6-K 1 d593507d6k.htm 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

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 letter to the Buenos Aires Stock Exchange dated August 29, 2013

2

TRANSLATION

Buenos Aires, August 29, 2013

To the

Bolsa de Comercio de Buenos Aires

(Buenos Aires Stock Exchange)

Ref.: Agreement between YPF and Chevron

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 related to the agreement signed between YPF and Chevron presented today in a press conference by the Company’s President, Mr. Miguel Galuccio.

Yours faithfully,

Gabriel E. Abalos

Market relations officer

YPF S.A.

YPF - Chevron Agreement To develop Vaca Muerta

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, 2012 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.

Agenda The importance of Unconventional Strategic partner and investment project magnitudes Description of the agreements 1 2 3

Exports Imports Exports - Imports Energy Deficit Growing imports that do not favor the trade balance In 2011 Argentina became a net energy importer Shale offers Argentina the historical opportunity of stop being an energy importer Exports and imports Oil, fuels and natural gas Billion dollars Source: INDEC 2009 2010 2011 2012 6.5 6.5 6.5 6.5 3.8 2.0 -2.9 -2.8 -2.6 -4.5 -9.4 -9.3

Argentina’s hydrocarbons resource potential Conventional (Oil 3P + Resources) NEUQUINA GOLFO SAN JORGE AUSTRAL CUYANA NOROESTE Notes: Source SEN / U.S. Energy Information Administration (DOE) / Advanced Resources International (ARI), 2012 Oil potential Natural gas potential Unconventional (resources) (Bbbls) (Tcf) 4.4 27 29 802 4th in UC oil resources 2nd in UC natural gas resources Conventional (Nat. gas 3P + Resources) Unconventional (resources)

Vaca Muerta – World class asset Shale Oil and Gas Area 30,000 km² EUR 20 - 40 Bbbl Area 12,075 km² Total Net YPF Chesapeake Main unconventional acreage holders in America ExxonMobil YPF Chevron Apache TOC (%) Thickness (mts) Pressure (psi) 4-5 60-90 3,000-4,000 0.5-4 60-90 7,000-12,000 2-12 10-60 2,000-5,500 3-5 30-100 2,500-8,500 12 20-30 4,200 Barnett Haynesville Marcellus Eagle Ford Bakken Area (km2) 13,000 23,000 250,000 5,000 5,200 EUR 100 - 200 TCF New area (LLLN+LC) 3-10 30-450 4,500-9,500 Vaca Muerta 30,000 Approximately 100 years of current production

Vaca Muerta, LLLN – LC / Today Number of Drilling Rigs Production (Unconventional) (*) 395 Km² / 12,075 Km² +90 wells in production 11,800 boe/d as of July 2013 3.3% of total YPF’s VM acreage (*)

Agenda The importance of Unconventional Strategic partner and investment project magnitudes Description of the agreements 1 2 3

3 rd holder Shale acreage, mainly in Marcellus and Utica (USA) Production 2,650 Kboe/d from which approximately 190 Kboe/d are from unconventional reservoirs. Chevron – Experience and financial capacity Market cap 235 billion dollars Sales (2012) 222 billion dollars In the world 5 th producer Of unconventional gas worldwide 3 rd oil company

Neuquina basin Vaca Muerta 1 cluster 20 km² Chevron’s initial investment Massive development 290 Km² 1,240 First 20 km² - pilot Investment 19 Drilling rigs Direct employees 700 drilling 300 transport 350 well services 160 stimulation +1,500 million dollars +100 Wells (as of December 2013)

Project Magnitudes - 35 years Total investment +16,000 Million dollars Total operating costs +9,000 Million dollars Drilling activity +1,500 New wells Cumulative production +750 Million BOEs Royalties to the Province +8,500 Million dollars Production Plateau +50,000 Barrels of oil per day +3 million m³ of natural gas per day

Agenda The importance of Unconventional Strategic partner and investment project magnitudes Description of the agreements 1 2 3

