Table of Contents
FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16 of
the Securities Exchange Act of 1934
For the month of August, 2012
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 x 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 x
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 x
Table of Contents
YPF Sociedad Anónima
| Item |
||
| 1 | Translation of letter to the Buenos Aires Stock Exchange dated August 30, 2012 | |
| 2 | English version of Strategic Plan Presentation made on August 30, 2012. | |
Table of Contents
TRANSLATION
Buenos Aires, August 30, 2012
To the
Bolsa de Comercio de Buenos Aires
(Buenos Aires Stock Exchange)
Ref.: YPF strategic plan presentation
Dear Sirs:
The purpose of this letter is to comply with the requirements of Article 23 of Chapter VII of the Buenos Aires Stock Exchange Regulations.
We hereby submit the presentation of the strategic plan of YPF S.A. approved by the Company’s Board of Directors, on the present day.
Yours faithfully,
Miguel Galuccio
President
YPF S.A.
Table of Contents
 Business plan 2013 –
2017
100 day plan
August 30, 2012
Item 2 |
Table of Contents
 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, 2011 filed with the US Securities and Exchange Commission. In light of
the foregoing, the forward-looking statements included in this document may not occur.
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 |
Table of Contents
 3
100 day plan
Context
1
High impact plan
2
Business plan
3
Financial considerations
4
2012 -
2013
2013 -
2017
3 |
Table of Contents
 Our
new DNA Integration
Competitiveness
Global
Safety and
environment
National sense
Professionalism
Shareholder value
4 |
Table of Contents
 Argentine energy demand has outstripped domestic supply
180
150
120
100
220
230
70
99
00
01
02
03
04
05
06
07
08
09
10
11
Index
(100 = 1990)
GDP ;
energy demand
Production /
Imports
MBOE
Unprecedent growth
CAGR (p.a.)
last 10 years
Source: IMF, World Bank , Secretaria de Energía de la Nación
* Primary energy imported volume
GDP
YPF oil & gas
+7%
-6%
-2%
210
200
190
170
160
130
140
110
80
90
+4%
Energy imports*
(+USD 10 bn.)
Energy demand
Argentina
oil & gas
400
300
200
100
50
500
600
0
5 |
Table of Contents
 High
potential
-
strong
infrastructure
and
dynamic
market
22
Cuiabá
Santa cruz
Rio de janeiro
Belo horizonte
Porto Alegre
Campo durán
Tucumán
Montevideo
Bahía
Blanca
Buenos Aires
Paisandú
Taltal
Tocopilla
San jerónimo
Loma La lata
Concepción
Santiago
São paulo
Uruguaiana
33
29
30
23
2
6
12
14
20
La paz
22
3
Mercosur
19
16
16
3
5
2,5
9
1
20
30
NEUBA I y II
Norte
San Martin
Centro oeste
Yabog -gayrg
GNEA
São mateus
Paraná
Oil & gas
Total
496 MBOES
Production 2011
(by owner)
Pipelines and electric grid
Full regional connectivity
•
North south, east west
•
Open access
Human capital
•
+100,000 qualified jobs
•
Highly educated management
100 years of world-class operations
•
+50 operators and service providers
(incl. top international players)
Pan American 18%
Wintershall 6%
Plus Petrol 3%
Others 15%
Chevron
San Jorge 3%
Sinopec 3%
Enap Sipetrol 1%
Tecpectrol 2%
Total Australl 6%
Petrobras 7%
YPF
36%
6 |
Table of Contents
 100
day plan High impact
Stop the decline
New working platform
Growth
Unconventional resources
in “factory mode”
Establish new
operational DNA
Refining and marketing
New paradigm
Massive development of
unconventional resources
Argentina: Net energy exporter
Change the future of the
energy sector
Reverse the negative trend
Mature fields
Profitable growth strategy
7 |
Table of Contents
 100
day plan Context
1
High impact plan
2
Business plan
3
Financial considerations
4
2012 -
2013
2013 -
2017
8 |
Table of Contents
    Seasoned
management
team
200+
Years of cumulative
oil and gas experience |
Table of Contents
 Seasoned management team
15 + years
of industry
experience each
Local and
international
experience
10 |
Table of Contents
    Safety and
environment
first
45,000
Participants
in safety
and productivity program |
Table of Contents
 Reprioritized safety and environment
Creation of the QHSE Function at Corporate
level, reporting directly to the CEO
Enhancement of our
approach to Quality
as the key to
Operational Efficiency
Environmental
commitment
Mapping of processes
and capabilities to
minimize impact
YPF AND THE
WORKERS
Technical training
program focused on
safety and productivity
covering own and
contractor´s personnel
across the country
+ 220
instructors
+ 45,000
participants
12 |
Table of Contents
    Relaunch
exploration
x
2.5
50 exploratory
wells in 2012 |
Table of Contents
 9
wells Exploration high impact plan
Relaunch conventional gas exploration
(Neuquen basin, San Jorge Bay basin),
increase exploration of tight gas
(Lajas-
Molles).
