation has been objected to by the AFIP, which would allow for deductions once the expense has been done. Although both consider it a deductible expense, the disagreement between YPF and the AFIP stems from the criteria that each of them uses to decide when the obligation to plug up the wells arises, which, in turn, is the one that determines when the deduction from the income tax should be taken. The AFIP understands that the deduction of costs due to the abandonment of wells should be deferred until the taxpayer has the opportunity to proceed with plugging the well, once the wells have been exhausted, considering the abandonment of the well to be the event generating the accruing costs of plugging up the wells. On the other hand, the Company, as well as other companies in the oil industry, understand that the event that generates the well-plugging costs in connection with the abandonment of wells is the act of drilling, as the drilling constitutes environmental impact and, consequently, the obligation to repair such impact through well plugging arises from that moment. This obligation is not subject to any condition since there is no uncertainty as to whether well depletion will inevitably occur. The Company has learned that similar disputes have been raised by the AFIP with other companies in the oil industry. In June 2016, the SRH of MINEM, the competent body to clarify the origin of the legal obligation in the matter, and in response to a consultation of the Chamber of Oil Exploration and Production, ruled in favor of the position of the oil companies and concluded that the substantial event generating the charge for the abandonment of wells is the drilling. This response of the Chamber has been reported to the AFIP by both the SRH and by YPF but, with respect to different questions the AFIP disregarded this position and, on December 29, 2016, notified the Company of two resolutions, adjusting the income tax for the fiscal periods 2005 to 2009 and questioning the criteria followed by the Company. The disputed amount for the years claimed by AFIP amounted to a total of 4,354 considering principal and interest. On June 15, 2018, the Company was notified of the AFIP’s final decision, whereby the income tax for fiscal year 2010 was adjusted by 1,175. On July 10, 2018 the Company filed the corresponding appeal to the TFN. On November 7, 2018, the Company was notified of the commencement of a determination procedure with respect to the projected adjustment for fiscal years 2011 to 2016. The Company filed its defense on December 21, 2018. On March 1, 2019, AFIP’s General Resolution No. 4,434/2019, was published in the BO, establishing a payment facility plan in relation to the tax liabilities being heard at the TFN. This facility plan, which expired on June 30, 2019, contemplated a variable rate with payment terms of up to 5 years. The acceptance of the Tax Authority’s requirements, and the waiver of any action or right, including the right of recourse, by the taxpayer was a necessary condition to adhere to the plan, in relation to the obligations to cancel through the facility plan. Additionally, AFIP’s General Resolution No. 4,477/2019, published in the BO on May 6, 2019, established a new payment facility plan, whose availability for adherence expired on August 31, 2019, with the option of adhering from May 15 to June 25 in more favorable conditions. The Company’s Management, based on the opinion of its external advisors, and notwithstanding the technical merits for defending its position, evaluated the aforementioned payment facility plans and finally, on June 19, 2019, adhered to the Plan established by General Resolution AFIP No. 4,477/2019 for an amount of 5,734, thus finally settling the dispute dispute On the other hand, on February 3, 2019, the Company was given notice of the commencement of an inspection procedure regarding fiscal year 2017. With respect to the periods beginning in or after 2018, the Tax Reform enacted in December 2017 (see Note 34.j) allows for the deduction of well abandonment expenses as they are considered as an integral part of the computable cost of the investments in wells, regardless of the fiscal year in which the effective disbursement is made. 15.a.6) Other pending litigation During the normal course of its business dealings, the Group has been sued in numerous legal proceedings in labor, civil and commercial courts. The management of the Company, in consultation with its outside counsel, has established a provision considering the best estimate for these purposes, based on the information available as of the date of issuance of these consolidated financial statements, including legal fees and expenses. 15.b) Provision for environmental expenses and obligations for the abandonment of hydrocarbon wells Based on the Group’s current remediation plan, the Group has accrued environmental remediation costs where assessments and/or remedy actions are probable and can reasonably be estimated. |
Income Tax
Income Tax | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Income Tax | 16. INCOME TAX The calculation of the income tax expense accrued for the years ended December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Current income tax (1,938 ) (943 ) (605 ) Deferred income tax (3,588 ) (1) (50,595 ) 4,574 Subtotal (5,526 ) (51,538 ) 3,969 Income tax – Well abandonment (16,239 ) (2) — — Special tax – Tax revaluation, Law No. 27,430 (4,604 ) (3) — — (26,369 ) (51,538 ) 3,969 (1) Includes (5,175) corresponding to the reversal of tax loss carryforwards related to the dispute relating to cost deduction for wells abandonment. (2) Includes (10,610) corresponding to interest related to the dispute relating to cost deduction for wells abandonment determined on the date the Company decided to adhere to the payment facility plan. See Note 15. (3) Includes (4,562) corresponding to YPF (See Note 34.j.) and (42) corresponding to YTEC. The reconciliation between the charge to net income for income tax for the years ended December 31, 2019, 2018 and 2017 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the consolidated statements of comprehensive income for each fiscal year is as follows: 2019 2018 2017 Net income before income tax (7,010 ) 90,144 8,703 Statutory tax rate 30 % 30 % 35 % Statutory tax rate applied to net income before income tax 2,103 (27,043 ) (3,046 ) Effect of the valuation of property, plant and equipment and intangible assets measured in functional currency (20,189 ) (100,760 ) (18,185 ) Exchange differences 22,553 (1) 67,767 12,318 Effect of the valuation of inventories (11,553 ) (8,666 ) (1,558 ) Income on investments in associates and joint ventures 2,390 1,452 500 Effect of tax rate change (2) 1,956 12,795 13,892 Dispute associated to cost deduction for wells abandonment (5,175 ) — — Interest related to the payment facility plan for cost deduction for wells abandonment 1,333 — — Result of companies’ revaluation — 3,594 — Miscellaneous 1,056 (677 ) 48 Income tax (5,526 ) (51,538 ) 3,969 (1) Includes the effect of tax inflation. (2) Corresponds to the remedation of deferred income tax at the current rate See Notes 2.b.15 and 34.j. The Group has classified 1,964 as current income tax payable, which mainly include 917 corresponding to the 12 installments related to the payment facility plan (see Note 15). Also, the Group has classified 3,387 as non-current Breakdown of deferred tax as of December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Deferred tax assets Provisions and other non-deductible 5,344 2,920 1,861 Tax losses carryforward and other tax credits 52,443 21,575 6,484 Miscellaneous 937 270 99 Total deferred tax assets 58,724 24,765 8,444 Deferred tax liabilities Property, plant and equipment (110,704 ) (113,821 ) (43,931 ) Adjustment for tax inflation (38,177 ) — — Miscellaneous (5,491 ) (1,768 ) (1,570 ) Total deferred tax liabilities (154,372 ) (115,589 ) (45,501 ) Total Net deferred tax (95,648 ) (2) (90,824 ) (1)(2) (37,057 ) (1) Includes 127 as a result of the implementation of the impairment method in the calculation of the impairment of financial assets pursuant to IFRS 9, having an impact in “Retained earnings”. See Note 2.b.18. (2) Includes (1,523) and (3,432) as of December 31, 2019 and 2018, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency with effect in other comprehensive income. For fiscal year ended December 31, 2019, the Group estimated a tax loss carryforward of 89,156. Deferred income tax assets are recognized for tax loss carryforwards to the extent their setoff through future taxable profits is probable. Tax loss carryforwards in Argentina expire within 5 years. In order to fully realize the deferred income tax asset, the Group will need to generate taxable income. Based upon the level of historical taxable income and future projections for the years in which the deferred income tax assets are deductible, Management of the Company believes that as of December 31, 2019 it is probable that the Group will realize all of the deferred income tax assets. As of December 31, 2019, Group’s tax loss carryforwards at the expected recovery rate were as follows: Date of generation Date of expiration Jurisdiction Amount 2016 2021 Argentina 573 2017 2022 Argentina 495 2018 2023 Argentina 24,825 2019 2024 Argentina 26,550 52,443 As of December 31, 2019, 2018 and 2017, there are no significant deferred tax assets which are not recognized. As of December 31, 2019, 2018 and 2017, the Group has classified as deferred tax assets for 1,583, 301, and 588, respectively, and as deferred tax liability 97,231, 91,125, and 37,645, respectively, all of which arise from the net deferred tax balances of each of the separate companies included in these consolidated financial statements. As of December 31, 2019, 2018 and 2017, the causes that generate charges to other comprehensive income, did not create temporary differences for income tax. Law No. 27,468, published in the BO on December 4, 2018, established that the inflation adjustment procedure for taxation purposes will be applicable for fiscal years beginning January 1, 2018. In the first, second and third fiscal year since it became effective, this procedure shall be applicable if the variation in the CPI, estimated from the beginning to the end of each of those years exceeds 55%, 30% and 15%, for the first, second and third year of application, respectively. Considering CPI projections for December 31, 2019, the Group has applied the inflation adjustment procedure for taxation purposes. |
Taxes Payable
Taxes Payable | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Taxes payable | 17. TAXES PAYABLE 2019 2018 2017 Non current Current Non current Current Non current Current VA T — 3,532 — 2,274 — 1,304 Withholdings and perceptions — 2,070 — 1,631 — 946 Royalties — 1,268 — 1,464 — 1,269 Tax on Fuels — 635 — 1,290 — 452 IIBB — 512 — 547 — 126 Miscellaneous 1,428 3,420 2,175 2,821 220 2,782 1,428 11,437 2,175 10,027 220 6,879 |
Salaries and social security
Salaries and social security | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Salaries And Social Security [Abstract] | |
Salaries and social security | 18. SALARIES AND SOCIAL SECURITY 2019 2018 2017 Salaries and social security 2,976 1,950 1,305 Bonuses and incentives provision 3,468 1,921 1,409 Vacation provision 3,610 2,215 1,386 Miscellaneous 150 68 32 10,204 6,154 4,132 |
Lease liabilities
Lease liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Lease liabilities [abstract] | |
Lease liabilities | 19. LEASE LIABILITIES As of December 31, 2019, the Group recorded non-current Lease term Balance as of Effective average monthly rate used 0 to 1 year 3,778 0.56 % 1 to 2 years 7,634 0.73 % 2 to 3 years 11,813 0.72 % 3 to 4 years 5,404 0.70 % 4 to 5 years 10,732 0.70 % 5 to 9 years 2,498 0.78 % More than 9 years 19,921 0.98 % 61,780 Financial expenses accrued as of year ended December 31, 2019, resulting from lease contracts, amount to 2,885, of which 2,574 were included in the “Financial Accretion” line in financial loss of the “Net Financial Results” item of the comprehensive statement of income and 311 were capitalized in “Property, Plant and Equipment”. As of December 31, 2019, maturities of liabilities related to lease contracts are exposed on Note 4. The evolution of the Group’s leases liabilities for the fiscal year ended December 31, 2019 is as follows: Lease liabilities Balances for initial application of IFRS 16 23,059 Leases increase 39,779 Financial accretion 2,885 Leases decrease (1,741 ) Payments (15,208 ) Exchange and translation differences, net 12,999 Result from net monetary position (1) 7 Balance at the end of the year 61,780 (1) Includes the adjustment for inflation of subsidiaries with the Peso as functional currency for first application of IFRS 16, which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. |
Loans
Loans | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Loans | 20. LOANS 2019 2018 2017 Pesos Interest rate (1) Maturity Noncurrent Current Noncurrent Current Noncurrent Current Negotiable obligations (6) 16.50 % – 63.35 % 2020-2024 8,619 27,481 26,118 6,999 29,640 5,753 Loans 58.26 % – 68.80 % 2020 — 3,687 40 789 (3) 728 2,794 (3) Account overdraft 89.00 % – 92.00 % 2020 — 2,103 — — — 10 8,619 33,271 26,158 7,788 30,368 8,557 Currencies other than the Peso Negotiable obligations (2)(4) 3.50 % – 10.00 % 2020-2047 375,560 13,279 219,510 17,417 114,686 15,075 (5) Export pre-financing (7) 4.05 % – 9.75 % 2020-2022 10,762 33,100 — 20,724 383 6,521 Imports financing 3.62 % – 7.91 % 2020 — 17,876 968 13,176 — 4,595 Loans 3.42 % – 7.50 % 2020-2026 24,710 9,583 23,616 5,721 6,290 4,588 (5) 411,032 73,838 244,094 57,038 121,359 30,779 419,651 107,109 270,252 64,826 151,727 39,336 (1) Nominal annual interest rate as of December 31, 2019. (2) Disclosed net of 326, 410 and 309 corresponding to YPF’s own negotiable obligations repurchased through open market transactions, as of December 31, 2019, 2018, and 2017, respectively. (3) Includes loans granted by BNA. As of December 31, 2018, it includes 500, which accrues variable interest at a BADLAR plus a margin of 3.5 points. As of December 31, 2017, it incudes 2,500, 1,500 of which accrues variable interest at a BADLAR plus a margin of 3.5 points and 1,000 at a fixed rate of 20%. See Note 35. (4) Includes 4,643, 2,634 and 1,528 as of December 31, 2019, 2018 and 2017, respectively, of nominal value of negotiable obligations that will be canceled in Pesos at the applicable exchange rate in accordance with the terms of the series issued. (5) Includes 492 corresponding to financial loans and NO secured by cash flows as of December 31, 2017. (6) Includes 15,850 as of December 31, 2019, 2018 and 2017, of nominal value of NO that will be canceled in U.S. dollars at the applicable exchange rate according to the conditions of the issued series. (7) Includes pre-financing The breakdown of the Group’s borrowings as of the fiscal year ended on December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Balance at beginning of the year 335,078 191,063 154,345 Proceed from loans 97,351 39,673 54,719 Payments of loans (93,456 ) (55,734 ) (36,346 ) Payments of interest (41,606 ) (26,275 ) (17,912 ) Accrued interest (1) 44,570 27,998 17,995 Net exchange differences and translation 185,420 160,016 21,465 Result from net monetary position (2) (597 ) (1,663 ) — Reclassifications and other movements — — (3,203 ) (3) Balance at the end of the year 526,760 335,078 191,063 (1) Includes capitalized financial costs. (2) Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. (3) Includes 3,130 of loans reclassified to the item “Liabilities associated with assets held for disposal”. See Note 3. On April 28, 2017, the General and Extraordinary Shareholders’ Meeting approved an extension in the effective term of the Global Medium Term Notes Program of the Company for a term of 5 years. The maximum nominal amount at any time outstanding of the Program of US$ 10,000 million or its equivalent in other currencies. Additionally, YPF is registered as a Frequent Issuer with the CNV under No.4 since December 2018. In 2019, the Company’s Board of Directors resolved to authorize an issuance amount of up to US$ 2,000 million or its equivalent in Pesos under the Frequent Issuer regime. Details regarding the NO of the Group are as follows: 2019 2018 2017 Month Year Principal value Ref. Class Interest rate (3) Principal Maturity Noncurrent Current Noncurrent Current Noncurrent Current YPF — 1998 US$ 15 (1) (6) — Fixed 10.00 % 2028 886 15 557 9 276 5 December and March 2012/3 $ 2,828 (2) (4) (6) (7) Class XIII — — — — — — — — 1,427 April 2013 $ 2,250 (2) (4) (6) (7) Class XVII BADLAR plus 2.25% 48.01 % 2020 — 1,217 1,125 1,330 2,250 96 June 2013 $ 1,265 (2) (4) (6) Class XX BADLAR plus 2.25% 43.66 % 2020 — 643 633 657 1,265 12 July 2013 US$ 92 (2) (5) (6) Class XXII Fixed 3.50 % 2020 — 729 456 461 451 230 October 2013 US$ 150 (2) (6) Class XXIV — — — — — — — — 498 December, April, February and December 2013/4/5 US$ 862 (2) (6) Class XXVI — — — — — — — — 8,422 April, February and October 2014/5/6 US$ 1,522 (2) (4) (6) Class XXVIII Fixed 8.75 % 2024 91,010 1,925 57,233 1,210 28,311 599 March 2014 $ 500 (2) (6) (7) Class XXIX BADLAR 42.28 % 2020 — 206 200 162 350 158 September 2014 $ 1,000 (2) (6) (7) Class XXXIV BADLAR plus 0.1% 50.25 % 2024 667 279 833 299 1,000 54 September 2014 $ 750 (2) (4) (6) Class XXXV — — — — — — 571 500 298 February 2015 $ 950 (2) (6) (7) Class XXXVI BADLAR plus 4.74% 56.74 % 2020 — 1,161 950 187 950 92 April 2015 $ 935 (2) (4) (6) Class XXXVIII BADLAR plus 4.75% 53.17 % 2020 — 349 312 390 626 362 April 2015 US$ 1,500 (2) (6) Class XXXIX Fixed 8.50 % 2025 89,416 3,230 56,062 2,025 27,731 1,002 September 2015 $ 1,900 (2) (6) (7) Class XLI BADLAR 50.15 % 2020 — 719 633 801 1,267 736 September and December 2015/9 $ 5,196 (2) (4) (6) Class XLII BADLAR plus 4% 54.15 % 2020 — 5,952 1,697 243 1,697 110 October 2015 $ 2,000 (2) (6) (7) Class XLIII BADLAR 47.08 % 2023 2,000 183 2,000 196 2,000 80 December 2015 $ 1,400 (2) (6) Class XLIV — — — — — — — — 1,422 March 2016 $ 1,350 (2) (4) (6) Class XLVI BADLAR plus 6% 57.63 % 2021 1,350 251 1,350 234 1,350 114 March 2016 US$ 1,000 (2) (6) Class XLVII Fixed 8.50 % 2021 59,790 1,383 37,600 870 18,599 430 April 2016 US$ 46 (2) (5) (6) Class XLVIII Fixed 8.25 % 2020 — 2,785 1,723 29 852 14 April 2016 $ 535 (2) (6) Class XLIX BADLAR plus 6% 53.27 % 2020 — 593 535 62 535 31 July 2016 $ 11,248 (2) (6) (8) Class L BADLAR plus 4% 63.35 % 2020 — 12,902 11,248 1,238 11,248 651 September 2016 CHF 300 (2) (6) Class LI — — — — — — 11,563 5,731 54 May 2017 $ 4,602 (2) (6) (8) Class LII Fixed 16.50 % 2022 4,602 108 4,602 110 4,602 110 July and December 2017 US$ 1,000 (2) (6) Class LIII Fixed 6.95 % 2027 60,399 1,890 38,024 1,180 18,889 445 December 2017 US$ 750 (2) (6) Class LIV Fixed 7.00 % 2047 44,311 126 27,855 70 13,846 44 June 2019 US$ 500 (6) (9) Class I Fixed 8.50 % 2029 29,748 17 — — — — December 2019 $ 1,683 (6) (9) Class II BADLAR plus 3.75% 46.17 % 2020 — 1,729 — — — — December 2019 $ 1,157 (6) (9) Class III BADLAR plus 6% 48.42 % 2020 — 1,189 — — — — December 2019 US$ 19 (6) (9) Class IV Fixed 7.00 % 2020 — 1,179 — — — — Metrogas January 2013 US$ 177 Series A-L — — — — — — — — 3,076 January 2013 US$ 18 Series A-U — — — — — — — — 256 December 2018 $ 513 Class II — — — — — — 519 — — 384,179 40,760 245,628 24,416 144,326 20,828 (1) Corresponds to the 1997 M.T.N. Program for US$1,000 million. (2) Corresponds to the 2008 M.T.N. Program for US$ 10,000 million. (3) Nominal annual Interest rate as of December 31, 2019. (4) The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded. (5) The payment currency of these Negotiable Obligations is the Peso at the Exchange rate applicable under the terms of the series issued. (6) As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements. (7) NO classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau. (8) The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series. (9) Corresponds to the Frequent Issuer program. |
Other Liabilities
Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Other Liabilities | 21. OTHER LIABILITIES 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Extension of concessions 529 593 348 436 179 342 Liabilities for contractual claims (1) 170 59 175 41 90 2,008 Miscellaneous 4 658 26 245 8 33 703 1,310 549 722 277 2,383 (1) See Note 15. |
Accounts payable
Accounts payable | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Accounts payable | 22. ACCOUNTS PAYABLE 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Trade payable and related parties (1) 1,869 145,942 2,227 81,450 168 44,520 Guarantee deposits 21 704 19 492 17 441 Payables with partners of JO 575 851 1,127 324 — 122 Miscellaneous — 1,098 — 1,959 — 828 2,465 148,595 3,373 84,225 185 45,911 (1) For more information about related parties, see Note 35. |
Revenues
Revenues | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Revenues | 23. REVENUES 2019 2018 2017 Sales of goods and services 686,644 435,558 243,230 Government incentives (1) 13,266 14,469 18,552 Turnover tax (21,315 ) (14,207 ) (8,969 ) 678,595 435,820 252,813 (1) See Note 35. The Group’s transactions and the main revenues are described in Note 5. The Group’s revenues are derived from contracts with customers, except for Government incentives. • Breakdown of revenues • Type of good or service 2019 Upstream Downstream Gas and Power Corporation Total Diesel — 222,472 — — 222,472 Gasolines — 141,511 — — 141,511 Natural Gas (1) — 1,521 112,501 — 114,022 Crude Oil — 14,703 — — 14,703 Jet fuel — 44,075 — — 44,075 Lubricants and by-products — 14,525 — — 14,525 Liquefied Petroleum Gas — 14,643 — — 14,643 Fuel oil — 7,040 — — 7,040 Petrochemicals — 21,742 — — 21,742 Fertilizers — 7,877 — — 7,877 Flours, oils and grains — 19,612 — — 19,612 Asphalts — 4,429 — — 4,429 Goods for resale at gas stations — 4,819 — — 4,819 Income from services — — — 3,555 3,555 Income from construction contracts — — — 13,695 13,695 Virgin naphtha — 5,625 — — 5,625 Petroleum coke — 6,013 — — 6,013 LNG Regasification — — 2,731 — 2,731 Other goods and services 2,087 7,184 10,621 3,663 23,555 2,087 537,791 125,853 20,913 686,644 2018 Upstream Downstream Gas and Power Corporation Total Diesel — 132,073 — — 132,073 Gasolines — 97,093 — — 97,093 Natural Gas (1) — 1,000 79,433 — 80,433 Crude Oil — 3,477 — — 3,477 Jet fuel — 25,999 — — 25,999 Lubricants and by-products — 8,928 — — 8,928 Liquefied Petroleum Gas — 12,542 — — 12,542 Fuel oil — 3,354 — — 3,354 Petrochemicals — 16,239 — — 16,239 Fertilizers — 4,231 — — 4,231 Flours, oils and grains — 7,917 — — 7,917 Asphalts — 4,129 — — 4,129 Goods for resale at gas stations — 3,381 — — 3,381 Income from services — — — 1,344 1,344 Income from construction contracts — — — 5,551 5,551 Virgin naphtha — 3,999 — — 3,999 Petroleum coke — 6,139 — — 6,139 LNG Regasification — — 3,359 — 3,359 Other goods and services 3,181 6,068 4,091 2,030 15,370 3,181 336,569 86,883 8,925 435,558 2017 Upstream Downstream Gas and Power Corporation Total Diesel — 76,082 — — 76,082 Gasolines — 59,230 — — 59,230 Natural Gas (1) — 655 39,415 — 40,070 Crude Oil — 1,190 — — 1,190 Jet fuel — 11,233 — — 11,233 Lubricants and by-products — 5,956 — — 5,956 Liquefied Petroleum Gas — 6,287 — — 6,287 Fuel oil — 5,717 — — 5,717 Petrochemicals — 8,437 — — 8,437 Fertilizers — 2,011 — — 2,011 Flours, oils and grains — 6,542 — — 6,542 Asphalts — 3,014 — — 3,014 Goods for resale at gas stations — 2,362 — — 2,362 Income from services — — — 1,007 1,007 Income from construction contracts — — — 879 879 Virgin naphtha — 1,148 — — 1,148 Petroleum coke — 1,697 — — 1,697 LNG Regasification — — 2,731 — 2,731 Other goods and service s 774 3,674 2,262 927 7,637 774 195,235 44,408 2,813 243,230 (1) Includes 71,491, 55,882 and 28,341 corresponding to sales of natural gas produced by the Company for the years ended December 31, 2019, 2018 and 2017, respectively. 2019 Upstream Downstream Gas and Power Corporation Total Gas Stations — 257,648 — — 257,648 Power Plants — 709 15,705 — 16,414 Distribution Companies — — 19,506 — 19,506 Retail distribution of natural gas — — 49,699 — 49,699 Industries, transport and aviation — 116,742 27,591 — 144,333 Agriculture — 64,344 — — 64,344 Petrochemical industry — 24,475 — — 24,475 Trading — 39,341 — — 39,341 Oil Companies — 20,066 — — 20,066 Commercialization of liquefied petroleum gas — 6,087 — — 6,087 Other sales channels 2,087 8,379 13,352 20,913 44,731 2,087 537,791 125,853 20,913 686,644 2018 Upstream Downstream Gas and Power Corporation Total Gas Stations — 168,665 — — 168,665 Power Plants — 260 20,083 — 20,343 Distribution Companies — — 14,180 — 14,180 Retail distribution of natural gas — — 25,420 — 25,420 Industries, transport and aviation — 71,746 19,750 — 91,496 Agriculture — 35,868 — — 35,868 Petrochemical industry — 19,590 — — 19,590 Trading — 18,342 — — 18,342 Oil Companies — 12,760 — — 12,760 Commercialization of liquefied petroleum gas — 4,961 — — 4,961 Other sales channels 3,181 4,377 7,450 8,925 23,933 3,181 336,569 86,883 8,925 435,558 2017 Upstream Downstream Gas and Power Corporation Total Gas Stations — 104,077 — — 104,077 Power Plants — 4,067 13,072 — 17,139 Distribution Companies — — 3,313 — 3,313 Retail distribution of natural gas — — 11,071 — 11,071 Industries, transport and aviation — 36,810 11,558 — 48,368 Agriculture — 22,030 — — 22,030 Petrochemical industry — 10,334 — — 10,334 Trading — 7,703 — — 7,703 Oil Companies — 4,207 — — 4,207 Commercialization of liquefied petroleum gas — 2,979 — — 2,979 Other sales channels 774 3,028 5,394 2,813 12,009 774 195,235 44,408 2,813 243,230 • Target Market Sales contracts in the domestic market resulted in 597,702, 390,630 and 221,145 for the years ended December 31, 2019, 2018 and 2017, respectively. Sales contracts in the international market resulted in 88,942, 44,928 and 22,085 for the years ended December 31, 2019, 2018 and 2017, respectively. • Contract balances The following table reflects information regarding credits, contract assets and contract liabilities: 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Credits for contracts included in Trade Receivables 6,785 100,706 7,804 59,419 2,210 27,363 Contract assets — 203 — 420 — 142 Contract liabilities 294 7,404 1,828 4,996 1,470 1,460 Contract assets are mainly related to the work carried out by the Group under the construction contracts. Contract liabilities are mainly related to advances received from customers under the contracts for the sale of commodities, fuels, crude oil, methanol, lubricants and by-products, During the years ended on December 31, 2019 and 2018, the Group has recognized 4,721 and 1,564 , respectively, |
Costs
Costs | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Costs | 24. COSTS 2019 2018 2017 Inventories at beginning of year 53,324 27,149 21,808 (2) Purchases 190,601 124,279 65,945 Production costs (1) 378,281 234,340 147,423 Translation effect 33,385 26,514 3,877 Inventories incorporated by business combination (3) — 445 — Adjustment for inflation (4) 496 167 — Reclassifications and other movements — — (92 ) Inventories at end of the year (80,479 ) (53,324 ) (27,149 ) (2) 575,608 359,570 211,812 (1) See Note 25. (2) Reclassifications of 12 have been made in inventories at beginning of fiscal year and 142 have been made in inventories at the fiscal years ended December 31, 2017, in accordance with the change in the accounting policy described in detail in Note 2.b.11. (3) See Note 3. (4) Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the Peso as functional currency, which was charged to other comprehensive income. |
Expenses by Nature
Expenses by Nature | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Expenses by Nature | 25. EXPENSES BY NATURE The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the fiscal years ended December 31, 2019, 2018 and 2017: 2019 Production (3) Administrative Selling Exploration Total Salaries and social security taxes 33,991 8,075 4,226 666 46,958 Fees and compensation for services 2,491 6,389 (2) 1,265 172 10,317 Other personnel expenses 8,941 962 513 66 10,482 Taxes, charges and contributions 7,370 312 10,627 (1) 48 18,357 Royalties, easements and canons 42,135 — 122 283 42,540 Insurance 2,692 181 118 — 2,991 Rental of real estate and equipment 11,079 38 861 — 11,978 (4) Survey expenses — — — 1,212 1,212 Depreciation of property, plant and equipment 139,345 2,839 3,710 — 145,894 Amortization of intangible assets 2,020 323 31 — 2,374 Depreciation of right-of-use 9,835 — 674 — 10,509 Industrial inputs, consumable materials and supplies 22,095 183 201 51 22,530 Operation services and other service contracts 18,512 744 2,249 287 21,792 (4) Preservation, repair and maintenance 48,762 1,021 1,081 125 50,989 (4) Unproductive exploratory drillings — — — 3,832 3,832 Transportation, products and charges 23,137 15 16,222 — 39,374 (4) Provision for doubtful trade receivables — — 3,184 — 3,184 Publicity and advertising expenses — 2,551 1,065 — 3,616 Fuel, gas, energy and miscellaneous 5,876 1,068 3,749 99 10,792 (4) 378,281 24,701 49,898 6,841 459,721 (1) Includes 6,541 corresponding to export withholdings. (2) Includes 80 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 26, 2019, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2018 of 65 and to approve as fees on account of such fees and remunerations for the fiscal year 2019, the sum of 87. (3) The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,261. (4) Includes 7,223 and 3,326 corresponding to short-term leases and to the lease charge related to the underlying asset return and/or use, respectively. 2018 Production (3) Administrative Selling Exploration Total Salaries and social security taxes 18,908 4,867 2,592 480 26,847 Fees and compensation for services 1,772 3,534 (2) 883 21 6,210 Other personnel expenses 5,313 571 278 50 6,212 Taxes, charges and contributions 3,634 275 5,626 (1) 28 9,563 Royalties, easements and canons 31,677 — 64 72 31,813 Insurance 1,335 130 118 — 1,583 Rental of real estate and equipment 8,983 24 766 28 9,801 Survey expenses — — — 848 848 Depreciation of property, plant and equipment 83,700 1,758 2,111 — 87,569 Amortization of intangible assets 1,497 222 30 — 1,749 Industrial inputs, consumable materials and supplies 11,126 59 172 22 11,379 Operation services and other service contracts 14,973 372 1,302 29 16,676 Preservation, repair and maintenance 31,141 620 886 48 32,695 Unproductive exploratory drillings — — — 3,331 3,331 Transportation, products and charges 12,714 4 9,615 — 22,333 Provision for doubtful trade receivables — — 353 — 353 Publicity and advertising expenses — 951 978 — 1,929 Fuel, gas, energy and miscellaneous 7,567 535 2,153 509 10,764 234,340 13,922 27,927 5,466 281,655 (1) Includes 2,297 corresponding to export withholdings. (2) Includes 65 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 27, 2018, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2017 of 48.8 and to approve as fees on account of such fees and remunerations for the fiscal year 2018, the sum of 62. (3) The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 700. 2017 Production (3) Administrative Selling Exploration Total Salaries and social security taxes 12,548 3,537 1,988 330 18,403 Fees and compensation for services 1,159 2,118 (2) 544 18 3,839 Other personnel expenses 3,493 374 194 49 4,110 Taxes, charges and contributions 2,215 255 4,172 (1) — 6,642 Royalties, easements and canons 17,630 — 31 31 17,692 Insurance 840 49 85 — 974 Rental of real estate and equipment 5,710 15 518 — 6,243 Survey expenses — — — 214 214 Depreciation of property, plant and equipment 51,607 771 1,134 — 53,512 Amortization of intangible assets 688 125 25 — 838 Industrial inputs, consumable materials and supplies 5,813 35 83 25 5,956 Operation services and other service contracts 12,033 268 905 243 13,449 Preservation, repair and maintenance 20,204 382 458 82 21,126 Unproductive exploratory drillings — — — 1,400 1,400 Transportation, products and charges 8,724 17 5,961 — 14,702 Provision for doubtful trade receivables — — 28 — 28 Publicity and advertising expenses — 545 609 — 1,154 Fuel, gas, energy and miscellaneous 4,759 245 1,219 64 6,287 147,423 8,736 17,954 2,456 176,569 (1) Includes 1,612 corresponding to export withholdings. (2) Includes 48.8 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 28, 2017, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2016 of 127 and to approve as fees on account of such fees and remunerations for the fiscal year 2017, the sum of 48.3. (3) The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 449. |
Other Net Operating Results
Other Net Operating Results | 12 Months Ended |
Dec. 31, 2019 | |
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Other Net Operating Results | 26. OTHER NET OPERATING RESULTS 2019 2018 2017 Result of Companies’ revaluation (1) — 11,980 — Result for sale of participation in areas (1) 778 2,322 — Lawsuits (2,732 ) (2,365 ) (1,240 ) Insurance 498 417 206 Construction incentive (2) 688 — 188 Unrecoverable credit - Resolution MINEM No. 508/E-2017 (3) (622 ) — — Miscellaneous 260 (409 ) 32 (1,130 ) 11,945 (814 ) (1) See Note 3. (2) See Note 35. (3) See Note 34. h. |
Net Financial Results
Net Financial Results | 12 Months Ended |
Dec. 31, 2019 | |
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Net Financial Results | 27. NET FINANCIAL RESULTS 2019 2018 2017 Financial income Interest income 7,665 3,033 1,598 Exchange differences 80,490 81,869 16,025 Financial accretion 5,250 15,181 — Total financial income 93,405 100,083 17,623 Financial loss Interest loss (48,136 ) (28,717 ) (18,385 ) Exchange differences (32,555 ) (27,410 ) (7,075 ) Financial accretion (10,842 ) (7,554 ) (3,169 ) Total financial costs (91,533 ) (63,681 ) (28,629 ) Other financial results Fair value gains on financial assets at fair value through profit or loss (1,449 ) 2,596 2,208 Result from derivative financial instruments (293 ) 933 — Result from net monetary position 5,904 1,594 — Total other financial results 4,162 5,123 2,208 Total net financial results 6,034 41,525 (8,798 ) |
Investments in Joint Operations
Investments in Joint Operations | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Investments in Joint Operations | 28. INVESTMENTS IN JOINT OPERATIONS The Group participates in JO and other agreements that give to the Group a contractually established percentage over the rights of the assets and obligations that emerge from the contracts. Interest in such JO and other agreements and other agreements The exploration and production JO and other agreements in which the Group The assets and liabilities as of December 31, 2019, 2018 and 2017, and main 2019 2018 2017 Noncurrent assets (1) 221,219 130,272 66,887 Current assets 8,723 4,024 2,417 Total assets 229,942 134,296 69,304 Noncurrent liabilities 17,754 11,484 5,876 Current liabilities 27,641 9,695 5,524 Total liabilities 45,395 21,179 11,400 2019 2018 2017 Production cost 70,552 39,713 24,471 Exploration expenses 123 242 767 (1) It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO . As of December 31, 2019, the main exploration and production JO in which the Group participates are the following: Name Location Participation Operator Acambuco Salta 22.50 % Pan American Energy LLC Aguada Pichana - Area Vaca Muerta Neuquén 22.50 % Total Austral S.A. Aguada Pichana - Residual Neuquén 27.27 % Total Austral S.A. Aguaragüe Salta 53.00 % Tecpetrol S.A. CAM-2/A Tierra del Fuego 50.00 % Enap Sipetrol Argentina S.A. Campamento Central / Cañadón Perdido Chubut 50.00 % YPF Consorcio CNQ 7/A La Pampa and Mendoza 50.00 % Pluspetrol Energy S.A. El Tordillo Chubut 12.20 % Tecpetrol S.A. La Tapera and Puesto Quiroga Chubut 12.20 % Tecpetrol S.A. Lindero Atravesado Neuquén 37.50 % Pan American Energy LLC Llancanelo Mendoza 61.00 % (1) YPF Magallanes Santa Cruz, Tierra del Fuego and Plataforma Continental Nacional 50.00 % Enap Sipetrol Argentina S.A. Loma Campana Neuquén and Mendoza 50.00 % YPF Ramos Salta 42.00 % Pluspetrol Energy S.A. Rincón del Mangrullo Neuquén 50.00 % YPF San Roque Neuquén 34.11 % Total Austral S.A. Yacimiento La Ventana – Río Tunuyán Mendoza 70.00 % YPF Zampal Oeste Mendoza 70.00 % YPF Narambuena Neuquén 50.00 % YPF La Amarga Chica Neuquén 50.00 % YPF El Orejano Neuquén 50.00 % YPF Bajo del Toro Neuquén 50.00 % YPF Bandurria Sur Neuquén 51.00 % YPF Aguada de Castro and Aguada Pichana Oeste Neuquén 30.00 % Pan American Energy LLC (1) See Note 33.b. |
Shareholders' Equity
Shareholders' Equity | 12 Months Ended |
Dec. 31, 2019 | |
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Shareholders' Equity | 29. SHAREHOLDERS’ EQUITY The Company’s subscribed capital as of December 31, 2019, is 3,924 and 9 treasury shares represented by 393,312,793 book-entry shares of common stock and divided into four classes of shares (A, B, C and D), with a par value of Pesos 10 and 1 vote per share. These shares are fully subscribed, paid-in As of December 31, 2019, there are 3,764 Class A outstanding shares. As long as any Class A share remains outstanding, the affirmative vote of Argentine Government is required for: 1) mergers, 2) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, 3) transfers of all the YPF’s production and exploration rights, 4) the voluntary dissolution of YPF or 5) change of corporate and/or tax address outside the Argentine Republic. Items 3) and 4) will also require prior approval by the Argentine Congress. Until the enactment of Law No. 26,741 detailed in the next paragraphs, Repsol S.A. had a participation in the Company, directly and indirectly, of approximately 57.43% shareholding while Petersen Energía S.A.U. and its affiliates exercised significant influence through a 25.46% shareholding of YPF’s capital stock. Law No. 26,741 enacted on May 4, 2012, changed YPF’s shareholding structure. The mentioned Law declared the class D Shares of YPF owned by Repsol S.A. as national public interest and subject to expropriation, its controlled or controlling entities, representing 51% of YPF’s equity. According to Law 26,741, achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, is thereby declared of national public interest and a priority for Argentina, with the goal of guaranteeing socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the provinces and regions. The shares subject to expropriation were distributed as follows: 51% for the Argentine federal government and 49% for certain Argentine Provinces. The General Ordinary and Extraordinary Shareholders’ Meeting was held on April 26, 2019 and approved the financial statements of YPF for the fiscal year ended December 31, 2018 and additionally, approved the following resolution in relation to the allocation of profits: a) to allocate the sum of 280 to create a Reserve for the purchase of treasury shares in order to give the Board of Directors the possibility of acquiring treasury shares at the time it deems appropriate, and complying, during the execution of the plans, with the commitments assumed and to be assumed by them in the future; b) to allocate the sum of 33,235 to create a reserve for investments under the terms of article 70, third paragraph of the LGS; and c) to allocate the sum of 4,800 to a reserve for future dividends, empowering the Board of Directors, until the date of the next General Ordinary Shareholders’ Meeting at which the financial statements ended as of December 31, 2019 will be dealt with, to determine the time and amount for their distribution, taking into account the financial conditions and availability of funds as well as the operating results, investments and other matters that are deemed relevant in the development of the Company’s activities, or their allocation in accordance with the provisions set forth in article 224, second paragraph, of the LGS and other applicable regulations. On June 27, 2019, the Board of Directors approved the payment of a dividend in cash in an amount of Pesos 5.8478 per share, without any share class distinction, making such dividend available to all shareholders on July 11, 2019. |
Earnings Per Share
Earnings Per Share | 12 Months Ended |
Dec. 31, 2019 | |
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Earnings Per Share | 30. EARNINGS PER SHARE The following table shows the net income and the number of shares that have been used for the calculation of the basic and diluted earnings per share: 2019 2018 2017 Net (loss) / profit (34,071 ) 38,613 12,340 Average number of shares outstanding 392,314,842 392,302,437 392,625,259 Basic and diluted earnings per share (86.85 ) 98.43 31.43 Basic and diluted earnings per share are calculated as shown in Note 2.b.13. |
Issues Related to Maxus Entitie
Issues Related to Maxus Entities | 12 Months Ended |
Dec. 31, 2019 | |
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Issues Related to Maxus Entities | 31. ISSUES RELATED TO MAXUS ENTITIES 31.a) Legal proceedings 31.a.1) Introduction Laws and regulations relating to health and environmental quality in the United States of America affect the majority of the operations of: (a) Maxus Energy Corporation (“Maxus”) and its subsidiaries Maxus International Energy Company, Maxus (US) Exploration Company and Gateway Coal Company and (b) Tierra Solutions Inc. (“TS”) (collectively, the “Maxus Entities” or “Debtors”). These laws and regulations govern certain aspects of health and environmental quality, provide for penalties and other liabilities for the violation of such standards and establish in certain circumstances remedial obligations. However, upon the Debtors filing voluntary petitions under Chapter 11 (as define in the following section) of the United States Bankruptcy Code (the “Bankruptcy Code”), actions to collect a monetary claim for such liabilities against the Debtors were stayed. Maxus and TS could have certain potential liabilities associated with operations of Maxus’ former chemical subsidiary with respect to the regulations mentioned in the previous paragraph; the sole shareholder of both companies was YPF Holdings. Nevertheless, this circumstance must be analyzed in the context of the limitations indicated below. 31.a.2) Reorganization Process under Chapter 11 of the Bankruptcy Code of the United States (hereafter, “Chapter 11”) On June 17, 2016, voluntary petitions under Chapter 11 of the Bankruptcy Code were filed with the United States Bankruptcy Court of the District of Delaware (hereafter, the “Bankruptcy Court”) by the Debtors, subsidiaries of YPF Holdings. Prior to the Debtors’ bankruptcy filing, the Debtors entered into an agreement (the “Agreement”) with YPF, jointly with its subsidiaries YPF Holdings, CLH Holdings Inc., YPF International and YPF Services USA Corp (jointly, the “YPF Entities”), subject to Bankruptcy Court Approval, to settle all of the Debtors’ claims against the YPF Entities, including any alter ego claims which, in the YPF Entities’ opinion, have no merit. The Agreement provided for: i) the granting of a loan by YPF Holdings for an amount of up to US$ 63.1 million (the “DIP Loan”) to finance the Debtors’ activities during a year-long bankruptcy case, and ii) a payment of US$ 130 million to the Maxus Entities (“Settlement Payment”) for a release of all claims that the Debtors might have against the YPF Entities. The first hearing corresponding to the filing under Chapter 11 (the “Filing”) took place on June 20, 2016. At that hearing, the Bankruptcy Court approved, among other things, the Debtors’ motions under the DIP Loan, regarding their day-to-day On December 29, 2016, the Debtors filed with the Bankruptcy Court a proposed Chapter 11 Plan of Liquidation (the “Plan”) and a statement revealing information from the Debtors. The Plan foresaw a US$ 130 million Settlement Payment under the Agreement. The Plan (as filed) provided that if the Agreement was approved, portions of the US$ 130 million Settlement Payment would be deposited into (i) a liquidating trust for distribution to creditors and (ii) an e r t alter-ego The Plan, however, provided for certain contingencies should the Bankruptcy Court not approve the Agreement. In that scenario, the Debtors’ claims against YPF Entities, including the alter-ego Subject to certain exceptions under the Bankruptcy Code, effective as of the date of the F F On March 28, 2017, the Maxus Entities and the Creditors Committee submitted an alternative restructuring plan (the “Alternative Plan”) which did not include the Agreement with the YPF Entities. Under the Alternative Plan, a Liquidating Trust may submit alter ego claims and any other claim belonging to the insolvent’s estate against the Company and the YPF Entities. The liquidating trust would be financed by Occidental Chemical Corporation in its capacity as creditor of the Maxus Entities. As YPF did not approve such Alternative Plan and the Alternative Plan did not contemplate the implementation of the originally submitted Agreements, on April 10, 2017 YPF Holdings, Inc. sent a note giving notice that this situation constituted an event of default under the loan granted under the Agreement with YPF and the YPF Entities (the “DIP Loan”). By the approval of the financing offered by Occidental under the Alternative Plan, the Judge ordered the repayment of the outstanding amounts (approximately US$ 12.2 million) under the terms of the DIP Loan, which were subsequently received. On May 22, 2017, the Bankruptcy Court of the Delaware District issued an order confirming the Alternative Plan submitted by the Creditors Committee and the Maxus Entities. The effective date of the Alternative Plan was July 14, 2017, as the conditions set forth in Article XII.B of the Alternative Plan were met. On July 14, 2017, a liquidating trust was also created, which brought the complaint referred to in Note 31.a.3. 31.a.3) Maxus Energy Corporation Liquidating Trust (“Liquidating Trust”) Claim On June 14, 2018, the Liquidating Trust filed a lawsuit against the Company, YPF Holdings, CLH Holdings, Inc., YPF International and other companies non-related On October 19, 2018, the Company, together with the other companies of the Group that are part of the Claim, filed a motion requesting dismissal of the Claim (“Motion to Dismiss”). On November 21, 2018, the Liquidating Trust filed its objection to the Motion to Dismiss filed by the Company together with the other companies of the Group that are part of the Claim, and to the one filed by the companies not related to YPF and which are part of the Claim. On December 10, 2018, the Company, together with the other companies of the Group that are part of the Claim, exercised their right of reply regarding the presentation made by the Liquidating Trust . On January 22, 2019, the hearing regarding the Motion to Dismiss was held in the Bankruptcy Court. On February 15, 2019, the Bankruptcy Court ordered the dismissal of the Motions to Dismiss filed by the Company, together with the other Group companies and the other defendant companies not related to YPF. On March 1, 2019, the Company, together with the other companies of the Group that are part of the Claim, filed an appeal to the resolution dated February 15, 2019. On April 1, 2019, the Company, together with the other companies of the Group that are part of the Claim, answered the complaint initiated by the Liquidating Trust, and on April 24, 2019, they filed the “Initial Disclosures” brief. On May 3, 2019, the Liquidating Trust filed a request for the YPF Entities to deliver, under the Discovery process, a copy of certain documents that might be in their possession. On the same day, the Liquidating Trust filed an objection to the motion submitted by the YPF Entities so that the testimonies produced in the New Jersey lawsuit are allowed to be used. On May 21, 2019, the Company, together with the other companies of the Group that are part of the Claim, filed a motion, under the Discovery process, requesting the Liquidating Trust to deliver a copy of certain documents that might be in its possession. On June 3, 2019, the Company, together with the other companies of the Group that are part of the Claim, filed a brief objecting to the delivery of the documents requested by the Liquidating Trust. On June 7, 2019, Repsol and its related companies filed a “Motion to Withdraw the reference”. On June 11, 2019, the Company, together with the other Companies of the Group that are part of the Claim, filed a “Motion to Withdraw the reference”. On June 24, 2019, the Liquidating Trust, under the Discovery process, filed its petitions to YPF together with the other companies of the Group that are part of the Claim and to Repsol. In addition, on June 24, 2019, the court hearing the case rejected the use of the testimonies produced in the Passaic River trial mentioned in Note 31.a.6. On July 22, 2019, the Liquidating Trust filed a brief objecting to the “Motion to Withdraw the reference” filed on June 11, 2019 by YPF together with the other companies of the Group that are part of the Claim. Additionally, on July 22, 2019, the Court hearing the case issued an order requesting the Liquidating Trust to present also an updated report on the lawsuit status, which was submitted on July 29, 2019. On July 23, 2019, YPF together with the other companies of the Group that are part of the Claim, filed a motion requesting Occidental Chemical Corporation and its subsidiaries to submit certain documentation that might be of interest for the resolution of the case. On August 5, 2019, the Company, together with the other companies of the Group that are part of the Claim answered the motion submitted on July 22, 2019 by the Liquidating Trust in which the latter objected to the “Motion to Withdraw the reference”. On August 13, 2019, YPF together with the other companies of the Group that are part of the Claim filed a brief requesting that the arguments supporting the “Motion to Withdraw the reference” be orally presented. On August 23, 2019, YPF together with the other companies of the Group that are part of the Claim submitted their answers to the interrogatories proposed by the Liquidating Trust. Moreover, on August 23, 2019, Repsol and its related companies submitted their answers to the interrogatories proposed by the Liquidating Trust, and the Liquidating Trust submitted its answers to the interrogatories proposed by YPF together with the other companies of the Group which are part of the Claim and the interrogatories proposed by Repsol and its related companies. On August 26, 2019, Occidental Chemical Corporation and its subsidiaries answered the summons submitted by YPF together with the other companies of the Group that are part of the Claim dated July 23, 2019. On August 29, 2019, the parties to the proceedings began to define the search terms and deadlines within which the Discovery process should take place, which is ongoing. On September 12, 2019, the District Court denied the appeal to the rejection of the Motion to Dismiss filed on October 19, 2018 by YPF together with the other companies of the Group that are part of the Claim. As of the date of these consolidated financial statements, the parties to the process are producing evidence in support of their arguments. Considering the ongoing status of the lawsuit, the complexity of the complaint and the evidence that both parties should submit, the Company will continuously reassess any changes in the aforementioned circumstances and their impact on the results and financial position of the Group as such changes occur. The Company, YPF Holdings, CLH Holdings, Inc. and YPF International will defend themselves, file the necessary legal remedies and exercise defensive measures in accordance with the applicable legal procedure to defend their rights. 31.a.4) Background of Maxus and TS In connection with the sale of Diamond Shamrock Chemicals Company (“Chemicals”) to Occidental Petroleum Corporation (“Occidental”) in 1986, Maxus agreed to indemnify Chemicals and Occidental from and against certain liabilities relating to the business or activities of Chemicals prior to September 4, 1986 (the “selling date”), including environmental liabilities relating to chemical plants and waste disposal sites used by Chemicals prior to the selling date. The indemnity obligation and other liabilities described under 31.a.6 determined that Maxus, TS and other related companies submit a reorganization petition under the Bankruptcy Law mentioned above. 31.a.5) Maxus and TS Matters The following are the alleged liabilities borne by the Debtors in their reorganization petition, updated up to the date of filing, the date on which YPF Holdings ceased to have control over the relevant activities of the Debtors (see point b) of the present Note. Given that YPF Holdings has ceased to have control of the Debtors, YPF is not aware of the evolution of the claims described or of the existence of additional claims to those detailed in this Note. 31.a.5.i) Environmental administrative issues relating to the lower 8 miles of the “Passaic River” • Newark, New Jersey A consent decree, previously agreed upon by the U.S. Environmental Protection Agency (“EPA”), the New Jersey Department of Environmental Protection and Energy (“DEP”) and Occidental, as successor to Chemicals, was entered in 1990 by the United States District Court of New Jersey and requires implementation of a remedial action plan at Chemical’s former Newark, New Jersey agricultural chemicals plant. • Passaic River, New Jersey Maxus, complying with its contractual obligation to act on behalf of Occidental, negotiated an agreement with the EPA (the “1994 AOC”) under which TS has conducted testing and studies near the Newark plant site, adjacent to the Passaic River. In 2003, the DEP issued Directive No. 1 seeking to identify those responsible for the damages to natural resources resulting from almost 200 years of industrial and commercial development along a portion of the Passaic River and a part of its basin. Directive No. 1 asserts that the notified companies, including Maxus and Occidental, are jointly and severally liable for the mentioned environmental damage, despite all evidence to the contrary. Directive No.1 demanded compensation for the restoration, identification, and quantification of the damage and determination of its value. Despite negotiations between said entities, no agreement was reached and the DEP assumed jurisdiction in this matter. In 2004, the EPA and Occidental entered into an administrative order on consent (the “2004 AOC”) pursuant to which TS (on behalf of Occidental) has agreed to conduct testing and studies to identify contaminated sediment and flora and fauna and evaluate remedial alternatives in the Newark Bay and a portion of the Hackensack, the Arthur Kill and Kill van Kull rivers. The initial fieldwork on this study was substantially completed. Discussions with the EPA regarding additional work that might be required are underway. The EPA issued General Notice Letters to other companies concerning the contamination of Newark Bay and the works that were performed by TS under the 2004 AOC. In December 2005, the DEP issued a directive to TS, Maxus and Occidental directing said parties to pay the State of New Jersey’s cost of developing a Source Control Dredge Plan in the lower six-mile While some remedial works are underway, the works under the 1994 AOC was substantially subsumed by reason of an administrative arrangement dated 2007 (the “2007 AOC”) with about 70 companies (including Occidental and TS) in the lower portion of the Passaic River due to an administrative agreement of 2007 (“the 2007 AOC”). Under the 2007 AOC, the lower 17 miles of the Passaic River, from the mouth at Newark Bay to Dundee Dam, should have been subjected to a Remedial Investigation / Feasibility Study (“RI/FS”). The AOC 2007 participants discussed the possibility of carrying out additional remediation work with the EPA. The companies that agreed to fund the RI/FS have negotiated an interim allocation of RI/FS costs among themselves based on a number of considerations. This group is called the Cooperative Parties Group (the “CPG”). The AOC 2007 was coordinated in a federal, state, local and private sector cooperative effort called the Restoration Project for the lower reaches of the Passaic River (“PRRP”). EPA’s conclusions regarding the 2007 AOC indicated that the discharges of the underwater sewage pipe are an active source of hazardous substances in the lower sections of the Passaic River under study. During the first semester of 2011, Maxus and TS, acting on behalf of Occidental, entered into an administrative agreement with the EPA (the “CSO AOC”), which establishes the implementation of studies of the underwater sewage pipe on the Passaic River, and confirms that there are no pending obligations under the AOC 1994. In the last semester of 2014, TS filed its report with the EPA (thus completing phase 1).TS estimated, as of December 31, 2015, that the total cost to implement the CSO AOC is approximately US$ 5 million and will take approximately 2 years to be completed once EPA authorizes phase 2 (the work schedule). On May 29, 2012, Occidental, Maxus and TS withdrew from the CPG under protest and reserving all their rights. However, Occidental continues to be a member of the 2007 AOC and its withdrawal from the CPG has not changed its obligations under the 2007 AOC. In addition, in August 2007, the National Oceanic Atmospheric Administration (“NOAA”) sent a letter to a number of entities it alleged to have a liability for natural resources damages, including TS and Occidental, requesting that the group enter into an agreement to conduct a cooperative assessment of natural resources damages in the Passaic River and Newark Bay. In November 2008, TS and Occidental entered into an agreement with the NOAA to fund a portion of the costs it has incurred and to conduct certain assessment activities during 2009. Approximately 20 other PRRP members have also entered into similar agreements. In November 2009, TS declined to extend this agreement. • Feasibility Study for the environmental remediation of the lower 8.3 miles of the Passaic River– Record of Decision (“ROD”) On June 2007, the EPA released a draft Focused Feasibility Study (the “FFS 2007”). The FFS 2007 outlines several alternatives for remedial action in approximately the lower 8.3 miles of the Passaic River. On April 11, 2014, the EPA published a new FFS draft (“FFS 2014”). The FFS 2014 contains four remediation alternatives analyzed by the EPA, as well as the estimate of the cost of each alternative, which consist of: (i) no action; (ii) deep dredging with 9.7 million cubic yards of filling material; (iii) filling and dredging of 4.3 million cubic yards and the placement of a physical barrier mainly built of sand and stone (tapa de ingeniería); and (iv) focused dredging with 1 million cubic yard of filling material. On March 4, 2016, the EPA issued the ROD choosing Alternative 3 as a remedy to remove the contaminated sediments. The estimated cost is US$ 1,382 million (estimated present value at a rate of 7%). The ROD requires the removal of 3.5 million cubic yards of sediment from the lower 8.3 miles of the Passaic River by bank-to-bank two-foot On March 31, 2016, the EPA notified more than one hundred potentially responsible parties, including Occidental, of the liabilities relating to the 8.3 mile area of the Passaic River relating to the ROD. In the same notice the EPA stated that it expected Occidental (against whom Maxus is litigating a dispute over indemnity) to prepare the remediation plan design and that it would send a second letter with an administrative proposal to this end, which was received by counsel to Occidental, Maxus and TS on April 26, 2016. As of the date of the Maxus Entities’ bankruptcy filing, Occidental under Chapter 11, Maxus and TS were holding discussions with EPA to define their participation in a potential negotiation aimed at taking part in the design of the EPA’s proposed remediation plan, taking into account that the ROD has identified over one hundred potentially responsible parties and eight contaminants of concern, many of which have not been generated at the Lister Site. As of such date, Maxus was evaluating the situation resulting from the issuance of the ROD by the EPA, as well as its subsequent associated letters. • Removal Action Next to Lister Avenue Site During June 2008, the EPA, Occidental, and TS entered into an Administrative Order of Consent, pursuant to which TS, on behalf of Occidental, will undertake a removal action of sediment from the Passaic River in the vicinity of the former Diamond Alkali facility. This action results in the removal of approximately 200,000 cubic yards of sediment, which will be carried out in two different phases. The first phase, which commenced in July 2011 and was substantially completed in the fourth quarter of 2012. The EPA conducted a site inspection in January 2013, and TS received written confirmation of completion in March 2013. The term for compliance with the second phase began after the agreement entered into with EPA regarding certain aspects related to the development of the same. The Focused Feasibility Study (“FFS”) published on April 11, 2014 provides that Phase II of the removal action was consistently implemented with the FFS. On September 18, 2014, the EPA requested that Tierra Solutions, Inc. (“TS”) conducted an additional sampling of the Phase II area. The sampling was completed in the first quarter of 2015 and TS is expected to present the validated results to the EPA during 2016. 31.a.5.ii) Environmental administrative issues relating to the lower 17 miles of the “Passaic River” – feasibility study • Feasibility study for the lower 17 miles of the Passaic River Notwithstanding what is discussed above, the lower 17-mile The CGP (“Cooperation Group Parties”) submitted in the first semester of 2015, the draft of the RI/FS in which offers potential remediation alternatives, (which comprises the lower 8 miles of the Passaic River) of the EPA. The EPA may or may not consider this report. 31.a.5.iii) Other environmental proceedings Other matters relating to the eventual liability of Maxus and TS include liabilities arising from: (a) a ferrous chromate processing plant in Kearny, New Jersey; (b) the Standard Chlorine Chemical Company Superfund Site; (c) a ferrous chromate processing plant in Painesville, Ohio; (d) certain removals of contaminants located in Greens Bayou; (e) the Milwaukee Solvay Coke & Gas site located in Milwaukee, Wisconsin; (f) the Black Leaf Chemical Site, Tuscaloosa Site, Malone Services Site and Central Chemical Company Superfund Site (Hagerstown, Maryland); (g) the remediation action in Mile 10.9. 31.a.6) Trial for the Passaic River In relation to the alleged contamination related to dioxin and other hazardous substances in the lower stretch of the Passaic River, Newark Bay, other nearby waterways and surrounding areas, the DEP sued YPF Holdings, TS, Maxus and several companies, including Occidental. The DEP sought remediation of natural resources damages and punitive damages and other matters. The defendants made responsive pleadings and filings. In March 2008, the Court denied motions to dismiss by Occidental, TS and Maxus. The DEP filed its Second Amended Complaint in April 2008. YPF filed a motion to dismiss for lack of jurisdiction of the New Jersey Court over YPF because it was a foreign company lacking the requirements to become a party to a lawsuit in such Courts. The previously mentioned motion filed by YPF was denied in August 2008, and the denial was confirmed by the Court of Appeal. Without prejudice to the foregoing, the Court denied the plaintiffs’ motion to bar third party practice and allowed defendants to file third-party complaints. Consequently, third party claims against approximately 300 companies and governmental entities (including certain municipalities) which could have responsibility in connection with the claim were filed in February 2009. DEP filed its Third Amended Complaint in August 2010, adding Maxus International Energy Company and YPF International as additional named defendants. During the course of the litigation, the third parties filed motions to sever and stay and motions to dismiss. The motions were rejected by the judge. Some of the entities appealed the court decision, but such appeals were dismissed in March 2011. In May 2011, the judge issued Case Management Order No. XVII (CMO XVII), which contained the Trial Plan for the case. This Trial Plan divides the case into two phases, each with its own mini-trials (“Tracks” or “procedural stages”) which totaled nine Tracks considered individual trials. Phase one would determine liability and phase two would determine damages. Regarding the sub-stages: (a) sub-stages (b) sub-stages (c) sub-stage (d) sub-stage Specifically, sub-stage sub-stage Following the issuance of CMO XVII, the State of New Jersey and Occidental filed motions for partial summary judgment. The State filed two motions: the first one against Occidental and Maxus on liability under the Spill Act, and against TS on liability under the Spill Act. In addition, Occidental filed a motion for partial summary judgment that Maxus owes a duty of contractual indemnity to Occidental for liabilities under the Spill Act. In July and August 2011, the judge ruled that, although the discharge of hazardous substances by Chemicals was proven, a liability allegation could not be made if the causal relationship between any discharge and the alleged damage is not established. Additionally, the Court ruled that TS has Spill Act liability to the State based on (1) its current ownership of the site where the discharges were made (Lister Avenue); and (2) that Maxus has the obligation to indemnify Occidental (previously mentioned). In November 2011, the Special Master called for and held a settlement conference between the State of New Jersey, on the one hand, and Repsol S.A., YPF and Maxus, on the other hand to discuss the parties’ respective positions, but no agreement was reached. In February 2012, the plaintiffs and Occidental filed motions for partial summary judgment, seeking summary adjudication that Maxus has liability under the Spill Act of New Jersey. The Judge held that Maxus and TS have direct liability for the contamination generated into the Passaic River. Volume, toxicity and cost of the contamination have not been verified yet. On September 11, 2012, the Court issued the Track VIII order. The Track VIII order governs the process by which the Court would conduct the discovery and trial of the claim for damages of the State of New Jersey (the “Administration”) against Occidental, Maxus and TS (caused by the Diamond Alkali Lister Avenue plant). On September 27, 2012, Occidental filed its Amended Cross-Claims and the following day, the State of New Jersey (the “Administration”) filed its fourth Amended Complaint. The principal changes to the Administration’s pleading concern the State’s allegations against YPF and Repsol, which were included in its cross-claim. In particular, based on the Mosconi Report of the Argentine State, three new allegations against Repsol were included involving asset stripping from Maxus and YPF. During the fourth quarter of 2012 and the first quarter of 2013, YPF, YPF Holdings, Maxus and TS together with certain other direct defendants in the litigation, have engaged in on-going In September 2013, the Court published its Case Management Order XVIII (“CMO No. XVIII”), which provides a schedule for approval of the Agreement. Pursuant to the CMO XVIII, the Court rejected Occidental’s claims and approved the Agreement. Occidental appealed the approval of the Agreement, which was dismissed. Notwithstanding the foregoing, on February 10, 2014, in compliance with the settlement agreement, Maxus made a deposit of US$ 65 million in an escrow account. On April 11, 2014, Occidental notified the parties that it would not seek an additional revision of the approval of the Agreement. On August 20, 2014, the lawyers of the State of New Jersey reported that Occidental and the State of New Jersey had entered into an agreement on the general terms and conditions of a settlement agreement that would end the Track VIII proceedings. On December 16, 2014, the Court approved the Settlement Agreement whereby the State of New Jersey agreed to settle all claims against Occidental related to the environmental liabilities within a specific geographical area of the Passaic River, New Jersey, in consideration for the payment of US$ 190 million in three installments, the last payable on June 15, 2015; and a sum amounting up to US$ 400 million if the State of New Jersey had to pay its percentage for future remedial actions. On January 5, 2015, Maxus received a letter from Occidental requesting Maxus, pursuant to the purported contractual obligation to indemnify Occidental, to compensate Occidental for all the payments that Occidental agreed to pay to the Administration. Maxus holds that both the existence and the amount of such obligation to indemnify under the settlement agreement are pending issues that must wait for the Court decision on the Passaic River case. In addition, on July 31, 2014 Occidental submitted its third amendment to the complaint YPF, Repsol and Maxus filed motions to limit Occidental’s third amended complaint arguing that such claims were not included in the second. Occidental answered that the third amendment incorporated new facts, but not new claims. The Court rejected Occidental’s arguments and dismissed the third amendment to the complaint. Moreover, Repsol countersued Occidental alleging that the US$ 65 million paid by Repsol as per the agreement between Repsol, YPF, YPF Holdings, Maxus and Tierra Solutions with the State of New Jersey was paid for damages caused by (a) Chemicals, for which Occidental is liable under the share purchase/sale agreement of 1986 or (b) Occidental’s independent conduct. On April 15, 2015, Occidental sent Maxus a letter claiming indemnity protection under the share purchase agreement with respect to the counterclaim filed by Repsol against Occidental. On April 28, 2015, Maxus replied contesting the claims reserving all arguments and defenses regarding the SPA’s indemnification provisions. Furthermore, the scheduled dates were changed through Case Management Order XXVI Depositions of witnesses residing in both the U.S. and abroad began in December 2014. Nearly forty witnesses deposed in the case, including the corporate representatives of all the parties. The issues being addres s mid-October Notwithstanding the above, the Special Master authorized the parties to file briefs specifying any issue in respect of which each party believed that the court should authorize early summary judgment motions. The motions filed by the parties and the non-binding (a) YPF filed for early summary judgment against Occidental on four issues: i) dismissal of the portion of Occidental’s claims for alter ego liability, based on the financing of YPF’s acquisition of Maxus shares in 1995; ii) dismissal of the portion of Occidental’s claims for alter ego liability, based on the transfer of Maxus’ assets from 1995 through 1999; iii) dismissal of the portion of Occidental’s liability claims based on the alleged “control” by YPF of Maxus’s Board of Directors’ decision, in 1996, to sell its subsidiaries in Bolivia and Venezuela to YPF International; and iv) dismissal of the portion of Occidental’s claims for alter ego liability, based on the transfer of Maxus’ environmental liabilities to Tierra in 1996. The Special Master’s Recommendation on YPF’s motion recommended to deny the motion on the grounds that i) the statute of repose for fraudulent transfers is not applicable to the remedy of alter ego for breach of contract and ii) a finder of fact should be permitted to consider all portions of YPF’s actions when determining if there is alter ego liability so dismissal of portions of these claims is inappropriate. (b) Occidental filed a motion for early summary judgment against Maxus in relation to Occidental’s claim to recover the amount of US$ 190 million (plus expenses) under the settlement agreement. The Special Master sought to establish that Maxus is liable for all obligations at the Lister Site, regardless of any actions taken by Occidental (including the period of time that the Occidental operated Lister Site). Therefore, the Special Master’s Recommendation on Occidental’s motion against Maxus recommended to grant the motion on the grounds that (i) the language of the SPA was not ambiguous and required Maxus to indemnify Occidental for its own conduct at the Lister Site and (ii) Occidental was not estopped from seeking indemnity from Maxus for its own conduct at the Lister Site because it did not take inconsistent legal positions in prior litigations. Notwithstanding the foregoing, Occidental will have to prove the reasonableness of the US$ 190 million amount settled with the State of New Jersey, for which Maxus may eventually be liable. In addition, Occidental filed for early summary judgment dismissing the cross-claims of Repsol against Occidental, which seek to recover from Occidental the US$ 65 million payment made by Repsol to New Jersey State under the settlement agreement. The Special Master’s Recommendation on Occidental’s motion against Repsol recommended to deny the motion in pa |
Contingent Assets and Liabiliti
