PZE Petrobras Argentina S.A. Ads (delisted)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

Report of Foreign Private Issuer

Pursuant to Rule 13a-16 or 15d-16 of

The Securities Exchange Act of 1934

June 30, 2015

PETROBRAS ARGENTINA S.A.

(Exact Name of Registrant as Specified in its Charter)

Maipú 1, 22 S.S. Floor

(C1084ABA)  Buenos Aires

Argentina

(Address of Principal Executive Offices)

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    X    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    X   

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    X

PETROBRAS ARGENTINA S.A.

Unaudited Condensed Interim

Consolidated

 Financial Statements and

Summary of Events

as of March 31, 2015

(presented on a comparative basis with 2014)

UNAUDITED FINANCIAL STATEMENTS

as of March 31, 2015

SUMMARY OF EVENTS

CONSOLIDATED FINANCIAL STATEMENTS

STATEMENTS OF INCOME

STATEMENTS OF COMPREHENSIVE INCOME

STATEMENTS OF FINANCIAL POSITION

STATEMENTS OF CHANGES IN SHAREHOLDERS’ EQUITY

STATEMENTS OF CASH FLOW

NOTES TO THE FINANCIAL STATEMENTS

REPORT OF INDEPENDENT ACCOUNTANTS LIMITED

SUMMARY OF EVENTS

In compliance with the rules of the National Securities Commission (Periodic Reporting Requirements – Title IV – Chapter III – Section 4), Petrobras Argentina S.A.’s Summary of Events for the three-month period ended March 31, 2015 is described below. This Summary of Events is supplementary to and should be read in conjunction with the interim condensed consolidated financial statements of the Company as of March 31, 2015.

Discussion of Consolidated Results of Operations

The following table sets out the Company’s results of operations for the three-month periods ended March 31, 2015 and 2014:

(in millions of pesos)

Net income: Net income attributable to the Company’s shareholders totaled 861 in the period under review and 681 in 2014 quarter.

Sales: Sales rose 644 to 5,274 from 4,630 in 2014 quarter, mainly due to increases in the Refining and Distribution, Oil and Gas Exploration and Production and Gas and Energy business segments of 557, 307 and 157, respectively, partially offset by an increase in eliminations attributable to intercompany sales in the amount of 339.

Gross profit: Gross profit totaled 1,552 in both quarters. It is worth a mention that in the period under review an improvement was exhibited in results from intercompany transactions, mainly due to variations in crude oil levels which allowed to offset a 202 decline in the Oil and Gas Exploration and Production segment.

Administrative and selling expenses: Administrative and selling expenses totaled 694 in the quarter under review and 512 in 2014 quarter. Such rise is basically attributable to higher tax charges and transportation expenses derived from increased sales in the period under review.

Exploration expenses: Exploration expenses are attributable to onshore operations in Argentina and totaled 12 in 2015 quarter and 14 in 2014 quarter.

Other operating income, net:  Other operating income, net improved 563, accounting for gains of 585 and 22 in 2015 and 2014 quarters, respectively. This improvement mainly derives from the sale of assets in the Austral basin in the period under review which accounted for a gain of 674, and to a gain of 181 in 2014 quarter attributable to the sale of Puesto Hernández Joint Venture (UTE).  

Share of net loss of equity-accounted investments: Share of net loss of equity-accounted investments accounted for losses of 14 and 7 in 2015 and 2014, respectively.  

Operating income: Operating income increased 376 to 1,417 in the period under review from 1,041 in 2014 quarter, basically due to the improvement in “Other operating income, net”, partially offset by higher administrative and selling expenses.

Financial results: Financial results accounted for a loss of 26 in the period under review compared to a gain of 184 in 2014 quarter. The same quarter of 2014 was positively affected by the effects of a 23% depreciation of the Argentine peso against the US dollar on the net monetary asset position in foreign currency.

Income tax: Income tax charge totaled 530 and 544 in 2015 and 2014 quarters, respectively.

Analysis of Gross Profit

Oil and Gas Exploration and Production

Gross profit for this business segment is broken down as follows:

(in millions of pesos)

Sales: Sales for this business segment increased 307 to 2,617 in 2015 quarter from 2,310 in 2014 quarter.

Oil sales increased 152 to 1,932 in 2015 quarter from 1,780 in 2014 quarter, mainly as a result of an improvement in average sales prices, partially offset by a decline in sales volumes derived from the natural decline of mature fields.

