Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of March 2024

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 ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM

1 YPF S.A.’s 2023 and fourth quarter 2023 consolidated results.

LOGO

YPF FY2023 & March 7, 2024 8:30 am ET / 10:30 am BAT Follow the presentation via website: Click Here YPF S.A. Consolidated Results Investor relations contact https://investors.ypf.com/ margarita chun - ir manager inversoresypf@ypf.com margarita.chun@ypf.com

LOGO

Buenos Aires, March 6, 2024 – YPF (BYMA: YPFD | NYSE: YPF¹), announces the full year and 4Q23 results. As from 4Q22, the financial information is recorded in US$, corresponding to the functional currency of YPF. The information is based on the financial statements prepared according to IFRS in force in Argentina. The sum of the parts of certain figures is subject to rounding.


KPI	4Q23			3Q23			Q/Q Δ			4Q22			Y/Y Δ			2023			2022			Δ
Financial
Revenues		4,194			4,504			-7	%		4,645			-10	%		17,311			18,757			-8	%
Adjusted EBITDA		1,082			926			17	%		933			16	%		4,058			4,947			-18	%
Net Result		(1,861	)		(137	)		1258	%		464			N/A			(1,277	)		2,234			N/A
CAPEX		1,466			1,546			-5	%		1,421			3	%		5,684			4,192			36	%
FCF		(60	)		(379	)		-84	%		(188	)		-68	%		(740	)		755			N/A
Net Debt		6,803			6,675			2	%		5,996			13	%		6,803			5,996			13	%
Net Leverage Ratio (x)		1.7			1.7			-2	%		1.2			38	%		1.7			1.2			38	%
Upstream
Hydrocarbon Production (Kboe/d)		510.7			519.7			-2	%		499.2			2	%		513.6			503.3			2	%
Crude Oil (Kbbl/d)		255.1			236.9			8	%		231.8			10	%		242.9			226.0			7	%
Natural Gas (Mm3/d)		34.4			37.5			-8	%		35.7			-4	%		36.2			37.5			-3	%
NGL (Kbbl/d)		39.6			46.6			-15	%		42.6			-7	%		42.9			41.6			3	%
Crude Oil Price (US$/bbl)		59.3			60.7			-2	%		66.7			-11	%		62.5			64.6			-3	%
Natural Gas Price (US$/MBTU)		2.9			4.3			-31	%		3.0			-3	%		3.6			3.6			-1	%
Medanito Oil Exports (Kbbl/d)		18.8			18.6			1	%		—			N/A			10.9			—			N/A
Total Lifting Cost (US$/boe)		15.3			15.6			-2	%		14.5			5	%		15.4			13.3			16	%
Core-Hub Lifting Cost (US$/boe)		4.0			4.2			-6	%		3.7			7	%		4.1			3.6			13	%
Downstream
Crude Processed (Kbbl/d)		289.8			276.1			5	%		293.4			-1	%		294.4			285.5			3	%
Refineries’ Utilization Rate (%)		88	%		84	%		5	%		89	%		-1	%		90	%		87	%		3	%
Local Fuels Volume Sold (Km3)		4,108			3,929			5	%		3,848			7	%		15,570			15,064			3	%
Local Fuels Price (US$/m3)		679			640			6	%		739			-8	%		678			720			-6	%
Imported Fuels (Km3)		744			273			173	%		325			129	%		1,686			1,561			8	%
R&M Adj. EBITDA (US$/bbl)		16.8			3.3			406	%		12.5			35	%		11.0			14.6			-25	%

In US$ million, unless noted otherwise. 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 effects +/- one-off items. Net Leverage Ratio = Net Debt / LTM Adj. EBITDA. FCF = Cash flow from Operations less CAPEX (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities). Fuels = diesel + gasoline + jet fuel. R&M is refining and marketing business, it excludes petrochemicals and agro businesses.

1. MAIN HIGHLIGHTS

Adjusted EBITDA amounted to US$4,058 million (-18% vs. 2022), on the back of lower domestic fuel prices in dollar terms, a downward trend in the prices of other refined products and higher OPEX, partially offset by the expansion in total production and processing levels and new FX regime for exporters. 4Q23 contributed with an Adj. EBITDA of US$1,082 million (+17% q/q), primarily on the back of said exports’ FX regime and higher local fuels prices in dollars terms, partially compensated by seasonal lower natural gas sales.

Total hydrocarbon production averaged 514 Kboe/d in 2023 (+2% vs. 2022) and 511 Kboe/d in 4Q23 (-2% q/q but +2% y/y), mainly boosted by the expansion in crude oil production, while natural gas production declined by 3% in 2023 driven by lower demand. 46% of 2023 total production was shale. Shale oil production continued delivering an impressive growth rate of 27% in 2023, reaching 109 Kbbl/d in 4Q23 (+28% y/y), while Medanito oil exports to Chile stabilized in 19 Kbbl/d.

Total P1 reserves reached 1.1 billion BOE by Dec-2023 (-10% vs. 2022), largely driven by the drop of 26% in conventional reserves, whereas shale reserves, 71% of the total, remained stable. The general reserve replacement ratio (RRR) stood at 0.4x, while shale RRR was 1.0x.

Domestic fuel’s demand reached historical records during 2023, standing 3% above 2022 levels, supplied by 3% higher processing levels at our refineries and higher fuels imports, which jumped 8% against 2022, representing 11% of total local fuels sales.

CAPEX totaled US$5,684 million in 2023 (+36% y/y), exceeding the initial target of the year as a result of higher costs in dollar terms, achieving the activity originally planned.

Free cash flow totaled a negative US$740 million in 2023 and slightly negative at US$60 million in 4Q23, the latter backed on the sequential EBITDA expansion and positive working capital variations, partly offset by the deployment of the CAPEX Plan, taking our net debt to US$6.8 billion and net leverage ratio to 1.7x.

¹	1 ADR = 1 share. Total issued capital stock amounted to 393,312,793 shares as of Dec-2023 (51% Argentina Government; 35% NYSE and 14% ByMA).