15 wells
Exploration in mature fields aimed
at rapidly putting additional resource
into production.
0
2
4
6
8
10
Exploration wells
January -
december 2012
Accummulated
Monthly
High impact
plan 2012
High impact projects
Previous plan
2012
Average
2007/2011
Wells
Capex (MUSD)
Initial situation
Current situation
April 2012
August 2012
22
10
14
132
130
265
19
20
50
50
Capex and wells |
Table of Contents
    5
new shale
discoveries
2
3
Vaca
Muerta
D-129
Golfo San Jorge |
Table of Contents
 New
shale reserve play in San Jorge Gulf basin ECh.xp-159
LP.xp-2529
LC.xp-818
Las Heras
Successful exploratory wells
Wells with geochemical data
Total delineation area: 747 km²
Blocks 100% owned by YPF:
Disclosed to SEN in April and June 2012
D129 formation –
Golfo de San Jorge
16
Productivity proven in additional source rock: extending shale oil and shale gas to
Argentina´s most mature basin •
Cañadón Yatel: 237 km²
•
Los Perales-las Mesetas: 1202 km²
•
El Guadal -
Lomas del Cuy: 531 km² |
Table of Contents
 YPF.Nq.LDMo.x-1
YPF.Nq.EOr.x-2
LDM.x-1 (Loma del Molle.x-1)
Location
60 km NW from Añelo
Disclosed to SEN on 13/08/12
WI Exploration
YPF 45% (operator),
Exxon-Mobil 45% and G&P 10%
Shale gas discoveries in Vaca Muerta
Location
67 km WSW from Rincón de los Sauces
EOr.x-2 (El Orejano.x-2)
WI Exploration
100 % YPF
17
Rincón de los Sauces
Añelo
LDMo.x-1
EOr.x-2 |
Table of Contents
 Complete delineation
in progress
Vaca Muerta wells 2010-2011
Vaca Muerta 2012
Agrio 2012
Executed at 30/07/2012
Drilling or waiting completion
Areas
Blocks
Operated by YPF
With YPF Working Interest
Oil window
Wet gas window
Dry gas window
Increase shale
acreage value
Delineate new
development clusters
Secure shale
acreage
18
Continuing focused shale development in Vaca Muerta |
Table of Contents
    2012
Stop
decline
2013
Growth
again |
Table of Contents
 Exploitation
high
impact
plan
-
production
2008
2009
2010
2011
2012
2013
256
243
240
221
228
243
Oil production (kbbls/day)
Gas production
(Mm³/day)
High impact plan
Previous plan
Initial situation
Current situation
Initial situation
Current situation
2008
2009
2010
2011
2012
2013
47
41
38
34
33
34
High impact plan
Previous plan
2012-2013
+3%
2008-2011
-10% p.a.
2008-2011
-5% p.a.
