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 ☒
YPF Sociedad Anónima
TABLE OF CONTENTS
ITEM
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1
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First Quarter 2022 Earnings Presentation.
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1st
QUARTER 2022 EARNINGS WEBCAST MAY 12TH, 2022

IMPORTANT
NOTICE Safe harbor statement under the U.S. Private Securities
Litigation Reform Act of 1995 (the “Private Securities Litigation
Reform Act”). This document contains statements that YPF believes
constitute forward-looking statements under within the meaning of
the Private Securities Litigation Reform Act. These forward-looking
statements may include statements regarding the intent, belief,
plans, current expectations or objectives of YPF and its
management, including statements with respect to YPF’s future
financial condition, financial, operating, reserve replacement and
other ratios, results of operations, business strategy, geographic
concentration, business concentration, production and marketed
volumes and reserves, as well as YPF’s plans, expectations or
objectives with respect to future capital expenditures,
investments, expansion and other projects, exploration activities,
ownership interests, divestments, cost savings and dividend payout
policies. These forward-looking statements may also include
assumptions regarding future economic and other conditions, such as
future crude oil and other prices, refining and marketing margins
and exchange rates. These statements are not guarantees of future
performance, prices, margins, exchange rates or other events and
are subject to material risks, uncertainties, changes and other
factors which may be beyond YPF’s control or may be difficult to
predict. YPF’s actual future financial condition, financial,
operating, reserve replacement and other ratios, results of
operations, business strategy, geographic concentration, business
concentration, production and marketed volumes, reserves, capital
expenditures, investments, expansion and other projects,
exploration activities, ownership interests, divestments, cost
savings and dividend payout policies, as well as actual future
economic and other conditions, such as future crude oil and other
prices, refining margins and exchange rates, could differ
materially from those expressed or implied in any such
forward-looking statements. Important factors that could cause such
differences include, but are not limited to, oil, gas and other
price fluctuations, supply and demand levels, currency
fluctuations, exploration, drilling and production results, changes
in reserves estimates, success in partnering with third parties,
loss of market share, industry competition, environmental risks,
physical risks, the risks of doing business in developing
countries, legislative, tax, legal and regulatory developments,
economic and financial market conditions in various countries and
regions, political risks, wars and acts of terrorism, natural
disasters, project delays or advancements and lack of approvals, as
well as those factors described in the filings made by YPF and its
affiliates with the Securities and Exchange Commission, in
particular, those described in “Item 3. Key Information—Risk
Factors” and “Item 5. Operating and Financial Review and Prospects”
in YPF’s Annual Report on Form 20-F for the fiscal year ended
December 31, 2021, filed with the U.S. Securities and Exchange
Commission (the “SEC”). 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 to sell
or the solicitation of any offer to buy any securities of YPF S.A.
in any jurisdiction. Securities may not be offered or sold in the
United States absent registration with the SEC or an exemption from
such registration. Cautionary Note to U.S. Investors — The United
States SEC permits oil and gas companies, in their filings with the
SEC, to separately disclose proved, probable and possible reserves
that a company has determined in accordance with the SEC rules. We
may use certain terms in this presentation, such as resources, that
the SEC’s guidelines strictly prohibit us from including in filings
with the SEC. U.S. Investors are urged to consider closely the
disclosure in our Form 20-F, File No. 1-12102 available on the SEC
website www.sec.gov. Our estimates of EURs, included in our
Development Costs, are by their nature more speculative than
estimates of proved, probable and possible reserves and accordingly
are subject to substantially greater risk of being actually
realized, particularly in areas or zones where there has been
limited history. Actual locations drilled and quantities that may
be ultimately recovered from our concessions will differ
substantially. Ultimate recoveries will be dependent upon numerous
factors including actual encountered geological conditions and the
impact of future oil and gas pricing. Unless otherwise indicated,
the calculation of the main financial figures in U.S. dollars is
derived from the calculation of the consolidated financial results
expressed in Argentine pesos using the average exchange rate for
each period. From 1Q 2019 onwards, the calculation of the main
financial figures in U.S. dollars is derived from 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.

US$ 248mn
Flat Q/Q n.m. Y/Y NET INCOME US$ 972mn Adj. EBITDA (1) US$ 748mn
-18% Q/Q +53% Y/Y CAPEX US$ 391mn +5% Q/Q +16% Y/Y FCF (2) US$
5,912mn (US$359 mn) Q/Q (US$840 mn) Y/Y NET DEBT +17% Q/Q +27% Y/Y
PRODUCTION BOE/D 506k +174% Q/Q +37% Y/Y MAIN HIGHLIGHTS 1Q 2022
(1) Adjusted EBITDA = EBITDA that excludes IFRS 16 and IAS 29
effects +/- one-off items. (2) FCF = Cash flow from Operations less
capex (investing activities), M&A (investing activities), and
interest and leasing payments (financing activities).

