6-K 1 d500988d6k.htm FORM 6-K

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 March, 2013

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

YPF Sociedad Anónima

TABLE OF CONTENTS

Item |  |
1 |  | Translation of Full Year 2012 and Q4 2012 Earnings Presentation.

2

March 2013 Full Year 2012 & 4th Quarter 2012 Earnings Webcast Item 1

2 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.

Agenda Highlights 2012 1 Q4 2012 Results 2 Financial Situation 3 Summary 4 3

4 Highlights 2012 - Upstream Total hydrocarbon production (y.o.y. variation) Natural gas production (y.o.y. variation) Crude oil production (y.o.y. variation) 2009 2010 2011 2012 2009 2010 2011 2012 2009 2010 2011 2012 -7.6% -5.3% -8.3% -0.6% -4.7% -1.6% -7.6% 2.2% -11.9% -7.9% -10.2% -2.3% Stabilized upstream production, establishing the base for future growth

5 +1.4% +4.9% Highlights 2012 - Downstream Refinery throughput (kbbl/d) Increased downstream activity to match local demand growth 284 288 2011 2012 285 299 2H 2011 2H 2012

6 (1) Petrochemicals includes fertilizers. (2) Others (net of sales tax) includes: grain, flour and oils, kerosene, crude, residual carbon, asphalts Highlights 2012 - Revenues Revenues (ARS million) Healthy and diversified revenue growth +19.5% Revenues by product Gasoline Diesel Natural gas JP1 LPG Fuel Oil Petrochemicals Others Exports 1 2 56,211 67,174 2011 2012 19% 41% 7% 2% 3% 3% 4% 10% 11%

7 Highlights 2012 - Financial Results Operating cashflow (ARS million) Net income (ARS million) (*) EBITDA (ARS million) Strong annual results; particularly in operating cashflow +36.4% - 12.2% +21.3% (*) Includes deferred income tax effect of 1,943 MARS in 2012 and 646 MARS in 2011 12,686 17,301 2011 2012 14,889 18,053 2011 2012 4,445 3,902 2011 2012

Highlights 2012 - Financial Results (cont.) Extended debt maturities at competitive rates 1,112 4,747 17,301 2,737 -16,403 Cash and equivalents at the end of 2011 Cashflow from operations (1) Net financing Capex (2) Cash and equivalents at the end of 2012 In million of ARS (1) Includes effect of changes in exchange rates / (2) Effective spendings in fixed assets acquisitions during the year 8

9 Highlights 2012 - Reserves and activity +80% Today 49 rigs 26 46 Q1 2012 Dec-12 153 107 46 Total Hydrocarbon Liquids Natural Gas Active drilling rigs Reserve adds (million BOEs) Dramatic increase in drilling activity should result in future reserve growth 86% 106% 59% RRR

Highlights 2012 - Vaca Muerta Exploration Update Continued full Vaca Muerta delineation confirming our model; thus understanding the oil / wet gas / dry gas windows Confirmation of oil core area north of Loma La Lata Addition of a new oil core area in the northern part of the formation Continuity between the two core areas confirmed Shale gas potential confirmed with four positive wells Tested potential in the formation borders 2012 Exploration activity in Vaca Muerta Vaca Muerta Shale play Gas Oil 10

11 Highlights 2012 – Vaca Muerta Development Update Progress towards finding the key to turn Vaca Muerta into a highly profitable shale development Shale wells Qi evolution Completion costs per vertical well Oct-10 Jan-11 Apr-11 Aug-11 Nov-11 Feb-12 May-12 Sep-12 Dec-12 5 10 15 20 25 30 35 40 45 Oil average Qi, M /d 100 85 88 90 77 3,4 3,1 4,3 4,7 5 1H 2011 2H 2011 1H 2012 2H 2012 Last Well Completion costs Avg. frack stages per well First Vaca Muerta reservoir simulation model (lead by YPF team together with top North America shale experts) Increased initial productions due to improved fracking methodology and by managing the draw down imposed to the hydraulic fractures Renegotiated completion contracts generating savings as efficiency and economies of scale increase Decreased well cost by 10% during 2012 and completion by more than 20% Efficiency improvements, moved from 1 up to 3 stage fracks per day Initiated multi-pad drilling Started pilot development targeting 130 wells in 2013 3

12 2012 Financial Results In million of ARS 7,188 7,903 2,154 579 9 -611 -1,416 2011 Upstream Others Chemicals Controlled affiliates Refining and marketing 2012 Increased operating income despite negative results from controlled affiliates

Agenda Highlights 2012 Q4 2012 Results Financial Situation Summary 1 2 3 4 13

14 Q4 2012 Operating Income Operating income reached ARS 1,846 million during Q4 2012, 81.5% above same period of 2011 In million of ARS (1) Includes results of consolidated subsidiaries (1) 1,017 1,846 3,950 72 -1,714 -484 -461 -415 -119 4Q 2011 Revenues Exploration expenses Costs of sales Others DD&A SG&A Purchases 4Q 2012