2012-2013
+7%
25
27
29
31
33
35
37
Jan
Feb
Mar
Apr
May
Jun
Jul
Aug
Sep
Oct
Nov
Dec
210
215
220
225
230
235
Jan
Feb
Mar
Apr
May
Jun
Jul
Ago
Sep
Oct
Nov
Dec
20 |
Table of Contents
 Rigs
Wells drilled
Gas
Oil
Initial situation
Current situation
36
29
324
174
1
5
2
5
Drilling rigs
Drilling and workover rigs
2012
2013
2012
2013
2012
2013
2012
2013
April 2012
August 2012
Initial situation
Current situation
April 2012
August 2012
Exploitation high impact plan -
activity
55
15
1,564
122
accumulated
accumulated
21
0
200
400
600
800
1000
1200
1400
1600
0
50
100
150
200
250
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
0
10
20
30
40
50
60
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
0
2
4
6
8
10
12
14
16
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4
0
20
40
60
80
100
120
140
0
5
10
15
20
25
30
35
Q1
Q2
Q3
Q4
Q1
Q2
Q3
Q4 |
Table of Contents
     Increase
refined products
Reduce
imports
+ 7%
-
47%
in 2012 vs. Previous plan
in 1H-2012 vs. 1H-2011 |
Table of Contents
 Downstream high impact plan
Increase utilization factor of refining complex
2012
Increase crude oil processing through
optimization of lubes production
Higher fuel oil production to substitute imports
Start up of hydro-treatment plants
Increase production of refined products via CCR
Increase production of distillates
+ 7%
+ 7%
+ 4%
+ 6%
+ 46%
Production de fueloil
Imports
of
gasoline,
diesel
and
jet
fuel
Utilization factor
Production of refined products
%
‘000 m³
10,076
10,757
11,290
2013
Key levers
m²
m³
410,291
600,304
764,702
401,750
82%
88%
92%
23
1
half
2011
vs.
1
half
2012
1
half
2011
vs.
1
half
2012
st
st
st
st |
Table of Contents
    Financial
stability
roadmap |
Table of Contents
    25
Financial stability roadmap
Extended local lines of credit with great reception from banks
Received proposals from international banks for cross-border financing
Eminent launch of local issuance of notes with six prominent local banks as placing
agents Called Shareholders´
Meeting to increase size of medium term notes program; first international
tranche mandated to a leading international financial institution
Will conduct international non-deal roadshow to communicate strategic plan to
financial community Only lender that decided to accelerate financing was
Repsol ($125 million payment done); all other creditors provided waiver or
letter of non-acceleration or simply continued doing business-as-usual
Met committment to repay 2028 bond holders
|
Table of Contents
    26
100 day plan
Context
1
High impact plan
2
3
Financial considerations
4
2012 -
2013
2013 -
2017
Business plan |
Table of Contents
    27
Business plan development
Objective
Maximize company value
Capex
Strategic
planning
Integrated project portfolio
with IRR > cost of capital
Impact on
production /
supply
2013
2017
160
MBOE
Uses
of cash
Capex
Debt
service
Dividends
Generate value
People and
organization
Technology
and processes
Security,
safety and
environment
Communication
and public
relations
Portfolio
management
Refining
Commercial
Natural gas
Capex plan and
financial results
External
financing
Exploration
Exploitation
Cash flow and
value generation
Supply
Resources |
Table of Contents
     Strong portfolio
with upside
2,400 Mbbl
400,000 Mm
3
Oil resources
Gas resources |
Table of Contents
    29
Strong
oil
project
portfolio
–
significant
upside
Total:
2,426 MBbl
+500