2

LOGO

2. ANALYSIS OF CONSOLIDATED RESULTS


Consolidated Revenues Breakdown Unaudited Figures, in US$ million	4Q22		3Q23		4Q23		Y/Y Δ			Q/Q Δ			2022		2023		Y/Y Δ
Diesel		1,774		1,563		1,672		-5.8	%		7.0	%		6,780		6,493		-4.2	%
Gasoline		885		824		943		6.6	%		14.4	%		3,460		3,493		1.0	%
Natural gas as producers (third parties)		283		464		279		-1.1	%		-39.8	%		1,477		1,399		-5.2	%
Other		1,167		1,174		738		-36.7	%		-37.1	%		4,703		4,013		-14.7	%

Total Domestic Market		4,108		4,025		3,632		*-11.6*	%		*-9.8*	%		16,420		15,399		*-6.2*	%

Jet fuel		160		127		152		-5.4	%		19.5	%		510		547		7.3	%
Grain and flours		52		26		0		N/A			N/A			684		77		-88.7	%
Crude oil		21		152		151		638.4	%		-0.5	%		26		362		1309.3	%
Petchem & Other		304		173		258		-15.0	%		49.1	%		1,118		927		-17.1	%

Total Export Market		537		479		562		*4.5*	%		*17.4*	%		2,337		1,912		*-18.2*	%

Total Revenues		4,645		4,504		4,194		*-9.7*	%		*-6.9*	%		18,757		17,311		*-7.7*	%

Net Revenues totaled US$17.3 billion in 2023, decreasing 8% y/y mainly driven by lower prices of fuels, other refined and petrochemical products, and fertilizers, as well as the impact of a severe drought in the first half of the year that particularly affected exports of grain and flours, partially offset by the resumption of Medanito crude oil exports to Chile and increased local demand of fuels, particularly gasoline.

Revenues in 4Q contracted 7% sequentially mainly due to lower seasonal natural gas sales and the impact of the mid-December discrete devaluation on subsidiaries with Argentine Peso as the functional currency², partially offset by higher local fuels prices in dollar terms and a record high gasoline demand.


Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Lifting cost		(668	)		(746	)		(719	)		7.6	%		-3.7	%		(2,442	)		(2,882	)		18.0	%
Other Upstream		(148	)		(112	)		(144	)		-2.3	%		28.9	%		(461	)		(496	)		7.5	%
Refining & Logictic cost		(397	)		(406	)		(409	)		3.0	%		0.8	%		(1,408	)		(1,597	)		13.4	%
Other Downstream		(164	)		(166	)		(185	)		12.9	%		11.4	%		(585	)		(652	)		11.5	%
G&P, Corp. & Other		(154	)		(156	)		(10	)		-93.5	%		-93.6	%		(472	)		(420	)		-11.1	%

Total OPEX		(1,530	)		(1,586	)		(1,467	)		*-4.1*	%		*-7.5*	%		(5,369	)		(6,047	)		*12.6*	%

Depreciation & Amortization		(744	)		(864	)		(780	)		4.8	%		-9.7	%		(2,808	)		(3,273	)		16.6	%
Royalties		(250	)		(248	)		(227	)		-9.2	%		-8.4	%		(969	)		(958	)		-1.1	%
Other costs		(265	)		(281	)		(205	)		-22.6	%		-27.1	%		(1,176	)		(995	)		-15.4	%

Total Other Costs		(1,259	)		(1,393	)		(1,212	)		*-3.7*	%		*-13.0*	%		(4,953	)		(5,226	)		*5.5*	%

Fuels imports		(307	)		(214	)		(588	)		91.5	%		174.1	%		(1,477	)		(1,303	)		-11.8	%
Crude oil purchases to third parties		(336	)		(308	)		(308	)		-8.2	%		0.1	%		(1,263	)		(1,326	)		5.0	%
Biofuel purchases		(269	)		(198	)		(153	)		-43.3	%		-22.8	%		(987	)		(810	)		-17.9	%
Agro products purchases		(142	)		(194	)		(73	)		-48.8	%		-62.5	%		(1,222	)		(634	)		-48.1	%
Other purchases		(272	)		(361	)		(112	)		-58.6	%		-68.9	%		(1,263	)		(1,033	)		-18.2	%
Stock variations		(259	)		(127	)		(68	)		-73.7	%		-46.5	%		232			(44	)		N/A

Total Purchases & Stock Variations		(1,585	)		(1,403	)		(1,302	)		*-17.9*	%		*-7.2*	%		(5,980	)		(5,150	)		*-13.9*	%

Other operating results, net		196			(3	)		152			-22.4	%		N/A			150			152			1.3	%
Impairment of assets		(25	)		(506	)		(1,782	)		7028.0	%		252.2	%		(123	)		(2,288	)		1760.2	%

Operating Costs + Purchases + Impairment of Assets		(4,203	)		(4,891	)		(5,611	)		*33.5*	%		*14.7*	%		(16,275	)		(18,559	)		*14.0*	%

Stock variations include price effects by (US$20) million in 4Q22, US$32 million for 3Q23, (US$29) million for 4Q23, US$245 million for 2022 and (US$62) million for 2023.

OPEX totaled US$6.0 billion in 2023 (+13% y/y), mainly explained by a negative evolution of macroeconomic variables along the year, such as inflation, wages, and currency devaluation, coupled with an overall activity increase across all businesses, on the back of higher O&G production, fuels demand and processing levels. It is noteworthy that in 4Q23, OPEX dropped 8% q/q, primarily due to the impact of the mid-December discrete devaluation on subsidiaries with Argentine Peso as the functional currency.

Total Purchases and Stock Variations amounted to US$5.2 billion (-14% y/y) mainly due to lower agro purchases (grain and flours, as well as fertilizers) aligned with the lower demand previously described, reduced availability of biodiesel and the impact of downward trend in international prices on imported fuels. This was partly offset by higher crude oil purchases, in line with better processing levels and a negative stock variation as a result of lower replacement cost of our inventories.

²	The financial information of our subsidiaries, having the Argentine Peso as functional currency, is adjusted for inflation, corresponding to a hyperinflationary economy in accordance with IAS guidelines, and consolidated using the exchange rate for the end of the period.

3

LOGO

A non-recurring impairment charge of US$2,288 million was recorded by the company in 2023, mainly led an impairment of Property, Plant and Equipment charge accounted in 4Q23 of US$ 1,782 million. This charge is a result of the revision of recoverable value of conventional mature fields on the back of a new disposal strategy approved by the Board of Directors on February 29, 2024, which requires a future reclassification to “held for sale assets”, according to the applicable regulation (IFRS).

Consolidated Net Income Breakdown

Unaudited Figures, in US$ million

4Q22

3Q23

4Q23

Y/Y Δ

Q/Q Δ

2022

2023

Y/Y Δ

Operating income / (loss)

442

(387

)

(1,417

)

N/A

266.1

%

2,482

(1,248

)

N/A

Income from equity interests in associates and joint ventures

58

44

(133

)

N/A

446

94

-78.9

%

Financial results, net

120

206

549

357.5

%

166.5

%

128

897

600.8

%

Net result before tax

620

(137

)

(1,001

)

N/A

630.7

%

3,056

(257

)

N/A

Income tax

(156

)

—

(860

)

451.3

%

N/A

(822

)

(1,020

)

24.1

%

Net result

464

(137

)

(1,861

)

N/A

1258.4

%

2,234

(1,277

)

N/A

Net Income before impairment of assets

480

192

(703

)

N/A

2,314

210

-90.9

%

Net financial results represented a US$897 million gain in 2023, compared to a US$128 million gain in 2022, mainly explained by the impact of the devaluation on the Argentine peso net monetary-liability position, partially offset by higher debt interests.