Gas sales increased 156 to 664 in 2015 quarter from 508 in 2014 quarter, mainly due to an improvement in average sales prices for the residential segment. Sales volumes were similar in both periods and totaled 256  MM cf/d in the quarter under review, with an increase in production from the Neuquén basin due to the start of production of non-conventional gas wells which allowed to offset the natural decline of mature fields.

Gross profit: Gross profit for this business segment totaled 854 in 2015 quarter and 1,056 in 2014 quarter and margin on sales decreased to 32.6% in 2015 quarter from 45.7% in 2014 quarter, due to the fact that the increase in the lifting cost was higher than the above mentioned improvement in average sales prices.

Refining and Distribution

Gross profit for this business segment is broken down as follows:

(in millions of pesos)

Sales: Sales for this business segment rose 557 to 3,028 in the quarter under review from 2,471 in 2014 quarter, as a result of a combined effect of increased sales volumes and, to a lesser extent, an improvement in refined products sales prices and higher crude oil sales volumes.

Refined products sales volumes totaled 516.4 thousand cubic meters in the period under review and 467.2 thousand cubic meters in the same period of previous year, in line with an increased demand in 2015 quarter.

Gross profit: Gross profit for this business segment totaled 256 in 2015 quarter and 252 in 2014 quarter, with margins on sales of 8.5% and 10.2%, respectively. The improvement in sales prices was offset by an increase in purchase costs for supplies.

Petrochemicals

Gross profit for this business segment is broken down as follows:

(in millions of pesos)

Sales: In the first quarter of 2015, sales declined 38 to 1,050 from 1,088 in 2014 quarter, as a result of reduced sales of styrenics.

 

Styrenic product sales revenues dropped 51 to 641 from 692, as a result of lower synthetic rubber sales volumes and, to a lesser extent, a decline in styrene average prices, in line with the drop in international prices.  

Sales revenues resulting from the catalytic reformer plant operations rose 13 to 409 from 396, mainly due to higher prices in pesos, partially offset by a decline in sales volumes.

Gross profit: Gross profit totaled 190 in the quarter under review and 245 in 2014 quarter, mainly due to lower sales volumes. Margins on sales declined to 18.1% in 2015 quarter from 22.5% in 2014 quarter. In addition, variable margins on products were impacted by higher fixed production costs compared to previous year.

Gas and Energy:

Gross profit for this business segment is broken down as follows:

(in millions of pesos)

- Electricity Generation

Sales: In the first quarter of 2015 sales for electricity generation increased 23 to 358 from 335 in 2014 quarter, mainly as a result of an improvement in average sales prices, partially offset by lower sales volumes in the quarter under review. In this respect, sales volumes attributable to Genelba, Pichi Picún Leufú, Genelba Plus and Ecoenergía power plants totaled 1,759 Gwh in the quarter under review and 1,851 Gwh in 2014 quarter.

Gross profit: Gross profit for this business segment increased 41 to 143 from 102, in line with the above mentioned improvement in sales prices, with gross margins on sales of 39.9% in 2015 and 30.4% in 2014.

Marketing and Transportation of Gas

Sales: In the period under review natural gas sales revenues rose 139 to 736 from 597, mainly due to an improvement in average sales prices. Sales volumes were similar in both quarters and totaled 270 million cubic feet per day in 2015. The increase in average sales prices is mainly attributable to improved prices for the residential segment.

Gross profit: Gross profit reflected gains of 42 and 41 in 2015 and 2014 quarters, respectively, and gross margin on sales totaled 5.7% in 2015 and 6.9% in 2014.

Summarized Balance Sheet and Income Statement Structure

Statistical Data

Outlook

Our main goal for 2015 is to consolidate as a robust, flexible, efficient and profitable company allowing us to overcome the challenges posed by the context, identifying new business opportunities. Along these lines, the Company proposes to enhance development of its potential resources in order to achieve in the short-term a balanced replacement of production from mature reservoirs and grow sustainably with consistency and efficiency.

Concerning the Oil and Gas Exploration and Production business, the Company plans to extend the exploitation concession agreements entered into with the Province of La Pampa as it did with the Province of Río Negro. Ensuring certainty of our operations allows us to move forward with our investment and production plan which in turn contribute to generate over time the funds required to finance the development of the Company’s non-conventional resources.

As regards natural gas, the Company participates in the Natural Gas Injection Incentive Program for Companies with Reduced Injection (Gas Plan II), which program will contribute to monetize reserves.

Concerning Refining and Distribution activities, in 2015 the Company plans to continue with efficiency and high performance programs at the refinery and maintain the improvements obtained in quality of service to our clients and in logistics cost reduction.