Contingent Assets and Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Contingent Assets and Liabilities | 32. CONTINGENT ASSETS AND LIABILITIES 32.a) Contingent assets The Group does not have any significant contingent assets. 32.b) Contingent liabilities The Group has the following contingencies and claims, individually significant, that the Management of the Company, in consultation with its external counsels, believes have possible outcome. Based on the information available to the Group, including the amount of time remaining before trial among others, the results of discovery and the judgment of internal and external counsel, the Group is unable to estimate the reasonably possible loss or range of loss on certain matters referred to below: 32.b.1) Environmental claims • Asociación Superficiarios de la Patagonia (“ASSUPA”) In August 2003, ASSUPA sued the companies operating exploitation concessions and exploration permits in the Neuquén Basin, YPF being one of them, claiming the remediation of the general environmental damage purportedly caused in the execution of such activities, in addition to the establishment of an environmental restoration fund, and the implementation of measures to prevent environmental damages in the future. The plaintiff requested that the Argentine Government, the Federal Environmental Council ( Consejo Federal de Medio Ambiente YPF responded to the suit requesting its rejection, opposing failure of the plaintiff and requiring the summons of the Argentine Government, due to its obligation to indemnify YPF for events and claims before January 1, 1991, according to Law No. 24,145 and Decree No. 546/1993. The CSJN gave the plaintiffs a time frame to correct the defects in the complaint. On August 26, 2008, the CSJN decided that such defects had already been corrected and on February 23, 2009, ordered that certain provinces, the Argentine Government and the Federal Environmental Council be summoned. Therefore, pending issues were deferred until all third parties impleaded appear before the court. As of the date of issuance of these consolidated financial statements, the provinces of Río Negro, Buenos Aires, Neuquén, Mendoza, and the Argentine government have made their presentations, which are not available to the Company yet. The Provinces of Neuquén and La Pampa claimed lack of jurisdiction, which was answered by the plaintiff. On December 30, 2014, the CSJN issued two interlocutory judgments. The first judgment supported the claim of the Provinces of Neuquén and La Pampa, and declared that all environmental damages related to local and provincial situations were outside the scope of his original competence, and that only “inter-jurisdictional situations” (such as the Colorado River basin) would fall under his venue. In the second judgment, the Court rejected the petition filed by ASSUPA to incorporate Repsol and the directors who served in YPF until April 2012 as a necessary third party. The Court also rejected precautionary measures and other proceedings related to such request. The complaint filed on March 7, 2007 was considered answered by the CSJN, which decided to serve notice of the motion to dismiss for the plaintiff’s lack of capacity to sue and the statute of limitations filed by YPF and of the attached documentation. Regarding the Neuquina Basin, a preventive action has been filed by an individual to prevent future damages and reduce presumed damages, an action for repair of damages consisting of the comprehensive remediation of collective damages allegedly caused by the hydrocarbon activity, in the Province of Neuquén. YPF answered the complaint and requested that the National Government, the Provincial Government and other oil companies in the area be summoned to appear. In addition, it should be highlighted that YPF learned about other three court complaints filed by ASSUPA against: i. Concessionary companies in the San Jorge Gulf basin areas On December 28, 2016, YPF received notice of the court resolution. The deadline set for preliminary defenses was May 31, 2017, and the deadline to respond to the complaint was June 30, 2017. YPF has timely filed a legal defect ex ception ii. Concessionary companies in the Austral basin areas A highly summarized action has been ordered. In addition, an interim relief has been issued by the Lower Court to notify several companies of the existence of the suit, and for the defendants to contribute certain information. YPF appealed this decision, and the Court of Appeals partially upheld the appeal, reversing the lower court’s ruling ordering various entities to provide notification of this claim. In the same decision, the Court of Appeals confirmed that the defendants had an obligation to provide certain information but stated that YPF and the other defendants had already complied with such obligation. On November 2, 2015, YPF was notified of the lawsuit. Following YPF’s request, the court ordered on November 4, 2015 to suspend the procedural time limits. On November 23, 2017, the plaintiff requested the Court to decide on its motion requesting the National Government and the Provinces of Santa Cruz and Tierra del Fuego to be summoned to appear as third parties in compliance with the ruling dated December 6, 2017 whereby the court ordered the issuance of such summons, so that the National Government–and the provinces mentioned above –enter an appearance in the case within the term of 60 days. The court ordered the suspension of deadlines until their appearance or expiration of the deadline. On June 4, 2018, the Argentine Government answered as the third-party summons sought by the plaintiff, and requested dismissal thereof. On August 13, 2018 the province of Tierra del Fuego answered a summons as a third party stating its intention not to voluntarily appear in the case and requested its exclusion thereof. On September 11, 2018, the Province of Santa Cruz answered the summons as a third party, stating that it has no interest in participating in the case and adhered to what was stated by the Province of Tierra del Fuego. iii. Concessionary companies in the Northwest basin areas The action was submitted to ordinary proceedings. On December 1, 2014, the Company was notified of the complaint. The procedural deadlines were suspended at the Company’s request. Subsequently, on May 3, 2016, YPF was once again notified of the complaint, and the deadlines were reinstated. Consequently, the Company filed a motion requesting that the deadlines be suspended until the plaintiff clarifies whether or not it will annex certain documentary evidence referred to in the complaint. The Judge sustained the Company’s motion and suspended once again the deadlines to answer the complaint. On April 19, 2017, YPF was served with notice of the ruling of the Court ordering to resume the procedural time limits against which YPF has timely filed a defense for a legal flaw. The court has not decided upon it yet and ordered the suspension of the terms to answer the complaint. The terms will continue to be suspended until a final decision on the legal defect exemption is made by YPF. • Dock Sud, Río Matanza, Riachuelo, Quilmes and Refinería Luján de Cuyo A group of neighbors of Dock Sud, Province of Buenos Aires, have sued 44 companies, among which YPF is included, the Argentine Government, the Province of Buenos Aires, the City of Buenos Aires and 14 municipalities, before the CSJN, seeking the remediation and the indemnification of the environmental collective damage produced in the basin of the Matanza and Riachuelo rivers. Additionally, another group of neighbors of the Dock Sud area, have filed two other environmental lawsuits, one of them desisted in relation to YPF, claiming several companies located in that area, among which YPF is included, the Province of Buenos Aires and several municipalities, for the remediation and the indemnification of the environmental collective damage of the Dock Sud area and for the individual damage they claim to have suffered. Currently, it is not possible to reasonably estimate the outcome of these claims nor is it possible to estimate the corresponding legal fees and expenses that might result. YPF has the right of indemnity by the Argentine Government for events and claims prior to January 1, 1991, according to Law No. 24,145 and Decree No. 546/1993. By means of judgment dated July 8, 2008, the CSJN: (i) Determined that the Basin Matanza Riachuelo Authority (“ACUMAR”) (Law No. 26,168) should be in charge of the execution of the program of environmental remediation of the basin, being the Argentine Government, the Province of Buenos Aires and the City of Buenos Aires responsible of its development; delegated in the Federal Lower Court of Quilmes the knowledge of all the matters concerning the execution of the remediation and reparation; declared that all the litigations related to the execution of the remediation plan will accumulate and will be processed through this court and that this process produces lis pendens relating to the other collective actions that aim for the environmental remediation of the basin, which actions should be archived (“littispendencia”). YPF has been notified of certain resolutions issued by ACUMAR, by virtue of which YPF has been requested to present an Industrial Reconversion Program, in connection with certain installations of YPF. The Program has been presented although the resolutions had been appealed by the Company; (ii) Decided that the proceedings related to the determination of the responsibilities derived from past behaviors for the reparation of the environmental damage will continue before that Court. In addition to the claims discussed under 15.a.4), which discusses environmental claims in Quilmes, the Company has other legal and non-judicial On the other hand, the monitoring tasks carried out routinely by YPF have allowed YPF to warn against degrees of affectation in the subsoil within the vicinity of the Luján de Cuyo refinery, which led to the creation of a program for surveying, evaluating and remedying liabilities that the Company is in the process of implementing with agencies in the Province of Mendoza, the costs which have been charged to provision in the remediation program of environmental issues of the Group. 32.b.2) Contentious claims • Petersen Energía Inversora, S.A.U and Petersen Energía, S.A.U. (collectively, “Petersen”) On April 8, 2015, Petersen, former YPF Class D shareholder, filed a lawsuit against the Republic of Argentina and YPF in the Federal District Court for the Southern District of New York. The litigation is being conducted by the bankruptcy trustee of the previously mentioned companies due to a liquidation process pending in a Commercial Court in Spain. The complaint contains claims related to the expropriation of the controlling interest of Repsol in YPF by the Argentine Republic in 2012, asserting that the obligation by the Argentine Republic to make a purchase offer to the remaining shareholders would have been triggered. Claims are grounded on allegations that the expropriation breached contract obligations contained in the initial public offering and bylaws of YPF and seeks unspecified compensation. YPF considers that the claim against the Company has no merit and filed a motion to dismiss on September 8, 2015, a date that was set as a result of the extension of the term provided for by the Court. On the other hand, Petersen filed an objection against YPF’s motion to dismiss. On July 20, 2016, the Court held a hearing during which the parties made their arguments regarding the motion to dismiss, and responded to questions asked by the Judge. On September 9, 2016, the United States District Court for the Southern District of New York issued a decision partially dismissing the complaint filed by Petersen against YPF at this preliminary stage. The Company appealed this decision, requesting a complete dismissal of the complaint at this preliminary stage. On June 15, 2017, a hearing was held so that the parties could orally present their arguments. On July 10, 2018, the United States Court of Appeals for the Second Circuit held that the United States District Court has jurisdiction over this judicial matter, but without rendering an opinion as to the merits of the complaint against YPF and the Republic of Argentina. The Company and the Argentine Republic appealed such resolution on July 24, 2018 requesting reconsideration by the Court of Appeals that ruled (“Panel rehearing”) or a review of the resolution by the Court of Appeals as a whole (“Rehearing en banc”). On August 30, 2018, the Rehearing en banc filed by the Company and the Argentine Republic was rejected. For that reason, the process was suspended until the case was remanded to the United States District Court for the Southern District of New York. However, YPF requested a stay motion (“stay of mandate”), which was granted on October 2, 2018 for a period of thirty days. On October 31, 2018, the Company filed a writ of certiorari with the Supreme Court of Justice of the United States so that the process is stayed until this court finally decides on its merits. Additionally, the republics of Mexico and Chile appeared in Court as Amicus Curiae. On January 7, 2019, the Supreme Court of Justice of the United States requested the Solicitor General (advisor to the U.S. Ministry of Justice in charge of all the proceedings pending in the U.S. Supreme Court of Justice) to decide on the admissibility of the writ of certiorari filed by the Company and the Argentine Republic. On April 17, the Court of Appeals for the Second Circuit returned the complaint to the District Court. On April 18, 2019, the Company and the Argentine Republic filed a petition for reconsideration or clarification before the Court of Appeals for the Second Circuit in reference to the return of the complaint to the District Court. On the same day, the Company and the Argentine Republic requested the District Court to suspend the proceedings until the Court of Appeals resolved on the petition for reconsideration or clarification filed by the Company and the Republic. On April 22, 2019, the District Court accepted the petition made by the Company and the Republic to suspend the proceedings until the Court of Appeals resolved on the petition submitted by the Argentine Republic. Also on April 22, Petersen filed an objection to the request for reconsideration or clarification of the Company and the Republic before the Court of Appeals. On the same day, the Company and the Republic replied to Petersen’s objection before the Court of Appeals for the Second Circuit. On April 26, 2019, the Court of Appeals resolved to dismiss the petition submitted by the Argentine Republic. On April 27, 2019, Petersen filed a motion to the District Court requesting a hearing to define the following steps of the procedure. On April 28, 2019, the Company and the Argentine Republic filed a motion to the District Court requesting the suspension of the terms until the Supreme Court of the United States rules on the writ of certiorari. On April 29, 2019, the Company and the Republic answered the request filed by Petersen for a hearing with the District Court. On the same day, Petersen answered the motions filed by the Company and the Republic on April 28 and 29. On April 30, 2019, the Company and the Republic answered the brief filed by Petersen on April 29. On May 1, 2019, the District Court resolved (i) to grant the petition for suspension of the litigation terms requested by the Company and the Argentine Republic and (ii) to dismiss the request for a hearing filed by Petersen. On May 21, 2019, the Attorney General issued his non-binding On June 3, 2019, the Argentine Republic filed a supplemental motion to the Writ of Certiorari. On June 24, 2019, the Supreme Court of the United States rejected the Writ of Certiorari filed by the Company and the one filed by the Argentine Republic. On that same date, YPF submitted a letter to the District Court requesting a hearing prior to the filing of a Motion for Judgment on the Pleadings. Likewise, on that same date, Petersen submitted a letter to the District Court requesting it to lift the suspension of procedural terms and to set a date for a hearing prior to the request for the admission of a Summary Judgment. On June 25, 2019, the District Court ordered the parties to answer the petitions filed on June 24, 2019 by July 3, 2019, and called the parties to a hearing to be held on July 11, 2019. On July 8, 2019, the Argentine Republic and YPF filed both answers and raised defenses against Petersen’s complaint. On July 11, 2019 the hearing ordered by the Judge was held, in which the parties explained their arguments seeking the approval of their motions filed on June 24, 2019. On July 23, 2019, Petersen, Eton Park, the Argentine Republic and YPF submitted a petition proposing a schedule for: (i) the Argentine Republic and YPF to file their motions for complaint dismissal based on the principle of “forum non conveniens”, before August 30, 2019, (ii) Both Petersen and Eton Park to be able to file their objections to these motions before October 30, 2019 and (iii) the Argentine Republic and YPF reply to the petitions mentioned above in point (ii) before November 29, 2019. On July 24, 2019, the Judge accepted the schedule proposed by the parties and resolved that the procedural terms were suspended until the motions for complaint dismissal on the grounds of “forum non conveniens” are resolved. On August 30, 2019, YPF and the Argentine Republic jointly presented their arguments in support of the motion to dismiss based on the grounds of “forum non conveniens”. On September 17, 2019 and on the occasion of the elections in the Argentine Republic, the presiding Judge modified the schedule approved on July 23, 2019: (i) extending until December 7, 2019 the deadline for Eton Park and Petersen to submit the objection to the motion to dismiss based on the grounds of “forum non conveniens”, and (ii) extending until January 7, 2020 the period for YPF to answer the pleadings filed by Eton Park and Petersen in section (i) above. On September 27, 2019, YPF and the Argentine Republic filed a pleading in the District Court stating that the grounds for the decision dated September 17, 2019 could lead to interpretations contrary to the Argentine public and private law which provides for Institutional continuity of the State–irrespective of the government- as well as that of YPF, irrespective of its directors or its shareholders, and reserving the right to request an extension of terms in order to maintain the equality of the parties to the proceedings. On October 2, 2019, the District Court resolved that the interpretations referred to in the pleading filed on September 27, 2019 - which were said to be contrary to Argentine public and private law - should not be extracted from the resolution dated September 17, 2019. On December 6, 2019, both Petersen and Eton Park filed an objection to the motion to dismiss on the grounds of “forum non conveniens”. On December 16, 2019, the Argentine Republic requested the District Court to extend until March 16, 2020 the term for the defendants to answer the objection to the motion to dismiss based on the principle of ·forum non conveniens” filed both by Petersen and Eton Park. On December 16, 2019, the Company adhered to the statements made by the Argentine Republic and requested the extension of the term to answer the objection to the motion to dismiss on the grounds of “forum non conveniens” filed both by Petersen and Eton Park, until March 16, 2020. On December 17, 2019, both Petersen and Eton Park objected to the extension of the terms mentioned in the two previous paragraphs. On December 18, 2019, the Argentine Republic answered the motion filed both by Petersen and Eton Park in which they objected to the extension until March 16, 2020 of the term for the defendants to answer to the motion to dismiss based on the principle of “forum non conveniens” filed both by Petersen and Eton Park. On December 18, 2019, the Company adhered to the statements made by the Argentine Republic and answered the motion filed both by Petersen and Eton Park in which they objected to the extension until March 16, 2020 of the term for the defendants to answer the motion filed by both Petersen and Eton Park in which they objected to the motion to dismiss on the grounds of “forum non conveniens”. On December 20, 2019, the District Court granted an extension of the term until February 7, 2020, for the defendants to answer the objection to the motion to dismiss on the grounds of “forum non conveniens” filed both by Petersen and Eton Park. On January 21, 2020, the Company and the Argentine Republic filed in the District Court an order that gives them the possibility to present, both in Eton Park and Petersen’s case, jointly a single and consolidated “reply memorandum of law” in support of its motion for dismissal by “forum non conveniens”. On January 22, 2020, the presiding Judge ruled in favor of the defendants and granted the order aforementioned in the preceding paragraph. On February 7, 2020, the Company and the Argentine Republic answered jointly the objection filed both by Petersen and Eton Park to the motion to dismiss based on the principle of “forum non conveniens” (“defendants’ reply memorandum of law in support of their motion to dismiss for forum non conveniens”). Until the District Court decides on the admissibility of the motion to dismiss on the grounds of “forum non conveniens”, the terms of the lawsuit are suspended in all other respects. On the other hand, on February 28, 2019, the Company filed a complaint in Spain against Petersen and Prospect Investments LLC (“Burford”) seeking the definition of the legal nature of the agreement that was subscribed by Burford and Petersen’s Trustee in Bankruptcy. Such complaint was notified to Burford, which – upon filing its answer- submitted a motion for the case to be referred to the Court in which Petersen’s liquidation is being heard. As YPF objected to the motion, the case was referred to the District Attorney for him to issue an opinion prior to the Court’s decision. On July 29, 2019, the Court decided that the case must be processed before the Court that intervened in Petersen’s liquidation. Such decision was appealed by the Company on September 26, 2019. On October 30, 2019, Prospect Investments LLC objected to the appeal filed by the Company and on October 31, 2019, Petersen did so. On November 12, 2019, the Company appeared before the Provincial Court of Madrid within the framework of said appeal and on November 18, 2019, Petersen did so. As of the date of issuance of these consolidated financial statements, there are no elements in YPF’s possession that allow quantifying the possible impact that this claim could have on the Company. The Company categorically rejects the claims asserted in the complaint and will employ all necessary legal resources and take all defensive measures in accordance with the applicable legal procedure in order to defend its rights. • Eton Park Capital Management, L.P., Eton Park Master Fund, LTD. y Eton Park Fund, L.P. (jointly referred to as “Eton Park”) On June 2, 2017, Eton Park, a former YPF shareholder, filed a complaint against the Argentine Republic and YPF in the United States District Court for the Southern District of New York, for alleged damages that it would have suffered during the process of expropriation of shares that the Argentine Republic took over the majority stake of Repsol in YPF in 2012. The complaint, which seeks unspecified compensation, states that the alleged obligations assumed in the bylaws and in the initial public offering of YPF shares were violated, which imposed obligations related to a public offering made to the rest of the shareholders. The claim was temporarily on hold, pending the resolution of the Second Circuit of the United States on the Petersen case; however, after the resolution referred to in the preceding paragraph, Eton Park requested that procedural terms be resumed. Likewise, YPF requested the Court to summon the parties to a hearing in order to agree on how the trial should proceed, proposing the answer to the complaint be filed within 45 days from the final resolution in the Petersen case. On July 30, 2018, the Court ruled that the suspension of the process will stand for 10 days after the date of the Appeal Court’s resolution on the admissibility of the appeal in the Petersen Case, which was filed on July 24, 2018. On August 30, 2018, the appeal filed by the Company and the Argentine Republic in the Petersen case was rejected. On October 2, 2018, the stay of mandate requested by YPF was granted for thirty days and on October 31, 2018, the Company filed the writ of certiorari, as mentioned in the Petersen Case. On September 6, 2018, the Company made a filing so that the Eton Park process remained stayed so long as the stay of mandate in Petersen was still in force. On September 11, 2018, the Court granted the petition to the Company. Thus, as the Second Circuit of the United States has not made the “issuance of the mandate” in the Petersen case, the Eton Park case remains stayed. In response to the presentations made in April 2019 by the Company and the Argentine Republic in the Petersen Case and the suspension of the process ruled by the Court, the procedural terms of Eton Park case was also on hold until the Supreme Court of Justice issued in relation to the writ of certiorari. On June 25, 2019, Eton Park submitted a letter to the District Court requesting the Court to lift the suspension of the procedural terms and to set a date for the hearing prior to the motion for the admission of a Summary Judgment. On June 26, 2019, the Court called Eton Park to a hearing to be held on July 11, 2019 in the Petersen case. On July 3, 2019, YPF filed a brief opposing Eton Park’s motion for the case to be subject to a summary process requesting that the suspension of procedural terms remain in place until the Court hearing Petersen’s case resolved the motions filed by the defendants in such case. On July 11, 2019, the hearing ordered by the Judge in the Petersen case was held, where Eton Park also participated. At the hearing, it was decided in relation to Eton Park’s case, that the Court would soon issue an order establishing the schedule for such judicial process. On July 23, 2019, Petersen, Eton Park, the Argentine Republic and YPF filed a joint petition proposing a schedule for the Argentine Republic and YPF to file their motions for complaint dismissal based on the principle of “forum non conveniens”, and for both Petersen and Eton Park to be able to file their objections thereto. On July 24, 2019, the Judge accepted the schedule proposed by the parties and resolved that the procedural terms were suspended until the motions for complaint dismissal on the grounds of “forum non conveniens” are resolved. On August 30, 2019, YPF and the Argentine Republic jointly presented their arguments in support of the motion to dismiss based on the grounds of “forum non conveniens”. On September 17, 2019, and on the occasion of the elections in the Argentine Republic, the presiding Judge modified the schedule approved on July 23, 2019: (i) extending until December 7, 2019 the deadline for Eton Park and Petersen to submit the objection to the motion to dismiss based on the grounds of “forum non conveniens”, and (ii) extending until January 7, 2020 the period for YPF to answer the pleadings filed by Eton Park and Petersen in section (i) above. On September 27, 2019, YPF and the Argentine Republic filed a pleading in the District Court stating that the grounds for the decision dated September 17, 2019 could lead to interpretations contrary to the Argentine public and private law, which provides for Institutional continuity of the State – irrespective of the government—as well as that of YPF, irrespective of its directors or its shareholders, and reserving the right to request an extension of terms in order to maintain the equality of the parties to the proceedings. On October 2, 2019, the District Court resolved that the interpretations referred to in the pleading filed on September 27, 2019—which were said to be contrary to Argentine public and private law—should not be extracted from the resolution dated September 17, 2019. On December 6, 2019, both Petersen and Eton Park filed an objection to the motion to dismiss on the grounds of “forum non conveniens”. On December 16, 2019, the Argentine Republic requested the District Court to extend until March 16, 2020 the term for the defendants to answer the objection to the motion to dismiss based on the principle of ·forum non conveniens” filed both by Petersen and Eton Park. On December 16, 2019, the Company adhered to the statements made by the Argentine Republic and requested the extension of the term to answer the objection to the motion to dismiss on the grounds of “forum non conveniens” filed both by Petersen and Eton Park, until March 16, 2020. On December 17, 2019, both Petersen and Eton Park objected to the extension of the terms mentioned in the two previous paragraphs. On December 18, 2019, the Argentine Republic answered the motion filed both by Petersen and Eton Park in which they objected to the extension until March 16, 2020 of the term for the defendants to answer to the motion to dismiss based on the principle of “forum non conveniens” filed both by Petersen and Eton Park. On December 18, 2019, the Company adhered to the statements made by the Argentine Republic and answered the motion filed both by Petersen and Eton Park in which they objected to the extension until March 16, 2020 of the term for the defendants to answer the motion filed by both Petersen and Eton Park in which they objected to the motion to dismiss on the grounds of “forum non conveniens”. On December 20, 2019, the District Court granted an extension of the term until February 7, 2020, for the defendants to answer the objection to the motion to dismiss on the grounds of “forum non conveniens” filed both by Petersen and Eton Park. On January 21, 2020, the Company and the Argentine Republic filed in the District Court an order that gives them the possibility to present, both in Eton Park and Petersen’s case, jointly a single and consolidated “reply memorandum of law” in support of its motion for dismissal by “forum non conveniens”. On January 22, 2020, the presiding Judge ruled in favor of the defendants and granted the order aforementioned in the preceding paragraph. On February 7, 2020, the Company and the Argentine Republic answered jointly the objection filed both by Petersen and Eton Park to the motion to dismiss based on the principle of “forum non conveniens” (“defendants’ reply memorandum of law in support of their motion to dismiss for forum non conveniens”). Until the District Court decides on the admissibility of the motion to dismiss on the grounds of “forum non conveniens”, the terms of the lawsuit are suspended in all other respects. As of the date of issuance of these consolidated financial statements, there are no elements in YPF’s possession that allow quantifying the possible impact that this claim could have on the Company. The Company categorically rejects the claims asserted in the complaint and will employ all necessary legal resources and take all defensive measures in accordance with the applicable legal procedure in order to defend its rights. 32.b.3) Claims before the CNDC • Claims for fuel sale prices The Group was subject to certain claims before the CNDC, which are related to alleged price discrimination in sale of fuels and which were timely answered by YPF. 32.b.4) Tax claims • Dispute over customs duties Between 2006 and 2009, the Customs General Administrations in Neuquén, Comodoro Rivadavia and Puerto Deseado brought certain summary proceedings based on alleged formal misstatements on future commitments of crude oil deliveries in the loading permits, for periods prior to and subsequent to the existence of export duties, for which they calculated the difference between the contractual price declared and the price in force at the time of export to determine fines under the terms of the Customs Code. The Customs General Administration may question whether the contractual price agreed to by the Company and declared in loading permits is an appropriate amount when calculating export duties. However, the Company understands that there is no violation for declaring the contractual price of a transaction. The summaries ended the administrative reviews before the Customs General Administra |
Contractual Commitments
Contractual Commitments | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Contractual Commitments | 33. CONTRACTUAL COMMITMENTS 33.a) Agreements of extension of concessions The Group has made agreements with the provinces for the extension of concessions. These agreements include commitments to pay royalties on production and fees, to make certain investments and expenses and to maintain the activity levels, among others. The most relevant agreements and their main features are described below. • Neuquén Loma La Lata - On December 28, 2000, through Decree No. 1,252/2000, the PEN extended for an additional term of 10 years (until November 2027) the concession for the exploitation of Loma La Lata – Sierra Barrosa area granted to YPF. The extension was granted under the terms and conditions of the Extension Agreement executed between the Argentine Government, the Province of Neuquén and YPF on December 5, 2000. On July 24, 2013, YPF and the Province of Neuquén signed an Agreement under which the Province of Neuquén agreed to separate a surface area from the Loma La Lata – Sierra Barrosa exploitation concession and incorporate it to the surface area of the Loma Campana exploitation concession and extend the Loma Campana exploitation concession for a term of 22 years starting from the date of its expiration (expiring in November 11, 2048). Rincón del Mangrullo Block On August 1, 2017, YPF and the Province of Neuquén entered into an Agreement whereby they agreed the terms for obtaining an Unconventional Exploitation Concession in the Rincón del Mangrullo block (the “Block. As of the granting of the concession, on August 11, 2017, through Provincial Decree No. 1,316/2017, YPF may exploit the Block until 2052, with the possibility of re-extending Loma Amarilla Sur On November 14, 2019, YPF and the Province of Neuquén entered into an agreement under which the terms to obtain the Concession for the Unconventional Exploitation Concession over the Loma Amarilla Sur area were agreed. Under this agreement, YPF commits to invest US$ 60 million to carry out a pilot program in a term of two years since the Concession award. On November 29, 2019, by Provincial Decree No. 2,599/2019 the unconventional exploitation concession over this area was awarded. Other concessions Additionally, in 2008 and 2009, YPF entered into a series of agreements with the Province of Neuquén, to extend for ten additional years the term of the production concessions on several areas located in that province, which, as result of the aforementioned agreement, will expire between 2026 and 2027. • Mendoza In April 2011, YPF entered into an agreement with the Province of Mendoza to extend for 10 years the term of certain exploitation concessions (one of which is “La Ventana”), and the transportation concessions located in the province, from the expiration of the original terms of the grant. • Santa Cruz During November 2012, YPF entered into an agreement with the Province of Santa Cruz to extend for 25 years the term of certain exploitation concessions, from the expiration of their original terms. Moreover, on September 1, 2017, by Decree No. 773/2017 issued by the Province of Santa Cruz, YPF received the award of the El Turbio area. On September 25, 2017, YPF subscribed the contract for the exploration and potential exploitation of the area . • Salta On October 23, 2012, YPF entered into an agreement with the Province of Salta (subsequently modified on April 3, 2017) to extend for 10 years the original term of certain exploitation concessions from the expiration of their original terms. The associated signatory companies (including YPF) will recognize for the province an additional payment to the special extraordinary contribution, only when certain conditions are met and commit to make certain investments. • Chubut On October 2, 2013, the Province of Chubut published the law for the approval of the Agreement to Extend the Exploitation Concessions El Tordillo, La Tapera and Puesto Quiroga. The Concessions were extended for a 30-year Furthermore, on December 26, 2013, YPF and the Province of Chubut signed an Agreement for the extension of the original term of the Concessions for the Exploitation of Restinga Alí, Sarmiento, Campamento Central – Cañadón Perdido, Manantiales Behr and El Trébol. The Extension Agreement was ratified by the Legislature of the Province of Chubut on January 17, 2014, and by the Company’s Board of Directors on February 24, 2014; thus complying with the precedent conditions established in the Extension Agreement. • Rio Negro In December 2014, YPF, YSUR Energía Argentina S.R.L., YSUR Petrolera Argentina S.A. (companies merged with YPF) entered into a Renegotiation Agreement with the Province of Rio Negro to extending for 10 years the original term of certain exploitation concessions from the maturity of their original granting terms until 2025, 2026, 2027 y 2036. The Renegotiation Agreement was confirmed by the legislature of the Province of Rio Negro by the issuance of Provincial Law No. 5,027 dated December 30, 2014. • Tierra del Fuego The Company has negotiated with the Executive Office of the Province of Tierra del Fuego the terms in order to extend their concessions in such province until 2026 and 2027, having signed, on December 18, 2013, the Agreement of Extension. On October 10, 2014, laws enacted approving the extension agreements. On August 25, 2017, YPF signed an Extension Agreement with the Province of Tierra del Fuego (hereinafter the “Memorandum of Agreement”) to extend the original term of the concession for the exploitation of hydrocarbons on the Magallanes Area, in the fraction corresponding to the granting jurisdiction of the Province of Tierra del Fuego for a period of ten years until 2027. The Memorandum of Agreement was ratified by Provincial Decree No. 2,406/2017 dated September 5, 2017 and provincial law No. 1,178 enacted on September 19, 2017. • National Executive Branch The PEN by Administrative Decision No. 1/2016, published on January 8, 2016, extended the term of the exploitation concession in the Magallanes area for the National Government’s portion, for a period of 10 years beginning on 2017. 33.b) Project investment agreements • Agreements for the development of Loma La Lata Norte and Loma Campana areas On July 16, 2013, the Company and subsidiaries of Chevron Corporation (“Chevron”) subscribed a Project Investment Agreement (the “LC Agreement”) with the objective of the joint exploitation of unconventional hydrocarbons in the province of Neuquén. The LC Agreement contemplates an expenditure, subject to certain conditions, of US$ 1,240 million by Chevron for the first phase of work in the area dedicated to the project, located in the aforementioned province and includes Loma La Lata Norte and Loma Campana areas. During September 2013, and upon the fulfillment of certain precedent conditions (which included the granting of an extension of the Loma Campana concession maturity until 2048 and the unitization of that area with the sub-area On December 10, 2013, the Company, some of its subsidiaries and subsidiaries of Chevron successfully completed the pending documents for the settlement of the Investment Project Agreement, which enables the disbursement by Chevron of the remaining US$ 940 million. For such purposes, the Company and Chevron made the necessary contracts for the assignment in favor of Compañía de Hidrocarburo No Convencional S.R.L. (“CHNC”) of 50% of the exploitation concession Loma Campana, and supplementary agreements including the contract for the organization of the JO and the Joint Operating Agreement for the operation of Loma Campana, where YPF participates as area operator. The Company indirectly holds 100% of the capital stock of CHNC, but under the existing contractual arrangements, it does not make financial or operative decisions relevant to CHNC and does not fund its activities either. Therefore, the Company is not exposed to any risk or rewards due to its interest in CHNC. Thus, as required by IFRS, the Company has valued its interest in CHNC at cost, which is not significant, and has not recorded any profit or loss for such interest. Considering the rights that Chevron could exercise in the future over CHNC to access to the 50% of the concession and supplementary rights, and as a guarantee for such rights and other obligations under the LC Agreement, a pledge over the shares of YPF’s affiliate, which is an indirect holder of YPF’s interest in CHNC, has been made in favor of Chevron. In this context, and considering that YPF is the Loma Campana area operator, the parties have executed a Project Obligations, Indemnities and Guarantee Agreement, by virtue of which the Company makes certain representations and guarantees in relation to the LC Agreement. This guarantee on the operation and management of the Project does not include the project’s performance or return on investment, both at the exclusive risk of Chevron. Finally, other supplementary agreements and documents related to the LC Agreement have been signed, including: (a) the agreement for the allocation of certain benefits deriving from Decree No. 929/2013 from YPF to CHNC; (b) terms and conditions for YPF’s acquisition of natural gas and crude oil pertaining to CHNC for 50% of the interest in the Loma Campana area; and (c) certain agreements for the technical assistance of Chevron to YPF. During April 2014, YPF and certain of its subsidiaries and subsidiaries of Chevron, successfully completed the second phase of the LC Agreement and Chevron has confirmed its decision to continue with the investment project in unconventional hydrocarbons in the Loma Campana area, thereby commencing the third phase of such project. The duration of this third phase will encompass the life of the project, until the expiration of the Loma Campana concession. During fiscal years 2019, 2018 and 2017, YPF and CHNC carried out transactions, among others, the purchases of gas and crude oil by YPF for 21,595, 14,295 and 5,672, respectively. These transactions will be consummated in accordance with the general and regulatory conditions of the market. The net balance payable to CHNC as of December 31, 2019, 2018 and 2017 amounts to 2,066, 2,064 and 654, respectively. • Agreements for the development of the Chihuído de la Sierra Negra Sudeste– Narambuena area During April 2014, YPF and Chevron signed a new project investment agreement with the objective of the joint exploration of unconventional hydrocarbons in the Province of Neuquén, within the area Chihuido de la Sierra Negra Sudeste – Narambuena. The investment will be undertaken exclusively by, and at the sole risk of, Chevron. The investment will be disbursed in two stages and a possible third stage, to be agreed in the future based on the results obtained from the exploration of the area. To this end, the Company and Chevron entered into the necessary agreements to implement the assignment to Compañía de Desarrollo No Convencional S.R.L (“CDNC”) of (a) a 50% interest in the Narambuena Exploration Project Area and (b) a 7% legal interest in the Exploitation Concession of Chihuido de la Sierra Negra in Neuquén and Mendoza. However, contractual rights of Chevron are limited to Narambuena Area, as YPF will hold 100% ownership of the conventional production and reserves outside the Project Area and Desfiladero Bayo field. In 2008, the concession of the area was extended until November 14, 2027. During Phase I and Phase II, CDNC commit t i In 2018, the activity that was predicted for Phase I was completed and considered to be concluded, with a total contribution from CDNC of US$ 55.3 million out of the US$ 62.7 million that were commited. On April 2018, Phase II began, with a total contribution from CDNC of US$ 10.57 million as of December 31, 2019. The deadline for acceptance of Phase III was established to be December 31, 2020. The Company indirectly holds a 100% interest in the capital stock of CDNC; however, as pursuant to effective contractual agreements, the Company neither exercises CDNC’s relevant financial and operating decision-making rights nor funds its activities, the Company is not exposed to risks and benefits for its interest in CDNC. Therefore, according to IFRS, the Company has valued its interest in CDNC at cost, which is not significant, and has not recorded any income (loss) for the said interest. • Agreements for the development of El Orejano area On September 23, 2013, the Company, Dow Europe Holding B.V. and PBB Polisur S.A., (hereinafter, collectively, “Dow”) signed an agreement (the “Dow Agreement”), which contemplates an expenditure by both parties of up to US$ 188 million which will be directed towards the joint exploitation of an unconventional gas pilot project in the Province of Neuquén, in El Orejano area. Dow contributed US$ 120 million out of the US$ 188 million provided by means of a financing agreement convertible into a participation in the project. On October 22, 2015, both parties agreed to an addendum to the Dow Agreement which provides, among other things, for an increase in the amount to be disbursed by Dow, by US$ 60 million, totaling US$ 180 million, through a convertible financing in an interest in the project, for the same purposes and effects than those of the previous disbursements. On October 30, 2015, the Company received the additional amounts committed. Likewise, on December 15, 2015, Dow exercised the option provided for in the Dow Agreement, whereby YPF assigned 50% of its interest in the exploitation concession of El Orejano area. In addition, the parties have formed a JO for the exploration, evaluation, exploitation and development of hydrocarbons in El Orejano area, which became effective on January 1, 2016 and in which Dow and YPF each have a 50% interest. • Agreements for the development of Rincón del Mangrullo area On November 6, 2013, the Company and Petrolera Pampa S.A. (hereinafter “Petrolera Pampa”) signed an investment agreement under which Petrolera Pampa committed to invest US$ 151.5 million (US$ 81.5 million for the first phase and US$ 70 million for the second phase) in exchange for 50% of the interest in the production of hydrocarbons in the area of Rincón del Mangrullo in the Province of Neuquén, pertaining to the formation “Formación Mulichinco” (hereinafter the “Area”), where YPF will be the operator. As of December 31, 2015, the two stages were completed. On May 26, 2015, a supplementary agreement (the “Amendment”) to the investment agreement dated November 6, 2013 was signed, which established an interest of 50% of each of the parties in the entire production, costs and investments for the development of the Area with retroactive effect from January 1, 2015, excluding from the agreement only the formations of Vaca Muerta and Quintuco. It should be noted that on July 14, 2015, the necessary requirements for the effectiveness of the said Amendment were met. Such investments include surface facilities in the Area of US$ 150 million, which include the first expansion stage of the treatment facilities, which includes the expansion of the investment commitment of Petrolera Pampa in a third investment phase of US$ 22.5 million, for the drilling of additional wells targeting the Mulichinco Formation, amount the was completed during 2016 and 2017. As of the date of issuance of these consolidated financial statements, YPF and Petrolera Pampa has already defined the coordinates of the second exploratory well of stage 1 that began to be drilled on December 2018 and whose completion is estimated for the year 2020. According to the results, Pampa may choose to continue with a second investment stage with the same goal. • Agreements for the development of La Amarga Chica area On August 28, 2014, the Company subscribed a preliminary agreement with Petronas (E&P) Overseas Ventures Sdn. Bhd, (hereinafter, “Petronas”), whereby YPF and Petronas agreed on the main terms and conditions to jointly develop a shale oil pilot project in three annual phases involving a jointly investment of up to US$ 550 million in the La Amarga Chica area, province of Neuquén. Petronas will invest US$ 475 million and YPF will invest US$ 75 million. YPF will be the operator of the area and will assign a 50% interest in the concession to Petronas E&P Argentina S.A. (hereinafter “PEPASA”), a Petronas affiliate. Dated December 10, 2014 the Company and PEPASA, entered into the Investment Project Agreement based on the terms established in the preliminary agreement executed with Petronas. Likewise, the parties signed the following supplementary agreements to the Investment Project Agreement: (a) Assignment Agreement for the assignment of 50% of the concession of the La Amarga Chica area; (b) JO formation contract; (c) JO Agreement; (d) Assignment Guarantee Agreement; (e) First Option Agreement for trading crude oil; and (f) Assignment of Rights on Hydrocarbon Export Agreement. Additionally, Petronas granted a payment guarantee for certain financial obligations assumed by PEPASA under the Investment Agreement. On December 2018, after the phases of the Pilot Plan were completed, the Parties decided on the start of the full development of the area. From this stage, the parties will begin making their contributions according to their interest in the JO in accordance with the agreements. • Granting of exploitation concession for Lindero Atravesado block – Neuquén On July 10, 2015, the Province of Neuquén agreed to award to both partners, Pan American Energy LLC (Sucursal Argentina) and YPF, pro rata in accordance with their respective interests (62.5% and 37.5%, respectively) in the “Lindero Atravesado” joint venture, the right to an Unconventional Hydrocarbons Exploitation Concession for a 35-year • Extension of the JO Agreement for the Magallanes Area On November 17, 2014, Enap Sipetrol Argentina (“ENAP”) made to YPF, and YPF accepted, an offer whereby ENAP’s rights and obligations under the Magallanes area JO Agreement were extended until November 14, 2027, date of the concession termination, with the possibility of a new extension until 2042, with ENAP keeping 50% interest and continuing as Operator. The area concession includes three jurisdictions: Santa Cruz, Nat ional Government • Agreement for the development the Bajada de Añelo Area On February 23, 2017, YPF and O&G Developments Ltd. S.A. (hereinafter “O&G”), an affiliate of Shell Compañía Argentina de Petróleo S.A., executed a preliminary agreement through which YPF and O&G agreed on the principal terms and conditions for the joint development of a shale oil and shale gas pilot in two phases, for a joint investment amount of US$ 305.8 million plus VAT, in the Bajada de Añelo area in the province of Neuquén, of which O&G will contribute 97.6% and YPF will contribute 2.4%. O&G will be the operator of the area. On May 12, 2017, and once the preceding conditions have been fulfilled, YPF and O&G have entered into the Assignment Agreement of 50% of the concession that contemplates the joint development of a work program (the “Work Program”) in two phases with the joint investment mentioned above. During the first phase of the Work Program, which will have a maximum duration of 30 months, O&G will contribute a total of US$ 222.6 million and YPF will contribute US$ 7.4 million. The remaining US$ 75.8 million will be contributed by O&G during the second phase of the Work Program. On August 18, 2017, Provincial Decree No. 1,360/2017 approved the transfer of YPF’s interest in favor of O&G and the transfer in escrow to YPF. This guarantee will be valid until O&G fulfills all of its obligations under the Assignment Agreement. Once the first phase of the Work Program has been completed, O&G will have the option to leave the aforementioned program by returning its participating interest in the concession and the payment of accrued liabilities until the exit date. After the total commitments assumed by the Parties have been met at the stage of the Work Program, each of them will contribute 50% of the budget for the development of the area as provided for in the operation agreement. • Agreement for the development of the Bandurria Sur Area On July 16, 2015, the Province of Neuquén, pursuant to decrees No. 1,536/2015 and 1,541/2015, approved the subdivision of the Bandurria block and awarded 100% of the area known as “Bandurria Norte” to Wintershall Energía S.A., 100% of the area known as “Bandurria Centro” to Pan American Energy LLC (Sucursal Argentina) and 100% of the area known as “Bandurria Sur” to YPF, awarding to YPF an Unconventional Hydrocarbons Exploitation Concession in Bandurria Sur area, for a 35-year On April 12, 2017, YPF entered into a preliminary agreement with Schlumberger Oilfield Eastern Ltd. (hereinafter “SPM”), an affiliate of Schlumberger Argentina S.A., through which YPF and SPM agreed the main terms and conditions for joint development of a shale oil pilot in two phases, with a total investment of US$ 390 million in the Bandurria Sur area (hereinafter the “Area), of which SPM will provide 100%. On October 11, 2017, YPF entered into the definitive agreements with SPM. YPF continues to be the operator of the Area and SPM acquired the right to a 49% participating interest, with YPF retaining the right to the remaining 51%. On January 2020, YPF was notified of the acquisition by Shell Compañía Argentina de Petróleo S.A. and Equinor Argentina AS (jointly, the “Consortium”) of the entire share package of SPM. This assignment required payment by SPM of the pending value that amounted approximately to US$ 105 million, which has already been received by YPF. On January 30, 2020, YPF entered into an agreement entered into with the Consortium, through SPM, under which the main terms and conditions for the 11% additional sale of the Area was agreed upon. The agreement predicts an exclusivity period for the negotiation and signing of the final contracts. Once these contracts are signed and certain precedent conditions are met, which include the approval of the corresponding bodies of the companies and the approval of the Province of Neuquén, SPM will acquire an additional 11% share in the Area, through which the indirect interest of the Consortium in the JO will rise to 60%, where will hold • Agreements in relation with the Llancanelo block On April 18, 2017, YPF entered into a preliminary agreement of non-binding On November 22, 2017, YPF and Alianza Petrolera Argentina S.A., an affiliate of Patagonia and PentaNova Energy Corp (“Alianza”), subscribed the assignment agreement in the terms described above (the “Assignment Agreement”). The investment of the Project corresponding to the participation of YPF would be paid by Alianza as part payment of the price. On February 11, 2019, YPF and Alianza entered into an agreement under which (i) the Assignment Agreement was terminated; and (ii) Alianza accepted the assignment of its 39% interest in the Llancanelo Block to YPF. On February 14, 2019, YPF and Alianza initiated the approval process with the authorities of the Province of Mendoza, requesting authorization to execute the assignment by public deed. • Exploration agreement in the Charagua block (Bolivia) On July 26, 2017, the agreement with Yacimientos Petrolíferos Fiscales Bolivianos (“YPFB”) to begin the exploration work in Charagua, Bolivia, originally signed in January of 2017, was notarized. Moreover, the plan of exploration and exploitation activities in Bolivian territory was presented. During the month of October 2017, the terms for the assignment in favor of YPFB Chaco S.A. were agreed upon of 40% on the Services Contract subscribed with YPFB for the exploration of the block. On December 20, 2017, YPFB approved the Work Program and Budget for the period 2017-2018 for the Charagua Block. Moreover, the assignment agreement was entered into on January 25, 2018. The formal approval of the Legislative Assembly of the Plurinational State of Bolivia is still pending for it to become effective. Should the expected commercial discovery be made, a Mixed Economy Company will be created by YPFB, YPF E&P (indirect subsidiary of YPF) and Chaco, with a shareholding of 51%, 29.4% and 19.6%, respectively. • Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas On July 17, 2017, the agreements executed on July 13, 2017 between YPF, Pan American Energy LLC (Argentine Branch), Total Austral S.A. (Argentine Branch), Wintershall Energía S.A. and the Province of Neuquén, entered into force by means of Decree No.1,178/2017 of the Provincial Executive Branch, whereby it was agreed: (i) the division of the Aguada Pichana area into two new areas “Aguada Pichana Este” (“APE”) and “Aguada Pichana Oeste” (“APO”); and the granting of two Concessions of Unconventional Exploitation of Hydrocarbons; the Parties committing to carry out a pilot program for the approximate amount of US$ 300 million in APE and for the approximate amount of US$ 150 million in APO; and (ii) the granting of a Concession of Unconventional Exploitation of Hydrocarbons in the Aguada de Castro area (“ACA”); The P arties committed themselves to carry out a pilot program for an approximate ount of US$ Based on the technical-economic results of the pilot programs and the granting of the benefits of the Stimulus Program provided for by MINEM Resolution No. 46-E/2017, The operation in APE is in charge of Total Austral S.A. (Argentine Branch) and the operation in APO and ACA is in charge of Pan American Energy LLC (Argentine Branch). On November 15, 2017, the JO “Aguada de Castro and Aguada Pichana Oeste” was established, which unified the APO and ACA areas. The execution of the Agreements implied an exchange of participations in the areas for which YPF received US$ 52.3 million through investment contributions. Once the Agreements were in full force and the corresponding conditions were fulfilled, the interest of YPF is as follow: (i) In the APE area, the interest of YPF is 22.50% (which implied the sale of a 4.77% interest); (ii) In the APO area, the interest of YPF is 30% (which implied the sale of a 2.73% interest); (iii) In the ACA area, the interest of YPF is 30% (which implied the sale of a 20% interest). • Agreement for the exploitation of the Bajo del Toro Area On August 25, 2017, YPF entered into a preliminary agreement) with Statoil, Holding Netherlands B.V. (“Statoil”), whereby the parties agreed upon the main terms and conditions for exploration and potential joint development in two phases of the Bajo del Toro area (hereinafter the “Area”) located in the Province of Neuquén. On January 17, 2018, YPF and Statoil entered into the definitive agreements (hereinafter the “Definitive Agreements”) for the exploration and potential joint development of the Area. Such Definitive Agreement implemented the transfer of 50% of the exploration permit on the Area in favor of Statoil. YPF continued to be the operator of the Area and retained the remaining 50% stake in the permit. The Definitive Agreements contemplate the joint development of a work program in two phases (the “Work Program”). During the first phase, the Parties will drill two horizontal wells and during the second phase, they will drill six horizontal wells and the corresponding infrastructure associated with the wells. Statoil will pay YPF the price of US$ 30 million at the time of compliance with the precedent conditions established in the Definitive Agreements and then, additionally, it will contribute 100% of the costs and investments required by the Work Program and the potential development of the Area up to the sum of US$ 270 million. Upon completion of the activities corresponding to the first phase of the Work Program, Statoil will have the option to withdraw from the project by returning its share in the permit and the payment of the accrued liabilities through its exit date. In the event that Statoil does not exercise such exit right, once the activities corresponding to the second phase of the Work Program have been completed, it will have the option to leave the project again in the same conditions as described above. On October 12, 2018, the Province of Neuquén issued Decree No. 1,755/2018, which approved the assignment in favor of Statoil Holding Netherlands B.V. (“Statoil”), fulfilling the precedent conditions. On November 23, 2018, YPF received the aforementioned US$ 30 million. • La Calera Area Investment Agreement On September 14, 2018, YPF and Pluspetrol S.A. executed and investment agreement with the Province of Neuquén related to La Calera area, whereby the Province of Neuquén agreed to grant to both partners, according to their interests in La Calera joint operations, an uncoventional hydrocarbon exploitation concession for a 35-year • CAN 100 exploration permit (offshore) – Block E-1 The PEN, through SGE Resolution No. 196/2019, decided to convert the joint operating agreement for the exploration and eventual exploitation of the “E-1” On October 8, 2019, YPF and Equinor Argentina BV Sucursal Argentina (“Equinor”) subscribed an agreement whereby Equinor would acquire a 50% interest in the “CAN 100” area, while YPF would maintain a 50% interest in such area. The agreement will become effective subject to certain conditions precedent, including the approval of the assignment by the SGE. 33.c) Contractual commitments The Group has signed contracts by means of which it has committed to buy certain products and services, and to sell natural gas, liquefied petroleum gas and other products. Some of the mentioned contracts include penalty clauses that stipulate compensations for a breach of the obligation to receive, deliver or transport the product object of the contract. The anticipated estimated losses for contracts in progress, if any, considering the compensations mentioned above, have been charged to the net income for the fiscal year in which they were identified. In this order, the Group has renegotiated certain natural gas export contracts, and has agreed, between others, to limit compensations only in case of interruptions and/or suspension of deliveries from any cause, except physical force majeure. Also, the Group has agreed to make investments and export gas to temporarily import certain final products. As of the date of issuance of these financial statements, the Group is fulfilling the agreed commitments mentioned above. To the extent that the Group does not comply with such agreements, we could be subject to significant claims, subject to the defenses that the Group might have. The Group under certain trade agreements has undertaken the obligation with third parties to buy goods and services (such as liquefied petroleum gas, electricity, gas, oil and steam) that as of December 31, 2019 amounted to about 116,239. In addition, it has exploratory, investment and expense commitments until the termination of some of its concessions for 479,073 as of December 31, 2019, including commitments for the extension of concessions mentioned in previous paragraphs. 33.d) Operating lease commitments The main lease agreements to which the Group is a lessee are described in Note 2.b.12. As of January 1, 2019, the Group has applied IFRS 16 and has recognized rights of-use-assets As the Group has implemented the simplified model without restating the comparative figures, the table below shows the information disclosed for fiscal years ended December 31, 2018 and 2017 under IAS 17, the standard currently in force. Rental expenses related to operating leases for fiscal years ended December 31, 2018 and 2017 are detailed below: 2018 2017 Minimum payments 4,988 2,306 Contingent installments 7,326 5,361 12,314 7,667 The minimum payment commitments related to non-cancellable 2018 2017 Up to 1 year 12,264 5,480 From 1 to 5 years 15,341 4,265 From 6 th 2,317 504 33.e) Granted guarantees As of December 31, 2019, in relation to compliance with obligations of subsidiaries, YPF has issued bank guarantees for an approximate amount of US$ 19 million and has assumed other commitments for an approximate value of US$ 314 million. Additionally, see Note 33.b for a description of the Chevron transaction and see Note 20 for a description of the financial loans. |
Main Regulations and Other
Main Regulations and Other | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Main Regulations and Other | 34. MAIN REGULATIONS AND OTHER 34.a) Hydrocarbon Law On October 31, 2014, the Argentine Republic BO published the text of Law No. 27,007, amending the Hydrocarbon Law No. 17,319. The most relevant aspects of the law are as follows: • Regarding exploration permits, it distinguishes between those with conventional and unconventional objectives, and between explorations in the continental shelf and in territorial waters, establishing the respective terms for each type. • Regarding concessions, three types of concessions are provided, namely, conventional exploitation, unconventional exploitation, and exploitation in the continental shelf and territorial waters, establishing the respective terms for each type. • The terms for hydrocarbon transportation concessions were adjusted in order to comply with the exploitation concessions terms. • Regarding royalties, a maximum of 12% is established, which may reach 18% in the case of granted extensions, where the law also establishes the payment of an extension bond for a maximum amount equal to the amount resulting from multiplying the remaining proven reserves at the end of effective term of the concession by 2% of the average basin price applicable to the respective hydrocarbons over the 2 years preceding the time on which the extension was granted. • The extension of the Investment Promotion Regime for the Exploitation of Hydrocarbons (Decree No. 929/2013) is established for projects representing a direct investment in foreign currency of at least US$ 250 • Reversion and transfer of hydrocarbon exploitation permits and concessions in national offshore areas is established when no association contracts subscribed with ENARSA to the National Secretariat of Energy exist. 34.b) Hydrocarbon Sovereignty Regime – Decree No. 1,277/2012 On July 25, 2012, the executive decree of Law No. 26,741, Decree No. 1,277/2012, was published, creating the “Regulation of the Hydrocarbons Sovereignty Regime in the Argentine Republic”. Among other matters, the mentioned decree established: the creation of the National Plan of Investment in Hydrocarbons; the creation of the Commission for Planning and Coordination of the Strategy for the National Plan of Investment in Hydrocarbons (the “Commission”), which will elaborate on an annual basis, within the framework of the National Hydrocarbon Policy, the National Plan of Investment in Hydrocarbons; the National Registry of Investments in Hydrocarbons in which the companies undertaking activities of exploration, exploitation, refining, transport and commercialization of hydrocarbons and fuels will have to register; and the obligation for the registered companies to provide their Plan of Investments every year before September 30, including a detail of quantitative information in relation to the activities of exploration, exploitation, refining, transport and commercialization of hydrocarbons and fuels according to each company. Additionally, the mentioned companies will have to provide their plans in relation to the maintenance and increase of hydrocarbons reserves, including: a) an investment in exploration plan; b) an investment plan in primary hydrocarbons reserves recovery techniques; and c) an investment plan in secondary hydrocarbons reserves recovery techniques, which will be analyzed by the Commission; the Commission will adopt the promotion and coordination measures that may consider necessary for the development of new refineries in the National Territory, that may allow the growth in the local processing capacity in accordance with the aims and requirements of the National Plan of Investment in Hydrocarbons; in relation to prices, and accordingly to the Decree, for the purpose of granting reasonable commercial prices, the Commission will determine the criteria that will govern the operations in the domestic market. In addition, the Commission will publish reference prices of each of the components of the costs and the reference prices for the sale of hydrocarbons and fuels, which will allow the production costs attributable to the activity to be covered and a reasonable margin of profit to be attained. Not complying with the dispositions included in the Decree and supplementary rules may result in the following penalties: fine, admonition, suspension or deregistration from the registry included in section 50 of Law No. 17,319 or the nullity or expiration of the concessions or permits. Moreover, the mentioned decree abrogates the dispositions of the Decrees No. 1,055/1989, 1,212/1989 and 1,589/1989 which established, among other matters, the right to the free disposition of hydrocarbon production. On December 29, 2015, the Executive Branch issued Decree No. 272/2015, resolving for the dissolution of the Commission and its Regulations, and also providing that the powers vested in the Commission were to be exercised by the MINEM. 34.c) Investment Promotion Regime for the Exploitation of Hydrocarbons – Decree No. 929/2013 Decree No. 929/2013 provides for the creation of an Investment Promotion Regime for the Exploitation of Hydrocarbons (the “Promotional Regime”), both conventional and unconventional, which will apply throughout the territory of the Republic of Argentina. Inclusion in the Promotional Regime may be applied for by subjects registered with the Hydrocarbon Investments National Register and holding hydrocarbon exploration permits and/or exploitation concessions and/or any third party associated and together with, such holders, provided they file with the Strategic Planning and Coordination Commission of the Hydrocarbon Investments Nation Plan created by Decree No. 1,277/2012 a “Hydrocarbon Exploitation Investment Project” entailing a direct investment in foreign currency of at least US$ 1,000 million, computed as of the filing of the Hydrocarbon Exploitation Investment Project to be invested during the first five years of the Project (this amount was amended by the subsequent Law No. 27,007 to US$ 250 million). Among the benefits to subjects comprised by the Promotional Regime, the following are highlighted: i) they will be entitled, subject to the terms of Law No. 17,319 and from the fifth successive year of actual execution of their respective “Hydrocarbon Exploitation Investment Projects”, to freely sell to foreign markets 20% of their production of liquid and gaseous hydrocarbons produced under the said Projects, with a 0% rate for export duties, should these be otherwise applicable; ii) they will be entitled to free availability of 100% of any foreign currency obtained from export of the hydrocarbons mentioned in the preceding item, provided that the approved “Hydrocarbon Exploitation Investment Project” implies the entry of foreign currency to the Argentine market of at least US$ 1,000 million and as mentioned hereinabove; iii) it is provided that, during periods where national production is not enough to meet domestic supply needs under the terms of section 6 of Law No. 17,319, subjects included in the Promotional Regime will be entitled, as of the fifth year beginning from the approval and execution of their respective “Hydrocarbon Exploitation Investment Projects”, to obtain, a percentage of liquid and gaseous hydrocarbons produced under such Projects available for export as mentioned herein above, an export price of not less than the reference export price, for whose determination the incidence of export duties otherwise applicable will not be computed. In addition, the Decree creates the figure of “Unconventional Hydrocarbon Exploitation”, consisting of the extraction of liquid and/or gaseous hydrocarbons through unconventional stimulation techniques applied in fields located in shale gas or shale oil, tight sands, tight gas and tight oil, and coal bed methane geological rock formations and/or characterized, generally, by the presence of low permeability rocks. In connection therewith, it has been provided that subjects holding hydrocarbon exploration permits and/or exploitation concessions included in the Promotional Regime will be entitled to apply for an “Unconventional Hydrocarbon Exploitation Concession”. In addition, holders of “Unconventional Hydrocarbon Exploitation Concessions” who in turn are holders of an adjacent pre-existing 34.d) Withholding rates of hydrocarbon exports On September 4, 2018, Decree No. 793/2018 was published in the BO establishing, until December 31, 2020, an export duty of 12% on all goods under the tariff items of the Mercosur Common Nomenclature (“NCM”). This export duty was was On December 23, 2019, Law No. 27,541 on Social Solidarity and Production Reactivation, was published in the BO, which introduced amendments to Decree No. 793/2018. See Note 34.j. 34.e) Liquid hydrocarbons regulatory requirements SE Resolution No. 1,679/2004 reinstalled the registry of diesel and crude oil export transactions created by Executive Decree No. 645/2002, and mandated that producers, sellers, refining companies and any other market agent that wish to export diesel or crude oil register such transaction and demonstrate that domestic demand has been satisfied and that they have offered the product to be exported to the domestic market. In addition, SE Resolution No. 1,338/2006 added other petroleum products to the registration regime created by Executive Decree No. 645/2002, including gasoline, fuel oil and its derivatives, diesel, aviation fuel, asphalts, certain petrochemicals, certain lubricants, coke and petrochemical derivatives. SE Resolution No. 715/2007 empowered the National Refining and Marketing Director to determine the amounts of diesel to be imported by each company, in specific periods of the year, to compensate for exports of products included under the regime of Resolution No. 1,679/2004; the fulfillment of this obligation to import diesel is necessary to obtain authorization to export the products included under Decree No. 645/2002. In addition, certain regulations establish that exports are subordinate to supplying the domestic market. In this way, Resolution No. 25/2006 of the Secretariat of Domestic Commerce, imposes on each Argentine refining and/or retail company the obligation to supply all reasonable diesel fuel demand, by supplying certain minimum volumes (which at minimum should be volumes supplied the year before plus the positive correlation between diesel demand and GDP accumulated from the month reference). The aforementioned commercialization should be done without altering or affecting the normal operation of the diesel market. Additionally, Rule No. In January 2008, the Secretariat of Domestic Commerce issued Resolution No. Decree No. 1,189/2012 of the PEN , dated July 17, 2012, established that the jurisdictions and entities of the National public Sector included in section 8, subsection a) of Law No. 24,156 (National Administration, formed by the central administration and the decentralized agencies including the social insurance institutions) must contract with YPF the provision of fuels and lubricants for the fleet of official cars, boats and aircrafts, except in those cases which have the prior authorization of the Chief of the Cabinet of Ministers. • Agreements of local crude oil and fuel prices In January 2017, oil producers and refiners reached an agreement for the transition to international prices of the Argentine hydrocarbon industry, which established proposed prices for the commercialization of crude oil on the domestic market in order to achieve parity with international markets during the course of 2017. Notwithstanding the foregoing, the agreement provided for the power of either party to abandon the agreement during its term, which was also subject to compliance with certain variables such as the exchange rate or price of Brent crude oil within certain established parameters. During the last quarter of 2017, the price agreement was suspended because it considered this suspension in case the average international price of 10 days exceeds the local price, but it also states that it may be restored if the average price of Brent crude is positioned below the local price for more than 10 days. Since then, the market players –producers and refiners– began to freely agree on domestic crude oil prices, generally valid on a calendar-month basis and linked to the Brent international benchmark, while maintaining limits on the exchange rate. Peso/US$ and Brent’s own value, depending on the capacity to transfer its price (expressed in US$/Bbl) to the prices of the products obtained from it –basically fuels (expressed in Peso/unit)– for their market sale. However, and in light of the domestic macroeconomic situation, which presented a in place at the time Moreover, the agreement included the creation of a compensatory account which incorporated the distortion in prices in terms of international reference prices accrued as of the date of the agreement, together with the adjustments resulting from additional cost variations (crude oil, exchange rate and biofuel price) which would not be transferred to prices during the months of May and June. The agreement set forth that such compensatory account would be transferred to the market through price increases during the second semester or, otherwise, the MINEM undertook the commitment to find mechanisms so that the refining companies may recover such difference. On June 1, 2018, the MINEM and the refining companies (among them YPF) entered into a supplementary agreement that considered establishing a Brent reference price for crude oil purchases among refining and producing companies for the months of May (66 US$/bbl), June (67 US$/bbl) and July (68 US$/bbl), 2018, and an increase in final prices of gasolines and diesel of up to 5% and 4.5%, respectively, beginning on June 2, 2018, which included the variation in the liquid fuel tax, the carbon dioxide tax and the prices of biofuel prevailing from that date. Additionally, an increase in an amount of up to 3% in the consumer prices of fuels, net of any variation in taxes, was expected to take place during the month of July. On June 29, 2018, in face of the volatility and significant change in the variables that were the basis for the agreements above mentioned, YPF informed the MINEM on the decision to implement as of July 1, 2018, the applicable commercial policies according to the changes in the variables stated above, both for determination of sales prices of its products and of those for the purchase of crude oil, in accordance with the evolution of the general business environment and the evolution of customers in particular, consistent with the regulatory framework and current provisions. Consequently, the aforementioned agreements have ceased to be in force for YPF as of June 30, 2018; however, the Company has submitted the resulting amounts in the compensatory account to the relevant authorities, which represent contingent rights. On December 6, 2018, YPF requested the SGE to set the guidelines for the implementation of the mechanism to recover the costs not transferred to fuel prices for the period contemplated under the Agreement, having received no response to the date of issuance of these consolidated financial statements. On August 15, 2019, the National Executive Branch passed Decree No. 566/2019, which was later amended by Decree No. 601/2019 issued on August 30, 2019, and subsequently by SGE Resolution No. 557/2019 dated September 18, 2019, which established that: i) until November 13, 2019 deliveries of crude oil made in the domestic market must be billed and paid at the price agreed between producers and refiners as of August 9, 2019, applying for this purpose an exchange rate of $49.30/US$, equal to a 5.58% increase over the current reference price and a Brent reference price of US$ 59/bbl; and ii) until the same date, the maximum price of all kinds of gasoline and diesel sold by refining companies and/or wholesalers and/or retailers, for the supply of fuel through fuel pumps at service stations may be increased by up to 4% compared to the prices in effect as of August 9, 2019. Also, on November 1, 2019 SGE Resolution No. 688/2019 was published in the BO, modifying Decree No. 601/2019 and SGE Resolution No. 557/2019, and establishing that: i) during the effective term of Decree No. 601/2019, crude oil deliveries made in the domestic market must be billed and paid at the price agreed between producing and refining companies as of August 9, 2019, applying a reference exchange rate of $51.77/US$, equal to a 5% increase over the reference price established in SGE Resolution No. 557/2019, and a Brent reference price of US$ 59/bbl; and (ii) from November 1, 2019 and during the effective term of Decree No. 601/2019, the prices of all kinds of gasolines and diesel sold by refining companies and/or wholesalers and/or retailers, for the supply of fuel through fuel pumps at service stations may be increased by up to 5% compared to the prices in effect as of September 20, 2019. 34.f) Regulatory requirements for natural gas • Mechanisms for allocating the demand for natural gas ENARGAS Resolution No. 1,410/2010 On October 4, 2010, the BO published ENARGAS Resolution No. 1,410/2010 that approved the “Supplementary Procedure for Gas Requests, Confirmations and Control” which set out new rules for natural gas dispatch applicable to all participants in the natural gas industry, imposing regulations to the producers’ availability of natural gas. By virtue of these procedures, distributors were authorized to request all the natural gas necessary to cover the Priority Demand even in the case of natural gas volumes that exceed those that the Secretariat of Energy would have allocated by virtue of the Agreement with the natural gas producers ratified by the Resolution No. 599/2007. The Company’s appeal against Resolution No. 1,410/2010 was rejected. MINEM Resolution No. 89/2016 — 4,502/2017 – ENARGAS Resolution No. 59/2018 – ENARGAS Resolution No. 124/2018 – ENARGAS Resolution No. 302/2018 – ENARGAS Resolution No. 124/2018 On June 1, 2016, the MINEM published Resolution No. 89 whereby: a) ENARGAS was instructed to develop a procedure that modifies and supplements the one established in ENARGAS Resolutions No. 716/1998 and No. 1,410/2010 and establishes daily operation conditions of the Transportation and Distribution Systems. b) The volumes, that may be requested by the Distributors, were made available in order to supply the Priority and Fixed Demand that, in case of contracting with a natural gas producer, will reduce the requirement of natural gas to said producer as set forth in Resolution 1,410/2010 to the extent of the contracted volume. According to this Resolution, ENARGAS Resolution No. 3,833/2016 was issued on June 5, 2016, which approves the “Supplementary Procedure for Gas Requests, Confirmations and Control”. The purpose of the Procedure is to establish the transition mechanism and application criteria for the administration of the natural gas dispatch to preserve the operation of the transportation and distribution systems giving priority to the consumption of the Priority Demand in cases of supply crisis and/or emergencies which may put at risk the normal provision of the natural gas public service or which may affect the provision of another public service. The Procedure establishes that each day the Distribution Service Providers will request in the programming computer systems of the Transport Companies for the operational day n + 1, with first priority, the natural gas necessary to supply the Priority Demand, based on their consumption estimate and in accordance with the contracted transport capacity and its supply agreements. The confirmation of natural gas in the TSEP for Priority Demand will have priority over other segments. The confirmation of gas for segments other than the Priority Demand will maintain the confirmation priority established by the Producer in the respective contracts with direct consumers (or Marketers), which will be informed to Transportation and Distribution Service Providers. The transportation nomination of each Distribution Service Provider will give priority to the supply of their Priority Demand over any other user of that Provider. The Providers of the Transportation and Distribution Service that verify that the transportation capacity is not sufficient to supply the Priority Demand must summon the Emergency Committee, chaired by the president of ENERGAS, who will procure the means to allocate the volumes in the emergency situation. On June 6, 2017 ENARGAS Resolution No 4,502/2017 was issued which approved the Procedure for the Administration of the office in the Emergency Executive Committee (“EEC”), modifying the procedure for the delivery request and gas confirmations which were approved by ENARGAS Resolution No. 3,833/2016 and provided for measures and criteria to be adopted in a supply crisis of the Priority Demand for Natural Gas declared by the Transportation Companies, Distribution Companies or the ENARGAS. Among such measures, it was provided that the EEC or (if the EEC disagrees to it) the ENARGAS, will define the way in which the Priority Demand will be supplied considering the quantities of natural gas available in each basin for each producer and discounting the amounts contracted to supply the Priority Demand. On May 18, 2018 ENARGAS Resolution No. 59/2018 was published, approving the Temporary Procedure for Shipment Management in the EEC, effective until the end of winter 2018. The EEC will be composed of at least one representative of the Transporters, the Providers and each carrier which, due to their geographical location and their respective demand have or may have incidence to resolve the situation. It will be chaired by a representative of the relevant Transportation Company and the decisions agreed in the EEC will be mandatory for all Active Subjects of the Gas Industry. On June 29, 2018, ENARGAS Resolution No. 124/2018 was published in the BO which (i) approves the amended and restated internal regulations for dispatch centers beginning on June 30, 2018; (ii) derogates ENARGAS Resolutions No. 1,410/2010, 3,833/2016 and 4,502/2017 On October 18, 2018 ENARGAS Resolution No. 302/2018 was published, which, considering that not all of the gas supply contracts for the Priority Demand between Producers and Distribution Licensees had been executed, extended the effective term of ENARGAS Resolution No. 59/2018 for 180 calendar days from October 1, 2018. ENARGAS Resolution No. 215/2019, published on April 16, 2019, extends the effective term of ENARGAS Resolution No. 59/2018 for an additional period of 180 calendar days counted from the expiry of the term set forth in ENARGAS Resolution No. 302/2018 for considering that the reasons that led to the resolution still persist. On October 21, 2019, ENARGAS Resolution No. 656/2019 was published in the BO, which extended the effective term of ENARGAS Resolution No 59/2018 until April 30, 2020 (included). Terms and Conditions for the Distribution of Natural Gas through Networks Under the energy sector normalization process, the MINEM called on natural gas producers (including YPF) and ENARSA to establish the basic conditions that will constitute the framework for the supply agreements to be executed for Natural Gas distribution as of January 1, 2018. In the meeting, MINEM informed that given the expiration of the extension period established in Law No. 27,200 regarding the public emergency that began in 2002, Law No. 24,076 regained effectiveness, which sets forth that the price of natural gas supply agreements will be the price resulting from the free interaction of supply and demand. In this context, on November 29, 2017, natural gas producers (including YPF) and ENARSA, at the request of the MINEM, subscribed the “Terms and Conditions for the Provision of Natural Gas to Gas Distributors through Networks” (the “Terms and Conditions”). The Terms and Conditions establish the basic guidelines to assure the adequate supply of natural gas to the Distributors, and consequently to residential and commercial final consumers. Moreover, they establish the continuity of the gradual and progressive path of reduction of subsidies, all within the framework of the process of normalization of the natural gas market, which occurs within the period of validity of such Terms and Conditions until December 31, 2019 considered as the “transition period” until the normalization indicated above. The guidelines established in the Terms and Conditions include, among others, the recognition of the right to transfer to the gas tariff the cost of gas acquisition paid by users and consumers; establishes the available volumes that each producer and each basin must make available daily to the distributors for each month, who may express their lack of interest before a certain date set forth in the Terms and Conditions; establishes penalties for non-compliance The Terms and Conditions constitute the terms and conditions to consider in the negotiations of their respective individual agreements, without this being construed as an obligation. Additionally, the Terms and Conditions establish guidelines for early termination in the event of non-compliance As a consequence of the exchange rate variation that took place on April 2018, and the decision of distributors to pay the price of gas based on the implicit exchange rate indicated on the tariff scheme approved for the winter period 2018 (lower than the price that had to be applied pursuant to the Terms and Conditions and the individual agreements executed), natural gas producing and distribution companies began a renegotiation process for the special agreements executed pursuant to the Terms and Conditions, with prices denominated in U.S. dollars. The renegotiation process resulted in a reduction in the price of gas to be applied to the period October – December 2018, with no agreement being reached in relation to the exchange rate differences to be contemplated. On October 5, 2018, Resolution No. 20/2018 was published, establishing that in relation to differences between the price of gas provided in the contracts and the price of gas recognized in the final tariffs of distribution companies, valued for the quantity of gas purchased from April 1 to September 30, 2018, the ENARGAS would instruct distribution companies to recover the credit in favor of producers on a separate line in the invoice to be issued to its users, in 24 installments from January 1, 2019. However, SGE Resolution No. 20/2018 was later repealed by Resolution No. 41/2018 published on October 16, 2018, alleging opportunity issues for such implementation. On November 16, 2018, by Decree No. 1,053/2018, published in the BO, the Argentine Government decided to assume the payment of the daily differences accumulated on a monthly basis between the price of gas purchased by Distributors and the price of natural gas included in tariff schemes effective from April 1, 2018 to March 31, 2019, exclusively generated due to exchange rate variations and corresponding to the natural gas volumes delivered in that same period. The conditions are as follows: • 30 monthly consecutive installments beginning on October 1, 2019, which will be determined by using the BNA effective interest rate for 30-day • The installments will be collected by Distributors, which will immediately pay the Producers. • Distributors and Producers must adhere to the system and expressly waive any action or complaint. Additionally On February 12, 2019, ENARGAS Resolution No. 72/2019 published in the BO, approved the methodology for transferring the gas price to tariffs and the general procedure to calculate the accumulated daily differences, applicable from April 1, 2019, which established, among other aspects, that for the purpose of transferring the gas price agreed in U.S. dollars to tariffs, the ENARGAS will define the exchange rate to be considered for the conversion into Pesos based on the average selling exchange rate of the BNA (foreign currencies) effective between the 1st and 15th day of the month immediately preceding the beginning of each seasonal period, or the exchange rates established in the contracts should the rates contemplated therein be lower. SGE Resolution No. 32/2019, published on February 11, 2019, approved the price auction mechanism for the provision of natural gas on a firm basis to meet the demand of full service users of the Distribution public utility service for the days of February 14, 2019 (for Neuquina, San Jorge Gulf, Santa Cruz Sur and Tierra del Fuego basins) and February 15, 2019 (for the Noroeste basin). SGE Resolution No. 32/2019 also approved the applicable price bidding model and instructed Mercado Electrónico de Gas Sociedad Anónima (“MEGSA”) to issue the supplementary rules required to organize and implement the approved bidding mechanism. Price auctions were carried out at MEGSA on the aforementioned scheduled dates and, based on the results obtained, YPF proceeded to implement the contracts for the volumes awarded in relation to the participating distribution licensees corresponding to fiscal year April 2019-March 2020. On August 20, 2019, ENARGAS Resolution No. 466/2019 was published, which approved the Methodology for the determination of the net amount of accumulated daily differences referred to in article 7 of Decree No. 1,053/2018, approving the adhesion application model by setting a submission deadline no later than September 15, 2019 and established that simultaneously with the adhesion application, natural gas distributors and their suppliers must present and exhibit to ENARGAS the instruments restructuring their commercial relationship in accordance with the terms of Decree No. 1,053/2018, that partial and/or conditional adhesion applications will not be accepted, and that distributors, once the corresponding monthly payment has been received from the National Government, shall use the total amount received to make payments to natural gas Suppliers adhered to the Regime within a maximum term of 5 days. The Resolution established, as a general rule, that the Methodology of reallocation on tariffs of the price of gas and the General Procedure to calculate the Daily Accumulated Differences approved by ENARGAS Resolution No. 72/2019 will be applied. On September 10, 2019, YPF filed an administrative appeal against Resolution No. 466/2019 basically challenging the approved volume determination methodology, insofar as it orders the calculation of volumes without considering the total amount actually delivered at the TSEP by natural gas suppliers, but based on the simulation of the optimal dispatch and the discount of the volume of retained gas and UNG. ENARGAS Resolution No. 554/2019, published on September 16, 2019, extended the deadline to adhere to the regime established in article 7 of Decree 1,053/2018 until October 15, 2019. Subsequently ENARGAS Resolution No. 636/2019 published on October 11, 2019, postponed the deadline to adhere to the regime and established that the failure to submit the instruments in which the parties restructure their commercial relationship in accordance to the provisions set forth in Decree No. 1,053/2018 will not be an impediment to present the adhesion to the aforementioned regime. On October 25, 2019, YPF submitted the Application to Adhere to the regime established in article 7 of Decree No. 1,053/2018 and regulated by ENARGAS Resolution No. 466/2019, which implies accepting such regime unconditionally and waiving all kind of administrative, arbitration or judicial claims against the National Government, and therefore, the appeal filed by YPF against ENARGAS Resolution No. 466/2019 was automatically withdrawn. At the same time, YPF notified distributors that it had applied for the accession to the regime and that such application could not be interpreted as a cancellation of the volumes and/or concepts in relation to YPF’s natural gas injections, from April 1, 2018 to March 31, 2019, which had not been assumed by the National Government (IVA, volume differences for optimal dispatch, UNG and/or retained gas and exchange rate differences arising from non-payment On November 1 In December 2019, after receiving from the SGE the transfer of the first the 30 installments contemplated under the regime, the Distributors paid such installment to YPF, which has maintained the reserves for the items and amounts not assumed by the National Government under the regime. • New natural gas exports The Decree No. 893/2016, dated July 25, 2016, determined that the MINEM is empow |
