6-K 1 d583032d6k.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 August, 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 Sociedád Anonima

TABLE OF CONTENTS

ITEM |

1 | Translation of Q2 2013 Earnings Presentation.

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2nd Quarter 2013 Earnings Webcast August 12, 2013

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, 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, 2012 filed 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. changes and other factors which may be beyond YPF’s control or may be difficult to predict. with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Agenda Q2 2013 Results 1 Financial Situation 2 Shale Development Agreement 3 Summary 4

Revenues of ARS 21.9 bn (+36.4% vs. Q2 2012) Crude oil production 228.2 Kbbl/d (+0.4%) Natural gas production 33.0 Mm3/d (-3.2%) Signed shale oil development agreement with Chevron in Vaca Muerta Recurring EBITDA reached ARS 5.8bn (+40.0%) Full quarter negative effect from fire in La Plata Refinery Recurring Operating Income was ARS 2.2 bn (+18.6%) Recurring Net Income was ARS 1.1 bn (+30.9%) Total Capex topped ARS 6.5 bn (+90.8%) Q2 2013 Results Highlights (1) (1) Results adjusted for non-recurring non-cash provision of ARS 855 million

In million of ARS Solid domestic demand and pricing discipline coupled with Downstream business unit efforts to recover from the La Plata Refinery incident resulted in recurring Operating Income increase of 18.6%. Q2 2013 Recurring Operating Income (1) (1) Impact of non cash provision relating to claims arising from discontinuity of gas export contracts to Brazil in 2009 not included. 1,809 2,218 5,857 - 2,221 -1,631 -813 -609 -235 Q2 2012 Revenues Purchases Costs of sales SG&A DD&A Other Q2 2013

In million of ARS Q2 2013 Recurring Operating Income (1) Downstream business performance drove the increased results of this quarter. (1) Impact of non cash provision relating to claims arising from discontinuity of gas export contracts to Brazil in 2009 not included.

Q2 2013 Upstream Results (1) (2) Higher revenues were offset by increases in production costs and depreciations. In million of ARS 1,458 1,443 2,447 210 121 -1,264 -537 -316 -676 Q2 2012 Revenues Purchases Afiliates Production costs DD&A Royalties Other Q2 2013 (1) Impact of non cash provision relating to claims arising from discontinuity of gas export contracts to Brazil in 2009 not included. / (2) Includes ARS 312 million of crude oil export taxes

Crude oil production (kbbl/d) Natural gas production (Mm 3 /d) Q2 2013 Upstream Results - Production (1) July 2013 production preliminary estimate. (1) (1) Downward trend in production seen in recent years continues to revert; crude oil and natural gas production for the quarter above previous two quarters. 256.8 244.9 240.9 222.6 227.4 226.3 228.2 234.4 2008 2009 2010 2011 2012 Q1 13 Q2 13 jul-13 46.9 41.3 38.1 34.2 33.4 31.4 33.0 34.8 2008 2009 2010 2011 2012 Q1 13 Q2 13 jul-13

Drilling Rigs (1) Workover (1) Q2 2013 Upstream Results - Activity (1) End of period active rigs +140% +71% Increase in activity according to plan. 25 36 42 46 52 58 60 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 jul-13 49 62 69 70 73 82 84 Q1 2012 Q2 2012 Q3 2012 Q4 2012 Q1 2013 Q2 2013 jul-13

Q2 2013 Downstream Results In million of ARS Increased Operating Income by 40,4% despite impact from the La Plata Refinery incident. 862 1,210 4,670 -3,552 -429 -329 -8 -4 Q2 2012 Revenues Purchases SG&A DD&A Affiliates Q2 2013 Production costs

-15.9% Crude processed (kbbl/d) Domestic sales of refined products (Km3) -1.4% Q2 2013 Downstream Results - Sales Maintained local marketshare even with lower crude processed 289 243 Q2 2012 Q2 2013 3,872 3,819 Q2 2012 Q2 2013 Others LPG Fuel Oil Jet fuel and kerosene Gasoline Diesel

