Table of Contents
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of May, 2022
Commission File Number: 001-12102
YPF Sociedad Anónima
(Exact name of registrant as specified in its charter)
Macacha Güemes 515
C1106BKK Buenos Aires, Argentina
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ☐ No ☒
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ☐ No ☒
Table of Contents
Table of Contents
3 | ||||
4 | ||||
6 | ||||
7 | ||||
7 | ||||
11 | ||||
14 | ||||
15 | ||||
16 | ||||
16 | ||||
16 | ||||
17 | ||||
19 | ||||
19 | ||||
21 | ||||
22 | ||||
24 |
2
Table of Contents
Basis of Presentation
From 3Q20 onwards, the Earnings Release is expressed in U.S. dollars to facilitate the reading of results. YPF has defined the U.S. dollar as its functional currency and subsidiaries having the Argentine Peso as functional currency were adjusted for inflation, corresponding to a hyperinflationary economy, in accordance with IAS guidelines. Unless otherwise indicated, the calculation of all Income Statement figures in U.S. dollars are calculated as the sum of: (1) YPF S.A. individual financial results expressed in Argentine pesos divided by the average exchange rate of the period; and (2) the financial results of YPF S.A.’s subsidiaries expressed in Argentine pesos divided by the exchange rate at the end of period. Cash Flow items were converted to U.S. dollars using the average exchange rate for each period; whereas Balance Sheet items were converted to U.S. dollars using the end of period exchange rate for each period. The accumulated financial information presented in this document is calculated as the sum of the quarters for each period.
Robust results amid continuous recovery in O&G production, maintaining positive free cash flow while delivering on our ambitious CAPEX plan.
Summary Consolidated Financials Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Revenues | 2,648 | 3,620 | 3,635 | 37.3 | % | 0.4 | % | |||||||||||||
EBITDA | 825 | 628 | 1,035 | 25.5 | % | 64.9 | % | |||||||||||||
Adjusted EBITDA | 767 | 834 | 972 | 26.8 | % | 16.6 | % | |||||||||||||
Operating income before impairment of assets | 78 | (83 | ) | 380 | 388.4 | % | N/A | |||||||||||||
Operating income | 78 | (196 | ) | 380 | 388.4 | % | N/A | |||||||||||||
Net income before impairment of assets | (25 | ) | 320 | 248 | N/A | -22.4 | % | |||||||||||||
Net income | (25 | ) | 247 | 248 | N/A | 0.6 | % | |||||||||||||
EPS | (0.06 | ) | 0.63 | 0.64 | N/A | 1.6 | % | |||||||||||||
Capex | 487 | 908 | 748 | 53.5 | % | -17.7 | % | |||||||||||||
FCF | 284 | 143 | 391 | 37.5 | % | 174.2 | % | |||||||||||||
Cash and cash equivalents | 995 | 1,108 | 1,329 | 33.6 | % | 20.0 | % | |||||||||||||
Total debt | 7,747 | 7,379 | 7,241 | -6.5 | % | -1.9 | % |
EBITDA = Operating income + Depreciation of PP&E + Depreciation of the right of use assets + Amortization of intangible assets + Unproductive exploratory drillings + (Reversal) / Deterioration of PP&E. Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29 effects +/- one-off items. EPS attributable to shareholders of the parent company (basic and diluted). FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).
• | Adjusted EBITDA reached US$972 million, expanding 17% sequentially and 27% y/y, consolidating a margin of 27%, in line with the historical average of the last 10 years. |
• | Hydrocarbon production continued with a positive trend totaling 506 Kboe/d, increasing 4.5% q/q and a staggering 16% y/y. |
• | Shale activity was once again our focus, reaching a record level of production with an increase of 13% sequentially and almost doubling 1Q21 production. |
• | Higher average realized prices on fuels´ domestic sales after adjustments in February and March, albeit not fully tracking international references. In addition, other Brent-priced products (about 20% of our consolidated revenues) experienced significant price appreciation during the 1Q22. |
• | Domestic fuel demand decreased 5% q/q on seasonal dynamics, but standing 6% above pre-pandemic levels of 1Q19. Processing levels at our refineries expanded 1,4% sequentially, reaching an average utilization rate of 86% in 1Q22, and 90% in March. |
• | OPEX contracted 8% q/q but expanded 29% y/y, primarily as a result of fully increased activity together with a negative evolution of variables such as inflation, wages, and currency devaluation. |
• | CAPEX activity increased 53% y/y reaching US$748 million in the quarter, reaffirming guidance of 40% increase y/y, with an upward bias. |
• | Cash flow was positive for the eighth consecutive quarter at US$391 million, further reducing our net debt to US$5,912 million, pushing the net leverage ratio down to 1.46x. |
3
Table of Contents
2. ANALYSIS OF CONSOLIDATED RESULTS
Consolidated Revenues Breakdown Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Diesel | 921 | 1,284 | 1,283 | 39.3 | % | 0.0 | % | |||||||||||||
Gasoline | 613 | 796 | 817 | 33.2 | % | 2.7 | % | |||||||||||||
Natural gas as producers (third parties) | 259 | 338 | 327 | 25.8 | % | -3.4 | % | |||||||||||||
Other | 552 | 782 | 748 | 35.5 | % | -4.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Domestic Market | 2,346 | 3,199 | 3,175 | 35.3 | % | -0.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Jet fuel | 24 | 62 | 85 | 253.0 | % | 37.7 | % | |||||||||||||
Grain and flours | 114 | 124 | 113 | -0.6 | % | -8.4 | % | |||||||||||||
Crude oil | 6 | 13 | 5 | -13.7 | % | -58.8 | % | |||||||||||||
Petchem & Other | 158 | 223 | 257 | 62.8 | % | 15.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Export Market | 302 | 421 | 461 | 52.6 | % | 9.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Revenues | 2,648 | 3,620 | 3,635 | 37.3 | % | 0.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
During 1Q22, revenues totaled US$3,635 million, almost flat compared to 4Q21 and increasing by 37.3% compared to 1Q21. On a sequential basis, higher prices on fuels´ retail domestic sales (about 50% of total revenues) and, even more pronounced, on wholesale domestic fuels (about 10% of total revenues) and products that correlate closely with international prices, such as lubricants, jet fuel, propane, petrochemicals and virgin naphta (about 20% of total revenues), were offset by lower volumes dispatched of gasoline and diesel.
• | Total diesel revenues in the domestic market (retail and wholesale) – 35% of total revenues – remained stable sequentially with higher average prices of 7.4% and lower volumes sold of 6.9%. Considering that the 1Q21 was partially affected by the pandemic, it is worth noting that diesel volumes dispatched in 1Q22 stood 9% above 1Q2019. |
• | Gasoline sales in the local market (all retail) – 22% of total sales – increased 2.7% q/q, driven by higher average prices of 5.7%, partially offset by a decrease in volumes sold of 2.9%, but standing 3,5% above 1Q2019. |
• | Natural gas revenues as producers sold to third parties in the domestic market – 9% of total sales – decreased 3.4% q/q mainly due to a 2.7% decline in average prices, and slightly lower volumes of 0.7%. |
• | Other domestic sales decreased 4.3% q/q mainly due to lower seasonal sales of fertilizers, partially offset by higher prices of international-priced products and the continuous recovery trend in jet fuel local sales. |
• | Export revenues increased 9.5% q/q mainly due to higher exports of jet fuel, petrochemicals and fuel oil, all benefiting from higher international prices, partially offset by lower seasonal exports of grain and flours. |
4
Table of Contents
Consolidated Costs Breakdown Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Lifting cost | (411 | ) | (529 | ) | (534 | ) | 29.8 | % | 0.9 | % | ||||||||||
Other Upstream | (59 | ) | (57 | ) | (56 | ) | -4.8 | % | -1.8 | % | ||||||||||
Refining & Logistics | (229 | ) | (293 | ) | (289 | ) | 26.2 | % | -1.4 | % | ||||||||||
Other Downstream | (98 | ) | (134 | ) | (108 | ) | 10.5 | % | -19.7 | % | ||||||||||
G&P, Corpo. & Other | (65 | ) | (191 | ) | (126 | ) | 94.2 | % | -34.3 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total OPEX | (861 | ) | (1,205 | ) | (1,112 | ) | 29.1 | % | -7.7 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & Amortization | (747 | ) | (708 | ) | (651 | ) | -12.9 | % | -8.0 | % | ||||||||||
Royalties | (171 | ) | (209 | ) | (216 | ) | 26.0 | % | 3.3 | % | ||||||||||
Other | (94 | ) | (135 | ) | (123 | ) | 30.9 | % | -9.2 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Other Costs | (1,012 | ) | (1,051 | ) | (989 | ) | -2.2 | % | -5.9 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Fuels imports | (75 | ) | (370 | ) | (334 | ) | 346.2 | % | -9.8 | % | ||||||||||
Crude oil purchases to third parties | (252 | ) | (288 | ) | (256 | ) | 1.4 | % | -11.2 | % | ||||||||||
Biofuel purchases | (108 | ) | (188 | ) | (167 | ) | 54.5 | % | -11.0 | % | ||||||||||
Non-oil agro purchases | (118 | ) | (221 | ) | (196 | ) | 65.6 | % | -11.3 | % | ||||||||||
Other purchases | (166 | ) | (198 | ) | (191 | ) | 15.1 | % | -3.8 | % | ||||||||||
Stock variations | 25 | 80 | 3 | -88.3 | % | -96.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Purchases & Stock Variations | (694 | ) | (1,186 | ) | (1,141 | ) | 64.4 | % | -3.8 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Other operating results, net | (3 | ) | (262 | ) | (14 | ) | 357.4 | % | -94.8 | % | ||||||||||
Impairment of assets | — | (112 | ) | — | N/A | N/A | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating Costs + Purchases + Impairment of Assets | (2,570 | ) | (3,815 | ) | (3,256 | ) | 26.7 | % | -14.7 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
Stock variations include holding results of US$66 million in 1Q21, US$75 million for 4Q21 and US$(18) million for 1Q22.