Balances and Transactions with
Balances and Transactions with Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Balances and Transactions with Related Parties | 35. BALANCES AND TRANSACTIONS WITH RELATED PARTIES The information detailed in the tables below shows the balances with associates and joint ventures as of December 31, 2019, 2018 and 2017 and transactions with the mentioned parties for the years ended on such dates. 2019 2018 2017 Other Trade Accounts Contract Other Trade Accounts Other Trade Accounts Current Current Current Current Current Current Current Current Current Current Joint ventures: Profertil 12 587 114 — 2 461 428 107 239 215 MEGA — 2,995 350 — — 2,441 6 — 925 149 Refinor — 956 123 — — 770 5 — 224 8 Bizoy S.A. — 17 — — 11 — — 5 — — Y-GEN — — — — — 2 — 57 — — Y-GEN — — — — — — — 22 — — YPF EE (1) 296 2,278 2,183 679 218 1,552 1,301 — — — Petrofaro S.A. — 6 — — — 267 151 — 35 51 OLCLP 56 59 70 — 1,884 — — — — — 364 6,898 2,840 679 2,115 5,493 1,891 191 1,423 423 Associates: CDS — 1,063 — — — 518 — — 122 — YPF Gas 90 317 73 — 637 414 62 589 230 15 Oldelval — 77 401 — — 34 272 — — 131 Termap — — 182 — — — 102 — — 52 OTA 9 — 14 — 5 — 14 — — 5 OTC 4 — — — 7 — — 5 — — GPA — — 99 — 4 — 80 4 — 19 Oiltanking — — 198 — 21 — 147 — — 96 Gas Austral S.A. — 12 1 — 2 16 — 2 7 — 103 1,469 968 — 676 982 677 600 359 318 467 8,367 3,808 679 2,791 6,475 2,568 791 1,782 741 2019 2018 2017 Revenues Purchases and Net interest Revenues Purchases and Net interest Revenues Purchases and Net interest Joint ventures: Profertil 4,418 3,044 — 2,751 1,964 — 906 901 — MEGA 10,672 1,854 — 8,150 438 — 4,058 814 — Refinor 3,310 481 (16 ) 2,594 323 — 838 225 10 Bizoy S.A. — — — — — — 1 — — Y-GEN 5 — — 4 — — 34 — — Y-GEN — — — — — — 41 — — YPF EE (1) 5,016 3,862 — 2,064 1,548 47 — — — Petrofaro S.A. 9 23 — 223 150 — 33 58 — OLCLP 66 316 — — — — — — — 23,496 9,580 (16 ) 15,786 4,423 47 5,911 1,998 10 Associates: CDS 1,955 1 — 565 — — 102 — — YPF Gas 2,217 252 162 1,608 104 217 863 51 51 Oldelval 238 2,192 — 103 1,167 — — 596 — Termap — 1,302 — 6 666 — — 366 — OTA 1 80 — 1 47 — — 25 — GPA — 845 — — 363 — — 202 — Oiltanking 3 1,350 — 4 777 — 1 428 — Gas Austral S.A. 206 1 — 199 — — 78 1 — 4,620 6,023 162 2,486 3,124 217 1,044 1,669 51 28,116 15,603 146 18,272 7,547 264 6,955 3,667 61 (1) On March 20, 2018, YPF EE was reclassified as a joint venture. Includes transactions following the loss of control over YPF EE. See Note 3. Additionally, in the normal course of business, and considering being the main energy group in Argentina, the Group’s client/suppliers portfolio encompasses both private sector entities as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are: Balances Transactions Credits / (Liabilities) Income / (Costs) Customers / Suppliers Ref. 2019 2018 2017 2019 2018 2017 SGE (1) (16) 26,223 26,978 13,417 — — 12,840 SGE (2) (16) 3,416 1,211 — 5,684 1,376 — SGE (3) (16) 155 282 190 657 347 191 SGE (4) (16) 166 192 162 7 107 119 SGE (5) (16) 475 — — 475 — — SGE (6) (16) 172 1,255 — 995 3,447 — SGE (7) (16) 4,417 3,535 — 361 4,149 — Ministry of Transport (8) (16) 2,056 3,044 840 5,923 9,192 5,402 Secretariat of Industry (9) (16) — — 24 688 — 188 CAMMESA (10) 627 3,822 4,444 6,650 18,029 17,569 CAMMESA (11) 386 (444 ) (316 ) (3,778 ) (3,272 ) (2,090 ) IEASA (12) 5,041 4,326 698 11,994 7,600 2,920 IEASA (13) (505 ) (745 ) (1,591 ) (462 ) (1,156 ) (214 ) Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. (14) 5,033 3,454 946 16,036 8,710 4,300 Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. (15) — — — — (21 ) (28 ) (1) Benefits for the Stimulus Programs for the Additional Injection of Natural Gas. (2) Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional (3) Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. (4) Benefits for the bottle-to-bottle (5) Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. (6) Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas. (7) Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. (8) The compensation for providing diesel to public transport of passengers at a differential price. (9) Incentive for domestic manufacturing of capital goods, for the benefit of AESA. (10) The provision of fuel oil and natural gas, and electric power generation corresponding to YPF EE until the date of loss of control by YPF. (11) Purchases of energy. As of December 31, 2019, the Group has a credit balance for energy purchases. (12) Sale of natural gas and provision of regasification service in the regasification projects of LNG in Escobar. Likewise, for the ten months period as of December 31, 2018 and for the fiscal year ended December 31, 2017, it also included the regasification projects of LNG in Bahía Blanca. (13) The purchase of natural gas and crude oil. (14) The provision of jet fuel. (15) The purchase of miles for the YPF Serviclub program. (16) Income recognized under the guidelines of IAS 20. Additionally, the Group has entered into certain financing and insurance transactions with entities related to the national public sector. Such transactions consist of certain financial transactions that are described in Notes 14 and 20 and transactions with Nación Seguros S.A. related to certain insurance policies contracts. On the other hand, the Group holds BONAR 2020 (see Note 34.g) and 2021, classified as “Investments in financial assets”. Furthermore, in relation to the investment agreement signed between YPF and Chevron subsidiaries, YPF has an indirect non-controlling The table below discloses the compensation for the YPF’s key management personnel, including members of the Board of Directors and Vice Presidents (managers with executive functions appointed by the Board of Directors), for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Short-term employee benefits (1) 515 337 221 Share-based benefits 123 55 34 Post-retirement benefits 22 14 10 Termination benefits — — 109 660 406 374 (1) Does not include Social Security contributions of 133, 66 and 50 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Employee Benefit Plans and Simi
Employee Benefit Plans and Similar Obligations | 12 Months Ended |
Dec. 31, 2019 | |
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Employee Benefit Plans and Similar Obligations | 36. EMPLOYEE BENEFIT PLANS AND SIMILAR OBLIGATIONS Note 2.b.10 describes the main characteristics and accounting treatment for benefit plans implemented by the Group. i. Retirement plan The total charges recognized under the Retirement Plan amounted to approximately 133, 87 and 80 for the years ended December 31, 2019, 2018 and 2017, respectively. ii. Objective performance bonus programs and performance evaluation programs The amount charged to expense related to the programs described was 3,790, 2,141 and 1,650 for the years ended December 31, 2019, 2018 and 2017, respectively. iii. Share-based benefit plan Consistent with share-based benefit plans approved in previous years, the Board of Directors: • at its meeting held on June 11, 2014, approved the creation of a new share-based benefit plan 2014-2017 effective for 3 years from July 1, 2014 (grant date), with similar characteristics to those of the 2013-2015 plan. • at its meeting held on June 8, 2015, approved the creation of a new share-based benefit plan 2015-2018 effective for 3 years from July 1, 2015 (grant date), with similar characteristics to existing plans. • at its meeting held on May 10, 2016, approved the creation of a new share-based benefit plan 2016-2019 effective for 3 years from July 1, 2016 (grant date), with similar characteristics to the previously implemented schemes. • at its meeting held on May 9, 2017, approved the creation of a new shared-based benefit plan for 2017-2020 effective for 3 years from July 1, 2017 (grant date), with similar characteristics to the previously implemented schemes. • at its meeting held on May 8, 2018, approved the creation of a new shared-based benefit plan for 2018-2021 effective for 3 years from July 1, 2018 (grant date), with similar characteristics to the previously implemented schemes. • at its meeting held on May 9, 2019, approved the creation of a new shared-based benefit plan for 2019-2022 effective for 3 years from July 1, 2019 (grant date), with similar characteristics to the previously implemented schemes. The amounts charged to expense in relation to the share-based plans, which are disclosed according to their nature, amounted to 493, 308 and 162 for the fiscal years ended December 31, 2019, 2018 and 2017, respectively. During the fiscal years ended December 31, 2019, 2018 and 2017, the Company has repurchased 411,623, 250,795 and 263,298 of its own shares issued for an amount of 280, 120 and 100, respectively, and has delivered to the beneficiaries of the plan 609,910, 538,252 and 502,996 shares, respectively, for purposes of compliance with the share-based benefit plans. The cost of such repurchases is disclosed in the shareholders’ equity under the name of “ Acquisition cost Treasury contributions Information related to the evolution of the quantity of shares, of the plans at the end of the years ended December 31, 2019, 2018 and 2017, is as follows: Plan 2014-2017 2019 2018 2017 Amount at the beginning of the fiscal year — — 99,278 - Granted — — 6,269 - Settled — — (105,201 ) - Expired — — (346 ) Amount at end of fiscal year (1) — — — Expense recognized during the fiscal year — — 8 Fair value of shares on grant date (in U.S. dollars) — — 33.41 (1) The life of the plan in 2017 was 7 months. Plan 2015-2018 2019 2018 2017 Amount at the beginning of the fiscal year — 162,051 339,459 - Granted — — 2,682 - Settled — (155,385 ) (168,814 ) - Expired — (6,666 ) (11,276 ) Amount at end of fiscal year (1) — — 162,051 Expense recognized during the fiscal year — 12 26 Fair value of shares on grant date (in U.S. dollars) — 19.31 19.31 (1) The life of the plan in 2018 was 7 months, whereas the remaining life as of December 31, 2017 was 7 months. Plan 2016-2019 2019 2018 2017 Amount at the beginning of the fiscal year 183,080 393,972 682,307 - Granted — — — - Settled (180,478 ) (189,303 ) (228,981 ) - Expired (2,602 ) (21,589 ) (59,354 ) Amount at end of fiscal year (1) — 183,080 393,972 Expense recognized during the fiscal year 21 54 59 Fair value of shares on grant date (in U.S. dollars) 16.99 16.99 16.99 (1) The life of the plan in 2019 was 7 months, whereas the remaining life of the plan was 7 months as of December 31, 2018, and between 7 and 19 months as of December 31, 2017. Plan 2017-2020 2019 2018 2017 Amount at the beginning of the fiscal year 375,552 644,949 — - Granted — — 646,149 - Settled (182,445 ) (193,564 ) — - Expired (9,906 ) (75,833 ) (1,200 ) Amount at end of fiscal year (1) 183,201 375,552 644,949 Expense recognized during the fiscal year 98 142 69 Fair value of shares on grant date (in U.S. dollars) 20.26 20.26 20.26 (1) The average remaining life of the plan is 7 months as of December 31, 2019, between 7 and 19 months as of December 31, 2018 and between 7 and 31 months as of December 31, 2017. Plan 2018-2021 2019 2018 2017 Amount at the beginning of the fiscal year 761,512 — — - Granted — 761,512 — - Settled (246,987 ) — — - Expired (6,067 ) — — Amount at end of fiscal year (1) 508,458 761,512 — Expense recognized during the fiscal year 212 100 — Fair value of shares on grant date (in U.S.dollars) 13.60 13.60 — (1) The average remaining life of the plan is between 7 and 19 months as of December 31, 2019 and between 7 and 31 months as of December 31, 2018. Plan 2019-2022 2019 2018 2017 Amount at the beginning of the fiscal year — — — - Granted 758,690 — — Amount at end of fiscal year (1) 758,690 — — Expense recognized during the fiscal year 189 — — Fair value of shares on grant date (in U.S. dollars) 9.97 — — (1) The average remaining life of the plan is between 7 and 31 months as of December 31, 2019. Moreover, the 2019-2022 Plan was supplemented with an additional dollar amount, with the same vesting as the shares, to be paid in pesos at the exchange rate in force on the date of such vesting. This supplement has no significant effects. |
Assets and Liabilities in Curre
Assets and Liabilities in Currencies Other than the Peso | 12 Months Ended |
Dec. 31, 2019 | |
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Assets and Liabilities in Currencies Other than the Peso | 37. ASSETS AND LIABILITIES IN CURRENCIES OTHER THAN THE PESO 2019 2018 2017 Amount in Exchange (1) Total Amount in Exchange (1) Total Amount in Exchange (1) Total Noncurrent assets Other receivables U.S. dollar 1 59.69 60 10 37.50 375 2 18.55 37 Chilean peso — — — 11 0.05 1 — — — Bolivian peso 14 8.58 119 — — — — — — Trade receivables U.S. dollar 220 59.69 13,132 489 37.50 18,338 2 18.55 37 Total noncurrent assets 13,311 18,714 74 Current assets Other receivables U.S. dollar 276 59.69 16,474 191 37.50 7,163 165 18.55 3,061 Euro 4 66.85 267 2 42.84 86 5 22.28 111 Real — — — — — — — — — Chilean peso 5,241 0.08 419 6,253 0.05 313 4,303 0.03 129 Yen 151 0.55 83 — — — — — — Swiss franc — — — — — — 3 19.04 57 Trade receivables U.S. dollar 939 59.69 56,030 907 37.50 34,013 380 18.55 7,049 Chilean peso 17,221 0.08 1,378 15,285 0.05 764 9,836 0.03 295 Investments in financial assets U.S. dollar 140 59.69 8,370 292 37.50 10,941 697 18.55 12,936 Cash and cash equivalents U.S. dollar 723 59.69 43,172 900 37.50 33,750 526 18.55 9,757 Chilean peso 1,685 0.08 135 1,097 0.05 55 898 0.03 27 Bolivian peso 10 8.58 90 — — — — — — Total current assets 126,418 87,085 33,422 Total assets 139,729 105,799 33,496 Noncurrent liabilities Provisions U.S. dollar 2,020 59.89 120,968 1,956 37.70 73,741 2,909 18.65 54,253 Lease liabilities U.S. dollar 674 59.89 40,388 — — — — — — Loans U.S. dollar 6,863 59.89 411,032 6,475 37.70 244,094 6,200 18.65 115,628 Swiss franc — — — — — — 300 19.13 5,731 Other liabilities U.S. dollar 12 59.89 699 14 37.70 523 14 18.65 269 Accounts payable U.S. dollar 6 59.89 359 3 37.70 113 4 18.65 75 Total noncurrent liabilities 573,446 318,471 175,956 Current liabilities Provisions U.S. dollar 59 59.89 3,555 73 37.70 2,752 57 18.65 1,063 Taxes payable Chilean peso 3,102 0.08 248 1,752 0.05 88 1,524 0.03 46 Salaries and social security U.S. dollar 7 59.89 406 6 37.70 226 6 18.65 112 Chilean peso — — — 274 0.05 14 247 0.03 7 Lease liabilities U.S. dollar 357 59.89 21,384 — — — — — — Loans U.S. dollar 1,229 59.89 73,599 1,206 37.70 45,475 1,647 18.65 30,725 Chilean peso 2,993 0.08 239 — — — — — — Swiss franc — — — 302 38.31 11,563 3 19.13 54 Other liabilities U.S. dollar 22 59.89 1,310 12 37.70 452 125 18.65 2,331 Accounts payable U.S. dollar 1,181 59.89 70,711 1,087 37.70 40,980 1,149 18.65 21,429 Euro 16 67.23 1,053 21 43.16 906 18 22.45 404 Chilean peso 3,744 0.08 300 2,202 0.05 110 1,826 0.03 55 Bolivian peso 7 8.58 60 — — — — — — Yen 133 0.55 73 13 0.34 4 19 0.17 3 Swiss franc — — — — — — 3 19.13 57 Total current liabilities 172,938 102,570 56,286 Total liabilities 746,384 421,041 232,242 (1) Exchange rate in force at December 31, 2019, 2018 and 2017 according to BNA. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
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Subsequent Events | 38. SUBSEQUENT EVENTS On January 24, 2020, the Company issued the following NOs: • NO Series V denominated and payable in pesos, accruing interest at a variable rate (BADLAR plus 5%) with a twelve-months maturity, in a principal amount of 2,112. • NO Series VI denominated and payable in pesos, accruing interest at a variable rate (BADLAR plus 6%) with an eighteen-months maturity, in a principal amount of 2,150. • NO Series VII denominated in dollars and payable in pesos, accruing interest at a fixed rate of 5%, with a twelve-months maturity, in a principal amount of US$ 9.9 million. • Additional NO Series XLVI accruing interest at a variable rate (BADLAR plus 6%) maturing on 2021, in a principal amount of 4,105. On March 4, 2020, the Company issued the following NOs: • NO Series VIII denominated and payable in dollars, accruing interest at a fixed rate of 5%, with a twelve-months maturity, in a principal amount of U$S 8.9 million. • NO Series IX denominated and payable in dollars, accruing interest at a fixed rate of 6%, with a twelve-months maturity, in a principal amount of U$S 3.9 million. • Additional NO Series VI accruing interest at a variable rate (BADLAR plus 6%) maturing on July 2021, in a principal amount of 2,856. • On April 17, 2020, the Company issued the following NOs: - NO Series X denominated and payable in pesos, accruing interest at a variable rate (BADLAR plus 3%) with a three-months maturity, in a principal amount of 993. - Additional NO Series III denominated and payable in pesos, accruing interest at a variable rate (BADLAR plus 6%) maturing on December 2020, in a principal amount of 496. Since the start of 2020, there has been a developing outbreak of COVID-19, impacting negatively on demand of refined products in those geographies where severe measures to control the virus spread were taken. Furthermore, during March recent global developments and uncertainty in crude oil supply have caused abnormally large volatility in commodity markets. Since March 20, 2020, the Argentine Government adopted certain measures in order to protect the general population and fight the disease. These measures imposed a general restriction on the economic activity with some exceptions, which included, among others, price controls, the prohibition of dismissals without just cause and for reasons of lack or reduction of work and force majeure for a period of 60 days, general restriction on displacement during certain periods in Argentina, general travel restrictions, suspension of visas, nation-wide lockdowns, closing of public and private institutions, suspension of sporting events, restrictions to the operation of museums and tourist attractions and extension of holidays. Since the implementation of such measures, the demand of gasoline and diesel has decreased approximately 70% and 40% respectively, as average on a daily basis compared with demand in previous days to the measures, affecting the results of operations and cash flows of the Group. As of the date of these financial statements, due to uncertainties inherent to the scale and duration of these developments it is not reasonably possible to estimate the final negative impact this pandemic will have in the world economy and its financial markets, in the Argentinean economy, and consequently in the results of operations, cash flows and financial position of the Group. As of the date of issuance of these consolidated financial statements, there are no other significant subsequent events that require adjustments or disclosure in the financial statements of the Group as of December 31, 2019, or their description in note to these consolidated financial statements, which were not already considered in such consolidated financial statements according to IFRS. The consolidated financial statements as of December 31, 2019, presented for regulatory purposes before the CNV, have been approved by by the next annual shareholders’ meeting. These consolidated financial statements, which comprise those presented before the CNV on March 5, 2020, and an update of Note 38 – “Subsequent events” and the inclusion of Note 39 – “Supplemental information on oil and gas producing activities (unaudited)”, have been approved by Management on April 24, 2020. |
Supplemental Information on Oil
Supplemental Information on Oil and Gas Producing Activities (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
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Supplemental Information on Oil and Gas Producing Activities (Unaudited) | 39. SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) The following information is presented in accordance with ASC No. 932 “Extractive Activities – Oil and Gas”, as amended by ASU 2010 – 03 “Oil and Gas Reserves. Estimation and Disclosures , ” issued by FASB in January 2010. Oil and gas reserves Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations) prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within reasonable time. In some cases, substantial investments in new wells and related facilities may be required to recover proved reserves. Information on net proved reserves as of December 31, 2019, 2018 and 2017 was calculated in accordance with the SEC rules and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 932, as amended. Accordingly, crude oil prices used to determine reserves were calculated each month for crude oils of different quality produced by the Company. Consequently, to calculate our net proved reserves as of December 31, 2019, the Company considered the realized prices for crude oil in the domestic market taking into account the effect of export taxes as in effect as of each of the corresponding years (until 2021, in accordance with Law 27,541). For the years beyond the mentioned periods, the Company considered the unweighted average price of the first-day-of-the-month Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company considered the domestic market realized prices 12 months average, according to the SEC rules and FASB’s ASC 932 rules. Notwithstanding the foregoing, commodity prices have fluctuated significantly since 201 6 . Net reserves are defined as that portion of the gross reserves attributable to the interest of YPF after deducting interests owned by third parties. In determining net reserves, the Group excludes from its reported reserves royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a third party, whether payable in cash or in kind, are a financial obligation, or are substantially equivalent to a production or severance tax, the related reserves are not excluded from the reported reserves despite the fact that such payments are referred to as “royalties” under local rules. The same methodology is followed in reporting our production amounts. Gas reserves exclude the gaseous equivalent of liquids expected to be removed from the gas on concessions and leases, at field facilities and at gas processing plants. These liquids are included in net proved reserves of natural gas liquids. Technology used in establishing proved reserves additions in 2019 YPF’s estimated proved reserves are based on estimates generated through the integration of available and appropriate data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results. Data used in these integrated assessments include information obtained directly from the subsurface via wellbore, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also include subsurface information obtained through indirect measurements, including high quality 2-D 3-D-seismic . Changes in YPF’s Estimated Net Proved Reserves The table below sets forth information regarding changes in YPF’s net proved reserves during 2019, 2018 and 2017, by hydrocarbon product. 2019 2018 2017 Oil and Condensate Worldwide Argentina Other Worldwide Argentina Other Worldwide Argentina Other (Millions of barrels) Consolidated entities At January 1, 582 582 — 422 422 — 525 525 — Developed 339 339 — 286 286 — 380 380 — Undeveloped 243 243 — 136 136 — 145 145 — Revisions of previous estimates (1) 21 21 * 126 126 — (72 ) (72 ) — Extensions and discoveries 86 86 — 103 103 — 19 19 — Improved recovery 8 8 — 15 15 — 33 33 — Purchase of minerals in place — — — — — — — — — Sale of minerals in place (1 ) (1 ) — (1 ) (1 ) — — — — Production for the year (2) (83 ) (83 ) * (83 ) (83 ) — (83 ) (83 ) — At December 31, (3) 613 613 — 582 582 — 422 422 — Developed 301 301 — 339 339 — 286 286 — Undeveloped 312 312 — 243 243 — 136 136 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (1) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) — — — — — — — — — At December 31, (3) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 339 339 — 286 286 — 380 380 — Undeveloped 243 243 — 136 136 — 145 145 — Total 582 582 — 422 422 — 525 525 — At December 31, Developed 301 301 — 339 339 — 286 286 — Undeveloped 312 312 — 243 243 — 136 136 — Total 613 613 — 582 582 — 422 422 — * Not material (less than 1). (1) Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves is considered prospectively in the calculation of depreciation. (2) Crude oil production for the years 2019, 2018 and 2017 includes an estimated approximately 12, 12 and 12 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. (3) Proved crude oil reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 88, 83 and 61 mmbbl, respectively, in respect of royalty payments which, as described above, are a financial obligation , 2019 2018 2017 Natural Gas Liquids Worldwide Argentina Other Worldwide Argentina Other foreign Worldwide Argentina Other foreign (Millions of barrels) Consolidated entities At January 1, 56 56 — 58 58 — 68 68 — Developed 41 41 — 47 47 — 53 53 — Undeveloped 15 15 — 11 11 — 15 15 — Revisions of previous estimates (1) 4 4 — (1 ) (1 ) — 4 4 — Extensions and discoveries 14 14 — 13 13 — 5 5 — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) (14 ) (14 ) — (14 ) (14 ) — (19 ) (19 ) — At December 31, (3) 60 60 — 56 56 — 58 58 — Developed 38 38 — 41 41 — 47 47 — Undeveloped 22 22 — 15 15 — 11 11 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (1) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) — — — — — — — — — At December 31, (3) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 41 41 — 47 47 — 53 53 — Undeveloped 15 15 — 11 11 — 15 15 — Total 56 56 — 58 58 — 68 68 — At December 31, Developed 38 38 — 41 41 — 47 47 — Undeveloped 22 22 — 15 15 — 11 11 — Total 60 60 — 56 56 — 58 58 — * Not material (less than 1). (1) Revisions in estimates of reserves are performed at least once a year. Revision of oil and gas reserves is considered prospectively in the calculation of depreciation. (2) Natural gas liquids production for the years 2019, 2018 and 2017 includes an estimated approximately 1, 2 and 2 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. (3) Proved natural gas liquids reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 6, 8 and 6 mmbbl, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. 2019 2018 2017 Natural gas Worldwide Argentina Other Worldwide Argentina Other foreign Worldwide Argentina Other foreign (Billions of standard cubic feet) Consolidated entities At January 1, 2,481 2,481 — 2,520 2,520 — 2,923 2,923 — Developed 1,915 1,915 — 1,850 1,850 — 2,143 2,143 — Undeveloped 566 566 — 670 670 — 780 780 — Revisions of previous estimates (1) (104 ) (104 ) — 178 178 — (161 ) (161 ) — Extensions and discoveries 384 384 — 329 329 — 313 313 — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — 12 12 — Sale of minerals in place (8 ) (8 ) — (4 ) (4 ) — — — — Production for the year (2) (512 ) (512 ) — (542 ) (542 ) — (567 ) (567 ) — At December 31, (3) (4) 2,241 2,241 — 2,481 2,481 — 2,520 2,520 — Developed 1,743 1,743 — 1,915 1,915 — 1,850 1,850 — Undeveloped 498 498 — 566 566 — 670 670 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (1) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) — — — — — — — — — At December 31, (3) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 1,915 1,915 — 1,850 1,850 — 2,143 2,143 — Undeveloped 566 566 — 670 670 — 780 780 — Total 2,481 2,481 — 2,520 2,520 — 2,923 2,923 — At December 31, Developed 1,743 1,743 — 1,915 1,915 — 1,850 1,850 — Undeveloped 498 498 — 566 566 — 670 670 — Total 2,241 2,241 — 2,481 2,481 — 2,520 2,520 — * Not material (less than 1 ). (1) Revisions in estimates of reserves are performed at least once a year. Revision of natural gas reserves is considered prospectively in the calculation of depreciation. (2) Natural gas production for the years 2019, 2018 and 2017 includes an estimated approximately 60, 61 and 64 bcf, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. (3) Proved natural gas reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 259, 288 and 289 bcf, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. (4) Proved natural gas reserves of consolidated entities and equity-accounted entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 321, 349 and 364 bcf, respectively, which is consumed as fuel at the field. 2019 2018 2017 Oil equivalent (1) Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign (Millions of barrels of oil equivalent) Consolidated entities At January 1, 1,080 1,080 — 929 929 — 1,113 1,113 — Developed 722 722 — 663 663 — 815 815 — Undeveloped 358 358 — 266 266 — 298 298 — Revisions of previous estimates (2) 7 7 * 157 157 — (96 ) (96 ) — Extensions and discoveries 169 169 — 174 174 — 80 80 — Improved recovery 8 8 — 15 15 — 32 32 — Purchase of minerals in place — — — — — — 2 2 — Sale of minerals in place (3 ) (3 ) — (2 ) (2 ) — — — — Production for the year (3) (188 ) (188 ) * (193 ) (193 ) — (202 ) (202 ) — At December 31, (4) 1,073 1,073 — 1,080 1,080 — 929 929 — Developed 650 650 — 722 722 — 663 663 — Undeveloped 423 423 — 358 358 — 266 266 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (2) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (3) — — — — — — — — — At December 31, (4) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 722 722 — 663 663 — 815 815 — Undeveloped 358 358 — 266 266 — 298 298 — Total 1,080 1,080 — 929 929 — 1,113 1,113 — At December 31, Developed 650 650 — 722 722 — 663 663 — Undeveloped 423 423 — 358 358 — 266 266 — Total 1,073 1,073 — 1,080 1,080 — 929 929 — * Not material (less than 1) . (1) Volumes of natural gas have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel. (2) Revisions in estimates of reserves are performed at least once a year. Revision of crude oil, natural gas liquids and natural gas reserves are considered prospectively in the calculation of depreciation. (3) Barrel of oil equivalent production of consolidated entities for the years 2019, 2018 and 2017 includes an estimated approximately 24, 24 and 25 mmboe, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. (4) Proved oil equivalent reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 140, 143 and 119 mmboe, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. The paragraphs below explain in further detail the most significant changes in our proved reserves during 2019, 2018 and 2017. Changes in our estimated proved reserves during 2019 Extensions and Discoveries As a result of wells drilled in unproved reserves and resources areas , Main proved undeveloped reserves additions are related to Unconventional activities in the Neuquina basin, while proved developed reserves contributions come in most cases from the Neuquina and San Jorge basin executed projects. Improved Recovery A total of approximately 8 mmboe of proved reserves were added mainly due to new projects and positive production response. Main contributions came from Neuquina basin where addition s were Sales and Acquisitions As a net result of Sales and Acquisitions, 3 mmboe of proved reserves were reduced. The decrease in these Revisions of Previous Estimates During 2019, the Company’s proved reserves were revised upwards by 7 mmboe (21 mmbbl of crude oil, 4 mmbbl of NGL and a decrease of 103 bcf of natural gas). The main revisions to proved reserves have been due to the following: • As a result of in 2019 p r • Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of approximately 33 mmboe to proved developed reserves, according to new reserves estimates, mainly in the Neuquina and Golfo San Jorge basins. • Change of development strategy in certain areas which resulted in a downwards revision of 42 mmboe from previous projects, mainly from Neuquina, Austral and Golfo San Jorge basins. • Revision of Vaca Muerta development project at Loma Campana field, which resulted in an upward revision of 19 mmboe. • Some primary and improved recovery oil projects development schedules were modified or canceled, resulting in a 6 mmboe proved undeveloped reserves reduction, mainly in Golfo San Jorge and Neuquina basins Changes in our estimated proved reserves during 2018 Extensions and Discoveries As a result of wells drilled in unproved reserves and resources areas , Main proved undeveloped reserves additions are related to Unconventional and Tight Gas activities in the Neuquina basin, while proved developed reserves contributions come in most cases from the Neuquina, Noroeste and San Jorge basin projects. Improved Recovery A total of approximately 15 mmboe of proved reserves were added mainly due to new projects and positive production response. Main contributions come from Golfo San Jorge basin where s ere Sales and Acquisitions As a net result of Sales and Acquisitions, 1.4 mmboe of proved developed reserves were reduced. The decre ase in these Revisions of Previous Estimates During 2018, the Company’s proved reserves were revised upwards by 156 mmboe (126 mmbbl of crude oil and 178 bcf of natural gas and a decrease of 1 mmbbl of NGL). The main revisions to proved reserves have been due to the following: • As a result of higher average oil and gas prices and lower operating costs in 2018 p d r • New economic scenario also improved scheduled projects economics, resulting in a 48 mmboe Proved Undeveloped Reserves incorporation mainly from oil fields of Golfo San Jorge Basin (33 mmboe) and Neuquina basin (15 mmboe). • Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of approximately 33 mmboe to proved developed reserves, according to new reserves estimates, mainly in the Neuquina and Golfo San Jorge basins. • Change of development strategy in certain areas which resulted in a downwards revision of 43 mmboe from previous projects, mainly from Neuquina, Austral and Golfo San Jorge basins. • Some primary and improved recovery oil projects development schedules were modified or canceled, resulting in a 5 mmboe proved undeveloped reserves reduction, mainly in Austral, Golfo San Jorge and Cuyana basins. • Changes in gas compression projects which resulted in a 5 mmboe reduction of proved undeveloped reserves, mainly from Neuquina basin. • Net production results and forecasts from existing and new wells were lower than expected, resulting in a 13 mmboe reduction of proved reserves. Main differences were found in Neuquina basin. Changes in our estimated proved reserves during 2017 Extensions and Discoveries As a result of wells drilled in unproved reserves and resources areas , Main proved undeveloped reserves additions are related to Unconventional and Tight Gas activities in the Neuquina basin, while proved developed reserves contributions come in most cases from the Neuquina and San Jorge basin projects. Improved Recovery A total of approximately 32 mmboe of proved reserves were added mainly due to new projects and positive production response. Main contributions come from Neuquina basin (5.4 mmboe of proved developed and 10 mmboe of proved undeveloped reserves) while Golfo San Jorge basin addition s ere Sales and Acquisitions As a net result of Sales and Acquisitions, 2.3 mmboe of proved developed reserves were added. The increase in these reserves is related to the to change in participation for Aguada de la Arena field. Revisions of Previous Estimates During 2017, the Company’s proved reserves were revised downwards by 96 mmboe (71 mmbbl of crude oil and 161 bcf of natural gas and an increase of 4 mmbbl of NGL). The main revisions to proved reserves have been due to the following: • As a result of lower average oil and gas prices and higher operating costs in 2017 p d r (-60 ) (-25 (-14 • New economic scenario also affected scheduled projects economics, resulting in a 20 mmboe Proved Undeveloped Reserves reduction mainly from oil fields of Neuquina basin (-15 (-3 • Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of 25 mmboe to proved developed reserves, according to new reserves estimates. Upward revisions of 48 mmboe are primarily due to better than expected well performance mainly in the Neuquina basin (31 mmboe) and Golfo San Jorge basin (14 mmboe). Downward revisions of approximately 23 mmboe are mainly related to performance updates in certain wells in the Neuquina basin. • A total volume of 5.6 mmboe of proved reserves was added due to feasibility studies performed to include new projects to field development plans, mainly in Golfo San Jorge basin (3.5 mmboe) and Neuquina basin (2.1 mmboe). • Net production results and forecasts from some new wells were lower than expected, resulting in a 7 mmboe reduction of proved reserves. Main differences were found in Neuquina and Golfo San Jorge basins. • As a better than expected WO jobs performance, 4.2 mmboe of Proved Reserves were added, mainly in Golfo San Jorge and Neuquina basins. Capitalized costs The following tables set forth capitalized costs, along with the related accumulated depreciation and allowances as of December 31, 2019, 2018 and 2017: 2019 2018 2017 Consolidated capitalized costs Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Proved oil and gas properties Mineral property, wells and related equipment ( 1 ) 2,693,690 2,033 2,695,723 1,594,064 — 1,594,064 770,461 — 770,461 Support equipment and facilities 80,012 — 80,012 47,224 — 47,224 22,171 — 22,171 Drilling and work in progress (2) 142,122 — 142,122 80,737 — 80,737 40,567 — 40,567 Unproved oil and gas properties 30,012 — 30,012 14,909 1,241 16,150 6,189 558 6,747 Total capitalized costs 2,945,836 2,033 2,947,869 1,736,933 1,241 1,738,174 839,388 558 839,946 Accumulated depreciation and valuation allowances ( 3 ) (2,239,487 ) (1,973 ) (2,241,460 ) (1,283,840 ) (489 ) (1,284,328 ) (600,086 ) — (600,086 ) Net capitalized costs 706,349 60 706,409 453,093 752 453,846 239,302 558 239,860 (1) Includes 24,468 corresponding to all Upstream contracts, excepted for Drilling Contracts (2) comprised in right-of-use assets (IFRS 16). (2) Includes 11,032 corresponding to Drilling contracts comprised in right-of-use assets (IFRS 16). (3) Includes (8,841) corresponding to Accumulated Depreciation of all Upstream contracts of right-of-use assets (IFRS 16). There is no Group’s share in equity method investees’ capitalized costs during the years ended December 31, 2019, 2018 and 2017. Costs incurred The following tables set forth the costs incurred for oil and gas producing activities during the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Consolidated costs incurred Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Acquisition of unproved properties 4,171 — 4,171 276 — 276 — — — Acquisition of proved properties — — — 166 — 166 154 — 154 Exploration costs 9,115 771 9,886 7,283 381 7,664 3,302 149 3,451 Development costs ( 1 ) 132,289 — 132,289 53,553 — 53,553 39,039 — 39,039 Total costs incurred 145,575 771 146,346 61,278 381 61,659 42,495 149 42,644 (1) Includes 18,547 corresponding to additions of Upstream contracts comprised in right-of-use assets (IFRS 16). There is no Group’s share in equity method ’ costs incurred during the years ended December 31, 2019, 2018 and 2017. Results of operations from oil and gas producing activities The following tables include only the revenues and expenses directly associated with oil and gas producing activities. It does not include any allocation of the interest costs or corporate overhead and, therefore, is not necessarily indicative of the contribution to net earnings of the oil and gas operations. Differences between these tables and the amounts shown in Note 5 “Segment information”, for the exploration and production business unit, relate to additional operations that do not arise from those properties held by the Group. 2019 2018 2017 Consolidated results of operations Argentina Other Foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Net sales to unaffiliated parties 1,949 120 2,069 3,085 — 3,085 521 — 521 Net intersegment sales 286,585 — 286,585 207,480 — 207,480 115,955 — 115,955 Total net revenues 288,534 120 288,654 210,565 — 210,565 116,476 — 116,476 Production costs (164,562 ) ( 1 ) (242 ) (164,804 ) (114,381 ) — (114,381 ) (69,944 ) — (69,944 ) Exploration expenses (6,045 ) (734 ) (6,779 ) (5,185 ) (224 ) (5,409 ) (2,279 ) (168 ) (2,447 ) Depreciation of property, plant and equipment; intangible and right-of-use assets (124,977 ) ( 2 ) (980 ) (125,957 ) (72,044 ) — (72,044 ) (45,277 ) — (45,277 ) Impairment of Property, plant and equipment (40,561 ) — (40,561 ) 3,265 (365 ) 2,900 5,032 — 5,032 Other (6,569 ) (56 ) (6,625 ) (2,839 ) (168 ) (3,007 ) (2,706 ) — (2,706 ) Pre-tax (54,180 ) (1,892 ) (56,072 ) 19,381 (757 ) 18,624 1,302 (168 ) 1,134 Income tax expense / benefit 16,254 417 16,671 (5,814 ) 227 (5,587 ) (456 ) 59 (397 ) Results of oil and gas producing activities (37,926 ) (1,475 ) (39,401 ) 13,567 (530 ) 13,037 846 (109 ) 737 (1) Includes Ps 6,680 million corresponding to short term leases and variable lease payments related to the use of assets. For more information See Note 2.b.12) to the Audited Consolidated Financial Statements. (2) Includes Ps (6,060) million corresponding to depreciation of right-of-use assets (IFRS 16). There is no Group’s share in equity method investees’ results of operations during the years ended December 31, 2019, 2018 and 2017. Standardized measure of discounted future net cash flows The standardized measure is calculated as the excess of future cash inflows from proved reserves less future costs of producing and developing the reserves, future income taxes and a discount factor. Future cash inflows represent the revenues that would be received from production of year-end year-end For the year ended December 31, 2019, the Company considered the realized prices for crude oil in the domestic market taking into account the effect of export taxes as in effect as of each of the corresponding years (until 2021, in accordance with Law 27,541). For the years beyond the mentioned periods, the Company considered the unweighted average price of the first-day-of-the-month Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company considered the realized prices in the domestic market according to the SEC rules and FASB’s ASC 932 rules, but also taking into account the effect of certain market regulations set forth mainly during the second half of the year for certain natural gas segments. Future production costs include the estimated expenditures related to production of the proved reserves, plus any production taxes without consideration of future inflation. Future development costs include the estimated costs of drilling development wells and installation of production facilities, plus the net costs associated with dismantling and abandonment of wells, assuming year-end costs continue without consideration of future inflation. Future income taxes were determined by applying statutory rates to future cash inflows less future production costs and less tax depreciation of the properties involved. The present value was determined by applying a discount rate of % per year to the annual future net cash flows. The future cash inflows and outflows in foreign currency have been remeasured at the selling exchange rate of Argentine pesos 59.79 as of December 31, 201 9 The standardized measure does not purport to be an estimate of the fair market value of the Group’s proved reserves. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated changes in future prices and costs and a discount factor representative of the time value of money and the risks inherent in producing oil and gas. 2019 2018 2017 Consolidated standardized measure of discounted future net cash flows Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Future cash inflows (1) 2,545,028 — 2,545,028 1,786,896 — 1,786,896 564,396 — 564,396 Future production costs (1,333,468 ) — (1,333,468 ) (913,980 ) — (913,980 ) (349,819 ) — (349,819 ) Future development costs (482,015 ) — (482,015 ) (304,448 ) — (304,448 ) (128,885 ) — (128,885 ) Future income tax expenses (120,966 ) — (120,966 ) (121,388 ) — (121,388 ) (2,324 ) — (2,324 ) 10% annual discount for estimated timing of cash flows (227,670 ) — (227,670 ) (138,847 ) — (138,847 ) (16,935 ) — (16,935 ) Total standardized measure of discounted future net cash flows 380,909 — 380,909 308,233 — 308,233 66,433 — 66,433 (1) For the years ended December 31, 2019, future cash inflows are stated net of the effect of withholdings on exports until 2021 in accordance with Law No. 27,541. For the years ended December 31, 2018, future cash inflows are stated net of the effect of withholdings on exports until 2020 in accordance with Decree No. 793/2018. For the years ended December 31, 2017, future cash inflows are stated net of the effect of withholdings on exports until 2017 in accordance with Law No. 26,732. There is no Group’s share in equity method investees’ standardized measure of discounted future net cash flows during the years ended December 31, 2019, 2018 and 2017. Changes in the standardized measure of discounted future net cash flows The following table reflects the changes in standardized measure of discounted future net cash flows for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Beginning of year 308,233 66,433 106,411 Sales and transfers, net of production costs (197,278 ) (62,115 ) (53,759 ) Net change in sales and transfer prices, net of future production costs (239,226 ) 68,651 (74,046 ) Changes in reserves and production rates (timing) (26,496 ) 111,137 15,495 Net changes for extensions, discoveries and improved recovery 228,354 160,784 28,489 Net change due to purchases and sales of minerals in place (1,152 ) (730 ) — Changes in estimated future development and abandonment costs (82,799 ) (71,368 ) (32,052 ) Development costs incurred during the year that reduced future development costs 102,784 39,780 22,475 Accretion of discount 43,534 11,490 9,724 Net change in income taxes 66,705 (80,832 ) 25,920 Others ( 1 ) 178,250 65,003 17,776 End of year 380,909 308,233 66,433 (1) Corresponds mainly to exchange differences arising from the translation of our cashflows in the functional currency to the presentation currency. There is no Group’s share in equity method investees’ changes in the standardized measure of discounted future net cash flows during the years ended December 31, 2019, 2018 and 2017. |
Basis of Preparation of the C_2
Basis of Preparation of the Consolidated Financial Statements (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Functional and reporting currency and tax effect on Other comprehensive income | 2.b.1) Functional and reporting currency and tax effect on Other comprehensive income Functional currency YPF, based on parameters set out in IAS 21 “The effects of change in foreign exchange rates”, has defined the U.S. dollar as its functional currency. Consequently, non-monetary Transactions in currencies other than the functional currency of the Company are deemed to be “foreign currency transactions” and are remeasured into functional currency by applying the exchange rate prevailing at the date of the transaction (or, for practical reasons and when exchange rates do not fluctuate significantly, the average exchange rate for each month). At the end of each fiscal year or at the time of payment, the balances of monetary assets and liabilities in currencies other than the functional currency are measured at the exchange rate prevailing at such date and the exchange differences arising from such measurement are recognized as “Net financial results” in the consolidated statement of comprehensive income for the fiscal year in which they arise. Assets, liabilities and results of subsidiaries, associates and joint ventures are shown in their respective functional currencies. The effects of the conversion into U.S. dollars of the financial information of those companies whose functional currency is other than the U.S. dollar are recorded as “Other comprehensive income” in the Consolidated Statement of Comprehensive Income. Presentation currency According to CNV Resolution No. 562, the Company must present its financial statements in pesos. Therefore, the financial statements prepared in the Company’s functional currency are translated into the presentation currency, as per the following procedures: • Assets and liabilities of each of the balance sheets presented are translated using the exchange rate on the balance sheet closing date; • Items of the consolidated statement of comprehensive income are translated using the exchange rate at the time the transactions were generated (or, for practical reasons, and provided the exchange rate has not changed significantly, using each month’s average exchange rate); • All translation differences resulting from the foregoing are recognized under “Other Comprehensive Income” in the statement of comprehensive income. Effects of the translation of investments in subsidiaries, associates and joint ventures with functional currency corresponding to a hyperinflationary economy Under IAS 21, the financial statements of a subsidiary with the functional currency of a hyperinflationary economy have to be restated according to IAS 29 before they are included in the consolidated financial statements of its parent company with a functional currency of a non-hyperinflationary Following the aforementioned guidelines, the results and financial position of subsidiaries with the Peso as functional currency were translated into U.S. dollars by the following procedures: all amounts (i.e., assets, liabilities, stockholders’ equity items, expenditures and revenues) were translated at the exchange rate effective at the closing date of the financial statements, except for comparative amounts, which were presented as current amounts in the financial statements of the previous fiscal year (i.e., these amounts were not be adjusted to reflect subsequent variations in price levels or exchange rates). Thus, the effect of the restatement of comparative amounts was recognized in other comprehensive income. These criteria were also implemented by the Group for its investments in associates and joint ventures. When an economy ceases to be hyperinflationary and an entity ceases to restate its financial statements in accordance with IAS 29, it will use the amounts restated according to the price level of the date on which the entity ceased to make such restatement as historical costs, in order to translate them into the presentation currency. Tax effect on Other Comprehensive Income Results included in Other Comprehensive Income in connection with translation differences and result from net monetary position generated by investments in subsidiaries, associates and joint ventures whose functional currency is other than U.S. dollar as well as conversion differences arising from the translation of YPF’s financial statements into its presentation currency (Pesos), have no effect on the income tax or in the deferred tax since at the time they were generated, the relevant transactions did not make any impact on net accounting result nor in taxable result. |
Financial Assets | 2.b.2) Financial Assets Classification In accordance with IFRS 9 “Financial instruments”, the Group classifies its financial assets into two categories: • Financial assets at amortized cost Financial assets are measured at amortized cost if both of the following criteria are met: (i) the objective of the Group’s business model is to hold the assets to collect the contractual cash flow, and (ii) the contractual terms only require specific dates for payments of principal and interest. In addition, and for assets that meet the aforementioned conditions, IFRS 9 contemplates the option of designating, at the time of the initial recognition, an asset as measured at its fair value, if doing so would eliminate or significantly reduce the valuation or recognition inconsistency that could arise in the event that the valuation of the assets and liabilities or the recognition of profit or losses resulting therefrom be carried out on different bases. The Group has not designated a financial asset at fair value by using this option. As of the closing date of these consolidated financial statements, the Group’s financial assets at amortized cost include certain elements of cash and cash equivalents, trade receivables and other receivables. • Financial assets at fair value through profit or loss If either of the two criteria above are not met, the financial asset is classified as an asset measured “at fair value through profit or loss”. As of the closing date of these consolidated financial statements, the Group’s financial assets at fair value through profit or loss include mutual funds and public securities. Recognition and measurement Purchases and sales of financial assets are recognized on the date on which the Group commits to purchase or sell the assets. Financial assets are recognized when the rights to receive cash flows from the investments and the risks and rewards of ownership have expired or have been transferred. Financial assets at amortized cost are initially recognized at fair value plus transaction costs. These assets accrue interest based on the effective interest rate method. Financial assets at their fair value through profit or loss are initially recognized at fair value and transaction costs are recognized as an expense in the statement of comprehensive income. They are subsequently valued at fair value. Changes in fair values and results from sales of financial assets at fair value through profit or loss are recorded in “Net financial results” in the statement of comprehensive income. In general, the Group uses the transaction price to ascertain the fair value of a financial instrument on initial recognition. In other cases, the Group records a profit or loss on initial recognition only if the fair value of the financial instrument can be supported by other comparable and observable market transactions for the same type of instrument or if it is based in a technical valuation that only inputs observable market information. Unrecognized profits or losses on initial recognition of a financial asset are recognized later on, only to the extent they arise from a change in the factors (including time) that market participants would consider upon setting the price. Profit or loss on debt instruments measured at amortized cost and not included for hedging purposes are charged to income when the financial assets are derecognized or an impairment loss is recognized and during the amortization process using the effective interest rate method. The Group reclassifies all investments on debt instruments only when its business model for managing those assets changes. Impairment of financial assets The Group assesses the impairment of its financial assets according to the expected credit losses model. The impairment methodology applied depends on whether there has been a significant increase in credit risk. For trade receivables, the Group applies the simplified approach allowed by IFRS 9, which requires expected lifetime losses to be recognized from initial recognition of the receivables. See Note 2.b.18. Offsetting financial instruments Financial assets and liabilities are offset when there is a legally enforceable right to offset the recognized amounts and there is an intention to settle on a net basis, or realize the asset and settle the liability simultaneously. |
Inventories | 2.b.3) Inventories Inventories are valued at the lower value between their cost and their net realizable value. Cost includes acquisition costs (less trade discount, rebates and other similar items), transformation and other costs, which have been incurred when bringing the inventory to its present location and condition. The net realizable value is the estimated selling price in the ordinary course of business less selling expenses. In the case of refined products, costs are allocated in proportion to the selling price of the related products (isomargen method) due to the difficulty for distributing the production costs to each product. Raw materials, packaging and other inventory are valued at their acquisition cost. The Group assesses the net realizable value of the inventories at the end of each fiscal year and recognizes in profit or loss in the consolidated statement of comprehensive income the appropriate valuation adjustment if the inventories exceed their net realizable value. When the circumstances that previously caused impairment no longer exist or when there is clear evidence of an increase in the inventories’ net realizable value because of changes in economic circumstances, the amount of a write-down is reversed. |
Intangible assets | 2.b.4) Intangible assets The Group initially recognizes intangible assets at their acquisition or development cost. This cost is amortized on a straight-line basis over the useful lives of these assets. At the end of each year, such assets are measured at their acquisition or development cost, considering the criteria adopted by the Group in the transition to IFRS, less its respective accumulated amortization and, if applicable, impairment losses. The main intangible assets of the Group are as follows: i. Service concessions arrangements Includes transportation and storage concessions. These assets are valued at their acquisition cost, considering the criteria adopted by the Group in the transition to IFRS, net of accumulated amortization. They are depreciated using the straight-line method during the course of the concession period. The Argentine Hydrocarbons Law allows the PEN to award 35-year concessions for the transportation of oil, gas and petroleum products following submission of competitive bids. The term of a transportation concession may be extended for an additional ten-year term. • Transport oil, gas and petroleum products; • Build and operate pipelines for oil, gas and their derivatives, storage facilities, pump stations, compressor plants, roads, railways and other facilities and equipment necessary for the efficient operation of a pipeline system. In addition, a transportation concession holder is under an obligation to transport hydrocarbons to third parties, without discrimination, in exchange for a tariff. This obligation, however, is applicable to oil or gas producers only to the extent the concession holder has available additional capacity, and is expressly subject to the transportation requirements of the concession holder. Transportation tariffs are subject to approval by the SE for oil and petroleum derivatives pipelines, and by ENARGAS, for gas pipelines. Upon expiration of a transportation concession, oil pipelines and related facilities revert to the Argentine Government, without any payment to the concession holder. In connection with the foregoing, the Privatization Law granted the Company 35-year • La Plata / Dock Sud • Puerto Rosales / La Plata • Monte Cristo / San Lorenzo • Puesto Hernández / Luján de Cuyo • Luján de Cuyo / Villa Mercedes Thus, assets meeting certain requirements set forth by the IFRIC 12, which the Company Management’s judgment are met in the facilities mentioned in the preceding paragraphs, are recognized as intangible assets. ii. Exploration rights The Group classifies exploration rights as intangible assets, which are valued at their cost, considering the deemed cost criteria adopted by the Group in the transition to IFRS, net of the related impairment, if applicable. Investments related to unproved oil reserves or fields under evaluation are not depreciated. These investments are reviewed for impairment at least once a year, or whenever there are indicators that the assets may have become impaired. Any impairment loss or reversal is recognized in the consolidated statement of comprehensive income. Exploration costs (geological and geophysical expenditures, expenditures associated with the maintenance of unproved reserves and other expenditures relating to exploration activities), excluding exploratory well drilling costs, are charged to expense in the consolidated statement of comprehensive income as incurred. iii. Other intangible assets This section mainly includes costs relating to computer software development expenditures, as well as assets that represent the rights to use technology and knowledge (“know how”) for the manufacture and commercial exploitation of equipment related to oil extraction. These items are valued at their acquisition cost, considering the deemed cost criteria adopted by the Group in the transition to IFRS, net of the related depreciation and impairment, if applicable. These assets are amortized on a straight-line basis over their useful lives, which range between 3 and 14 years. The Group reviews annually the mentioned estimated useful life. The Group has no intangible assets with indefinite useful lives as of December 31, 2019, 2018 and 2017. |
Investments in associates and joint ventures | 2.b.5) Investments in associates and joint ventures Investments in associates and joint ventures are valued using the equity method. According to this method, the investment is initially recognized at cost under “Investments in associates and joint ventures” in the statement of financial position, and the book value increases or decreases to recognize the investor’s interest in the income of the associate or joint venture after the acquisition date, which is reflected in the statement of comprehensive income under “Income from equity interests in associates and joint ventures”. The investment includes, if applicable, the goodwill identified in the acquisition. Associates are considered those in respect of which the Group has significant influence, understood as the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Significant influence is presumed in companies in which a company has an interest of 20% or more and less than 50%. Joint arrangements are contractual agreements through which the Group and the other party or parties have joint control. Under the provisions of IFRS 11, “Joint arrangements”, and IAS 28, “Investments in Associates and Joint Ventures”, investments in which two or more parties have joint control (defined as a “joint arrangement”) will be classified as either a joint operation (when the parties that have joint control have rights to the assets and obligations for the liabilities relating to the joint arrangement) or a joint venture (when the parties that have joint control have rights to the net assets of the joint arrangement). Considering such classification, joint operations will be proportionally consolidated and joint ventures will be accounted for under the equity method. Associates and joint ventures have been valued based upon the latest available financial statements of these companies as of the end of each year, taking into consideration, if applicable, significant subsequent events and transactions, available management information and transactions between the Group and the related company, which have produced changes on the latter’s shareholders’ equity. The dates of the financial statements of such related companies used in the consolidation process may differ from the date of the Company’s financial statements due to administrative reasons. The accounting principles and procedures used by associates and joint ventures have been homogenized, where appropriate, with those used by the Group in order to present the consolidated financial statements based on uniform accounting and presentation policies. The financial statements of associates and joint ventures whose functional currency is the currency of a hyperinflationary economy and/or different from the presentation currency are translated using the procedure set out in Note 2.b.1. Investments in companies in which the Group has no significant influence or joint control, are valued at cost. Investments in companies with negative shareholders’ equity are disclosed in the “Other Liabilities” account. On each closing date or upon the existence of signs of impairment, it is determined whether there is any objective evidence of impairment in the value of the investment in associates and joint ventures. If this is the case, the Group calculates the amount of the impairment as the difference between the recoverable value of associates and joint ventures and their book value, and recognizes the difference under “Income from equity interests in associates and joint ventures” in the statement of comprehensive income. The recorded value of investments in associates and joint ventures does not exceed their recoverable value. Note 10 details the investments in associates and joint ventures. |
Property, plant and equipment | 2.b.6) Property, plant and equipment General criteria Property, plant and equipment are valued at their acquisition cost, plus all the costs directly related to the location of such assets for their intended use, considering the deemed cost criteria adopted by the Group in the transition to IFRS. Borrowing costs of assets that require a substantial period of time to be ready for their intended use are capitalized as part of the cost of these assets until they are ready for their intended use or sale. Major inspections, necessary to restore the service capacity of the related asset are capitalized and depreciated on a straight-line basis over the period until the next overhaul is scheduled. The costs of renewals, betterments and enhancements that extend the useful life of properties and/or improve their service capacity are capitalized. As property, plant and equipment are retired, the related cost and accumulated depreciation are derecognized. Repair, conservation and ordinary maintenance expenses are recognized in the statement of comprehensive income as incurred. These assets are reviewed for impairment at least once a year, or whenever there are indicators that the assets may have become impaired, as detailed in Note 2.b.8. Depreciation Property, plant and equipment, other than those related to oil and gas production activities, are depreciated using the straight-line method, over the years of estimated useful life of the assets, as follows: Years of Estimated Buildings and other constructions 50 Refinery equipment and petrochemical plants 20-25 Infrastructure for natural gas distribution 20-50 Transportation equipment 5-25 Furniture, fixtures and installations 10 Selling equipment 10 Other property 10 Land is classified separately from the buildings or facilities that may be located on it and is deemed to have an indefinite useful life. Therefore, it is not depreciated. The Group reviews annually the estimated useful life of each class of assets. Oil and gas production activities The Group recognizes oil and gas exploration and production transactions using the “successful-efforts” method. The costs incurred in the acquisition of new interests in areas with proved and unproved reserves are capitalized as incurred under Mining properties, wells and related equipment. Costs related to exploration permits are classified as intangible assets. Exploration costs, excluding the costs associated with exploratory wells, are charged to expense as incurred. Costs of drilling exploratory wells, including stratigraphic test wells, are capitalized pending determination as to whether the wells have found proved reserves that justify commercial development. If such reserves are not found, the mentioned costs are charged to expense. Occasionally, an exploratory well may be determined to have found oil and gas reserves, but classification of those reserves as proved cannot be made. In those cases, the cost of drilling the exploratory well will continue to be capitalized if the well has found a sufficient quantity of reserves to justify its completion as a producing well, and the Group is making sufficient progress assessing the reserves as well as the economic and operating viability of the project. If any of the mentioned conditions are not met, the cost of drilling exploratory wells is charged to expense. In addition, the exploratory activity involves, in many cases, the drilling of multiple wells throughout several years in order to completely evaluate a project. As a consequence, some exploratory wells may be kept in evaluation for long periods, pending the completion of additional wells and exploratory activities needed to evaluate and quantify the reserves related to each project. The detail of the exploratory well costs in evaluation stage is described in Note 8. Drilling costs applicable to productive wells and to developmental dry holes, as well as tangible equipment costs related to the development of oil and gas reserves, have been capitalized. The capitalized costs described above are depreciated as follows: a) The capitalized costs related to productive activities have been depreciated by field on a unit-of-production b) The capitalized costs related to the acquisition of property and the extension of concessions with proved reserves have been depreciated by field on a unit-of-production Revisions in estimates of crude oil and gas proved reserves are considered prospectively in the calculation of depreciation. Revisions in estimates of reserves are performed at least once a year. Additionally, estimates of reserves are audited by external independent petroleum and gas engineers on a three-year rotation plan. Costs related to hydrocarbon well abandonment obligations Costs related to hydrocarbon well abandonment obligations are capitalized at their discounted value along with the related assets, and are depreciated using the unit-of-production current Environmental property, plant and equipment The Group capitalizes the costs incurred in limiting, neutralizing or preventing environmental pollution only in those cases where at least one of the following conditions is met: (a) the expenditure improves the safety or efficiency of an operating plant (or other productive assets); (b) the expenditure prevents or limits environmental pollution at operating facilities; or (c) the expenditure is incurred to prepare assets for sale and does not raise the assets’ carrying value above their estimated recoverable value. The environmental related property, plant and equipment and the corresponding accumulated depreciation are disclosed in the consolidated financial statements together with the other elements that are part of the corresponding property, plant and equipment which are classified according to their accounting nature. |
Provisions and contingent liabilities | 2.b.7) Provisions and contingent liabilities The Group makes a distinction between: i. Provisions Represent legal or assumed obligations arising from past events, the settlement of which is expected to give rise to an outflow of resources and whose amount and timing are uncertain. Provisions are recognized when the liability or obligation-giving rise to an indemnity or payment arises, to the extent that its amount can be reliably estimated and that the obligation to settle is probable or certain. Provisions include both obligations whose occurrence does not depend on future events (such as provisions for environmental liabilities and provision for hydrocarbon wells abandonment obligations); as well as obligations that are probable and can be reasonably estimated whose realization depends on the occurrence of future events that are out of the control of the Group (such as provisions for contingencies). The amount recorded as provision corresponds to the best estimate of expenditures required to settle the obligation, taking into consideration the relevant risks and uncertainties. See Note 15. ii. Contingent liabilities Represent possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence When a contract qualifies as onerous, the related unavoidable liabilities are recognized in the consolidated financial statements as provisions, net of the expected benefits. Except for provisions for hydrocarbon wells abandonment obligations, where the timing of settlement is estimated on the basis of the work plan of the Group, and considering the estimated production of each field (and therefore its abandonment), in relation to other noncurrent provisions, it is not possible to reasonably estimate a specific schedule of settlement of the provisions considering the characteristics of the concepts included. In relation to certain provisions and contingent liabilities, the Group, in accordance with the established exemption contemplated in IAS 37, has decided not to set forth certain critical information that could seriously impair it in the claims made by third parties. |
Impairment of property, plant and equipment and intangible assets | 2.b.8) Impairment of property, plant and equipment and intangible assets To evaluate the impairment of property, plant and equipment and intangible assets, the Group compares their carrying value with their recoverable amount at the end of each year, or more frequently, if there are indicators that the carrying value of an asset may not be recoverable. In order to assess impairment, assets are grouped into CGU, whereas the assets do not generate cash flows that are independent of those generated by other assets or CGU, considering regulatory, economic, operational and commercial conditions. The main CGUs into which assets have been grouped are indicated below: i. Upstream Segment The assets included in this segment have been grouped into CGU Oil, which groups the assets of YPF fields with crude oil reserves, and CGU Gas — Neuquina Basin; CGU Gas — Noroeste Basin and CGU Gas — Austral Basin which group the assets of fields with natural gas reserves, according to Argentina’s basins. ii. Gas and Power Segment The assets of this segment have been grouped into CGU Gas and Power YPF, which mainly includes the commercialization and regasification of natural gas; and CGU Metrogas, which includes assets related to natural gas distribution activities. Likewise, until March 31, 2018, there was the CGU YPF EE, which included the assets related to the generation and commercialization of electric energy. See Notes 3 and 5. iii. Downstream Segment The assets of this segment have been grouped in the CGU Downstream YPF, which mainly comprises the assets involved in crude oil refining (or supplementing that activity), the petrochemical industry and the marketing of such products. iv. Central Administration and Others It includes the CGU AESA, which primarily comprises the assets used for construction purposes related to the activities of the subsidiary. This aggregation is the best reflection of how the Group currently makes its assets management decisions for the generation of independent cash flows. The recoverable amount is the higher of the fair value less costs of disposal and the value in use. In assessing the value in use, the estimated future cash flows are discounted to their present value using a rate that reflects the weighted average cost of capital employed for each CGU. If the recoverable amount of a CGU is estimated to be less than its carrying amount, the carrying amount of the CGU is reduced to its recoverable amount, and an impairment loss is recognized in the consolidated statement of comprehensive income. Any impairment loss is allocated to the assets comprising the CGU on a pro-rata Upon the occurrence of new events or changes in existing circumstances, which prove that an impairment loss previously recognized could have disappeared or decreased, a new estimate of the recoverable amount of the corresponding asset is calculated to determine whether a reversal of the impairment losses recognized in previous fiscal years needs to be made. See Note 2.c. In the event of a reversal, the carrying amount of the asset (or the CGU) is increased to the revised estimate of its recoverable amount so that the increased carrying amount does not exceed the carrying amount that would have been determined in case no impairment loss had been recognized for the asset (or the CGU) in the past. |