Only 20% of this resource portfolio in proven reserves (which largely supports 5
year production plan) Oil
Characterized
projects
Gas
Total:
400,750 Mm³
(14 TCF)
+100
Characterized
projects
Base
production
20%
Primary
11%
Secondary
10%
Tertiary (EOR)
2%
Infill
1%
Optimizations
3%
Heavy oil
2%
Shale
51%
Base
production
15%
Primary
9%
Tight gas
15%
Infill
1%
Optimizations
1%
Compression
2%
Shale
57% |
Table of Contents
     Renew
exploration
focus
250
Exploratory wells
2013 -
2017 |
Table of Contents
    31
Exploration plan
Exploration portfolio
Exploration capex and activity
Expected value of the process not included in production curves
The exploration growth vector focuses on
the extension of productive basins and the
characterization of unconventional resources
0%
5%
10%
15%
20%
25%
30%
35%
40%
45%
higher risk /Lower
potential
AVERAGE SIZE UNRISKED (MBOE)
1
10
100
ARGENTINA DEEP
OFFSHORE
688 MBOES –
5 PROSPECTS
INTERNATIONAL
168 MBOES
5 PROSPECTS
EEUU GOM
76 MBOE-2 PROSPECTS
ARGENTINA SHALLOW OFFSHORE
7 MBOES-4 PROSPECTS
NEW BASINS
141 MBOE-14 PROSPECTS
The size of the bubbles represents the
resource (unrisked)
UNCONVENTIONAL
(Not to scale)
> 12,000 MBOES
PRODUCTIVE BASINS
597 MBOE –
71 PROSPECTS
Exploration wells
2007 -
2011
19
2012 -
2017
50
Capex (USD million)
132
288
Annual average
Exploration wells
2007 -
2011
90
2012 -
2017
250
Capex (USD million)
660
1,440
5 years total
Lower risk /higher
potential |
Table of Contents
    32
2013-2017
exploration
plan
-
vision
Productive basins exploration
Unconventional Exploration
•
Relaunch conventional gas exploration (Neuquén Basin, CGSJ)
•
Brown fields exploration with first oil in short term
•
Investigate heavy crude belt
Offshore exploration
•
Feasible unconventional plays (VM, Lajas-Molles, GSJ and Cuyana Agrio)
•
Oil & gas growth vector
•
Focused on large sized opportunities
•
Requires significant investment efforts
•
Exploration in countries in the region with strategic synergies
•
Start exploration in Colorado Basin and northern margin of Argentina Continental
Shelf •
Relaunch exploration in Austral and Malvinas basins
New basins exploration
•
Define the potential of currently unproductive basins based on ”
Plan Argentina”
International exploration
Full coverage of basins and exploratory concepts aligned with strategic
objectives |
Table of Contents
 CONFIDENCIAL
Exploration strategy -
conventional vs. unconventional
From play concept to execution
3-5 years
+25 years
Appraisal -
development -
infill
Vaca Muerta
Appraisal
Source rock extension
Resource play
Play Concept
Geochemistry
maturity model
Unconventional
Conventional
Pilot –
factory model
Prospect
Testing source
rock
33
Prospective
resources
Contingent
Resources
Unproven
reserves
(probable,
possible)
Proved
reserves
(Proved developed
and undeveloped)
Play Concept
Surface geology
gravimetry
Leads
Possible structures
Exploratory
prospect
Quantifying
prospective resources
Development plan
Execution
Development plan
Execution |
Table of Contents
    Boost
oil production
+29%
Production rate
Average 2013-2017 vs. 2011-2012 |
Table of Contents
 Exploitation
plan
-
oil
Kbbl/d
USD 19.6 bn
251 Mbbl
5,380 wells
Shale Oil
Base production
Development -
primary
Development -
secondary
Tertiary (EOR)
Infill Drilling
Optimization -
primary
Optimization -
secondary
Heavy oils
2013 –
2017
(incremental)
MUSD