As regards the Petrochemicals business segment, in 2015 we will continue with a focus on securing availability of basic raw material at prices in line with those for our products and guaranteeing plant operations at a cost level required to reach a standard of competitiveness.

In the Gas and Energy business segment, we plan to continue with the high operating performance for which our assets stand out in the power generation sector.

Ronaldo Batista Assunção

Representative Director

PETROBRAS ARGENTINA S.A.

Unaudited Condensed Interim

 Consolidated

Financial Statements

as of March 31, 2015

(presented on a comparative basis with 2014)

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2015 AND 2014

(Stated in millions of Argentine pesos)

Notes 1 to 27 are an integral part and should be read in conjunction with these financial statements.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME

FOR THE THREE-MONTH PERIODS ENDED MARCH 31, 2015 AND 2014

 (Stated in millions of Argentine pesos)

(a) Concepts in subsequent years will be reclassified to the income statement

Notes 1 to 27 are an integral part and should be read in conjunction with these financial statements.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION

AS OF MARCH 31, 2015 AND DECEMBER 31, 2014

(Stated in millions of Argentine pesos)

Notes 1 to 27 are an integral part and should be read in conjunction with these financial statements.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CHANGES IN EQUITY

FOR THE THREE–MONTH PERIODS ENDED MARCH 31, 2015 AND 2014

(Stated in millions of Argentine pesos)

a) Balances due to business combination of companies under common control

b) Note 14.5

c) As required by the Shareholders’ Meeting of March 27, 2014.

d) As required by the Shareholders’ Meeting of March 19, 2015.

Notes 1 to 27 are an integral part and should be read in conjunction with these financial statements.

UNAUDITED CONDENSED INTERIM CONSOLIDATED STATEMENTS OF CASH FLOWS

FOR THE THREE–MONTH PERIODS ENDED MARCH 31, 2015 AND 2014

 (Stated in millions of Argentine pesos)

Notes 1 to 27 are an integral part and should be read in conjunction with these financial statements.

NOTES TO THE UNAUDITED CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

FOR THE THREE–MONTH PERIOD ENDED MARCH 31, 2015

(Stated in millions of Argentine pesos, except as otherwise indicated)

1. General Information

1.1  The Company

Petrobras Argentina is a corporation (sociedad anónima) with its main office located in the Autonomous City of Buenos Aires, Argentina.

Petrobras Argentina’s  shares are listed on the Buenos Aires Stock Exchange. Its American Depositary Shares (“ADS”), each of them representing 10 Class B common shares of Petrobras Argentina, are listed on the New York Stock Exchange (NYSE).

1.2  Business of the Company

Petrobras Argentina’s business is mainly focused on the energy sector, specifically in oil and gas exploration and production, refining and distribution, petrochemical activities, electricity and hydrocarbon transportation and marketing. The Company has its mainly operations in Argentina, Bolivia, Ecuador and Venezuela. The Company’s fiscal year ends on December 31 of each year.

In these financial statements, Petrobras Argentina and its subsidiaries are jointly referred to as “the Company” or “the Group”.

 

The Board of Directors approved issuance of these condensed consolidated financial statements (hereinafter “financial statements”) on May 7, 2015.

1.3  Controlling Group

Petrobras Participaciones S.L. is the immediate parent company of Petrobras Argentina, with an ownership interest of 67.2%.

Petrobras Participaciones S.L. is a subsidiary of Petróleo Brasileiro, a Brazilian company whose business is focused on exploration, production, refining, sale and transportation of oil and its byproducts in Brazil and abroad.

2.  Basis of presentation

These condensed interim financial statements have been prepared in accordance with IAS 34 “Interim Financial Reporting”, as issued by the IASB, adopted by the CNV through General Resolution No.562/09 and supplements.

These financial statements should be read in conjunction with the financial statements as of December 31, 2014, prepared on the basis of IFRS and issued on February 14, 2015.

2.1  Accounting policies and financial statements used

The accounting policies applied by the Company are consistent with those applied in the previous year.

For the preparation of these financial statements, we have used the financial statements of subsidiaries, jointly controlled and associated as of the March 31, 2015 and 2014 and as of December 31, 2014, or the best financial information available, adapted to the same period of time with respect to the financial statements of the Company. The adjustments have also been considered to adapt the criteria for valuation of the Company.

2.2  Risk policy and accounting estimates

In preparing these financial statements the Company has consistently applied the previous year risk policies and accounting estimates. In relation to the risk analysis, as of March 31, 2015 there are no significant changes from the previous year.