Methodology used in the estimation of recoverable amounts | 2.b.9) Methodology used in the estimation of recoverable amounts The methodology used to estimate the recoverable amount of property, plant and equipment and intangible assets consists of using the higher of: i) the calculation of the value in use, based on expected future cash flows from the use of such assets, discounted at a rate that reflects the weighted average cost of capital, and, if available, ii) the price that would be received in a regular transaction between market participants to sell the asset as of the date of these consolidated financial statements, less the disposal costs of such assets. In the assessment of the value in use, cash flow forecasts based on the best estimate of income and expense available for each CGU using sector inputs, past results and future expectations of business evolution and market development are utilized. The most sensitive aspects included in the cash flows used in all the CGU are the purchase and sale prices of hydrocarbons (including applicable gas distribution fees), outstanding regulations, estimates of cost increases, personnel costs and investments. The cash flows from Upstream assets are generally projected for a period that covers the economically productive useful lives of the oil and gas fields and is limited by the contractual expiration of the concession permits, agreements or exploitation contracts. The estimated cash flows are based on production levels, commodity prices and estimates of the future investments that will be necessary in relation to undeveloped oil and gas reserves, production costs, field decline rates, market supply and demand, contractual conditions and other factors. The unproved reserves are weighted with risk factors, based on the type of each one of the Upstream assets. Downstream and Gas and Power cash flows are estimated on the basis of projected sales trends, contribution margins by unit, fixed costs and investment flows, in line with the expectations regarding the specific strategic plans of each business. However, cash inflows and outflows relating to planned restructurings or productivity enhancements are not considered. The projections’ evaluation horizon is 10 years, considering annual rent for the last period, based on the long useful life of these CGU assets. The reference prices considered are based on a combination of projected prices available in those markets where the Group operates, also taking into consideration specific circumstances that could affect different products the Group commercializes and management’s estimations and judgments. |
Employee benefit plans and share-based payments | 2.b.10) Employee benefit plans and share-based payments i. Retirement plan Effective March 1, 1995, the Group has established a defined contribution retirement plan that provides benefits for each employee who elects to join the plan. Each plan member will pay an amount between 3% and 10% of his monthly compensation, and the Group will pay an amount equal to that contributed by each member. The plan members will receive from the Group the contributed funds before retirement only in the case of voluntary termination under certain circumstances or dismissal without cause and, additionally, in case of death or incapacity. The Group has the right to discontinue this plan at any time, without incurring termination costs. ii. Objective performance bonus programs and performance evaluation programs These programs cover certain of the Group’s personnel. These bonuses are based on compliance with corporate objectives, business unit objectives and individual performance. They are calculated considering the annual compensation of each employee, certain key factors related to the fulfillment of these objectives and the performance evaluation of each employee, and are paid in cash. iii. Share-based benefit plan From the fiscal year 2013, YPF has decided to implement a share-based benefit plan. This plan, organized in annual programs, covers certain executive and management positions and key personnel or personnel with critical technical knowledge. The above-mentioned plan is aimed at aligning the performance of these personnel with the objectives of the strategic plan of the Company. This plan consists in giving participation, through shares of the Company, to each selected employee with the condition of remaining in it for the previously defined period (up to three years from the grant date, hereinafter “service period”), being this the only necessary condition to access the agreed final retribution. For accounting purposes, YPF recognizes the effects of the plans in accordance with the guidelines of IFRS 2, “Share-based Payment”. In this order, the total cost of the plans granted is measured at the grant date, using the fair value or market price of the Company’s share in the United States market. The above-mentioned cost is accrued in the Company’s net income for the year, over the vesting period, with the corresponding increase in Shareholders’ equity in the “Share-based Benefit Plans” account. |
Revenue recognition | 2.b.11) Revenue recognition Revenue from ordinary activities arising from contracts entered into with customers In compliance with IFRS 15, the Group has classified the main contracts with customers, as follows: • Contracts for the sale of fuel in consignment; • Contracts for the direct sale of fuel; • Contracts for the sale of natural gas; • Contracts and agreements for the sale of other refined products; • Construction contracts. In the first four types of contracts, related to the sale of goods, income is recognized when the control of the goods is transferred to the customer. Even in the case of consignment contracts, revenue is not recognized until the good is sold to the intermediary’s customer. It is emphasized that in these contracts there are no performance obligations that are separate or different from the delivery of goods. In the case of the construction contracts, revenue is recognized considering the estimated final margin for each project that arises from technical studies on sales and the estimated total costs of each of them, as well as their physical progress. In this type of contracts, performance obligations are satisfied over time. As IFRS 15 became effective, the Group has adopted the full retrospective approach for the implementation of this standard, which had not affected the accounting policies related to the recognition of revenues from contracts with customers for the fiscal year 2017. The Group has adopted the standard’s terminology, identifying “Contract Assets” and “Contract Liabilities”. Thus, certain reclassifications have been made in the comparative amounts of the statements of financial position for the fiscal year ended December 31, 2017, as shown below: Amounts as of 2017 Reclassifications IFRS 15 Amounts restated as of Noncurrent Current Noncurrent Current Noncurrent Current Assets Inventories — 27,291 — (142 ) — 27,149 Contract Assets — — — 142 — 142 Liabilities Accounts Payable 1,655 47,371 (1,470 ) (1,460 ) 185 45,911 Contract Liabilities — — 1,470 1,460 1,470 1,460 In accordance with the requirements of IFRS 15, Note 23 has been broken down by (i) type of good or service; (ii) sales channels, and (iii) target market, according to the reported business segments. Revenue recognition related to Government incentive programs The following are the main revenues that fall within the scope of the IAS 20 “Accounting for Government grants and disclosure of government assistance”: • Benefits from Stimulus Programs for the Additional Injection of Natural Gas and Stimulus Program for Investments in the Natural Gas Production Development from Unconventional Reservoirs. They consist of economic compensation for the companies committed to increase their respective production. These incentives have been included in “Revenues” in the consolidated statement of comprehensive income. • Compensation for providing diesel to public transport of passengers at a differential price. They consist of economic compensations to hydrocarbon producing and refining companies committed to ensuring the supply of diesel in the necessary volumes to meet domestic needs. These incentives have been included in “Revenues” in the consolidated statement of comprehensive income. • Benefits for the recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. They consist of financial compensations to distributors, sub-distributors, • Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users Compensations received as a result of the application of benefits and/or discounts to users under the regulations in force regarding social tariffs of the natural gas distribution service through networks. • Payment of the daily differences accumulated on a monthly basis between the price of gas purchased by Distributors and the natural gas price included in the tariff schemes effective from April 1, 2018 to March 31, 2019 Argentine Government assumed the payment of the differences exclusively arising from exchange rate variations and corresponding to natural gas volumes delivered in such term. These incentives recognized by Metrogas have been included as reversals in “Costs” in the consolidated statement of comprehensive income. • Incentive for investment in capital goods, computers and telecommunications for domestic manufacturers It takes place through a fiscal bond, provided that manufacturers have industrial establishments located in Argentina, a requirement that is satisfied by the controlled company AESA. The bond received may be computed as a tax credit for the payment of national taxes (i.e., income tax, tax on minimum presumed income, VAT and domestic taxes) and may be transferred to third parties only one time. The incentives have been included in the item “Other net operating results” in the consolidated statement of comprehensive income. Recognition of these incomes are made at their fair value when there is a reasonable certainty that incentives will be received and that regulatory requirements related therewith have been fulfilled. |
Leases | 2.b.12) Leases As of fiscal year 2019 and in accordance with IFRS 16, the Group registers its leases in accordance with the following detail: The Group as lessee Once the lease has been identified, the Group recognizes the following items: Right-of-use (a) the amount of the initial measurement of the lease liability; (b) any rent paid to the lessor prior to the commencement date or on the same date, after discounting any incentive received for the lease; (c) the initial direct costs incurred by the lessee; and (d) an estimate of the costs to be incurred by the lessee in dismantling and eliminating the underlying asset, restoring the place where the underlying asset is located or restoring the underlying asset to the condition required by the terms and conditions of the lease, unless such costs are incurred at the time of making of the inventories. The Group could incur in certain liabilities because of such costs either on the date of commencement of the term of the lease, or because of having used the underlying asset during a specified period. Subsequently, the valuation of right-of-use In order to assess the impairment of right-of-use Lease contracts in which the Group is the lessee mainly correspond to the lease of: • Exploitation equipment and facilities, which include equipment for installations and production equipment in reservoirs, such as drilling equipment, work-over and lifting pumps. The average term of these contracts is from three to five years, establishing minimum guaranteed payments based on the availability of these assets, and also variable payments estimated based on a rate per unit of use (Pesos per hour/day of use). • Machinery and equipment, which include: i. equipment for natural gas compression and generation of energy. The average term of these contracts is six years, featuring minimum payments based on the available power. Variable payments are calculated on the basis of a rate per generation unit; ii. regasification and gas liquefaction equipment. The average term of these contracts is from eight to ten years, establishing a minimum guaranteed payment on the basis of the availability of these assets. • Transportation equipment, including: i. vessels and crafts for hydrocarbon transportation, whose average contract term is five years, establishing monthly guaranteed payments associated to the Group’s availability over such assets; ii. truck fleets with average contract terms of three years, for which variable payments are estimated based on a rate per unit of use (Pesos per kilometer travelled), featuring in some cases minimum payments associated to the availability of such assets. • Gas station lands and facilities, whose contracts include the lease of land and associated installations with average contract terms of 20 years and for which payments are determined based on a given quantity of fuel. • Land and buildings which include mainly: i. An underground ii. permits for the use of ports and land, for which there are minimum guaranteed quotas. With regard to short-term leases and leases of low-value low-value Payments of short-term leases, low-value • Lease liabilities measured as the discounted aggregate amount of future lease payments. Considering the complexity of determining the implicit interest rate in the lease, the lessee’s incremental borrowing rate to the lease liabilities of the initial date of each contract is applied. Lease liabilities include: (a) fixed payments (including in substance fixed payments), less any lease incentive receivable; (b) variable payments, which depend on an index or a rate, initially measured by using the index or rate on the effective date of the contract; (c) amounts that the lessee expects to pay as residual value guarantees; (d) the price for the exercise of a purchase option if the Group is reasonably certain to exercise that option; and (e) payment of penalties for terminating the lease, if the lease period reflects that the Group will exercise an option to terminate it (i.e., because there is a reasonable certainty thereon). Subsequently, the Group increases the lease liability to reflect the accrued interest (and recognized in the comprehensive income statement), deducts the installments that are being paid from such liability and recalculates the book value to reflect any review, amendment to the lease or review of the so-called “in-substance” The Group revises the lease liability in the following cases: (a) when there is a change in the amount expected to be paid under a residual value guarantee; (b) when there is a change in future rental payments to reflect the variation of an index or an interest rate used to determine such rental payments (including, for example, a market rent review); (c) when there is a change in the term of duration of the lease as a result of a change in the non-cancellable (d) when there is a change in the evaluation of the purchase option of the underlying asset. During the fiscal years 2018 and 2017, the Group applied the guidelines of IAS 17. The leases were classified as operating or financial leases, taking into account the economic substance of the contracts. • Operating leases A lease was classified as an operating lease when the lessor did not transfer substantially to the lessee the entire risks and rewards incidental to ownership of the asset. Costs related to operating leases were recognized on a straight-line basis in “Rental of real estate and equipment” and “Operation services and other service contracts” of the consolidated statement of comprehensive income for the fiscal year in which they arise. • Financial Leases Leases were classified as financial when the lessor transferred to the lessee substantially all the risks and benefits inherent in the leased property. The Group had no significant financial leases as they were defined by IAS 17. The Group as lessor The Group does not have any significant assets leased to third parties. |
Net income per share | 2.b.13) Net income per share Net income per share is calculated by dividing the net income for the fiscal year attributable to YPF’s shareholders by the weighted average of shares of YPF outstanding during the fiscal year net of repurchased shares as mentioned in Note 29. Diluted net income per share is calculated by dividing the net income for the fiscal year by the weighted average of shares outstanding, and when dilutive, adjusted for the effect of all potentially dilutive shares, including share options, on an as if they had been converted. In computing diluted net income per share, income available to ordinary shareholders, used in the basic earnings per share calculation, is adjusted by those results that would result of the potential conversion into ordinary stock. The weighted average number of ordinary shares outstanding is adjusted to include the number of additional ordinary shares that would have been outstanding if the dilutive potential ordinary shares had been issued. Diluted net income per share is based on the most advantageous conversion rate or exercise price over the entire term of the instrument from the standpoint of the security holder. The calculation of diluted net income per share excludes potential ordinary shares if their effect is anti-dilutive. As of the date of the issuance of these consolidated financial statements, there are no YPF instruments outstanding that imply the existence of potential ordinary shares (taking into account the Company’s intent to cancel the share-based benefit plans through their repurchase in the market), thus the basic net income per share matches the diluted net income per share. See Note 30. |
Financial liabilities | 2.b.14) Financial liabilities Financial liabilities are initially recognized at their fair value, net of the transaction costs incurred. Because the Group does not have financial liabilities whose characteristics require the recognition at their fair value, according to IFRS, after their initial recognition, financial liabilities are measured at amortized cost. Any difference between the financing received (net of transaction costs) and the repayment value is recognized in the consolidated statement of comprehensive income over the life of the related debt instrument, using the effective interest rate method. The Group eliminates a financial liability (or a part thereof) from its statement of financial position when it has been extinguished, i.e., when the obligation specified in the corresponding contract has been paid or canceled, or has expired. The Group will account for a swap of financial instruments with substantially different conditions by eliminating the original financial liability and registering a new financial liability. Similarly, the Group will account for a substantial change in the current conditions of an existing financial liability or part of it as a cancellation of the original financial liability and the recognition of a new financial liability. At the closing of these consolidated financial statements, the Group’s financial liabilities at amortized cost include accounts payable, other liabilities, loans and lease liabilities. |
Taxes, withholdings and royalties | 2.b.15) Taxes, withholdings and royalties Income tax and tax on minimum presumed income The Group recognizes accounting charges for income tax by applying the deferred tax method, which considers the effect of temporary differences between the carrying amount of an asset or a liability and its tax base and the tax loss carryforwards and other tax credits, which may be used to offset future taxable income, at the statutory rate then in force, at the time of its use or reversion. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available against which the temporary differences can be utilized. Tax expense for the fiscal year includes current and deferred income tax. Income tax is recognized in the consolidated statement of net income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity, in which case, the tax is also recognized in other comprehensive income or directly in equity, respectively. Tax expense is calculated on the basis of the tax laws enacted or substantially enacted at the date of the fiscal year end, in the countries where the Company and its subsidiaries operate and generate taxable income. The Group periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. The Group establishes provisions where appropriate on the basis of amounts expected to be paid to the tax authorities. According to the amendments introduced by the Argentine Tax Reform Law No. 27,430 published in the BO on December 29, 2017 (see Note 34.j), the general tax rate is reduced from 35% for fiscal year 2017 to 30% for fiscal years 2018 and 2019 and to 25% from fiscal year 2020. On December 23, 2019, Law No. 27,541 on Social Solidarity and Production Reactivation was published in the BO (see Note 34.j) which suspended the reduction in the income tax rate from 30% to 25% until fiscal years beginning on January 1, 2021, included. Accordingly, although the gradual changes of the income tax rate were not applicable to the measurement of the current tax, the main accounting impact of the new regulations occured in the measurement of deferred assets and tax liabilities. See Note 16. Additionally, determining of taxable profit on minimum presumed income was calculated by applying the current 1% tax rate to taxable assets as of the end of each year. This tax supplemented income tax. The tax liability coincided with the higher of the determination of tax on minimum presumed income and the Group’s tax liability related to income tax, calculated applying the current income tax rate to taxable income for the year. However, if the tax on minimum presumed income exceeded income tax during one tax year, such excess could be computed as prepayment of any income tax excess over the tax on minimum presumed income that could be generated in the next ten years. It is worth mentioning that it was overruled for the years beginning on January 1, 2019, as established by Law No. 27,260. Personal assets tax – Substitute responsible Individuals and foreign entities, as well as their undistributed estates, regardless of whether they are domiciled or located in Argentina or abroad, are subject to personal assets tax of 0.50% of the value of any shares or ADSs issued by Argentine entities, held as of December 31, 2019. The tax is levied on the Argentine issuers of such shares or ADSs, such as YPF, which must pay this tax in substitution of the relevant shareholders, and is based on the equity value (following the equity method), or the book value of the shares derived from the latest financial statements at December 31 of each year. Pursuant to the Personal Assets Tax Law, the Group is entitled to seek reimbursement of such paid tax from the applicable shareholders, using the method the Group considers appropriate. Royalties and withholding systems for hydrocarbon exports A 12% (or 15%, if applicable) royalty is payable on the value at the wellhead of crude oil production and the commercialized natural gas volumes, on the wellhead value of such products, which is similar to the final sales price less transportation and storage costs. Pursuant to the extension of the original terms of exploitation concessions, the Group has agreed to pay an extraordinary production royalty and in some cases a royalty of 10% is payable over the production of unconventional hydrocarbons. Royalty expense and extraordinary production royalties are accounted for as a production cost. Additionally, the Group is subject to the withholding regimes for hydrocarbon exports outlined in Note 34.d. |
Shareholders' equity accounts | 2.b.16) Shareholders’ equity accounts Shareholders’ equity accounts have been valued in accordance with accounting principles in effect as of the transition date. The accounting transactions that affect shareholders’ equity accounts were accounted for in accordance with the decisions adopted in the Shareholders’ meetings and legal standards or regulations. Subscribed capital stock and adjustments to contributions Consists of the shareholders’ contributions represented by shares and includes the outstanding shares at face value net of treasury shares mentioned in the following paragraph “Treasury shares and adjustment to treasury shares”. The subscribed capital account has remained at its historical value and the adjustment required previous Argentine GAAP (Generally Accepted Accounting Principles) to state this account in constant Pesos is disclosed in the “Adjustments to contributions” account. The adjustment to contributions cannot be distributed in cash or in kind, but is allowed its capitalization by issuing shares. In addition, this item may be used to compensate for accumulated losses. Treasury shares and adjustments to treasury shares Corresponds to the reclassification of the nominal value and the corresponding adjustment for inflation (Adjustment to Contributions) of shares issued and repurchased by YPF in market transactions, as is required by the CNV regulations in force. Share-based benefit plans Corresponds to the balance related to the share-based benefit plans as mentioned in Note 2.b.10.iii. Acquisition cost of treasury shares Corresponds to the cost incurred in the acquisition of the shares that YPF holds as treasury shares. Additionally, see Note 29. Considering CNV regulations RG 562, the balance of this account restricts the distribution of retained earnings. Share trading premium Corresponds to the difference between accrued amount in relation to the share-based benefit plans and acquisition cost of the shares settled during the fiscal year in relation with the mentioned plans. Considering the debit balance of the premium, distribution of retained earnings is restricted by the balance of this premium. Issuance premiums Corresponds to the difference between the amount of subscription of the capital increase and the corresponding face value of the shares issued. Legal reserve In accordance with the provisions of LGS, YPF has to appropriate to the legal reserve no less than 5% of the algebraic sum of net income, prior year adjustments, and transfers from other comprehensive income to retained earnings and accumulated losses from previous years, until such reserve reaches 20% of the subscribed capital plus adjustment to contributions. As of December 31, 2019, the legal reserve has been fully integrated, amounting to 2,007. Reserve for future dividends Corresponds to the allocation made by the YPF’s Shareholders’ meeting, whereby a specific amount is transferred to the reserve for future dividends. Reserve for investments and reserve for purchase of treasury shares Corresponds to the allocation made by the YPF’s Shareholders’ meeting, whereby a specific amount is being assigned to be used in future investments and in the purchase of YPF’s shares to meet the obligations arising from share-based benefit plan described in Note 2.b.10.iii. Initial IFRS adjustment reserve Corresponds to the initial adjustment in the transition to IFRS application, which was approved by the Shareholders’ meeting of April 30, 2013, in accordance with the General Resolution No. 609 of the CNV. Such reserve was disaffected for absorption of negative balance on the “Retained earnings” in the fiscal year ended December 31, 2017, according the aforementioned Resolution. Other comprehensive income Includes income and expenses recognized directly in equity accounts and the transfer of such items from equity accounts to the income statement of the fiscal year or to retained earnings, as defined by IFRS. Retained earnings Includes accumulated profits Additionally, pursuant to the regulations of the CNV, when the net balance of other comprehensive income account is positive, it will not be distributed or capitalized nor used to compensate accumulated losses, but will be computed as part of retained earnings in order to make comparisons to determine the situation of the Company in relation to sections 31, 32 and 206 of the LGS, or other legal or regulatory rules making reference to limits or ratios with capital and reserves, not specifically and expressly provided for under CNV Rules. Non-controlling Corresponds to the interest in the net assets of Metrogas (30%) and YTEC (49%), representing the rights on shares that are not owned by YPF. |
Derivative financial instruments and hedge transactions | 2.b.17) Derivative financial instruments and hedge transactions Derivative financial instruments are recognized at fair value. The method of recognizing the resulting profit The Group manages exposures to several risks using different financial instruments. The Group does not use derivative financial instruments for speculative purposes. The Group’s policy is to apply hedge accounting to hedging relationships where it is both permissible and practical under IFRS 9, and its application reduces volatility. Transactions that may be effective hedges in economic terms may not always qualify for hedge accounting under IFRS 9. • During the fiscal year ended December 31, 2019, the Group conducted operations with forward U.S. dollars – Swiss francs contracts and entered into term purchase transactions for U.S. dollars and has not applied hedge accounting. • During the fiscal year ended December 31, 2018, the Group entered into term purchase transactions for U.S. dollars and has not applied hedge accounting. • During the fiscal year ended as of December 31, 2017, the Group did not use derivative financial instruments. Profit or losses from these derivative financial instruments are classified as “Other financial results”, in the statement of comprehensive income. Fair values of derivative financial instruments that are traded in active markets are computed by reference to market prices. The fair value of derivative financial instruments that are not traded in an active market is determined using valuation techniques. The Group uses its judgment to select a variety of methods and make assumptions that are mainly based on market conditions existing at the end of each fiscal year. |
Trade receivables and other receivables | 2.b.18) Trade receivables and other receivables Trade receivables are initially recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. Under IFRS 9, a provision for bad debt is created by preparing a matrix per category and grouping the assets based on the type of customer: i) related parties, ii) public sector and iii) private sector. These groups were subsequently divided into sub-groups bad-debt The carrying amount of the assets is reduced through the use of the provision account, and the amount of the loss is recognized in the statement of comprehensive income within “Selling expenses”, as well as subsequent recoveries. As IFRS 9 became effective, the Group has retroactively applied the changes in the standard, without restating the comparative amounts. Therefore, the difference between the previous accounting amounts and the new initial amounts resulting from the initial application of the standard were recognized as an adjustment in the “Retained Earnings” as of January 1, 2018. The implementation of the impairment method introduced by the standard generated a loss of 425 with the consequent effect on the deferred tax of 127. The net effect shown in the statement of changes in shareholders’ equity was 298, not being significant for the financial position and/or performance of the Group. The information disclosed for 2017 reflects the requirements set forth in IAS 39, and not those of IFRS 9 in relation to impairment of financial assets. In compliance with IAS 39, in the fiscal year 2017, the impairment of a financial asset was recorded only when there was an objective evidence of the impairment of the asset, based on the difference between the book value of the asset and the current value of the estimated future cash flows (excluding future credit losses that have not been incurred) discounted at the financial asset’s original effective interest rate. |
Cash and cash equivalents | 2.b.19) Cash and cash equivalents In the statement of cash flow, cash and cash equivalents include cash in hand, deposits held at call with banks and other short-term highly liquidity investments with original maturities of three months or less. They do not include bank overdrafts. |
Dividends distribution | 2.b.20) Dividends distribution Dividends payable by the Group are recognized as liabilities in the fiscal year in which they are approved. |
Business combinations | 2.b.21) Business combinations Business combinations are accounted for by applying the acquisition method when the Group takes effective control over the acquired company. The Group recognizes in its financial statements the identifiable assets acquired, the liabilities assumed, any non-controlling The acquisition cost is measured as the sum of the consideration transferred, measured at fair value at its acquisition date and the amount of any non-controlling non-controlling non-controlling If the business combination is achieved in stages, the Group will remeasure its previously held equity interest in the acquired entity at its acquisition date fair value and recognize a profit The goodwill cost is measured as the excess of the consideration transferred over the identifiable assets acquired and liabilities assumed net by the Group. If this consideration is lower than the fair value of the assets identifiable and liabilities assumed, the difference is recognized in the statement of comprehensive income. IFRS 3 authorizes a term of 12 months from the acquisition date to complete the measurement process of a business combination. When this is not recorded at the closing of the fiscal year in which the business combination takes place, the Group reports provisional amounts. |
Total or partial disposal of foreign operation whose functional currency is other than the U.S. dollar | 2.b.22) Total or partial disposal of foreign operation whose functional currency is other than the U.S. dollar On the disposal of a foreign operation (a disposal of the Group’s entire interest, or a partial disposal involving loss of control over a subsidiary), all of the translation differences accumulated in equity in respect of that operation attributable to the equity holders of the Company are reclassified to profit or loss of that fiscal year. In the case of a partial disposal that does not result in the Group losing control over a subsidiary that includes a foreign operation, the proportionate share of accumulated translation differences is reclassified to non-controlling Goodwill and fair value adjustments arising on the acquisition of a foreign entity are treated as assets and liabilities of the foreign entity and translated using the closing rate. Translation differences arising are recognized in other comprehensive income. |
Segment Information | 2.b.23) Segment Information Operating segments are reported in a manner consistent with the internal reporting provided to the top authority decision-maker, who is the person responsible for allocating resources and assessing the performance of the operating segments. Operating segments are described in Note 5. |
Assets held for disposal and related liabilities | 2.b.24) Assets held for disposal and related liabilities An asset (or group of assets) is classified as held for disposal together with its related liabilities when the Group is expected to recover their value by means of a sale transaction (rather than through use) and where such sale is highly probable. In the event that the Group is engaged in a disposal plan, which involves the loss of control of a subsidiary, it will classify the assets and liabilities of such subsidiary as held for disposal provided that they comply with the criteria required by the IFRS 5 and its interpretations, regardless of whether the Group withholds a non-controlling In order to apply the above classification, the asset (or group of assets) must be available for its immediate disposal or dilution in its current conditions, exclusively subject to the usual and habitual terms for the disposal or dilution of this asset (or group of assets). For the transaction to be highly probable the appropriate level of Management or Board of Directors of the Company must be committed to a plan and an active program must have been actively initiated. In addition, the disposal of the asset (or groups of assets) must be actively negotiated at a reasonable price in relation to its or their current fair value. Moreover, the transaction must also be expected to meet the conditions for recognition as a completed disposal within one fiscal year after the classification date, with the exceptions permitted by IFRS 5, and the activities required to complete the plan should indicate that it is unlikely that significant changes are made to the plan or that it will be canceled. Assets classified as held for disposal will be measured at the lower of their carrying amount or fair value less sale-related costs. As of December 31, 2019, there were no assets held for disposal. As of December 31, 2018, the Group classified certain areas as assets held for disposal. See Note 3. As of December 31, 2017, the Group classified the investment in YPF EE as an asset held for disposal. See Note 3. |
Borrowing costs | 2.b.25) Borrowing costs Borrowing costs that are directly attributable to the acquisition, construction or production of suitable assets for which a prolonged period is required in order to place them in the conditions required for their use or sale, are capitalized as part of the cost of those assets until the assets are substantially ready for use or sale. Interests are capitalized according to the average debt rate of the Group. Foreign exchange differences for loans in foreign currency are capitalized if they are considered an adjustment to interest costs. The rest of the borrowing costs are recognized as expenses in the period in which they are incurred. |
New standards issued | 2.b.26) New standards issued As required by IAS 8 “Accounting policies, changes in accounting estimates and errors”, below is a brief summary of the standards or interpretations issued by the IASB, whose application is mandatory as of the closing date of these consolidated financial statements, as well as of those whose application has not been mandatory as of the closing date of these consolidated financial statements and have, therefore, not been adopted by the Group. Those standards or interpretations issued by the IASB, the application of which is mandatory as of the closing date of these consolidated financial statements, have been adopted by the Group, if applicable • IFRS 16 – Leases The model introduced by this standard is based on the definition of lease, which is mainly related to the concept of control. IFRS 16 distinguishes between lease contracts and service contracts on the basis of whether an identified asset is under the customer’s control, which exists if the customer has the right to: i) obtain substantially all of the economic benefits from the use the asset; and ii) direct the use of the asset. The Group recognized right-of-use The implementation of this standard had no effect on retained earnings as the Group applied the simplified model without restating any comparative figures, recognizing a right-of-use right-of-use The Group applied a practical solution to the standard whereby leases expiring within the term of twelve months from the date of the initial application, regardless of the original date of the lease, and which comply with the conditions to be classified as short-term leases, were recognized as a loss in the statement of financial position, except those that are capitalized. The total charges recorded in comprehensive income for the fiscal year and of capitalization from these leases amounts to Within the new agreed contracts, some of these leases generated right-of-use-assets The discount rate that the Group applied to lease liabilities, recognized in the statement of financial position as of January 1, 2019, is the incremental borrowing rate for lessee’s loans as of such date. No transition adjustments were made for leases in which the Group acted as lessor as it did not have significant assets leased to third parties . The accounting policies related to the Group leases are detailed in Note 2.b.12. • IFRS 9 – Prepayment with negative compensation In October 2017, an amendment was introduced in connection with the feature of prepayment with negative compensation, whereby the lender (i.e., the holder) might be forced to accept in payment a prepayment amount that is substantially lower than the unpaid amounts of principal and interest. In these cases, the amendment proposes that financial assets with this feature should be measured at amortized cost or fair value with changes in other comprehensive income. The adoption of this amendment has had no effect on its financial statements of the Group. • IFRIC 23 – Uncertainty about income tax treatment The Interpretation issued in June 2017 clarifies how to apply the recognition and measurement requirements of IAS 12 when there is uncertainty regarding income tax treatment. For such purpose, the entity must evaluate whether the tax authority will accept an uncertain tax treatment used, or proposed to be used, or which is intended to be used in its income tax filing. If an entity concludes that the tax authority is likely to accept an uncertain tax treatment, the entity will determine the tax position consistent with the tax treatment used or intended to be used on its income tax filing. If an entity concludes that such acceptance is improbable, the entity will reflect the effect of the uncertainty in determining the fiscal result, the tax bases, unused tax losses, unused tax credits and tax rates. An entity will reflect the effect of the uncertainty for each uncertain tax treatment by using one of the following methods, depending on which method the entity expects to better predict the resolution of the uncertainty: • The most probable amount – the only most probable amount in a range of possible outcomes. The most probable amount may better predict the resolution of the uncertainty if the possible outcomes are dual or are concentrated in a value. • The expected value – the addition of the amounts weighted by their probability in a range of possible outcomes. The expected value may better predict the resolution of the uncertainty if there is a range of possible outcomes that are not dual or are concentrated in a value. The adoption of the aforementioned interpretation has had no effect on the financial statements of the Group. • Amendments to IAS 28 – Long-term Investments in associates and joint ventures In October 2017, the IASB issued amendments to IAS 28, which are applicable to the fiscal years beginning on or after January 1, 2019, allowing early application. The amendment defines that the long-term investments in associates and joint ventures, which are not accounted for using the equity method, will be accounted for in accordance with IFRS 9. The adoption of the aforementioned interpretation has had no effect on its financial statements of the Group. • Amendments to IAS 19 – Employee benefits In February 2018, the IASB issued amendments to this standards’ guidance, in relation to the accounting for Plans amendments, curtailments and settlements. An entity shall determine the cost of services for the current period and the net interest for the remainder of the annual period, using actuarial assumptions determined at the beginning of the annual reporting period. However, if an entity remeasures the liability (asset) for net defined benefits, it will determine the current cost of the service and the net interest for the remainder of the annual period, using actuarial assumptions updated after the plan change. Another modification consists in recognizing in results any reduction in the surplus, even if that surplus was not previously recognized due to the impact of the asset ceiling. The adoption of this amendment has had no effect on its financial statements of the Group. • Annual improvements to IFRS – 2015-2017 Cycle In December 2017, the IASB issued the 2015-2017 cycle of annual improvements that are applicable for the years beginning on or after January 1, 2019, allowing early application. A summary of the main modified standards and their purpose follows: Standard Amended Subject Detail IFRS 3 “Business Combinations” and IFRS 11 “Joint arrangements” Holdings previously held in a joint operation The amendment to IFRS 3 establishes that when obtaining control of a business that was a joint operation, the acquirer will apply the requirements for a business combination carried out in stages, including the re-measurement IAS 12 “Income Tax” Exposure of the effect of dividends on Income Tax The amendment clarifies that the entity will recognize the consequences of the dividends on the income tax where it has recognized the transactions or events that gave rise to those distributable profits. IAS 23 “Borrowing Costs” Capitalization of generic loans The amendment to this standard clarifies that, for the capitalization of costs from generic loans, it must necessarily consider all outstanding loans when determining the capitalization rate, except those taken specifically to finance an eligible asset that is not yet ready for its intended use or sale; i.e., if any specific loan remains unpaid after the related eligible asset is ready for its intended use or for sale, that loan becomes part of the funds that the entity took as generic loans. The adoption of the aforementioned interpretation has had no effect on its financial statements of the Group. Standards or interpretations issued by the IASB, the application of which is not mandatory as of the closing date of these consolidated financial statements and which, therefore, have not been adopted by the Group • IFRS 17 – Insurance contracts The IFRS 17 issued in May 2017 is applicable to those fiscal years beginning on or after January 1, 2021, allowing its early application and replacing IFRS 4. The Group anticipates that this standard will have no effects on its financial statements because it does not provide this type of services. • Amendments to IFRS 10 and IAS 28 – Sale or contribution of assets between an investor and its associate or joint venture In September 2014, the IASB amended IFRS 10 and IAS 28 to clarify that in transactions involving a controlled company, the extent of the profit On August 10, 2015, the IASB issued a proposal to postpone the effective date of these changes indefinitely depending on the outcome of its research project on accounting by the equity method, which was approved on December 17, 2015. • Amendments to IFRS 3 – Business combinations In October 2018, the IASB has issued Definition of a Business (Amendments to IFRS 3), aimed at resolving the difficulties that arise when an entity determines whether it has acquired a business or a group of assets. The amendments are effective for business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2020. Early application is allowed. • The amendments: • clarify that to be considered a business, an acquired set of activities and assets must include, at least, an input and a substantive process that together significantly contribute to the ability to create outputs; • remove the assessment of whether market participants are capable of replacing any missing inputs or processes and continuing to produce outputs; • add guidance and illustrative examples to help entities assess whether a substantive process has been acquired; • narrow the definitions of a business and of outputs by focusing on goods and services provided to customers and by removing the reference to an ability to reduce costs; and • add an optional concentration test that permits a simplified assessment of whether an acquired set of activities and assets is not a business. The Group does not estimate that the application of these amendments will have significant effects on its financial statements. • Amendments to IAS 1 “Presentation of financial statements” and IAS 8 “Accounting policies, changes in accounting estimates and errors” – Definition of material In October 2018, the IASB issued amendments that are applicable to fiscal years beginning on or from January 1, 2020, allowing for its anticipated application. The amendments to the definitions of “material” or “with relative importance” seek to unify the definition of such concepts to the definitions of Conceptual Framework, also amended in 2018. The Group estimates that the implementation of these amendments will not affect its financial statements. • Amendments to References to the Conceptual Framework for Financial Reporting In March 2018, the IASB issued the revised Conceptual Framework applicable to annual periods beginning on or after January 1, 2020. This revision process did not imply a substantial change in the set of definitions, concepts and guidelines used as a basis for preparing financial information, therefore, no effects on the Group’s financial statements are anticipated. • Amendments to IFRS 9, IAS 39 and IFRS 7 – Interest Rate Benchmark Reform In September 2019, the IASB issued amendments that are applicable to fiscal years beginning on or from January 1, 2020, allowing for its early application. Given the uncertainty caused by the “Interest Rate Benchmark reform”, which suggests replacing interbank offer rates with alternative benchmark free-risk rates, the IASB considered the effects this may have on the specific hedging accounting requirements under IFRS 9 and IAS 39 which require an analysis with a forward-looking approach. Thus, the amendments modify these requirements by applying hedge accounting, for entities to apply them assuming that the interest rate benchmark is not modified as a result of the aforementioned interest rate reform. The Group estimates that the implementation of these amendments will not affect its financial statements, as this type of hedging is not carried out. |
Accounting Estimates and Judgments | 2.c) Accounting Estimates and Judgments The items in the financial statements and areas which require the highest degree of judgment and estimates in the preparation of these financial statements are: Crude oil and natural gas reserves Estimating crude oil and gas reserves is an integral part of the Group’s decision-making process. The volume of crude oil and gas reserves is used to calculate depreciation using the unit of production ratio and to assess the impairment of the capitalized costs related to the Upstream assets (see Notes 2.b.8, 2.b.9 and the last paragraph of this Note). The Group prepares its estimates of crude oil and gas reserves in accordance with the rules and regulations established for the crude oil and natural gas industry by Rule 4-10 S-X Provision for litigation and other contingencies The final costs arising from litigation and other contingencies, and the perspective given to each issue by the Management of the Company may vary from their estimates due to different interpretations of laws, contracts, opinions and final assessments of the amount of the claims. Changes in the facts or circumstances related to these types of contingencies and the strategy defined in each case can have, consequently, a significant effect on the amount of the provisions for litigation and other contingencies recorded or the perspective given by the Management of the Company. Provision for environmental costs and obligations for the abandonment of hydrocarbon wells Given the nature of its operations, the Group is subject to various laws and regulations relating to the protection of the environment. These laws and regulations may, among other things, impose liability on companies for the cost of pollution cleanup and environmental damages resulting from operations. YPF management believes that the Group’s operations are in substantial compliance with laws and regulations of Argentina and the countries where the Group operates, relating to the protection of the environment as such laws have historically been interpreted and enforced. The Group periodically conducts new studies to increase its knowledge of the environmental situation in certain geographic areas where it operates in order to establish the status, cause and necessary remediation of a given environmental issue and, depending on its years of existence, analyze the Argentine Government’s possible responsibility for any environmental liabilities existing prior to December 31, 1990. The Group cannot estimate what additional costs, if any, will be required until such studies are completed and evaluated; however, provisional remedial actions or other measures may be required. In addition to the hydrocarbon wells abandonment legal obligation, provisions have been made for environmental liabilities whose evaluations and/or remediations are probable and can be reasonably estimated, based on the Group’s existing remediation program. Legislative changes, on individual costs and/or technologies may cause a re-evaluation The main guidelines on the provision for the obligations for the abandonment of hydrocarbon wells are set forth in detail in Note 2.b.6. Income tax and deferred income tax The proper assessment of income tax expenses depends on several factors, including interpretations related to tax treatment for transactions and/or events that are not expressly provided for by current tax law, options established by the law or its regulations, as well as estimates of the timing and realization of deferred income taxes. Also, the Group evaluates if the tax authority will accept an uncertain tax treatment. Additionally, the current collection and payment of income tax expenses may differ from these estimates due to, among others, changes in applicable tax regulations and/or their interpretations, as well as unanticipated future transactions affecting the Group’s tax balances. Provision for impairment of property, plant and equipment The methodology used in estimating the recoverable amount of property, plant and equipment is detailed in Note 2.b.8 and 2.b.9. The determination of whether an asset is impaired, and by how much, involves management’s estimates of highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, production profiles, reserves and future prices of the products, including the prospects of supply and demand conditions of the world or regional market for crude oil, natural gas and refined products, all of which affects the prices taken into account in the projection. Consequently, for oil and natural gas assets, the expected future cash flows are determined using management’s best estimate of future oil and natural gas prices and production volumes and reserves. The foregoing implies the use of assumptions about future commodity prices, production and development costs, field decline rates, current tax regimes and other factors. These assumptions and the management judgment In general, the Group does not consider temporarily low (or high) prices or margins as an impairment indicator (or reversal of an impairment charge). The impairment assessment mainly reflects long-term oil and natural gas prices that are consistent with intermediate points between the maximum and minimum ranges observed in the market and that are in the range of price forecasts published by third-party experts of the industry and government agencies, within which are the long and short term projections of the “US Energy Information Administration” and the Brent crude forward curve. The assumptions of future prices used by the Management of the Company tend to be stable because it does not consider short-term increases or decreases in prices to be indicative of long-term levels, but they are subject to change. Additionally, oil prices do not rise above the historical oil prices observed in the past, applied to projected future production volumes. Gas prices correspond to the average weighted price per basin and channel, determined according to the market’s supply and demand. With regard to the oil market , in As detailed on Note 34.e, in January 2017, Producers and Refiners reached a new agreement in which a path of prices was established for the sale of oil in the domestic market for the purpose of achieving parity with the international markets during 2017, which took place during the last quarter of 2017. In relation with the gas market, incentive schemes were established in recent years in order to increase the total injection of natural gas (see Note 34.g). In particular, in 2018 and 2019, an excess in the supply from the increased production on unconventional fields with respect to the domestic demand was observed at specific times of the year, an unusual situation in the past, which affected natural gas production due to the temporary shutdown of wells, as well as to the reinjection of the hydrocarbon. This situation generated a reduction in natural gas sales price in the domestic market. For the fiscal year ended December 31, 2017, the Group recognized a reversal in the charge for impairment of the value of its assets for the CGU Oil of 5,032, which arises from the combination of multiple factors, such as the variation in production and associated investments considered in the cash flow, the effect of variations in operating and abandonment costs, the variation in the discount rate and, to a lesser extent, the variation in oil prices, taking into account also the book value of the assets as of December 31, 2017 affected by depreciation charges for the fiscal year and investments made, among others. The discount rate after taxes used as of December 31, 2017 was 8.28% for 2018 and 2019 and 8.42% for 2020 and thereafter, the recoverable value after taxes as of such date of the CGU Oil was 82,802. For the fiscal year ended December 31, 2018, the Group recognized a reversal in the charge for impairment of the value of its assets for the CGU Oil of 39,837 and an impairment charge of property, plant and equipment, mainly for the CGU Gas – Neuquina Basin of 28,326 and CGU Gas – Austral Basin of 8,246. The reversal of impairment charge of the CGU Oil assets is mainly due to the increase in oil reserves coupled with estimated cost improvements, all of which is mainly set off by: (i) the rise in the discount rate as a result of the higher country risk and cost of debt and (ii) larger investments associated to higher reserves contemplated in cash flow. All the foregoing taking into account the book value of assets as of December 31, 2018, affected by the deprecation charges for the fiscal year and the investments made, among others. The impairment of the CGU Gas – Neuquina Basin and CGU Gas – Austral Basin assets arises from a combination of multiple factors, mainly from the anticipated reduction in gas market prices due to the lower sales price to distributors and power plants (see Note 34 in sections “Terms and conditions for the distribution of natural gas through networks” and “Natural gas sales for electricity generation”) and the higher discount rate due to higher country risk and cost of debt, all of which is partially set off by a reduction in costs. The discount rate after taxes used as of December 31, 2018 was 10.94% for 2019 and 11.19% for 2020 and thereafter, the recoverable value after taxes as of such date of the CGU Oil, CGU Gas – Neuquina Basin and CGU Gas – Austral Basin are 254,549, 108,509 and 8,606, respectively. For the fiscal year ended December 31, 2019, the Group recognized an im p 40,561 (30,421 net of the effect of income tax), generated among others by the fall in gas prices (and liquids) due to the situation that the market is going through both globally and, by specific dynamics, at the local level. The aforementioned affects the investments and activity, generating the impairment of the related assets by the recorded charge. The discount rate after taxes used as of December 31, 2019 was 12.14% for 2020 and 2021 and 12.39% for 2022 and thereafter, being the recoverable value after taxes of the CGU Gas – Neuquina Basin of 139,361 as of such date. |
Comparative Information | 2.d) Comparative Information Balance items as of December 31, 2018 and 2017 presented in these financial statements for comparison purposes arise from the consolidated financial statements then ended. Additionally, certain amounts in the statement of financial position have been reclassified and new disclosures have been made due to the accounting policy changes mentioned in Note 2.b.11. |
Basis of Preparation of the C_3
Basis of Preparation of the Consolidated Financial Statements (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Detailed Information About Property, Plant and Equipment | Property, plant and equipment, other than those related to oil and gas production activities, are depreciated using the straight-line method, over the years of estimated useful life of the assets, as follows: Years of Estimated Buildings and other constructions 50 Refinery equipment and petrochemical plants 20-25 Infrastructure for natural gas distribution 20-50 Transportation equipment 5-25 Furniture, fixtures and installations 10 Selling equipment 10 Other property 10 |
Schedule of Reclassification of Contract Assets and Liabilities | The Group has adopted the standard’s terminology, identifying “Contract Assets” and “Contract Liabilities”. Thus, certain reclassifications have been made in the comparative amounts of the statements of financial position for the fiscal year ended December 31, 2017, as shown below: Amounts as of 2017 Reclassifications IFRS 15 Amounts restated as of Noncurrent Current Noncurrent Current Noncurrent Current Assets Inventories — 27,291 — (142 ) — 27,149 Contract Assets — — — 142 — 142 Liabilities Accounts Payable 1,655 47,371 (1,470 ) (1,460 ) 185 45,911 Contract Liabilities — — 1,470 1,460 1,470 1,460 |
Acquisitions and Dispositions (
Acquisitions and Dispositions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [line items] | |
Summary of Capital Structure of YPF EE After the Issuance of Shares | In this way, the capital structure of YPF EE after the issuance of shares is as follows: Shareholder Number of Interest holding in Class of Shares YPF 2,723,826,879 72.69218 % A OPESSA 86,476,112 2.30783 % A Group 2,810,302,991 75.00001 % A GE 936,767,364 24.99999 % B Total 3,747,070,355 100.00000 % |
Summary of Assets and Liabilities Held for Disposal | The following table shows the main assets and liabilities held for disposal as of December 31, 2017: • Group of assets held for disposal: December 31, Property, plant and equipment 4,982 Investments in associates and joint ventures 2,117 Inventories 1 Other receivables 914 Trade receivables 713 Investments in financial assets 78 Cash and cash equivalents 61 Subtotal 8,866 Eliminations (43 ) Total 8,823 • Liabilities associated to the group of assets held for disposal: December 31, Provisions 96 Deferred tax liabilities 282 Salaries and social security 47 Other liabilities 1 Loans 4,072 Accounts payable 938 Subtotal 5,436 Eliminations (1,243 ) Total 4,193 |
Summary of Table Resumes Consideration and Fair Value of the Acquired Assets and the Liabilities Assumed on the Acquisiton | The following table resumes consideration and fair value of the acquired assets and the liabilities assumed on the acquisition date: Fair value at the Fair value of identifiable assets and assumed liabilities: Property, plant and equipment 2,327 Inventories 445 Provisions (465 ) Total net identifiable assets / Consideration 2,307 |
CTEB [Member] | |
Statement [line items] | |
Summary of Table Resumes Consideration and Fair Value of the Acquired Assets and the Liabilities Assumed on the Acquisiton | The following table shows in detail the transferred consideration and the fair values of the acquired assets and the liabilities assumed by CT Barragán as of June 26, 2019, after considering the price adjustment for US$10 million: Fair value as of the Fair value of identifiable assets and assumed liabilities: Financial assets at fair value 682 Property, plant and equipment 20,330 Inventories 341 VRDs (9,760 ) Total identifiable net assets / Consideration 11,593 |
Financial Risk Management (Tabl
Financial Risk Management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Breakdown of Effect a Variation of 10% in Prevailing Exchange Rates on Net Income | The following table provides a breakdown of the effect a variation of 10% in the prevailing exchange rates on the Group’s net income, taking into consideration the exposure of financial assets and liabilities denominated in Pesos as of December 31, 2019: Appreciation (+) / depreciation (-) of exchange rate of Peso against U.S. dollar Income (loss) for fiscal year ended December 31, 2019 Impact on net income before income tax corresponding to financial assets and liabilities +10 % 2,855 -10 % (2,855 ) |
Information About Financial Assets and Liabilities That Accrues Interest Considering Applicable Rate | The table below provides information about the financial assets and liabilities as of December 31, 2019 that accrue interest considering the applicable rate: Financial (1) Financial (2) Fixed interest rate 59,912 435,882 Variable interest rate 7,668 90,878 Total (3) 67,580 526,760 (1) Includes temporary investments, loans with related parties and trade receivables with interest-bearing payment agreements. It does not include the rest of the trade receivables that are mostly non-interest (2) Includes only financial loans. Does not include accounts payable, which mostly do not accrue interest, nor the leases liabilities. (3) Includes principal and interest. |
Schedule of Estimated Impact on Consolidated Comprehensive Income that an Increase or Decrease of 100 Basis Points in Interest Rate | The table below shows the estimated impact on consolidated statement of comprehensive income that an increase or decrease of 100 basis points in the interest rate would have. Increase (+) / decrease (-) in the interest rates (basis points) Income (loss) for fiscal year ended December 31, 2019 Impact on net income after income tax +100 (534 ) -100 534 |
Schedule of Effect of a 10% Variation in the Prices of Investments in Financial Instruments | The following table shows the effect that a 10% variation in the prices of investments in financial instruments would have on the Group’s results as of December 31, 2019: Increase (+) / decrease (-) in the prices of investments in financial instruments Income (loss) for the fiscal year ended December 31, 2019 Impact on net income before income tax +10 % 1,541 -10 % (1,541 ) |
Schedule of Maturity Dates of Financial Liabilities | The following table sets forth the maturity dates of the Group’s financial liabilities as of December 2019: December 31, 2019 Maturity date 0 - 1 year 1 - 2 years 2 - 3 years 3 - 4 years 4 - 5 years More than 5 years Total Financial liabilities Lease liabilities 21,389 14,849 9,474 5,710 3,010 7,348 61,780 Loans 107,109 85,882 42,520 28,954 37,390 224,905 526,760 Other liabilities 1,310 74 71 68 54 436 2,013 Accounts payable (1) 147,480 1,256 — — — 1,144 149,880 277,288 102,061 52,065 34,732 40,454 233,833 740,433 (1) The amounts disclosed are the contractual, undiscounted cash flows associated to the financial liabilities given that they do not differ significantly from their face values . |
Summary of Maximum Exposure to Credit Risk | The maximum exposure to credit risk of the Group of December 31, 2019 based on the type of its financial instruments and without excluding the amounts covered by guarantees and other arrangements mentioned below is set forth below: Maximum exposure Cash and cash equivalents 66,100 Other financial assets 167,430 |
Summary of Breakdown of the Financial Assets | Following is the breakdown of the financial assets past due as of December 31, 2019: Current trade Other current Less than three months past due 23,060 1,855 Between three and six months past due 5,948 616 More than six months past due 4,774 1,192 33,782 3,663 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Segment Informations | Upstream Gas and Power Downstream Central Administration and Others Consolidation Adjustments (1) Total For the year ended December 31, 2019 Revenues from sales 2,046 131,055 531,724 19,743 (5,973 ) 678,595 Revenues from intersegment sales 286,585 8,697 3,447 27,502 (326,231 ) — Revenues 288,631 139,752 535,171 47,245 (332,204 ) 678,595 Operating profit / (loss) (49,194 ) 2,944 40,653 (15,866 ) 451 (21,012 ) Income from equity interests in associates and joint ventures — 5,339 2,629 — — 7,968 Depreciation of property, plant and equipment 119,821 (3) 1,378 20,805 3,890 — 145,894 Impairment of property, plant and equipment (2) 40,561 868 — — — 41,429 Acquisition of property, plant and equipment 136,589 6,170 22,455 7,630 — 172,844 Assets 742,850 199,357 508,026 129,331 (6,275 ) 1,573,289 For the year ended December 31, 2018 Revenues from sales 3,108 91,176 338,042 8,363 (4,869 ) 435,820 Revenues from intersegment sales 207,480 7,862 1,688 13,186 (230,216 ) — Revenues 210,588 99,038 339,730 21,549 (235,085 ) 435,820 Operating profit / (loss) 22,483 16,786 (4) 7,818 (6,055 ) 2,748 43,780 Income from equity interests in associates and joint ventures — 4,435 404 — — 4,839 Depreciation of property, plant and equipment 72,052 (3) 928 12,285 2,304 — 87,569 Recovery of property, plant and equipment (2) 2,900 — — — — 2,900 Acquisition of property, plant and equipment 63,171 1,968 15,632 2,877 — 83,648 Assets 480,263 129,885 307,312 82,762 (6,206 ) 994,016 For the year ended December 31, 2017 Revenues from sales 739 56,805 195,321 2,534 (2,586 ) 252,813 Revenues from intersegment sales 115,955 4,075 988 7,133 (128,151 ) — Revenues 116,694 60,880 196,309 9,667 (130,737 ) 252,813 Operating profit / (loss) 3,877 3,259 15,813 (4,400 ) (2,476 ) 16,073 Income from equity interests in associates and joint ventures — 634 794 — — 1,428 Depreciation of property, plant and equipment 45,279 (3) 290 6,926 1,017 — 53,512 Recovery of property, plant and equipment (2) 5,032 — — — — 5,032 Acquisition of property, plant and equipment 39,411 3,867 8,179 1,639 — 53,096 Assets 251,525 45,395 158,800 53,934 (3,936 ) 505,718 (1) Corresponds to the elimination among segments of the YPF Group. (2) See Notes 2.c. and 8. (3) Includes depreciation of charges for impairment of property, plant and equipment. (4) Includes the result for revaluation of the interest in YPF EE. See Note 3. |
Summary of Revenue by Geographic Area | The distribution of revenues by geographic area, according to the markets for which they are intended, for the years ended on December 31, 2019, 2018 and 2017, and property, plant and equipment by geographic area as of December 31, 2019, 2018 and 2017 are as follows: Revenues Property, plant and equipment 2019 2018 2017 2019 2018 2017 Argentina 589,653 390,892 230,728 1,068,832 698,222 353,868 Mercosur and associated countries 36,154 20,056 8,694 179 865 575 Rest of the world 35,836 15,711 8,785 — — — Europe 16,952 9,161 4,606 — — — 678,595 435,820 252,813 1,069,011 699,087 354,443 |
Financial Instruments by Cate_2
Financial Instruments by Category (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Financial Assets and Liabilities by Category of Financial Instruments | The following tables show the financial assets and liabilities by category of financial instrument and a reconciliation to the corresponding line item in the statements of financial position, as appropriate. Since the line items “Other receivables” and “Accounts payable” contain both financial instruments and non-financial “Non-financial “Non-financial Financial Assets 2019 Financial Assets Financial Subtotal Non-financial Total Other receivables (1) 19,078 — 19,078 29,892 48,970 Trade receivables (2) 139,982 — 139,982 — 139,982 Investment in financial assets — 8,370 8,370 — 8,370 Cash and cash equivalents 59,062 7,038 66,100 — 66,100 218,122 15,408 233,530 29,892 263,422 2018 Financial Assets Financial Subtotal Non-financial Total Other receivables (1) 14,860 — 14,860 17,250 32,110 Trade receivables (2) 98,930 — 98,930 — 98,930 Investment in financial assets — 10,941 10,941 — 10,941 Cash and cash equivalents 38,236 7,792 46,028 — 46,028 152,026 18,733 170,759 17,250 188,009 2017 Financial Assets Financial Subtotal Non-financial Total Other receivables (1) 6,793 — 6,793 7,541 14,334 Trade receivables (2) 44,182 — 44,182 — 44,182 Investment in financial assets — 12,936 12,936 — 12,936 Cash and cash equivalents 9,687 19,051 28,738 — 28,738 60,662 31,987 92,649 7,541 100,190 (1) Does not include the provision for other doubtful receivables. (2) Does not include the provision for doubtful trade receivables. Financial Liabilities 2019 Financial cost Financial Subtotal Non-financial Total Lease liabilities 61,780 — 61,780 — 61,780 Loans 526,760 — 526,760 — 526,760 Other liabilities 2,013 — 2,013 — 2,013 Accounts payable 149,880 — 149,880 1,180 151,060 740,433 — 740,433 1,180 741,613 2018 Financial Financial Subtotal Non-financial Total Lease liabilities — — — — — Loans 335,078 — 335,078 — 335,078 Other liabilities 1,271 — 1,271 — 1,271 Accounts payable 87,087 — 87,087 511 87,598 423,436 — 423,436 511 423,947 2017 Financial Financial Subtotal Non-financial Total Lease liabilities — — — — — Loans 191,063 — 191,063 — 191,063 Other liabilities 2,660 — 2,660 — 2,660 Accounts payable 45,638 — 45,638 458 46,096 239,361 — 239,361 458 239,819 |
Summary of Gains and Losses on Financial and non-financial Instruments | Gains and losses on financial and non-financial 2019 Financial and financial Assets / Financial Assets / Total Interest income 7,665 — 7,665 Interest loss (48,136 ) — (48,136 ) Net financial accretion (5,592 ) — (5,592 ) Net exchange differences 47,935 — 47,935 Fair value loss on financial assets at fair value through profit or loss — (1,449 ) (1,449 ) Result from derivative financial instruments — (293 ) (293 ) Result from net monetary position 5,904 — 5,904 7,776 (1,742 ) 6,034 2018 Financial and non-financial Assets / at amortized Financial Assets / Total Interest income 3,033 — 3,033 Interest loss (28,717 ) — (28,717 ) Net financial accretion 7,627 — 7,627 Net exchange differences 54,459 — 54,459 Fair value gains on financial assets at fair value through profit or loss — 2,596 2,596 Result from — 933 933 Result from net monetary position 1,594 — 1,594 37,996 3,529 41,525 2017 Financial and non- financial Assets / Liabilities at amortized Financial Assets / value profit or loss Total Interest income 1,598 — 1,598 Interest loss (18,385 ) — (18,385 ) Net financial accretion (3,169 ) — (3,169 ) Net exchange differences 8,950 — 8,950 Fair value gains on financial assets at fair value through profit or loss — 2,208 2,208 Result from derivative financial instruments — — — Result from net monetary position — — — (11,006 ) 2,208 (8,798 ) |
Summary of Company's Financial Assets Measured at Fair Value | The tables below show the Group’s financial assets measured at fair value as of December 31, 2019, 2018 and 2017 and their allocation to their fair value levels. 2019 Financial Assets Level 1 Level 2 Level 3 Total Investment in financial assets: - Public securities 8,370 — — 8,370 8,370 — — 8,370 Cash and cash equivalents: - Mutual funds 7,038 — — 7,038 7,038 — — 7,038 15,408 — — 15,408 2018 Financial Assets Level 1 Level 2 Level 3 Total Investment in financial assets: - Public securities 10,941 — — 10,941 10,941 — — 10,941 Cash and cash equivalents: - Mutual funds 7,792 — — 7,792 7,792 — — 7,792 18,733 — — 18,733 2017 Financial Assets Level 1 Level 2 Level 3 Total Investments in financial assets: - Public securities 12,936 — — 12,936 12,936 — — 12,936 Cash and cash equivalents: - Mutual funds 19,051 — — 19,051 19,051 — — 19,051 31,987 — — 31,987 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Intangible Assets | 2019 2018 2017 Net book value of intangible assets 37,608 20,402 9,976 Provision for impairment of intangible assets (429 ) — — 37,179 20,402 9,976 |
Summary of Evolution of the Group's Intangible Assets | 7. INTANGIBLE ASSETS The evolution of the Group’s intangible assets for the years ended December 31, 2019, 2018 and 2017 is as follows: Service Exploration Other Total Cost 11,749 3,093 5,494 20,336 Accumulated amortization 7,235 149 4,838 12,222 Balance as of December 31, 2016 4,514 2,944 656 8,114 Cost Increases 947 8 198 1,153 Translation effect 2,141 513 953 3,607 Decreases and reclassifications (13 ) (149 ) 185 23 Accumulated amortization Increases 615 — 223 838 Translation effect 1,330 — 885 2,215 Decreases and reclassifications — (149 ) 17 (132 ) Cost 14,824 3,465 6,830 25,119 Accumulated amortization 9,180 — 5,963 15,143 Balance as of December 31, 2017 5,644 3,465 867 9,976 Cost Increases 1,303 276 765 2,344 Translation effect 15,544 3,414 6,636 25,594 Adjustment for inflation (1) — — 591 591 Decreases and reclassifications 31 (248 ) (100 ) (317 ) Accumulated amortization Increases 1,190 — 559 1,749 Translation effect 9,740 — 6,243 15,983 Adjustment for inflation (1) — — 58 58 Decreases and reclassifications — — (4 ) (4 ) Cost 31,702 6,907 14,722 53,331 Accumulated amortization 20,110 — 12,819 32,929 Balance as of December 31, 2018 11,592 6,907 1,903 20,402 Cost Increases 1,271 4,171 (2) 705 6,147 Translation effect 18,969 5,680 7,862 32,511 Adjustment for inflation (1) — — 833 833 Decreases and reclassifications (6 ) (103 ) 181 72 Accumulated amortization Increases 1,848 — 526 2,374 Translation effect 12,332 — 7,475 19,807 Adjustment for inflation (1) — — 199 199 Decreases and reclassifications — — (23 ) (23 ) Cost 51,936 16,655 24,303 92,894 Accumulated amortization 34,290 — 20,996 55,286 Balance as of December 31, 2019 17,646 16,655 3,307 37,608 (1) Corresponds to adjustment for inflation of opening balances of intangible assets in subsidiaries with the Peso as functional currency which was charged to other comprehensive income. (2) See Note 3. |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Property, Plant and Equipment | 2019 2018 2017 Net book value of property, plant and equipment 1,156,950 740,103 382,630 Provision for obsolescence of materials and equipment (6,610 ) (3,955 ) (1,652 ) Provision for impairment of property, plant and equipment (81,329 ) (37,061 ) (26,535 ) 1,069,011 699,087 354,443 |
Summary of Changes in Property, Plant and Equipment | Changes in Group’s property, plant and equipment for the years ended December 31, 2019, 2018 and 2017 are as follows: Land and 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 Electric power generation facilities Other property Total Cost 18,429 625,628 112,560 5,551 14,239 52,673 1,978 8,089 14,346 3,191 1,762 9,965 868,411 Accumulated depreciation 7,497 432,002 54,735 3,285 — — — 6,401 9,119 1,301 1,394 6,998 522,732 Balance as of December 31, 2016 10,932 193,626 (1) 57,825 2,266 14,239 52,673 1,978 1,688 5,227 1,890 368 2,967 345,679 Cost Increases 49 (4,370 ) (4) 103 66 7,394 47,453 2,207 20 — — — 174 53,096 Translation effect 3,028 113,481 19,728 1,032 2,101 8,568 373 1,466 2,744 — — 1,651 154,172 Decreases and reclassifications (112 ) 40,614 2,284 965 (7,741 ) (49,165 ) (1,687 ) 879 1,698 215 (1,762 ) (5) 188 (13,624 ) (3) Accumulated depreciation Increases 437 54,980 (4) 5,395 602 — — — 717 854 80 87 315 63,467 Translation effect 1,303 81,108 9,983 609 — — — 1,196 1,684 — — 1,151 97,034 Decreases and reclassifications 13 (1,756 ) (953 ) 16 — — — 372 (1 ) — (1,481 ) (5) (18 ) (3,808 ) Cost 21,394 775,353 134,675 7,614 15,993 59,529 2,871 10,454 18,788 3,406 — 11,978 1,062,055 Accumulated depreciation 9,250 566,334 69,160 4,512 — — — 8,686 11,656 1,381 — 8,446 679,425 Balance as of December 31, 2017 12,144 209,019 (1) 65,515 3,102 15,993 59,529 2,871 1,768 7,132 2,025 — 3,532 382,630 Cost Increases 425 (10,216 ) (4) 370 38 19,885 67,264 5,438 59 — — — 385 83,648 (6)(7) Translation effect 20,845 808,772 138,924 7,400 15,332 61,084 3,851 10,935 20,016 — — 11,468 1,098,627 Adjustment for inflation (8) 5,096 152 — 797 1,107 792 — 1,371 — 20,519 — 6,968 36,802 Decreases and reclassifications 287 30,807 6,482 313 (17,327 ) (64,288 ) (4,188 ) 1,898 2,194 243 — 838 (42,741 ) (3)(9) Accumulated depreciation Increases 758 82,939 (4) 9,517 960 — — — 1,561 1,680 677 — 777 98,869 (6) Translation effect 9,356 609,973 73,643 4,639 — — — 9,158 12,396 — — 8,127 727,292 Adjustment for inflation (8) 2,785 141 — 565 — — — 1,309 — 10,584 — 5,152 20,536 Decreases and reclassifications (35 ) (27,457 ) (25 ) (97 ) — — — (7 ) (35 ) (134 ) — (44 ) (27,834 ) (9) Cost 48,047 1,604,868 280,451 16,162 34,990 124,381 7,972 24,717 40,998 24,168 — 31,637 2,238,391 Accumulated depreciation 22,114 1,231,930 152,295 10,579 — — — 20,707 25,697 12,508 — 22,458 1,498,288 Balance as of December 31, 2018 25,933 372,938 (1) 128,156 5,583 34,990 124,381 7,972 4,010 15,301 11,660 — 9,179 740,103 Cost 48,047 1,604,868 280,451 16,162 34,990 124,381 7,972 24,717 40,998 24,168 — 31,637 2,238,391 Accumulated depreciation 22,114 1,231,930 152,295 10,579 — — — 20,707 25,697 12,508 — 22,458 1,498,288 Balance as of December 31, 2018 25,933 372,938 (1) 128,156 5,583 34,990 124,381 7,972 4,010 15,301 11,660 — 9,179 740,103 Cost Increases 46 1,980 (4) 4,676 83 43,089 114,878 6,532 106 — 865 — 589 172,844 (10) Translation effect 24,838 967,212 171,788 8,723 21,044 70,818 5,014 14,289 25,116 — — 13,581 1,322,423 Adjustment for inflation (8) 3,382 — — 716 920 1,326 — 828 — 13,010 — 4,793 24,975 Decreases and reclassifications 880 114,493 15,715 1,358 (37,620 ) (116,818 ) (8,132 ) 1,077 4,021 6,600 — (3,894 ) (22,320 ) (3) Accumulated depreciation Increases 1,260 137,017 (4) 16,092 1,345 — — — 2,536 2,765 989 — 1,325 163,329 Translation effect 11,444 758,928 93,611 5,917 — — — 11,935 15,822 — — 9,862 907,519 Adjustment for inflation (8) 1,726 — — 486 — — — 773 — 6,733 — 3,270 12,988 Decreases and reclassifications 9 (2,287 ) (33 ) (376 ) — — — (834 ) (13 ) 3,647 — (2,874 ) (2,761 ) (3) Cost 77,193 2,688,553 472,630 27,042 62,423 194,585 11,386 41,017 70,135 44,643 — 46,706 3,736,313 Accumulated depreciation 36,553 2,125,588 261,965 17,951 — — — 35,117 44,271 23,877 — 34,041 2,579,363 Balance as of December 31, 2019 40,640 562,965 (1) 210,665 9,091 62,423 194,585 11,386 (2) 5,900 25,864 20,766 — 12,665 1,156,950 (1) Includes 22,343 , 16,154 and 10,003 of mineral property as of December 31, 2019, 2018 and 2017, respectively. (2) As of December 31, 2019, there are 24 exploratory wells in progress. During fiscal year ended on such date, 18 wells were drilled, 29 wells were charged to exploratory expense , wells were derecognized for the assignment of certain areas and 20 wells were transferred to prove properties which are included in the account Mineral property, wells and related equipment. (3) Includes 48 , 60 and 7 of net book value charged to property, plant and equipment provisions for the years ended December 31, 2019, 2018 and 2017, respectively. (4) Includes 1,172 , (11,710) and (4,913) corresponding to hydrocarbon wells abandonment costs and 4,664 , 5,521 and 2,258 of depreciation recovery for the years ended December 31, 2019, 2018 and 2017, respectively. (5) Includes 6,772 and 1,790 of cost and accumulated depreciation, respectively, corresponding to the reclassification of assets of YPF EE as held for disposal. See Note 3. (6) Includes 1,470 and 1,092 of cost and accumulated depreciation, respectively, corresponding to additions for the acquisition of a participation in several areas. (7) Includes 2,327 corresponding to business combination. See Note 3. (8) Corresponds to adjustments for inflation of opening balances of property, plant and equipment of subsidiaries with the Peso as functional currency which was charged to other comprehensive income. (9) Includes 31,800 and 28,673 of cost and accumulated depreciation, respectively, corresponding to the reclassification of certain areas that were reclassified as assets held for disposal. See Note 3. (10) Includes 2,109 and 1,228 corresponding to short-term leases and the variable charge of leases related to the underlying asset return/use, respectively. Additionally, it includes 2,021 and 311 corresponding to the depreciation capitalization of right-of-use |