Topping D Topping C Vacuum Unit Vacuum Unit FCC A Coke A FCC B Coke B Lubes Train La Plata Refinery Simplified Scheme Diagram Q2 2013 Downstream Results - La Plata Refinery Update • Impressive efforts from Downstream business team to control fire and successfully restore production ahead of schedule. • After a week we were processing 100 Kbbl/d, and before the end of May we were running at 150 Kbbl/d. • YPF has appropriate insurance coverage for both physical damage and business interruption. 25 Kbbl/d 100 Kbbl/d 150 Kbbl/d Emergency Crude processing normalization New coke unit Capacity before Incident (189 Kbbl/d) Top D starts Top IV starts Top C starts April 7 April 2 May 24 2015 208 Kbbl/d Capacity after Incident (150 Kbbl/d) New Coke starts Topping

Q2 2013 Capex (1) 1. Economic capex figures as expressed in Note 2.g of Q2 2013 YPF financial statements. Downstream Upstream Progress of the new coke unit at the La Plata refinery, the Continuous Catalytic Reformer at our chemical complex in Ensenada and the fuel hydrogenation units at Luján de Cuyo Neuquina basin: Loma La Lata (conventional and unconventional), Chihuido Sierra Negra and Catriel Golfo San Jorge basin: Manantiales Behr, El Trebol and Los Perales +90.8% 3,412 6,510 Q2 2012 Q2 2013 Upstream Downstream Others

Agenda Q2 2013 Results 1 Financial Situation 2 Shale Development Agreement 3 Summary 4

In million of ARS (1) Includes 143 MARS from the consolidation of GASA (2) Includes effect of changes in exchange rates (3) Effective spendings in fixed assets acquisitions during the quarter (1) (2) Notes Amount Interest Rate Maturity Series XVI (Q2 2013) ARS 300M 19% 12 months Series XVII (Q2 2013) ARS 2,250M BADLAR+225bps 84 months Series XVIII (Q2 2013) USD 61M 0.1% 24 months Series XIX (Q2 2013) USD 89M 1.29% 48 months Series XX (Q2 2013) ARS 1,265M BADLAR+225bps 84 months Series XXI (Q3 2013) ARS 100M 19% 12 months Series XXII (Q3 2013) USD 91,5M 3.5% 84 months Q2 2013 Financial Situation (3) • Issued ARS 4.6bn notes in the local market during Q2 2013 (ARS 7.2bn year to date, totaling ARS 16.5bn since Q2 2012), while maintaining a cash cushion of over ARS 5 bn. • Strong and unlevered balance sheet (Net Debt / EBITDA LTM of 0.96x). 4,458 5,140 3,253 3,458 -6,029 Cash at the beginning of Q2 2013 Cashflow from operations Net financing Capex Cash at the end of Q2 2013

Agenda Q2 2013 Results 1 Financial Situation 2 Shale Development Agreement 3 Summary 4

Chevron agreement: summary terms Exploitation of the concession that unifies the areas of Loma La Lata Norte and Loma Campana targeting Vaca Muerta formation for 35 years YPF 50% and Chevron 50% 300 MUSD at Closing (once Neuquén grants the new concession), subject to YPF guarantee of repayment for 90-day period In 90 days after Closing, and subject to certain conditions, including that complementary agreements are signed and YPF contributes 50% of the concession, Chevron starts disbursing balance up to USD 1.24 bn YPF and Chevron 50/50 sharing of profits of investment for the development of the new concession YPF Partners Initial disbursement Area Pilot project Second stage Operator

Total area: 395 km 2 (97.607 acres) Production (Unconventional) 11,800 boe/d as of July 2013 Development model 290 Km 2 (71.661 acres) Directional wells upside 105 Km 2 (25.946 acres) +90 wells in production +5 year estimates Estimated oil production: + 50 Kbbl/d It would become YPF’s main producing field Chevron agreement: description of project More than 100 wells drilled 12.4 Kboe/d in July 2013 YPF Unconventional activity Project Pilot consisting of 130 wells (20 Km2) Full development program of ~1,500 wells (USD 15Bn+) Development area Estimated gas production: 3 Mm 3 /d Oil: 7.6 Kbbl/d NGL: 2.5 Kbbl/d Gas: 370 Km3/d 3,3% of total YPF’s VM acreage (*) (*) 395 Km 2 / 12.075 Km 2

Agenda Q2 2013 Results 1 Financial Situation 2 Shale Development Agreement 3 Summary 4

Summary Healthy margins and market share in spite of the La Plata Refinery incident Reverted production downtrend Volume and price increases in core products Natural gas renewed focus with higher well head prices Strong financial situation Agreement with Chevron to develop Vaca Muerta

2nd Quarter 2013 Earnings Webcast Questions and Answers

2nd Quarter 2013 Earnings Webcast August 12, 2013

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

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