2.3  Operating segments reporting

The Company adopted IFRS 8 – Operating Segments, whereby operating segments are identified on the basis of in-house reports relating to the Company’s components regularly evaluated by the Board of Directors, chief operating decision maker, in deciding how to allocate resources and in assessing performance.

In the segmentation, the Company considers transactions with third parties and intersegment revenues, which are valued as defined internal transfer prices between segments, with verification methodologies based on market parameters.

The Company’s business is mainly focused on the energy sector, basically through its activities relating to oil and gas exploration and production, refining and distribution, petrochemicals and gas and energy. Accordingly, the identified operating segments are as follows:

(a) Oil and Gas Exploration and Production, composed of the Company’s participation in oil and gas blocks and its interest in Oleoductos del Valle S.A., OCP and direct and indirect interest in mixed companies in Venezuela and PELSA.

(b) Refining and Distribution, including the Company’s own operations in the refinery at Bahía Blanca and the gas station network, the Company’s equity interest in Refinería del Norte S.A. and the commercialization of the oil produced in Argentina, which is transferred at market prices from the Oil and Gas Exploration and Production operating segment.

(c) Petrochemicals, comprising the Company’s own of styrenics operations and the catalytic reformer plant operations developed in Argentina .

(d) Gas and Energy, comprising the Company’s own operations relating to the sale of gas produced in Argentina and liquefied petroleum gas brokerage activities, its interest in TGS, the electricity generation activities of Genelba Power Plant and of Pichi Picún Leufú Hydroelectric Complex.

(e) Assets and operating income related to the Central Service Structure, those not attributable to any given operating segment and intercompany eliminations are collectively shown. Intercompany operations are performed at prices representing market values.

In the Central Service Structure common costs to individual business segments are included, among others, management fees, tax on financial transactions, financial liabilities interest and income tax, which are incurred by the Company in the ordinary course of its operations and because of control economy, they are managed from the central structure and not appropriate between operating segments.

3. Risk management objectives and policies

In performing its operations, the Company is exposed to a series of risks associated to the markets in which it operates.

The Company adopts an integrated risk management methodology, which is not focused on the individual risks of the operations of its business units but on a wider monitoring of risks affecting its entire portfolio.

The Company’s risk management strategy, in line with its business integration strategy, seeks to achieve a balance between profitability goals and its exposure to risk.

The Company do not engage in or trade derivative financial instruments for speculative purposes.

The Board of Directors establishes the policies for managing each of the risks set out below, which have been applied consistently in the periods included in these financial statements.

Subsequent to the financial statements as of December 31, 2014 there were no significant changes in the risk management of the Company, or in policies associated with this management.

3.1 Exchange rate risks

The Company’s results of operations and financial position are sensitive to changes in the exchange rate between the Argentine Peso and certain foreign currencies.

The Company is mainly exposed to changes in the peso exchange rate against the U.S. dollar. Petrobras Argentina’s exposure to currencies other than the US dollar is not significant.

The Company has a net asset position in foreign currency because of the fact that a significant portion of its debt is designated as hedge of investment in foreign currency, so the exchange differences generated by this debt are recognized in “Other comprehensive income”.

The variation in the exchange rate in the quarter ended March 31, 2015 generated a gain of 23 imputed to "Financial Results" (Note 9) and a deferred gain of 1 imputed OCI (Note 23).

The carrying amounts of assets and liabilities denominated in foreign currencies as of March 31, 2015 and as of December 31, 2014, including designated debt coverage indicated above, are as follows:

Fair Value by hierarchy levels

Inputs used to determine the fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis as of March 31, 2015 and as of December 31, 2014, were the following:

4.  Information business segments

The Company prepares information based on criteria business segments and prepares further relevant information by geographic area.

4.1  Business segments

Below is detailed information on each business segment identified by the Company’s Management:

4.2 Relevant information by geographical area

Below is information on assets, sales, operating income and equity in earnings of affiliates aggregated by geographical area:

5. Cost of sales

The Company’s cost of sales and the relevant expenses charged to cost of sales are broken down as follows:

5.1  Expenses attributable to cost of sales

6.  Administrative and selling expenses

7.  Exploration expenses

8.  Other operating income, net

9.  Financial results

10.  Current and deferred income tax

Income tax disclosed in the Statement of Income and deferred tax are broken down as follows:

(a) It relates to the tax effect of exchange differences resulting from: (i) revaluation of net investments in foreign operations (with effect on deferred tax), and (ii) revaluation of indebtedness denominated in foreign currency designated as hedge for that investment (with effect on current tax).