Summary of Provision for Obsolescence of Materials and Equipment | Set forth below is the evolution of the provision for obsolescence of materials and equipment for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Amount at beginning of year 3,955 1,652 1,380 Increase charged to profit or loss 410 629 11 Decreases charged to profit or loss (22 ) — (45 ) Amounts incurred due to utilization (48 ) (60 ) (7 ) Translation differences 2,315 1,666 248 Transfers and other movements — 68 65 Amount at end of year 6,610 3,955 1,652 |
Summary of Provision for Impairment of Property, Plant and Equipment | Set forth below is the evolution of the provision for impairment of property, plant and equipment for 2019, 2018 and 2017: 2019 2018 2017 Amount at beginning of year 37,061 26,535 36,285 Increases charged to profit or loss (1) 41,429 36,937 — Decreases charged to profit or loss (1) — (39,837 ) (5,032 ) Depreciation (2) (17,435 ) (10,208 ) (9,955 ) Translation differences 20,274 23,634 5,237 Amount at end of year 81,329 37,061 26,535 (1) See Note 2.c. (2) Included in “Depreciation of property, plant and equipment” in Note 25. |
Summary of Cost Evolution for Exploratory Wells in Evaluation Stage | Set forth below is the cost evolution for the exploratory wells in evaluation stage as of the years ended on December 31, 2019, 2018 and 2017: 2019 2018 2017 Amount at beginning of year 4,067 1,236 1,475 Additions pending the determination of proved reserves 5,229 2,179 758 Decreases charged to exploration expenses (1,036 ) (382 ) (591 ) Reclassifications to mineral property, wells and related equipment with proved reserves (2,716 ) (703 ) (581 ) Translation difference 2,912 1,737 175 Amount at end of year 8,456 4,067 1,236 |
Summary of Cost for Exploratory Wells | The following table shows the cost for exploratory wells under assessment for a period greater than a year and the number of projects related as of December 31, 2019. Amount Number of projects Number of wells Between 1 and 5 years 1,996 4 5 |
Right-of-use Assets (Tables)
Right-of-use Assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Evolution of the Group's Right-of-use Assets | Land and Exploitation Machinery Gas stations Transportation Total Balances for initial application of IFRS 16 450 6,732 8,612 3,356 3,909 23,059 Cost Increases 266 13,129 19,429 163 6,792 39,779 Translation differences 310 4,587 6,189 1,687 2,545 15,318 Adjustment for inflation (2) — — — 275 — 275 Decreases and reclassifications — (1,162 ) (1,264 ) (58 ) (64 ) (2,548 ) Accumulated depreciation Increases 208 6,051 3,174 667 2,430 12,530 (1) Translation differences 45 1,138 850 117 619 2,769 Decreases and reclassifications — (507 ) (283 ) (7 ) (10 ) (807 ) Cost 1,026 23,286 32,966 5,423 13,182 75,883 Accumulated depreciation 253 6,682 3,741 777 3,039 14,492 Balances as of December 31, 2019 773 16,604 29,225 4,646 10,143 61,391 (1) Includes 10,509 that were charged to “Depreciation of right-of-use (2) Includes the adjustment for inflation of subsidiaries with the Peso as functional currency for first application of IFRS 16, which was charged to other comprehensive income. |
Investments in Associates and_2
Investments in Associates and Joint Ventures (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Investments in Associates and Joint Ventures at an Aggregate Level | The following table shows the value of the investments in associates and joint ventures at an aggregate level as of December 31, 2019, 2018 and 2017: 2019 2018 2017 Amount of investments in associates 6,419 2,374 911 Amount of investments in joint ventures 61,183 30,324 5,146 Provision for impairment of investments in associates and joint ventures (12 ) (12 ) (12 ) 67,590 32,686 6,045 |
Summary of Movements which Affected the Value of the Investments in Associates and Joint Ventures | The main movements during the years ended December 31, 2019, 2018 and 2017, which affected the value of the aforementioned investments, correspond to: 2019 2018 2017 Amount at the beginning of year 32,686 6,045 5,488 Acquisitions and contributions 4,826 280 910 Income on investments in associates and joint ventures 7,968 4,839 1,428 Translation differences 20,673 3,180 662 Distributed dividends (811 ) (583 ) (328 ) Interest maintained in YPF EE — 17,285 (1) — Adjustment for inflation (2) 1,510 1,640 — Reclassification of assets held for disposal — — (2,117 ) Capitalization in joint ventures 738 — — Other movements — — 2 Amount at the end of year 67,590 32,686 6,045 (1) Corresponds to the fair value of the interest maintained in the investment in YPF EE following the loss of control. See Note 3. (2) Corresponds to adjustment for inflation of opening balances of associates and joint ventures with the Peso as functional currency, which was charged to other comprehensive income, as detailed in Note 2.b.1. |
Summary of the principal amounts of the results of the investments in associates and joint ventures | The following table shows the principal amounts of the results of the investments in associates and joint ventures of the Group, calculated according to the equity method therein, for the years ended December 31, 2019, 2018 and 2017. The Group has adjusted, if applicable, the values reported by these companies to adapt them to the accounting criteria used by the Group for the calculation of the equity method value in the aforementioned dates: Associates Joint ventures 2019 2018 2017 2019 2018 2017 Net income 2,032 1,025 543 5,936 3,814 885 Other comprehensive income 1,764 406 34 20,419 4,414 628 Comprehensive income for the year 3,796 1,431 577 26,355 8,228 1,513 |
Summary of analysis of assets and liabilities on date control was lost | The management information corresponding to YPF EE’s assets and liabilities as of December 31, 2019 and 2018, as well as the net profit as of such dates are detailed below: 2019 (1) 2018 (1) Noncurrent assets 96,219 35,682 Current assets 26,622 12,596 Total assets 122,841 48,278 Noncurrent liabilities 57,799 13,348 Current liabilities 19,503 9,776 Total liabilities 77,302 23,124 Total shareholders’ equity 45,539 25,154 2019 (1) 2018 (1) Revenues 16,114 4,181 Costs (7,706 ) (1,655 ) Gross profit 8,408 2,526 Operating profit 7,796 4,686 Income from equity interests in associates and joint ventures 778 673 Net financial results (1,989 ) 280 Net profit before income tax 6,585 5,639 Income tax (2,359 ) (1,150 ) Net profit 4,226 4,489 (1) On this information, accounting adjustments have been made for the calculation of equity interest and results of YPF EE. The equity and adjusted results do not differ significantly from the YPF EE financial information disclosed here. |
Summary of Investments Information | The following table shows information of the subsidiaries: Information of the issuer Description of the Securities Last available financial statements Name and Issuer Class Face Value Amount Main Business Registered Address Date Capital stock Net profit / (loss) Equity Holding in Capital Stock Subsidiaries: (7) YPF International S.A. (6) Common Bs. 100 66,897 Investment Calle La Plata 19, Santa Cruz de la Sierra, República de Bolivia 12-31-19 15 5 78 100.00 % YPF Holdings Inc. (6) Common US$ 0.01 810,614 Investment and finance 10333 Richmond Avenue I, Suite 1050, TX, U.S.A. 12-31-19 48,461 (6 ) (12,848 ) 100.00 % Operadora de Estaciones de Servicios S.A. Common $ 1 163,701,747 Commercial management of YPF’s gas stations Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 164 1,193 4,307 99.99 % A-Evangelista Common $ 1 307,095,088 Engineering and construction services Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 307 (3,446 ) (698 ) 100.00 % Metrogas S.A. Common $ 1 398,419,700 Providing the public service of natural gas distribution Gregorio Aráoz de Lamadrid 1360, Buenos Aires, Argentina. 12-31-19 569 110 19,500 70.00 % YPF Chile S.A. (6) Common — — 50,968,649 Lubricants and aviation fuels trading and hydrocarbons research and exploration Villarica 322; Módulo B1, Qilicura, Santiago 12-31-19 2,730 (1,013 ) 2,196 100.00 % YPF Tecnología S.A. Common $ 1 234,291,000 Investigation, development, production and marketing of technologies, knowledge, goods and services Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 459 436 2,729 51.00 % Compañía de Inversiones Mineras S.A. Common $ 1 236,474,420 Exploration, exploitation, processing, management, storage and transport of all types of minerals; assembly, construction and operation of facilities and structures and processing of products related to mining Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 236 (407 ) 76 100.00 % The following table shows the investments in associates and joint ventures: 12-31-2019 12-31-2018 Information of the issuer Description of the Securities Last available financial statements Name and Issuer Class Face Value Amount Book value (2) Cost (1) Main Business Registered Address Date Capital stock Net profit / (loss) Equity Holding in Book Value (2) Joint Ventures: (5) YPF Energía Eléctrica S.A. (6) Common $ 1 1,879,916,921 35,382 1,085 Exploration, exploitation, industrialization and marketing of hydrocarbons and generation, transport and marketing of electric energy Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 3,747 4,227 45,539 75.00 % 19,320 Compañía Mega S.A. (6) Common $ 1 244,246,140 5,211 — Separation, fractionation and transportation of natural gas liquids San Martín 344, P. 10º, Buenos Aires, Argentina 09-30-19 643 220 12,612 38.00 % 3,405 Profertil S.A. (6) Common $ 1 391,291,320 10,778 — Production and marketing of fertilizers Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina 09-30-19 783 335 23,498 50.00 % 6,133 Refinería del Norte S.A. Common $ 1 45,803,655 1,881 — Refining Maipú 1, P. 2º, Buenos Aires, Argentina 09-30-19 92 (298 ) 3,296 50.00 % 1,307 Oleoducto Loma Campana-Lago Pellegrini S.A. (6) Common $ 1 738,139,164 762 738 Construction and exploitation of a pipeline, oil transport and storage, import, export, purchase and sale of raw materials, industrial equipment and machinery Macacha Güemes 515, Buenos Aires, Argentina 12-31-19 868 (303 ) 909 85.00 % — CT Barragán S.A. (6) Common $ 1 4,279,033,952 6,799 4,348 Production and generation of electric energy Maipú 1, Buenos Aires, Argentina 12-31-19 8,558 2,370 13,619 50.00 % — 60,813 6,171 30,165 Associates: Oleoductos del Valle S.A. Common $ 10 4,072,749 1,778 — Oil transportation by pipeline Florida 1, P. 10º, Buenos Aires, Argentina 12-31-19 110 1,707 4,728 37.00 % 710 Terminales Marítimas Patagónicas S.A. Common $ 10 476,034 711 — Oil storage and shipment Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina 09-30-19 14 713 2,111 33.15 % 226 Oiltanking Ebytem S.A. (6) Common $ 10 351,167 871 — Hydrocarbon transportation and storage Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina. 12-31-19 12 869 2,775 30.00 % 424 Central Dock Sud S.A. (6) Common $ 0.01 11,869,095,145 1,542 — Electric power generation and bulk marketing Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina 12-31-19 1,231 3,447 15,284 10.25 % (4) 625 YPF Gas S.A. Common $ 1 59,821,434 965 — Gas fractionation, bottling, distribution and transport for industrial and/or residential use Macacha Güemes 515, P.3º, Buenos Aires, Argentina 09-30-19 176 1,388 4,218 33.99 % 258 Other companies: Other (3) — — — — 922 611 — — — — — — 290 6,789 611 2,533 67,602 6,782 32,698 (1) Corresponds to cost and contributions, net of dividends collected and capital reductions. (2) Corresponds to holding in shareholders’ equity plus adjustments to conform to YPF accounting principles. (3) Includes Gasoducto del Pacífico (Cayman) Ltd., Gasoducto del Pacífico (Argentina) S.A., A&C Pipeline Holding Company, Oleoducto Transandino (Chile) S.A., Oleoducto Trasandino (Argentina) S.A., Bizoy S.A., Civeny S.A., Bioceres S.A., Petrofaro S.A. and Sustentator S.A. (4) Additionally, the Group has a 22.49% indirect holding in capital stock through YPF EE. (5) As stipulated by shareholders’ agreement, joint control is held in this company by shareholders. (6) The U.S. dollar has been defined as the functional currency of this company. (7) Additionally, consolidates YPF Services USA Corp., YPF Europe B.V., YPF Brasil Comércio Derivado de Petróleo Ltda, Wokler Investment S.A., YPF Colombia S.A.S., Miwen S.A., Eleran Inversiones 2011 S.A.U., Lestery S.A., Energía Andina S.A and YPF Ventures S.A.U. |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Inventories | 2019 2018 2017 Refined products 50,563 33,583 16,260 Crude oil and natural gas 24,756 14,571 8,474 Products in process 2,259 1,177 640 Raw materials, packaging materials and others 2,901 3,993 1,775 80,479 (1) 53,324 (1) 27,149 (1) (1) As of December 31, 2019, 2018 and 2017, the cost of inventories does not exceed their net realizable value. |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Other Receivables | 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Trade 455 2,706 150 2,210 74 2,892 Tax credit, export rebates and production incentives 6,896 6,076 3,534 3,315 360 3,131 Loans to third parties and balances with related parties (1) 2,435 3,288 3,565 4,920 185 1,116 Collateral deposits 2 640 1 575 1 315 Prepaid expenses 603 2,370 240 2,207 180 934 Advances and loans to employees 29 596 25 572 17 412 Advances to suppliers and custom agents (2) — 10,896 1 4,212 2 1,700 Receivables with partners in JO 2,248 7,932 2,644 2,379 743 1,165 Insurance receivables — 498 — 758 — 206 Miscellaneous 45 1,255 32 770 31 870 12,713 36,257 10,192 21,918 1,593 12,741 Provision for other doubtful receivables (924 ) (65 ) (575 ) (51 ) (258 ) (57 ) 11,789 36,192 9,617 21,867 1,335 12,684 (1) See Note 35 for information about related parties. (2) Includes among others, advances to customs agents for the payment of taxes and import rights related to the imports of fuels and goods. |
Trade Receivables (Tables)
Trade Receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Trade Receivables | 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Accounts receivable and related parties (1)(2) 15,325 124,657 23,508 75,422 2,210 41,972 Provision for doubtful trade receivables — (6,580 ) — (2,776 ) — (1,323 ) 15,325 118,077 23,508 72,646 2,210 40,649 (1) See Note 35 for information about related parties. (2) See Note 23 for information about credits for contracts included in trade receivables. |
Summary of Evolution of the Provision for Doubtful Trade Receivables | Set forth below is the evolution of the provision for doubtful trade receivables as of December 31, 2019, 2018 and 2017: 2019 2018 2017 Balance at beginning of year 2,776 1,323 1,084 Modification of balance at beginning of the fiscal year (1) — 425 — Balance at beginning of the fiscal year 2,776 1,748 1,084 Increases charged to expenses 3,891 444 222 Decreases charged to income (707 ) (91 ) (194 ) Amounts incurred due to utilization (112 ) — — Translation differences 847 607 92 Result from net monetary position (2) (103 ) 92 — Other movements (12 ) (24 ) 119 Balance at end of year 6,580 2,776 1,323 (1) Corresponds to the change in the accounting policy described in detail in Note 2.b.18. (2) Includes adjustment for inflation of opening balances of the provision for doubtful trade receivables in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. |
Cash and Cash Equivalents (Tabl
Cash and Cash Equivalents (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Cash and Cash Equivalents | 2019 2018 2017 Cash and banks 6,983 6,678 9,672 Short-term investments 52,079 (1) 31,558 (1) 15 Financial assets at fair value through profit or loss (2) 7,038 7,792 19,051 66,100 46,028 28,738 (1) Includes term deposits and other invetsments with the BNA for 10,043 and 5,084 as of December 31, 2019 and 2018, respectively. (2) See Note 6. |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Changes in Group's Provisions | Changes in the Group’s provisions for the fiscal years ended December 31, 2019, 2018 and 2017 are as follows: Provision for lawsuits Provision for environmental Provision for hydrocarbon abandonment Total Noncurrent Current Noncurrent Current Noncurrent Current Noncurrent Current Amount as of December 31, 2016 9,205 569 530 868 37,623 557 47,358 1,994 Increases charged to expenses 2,394 83 1,483 — 2,946 — 6,823 83 Decreases charged to income (1,570 ) (410 ) (6 ) — 8 2 (1,568 ) (408 ) Amounts incurred due to payments/utilization (25 ) (187 ) — (661 ) — (515 ) (25 ) (1,363 ) Net exchange and translation differences 1,483 75 — — 6,874 121 8,357 196 Reclassifications and other movements 180 (2) 558 (811 ) 811 (5,580 ) (1) 571 (1) (6,211 ) 1,940 Amount as of December 31, 2017 11,667 688 1,196 1,018 41,871 736 54,734 2,442 Increases charged to expenses 3,320 357 3,021 — 3,785 — 10,126 357 Decreases charged to income (371 ) (266 ) — — (14,250 ) — (14,621 ) (266 ) Amounts incurred due to payments/utilization (76 ) (129 ) — (933 ) — (1,514 ) (76 ) (2,576 ) Net exchange and translation differences 6,826 471 495 80 43,674 758 50,995 1,309 Increases due to business combination (3) — — 465 — — — 465 — Result from net monetary position (4) (204 ) 66 — — — — (204 ) 66 Reclassifications and other movements 73 (64 ) (1,457 ) 1,457 (16,647 ) (1) 1,804 (1) (18,031 ) 3,197 Amount as of December 31, 2018 21,235 1,123 3,720 1,622 58,433 1,784 83,388 4,529 Increases charged to expenses 18,460 (5) 9 1,695 — 7,409 — 27,564 9 Decreases charged to income (2,358 ) (744 ) (63 ) — (2,950 ) — (5,371 ) (744 ) Amounts incurred due to payments/utilization (73 ) (194 ) — (1,821 ) — (2,774 ) (73 ) (4,789 ) Net exchange and translation differences 7,405 443 479 106 35,219 1,079 43,103 1,628 Result from net monetary position (4) (92 ) — — — — — (92 ) — Reclassifications and other movements (744 ) 648 (2,003 ) 2,003 (1,004 ) (1) 2,176 (1) (3,751 ) 4,827 Amount as of December 31, 2019 43,833 1,285 3,828 1,910 97,107 2,265 144,768 5,460 (1) Includes 1,172 , (11,710) and (4,913) corresponding to the annual recalculation of abandonment of hydrocarbon wells cost for the years ended December 31, 2019, 2018 and 2017, respectively; (3,133) and (96) corresponding to liabilities reclassified as Liabilities associated to assets held for disposal as of December 31, 2018 and 2017, respectively. (2) Includes (2,098) corresponding to resolutions for contractual claims that were reclassified to Other liabilities (see Note 15.a.2); and 2,932 of reclassifications of Other liabilities (see Note 31). (3) See Note 3. (4) Includes adjustment for inflation of opening balances of provisions in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. (5) Includes 10,572 corresponding to the recognition of the dispute relating to the tax deduction of well abandonment costs for periods 2011-2017 plus the accrual of financial interest since March 31, 2019, date on which the Company decided to adhere to the payment facility plan. |
Income Tax (Tables)
Income Tax (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Calculation of Income Tax Expense Accrued | The calculation of the income tax expense accrued for the years ended December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Current income tax (1,938 ) (943 ) (605 ) Deferred income tax (3,588 ) (1) (50,595 ) 4,574 Subtotal (5,526 ) (51,538 ) 3,969 Income tax – Well abandonment (16,239 ) (2) — — Special tax – Tax revaluation, Law No. 27,430 (4,604 ) (3) — — (26,369 ) (51,538 ) 3,969 (1) Includes (5,175) corresponding to the reversal of tax loss carryforwards related to the dispute relating to cost deduction for wells abandonment. (2) Includes (10,610) corresponding to interest related to the dispute relating to cost deduction for wells abandonment determined on the date the Company decided to adhere to the payment facility plan. See Note 15. (3) Includes (4,562) corresponding to YPF (See Note 34.j.) and (42) corresponding to YTEC. |
Summary of Reconciliation between the Charge to Net Income for Income Tax and the One that would Result from Applying the Prevailing Tax Rate on Net Income Before Income Tax Arising from the Consolidated Statements of Comprehensive Income | The reconciliation between the charge to net income for income tax for the years ended December 31, 2019, 2018 and 2017 and the one that would result from applying the prevailing tax rate on net income before income tax arising from the consolidated statements of comprehensive income for each fiscal year is as follows: 2019 2018 2017 Net income before income tax (7,010 ) 90,144 8,703 Statutory tax rate 30 % 30 % 35 % Statutory tax rate applied to net income before income tax 2,103 (27,043 ) (3,046 ) Effect of the valuation of property, plant and equipment and intangible assets measured in functional currency (20,189 ) (100,760 ) (18,185 ) Exchange differences 22,553 (1) 67,767 12,318 Effect of the valuation of inventories (11,553 ) (8,666 ) (1,558 ) Income on investments in associates and joint ventures 2,390 1,452 500 Effect of tax rate change (2) 1,956 12,795 13,892 Dispute associated to cost deduction for wells abandonment (5,175 ) — — Interest related to the payment facility plan for cost deduction for wells abandonment 1,333 — — Result of companies’ revaluation — 3,594 — Miscellaneous 1,056 (677 ) 48 Income tax (5,526 ) (51,538 ) 3,969 (1) Includes the effect of tax inflation. (2) Corresponds to the remedation of deferred income tax at the current rate See Notes 2.b.15 and 34.j. |
Summary of Breakdown of Deferred Tax | Breakdown of deferred tax as of December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Deferred tax assets Provisions and other non-deductible 5,344 2,920 1,861 Tax losses carryforward and other tax credits 52,443 21,575 6,484 Miscellaneous 937 270 99 Total deferred tax assets 58,724 24,765 8,444 Deferred tax liabilities Property, plant and equipment (110,704 ) (113,821 ) (43,931 ) Adjustment for tax inflation (38,177 ) — — Miscellaneous (5,491 ) (1,768 ) (1,570 ) Total deferred tax liabilities (154,372 ) (115,589 ) (45,501 ) Total Net deferred tax (95,648 ) (2) (90,824 ) (1)(2) (37,057 ) (1) Includes 127 as a result of the implementation of the impairment method in the calculation of the impairment of financial assets pursuant to IFRS 9, having an impact in “Retained earnings”. See Note 2.b.18. (2) Includes (1,523) and (3,432) as of December 31, 2019 and 2018, respectively, corresponding to adjustment for inflation of the opening deferred liability of subsidiaries with the Peso as functional currency with effect in other comprehensive income. |
Summary of Tax Loss Carryforwards at Statutory Tax Rate | As of December 31, 2019, Group’s tax loss carryforwards at the expected recovery rate were as follows: Date of generation Date of expiration Jurisdiction Amount 2016 2021 Argentina 573 2017 2022 Argentina 495 2018 2023 Argentina 24,825 2019 2024 Argentina 26,550 52,443 |
Taxes Payable (Tables)
Taxes Payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of taxes payable | 2019 2018 2017 Non current Current Non current Current Non current Current VA T — 3,532 — 2,274 — 1,304 Withholdings and perceptions — 2,070 — 1,631 — 946 Royalties — 1,268 — 1,464 — 1,269 Tax on Fuels — 635 — 1,290 — 452 IIBB — 512 — 547 — 126 Miscellaneous 1,428 3,420 2,175 2,821 220 2,782 1,428 11,437 2,175 10,027 220 6,879 |
Salaries and social security (T
Salaries and social security (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure Of Salaries And Social Security [Abstract] | |
Summary of detailed information about salaries and social security | 2019 2018 2017 Salaries and social security 2,976 1,950 1,305 Bonuses and incentives provision 3,468 1,921 1,409 Vacation provision 3,610 2,215 1,386 Miscellaneous 150 68 32 10,204 6,154 4,132 |
Lease liabilities (Tables)
Lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Lease liabilities [abstract] | |
Summary of lease liabilities and discount rates | As of December 31, 2019, the Group recorded non-current Lease term Balance as of Effective average monthly rate used 0 to 1 year 3,778 0.56 % 1 to 2 years 7,634 0.73 % 2 to 3 years 11,813 0.72 % 3 to 4 years 5,404 0.70 % 4 to 5 years 10,732 0.70 % 5 to 9 years 2,498 0.78 % More than 9 years 19,921 0.98 % 61,780 |
Summary of lease liabilities activity | The evolution of the Group’s leases liabilities for the fiscal year ended December 31, 2019 is as follows: Lease liabilities Balances for initial application of IFRS 16 23,059 Leases increase 39,779 Financial accretion 2,885 Leases decrease (1,741 ) Payments (15,208 ) Exchange and translation differences, net 12,999 Result from net monetary position (1) 7 Balance at the end of the year 61,780 (1) Includes the adjustment for inflation of subsidiaries with the Peso as functional currency for first application of IFRS 16, which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. |
Loans (Tables)
Loans (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Schedule of Loans | 2019 2018 2017 Pesos Interest rate (1) Maturity Noncurrent Current Noncurrent Current Noncurrent Current Negotiable obligations (6) 16.50 % – 63.35 % 2020-2024 8,619 27,481 26,118 6,999 29,640 5,753 Loans 58.26 % – 68.80 % 2020 — 3,687 40 789 (3) 728 2,794 (3) Account overdraft 89.00 % – 92.00 % 2020 — 2,103 — — — 10 8,619 33,271 26,158 7,788 30,368 8,557 Currencies other than the Peso Negotiable obligations (2)(4) 3.50 % – 10.00 % 2020-2047 375,560 13,279 219,510 17,417 114,686 15,075 (5) Export pre-financing (7) 4.05 % – 9.75 % 2020-2022 10,762 33,100 — 20,724 383 6,521 Imports financing 3.62 % – 7.91 % 2020 — 17,876 968 13,176 — 4,595 Loans 3.42 % – 7.50 % 2020-2026 24,710 9,583 23,616 5,721 6,290 4,588 (5) 411,032 73,838 244,094 57,038 121,359 30,779 419,651 107,109 270,252 64,826 151,727 39,336 (1) Nominal annual interest rate as of December 31, 2019. (2) Disclosed net of 326, 410 and 309 corresponding to YPF’s own negotiable obligations repurchased through open market transactions, as of December 31, 2019, 2018, and 2017, respectively. (3) Includes loans granted by BNA. As of December 31, 2018, it includes 500, which accrues variable interest at a BADLAR plus a margin of 3.5 points. As of December 31, 2017, it incudes 2,500, 1,500 of which accrues variable interest at a BADLAR plus a margin of 3.5 points and 1,000 at a fixed rate of 20%. See Note 35. (4) Includes 4,643, 2,634 and 1,528 as of December 31, 2019, 2018 and 2017, respectively, of nominal value of negotiable obligations that will be canceled in Pesos at the applicable exchange rate in accordance with the terms of the series issued. (5) Includes 492 corresponding to financial loans and NO secured by cash flows as of December 31, 2017. (6) Includes 15,850 as of December 31, 2019, 2018 and 2017, of nominal value of NO that will be canceled in U.S. dollars at the applicable exchange rate according to the conditions of the issued series. (7) Includes pre-financing |
Breakdown of Group's Borrowings | The breakdown of the Group’s borrowings as of the fiscal year ended on December 31, 2019, 2018 and 2017 is as follows: 2019 2018 2017 Balance at beginning of the year 335,078 191,063 154,345 Proceed from loans 97,351 39,673 54,719 Payments of loans (93,456 ) (55,734 ) (36,346 ) Payments of interest (41,606 ) (26,275 ) (17,912 ) Accrued interest (1) 44,570 27,998 17,995 Net exchange differences and translation 185,420 160,016 21,465 Result from net monetary position (2) (597 ) (1,663 ) — Reclassifications and other movements — — (3,203 ) (3) Balance at the end of the year 526,760 335,078 191,063 (1) Includes capitalized financial costs. (2) Includes adjustment for inflation of opening balances of loans in subsidiaries with the Peso as functional currency which was charged to other comprehensive income and the adjustment for inflation of the fiscal year, which was charged to results. (3) Includes 3,130 of loans reclassified to the item “Liabilities associated with assets held for disposal”. See Note 3. |
Detailed Information of Negotiable Obligations | Details regarding the NO of the Group are as follows: 2019 2018 2017 Month Year Principal value Ref. Class Interest rate (3) Principal Maturity Noncurrent Current Noncurrent Current Noncurrent Current YPF — 1998 US$ 15 (1) (6) — Fixed 10.00 % 2028 886 15 557 9 276 5 December and March 2012/3 $ 2,828 (2) (4) (6) (7) Class XIII — — — — — — — — 1,427 April 2013 $ 2,250 (2) (4) (6) (7) Class XVII BADLAR plus 2.25% 48.01 % 2020 — 1,217 1,125 1,330 2,250 96 June 2013 $ 1,265 (2) (4) (6) Class XX BADLAR plus 2.25% 43.66 % 2020 — 643 633 657 1,265 12 July 2013 US$ 92 (2) (5) (6) Class XXII Fixed 3.50 % 2020 — 729 456 461 451 230 October 2013 US$ 150 (2) (6) Class XXIV — — — — — — — — 498 December, April, February and December 2013/4/5 US$ 862 (2) (6) Class XXVI — — — — — — — — 8,422 April, February and October 2014/5/6 US$ 1,522 (2) (4) (6) Class XXVIII Fixed 8.75 % 2024 91,010 1,925 57,233 1,210 28,311 599 March 2014 $ 500 (2) (6) (7) Class XXIX BADLAR 42.28 % 2020 — 206 200 162 350 158 September 2014 $ 1,000 (2) (6) (7) Class XXXIV BADLAR plus 0.1% 50.25 % 2024 667 279 833 299 1,000 54 September 2014 $ 750 (2) (4) (6) Class XXXV — — — — — — 571 500 298 February 2015 $ 950 (2) (6) (7) Class XXXVI BADLAR plus 4.74% 56.74 % 2020 — 1,161 950 187 950 92 April 2015 $ 935 (2) (4) (6) Class XXXVIII BADLAR plus 4.75% 53.17 % 2020 — 349 312 390 626 362 April 2015 US$ 1,500 (2) (6) Class XXXIX Fixed 8.50 % 2025 89,416 3,230 56,062 2,025 27,731 1,002 September 2015 $ 1,900 (2) (6) (7) Class XLI BADLAR 50.15 % 2020 — 719 633 801 1,267 736 September and December 2015/9 $ 5,196 (2) (4) (6) Class XLII BADLAR plus 4% 54.15 % 2020 — 5,952 1,697 243 1,697 110 October 2015 $ 2,000 (2) (6) (7) Class XLIII BADLAR 47.08 % 2023 2,000 183 2,000 196 2,000 80 December 2015 $ 1,400 (2) (6) Class XLIV — — — — — — — — 1,422 March 2016 $ 1,350 (2) (4) (6) Class XLVI BADLAR plus 6% 57.63 % 2021 1,350 251 1,350 234 1,350 114 March 2016 US$ 1,000 (2) (6) Class XLVII Fixed 8.50 % 2021 59,790 1,383 37,600 870 18,599 430 April 2016 US$ 46 (2) (5) (6) Class XLVIII Fixed 8.25 % 2020 — 2,785 1,723 29 852 14 April 2016 $ 535 (2) (6) Class XLIX BADLAR plus 6% 53.27 % 2020 — 593 535 62 535 31 July 2016 $ 11,248 (2) (6) (8) Class L BADLAR plus 4% 63.35 % 2020 — 12,902 11,248 1,238 11,248 651 September 2016 CHF 300 (2) (6) Class LI — — — — — — 11,563 5,731 54 May 2017 $ 4,602 (2) (6) (8) Class LII Fixed 16.50 % 2022 4,602 108 4,602 110 4,602 110 July and December 2017 US$ 1,000 (2) (6) Class LIII Fixed 6.95 % 2027 60,399 1,890 38,024 1,180 18,889 445 December 2017 US$ 750 (2) (6) Class LIV Fixed 7.00 % 2047 44,311 126 27,855 70 13,846 44 June 2019 US$ 500 (6) (9) Class I Fixed 8.50 % 2029 29,748 17 — — — — December 2019 $ 1,683 (6) (9) Class II BADLAR plus 3.75% 46.17 % 2020 — 1,729 — — — — December 2019 $ 1,157 (6) (9) Class III BADLAR plus 6% 48.42 % 2020 — 1,189 — — — — December 2019 US$ 19 (6) (9) Class IV Fixed 7.00 % 2020 — 1,179 — — — — Metrogas January 2013 US$ 177 Series A-L — — — — — — — — 3,076 January 2013 US$ 18 Series A-U — — — — — — — — 256 December 2018 $ 513 Class II — — — — — — 519 — — 384,179 40,760 245,628 24,416 144,326 20,828 (1) Corresponds to the 1997 M.T.N. Program for US$1,000 million. (2) Corresponds to the 2008 M.T.N. Program for US$ 10,000 million. (3) Nominal annual Interest rate as of December 31, 2019. (4) The ANSES and/or the “Fondo Argentino de Hidrocarburos” have participated in the primary subscription of these NO, which may at the discretion of the respective holders, be subsequently traded on the securities market where these negotiable obligations are authorized to be traded. (5) The payment currency of these Negotiable Obligations is the Peso at the Exchange rate applicable under the terms of the series issued. (6) As of the date of issuance of these financial statements, the Group has fully complied with the use of proceeds disclosed in the corresponding pricing supplements. (7) NO classified as productive investments computable as such for the purposes of section 35.8.1, paragraph K of the General Regulations applicable to Insurance Activities issued by the Argentine Insurance Supervisory Bureau. (8) The payment currency of this issue is the U.S. dollar at the exchange rate applicable in accordance with the conditions of the relevant issued series. (9) Corresponds to the Frequent Issuer program. |
Other Liabilities (Tables)
Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Details of Other Liabilities | 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Extension of concessions 529 593 348 436 179 342 Liabilities for contractual claims (1) 170 59 175 41 90 2,008 Miscellaneous 4 658 26 245 8 33 703 1,310 549 722 277 2,383 (1) See Note 15. |
Accounts payable (Tables)
Accounts payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Detailed Information about Accounts Payable | 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Trade payable and related parties (1) 1,869 145,942 2,227 81,450 168 44,520 Guarantee deposits 21 704 19 492 17 441 Payables with partners of JO 575 851 1,127 324 — 122 Miscellaneous — 1,098 — 1,959 — 828 2,465 148,595 3,373 84,225 185 45,911 (1) For more information about related parties, see Note 35. |
Revenues (Tables)
Revenues (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Detailed Information about Revenue | 2019 2018 2017 Sales of goods and services 686,644 435,558 243,230 Government incentives (1) 13,266 14,469 18,552 Turnover tax (21,315 ) (14,207 ) (8,969 ) 678,595 435,820 252,813 (1) See Note 35. |
Summary of Breakdown of Revenues by Type of Good or Service | 2019 Upstream Downstream Gas and Power Corporation Total Diesel — 222,472 — — 222,472 Gasolines — 141,511 — — 141,511 Natural Gas (1) — 1,521 112,501 — 114,022 Crude Oil — 14,703 — — 14,703 Jet fuel — 44,075 — — 44,075 Lubricants and by-products — 14,525 — — 14,525 Liquefied Petroleum Gas — 14,643 — — 14,643 Fuel oil — 7,040 — — 7,040 Petrochemicals — 21,742 — — 21,742 Fertilizers — 7,877 — — 7,877 Flours, oils and grains — 19,612 — — 19,612 Asphalts — 4,429 — — 4,429 Goods for resale at gas stations — 4,819 — — 4,819 Income from services — — — 3,555 3,555 Income from construction contracts — — — 13,695 13,695 Virgin naphtha — 5,625 — — 5,625 Petroleum coke — 6,013 — — 6,013 LNG Regasification — — 2,731 — 2,731 Other goods and services 2,087 7,184 10,621 3,663 23,555 2,087 537,791 125,853 20,913 686,644 2018 Upstream Downstream Gas and Power Corporation Total Diesel — 132,073 — — 132,073 Gasolines — 97,093 — — 97,093 Natural Gas (1) — 1,000 79,433 — 80,433 Crude Oil — 3,477 — — 3,477 Jet fuel — 25,999 — — 25,999 Lubricants and by-products — 8,928 — — 8,928 Liquefied Petroleum Gas — 12,542 — — 12,542 Fuel oil — 3,354 — — 3,354 Petrochemicals — 16,239 — — 16,239 Fertilizers — 4,231 — — 4,231 Flours, oils and grains — 7,917 — — 7,917 Asphalts — 4,129 — — 4,129 Goods for resale at gas stations — 3,381 — — 3,381 Income from services — — — 1,344 1,344 Income from construction contracts — — — 5,551 5,551 Virgin naphtha — 3,999 — — 3,999 Petroleum coke — 6,139 — — 6,139 LNG Regasification — — 3,359 — 3,359 Other goods and services 3,181 6,068 4,091 2,030 15,370 3,181 336,569 86,883 8,925 435,558 2017 Upstream Downstream Gas and Power Corporation Total Diesel — 76,082 — — 76,082 Gasolines — 59,230 — — 59,230 Natural Gas (1) — 655 39,415 — 40,070 Crude Oil — 1,190 — — 1,190 Jet fuel — 11,233 — — 11,233 Lubricants and by-products — 5,956 — — 5,956 Liquefied Petroleum Gas — 6,287 — — 6,287 Fuel oil — 5,717 — — 5,717 Petrochemicals — 8,437 — — 8,437 Fertilizers — 2,011 — — 2,011 Flours, oils and grains — 6,542 — — 6,542 Asphalts — 3,014 — — 3,014 Goods for resale at gas stations — 2,362 — — 2,362 Income from services — — — 1,007 1,007 Income from construction contracts — — — 879 879 Virgin naphtha — 1,148 — — 1,148 Petroleum coke — 1,697 — — 1,697 LNG Regasification — — 2,731 — 2,731 Other goods and service s 774 3,674 2,262 927 7,637 774 195,235 44,408 2,813 243,230 (1) Includes 71,491, 55,882 and 28,341 corresponding to sales of natural gas produced by the Company for the years ended December 31, 2019, 2018 and 2017, respectively. |
Summary of Breakdown of Revenues by Sales Channels | 2019 Upstream Downstream Gas and Power Corporation Total Gas Stations — 257,648 — — 257,648 Power Plants — 709 15,705 — 16,414 Distribution Companies — — 19,506 — 19,506 Retail distribution of natural gas — — 49,699 — 49,699 Industries, transport and aviation — 116,742 27,591 — 144,333 Agriculture — 64,344 — — 64,344 Petrochemical industry — 24,475 — — 24,475 Trading — 39,341 — — 39,341 Oil Companies — 20,066 — — 20,066 Commercialization of liquefied petroleum gas — 6,087 — — 6,087 Other sales channels 2,087 8,379 13,352 20,913 44,731 2,087 537,791 125,853 20,913 686,644 2018 Upstream Downstream Gas and Power Corporation Total Gas Stations — 168,665 — — 168,665 Power Plants — 260 20,083 — 20,343 Distribution Companies — — 14,180 — 14,180 Retail distribution of natural gas — — 25,420 — 25,420 Industries, transport and aviation — 71,746 19,750 — 91,496 Agriculture — 35,868 — — 35,868 Petrochemical industry — 19,590 — — 19,590 Trading — 18,342 — — 18,342 Oil Companies — 12,760 — — 12,760 Commercialization of liquefied petroleum gas — 4,961 — — 4,961 Other sales channels 3,181 4,377 7,450 8,925 23,933 3,181 336,569 86,883 8,925 435,558 2017 Upstream Downstream Gas and Power Corporation Total Gas Stations — 104,077 — — 104,077 Power Plants — 4,067 13,072 — 17,139 Distribution Companies — — 3,313 — 3,313 Retail distribution of natural gas — — 11,071 — 11,071 Industries, transport and aviation — 36,810 11,558 — 48,368 Agriculture — 22,030 — — 22,030 Petrochemical industry — 10,334 — — 10,334 Trading — 7,703 — — 7,703 Oil Companies — 4,207 — — 4,207 Commercialization of liquefied petroleum gas — 2,979 — — 2,979 Other sales channels 774 3,028 5,394 2,813 12,009 774 195,235 44,408 2,813 243,230 |
Summary of Credits, Contract Assets and Contract Liabilities | The following table reflects information regarding credits, contract assets and contract liabilities: 2019 2018 2017 Noncurrent Current Noncurrent Current Noncurrent Current Credits for contracts included in Trade Receivables 6,785 100,706 7,804 59,419 2,210 27,363 Contract assets — 203 — 420 — 142 Contract liabilities 294 7,404 1,828 4,996 1,470 1,460 |
Costs (Tables)
Costs (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Detailed Information of Inventory Costs | 2019 2018 2017 Inventories at beginning of year 53,324 27,149 21,808 (2) Purchases 190,601 124,279 65,945 Production costs (1) 378,281 234,340 147,423 Translation effect 33,385 26,514 3,877 Inventories incorporated by business combination (3) — 445 — Adjustment for inflation (4) 496 167 — Reclassifications and other movements — — (92 ) Inventories at end of the year (80,479 ) (53,324 ) (27,149 ) (2) 575,608 359,570 211,812 (1) See Note 25. (2) Reclassifications of 12 have been made in inventories at beginning of fiscal year and 142 have been made in inventories at the fiscal years ended December 31, 2017, in accordance with the change in the accounting policy described in detail in Note 2.b.11. (3) See Note 3. (4) Corresponds to adjustment for inflation of inventories’ opening balances of subsidiaries with the Peso as functional currency, which was charged to other comprehensive income. |
Expenses by Nature (Tables)
Expenses by Nature (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Detailed Information about Expenses by Nature | The Group presents the statement of comprehensive income by classifying expenses according to their function as part of the “Costs”, “Administrative expenses”, “Selling expenses” and “Exploration expenses” lines. The following additional information is disclosed as required, on the nature of the expenses and their relation to the function within the Group for the fiscal years ended December 31, 2019, 2018 and 2017: 2019 Production (3) Administrative Selling Exploration Total Salaries and social security taxes 33,991 8,075 4,226 666 46,958 Fees and compensation for services 2,491 6,389 (2) 1,265 172 10,317 Other personnel expenses 8,941 962 513 66 10,482 Taxes, charges and contributions 7,370 312 10,627 (1) 48 18,357 Royalties, easements and canons 42,135 — 122 283 42,540 Insurance 2,692 181 118 — 2,991 Rental of real estate and equipment 11,079 38 861 — 11,978 (4) Survey expenses — — — 1,212 1,212 Depreciation of property, plant and equipment 139,345 2,839 3,710 — 145,894 Amortization of intangible assets 2,020 323 31 — 2,374 Depreciation of right-of-use 9,835 — 674 — 10,509 Industrial inputs, consumable materials and supplies 22,095 183 201 51 22,530 Operation services and other service contracts 18,512 744 2,249 287 21,792 (4) Preservation, repair and maintenance 48,762 1,021 1,081 125 50,989 (4) Unproductive exploratory drillings — — — 3,832 3,832 Transportation, products and charges 23,137 15 16,222 — 39,374 (4) Provision for doubtful trade receivables — — 3,184 — 3,184 Publicity and advertising expenses — 2,551 1,065 — 3,616 Fuel, gas, energy and miscellaneous 5,876 1,068 3,749 99 10,792 (4) 378,281 24,701 49,898 6,841 459,721 (1) Includes 6,541 corresponding to export withholdings. (2) Includes 80 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 26, 2019, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2018 of 65 and to approve as fees on account of such fees and remunerations for the fiscal year 2019, the sum of 87. (3) The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 1,261. (4) Includes 7,223 and 3,326 corresponding to short-term leases and to the lease charge related to the underlying asset return and/or use, respectively. 2018 Production (3) Administrative Selling Exploration Total Salaries and social security taxes 18,908 4,867 2,592 480 26,847 Fees and compensation for services 1,772 3,534 (2) 883 21 6,210 Other personnel expenses 5,313 571 278 50 6,212 Taxes, charges and contributions 3,634 275 5,626 (1) 28 9,563 Royalties, easements and canons 31,677 — 64 72 31,813 Insurance 1,335 130 118 — 1,583 Rental of real estate and equipment 8,983 24 766 28 9,801 Survey expenses — — — 848 848 Depreciation of property, plant and equipment 83,700 1,758 2,111 — 87,569 Amortization of intangible assets 1,497 222 30 — 1,749 Industrial inputs, consumable materials and supplies 11,126 59 172 22 11,379 Operation services and other service contracts 14,973 372 1,302 29 16,676 Preservation, repair and maintenance 31,141 620 886 48 32,695 Unproductive exploratory drillings — — — 3,331 3,331 Transportation, products and charges 12,714 4 9,615 — 22,333 Provision for doubtful trade receivables — — 353 — 353 Publicity and advertising expenses — 951 978 — 1,929 Fuel, gas, energy and miscellaneous 7,567 535 2,153 509 10,764 234,340 13,922 27,927 5,466 281,655 (1) Includes 2,297 corresponding to export withholdings. (2) Includes 65 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 27, 2018, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2017 of 48.8 and to approve as fees on account of such fees and remunerations for the fiscal year 2018, the sum of 62. (3) The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 700. 2017 Production (3) Administrative Selling Exploration Total Salaries and social security taxes 12,548 3,537 1,988 330 18,403 Fees and compensation for services 1,159 2,118 (2) 544 18 3,839 Other personnel expenses 3,493 374 194 49 4,110 Taxes, charges and contributions 2,215 255 4,172 (1) — 6,642 Royalties, easements and canons 17,630 — 31 31 17,692 Insurance 840 49 85 — 974 Rental of real estate and equipment 5,710 15 518 — 6,243 Survey expenses — — — 214 214 Depreciation of property, plant and equipment 51,607 771 1,134 — 53,512 Amortization of intangible assets 688 125 25 — 838 Industrial inputs, consumable materials and supplies 5,813 35 83 25 5,956 Operation services and other service contracts 12,033 268 905 243 13,449 Preservation, repair and maintenance 20,204 382 458 82 21,126 Unproductive exploratory drillings — — — 1,400 1,400 Transportation, products and charges 8,724 17 5,961 — 14,702 Provision for doubtful trade receivables — — 28 — 28 Publicity and advertising expenses — 545 609 — 1,154 Fuel, gas, energy and miscellaneous 4,759 245 1,219 64 6,287 147,423 8,736 17,954 2,456 176,569 (1) Includes 1,612 corresponding to export withholdings. (2) Includes 48.8 corresponding to fees and remunerations of the Directors and Statutory Auditors of YPF’s Board of Directors. On April 28, 2017, the General and Extraordinary Shareholders’ Meeting of YPF resolved to ratify the fees corresponding to fiscal year 2016 of 127 and to approve as fees on account of such fees and remunerations for the fiscal year 2017, the sum of 48.3. (3) The expense recognized in the consolidated statement of comprehensive income corresponding to research and development activities amounted to 449. |
Other Net Operating Results (Ta
Other Net Operating Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Summary of Other Operating Results Net | 2019 2018 2017 Result of Companies’ revaluation (1) — 11,980 — Result for sale of participation in areas (1) 778 2,322 — Lawsuits (2,732 ) (2,365 ) (1,240 ) Insurance 498 417 206 Construction incentive (2) 688 — 188 Unrecoverable credit - Resolution MINEM No. 508/E-2017 (3) (622 ) — — Miscellaneous 260 (409 ) 32 (1,130 ) 11,945 (814 ) (1) See Note 3. (2) See Note 35. (3) See Note 34. h. |
Net Financial Results (Tables)
Net Financial Results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
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Detailed Information about Financial Results | 2019 2018 2017 Financial income Interest income 7,665 3,033 1,598 Exchange differences 80,490 81,869 16,025 Financial accretion 5,250 15,181 — Total financial income 93,405 100,083 17,623 Financial loss Interest loss (48,136 ) (28,717 ) (18,385 ) Exchange differences (32,555 ) (27,410 ) (7,075 ) Financial accretion (10,842 ) (7,554 ) (3,169 ) Total financial costs (91,533 ) (63,681 ) (28,629 ) Other financial results Fair value gains on financial assets at fair value through profit or loss (1,449 ) 2,596 2,208 Result from derivative financial instruments (293 ) 933 — Result from net monetary position 5,904 1,594 — Total other financial results 4,162 5,123 2,208 Total net financial results 6,034 41,525 (8,798 ) |
Investments in Joint Operatio_2
Investments in Joint Operations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments accounted for using equity method [abstract] | |
Information of Assets, Liabilities and Expenses | The assets and liabilities as of December 31, 2019, 2018 and 2017, and main 2019 2018 2017 Noncurrent assets (1) 221,219 130,272 66,887 Current assets 8,723 4,024 2,417 Total assets 229,942 134,296 69,304 Noncurrent liabilities 17,754 11,484 5,876 Current liabilities 27,641 9,695 5,524 Total liabilities 45,395 21,179 11,400 2019 2018 2017 Production cost 70,552 39,713 24,471 Exploration expenses 123 242 767 (1) It does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO . |
Information about Joint venture production exploration | As of December 31, 2019, the main exploration and production JO in which the Group participates are the following: Name Location Participation Operator Acambuco Salta 22.50 % Pan American Energy LLC Aguada Pichana - Area Vaca Muerta Neuquén 22.50 % Total Austral S.A. Aguada Pichana - Residual Neuquén 27.27 % Total Austral S.A. Aguaragüe Salta 53.00 % Tecpetrol S.A. CAM-2/A Tierra del Fuego 50.00 % Enap Sipetrol Argentina S.A. Campamento Central / Cañadón Perdido Chubut 50.00 % YPF Consorcio CNQ 7/A La Pampa and Mendoza 50.00 % Pluspetrol Energy S.A. El Tordillo Chubut 12.20 % Tecpetrol S.A. La Tapera and Puesto Quiroga Chubut 12.20 % Tecpetrol S.A. Lindero Atravesado Neuquén 37.50 % Pan American Energy LLC Llancanelo Mendoza 61.00 % (1) YPF Magallanes Santa Cruz, Tierra del Fuego and Plataforma Continental Nacional 50.00 % Enap Sipetrol Argentina S.A. Loma Campana Neuquén and Mendoza 50.00 % YPF Ramos Salta 42.00 % Pluspetrol Energy S.A. Rincón del Mangrullo Neuquén 50.00 % YPF San Roque Neuquén 34.11 % Total Austral S.A. Yacimiento La Ventana – Río Tunuyán Mendoza 70.00 % YPF Zampal Oeste Mendoza 70.00 % YPF Narambuena Neuquén 50.00 % YPF La Amarga Chica Neuquén 50.00 % YPF El Orejano Neuquén 50.00 % YPF Bajo del Toro Neuquén 50.00 % YPF Bandurria Sur Neuquén 51.00 % YPF Aguada de Castro and Aguada Pichana Oeste Neuquén 30.00 % Pan American Energy LLC (1) See Note 33.b. |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Earnings Per Share | The following table shows the net income and the number of shares that have been used for the calculation of the basic and diluted earnings per share: 2019 2018 2017 Net (loss) / profit (34,071 ) 38,613 12,340 Average number of shares outstanding 392,314,842 392,302,437 392,625,259 Basic and diluted earnings per share (86.85 ) 98.43 31.43 |
Contractual Commitments (Tables
Contractual Commitments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of detailed information about operating lease rental expense | Rental expenses related to operating leases for fiscal years ended December 31, 2018 and 2017 are detailed below: 2018 2017 Minimum payments 4,988 2,306 Contingent installments 7,326 5,361 12,314 7,667 |
Estimated minimum commitments payments related to non-cancellable operating lease | The minimum payment commitments related to non-cancellable 2018 2017 Up to 1 year 12,264 5,480 From 1 to 5 years 15,341 4,265 From 6 th 2,317 504 |
Balances and Transactions wit_2
Balances and Transactions with Related Parties (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Balances and Transactions with Associates and Joint Ventures | The information detailed in the tables below shows the balances with associates and joint ventures as of December 31, 2019, 2018 and 2017 and transactions with the mentioned parties for the years ended on such dates. 2019 2018 2017 Other Trade Accounts Contract Other Trade Accounts Other Trade Accounts Current Current Current Current Current Current Current Current Current Current Joint ventures: Profertil 12 587 114 — 2 461 428 107 239 215 MEGA — 2,995 350 — — 2,441 6 — 925 149 Refinor — 956 123 — — 770 5 — 224 8 Bizoy S.A. — 17 — — 11 — — 5 — — Y-GEN — — — — — 2 — 57 — — Y-GEN — — — — — — — 22 — — YPF EE (1) 296 2,278 2,183 679 218 1,552 1,301 — — — Petrofaro S.A. — 6 — — — 267 151 — 35 51 OLCLP 56 59 70 — 1,884 — — — — — 364 6,898 2,840 679 2,115 5,493 1,891 191 1,423 423 Associates: CDS — 1,063 — — — 518 — — 122 — YPF Gas 90 317 73 — 637 414 62 589 230 15 Oldelval — 77 401 — — 34 272 — — 131 Termap — — 182 — — — 102 — — 52 OTA 9 — 14 — 5 — 14 — — 5 OTC 4 — — — 7 — — 5 — — GPA — — 99 — 4 — 80 4 — 19 Oiltanking — — 198 — 21 — 147 — — 96 Gas Austral S.A. — 12 1 — 2 16 — 2 7 — 103 1,469 968 — 676 982 677 600 359 318 467 8,367 3,808 679 2,791 6,475 2,568 791 1,782 741 2019 2018 2017 Revenues Purchases and Net interest Revenues Purchases and Net interest Revenues Purchases and Net interest Joint ventures: Profertil 4,418 3,044 — 2,751 1,964 — 906 901 — MEGA 10,672 1,854 — 8,150 438 — 4,058 814 — Refinor 3,310 481 (16 ) 2,594 323 — 838 225 10 Bizoy S.A. — — — — — — 1 — — Y-GEN 5 — — 4 — — 34 — — Y-GEN — — — — — — 41 — — YPF EE (1) 5,016 3,862 — 2,064 1,548 47 — — — Petrofaro S.A. 9 23 — 223 150 — 33 58 — OLCLP 66 316 — — — — — — — 23,496 9,580 (16 ) 15,786 4,423 47 5,911 1,998 10 Associates: CDS 1,955 1 — 565 — — 102 — — YPF Gas 2,217 252 162 1,608 104 217 863 51 51 Oldelval 238 2,192 — 103 1,167 — — 596 — Termap — 1,302 — 6 666 — — 366 — OTA 1 80 — 1 47 — — 25 — GPA — 845 — — 363 — — 202 — Oiltanking 3 1,350 — 4 777 — 1 428 — Gas Austral S.A. 206 1 — 199 — — 78 1 — 4,620 6,023 162 2,486 3,124 217 1,044 1,669 51 28,116 15,603 146 18,272 7,547 264 6,955 3,667 61 (1) On March 20, 2018, YPF EE was reclassified as a joint venture. Includes transactions following the loss of control over YPF EE. See Note 3. |
Information about Public Sector Related Entities | Additionally, in the normal course of business, and considering being the main energy group in Argentina, the Group’s client/suppliers portfolio encompasses both private sector entities as well as national public sector entities. As required by IAS 24 “Related party disclosures”, among the major transactions above mentioned the most important are: Balances Transactions Credits / (Liabilities) Income / (Costs) Customers / Suppliers Ref. 2019 2018 2017 2019 2018 2017 SGE (1) (16) 26,223 26,978 13,417 — — 12,840 SGE (2) (16) 3,416 1,211 — 5,684 1,376 — SGE (3) (16) 155 282 190 657 347 191 SGE (4) (16) 166 192 162 7 107 119 SGE (5) (16) 475 — — 475 — — SGE (6) (16) 172 1,255 — 995 3,447 — SGE (7) (16) 4,417 3,535 — 361 4,149 — Ministry of Transport (8) (16) 2,056 3,044 840 5,923 9,192 5,402 Secretariat of Industry (9) (16) — — 24 688 — 188 CAMMESA (10) 627 3,822 4,444 6,650 18,029 17,569 CAMMESA (11) 386 (444 ) (316 ) (3,778 ) (3,272 ) (2,090 ) IEASA (12) 5,041 4,326 698 11,994 7,600 2,920 IEASA (13) (505 ) (745 ) (1,591 ) (462 ) (1,156 ) (214 ) Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. (14) 5,033 3,454 946 16,036 8,710 4,300 Aerolíneas Argentinas S.A. and Austral Líneas Aéreas Cielos del Sur S.A. (15) — — — — (21 ) (28 ) (1) Benefits for the Stimulus Programs for the Additional Injection of Natural Gas. (2) Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional (3) Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. (4) Benefits for the bottle-to-bottle (5) Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. (6) Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas. (7) Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. (8) The compensation for providing diesel to public transport of passengers at a differential price. (9) Incentive for domestic manufacturing of capital goods, for the benefit of AESA. (10) The provision of fuel oil and natural gas, and electric power generation corresponding to YPF EE until the date of loss of control by YPF. (11) Purchases of energy. As of December 31, 2019, the Group has a credit balance for energy purchases. (12) Sale of natural gas and provision of regasification service in the regasification projects of LNG in Escobar. Likewise, for the ten months period as of December 31, 2018 and for the fiscal year ended December 31, 2017, it also included the regasification projects of LNG in Bahía Blanca. (13) The purchase of natural gas and crude oil. (14) The provision of jet fuel. (15) The purchase of miles for the YPF Serviclub program. (16) Income recognized under the guidelines of IAS 20. |
Summary of Compensation of Key Management Personnel | The table below discloses the compensation for the YPF’s key management personnel, including members of the Board of Directors and Vice Presidents (managers with executive functions appointed by the Board of Directors), for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Short-term employee benefits (1) 515 337 221 Share-based benefits 123 55 34 Post-retirement benefits 22 14 10 Termination benefits — — 109 660 406 374 (1) Does not include Social Security contributions of 133, 66 and 50 for the years ended December 31, 2019, 2018 and 2017, respectively. |
Employee Benefit Plans and Si_2
Employee Benefit Plans and Similar Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Plan 2014-17 [member] | |
Statement [LineItems] | |
Summary of Share Based Benefit Plan | Plan 2014-2017 2019 2018 2017 Amount at the beginning of the fiscal year — — 99,278 - Granted — — 6,269 - Settled — — (105,201 ) - Expired — — (346 ) Amount at end of fiscal year (1) — — — Expense recognized during the fiscal year — — 8 Fair value of shares on grant date (in U.S. dollars) — — 33.41 (1) The life of the plan in 2017 was 7 months. |
Plan 2015-18 [member] | |
Statement [LineItems] | |
Summary of Share Based Benefit Plan | Plan 2015-2018 2019 2018 2017 Amount at the beginning of the fiscal year — 162,051 339,459 - Granted — — 2,682 - Settled — (155,385 ) (168,814 ) - Expired — (6,666 ) (11,276 ) Amount at end of fiscal year (1) — — 162,051 Expense recognized during the fiscal year — 12 26 Fair value of shares on grant date (in U.S. dollars) — 19.31 19.31 (1) The life of the plan in 2018 was 7 months, whereas the remaining life as of December 31, 2017 was 7 months. |
Plan 2016-19 [member] | |
Statement [LineItems] | |
Summary of Share Based Benefit Plan | Plan 2016-2019 2019 2018 2017 Amount at the beginning of the fiscal year 183,080 393,972 682,307 - Granted — — — - Settled (180,478 ) (189,303 ) (228,981 ) - Expired (2,602 ) (21,589 ) (59,354 ) Amount at end of fiscal year (1) — 183,080 393,972 Expense recognized during the fiscal year 21 54 59 Fair value of shares on grant date (in U.S. dollars) 16.99 16.99 16.99 (1) The life of the plan in 2019 was 7 months, whereas the remaining life of the plan was 7 months as of December 31, 2018, and between 7 and 19 months as of December 31, 2017. |
Plan 2017-20 [member] | |
Statement [LineItems] | |
Summary of Share Based Benefit Plan | Plan 2017-2020 2019 2018 2017 Amount at the beginning of the fiscal year 375,552 644,949 — - Granted — — 646,149 - Settled (182,445 ) (193,564 ) — - Expired (9,906 ) (75,833 ) (1,200 ) Amount at end of fiscal year (1) 183,201 375,552 644,949 Expense recognized during the fiscal year 98 142 69 Fair value of shares on grant date (in U.S. dollars) 20.26 20.26 20.26 (1) The average remaining life of the plan is 7 months as of December 31, 2019, between 7 and 19 months as of December 31, 2018 and between 7 and 31 months as of December 31, 2017. |
Plan 2018-21 [member] | |
Statement [LineItems] | |
Summary of Share Based Benefit Plan | Plan 2018-2021 2019 2018 2017 Amount at the beginning of the fiscal year 761,512 — — - Granted — 761,512 — - Settled (246,987 ) — — - Expired (6,067 ) — — Amount at end of fiscal year (1) 508,458 761,512 — Expense recognized during the fiscal year 212 100 — Fair value of shares on grant date (in U.S.dollars) 13.60 13.60 — (1) The average remaining life of the plan is between 7 and 19 months as of December 31, 2019 and between 7 and 31 months as of December 31, 2018. |
Plan 2019-22 [member] | |
Statement [LineItems] | |
Summary of Share Based Benefit Plan | Plan 2019-2022 2019 2018 2017 Amount at the beginning of the fiscal year — — — - Granted 758,690 — — Amount at end of fiscal year (1) 758,690 — — Expense recognized during the fiscal year 189 — — Fair value of shares on grant date (in U.S. dollars) 9.97 — — (1) The average remaining life of the plan is between 7 and 31 months as of December 31, 2019. |
Assets and Liabilities in Cur_2
Assets and Liabilities in Currencies Other than the Peso (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text block [abstract] | |
Summary of Assets and Liabilities in Currencies Other than the Peso | 2019 2018 2017 Amount in Exchange (1) Total Amount in Exchange (1) Total Amount in Exchange (1) Total Noncurrent assets Other receivables U.S. dollar 1 59.69 60 10 37.50 375 2 18.55 37 Chilean peso — — — 11 0.05 1 — — — Bolivian peso 14 8.58 119 — — — — — — Trade receivables U.S. dollar 220 59.69 13,132 489 37.50 18,338 2 18.55 37 Total noncurrent assets 13,311 18,714 74 Current assets Other receivables U.S. dollar 276 59.69 16,474 191 37.50 7,163 165 18.55 3,061 Euro 4 66.85 267 2 42.84 86 5 22.28 111 Real — — — — — — — — — Chilean peso 5,241 0.08 419 6,253 0.05 313 4,303 0.03 129 Yen 151 0.55 83 — — — — — — Swiss franc — — — — — — 3 19.04 57 Trade receivables U.S. dollar 939 59.69 56,030 907 37.50 34,013 380 18.55 7,049 Chilean peso 17,221 0.08 1,378 15,285 0.05 764 9,836 0.03 295 Investments in financial assets U.S. dollar 140 59.69 8,370 292 37.50 10,941 697 18.55 12,936 Cash and cash equivalents U.S. dollar 723 59.69 43,172 900 37.50 33,750 526 18.55 9,757 Chilean peso 1,685 0.08 135 1,097 0.05 55 898 0.03 27 Bolivian peso 10 8.58 90 — — — — — — Total current assets 126,418 87,085 33,422 Total assets 139,729 105,799 33,496 Noncurrent liabilities Provisions U.S. dollar 2,020 59.89 120,968 1,956 37.70 73,741 2,909 18.65 54,253 Lease liabilities U.S. dollar 674 59.89 40,388 — — — — — — Loans U.S. dollar 6,863 59.89 411,032 6,475 37.70 244,094 6,200 18.65 115,628 Swiss franc — — — — — — 300 19.13 5,731 Other liabilities U.S. dollar 12 59.89 699 14 37.70 523 14 18.65 269 Accounts payable U.S. dollar 6 59.89 359 3 37.70 113 4 18.65 75 Total noncurrent liabilities 573,446 318,471 175,956 Current liabilities Provisions U.S. dollar 59 59.89 3,555 73 37.70 2,752 57 18.65 1,063 Taxes payable Chilean peso 3,102 0.08 248 1,752 0.05 88 1,524 0.03 46 Salaries and social security U.S. dollar 7 59.89 406 6 37.70 226 6 18.65 112 Chilean peso — — — 274 0.05 14 247 0.03 7 Lease liabilities U.S. dollar 357 59.89 21,384 — — — — — — Loans U.S. dollar 1,229 59.89 73,599 1,206 37.70 45,475 1,647 18.65 30,725 Chilean peso 2,993 0.08 239 — — — — — — Swiss franc — — — 302 38.31 11,563 3 19.13 54 Other liabilities U.S. dollar 22 59.89 1,310 12 37.70 452 125 18.65 2,331 Accounts payable U.S. dollar 1,181 59.89 70,711 1,087 37.70 40,980 1,149 18.65 21,429 Euro 16 67.23 1,053 21 43.16 906 18 22.45 404 Chilean peso 3,744 0.08 300 2,202 0.05 110 1,826 0.03 55 Bolivian peso 7 8.58 60 — — — — — — Yen 133 0.55 73 13 0.34 4 19 0.17 3 Swiss franc — — — — — — 3 19.13 57 Total current liabilities 172,938 102,570 56,286 Total liabilities 746,384 421,041 232,242 |
Supplemental Information on O_2
Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement [LineItems] | |
Summary of Capitalized Costs, Along with the related Accumulated Depreciation and Allowances | The following tables set forth capitalized costs, along with the related accumulated depreciation and allowances as of December 31, 2019, 2018 and 2017: 2019 2018 2017 Consolidated capitalized costs Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Proved oil and gas properties Mineral property, wells and related equipment ( 1 ) 2,693,690 2,033 2,695,723 1,594,064 — 1,594,064 770,461 — 770,461 Support equipment and facilities 80,012 — 80,012 47,224 — 47,224 22,171 — 22,171 Drilling and work in progress (2) 142,122 — 142,122 80,737 — 80,737 40,567 — 40,567 Unproved oil and gas properties 30,012 — 30,012 14,909 1,241 16,150 6,189 558 6,747 Total capitalized costs 2,945,836 2,033 2,947,869 1,736,933 1,241 1,738,174 839,388 558 839,946 Accumulated depreciation and valuation allowances ( 3 ) (2,239,487 ) (1,973 ) (2,241,460 ) (1,283,840 ) (489 ) (1,284,328 ) (600,086 ) — (600,086 ) Net capitalized costs 706,349 60 706,409 453,093 752 453,846 239,302 558 239,860 (1) Includes 24,468 corresponding to all Upstream contracts, excepted for Drilling Contracts (2) comprised in right-of-use assets (IFRS 16). (2) Includes 11,032 corresponding to Drilling contracts comprised in right-of-use assets (IFRS 16). (3) Includes (8,841) corresponding to Accumulated Depreciation of all Upstream contracts of right-of-use assets (IFRS 16). |
Costs Incurred for Oil and Gas Producing Activities | The following tables set forth the costs incurred for oil and gas producing activities during the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Consolidated costs incurred Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Acquisition of unproved properties 4,171 — 4,171 276 — 276 — — — Acquisition of proved properties — — — 166 — 166 154 — 154 Exploration costs 9,115 771 9,886 7,283 381 7,664 3,302 149 3,451 Development costs ( 1 ) 132,289 — 132,289 53,553 — 53,553 39,039 — 39,039 Total costs incurred 145,575 771 146,346 61,278 381 61,659 42,495 149 42,644 (1) Includes 18,547 corresponding to additions of Upstream contracts comprised in right-of-use assets (IFRS 16). |
Results of Operations from Oil and Gas Producing Activities | Differences between these tables and the amounts shown in Note 5 “Segment information”, for the exploration and production business unit, relate to additional operations that do not arise from those properties held by the Group. 2019 2018 2017 Consolidated results of operations Argentina Other Foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Net sales to unaffiliated parties 1,949 120 2,069 3,085 — 3,085 521 — 521 Net intersegment sales 286,585 — 286,585 207,480 — 207,480 115,955 — 115,955 Total net revenues 288,534 120 288,654 210,565 — 210,565 116,476 — 116,476 Production costs (164,562 ) ( 1 ) (242 ) (164,804 ) (114,381 ) — (114,381 ) (69,944 ) — (69,944 ) Exploration expenses (6,045 ) (734 ) (6,779 ) (5,185 ) (224 ) (5,409 ) (2,279 ) (168 ) (2,447 ) Depreciation of property, plant and equipment; intangible and right-of-use assets (124,977 ) ( 2 ) (980 ) (125,957 ) (72,044 ) — (72,044 ) (45,277 ) — (45,277 ) Impairment of Property, plant and equipment (40,561 ) — (40,561 ) 3,265 (365 ) 2,900 5,032 — 5,032 Other (6,569 ) (56 ) (6,625 ) (2,839 ) (168 ) (3,007 ) (2,706 ) — (2,706 ) Pre-tax (54,180 ) (1,892 ) (56,072 ) 19,381 (757 ) 18,624 1,302 (168 ) 1,134 Income tax expense / benefit 16,254 417 16,671 (5,814 ) 227 (5,587 ) (456 ) 59 (397 ) Results of oil and gas producing activities (37,926 ) (1,475 ) (39,401 ) 13,567 (530 ) 13,037 846 (109 ) 737 (1) Includes Ps 6,680 million corresponding to short term leases and variable lease payments related to the use of assets. For more information See Note 2.b.12) to the Audited Consolidated Financial Statements. (2) Includes Ps (6,060) million corresponding to depreciation of right-of-use assets (IFRS 16). |
Summary of Standardized Measure of Discounted Future Net Cash Flows | The standardized measure does not purport to be an estimate of the fair market value of the Group’s proved reserves. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated changes in future prices and costs and a discount factor representative of the time value of money and the risks inherent in producing oil and gas. 2019 2018 2017 Consolidated standardized measure of discounted future net cash flows Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Future cash inflows (1) 2,545,028 — 2,545,028 1,786,896 — 1,786,896 564,396 — 564,396 Future production costs (1,333,468 ) — (1,333,468 ) (913,980 ) — (913,980 ) (349,819 ) — (349,819 ) Future development costs (482,015 ) — (482,015 ) (304,448 ) — (304,448 ) (128,885 ) — (128,885 ) Future income tax expenses (120,966 ) — (120,966 ) (121,388 ) — (121,388 ) (2,324 ) — (2,324 ) 10% annual discount for estimated timing of cash flows (227,670 ) — (227,670 ) (138,847 ) — (138,847 ) (16,935 ) — (16,935 ) Total standardized measure of discounted future net cash flows 380,909 — 380,909 308,233 — 308,233 66,433 — 66,433 (1) For the years ended December 31, 2019, future cash inflows are stated net of the effect of withholdings on exports until 2021 in accordance with Law No. 27,541. For the years ended December 31, 2018, future cash inflows are stated net of the effect of withholdings on exports until 2020 in accordance with Decree No. 793/2018. For the years ended December 31, 2017, future cash inflows are stated net of the effect of withholdings on exports until 2017 in accordance with Law No. 26,732. |
Summary of Changes in the Standardized Measure of Discounted Future Net Cash Flows | The following table reflects the changes in standardized measure of discounted future net cash flows for the years ended December 31, 2019, 2018 and 2017: 2019 2018 2017 Beginning of year 308,233 66,433 106,411 Sales and transfers, net of production costs (197,278 ) (62,115 ) (53,759 ) Net change in sales and transfer prices, net of future production costs (239,226 ) 68,651 (74,046 ) Changes in reserves and production rates (timing) (26,496 ) 111,137 15,495 Net changes for extensions, discoveries and improved recovery 228,354 160,784 28,489 Net change due to purchases and sales of minerals in place (1,152 ) (730 ) — Changes in estimated future development and abandonment costs (82,799 ) (71,368 ) (32,052 ) Development costs incurred during the year that reduced future development costs 102,784 39,780 22,475 Accretion of discount 43,534 11,490 9,724 Net change in income taxes 66,705 (80,832 ) 25,920 Others ( 1 ) 178,250 65,003 17,776 End of year 380,909 308,233 66,433 (1) Corresponds mainly to exchange differences arising from the translation of our cashflows in the functional currency to the presentation currency. |
Oil and Condensate [Member] | |
Statement [LineItems] | |
Summary of Changes in YPF's Net Proved Reserves | The table below sets forth information regarding changes in YPF’s net proved reserves during 2019, 2018 and 2017, by hydrocarbon product. 2019 2018 2017 Oil and Condensate Worldwide Argentina Other Worldwide Argentina Other Worldwide Argentina Other (Millions of barrels) Consolidated entities At January 1, 582 582 — 422 422 — 525 525 — Developed 339 339 — 286 286 — 380 380 — Undeveloped 243 243 — 136 136 — 145 145 — Revisions of previous estimates (1) 21 21 * 126 126 — (72 ) (72 ) — Extensions and discoveries 86 86 — 103 103 — 19 19 — Improved recovery 8 8 — 15 15 — 33 33 — Purchase of minerals in place — — — — — — — — — Sale of minerals in place (1 ) (1 ) — (1 ) (1 ) — — — — Production for the year (2) (83 ) (83 ) * (83 ) (83 ) — (83 ) (83 ) — At December 31, (3) 613 613 — 582 582 — 422 422 — Developed 301 301 — 339 339 — 286 286 — Undeveloped 312 312 — 243 243 — 136 136 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (1) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) — — — — — — — — — At December 31, (3) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 339 339 — 286 286 — 380 380 — Undeveloped 243 243 — 136 136 — 145 145 — Total 582 582 — 422 422 — 525 525 — At December 31, Developed 301 301 — 339 339 — 286 286 — Undeveloped 312 312 — 243 243 — 136 136 — Total 613 613 — 582 582 — 422 422 — * Not material (less than 1). (1) Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves is considered prospectively in the calculation of depreciation. (2) Crude oil production for the years 2019, 2018 and 2017 includes an estimated approximately 12, 12 and 12 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. (3) Proved crude oil reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 88, 83 and 61 mmbbl, respectively, in respect of royalty payments which, as described above, are a financial obligation , |
Natural gas [member] | |
Statement [LineItems] | |
Summary of Changes in YPF's Net Proved Reserves | 2019 2018 2017 Natural gas Worldwide Argentina Other Worldwide Argentina Other foreign Worldwide Argentina Other foreign (Billions of standard cubic feet) Consolidated entities At January 1, 2,481 2,481 — 2,520 2,520 — 2,923 2,923 — Developed 1,915 1,915 — 1,850 1,850 — 2,143 2,143 — Undeveloped 566 566 — 670 670 — 780 780 — Revisions of previous estimates (1) (104 ) (104 ) — 178 178 — (161 ) (161 ) — Extensions and discoveries 384 384 — 329 329 — 313 313 — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — 12 12 — Sale of minerals in place (8 ) (8 ) — (4 ) (4 ) — — — — Production for the year (2) (512 ) (512 ) — (542 ) (542 ) — (567 ) (567 ) — At December 31, (3) (4) 2,241 2,241 — 2,481 2,481 — 2,520 2,520 — Developed 1,743 1,743 — 1,915 1,915 — 1,850 1,850 — Undeveloped 498 498 — 566 566 — 670 670 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (1) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) — — — — — — — — — At December 31, (3) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 1,915 1,915 — 1,850 1,850 — 2,143 2,143 — Undeveloped 566 566 — 670 670 — 780 780 — Total 2,481 2,481 — 2,520 2,520 — 2,923 2,923 — At December 31, Developed 1,743 1,743 — 1,915 1,915 — 1,850 1,850 — Undeveloped 498 498 — 566 566 — 670 670 — Total 2,241 2,241 — 2,481 2,481 — 2,520 2,520 — * Not material (less than 1 ). (1) Revisions in estimates of reserves are performed at least once a year. Revision of natural gas reserves is considered prospectively in the calculation of depreciation. (2) Natural gas production for the years 2019, 2018 and 2017 includes an estimated approximately 60, 61 and 64 bcf, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. (3) Proved natural gas reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 259, 288 and 289 bcf, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. (4) Proved natural gas reserves of consolidated entities and equity-accounted entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 321, 349 and 364 bcf, respectively, which is consumed as fuel at the field. |
Oil equivalent [Member] | |
Statement [LineItems] | |
Summary of Changes in YPF's Net Proved Reserves | 2019 2018 2017 Oil equivalent (1) Worldwide Argentina Other foreign Worldwide Argentina Other foreign Worldwide Argentina Other foreign (Millions of barrels of oil equivalent) Consolidated entities At January 1, 1,080 1,080 — 929 929 — 1,113 1,113 — Developed 722 722 — 663 663 — 815 815 — Undeveloped 358 358 — 266 266 — 298 298 — Revisions of previous estimates (2) 7 7 * 157 157 — (96 ) (96 ) — Extensions and discoveries 169 169 — 174 174 — 80 80 — Improved recovery 8 8 — 15 15 — 32 32 — Purchase of minerals in place — — — — — — 2 2 — Sale of minerals in place (3 ) (3 ) — (2 ) (2 ) — — — — Production for the year (3) (188 ) (188 ) * (193 ) (193 ) — (202 ) (202 ) — At December 31, (4) 1,073 1,073 — 1,080 1,080 — 929 929 — Developed 650 650 — 722 722 — 663 663 — Undeveloped 423 423 — 358 358 — 266 266 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (2) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (3) — — — — — — — — — At December 31, (4) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 722 722 — 663 663 — 815 815 — Undeveloped 358 358 — 266 266 — 298 298 — Total 1,080 1,080 — 929 929 — 1,113 1,113 — At December 31, Developed 650 650 — 722 722 — 663 663 — Undeveloped 423 423 — 358 358 — 266 266 — Total 1,073 1,073 — 1,080 1,080 — 929 929 — * Not material (less than 1) . (1) Volumes of natural gas have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel. (2) Revisions in estimates of reserves are performed at least once a year. Revision of crude oil, natural gas liquids and natural gas reserves are considered prospectively in the calculation of depreciation. (3) Barrel of oil equivalent production of consolidated entities for the years 2019, 2018 and 2017 includes an estimated approximately 24, 24 and 25 mmboe, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. (4) Proved oil equivalent reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 140, 143 and 119 mmboe, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. |
Natural Gas Liquids [Member] | |
Statement [LineItems] | |
Summary of Changes in YPF's Net Proved Reserves | 2019 2018 2017 Natural Gas Liquids Worldwide Argentina Other Worldwide Argentina Other foreign Worldwide Argentina Other foreign (Millions of barrels) Consolidated entities At January 1, 56 56 — 58 58 — 68 68 — Developed 41 41 — 47 47 — 53 53 — Undeveloped 15 15 — 11 11 — 15 15 — Revisions of previous estimates (1) 4 4 — (1 ) (1 ) — 4 4 — Extensions and discoveries 14 14 — 13 13 — 5 5 — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) (14 ) (14 ) — (14 ) (14 ) — (19 ) (19 ) — At December 31, (3) 60 60 — 56 56 — 58 58 — Developed 38 38 — 41 41 — 47 47 — Undeveloped 22 22 — 15 15 — 11 11 — Equity-accounted entities At January 1, — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Revisions of previous estimates (1) — — — — — — — — — Extensions and discoveries — — — — — — — — — Improved recovery — — — — — — — — — Purchase of minerals in place — — — — — — — — — Sale of minerals in place — — — — — — — — — Production for the year (2) — — — — — — — — — At December 31, (3) — — — — — — — — — Developed — — — — — — — — — Undeveloped — — — — — — — — — Consolidated and Equity-accounted entities At January 1, Developed 41 41 — 47 47 — 53 53 — Undeveloped 15 15 — 11 11 — 15 15 — Total 56 56 — 58 58 — 68 68 — At December 31, Developed 38 38 — 41 41 — 47 47 — Undeveloped 22 22 — 15 15 — 11 11 — Total 60 60 — 56 56 — 58 58 — * Not material (less than 1). (1) Revisions in estimates of reserves are performed at least once a year. Revision of oil and gas reserves is considered prospectively in the calculation of depreciation. (2) Natural gas liquids production for the years 2019, 2018 and 2017 includes an estimated approximately 1, 2 and 2 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax. (3) Proved natural gas liquids reserves of consolidated entities as of December 31, 2019, 2018 and 2017 include an estimated approximately 6, 8 and 6 mmbbl, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax. |
Basis of Preparation of the C_4
Basis of Preparation of the Consolidated Financial Statements - Additional Information (Detail) $ in Millions | Mar. 31, 2020 | Mar. 31, 2019 | Mar. 31, 2020 | Nov. 30, 2016 | Oct. 31, 2016 | Sep. 30, 2016 | Aug. 31, 2016 | Dec. 31, 2020 | Dec. 31, 2019ARS ($)Cash_Generating_Units | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2016ARS ($) | Dec. 31, 2019USD ($) | Jan. 01, 2019ARS ($) |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Use of estimates | The preparation of financial statements at a certain date requires the Management to make estimates and assessments affecting the amount of assets and liabilities recorded, contingent assets and liabilities disclosed at such date, as well as income and expenses recorded during the fiscal year. Future results might differ from the estimates and assessments made on the date of preparation of these consolidated financial statements. | |||||||||||||
Consolidation policies | This capacity is, in general but not solely, obtained by the direct or indirect ownership of more than 50% of the voting shares of a company. | |||||||||||||
Maximum accumulated inflation rate | In recent years, inflation in Argentina has been high, with an accumulated inflation rate exceeding 100% over the last three years. | |||||||||||||
Service concessions arrangements | The Argentine Hydrocarbons Law allows the PEN to award 35-year concessions for the transportation of oil, gas and petroleum products following submission of competitive bids. The term of a transportation concession may be extended for an additional ten-year term. | |||||||||||||
Description of significant influence in associates | Associates are considered those in respect of which the Group has significant influence, understood as the power to participate in the financial and operating policy decisions of the investee but does not have control or joint control over those policies. Significant influence is presumed in companies in which a company has an interest of 20% or more and less than 50%. | |||||||||||||
Number of cash generating units | Cash_Generating_Units | 2 | |||||||||||||
Useful life of cash generating units | 10 years | |||||||||||||
General tax rate | 30.00% | 30.00% | 35.00% | |||||||||||
Personal assets tax rate | 0.50% | |||||||||||||
Shareholders equity attributable to shareholders of the parent company | $ 548,099 | $ 362,357 | $ 152,533 | $ 118,661 | ||||||||||
Right-of-use assets | 61,391 | |||||||||||||
Percentage of reduction in domestic crude oil price per barrel | 6.00% | 2.00% | 2.00% | 2.00% | 10.00% | |||||||||
Recoverable value of assets after tax | 82,802 | |||||||||||||
Reversal for impairment of value of assets | 2,900 | 5,032 | ||||||||||||
Expense for short term and low value leases | $ 13,886 | |||||||||||||
Discount rate after taxes of the CGU Oil | 10.94% | 10.94% | ||||||||||||
Impairment Loss Recognised In Profit Or Loss Property Plant And Equipment,Net of tax | $ 30,421 | |||||||||||||
Assets classified as disposal group held for sale | $ 0 | |||||||||||||
IFRS 16 [Member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Operating lease future payments | 29,922 | |||||||||||||