The income tax charge amounted to US$1,020 million in 2023 (+24% y/y), mainly as a result of the local currency devaluation outpacing inflation in cumulative terms for the year, resulting in an increase in deferred tax liabilities.

Thus, net result reached a negative mark of US$1,277 million, compared to a gain of US$2,234 million in 2022.

3. ADJ. EBITDA & CAPEX

3.1 ADJ. EBITDA RECONCILIATION


Reconciliation of Adjusted EBITDA Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Net result		464			(137	)		(1,861	)		N/A			1258.4	%		2,234			(1,277	)		N/A
Financial results, net		(120	)		(206	)		(549	)		357.5	%		166.5	%		(128	)		(897	)		600.8	%
Income from equity interests in associates and joint ventures		(58	)		(44	)		133			N/A			N/A			(446	)		(94	)		-78.9	%
Income tax		156			—			860			451.3	%		N/A			822			1,020			24.1	%
Unproductive exploratory drillings		12			9			6			-50.0	%		-33.3	%		26			21			-19.2	%
Depreciation & amortization		744			864			780			4.8	%		-9.7	%		2,808			3,273			16.6	%
Impairment of assets		25			506			1,782			7028.0	%		252.2	%		123			2,288			1760.2	%

EBITDA		1,223			992			1,151			*-5.9*	%		*16.0*	%		5,439			4,334			*-20.3*	%

Leasing		(72	)		(66	)		(69	)		-3.4	%		5.6	%		(274	)		(276	)		0.9	%
Other adjustments		(218	)		—			—			N/A			N/A			(218	)		—			N/A

Adjusted EBITDA		933			926			1,082			*15.9*	%		*16.8*	%		4,947			4,058			*-18.0*	%

3.2 ADJ. EBITDA & CAPEX BY SEGMENT


By Segment	4Q23			3Q23			4Q22			2023			2022
Adj. EBITDA
Upstream		658			735			658			2,807			3,076
Downstream		575			109			325			1,367			2,012
Gas & Power		(38	)		44			11			43			145
Corp		(13	)		(79	)		(84	)		(214	)		(244	)
Eliminations		(100	)		118			24			55			(41	)

Total Adj. EBITDA		1,082			926			933			4,058			4,947

CAPEX
Upstream		1,084			1,150			1,007			4,266			3,150
Downstream		324			321			347			1,140			837
Gas & Power		41			40			34			178			78
Corp		17			35			34			100			127
Eliminations		—			—			—			—			—

Total CAPEX		1,466			1,546			1,421			5,684			4,192

Note: Downstream Adjusted EBITDA includes inventories price effect of oil products for (-US$73) million in 4Q22, US$(-71) million for 3Q23, US$37 million for 4Q23, US$247 million for 2022 and (-US$164) million for 2023.

4

LOGO

3.3 ADJ. EBITDA Q/Q & Y/Y EVOLUTION

LOGO

4. ANALYSIS OF RESULTS BY SEGMENT

4.1 UPSTREAM


Upstream Financials Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Crude oil		1,391			1,299			1,332			-4.2	%		2.5	%		5,243			5,399			3.0	%
Natural gas		359			550			353			-1.6	%		-35.7	%		1,797			1,734			-3.5	%
Other		63			71			53			-16.4	%		-26.0	%		268			249			-7.2	%

Revenues		1,813			1,920			1,738			*-4.1*	%		*-9.5*	%		7,308			7,382			*1.0*	%

Depreciation & amortization		(558	)		(693	)		(620	)		11.0	%		-10.5	%		(2,087	)		(2,583	)		23.7	%
Lifting cost		(668	)		(746	)		(719	)		7.6	%		-3.7	%		(2,442	)		(2,882	)		18.0	%
Royalties		(247	)		(245	)		(224	)		-9.1	%		-8.7	%		(956	)		(946	)		-1.1	%
Exploration expenses		(23	)		(16	)		(19	)		-17.4	%		18.8	%		(65	)		(61	)		-6.2	%
Other		117			(149	)		(84	)		N/A			-43.8	%		(324	)		(549	)		69.7	%

Operating income before impairment of assets		434			70			72			*-83.4*	%		*2.9*	%		1,433			361			*-74.8*	%

Impairment of assets		(25	)		(506	)		(1,782	)		7028.0	%		252.2	%		(123	)		(2,288	)		1760.2	%

Operating income / (loss)		409			(436	)		(1,710	)		N/A			292.2	%		1,310			(1,927	)		*N/A*

Depreciation & amortization		558			693			620			11.0	%		-10.5	%		2,087			2,583			23.7	%
Unproductive exploratory drillings		12			9			6			-50.0	%		-33.3	%		26			21			-19.2	%
Impairment of assets		25			506			1,782			7028.0	%		252.2	%		123			2,288			1760.2	%

EBITDA		1,004			772			698			*-30.5*	%		*-9.6*	%		3,546			2,965			*-16.4*	%

Leasing		(49	)		(37	)		(40	)		-18.3	%		6.9	%		(173	)		(158	)		-8.8	%
Other adjustments		(298	)		—			—			N/A			N/A			(298	)		—			N/A

Adjusted EBITDA		658			735			658			*0.1*	%		*-10.4*	%		3,076			2,807			*-8.7*	%

CAPEX		1,007			1,150			1,084			*7.7*	%		*-5.8*	%		3,150			4,266			*35.4*	%

Unit Cash Costs

Unaudited Figures, in US$/boe

4Q22

3Q23

4Q23

Y/Y Δ

Q/Q Δ

2022

2023

Y/Y Δ

Lifting Cost

14.5

15.6

15.3

5.2

%

-2.0

%

13.3

15.4

15.6

%

Royalties and other taxes

6.7

6.5

6.0

-10.6

%

-7.7

%

6.6

6.4

-2.4

%

Other Costs

3.5

2.6

3.3

-5.4

%

28.0

%

2.8

2.9

4.4

%

Total Cash Costs (US$/boe)

24.8

24.7

24.6

-0.6

%

-0.4

%

22.6

24.6

9.0

%

Revenues totaled US$7.4 billion in 2023 (similar to 2022), mainly driven by higher crude oil volume sold (+6%), mostly offset by reduced crude oil price (-3%), which was particularly affected by the agreement between local refineries, upstream companies and the Secretary of Energy during the 2^nd half of the year, and to a lesser extent, the decline in natural gas demand (-3%).