In terms of costs, during the quarter we managed to reduce our OPEX by 7,7% sequentially, primarily driven by the reduction in logistics costs on the back of lower volumes sold of diesel and gasoline, even though inflationary and salary pressures during 1Q22 pushed our cost structure higher in dollar terms given the context of a slow pace of currency devaluation. Similarly, total OPEX increased 29,1% against 1Q21, driven by the inflationary process described above and an increase in our overall business activity, considering that activity in 1Q21 had not fully recovered from the effects of the pandemic.
Total Purchases & Stock Variations decreased 3.8% sequentially. The q/q decrease in purchases, a category highly correlated with demand levels for refined products, was mainly driven by:
• | Fuel imports decreased 9.8% primarily due to a reduction in volumes imported of premium gasoline and diesel of 21.5% on the back of the lower demand, partially offset by higher prices of 11%. |
• | Crude oil purchases fell 11.2% on lower volumes, mainly due to higher oil production within our upstream segment and the impact of Q1 2022 having 2 fewer days than Q4 2021, even though refinery daily processing levels increased sequentially by 1.7%. |
• | Biofuel purchases decreased 11.0%, with purchases of biodiesel falling 10% and purchases of bioethanol dropping 12%, driven by lower volumes acquired for both products aligned to the sequential decrease in gasoline and diesel demand during the quarter, partially offset by higher prices for both products (+3.0% biodiesel and +4.5% bioethanol). |
• | Non-oil agro purchases decreased 11.3% mainly driven by a 40.2% seasonal contraction in purchases of fertilizer, partially offset by an increase of 19.3% in purchases of grain receipts. |
In terms of our inventories, a positive stock variation of US$3 million was recorded during 1Q22, mainly due to an increase in stock volumes, partially offset by a decrease in the replacement cost of our inventories; in comparison with a positive stock variation of US$80 million during 4Q21, mainly due to an increase in the replacement cost of our inventories.
5
Table of Contents
Consolidated Net Income Breakdown Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Operating income | 78 | (196 | ) | 380 | 388.4 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Interests in companies and joint ventures | 58 | 160 | 115 | 98.9 | % | -28.2 | % | |||||||||||||
Financial results, net | (49 | ) | 15 | (44 | ) | -10.7 | % | N/A | ||||||||||||
Income tax | (112 | ) | 267 | (203 | ) | 81.0 | % | N/A | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Income | (25 | ) | 247 | 248 | N/A | 0.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net Income before impairment of assets | (25 | ) | 320 | 248 | N/A | -22.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Financial results, net, for 1Q22 represented a US$44 million loss compared to the gain of US$15 million posted in 4Q21, mainly as a result of an positive extraordinary charge related to the provision for hydrocarbon wells abandonment obligations in 4Q21 partially offset by higher net FX gains and lower negative interests which remained at minimum levels over the last years
As a result of the operating and financial evolution, earnings before taxes for 1Q22 reached positive US$451 million increasing more than 100% q/q while net income for the quarter resulted in a gain of US$248 million, compared to the gain of US$247 million in 4Q21.
3. EBITDA AND ADJUSTED EBITDA RECONCILIATION
Adjusted EBITDA for 1Q22 totaled US$972 million, showing an increase of 16.6% sequentially and growing 26.8% in comparison with 1Q21. The sequential expansion was partially supported by higher realization prices across the board, including higher prices of diesel and gasoline and other international-priced products, the increase in oil and gas production, and lower OPEX.
The reconciliation between EBITDA and Adjusted EBITDA is presented in the tables below.
Reconciliation of Adjusted EBITDA Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Net Income | (25 | ) | 247 | 248 | N/A | 0.6 | % | |||||||||||||
Financial results, net | 49 | (15 | ) | 44 | -10.7 | % | N/A | |||||||||||||
Interests in companies and joint ventures | (58 | ) | (160 | ) | (115 | ) | 98.9 | % | -28.2 | % | ||||||||||
Income tax | 112 | (267 | ) | 203 | 81.0 | % | N/A | |||||||||||||
Unproductive exploratory drillings | — | 4 | 5 | N/A | 33.7 | % | ||||||||||||||
Depreciation & amortization | 747 | 708 | 651 | -12.9 | % | -8.0 | % | |||||||||||||
Impairment of assets | — | 112 | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | 825 | 628 | 1,035 | 25.5 | % | 64.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Leasing | (61 | ) | (62 | ) | (65 | ) | 6.5 | % | 3.5 | % | ||||||||||
Other adjustments | 2 | 269 | 2 | -28.5 | % | -99.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | 767 | 834 | 972 | 26.8 | % | 16.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
EBITDA breadkdown by segment Unaudited Figures, in US$ million | Upstream | Downstream | Gas & Energy | Corporate & Other | Consolid. Adjustments | Total | ||||||||||||||||||
Operating income | 219 | 310 | 3 | (60 | ) | (92 | ) | 380 | ||||||||||||||||
Depreciation & amortization | 476 | 134 | 22 | 20 | (1 | ) | 651 | |||||||||||||||||
Unproductive exploratory drillings | 5 | — | — | — | — | 5 | ||||||||||||||||||
Impairment of assets | — | — | — | — | — | — | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
EBITDA | 699 | 444 | 25 | (40 | ) | (93 | ) | 1,035 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Leasing | (37 | ) | (19 | ) | (8 | ) | — | — | (65 | ) | ||||||||||||||
Other adjustments | 0 | 1 | (0 | ) | 1 | — | 2 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
| |||||||||||||
Adjusted EBITDA | 662 | 425 | 17 | (39 | ) | (93 | ) | 972 | ||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
6
Table of Contents
The following chart summarizes the main variations of Adj. EBITDA by business segment between 1Q22 and 4Q21:
4. ANALYSIS OF RESULTS BY BUSINESS SEGMENT
Upstream Operating data Unaudited Figures | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Net Production Breakdown | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Crude Production (Kbbld) | 207.7 | 216.1 | 222.1 | 7.0 | % | 2.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Conventional | 158.3 | 149.9 | 148.7 | -6.0 | % | -0.8 | % | |||||||||||||
Shale | 46.4 | 62.9 | 70.4 | 51.6 | % | 11.8 | % | |||||||||||||
Tight | 3.0 | 3.3 | 3.1 | 3.2 | % | -7.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
NGL Production (Kbbld) | 29.5 | 30.0 | 44.2 | 50.0 | % | 47.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Conventional | 16.3 | 11.3 | 15.8 | -3.3 | % | 39.4 | % | |||||||||||||
Shale | 12.0 | 17.6 | 26.9 | 124.3 | % | 52.6 | % | |||||||||||||
Tight | 1.2 | 1.0 | 1.6 | 30.1 | % | 50.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gas Production (Mm3d) | 31.8 | 37.8 | 38.1 | 19.8 | % | 0.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Conventional | 18.0 | 16.1 | 15.5 | -14.1 | % | -3.8 | % | |||||||||||||
Shale | 6.4 | 14.4 | 15.3 | 140.3 | % | 6.3 | % | |||||||||||||
Tight | 7.4 | 7.4 | 7.3 | -1.1 | % | -0.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Production (Kboed) | 437.0 | 484.2 | 505.8 | 15.7 | % | 4.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Conventional | 288.0 | 262.5 | 261.9 | -9.1 | % | -0.2 | % | |||||||||||||
Shale | 98.4 | 170.9 | 193.3 | 96.5 | % | 13.1 | % | |||||||||||||
Tight | 50.6 | 50.7 | 50.6 | -0.1 | % | -0.3 | % | |||||||||||||
Average realization prices | ||||||||||||||||||||
Crude Oil (USD/bbl) | 50.1 | 57.8 | 58.9 | 17.5 | % | 1.9 | % | |||||||||||||
Natural Gas (USD/MMBTU) (*) | 2.9 | 3.1 | 3.1 | 5.7 | % | -1.3 | % |
(*) | Average realization price for third parties |
Total hydrocarbon production increased 4.5% sequentially, mainly driven by the continuous growing trend in crude oil shale production of 12% and an expansion of 47.6% in NGL production due to the temporary shutdown of our subsidiary MEGA during 4Q21. On a y/y basis, we achieved a remarkable growth of 15.7%, driven by an outstanding expansion from our shale blocks, with shale oil increasing by 52% all the while shale gas expanded 140%. As a result, shale accounted for 38% of our total consolidated production in 1Q22, growing from 22% only a year ago.