15 Q4 2012 Upstream Results Upstream operating income was ARS 1,194 million in Q4 2012, due to higher revenues driven by an increase in crude oil and natural gas prices In million of ARS (1) Includes results of consolidated subsidiaries (1) 740 1,194 1,797 12 -864 -328 -109 -39 -15 4Q 2011 Revenues Others Production costs DD&A Royalties Purchases Affiliates 4Q 2012

16 Q4 2012 Downstream Results Higher crude oil prices negatively impacted operating income despite increased volumes and prices In million of ARS (1) Includes results of consolidated subsidiaries (1) 1,227 805 2,606 29 -2,536 -289 -165 -67 4Q 2011 Revenues Others Purchases SG&A Production costs DD&A 4Q 2012

17 Q4 2012 Chemicals Results Higher exports of methanol, alcohol and solvents increased revenues during Q4 2012 In million of ARS 251 351 394 -193 -60 -39 -2 4Q 2011 Revenues Purchases SG&A Production costs DD&A 4Q 2012

18 Q4 2012 Capex (1) 1. Economic capex figures as expressed in Exhibit A of Q4 2012 YPF financial statements. Others Chemicals Refining and marketing Upstream +36.9% Refining and Marketing Progress of Coke unit replacement project which will increase our production of gasoline and gasoil. Chemicals Continuous progress in the CCR in CILP, start up in 2013. Upstream Conventional drilling in the areas of Las Heras, El Guadal and Cañadón Seco in San Jorge basin, Loma La Lata and Aguada Toledo in Sierra Barrosa in Neuquina basin. Exploratory activity in unconventional formations in the areas of Bandurria, La Amarga Chica, Loma Amarilla and Cerro las Minas in the Neuquina basin. 4,976 6,812 4Q 2011 4Q 2012

19 Agenda Highlights 2012 1 Q4 2012 Results 2 Financial Situation 3 Summary 4

20 Access to financing Consolidated statement of cash flows (MARS) (2) Notes Amount Interest Rate Maturity Class VI (Q3 2012) ARS 100M 16.74% 270 days Class VII (Q3 2012) ARS 200M BADLAR+300bps 18 months Class VIII (Q3 2012) ARS 1,200M BADLAR+400bps 36 months Class IX (Q4 2012) USD 130M 5% 24 months Class X (Q4 2012) USD 552M 6.25% 48 months Class XI (Q4 2012) ARS 2,110M BADLAR+425bps 51 months Class XII (Q4 2012) ARS 150M 19% 12 months Class XIII (Q4 2012) Class XIII (Q1 2013) ARS 2,328M ARS 500M BADLAR+475bps BADLAR+279bps 72 months Class XIV (Q1 2013) ARS 300M 19% 12 months Class XV (Q1 2013) USD 229,8M 2.5% 21 months Financial situation Successfully financed 2012 operations and pre-financed part of 2013 978 4,747 4,740 4,053 -5,024 Cash and equivalents at the beginning of Q4 (1) Cashflow from operations Net financing Capex Cash and equivalents at the end of Q4 Successful issuance of ARS 11.3bn notes during 2012 and the beginning of 2013, ARS 7.87bn notes during Q4 2012 During Q4 2012, cash and equivalents increased almost ARS 4bn, pre-financing part of 2013 activities (1) Includes effect of changes in exchange rates / (2) Effective spendings in fixed assets acquisitions during the quarter

21 21 Maturity of financial liabilities 2012 - Payment schedule (USD million) 2012 From 0 to 1 year From 1 to 3 years More than 3 years Total Percentage 27% 25% 48% 100% 2011 From 0 to 1 year From 1 to 3 years More than 3 years Total Percentage 62% 26% 12% 100% (1) As of December 31 2012 965 295,4 324.2 182.4 132.5 507.6 355.6 880.5 476.1 336.9 0 200 400 600 800 1,000 Cash 12/31/2012 0-3 months 3-6 months 6-9 months 9-12 months 1-2 years 2-3 years 3-4 years 4-5 years More than 5 years

Agenda Highlights 2012 1 Q4 2012 Results 2 Financial Situation 3 Summary 4 22

23 Summary 2012 • Stopped production decline increasing drilling activity • Stabilized our financial situation and pre-financed part of 2013 • Increased natural gas well head price • Extended concessions • Continuous success in unconventional drilling • Recovered 90% utilization capacity in our refineries • Actively managed relationship with labor unions 2013 • Focus on profitable growth: continued production and revenue growth with cost control • Aggressive capex plan but maintaining sound capital structure • Improve performance of subsidiaries Executed High Impact Plan Focus on Strategic Plan and adapt it as needed

Full Year 2012 & 4th Quarter 2012 Earnings Webcast Questions and Answers

March 2013 Full Year 2012 & 4th Quarter 2012 Earnings Webcast

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: March 12, 2013 |  | By: |  | /s/ Gabriel E. Abalos
|  | Name: |  | Gabriel E. Abalos
|  | Title: |  | Market Relations Officer