5

LOGO

Lifting cost reached US$15.4/BOE in 2023 (+16% y/y), primarily due to cost pressures in local currency, as the inflation surpassed the FX devaluation, as well as higher unconventional activities and maintenance costs, partly offset by the expanded crude oil production. Our conventional blocks averaged US$25.0/BOE (+20% y/y), while unconventional lifting cost was US$5.3/BOE (+33% y/y). Zooming in, lifting cost of our shale core hub blocks, on a gross basis, stood at US$4.1/BOE (+13% y/y), a very competitive rate despite macro context.

Royalties and other taxes averaged US$6.4/BOE in 2023 (-2% y/y), as a result of said decline in natural gas demand and lower hydrocarbon realization prices, partially offset by the growing crude oil output.

Lastly, it is worth noting that in 2023 the Company recorded a non-recurring impairment charge of US$2.3 billion: US$1.8 billion in 4Q23 from the revision of recoverable value of conventional mature fields on the back of a new disposal strategy and US$0.5 billion in 3Q23 in our natural gas assets due to lower long-term expected natural gas prices as a result of increased competition and potential oversupply in the domestic market in coming years.

Adjusted EBITDA totaled US$2.8 billion in 2023 (-9% y/y), driven by higher OPEX, lower local crude oil price and reduced natural gas demand, partially offset by growing oil production and new FX regime for exporters.

CAPEX totaled US$4.3 billion (+35% y/y), where 65% was allocated to drilling and workover activities, 29% to new facilities or the expansion of existing ones, and 6% to exploration and other upstream activities. 67% of total capex was deployed within the unconventional areas.

Drilling and workover activities showed a positive trend, completing a total of 318 new wells in our operated blocks: 161 horizontal shale (138 oil and 23 gas) and 157 conventional, reaching the highest number of horizontal shale wells completed in the last four years.

In terms of efficiencies within our shale operations, in 2023 the company continued setting new records on drilling and fracking performance, averaging 274 meters per day in drilling and over 200 stages per set per month on fracking, increasing by 9% and 6%, respectively vs. 2022. Moreover, in November 2023, we achieved the highest drilling speed for one slim-design well in Aguada del Chañar block, reaching 473 meters per day for a well of over 2,500 meters of horizontal length, which was fully drilled in 12 days. On the other hand, in November 2023, we successfully tested two dual-fuel engines in Bandurria Sur block for fracking pumps, replacing up to 60% of diesel consumption by natural gas, aiming at optimizing the use of flared gas as fuel.

Regarding our exploratory strategy, during 2023, the company was awarded with two new shale exploratory concessions in Palermo Aike and continued progressing in our off-shore strategy, expecting to drill the first ultra-deep-water exploratory well of Argentina by 2024.

6

LOGO


Upstream Operating data Unaudited Figures	4Q22		3Q23		4Q23		Y/Y Δ			Q/Q Δ			2022		2023		Y/Y Δ
Net Production Breakdown

Crude Production (Kbbld)		231.8		236.9		255.1		*10.0*	%		*7.7*	%		226.0		242.9		*7.4*	%

Conventional		143.5		142.0		143.1		-0.3	%		0.8	%		146.3		143.0		-2.2	%
Shale		85.1		92.2		109.4		28.5	%		18.6	%		76.6		97.2		26.9	%
Tight		3.1		2.7		2.5		-18.8	%		-6.4	%		3.1		2.7		-14.6	%

NGL Production (Kbbld)		42.6		46.6		39.6		*-7.0*	%		*-15.1*	%		41.6		42.9		*3.2*	%

Conventional		13.2		12.2		9.1		-31.0	%		-25.1	%		15.1		11.6		-23.3	%
Shale		27.9		33.1		29.3		4.8	%		-11.5	%		25.2		30.1		19.6	%
Tight		1.4		1.3		1.1		-17.0	%		-13.1	%		1.3		1.2		-5.5	%

Gas Production (Mm3d)		35.7		37.5		34.4		*-3.9*	%		*-8.5*	%		37.5		36.2		*-3.3*	%

Conventional		14.1		13.4		12.4		-12.6	%		-7.6	%		15.0		13.5		-10.0	%
Shale		16.1		18.2		17.0		5.3	%		-7.0	%		16.0		17.2		7.8	%
Tight		5.5		5.9		5.0		-8.4	%		-15.0	%		6.5		5.5		-15.4	%

Total Production (Kboed)		499.2		519.7		510.7		*2.3*	%		*-1.7*	%		503.3		513.6		*2.0*	%

Conventional		245.7		238.4		230.1		-6.4	%		-3.5	%		255.4		239.2		-6.3	%
Shale		214.4		240.0		245.4		14.4	%		2.2	%		202.4		235.8		16.5	%
Tight		39.0		41.2		35.3		-9.6	%		-14.4	%		45.4		38.6		-15.0	%

Average realization prices
Crude Oil (USD/bbl)		66.7		60.7		59.3		-11.0	%		-2.2	%		64.6		62.5		-3.3	%
Natural Gas (USD/MMBTU)		3.0		4.3		2.9		-2.5	%		-31.5	%		3.6		3.6		-0.9	%

Crude oil production in 2023 increased 7% y/y, on the back of a solid growth of shale (+27%), while conventional dropped just 2%, as the natural decline of mature fields was mostly offset by tertiary production, which increased 38% y/y. 70% of total tertiary production came from Manantiales Behr block. In Q4, oil production recorded a sequential increase of almost 8%, on the back of stable conventional production and a new remarkable expansion of 19% on shale production.

Natural gas production in 2023 decreased 3% y/y, driven by a contraction in demand, affecting conventional, partially offset by 8% expansion in shale. NGL production grew 3% y/y, mainly due to the new facilities connected between Tratayén and our subsidiary Mega.

7

LOGO

P1 RESERVES


2023	Crude oil and condensate (millions of barrels)			Natural gas liquids (millions of barrels)			Natural gas (billion of cubic feet)			Total (millions of barrels of oil equivalent)
Proved developed and undeveloped reserves:
Beginning of year		606			77			2,826			1,187
Revisions of previous estimates		(63	)		5			(80	)		(72	)
Extensions, discoveries and improved recovery		92			8			257			145
Purchases and sales		—			—			—			—
Production for the year		(89	)		(16	)		(467	)		(187	)

End of year		546			74			2,536			1,072


Proved developed reserves:
Beginning of year		262			36			1,637			590

End of year		263			41			1,656			599

Proved undeveloped reserves:
Beginning of year		344			41			1,189			596

End of year		283			33			880			473

Proved reserves (P1) closed in 2023 at 1,072 Mboe (-10% y/y), mainly driven by a large decrease of 26% in conventional fields while shale remained almost flat.