7
Table of Contents
Average daily crude oil production increased 2.8% q/q, driven by a 11.8% increase in shale, which was slightly offset by a contraction in our conventional fields by -0.8%, where positive results in tertiary recovery were not enough to fully mitigate the natural decline rate of our mature fields. In that sense, tertiary recovery at Manantiales Behr recorded an increase of 5,4% sequentially, reaching a new record high in total oil production at the block of 25,2kbbl/d in March, with 7 Polymer Injection Units (PIUs) in operation to expand EOR (Enhanced Oil Recovery) production in the area, while we are working to set an additional unit that will be ready by 2Q22. Separately, with regards to our unconventional production, it is worth highlighting that during the first quarter we drilled 1 delineation well in the Lajas Este block, a field outside our oil hub core, as part of our strategy to expand the unconventional production in undeveloped areas. Within this block, another delineation well was drilled in April and the 2 wells are planned to be fractured in July 2022 and expected to be tied-in and producing before the end of the year.
On the natural gas side, average daily production increased 0.6% q/q, driven by a 6.3% increase in shale, which was offset by a contraction in our conventional fields by 3.8% as a result, primarily, of the natural decline on the Loma la Lata and Estación Fernández Oro assets.
In terms of midstream oil, we remained focused on the works needed to de-bottlenecking the continuous expansion of Vaca Muerta. In that sense, during 1Q22, we have been working, through our subsidiary Oldelval, in the revamping of 4 compression stations that have been idled for over 10 years, which were completed in April 2022, adding 6 thousand cubic meters a day (about 38 kbbl/d) of additional evacuation capacity to Puerto Rosales (about +17%).
Oil and gas realization prices during the quarter remained relatively stable. Our average realization oil price increased by 1.9% on a sequential basis, to about U$S59 per barrel, only partially benefiting from the rally in international prices, as local crude continued being negotiated between local producers and refiners in a way to smooth out the impact of the volatility in international reference prices into local pump prices. On the gas side, the average price for third parties for the quarter was US$3.1/MMBTU, almost flat q/q and expanding 5,7% y/y, supported by better prices in the industrial and compressed natural gas segments.
Total segment revenues for 1Q22 reached US$1,539 million, an increase of 1.2% compared to 4Q21 and +23.4% y/y.
• | Crude oil revenues remained flat q/q, as lower total volumes due to the impact of 2 fewer days of the 1Q22 against 4Q21 (besides higher daily average) daily production, were compensated by a modest increase in crude oil prices of 1.9%. |
• | Natural gas revenues expanded 1.5% q/q due to higher volumes of 2.8%, partially offset by lower average realization prices of 1.4%. |
8
Table of Contents
Upstream Financials Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Crude oil | 950 | 1,154 | 1,152 | 21.2 | % | -0.2 | % | |||||||||||||
Natural gas | 285 | 381 | 387 | 35.6 | % | 1.5 | % | |||||||||||||
Other | 12 | (14 | ) | 1 | -92.5 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Revenues | 1,247 | 1,521 | 1,539 | 23.4 | % | 1.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | (581 | ) | (530 | ) | (476 | ) | -18.2 | % | -10.3 | % | ||||||||||
Lifting cost | (411 | ) | (529 | ) | (534 | ) | 29.8 | % | 0.9 | % | ||||||||||
Royalties | (171 | ) | (209 | ) | (216 | ) | 26.0 | % | 3.3 | % | ||||||||||
Exploration expenses | (2 | ) | (7 | ) | (10 | ) | 497.5 | % | 56.7 | % | ||||||||||
Other | (64 | ) | (338 | ) | (85 | ) | 33.9 | % | -74.8 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income before impairment of assets | 19 | (91 | ) | 219 | 1081.4 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impairment of assets | — | (112 | ) | — | N/A | N/A | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | 19 | (203 | ) | 219 | 1081.4 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | 581 | 530 | 476 | -18.2 | % | -10.3 | % | |||||||||||||
Unproductive exploratory drillings | — | 4 | 5 | N/A | 33.7 | % | ||||||||||||||
Impairment of assets | — | 112 | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | 600 | 443 | 699 | 16.6 | % | 57.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Leasing | (39 | ) | (38 | ) | (37 | ) | -3.7 | % | -2.2 | % | ||||||||||
Other adjustments | 0 | 261 | (0 | ) | N/A | N/A | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | 561 | 665 | 662 | 18.0 | % | -0.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capex | 425 | 695 | 606 | 42.6 | % | -12.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Unit Cash Costs Unaudited Figures, in US$/boe | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Lifting Cost | 10.5 | 11.9 | 11.7 | 12.2 | % | -1.3 | % | |||||||||||||
Royalties and other taxes | 4.8 | 5.3 | 5.2 | 7.4 | % | -1.9 | % | |||||||||||||
Other Costs | 1.7 | 1.7 | 1.5 | -11.3 | % | -13.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total Cash Costs (US$/boe) | 17.0 | 18.9 | 18.4 | 8.5 | % | -2.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Regarding our cost structure on a per unit basis, total cash costs increased 8.5% y/y and decreased 2.5% q/q, due to the following:
• | Reduction in lifting costs by 1.3% q/q despite the impact of salary increases previously negotiated with labor unions as part of the 2021/22 agreement, and the high inflation rate combined with a slower pace of local currency depreciation. In comparison with 1Q21, lifting costs increased 12.2%, driven by the inflationary process described above and as a result of fully normalized activities. When breaking down our lifting costs by type of operation in 1Q22, our unconventional activities averaged US$3.9 per BOE while our conventional activities averaged US$17.6 per BOE. |
• | Royalties and other taxes decreased 1.9% sequentially, where natural gas royalties decreased 5.6%, partially offset by an increase in crude oil royalties of 3.1% due to higher realization prices. |
• | The decrease in “Other Costs” was mainly explained by some extraordinary charges recorded during 4Q21. |
In summary, Adjusted EBITDA for the upstream segment reached US$662 million during the quarter, remaining flat on a sequential basis but with an increase of 18% compared to 1Q21.
9
Table of Contents
CAPEX:
Upstream capex during 1Q22 stood at US$606 million, a decrease of 12.8% sequentially but increasing 42.6% y/y, where almost 70% was allocated to drilling and workover activities, 26% to new facilities or the expansion of existing ones, and the remaining 4% to exploration and other upstream activities.
In terms of activity within our unconventional upstream operations, in the first quarter of the year we completed a total of 38 new horizontal wells in our operated blocks, 29 shale oil and 7 shale gas wells, slightly above the activity performed the previous quarter with 36 horizontal wells. However, this activity was lower than we had projected given the impact of COVID-related delays in January and weather-related restrictions in February. In addition, we also faced some delays in mobilizing resources into new facilities at one of our non-operated blocks, expecting to catch-up in coming months.
On the conventional side, the activity continued to be focused on integrity investments in order to reduce risks and gain reliability in certain facilities as well as mobilizing resources into tertiary recovery, where we continued focusing in the main project at Manantiales Behr and starting pilots in the areas of El Trébol, Los Perales and Cañadón León.
10
Table of Contents
Downstream Operating data Unaudited Figures | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Crude processed (Kbbld) | 273.4 | 277.9 | 282.6 | 3.4 | % | 1.7 | % | |||||||||||||
Refinery utilization (%) | 83 | % | 85 | % | 86 | % | 280 | bps | 142 | bps | ||||||||||
Sales volume | ||||||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Sales of refined products (Km3) | 4,140 | 4,651 | 4,505 | 8.8 | % | -3.1 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total domestic market | 3,901 | 4,291 | 4,154 | 6.5 | % | -3.2 | % | |||||||||||||
of which Gasoline | 1,240 | 1,452 | 1,410 | 13.8 | % | -2.9 | % | |||||||||||||
of which Diesel | 1,811 | 2,181 | 2,030 | 12.1 | % | -6.9 | % | |||||||||||||
Total export market | 239 | 360 | 351 | 46.7 | % | -2.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Sales of petrochemical products (Ktn) | 247 | 193 | 215 | -13.1 | % | 11.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Domestic market | 166 | 171 | 180 | 8.5 | % | 5.1 | % | |||||||||||||
Export market | 81 | 22 | 35 | -57.2 | % | 60.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Sales of grain, flours and oils (Ktn) | 294 | 238 | 271 | -7.9 | % | 13.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Domestic market | 11 | 7 | 7 | -34.3 | % | 4.9 | % | |||||||||||||
Export market | 284 | 232 | 264 | -6.9 | % | 14.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Sales of fertilizers (Ktn) | 186 | 221 | 104 | -44.0 | % | -52.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Domestic market | 186 | 221 | 104 | -44.0 | % | -52.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net average prices of fuels in the domestic market | ||||||||||||||||||||
Gasoline (USD/m3) | 452 | 500 | 532 | 17.5 | % | 6.4 | % | |||||||||||||
Diesel (USD/m3) | 481 | 554 | 596 | 23.8 | % | 7.5 | % |
Net Average domestic prices for gasoline and diesel are net of taxes, commissions, commercial bonuses and freights.