#
Capex
Wells
Annual
average
Production
+ 29%
+ 19%
x2
+55%
24%
16%
53%
32%
14%
46%
49%
15%
27%
35
2013-17
2013-17
2013-17
-
50
100
150
200
250
300
350
400
2011-
12
2018-
22
-
500
1,000
1,500
2,000
2,500
3,000
3,500
4,000
4,500
2011
12
2018
22
-
-
-
200
400
600
800
1,000
1,200
2011
12
2018
22
-
- |
Table of Contents
 Amalgameted channel characterization
Tighting well spacings
Geologically optimized well locations
Well completion optimization
Key parameters
Oil (Kbbls)
49,938
Gas (Mm3)
330
Investment(MUSD)
1,517
Wells
886
Workovers
397
Unit Development Cost (USD/Boe)
29
Discovery Date
1961
Concession up to
November 2017
OOIP/OGIP
780 MBbl (164 Mm³)
Current Recovery Factor
11 %
Fr Final 15 %
Development Strategy
Barranca Baya Development
Example
1
–
Primary
Production
36
Barranca
Baya
Faja Plegada y
Sector Occidental
Flanco Norte
Flanco Sur |
Table of Contents
 Discovery Date
1975
Concession up to
November 2017
OOIP/OGIP
1704 MBbl (271 Mm³)
Current Recovery Factor
12 %
Full Field Water Injection
Production Optimization
Development of underdeveloped areas
EOR
Challenge technical limits and new technologies
Fr Final 22%
Development Plan
Example
2
–
Waterflooding
Project
Los Perales
Development Strategy
Key parameters
Oil (Kbbls)
106,443
Gas (Mm3)
455
Investment(MUSD)
3,834
Wells
1,548
Workovers
1,618
Unit Development Cost (USD/Boe)
35
37
Current Development |
Table of Contents
 Discovery Date
1930
Concession up to
November 2015
OOIP/OGIP
730 MBbl (117 Mm³)
Current Recovery Factor
20 %
Fr Final 30 %
Example
3
-
Terciary
Recovery
(EOR)
Manantiales
Behr
–
Grimbeek
Polymer
Flood
Grimbeek
Optimal recovery via a more efficient flood
Pilot to Demonstrate Incremental Recovery
Technology to be extended to full field after a short waterflood
Challenge of new technical limits
Development Strategy
Key parameters
Oil (Kbbls)
39,200
Gas (Mm3)
453
Investment(MUSD)
1,564
Wells
801
Workovers
684
Unit Development Cost (USD/Boe)
37
38 |
Table of Contents
    Increase
refined
products
+37%
Diesel and gasoline
2017 vs. 2013 |
Table of Contents
 Downstream plan
Capex
Total 2013-2017
Contribution by project
USD 8.0 bn
Light
crude
+
Topping /
vacuum
capacity
+
Alkylation /
reforming
capacity
+
Hydro-
cracking /
coking
capacity
+
Annual CAGR
2013-2017 total increase
Gasoline
Diesel
Total
24%
44%
37%
5.6%
9.5%
8.1%
40
Gasoline
Diesel
Utilization
Capacity
Upgrading
Conversion
6%
3%
10%
5%
8%
18%
18%
Refined products increase
2013 -
2017
Refining complex expansion and upgrading |
Table of Contents
 Leverage strong market position with commercial flexibility
YPF
Shell
Petrobras
Other
Esso
Market share (2011)
Crude
Processing
Nr. of gas
stations
Gasoline
Diesel
YPF
Shell
Petrobras
Other
Esso
Price gap (2012 YTD)
Gasoline
To competition
30%
24%
14%
15%
To import parity
Diesel
Refined products increase of 8% per year will allow
YPF to meet a growing demand while reducing price
gap to competition and maintaining leading market
share position
41
34%
55%
54%
59%
15%
9%
13%
8%
15%
12%
11%
28%
19%
13%
8%
7%
13%
13%
5%
8% |
Table of Contents
    Relaunch
natural gas
development
+23%
Production rate
Average 2013-2017 vs. 2011-2012 |
Table of Contents
 Natural gas plan
Gas Bolivia
10
Gas
USD 6.5 billion capex
program 2013 -
2017
to boost local gas production
Susbtitute imports with local gas production
Gasoil
23
Fuel oil
18
GNL
13-17
8% p.a.
