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

 

1

 

First Quarter 2022 Earnings Presentation.


Slide 1

1st QUARTER 2022 EARNINGS WEBCAST MAY 12TH, 2022


Slide 2

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.


Slide 3

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).


Slide 4

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%


Slide 5

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.


Slide 6

(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


Slide 7

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.


Slide 8

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


Slide 9

QUESTIONS 1st QUARTER 2022 EARNINGS WEBCAST AND ANSWERS


Slide 10


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
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