6-K 1 d623800d6k.htm 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 November, 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 Q3 2013 Earnings Presentation.

2

3 rd Quarter 2013 Earnings Webcast November 6, 2013

Disclaimer 2 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 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 These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise. 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. 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.

Agenda Q3 2013 Results 1 Financial Situation 2 Summary 3 3

Revenues of ARS 24.2 bn (+39.5% vs. Q3 2012) Crude oil production 235.1 Kbbl/d (+2.5%) Natural gas production 35.6 Mm3/d (+2.6%) Normalized imports and maintained market share: Gasoline 54.6% and diesel 57.9% (September 2013) EBITDA reached ARS 7.7 bn (+72.8%) Operating cash flow topped 9.4bn (+168%) Full recovery from La Plata Refinery incident Crude processed 292 Kbbl/d (only -4.6%) Operating Income was ARS 3.4 bn (+104%) Net Income was ARS 1.4 bn (+87%) Total Capex was ARS 8 bn (+94.4%) Q3 2013 Results Highlights Signed shale gas development agreement with Dow in Vaca Muerta 4

5 In million of ARS Q3 2013 Operating Income 1,688 3,444 6,866 21 -1,808 -1,663 -801 -756 -103 Q3 2012 Revenues Others Other costs of sales Purchases DD&A SG&A Exploration expenses Q3 2013 Both Upstream and Downstream volume increases and higher prices drove an Operating Income increase of 104%. 5

6 Q3 2013 Operating Income In million of ARS 1,688 3,444 1,198 561 - 3 Q3 2012 Upstream Downstream Others Q3 2013 Solid Upstream performance and Downstream pricing discipline were key to this quarter’s results increase. 6

7 Q3 2013 Upstream Results In million of ARS 937 2,135 3,302 147 -951 -762 -304 -234 Q3 2012 Revenues Afiliates Production costs DD&A Royalties Others Q3 2013 Operating income increased 127.8% as higher revenues due to production and price increases offset increased production costs and depreciations. 7

8 Crude oil production (kbbl/d) Natural gas production (Mm 3 /d) Q3 2013 Upstream Results – Production (1) (1) Production includes, as from August 1, 2013, a 27% stake with Ramos Joint Venture for exploration and production of hydrocarbon, currently part of YPF Energía Eléctrica. In Q3 2013 it includes 0.19 Kbbld of crude oil, 0.31 Kbbld of LNG, 0.43 Mm3d of gas and a total of 3.2 Kboed. Total production (kboe/d) +2.5% +2.6% +1.7% 229.3 235.1 Q3 2012 Q3 2013 488.1 496.5 Q3 2012 Q3 2013 34.7 35.6 Q3 2012 Q3 2013 Reversed production decline. Both crude oil and natural gas production grew over 2% against Q3 2012. 8

Crude oil production (kbbl/d) (1) Natural gas production (Mm 3 /d) (1) Q3 2013 Upstream Results – Activity & Production +4.7% +3.4% +152% Drilling rigs (2) Workover rigs (2) +73% (1) YPF net production from operated fields (2) End of period active rigs As activity increases, production from operated fields grew more than 3% q.o.q. 195.4 202.0 Q3 2012 Q3 2013 24.1 25.2 Q3 2012 Q3 2013 49 62 69 70 73 82 85 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 25 36 42 46 52 58 63 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 9

Q3 2013 Downstream Results A better than expected recovery from the La Plata refinery incident, higher prices and normalized imports boosted operating income by 57.7%. In million of ARS 973 1,534 4,825 137 -3,401 -509 -484 -7 Q3 2012 Revenues Affiliates Purchases SG&A Production costs DD&A Q3 2013 10

-4.6% Crude processed (kbbl/d) Domestic sales of refined products (Km 3 ) -0.6% Q3 2013 Downstream Results - Sales +6.8% -1.2% Maintained local market share even with lower crude processed 4,215 4,188 Q3 2012 Q3 2013 Others LPG Fuel Oil JP1 Gasoline Diesel 306 292 Q3 2012 Q3 2013 11

12 Q3 2013 Capex (1) (1) Economic capex figures as expressed in Note 2.g of Q3 2013 YPF financial statements. Purchase of Metrogas fixed assets (ARS 3,137 million) and YPF Energía Eléctrica (ARS 1,878 million) not included. +94.4% Downstream Upstream Progress of the new coke unit at the La Plata refinery and start up of the Continuous Catalytic Reformer at our chemical complex in Ensenada. Neuquina basin: Loma La Lata, Loma Campana, Chihuido Sierra Negra and Catriel Golfo San Jorge basin: Manantiales Behr, El Trebol and Los Perales 8,028 4,129 Q3 2012 Q3 2013 Downstream Upstream 12 Others

Agenda Q3 2013 Results 1 Financial Situation 2 Summary 3 13

In million of ARS (1) Includes initial disbursement from Chevron of 1,689 MARS (300 MUSD) / (2) (3) Includes effect of changes in exchange rates (3) Q3 2013 Financial Situation • Average life of debt of 3.6 years • Peso denominated debt component 49.5% • Average interest rates of 5.4% in USD and 19.9% in ARS (1) (2) 5,140 6,903 9,356 -7,477 -116 Cash at the beginning of Q3 2013 Cashflow from operations Capex Cash at the end of Q3 2013 Notes Amount Interest Rate Maturity Series XXI (Q3 2013) ARS 100M 19% 12 months Series XXII (Q3 2013) USD 91,5M 3.5% 84 months Series XXIV (Q4 2013) USD 150M 7.5% + Libor 58 months Series XXV (Q4 2013) ARS 300M 3.24% 18 months • Average life of debt of 3.6 years • Peso denominated debt component 49.5% • Average interest rates of 5.4% in USD and 19.9% in ARS • Issued ARS 8.3bn YTD, totaling ARS 17.7bn since Q2 2012; 1 st international bond issuance • Increased cash position to ARS 6.9 bn • Paid dividend of 0.83 ARS/share • Unlevered balance sheet (Net Debt / EBITDA LTM of 0.83x) 14 Net financing Effective spendings in fixed assets acquisitions during the quarter /

Dow agreement: description of project El Orejano (1) If Dow exercises the conversion option (2) 45 Km² / 12.075 Km² 0.37% of total YPF’s VM acreage (2) First shale gas development in Argentina 50/50 Partnership (1) Initial investment of USD 188M • Dow: USD 120M • YPF: USD 68M Operator YPF 16 wells to be drilled (45 km 2 – 11,090 acres) 15

Agenda Q3 2013 Results 1 Financial Situation 2 Summary 3 16

Summary Increased oil and natural gas production Full recovery from the La Plata Refinery incident Solid demand; volume and price increases Natural gas focus paying off with higher well head prices Strong operating cash flow Agreement with Dow to develop Vaca Muerta 17

3 rd Quarter 2013 Earnings Webcast Questions and Answers

3 rd Quarter 2013 Earnings Webcast November 6, 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: November 6, 2013 |  | By: |  | /s/ Gabriel E. Abalos
|  | Name: Title: |  | Gabriel E. Abalos Market Relations Officer

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