The reconciliation between income tax expense in the statements of income and the amount calculated by applying the prevailing income tax rate of 35% to the income tax before taxes is as follows:

(a) The movement for the periods ended March 31, 2015 and 2014 includes (2) and 7 recognized in "income tax". Additionally, the allowances generated in the periods ended March 31, 2015 and 2014 charge of 7 and 48 recognized in OCI, respectively.

11.  Cash and cash equivalents

12.  Trade receivables

(a) The movement for the period ended March 31, 2015 includes (12) charged in "Administrative and Selling Expenses” and 1 attributable to disbursements for the period.

13.  Other receivables

(a) The movement for the period ended March 31, 2015 includes (24) charged in "OCI”.

14.  Investments in related companies

14.1 Investments in joint ventures

As of March 31, 2015 the book value of the investment in CIESA (TGS 's controlling shareholder) amounts 500 and represents about 2% of the total assets of Petrobras Argentina.

14.2. Investments in associates

(a) Includes Petrokariña S.A., Petroritupano S.A., Petroven-Bras S.A. t Petrowayú S.A.

(b) Activity of the three–month period ended March 31, 2015 are shown (164) under “OCI”

14.3 Share of net loss of equity accounted investments

14.5 Minority interest

15.  Other investments

(a) The movement for the period ended March 31, 2015 includes (3) charged in "OCI”.

16.  Property, plant and equipment

(a) Production wells, exploratory wells and oil and gas properties line includes the disposal of fixed assets by selling to YPF its interest in the joint operation (UTE) Puesto Hernandez (Note 25), in the period 2014 and the disposal of fixed assets by selling to Austral Basin, in the period 2015.

17.  Financial loans

The breakdown of loans as of March 31, 2015 and December 31, 2014 is as follows:

Loan activity

Activity in loans and financing as of March 31, 2015 and 2014 are as follows:

The maturities of the financial loans as of March 31, 2015 and December 31, 2014 are as follows:

18. Provisions

(a) Includes 11 shown under “OCI”, (68) corresponding to net payments on new charges and 3 shown under “Other operating income, net” (Note 8).

(b) Includes 7 shown under “Other operating income, net” (Note 8) and (6) attributable to disbursements for the period.

Subsequent to the financial statements at December 31, 2014 there were no significant changes in all aspects of the provisions recorded by the Company.

19.  Social benefits and other payroll benefits

As of March 2015 the evolution of pension plan liabilities is as follows:

The liabilities of payroll benefits include the following:

20.  Capital stock

As of March 31, 2015, the Company’s capital stock amounted to 2,019, fully subscribed, paid-in and authorized for public trading.

Changes in capital stock in the last three fiscal years:

21.  Reserves

22.  Unappropriated retained earnings

23.  Other comprehensive income

24.  Related companies transactions

Balances and transactions with related companies

Balances as of March 31, 2015 and December 31, 2014 for transactions with related companies are the following:

The main transactions with related companies for the three–month periods ended March 31, 2015 and 2014 are as follows:

25.  Operations in Joint Operation

On January 31, 2014, the Company’s Board of Directors approved the sale to YPF of the Company’s interest in Puesto Hernández Joint Venture (UTE) in the amount of USD 40.7 million, resulting in a pre-tax gain of 181 recorded in “Other operating income, net” (Note 8).

On March 30, 2015, the Company’s Board of Directors approved the sale to Compañía General de Combustibles S.A. of the Company’s entire interest in the Austral basin in Argentina in the amount of USD 101 million, resulting in a pre-tax gain of 674 recorded in “Other operating income, net” (Note 8). The transaction includes concessions operated under the Joint Ventures (UTE) of Santa Cruz I, Santa Cruz I Oeste, Glencross and Estancia Chiripá, assets related to Santa Cruz II, Punta Loyola Terminal and oil and gas pipelines operated in the basin.

As regards the exploitation concession for Veta Escondida area, on March 17, 2015, under Decree No.565/2015, the Province of Neuquén approved a standard agreement including terms and conditions similar to those provided in the agreement reached in December 2013. As of the date of these financial statements, the above agreement is pending subscription.

26. General Resolution No. 629/2014 - Save Documentation

On August 14, 2014, the CNV issued Resolution No. 629 by amending rules about guard documentation.

In this regard, the Company advises that trade books, corporate books and accounting records are in the registered office.