Capitalization of lease expenses in comprehensive income | 2,533 | |||||||||||||
Gas Neuquina Basin [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Impairment charge for property, plant and equipment | 40,561 | |||||||||||||
Impairment loss | 40,561 | |||||||||||||
Remaining Lease Commitments [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Right-of-use assets | $ 23,059 | |||||||||||||
Non adjusting event [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Recoverable value of assets after tax | $ 82,802 | |||||||||||||
Scenario Forecast [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
General tax rate | 25.00% | 30.00% | 25.00% | 25.00% | 30.00% | |||||||||
Discount rate after taxes of the CGU Oil | 11.19% | |||||||||||||
Legal reserve [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Shareholders equity attributable to shareholders of the parent company | $ 2,007 | 2,007 | $ 2,007 | $ 2,007 | ||||||||||
Upstream segment [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Number of cash generating units | Cash_Generating_Units | 4 | |||||||||||||
Metrogas S.A. [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Percentage of non-controlling interest acquired | (30.00%) | (30.00%) | ||||||||||||
YTEC [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Percentage of non-controlling interest acquired | (49.00%) | (49.00%) | ||||||||||||
Later than one year [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Discount rate after taxes of the CGU Oil | 12.14% | 12.14% | ||||||||||||
Later than one year and not later than two years [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Discount rate after taxes of the CGU Oil | 12.14% | 12.14% | ||||||||||||
Later than two years and not later than three years [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Discount rate after taxes of the CGU Oil | 12.39% | 12.39% | ||||||||||||
Crude Oil Reserves [member] | Upstream segment [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Number of cash generating units | Cash_Generating_Units | 1 | |||||||||||||
Natural gas reserves [member] | Upstream segment [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Number of cash generating units | Cash_Generating_Units | 3 | |||||||||||||
CGU OIL [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Recoverable value of assets after tax | 254,549 | |||||||||||||
Reversal in the charge for impairment | $ 39,837 | |||||||||||||
Discount rate after taxes of the CGU Oil | 8.28% | 8.28% | 8.28% | |||||||||||
CGU OIL [member] | Scenario Forecast [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Discount rate after taxes of the CGU Oil | 8.42% | |||||||||||||
CGU Gas Neuquina Basin [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Impairment charge for property, plant and equipment | $ 28,326 | |||||||||||||
Recoverable value of assets after tax | $ 139,361 | 108,509 | ||||||||||||
Impairment loss | 28,326 | |||||||||||||
CGU Gas Austral Basin [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Impairment charge for property, plant and equipment | 8,246 | |||||||||||||
Recoverable value of assets after tax | 8,606 | |||||||||||||
Impairment loss | $ 8,246 | |||||||||||||
Bottom of range [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Useful lives of amortized assets | 3 years | |||||||||||||
Percentage of defined contribution plan | 3.00% | |||||||||||||
Bottom of range [member] | Legal reserve [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Percentage of legal reserve transferred | 5.00% | |||||||||||||
Top of range [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Useful lives of amortized assets | 14 years | |||||||||||||
Percentage of defined contribution plan | 10.00% | |||||||||||||
Top of range [member] | Legal reserve [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Maximum legal reserve of subscribed Capital plus adjustment to contribution | 20.00% | |||||||||||||
Consolidated entities [Member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Investment Owned Percent Of Net Assets | 100.00% | |||||||||||||
Taxes, withholdings and royalties [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Minimum presumed income tax rate | 1.00% | 1.00% | 1.00% | |||||||||||
Royalties and withholding systems for hydrocarbon exports [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Percentage of interest on royalty | 12.00% | |||||||||||||
Royalties and withholding systems for hydrocarbon exports [member] | Crude oil and natural gas [member] | ||||||||||||||
Disclosure of estimated useful life of the Property, plant and equipment [line items] | ||||||||||||||
Percentage of interest on royalty | 15.00% |
Basis of Preparation of the C_5
Basis of Preparation of the Consolidated Financial Statements - Detailed Information About Property, Plant and Equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings and other constructions [Member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 50 Years |
Furniture, fixtures and installations [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 10 Years |
Selling equipment [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 10 Years |
Other Property [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 10 Years |
Bottom of range [member] | Refinery equipment and petrochemical plants [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 20 Years |
Bottom of range [member] | Infrastructure for Natural Gas Distribution [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 20 Years |
Bottom of range [member] | Transportation equipment [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 5 Years |
Top of range [member] | Refinery equipment and petrochemical plants [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 25 Years |
Top of range [member] | Infrastructure for Natural Gas Distribution [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 50 Years |
Top of range [member] | Transportation equipment [member] | |
Disclosure of estimated useful life of the Property, plant and equipment [line items] | |
Estimated useful life of the assets | 25 Years |
Basis of Preparation of the C_6
Basis of Preparation of the Consolidated Financial Statements - Schedule of Reclassification of Contract Assets and Liabilities (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of Significant Accounting Policies [line items] | ||||
Inventories | $ 80,479 | $ 53,324 | $ 27,149 | $ 21,808 |
Contract assets | 203 | 420 | 142 | |
Accounts payable (current) | 148,595 | 84,225 | 45,911 | |
Contract Liabilities (current) | 7,404 | 4,996 | 1,460 | |
Accounts Payable (noncurrent) | 2,465 | 3,373 | 185 | |
Contract liabilities (noncurrent) | $ 294 | $ 1,828 | 1,470 | |
Previously stated [member] | ||||
Disclosure of Significant Accounting Policies [line items] | ||||
Inventories | 27,291 | |||
Accounts payable (current) | 47,371 | |||
Accounts Payable (noncurrent) | 1,655 | |||
Increase (decrease) due to application of IFRS 15 [member] | ||||
Disclosure of Significant Accounting Policies [line items] | ||||
Inventories | (142) | |||
Contract assets | 142 | |||
Accounts payable (current) | (1,460) | |||
Contract Liabilities (current) | 1,460 | |||
Accounts Payable (noncurrent) | (1,470) | |||
Contract liabilities (noncurrent) | $ 1,470 |
Acquisitions and Dispositions -
Acquisitions and Dispositions - Additional Information (Detail) $ in Millions, $ in Millions | Aug. 02, 2019USD ($) | Jun. 26, 2019USD ($) | Jun. 25, 2019USD ($) | Dec. 20, 2018USD ($) | Sep. 05, 2018 | Jun. 11, 2018USD ($) | Mar. 20, 2018USD ($) | Feb. 23, 2017USD ($) | Oct. 14, 2016USD ($) | Mar. 31, 2017 | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Nov. 29, 2021MMBoe | May 29, 2019USD ($)MMBoe | Feb. 11, 2019 | Nov. 02, 2018USD ($) | Dec. 31, 2017ARS ($) | Nov. 22, 2017USD ($) | Dec. 31, 2016ARS ($) | Jul. 25, 2016USD ($) |
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Contingent price subject to the evolution of the electric market prices | $ 35 | |||||||||||||||||||
Borrowings | $ 526,760 | $ 335,078 | $ 191,063 | $ 154,345 | ||||||||||||||||
Bajo del Piche, Barranca de Los Loros, El Medanito and El Santiagueño areas [Member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Equity interests in operating concessions | $ 22.3 | |||||||||||||||||||
Business acquisition percentage of equity interest | 100.00% | |||||||||||||||||||
Profit from assignment agreement | 1,523 | |||||||||||||||||||
Disposal percentage | 100.00% | |||||||||||||||||||
Cerro Bandera [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Profit from assignment agreement | 284 | |||||||||||||||||||
Bajo del Toro [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Profit from assignment agreement | 871 | |||||||||||||||||||
Aguada del Chañar area [Member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Exploratory mining property | $ 4,055 | |||||||||||||||||||
Aguada del Chañar area [Member] | IEASA [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Business acquisition percentage of equity interest | 100.00% | |||||||||||||||||||
Amount quoted | $ 96 | |||||||||||||||||||
Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Profit from exploitation agreement | 1,167 | |||||||||||||||||||
YPF S.A. and PetroUruguay S.A. | Aguada la Arena area | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation interest transfer percentage | 20.00% | 20.00% | ||||||||||||||||||
Participation interest transfer amount | $ 18 | |||||||||||||||||||
Participation interest percentage | 100.00% | 100.00% | ||||||||||||||||||
YPF S.A. and PetroUruguay S.A. | Rio Neuquen [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation interest transfer percentage | 33.33% | |||||||||||||||||||
YPF EE | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation in the capital stock | 100.00% | |||||||||||||||||||
Subscription price | $ 275 | |||||||||||||||||||
Contribution made at closing date | 135 | |||||||||||||||||||
Contribution made 12 months after the closing date of the transaction | $ 140 | |||||||||||||||||||
Profit on revaluation | 11,980 | |||||||||||||||||||
Profit on dilution on interest in YPF EE | 13,552 | |||||||||||||||||||
YPF EE | 24 months from the closing date [Member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Contingent price evaluation percentage | 33.33% | |||||||||||||||||||
YPF EE | Subsequent Years | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Contingent price evaluation percentage | 16.67% | |||||||||||||||||||
YPF EE - YPF SA | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation in the capital stock | 75.00001% | |||||||||||||||||||
YPF EE | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Revaluation of residual interest | 10,114 | |||||||||||||||||||
YPF EE | GEFS Global Energy B V [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation in the capital stock | 24.99% | |||||||||||||||||||
YPF [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Loss on reversal of net profit of balance accrued from investment translation | 1,572 | |||||||||||||||||||
YPF [member] | YPF EE | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation in the capital stock | 72.69218% | |||||||||||||||||||
Profit on revaluation | 11,879 | |||||||||||||||||||
Profit on dilution on interest in YPF EE | 13,451 | |||||||||||||||||||
Profit from dilution of participation in the equity of YPF EE | 3,438 | |||||||||||||||||||
OPESSA [member] | YPF EE | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Participation in the capital stock | 2.30783% | |||||||||||||||||||
Profit on revaluation | 101 | |||||||||||||||||||
Profit on dilution on interest in YPF EE | $ 101 | |||||||||||||||||||
PEPASA [member] | Petrobras Argentina S.A. [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Capital and voting rights held | 67.20% | |||||||||||||||||||
PEPASA [member] | YPF S.A. [member] | Areas in Providence of Neuquen [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Guaranteed loan granted equivalent to the acquisition price | $ 140 | |||||||||||||||||||
Rio Neuquen [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Equity interests in operating concessions participation percentage | 33.33% | |||||||||||||||||||
Equity interests in operating concessions | $ 72 | |||||||||||||||||||
Equity interests in operating concessions participation percentage cancelled through a payment | 33.33% | |||||||||||||||||||
Aguada de la Arena [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Equity interests in operating concessions participation percentage | 80.00% | |||||||||||||||||||
Equity interests in operating concessions | $ 68 | |||||||||||||||||||
Equity interests in operating concessions participation percentage cancelled through a payment | 80.00% | |||||||||||||||||||
Oil Combustibles SA [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Total price of the transaction | $ 85 | |||||||||||||||||||
Net assets acquired | $ 63 | |||||||||||||||||||
CTEB [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Voting interest percentage | 50.00% | |||||||||||||||||||
Installed capacity | MMBoe | 560 | |||||||||||||||||||
Ownership interest, value | $ 282 | |||||||||||||||||||
Goodwill | $ 229 | |||||||||||||||||||
Price adjsutment for consideration | $ 10 | |||||||||||||||||||
CTEB [member] | Scenario Forecast [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Installed capacity | MMBoe | 840 | |||||||||||||||||||
CTEB [member] | IEASA [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Borrowings | 170 | |||||||||||||||||||
Proceeds From Capital Contribution. | $ 100 | |||||||||||||||||||
YPF And Oilstone Energia S.A [member] | Al Sur del Dorsal, Anticlinal Campamento, Dos Hermanas y Ojo de Agua [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Total price of the transaction | $ 14 | |||||||||||||||||||
Equity interests in operating concessions | $ 12 | |||||||||||||||||||
Business acquisition percentage of equity interest | 100.00% | |||||||||||||||||||
Loss from assignment agreement | $ 558 | |||||||||||||||||||
YPF And Capetrol Argentina SA [Member] | Río Mayo and Sarmiento areas [member] | ||||||||||||||||||||
Disclosure of detailed information about Acquisitions and Dispositions [Line Items] | ||||||||||||||||||||
Total price of the transaction | $ 1.1 | |||||||||||||||||||
Business acquisition percentage of equity interest | 100.00% | |||||||||||||||||||
Profit from assignment agreement | $ 187 |
Acquisitions and Dispositions_2
Acquisitions and Dispositions - Summary of Capital Structure After Issuance of Shares (Detail) - YPF EE [member] - shares | Mar. 20, 2018 | Dec. 31, 2017 |
Disclosure of classes of share capital [line items] | ||
Number of Shares | 3,747,070,355 | |
Interest holding in the capital stock | 100.00% | |
YPF [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Shares | 2,723,826,879 | |
Interest holding in the capital stock | 72.69218% | |
Kind of Share | A | |
OPESSA [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Shares | 86,476,112 | |
Interest holding in the capital stock | 2.30783% | |
Kind of Share | A | |
Group [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Shares | 2,810,302,991 | |
Interest holding in the capital stock | 75.00001% | |
Kind of Share | A | |
GE [member] | ||
Disclosure of classes of share capital [line items] | ||
Number of Shares | 936,767,364 | |
Interest holding in the capital stock | 24.99999% | |
Kind of Share | B |
Acquisitions and Dispositions_3
Acquisitions and Dispositions - Summary of Assets and Liabilities Held for Disposal (Detail) $ in Millions | Dec. 31, 2017ARS ($) |
Assets classified as held for disposal | |
Property, plant and equipment | $ 4,982 |
Investments in associates and joint ventures | 2,117 |
Inventories | 1 |
Other receivables | 914 |
Trade receivables | 713 |
Investments in financial assets | 78 |
Cash and cash equivalents | 61 |
Subtotal | 8,866 |
Eliminations | (43) |
Total | 8,823 |
Liabilities associated to the group of assets held for disposal | |
Provisions | 96 |
Deferred tax liabilities | 282 |
Salaries and social security | 47 |
Other liabilities | 1 |
Loans | 4,072 |
Accounts payable | 938 |
Subtotal | 5,436 |
Eliminations | (1,243) |
Total | $ 4,193 |
Acquisitions and Dispositions_4
Acquisitions and Dispositions - Summary of Table Resumes Consideration and Fair Value of the Acquired Assets and the Liabilities Assumed on the Acquisiton (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||
Property, plant and equipment | $ 2,327 | |
CTEB [member] | ||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||
Property, plant and equipment | $ 20,330 | |
Inventories | 341 | |
Financial assets at fair value | 682 | |
VRDs | 9,760 | |
Total net identifiable assets / Consideration | $ 11,593 | |
Oil Combustibles SA [member] | ||
Disclosure of business acquisitions by acquisition assets acquired and liabilities assumed [line items] | ||
Property, plant and equipment | 2,327 | |
Inventories | 445 | |
Provisions | (465) | |
Total net identifiable assets / Consideration | $ 2,307 |
Financial Risk Management - Sch
Financial Risk Management - Schedule of Breakdown of Effect a Variation of 10% in Prevailing Exchange Rates on Net Income (Detail) - Exchange Rate Risk [member] $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Positive variation impact on net income before income tax corresponding to financial assets and liabilities [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Income (loss) for fiscal year ended December 31, 2019 | $ 2,855 |
Negative variation impact on net income before income tax corresponding to financial assets and liabilities [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Income (loss) for fiscal year ended December 31, 2019 | $ (2,855) |
Peso against U.S. dollar [member] | Positive variation impact on net income before income tax corresponding to financial assets and liabilities [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Appreciation (+) / depreciation (-) of exchange rate of peso against U.S. dollar | 10.00% |
Peso against U.S. dollar [member] | Negative variation impact on net income before income tax corresponding to financial assets and liabilities [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Appreciation (+) / depreciation (-) of exchange rate of peso against U.S. dollar | (10.00%) |
Financial Risk Management - Inf
Financial Risk Management - Information about Financial Assets and Liabilities That Accrues Interest Considering Applicable Rate (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial instruments by type of interest rate [line items] | |||
Financial assets | $ 233,530 | $ 170,759 | $ 92,649 |
Financial liabilities | 740,433 | $ 423,436 | $ 239,361 |
Interest rate risk [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Financial assets | 67,580 | ||
Financial liabilities | 526,760 | ||
Interest rate risk [member] | Fixed interest rate [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Financial assets | 59,912 | ||
Financial liabilities | 435,882 | ||
Interest rate risk [member] | Variable interest rate [member] | |||
Disclosure of financial instruments by type of interest rate [line items] | |||
Financial assets | 7,668 | ||
Financial liabilities | $ 90,878 |
Financial Risk Management - Add
Financial Risk Management - Additional Information (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Aggregate value of financial assets at fair value through profit or loss | $ 15,408 | $ 18,733 | $ 31,987 |
Provision for doubtful trade receivables | 6,580 | ||
Provision for other doubtful receivables | 874 | ||
Guarantees granted by third parties | 42,026 | 24,377 | 10,789 |
Executed guarantees received | $ 2 | ||
Credit risk other financial assets national government and direct agencies accounts [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of maximum exposure to credit risk | 29.00% | ||
Maximum exposure to credit risk | $ 48,167 | ||
Interest rate risk [member] | U.S. Dollar [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Percentage of financial loans denominated in foreign currency | 92.00% | ||
Financial loans denominated in foreign currency, value | $ 484,631 | ||
Interest rate risk [member] | LIBOR [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans accrued | $ 55,596 | ||
Interest rate risk [member] | LIBOR [member] | Bottom of range [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Variable interest rate | 1.50% | ||
Interest rate risk [member] | LIBOR [member] | Top of range [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Variable interest rate | 6.25% | ||
Interest rate risk [member] | BADLAR [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Loans accrued | $ 30,896 | ||
Interest rate risk [member] | BADLAR [member] | Bottom of range [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Variable interest rate | 0.00% | ||
Interest rate risk [member] | BADLAR [member] | Top of range [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Variable interest rate | 10.00% | ||
Other price risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Aggregate value of financial assets at fair value through profit or loss | $ 15,408 | ||
Liquidity risk [member] | |||
Disclosure of nature and extent of risks arising from financial instruments [line items] | |||
Amount available for liquidity | 66,100 | ||
Cash | 6,983 | ||
Other liquid financial assets | $ 59,117 |
Financial Risk Management - S_2
Financial Risk Management - Schedule of Estimated Impact on Consolidated Comprehensive Income that an Increase or Decrease of 100 Basis Points in Interest Rate (Detail) - Interest rate risk [member] $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Positive variation impact on net income after income tax [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Increase (+) / decrease (-) in the interest rates (basis points) | 100.00% |
Income/(loss) for fiscal year ended December 31, 2019 | $ (534) |
Negative variation impact on net income after income tax [Member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Increase (+) / decrease (-) in the interest rates (basis points) | (100.00%) |
Income/(loss) for fiscal year ended December 31, 2019 | $ 534 |
Financial Risk Management - S_3
Financial Risk Management - Schedule of Effect of a 10% Variation in the Prices of Investments in Financial Instruments (Detail) - Price Risk [member] $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Positive variation impact on net income before income tax [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Increase (+) / decrease (-) in the prices of investments in financial | 10.00% |
Income / (loss) for the year ended December 31, 2019 | $ 1,541 |
Negative variation impact on net income before income tax [member] | |
Disclosure of nature and extent of risks arising from financial instruments [line items] | |
Increase (+) / decrease (-) in the prices of investments in financial | (10.00%) |
Income / (loss) for the year ended December 31, 2019 | $ (1,541) |
Financial Risk Management - S_4
Financial Risk Management - Schedule of Maturity Dates of Financial Liabilities (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | $ 61,780 | ||
Loans | 526,760 | ||
Other liabilities | 2,013 | ||
Accounts payable | 149,880 | ||
Financial liabilities | 740,433 | $ 423,436 | $ 239,361 |
0 to 1 year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | 21,389 | ||
Loans | 107,109 | ||
Other liabilities | 1,310 | ||
Accounts payable | 147,480 | ||
Financial liabilities | 277,288 | ||
1 - 2 year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | 14,849 | ||
Loans | 85,882 | ||
Other liabilities | 74 | ||
Accounts payable | 1,256 | ||
Financial liabilities | 102,061 | ||
2 - 3 year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | 9,474 | ||
Loans | 42,520 | ||
Other liabilities | 71 | ||
Financial liabilities | 52,065 | ||
3 - 4 year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | 5,710 | ||
Loans | 28,954 | ||
Other liabilities | 68 | ||
Financial liabilities | 34,732 | ||
4 - 5 year [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | 3,010 | ||
Loans | 37,390 | ||
Other liabilities | 54 | ||
Financial liabilities | 40,454 | ||
More than 5 years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Lease liabilities | 7,348 | ||
Loans | 224,905 | ||
Other liabilities | 436 | ||
Accounts payable | 1,144 | ||
Financial liabilities | $ 233,833 |
Financial Risk Management - Sum
Financial Risk Management - Summary of Maximum Exposure to Credit Risk (Detail) $ in Millions | Dec. 31, 2019ARS ($) |
Cash and cash equivalents [member] | |
Disclosure of credit risk exposure [line items] | |
Maximum exposure to credit risk | $ 66,100 |
Other financial assets [member] | |
Disclosure of credit risk exposure [line items] | |
Maximum exposure to credit risk | $ 167,430 |
Financial Risk Management - S_5
Financial Risk Management - Summary of Breakdown of the Financial Assets (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of financial assets [line items] | |||
Financial assets | $ 233,530 | $ 170,759 | $ 92,649 |
Current Trade Receivable [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 33,782 | ||
Current Trade Receivable [member] | Less than three months past due [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 23,060 | ||
Current Trade Receivable [member] | Between three and six months past due [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 5,948 | ||
Current Trade Receivable [member] | More than six months past due [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 4,774 | ||
Other Current Receivables [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 3,663 | ||
Other Current Receivables [member] | Less than three months past due [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 1,855 | ||
Other Current Receivables [member] | Between three and six months past due [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | 616 | ||
Other Current Receivables [member] | More than six months past due [member] | |||
Disclosure of financial assets [line items] | |||
Financial assets | $ 1,192 |
Segment Information - Summary o
Segment Information - Summary of Segment Informations (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of operating segments [line items] | |||
Revenues from sales | $ 678,595 | $ 435,820 | $ 252,813 |
Revenues | 678,595 | 435,820 | 252,813 |
Operating profit / (loss) | (21,012) | 43,780 | 16,073 |
Income / (loss) from equity interests in associates and joint ventures | 7,968 | 4,839 | 1,428 |
Depreciation of property, plant and equipment | 145,894 | 87,569 | 53,512 |
Recovery of property, plant and equipment | 2,900 | 5,032 | |
Impairment of property, plant and equipment and intangible assets | 41,429 | ||
Acquisition of property, plant and equipment | 172,844 | 83,648 | 53,096 |
Assets | 1,573,289 | 994,016 | 505,718 |
Operating segments [member] | Upstream [member] | |||
Disclosure of operating segments [line items] | |||
Revenues from sales | 2,046 | 3,108 | 739 |
Revenues from intersegment sales | 286,585 | 207,480 | 115,955 |
Revenues | 288,631 | 210,588 | 116,694 |
Operating profit / (loss) | (49,194) | 22,483 | 3,877 |
Depreciation of property, plant and equipment | 119,821 | 72,052 | 45,279 |
Recovery of property, plant and equipment | 2,900 | 5,032 | |
Impairment of property, plant and equipment and intangible assets | 40,561 | ||
Acquisition of property, plant and equipment | 136,589 | 63,171 | 39,411 |
Assets | 742,850 | 480,263 | 251,525 |
Operating segments [member] | Gas and power segment [member] | |||
Disclosure of operating segments [line items] | |||
Revenues from sales | 131,055 | 91,176 | 56,805 |
Revenues from intersegment sales | 8,697 | 7,862 | 4,075 |
Revenues | 139,752 | 99,038 | 60,880 |
Operating profit / (loss) | 2,944 | 16,786 | 3,259 |
Income / (loss) from equity interests in associates and joint ventures | 5,339 | 4,435 | 634 |
Depreciation of property, plant and equipment | 1,378 | 928 | 290 |
Impairment of property, plant and equipment and intangible assets | 868 | ||
Acquisition of property, plant and equipment | 6,170 | 1,968 | 3,867 |
Assets | 199,357 | 129,885 | 45,395 |
Operating segments [member] | Downstream [member] | |||
Disclosure of operating segments [line items] | |||
Revenues from sales | 531,724 | 338,042 | 195,321 |
Revenues from intersegment sales | 3,447 | 1,688 | 988 |
Revenues | 535,171 | 339,730 | 196,309 |
Operating profit / (loss) | 40,653 | 7,818 | 15,813 |
Income / (loss) from equity interests in associates and joint ventures | 2,629 | 404 | 794 |
Depreciation of property, plant and equipment | 20,805 | 12,285 | 6,926 |
Acquisition of property, plant and equipment | 22,455 | 15,632 | 8,179 |
Assets | 508,026 | 307,312 | 158,800 |
Operating segments [member] | Central Administration and Others [member] | |||
Disclosure of operating segments [line items] | |||
Revenues from sales | 19,743 | 8,363 | 2,534 |
Revenues from intersegment sales | 27,502 | 13,186 | 7,133 |
Revenues | 47,245 | 21,549 | 9,667 |
Operating profit / (loss) | (15,866) | (6,055) | (4,400) |
Depreciation of property, plant and equipment | 3,890 | 2,304 | 1,017 |
Acquisition of property, plant and equipment | 7,630 | 2,877 | 1,639 |
Assets | 129,331 | 82,762 | 53,934 |
Consolidation Adjustments [member] | |||
Disclosure of operating segments [line items] | |||
Revenues from sales | (5,973) | (4,869) | (2,586) |
Revenues from intersegment sales | (326,231) | (230,216) | (128,151) |
Revenues | (332,204) | (235,085) | (130,737) |
Operating profit / (loss) | 451 | 2,748 | (2,476) |
Assets | $ (6,275) | $ (6,206) | $ (3,936) |
Segment Information - Summary_2
Segment Information - Summary of Revenue By Geographic Area (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | |||
Revenue | $ 678,595 | $ 435,820 | $ 252,813 |
Property, plant and equipment | 1,069,011 | 699,087 | 354,443 |
Argentina [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 589,653 | 390,892 | 230,728 |
Property, plant and equipment | 1,068,832 | 698,222 | 353,868 |
Mercosur and Associates Countries [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 36,154 | 20,056 | 8,694 |
Property, plant and equipment | 179 | 865 | 575 |
Rest of the world [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | 35,836 | 15,711 | 8,785 |
Europe [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue | $ 16,952 | $ 9,161 | $ 4,606 |
Segment Information - Additiona
Segment Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019Client | |
Disclosure of operating segments [abstract] | |
Number of foreign clients accounted for 10% or more of Group's revenue | 0 |
Financial Instruments by Cate_3
Financial Instruments by Category - Summary of Financial Assets and Liabilities by Category of Financial Instrument and Reconciliation (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets at amortized cost | $ 218,122 | $ 152,026 | $ 60,662 |
Financial Assets at fair value through profit or loss | 15,408 | 18,733 | 31,987 |
Subtotal Financial Assets | 233,530 | 170,759 | 92,649 |
Non-financial Assets | 29,892 | 17,250 | 7,541 |
Total | 263,422 | 188,009 | 100,190 |
Financial Liabilities at amortized cost | 740,433 | 423,436 | 239,361 |
Subtotal financial liabilities | 740,433 | 423,436 | 239,361 |
Non-financial liabilities | 1,180 | 511 | 458 |
Total | 741,613 | 423,947 | 239,819 |
Other receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets at amortized cost | 19,078 | 14,860 | 6,793 |
Subtotal Financial Assets | 19,078 | 14,860 | 6,793 |
Non-financial Assets | 29,892 | 17,250 | 7,541 |
Total | 48,970 | 32,110 | 14,334 |
Trade receivables [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets at amortized cost | 139,982 | 98,930 | 44,182 |
Subtotal Financial Assets | 139,982 | 98,930 | 44,182 |
Total | 139,982 | 98,930 | 44,182 |
Investment in financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets at fair value through profit or loss | 8,370 | 10,941 | 12,936 |
Subtotal Financial Assets | 8,370 | 10,941 | 12,936 |
Total | 8,370 | 10,941 | 12,936 |
Cash and cash equivalents [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets at amortized cost | 59,062 | 38,236 | 9,687 |
Financial Assets at fair value through profit or loss | 7,038 | 7,792 | 19,051 |
Subtotal Financial Assets | 66,100 | 46,028 | 28,738 |
Total | 66,100 | 46,028 | 28,738 |
Lease liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities at amortized cost | 61,780 | ||
Subtotal financial liabilities | 61,780 | ||
Total | 61,780 | ||
Loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities at amortized cost | 526,760 | 335,078 | 191,063 |
Subtotal financial liabilities | 526,760 | 335,078 | 191,063 |
Total | 526,760 | 335,078 | 191,063 |
Other Liabilities [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities at amortized cost | 2,013 | 1,271 | 2,660 |
Subtotal financial liabilities | 2,013 | 1,271 | 2,660 |
Total | 2,013 | 1,271 | 2,660 |
Accounts payable [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Liabilities at amortized cost | 149,880 | 87,087 | 45,638 |
Subtotal financial liabilities | 149,880 | 87,087 | 45,638 |
Non-financial liabilities | 1,180 | 511 | 458 |
Total | $ 151,060 | $ 87,598 | $ 46,096 |
Financial Instruments by Cate_4
Financial Instruments by Category - Summary of Gains and Losses on Financial Instruments (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest income | $ 7,665 | $ 3,033 | $ 1,598 |
Interest loss | (48,136) | (28,717) | (18,385) |
Net financial accretion | (5,592) | 7,627 | (3,169) |
Net exchange differences | 47,935 | 54,459 | 8,950 |
Fair value gains on financial assets at fair value through profit or loss | (1,449) | 2,596 | 2,208 |
Result from derivative financial instruments | (293) | 933 | |
Result from net monetary position | 5,904 | 1,594 | |
Net financial results | 6,034 | 41,525 | (8,798) |
Financial and non-financial Assets / Liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income | 7,665 | 3,033 | 1,598 |
Interest loss | (48,136) | (28,717) | (18,385) |
Net financial accretion | (5,592) | 7,627 | (3,169) |
Net exchange differences | 47,935 | 54,459 | 8,950 |
Result from net monetary position | 5,904 | 1,594 | |
Net financial results | 7,776 | 37,996 | (11,006) |
Financial Assets / Liabilities at fair value through profit or loss [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Fair value gains on financial assets at fair value through profit or loss | (1,449) | 2,596 | 2,208 |
Result from derivative financial instruments | (293) | 933 | |
Net financial results | $ (1,742) | $ 3,529 | $ 2,208 |
Financial Instruments by Cate_5
Financial Instruments by Category - Summary of Company's Financial Assets Measured at Fair Value (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | $ 15,408 | $ 18,733 | $ 31,987 |
Investment in financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 8,370 | 10,941 | 12,936 |
Cash and cash equivalents [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 7,038 | 7,792 | 19,051 |
Public securities [member] | Investment in financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 8,370 | 10,941 | 12,936 |
Mutual funds [member] | Cash and cash equivalents [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 7,038 | 7,792 | 19,051 |
Level 1 [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 15,408 | 18,733 | 31,987 |
Level 1 [member] | Investment in financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 8,370 | 10,941 | 12,936 |
Level 1 [member] | Cash and cash equivalents [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 7,038 | 7,792 | 19,051 |
Level 1 [member] | Public securities [member] | Investment in financial assets [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | 8,370 | 10,941 | 12,936 |
Level 1 [member] | Mutual funds [member] | Cash and cash equivalents [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Financial Assets | $ 7,038 | $ 7,792 | $ 19,051 |
Financial Instruments by Cate_6
Financial Instruments by Category - Additional Information (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Level 3 [member] | Estimated Fair Value of Loans [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Other remaining financial loans | $ 476,750 | $ 293,972 | $ 200,264 |
Intangible Assets - Schedule of
Intangible Assets - Schedule of Intangible Assets (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of detailed information about intangible assets [abstract] | ||||
Net book value of intangible assets | $ 37,608 | $ 20,402 | $ 9,976 | $ 8,114 |
Provision for impairment of intangible assets | (429) | |||
Total | $ 37,179 | $ 20,402 | $ 9,976 |
Intangible Assets - Summary of
Intangible Assets - Summary of Changes in Intangible Assets (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | $ 20,402 | $ 9,976 | $ 8,114 |
Ending balance | 37,608 | 20,402 | 9,976 |
Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 53,331 | 25,119 | 20,336 |
Increases | 6,147 | 2,344 | 1,153 |
Translation effect | 32,511 | 25,594 | 3,607 |
Adjustment for inflation | 833 | 591 | |
Decreases and reclassifications | 72 | (317) | 23 |
Ending balance | 92,894 | 53,331 | 25,119 |
Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 32,929 | 15,143 | 12,222 |
Increases | 2,374 | 1,749 | 838 |
Translation effect | 19,807 | 15,983 | 2,215 |
Adjustment for inflation | 199 | 58 | |
Decreases and reclassifications | (23) | (4) | (132) |
Ending balance | 55,286 | 32,929 | 15,143 |
Service concession [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 11,592 | 5,644 | 4,514 |
Ending balance | 17,646 | 11,592 | 5,644 |
Service concession [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 31,702 | 14,824 | 11,749 |
Increases | 1,271 | 1,303 | 947 |
Translation effect | 18,969 | 15,544 | 2,141 |
Decreases and reclassifications | (6) | 31 | (13) |
Ending balance | 51,936 | 31,702 | 14,824 |
Service concession [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 20,110 | 9,180 | 7,235 |
Increases | 1,848 | 1,190 | 615 |
Translation effect | 12,332 | 9,740 | 1,330 |
Ending balance | 34,290 | 20,110 | 9,180 |
Exploration rights [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 6,907 | 3,465 | 2,944 |
Ending balance | 16,655 | 6,907 | 3,465 |
Exploration rights [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 6,907 | 3,465 | 3,093 |
Increases | 4,171 | 276 | 8 |
Translation effect | 5,680 | 3,414 | 513 |
Decreases and reclassifications | (103) | (248) | (149) |
Ending balance | 16,655 | 6,907 | 3,465 |
Exploration rights [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 149 | ||
Decreases and reclassifications | (149) | ||
Other intangibles [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 1,903 | 867 | 656 |
Ending balance | 3,307 | 1,903 | 867 |
Other intangibles [member] | Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 14,722 | 6,830 | 5,494 |
Increases | 705 | 765 | 198 |
Translation effect | 7,862 | 6,636 | 953 |
Adjustment for inflation | 833 | 591 | |
Decreases and reclassifications | 181 | (100) | 185 |
Ending balance | 24,303 | 14,722 | 6,830 |
Other intangibles [member] | Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 12,819 | 5,963 | 4,838 |
Increases | 526 | 559 | 223 |
Translation effect | 7,475 | 6,243 | 885 |
Adjustment for inflation | 199 | 58 | |
Decreases and reclassifications | (23) | (4) | 17 |
Ending balance | $ 20,996 | $ 12,819 | $ 5,963 |
Property, Plant and Equipment -
Property, Plant and Equipment - Summary of Property Plant and Equipment (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Net book value of property, plant and equipment | $ 1,156,950 | $ 740,103 | $ 382,630 |
Provision for obsolescence of materials and equipment | (6,610) | (3,955) | (1,652) |
Provision for impairment of property, plant and equipment | (81,329) | (37,061) | (26,535) |
Property, plant and equipment net | $ 1,069,011 | $ 699,087 | $ 354,443 |
Property Plant and Equipment -
Property Plant and Equipment - Summary of Changes in Property Plant and Equipment (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | $ 699,087 | $ 354,443 | |
Amount at end of year | 1,069,011 | 699,087 | $ 354,443 |
Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 2,238,391 | 1,062,055 | 868,411 |
Increases | 172,844 | 83,648 | 53,096 |
Translation effect | 1,322,423 | 1,098,627 | 154,172 |
Adjustment for inflation | 24,975 | 36,802 | |
Decreases and reclassifications | (22,320) | (42,741) | (13,624) |
Amount at end of year | 3,736,313 | 2,238,391 | 1,062,055 |
Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 1,498,288 | 679,425 | 522,732 |
Increases | 163,329 | 98,869 | 63,467 |
Translation effect | 907,519 | 727,292 | 97,034 |
Adjustment for inflation | 12,988 | 20,536 | |
Decreases and reclassifications | (2,761) | (27,834) | (3,808) |
Amount at end of year | 2,579,363 | 1,498,288 | 679,425 |
Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 740,103 | 382,630 | 345,679 |
Amount at end of year | 1,156,950 | 740,103 | 382,630 |
Land and buildings [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 48,047 | 21,394 | 18,429 |
Increases | 46 | 425 | 49 |
Translation effect | 24,838 | 20,845 | 3,028 |
Adjustment for inflation | 3,382 | 5,096 | |
Decreases and reclassifications | 880 | 287 | (112) |
Amount at end of year | 77,193 | 48,047 | 21,394 |
Land and buildings [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 22,114 | 9,250 | 7,497 |
Increases | 1,260 | 758 | 437 |
Translation effect | 11,444 | 9,356 | 1,303 |
Adjustment for inflation | 1,726 | 2,785 | |
Decreases and reclassifications | 9 | (35) | 13 |
Amount at end of year | 36,553 | 22,114 | 9,250 |
Land and buildings [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 25,933 | 12,144 | 10,932 |
Amount at end of year | 40,640 | 25,933 | 12,144 |
Mining Property, Wells and Related Equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 1,604,868 | 775,353 | 625,628 |
Increases | 1,980 | (10,216) | (4,370) |
Translation effect | 967,212 | 808,772 | 113,481 |
Adjustment for inflation | 152 | ||
Decreases and reclassifications | 114,493 | 30,807 | 40,614 |
Amount at end of year | 2,688,553 | 1,604,868 | 775,353 |
Mining Property, Wells and Related Equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 1,231,930 | 566,334 | 432,002 |
Increases | 137,017 | 82,939 | 54,980 |
Translation effect | 758,928 | 609,973 | 81,108 |
Adjustment for inflation | 141 | ||
Decreases and reclassifications | (2,287) | (27,457) | (1,756) |
Amount at end of year | 2,125,588 | 1,231,930 | 566,334 |
Mining Property, Wells and Related Equipment [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 372,938 | 209,019 | 193,626 |
Amount at end of year | 562,965 | 372,938 | 209,019 |
Refinery equipment and petrochemical plants [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 280,451 | 134,675 | 112,560 |
Increases | 4,676 | 370 | 103 |
Translation effect | 171,788 | 138,924 | 19,728 |
Decreases and reclassifications | 15,715 | 6,482 | 2,284 |
Amount at end of year | 472,630 | 280,451 | 134,675 |
Refinery equipment and petrochemical plants [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 152,295 | 69,160 | 54,735 |
Increases | 16,092 | 9,517 | 5,395 |
Translation effect | 93,611 | 73,643 | 9,983 |
Decreases and reclassifications | (33) | (25) | (953) |
Amount at end of year | 261,965 | 152,295 | 69,160 |
Refinery equipment and petrochemical plants [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 128,156 | 65,515 | 57,825 |
Amount at end of year | 210,665 | 128,156 | 65,515 |
Transportation equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 16,162 | 7,614 | 5,551 |
Increases | 83 | 38 | 66 |
Translation effect | 8,723 | 7,400 | 1,032 |
Adjustment for inflation | 716 | 797 | |
Decreases and reclassifications | 1,358 | 313 | 965 |
Amount at end of year | 27,042 | 16,162 | 7,614 |
Transportation equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 10,579 | 4,512 | 3,285 |
Increases | 1,345 | 960 | 602 |
Translation effect | 5,917 | 4,639 | 609 |
Adjustment for inflation | 486 | 565 | |
Decreases and reclassifications | (376) | (97) | 16 |
Amount at end of year | 17,951 | 10,579 | 4,512 |
Transportation equipment [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 5,583 | 3,102 | 2,266 |
Amount at end of year | 9,091 | 5,583 | 3,102 |
Materials and equipment in warehouse [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 34,990 | 15,993 | 14,239 |
Increases | 43,089 | 19,885 | 7,394 |
Translation effect | 21,044 | 15,332 | 2,101 |
Adjustment for inflation | 920 | 1,107 | |
Decreases and reclassifications | (37,620) | (17,327) | (7,741) |
Amount at end of year | 62,423 | 34,990 | 15,993 |
Materials and equipment in warehouse [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 34,990 | 15,993 | 14,239 |
Amount at end of year | 62,423 | 34,990 | 15,993 |
Drilling and work in progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 124,381 | 59,529 | 52,673 |
Increases | 114,878 | 67,264 | 47,453 |
Translation effect | 70,818 | 61,084 | 8,568 |
Adjustment for inflation | 1,326 | 792 | |
Decreases and reclassifications | (116,818) | (64,288) | (49,165) |
Amount at end of year | 194,585 | 124,381 | 59,529 |
Drilling and work in progress [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 124,381 | 59,529 | 52,673 |
Amount at end of year | 194,585 | 124,381 | 59,529 |
Exploratory Drilling in Progress [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 7,972 | 2,871 | 1,978 |
Increases | 6,532 | 5,438 | 2,207 |
Translation effect | 5,014 | 3,851 | 373 |
Decreases and reclassifications | (8,132) | (4,188) | (1,687) |
Amount at end of year | 11,386 | 7,972 | 2,871 |
Exploratory Drilling in Progress [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 7,972 | 2,871 | 1,978 |
Amount at end of year | 11,386 | 7,972 | 2,871 |
Furniture, fixtures and installations [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 24,717 | 10,454 | 8,089 |
Increases | 106 | 59 | 20 |
Translation effect | 14,289 | 10,935 | 1,466 |
Adjustment for inflation | 828 | 1,371 | |
Decreases and reclassifications | 1,077 | 1,898 | 879 |
Amount at end of year | 41,017 | 24,717 | 10,454 |
Furniture, fixtures and installations [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 20,707 | 8,686 | 6,401 |
Increases | 2,536 | 1,561 | 717 |
Translation effect | 11,935 | 9,158 | 1,196 |
Adjustment for inflation | 773 | 1,309 | |
Decreases and reclassifications | (834) | (7) | 372 |
Amount at end of year | 35,117 | 20,707 | 8,686 |
Furniture, fixtures and installations [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 4,010 | 1,768 | 1,688 |
Amount at end of year | 5,900 | 4,010 | 1,768 |
Selling equipment [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 40,998 | 18,788 | 14,346 |
Translation effect | 25,116 | 20,016 | 2,744 |
Decreases and reclassifications | 4,021 | 2,194 | 1,698 |
Amount at end of year | 70,135 | 40,998 | 18,788 |
Selling equipment [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 25,697 | 11,656 | 9,119 |
Increases | 2,765 | 1,680 | 854 |
Translation effect | 15,822 | 12,396 | 1,684 |
Decreases and reclassifications | (13) | (35) | (1) |
Amount at end of year | 44,271 | 25,697 | 11,656 |
Selling equipment [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 15,301 | 7,132 | 5,227 |
Amount at end of year | 25,864 | 15,301 | 7,132 |
Infrastructure for Natural Gas Distribution [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 24,168 | 3,406 | 3,191 |
Increases | 865 | ||
Adjustment for inflation | 13,010 | 20,519 | |
Decreases and reclassifications | 6,600 | 243 | 215 |
Amount at end of year | 44,643 | 24,168 | 3,406 |
Infrastructure for Natural Gas Distribution [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 12,508 | 1,381 | 1,301 |
Increases | 989 | 677 | 80 |
Adjustment for inflation | 6,733 | 10,584 | |
Decreases and reclassifications | 3,647 | (134) | |
Amount at end of year | 23,877 | 12,508 | 1,381 |
Infrastructure for Natural Gas Distribution [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 11,660 | 2,025 | 1,890 |
Amount at end of year | 20,766 | 11,660 | 2,025 |
Electric Power Generation Facilities [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 1,762 | ||
Decreases and reclassifications | (1,762) | ||
Electric Power Generation Facilities [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 1,394 | ||
Increases | 87 | ||
Decreases and reclassifications | (1,481) | ||
Electric Power Generation Facilities [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 368 | ||
Other Property [member] | Cost [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 31,637 | 11,978 | 9,965 |
Increases | 589 | 385 | 174 |
Translation effect | 13,581 | 11,468 | 1,651 |
Adjustment for inflation | 4,793 | 6,968 | |
Decreases and reclassifications | (3,894) | 838 | 188 |
Amount at end of year | 46,706 | 31,637 | 11,978 |
Other Property [member] | Accumulated depreciation [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 22,458 | 8,446 | 6,998 |
Increases | 1,325 | 777 | 315 |
Translation effect | 9,862 | 8,127 | 1,151 |
Adjustment for inflation | 3,270 | 5,152 | |
Decreases and reclassifications | (2,874) | (44) | (18) |
Amount at end of year | 34,041 | 22,458 | 8,446 |
Other Property [member] | Net book value of property, plant and equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 9,179 | 3,532 | 2,967 |
Amount at end of year | $ 12,665 | $ 9,179 | $ 3,532 |
Property Plant and Equipment _2
Property Plant and Equipment - Summary of Changes in Property Plant and Equipment (Parenthetical) (Detail) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019ARS ($)PropertyWell | Dec. 31, 2018ARS ($)Property | Dec. 31, 2017ARS ($)Property | Dec. 31, 2016ARS ($) | |
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Exploratory wells in progress | Well | 24 | |||
Drilled wells | Well | 18 | |||
Charged to exploratory expense | Well | 29 | |||
Wells were derecognized for the assignment of certain areas | Well | 3 | |||
Transferred to proved properties | Property | 20 | |||
Net book value charged to Property, plant and equipment provisions | $ 48 | $ 60 | $ 7 | |
Depreciation of property plant and equipment | 145,894 | 87,569 | 53,512 | |
Property, plant and equipment | 1,069,011 | 699,087 | 354,443 | |
Cost increases from business combination | $ 2,327 | |||
Reclassification of assets held for disposal | $ 8,823 | |||
Cost increases of short-term leases | 2,109 | |||
Cost increases of variable charge of leases related to the underlying asset return/use | 1,228 | |||
Capitalization of amortization of right-of-use assets | 2,021 | |||
Capitalization of financial accretion for lease liabilities | $ 311 | |||
Mineral Property, Wells and Related Equipment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Mineral property | Property | 22,343 | 16,154 | 10,003 | |
Addition for the acquisition of a participation in several areas [member] | At cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | $ 1,470 | |||
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | $ 3,736,313 | 2,238,391 | $ 1,062,055 | $ 868,411 |
Reclassification of assets held for disposal | 31,800 | |||
Accumulated depreciation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | 2,579,363 | 1,498,288 | 679,425 | $ 522,732 |
Reclassification of assets held for disposal | 28,673 | |||
Accumulated depreciation [member] | Addition for the acquisition of a participation in several areas [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | 1,092 | |||
Hydrocarbon Wells Abandonmnet [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Increase/(Decrease) of cost of Property, plant and equipment | 1,172 | (11,710) | (4,913) | |
Depreciation of property plant and equipment | $ 4,664 | $ 5,521 | 2,258 | |
YPF EE [member] | At cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | 6,772 | |||
YPF EE [member] | Accumulated depreciation [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Property, plant and equipment | $ 1,790 |
Property, Plant and Equipment_2
Property, Plant and Equipment - Additional Information (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |||
Rate of capitalization | 10.33% | 10.50% | 11.63% |
Amount capitalized | $ 949 | $ 660 | $ 707 |
Property, Plant and Equipment_3
Property, Plant and Equipment - Summary of Provision for Obsolescence of Materials and Equipment (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | $ 699,087 | $ 354,443 | |
Amount at end of year | 1,069,011 | 699,087 | $ 354,443 |
Provision for Obsolescence of Materials and Equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 3,955 | 1,652 | 1,380 |
Increase charged to profit or loss | 410 | 629 | 11 |
Decreases charged to profit or loss | (22) | (45) | |
Amounts incurred due to utilization | (48) | (60) | (7) |
Translation differences | 2,315 | 1,666 | 248 |
Transfers and other movements | 68 | 65 | |
Amount at end of year | $ 6,610 | $ 3,955 | $ 1,652 |
Property, Plant and Equipment_4
Property, Plant and Equipment - Summary of Provisions for Impairment of Property, Plant and Equipment (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | $ 699,087 | $ 354,443 | |
Depreciation | (145,894) | (87,569) | $ (53,512) |
Amount at end of year | 1,069,011 | 699,087 | 354,443 |
Provision for Impairment of Property Plant and Equipment [member] | |||
Disclosure of detailed information about property, plant and equipment [line items] | |||
Amount at beginning of year | 37,061 | 26,535 | 36,285 |
Increase charged to profit or loss | 41,429 | 36,937 | |
Decreases charged to profit or loss | (39,837) | (5,032) | |
Depreciation | (17,435) | (10,208) | (9,955) |
Translation differences | 20,274 | 23,634 | 5,237 |
Amount at end of year | $ 81,329 | $ 37,061 | $ 26,535 |
Property, Plant and Equipment_5
Property, Plant and Equipment - Summary of Cost Evolution for Exploratory Wells in Evaluation Stage (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Property Plant And Equipment Cost Evolution [line items] | |||
Amount at beginning of year | $ 699,087 | $ 354,443 | |
Amount at end of year | 1,069,011 | 699,087 | $ 354,443 |
Disclosure of Property plant and Equipment Cost evolution for the exploratory wells in evaluation stage [member] | |||
Disclosure Of Property Plant And Equipment Cost Evolution [line items] | |||
Amount at beginning of year | 4,067 | 1,236 | 1,475 |
Additions pending the determination of proved reserves | 5,229 | 2,179 | 758 |
Decreases charged to exploration expenses | (1,036) | (382) | (591) |
Reclassifications to mineral property, wells and related equipment with proved reserves | (2,716) | (703) | (581) |
Translation difference | 2,912 | 1,737 | 175 |
Amount at end of year | $ 8,456 | $ 4,067 | $ 1,236 |
Property, Plant and Equipment_6
Property, Plant and Equipment - Summary of Cost for Exploratory Wells (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019ARS ($)WellProject | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | |
Disclosure of Property, Plant and Equipment Cost for Exploratory Wells under Assessment [line items] | |||
Amount | $ 91,533 | $ 63,681 | $ 28,629 |
Exploration wells [member] | From 1 to 5 years [member] | |||
Disclosure of Property, Plant and Equipment Cost for Exploratory Wells under Assessment [line items] | |||
Amount | $ 1,996 | ||
Number of projects | Project | 4 | ||
Number of Wells | Well | 5 |
Right-of-use Assets -Summary of
Right-of-use Assets -Summary of Evolution of the Group's Right-of-use Assets (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | $ 39,779 |
Balances | 61,391 |
Land and buildings [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 773 |
Exploitation Facilities and Equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 16,604 |
Machinery and equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 29,225 |
Gas Stations [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 4,646 |
Transportation equipment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 10,143 |
Initial application of IFRS 16 [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 23,059 |
Initial application of IFRS 16 [Member] | Land and buildings [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 450 |
Initial application of IFRS 16 [Member] | Exploitation Facilities and Equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 6,732 |
Initial application of IFRS 16 [Member] | Machinery and equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 8,612 |
Initial application of IFRS 16 [Member] | Gas Stations [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 3,356 |
Initial application of IFRS 16 [Member] | Transportation equipment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Balances | 3,909 |
Cost [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 39,779 |
Decreases and reclassifications | (2,548) |
Translation differences | 15,318 |
Adjustment for inflation | 275 |
Right of use assets | 75,883 |
Cost [member] | Land and buildings [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 266 |
Translation differences | 310 |
Right of use assets | 1,026 |
Cost [member] | Exploitation Facilities and Equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 13,129 |
Decreases and reclassifications | (1,162) |
Translation differences | 4,587 |
Right of use assets | 23,286 |
Cost [member] | Machinery and equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 19,429 |
Decreases and reclassifications | (1,264) |
Translation differences | 6,189 |
Right of use assets | 32,966 |
Cost [member] | Gas Stations [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 163 |
Decreases and reclassifications | (58) |
Translation differences | 1,687 |
Adjustment for inflation | 275 |
Right of use assets | 5,423 |
Cost [member] | Transportation equipment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 6,792 |
Decreases and reclassifications | (64) |
Translation differences | 2,545 |
Right of use assets | 13,182 |
Accumulated depreciation [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 12,530 |
Decreases and reclassifications | (807) |
Translation differences | 2,769 |
Right of use assets | 14,492 |
Accumulated depreciation [member] | Land and buildings [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 208 |
Translation differences | 45 |
Right of use assets | 253 |
Accumulated depreciation [member] | Exploitation Facilities and Equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 6,051 |
Decreases and reclassifications | (507) |
Translation differences | 1,138 |
Right of use assets | 6,682 |
Accumulated depreciation [member] | Machinery and equipment [Member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 3,174 |
Decreases and reclassifications | (283) |
Translation differences | 850 |
Right of use assets | 3,741 |
Accumulated depreciation [member] | Gas Stations [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 667 |
Decreases and reclassifications | (7) |
Translation differences | 117 |
Right of use assets | 777 |
Accumulated depreciation [member] | Transportation equipment [member] | |
Disclosure of quantitative information about right-of-use assets [line items] | |
Increases | 2,430 |
Decreases and reclassifications | (10) |
Translation differences | 619 |
Right of use assets | $ 3,039 |
Right-of-use Assets -Summary _2
Right-of-use Assets -Summary of Evolution of the Group's Right-of-use Assets (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Disclosure of quantitative information about right-of-use assets [abstract] | |
Depreciation of right-of-use assets | $ 10,509 |
Capitalization of amortization of right-of-use assets in property, plant and equipment | $ 2,021 |
Investments in Associates and_3
Investments in Associates and Joint Ventures - Summary of Investments in Associates and Joint Ventures at an Aggregate Level (Detail) - ARS ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Investments In Associates And Joint Ventures [abstract] | ||||
Amount of investments in associates | $ 6,419 | $ 2,374 | $ 911 | |
Amount of investments in joint ventures | 61,183 | 30,324 | 5,146 | |
Provision for impairment of investments in associates and joint ventures | (12) | (12) | (12) | |
Total investments | $ 67,590 | $ 32,686 | $ 6,045 | $ 5,488 |
Investments in Associates and_4
Investments in Associates and Joint Ventures - Summary of Movements Which Affected the Value of Investments in associates and joint ventures (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments In Associates And Joint Ventures [abstract] | |||
Amount at the beginning of year | $ 32,686 | $ 6,045 | $ 5,488 |
Acquisitions and contributions | 4,826 | 280 | 910 |
Income on investments in associates and joint ventures | 7,968 | 4,839 | 1,428 |
Translation differences | 20,673 | 3,180 | 662 |
Distributed dividends | (811) | (583) | (328) |
Interest maintained in YPF EE | 17,285 | ||
Adjustment for inflation | 1,510 | 1,640 | |
Reclassification of assets held for disposal | (2,117) | ||
Capitalization in joint ventures | 738 | ||
Other movements | 2 | ||
Amount at the end of year | $ 67,590 | $ 32,686 | $ 6,045 |
Investments in Associates and_5
Investments in Associates and Joint Ventures - Summary of Income from Equity Interests in Associates and Joint Ventures (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Associates and Joint Ventures [Line Items] | |||
Net income | $ (33,379) | $ 38,606 | $ 12,672 |
Other comprehensive income | 221,367 | 172,600 | 21,917 |
Total comprehensive income for the year | 187,988 | 211,206 | 34,589 |
Joint Ventures [member] | |||
Disclosure of Associates and Joint Ventures [Line Items] | |||
Net income | 5,936 | 3,814 | 885 |
Other comprehensive income | 20,419 | 4,414 | 628 |
Total comprehensive income for the year | 26,355 | 8,228 | 1,513 |
Associates [member] | |||
Disclosure of Associates and Joint Ventures [Line Items] | |||
Net income | 2,032 | 1,025 | 543 |
Other comprehensive income | 1,764 | 406 | 34 |
Total comprehensive income for the year | $ 3,796 | $ 1,431 | $ 577 |
Investments in Associates and_6
Investments in Associates and Joint Ventures - Summary of analysis of assets and liabilities on date control was lost (Detail) - ARS ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Disclosure of YPF EE [Line Items] | ||||
Noncurrent assets | $ 1,263,868 | $ 785,601 | $ 383,420 | |
Current assets | 309,421 | 208,415 | 122,298 | |
Total assets | 1,573,289 | 994,016 | 505,718 | |
Noncurrent liabilities | 710,318 | 452,690 | 250,451 | |
Current liabilities | 314,872 | 178,969 | 102,734 | |
Total liabilities | 1,025,190 | 631,659 | 353,185 | |
Total shareholders' equity | 548,099 | 362,357 | 152,533 | $ 118,661 |
Revenues | 678,595 | 435,820 | 252,813 | |
Costs | (575,608) | (359,570) | (211,812) | |
Gross profit | 102,987 | 76,250 | 41,001 | |
Operating profit | (21,012) | 43,780 | 16,073 | |
Income from equity interests in associates and joint ventures | 7,968 | 4,839 | 1,428 | |
Net financial results | 6,034 | 41,525 | (8,798) | |
Net profit before income tax | (7,010) | 90,144 | 8,703 | |
Income tax | (26,369) | (51,538) | 3,969 | |
Net profit | (33,379) | 38,606 | $ 12,672 | |
YPF EE [member] | ||||
Disclosure of YPF EE [Line Items] | ||||
Noncurrent assets | 96,219 | 35,682 | ||
Current assets | 26,622 | 12,596 | ||
Total assets | 122,841 | 48,278 | ||
Noncurrent liabilities | 57,799 | 13,348 | ||
Current liabilities | 19,503 | 9,776 | ||
Total liabilities | 77,302 | 23,124 | ||
Total shareholders' equity | 45,539 | 25,154 | ||
Revenues | 16,114 | 4,181 | ||
Costs | (7,706) | (1,655) | ||
Gross profit | 8,408 | 2,526 | ||
Operating profit | 7,796 | 4,686 | ||
Income from equity interests in associates and joint ventures | 778 | 673 | ||
Net financial results | (1,989) | 280 | ||
Net profit before income tax | 6,585 | 5,639 | ||
Income tax | (2,359) | (1,150) | ||
Net profit | $ 4,226 | $ 4,489 |
Investments in Associates and_7
Investments in Associates and Joint Ventures - Summary of Investments Information (Detail) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019ARS ($)$ / sharesshares | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2019$ / shares | Dec. 31, 2019Bs. / shares | Dec. 31, 2016ARS ($) | |
Disclosure of investments in associates and joint ventures [line items] | ||||||
Securities Face Value | $ / shares | $ 10 | |||||
Book Value | $ 67,602 | $ 32,698 | ||||
Cost | 6,782 | |||||
Net profit (loss) | (33,379) | 38,606 | $ 12,672 | |||
Equity | 548,099 | 362,357 | 152,533 | $ 118,661 | ||
Associates [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Book Value | 6,789 | 2,533 | ||||
Cost | $ 611 | |||||
Associates [member] | Oleoductos del Valle S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 10 | |||||
Securities Amount | shares | 4,072,749 | |||||
Book Value | $ 1,778 | 710 | ||||
Main Business | Oil transportation by pipeline | |||||
Registered Address | Florida 1, P. 10º, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 110 | |||||
Net profit (loss) | 1,707 | |||||
Equity | $ 4,728 | |||||
Holding in capital stock | 37.00% | |||||
Associates [member] | Terminales Maritimas Patagonicas S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 10 | |||||
Securities Amount | shares | 476,034 | |||||
Book Value | $ 711 | 226 | ||||
Main Business | Oil storage and shipment | |||||
Registered Address | Av. Leandro N. Alem 1180, P. 11º, Buenos Aires, Argentina | |||||
Last available financial statements Date | Sep. 30, 2019 | |||||
Capital Stock | $ 14 | |||||
Net profit (loss) | 713 | |||||
Equity | $ 2,111 | |||||
Holding in capital stock | 33.15% | |||||
Associates [member] | Oiltanking Ebytem S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 10 | |||||
Securities Amount | shares | 351,167 | |||||
Book Value | $ 871 | 424 | ||||
Main Business | Hydrocarbon transportation and storage | |||||
Registered Address | Terminal Marítima Puerto Rosales – Provincia de Buenos Aires, Argentina. | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 12 | |||||
Net profit (loss) | 869 | |||||
Equity | $ 2,775 | |||||
Holding in capital stock | 30.00% | |||||
Associates [member] | Central Dock Sud S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 0.01 | |||||
Securities Amount | shares | 11,869,095,145 | |||||
Book Value | $ 1,542 | 625 | ||||
Main Business | Electric power generation and bulk marketing | |||||
Registered Address | Pasaje Ingeniero Butty 220, P.16°, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 1,231 | |||||
Net profit (loss) | 3,447 | |||||
Equity | $ 15,284 | |||||
Holding in capital stock | 10.25% | |||||
Associates [member] | YPF Gas S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 59,821,434 | |||||
Book Value | $ 965 | 258 | ||||
Main Business | Gas fractionation, bottling, distribution and transport for industrial and/or residential use | |||||
Registered Address | Macacha Güemes 515, P.3º, Buenos Aires, Argentina | |||||
Last available financial statements Date | Sep. 30, 2019 | |||||
Capital Stock | $ 176 | |||||
Net profit (loss) | 1,388 | |||||
Equity | $ 4,218 | |||||
Holding in capital stock | 33.99% | |||||
Associates [member] | Other Related Parties [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Book Value | $ 922 | 290 | ||||
Cost | 611 | |||||
Joint Ventures [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Book Value | 60,813 | 30,165 | ||||
Cost | 6,171 | |||||
Net profit (loss) | $ 5,936 | 3,814 | $ 885 | |||
Joint Ventures [member] | YPF Energia Electrica S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 1,879,916,921 | |||||
Book Value | $ 35,382 | 19,320 | ||||
Cost | $ 1,085 | |||||
Main Business | Exploration, explotation, industrialization and marketing of hydrocarbons and generation, transport and marketing of electric energy | |||||
Registered Address | Macacha Güemes 515, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 3,747 | |||||
Net profit (loss) | 4,227 | |||||
Equity | $ 45,539 | |||||
Holding in Capital Stock | 75.00% | |||||
Joint Ventures [member] | Compania Mega S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 244,246,140 | |||||
Book Value | $ 5,211 | 3,405 | ||||
Main Business | Separation, fractionation and transportation of natural gas liquids | |||||
Registered Address | San Martín 344, P. 10º, Buenos Aires, Argentina | |||||
Last available financial statements Date | Sep. 30, 2019 | |||||
Capital Stock | $ 643 | |||||
Net profit (loss) | 220 | |||||
Equity | $ 12,612 | |||||
Holding in Capital Stock | 38.00% | |||||
Joint Ventures [member] | Profertil S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 391,291,320 | |||||
Book Value | $ 10,778 | 6,133 | ||||
Main Business | Production and marketing of fertilizers | |||||
Registered Address | Alicia Moreau de Justo 740, P. 3, Buenos Aires, Argentina | |||||
Last available financial statements Date | Sep. 30, 2019 | |||||
Capital Stock | $ 783 | |||||
Net profit (loss) | 335 | |||||
Equity | $ 23,498 | |||||
Holding in Capital Stock | 50.00% | |||||
Joint Ventures [member] | Refinera Del Norte S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 45,803,655 | |||||
Book Value | $ 1,881 | $ 1,307 | ||||
Main Business | Refining | |||||
Registered Address | Maipú 1, P. 2º, Buenos Aires, Argentina | |||||
Last available financial statements Date | Sep. 30, 2019 | |||||
Capital Stock | $ 92 | |||||
Net profit (loss) | (298) | |||||
Equity | $ 3,296 | |||||
Holding in Capital Stock | 50.00% | |||||
Joint Ventures [member] | Oleoducto Loma Campana-Lago Pellegrini S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 738,139,164 | |||||
Book Value | $ 762 | |||||
Cost | $ 738 | |||||
Main Business | Construction and operation of a pipeline, oil transport and storage, import, export, purchase and sale of raw materials, industrial equipment and machinery | |||||
Registered Address | Macacha Güemes 515, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 868 | |||||
Net profit (loss) | (303) | |||||
Equity | $ 909 | |||||
Holding in Capital Stock | 85.00% | |||||
Joint Ventures [member] | CT Barragn SA [Member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 4,279,033,952 | |||||
Book Value | $ 6,799 | |||||
Cost | $ 4,348 | |||||
Main Business | Production and generation of electric energy | |||||
Registered Address | Maipú 1, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 8,558 | |||||
Net profit (loss) | 2,370 | |||||
Equity | $ 13,619 | |||||
Holding in Capital Stock | 50.00% | |||||
Subsidiaries [member] | YPF International S.A. [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | Bs. / shares | Bs. 100 | |||||
Securities Amount | shares | 66,897 | |||||
Main Business | Investment | |||||
Registered Address | Calle La Plata 19, Santa Cruz de la Sierra, República de Bolivia | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 15 | |||||
Net profit (loss) | 5 | |||||
Equity | $ 78 | |||||
Holding in Capital Stock | 100.00% | |||||
Subsidiaries [member] | YPF Holdings Inc. [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 0.01 | |||||
Securities Amount | shares | 810,614 | |||||
Main Business | Investment and finance | |||||
Registered Address | 10333 Richmond Avenue I, Suite 1050, TX, U.S.A. | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 48,461 | |||||
Net profit (loss) | (6) | |||||
Equity | $ (12,848) | |||||
Holding in Capital Stock | 100.00% | |||||
Subsidiaries [member] | Operadora de Estaciones de Servicios S.A.[member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 163,701,747 | |||||
Main Business | Commercial management of YPF’s gas stations | |||||
Registered Address | Macacha Güemes 515, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 164 | |||||
Net profit (loss) | 1,193 | |||||
Equity | $ 4,307 | |||||
Holding in Capital Stock | 99.99% | |||||
Subsidiaries [member] | A-Evangelista S.A. [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 307,095,088 | |||||
Main Business | Engineering and construction services | |||||
Registered Address | Macacha Güemes 515, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 307 | |||||
Net profit (loss) | (3,446) | |||||
Equity | $ (698) | |||||
Holding in Capital Stock | 100.00% | |||||
Subsidiaries [member] | Metrogas S.A. [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 398,419,700 | |||||
Main Business | Providing the public service of natural gas distribution | |||||
Registered Address | Gregorio Aráoz de Lamadrid 1360, Buenos Aires, Argentina. | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 569 | |||||
Net profit (loss) | 110 | |||||
Equity | $ 19,500 | |||||
Holding in Capital Stock | 70.00% | |||||
Subsidiaries [member] | YPF Chile S.A. [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Amount | shares | 50,968,649 | |||||
Main Business | Lubricants and aviation fuels trading and hydrocarbons research and exploration | |||||
Registered Address | Villarica 322; Módulo B1, Qilicura, Santiago | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 2,730 | |||||
Net profit (loss) | (1,013) | |||||
Equity | $ 2,196 | |||||
Holding in Capital Stock | 100.00% | |||||
Subsidiaries [member] | YPF Tecnologia S.A [member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 234,291,000 | |||||
Main Business | Investigation, development, production and marketing of technologies, knowledge, goods and services | |||||
Registered Address | Macacha Güemes 515, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 459 | |||||
Net profit (loss) | 436 | |||||
Equity | $ 2,729 | |||||
Holding in Capital Stock | 51.00% | |||||
Subsidiaries [member] | Compania de Inversiones Mineras S.A. [Member] | ||||||
Disclosure of investments in associates and joint ventures [line items] | ||||||
Description of the Securities Class | Common | |||||
Securities Face Value | $ / shares | $ 1 | |||||
Securities Amount | shares | 236,474,420 | |||||
Main Business | Exploration, exploitation, processing, management, storage and transport of all types of minerals; assembly, construction and operation of facilities and structures and processing of products related to mining | |||||
Registered Address | Macacha Güemes 515, Buenos Aires, Argentina | |||||
Last available financial statements Date | Dec. 31, 2019 | |||||
Capital Stock | $ 236 | |||||
Net profit (loss) | (407) | |||||
Equity | $ 76 | |||||
Holding in Capital Stock | 100.00% |
Investments in Associates and_8
Investments in Associates and Joint Ventures - Summary of Investments Information (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
YPF EE [member] | |
Disclosure of investments in associates and joint ventures [line items] | |
The Group indirect holding in capital stock through YPF EE | 22.49% |
Inventories - Summary of Invent
Inventories - Summary of Inventories (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of inventories [line items] | ||||
Inventories | $ 80,479 | $ 53,324 | $ 27,149 | $ 21,808 |
Refined products [member] | ||||
Disclosure of inventories [line items] | ||||
Inventories | 50,563 | 33,583 | 16,260 | |
Crude oil and natural gas [member] | ||||
Disclosure of inventories [line items] | ||||
Inventories | 24,756 | 14,571 | 8,474 | |
Products in process [member] | ||||
Disclosure of inventories [line items] | ||||
Inventories | 2,259 | 1,177 | 640 | |
Raw materials, packaging materials and others [member] | ||||
Disclosure of inventories [line items] | ||||
Inventories | $ 2,901 | $ 3,993 | $ 1,775 |
Other Receivables - Summary of
Other Receivables - Summary of Other Receivables (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Trade | $ 2,706 | $ 2,210 | $ 2,892 |
Tax credit, export rebates and production incentives | 6,076 | 3,315 | 3,131 |
Loans to third parties and balances with related parties | 3,288 | 4,920 | 1,116 |
Collateral deposits | 640 | 575 | 315 |
Prepaid expenses | 2,370 | 2,207 | 934 |
Advances and loans to employees | 596 | 572 | 412 |
Advances to suppliers and custom agents | 10,896 | 4,212 | 1,700 |
Receivables with partners in JO | 7,932 | 2,379 | 1,165 |
Insurance receivables | 498 | 758 | 206 |
Miscellaneous | 1,255 | 770 | 870 |
Other current receivables before provision | 36,257 | 21,918 | 12,741 |
Provision for other doubtful receivables | (65) | (51) | (57) |
Net Other current receivables | 36,192 | 21,867 | 12,684 |
Noncurrent | |||
Trade | 455 | 150 | 74 |
Tax credit, export rebates and production incentives | 6,896 | 3,534 | 360 |
Loans to third parties and balances with related parties | 2,435 | 3,565 | 185 |
Collateral deposits | 2 | 1 | 1 |
Prepaid expenses | 603 | 240 | 180 |
Advances and loans to employees | 29 | 25 | 17 |
Advances to suppliers and custom agents | 1 | 2 | |
Receivables with partners in JO | 2,248 | 2,644 | 743 |
Miscellaneous | 45 | 32 | 31 |
Other non current receivables before provision | 12,713 | 10,192 | 1,593 |
Provision for other doubtful receivables | (924) | (575) | (258) |
Net other non current receivables | $ 11,789 | $ 9,617 | $ 1,335 |
Trade Receivables - Summary of
Trade Receivables - Summary of Trade Receivables (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Trade receivables [line items] | |||
Accounts receivable and related parties, current gross | $ 118,077 | $ 72,646 | $ 40,649 |
Non-current trade receivables | 15,325 | 23,508 | 2,210 |
Accounts Receivable and Related Parties [member] | |||
Disclosure of Trade receivables [line items] | |||
Accounts receivable and related parties, current gross | 124,657 | 75,422 | 41,972 |
Non-current trade receivables | 15,325 | 23,508 | 2,210 |
Provision for Doubtful Trade Receivable [member] | |||
Disclosure of Trade receivables [line items] | |||
Current trade receivables | $ (6,580) | $ (2,776) | $ (1,323) |
Trade Receivables - Summary o_2
Trade Receivables - Summary of Evolution of the Provision for Doubtful Trade Receivables (Detail) - Provision for Doubtful Trade Receivable [member] - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Evolution Of the Provision For Doubtful Trade Receivables [line items] | |||
Balance at beginning of the fiscal year | $ 2,776 | $ 1,323 | $ 1,084 |
Modification of balance at beginning of the fiscal year | 425 | ||
Balance at beginning of the fiscal year | 2,776 | 1,748 | 1,084 |
Increases charged to expenses | 3,891 | 444 | 222 |
Decreases charged to income | (707) | (91) | (194) |
Amounts incurred due to utilization | (112) | ||
Translation differences | 847 | 607 | 92 |
Result from net monetary position | (103) | 92 | |
Other movements | (12) | (24) | 119 |
Balance at end of period | $ 6,580 | $ 2,776 | $ 1,323 |
Cash and Cash Equivalents - Sum
Cash and Cash Equivalents - Summary of Cash and Cash Equivalents (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of cash and cash equivalents [line items] | ||||
Cash and banks | $ 6,983 | $ 6,678 | $ 9,672 | |
Short-term investments | 52,079 | 31,558 | 15 | |
Financial assets at fair value through profit or loss | 7,038 | 7,792 | 19,051 | |
Total | 66,100 | 46,028 | $ 28,738 | $ 10,757 |
Banco Nacion Argentina [member] | ||||
Disclosure of cash and cash equivalents [line items] | ||||
Term deposits and other investments | $ 10,043 | $ 5,084 |
Provisions - Summary of Changes
Provisions - Summary of Changes in Group's Provisions (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Non current [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | $ 83,388 | $ 54,734 | $ 47,358 |
Increases charged to expenses | 27,564 | 10,126 | 6,823 |
Decreases charged to income | (5,371) | (14,621) | (1,568) |
Amounts incurred due to payments/utilization | (73) | (76) | (25) |
Net exchange and translation differences | 43,103 | 50,995 | 8,357 |
Increases due to business combination | 465 | ||
Result from net monetary position | (92) | (204) | |
Reclassifications and other movements | (3,751) | (18,031) | (6,211) |
Provisions ending balance | 144,768 | 83,388 | 54,734 |
Non current [member] | Provision for lawsuits and contingencies [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 21,235 | 11,667 | 9,205 |
Increases charged to expenses | 18,460 | 3,320 | 2,394 |
Decreases charged to income | (2,358) | (371) | (1,570) |
Amounts incurred due to payments/utilization | (73) | (76) | (25) |
Net exchange and translation differences | 7,405 | 6,826 | 1,483 |
Result from net monetary position | (92) | (204) | |
Reclassifications and other movements | (744) | 73 | 180 |
Provisions ending balance | 43,833 | 21,235 | 11,667 |
Non current [member] | Provision for environmental liabilities [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 3,720 | 1,196 | 530 |
Increases charged to expenses | 1,695 | 3,021 | 1,483 |
Decreases charged to income | (63) | (6) | |
Net exchange and translation differences | 479 | 495 | |
Increases due to business combination | 465 | ||
Reclassifications and other movements | (2,003) | (1,457) | (811) |
Provisions ending balance | 3,828 | 3,720 | 1,196 |
Non current [member] | Provision for Hydrocarbon Wells Abandonment Obligations [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 58,433 | 41,871 | 37,623 |
Increases charged to expenses | 7,409 | 3,785 | 2,946 |
Decreases charged to income | (2,950) | (14,250) | 8 |
Net exchange and translation differences | 35,219 | 43,674 | 6,874 |
Reclassifications and other movements | (1,004) | (16,647) | (5,580) |
Provisions ending balance | 97,107 | 58,433 | 41,871 |
Current [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 4,529 | 2,442 | 1,994 |
Increases charged to expenses | 9 | 357 | 83 |
Decreases charged to income | (744) | (266) | (408) |
Amounts incurred due to payments/utilization | (4,789) | (2,576) | (1,363) |
Net exchange and translation differences | 1,628 | 1,309 | 196 |
Result from net monetary position | 66 | ||
Reclassifications and other movements | 4,827 | 3,197 | 1,940 |
Provisions ending balance | 5,460 | 4,529 | 2,442 |
Current [member] | Provision for lawsuits and contingencies [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 1,123 | 688 | 569 |
Increases charged to expenses | 9 | 357 | 83 |
Decreases charged to income | (744) | (266) | (410) |
Amounts incurred due to payments/utilization | (194) | (129) | (187) |
Net exchange and translation differences | 443 | 471 | 75 |
Result from net monetary position | 66 | ||
Reclassifications and other movements | 648 | (64) | 558 |
Provisions ending balance | 1,285 | 1,123 | 688 |