TOTAL
PRODUCTION SURPASSED THE 500 KBOE/D THRESHOLD ON A REMARKABLE SHALE
EXPANSION TOTAL PRODUCTION TOTAL PRODUCTION BREAKDOWN LIFTING COST
YPF O&G AVERAGE REALIZATION PRICES 484 506 KBOE/D 437 -9% Y/Y
+96% Y/Y KBOE/D Conventional Shale Tight 437 506 +95 -26 -0.1 +16%
+5% US$/bbl -1%

MAINTAINED
AN INCREASING LEVEL OF ACTIVITY WITH A STRONG FOCUS ON OPERATING
EFFICIENCIES UNCONVENTIONAL COMPLETED HORIZONTAL WELLS(1) # of
Wells 34 38 36 +12% CORE HUB – DEVELOPMENT COST (2) US$/BOE CORE
HUB – LIFTING COST US$/BOE -33% Flat WELL COST KUS$/100ft - rh -19%
(1) Operated wells. +52% +140% NET SHALE PRODUCTION KBBL/D &
KBOE/D (2) These values are subject to variation according to the
best estimate of the EUR of the connected wells during the period.
The values for 1Q21 and 4Q21 including herein have
been restated according with
recent EUR estimations.

(2) Net of
commissions, deductions, freights, turnover tax and other taxes.
Strong fuels´ demand in 1Q22 led to an increase in imports´ volumes
01 Processing levels continued to recover during 1Q22 reaching a
utilization rate of 90% in March 02 Recent price adjustments at the
pump to compensate for currency devaluation and reducing partially
the gap with international reference prices 03 DOMESTIC FUELS´
SALES VS 2019(1) KM3/% -6% -9% +1% +7% +6% 4% 5% 9% 15% 13% (1)
Imports as % of total fuels´ sales.. REFINING UTILIZATION % &
FUELS’ IMPORTS(1) F.O.B REFINERY / TERMINAL PRICE(2) US$/BBL
%/KBBLD IMPORTS ROBUST DEMAND FOR DOMESTIC FUELS, TOPPING-OFF
PROCESSING CAPACITY, COMPLEMENTED WITH IMPORTS

8th
CONSECUTIVE QUARTER WITH POSITIVE FREE CASH FLOW CONSOLIDATED
STATEMENT OF ADJUSTED CASH FLOW(1) In Millions of US$ CUMULATIVE
FREE CASH FLOW In Millions of US$ Quarterly FCF 72% of consolidated
liquidity is either dollarized or hedged(3)(4) Cash and equivalents
at the end of 1Q 2022 converted to US$ using March 31,2022 exchange
rate of AR$110.91 to US$1.00. Cash and equivalents at the end of 4Q
2021 converted to US$ using the December 31,2021 exchange rate of
AR$102.62 to US$1.00. Cash & equivalents include Argentine
sovereign bonds and Treasury notes. Includes mainly payment of
leasing, FX differences and net payments for financial assets.
Includes cash position in dollars, Sovereign bonds, and
peso-denominated debt. Includes long-term investments in financial
assets which mature in less than 24 months.

STRONG
LIQUIDITY POSITION WITH NO RELEVANT MATURITIES FOR THE REST OF THE
YEAR CONSOLIDATED PRINCIPAL DEBT AMORTIZATION SCHEDULE(1) In
Millions of US$ LIQUIDITY VS NEXT 12 MONTH MATURITIES In Millions
of US$ (1) As of March 31, 2022, converted to US$ using the
exchange rate of AR$110.91 to US$1.00. Excludes IFRS 16 effects.
1,011 952 3,156 296 1,414 273 Net leverage ratio down to 1.46x
Liquidity covering next 24 months maturities 1st amortization of
2024 Notes due on April 4th, paid without interference on March
31st US$300 million cross-border A/B loan, led by CAF, fully
disbursed

QUESTIONS
1st QUARTER 2022 EARNINGS WEBCAST AND ANSWERS

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.
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YPF Sociedad
Anónima |
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Date: May 11, 2022 |
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By: |
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/s/ Pablo Calderone |
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Name: |
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Pablo Calderone |
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Title: |
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Market Relations Officer |
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