Nominal capacity at 328.1 Kbbl/d since 1Q21.
Crude oil processed during the quarter stood at 282.6 Kbbl/d, an increase of 1.7% q/q and 3.4% y/y with a utilization rate of 86%. In a sequential basis, our three refineries maintained the crude oil processed almost unchanged, with the exception of Lujan de Cuyo refinery that recorded a minor increase. It is worth noting that processing levels during the quarter were affected by the complex negotiations with local independent oil producers aiming to maximize their exports instead of selling in the local market, on the back of better realized export prices. Nevertheless, during March, we achieved a utilization rate of 90%, as constructive dialogue with independent producers in order to minimize fuels´ imports.
Net average diesel prices in the domestic market in dollar terms increased 7.5% q/q, while net average gasoline prices increased 6.4% q/q. The sequential growth was attributable to the resumption of price adjustments at the pump that took place in February and March, in line with the strategy announced aiming at compensating for the depreciation of the currency while also managing to partially track rallying international reference prices.. In addition, we have continued with the strategy of reducing the discounts at the wholesale segments and even moving wholesale prices above retail prices where, in some particular segments/cases, we were able to fully translate international parities to local clients.
11
Table of Contents
Downstream Financials Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Diesel | 921 | 1,284 | 1,283 | 39.3 | % | 0.0 | % | |||||||||||||
Gasoline | 613 | 796 | 817 | 33.2 | % | 2.7 | % | |||||||||||||
Other domestic market | 462 | 619 | 622 | 34.6 | % | 0.4 | % | |||||||||||||
Export market | 276 | 390 | 422 | 52.9 | % | 8.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Revenues | 2,273 | 3,089 | 3,144 | 38.3 | % | 1.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | (134 | ) | (141 | ) | (134 | ) | -0.2 | % | -5.1 | % | ||||||||||
Refining & Logistics costs | (229 | ) | (293 | ) | (289 | ) | 26.2 | % | -1.4 | % | ||||||||||
Fuels imports | (75 | ) | (370 | ) | (334 | ) | 346.2 | % | -9.8 | % | ||||||||||
Crude oil purchases (intersegment + third parties) | (1,203 | ) | (1,442 | ) | (1,434 | ) | 19.2 | % | -0.5 | % | ||||||||||
Biofuel purchases | (108 | ) | (188 | ) | (167 | ) | 54.5 | % | -11.0 | % | ||||||||||
Non-oil agro purchases | (118 | ) | (221 | ) | (196 | ) | 65.6 | % | -11.3 | % | ||||||||||
Other | (207 | ) | (298 | ) | (280 | ) | 35.4 | % | -6.0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income before impairment of assets | 199 | 136 | 310 | 56.0 | % | 128.1 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | 199 | 136 | 310 | 56.0 | % | 128.1 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | 134 | 141 | 134 | -0.2 | % | -5.1 | % | |||||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | 333 | 277 | 444 | 33.3 | % | 60.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Leasing | (16 | ) | (19 | ) | (19 | ) | 20.9 | % | 2.2 | % | ||||||||||
Other adjustments | 1 | (1 | ) | 1 | 6.8 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | 317 | 257 | 425 | 33.9 | % | 65.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Holding results from oil products | 108 | 71 | 68 | -36.8 | % | -4.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA excl. holding results from oil products | 210 | 185 | 357 | 70.2 | % | 92.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capex | 51 | 168 | 105 | 104.6 | % | -37.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Revenues during 1Q22 totaled US$3,144 million, an increase of 1.8% compared to 4Q21, mainly driven by higher average prices of fuels and of international-priced products, partially offset by, among others, lower demand for gasoline and diesel.
Refining and logistics costs decreased 1.4% q/q, mainly as a result of lower regular maintenance works and reduced energy costs. Separately, fuel imports decreased 9.8%, primarily due to a decrease in volumes imported, partially offset by higher prices. Crude oil purchases (including inter-segment purchases to our Upstream operations) remained almost flat, where lower total crude oil processed in the quarter - considering the impact of Q1 2022 having 2 fewer days than Q4 2021 – was offset by higher crude oil realization price. Biofuel purchases decreased 11.0% driven by lower volumes acquired of biodiesel and bioethanol, aligned to the sequential decrease in gasoline and diesel demand. Non-oil agro purchases decreased 11.3%, mainly driven by a seasonal contraction in the purchases of fertilizer.
As a result, Downstream adjusted EBITDA, excluding holding results from oil products, totaled US$14.0 per barrel. Within the Downstream segment, Refining & Marketing adjusted EBITDA reached US$11.8 per barrel of crude processed. It is worth highlighting that these results came on the back of a benign pricing environment, primarily on Brent-related products such as petrochemicals, lubricants, jet fuel, LPG, etc., that represent around 25% of the Downstream revenues.
12
Table of Contents
CAPEX:
Downstream capex totaled US$105 million for the quarter, a decrease of 37.3% q/q and an increase of 104.6% y/y.
During 1Q22, we continued with the execution of the new fuel specifications project, including the construction of a new diesel hydrotreatment unit at the Luján de Cuyo refinery and a gasoline hydrotreatment and revamping of existing gasoline units, in La Plata Industrial Complex. The purpose of these works is to comply with the new fuel specifications established by Resolution No. 576/2019, which will come into force in 2024. In addition, we made progress in the revamping of the Topping D Unit of La Plata Refinery, which will allow greater processing of shale crude oil, with a timetable projecting to be ready by early 2024.
In terms of midstream oil investments, which consolidate within the Downstream segment, we began the construction of the La Amarga Chica-Puesto Hernández pipeline, an investment totaling about US$230 million, mostly concentrated in 2023, which will increase the evacuation of crude oil from our core hub blocks to the northern of the Neuquén Province, to be either exported to Chile through the TransAndean Oil Pipeline expected to be back in operations by early next year, or re-directed to our Lujan de Cuyo refinery.
We also continued with the program to update the image of our gas stations across the country and the remodeling project at the Echeverría gas station in the City of Buenos Aires, which will become our flagship location in coming months. Moreover, during the quarter, we incorporated 4 new locations to our retail service station network and almost 30 new convenience stores under the YPF Full franchise.
13
Table of Contents
Gas & Power Financials Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Natural gas as producers (intersegment + third parties) | 285 | 382 | 388 | 36.1 | % | 1.5 | % | |||||||||||||
Natural gas retail segment | 57 | 97 | 61 | 6.5 | % | -36.6 | % | |||||||||||||
Other | 27 | 44 | 85 | 213.4 | % | 92.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Revenues | 370 | 523 | 535 | 44.6 | % | 2.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | (12 | ) | (14 | ) | (22 | ) | 83.7 | % | 55.0 | % | ||||||||||
Natural gas purchases (intersegment + third parties) | (288 | ) | (430 | ) | (406 | ) | 40.8 | % | -5.6 | % | ||||||||||
Other | (101 | ) | (75 | ) | (104 | ) | 2.7 | % | 38.3 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income before impairment of assets | (31 | ) | 4 | 3 | N/A | -26.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | (31 | ) | 4 | 3 | N/A | -26.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | 12 | 14 | 22 | 83.7 | % | 55.0 | % | |||||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | (19 | ) | 19 | 25 | N/A | 36.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Leasing | (6 | ) | (5 | ) | (8 | ) | 35.2 | % | 48.4 | % | ||||||||||
Other adjustments | 2 | (4 | ) | (0 | ) | N/A | -91.2 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | (23 | ) | 9 | 17 | N/A | 86.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capex | 4 | 13 | 7 | 70.7 | % | -48.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Sales of natural gas as producers include domestic and external markets.
Revenues during 1Q22 totaled US$535 million, an increase of 2.2% compared to 4Q21, mainly driven by a 1.5% increase in sales of natural gas as producers in the local market and abroad – 73% of segment’s sales. Natural gas sales mainly from our controlled company Metrogas S.A. to the retail distribution segment (residential customers and small businesses) and to large customers (power plants and industries) – 11% of segment’s sales – decreased by 36.6% q/q mainly on the back of seasonality of natural gas sales.
Other sales increased 92.2% sequentially, mainly driven by the new Midstream gas unit, created in January 2022, that is responsible for the sale and purchase of gasoline, propane and butane through our own pipeline network and was previously managed through the Upstream segment.
Total operating costs, excluding depreciation and amortization, increased 0.9% q/q primarily due to Midstream activity previously described, offset by lower purchases of natural gas in line with the reduction in sales.
As a whole, Adjusted EBITDA stood at US$17 million compared to US$9 million in 4Q21.