Current [member] | Provision for environmental liabilities [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 1,622 | 1,018 | 868 |
Amounts incurred due to payments/utilization | (1,821) | (933) | (661) |
Net exchange and translation differences | 106 | 80 | |
Reclassifications and other movements | 2,003 | 1,457 | 811 |
Provisions ending balance | 1,910 | 1,622 | 1,018 |
Current [member] | Provision for Hydrocarbon Wells Abandonment Obligations [member] | |||
Disclosure of provisions [line items] | |||
Provisions beginning balance | 1,784 | 736 | 557 |
Decreases charged to income | 2 | ||
Amounts incurred due to payments/utilization | (2,774) | (1,514) | (515) |
Net exchange and translation differences | 1,079 | 758 | 121 |
Reclassifications and other movements | 2,176 | 1,804 | 571 |
Provisions ending balance | $ 2,265 | $ 1,784 | $ 736 |
Provisions - Summary of Chang_2
Provisions - Summary of Changes in Group's Provisions (Parenthetical) (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of provisions [line items] | |||
Liabilities associated to assets held for disposal | $ (4,193) | ||
Other liabilities of contractual claims | (2,098) | ||
Reclassifications of Other liabilities | 2,932 | ||
Hydrocarbon Wells Abandonmnet Cost [member] | |||
Disclosure of provisions [line items] | |||
Abandonment of hydrocarbon wells cost | $ 1,172 | $ (11,710) | (4,913) |
Liabilities associated to assets held for disposal | $ (3,133) | $ (96) |
Provisions - Additional Informa
Provisions - Additional Information (Detail) $ in Thousands, $ in Millions | Feb. 01, 2024USD ($) | Feb. 01, 2023USD ($) | Feb. 01, 2022USD ($) | Feb. 01, 2021USD ($) | Feb. 01, 2020USD ($) | Jun. 19, 2019ARS ($) | Mar. 01, 2019 | Feb. 01, 2019USD ($) | Jun. 15, 2018ARS ($) | Feb. 01, 2018USD ($) | Jan. 02, 2018USD ($) | Jan. 10, 2017USD ($) | Dec. 28, 2015ARS ($) | Apr. 03, 2014 | Apr. 03, 2013USD ($) | Jan. 25, 2011 | Jul. 10, 2009USD ($) | Apr. 06, 2009USD ($) | Jan. 04, 2011USD ($) | Nov. 20, 2010USD ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Jun. 20, 2010USD ($) | Mar. 20, 2009USD ($) | Dec. 04, 2017USD ($) | Jan. 10, 2014USD ($) | Jan. 12, 2012ARS ($) | Jun. 25, 2008USD ($) |
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Description of provision for lawsuits and contingencies | The Group has recognized pending lawsuits, claims and contingencies, which are probable and can be reasonably estimated. | |||||||||||||||||||||||||||||
Recognition of the dispute relating to the tax deduction of well abandonment costs for periods 2011-2017 | $ 10,572 | |||||||||||||||||||||||||||||
Income tax adjusted | $ 26,369 | $ 51,538 | $ (3,969) | |||||||||||||||||||||||||||
Administracion federal de ingresos publicos [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Amount claimed against dispute | $ 4,354 | $ 4,354 | ||||||||||||||||||||||||||||
Income tax adjusted | $ 1,175 | |||||||||||||||||||||||||||||
Plan settlement | $ 5,734 | |||||||||||||||||||||||||||||
Recognition of the dispute relating to the tax deduction of well abandonment costs for periods 2011-2017 | $ 10,572 | |||||||||||||||||||||||||||||
Events after reporting period [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Tax regulations period | 5 years | |||||||||||||||||||||||||||||
TGN [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Claims amounts by TGN | $ 142,000 | |||||||||||||||||||||||||||||
Natural gas transportation contract and payment of unpaid invoices | $ 3,000 | $ 10,000 | $ 31,000 | $ 30,000 | ||||||||||||||||||||||||||
Evidence production period lapse term | 40 days | |||||||||||||||||||||||||||||
NAFISA [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Claim and payment of transportation charges | $ 339 | |||||||||||||||||||||||||||||
CNDC [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Transfer amount and interest | $ 98 | |||||||||||||||||||||||||||||
TGM [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Increase amount of claims | $ 17,000 | |||||||||||||||||||||||||||||
Additional claimed amount | $ 366,000 | |||||||||||||||||||||||||||||
Complaint for damages with tribunal total claiming amount | $ 362,600 | |||||||||||||||||||||||||||||
TGM [member] | Lawsuits and arbitrations proceedings [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Settlement amount | $ 114,000 | |||||||||||||||||||||||||||||
Installment amount | 7,000 | |||||||||||||||||||||||||||||
TGM [member] | Interruptible exportation transport contract [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Installment amount | $ 13,000 | |||||||||||||||||||||||||||||
TGM [member] | Commencement of major litigation [member] | Lawsuits and arbitrations proceedings [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Litigation settlements initial payment | $ 107,000 | |||||||||||||||||||||||||||||
Payment for settlement amount | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | $ 1,000 | |||||||||||||||||||||||
TGM [member] | Commencement of major litigation [member] | Interruptible exportation transport contract [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Payment for settlement amount | $ 1,860 | $ 1,860 | $ 1,860 | $ 1,860 | $ 1,860 | $ 1,860 | $ 1,860 | |||||||||||||||||||||||
TGM [member] | YPF S.A. [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Claims amounts by TGN | $ 10,000 | |||||||||||||||||||||||||||||
Payment for agreement under litigation rights and claims benefits of the dispute between YPF, AESU and SULGAS | $ 60,000 | |||||||||||||||||||||||||||||
OPDS [member] | YPF S.A. [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Description of risk in environmental claims | On January 25, 2011, YPF entered into an agreement with the environmental agency of the Government of the Province of Buenos Aires (Organismo Provincial para el Desarrollo Sostenible, or “OPDS”), within the scope of the Remediation, Liability and Environmental Risk Control Program, created by Resolution No. 88/2010 of the OPDS. | |||||||||||||||||||||||||||||
Work program term | Eight-year | |||||||||||||||||||||||||||||
AESU [member] | ||||||||||||||||||||||||||||||
Disclosure of Provisions [Line Items] | ||||||||||||||||||||||||||||||
Claimed damages in natural gas deliver or pay penalties | $ 28,100 | |||||||||||||||||||||||||||||
Claimed damages in Additional natural gas deliver or pay penalties | $ 2,700 | |||||||||||||||||||||||||||||
Dismantling costs and the payment of deliver or pay penalties | $ 1,052,000 | |||||||||||||||||||||||||||||
Complaint for damages with tribunal total claiming amount | $ 815,500 |
Income Tax - Summary of Calcula
Income Tax - Summary of Calculation of Income Tax Expense Accrued (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Calculation of the Income Tax Expense Accrued [Abstract] | |||
Current income tax | $ (1,938) | $ (943) | $ (605) |
Deferred income tax | (3,588) | (50,595) | 4,574 |
Income tax expense | (5,526) | (51,538) | 3,969 |
Income tax – Well abandonment | (16,239) | ||
Special tax – Tax revaluation | (4,604) | ||
Adjusted income tax expense benefit | $ (26,369) | $ (51,538) | $ 3,969 |
Income Tax - Summary of Calcu_2
Income Tax - Summary of Calculation of Income Tax Expense Accrued (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Calculation of the income tax expense accrued [line items] | |
Reversal of tax loss carryforwards | $ 5,175 |
Tax effect from interest cost | 10,610 |
Tax expense income relating to well abandonment | 16,239 |
YPF [member] | |
Calculation of the income tax expense accrued [line items] | |
Tax expense income relating to well abandonment | 4,562 |
YTEC [member] | |
Calculation of the income tax expense accrued [line items] | |
Tax expense income relating to well abandonment | $ 42 |
Income Tax - Summary of Reconci
Income Tax - Summary of Reconciliation between the Charge to Net Income for Income Tax and the One that would Result from Applying the Prevailing Tax Rate on Net Income Before Income Tax Arising from the Consolidated Statements of Comprehensive Income (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||
Net income before income tax | $ (7,010) | $ 90,144 | $ 8,703 |
Statutory tax rate | 30.00% | 30.00% | 35.00% |
Statutory tax rate applied to net income before income tax | $ 2,103 | $ (27,043) | $ (3,046) |
Effect of the valuation of property, plant and equipment and intangible assets measured in functional currency | (20,189) | (100,760) | (18,185) |
Exchange differences | 22,553 | 67,767 | 12,318 |
Effect of the valuation of inventories | (11,553) | (8,666) | (1,558) |
Income on investments in associates and joint ventures | 2,390 | 1,452 | 500 |
Effect by change of tax rate | 1,956 | 12,795 | 13,892 |
Dispute associated to cost deduction for wells abandonment | (5,175) | ||
Interest related to the payment facility plan for cost deduction for wells abandonment | 1,333 | ||
Result of companies' revaluation | 3,594 | ||
Miscellaneous | 1,056 | (677) | 48 |
Income tax | $ (5,526) | $ (51,538) | $ 3,969 |
Income Tax - Summary of Breakdo
Income Tax - Summary of Breakdown of Deferred Tax (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Breakdown of deferred tax [line Items] | |||
Total deferred tax assets | $ 58,724 | $ 24,765 | $ 8,444 |
Total deferred tax liabilities | (154,372) | (115,589) | (45,501) |
Total Net deferred tax | (95,648) | (90,824) | (37,057) |
Provisions and Other Non Deductible Liabilities [member] | |||
Breakdown of deferred tax [line Items] | |||
Total deferred tax assets | 5,344 | 2,920 | 1,861 |
Miscellaneous Deferred Tax Assets [member] | |||
Breakdown of deferred tax [line Items] | |||
Total deferred tax assets | 937 | 270 | 99 |
Property, plant and equipment [member] | |||
Breakdown of deferred tax [line Items] | |||
Total deferred tax liabilities | (110,704) | (113,821) | (43,931) |
Tax Losses Carryforward and Other Tax Credits [member] | |||
Breakdown of deferred tax [line Items] | |||
Total deferred tax assets | 52,443 | 21,575 | 6,484 |
Adjustment For Tax Inflation [member] | |||
Breakdown of deferred tax [line Items] | |||
Total deferred tax liabilities | (38,177) | ||
Miscellaneous Deferred Tax Liabilities [member] | |||
Breakdown of deferred tax [line Items] | |||
Total deferred tax liabilities | $ (5,491) | $ (1,768) | $ (1,570) |
Income Tax - Summary of Break_2
Income Tax - Summary of Breakdown of Deferred Tax (Parenthetical) (Detail) - ARS ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Breakdown of deferred tax [line Items] | ||
Adjustment for inflation of the opening deferred liabilities | $ (1,523) | $ (3,432) |
IFRS9 [member] | Financial assets impaired [member] | ||
Breakdown of deferred tax [line Items] | ||
Impairment of financial assets | $ 127 |
Income Tax - Additional Informa
Income Tax - Additional Information (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Estimated a tax loss carryforward | $ 89,156 | ||
Deferred income tax assets, net | 1,583 | $ 301 | $ 588 |
Deferred income tax liabilities, net | 97,231 | 91,125 | 37,645 |
Current tax liabilities, current | 1,964 | 357 | 191 |
Current tax liabilities, non-current | 3,387 | ||
Amounts of deferred tax assets not recognised | $ 0 | $ 0 | $ 0 |
Tax year one [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Threshold percentage for annual variation in inflation | 55.00% | ||
Tax year two [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Threshold percentage for annual variation in inflation | 30.00% | ||
Tax year three [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Threshold percentage for annual variation in inflation | 15.00% | ||
Payment plan [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Current tax liabilities, current | $ 917 | ||
Current tax liabilities, non-current | $ 3,364 | ||
Argentina [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Tax loss carryforwards expire | Expire within 5 years. |
Income Tax - Summary of Tax Los
Income Tax - Summary of Tax Loss Carryforwards (Detail) - Argentina [member] $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Amount | $ 52,443 |
Tax loss carryforwards at the expected recovery date [member] | 2020 Expiration [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Date of generation | 2016 |
Date of expiration | 2021 |
Jurisdiction | Argentina |
Amount | $ 573 |
Tax loss carryforwards at the expected recovery date [member] | 2021 Expiration [member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Date of generation | 2017 |
Date of expiration | 2022 |
Jurisdiction | Argentina |
Amount | $ 495 |
Tax loss carryforwards at the expected recovery date [member] | 2022 expiration [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Date of generation | 2018 |
Date of expiration | 2023 |
Jurisdiction | Argentina |
Amount | $ 24,825 |
Tax loss carryforwards at the expected recovery date [member] | 2023 expiration [Member] | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |
Date of generation | 2019 |
Date of expiration | 2024 |
Jurisdiction | Argentina |
Amount | $ 26,550 |
Taxes Payable - Summary of taxe
Taxes Payable - Summary of taxes payable (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of Taxes Payable [Line Items] | |||
Non current | $ 1,428 | $ 2,175 | $ 220 |
Current | 11,437 | 10,027 | 6,879 |
VAT [member] | |||
Disclosure of Taxes Payable [Line Items] | |||
Current | 3,532 | 2,274 | 1,304 |
Withholdings and Perceptions [member] | |||
Disclosure of Taxes Payable [Line Items] | |||
Current | 2,070 | 1,631 | 946 |
Royalties [member] | |||
Disclosure of Taxes Payable [Line Items] | |||
Current | 1,268 | 1,464 | 1,269 |
Tax on Fuels [member] | |||
Disclosure of Taxes Payable [Line Items] | |||
Current | 635 | 1,290 | 452 |
IIBB [member] | |||
Disclosure of Taxes Payable [Line Items] | |||
Current | 512 | 547 | 126 |
Miscellaneous [member] | |||
Disclosure of Taxes Payable [Line Items] | |||
Non current | 1,428 | 2,175 | 220 |
Current | $ 3,420 | $ 2,821 | $ 2,782 |
Salaries and social security -
Salaries and social security - Summary of detailed information about salaries and social security (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure Of Salaries And Social Security [Abstract] | |||
Salaries and social security | $ 2,976 | $ 1,950 | $ 1,305 |
Bonuses and incentives provision | 3,468 | 1,921 | 1,409 |
Vacation provision | 3,610 | 2,215 | 1,386 |
Miscellaneous | 150 | 68 | 32 |
Salaries and social security | $ 10,204 | $ 6,154 | $ 4,132 |
Lease liabilities - Additional
Lease liabilities - Additional information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Lease liabilities [abstract] | |
Financial expenses resulting from lease contracts | $ 2,885 |
Financial expenses on leases | 2,574 |
Financial expenses on leases capitalized in Property, plant and equipment | 311 |
Non-current lease liabilities | 40,391 |
Current lease liabilities | $ 21,389 |
Lease liabilities - Summary of
Lease liabilities - Summary of lease liabilities and discount rates (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Jan. 01, 2019 |
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 61,780 | $ 23,059 |
0 to 1 year [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 3,778 | |
Effective average monthly rate used | 0.56% | |
1 to 2 years [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 7,634 | |
Effective average monthly rate used | 0.73% | |
2 to 3 years [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 11,813 | |
Effective average monthly rate used | 0.72% | |
3 to 4 years [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 5,404 | |
Effective average monthly rate used | 0.70% | |
4 to 5 years [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 10,732 | |
Effective average monthly rate used | 0.70% | |
5 to 9 years [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 2,498 | |
Effective average monthly rate used | 0.78% | |
More than 9 years [member] | ||
Disclosure of quantitative information about lease liabilities [line Items] | ||
Lease liabilities | $ 19,921 | |
Effective average monthly rate used | 0.98% |
Lease liabilities - Summary o_2
Lease liabilities - Summary of lease liabilities activity (Detail) - ARS ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Lease liabilities [abstract] | ||
Balances for initial application of IFRS 16 | $ 61,780 | $ 23,059 |
Leases increase | 39,779 | |
Financial accretion | 2,885 | |
Leases decrease | (1,741) | |
Payments | (15,208) | |
Exchange and translation differences, net | 12,999 | |
Result from net monetary position | 7 | |
Balance at the end of the year | $ 61,780 | $ 23,059 |
Loans - Schedule of Loans (Deta
Loans - Schedule of Loans (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | $ 419,651 | $ 270,252 | $ 151,727 |
Loans current | 107,109 | 64,826 | 39,336 |
Argentine pesos [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | 8,619 | 26,158 | 30,368 |
Loans current | 33,271 | 7,788 | 8,557 |
Currencies other than Argentino pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | 411,032 | 244,094 | 121,359 |
Loans current | 73,838 | 57,038 | 30,779 |
Export Pre financing [member] | Currencies other than Argentino pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | 10,762 | 383 | |
Loans current | $ 33,100 | 20,724 | 6,521 |
Export Pre financing [member] | Currencies other than Argentino pesos [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 4.05% | ||
Maturity Year | 2020 | ||
Export Pre financing [member] | Currencies other than Argentino pesos [member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 9.75% | ||
Maturity Year | 2022 | ||
Negotiable obligations [member] | Argentine pesos [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | $ 8,619 | 26,118 | 29,640 |
Loans current | $ 27,481 | 6,999 | 5,753 |
Negotiable obligations [member] | Argentine pesos [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 16.50% | ||
Maturity Year | 2020 | ||
Negotiable obligations [member] | Argentine pesos [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 63.35% | ||
Maturity Year | 2024 | ||
Negotiable obligations [member] | Currencies other than Argentino pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | $ 375,560 | 219,510 | 114,686 |
Loans current | $ 13,279 | 17,417 | 15,075 |
Negotiable obligations [member] | Currencies other than Argentino pesos [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.50% | ||
Maturity Year | 2020 | ||
Negotiable obligations [member] | Currencies other than Argentino pesos [member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 10.00% | ||
Maturity Year | 2047 | ||
Loans [member] | Argentine pesos [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity Year | 2020 | ||
Loans Noncurrent | 40 | 728 | |
Loans current | $ 3,687 | 789 | 2,794 |
Loans [member] | Argentine pesos [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 58.26% | ||
Loans [member] | Argentine pesos [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 68.80% | ||
Loans [member] | Currencies other than Argentino pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Loans Noncurrent | $ 24,710 | 23,616 | 6,290 |
Loans current | $ 9,583 | 5,721 | 4,588 |
Loans [member] | Currencies other than Argentino pesos [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.42% | ||
Maturity Year | 2020 | ||
Loans [member] | Currencies other than Argentino pesos [member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 7.50% | ||
Maturity Year | 2026 | ||
Account Overdraft [member] | Argentine pesos [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity Year | 2020 | ||
Loans current | $ 2,103 | 10 | |
Account Overdraft [member] | Argentine pesos [Member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 89.00% | ||
Account Overdraft [member] | Argentine pesos [Member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 92.00% | ||
Imports Financing [member] | Currencies other than Argentino pesos [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Maturity Year | 2020 | ||
Loans Noncurrent | 968 | ||
Loans current | $ 17,876 | $ 13,176 | $ 4,595 |
Imports Financing [member] | Currencies other than Argentino pesos [member] | Bottom of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 3.62% | ||
Imports Financing [member] | Currencies other than Argentino pesos [member] | Top of range [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Interest rate | 7.91% |
Loans - Schedule of Loans (Pare
Loans - Schedule of Loans (Parenthetical) (Detail) $ in Millions, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Dec. 31, 2016ARS ($) | |
Disclosure of detailed information about borrowings [line items] | |||||||
Repurchase of negotiable obligations | $ 326 | $ 410 | $ 309 | ||||
Loans accrued | 526,760 | 335,078 | 191,063 | $ 154,345 | |||
Cancellation of negotiable obligations | 4,643 | 2,634 | 1,528 | ||||
Cancellation of negotiable obligations in U.S. dollars | $ 15,850 | $ 15,850 | $ 15,850 | ||||
Proceeds from loans | 97,351 | 39,673 | 54,719 | ||||
Banco Nacion Argentina [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans accrued | 500 | 2,500 | |||||
Financial loans and NO secured by cash flows | 492 | ||||||
Banco Nacion Argentina [member] | Badlar Variable Rate Plus Margin of 3.5 Percentage [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans accrued | 1,500 | ||||||
Banco Nacion Argentina [member] | Fixed interest rate [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans accrued | $ 1,000 | ||||||
Interest rate | 20.00% | 20.00% | |||||
Export Pre financing [member] | Banco Nacion Argentina [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans accrued | $ 4,933 | ||||||
Loans accrued | $ 5,264 | ||||||
Interest rate | 6.89% | 3.93% | 6.89% | 3.93% | |||
Export Pre financing [member] | Banco Nacion Argentina [member] | Two percentage fixed interest rate [member] | |||||||
Disclosure of detailed information about borrowings [line items] | |||||||
Loans accrued | $ 1,116 | ||||||
Interest rate | 2.00% | 2.00% |
Loans - Breakdown of Group's Bo
Loans - Breakdown of Group's Borrowings (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about loans [abstract] | |||
Balance at beginning of the year | $ 335,078 | $ 191,063 | $ 154,345 |
Proceed from loans | 97,351 | 39,673 | 54,719 |
Payments of loans | (93,456) | (55,734) | (36,346) |
Payments of interest | (41,606) | (26,275) | (17,912) |
Accrued interest | 44,570 | 27,998 | 17,995 |
Net exchange differences and translation | 185,420 | 160,016 | 21,465 |
Result from net monetary position | (597) | (1,663) | |
Reclassifications and other movements | (3,203) | ||
Balance at the end of the year | $ 526,760 | $ 335,078 | $ 191,063 |
Loans - Breakdown of Group's _2
Loans - Breakdown of Group's Borrowings (Parenthetical) (Detail) $ in Millions | Dec. 31, 2017ARS ($) |
Disclosure of detailed information about loans [abstract] | |
Liabilities associated to assets held for disposal | $ 3,130 |
Loans - Additional Information
Loans - Additional Information (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Apr. 28, 2017 |
Frequent Issuer regime [member] | ||
Disclosure of detailed information about loans [line items] | ||
Principal value | $ 2,000 | |
Top of range [member] | Medium Term Notes [member] | ||
Disclosure of detailed information about loans [line items] | ||
Notes outstanding | $ 10,000 |
Loans - Details of Negotiable O
Loans - Details of Negotiable Obligations (Detail) - Negotiable obligations [member] SFr in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||
Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CHF (SFr) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | |
Disclosure of detailed information about loans [line items] | |||||
Non-current | $ 384,179 | $ 245,628 | $ 144,326 | ||
Current | 40,760 | 24,416 | 20,828 | ||
2016 September [member] | Class LI [Member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | SFr | SFr 300 | ||||
Non-current | 5,731 | ||||
Current | $ 11,563 | 54 | |||
2012 December and 2013 March [member] | Class XIII [Member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | 2,828 | ||||
Current | $ 1,427 | ||||
2013 April [member] | Class XVII [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 2,250 | ||||
Plus interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Interest rate | 48.01% | 48.01% | 48.01% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 1,125 | $ 2,250 | |||
Current | $ 1,217 | $ 1,330 | $ 96 | ||
2013 June [member] | Class XX [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,265 | ||||
Plus interest rate | 2.25% | 2.25% | 2.25% | 2.25% | 2.25% |
Interest rate | 43.66% | 43.66% | 43.66% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 633 | $ 1,265 | |||
Current | $ 643 | 657 | 12 | ||
2014 March [member] | Class XXIX [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 500 | ||||
Interest rate | 42.28% | 42.28% | 42.28% | ||
Principal Maturity | 2020 | ||||
Non-current | 200 | 350 | |||
Current | $ 206 | $ 162 | $ 158 | ||
2014 September [member] | Class XXXIV [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,000 | ||||
Plus interest rate | 0.10% | 0.10% | 0.10% | 0.10% | 0.10% |
Interest rate | 50.25% | 50.25% | 50.25% | ||
Principal Maturity | 2024 | ||||
Non-current | $ 667 | $ 833 | $ 1,000 | ||
Current | 279 | 299 | 54 | ||
2014 September [member] | Class XXXV [Member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | 750 | ||||
Non-current | 500 | ||||
Current | $ 571 | $ 298 | |||
2015 February [member] | Class XXXVI [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 950 | ||||
Plus interest rate | 4.74% | 4.74% | 4.74% | 4.74% | 4.74% |
Interest rate | 56.74% | 56.74% | 56.74% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 950 | $ 950 | |||
Current | $ 1,161 | $ 187 | $ 92 | ||
2015 April [member] | Class XXXVIII [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 935 | ||||
Plus interest rate | 4.75% | 4.75% | 4.75% | 4.75% | 4.75% |
Interest rate | 53.17% | 53.17% | 53.17% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 312 | $ 626 | |||
Current | $ 349 | 390 | 362 | ||
2015 April [member] | Class XXXIX [Member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,500 | ||||
Interest rate | 8.50% | 8.50% | 8.50% | ||
Principal Maturity | 2025 | ||||
Non-current | $ 89,416 | 56,062 | 27,731 | ||
Current | 3,230 | 2,025 | 1,002 | ||
2015 September [member] | Class XLI [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,900 | ||||
Interest rate | 50.15% | 50.15% | 50.15% | ||
Principal Maturity | 2020 | ||||
Non-current | 633 | 1,267 | |||
Current | $ 719 | $ 801 | $ 736 | ||
2015 September and 2019 December [member] | Class XLII [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 5,196 | ||||
Plus interest rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Interest rate | 54.15% | 54.15% | 54.15% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 1,697 | $ 1,697 | |||
Current | $ 5,952 | 243 | 110 | ||
2015 October [member] | Class XLIII [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 2,000 | ||||
Interest rate | 47.08% | 47.08% | 47.08% | ||
Principal Maturity | 2023 | ||||
Non-current | $ 2,000 | 2,000 | 2,000 | ||
Current | 183 | $ 196 | 80 | ||
2015 December [member] | Class XLIV [Member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | 1,400 | ||||
Current | $ 1,422 | ||||
2016 March [member] | Class XLVI [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,350 | ||||
Plus interest rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Interest rate | 57.63% | 57.63% | 57.63% | ||
Principal Maturity | 2021 | ||||
Non-current | $ 1,350 | $ 1,350 | $ 1,350 | ||
Current | $ 251 | 234 | 114 | ||
2016 March [member] | Class XLVII [Member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,000 | ||||
Interest rate | 8.50% | 8.50% | 8.50% | ||
Principal Maturity | 2021 | ||||
Non-current | $ 59,790 | 37,600 | 18,599 | ||
Current | 1,383 | $ 870 | $ 430 | ||
2016 April [member] | Class XLlX [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 535 | ||||
Plus interest rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Interest rate | 53.27% | 53.27% | 53.27% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 535 | $ 535 | |||
Current | $ 593 | 62 | 31 | ||
2016 April [member] | Class XLVIII [Member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 46 | ||||
Interest rate | 8.25% | 8.25% | 8.25% | ||
Principal Maturity | 2020 | ||||
Non-current | 1,723 | 852 | |||
Current | $ 2,785 | $ 29 | $ 14 | ||
2016 July [member] | Class L [Member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 11,248 | ||||
Plus interest rate | 4.00% | 4.00% | 4.00% | 4.00% | 4.00% |
Interest rate | 63.35% | 63.35% | 63.35% | ||
Principal Maturity | 2020 | ||||
Non-current | $ 11,248 | $ 11,248 | |||
Current | $ 12,902 | 1,238 | 651 | ||
2017 May [member] | Class LII [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 4,602 | ||||
Interest rate | 16.50% | 16.50% | 16.50% | ||
Principal Maturity | 2022 | ||||
Non-current | $ 4,602 | 4,602 | 4,602 | ||
Current | $ 108 | 110 | 110 | ||
2017 December [member] | Class LIV [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 750 | ||||
Interest rate | 7.00% | 7.00% | 7.00% | ||
Principal Maturity | 2047 | ||||
Non-current | $ 44,311 | 27,855 | 13,846 | ||
Current | $ 126 | 70 | 44 | ||
1998 [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 15 | ||||
Interest rate | 10.00% | 10.00% | 10.00% | ||
Principal Maturity | 2028 | ||||
Non-current | $ 886 | 557 | 276 | ||
Current | $ 15 | 9 | 5 | ||
2013 July [member] | Class XXII [Member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 92 | ||||
Interest rate | 3.50% | 3.50% | 3.50% | ||
Principal Maturity | 2020 | ||||
Non-current | 456 | 451 | |||
Current | $ 729 | 461 | 230 | ||
2013 October [member] | Class XXIV [Member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 150 | ||||
Current | 498 | ||||
2013 December 2014 April and 2015 February and December [member] | Class XXVI [Member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | 862 | ||||
Current | 8,422 | ||||
2014 April, 2015 February and 2016 October [member] | Class XXVIII [Member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,522 | ||||
Interest rate | 8.75% | 8.75% | 8.75% | ||
Principal Maturity | 2024 | ||||
Non-current | $ 91,010 | 57,233 | 28,311 | ||
Current | $ 1,925 | 1,210 | 599 | ||
2017 July and December [member] | Class LIII [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,000 | ||||
Interest rate | 6.95% | 6.95% | 6.95% | ||
Principal Maturity | 2027 | ||||
Non-current | $ 60,399 | 38,024 | 18,889 | ||
Current | 1,890 | 1,180 | 445 | ||
2013 January [member] | Series A-L [member] | Metrogas [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 177 | ||||
Current | 3,076 | ||||
2013 January [member] | Series A-U [member] | Metrogas [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | 18 | ||||
Current | $ 256 | ||||
2018 December [member] | Class II [member] | Metrogas [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 513 | ||||
Current | $ 519 | ||||
2019 June [member] | Class I [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 500 | ||||
Interest rate | 8.50% | 8.50% | 8.50% | ||
Principal Maturity | 2029 | ||||
Non-current | $ 29,748 | ||||
Current | 17 | ||||
2019 December [member] | Class II [member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,683 | ||||
Plus interest rate | 3.75% | 3.75% | 3.75% | 3.75% | 3.75% |
Interest rate | 46.17% | 46.17% | 46.17% | ||
Principal Maturity | 2020 | ||||
Current | $ 1,729 | ||||
2019 December [member] | Class Ill [member] | BADLAR variable rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 1,157 | ||||
Plus interest rate | 6.00% | 6.00% | 6.00% | 6.00% | 6.00% |
Interest rate | 48.42% | 48.42% | 48.42% | ||
Principal Maturity | 2020 | ||||
Current | $ 1,189 | ||||
2019 December [member] | Class IV [member] | Fixed interest rate [member] | |||||
Disclosure of detailed information about loans [line items] | |||||
Principal value | $ 19 | ||||
Interest rate | 7.00% | 7.00% | 7.00% | ||
Principal Maturity | 2020 | ||||
Current | $ 1,179 |
Loans - Details of Negotiable_2
Loans - Details of Negotiable Obligations (Parenthetical) (Detail) - Medium Term Notes [member] $ in Millions | Dec. 31, 2019USD ($) |
Nineteen Ninety Seven [member] | |
Disclosure of detailed information about loans [line items] | |
Negotiable amount | $ 1,000 |
Two Thousand Eight [member] | |
Disclosure of detailed information about loans [line items] | |
Negotiable amount | $ 10,000 |
Other Liabilities - Details of
Other Liabilities - Details of Other Liabilities (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Extension of concessions | $ 593 | $ 436 | $ 342 |
Liabilities for contractual claims | 59 | 41 | 2,008 |
Miscellaneous | 658 | 245 | 33 |
Total, other current liabilities | 1,310 | 722 | 2,383 |
Noncurrent | |||
Extension of concessions | 529 | 348 | 179 |
Liabilities for contractual claims | 170 | 175 | 90 |
Miscellaneous | 4 | 26 | 8 |
Total, other noncurrent liabilities | $ 703 | $ 549 | $ 277 |
Accounts payable - Detailed Inf
Accounts payable - Detailed Information about Accounts Payable (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Noncurrent | |||
Trade payable and related parties | $ 1,869 | $ 2,227 | $ 168 |
Guarantee deposits | 21 | 19 | 17 |
Payables with partners of JO | 575 | 1,127 | |
Total, noncurrent account payable | 2,465 | 3,373 | 185 |
Current | |||
Trade payable and related parties | 145,942 | 81,450 | 44,520 |
Guarantee deposits | 704 | 492 | 441 |
Payables with partners of JO | 851 | 324 | 122 |
Miscellaneous | 1,098 | 1,959 | 828 |
Total, current account payable | $ 148,595 | $ 84,225 | $ 45,911 |
Revenues - Detailed Information
Revenues - Detailed Information about Revenue (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Revenues [abstract] | |||
Sales of goods and services | $ 686,644 | $ 435,558 | $ 243,230 |
Government incentives | 13,266 | 14,469 | 18,552 |
Turnover tax | (21,315) | (14,207) | (8,969) |
Revenues | $ 678,595 | $ 435,820 | $ 252,813 |
Revenues - Summary of Breakdown
Revenues - Summary of Breakdown of Revenues by Type of Good or Service (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revenue [line items] | |||
Sales of goods and services | $ 686,644 | $ 435,558 | $ 243,230 |
Diesel [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 222,472 | 132,073 | 76,082 |
Gasolines [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 141,511 | 97,093 | 59,230 |
Natural gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 114,022 | 80,433 | 40,070 |
Crude oil [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 14,703 | 3,477 | 1,190 |
Jet fuel [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 44,075 | 25,999 | 11,233 |
Lubricants and by-products [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 14,525 | 8,928 | 5,956 |
Liquefied petroleum gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 14,643 | 12,542 | 6,287 |
Fuel oil [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 7,040 | 3,354 | 5,717 |
Petrochemicals [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 21,742 | 16,239 | 8,437 |
Fertilizers [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 7,877 | 4,231 | 2,011 |
Flours, oils and grains [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 19,612 | 7,917 | 6,542 |
Asphalts [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 4,429 | 4,129 | 3,014 |
Goods for resale at gas stations [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 4,819 | 3,381 | 2,362 |
Income from services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 3,555 | 1,344 | 1,007 |
Income from construction contracts [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 13,695 | 5,551 | 879 |
Virgin naphtha [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 5,625 | 3,999 | 1,148 |
Petroleum coke [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 6,013 | 6,139 | 1,697 |
LNG Regasification [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 2,731 | 3,359 | 2,731 |
Other goods and services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 23,555 | 15,370 | 7,637 |
Upstream [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 2,087 | 3,181 | 774 |
Upstream [member] | Other goods and services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 2,087 | 3,181 | 774 |
Downstream [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 537,791 | 336,569 | 195,235 |
Downstream [member] | Diesel [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 222,472 | 132,073 | 76,082 |
Downstream [member] | Gasolines [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 141,511 | 97,093 | 59,230 |
Downstream [member] | Natural gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 1,521 | 1,000 | 655 |
Downstream [member] | Crude oil [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 14,703 | 3,477 | 1,190 |
Downstream [member] | Jet fuel [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 44,075 | 25,999 | 11,233 |
Downstream [member] | Lubricants and by-products [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 14,525 | 8,928 | 5,956 |
Downstream [member] | Liquefied petroleum gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 14,643 | 12,542 | 6,287 |
Downstream [member] | Fuel oil [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 7,040 | 3,354 | 5,717 |
Downstream [member] | Petrochemicals [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 21,742 | 16,239 | 8,437 |
Downstream [member] | Fertilizers [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 7,877 | 4,231 | 2,011 |
Downstream [member] | Flours, oils and grains [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 19,612 | 7,917 | 6,542 |
Downstream [member] | Asphalts [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 4,429 | 4,129 | 3,014 |
Downstream [member] | Goods for resale at gas stations [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 4,819 | 3,381 | 2,362 |
Downstream [member] | Virgin naphtha [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 5,625 | 3,999 | 1,148 |
Downstream [member] | Petroleum coke [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 6,013 | 6,139 | 1,697 |
Downstream [member] | Other goods and services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 7,184 | 6,068 | 3,674 |
Gas and power [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 125,853 | 86,883 | 44,408 |
Gas and power [member] | Natural gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 112,501 | 79,433 | 39,415 |
Gas and power [member] | LNG Regasification [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 2,731 | 3,359 | 2,731 |
Gas and power [member] | Other goods and services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 10,621 | 4,091 | 2,262 |
Corporation and others [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 20,913 | 8,925 | 2,813 |
Corporation and others [member] | Income from services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 3,555 | 1,344 | 1,007 |
Corporation and others [member] | Income from construction contracts [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 13,695 | 5,551 | 879 |
Corporation and others [member] | Other goods and services [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | $ 3,663 | $ 2,030 | $ 927 |
Revenues - Summary of Breakdo_2
Revenues - Summary of Breakdown of Revenues by Type of Good or Service (Parenthetical) (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revenue [abstract] | |||
Revenue from natural gas produced by the Company | $ 71,491 | $ 55,882 | $ 28,341 |
Revenues - Summary of Breakdo_3
Revenues - Summary of Breakdown of Revenues by Sales Channels (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revenue [line items] | |||
Sales of goods and services | $ 686,644 | $ 435,558 | $ 243,230 |
Gas Stations [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 257,648 | 168,665 | 104,077 |
Power plants [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 16,414 | 20,343 | 17,139 |
Distribution companies [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 19,506 | 14,180 | 3,313 |
Retail distribution of natural gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 49,699 | 25,420 | 11,071 |
Industries, transport and aviation [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 144,333 | 91,496 | 48,368 |
Agriculture [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 64,344 | 35,868 | 22,030 |
Petrochemical industry [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 24,475 | 19,590 | 10,334 |
Trading [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 39,341 | 18,342 | 7,703 |
Oil companies [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 20,066 | 12,760 | 4,207 |
Commercialization of liquefied petroleum gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 6,087 | 4,961 | 2,979 |
Other sales channels [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 44,731 | 23,933 | 12,009 |
Upstream [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 2,087 | 3,181 | 774 |
Upstream [member] | Other sales channels [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 2,087 | 3,181 | 774 |
Downstream [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 537,791 | 336,569 | 195,235 |
Downstream [member] | Gas Stations [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 257,648 | 168,665 | 104,077 |
Downstream [member] | Power plants [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 709 | 260 | 4,067 |
Downstream [member] | Industries, transport and aviation [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 116,742 | 71,746 | 36,810 |
Downstream [member] | Agriculture [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 64,344 | 35,868 | 22,030 |
Downstream [member] | Petrochemical industry [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 24,475 | 19,590 | 10,334 |
Downstream [member] | Trading [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 39,341 | 18,342 | 7,703 |
Downstream [member] | Oil companies [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 20,066 | 12,760 | 4,207 |
Downstream [member] | Commercialization of liquefied petroleum gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 6,087 | 4,961 | 2,979 |
Downstream [member] | Other sales channels [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 8,379 | 4,377 | 3,028 |
Gas and power [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 125,853 | 86,883 | 44,408 |
Gas and power [member] | Power plants [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 15,705 | 20,083 | 13,072 |
Gas and power [member] | Distribution companies [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 19,506 | 14,180 | 3,313 |
Gas and power [member] | Retail distribution of natural gas [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 49,699 | 25,420 | 11,071 |
Gas and power [member] | Industries, transport and aviation [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 27,591 | 19,750 | 11,558 |
Gas and power [member] | Other sales channels [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 13,352 | 7,450 | 5,394 |
Corporation and others [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | 20,913 | 8,925 | 2,813 |
Corporation and others [member] | Other sales channels [member] | |||
Disclosure of revenue [line items] | |||
Sales of goods and services | $ 20,913 | $ 8,925 | $ 2,813 |
Revenues - Additional Informati
Revenues - Additional Information (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of revenue [line items] | |||
Revenue | $ 678,595 | $ 435,820 | $ 252,813 |
Revenues from contracts with customers | 4,721 | 1,564 | |
Domestic market [member] | |||
Disclosure of revenue [line items] | |||
Revenue | 597,702 | 390,630 | 221,145 |
International market [member] | |||
Disclosure of revenue [line items] | |||
Revenue | $ 88,942 | $ 44,928 | $ 22,085 |
Revenues - Summary of Credits,
Revenues - Summary of Credits, Contract Assets and Contract Liabilities (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of revenue [abstract] | |||
Current credits for contracts included in Trade Receivables | $ 100,706 | $ 59,419 | $ 27,363 |
Current contract assets | 203 | 420 | 142 |
Current contract liabilities | 7,404 | 4,996 | 1,460 |
Noncurrent Credits for contracts included in Trade Receivables | 6,785 | 7,804 | 2,210 |
Noncurrent Contract assets | 0 | 0 | 0 |
Noncurrent Contract liabilities | $ 294 | $ 1,828 | $ 1,470 |
Costs - Detailed Information of
Costs - Detailed Information of Inventory Costs (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of details of inventory costs [abstract] | |||
Inventories at beginning of year | $ 53,324 | $ 27,149 | $ 21,808 |
Purchases | 190,601 | 124,279 | 65,945 |
Production costs | 378,281 | 234,340 | 147,423 |
Translation effect | 33,385 | 26,514 | 3,877 |
Inventories incorporated by business combination | 445 | ||
Adjustment for inflation | 496 | 167 | |
Reclassifications and other movements | (92) | ||
Inventories at end of the year | (80,479) | (53,324) | (27,149) |
Total | $ 575,608 | $ 359,570 | $ 211,812 |
Costs - Detailed Information _2
Costs - Detailed Information of Inventory Costs (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2017ARS ($) | |
Disclosure of details of inventory costs [abstract] | |
Reclassification of inventory | $ 142 |
Reclassifications in inventories at beginning of fiscal year | 12 |
Expenses by Nature - Detailed I
Expenses by Nature - Detailed Information about Expenses by Nature (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of expenses [line items] | |||
Salaries and social security taxes | $ 46,958 | $ 26,847 | $ 18,403 |
Fees and compensation for services | 10,317 | 6,210 | 3,839 |
Other personnel expenses | 10,482 | 6,212 | 4,110 |
Taxes, charges and contributions | 18,357 | 9,563 | 6,642 |
Royalties, easements and canons | 42,540 | 31,813 | 17,692 |
Insurance | 2,991 | 1,583 | 974 |
Rental of real estate and equipment | 11,978 | 9,801 | 6,243 |
Survey expenses | 1,212 | 848 | 214 |
Depreciation of property, plant and equipment | 145,894 | 87,569 | 53,512 |
Amortization of intangible assets | 2,374 | 1,749 | 838 |
Depreciation of right-of-use assets | 10,509 | ||
Industrial inputs, consumable materials and supplies | 22,530 | 11,379 | 5,956 |
Operation services and other service contracts | 21,792 | 16,676 | 13,449 |
Preservation, repair and maintenance | 50,989 | 32,695 | 21,126 |
Unproductive exploratory drillings | 3,832 | 3,331 | 1,400 |
Transportation, products and charges | 39,374 | 22,333 | 14,702 |
Provision for doubtful trade receivables | 3,184 | 353 | 28 |
Publicity and advertising expenses | 3,616 | 1,929 | 1,154 |
Fuel, gas, energy and miscellaneous | 10,792 | 10,764 | 6,287 |
Total | 459,721 | 281,655 | 176,569 |
Production costs [Member] | |||
Disclosure of expenses [line items] | |||
Salaries and social security taxes | 33,991 | 18,908 | 12,548 |
Fees and compensation for services | 2,491 | 1,772 | 1,159 |
Other personnel expenses | 8,941 | 5,313 | 3,493 |
Taxes, charges and contributions | 7,370 | 3,634 | 2,215 |
Royalties, easements and canons | 42,135 | 31,677 | 17,630 |
Insurance | 2,692 | 1,335 | 840 |
Rental of real estate and equipment | 11,079 | 8,983 | 5,710 |
Depreciation of property, plant and equipment | 139,345 | 83,700 | 51,607 |
Amortization of intangible assets | 2,020 | 1,497 | 688 |
Depreciation of right-of-use assets | 9,835 | ||
Industrial inputs, consumable materials and supplies | 22,095 | 11,126 | 5,813 |
Operation services and other service contracts | 18,512 | 14,973 | 12,033 |
Preservation, repair and maintenance | 48,762 | 31,141 | 20,204 |
Transportation, products and charges | 23,137 | 12,714 | 8,724 |
Fuel, gas, energy and miscellaneous | 5,876 | 7,567 | 4,759 |
Total | 378,281 | 234,340 | 147,423 |
Administrative expenses [Member] | |||
Disclosure of expenses [line items] | |||
Salaries and social security taxes | 8,075 | 4,867 | 3,537 |
Fees and compensation for services | 6,389 | 3,534 | 2,118 |
Other personnel expenses | 962 | 571 | 374 |
Taxes, charges and contributions | 312 | 275 | 255 |
Insurance | 181 | 130 | 49 |
Rental of real estate and equipment | 38 | 24 | 15 |
Depreciation of property, plant and equipment | 2,839 | 1,758 | 771 |
Amortization of intangible assets | 323 | 222 | 125 |
Industrial inputs, consumable materials and supplies | 183 | 59 | 35 |
Operation services and other service contracts | 744 | 372 | 268 |
Preservation, repair and maintenance | 1,021 | 620 | 382 |
Transportation, products and charges | 15 | 4 | 17 |
Publicity and advertising expenses | 2,551 | 951 | 545 |
Fuel, gas, energy and miscellaneous | 1,068 | 535 | 245 |
Total | 24,701 | 13,922 | 8,736 |
Selling expenses [Member] | |||
Disclosure of expenses [line items] | |||
Salaries and social security taxes | 4,226 | 2,592 | 1,988 |
Fees and compensation for services | 1,265 | 883 | 544 |
Other personnel expenses | 513 | 278 | 194 |
Taxes, charges and contributions | 10,627 | 5,626 | 4,172 |
Royalties, easements and canons | 122 | 64 | 31 |
Insurance | 118 | 118 | 85 |
Rental of real estate and equipment | 861 | 766 | 518 |
Depreciation of property, plant and equipment | 3,710 | 2,111 | 1,134 |
Amortization of intangible assets | 31 | 30 | 25 |
Depreciation of right-of-use assets | 674 | ||
Industrial inputs, consumable materials and supplies | 201 | 172 | 83 |
Operation services and other service contracts | 2,249 | 1,302 | 905 |
Preservation, repair and maintenance | 1,081 | 886 | 458 |
Transportation, products and charges | 16,222 | 9,615 | 5,961 |
Provision for doubtful trade receivables | 3,184 | 353 | 28 |
Publicity and advertising expenses | 1,065 | 978 | 609 |
Fuel, gas, energy and miscellaneous | 3,749 | 2,153 | 1,219 |
Total | 49,898 | 27,927 | 17,954 |
Exploration expenses [Member] | |||
Disclosure of expenses [line items] | |||
Salaries and social security taxes | 666 | 480 | 330 |
Fees and compensation for services | 172 | 21 | 18 |
Other personnel expenses | 66 | 50 | 49 |
Taxes, charges and contributions | 48 | 28 | |
Royalties, easements and canons | 283 | 72 | 31 |
Rental of real estate and equipment | 28 | ||
Survey expenses | 1,212 | 848 | 214 |
Industrial inputs, consumable materials and supplies | 51 | 22 | 25 |
Operation services and other service contracts | 287 | 29 | 243 |
Preservation, repair and maintenance | 125 | 48 | 82 |
Unproductive exploratory drillings | 3,832 | 3,331 | 1,400 |
Fuel, gas, energy and miscellaneous | 99 | 509 | 64 |
Total | $ 6,841 | $ 5,466 | $ 2,456 |
Expenses by Nature - Detailed_2
Expenses by Nature - Detailed Information about Expenses by Nature (Parenthetical) (Detail) - ARS ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Expenses by nature [abstract] | ||||
Export withholdings | $ 6,541 | $ 2,297 | $ 1,612 | |
Fees and remunerations of the Directors and Statutory Auditors of YPF | 80 | 65 | 48.8 | |
Fees approved by General and Extraordinay Shareholders' Meeting of YPF | 87 | 48.8 | 48.3 | $ 127 |
Research and development expense | 1,261 | $ 700 | $ 449 | |
Expense relating to short term lease | 7,223 | |||
Expense relating to lease underlying asset | $ 3,326 |
Other Net Operating Results (De
Other Net Operating Results (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of Other Operating Results Net [abstract] | |||
Result of companies' revaluation | $ 11,980 | ||
Result for sale of participation in areas | $ 778 | 2,322 | |
Lawsuits | (2,732) | (2,365) | $ (1,240) |
Insurance | 498 | 417 | 206 |
Construction incentive | 688 | 188 | |
Unrecoverable credit - Resolution MINEM No. 508/E-2017 | (622) | ||
Miscellaneous | 260 | (409) | 32 |
Other operating results, net | $ (1,130) | $ 11,945 | $ (814) |
Net Financial Results - Detaile
Net Financial Results - Detailed Information about Financial Results (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Financial income | |||
Interest income | $ 7,665 | $ 3,033 | $ 1,598 |
Exchange differences | 80,490 | 81,869 | 16,025 |
Financial accretion | 5,250 | 15,181 | |
Total financial income | 93,405 | 100,083 | 17,623 |
Financial loss | |||
Interest loss | (48,136) | (28,717) | (18,385) |
Exchange differences | (32,555) | (27,410) | (7,075) |
Financial accretion | (10,842) | (7,554) | (3,169) |
Total financial costs | (91,533) | (63,681) | (28,629) |
Other financial results | |||
Fair value gains on financial assets at fair value through profit or loss | (1,449) | 2,596 | 2,208 |
Result from derivative financial instruments | (293) | 933 | |
Result from net monetary position | 5,904 | 1,594 | |
Total other financial results | 4,162 | 5,123 | 2,208 |
Net financial results | $ 6,034 | $ 41,525 | $ (8,798) |
Investments in Joint Operatio_3
Investments in Joint Operations - Information of Assets and Liabilities (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of joint operations [line items] | |||
Noncurrent assets | $ 1,263,868 | $ 785,601 | $ 383,420 |
Current assets | 309,421 | 208,415 | 122,298 |
Total assets | 1,573,289 | 994,016 | 505,718 |
Noncurrent liabilities | 710,318 | 452,690 | 250,451 |
Current liabilities | 314,872 | 178,969 | 102,734 |
Total liabilities | 1,025,190 | 631,659 | 353,185 |
Exploration expenses | 6,841 | 5,466 | 2,456 |
Joint Ventures [member] | |||
Disclosure of joint operations [line items] | |||
Noncurrent assets | 221,219 | 130,272 | 66,887 |
Current assets | 8,723 | 4,024 | 2,417 |
Total assets | 229,942 | 134,296 | 69,304 |
Noncurrent liabilities | 17,754 | 11,484 | 5,876 |
Current liabilities | 27,641 | 9,695 | 5,524 |
Total liabilities | 45,395 | 21,179 | 11,400 |
Production cost | 70,552 | 39,713 | 24,471 |
Exploration expenses | $ 123 | $ 242 | $ 767 |
Investments in Joint Operatio_4
Investments in Joint Operations - Information about Joint venture production exploration (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Acambuco [member] | Pan American Energy LLC [Member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Acambuco |
Aguada Pichana Area Vaca Muerta [member] | Total Austral S.A. [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Aguada Pichana - Area Vaca Muerta |
Aguada Pichana Residual [member] | Total Austral S.A. [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Aguada Pichana - Residual |
Aguarague [member] | Tecpetrol S.A. [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Aguaragüe |
CAM-2A SUR [Member] | Enap Sipetrol Argentina SA [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | CAM-2/A SUR |
Campamento Central Canadon Perdido [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Campamento Central / Cañadón Perdido |
Consorcio CNQ7A [Member] | Pluspetrol Energy SA [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Consorcio CNQ 7/A |
El Tordillo [member] | Tecpetrol S.A. [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | El Tordillo |
La Tapera and Puesto Quiroga [member] | Tecpetrol S.A. [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | La Tapera and Puesto Quiroga |
Lindero Atravesado [member] | Pan American Energy LLC [Member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Lindero Atravesado |
Llancanelo [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Llancanelo |
Magallanes [member] | Enap Sipetrol Argentina SA [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Magallanes |
Loma Campana [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Loma Campana |
Ramos [member] | Pluspetrol Energy SA [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Ramos |
Rincon del Mangrullo [Member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Rincón del Mangrullo |
San Roque [member] | Total Austral S.A. [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | San Roque |
Yacimiento La Ventana- Rio Tunuyan [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Yacimiento La Ventana – Río Tunuyán |
Zampal Oeste [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Zampal Oeste |
Narambuena [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Narambuena |
La Amarga Chica [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | La Amarga Chica |
El Orejano [Member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | El Orejano |
Bajo del Toro [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Bajo del Toro |
Bandurria Sur [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Bandurria Sur |
Aguada de Castro and Aguada Pichana Oeste [member] | Pan American Energy LLC [Member] | |
Disclosure of joint operations [line items] | |
Name of the JO | Aguada de Castro and Aguada Pichana Oeste |
JO [member] | Acambuco [member] | Pan American Energy LLC [Member] | |
Disclosure of joint operations [line items] | |
Location | Salta |
Participation | 22.50% |
JO [member] | Aguada Pichana Area Vaca Muerta [member] | Total Austral S.A. [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 22.50% |
JO [member] | Aguada Pichana Residual [member] | Total Austral S.A. [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 27.27% |
JO [member] | Aguarague [member] | Tecpetrol S.A. [member] | |
Disclosure of joint operations [line items] | |
Location | Salta |
Participation | 53.00% |
JO [member] | CAM-2A SUR [Member] | Enap Sipetrol Argentina SA [member] | |
Disclosure of joint operations [line items] | |
Location | Tierra del Fuego |
Participation | 50.00% |
JO [member] | Campamento Central Canadon Perdido [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Chubut |
Participation | 50.00% |
JO [member] | Consorcio CNQ7A [Member] | Pluspetrol Energy SA [member] | |
Disclosure of joint operations [line items] | |
Location | La Pampa and Mendoza |
Participation | 50.00% |
JO [member] | El Tordillo [member] | Tecpetrol S.A. [member] | |
Disclosure of joint operations [line items] | |
Location | Chubut |
Participation | 12.20% |
JO [member] | La Tapera and Puesto Quiroga [member] | Tecpetrol S.A. [member] | |
Disclosure of joint operations [line items] | |
Location | Chubut |
Participation | 12.20% |
JO [member] | Lindero Atravesado [member] | Pan American Energy LLC [Member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 37.50% |
JO [member] | Llancanelo [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Mendoza |
Participation | 61.00% |
JO [member] | Magallanes [member] | Enap Sipetrol Argentina SA [member] | |
Disclosure of joint operations [line items] | |
Location | Santa Cruz, Tierra del Fuego and Plataforma Continental Nacional |
Participation | 50.00% |
JO [member] | Loma Campana [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén and Mendoza |
Participation | 50.00% |
JO [member] | Ramos [member] | Pluspetrol Energy SA [member] | |
Disclosure of joint operations [line items] | |
Location | Salta |
Participation | 42.00% |
JO [member] | Rincon del Mangrullo [Member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 50.00% |
JO [member] | San Roque [member] | Total Austral S.A. [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 34.11% |
JO [member] | Yacimiento La Ventana- Rio Tunuyan [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Mendoza |
Participation | 70.00% |
JO [member] | Zampal Oeste [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Mendoza |
Participation | 70.00% |
JO [member] | Narambuena [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 50.00% |
JO [member] | La Amarga Chica [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 50.00% |
JO [member] | El Orejano [Member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 50.00% |
JO [member] | Bajo del Toro [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 50.00% |
JO [member] | Bandurria Sur [member] | YPF [member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 51.00% |
JO [member] | Aguada de Castro and Aguada Pichana Oeste [member] | Pan American Energy LLC [Member] | |
Disclosure of joint operations [line items] | |
Location | Neuquén |
Participation | 30.00% |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) - ARS ($) $ / shares in Units, $ in Millions | May 04, 2012 | Dec. 31, 2019 | Dec. 31, 2018 | Jun. 27, 2019 |
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Share capital | $ 3,924 | |||
Description in classes of shares | four classes of shares (A, B, C and D) | |||
Par value of share | $ 10 | |||
Description of voting rights | 1 vote per share | |||
Explanation of law enacted equity structure | According to Law 26,741, achieving self-sufficiency in the supply of hydrocarbons as well as in the exploitation, industrialization, transportation and sale of hydrocarbons, is thereby declared of national public interest and a priority for Argentina, with the goal of guaranteeing socially equitable economic development, the creation of jobs, the increase of the competitiveness of various economic sectors and the equitable and sustainable growth of the provinces and regions. The shares subject to expropriation were distributed as follows: 51% for the Argentine federal government and 49% for certain Argentine Provinces. | |||
Reserve for the purchase of treasury shares | $ 280 | |||
Reserves for investments | 33,235 | |||
Dividend per share | $ 5.8478 | |||
Future dividends [member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Reserves for dividend | $ 4,800 | |||
Expropation Shares of YPF Owned by Repsol [Member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Proportion of ownership interests in equity | 57.43% | |||
Participation in the capital stock | 51.00% | |||
Petersen Energia SAU and Affiliates [Member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Participation in the capital stock | 25.46% | |||
Federal Government [member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Percentage of shares subject to expropriation | 51.00% | |||
State or Province [member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Percentage of shares subject to expropriation | 49.00% | |||
Ordinary shares [member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Number of shares of common stock | 393,312,793 | |||
Class A Shares [member] | ||||
Disclosure Of Detailed information Of Share Capital [line items] | ||||
Common shares outstanding | 3,764 | |||
Description of shares based on grants outstanding | the affirmative vote of Argentine Government is required for: 1) mergers, 2) acquisitions of more than 50% of YPF shares in an agreed or hostile bid, 3) transfers of all the YPF’s production and exploration rights, 4) the voluntary dissolution of YPF or 5) change of corporate and/or tax address outside the Argentine Republic. Items 3) and 4) will also require prior approval by the Argentine Congress. | |||
Proportion of maximum shares acquired by related party | 50.00% |
Earnings Per Share - Summary of
Earnings Per Share - Summary of Earnings Per Share (Detail) - ARS ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings per share [abstract] | |||
Net (loss) / profit | $ (34,071) | $ 38,613 | $ 12,340 |
Average number of shares outstanding | 392,314,842 | 392,302,437 | 392,625,259 |
Basic and diluted earnings per share | $ (86.85) | $ 98.43 | $ 31.43 |
Issues Related to Maxus Entit_2
Issues Related to Maxus Entities - Additional Information (Detail) $ in Millions, $ in Millions | Dec. 29, 2016USD ($) | Jan. 14, 2016USD ($) | Mar. 26, 2013USD ($) | Jun. 30, 2008yd² | Dec. 31, 2005USD ($) | Dec. 31, 2019ARS ($)Companies | Dec. 31, 2019USD ($)Companies | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2015USD ($) | Jun. 14, 2018USD ($) | Dec. 16, 2014USD ($) | Jul. 31, 2014USD ($) | Feb. 10, 2014USD ($) |
Deconsolidation [line items] | ||||||||||||||
Total financial costs | $ 91,533 | $ 63,681 | $ 28,629 | |||||||||||
Settlement agreement amount paid in three installments | $ 190 | |||||||||||||
New Jersey [Member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Amount claimed for the damages caused on chemical | $ 65 | |||||||||||||
Claim on recovery amount | $ 190 | |||||||||||||
Top of range [member] | New Jersey [Member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Settlement agreement amount to be paid | $ 400 | |||||||||||||
Chapter 11 Plan of Liquidation [Member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Settlement payment | $ 130 | |||||||||||||
Description of settlement payment subject to debtors agreement | On December 29, 2016, the Debtors filed with the Bankruptcy Court a proposed Chapter 11 Plan of Liquidation (the “Plan”) and a statement revealing information from the Debtors. The Plan foresaw a US$ 130 million Settlement Payment under the Agreement. The Plan (as filed) provided that if the Agreement was approved, portions of the US$ 130 million Settlement Payment would be deposited into (i) a liquidating trust for distribution to creditors and (ii) an Environmental Response Trust for use in remediation. Moreover, if the Agreement were approved, the Debtors’ Plan would likely be confirmed and the claims against the YPF Entities, including the alter-ego claims, would be settled and released in exchange for the US$ 130 million Settlement Payment. | On December 29, 2016, the Debtors filed with the Bankruptcy Court a proposed Chapter 11 Plan of Liquidation (the “Plan”) and a statement revealing information from the Debtors. The Plan foresaw a US$ 130 million Settlement Payment under the Agreement. The Plan (as filed) provided that if the Agreement was approved, portions of the US$ 130 million Settlement Payment would be deposited into (i) a liquidating trust for distribution to creditors and (ii) an Environmental Response Trust for use in remediation. Moreover, if the Agreement were approved, the Debtors’ Plan would likely be confirmed and the claims against the YPF Entities, including the alter-ego claims, would be settled and released in exchange for the US$ 130 million Settlement Payment. | ||||||||||||
Maxus Entities [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Remediation alternatives | The FFS 2014 contains four remediation alternatives analyzed by the EPA, as well as the estimate of the cost of each alternative, which consist of: (i) no action; (ii) deep dredging with 9.7 million cubic yards of filling material; (iii) filling and dredging of 4.3 million cubic yards and the placement of a physical barrier mainly built of sand and stone (tapa de ingenieria); and (iv) focused dredging with 1 million cubic yard of filling material. | The FFS 2014 contains four remediation alternatives analyzed by the EPA, as well as the estimate of the cost of each alternative, which consist of: (i) no action; (ii) deep dredging with 9.7 million cubic yards of filling material; (iii) filling and dredging of 4.3 million cubic yards and the placement of a physical barrier mainly built of sand and stone (tapa de ingenieria); and (iv) focused dredging with 1 million cubic yard of filling material. | ||||||||||||
Estimate on administrative environmental issues for record of decision | $ 1,382 | |||||||||||||
Environmental remediation for record of decision | The ROD requires the removal of 3.5 million cubic yards of sediment from the lower 8.3 miles of the Passaic River by bank-to-bank dredging, to a depth of approximately 5 to 30 feet in the federal navigation channel from mile 0 to mile 1.7, and approximately 2.5 feet in the remaining areas of the lower 8.3 miles of the Passaic River. A two-foot thick cap will be installed over the dredged areas. Contaminated segments would be transported to disposal sites outside the state. The EPA estimates the whole project will take approximately 11 years, including one year for negotiations among potentially responsible parties, three to four years for project design and six years for its implementation. | The ROD requires the removal of 3.5 million cubic yards of sediment from the lower 8.3 miles of the Passaic River by bank-to-bank dredging, to a depth of approximately 5 to 30 feet in the federal navigation channel from mile 0 to mile 1.7, and approximately 2.5 feet in the remaining areas of the lower 8.3 miles of the Passaic River. A two-foot thick cap will be installed over the dredged areas. Contaminated segments would be transported to disposal sites outside the state. The EPA estimates the whole project will take approximately 11 years, including one year for negotiations among potentially responsible parties, three to four years for project design and six years for its implementation. | ||||||||||||
Maxus Entities [member] | Rate for present value [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Rate for present value | 7.00% | 7.00% | ||||||||||||
Maxus Entities [member] | Escrow account [Member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Deposit made in an escrow account | $ 65 | |||||||||||||
Maxus Entities [member] | New Jersey Department of Environmental Protection and Energy [member] | Passaic River, New Jersey [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Natural resource damages | 200 years | 200 years | ||||||||||||
Estimate development cost | $ 2 | |||||||||||||
Maxus Entities [member] | United State Environmental Protection Agency [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Removal of cubic yards of sediment | yd² | 200,000 | |||||||||||||
Removal phases | 2 | |||||||||||||
Maxus Entities [member] | United State Environmental Protection Agency [member] | Passaic River, New Jersey [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Administrative arrangement | Companies | 70 | 70 | ||||||||||||
Total financial costs | $ 5 | |||||||||||||
Cost to implement | 2 years | |||||||||||||
Maxus Entities [member] | First phase [member] | United State Environmental Protection Agency [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Removal phases commenced | 2011-07 | |||||||||||||
Removal phases completed | 2013-01 | |||||||||||||
Maxus Energy Corporation Liquidating Trust [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Claim alleged damages | $ 14,000 | |||||||||||||
YPF Holdings [member] | Maxus Entities [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Cash payment at the time of approval of the Agreement | $ 65 | |||||||||||||
YPF Holdings [member] | Maxus Entities [member] | Top of range [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Litigation liability | $ 400 | |||||||||||||
YPF Holdings [member] | Maxus Entities [member] | Debtor-in-possession loan [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Settlement payment | $ 130 | |||||||||||||
Repayment of the outstanding amounts | 12.2 | |||||||||||||
YPF Holdings [member] | Maxus Entities [member] | Debtor-in-possession loan [member] | Top of range [member] | ||||||||||||||
Deconsolidation [line items] | ||||||||||||||
Loan to finance the debtors' activities | $ 63.1 |
Contingent Assets and Liabili_2
Contingent Assets and Liabilities - Additional Information (Detail) | Dec. 30, 2014Judgment | Dec. 31, 2019Companies |
Dock Sud, Province of Buenos Aires [Member] | ||
Disclosure Of Contingent Assets And Liabilities [line items] | ||
Number of companies sued | Companies | 44 | |
CSJN [member] | Asociacion Superficiarios de la Patagonia [Member] | ||
Disclosure Of Contingent Assets And Liabilities [line items] | ||
Number of interlocutory judgments issued | Judgment | 2 |
Contractual Commitments - Agree
Contractual Commitments - Agreements of Extension of Concessions - Additional Information (Detail) - USD ($) $ in Millions | Jan. 08, 2016 | Oct. 02, 2013 | Jul. 24, 2013 | Oct. 23, 2012 | Nov. 30, 2012 | Apr. 30, 2011 | Dec. 31, 2019 | Nov. 14, 2019 | Sep. 30, 2013 |
Province Of Chubut [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Exploitation concessions, extended term | 30 years | ||||||||
Magalles area [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Exploitation concessions, extended term | 10 years | ||||||||
Province of Neuquen [member] | Other concessions [member] | Bottom of range [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Expire period | 2026 | ||||||||
Province of Neuquen [member] | Other concessions [member] | Top of range [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Expire period | 2027 | ||||||||
Province of Neuquen [member] | Loma La Lata - Loma Campana [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Extended period | 22 years | ||||||||
Province of Neuquen [member] | Loma Amarilla Sur [Member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Commitment to Investment | $ 60 | ||||||||
Province of Neuquen [member] | Loma La Lata Norte and Loma Campana areas [member] | Chevron's initial payment [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Payments of contractual commitments fee | $ 300 | ||||||||
Province of Neuquen [member] | Loma La Lata - Sierra Barrosa areas [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Extended of additional period | 10 years | ||||||||
Province of Mendoza [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Extended period | 10 years | ||||||||
Province of Santa Cruz [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Extended period | 25 years | ||||||||
Salta [Member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Extended period | 10 years | ||||||||
National Executive Branch [member] | Magallanes area [member] | |||||||||
Disclosure of geographical areas [line items] | |||||||||
Exploitation concessions, extended term | 10 years |
Contractual Commitments - Proje
Contractual Commitments - Project Investment Agreements - Additional Information (Detail) $ in Thousands, $ in Millions | Jan. 30, 2020 | Oct. 08, 2019 | Feb. 11, 2019 | Sep. 14, 2018USD ($)m | Apr. 30, 2018ARS ($) | Jan. 17, 2018USD ($) | Oct. 11, 2017USD ($) | Jul. 17, 2017USD ($) | May 12, 2017USD ($) | Apr. 18, 2017USD ($) | Feb. 23, 2017USD ($) | Jan. 01, 2016 | Dec. 15, 2015 | Oct. 22, 2015USD ($) | Jul. 16, 2015USD ($) | Jul. 10, 2015USD ($) | May 26, 2015USD ($) | Nov. 17, 2014 | Nov. 06, 2013USD ($) | Sep. 23, 2013USD ($) | Jan. 31, 2020USD ($) | Oct. 31, 2017 | Sep. 30, 2013 | Dec. 31, 2019ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017ARS ($) | Dec. 10, 2013USD ($) | Nov. 23, 2018USD ($) | Aug. 28, 2014USD ($) | Jul. 16, 2013USD ($) |
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 61,183 | $ 30,324 | $ 5,146 | |||||||||||||||||||||||||||||
La calera Area Investment Agreement / Providence of Neuquen / YPF and Pluspetrol S.A. [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Pilot project completion term | 3 years | |||||||||||||||||||||||||||||||
Investment in exploration | $ 180,000 | |||||||||||||||||||||||||||||||
La calera Area Investment Agreement / Providence of Neuquen / YPF and Pluspetrol S.A. [member] | Concession term [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
uncoventional hydrocarbon exploitation concession | m | 35 | |||||||||||||||||||||||||||||||
Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Total estimated exploration investment cost | $ 1,200,000 | |||||||||||||||||||||||||||||||
Loma Campana [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Disbursement | $ 940,000 | |||||||||||||||||||||||||||||||
Exploitation concession | 50.00% | |||||||||||||||||||||||||||||||
Rincon Del Mangrullo Block [member] | YPF and Petrolera Pampa SA [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 151,500 | |||||||||||||||||||||||||||||||
Interest in joint venture investments | 50.00% | |||||||||||||||||||||||||||||||
Investments in joint ventures in first stage | $ 81,500 | |||||||||||||||||||||||||||||||
Investments in joint ventures in second phase | $ 70,000 | |||||||||||||||||||||||||||||||
Amended interest in joint venture | 50.00% | |||||||||||||||||||||||||||||||
Investment in surface facilities area | $ 150,000 | |||||||||||||||||||||||||||||||
Investments in joint ventures in third phase | $ 22,500 | |||||||||||||||||||||||||||||||
La Amarga chica area [member] | YPF Sociedad Anonima [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 75,000 | |||||||||||||||||||||||||||||||
Percentage of holding in exploitation concessions | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
La Amarga chica area [member] | Petronas E And P Overseas Ventures Sdn Bhd [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | 475,000 | |||||||||||||||||||||||||||||||
La Amarga chica area [member] | Petronas E And P Argentina SA [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of holding in exploitation concessions | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
La Amarga chica area [member] | YPF and Petronas Overseas Ventures Sdn. Bhd [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 550,000 | |||||||||||||||||||||||||||||||
Bandurria Sur [member] | Shell Compañía Argentina de Petróleo S.A. and Equinor Argentina AS [member] | Major business combination [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest in joint venture investments | 60.00% | |||||||||||||||||||||||||||||||
Business acquisition considertion | $ 105,000 | |||||||||||||||||||||||||||||||
Percentage of additional sale of area | 11.00% | |||||||||||||||||||||||||||||||
Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Proceed through investment contribution | $ 52,300 | |||||||||||||||||||||||||||||||
Aguada Pichana East (APE) [Member] | Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Estimated exploration cost | 300,000 | |||||||||||||||||||||||||||||||
Aguada Pichana Oeste (APO) [member] | Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Estimated exploration cost | 150,000 | |||||||||||||||||||||||||||||||
Aguada De Castro (ACA) [Member] | Agreement for the exploitation of the Aguada Pichana and Aguada de Castro Areas [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Estimated exploration cost | $ 50,000 | |||||||||||||||||||||||||||||||
Llancanelo Mendoza [member] | YPF Sociedad Anonima [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest in joint venture investments | 39.00% | |||||||||||||||||||||||||||||||
Province of Neuquen [member] | Loma Campana Loma La Lata Norte [member] | Chevron [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Expenditure incurred for development of pilot project | $ 1,240,000 | |||||||||||||||||||||||||||||||
Extension of concession maturity year | 2048 | |||||||||||||||||||||||||||||||
Equity interest in joint operation | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Province of Neuquen [member] | Narambuena Exploration Project Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Percentage of legal interest in exploitation | 7.00% | 7.00% | ||||||||||||||||||||||||||||||
Percentage of contribution in a joint investment | 100.00% | 100.00% | ||||||||||||||||||||||||||||||
Province of Neuquen [member] | El Orejano Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Assigned interest in exploitation concession, percentage | 50.00% | |||||||||||||||||||||||||||||||
Percentage of interest in exploration, evaluation, exploitation and development of hydrocarbons | 50.00% | |||||||||||||||||||||||||||||||
Province of Neuquen [member] | Bandurria Centro [member] | Pan American Energy LLC [Member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of awarded | 100.00% | |||||||||||||||||||||||||||||||
Province of Neuquen [member] | Bandurria Sur [member] | YPF Sociedad Anonima [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Subdivision term | 35 years | |||||||||||||||||||||||||||||||
Pilot project completion term | 3 years | |||||||||||||||||||||||||||||||
Investment in exploration | $ 360,000 | |||||||||||||||||||||||||||||||
CDNC [Member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest acquired | 100.00% | |||||||||||||||||||||||||||||||
Percentage of concession and supplementary rights Chevron could exercise | 50.00% | 50.00% | ||||||||||||||||||||||||||||||
Investments in joint ventures in first stage | $ 62.7 | |||||||||||||||||||||||||||||||
Investments in joint ventures in second phase | 57.7 | |||||||||||||||||||||||||||||||
Investment contribution first stage | 55.3 | |||||||||||||||||||||||||||||||
Investment contribution second phase | $ 62.7 | $ 10,570 | ||||||||||||||||||||||||||||||
Lindero Atravesado Block Neuquen [member] | Pan American Energy LLC [Member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of pro rata interest | 62.50% | |||||||||||||||||||||||||||||||
Lindero Atravesado Block Neuquen [member] | YPF Sociedad Anonima [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of pro rata interest | 37.50% | |||||||||||||||||||||||||||||||
Subdivision term | 35 years | |||||||||||||||||||||||||||||||
Pilot project completion term | 4 years | |||||||||||||||||||||||||||||||
Investment in exploration | $ 590,000 | |||||||||||||||||||||||||||||||
Enap Sipetrol Argentina [member] | JO Agreement for the Magallanes Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest in joint venture investments | 50.00% | |||||||||||||||||||||||||||||||
OAndG Developments Limited SA [member] | Agreement for the development the Bajada de Anelo Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of participation interest acquired | 50.00% | |||||||||||||||||||||||||||||||
OAndG Developments Limited SA [member] | First phase [member] | Agreement for the development the Bajada de Anelo Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 222,600 | |||||||||||||||||||||||||||||||
Maximum duration | 30 months | |||||||||||||||||||||||||||||||
OAndG Developments Limited SA [member] | Second phase [member] | Agreement for the development the Bajada de Anelo Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 75,800 | |||||||||||||||||||||||||||||||
OAndG Developments Limited SA [member] | Agreement for the development the Bajada de Anelo Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest in joint venture investments | 97.60% | |||||||||||||||||||||||||||||||
Join investment amount | $ 305,800 | |||||||||||||||||||||||||||||||
YPF S.A. [member] | Agreement for the development the Bajada de Anelo Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of contribution in a joint investment | 2.40% | |||||||||||||||||||||||||||||||
YPF S.A. [member] | Bandurria Sur [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of contribution in a joint investment | 51.00% | |||||||||||||||||||||||||||||||
YPF S.A. [member] | Bandurria Sur [member] | Major business combination [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Percentage of contribution in a joint investment | 40.00% | |||||||||||||||||||||||||||||||