The addition of proved (developed and undeveloped) hydrocarbon reserves reached 72 million barrels of oil equivalent mainly driven by the progressive developments of our unconventional operations and the effect of variations in oil and gas prices and costs. This result was achieved through the incorporation of 41 million barrels of liquids and 31 MBOE corresponding to gas reserves. Considering that reserves incorporated during the year were below 2023 total production (187 MBoe), the reserve replacement ratio (“RRR”) reached 0.4x (0.3x oil and 0.4x gas) with 5.7 years of reserve life. Shale reserves represented 71% of the total P1 reserves, averaging 8.8 years and RRR of 1.0x.

The following is a breakdown of the main variations of the addition of P1 reserves by basin:

•

Neuquina Basin: mainly unconventional additions from La Amarga Chica and Bandurria Sur blocks for oil and Aguada Pichana Oeste and La Calera for gas.

•

San Jorge Gulf Basin: incorporation of oil, primarily from Manantiales Behr block, aligned with the development of the tertiary recovery technics.

•

Cuyana Basin: mostly in Chachahuen Sur block.

8

LOGO

4.2 DOWNSTREAM

As of 4Q23, the Company has decided to merge the Industrialization and Commercialization segments into a single Downstream segment. In addition, sales of natural gas were reallocated to the Gas and Power segment, restating comparative information corresponding to the period from 1Q22 to 3Q23. This reclassification is aligned with the new management structure and aims at simplifying the business reporting and maximizing synergies.


Downstream Financials Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Diesel (third parties)		1,774			1,563			1,672			-5.8	%		7.0	%		6,780			6,493			-4.2	%
Gasoline (third parties)		885			824			943			6.6	%		14.4	%		3,460			3,493			1.0	%
Other domestic market		957			814			771			-19.4	%		-5.3	%		3,688			3,204			-13.1	%
Export market		498			460			534			7.3	%		16.2	%		2,198			1,798			-18.2	%

Revenues		4,113			3,661			3,920			*-4.7*	%		*7.1*	%		16,125			14,988			*-7.1*	%

Depreciation & amortization		(154	)		(141	)		(143	)		-7.0	%		1.7	%		(565	)		(565	)		0.1	%
Refining & Logistic costs		(397	)		(406	)		(409	)		3.0	%		0.8	%		(1,408	)		(1,597	)		13.4	%
Fuels imports (third parties)		(307	)		(214	)		(588	)		91.5	%		174.1	%		(1,477	)		(1,303	)		-11.8	%
Crude oil purchases (intersegment + third parties)		(1,759	)		(1,630	)		(1,663	)		-5.5	%		2.0	%		(6,619	)		(6,832	)		3.2	%
Biofuel purchases (third parties)		(269	)		(198	)		(153	)		-43.3	%		-22.8	%		(987	)		(810	)		-17.9	%
Agro products purchases (third parties)		(142	)		(194	)		(73	)		-48.8	%		-62.5	%		(1,222	)		(634	)		-48.1	%
Stock variations		(298	)		(265	)		5			N/A			N/A			238			(148	)		N/A
Other		(597	)		(623	)		(442	)		-26.0	%		-29.1	%		(2,563	)		(2,203	)		-14.0	%

Operating income / (loss) before impairment of assets		189			(10	)		455			*140.7*	%		*N/A*			1,523			896			*-41.2*	%

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income / (loss)		189			(10	)		455			*140.7*	%		*N/A*			1,523			896			*-41.2*	%

Depreciation & amortization		154			141			143			-7.0	%		1.7	%		565			565			0.1	%

EBITDA		343			131			598			*74.6*	%		*358.2*	%		2,088			1,461			*-30.0*	%

Leasing		(18	)		(22	)		(24	)		33.1	%		8.4	%		(76	)		(94	)		24.6	%

Adjusted EBITDA		325			109			575			*76.9*	%		*427.8*	%		2,012			1,367			*-32.1*	%

Inventories price effect of oil products		(74	)		(75	)		40			N/A			N/A			226			(125	)		N/A

Adjusted EBITDA excl. inventories price effect of oil products		399			184			535			*34.1*	%		*191.5*	%		1,786			1,491			*-16.5*	%

CAPEX		347			321			324			*-6.6*	%		*0.9*	%		837			1,140			*36.2*	%

Stock variations include price effects by (US$73) million in 4Q22, US$(71) million for 3Q23, US$37 million for 4Q23, US$247 million for 2022 and (US$164) million for 2023.

Revenues totaled almost US$15 billion in 2023 (-7% y/y), mainly due to a decline in local prices of fuels, other refined and petrochemical products, and fertilizers, in addition to lower exported volumes of grain and flours (affected by a severe drought recorded in Argentina during the first half of the year), partially offset by the resumption of Medanito crude oil exports to Chile and increased local demand of fuels, particularly gasoline.

Refining and logistics costs increased 13% y/y in 2023 mainly driven by higher costs of transportation, materials, and wages, primarily on the back of the evolution of local macro variables and increased demand and crude oil processed.

Fuel imports decreased by 12% y/y in 2023, on the back of lower international prices (-18% vs. 2022), partially offset by an increase of 8% in imported volumes. It is worth mentioning that in 4Q23 fuels imported volumes increased by 173% q/q in order to supply the record high local fuels demand and compensate the programmed stoppage of a topping unit at La Plata refinery. However, annual fuel imported volumes remained stable at ordinary levels, representing 11% of our local fuels demand.

Crude oil purchases (including intersegment) expanded by 3% y/y in 2023, mainly driven by a 6% increase in volumes (higher processing levels), partially offset by a 3% contraction in crude oil prices. Biofuel purchases decreased 18% y/y in 2023, driven by a 34% decrease in biodiesel, which was affected by local supply constraints, partly offset by a 1% increase in bioethanol on the back of higher purchased volumes.

Adjusted EBITDA, excluding inventories price effect of oil products, totaled US$1,491 million in 2023 (-17% y/y), mainly due to lower prices of fuels and other refined and petrochemical products, combined with cost pressures in an inflationary context, partially offset by higher processing levels, as well as the new FX regime that benefited refined and petrochemical exports. It is worth mentioning that Adjusted EBITDA in 4Q23 jumped significantly boosted by a strong recovery in local fuel prices, higher processing levels, the impact of FX devaluation on OPEX and positive non-recurring results, such as fuels tax refunds and new FX regime for exporters, partially offset by higher imports of fuels.

9

LOGO

Adjusted EBITDA of the Refining & Marketing business, in unit terms, reached US$11.0/bbl in 2023 aligned with YPF’s historical R&M margins in recent years, but below the US$14.6/bbl reported in 2022.

CAPEX totaled US$1,140 million (+36% y/y): 60% refining, 20% midstream oil, 13% logistics and 7% others.