14
Table of Contents
Corporate & Other Financials Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Revenues | 144 | 256 | 234 | 62.7 | % | -8.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating costs and other | (186 | ) | (335 | ) | (294 | ) | 58.4 | % | -12.3 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income before impairment of assets | (42 | ) | (80 | ) | (60 | ) | 43.7 | % | -24.2 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | (42 | ) | (80 | ) | (60 | ) | 43.7 | % | -24.2 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | 21 | 23 | 20 | -2.5 | % | -11.8 | % | |||||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | (21 | ) | (56 | ) | (40 | ) | 89.5 | % | -29.3 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Leasing | — | — | — | N/A | N/A | |||||||||||||||
Other adjustments | (1 | ) | 13 | 1 | N/A | -92.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | (22 | ) | (43 | ) | (39 | ) | 80.2 | % | -9.6 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Capex | 7 | 33 | 30 | 330.3 | % | -8.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
This business segment involves mainly corporate costs and other activities that are not reported in any of the previously mentioned business segments.
Corporate adjusted EBITDA for 1Q22 represented a loss of US$39 million, compared with the loss of US$43 million in 4Q21.
Our subsidiary AESA maintained its adjusted EBITDA at US$15 million q/q, with higher revenues and costs, and achieved a remarkable growth tripling its adjusted EBITDA y/y, driven by an increase of operation and maintenance services as well as construction projects.
The other business unit consolidated within this segment is our sand mining operation unit, which managed to maintain its operating costs and adjusted EBITDA q/q and, on a year over year basis, doubled its OPEX as the activity during 1Q21 was affected by the effects of the pandemic, while maintaining similar adjusted EBITDA levels.
Regarding our corporate areas, the adjusted EBITDA loss was slightly reduced q/q due to a reduction in marketing and media expenses.
15
Table of Contents
4.5. CONSOLIDATION ADJUSTMENTS
Consolidation Adjustments Financials Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Revenues | (1,386 | ) | (1,769 | ) | (1,817 | ) | 31.1 | % | 2.7 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating costs | 1,320 | 1,716 | 1,725 | 30.7 | % | 0.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income before impairment of assets | (66 | ) | (53 | ) | (92 | ) | 39.0 | % | 73.6 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | (66 | ) | (53 | ) | (92 | ) | 39.0 | % | 73.6 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Depreciation & amortization | (1 | ) | (1 | ) | (1 | ) | -0.5 | % | 7.6 | % | ||||||||||
Impairment of assets | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
EBITDA | (68 | ) | (54 | ) | (93 | ) | 38.2 | % | 72.0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Leasing | — | — | — | N/A | N/A | |||||||||||||||
Other adjustments | — | — | — | N/A | N/A | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | (68 | ) | (54 | ) | (93 | ) | 38.2 | % | 72.0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
|
Consolidation adjustments to eliminate results among business segments not transferred to third parties was negative US$93 million in 1Q22 compared to negative US$54 million in 4Q21. In both quarters, the gap between the transfer price across businesses and the cost of production of the company’s inventories widened.
5. LIQUIDITY AND SOURCES OF CAPITAL
Summary Consolidated Cash Flow Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Cash BoP | (2,447 | ) | 623 | 611 | N.M | -2.0 | % | |||||||||||||
Net cash flow from operating activities | 1,054 | 1,068 | 1,433 | 36.0 | % | 34.3 | % | |||||||||||||
Net cash flow from investing activities | (523 | ) | (709 | ) | (839 | ) | 60.2 | % | 18.3 | % | ||||||||||
Net cash flow from financing activities | (522 | ) | (356 | ) | (370 | ) | -29.1 | % | 4.0 | % | ||||||||||
FX adjustments & other | 219 | (16 | ) | (40 | ) | N.M | 151.8 | % | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash EoP | (2,220 | ) | 611 | 795 | N.M | 30.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investment in financial assets | 382 | 497 | 534 | 39.6 | % | 7.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash + short-term investments EoP | (1,837 | ) | 1,108 | 1,329 | N.M | 20.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
FCF | 284 | 143 | 391 | 37.5 | % | 174.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).
BoP stands for Beginning of period / EoP stands of End of period.
In 1Q22 we continued the positive trend in our cash flow from operations which reached US$1,433 million, comfortably covering our investment plan and interest payments, allowing for further net debt reduction. On a sequential basis, the cash flow from operations increased 34% driven by higher EBITDA levels and positive working capital variations, the latter resulting from import duties and other taxes paid in advanced and collection of past due clients´ receivables.
Net cash flow from investing activities was negative US$839 million, compared to negative US$709 million in 4Q21. This variation was mainly driven by an increase in financial assets´ investments, and an expansion in cash investment payments, including purchases of materials, which totaled US$785 million. In 1Q21, net cash outflow from investing activities was negative US$523 million, significantly lower than 1Q22, as our investment activity was still negatively impacted by the effects of the pandemic.
16
Table of Contents
Net cash flow from financing activities amounted to negative US$370 million in 1Q22, standing at similar levels to those recorded in the previous quarter of negative US$356 million in 4Q21. It is worth noting that we continue with a reduction in cash interest expense q/q and during this 1Q22 we fully disbursed the 300 million dollars, cross-border A/B loan, led by Corporación Andina de Fomento (“CAF”). This financing contributed, among other uses, to complying with Central Bank regulatory restrictions and thus permitted us to access the official FX market to proceed with the payment of the 260-million first amortization of our 2024 international bond that was due on April 4th, without interference, on the last day of March.
As a result, free cash flow before debt financing reached US$391 million during the quarter, being positive for the eighth consecutive quarter. This improvement was related to the aforementioned recovery in profitability together with the reduction in cash interest payments, partially compensated by the increase in the investment program of 2022.
In terms of liquidity, our cash and short-term investments stood at US$1,329 million by the end of March, an increase of US$221 million when compared to the previous quarter, including US$534 million of sovereign bonds and treasury notes.
In terms of cash management, during the quarter we continued with an active asset management approach to minimize FX exposure, considering the regulations currently in force that prevent us from holding a larger portion of our liquidity in foreign currency. In that sense, in a context of limited available dollarized instruments in the local market and given the increase of our liquidity during the quarter, we ended up with a consolidated net FX exposure of 28% of total liquidity. Nevertheless, if we consider the liquidity invested in inflation indexed instruments as a proxy-hedge to FX risk, the net exposure falls to 20%.
Net debt breakdown Unaudited Figures, in US$ million | 1Q21 | 4Q21 | 1Q22 | Q/Q Δ | ||||||||||||
Short-term debt | 1,187 | 845 | 523 | -38.1 | % | |||||||||||
Long-term debt | 6,560 | 6,534 | 6,719 | 2.8 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Total debt | 7,747 | 7,379 | 7,241 | -1.9 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
Avg. Interest rate for AR$-debt | 34.9 | % | 33.4 | % | 33.4 | % | ||||||||||
Avg. Interest rate for US$-debt | 7.5 | % | 7.7 | % | 7.7 | % | ||||||||||
% of debt in AR$ | 6 | % | 5 | % | 5 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Cash + short term investments | -1,837 | 1,108 | 1,329 | 20.0 | % | |||||||||||
|
|
|
|
|
|
|
| |||||||||
% of cash in AR$ | 76 | % | 53 | % | 61 | % | ||||||||||
|
|
|
|
|
|
|
| |||||||||
Net debt | 9,584 | 6,271 | 5,912 | -5.7 | % | |||||||||||
|
|
|
|
|
|
|
|
Average interest rates for AR$ and US$ debt refer to YPF on a stand-alone basis.
As of March 31st, 2022, YPF’s consolidated net debt totaled US$5,912 million, decreasing by US$359 million q/q. On a year over year basis, the total reduction in our net debt reached US$840 million and, taking into consideration the 8 consecutive quarters with positive free cash flow, the cumulative net debt reduction totals the staggering amount of US$1,727 million.
17
Table of Contents
On the same note, in 1Q22 we delivered further reduction in net leverage, reaching a ratio of 1,46x net debt to 12-month adjusted EBITDA, showcasing the tremendous recovery in our operating and financial performance, after peaking at a net leverage ratio of 4.9x in 1Q21. In addition, our liquidity position now comfortably exceeds our short-term debt, considering debt principal maturities for less than US$400 million coming due within the next 12 months.
In terms of financial activities, in January 2022 YPF signed the agreement with “CAF” mentioned above for a total cross border financing of US$ 300 Million. The financial loan is made up of two tranches, tranche “A” committed by CAF for an amount of US$37,5 Million and tranche “B” committed by four financial entities for an amount of US$262,5 million. The final maturity of the loan is December 30th, 2024, and accrue a variable interest rate of SOFR plus a margin of 7,05%, with a grace period of 18 months, resulting in an average life of 2.2 years. The use of proceeds of the new loan shall be used, at least 40%, in ESG Projects and the remaining 60% for general corporate uses.