Agreements between the different Parties Investment Agreement between YPF and Chevron Creates the general framework for the investment with Chevron (Signed 07/16/2013) • YPF will operate the development asset Unifies and extends for 35 years the Loma Campana concession of an area of 395 km 2 Agreement between YPF and Neuquén (Signed 07/24/2013) (Ratified by Congress 08/28/2013) • Partnership: YPF 50%, Chevron 50% • Investment amount: 1,240 million dollars in stages • Pilot project: drilling +100 wells • 35 year term • Grant of 20 million dollars • Corporate Social Responsibility: 45 million dollars. • Royalties: 12% • Net Profit Interest: 5% (starting year 2027) • Reduction to applicable Methanol Plant subsidy • Minimum investment: 1,000 million dollars

Investment Agreement YPF - Chevron / Schedule Pilot project for the drilling of + 100 wells in 20 km 2 1 st stage 1 st disbursement: Chevron advances 300 million dollars to pay 50% of the investments made by YPF to date. YPF guarantees this amount until the execution of final legal documentation. 2 nd disbursement: Once final legal documentation is signed, Chevron provides 940 million dollars as investments are required over the next 12 months. 2 nd stage Once the pilot project is finished, Chevron may decide to continue in the massive development stage, in which +1,500 wells are estimated to be drilled and investments are estimated to be 15,000 million dollars. In case Chevron decides not to continue, they are only entitled to 50% of production from the wells drilled in the 1 st Stage.

Myths and realities about shale Myths Hydraulic stimulation threatens ground water No. In Argentina hydrocarbons are separated by 2 km of rock from aquifers and groundwater is well protected with steel casing and cement Realities Hydraulic stimulation compromises water supply No. In Neuquén only 0.1% of the river flow will only be used versus 5% used for irrigation and human consumption. The remaining 95% flows into the sea Hundreds of hazardous chemicals are used No. In Argentina only 3 to12 additives in very low concentrations are used. These chemicals can be found in ice cream, cheese, drinks and toiletries Shale is banned in most countries No. It was only banned in France and Bulgaria which have no precedent in the drilling of such wells

Myths and realities of the YPF - Chevron Agreement Myths Chevron invests pesos that it already has in Argentina Dollars come from abroad through the sole free foreign exchange market for the total investment Realities YPF guarantees product pricing to Chevron Prices will be the prevailing market prices at each moment without any guarantee from YPF YPF is giving away Vaca Muerta No. The agreement only contemplates the cession of 50% of 3.3% of the area that YPF has over Vaca Muerta and YPF will operate Chevron will have extraordinary profits Investment would be recovered only in the ninth year Chevron does not undertake any risk Chevron’s investment is totally at its own risk, it is only repaid with 50% of the project’s profits The Agreement is signed under French Law The agreements are subject to New York and Argentine Law, with arbitration in the ICC in Paris 1/2 YPF deposits in an escrow account No. YPF will not deposit any dollars as guarantee The Agreement is a surrender of sovereignty Sovereignty is to not depend on foreign energy resources

Myths and realities of the YPF - Chevron Agreement Myths YPF is a state-owned company Realities 2/2 Law 26,741, declared of public utility and subject to expropriation 51% of the equity interests in YPF S.A. The Agreement has secret clauses There are no secret clauses, it is just confidential in compliance with the regulations that apply to any publicly traded company In Section 15, the Law establishes that for the execution of the Company’s activities, YPF “shall continue to operate as a public company pursuant to Chapter II, Section V of Law Nº 19,550 and its corresponding regulations, and shall not be subject to any legislation or regulation applicable to the management or control of Companies or entities owned by the National Government or provincial governments”. YPF is not a state-owned company, bu t, as stated in the Law, is a corporation. For that reason, negotiations with Chevron were carried out in compliance with all obligations arising from both the Corporations Law as well as those arising from regulators and shareholders, as a company listed on the Buenos Aires and New York Stock Exchange.

NUESTRA ENERGÍA

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 29, 2013 |  |  |  | By: |  | /s/ Gabriel E. Abalos
|  |  |  | Name: |  | Gabriel E. Abalos
|  |  |  | Title: |  | Market Relations Officer