In our refineries, during 2023 CAPEX was allocated in the following main projects:

•

New fuel specifications project including the construction of a new diesel oil hydrotreatment unit at Luján de Cuyo refinery and a gasoline hydrotreatment plant and revamping of existing gasoline units at La Plata refinery, expected to be operational by Q2 of 2024 and Q4 of 2025, respectively.

•

Revamping of a topping unit at La Plata refinery, successfully completed by year-end and expected to increase total processing capacity of YPF by around 5%, with greater processing levels of shale oil.

•

Revamping of topping units at Luján de Cuyo and Plaza Huincul refineries.

In our midstream oil business unit, during 2023 the company continued with a steady progress in the main projects aimed at unlocking the evacuation capacity of the Neuquina basin:

•

Expansion of the existing system to the Atlantic: our subsidiary Oldelval added 20 Kbbl/d to the system, reaching a total evacuation capacity of 300 Kbbl/d. In addition, OTE continued with the construction of two new storage facilities of 50 Km3 each and the revamping of the export terminal at Puerto Rosales.

•

Evacuation to the Pacific: in May, the trans-andean pipeline of the OTA/OTC system was successfully put back in operation after 18 years of inactivity, allowing the company to resume structural Medanito oil exports. Moreover, in November, the Vaca Muerta North pipeline became operational. However, since shale oil to be exported to Chile is even lighter, the export growth through this new pipeline is expected to be gradual, likely to start increasing during 2024.

•

New Evacuation to the Atlantic: regarding the Vaca Muerta South project, we have achieved solid progress on the engineering process for the new pipeline and export terminal, obtaining the construction permits for the first tranche of 127 km that will connect Loma Campana to Allen, as well as the environmental permits for the full project. Also, we started the design competition process for the new pipeline and export terminal.


Downstream Operating data Unaudited Figures	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Crude processed (Kbbld)		293.4			276.1			289.8			-1.2	%		4.9	%		285.5			294.4			3.1	%
Refinery utilization (%)		89.4	%		84.1	%		88.3	%		-110bps			416bps			87.0	%		89.7	%		273bps

Nominal capacity at 328.1 Kbbl/d since 1Q21.

Sales volume to third parties (YPF stand alone)

Sales of refined products (Km3)		4,912			4,936			5,152			*4.9*	%		*4.4*	%		19,243			19,751			*2.6*	%

Total domestic market		4,431			4,581			4,675			5.5	%		2.0	%		17,719			18,085			2.1	%
of which Gasoline		1,487			1,500			1,618			8.8	%		7.9	%		5,680			6,063			6.7	%
of which Diesel		2,181			2,272			2,312			6.0	%		1.7	%		8,783			8,863			0.9	%
Total export market		482			355			477			-1.0	%		34.4	%		1,524			1,666			9.3	%

Sales of petrochemical products (Ktn)		116			151			126			*9.0*	%		*-16.2*	%		498			540			*8.3*	%

Domestic market		95			86			57			-40.2	%		-34.0	%		396			296			-25.1	%
Export market		21			65			70			234.0	%		7.6	%		103			243			137.1	%

Sales of fertilizers, grain and flours (Ktn)		498			431			252			*-49.5*	%		*-41.5*	%		2,248			1,346			*-40.1*	%

Domestic market		406			365			252			-38.1	%		-31.0	%		1,015			1,168			15.1	%
Export market		92			66			0			N/A			N/A			1,232			178			-85.6	%


Net average prices
Gasoline (USD/m3) (domestic mark et)		544			499			532			-2.2	%		6.7	%		557			523			-6.1	%
Diesel (USD/m3) (domestic mark et)		770			640			683			-11.3	%		6.6	%		732			688			-5.9	%
Petrochemical & others refined products (USD/bbl)		90			73			78			-13.5	%		5.9	%		96			78			-18.4	%

Net Average domestic prices for gasoline and diesel are net of taxes, commissions, commercial bonuses and freights.

10

LOGO

Crude oil processed stood at 294 Kbbl/d in 2023 (+3% y/y), recording a refinery utilization of 90%, on the back of the revamping of 2 topping units at the La Plata Refinery, completed at the beginning and end of year, which eliminated bottlenecks in the processing of light crude oil, combined with logistics operational optimization and better availability of crude oil. It is worth noting that in 2023 we achieved the highest crude oil processing level of the last 7 years and the highest production levels of gasoline and middle distillates (diesel and jet fuel) of the last 16 years.

Domestic fuels sales volumes, in 2023 recorded the highest level ever dispatched in every year, expanding by 3% y/y, with an average market share of 56.8%, slightly above the previous year (55.5%). It is noteworthy that in 4Q23 fuels demand continued growing, recording a year-on-year expansion of 9% and 6% for gasoline and diesel, respectively.

Petrochemicals volumes grew 8% in 2023, due to higher foreign demand, mainly led by methanol exports, partially offset by lower local demand.

Fertilizers, grain and flours sales volumes declined 40% y/y in 2023, as a result of the severe drought recorded in Argentina in the first half of 2023, partially offset by higher fertilizers demand in local market.

Net average fuels prices in the domestic market measured in dollar terms decreased by 6% y/y, as the local fuels adjustments remained below the devaluation of the local currency, particularly affected by the discrete devaluation that took place from mid-August to December. However, since November, the company adjusted prices at the pump several times, leading in Q4 to a sequential average increase of 6% in dollar terms, reducing the gap versus import parity down to 20%.

Prices for petrochemical & other refined products declined 18% y/y, aligned with a downward trend in international prices of petrochemical and certain refined products such as jet fuel and LPG.

4.3 GAS & POWER


GAS & POWER Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Natural gas as producers (intersegment + third parties)		332			516			329			-1.0	%		-36.3	%		1,677			1,615			-3.7	%
Natural gas retail (third parties)		93			171			(16	)		N/A			N/A			551			388			-29.6	%
Midstream Gas Revenues (intersegment + third parties)		55			48			44			-18.9	%		-7.3	%		210			194			-7.6	%
Other		62			87			(39	)		N/A			N/A			257			177			-31.2	%

Revenues		542			822			318			*-41.3*	%		*-61.3*	%		2,695			2,374			*-11.9*	%

Depreciation & amortization		(17	)		(16	)		(8	)		-54.3	%		-50.0	%		(80	)		(70	)		-13.0	%
Natural gas purchases (intersegment + third parties)		(391	)		(640	)		(317	)		-18.9	%		-50.5	%		(2,026	)		(1,899	)		-6.2	%
Midstream Gas purchases (intersegment)		(16	)		(15	)		(15	)		-8.4	%		-0.3	%		(61	)		(62	)		1.3	%
Operating cost & Other		(118	)		(117	)		(18	)		-84.7	%		-84.5	%		(437	)		(345	)		-21.0	%