Regarding our maturity profile, as of March 31st, 2022, we faced total maturities of US$273 million for the remaining nine months of 2022, around 40% corresponding to amortizations of international bonds, and the balance mainly consisting in local bonds, bank loans and pre-export financing. The following chart shows the consolidated principal debt maturity profile of the company as of March 31st, 2022, expressed in millions of dollars:
18
Table of Contents
6.1. CONSOLIDATED STATEMENT OF INCOME
Income Statement | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Unaudited Figures, in US$ million | ||||||||||||||||||||
Revenues | 2,648 | 3,620 | 3,635 | 37.3 | % | 0.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Costs | (2,238 | ) | (3,013 | ) | (2,839 | ) | 26.8 | % | -5.8 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross profit | 410 | 607 | 796 | 94.4 | % | 31.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Selling expenses | (225 | ) | (282 | ) | (255 | ) | 13.4 | % | -9.6 | % | ||||||||||
Administrative expenses | (103 | ) | (140 | ) | (138 | ) | 34.4 | % | -1.8 | % | ||||||||||
Exploration expenses | (2 | ) | (7 | ) | (11 | ) | 484.6 | % | 55.8 | % | ||||||||||
Impairment of property, plant and equipment and intangible assets | — | (112 | ) | — | N/A | N/A | ||||||||||||||
Other operating results, net | (3 | ) | (262 | ) | (14 | ) | 357.4 | % | -94.8 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | 78 | (196 | ) | 380 | 388.4 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income of interests in companies and joint ventures | 58 | 160 | 115 | 98.9 | % | -28.2 | % | |||||||||||||
Financial Income | 254 | 299 | 294 | 16.0 | % | -1.6 | % | |||||||||||||
Financial Cost | (365 | ) | (345 | ) | (395 | ) | 8.2 | % | 14.5 | % | ||||||||||
Other financial results | 63 | 61 | 58 | -8.6 | % | -5.2 | % | |||||||||||||
Financial results, net | (49 | ) | 15 | (44 | ) | -10.7 | % | N/A | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net profit before income tax | 87 | (21 | ) | 451 | 419.7 | % | N/A | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income tax | (112 | ) | 267 | (203 | ) | 81.0 | % | N/A | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net profit for the period | (25 | ) | 247 | 248 | N/A | 0.6 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net profit for shareholders of the parent company | (23 | ) | 247 | 250 | N/A | 1.0 | % | |||||||||||||
Net profits for non-controlling interest | (2 | ) | (1 | ) | (2 | ) | -14.9 | % | 172.5 | % | ||||||||||
Earnings per share attributable to shareholders of the parent company (basic and diluted) | (0.06 | ) | 0.63 | 0.64 | N/A | 1.6 | % | |||||||||||||
Other comprehensive income | 742 | 378 | 713 | -3.9 | % | 88.5 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total comprehensive income for the period | 716 | 625 | 961 | 34.1 | % | 53.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
19
Table of Contents
Income Statement | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Unaudited Figures, in AR$ million | ||||||||||||||||||||
Revenues | 234,890 | 173,485 | 388,169 | 65.3 | % | 123.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Costs | (198,531 | ) | (171,123 | ) | (303,142 | ) | 52.7 | % | 77.1 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross profit | 36,359 | 2,362 | 85,027 | 133.9 | % | 3499.8 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Selling expenses | (19,945 | ) | (18,433 | ) | (27,224 | ) | 36.5 | % | 47.7 | % | ||||||||||
Administrative expenses | (9,125 | ) | (11,214 | ) | (14,774 | ) | 61.9 | % | 31.7 | % | ||||||||||
Exploration expenses | (159 | ) | (772 | ) | (1,123 | ) | 606.3 | % | 45.5 | % | ||||||||||
Impairment of property, plant and equipment and intangible assets | — | 65,685 | — | N/A | N/A | |||||||||||||||
Other operating results, net | (276 | ) | (7,878 | ) | (1,457 | ) | 427.9 | % | -81.5 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating income | 6,854 | 29,750 | 40,449 | 490.2 | % | 36.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income of interests in companies and joint ventures | 5,116 | 5,020 | 12,229 | 139.0 | % | 143.6 | % | |||||||||||||
Financial Income | 22,347 | 33,729 | 32,110 | 43.7 | % | -4.8 | % | |||||||||||||
Financial Cost | (32,323 | ) | (37,553 | ) | (43,037 | ) | 33.1 | % | 14.6 | % | ||||||||||
Other financial results | 5,685 | 5,382 | 6,332 | 11.4 | % | 17.7 | % | |||||||||||||
Financial results, net | (4,291 | ) | 1,558 | (4,595 | ) | 7.1 | % | N/A | ||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net profit before income tax | 7,679 | 36,328 | 48,083 | 526.2 | % | 32.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Income tax | (9,926 | ) | (7,304 | ) | (21,666 | ) | 118.3 | % | 196.6 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net profit for the period | (2,247 | ) | 29,024 | 26,417 | N/A | -9.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net profit for shareholders of the parent company | (2,066 | ) | 44,235 | 26,603 | N/A | -39.9 | % | |||||||||||||
Net profits for non-controlling interest | (181 | ) | (1,223 | ) | (186 | ) | 2.8 | % | -84.8 | % | ||||||||||
Earnings per share attributable to shareholders of the parent company (basic and diluted) | (5.26 | ) | 112.71 | 67.69 | N/A | -39.9 | % | |||||||||||||
Other comprehensive income | 65,658 | 61,303 | 75,949 | 15.7 | % | 23.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Total comprehensive income for the period | 63,411 | 90,327 | 102,366 | 61.4 | % | 13.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Note: Information reported in accordance with International Financial Reporting Standards (IFRS).
20
Table of Contents
6.2. CONSOLIDATED BALANCE SHEET
Consolidated Balance Sheet | In US$ million | In AR$ million | ||||||||||||||
Unaudited Figures | 31-Dec-21 | 31-Mar-22 | 31-Dec-21 | 31-Mar-22 | ||||||||||||
Non-current Assets | ||||||||||||||||
Intangible assets | 419 | 416 | 43,014 | 46,181 | ||||||||||||
Properties, plant and equipment | 16,003 | 16,114 | 1,642,259 | 1,787,255 | ||||||||||||
Assets for leasing | 519 | 496 | 53,260 | 54,984 | ||||||||||||
Investments in companies and joint ventures | 1,529 | 1,651 | 156,925 | 183,092 | ||||||||||||
Deferred tax assets, net | 19 | 15 | 1,921 | 1,625 | ||||||||||||
Other receivables | 190 | 54 | 19,549 | 5,995 | ||||||||||||
Trade receivables | 43 | 42 | 4,363 | 4,706 | ||||||||||||
Investment in financial assets | 25 | 35 | 2,534 | 3,865 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Non-current Assets | 18,747 | 18,823 | 1,923,825 | 2,087,703 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Current Assets | ||||||||||||||||
Assets held for disposal | 1 | 1 | 103 | 111 | ||||||||||||
Inventories | 1,500 | 1,510 | 153,927 | 167,500 | ||||||||||||
Contract assets | 13 | 16 | 1,360 | 1,765 | ||||||||||||
Other receivables | 616 | 507 | 63,259 | 56,195 | ||||||||||||
Trade receivables | 1,305 | 1,394 | 133,904 | 154,630 | ||||||||||||
Investment in financial assets | 497 | 534 | 51,012 | 59,182 | ||||||||||||
Cash and cash equivalents | 611 | 795 | 62,678 | 88,210 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Current Assets | 4,543 | 4,757 | 466,243 | 527,593 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Assets | 23,290 | 23,580 | 2,390,068 | 2,615,296 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Shareholders’ Equity | ||||||||||||||||
Shareholders’ contributions | 102 | 95 | 10,504 | 10,555 | ||||||||||||
Reserves, other comprehensive income and retained earnings | 8,082 | 8,391 | 829,388 | 930,636 | ||||||||||||
Non-controlling interest | 80 | 84 | 8,226 | 9,344 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Shareholders´ Equity | 8,265 | 8,570 | 848,118 | 950,535 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Non-current Liabilities | ||||||||||||||||
Provisions | 2,519 | 2,501 | 258,478 | 277,382 | ||||||||||||
Deferred tax liabilities, net | 1,805 | 1,665 | 185,179 | 184,670 | ||||||||||||
Income tax payable | 29 | 49 | 3,026 | 5,398 | ||||||||||||
Other taxes payable | 2 | 2 | 201 | 203 | ||||||||||||
Salaries and social security | 32 | 21 | 3,262 | 2,299 | ||||||||||||
Liabilities from leasing | 276 | 241 | 28,335 | 26,708 | ||||||||||||
Loans | 6,534 | 6,719 | 670,535 | 745,187 | ||||||||||||
Other liabilities | 9 | 8 | 968 | 934 | ||||||||||||
Accounts payable | 9 | 8 | 888 | 923 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total non-current Liabilities | 11,215 | 11,214 | 1,150,872 | 1,243,704 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Current Liabilities | ||||||||||||||||
Provisions | 188 | 174 | 19,297 | 19,263 | ||||||||||||
Contract liabilities | 130 | 282 | 13,329 | 31,237 | ||||||||||||
Income tax payable | 13 | 110 | 1,336 | 12,189 | ||||||||||||
Other taxes payable | 143 | 312 | 14,671 | 34,653 | ||||||||||||
Salaries and social security | 229 | 198 | 23,459 | 21,972 | ||||||||||||
Liabilities from leasing | 266 | 279 | 27,287 | 30,960 | ||||||||||||
Loans | 845 | 523 | 86,680 | 57,952 | ||||||||||||
Other liabilities | 34 | 16 | 3,468 | 1,753 | ||||||||||||
Accounts payable | 1,964 | 1,903 | 201,551 | 211,078 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Current Liabilities | 3,811 | 3,796 | 391,078 | 421,057 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities | 15,026 | 15,010 | 1,541,950 | 1,664,761 | ||||||||||||
|
|
|
|
|
|
|
| |||||||||
Total Liabilities and Shareholders’ Equity | 23,290 | 23,580 | 2,390,068 | 2,615,296 | ||||||||||||
|
|
|
|
|
|
|
|
Note: Information reported in accordance with International Financial Reporting Standards (IFRS).
