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Diapositiva 1 ARGENTINA A Brief Country and Company Overview 1 Disclaimer Safe harbor statement under the US Private Securities Litigation Reform Act of 1995. This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995. 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, 2013 filed with the US Securities and Exchange Commission. 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 for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise. 2 Agenda 1 Country Overview 2 Company Overview 3 Agenda 1 Country Overview 2 Company Overview 4 Argentina Population 41.9 Million people Capital City Buenos Aires (13 Million people) Total Area 2.8 Million km2 Official language Spanish Government type Federal Republic President Mauricio Macri (Cambiemos) GDP (Billion USD) 536 GDP per head (Thousand USD) 12.8 Trade Balance (Billion USD) 6.7 Public ext. debt / GDP 40.1% Source: Instituto Nacional de Estadísticas y Censos (INDEC) – year 2014 5 Argentina primary energy consumption breakdown Oil and Gas Argentina 86 % 1% 1% 1% 11% Oil production 2014 35% 532 Kbbl/d -1,4% vs 2013 Renewable energy Hydroelectricity Gas production 2014 Nuclear energy 114 Mm3/d -0,5% vs 2013 Coal Source: 51% IAPG 2014 Natural gas Oil Annual consumption Argentina Energy imports 2014 Source: B. P. Statistical Review 85 Million tones oil equivalent 15 Million tones oil equivalent (17%) of World Energy 2014 6 Proved O&G reserves from conventional sources have declined Producing Basins Oil (Million bbl) Natural Gas (TCF) 3 000 -1.6% 20 -2.1% NOROESTE 15 2 000 Proved 10 1 000 Reserves 5 0 0 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 300 -2.5% 2,0 -3.0% CUYANA 1,5 200 Gross 1,0 100 NEUQUINA Production 0,5 - - 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 9 9 9 GOLFO 12 12 12 12 12 8 8 8 11 11 11 11 8 8 7 7 SAN JORGE 9 R/P Ratio AUSTRAL (years) 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Yearly average decline 2009-2014 Source: Secretary of Energy 7 In 2011, Argentina became a net energy importer Currently, it is a Government policy to revert this trend Energy trade balance Foreign trade balance USD Billions 2014 7.8 7.8 7.2 6.9 6.9 6.2 6.5 6.5 6.5 6.7 5.4 5.0 4.9 4.7 4.6 4.3 3.9 3.9 4.2 4.9 5.2 5.6 6.1 4.1 3.5 3.8 2.0 -2.9 -2.4 -6.4 -7.1 -0.5 -0.5 -1.0 -0.8 -1.0 -1.5 -1.7 -2.8 -2.6 Energy Exports FOB -4.3 -4.5 -7.1 Energy Imports CIF Energy Trade balance Energy Total trade -9.4 -9.3 Imbalance balance -11.4 -11.3 2000 2001 2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 Source: Instituto Nacional de Estadísticas y Censos (INDEC). 8 There is significant upside in the unconventional resource base and in the offshore platform Oil Potential 4.4 (Bn bbl) Vaca Conventional Muerta (Oil 3P + Resources) Unconventional (resources) 27 4th in UNC oil resources Offshore area 1.2 million km2 Gas Potential 29 • Offshore estimated (Tcf) resources: 31Bn BOEs Conventional (Gas 3P + Resources) Unconventional (resources) 802 2th in UNC gas resources Source: Secretary of Energy / U.S. Energy Information Administration (DOE) / Advanced Resources International (ARI), 2013 9 The country shows vast resources of unconventional hydrocarbons Conventional Proved Reserves NOROESTE 1.6 P1 2.3B bbl P1 12 TCF 5.1 CHACO Oil Natural PARANAENSE Gas 3.7 CUYANA Golfo 0.5 1.7 San 0.2 1.2 3P non-risked Jorge Neuquina 3P non-risked Golfo Cuyana San 3.7 Bbbl Austral 21 TCF Neuquina Austral Jorge Noroeste NEUQUINA Unconventional resources Tested and in production Other Opportunities Noroeste - Cretaceous Chaco Paranaense Vaca Muerta (shale oil / gas) Yacoraite GOLFO Devonian – Permian (shale / tight oil & gas) SAN JORGE (shale oil) Area 30,000 km2 Noroeste - Tarija OOIP 661 B bbl (40 B bbl)* * Los Monos (shale gas) Cuyana AUSTRAL OGIP 1,181 TCF (117 TCF) Cacheuta (shale oil) Neuquina Potrerillos (tight oil) (tight gas) Lajas Los Molles (shale / tight gas) (tight oil / gas) Mulichinco Agrio (shale oil) Austral Inoceramus Golfo San Jorge D-129 (shale oil / tight oil) Neocomiano (shale oil / gas) 10 Argentina is the only unconventional producer of significance outside US Shale wells already drilled put Argentina in second place in Unconventional activity Unconventional activity +550* Unconventional wells Source: “An Industry in Transition”, IHS Energy, Abril 2014. * As of December 2015. from which 475 are YPF’s. Source: Ministry of Energy and Mining of Argentina 11 Argentina has an extensive infrastructure to process and transport conventional and unconventional O&G resources Oil Natural Gas 1,167 km of oil pipelines 14,800 km of gas pipeline, (154 M m3/d) 1 export oil pipeline 12 international pipelines (70 M m3/d) 115,000 bbl/d Midstream from Argentina to: • Chile • Uruguay (45 M m3/d) (5,6 M m3/d) • Brazil • Bolivia (2,8 M m3/d) (30,0 M m3/d) 10 refineries 16 NGL plants 639,000 bbl/d total capacity 143 M m3/d processing capacity Over 5,000 retail pumps 2 LNG import terminals (Bahía Blanca y Escobar) Downstream 34 M m3/d regasification capacity 129,000 km distribution network 1 UGS - WGC: 150 M m3 12 Agenda 1 Country Overview 2 Company Overview 13 Robust production base plus upside potential Oil Natural Base Base 20% gas 15% Primary +100 9% +500 Shale Primary Projects Shale P1 Projects 51% 11% 57% Tight gas 15% Secondary P3 10% Infill Tertiary (EOR) 1% 2% Enhancement Heavy oil Infill 1% 2% Enhancement Compression 3% 1% 2% Only 20% of the portfolio of resources are proven reserves (which mainly supports the production plan 2013-2017) which, however, provide 90+% of current production 14 More CAPEX, more activity, more Hidrocarbon´s production Oil Production (M Bbl/ day) Wells -5%p.a. +4% p.a. +13%p.a. +11%p.a. 244 238 227 230 244 222 987 744 683 786 554 516 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 CAPEX (billions USD) 3 4,9 Gas Production (M / day) Upstream 4,3 -9%p.a. +5% p.a. 2,0 2,5 0,8 1,3 44 41 40 36 36 36 2009 2010 2011 2012 2013 2014 Downstream 0,9 0,8 0,9 0,2 0,5 0,8 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Source: YPF Past strategy trend 15 Unconventional Development in the Vaca Muerta Formation Vaca Muerta Estimated • Total: 30,000 km2 4 ongoing projects • YPF: 12,000 km2 aprox.
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