The Company has sent documentation of certain age to AdeA provider - File Management SA to be stored, it is in Ruta 36, km 34.5, Florencio Varela, Buenos Aires.

27.  Subsequent events

No other events have occurred subsequent to period end that may significantly affect the Company’s financial position as of March 31, 2015, or the results of its operations for the three–month period then ended.

GLOSSARY:

ADS

American Depositary Shares

ARS

Argentine pesos

Bol

Bolívares

CAMMESA

Compañía Administradora del Mercado Mayorista Eléctrico S.A.

CIESA

Compañía de Inversiones de Energía S.A.

CNV

Comisión Nacional de Valores (Argentine Securities Comision)

Distrilec

Distrilec Inversora S.A

Edesur

Empresa Distribuidora Sur S.A. (Edesur S.A.)

ENRARGAS

Ente Nacional Regulador del Gas (Argentine Gas Regulatory Agency)

EUR

Euros

IAS

International Accounting  Standards

IASB

International Accounting  Standards Board

IFRIC

International Financial Reporting Interpretations Committee

IFRS

International Financial Reporting Standards

MM cf/d

Million cubic feet per day

NYSE

New York Stock Exchange

OCI

Other Comprehensive income

OCP

Oleoducto de Crudos Pesados Ltd.

PELSA

Petrobras Entre Lomas S.A.

Petróleo Brasileiro

Petróleo Brasileiro S.A. – PETROBRAS, compañía controlante de la Petrobras Argentina S.A.

PIB BV

Petrobras Internacional Braspetro BV

PFB

Petrobras Finance Bermudas Ltd

TGS

Transportadora de Gas del Sur S.A

US

United Status of America

USD

United States Dollars

WEM

Wholesale Electricity Market

$ Bol

Pesos bolivianos

REPORT ON REVIEW OF CONDENSED INTERIM CONSOLIDATED FINANCIAL INFORMATION

To the Shareholders, President and Directors of Petrobras Argentina S.A.

Introduction

We have reviewed the accompanying condensed interim consolidated financial statements of Petrobras Argentina S.A. (“PESA" or "the Company") and its subsidiaries, including the consolidated statement of financial position as of March 31, 2015, the consolidated statements of income, the comprehensive income, the consolidated statements of changes in shareholders' equity and cash flows for the three-month period then ended and the selected explanatory Notes. The balances and other information for the year 2014 and for its interim periods are an integral part of these financial statements and, therefore, they should be considered in relation to those statements.

Board Responsibility

The Company's Board of Directors is responsible for the preparation and presentation of these condensed interim consolidated financial statements in accordance with International Financial Reporting Standards, adopted by the Argentine Federation of Professional Councils in Economic Sciences (FACPCE, for its acronym in Spanish) as professional accounting standards and added by the National Securities Commission (CNV, for its acronym in Spanish) to its regulations, as approved by the International Accounting Standard Board (IASB). Therefore, they are responsible for the preparation and presentation of the condensed interim consolidated financial statements mentioned in the first paragraph, in accordance with International Accounting Standard No. 34 "Interim Financial Reporting" (IAS 34).

Scope of review

Our review was limited to the application of the procedures established in the International Standard on Review Engagements 2410, 'Review of interim financial information performed by the independent auditor of the entity', which was adopted as review standard by Technical Pronouncement No. 33 of the FACPCE in Argentina, as approved by the International Auditing and Assurance Standard Board (IAASB). A review of interim financial information consists in making inquiries to the company personnel responsible for the preparation of the information included in the condensed interim consolidated financial statements and in the preparation of analytical and other review procedures. This review is substantially less in scope than an audit conducted in accordance with International Auditing Standards (IAS), and consequently, does not enable us to obtain assurance that we would become aware of all significant matters that might be identified in an audit. Accordingly, we do not express an audit opinion on the consolidated statement of financial position, the consolidated statements of comprehensive income and cash flows of the Company.

Conclusion

Based on our review, no issues have come to our attention that make us believe the condensed interim consolidated financial statements mentioned in the first paragraph have not been prepared, in all material respects, in accordance with IAS 34.

PRICE WATERHOUSE & CO. S.R.L

By                                             (Partner)

Miguel A. Urus

Autonomous City of Buenos Aires, May 7, 2015

SIGNATURES

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.

PETROBRAS ARGENTINA S.A.

Date: June 30, 2015

By: /s/  Daniel Casal  

By: /s/ Luis M. Sas

Name: Daniel Casal

Name: Luis M. Sas

Title:   Attorney

Title:   Attorney