21
Table of Contents
6.3. CONSOLIDATED STATEMENT OF CASH FLOW
Cash Flow Statement | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Unaudited Figures, in US$ million | ||||||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | (25 | ) | 247 | 248 | N/A | 0.6 | % | |||||||||||||
Income of interests in companies and joint ventures | (58 | ) | (160 | ) | (115 | ) | 98.9 | % | -28.2 | % | ||||||||||
Depreciation of property, plant and equipment | 688 | 643 | 589 | -14.3 | % | -8.4 | % | |||||||||||||
Depreciation of the right-of-use assets | 48 | 51 | 51 | 6.3 | % | -1.0 | % | |||||||||||||
Amortization of intangible assets | 12 | 13 | 11 | -6.4 | % | -16.6 | % | |||||||||||||
Losses of property, plant and equipment and intangible assets and consumption of materials | 83 | 95 | 85 | 2.6 | % | -10.3 | % | |||||||||||||
Income tax charge | 112 | (267 | ) | 203 | 81.0 | % | N/A | |||||||||||||
Net increase in provisions | 65 | 317 | 72 | 11.1 | % | -77.3 | % | |||||||||||||
Impairment of property, plant and equipment and intangible assets | — | 112 | — | N/A | N/A | |||||||||||||||
Interest, exchange differences and others | 43 | 88 | 8 | -80.5 | % | -90.3 | % | |||||||||||||
Stock compensation plans | 1 | 0 | 0 | -63.0 | % | -0.1 | % | |||||||||||||
Accrued insurance | — | (15 | ) | — | N/A | N/A | ||||||||||||||
Results from exchange of debt instruments | (21 | ) | — | — | N/A | N/A | ||||||||||||||
Results for assignment of participation in areas | — | (5 | ) | — | N/A | N/A | ||||||||||||||
Results from sales of assets held for disposal | — | — | — | N/A | N/A | |||||||||||||||
Results from exchange of financial instruments | — | — | — | N/A | N/A | |||||||||||||||
Changes in assets and liabilities | N/A | N/A | ||||||||||||||||||
Trade receivables | 21 | 354 | (113 | ) | N/A | N/A | ||||||||||||||
Other receivables | (93 | ) | (159 | ) | 156 | N/A | N/A | |||||||||||||
Inventories | (25 | ) | (80 | ) | (3 | ) | -89.5 | % | -96.6 | % | ||||||||||
Accounts payable | 191 | (56 | ) | (18 | ) | N/A | -67.6 | % | ||||||||||||
Other taxes payable | 91 | (49 | ) | 178 | 95.0 | % | N/A | |||||||||||||
Salaries and Social Security | (28 | ) | 16 | (33 | ) | 20.6 | % | N/A | ||||||||||||
Other liabilities | (27 | ) | (18 | ) | (19 | ) | -29.3 | % | 4.3 | % | ||||||||||
Decrease in provisions for payments / utilization | (21 | ) | (40 | ) | (30 | ) | 46.5 | % | -25.1 | % | ||||||||||
Contract Assets | 5 | (4 | ) | (4 | ) | N/A | -1.7 | % | ||||||||||||
Contract Liabilities | (7 | ) | (39 | ) | 168 | N/A | N/A | |||||||||||||
Dividends received | 0 | 13 | — | N/A | N/A | |||||||||||||||
Insurance charge for loss of profit | 0 | 14 | 1 | 703.2 | % | -92.0 | % | |||||||||||||
Income tax payments | (1 | ) | (1 | ) | (2 | ) | 64.9 | % | 88.5 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net cash flow from operating activities | 1,054 | 1,068 | 1,433 | 36.0 | % | 34.3 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investing activities | ||||||||||||||||||||
Acquisitions of property, plant and equipment and intangible assets | (493 | ) | (757 | ) | (785 | ) | 59.2 | % | 3.7 | % | ||||||||||
Proceeds from sales of financial assets | 105 | 81 | 33 | -68.8 | % | -59.6 | % | |||||||||||||
Payments for the acquisition of financial assets | (148 | ) | (47 | ) | (88 | ) | -40.3 | % | 87.8 | % | ||||||||||
Interest received from financial assets | 13 | (0 | ) | 1 | -93.7 | % | N/A | |||||||||||||
Collection for participation in areas and sale of assets | — | 15 | 2 | N/A | -88.8 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net cash flow from investing activities | (523 | ) | (709 | ) | (839 | ) | 60.2 | % | 18.3 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Financing activities | ||||||||||||||||||||
Payment of loans | (537 | ) | (378 | ) | (467 | ) | -13.0 | % | 23.6 | % | ||||||||||
Payment of interests | (200 | ) | (107 | ) | (173 | ) | -13.1 | % | 61.6 | % | ||||||||||
Proceeds from loans | 291 | 205 | 356 | 22.5 | % | 73.5 | % | |||||||||||||
Acquisition of own shares | — | — | — | N/A | N/A | |||||||||||||||
Payment of leasing | (77 | ) | (75 | ) | (85 | ) | 11.2 | % | 13.2 | % | ||||||||||
Payment of interests related to income tax | (0 | ) | (0 | ) | (0 | ) | 457.9 | % | 23.1 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net cash flow from financing activities | (522 | ) | (356 | ) | (370 | ) | -29.1 | % | 4.0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Effect of changes in exchange rates on cash and cash equivalents | 10 | 8 | 15 | 44.8 | % | 77.6 | % | |||||||||||||
Translation adjustments | (56 | ) | (24 | ) | (55 | ) | -1.7 | % | 126.0 | % | ||||||||||
Increase (decrease) in cash and cash equivalents | (37 | ) | (13 | ) | 185 | N/A | N/A | |||||||||||||
Cash and cash equivalents at the beginning of the period | 650 | 623 | 611 | -6.0 | % | -2.0 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash and cash equivalents at the end of the period | 612 | 611 | 795 | 29.9 | % | 30.2 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
22
Table of Contents
Cash Flow Statement | 1Q21 | 4Q21 | 1Q22 | Y/Y Δ | Q/Q Δ | |||||||||||||||
Unaudited Figures, in AR$ million | ||||||||||||||||||||
Operating activities | ||||||||||||||||||||
Net income | (2,247 | ) | 24,730 | 26,417 | N/A | 6.8 | % | |||||||||||||
Income of interests in companies and joint ventures | (5,116 | ) | (16,064 | ) | (12,229 | ) | 139.0 | % | -23.9 | % | ||||||||||
Depreciation of property, plant and equipment | 60,875 | 64,711 | 62,809 | 3.2 | % | -2.9 | % | |||||||||||||
Depreciation of the right-of-use assets | 4,214 | 5,126 | 5,391 | 27.9 | % | 5.2 | % | |||||||||||||
Amortization of intangible assets | 1,042 | 1,348 | 1,182 | 13.4 | % | -12.3 | % | |||||||||||||
Losses of property, plant and equipment and intangible assets and consumption of materials | 7,369 | 9,563 | 9,103 | 23.5 | % | -4.8 | % | |||||||||||||
Income tax charge | 9,926 | (26,557 | ) | 21,666 | 118.3 | % | N/A | |||||||||||||
Net increase in provisions | 5,723 | 31,799 | 7,653 | 33.7 | % | -75.9 | % | |||||||||||||
Impairment of property, plant and equipment and intangible assets | — | 11,258 | — | N/A | N/A | |||||||||||||||
Interest, exchange differences and others | 3,814 | 8,381 | 765 | -79.9 | % | -90.9 | % | |||||||||||||
Stock compensation plans | 119 | 50 | 53 | -55.5 | % | 6.0 | % | |||||||||||||
Accrued insurance | — | (1,503 | ) | — | N/A | N/A | ||||||||||||||
Results from exchange of debt instruments | (1,855 | ) | — | — | N/A | N/A | ||||||||||||||
Results for assignment of participation in areas | — | (535 | ) | — | N/A | N/A | ||||||||||||||
Results from sales of assets held for disposal | — | — | — | N/A | N/A | |||||||||||||||
Results from exchange of financial instruments | — | — | — | N/A | N/A | |||||||||||||||
Changes in assets and liabilities | N/A | N/A | ||||||||||||||||||
Trade receivables | 1,816 | 35,503 | (12,073 | ) | N/A | N/A | ||||||||||||||
Other receivables | (8,263 | ) | (16,009 | ) | 16,647 | N/A | N/A | |||||||||||||
Inventories | (2,247 | ) | (8,009 | ) | (285 | ) | -87.3 | % | -96.4 | % | ||||||||||
Accounts payable | 16,880 | (5,651 | ) | (1,942 | ) | N/A | -65.6 | % | ||||||||||||
Other taxes payable | 8,067 | (4,914 | ) | 18,936 | 134.7 | % | N/A | |||||||||||||
Salaries and Social Security | (2,449 | ) | 1,634 | (3,554 | ) | 45.1 | % | N/A | ||||||||||||
Other liabilities | (2,377 | ) | (1,829 | ) | (2,024 | ) | -14.9 | % | 10.7 | % | ||||||||||