Import prices
USD/Mbtu
Local prices
USD/Mbtu
Gas plus
4 -
7
Industry
4 -
6
32
47
43
2013
2014
2015
2016
2017
Mm3/d |
Table of Contents
 Exploitation
plan
-
gas
Mm³
2013 –
2017
(incremental)
MUSD
#
Production
Capex
Wells
Annual
average
Base production
Infill Drilling
Compression
Optimizations
Development
Shale
Tight
35,687 Mm³
USD 6.5 bn
1,160 wells
+ 23%
+ 20%
x7
x9
/d
33%
27%
32%
41%
21%
35%
42%
18%
39%
44
-
10
20
30
40
50
60
2011-
12
2018-
22
2013-17
-
200
400
600
800
1,000
1,200
1,400
1,600
1,800
2011-
12
2018-22
2013-17
-
50
100
150
200
250
300
350
400
2011-
12
2018-
22
2013-17 |
Table of Contents
 Example
-
natural
gas
project
Lotena (Loma la Lata, Neuquén Basin)
Los Barreales
Marimenuco
Integral Development of Lotena formation in block Loma La Lata-Sierra
Barrosa. The project consists in obtaining reservoir information and a field
gas development plan in the area. (model validation, reservoir architecture,
structural appraisal to develop 22 M BOE Production Curve
Cumulative Gas Production, Wells/WO and Capex
2012
2012
2012
2012
18
3587
1
18
2
6
11
227
Capex M U$S
Total
Total
Gas Mm 3
New wells
Total
Repairs
Total
45
200
400
600
800
1000
1200
1400
2012
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027
Proy. LLL Lotena -
Gas km3/d
0 |
Table of Contents
    Unlock shale
potential
+100 Kbbl/d
Oil by 2017
+13 Mm
3
/d
Gas by 2017 |
Table of Contents
 Encouraging results in Vaca Muerta development
Vaca Muerta Wells
YPF´s Vertical Type Well (291 Kbbl)
Ryder Scott ´s well (207 Kbbl)
Current average performance
37
wells
drilled
27
wells
completed
Achieved production
rate of 6,800 Boe/d
10
wells
waiting for
completion
Another
26 wells
to be drilled
in 2012
47 |
Table of Contents
 Better prospect than U.S. comparable basin
Eagle Ford wells
are all horizontal with 15 hydraulic fractures on average
Vaca Muerta wells
vertical with 2 to 4 hydraulic fractures only
Vaca Muerta
Eagle Ford
3 -
5
30 -
100
TOC (%)
3-10
Thickness (mts)
30-450
2,500 –
8,500
Reservoir pressure (psi)
4,500-9,500
Time since first oil
6-mos
1 year
1.5 years
2 years
2.5 years
3 years
Last 6-month
average
320 bpd
Max Monthly Oil
bbl/d
48
0
200
400
600
800
1,000
1,200
1,400
1,600
1,800 |
Table of Contents
 Shale oil development plan
Oil projects scope
KBbl/d
Upside
Loma Campana / LLL norte
Cluster #2
YPF net
Pilot + first cluster
Cluster #3
Cluster #4
Current production of NQN province
Production
Acreage developed
49
5% of total Vaca Muerta
oil window
1055 Km²
186 Km²
114 Km²
465 Km²
290 Km²
0
50
100
150
200
250
300
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
2024
2025
2026
2027 |
Table of Contents
 Shale gas development plan
Mm
3
/d
Gas production evolution
20% of total gas window
Current production of NQN province
50
El orejano
pilot
Cluster #2
Cluster #3
Cluster #4
Cluster #5
Cluster #6
Cluster #7
Cluster #8
Upside
Production
Acreage developed
22 Km
2
47 Km
2
50 Km
2
105 Km
2
60 Km
2
1379 Km
2
185 Km
2
41 Km
2
1888 Km
2 |
Table of Contents
    51
Huge unconventional potential in Argentina
Tarija
Los Monos
(shale gas)
Cretaceous
Yacoraite
(shale/tight/oil & gas)
Chaco Paraná
Devonico –
Permico
(shale oil)
Austral
Inoceramus
More than 45 total
wells drilled to
date by YPF
Cuyana
Cacheuta (shale oil)
Potrerillos (tight oil)
Among top 3 in the world (along China and U.S.A.),