YPF S.A. [member] | Llancanelo Mendoza [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest in joint venture investments | 50.00% | |||||||||||||||||||||||||||||||
Schlumberger Oilfield Eastern Ltd. [member] | Bandurria Sur [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest in joint venture investments | 49.00% | |||||||||||||||||||||||||||||||
Join investment amount | $ 390,000 | |||||||||||||||||||||||||||||||
YPFE andP [member] | Charagua Block Bolivia [member] | Mixed Economy Company [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 29.40% | |||||||||||||||||||||||||||||||
Chaco [member] | Charagua Block Bolivia [member] | Mixed Economy Company [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 19.60% | |||||||||||||||||||||||||||||||
Statoil [member] | Bajo del Toro [member] | Definitive Agreements [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 50.00% | |||||||||||||||||||||||||||||||
Receivable for price associated with wells | $ 30,000 | $ 30,000 | ||||||||||||||||||||||||||||||
Percentage of costs to be contributed by joint developer | 100.00% | |||||||||||||||||||||||||||||||
Statoil [member] | Bajo del Toro [member] | Maximum [Member] | Definitive Agreements [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Costs and investments | $ 270,000 | |||||||||||||||||||||||||||||||
YPF [member] | Equinor Argentina BV [member] | CAN 100 exploration permit (offshore) [Member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 50.00% | |||||||||||||||||||||||||||||||
YPF [member] | Bajo del Toro [member] | Definitive Agreements [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 50.00% | |||||||||||||||||||||||||||||||
Patagonia Oil Corp [member] | Llancanelo Block [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest acquired | 11.00% | |||||||||||||||||||||||||||||||
Patagonia Oil Corp [member] | Llancanelo Block [member] | First phase [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Join investment amount | $ 40,000 | |||||||||||||||||||||||||||||||
Patagonia Oil Corp [member] | Llancanelo Block [member] | Second phase [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Join investment amount | $ 54,000 | |||||||||||||||||||||||||||||||
CHNC [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Purchase of gas and crude oil | 21,595 | 14,295 | 5,672 | |||||||||||||||||||||||||||||
Net balance payable | $ 2,066 | $ 2,064 | $ 654 | |||||||||||||||||||||||||||||
YPF, Dow Europe Holding B.V. and PBB Polisur S.A. [member] | El Orejano Area [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Expenditure towards joint exploitation of unconventional gas pilot project | $ 188,000 | |||||||||||||||||||||||||||||||
YPF, Dow Europe Holding B.V. and PBB Polisur S.A. [member] | El Orejano Area [member] | Dow Europe Holding BV And PBB Polisur S.A. [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Investment in joint venture | $ 120,000 | |||||||||||||||||||||||||||||||
Increase in amount disbursed | $ 60,000 | |||||||||||||||||||||||||||||||
Total disbursement amount | $ 180,000 | |||||||||||||||||||||||||||||||
Yacimientos Petroliferos Fiscales Bolivianos [member] | Exploration agreement in the Charagua block [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Agreed upon percentage on service contract | 40.00% | |||||||||||||||||||||||||||||||
Yacimientos Petroliferos Fiscales Bolivianos [member] | Charagua Block Bolivia [member] | Mixed Economy Company [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Equity interest in joint operation | 51.00% | |||||||||||||||||||||||||||||||
Can 100 [member] | ||||||||||||||||||||||||||||||||
Disclosure of geographical areas [line items] | ||||||||||||||||||||||||||||||||
Interest acquired | 50.00% |
Contractual Commitments - Contr
Contractual Commitments - Contractual Commitments - Additional Information (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Disclosure of geographical areas [abstract] | |
Obligation with third parties to buy goods and services | $ 116,239 |
Termination of investment and expense commitments | $ 479,073 |
Contractual Commitments - Summa
Contractual Commitments - Summary of detailed information about operating lease rental expense (Detail) - Operating lease commitments [Member] - ARS ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of geographical areas [line items] | ||
Minimum payments | $ 4,988 | $ 2,306 |
Contingent installments | 7,326 | 5,361 |
Rental expenses related to operating leases | $ 12,314 | $ 7,667 |
Contractual Commitments - Sum_2
Contractual Commitments - Summary of estimated minimum payment commitments related to non-cancellable operating lease (Detail) - ARS ($) $ in Millions | Dec. 31, 2018 | Dec. 31, 2017 |
0 to 1 year [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Estimated minimum payment commitments under non-cancellable operating leases | $ 12,264 | $ 5,480 |
From 1 to 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Estimated minimum payment commitments under non-cancellable operating leases | 15,341 | 4,265 |
More than 5 years [member] | ||
Disclosure of maturity analysis of operating lease payments [line items] | ||
Estimated minimum payment commitments under non-cancellable operating leases | $ 2,317 | $ 504 |
Contractual Commitments - Grant
Contractual Commitments - Granted Guarantees - Additional Information (Detail) - Granted Guarantees [member] $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Disclosure of geographical areas [line items] | |
Issued letters of credit | $ 19 |
Assumed other commitments | $ 314 |
Main Regulations and Other - Ad
Main Regulations and Other - Additional Information (Detail) $ in Millions, $ in Millions | Feb. 01, 2022 | Jan. 01, 2021 | Mar. 31, 2020 | Nov. 01, 2019$ / bbl$ / Per_Unit | Oct. 01, 2019Installments | Aug. 21, 2019 | Aug. 15, 2019$ / bbl$ / Per_Unit | Mar. 31, 2019 | Dec. 04, 2018USD ($) | Sep. 04, 2018 | Aug. 01, 2018 | Jun. 02, 2018 | May 07, 2018 | Apr. 03, 2018Installment | Apr. 01, 2018 | Dec. 01, 2017 | Apr. 01, 2017 | Jan. 13, 2017 | May 20, 2016 | May 18, 2016MMBTU | Oct. 31, 2014 | Mar. 31, 2020 | Feb. 28, 2019USD ($)Installments | Dec. 31, 2018 | Jul. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019ARS ($)MMBTU | Dec. 31, 2019USD ($)MMBTU | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2012MMBTU | Dec. 14, 2019Pesos | Aug. 30, 2019MMBTU | Jul. 31, 2019$ / bbl | Jun. 30, 2019$ / bbl | Jun. 24, 2019 | May 31, 2019$ / bbl | Apr. 01, 2019 | Jan. 01, 2019Pesos | Sep. 21, 2016USD ($) | Jul. 13, 2016USD ($) |
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Purchase price | $ / bbl | 59 | ||||||||||||||||||||||||||||||||||||||||
Monthly consecutive installments | Installments | 30 | ||||||||||||||||||||||||||||||||||||||||
Effective interest rate determination period | 30 days | ||||||||||||||||||||||||||||||||||||||||
Accumulated daily differences calculation description | ENARGAS will define the exchange rate to be considered for the conversion into Pesos based on the average selling exchange rate | ENARGAS will define the exchange rate to be considered for the conversion into Pesos based on the average selling exchange rate | |||||||||||||||||||||||||||||||||||||||
Percentage of penalty of cost on exported gas not re-entered | 50.00% | ||||||||||||||||||||||||||||||||||||||||
Debt cancelled description | The debt began to be canceled as of January 2019 in 30 monthly and consecutive installments, in Pesos, at the monthly average reference rate set forth in the Communication A 3500 of the BCRA (Wholesale) of the month preceding each installment. | The debt began to be canceled as of January 2019 in 30 monthly and consecutive installments, in Pesos, at the monthly average reference rate set forth in the Communication A 3500 of the BCRA (Wholesale) of the month preceding each installment. | |||||||||||||||||||||||||||||||||||||||
Consent expression term | 10 days | 10 days | |||||||||||||||||||||||||||||||||||||||
Percentage of compensation distributed in program to companies | 88.00% | 88.00% | |||||||||||||||||||||||||||||||||||||||
Percentage of compensation distributed in program to province | 12.00% | 12.00% | |||||||||||||||||||||||||||||||||||||||
New resolution modification description | On November 2, 2017, MINEM Resolution No. 419-E/2017 was published and its Annex replaces the similar Annex of Resolution No. 46-E/2017. The new resolution modifies the previous one in the following aspects: a) It defines that the Initial Production to be calculated will be the “monthly mean Non-Conventional Gas production assessed for the period between July 2016 and June 2017”. It also states that the Production Included, to the effect of the compensation, will be i) for the concessions with Initial Production lower than 500,000 m3/day, the total monthly production of Non-Conventional Gas coming from such Included Concession, to which the requesting company is entitled, and ii) for the concessions with Initial Production higher than 500,000 m3/day, the total monthly production of Non-Conventional Gas coming from such Included Concession, to which the requesting party is entitled, discounting the Initial Production. b) It modifies the definition of Effective Price, previously defined as “the average price weighted by volume of total natural gas sales of each company in the domestic market”, to “the average price weighted by volume of total natural gas sales in the Argentine Republic that will be published by the Secretariat of Hydrocarbon Resources”, regulating the guidelines to be followed for such calculation. c) A requirement to qualify for the Program is included, that is, that the investment plan submitted for each concession reaches a yearly mean production, in any consecutive period of twelve months before December 31, 2019, equal to or higher than 500,000 m3/day, and the obligation to reimburse the amounts of the compensation received (updated to reflect interest) corresponding to the concessions that do not reach the above mentioned production level, with the possibility that the SRH may require filing a surety bond to guarantee the eventual reimbursement of the compensation received by the participating companies, and retaining the power to suspend payments if such bond is not submitted. | On November 2, 2017, MINEM Resolution No. 419-E/2017 was published and its Annex replaces the similar Annex of Resolution No. 46-E/2017. The new resolution modifies the previous one in the following aspects: a) It defines that the Initial Production to be calculated will be the “monthly mean Non-Conventional Gas production assessed for the period between July 2016 and June 2017”. It also states that the Production Included, to the effect of the compensation, will be i) for the concessions with Initial Production lower than 500,000 m3/day, the total monthly production of Non-Conventional Gas coming from such Included Concession, to which the requesting company is entitled, and ii) for the concessions with Initial Production higher than 500,000 m3/day, the total monthly production of Non-Conventional Gas coming from such Included Concession, to which the requesting party is entitled, discounting the Initial Production. b) It modifies the definition of Effective Price, previously defined as “the average price weighted by volume of total natural gas sales of each company in the domestic market”, to “the average price weighted by volume of total natural gas sales in the Argentine Republic that will be published by the Secretariat of Hydrocarbon Resources”, regulating the guidelines to be followed for such calculation. c) A requirement to qualify for the Program is included, that is, that the investment plan submitted for each concession reaches a yearly mean production, in any consecutive period of twelve months before December 31, 2019, equal to or higher than 500,000 m3/day, and the obligation to reimburse the amounts of the compensation received (updated to reflect interest) corresponding to the concessions that do not reach the above mentioned production level, with the possibility that the SRH may require filing a surety bond to guarantee the eventual reimbursement of the compensation received by the participating companies, and retaining the power to suspend payments if such bond is not submitted. | |||||||||||||||||||||||||||||||||||||||
License agreement period | 35 or 45-year | 35 or 45-year | |||||||||||||||||||||||||||||||||||||||
Percentage increase in natural gas rate resulting from RTI | 30.00% | 40.00% | 30.00% | ||||||||||||||||||||||||||||||||||||||
Applicable general income tax rate | 30.00% | 30.00% | 30.00% | 35.00% | |||||||||||||||||||||||||||||||||||||
Withholding tax on dividends | 7.00% | ||||||||||||||||||||||||||||||||||||||||
Withholding on capital gains percentage | 15.00% | 15.00% | |||||||||||||||||||||||||||||||||||||||
Calculation of actual or presumed gains equivalent base on sale price | 90.00% | 90.00% | |||||||||||||||||||||||||||||||||||||||
Applicable rate on foreign | 15.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage of net sale price where applicable rate calculated | 90.00% | 90.00% | |||||||||||||||||||||||||||||||||||||||
Percentage of tax effect provided on bank debit and credits | 33.00% | ||||||||||||||||||||||||||||||||||||||||
Exchange rate per per dollar | $ / Per_Unit | 51.77 | 49.30 | |||||||||||||||||||||||||||||||||||||||
Economic compensation to producers for the commercialization of butane and propane | Pesos | 0 | ||||||||||||||||||||||||||||||||||||||||
General tax rate | 30.00% | 30.00% | 30.00% | 35.00% | |||||||||||||||||||||||||||||||||||||
Natural gas program bonds [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Monthly consecutive installments | Installments | 29 | ||||||||||||||||||||||||||||||||||||||||
Issuance of bonds | $ 1,600 | ||||||||||||||||||||||||||||||||||||||||
Estimated amount of compensation included | $ 758.8 | ||||||||||||||||||||||||||||||||||||||||
Escrow account maximum balance | $ 758.8 | ||||||||||||||||||||||||||||||||||||||||
Proceeds from issue of bonds | $ 353.8 | ||||||||||||||||||||||||||||||||||||||||
Installment period one [member] | Natural gas program bonds [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Bonds repayment percentage | 6.66% | ||||||||||||||||||||||||||||||||||||||||
Installment period two [member] | Natural gas program bonds [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Bonds repayment percentage | 3.33% | ||||||||||||||||||||||||||||||||||||||||
Installment period three [member] | Natural gas program bonds [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Bonds repayment percentage | 3.34% | ||||||||||||||||||||||||||||||||||||||||
Decree no372019 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Export percentage on FOB price | 8.00% | ||||||||||||||||||||||||||||||||||||||||
Elimation price/us dollar | Pesos | 4 | ||||||||||||||||||||||||||||||||||||||||
General rate on hydrocarbon exports | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Resolution no1682019 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
New resolution modification description | On August 21, 2019, UHaF Resolution No. 168/2019 was published, which approved the terms and conditions of the regime for natural gas exports on a firm basis applicable to the period between September 15, 2019 and May 15, 2020, sets forth a maximum volume of natural gas that may be exported to Chile on a firm basis of 10,000,000 m3/d (divided into three export zones, Northwest, Central-West and South, each of them with a maximum volume of 1,000,000, 6,500,000 and 2,500,000 m3/d, respectively) | ||||||||||||||||||||||||||||||||||||||||
Resolution no3362019 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percent of Invoices issued | 22.00% | ||||||||||||||||||||||||||||||||||||||||
Service stations [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of Increase in purchase price | 5.00% | 4.00% | |||||||||||||||||||||||||||||||||||||||
Real estate not classified as inventories [member] | Argentina [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of revaluation special tax | 8.00% | 8.00% | |||||||||||||||||||||||||||||||||||||||
Real estate classified as inventories [member] | Argentina [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of revaluation special tax | 15.00% | 15.00% | |||||||||||||||||||||||||||||||||||||||
Quotas and equity interests [member] | Argentina [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of revaluation special tax | 5.00% | 5.00% | |||||||||||||||||||||||||||||||||||||||
Rest of assets [member] | Argentina [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of revaluation special tax | 10.00% | 10.00% | |||||||||||||||||||||||||||||||||||||||
BONAR Two Thousand Twenty US Dollar [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Face value | $ 12 | $ 630 | |||||||||||||||||||||||||||||||||||||||
Brent Oil [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Purchase price | $ / bbl | 59 | 68 | 67 | 66 | |||||||||||||||||||||||||||||||||||||
Percentage of Increase in purchase price | 5.00% | 5.58% | |||||||||||||||||||||||||||||||||||||||
Gasolines [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of Increase in purchase price | 5.00% | ||||||||||||||||||||||||||||||||||||||||
Gas oil [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of Increase in purchase price | 4.50% | ||||||||||||||||||||||||||||||||||||||||
Consumer prices of fuels [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of Increase in purchase price | 3.00% | ||||||||||||||||||||||||||||||||||||||||
Natural gas [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Discount percent on gas | 27.00% | ||||||||||||||||||||||||||||||||||||||||
Propane gas [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Discount percent on gas | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Natural gas additional injection stimulus programs [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Maximum duration of program | 5 years | ||||||||||||||||||||||||||||||||||||||||
Gain on net financial Results | $ 804 | ||||||||||||||||||||||||||||||||||||||||
Issuance of public debt instruments | $ 1,600 | ||||||||||||||||||||||||||||||||||||||||
Natural gas additional injection stimulus programs [member] | BONAR 2020 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Bond annual interest rate | 8.00% | ||||||||||||||||||||||||||||||||||||||||
Bond mature year | 2020 | ||||||||||||||||||||||||||||||||||||||||
Aggregate selling percentage | 3.00% | ||||||||||||||||||||||||||||||||||||||||
Compensation payment installments | Installment | 3 | ||||||||||||||||||||||||||||||||||||||||
Natural gas additional injection stimulus programs [member] | BONAR Two Thousand Twenty US Dollar [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Bond mature year | 2020 | ||||||||||||||||||||||||||||||||||||||||
Compensation procedure stating period | within 20 business days from the publication of the resolution. | ||||||||||||||||||||||||||||||||||||||||
Natural gas additional injection stimulus programs [member] | Program exchange rate [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of debt | 85.00% | ||||||||||||||||||||||||||||||||||||||||
Natural gas additional injection stimulus programs [member] | Program exchange rate devaluated [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of debt | 15.00% | ||||||||||||||||||||||||||||||||||||||||
Natural Gas New Projects Stimulus Program [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Project stimulus price | MMBTU | 7.50 | ||||||||||||||||||||||||||||||||||||||||
Gas IV Plan [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of guarantee obligations | 30.00% | ||||||||||||||||||||||||||||||||||||||||
Price reduction percentage to natural gas sales for electricity generation | 20.00% | ||||||||||||||||||||||||||||||||||||||||
Natural gas [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Export duty taxable amount | 4 Pesos per each U.S. dollar | ||||||||||||||||||||||||||||||||||||||||
Decrease in export duty percentage | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage of export duties aliquot | 30.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage of export duties not applicable | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage of export duties not applicable tax | 0.00% | ||||||||||||||||||||||||||||||||||||||||
0 to 1 year [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Minimum sales price of natural gas to internal market | MMBTU | 7.50 | 7.50 | |||||||||||||||||||||||||||||||||||||||
1 - 2 year [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Minimum sales price of natural gas to internal market | MMBTU | 7 | 7 | |||||||||||||||||||||||||||||||||||||||
2 - 3 year [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Minimum sales price of natural gas to internal market | MMBTU | 6.50 | 6.50 | |||||||||||||||||||||||||||||||||||||||
3 - 4 year [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Minimum sales price of natural gas to internal market | MMBTU | 6 | 6 | |||||||||||||||||||||||||||||||||||||||
Scenario Forecast [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Applicable general income tax rate | 25.00% | 30.00% | 25.00% | 25.00% | 30.00% | 30.00% | |||||||||||||||||||||||||||||||||||
Withholding tax on dividends | 13.00% | ||||||||||||||||||||||||||||||||||||||||
Social security percentage | 19.50% | ||||||||||||||||||||||||||||||||||||||||
General tax rate | 25.00% | 30.00% | 25.00% | 25.00% | 30.00% | 30.00% | |||||||||||||||||||||||||||||||||||
Bottom of range [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Tax rate on shares and ownership interests | 0.25% | ||||||||||||||||||||||||||||||||||||||||
Bottom of range [member] | Resolution 5062019 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Export price/MMBTU | MMBTU | 0.1 | ||||||||||||||||||||||||||||||||||||||||
Bottom of range [member] | Natural gas additional injection stimulus programs [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Project stimulus price | MMBTU | 4 | ||||||||||||||||||||||||||||||||||||||||
Bottom of range [member] | Scenario Forecast [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Withholding tax on dividends | 7.00% | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of tax effect on bank debit and credits | 20.00% | ||||||||||||||||||||||||||||||||||||||||
Tax rate on shares and ownership interests | 0.50% | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | Resolution 5062019 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Export price/MMBTU | MMBTU | 0.2 | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | Natural gas additional injection stimulus programs [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Project stimulus price | MMBTU | 7.50 | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | Natural gas additional injection stimulus programs [member] | BONAR 2020 [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Accrued selling percentage | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Top of range [member] | Scenario Forecast [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Withholding tax on dividends | 13.00% | ||||||||||||||||||||||||||||||||||||||||
Metrogas [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Public distribution service term | 35 years | 35 years | |||||||||||||||||||||||||||||||||||||||
Percentage of equity acquired | 70.00% | 70.00% | |||||||||||||||||||||||||||||||||||||||
Hydrocarbon distribution [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of royalties in case of granted extensions | 18.00% | ||||||||||||||||||||||||||||||||||||||||
Percentage of average basin price applicable to hydrocarbons | 2.00% | ||||||||||||||||||||||||||||||||||||||||
Direct investment in foreign currency amended by law | $ 250 | ||||||||||||||||||||||||||||||||||||||||
Percentage of sale on production of liquid and gaseous hydrocarbons | 20.00% | 20.00% | |||||||||||||||||||||||||||||||||||||||
Percentage of export duty for liquid and gaseous hydrocarbons | 0.00% | 0.00% | |||||||||||||||||||||||||||||||||||||||
Export duty percentage | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Export duty taxable amount | 4 Pesos per U.S. dollar | ||||||||||||||||||||||||||||||||||||||||
Hydrocarbon distribution [member] | Goods other than primary products [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Export duty taxable amount | 3 Pesos per U.S. dollar | ||||||||||||||||||||||||||||||||||||||||
Hydrocarbon distribution [member] | Bottom of range [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Percentage of maximum royalties established | 12.00% | ||||||||||||||||||||||||||||||||||||||||
Direct investment in foreign currency | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||
Foreign currency from export of hydrocarbons to argentine market | $ 1,000 | ||||||||||||||||||||||||||||||||||||||||
ENARGAS [member] | |||||||||||||||||||||||||||||||||||||||||
Main regulations and others [line items] | |||||||||||||||||||||||||||||||||||||||||
Adjustment gain or loss | $ 622 |
Balances and Transactions wit_3
Balances and Transactions with Related Parties - Information Detailed in the Tables below Shows the Balances with Associates and Joint Ventures (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | $ 36,192 | $ 21,867 | $ 12,684 |
Trade receivables Current | 118,077 | 72,646 | 40,649 |
Accounts payable Current | 148,595 | 84,225 | 45,911 |
Revenues | 678,595 | 435,820 | 252,813 |
Purchases and services | 575,608 | 359,570 | 211,812 |
Current contract liabilities | 7,404 | 4,996 | 1,460 |
Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 364 | 2,115 | 191 |
Trade receivables Current | 6,898 | 5,493 | 1,423 |
Accounts payable Current | 2,840 | 1,891 | 423 |
Revenues | 23,496 | 15,786 | 5,911 |
Purchases and services | 9,580 | 4,423 | 1,998 |
Net interest income (loss) | (16) | 47 | 10 |
Current contract liabilities | 679 | ||
Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 103 | 676 | 600 |
Trade receivables Current | 1,469 | 982 | 359 |
Accounts payable Current | 968 | 677 | 318 |
Revenues | 4,620 | 2,486 | 1,044 |
Purchases and services | 6,023 | 3,124 | 1,669 |
Net interest income (loss) | 162 | 217 | 51 |
Joint Ventures and Associates [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 467 | 2,791 | 791 |
Trade receivables Current | 8,367 | 6,475 | 1,782 |
Accounts payable Current | 3,808 | 2,568 | 741 |
Revenues | 28,116 | 18,272 | 6,955 |
Purchases and services | 15,603 | 7,547 | 3,667 |
Net interest income (loss) | 146 | 264 | 61 |
Current contract liabilities | 679 | ||
CDS [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Trade receivables Current | 1,063 | 518 | 122 |
Revenues | 1,955 | 565 | 102 |
Purchases and services | 1 | ||
YPF Gas [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 90 | 637 | 589 |
Trade receivables Current | 317 | 414 | 230 |
Accounts payable Current | 73 | 62 | 15 |
Revenues | 2,217 | 1,608 | 863 |
Purchases and services | 252 | 104 | 51 |
Net interest income (loss) | 162 | 217 | 51 |
Oldelval [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Trade receivables Current | 77 | 34 | |
Accounts payable Current | 401 | 272 | 131 |
Revenues | 238 | 103 | |
Purchases and services | 2,192 | 1,167 | 596 |
Termap [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Accounts payable Current | 182 | 102 | 52 |
Revenues | 6 | ||
Purchases and services | 1,302 | 666 | 366 |
OTA [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 9 | 5 | |
Accounts payable Current | 14 | 14 | 5 |
Revenues | 1 | 1 | |
Purchases and services | 80 | 47 | 25 |
OTC [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 4 | 7 | 5 |
GPA [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 4 | 4 | |
Accounts payable Current | 99 | 80 | 19 |
Purchases and services | 845 | 363 | 202 |
Oiltanking [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 21 | ||
Accounts payable Current | 198 | 147 | 96 |
Revenues | 3 | 4 | 1 |
Purchases and services | 1,350 | 777 | 428 |
Gas Austral S.A. [member] | Associates [member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 2 | 2 | |
Trade receivables Current | 12 | 16 | 7 |
Accounts payable Current | 1 | ||
Revenues | 206 | 199 | 78 |
Purchases and services | 1 | 1 | |
Profertil [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 12 | 2 | 107 |
Trade receivables Current | 587 | 461 | 239 |
Accounts payable Current | 114 | 428 | 215 |
Revenues | 4,418 | 2,751 | 906 |
Purchases and services | 3,044 | 1,964 | 901 |
MEGA [Member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Trade receivables Current | 2,995 | 2,441 | 925 |
Accounts payable Current | 350 | 6 | 149 |
Revenues | 10,672 | 8,150 | 4,058 |
Purchases and services | 1,854 | 438 | 814 |
Refinor [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Trade receivables Current | 956 | 770 | 224 |
Accounts payable Current | 123 | 5 | 8 |
Revenues | 3,310 | 2,594 | 838 |
Purchases and services | 481 | 323 | 225 |
Net interest income (loss) | (16) | 10 | |
Bizoy SA [Member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 11 | 5 | |
Trade receivables Current | 17 | ||
Revenues | 1 | ||
Y-GEN I [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 57 | ||
Trade receivables Current | 2 | ||
Revenues | 5 | 4 | 34 |
Y-GEN II [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 22 | ||
Revenues | 41 | ||
YPF EE [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 296 | 218 | |
Trade receivables Current | 2,278 | 1,552 | |
Accounts payable Current | 2,183 | 1,301 | |
Revenues | 5,016 | 2,064 | |
Purchases and services | 3,862 | 1,548 | |
Net interest income (loss) | 47 | ||
Current contract liabilities | 679 | ||
Petrofaro S.A. [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Trade receivables Current | 6 | 267 | 35 |
Accounts payable Current | 151 | 51 | |
Revenues | 9 | 223 | 33 |
Purchases and services | 23 | 150 | $ 58 |
OLCLP [member] | Joint ventures [Member] | |||
Disclosure of balance and transactions with related parties [line items] | |||
Other receivables Current | 56 | $ 1,884 | |
Trade receivables Current | 59 | ||
Accounts payable Current | 70 | ||
Revenues | 66 | ||
Purchases and services | $ 316 |
Balances and Transactions wit_4
Balances and Transactions with Related Parties - Information about Related Party (Detail) - ARS ($) $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
SGE [member] | Additional Injection of natural gas scheme [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [1],[2] | $ 26,223 | $ 26,978 | $ 13,417 |
Income / (Costs) | [1],[2] | 12,840 | ||
SGE [member] | Natural gas production [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[3] | 3,416 | 1,211 | |
Income / (Costs) | [2],[3] | 5,684 | 1,376 | |
SGE [member] | Propane gas supply agreement [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[4] | 155 | 282 | 190 |
Income / (Costs) | [2],[4] | 657 | 347 | 191 |
SGE [member] | Bottle to bottle program [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[5] | 166 | 192 | 162 |
Income / (Costs) | [2],[5] | 7 | 107 | 119 |
SGE [member] | Distribution service of natural gas and undiluted propane gas through networks [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[6] | 475 | ||
Income / (Costs) | [2],[6] | 475 | ||
SGE [member] | Natural gas piping distribution service licensed companies [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[7] | 172 | 1,255 | |
Income / (Costs) | [2],[7] | 995 | 3,447 | |
SGE [member] | Temporary economic assistance to metrogas [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[8] | 4,417 | 3,535 | |
Income / (Costs) | [2],[8] | 361 | 4,149 | |
Ministry of Transport [Member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[9] | 2,056 | 3,044 | 840 |
Income / (Costs) | [2],[9] | 5,923 | 9,192 | 5,402 |
Secretariat of Industry [Member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [2],[10] | 24 | ||
Income / (Costs) | [2],[10] | 688 | 188 | |
CAMMESA [Member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [11] | 627 | 3,822 | 4,444 |
Income / (Costs) | [11] | 6,650 | 18,029 | 17,569 |
CAMMESA [Member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [12] | 386 | (444) | (316) |
Income / (Costs) | [12] | (3,778) | (3,272) | (2,090) |
IEASA [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [13] | 5,041 | 4,326 | 698 |
Income / (Costs) | [13] | 11,994 | 7,600 | 2,920 |
IEASA one [member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [14] | (505) | (745) | (1,591) |
Income / (Costs) | [14] | (462) | (1,156) | (214) |
Aerolineas Argentinas SA and Austral Lineas Aereas Cielos del Sur SA [Member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Credit (liabilities) | [15] | 5,033 | 3,454 | 946 |
Income / (Costs) | [15] | $ 16,036 | 8,710 | 4,300 |
Aerolineas Argentinas Sa And Austral Lineas Aereas Cielos Del Sur Sa [Member] | ||||
Disclosure of balance and transactions with related parties [line items] | ||||
Income / (Costs) | [16] | $ (21) | $ (28) | |
[1] | Benefits for the Stimulus Programs for the Additional Injection of Natural Gas. | |||
[2] | Income recognized under the guidelines of IAS 20. | |||
[3] | Benefits for the Stimulus Program for Investments in Natural Gas Production Developments from Non-Conventional Reservoirs. | |||
[4] | Benefits for the propane gas supply agreement for undiluted propane gas distribution networks. | |||
[5] | Benefits for the bottle-to-bottle program. | |||
[6] | Benefits for recognition of the financial cost generated by payment deferral by providers of the distribution service of natural and undiluted propane gas through networks. | |||
[7] | Procedure to compensate for the lower income that Natural Gas Piping Distribution Service Licensed Companies receive from their users for the benefit of Metrogas. | |||
[8] | Procedure to compensate the payment of the daily differences accumulated on a monthly basis between the price of the gas purchased by Natural Gas Piping Distribution Service Companies and the price of the natural gas included in the respective tariff schemes for the benefit of Metrogas. | |||
[9] | The compensation for providing diesel to public transport of passengers at a differential price. | |||
[10] | Incentive for domestic manufacturing of capital goods, for the benefit of AESA. | |||
[11] | The provision of fuel oil and natural gas, and electric power generation corresponding to YPF EE until the date of loss of control by YPF. | |||
[12] | Purchases of energy. As of December 31, 2019, the Group has a credit balance for energy purchases. | |||
[13] | Sale of natural gas and provision of regasification service in the regasification projects of LNG in Escobar. Likewise, for the ten months period as of December 31, 2018 and for the fiscal year ended December 31, 2017, it also included the regasification projects of LNG in Bahía Blanca. | |||
[14] | The purchase of natural gas and crude oil. | |||
[15] | The provision of jet fuel. | |||
[16] | The purchase of miles for the YPF Serviclub program. |
Balances and Transactions wit_5
Balances and Transactions with Related Parties - Summary of Compensation of Key Management Personnel (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of key management personnel compensation [abstract] | |||
Short-term employee benefits | $ 515 | $ 337 | $ 221 |
Share-based benefits | 123 | 55 | 34 |
Post-retirement benefits | 22 | 14 | 10 |
Termination benefits | 109 | ||
Total | $ 660 | $ 406 | $ 374 |
Balances and Transactions wit_6
Balances and Transactions with Related Parties - Summary of Compensation of Key Management Personnel (Parenthetical) (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of key management personnel compensation [abstract] | |||
Social Security contributions | $ 133 | $ 66 | $ 50 |
Employee Benefit Plans and Si_3
Employee Benefit Plans and Similar Obligations - Additional Information (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Repurchase of own shares issued, shares | 411,623 | 250,795 | 263,298 |
Repurchase of own shares issued, value | $ 280 | $ 120 | $ 100 |
Plan 2017-20 [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Share-based benefit plan validity period | 3 years | ||
Share-based benefit plan grant date | July 1, 2017 | ||
Amount charged to expense in relation with share-based plans | $ 98 | 142 | 69 |
Plan 2014-17 [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Share-based benefit plan validity period | 3 years | ||
Share-based benefit plan grant date | July 1, 2014 | ||
Plan 2015-18 [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Share-based benefit plan validity period | 3 years | ||
Share-based benefit plan grant date | July 1, 2015 | ||
Amount charged to expense in relation with share-based plans | 12 | 26 | |
Plan 2016-19 [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Share-based benefit plan validity period | 3 years | ||
Share-based benefit plan grant date | July 1, 2016 | ||
Amount charged to expense in relation with share-based plans | $ 21 | 54 | 59 |
Plan 2018-21 [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Share-based benefit plan validity period | 3 years | ||
Share-based benefit plan grant date | July 1, 2018 | ||
Amount charged to expense in relation with share-based plans | $ 212 | 100 | |
Plan 2019-22 [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Share-based benefit plan validity period | 3 years | ||
Share-based benefit plan grant date | July 1, 2019 | ||
Amount charged to expense in relation with share-based plans | $ 189 | ||
Share-based Plans [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Amount charged to expense in relation with share-based plans | $ 493 | $ 308 | $ 162 |
Number of shares delivered under plan | 609,910 | 538,252 | 502,996 |
Retirement Plan [member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Total charges | $ 133 | $ 87 | $ 80 |
Performance Bonus Programs and Performance Evaluation [Member] | |||
Disclosure Of Employee Benefit Plans And Similar Obligations [Line Items] | |||
Total charges | $ 3,790 | $ 2,141 | $ 1,650 |
Employee Benefit Plans and Si_4
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2014-2017 ) (Detail) - 12 months ended Dec. 31, 2017 - Plan 2014-17 [member] $ in Millions | ARS ($) | $ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Amount at the beginning of the fiscal year | 99,278 | |
Granted | 6,269 | |
Settled | (105,201) | |
Expired | (346) | |
Expense recognized during the fiscal year | $ | $ 8 | |
Fair value of shares on grant date (in U.S. dollars) | $ / shares | $ 33.41 |
Employee Benefit Plans and Si_5
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2014-2017 ) (Parenthetical) (Detail) | 12 Months Ended |
Dec. 31, 2017 | |
Plan 2014-17 [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Remaining life of plan | 7 months |
Employee Benefit Plans and Si_6
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2015-2018) (Detail) - Plan 2015-18 [member] $ in Millions | 12 Months Ended | |||
Dec. 31, 2018ARS ($) | Dec. 31, 2018$ / shares | Dec. 31, 2017ARS ($) | Dec. 31, 2017$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount at the beginning of the fiscal year | 162,051 | 339,459 | ||
Granted | 2,682 | |||
Settled | (155,385) | (168,814) | ||
Expired | (6,666) | (11,276) | ||
Amount at end of fiscal year | 162,051 | |||
Expense recognized during the fiscal year | $ | $ 12 | $ 26 | ||
Fair value of shares on grant date (in U.S. dollars) | $ / shares | $ 19.31 | $ 19.31 |
Employee Benefit Plans and Si_7
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2015-2018) (Parenthetical) (Detail) - Plan 2015-18 [member] | 12 Months Ended | |
Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Average life of plan | 7 months | |
Remaining life of plan | 7 months |
Employee Benefit Plans and Si_8
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2016-2019) (Detail) - Plan 2016-19 [member] $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019ARS ($) | Dec. 31, 2019$ / shares | Dec. 31, 2018ARS ($) | Dec. 31, 2018$ / shares | Dec. 31, 2017ARS ($) | Dec. 31, 2017$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Amount at the beginning of the fiscal year | 183,080 | 393,972 | 682,307 | |||
Settled | (180,478) | (189,303) | (228,981) | |||
Expired | (2,602) | (21,589) | (59,354) | |||
Amount at end of fiscal year | 183,080 | 393,972 | ||||
Expense recognized during the fiscal year | $ | $ 21 | $ 54 | $ 59 | |||
Fair value of shares on grant date (in U.S. dollars) | $ / shares | $ 16.99 | $ 16.99 | $ 16.99 |
Employee Benefit Plans and Si_9
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2016-2019) (Parenthetical) (Detail) - Plan 2016-19 [member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining life of plan | 7 months | ||
Average life of plan | 7 months | ||
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining life of plan | 7 months | ||
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining life of plan | 19 months |
Employee Benefit Plans and S_10
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2017-2020) (Detail) - Plan 2017-20 [member] $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019ARS ($) | Dec. 31, 2019$ / shares | Dec. 31, 2018ARS ($) | Dec. 31, 2018$ / shares | Dec. 31, 2017ARS ($) | Dec. 31, 2017$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||||
Amount at the beginning of the fiscal year | 375,552 | 644,949 | ||||
- Granted | 646,149 | |||||
Settled | (182,445) | (193,564) | ||||
- Expired | (9,906) | (75,833) | (1,200) | |||
Amount at end of fiscal year | 183,201 | 375,552 | 644,949 | |||
Expense recognized during the fiscal year | $ | $ 98 | $ 142 | $ 69 | |||
Fair value of shares on grant date (in U.S.dollars) | $ / shares | $ 20.26 | $ 20.26 | $ 20.26 |
Employee Benefit Plans and S_11
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2017-2020) (Parenthetical) (Detail) - Plan 2017-20 [member] | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining life of plan | 7 months | ||
Bottom of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining life of plan | 7 months | 7 months | |
Top of range [member] | |||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Average remaining life of plan | 19 months | 31 months |
Employee Benefit Plans and S_12
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2018-2021) (Detail) - Plan 2018-21 [member] $ in Millions | 12 Months Ended | |||
Dec. 31, 2019ARS ($) | Dec. 31, 2019$ / shares | Dec. 31, 2018ARS ($) | Dec. 31, 2018$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Amount at the beginning of the fiscal year | 761,512 | |||
- Granted | 761,512 | |||
Settled | (246,987) | |||
- Expired | (6,067) | |||
Amount at end of fiscal year | 508,458 | 761,512 | ||
Expense recognized during the fiscal year | $ | $ 212 | $ 100 | ||
Fair value of shares on grant date (in U.S. dollars) | $ / shares | $ 13.60 | $ 13.60 |
Employee Benefit Plans and S_13
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2018-2021) (Parenthetical) (Detail) - Plan 2018-21 [member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Bottom of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Average remaining life of plan | 7 months | 7 months |
Top of range [member] | ||
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Average remaining life of plan | 19 months | 31 months |
Employee Benefit Plans and S_14
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2019-2022) (Detail) - 12 months ended Dec. 31, 2019 - 2019-22 [member] $ in Millions | ARS ($) | $ / shares |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Granted | 758,690 | |
Amount at end of fiscal year | 758,690 | |
Expense recognized during the fiscal year | $ | $ 189 | |
Fair value of shares on grant date (in U.S. dollars) | $ / shares | $ 9.97 |
Employee Benefit Plans and S_15
Employee Benefit Plans and Similar Obligations - Summary of Share Based Compensation Plan (Plan 2019-2022) (Parenthetical) (Detail) - 2019-22 [member] | 12 Months Ended |
Dec. 31, 2019 | |
Bottom of range [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Average remaining life of plan | 7 months |
Top of range [member] | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |
Average remaining life of plan | 31 months |
Assets and Liabilities in Cur_3
Assets and Liabilities in Currencies Other than the Argentine Peso - Summary of Assets and Liabilities in Currencies Other (Detail) € in Millions, ¥ in Millions, SFr in Millions, Bs. in Millions, $ in Millions, $ in Millions, $ in Millions | 12 Months Ended | ||||||||||||||||||
Dec. 31, 2019ARS ($) | Dec. 31, 2018ARS ($) | Dec. 31, 2017ARS ($) | Dec. 31, 2019USD ($) | Dec. 31, 2019CLP ($) | Dec. 31, 2019BOB (Bs.) | Dec. 31, 2019EUR (€) | Dec. 31, 2019JPY (¥) | Dec. 31, 2018USD ($) | Dec. 31, 2018CLP ($) | Dec. 31, 2018EUR (€) | Dec. 31, 2018JPY (¥) | Dec. 31, 2018CHF (SFr) | Dec. 31, 2017USD ($) | Dec. 31, 2017CLP ($) | Dec. 31, 2017EUR (€) | Dec. 31, 2017JPY (¥) | Dec. 31, 2017CHF (SFr) | Dec. 31, 2016ARS ($) | |
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other non-current receivables | $ 11,789 | $ 9,617 | $ 1,335 | ||||||||||||||||
Non-current trade receivables | 15,325 | 23,508 | 2,210 | ||||||||||||||||
Current trade receivables | 118,077 | 72,646 | 40,649 | ||||||||||||||||
Other current receivables | 36,192 | 21,867 | 12,684 | ||||||||||||||||
Cash and cash equivalents | 66,100 | 46,028 | 28,738 | $ 10,757 | |||||||||||||||
Non-current provisions | 144,768 | 83,388 | 54,734 | ||||||||||||||||
Longterm borrowings | 419,651 | 270,252 | 151,727 | ||||||||||||||||
Other non-current liabilities | 703 | 549 | 277 | ||||||||||||||||
Current tax liabilities | 1,964 | 357 | 191 | ||||||||||||||||
Non-current payables | 2,465 | 3,373 | 185 | ||||||||||||||||
Current provisions | 5,460 | 4,529 | 2,442 | ||||||||||||||||
Current Borrowings | 107,109 | 64,826 | 39,336 | ||||||||||||||||
Salaries and social security | 10,204 | 6,154 | 4,132 | ||||||||||||||||
Other current liabilities | 1,310 | 722 | 2,383 | ||||||||||||||||
Current Accounts payable | 148,595 | 84,225 | 45,911 | ||||||||||||||||
Total noncurrent assets | 1,263,868 | 785,601 | 383,420 | ||||||||||||||||
Total current assets | 309,421 | 208,415 | 122,298 | ||||||||||||||||
Total assets | 1,573,289 | 994,016 | 505,718 | ||||||||||||||||
Total noncurrent liabilities | 710,318 | 452,690 | 250,451 | ||||||||||||||||
Total current liabilities | 314,872 | 178,969 | 102,734 | ||||||||||||||||
Current lease liabilities | 21,389 | ||||||||||||||||||
Non-current lease liabilities | 40,391 | ||||||||||||||||||
Total liabilities | $ 1,025,190 | $ 631,659 | $ 353,185 | ||||||||||||||||
US Dollar To Argentine Peso Exchange Rate [member] | Non-current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
US Dollar To Argentine Peso Exchange Rate [member] | Provisions [Member] | Non-current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
US Dollar To Argentine Peso Exchange Rate [member] | Loans [member] | Non-current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
US Dollar To Argentine Peso Exchange Rate [member] | Accounts payable [member] | Non-current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
US Dollar To Argentine Peso Exchange Rate [member] | Lease liabilities [Member] | Non-current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | ||||||||||||||||||
Swiss franc to argentine peso exchange rate [member] | Loans [member] | Non-current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 19.13 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Total noncurrent assets | $ 13,311 | $ 18,714 | $ 74 | ||||||||||||||||
Total current assets | 126,418 | 87,085 | 33,422 | ||||||||||||||||
Total assets | 139,729 | 105,799 | 33,496 | ||||||||||||||||
Total noncurrent liabilities | 573,446 | 318,471 | 175,956 | ||||||||||||||||
Total current liabilities | 172,938 | 102,570 | 56,286 | ||||||||||||||||
Total liabilities | 746,384 | 421,041 | 232,242 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other non-current receivables | 60 | 375 | 37 | $ 1 | $ 10 | $ 2 | |||||||||||||
Non-current trade receivables | 13,132 | 18,338 | 37 | 220 | 489 | 2 | |||||||||||||
Current trade receivables | 56,030 | 34,013 | 7,049 | 939 | 907 | 380 | |||||||||||||
Other current receivables | 16,474 | 7,163 | 3,061 | 276 | 191 | 165 | |||||||||||||
Current financial assets | 8,370 | 10,941 | 12,936 | 140 | 292 | 697 | |||||||||||||
Cash and cash equivalents | 43,172 | 33,750 | 9,757 | 723 | 900 | 526 | |||||||||||||
Non-current provisions | 120,968 | 73,741 | 54,253 | 2,020 | 1,956 | 2,909 | |||||||||||||
Longterm borrowings | 411,032 | 244,094 | 115,628 | 6,863 | 6,475 | 6,200 | |||||||||||||
Other non-current liabilities | 699 | 523 | 269 | 12 | 14 | 14 | |||||||||||||
Non-current payables | 359 | 113 | 75 | 6 | 3 | 4 | |||||||||||||
Current provisions | 3,555 | 2,752 | 1,063 | 59 | 73 | 57 | |||||||||||||
Current Borrowings | 73,599 | 45,475 | 30,725 | 1,229 | 1,206 | 1,647 | |||||||||||||
Salaries and social security | 406 | 226 | 112 | 7 | 6 | 6 | |||||||||||||
Other current liabilities | 1,310 | 452 | 2,331 | 22 | 12 | 125 | |||||||||||||
Current Accounts payable | $ 70,711 | $ 40,980 | $ 21,429 | 1,181 | $ 1,087 | $ 1,149 | |||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Non-current assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.69 | 37.50 | 18.55 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Non-current assets [member] | Trade receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.69 | 37.50 | 18.55 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Current Assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.69 | 37.50 | 18.55 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Current Assets [member] | Trade receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.69 | 37.50 | 18.55 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Current Assets [member] | Investments in financial assets [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.69 | 37.50 | 18.55 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Current Assets [member] | Cash and cash equivalents [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.69 | 37.50 | 18.55 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Provisions [Member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Loans [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Accounts payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Salaries and social security [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | 37.70 | 18.65 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Lease liabilities [Member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Current lease liabilities | $ 21,384 | 357 | |||||||||||||||||
Non-current lease liabilities | $ 40,388 | $ 674 | |||||||||||||||||
Amount in currencies other than Argentine peso [member] | US Dollar To Argentine Peso Exchange Rate [member] | Lease liabilities [Member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 59.89 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other non-current receivables | $ 1 | $ 11 | |||||||||||||||||
Current trade receivables | $ 1,378 | 764 | $ 295 | $ 17,221 | 15,285 | $ 9,836 | |||||||||||||
Other current receivables | 419 | 313 | 129 | 5,241 | 6,253 | 4,303 | |||||||||||||
Cash and cash equivalents | 135 | 55 | 27 | 1,685 | 1,097 | 898 | |||||||||||||
Current tax liabilities | 248 | 88 | 46 | 3,102 | 1,752 | 1,524 | |||||||||||||
Current Borrowings | 239 | 2,993 | |||||||||||||||||
Salaries and social security | 14 | 7 | 274 | 247 | |||||||||||||||
Current Accounts payable | $ 300 | $ 110 | $ 55 | $ 3,744 | $ 2,202 | $ 1,826 | |||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Non-current assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.05 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Current Assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.08 | 0.05 | 0.03 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Current Assets [member] | Trade receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.08 | 0.05 | 0.03 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Current Assets [member] | Cash and cash equivalents [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.08 | 0.05 | 0.03 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Loans [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.08 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Accounts payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.08 | 0.05 | 0.03 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Tax payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.08 | 0.05 | 0.03 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Chilean peso to argentine peso exchange rate [member] | Salaries and social security [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.05 | 0.03 | |||||||||||||||||
Amount in currencies other than Argentine peso [member] | Euro To Argentine Peso Exchange Rate [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other current receivables | $ 267 | $ 86 | $ 111 | € 4 | € 2 | € 5 | |||||||||||||
Current Accounts payable | $ 1,053 | $ 906 | $ 404 | € 16 | € 21 | € 18 | |||||||||||||
Amount in currencies other than Argentine peso [member] | Euro To Argentine Peso Exchange Rate [member] | Current Assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 66.85 | 42.84 | 22.28 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Euro To Argentine Peso Exchange Rate [member] | Accounts payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 67.23 | 43.16 | 22.45 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Japanese Yen To Argentine Peso Exchange Rate [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other current receivables | $ 83 | ¥ 151 | |||||||||||||||||
Current Accounts payable | $ 73 | $ 4 | $ 3 | ¥ 133 | ¥ 13 | ¥ 19 | |||||||||||||
Amount in currencies other than Argentine peso [member] | Japanese Yen To Argentine Peso Exchange Rate [member] | Current Assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.55 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Japanese Yen To Argentine Peso Exchange Rate [member] | Accounts payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 0.55 | 0.34 | 0.17 | ||||||||||||||||
Amount in currencies other than Argentine peso [member] | Swiss franc to argentine peso exchange rate [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other current receivables | $ 57 | SFr 3 | |||||||||||||||||
Longterm borrowings | 5,731 | 300 | |||||||||||||||||
Current Borrowings | $ 11,563 | 54 | SFr 302 | 3 | |||||||||||||||
Current Accounts payable | $ 57 | SFr 3 | |||||||||||||||||
Amount in currencies other than Argentine peso [member] | Swiss franc to argentine peso exchange rate [member] | Current Assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 19.04 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Swiss franc to argentine peso exchange rate [member] | Loans [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 38.31 | 19.13 | |||||||||||||||||
Amount in currencies other than Argentine peso [member] | Swiss franc to argentine peso exchange rate [member] | Accounts payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 19.13 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Bolivian Peso To Argentine Peso Exchange Rate [Member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Other non-current receivables | $ 119 | Bs. 14 | |||||||||||||||||
Cash and cash equivalents | 90 | 10 | |||||||||||||||||
Current Accounts payable | $ 60 | Bs. 7 | |||||||||||||||||
Amount in currencies other than Argentine peso [member] | Bolivian Peso To Argentine Peso Exchange Rate [Member] | Non-current assets [member] | Other receivables [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 8.58 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Bolivian Peso To Argentine Peso Exchange Rate [Member] | Current Assets [member] | Cash and cash equivalents [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 8.58 | ||||||||||||||||||
Amount in currencies other than Argentine peso [member] | Bolivian Peso To Argentine Peso Exchange Rate [Member] | Accounts payable [member] | Current Liabilities [member] | |||||||||||||||||||
Disclosure of effect of changes in foreign exchange rates [line items] | |||||||||||||||||||
Average foreign exchange rate | 8.58 |
Subsequent Events - Additional
Subsequent Events - Additional Information (Detail) $ in Millions, $ in Millions | Apr. 24, 2020 | Apr. 17, 2020ARS ($) | Mar. 20, 2020 | Mar. 05, 2020 | Mar. 04, 2020ARS ($) | Mar. 04, 2020USD ($) | Jan. 24, 2020ARS ($) | Jan. 24, 2020USD ($) |
No Series V [member] | BADLAR variable rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 2,112 | |||||||
Interest rate | 5.00% | 5.00% | ||||||
NO Series VI [member] | BADLAR variable rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 2,150 | |||||||
Interest rate | 6.00% | 6.00% | 6.00% | 6.00% | ||||
Principal Maturity | July 2021 | |||||||
No Series VII [member] | Fixed interest rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 9.9 | |||||||
Interest rate | 5.00% | 5.00% | ||||||
No Series VIII [member] | Fixed interest rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 8.9 | |||||||
Interest rate | 5.00% | 5.00% | ||||||
No Series IX [Member] | Fixed interest rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 3.9 | |||||||
Interest rate | 6.00% | 6.00% | ||||||
NO Series X [member] | BADLAR variable rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 993 | |||||||
Interest rate | 3.00% | |||||||
Additional NO Series III [Member] | BADLAR variable rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 496 | |||||||
Interest rate | 6.00% | |||||||
Principal Maturity | December 2020 | |||||||
Additional NO Series VI [Member] | BADLAR variable rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 2,856 | |||||||
Additional NO Series XLVI [member] | BADLAR variable rate [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Loans accrued | $ 4,105 | |||||||
Interest rate | 6.00% | 6.00% | ||||||
Principal Maturity | 2021 | |||||||
COVID-19 [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
General restriction period | 60 days | |||||||
COVID-19 [member] | Gasolines [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Percentage of decrease in demand | 70.00% | |||||||
COVID-19 [member] | Diesel [Member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Percentage of decrease in demand | 40.00% | |||||||
Authorization for issue of financial statements [member] | ||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||
Date of authorisation for issue of financial statements | Mar. 5, 2020 | |||||||
Date of approval for inclusion of subsequent events in financial statements | Apr. 24, 2020 |
Supplemental Information on O_3
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Summary of Changes in YPF's Net Proved Reserves (Detail) | 12 Months Ended | ||
Dec. 31, 2019MMBblsMMBoeBcf | Dec. 31, 2018MMBblsMMBoeBcf | Dec. 31, 2017MMBblsMMBoeBcf | |
Disclosure of information about consolidated structured entities [Line Items] | |||
Improved recovery | MMBoe | 8 | 15 | 32 |
Worldwide [member] | Equity-accounted entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Improved recovery | |||
Purchase of minerals in place | |||
Sale of minerals in place | |||
Worldwide [member] | Consolidated entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 582 | 422 | 525 |
Revisions of previous estimates | 21 | 126 | (72) |
Extensions and discoveries | 86 | 103 | 19 |
Improved recovery | 8 | 15 | 33 |
Sale of minerals in place | (1) | (1) | |
Production for the year | (83) | (83) | (83) |
Ending balance | 613 | 582 | 422 |
Beginning balance | 56 | 58 | 68 |
Revisions of previous estimates | 4 | (1) | 4 |
Extensions and discoveries | 14 | 13 | 5 |
Improved recovery | |||
Purchase of minerals in place | |||
Sale of minerals in place | |||
Production for the year | (14) | (14) | (19) |
Ending balance | 60 | 56 | 58 |
Beginning balance | Bcf | 2,481 | 2,520 | 2,923 |
Revisions of previous estimates | Bcf | (104) | 178 | (161) |
Extensions and discoveries | Bcf | 384 | 329 | 313 |
Purchase of minerals in place | Bcf | 12 | ||
Sale of minerals in place | Bcf | (8) | (4) | |
Production for the year | Bcf | (512) | (542) | (567) |
Ending balance | Bcf | 2,241 | 2,481 | 2,520 |
Beginning balance | 1,080 | 929 | 1,113 |
Revisions of previous estimates | 7 | 157 | (96) |
Extensions and discoveries | 169 | 174 | 80 |
Improved recovery | 8 | 15 | 32 |
Purchase of minerals in place | 2 | ||
Sale of minerals in place | (3) | (2) | |
Production for the year | (188) | (193) | (202) |
Ending balance | 1,073 | 1,080 | 929 |
Worldwide [member] | Consolidated entities [Member] | Proved reserves, developed [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 339 | 286 | 380 |
Ending balance | 301 | 339 | 286 |
Beginning balance | 41 | 47 | 53 |
Ending balance | 38 | 41 | 47 |
Beginning balance | Bcf | 1,915 | 1,850 | 2,143 |
Ending balance | Bcf | 1,743 | 1,915 | 1,850 |
Beginning balance | 722 | 663 | 815 |
Ending balance | 650 | 722 | 663 |
Worldwide [member] | Consolidated entities [Member] | Proved reserves, undeveloped [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 243 | 136 | 145 |
Ending balance | 312 | 243 | 136 |
Beginning balance | 15 | 11 | 15 |
Ending balance | 22 | 15 | 11 |
Beginning balance | Bcf | 566 | 670 | 780 |
Ending balance | Bcf | 498 | 566 | 670 |
Beginning balance | 358 | 266 | 298 |
Ending balance | 423 | 358 | 266 |
Worldwide [member] | Consolidated and equity-accounted entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 582 | 422 | 525 |
Ending balance | 613 | 582 | 422 |
Beginning balance | 56 | 58 | 68 |
Ending balance | 60 | 56 | 58 |
Beginning balance | Bcf | 2,481 | 2,520 | 2,923 |
Ending balance | Bcf | 2,241 | 2,481 | 2,520 |
Beginning balance | 1,080 | 929 | 1,113 |
Ending balance | 1,073 | 1,080 | 929 |
Worldwide [member] | Consolidated and equity-accounted entities [Member] | Proved reserves, developed [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 339 | 286 | 380 |
Ending balance | 301 | 339 | 286 |
Beginning balance | 41 | 47 | 53 |
Ending balance | 38 | 41 | 47 |
Beginning balance | Bcf | 1,915 | 1,850 | 2,143 |
Ending balance | Bcf | 1,743 | 1,915 | 1,850 |
Beginning balance | 722 | 663 | 815 |
Ending balance | 650 | 722 | 663 |
Worldwide [member] | Consolidated and equity-accounted entities [Member] | Proved reserves, undeveloped [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 243 | 136 | 145 |
Ending balance | 312 | 243 | 136 |
Beginning balance | 15 | 11 | 15 |
Ending balance | 22 | 15 | 11 |
Beginning balance | Bcf | 566 | 670 | 780 |
Ending balance | Bcf | 498 | 566 | 670 |
Beginning balance | 358 | 266 | 298 |
Ending balance | 423 | 358 | 266 |
Argentina [member] | Equity-accounted entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Improved recovery | |||
Purchase of minerals in place | |||
Sale of minerals in place | |||
Argentina [member] | Consolidated entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 582 | 422 | 525 |
Revisions of previous estimates | 21 | 126 | (72) |
Extensions and discoveries | 86 | 103 | 19 |
Improved recovery | 8 | 15 | 33 |
Sale of minerals in place | (1) | (1) | |
Production for the year | (83) | (83) | (83) |
Ending balance | 613 | 582 | 422 |
Beginning balance | 56 | 58 | 68 |
Revisions of previous estimates | 4 | (1) | 4 |
Extensions and discoveries | 14 | 13 | 5 |
Improved recovery | |||
Purchase of minerals in place | |||
Sale of minerals in place | |||
Production for the year | (14) | (14) | (19) |
Ending balance | 60 | 56 | 58 |
Beginning balance | Bcf | 2,481 | 2,520 | 2,923 |
Revisions of previous estimates | Bcf | (104) | 178 | (161) |
Extensions and discoveries | Bcf | 384 | 329 | 313 |
Purchase of minerals in place | Bcf | 12 | ||
Sale of minerals in place | Bcf | (8) | (4) | |
Production for the year | Bcf | (512) | (542) | (567) |
Ending balance | Bcf | 2,241 | 2,481 | 2,520 |
Beginning balance | 1,080 | 929 | 1,113 |
Revisions of previous estimates | 7 | 157 | (96) |
Extensions and discoveries | 169 | 174 | 80 |
Improved recovery | 8 | 15 | 32 |
Purchase of minerals in place | 2 | ||
Sale of minerals in place | (3) | (2) | |
Production for the year | (188) | (193) | (202) |
Ending balance | 1,073 | 1,080 | 929 |
Argentina [member] | Consolidated entities [Member] | Proved reserves, developed [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 339 | 286 | 380 |
Ending balance | 301 | 339 | 286 |
Beginning balance | 41 | 47 | 53 |
Ending balance | 38 | 41 | 47 |
Beginning balance | Bcf | 1,915 | 1,850 | 2,143 |
Ending balance | Bcf | 1,743 | 1,915 | 1,850 |
Beginning balance | 722 | 663 | 815 |
Ending balance | 650 | 722 | 663 |
Argentina [member] | Consolidated entities [Member] | Proved reserves, undeveloped [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 243 | 136 | 145 |
Ending balance | 312 | 243 | 136 |
Beginning balance | 15 | 11 | 15 |
Ending balance | 22 | 15 | 11 |
Beginning balance | Bcf | 566 | 670 | 780 |
Ending balance | Bcf | 498 | 566 | 670 |
Beginning balance | 358 | 266 | 298 |
Ending balance | 423 | 358 | 266 |
Argentina [member] | Consolidated and equity-accounted entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 582 | 422 | 525 |
Ending balance | 613 | 582 | 422 |
Beginning balance | 56 | 58 | 68 |
Ending balance | 60 | 56 | 58 |
Beginning balance | Bcf | 2,481 | 2,520 | 2,923 |
Ending balance | Bcf | 2,241 | 2,481 | 2,520 |
Beginning balance | 1,080 | 929 | 1,113 |
Ending balance | 1,073 | 1,080 | 929 |
Argentina [member] | Consolidated and equity-accounted entities [Member] | Proved reserves, developed [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 339 | 286 | 380 |
Ending balance | 301 | 339 | 286 |
Beginning balance | 41 | 47 | 53 |
Ending balance | 38 | 41 | 47 |
Beginning balance | Bcf | 1,915 | 1,850 | 2,143 |
Ending balance | Bcf | 1,743 | 1,915 | 1,850 |
Beginning balance | 722 | 663 | 815 |
Ending balance | 650 | 722 | 663 |
Argentina [member] | Consolidated and equity-accounted entities [Member] | Proved reserves, undeveloped [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Beginning balance | 243 | 136 | 145 |
Ending balance | 312 | 243 | 136 |
Beginning balance | 15 | 11 | 15 |
Ending balance | 22 | 15 | 11 |
Beginning balance | Bcf | 566 | 670 | 780 |
Ending balance | Bcf | 498 | 566 | 670 |
Beginning balance | 358 | 266 | 298 |
Ending balance | 423 | 358 | 266 |
Other foreign [Member] | Equity-accounted entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Improved recovery | |||
Purchase of minerals in place | |||
Sale of minerals in place | |||
Other foreign [Member] | Consolidated entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Improved recovery | |||
Purchase of minerals in place | |||
Sale of minerals in place |
Supplemental Information on O_4
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Summary of Changes in YPF's Net Proved Reserves (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019BblsMMBblsBcf | Dec. 31, 2018MMBblsBcf | Dec. 31, 2017MMBblsBcf | |
Disclosure of information about consolidated structured entities [Line Items] | |||
Estimated crude oil production | MMBbls | 12 | 12 | 12 |
Estimated natural gas liquids production | MMBbls | 1 | 2 | 2 |
Estimated proved natural gas liquids reserves | MMBbls | 6 | 8 | 6 |
Estimated natural gas production | Bcf | 60 | 61 | 64 |
Estimated Proved oil equivalent reserves | Bcf | 140 | 143 | 119 |
Consolidated entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Estimated proved natural gas reserves | Bcf | 259 | 288 | 289 |
Estimated barrel of oil equivalent production | MMBbls | 24 | 24 | 25 |
Consolidated and equity-accounted entities [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Estimated proved natural gas reserves | Bcf | 321 | 349 | 364 |
Oil equivalent [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Natural gas converted to barrel of oil equivalent | Bbls | 5,615 |
Supplemental Information on O_5
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2019MMBblsBcfMMBoeRate | Dec. 31, 2018MMBblsBcfMMBoe | Dec. 31, 2017MMBblsBcfMMBoe | |
Disclosure of discounted future net cash flow [line items] | |||
Extension and discoveries of proved development reserves | 32 | 25 | 26 |
Extension and discoveries of proved undevelopment reserves | 137 | 149 | 54 |
Net proved reserves of oil equivalent, Improved recovery | 8 | 15 | 32 |
Revised proved reserves | 7 | 156 | 96 |
Proved developed reserves added due to higher average oil price | 10 | 143 | |
Proved undeveloped reserves revisions of previous estimates of economic conditions increases-decreases | 48 | 20 | |
Proved developed reserves revisions of previous estimates increases by liquids and gas production performance | 33 | 33 | 25 |
Proved reserves revisions of previous estimates of change of development strategy | 42 | 43 | |
Proved reserves revisions of previous estimates of Production and forecast Decreases | 7 | ||
Net proved reserves of sales and acquisition | 3 | 1.4 | 2.3 |
Proved developed reserves reduced due to lower average oil price | 105 | ||
Proved developed reserves revisions of previous estimates increases by well performance | 48 | ||
Proved reserves revisions of previous estimates of feasibility studies increases | 56 | ||
Selling exchange rate | Rate | 59.79 | ||
Vaca Muerta Development Project [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved reserves revisions of previous estimates of change of development strategy | 19 | ||
Golfo San Jorge basin [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved developed reserves of oil equivalent, Improved reserves | 2 | 4.4 | 5.6 |
Proved undeveloped reserves of oil equivalent, Improved reserves | 8 | 9.6 | |
Proved developed reserves added due to higher average oil price | 40 | ||
Proved undeveloped reserves revisions of previous estimates of economic conditions decreases | 33 | 3 | |
Proved developed reserves reduced due to lower average oil price | (25) | ||
Proved developed reserves revisions of previous estimates increases by well performance | 14 | ||
Proved reserves revisions of previous estimates of feasibility studies increases | 35 | ||
Neuquina basin [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved developed reserves of oil equivalent, Improved reserves | 5 | 3 | 5.4 |
Proved undeveloped reserves of oil equivalent, Improved reserves | 3 | 10 | |
Proved developed reserves added due to higher average oil price | 56 | ||
Proved undeveloped reserves revisions of previous estimates of economic conditions decreases | 15 | 15 | |
Reduction of proved undeveloped reserves due to changes in gas compression projects | 5 | ||
Proved reserves revisions of previous estimates of Production and forecast Decreases | 13 | ||
Proved developed reserves reduced due to lower average oil price | (60) | ||
Proved developed reserves revisions of previous estimates increases by well performance | 31 | ||
Proved developed reserves revisions of previous estimates decreases by well performance | 23 | ||
Proved reserves revisions of previous estimates of feasibility studies increases | 21 | ||
Austral, Golfo San Jorge and Cuyana basins [member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved undeveloped reserves reduction | 5 | ||
Golfo San Jorge And Neuquina Basins [member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved undeveloped reserves reduction | 6 | ||
Proved reserves revisions of previous estimates of WO jobs performance increases | 4.2 | ||
Crude oil [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Extension and discoveries of proved development reserves | MMBbls | 11 | 8 | 7.4 |
Extension and discoveries of proved undevelopment reserves | MMBbls | 76 | 95 | 11.7 |
Revised proved reserves | MMBbls | 21 | 126 | 71 |
Natural Gas Liquids [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Extension and discoveries of proved development reserves | MMBbls | 2 | 1 | 1.9 |
Extension and discoveries of proved undevelopment reserves | MMBbls | 12 | 12 | 3.4 |
Revised proved reserves | MMBbls | 4 | 1 | 4 |
Natural gas [member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Extension and discoveries of proved development reserves | Bcf | 107 | 92 | 94 |
Extension and discoveries of proved undevelopment reserves | Bcf | 276 | 238 | 219 |
Revised proved reserves | Bcf | 103 | 178 | 161 |
Austral basin [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved developed reserves added due to higher average oil price | 31 | ||
Cuyana basin [Member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Proved developed reserves of oil equivalent, Improved reserves | 1 | ||
Proved developed reserves reduced due to lower average oil price | (14) |
Supplemental Information on O_6
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Summary of Capitalized Costs, Along with the related Accumulated Depreciation and Allowances (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Argentina [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Mineral property, wells and related equipment | $ 2,693,690 | $ 1,594,064 | $ 770,461 |
Support equipment and facilities | 80,012 | 47,224 | 22,171 |
Drilling and work in progress | 142,122 | 80,737 | 40,567 |
Unproved oil and gas properties | 30,012 | 14,909 | 6,189 |
Total capitalized costs | 2,945,836 | 1,736,933 | 839,388 |
Accumulated depreciation and valuation allowances | (2,239,487) | (1,283,840) | (600,086) |
Net capitalized costs | 706,349 | 453,093 | 239,302 |
Other foreign [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Mineral property, wells and related equipment | 2,033 | ||
Unproved oil and gas properties | 0 | 1,241 | 558 |
Total capitalized costs | 2,033 | 1,241 | 558 |
Accumulated depreciation and valuation allowances | (1,973) | (489) | |
Net capitalized costs | 60 | 752 | 558 |
Worldwide [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Mineral property, wells and related equipment | 2,695,723 | 1,594,064 | 770,461 |
Support equipment and facilities | 80,012 | 47,224 | 22,171 |
Drilling and work in progress | 142,122 | 80,737 | 40,567 |
Unproved oil and gas properties | 30,012 | 16,150 | 6,747 |
Total capitalized costs | 2,947,869 | 1,738,174 | 839,946 |
Accumulated depreciation and valuation allowances | (2,241,460) | (1,284,328) | (600,086) |
Net capitalized costs | $ 706,409 | $ 453,846 | $ 239,860 |
Supplemental Information on O_7
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Summary of Capitalized Costs, Along with the related Accumulated Depreciation and Allowances (Parenthetical) (Detail) - IFRS 16 [member] $ in Millions | Dec. 31, 2019ARS ($) |
Upstream Contracts comprised in right-of-use assets [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Mineral property, wells and related equipment | $ 24,468 |
Accumulated Depreciation And Valuation Allowances | (8,841) |
Drilling contracts comprised in right-of-use assets [member] | |
Disclosure of information about consolidated structured entities [line items] | |
Drilling and work in progress | $ 11,032 |
Supplemental Information on O_8
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Costs Incurred for Oil and Gas Producing Activities (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Argentina [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Acquisition of unproved properties | $ 4,171 | $ 276 | |
Acquisition of proved properties | 166 | $ 154 | |
Exploration costs | 9,115 | 7,283 | 3,302 |
Development costs | 132,289 | 53,553 | 39,039 |
Total costs incurred | 145,575 | 61,278 | 42,495 |
Other foreign [Member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Exploration costs | 771 | 381 | 149 |
Total costs incurred | 771 | 381 | 149 |
Worldwide [member] | |||
Disclosure of information about consolidated structured entities [Line Items] | |||
Acquisition of unproved properties | 4,171 | 276 | |
Acquisition of proved properties | 166 | 154 | |
Exploration costs | 9,886 | 7,664 | 3,451 |
Development costs | 132,289 | 53,553 | 39,039 |
Total costs incurred | $ 146,346 | $ 61,659 | $ 42,644 |
Supplemental Information on O_9
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Costs Incurred for Oil and Gas Producing Activities (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Upstream Contracts comprised in right-of-use assets [member] | IFRS 16 [Member] | |
Disclosure of information about consolidated structured entities [line items] | |
Development Costs | $ 18,547 |
Supplemental Information on _10
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Results of Operations from Oil and Gas Producing Activities (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Oil And Gas Producing Activities [line items] | |||
Other | $ (10,482) | $ (6,212) | $ (4,110) |
Pre-tax income (loss) from producing activities | (7,010) | 90,144 | 8,703 |
Income tax expense / benefit | (26,369) | (51,538) | 3,969 |
Argentina [member] | |||
Disclosure Of Oil And Gas Producing Activities [line items] | |||
Net sales to unaffiliated parties | 1,949 | 3,085 | 521 |
Net intersegment sales | 286,585 | 207,480 | 115,955 |
Total net revenues | 288,534 | 210,565 | 116,476 |
Production costs | (164,562) | (114,381) | (69,944) |
Exploration expenses | (6,045) | (5,185) | (2,279) |
Depreciation of property, plant and equipment; intangible and right-of-use assets | (124,977) | (72,044) | (45,277) |
Impairment of Property, plant and equipment | (40,561) | 3,265 | 5,032 |
Other | (6,569) | (2,839) | (2,706) |
Pre-tax income (loss) from producing activities | (54,180) | 19,381 | 1,302 |
Income tax expense / benefit | 16,254 | (5,814) | (456) |
Results of oil and gas producing activities | (37,926) | 13,567 | 846 |
Other foreign [Member] | |||
Disclosure Of Oil And Gas Producing Activities [line items] | |||
Net sales to unaffiliated parties | 120 | ||
Total net revenues | 120 | ||
Production costs | (242) | ||
Exploration expenses | (734) | (224) | (168) |
Depreciation of property, plant and equipment; intangible and right-of-use assets | (980) | ||
Impairment of Property, plant and equipment | (365) | ||
Other | (56) | (168) | |
Pre-tax income (loss) from producing activities | (1,892) | (757) | (168) |
Income tax expense / benefit | 417 | 227 | 59 |
Results of oil and gas producing activities | (1,475) | (530) | (109) |
Worldwide [member] | |||
Disclosure Of Oil And Gas Producing Activities [line items] | |||
Net sales to unaffiliated parties | 2,069 | 3,085 | 521 |
Net intersegment sales | 286,585 | 207,480 | 115,955 |
Total net revenues | 288,654 | 210,565 | 116,476 |
Production costs | (164,804) | (114,381) | (69,944) |
Exploration expenses | (6,779) | (5,409) | (2,447) |
Depreciation of property, plant and equipment; intangible and right-of-use assets | (125,957) | (72,044) | (45,277) |
Impairment of Property, plant and equipment | (40,561) | 2,900 | 5,032 |
Other | (6,625) | (3,007) | (2,706) |
Pre-tax income (loss) from producing activities | (56,072) | 18,624 | 1,134 |
Income tax expense / benefit | 16,671 | (5,587) | (397) |
Results of oil and gas producing activities | $ (39,401) | $ 13,037 | $ 737 |
Supplemental Information on _11
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Results of Operations from Oil and Gas Producing Activities (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2019ARS ($) | |
Disclosure of information about consolidated structured entities [line items] | |
Short-term leases and variable lease expense | $ 6,680 |
Depreciation of right-of-use assets | 10,509 |
IFRS 16 [Member] | |
Disclosure of information about consolidated structured entities [line items] | |
Depreciation of right-of-use assets | $ (6,060) |
Supplemental Information on _12
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Summary of Standardized Measure of Discounted Future Net Cash Flows (Detail) - ARS ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Argentina [member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Future cash inflows | $ 2,545,028 | $ 1,786,896 | $ 564,396 |
Future production costs | (1,333,468) | (913,980) | (349,819) |
Future development costs | (482,015) | (304,448) | (128,885) |
Future income tax expenses | (120,966) | (121,388) | (2,324) |
10% annual discount for estimated timing of cash flows | (227,670) | (138,847) | (16,935) |
Total standardized measure of discounted future net cash flows | 380,909 | 308,233 | 66,433 |
Worldwide [member] | |||
Disclosure of discounted future net cash flow [line items] | |||
Future cash inflows | 2,545,028 | 1,786,896 | 564,396 |
Future production costs | (1,333,468) | (913,980) | (349,819) |
Future development costs | (482,015) | (304,448) | (128,885) |
Future income tax expenses | (120,966) | (121,388) | (2,324) |
10% annual discount for estimated timing of cash flows | (227,670) | (138,847) | (16,935) |
Total standardized measure of discounted future net cash flows | $ 380,909 | $ 308,233 | $ 66,433 |
Supplemental Information on _13
Supplemental Information on Oil And Gas Producing Activities (Unaudited) - Summary of Changes in the Standardized Measure of Discounted Future Net Cash Flows (Detail) - ARS ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Future Net Cash Flow [Abstract] | |||
Beginning of year | $ 308,233 | $ 66,433 | $ 106,411 |
Sales and transfers, net of production costs | (197,278) | (62,115) | (53,759) |
Net change in sales and transfer prices, net of future production costs | (239,226) | 68,651 | (74,046) |
Changes in reserves and production rates (timing) | (26,496) | 111,137 | 15,495 |
Net changes for extensions, discoveries and improved recovery | 228,354 | 160,784 | 28,489 |
Net change due to purchases and sales of minerals in place | (1,152) | (730) | |
Changes in estimated future development and abandonment costs | (82,799) | (71,368) | (32,052) |
Development costs incurred during the year that reduced future development costs | 102,784 | 39,780 | 22,475 |
Accretion of discount | 43,534 | 11,490 | 9,724 |
Net change in income taxes | 66,705 | (80,832) | 25,920 |
Others | 178,250 | 65,003 | 17,776 |
End of year | $ 380,909 | $ 308,233 | $ 66,433 |