Operating income before impairment of assets		(1	)		34			(40	)		*3881.9*	%		*N/A*			90			(3	)		*N/A*

Impairment of assets		—			—			—			N/A			N/A			—			—			N/A

Operating income		(1	)		34			(40	)		*3881.9*	%		*N/A*			90			(3	)		*N/A*

Depreciation & amortization		17			16			8			-54.3	%		-50.0	%		80			70			-13.0	%

EBITDA		16			50			(32	)		*N/A*			*N/A*			170			67			*-60.7*	%

Leasing		(6	)		(6	)		(6	)		-0.2	%		-4.2	%		(25	)		(24	)		-7.2	%

Adjusted EBITDA		11			44			(38	)		*N/A*			*N/A*			145			43			*-70.1*	%

CAPEX		34			40			41			*20.6*	%		*2.5*	%		78			178			*128.2*	%

Revenues totaled US$2,374 million (-12% y/y), mainly due to a 30% lower price in dollar terms in our subsidiary Metrogas (particularly affected by FX devaluation by year-end), slightly offset by a 1% rise in volume sold. Other sales in local currency and gas demand contraction as producer also impacted the drop in revenues.

Natural gas purchases decreased 6% y/y, in line with the decline of natural gas sales, while operating costs & other contracted 21% y/y, mainly led by said FX devaluation.

Adjusted EBITDA stood at US$43 million (-70% y/y), explained by the contraction of gas prices in dollar terms at our subsidiary Metrogas, and lower demand of natural gas as producer, partly offset by new FX regime for exporters.

11

LOGO

CAPEX totaled US$178 million (+128% y/y), which continued focusing on the construction of new midstream gas facilities aiming at de-bottlenecking on the potential of the Vaca Muerta formation. In that sense, by the end of 2023 we achieved 93% progress in the revamping of the NGL facility “Tex Loma La Lata”, which first stage was put into operation in September 2023 and expected to be fully operational by April 2024, adding processing capacity of up to 6 Mm3/d of natural gas and 600 tons/d of NGL in the core hub blocks. In addition, we continued working on Rincón del Mangrullo gas pipeline expansion project, which reached 94% progress and is expected to be completed by the end of March 2024.

Additionally, during 2023 YPF and Petronas completed the feasibility study and the basic engineering of the first phase of LNG project. Also, in 2023, Mega launched the first stage of its liquid’s business expansion project in Bahía Blanca, to increase 20% the propane production capacity by 2025.

5. LIQUIDITY AND SOURCES OF CAPITAL

5.1 CASH FLOW SUMMARY


Summary Consolidated Cash Flow Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Cash BoP		834			1,167			1,296			55.4	%		11.1	%		611			773			26.5	%
Net cash flow from operating activities		1,331			1,399			1,708			28.3	%		22.1	%		5,693			5,913			3.9	%
Net cash flow from investing activities		(1,130	)		(1,321	)		(1,563	)		38.3	%		18.3	%		(4,016	)		(5,332	)		32.8	%
Net cash flow from financing activities		(155	)		158			(111	)		-28.4	%		N/A			(1,227	)		278			N/A
FX adjustments & other		(107	)		(107	)		(207	)		93.5	%		93.5	%		(288	)		(509	)		76.7	%

Cash EoP		773			1,296			1,123			*45.3*	%		*-13.3*	%		773			1,123			*45.3*	%

Investment in financial assets		319			182			264			-17.2	%		45.1	%		319			264			-17.2	%

Cash + short-term investments EoP		1,092			1,478			1,387			*27.0*	%		*-6.2*	%		1,092			1,387			*27.0*	%

FCF		(188	)		(379	)		(60	)		*-68.1*	%		*-84.2*	%		755			(740	)		*N/A*

FCF = Cash flow from Operations less capex (Investing activities), M&A (Investing activities), and interest and leasing payments (Financing activities).

Net cash flow from operations reached US$5,913 million in 2023 (+4% y/y), despite the contraction in Adjusted EBITDA and the payment of the Maxus settlement agreement (US$287 million), primarily due to higher dividends collections from our subsidiaries, as well as other positive working capital variations, such as the tax credits consumed along the year generated from an extraordinary income tax prepayment in 2022, the temporary deferred payment of imports of raw material and services, the postponement of employee social security contributions and export duties to 2024, according to the fuels price agreement implemented by the former Government in Q3, and the differential FX regime for exporters and external financing, in effect until December 2023, in addition to a negative non-cash inventory variation in 2023.

Net cash flow from investing activities was negative US$5,332 million in 2023 compared to negative US$4,016 million in 2022. This increase of 33% was primarily driven by our fully deployed CAPEX plan, almost 36% higher than investments of 2022.

Net cash flow from financing activities amounted to positive US$278 million in 2023, against a negative US$1,227 million in the previous year, as the Company continued progressing on its financial plan by securing both local and cross-border trade-related loans and by tapping the local capital markets.

As a result, the free cash flow for the period was negative by U$740 million, as the continued deployment of our ambitious capex plan, together with our regular interest payments and other expenses were not fully compensated by the cash flow from operations.

In terms of liquidity, our cash and short-term investments stood at US$1,387 million by the end of 2023, increasing 27% vs. 2022. We have continued an active cash management strategy to minimize FX exposure, recording non-FX exposure in 4Q23, down from 8% in 4Q22 and 2% in 3Q23.

12

LOGO

5.2 NET DEBT

Net debt breakdown

Unaudited Figures, in US$ million

4Q22

3Q23

4Q23

Q/Q Δ

Short-term debt

1,140

1,546

1,508

-2.5

%

Long-term debt

5,948

6,607

6,682

1.1

%

Total debt

7,088

8,153

8,190

0.5

%

Avg. Interest rate for AR$-debt

69.8

%

109.2

%

104.8

%

Avg. Interest rate for US$-debt

7.9

%

6.2

%

6.5

%

% of debt in AR$

3.0

%

2.5

%

1.7

%

Cash + short term investments

1,092

1,478

1,387

-6.2

%

% of liquidity dollarized

91.6

%

98.0

%

103.0

%

Net debt

5,996

6,675

6,803

1.9

%

Average interest rates for AR$ and US$ debt refer to YPF on a stand-alone basis.

As of December 31, 2023, YPF’s consolidated net debt totaled US$6,803 million, increasing by US$128 million q/q and US$807 million y/y. Despite higher net debt compared to the previous quarter, the Company managed to maintain net leverage ratio around 1.7x.

In terms of financing, the Company completed its financial plan of the year by refinancing all of its trade financing facilities that matured during 4Q23, and also by tapping the local capital market by issuing a dollar-linked 3-year bond at 0% for US$128 million, with a price of US$135.3 per US$100 of nominal value, implying a strongly negative yield to maturity.