most advanced in shale oil
Neuquina
Vaca Muerta (shale oil/gas)
Los Molles (shale gas)
Agrio (shale oil)
Lajas (tight gas)
Mulichinco (tight oil/gas)
Golfo San Jorge
Pozo D-129 (shale oil/tight oil)
Neocomiano (shale oil/gas) |
Table of Contents
 Unlocking the potential
Potencial
Partners
Strategic
Unconventional
experts
Technology
Services and
applications
Financial
Local and
international markets
Area
30,000 km²
Area
12,075 km²
Gross
Net YPF
Shale oil y gas -
Vaca Muerta
YPF´s leverage
•
Know -
how
•
Facilities
•
Qualified personnel
•
Factory mode
•
G&G
•
Reservoir characterization
•
Union relations
•
Federal government relations
•
Provincial government relations
52 |
Table of Contents
 100
day plan Context
1
High impact plan
2
3
Financial considerations
4
2012 -
2013
2013 -
2017
Business plan
53 |
Table of Contents
 Business plan -
total capex
* Total base plan (gross)
Annual capex plan*
2013 –
2017 breakdown
Gross
USD 37.2 bn
Total
2013-2017
Net YPF
USD 32.6 bn
2013
2014
2015
2016
2017
USD bn
22%
Downstream
4%
Exploration
1%
Corporate
73%
Exploitation
1.0
3.0
5.0
7.0
9.0
54 |
Table of Contents
    55
Cash flow generation and external financing needs
Capex Financing
Free cash flow profile -
YPF net
Financiability
drivers
Base plan (gross) that
generates production
growth of:
+ 32%
in 5 years
Gross
37.2
32.6
27.9
Shale
partner
Financing
Internal YPF
cash flow
generation
2013 –
2017 business plan
2013
USD Bn
2014
2015
2016
2017
2018
2019
2020
2021
2022
USD Bn
1.0
2.0
3.0
4.0
-2.0
-1.0
YPF net
2018 -
2022
Oil and gas
+ 37%
in 5 years
Gasoline
and diesel
Strong operating performance: growing EBITDA
Prudent leverage: maximum debt/EBITDA < 1.5x
Shale partner with 50% working interest in first cluster (250 km²) entering
at an attractive IRR (carrying YPF in pilot development of 40km²)
Dividend policy: pay out ratio > 5%
100%
80%
70% |
Table of Contents
 Stress test –
reduced external financing
No shale partner
Only USD 500 million
additional debt
financing p.a.
(2013 –
2015)
Conservative scenario
Reduced capex plan
Production profile
Sources of capex financing
Financing with local
banks / capital markets
or with government
sponsored funds
Sufficient supply to meet
growing demand, while
maintaining target
market share
6%
Financing
Internal
cash flow
generation
USD Bn
2013
2017
2022
4%
4%
USD Bn
CAGR:
(%)
56
94%
100%
2013
-2017
2018
2022
-
2013
2017
2018
2022
-
-
24.7
37.0
474
550
650
KBOE/day –
Total oil and gas |
Table of Contents
 Upside
scenario
–
faster
ramp-up
of
shale
More shale partners
(50% working interest)
Reflects only part of the upside (still more than 65% of YPF´s acreage in Vaca
Muerta undeveloped by 2017) Upside scenario
Accelerated capex plan
Production profile
1%
40.4
33.7
1 + shale oil cluster
(290 km²)
1 + shale gas cluster
(80 km²)
9%
CAGR:
(%)
57
32.7
27.9
7.7
5.8
2013-2017
2018-2022
Base
case (gross)
Upside
USD Bn
492
641
659
75
81
2013
2017
2022
KBOE/d
Base
Upside |
Table of Contents
 2013
- 2017
32%
Oil and gas
production growth
+10,000
New jobs
37%
Diesel and gasoline
production growth
58 |
Table of Contents
 Business plan 2013 –
2017
100 day plan
August 30, 2012 |
Table of Contents
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: August 31, 2012 | By: | /s/ Gabriel E. Abalos | ||||
| Name: Title: |
Gabriel E. Abalos Market Relations Officer | |||||