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FORM 20-F YPF Sociedad Anónima

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UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2010 Commission file number: 1-12102 YPF Sociedad Ano´nima (Exact name of registrant as specified in its charter) Republic of Argentina (Jurisdiction of incorporation or organization) Macacha Gu¨emes 515 C1106BKK Ciudad Auto´noma de Buenos Aires, Argentina (Address of principal executive offices) A´ ngel Ramos Sa´nchez Tel: (011-54-11) 5441-0970 Facsimile Number: (011-54-11) 5441-0232 Macacha Gu¨emes 515 C1106BKK Ciudad Auto´noma de Buenos Aires, Argentina (Name, Telephone, E-mail and/or Facsimile number and Address of Company Contact Person) Securities registered or to be registered pursuant to Section 12(b) of the Act: Name of Each Exchange Title of Each Class on Which Registered American Depositary Shares, each representing one Class D Share, par value 10 pesos per share New York Stock Exchange Class D Shares............................................................................................................................. New York Stock Exchange* * Listed not for trading but only in connection with the registration of American Depositary Shares. Securities registered or to be registered pursuant to Section 12(g) of the Act: None Securities for which there is a reporting obligation pursuant to Section 15(d) of the Act: None The number of outstanding shares of each class of stock of YPF Sociedad Ano´nima as of December 31, 2010 was: Class A Shares...................................................................... 3,764 Class B Shares...................................................................... 7,624 Class C Shares...................................................................... 40,422 Class D Shares ..................................................................... 393,260,983 393,312,793 Indicate by check mark if the registrant is a well-known seasoned issuer, as defined in Rule 405 of the Securities Act. Yes No If this report is an annual or transition report, indicate by check mark if the registrant is not required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934. Yes No Note – Checking the box above will not relieve any registrant required to file reports pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934 from their obligations under those Sections. Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to such filing requirements for the past 90 days. Yes No Indicate by check mark whether the registrant has submitted electronically and posted on its corporate Web site, if any, every Interactive Data File required to be submitted and posted pursuant to Rule 405 of Regulation S-T (§232.405 of this chapter) during the preceding 12 months (or for such shorter period that the registrant was required to submit and post such files). Yes No Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, or a non- accelerated filer. See definition of ‘‘accelerated filer and large accelerated filer’’ in Rule 12b-2 of the Exchange Act. (Check one): Large accelerated filer Accelerated filer Non-accelerated filer Indicate by check mark which basis of accounting the registrant has used to prepare the financial statements included in this filing: U.S. GAAP International Financial Reporting Standards as issued by the International Accounting Standards Board: Other Indicate by check mark which financial statement item the registrant has elected to follow. Item 17 Item 18 If this is an annual report, indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act) Yes No TABLE OF CONTENTS Page Conversion Table ......................................................................................................................... 1 References..................................................................................................................................... 1 Disclosure of Certain Information............................................................................................... 1 Forward-Looking Statements ...................................................................................................... 1 Oil and Gas Terms....................................................................................................................... 2 PART I......................................................................................................................................... 4 ITEM 1. Identity of Directors, Senior Managers and Advisers .................................................. 4 ITEM 2. Offer Statistics and Expected Timetable....................................................................... 4 ITEM 3. Key Information ........................................................................................................... 4 Selected Financial Data............................................................................................................ 4 Exchange Controls.................................................................................................................... 7 Risk Factors ............................................................................................................................. 8 ITEM 4. Information on the Company....................................................................................... 17 History and Development of YPF ........................................................................................... 17 The Argentine Market..............................................................................................................20 History of YPF......................................................................................................................... 20 Business Organization .............................................................................................................. 21 Exploration and Production..................................................................................................... 23 Refining and Marketing ........................................................................................................... 44 Chemicals.................................................................................................................................. 51 Research and Development...................................................................................................... 52 Competition .............................................................................................................................. 53 Environmental Matters............................................................................................................. 53 Property, Plant and Equipment................................................................................................ 58 Insurance .................................................................................................................................. 59 Regulatory Framework and Relationship with the Argentine Government............................ 61 ITEM 4A. Unresolved Staff Comments. ..................................................................................... 80 ITEM 5. Operating and Financial Review and Prospects........................................................... 80 Overview ................................................................................................................................... 80 Presentation of Financial Information ..................................................................................... 81 Segment Reporting ................................................................................................................... 82 Factors Affecting Our Operations............................................................................................ 83 Critical Accounting Policies ..................................................................................................... 90 Principal Income Statement Line Items ................................................................................... 95 Results of Operations ............................................................................................................... 96 Liquidity and Capital Resources.............................................................................................. 104 Off-Balance Sheet Arrangements.............................................................................................. 108 ITEM 6. Directors, Senior Management and Employees............................................................ 108 Board of Directors.................................................................................................................... 108 The Audit Committee............................................................................................................... 115 Independence of the Members of our Board of Directors and Audit Committee .................. 116 Disclosure Committee............................................................................................................... 117 Executive Officers ....................................................................................................................
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