<SEC-DOCUMENT>0000950103-12-000649.txt : 20120208
<SEC-HEADER>0000950103-12-000649.hdr.sgml : 20120208
<ACCEPTANCE-DATETIME>20120208142722
ACCESSION NUMBER:		0000950103-12-000649
CONFORMED SUBMISSION TYPE:	6-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20120208
FILED AS OF DATE:		20120208
DATE AS OF CHANGE:		20120208

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			YPF SOCIEDAD ANONIMA
		CENTRAL INDEX KEY:			0000904851
		STANDARD INDUSTRIAL CLASSIFICATION:	PETROLEUM REFINING [2911]
		IRS NUMBER:				521612271
		STATE OF INCORPORATION:			C1
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		6-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-12102
		FILM NUMBER:		12581278

	BUSINESS ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES 1364 AR
		STATE:			C1
		BUSINESS PHONE:		5413267265

	MAIL ADDRESS:	
		STREET 1:		AVENIDA PTE R SAENZ 777-8 PISO
		CITY:			BUENOS AIRES
		STATE:			C1
</SEC-HEADER>
<DOCUMENT>
<TYPE>6-K
<SEQUENCE>1
<FILENAME>dp28625_6k.htm
<DESCRIPTION>FORM 6-K
<TEXT>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman, serif">SECURITIES AND EXCHANGE COMMISSION</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 16pt; FONT-FAMILY: Times New Roman, serif">the Securities Exchange Act of 1934</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">annual reports under cover of Form 20-F or Form 40-F:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in paper as permitted by Regulation S-T Rule 101(b)(1):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">Indicate by check mark if the registrant is submitting the Form 6-K</font></div>

<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="center"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">in paper as permitted by Regulation S-T Rule 101(b)(7):</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: arial"><font style="DISPLAY: inline; FONT-WEIGHT: bold">Re.</font>: YPF &#8211; 2011 Investments and reserves additions</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 72pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The purpose of this letter is to comply with the requirements of Chapter VII, Article 23 of the Regulations of the Buenos Aires Stock Exchange.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 36pt; TEXT-INDENT: 36pt; MARGIN-RIGHT: 0pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">We hereby inform you that:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Investments surpassed Ps.13,300 million, more than 50% higher than the investments carried out in 2010.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Exploratory intensity and success allowed an increase of the crude oil reserves replacement ratio of over 160%.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Strong boost of refining and chemistry multi-year projects with a total investment of over Ps.8,000 million.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The greatest investments in YPF&#8217;s history</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The investments made by YPF in 2011 reached an all time record for the company, amounting to over Ps.13,300 million. This amount outperforms the last fiscal year&#8217;s figures by 50%. Out of the total investment, more than Ps.8,900 million were assigned to the activity of exploration and production of hydrocarbons (Upstream), while more than Ps.4,200 million&#160;&#160;was allocated to the areas of refining, logistics, chemistry, and marketing of oil products (Downstream) and Ps.200 million to other investments.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Increase of reserves upon exploratory success</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">In 2011, YPF added 137 million barrels of proved oil reserves, which implies that its crude oil reserve replacement ratio was over 100% for the second year running. The crude oil reserve replacement ratio is expected to be over 160% in 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">According to the 2010 annual reserves data published by the Argentine Energy Secretariat, YPF&#8217;s oil reserve replacement ratio amounted to 144% and its gas reserve replacement ratio was 100% during 2010.<font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">1</font></font></font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The discovery of non conventional oil and gas corresponding to the Vaca Muerta field that allowed a substantial addition of resources in November.<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font></font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Production of over 700,000 Boe of non-conventional oil in the Vaca Muerta formation.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The discovery of conventional oil in the block Chachahu&#233;n, located in the province of Mendoza, which added 40 million barrels in resources.<font style="DISPLAY: inline; FONT-SIZE: 70%; VERTICAL-ALIGN: text-top">2</font> There has not been a discovery of such magnitude in the province of Mendoza for 20 years.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Activity carried out in fields implied the drilling of 659 development wells, which together with secondary recovery activity, repair work and infrastructure implied a total investment in development of approximately Ps.7,000 million</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The LNG terminal Escobar (province of Buenos Aires) was finished and its start-up took place in May 2011. It was jointly developed with ENARSA and it is operated by YPF<font style="DISPLAY: inline; TEXT-DECORATION: line-through">;</font> It regasifies liquefied natural gas (LNG) through a Regasifying LNG Carrier which has a regasifying capacity of 17 million cubic meters per day and a storage capacity of 151,000 cubic meters of LNG.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-WEIGHT: bold; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Strong boost in downstream projects. Lujan de Cuyo and La Plata among the most efficient refineries worldwide.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Within Downstream the milestones that stand out are:</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The set of multiyear projects with the aim to increase gasoline and gasoil production capacity, upgrade fuels quality, increase YPF&#8217;s logistics capacity, storage and the performance capacity of the crude oil processed in gasoil and gasoline. This set of multiyear projects will reach record figures of investment<font style="DISPLAY: inline; TEXT-DECORATION: line-through">&#160;</font>in Downstream, reaching Ps.8,600 million, approximately $2,000 million.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The main projects within this set are:</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The new Continuous Catalytic Reforming (CCR) unit at La Plata&#160;&#160;refinery with an estimated investment of about $350 million </font></div>
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<font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial"><font style="FONT-SIZE: 10pt"><font style="FONT-SIZE: 70%; VERTICAL-ALIGN: text-top"><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman"><font style="FONT-SIZE: 70%">1</font></font></font></font><font style="FONT-SIZE: 10pt; FONT-FAMILY: times new roman">&#160;The standards of the Argentine Energy Secretariat for establishing proved reserves differ from those of the U.S. Securities and Exchange Commission.</font></font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 114pt; TEXT-INDENT: 0pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">that should allow an increase in the production of octane components used in high quality motor gasoline.</font></div>

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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The new Cocking Retardation unit at La Plata refinery with an investment of about $440 million that should allow an increase in the production of gasoline and gasoil.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Two new gasoil hydrotreating units at La Plata and Lujan de Cuyo refineries, with a projected investment of about $325 million and $120 million respectively that will allow the production of high quality and low sulphur gasoil.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">A new gasoline hydrotreating unit at Luj&#225;n de Cuyo refinery with an estimated investment of around $150 million that will allow the production of low sulphur gasoil.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Increase in storage capacity through the construction of gasoil, gasoline and crude oil tanks with a planned investment of $250 million.</font></div>
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<div align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The upgrading of terminals for the addition of FAME and ethanol, increase of the distilling and oil pipelines capacity with a planned investment of over $365 million.</font></div>
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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">Luj&#225;n of Cuyo and La Plata refineries have become international referents as regards maintenance indicators in inside industrial facilities (Solomon International Report) showing rates that position them among the best worldwide.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 81pt; MARGIN-RIGHT: -23.25pt" align="justify"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Arial">The three refineries operated by YPF have worked at full capacity in 2011. Also, YPF has imported 60% of gasoil and gasoline imported in the country in order to serve supply to the automobile market, importing 1.3 million m3 of gasoil and gasoline, which places YPF&#8217;s participation in the domestic market at 54% for gasoline and 59% for gasoil in 2011.</font></div>

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<div style="DISPLAY: block; MARGIN-LEFT: 0pt; TEXT-INDENT: 27pt; MARGIN-RIGHT: 0pt" align="left"><font style="DISPLAY: inline; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman">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.</font></div>

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