Decrease in provisions for payments / utilization | (1,821 | ) | (4,039 | ) | (3,210 | ) | 76.3 | % | -20.5 | % | ||||||||||
Contract Assets | 480 | (399 | ) | (416 | ) | N/A | 4.3 | % | ||||||||||||
Contract Liabilities | (611 | ) | (3,951 | ) | 17,882 | N/A | N/A | |||||||||||||
Dividends received | 28 | 1,279 | — | N/A | N/A | |||||||||||||||
Insurance charge for loss of profit | 12 | 1,374 | 116 | 866.7 | % | -91.6 | % | |||||||||||||
Income tax payments | (129 | ) | (128 | ) | (256 | ) | 98.4 | % | 100.0 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net cash flow from operating activities | 93,250 | 107,168 | 152,631 | 63.7 | % | 42.4 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Investing activities | ||||||||||||||||||||
Acquisitions of property, plant and equipment and intangible assets | (43,640 | ) | (76,009 | ) | (83,629 | ) | 91.6 | % | 10.0 | % | ||||||||||
Proceeds from sales of financial assets | 9,256 | 8,112 | 3,473 | -62.5 | % | -57.2 | % | |||||||||||||
Payments for the acquisition of financial assets | (13,094 | ) | (4,722 | ) | (9,409 | ) | -28.1 | % | 99.3 | % | ||||||||||
Interest received from financial assets | 1,172 | (2 | ) | 89 | -92.4 | % | N/A | |||||||||||||
Collection for participation in areas and sale of assets | — | 1,490 | 177 | N/A | -88.1 | % | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net cash flow from investing activities | (46,306 | ) | (71,131 | ) | (89,299 | ) | 92.8 | % | 25.5 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Financing activities | ||||||||||||||||||||
Payment of loans | (47,468 | ) | (37,936 | ) | (49,729 | ) | 4.8 | % | 31.1 | % | ||||||||||
Payment of interests | (17,663 | ) | (10,780 | ) | (18,474 | ) | 4.6 | % | 71.4 | % | ||||||||||
Proceeds from loans | 25,713 | 20,597 | 37,918 | 47.5 | % | 84.1 | % | |||||||||||||
Acquisition of own shares | — | — | — | N/A | N/A | |||||||||||||||
Payment of leasing | (6,783 | ) | (7,555 | ) | (9,075 | ) | 33.8 | % | 20.1 | % | ||||||||||
Payment of interests related to income tax | (7 | ) | (36 | ) | (47 | ) | 571.4 | % | 30.6 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Net cash flow from financing activities | (46,208 | ) | (35,710 | ) | (39,407 | ) | -14.7 | % | 10.4 | % | ||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Effect of changes in exchange rates on cash and cash equivalents | 922 | 853 | 1,607 | 74.3 | % | 88.4 | % | |||||||||||||
Increase (decrease) in cash and cash equivalents | 1,658 | 1,180 | 25,532 | 1439.9 | % | 2063.7 | % | |||||||||||||
Cash and cash equivalents at the beginning of the period | 54,618 | 61,498 | 62,678 | 14.8 | % | 1.9 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cash and cash equivalents at the end of the period | 56,276 | 62,678 | 88,210 | 56.7 | % | 40.7 | % | |||||||||||||
|
|
|
|
|
|
|
|
|
|
Note: Information reported in accordance with International Financial Reporting Standards (IFRS).
23
Table of Contents
Main physical magnitudes Unaudited Figures | Unit | 1Q21 | 2Q21 | 3Q21 | 4Q21 | Cum. 2021 | 1Q22 | |||||||||||||||||||
Total Production | Kboe | 39,330 | 41,961 | 45,591 | 44,542 | 171,424 | 45,523 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Crude oil production | Kbbl | 18,691 | 19,125 | 19,265 | 19,886 | 76,967 | 19,993 | |||||||||||||||||||
NGL production | Kbbl | 2,653 | 3,329 | 3,832 | 2,757 | 12,572 | 3,979 | |||||||||||||||||||
Gas production | Mm3 | 2,860 | 3,102 | 3,576 | 3,482 | 13,020 | 3,427 | |||||||||||||||||||
Henry Hub | USD/MMBTU | 2.7 | 3.0 | 4.3 | 4.8 | 3.7 | 4.6 | |||||||||||||||||||
Brent | USD/bbl | 61.8 | 68.8 | 73.5 | 79.6 | 70.7 | 97.4 | |||||||||||||||||||
Sales volume (YPF stand alone) | ||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Sales of refined products | Km3 | 4,140 | 4,264 | 4,610 | 4,651 | 17,666 | 4,505 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Domestic market | Km3 | 3,901 | 3,976 | 4,297 | 4,291 | 16,465 | 4,154 | |||||||||||||||||||
Gasoline | Km3 | 1,240 | 1,032 | 1,263 | 1,452 | 4,987 | 1,410 | |||||||||||||||||||
Diesel | Km3 | 1,811 | 1,931 | 2,084 | 2,181 | 8,007 | 2,030 | |||||||||||||||||||
Jet fuel and kerosene | Km3 | 65 | 49 | 74 | 107 | 295 | 124 | |||||||||||||||||||
Fuel Oil | Km3 | 102 | 73 | 36 | 5 | 216 | 4 | |||||||||||||||||||
LPG | Km3 | 130 | 195 | 186 | 135 | 645 | 133 | |||||||||||||||||||
Other (*) | Km3 | 553 | 697 | 654 | 411 | 2,316 | 453 | |||||||||||||||||||
Export market | Km3 | 239 | 288 | 313 | 360 | 1,200 | 351 | |||||||||||||||||||
Petrochemical naphtha | Km3 | 0 | 96 | 89 | 20 | 205 | 15 | |||||||||||||||||||
Jet fuel and kerosene | Km3 | 25 | 27 | 29 | 59 | 140 | 74 | |||||||||||||||||||
LPG | Km3 | 74 | 23 | 62 | 154 | 313 | 124 | |||||||||||||||||||
Bunker (Diesel and Fuel Oil) | Km3 | 52 | 64 | 78 | 71 | 264 | 94 | |||||||||||||||||||
Other (*) | Km3 | 88 | 79 | 55 | 56 | 278 | 44 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Sales of petrochemical products | Ktn | 247 | 229 | 248 | 193 | 917 | 215 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Domestic market | Ktn | 166 | 179 | 187 | 171 | 704 | 180 | |||||||||||||||||||
Methanol | Ktn | 43 | 57 | 71 | 53 | 224 | 19 | |||||||||||||||||||
Other | Ktn | 123 | 121 | 117 | 118 | 479 | 162 | |||||||||||||||||||
Export market | Ktn | 81 | 50 | 60 | 22 | 213 | 35 | |||||||||||||||||||
Methanol | Ktn | 45 | 18 | 32 | 3 | 98 | 1 | |||||||||||||||||||
Other | Ktn | 37 | 32 | 28 | 19 | 115 | 34 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Grain, flours and oils | Ktn | 294 | 456 | 381 | 238 | 1,371 | 271 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Domestic market | Ktn | 11 | 11 | 4 | 7 | 33 | 7 | |||||||||||||||||||
Export market | Ktn | 284 | 445 | 377 | 232 | 1,338 | 264 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Fertilizers | Ktn | 186 | 328 | 25 | 221 | 760 | 104 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
| ||||||||||||||
Domestic market | Ktn | 186 | 328 | 25 | 221 | 760 | 104 | |||||||||||||||||||
Main products imported (YPF stand alone) | ||||||||||||||||||||||||||
Gasolines | Km3 | 82 | 6 | 46 | 89 | 223 | 122 | |||||||||||||||||||
Jet Fuel | Km3 | 0 | 4 | 0 | 6 | 9 | 2 | |||||||||||||||||||
Diesel | Km3 | 46 | 155 | 251 | 472 | 924 | 289 |
Other (*): Principally includes sales of oil and lubricant bases, grease, asphalt, and residual carbon, among others.
24
Table of Contents
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives as of the date hereof of YPF and its management, including statements with respect to trends affecting YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as the future price of petroleum and petroleum products, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes in circumstances and other factors that may be beyond YPF’s control or may be difficult to predict.
YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as the future price of petroleum and petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to fluctuations in the price of petroleum and petroleum products, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2021 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions, or events expressed or implied therein will not be realized. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or elsewhere.
The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.
25
Table of Contents
Table of Contents
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
YPF Sociedad Anónima | ||||
Date: May 11, 2022 | By: | /s/ Pablo Calderone | ||
Name: | Pablo Calderone | |||
Title: | Market Relations Officer |