Regarding our maturity profile, the company face debt maturities in 2024 for US$1,338 million, mainly concentrated in international bonds, including the final amortization of the 2024 Notes for US$346 million and short-term trade facilities for over US$500 million.

On January 10, 2024, the company returned to the international capital market, by issuing an export-secured bond for a nominal value of US$800 million dollars. The new bond has a fixed rate of 9.50%, maturing in July 2031 and amortizing in 10 semiannual installments since July 2026. Simultaneously, it was launched a cash tender offer for the 2024 Notes, which resulted in prepayment of near 40% of the outstanding amount.

The following chart shows our consolidated principal debt maturity profile as of December 2023:

LOGO

13

LOGO

6. TABLES

6.1 CONSOLIDATED BALANCE SHEET


Consolidated Balance Sheet	In US$ million
Unaudited Figures	31-Dec-22		31-Dec-23
Non-current Assets
Intangible assets		384		367
Properties, plant and equipment		17,510		17,712
Assets for leasing		541		631
Investments in companies and joint ventures		1,905		1,676
Deferred tax assets, net		17		18
Other receivables		205		158
Trade receivables		6		31
Investment in financial assets		201		8

Total Non-current Assets		20,769		20,601

Current Assets
Inventories		1,738		1,683
Contract assets		1		10
Other receivables		808		381
Trade receivables		1,504		973
Investment in financial assets		319		264
Cash and cash equivalents		773		1,123

Total Current Assets		5,143		4,434

Total Assets		25,912		25,035

Total Shareholders´ Equity		10,552		9,051

Non-current Liabilities
Provisions		2,571		2,660
Deferred tax liabilities, net		1,733		1,242
Contract liabilities		0		34
Income tax payable		26		4
Other taxes payable		1		0
Salaries and social security		1		0
Liabilities from leasing		272		325
Loans		5,948		6,682
Other liabilities		19		112
Accounts payable		6		5

Total non-current Liabilities		10,577		11,064

Current Liabilities
Provisions		199		181
Contract liabilities		77		69
Income tax payable		27		31
Other taxes payable		173		139
Salaries and social security		297		210
Liabilities from leasing		294		341
Loans		1,140		1,508
Other liabilities		12		122
Accounts payable		2,564		2,319

Total Current Liabilities		4,783		4,920

Total Liabilities		15,360		15,984

Total Liabilities and Shareholders’ Equity		25,912		25,035

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

14

LOGO

6.2 CONSOLIDATED INCOME STATEMENT


Income Statement Unaudited Figures, in US$ million	4Q22			3Q23			4Q23			Y/Y Δ			Q/Q Δ			2022			2023			Y/Y Δ
Revenues		4,645			4,504			4,194			*-9.7*	%		*-6.9*	%		18,757			17,311			*-7.7*	%

Costs		(3,701	)		(3,689	)		(3,356	)		-9.3	%		-9.0	%		(13,684	)		(13,853	)		1.2	%

Gross profit		944			815			838			*-11.2*	%		*2.8*	%		5,073			3,458			*-31.8*	%

Selling expenses		(452	)		(483	)		(419	)		-7.3	%		-13.3	%		(1,896	)		(1,804	)		-4.9	%
Administrative expenses		(198	)		(194	)		(187	)		-5.6	%		-3.6	%		(657	)		(705	)		7.3	%
Exploration expenses		(23	)		(16	)		(19	)		-17.4	%		18.8	%		(65	)		(61	)		-6.2	%
Impairment of property, plant and equipment and intangible assets		(25	)		(506	)		(1,782	)		7028.0	%		252.2	%		(123	)		(2,288	)		1760.2	%
Other operating results, net		196			(3	)		152			-22.4	%		N/A			150			152			1.3	%

Operating income		442			(387	)		(1,417	)		*N/A*			*266.1*	%		2,482			(1,248	)		*N/A*

Income of interests in companies and joint ventures		58			44			(133	)		N/A			N/A			446			94			-78.9	%
Financial Income		804			1,042			2,054			155.5	%		97.1	%		2,188			4,489			105.2	%
Financial Cost		(773	)		(930	)		(1,497	)		93.7	%		61.0	%		(2,315	)		(3,979	)		71.9	%
Other financial results		89			94			(8	)		N/A			N/A			255			387			51.8	%
Financial results, net		120			206			549			357.5	%		166.5	%		128			897			600.8	%

Net profit before income tax		620			(137	)		(1,001	)		*N/A*			*630.7*	%		3,056			(257	)		*N/A*

Income tax		(156	)		—			(860	)		451.3	%		N/A			(822	)		(1,020	)		24.1	%

Net profit for the period		464			(137	)		(1,861	)		*N/A*			*1258.4*	%		2,234			(1,277	)		*N/A*

Net profit for shareholders of the parent company		465			(128	)		(1,860	)		N/A			1353.1	%		2,228			(1,312	)		N/A
Net profits for non-controlling interest		(1	)		(9	)		(1	)		0.0	%		-88.9	%		6			35			483.3	%
Earnings per share attributable to shareholders of the parent company (basic and diluted)		1.19			(0.33	)		(4.75	)		N/A			1339.4	%		5.67			(3.35	)		N/A

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).

7. ABOUT YPF

YPF is the largest energy company in Argentina, fully integrated in the oil and gas value chain. Our main businesses are: (i) in the upstream, we produce roughly 35% and 30% of the country’s crude oil and natural gas, respectively; (ii) in the downstream, we operate 3 refineries representing approximately 50% of Argentina’s refining capacity and lead the local diesel and gasoline sales with a market share of more than 55%; and (iii) in gas and power, Metrogas, our subsidiary, distributes around 25% of the country’s natural gas, while YPF Luz, our affiliate, is the third largest power generation company in Argentina. The Government is the controlling shareholder with a 51% stake, and YPF is listed in the NYSE and ByMA.

8. DISCLAIMER

Additional information about YPF S.A., a sociedad anónima organized under the laws of Argentina (the “Company” or “YPF”) can be found in the “Investors” section on the website at www.ypf.com.

This document does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Comisión Nacional de Valores (Argentine National Securities and Exchange Commission, or “CNV”) or an exemption from such registrations.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document may have been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this document or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be acceptSed by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this document or its contents or otherwise arising in connection therewith.

This document may also include certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this document are provided as at the date of this document and are subject to verification, completion and change without notice.

This document includes “forward-looking statements” concerning the future. The words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.

Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this document. Further information concerning risks and uncertainties associated with these forward-looking statements and YPF’s business can be found in YPF’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Argentine National Securities and Exchange Commission (www.argentina.gob.ar/cnv).

You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This document is not intended to constitute and should not be construed as investment advice.

The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

15

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.