6-K 1 d22732d6k.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 August, 2015

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 2015 Earnings Presentation.

2nd Quarter 2015 Earnings Webcast August 6, 2015

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. 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. Disclaimer 2 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, 2014 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Q2 2015 Results Financial Situation Summary 1 2 3 Contents

Revenues of Ps 39.6 billion (+12% vs. Q2 2014) Crude oil production 249.8 Kbbl/d (+3.7%) Natural gas production 44.6 Mm3/d (+2.3%) Crude processed 305 Kbbl/d (+4.4%) Operating Income was Ps 5.6 billion (-6.3%) Net Income was Ps 2.3 billion (+50.5%) Total Capex (2) was Ps 14.8 billion (+33.7%) Q2 2015 Results – Highlights Adj. EBITDA (1) reached Ps 12.4 billion (+13.3%) Operating Cash Flow topped Ps 10.0 billion (-12.5%) (1) See description of Adj. EBITDA in footnote (2) on page 5 (2) Compared to Q2 2014 not including additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture. 4

Despite 45% decline in Brent average price y-o-y, the company continued to show solid results. Revenues (1) (in millions of USD) Operating Income (1) (in millions of USD) Adj. EBITDA (1) (2) (in millions of USD) (1) YPF financial statement values in IFRS converted to USD using average exchange rate of Ps 8.0 and Ps 8.9 per U.S $1.00 for Q2 2014 and Q2 2015, respectively. (2) Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings. +0.7% -15.6% +1.8% Q2 2015 Results Expressed in US Dollars 4,413 4,443 Q1 2014 Q1 2015 1,367 1,392 Q2 2014 Q2 2015 743 627 Q2 2014 Q2 2015 5

6 (in millions of Ps) Q2 2015 Operating Income Higher DD&A and other costs of sales reduced Operating Income by 6.3%. 5,950 5,578 4,227 391 340 -2,788 -2,088 -296 -158 Q2 2014 Revenues Other expenses Exploration expenses Cost of sales DD&A SG&A Purchases Q2 2015

7 Q2 2015 Upstream Results Upstream Operating Income declined 23% to Ps 2.5 billion despite a 17% increase in Revenues; lifting cost and depreciation were higher. (In million of Ps) (1) Other expenses include: +Ps 208 of Purchases, - Ps 388 of Other Costs of Sales and – Ps. 8 of SG&A 3,305 2,534 2,872 340 -1,888 -1,278 -579 -239 Q2 2014 Revenues Exploration expenses DD&A Production costs Royalties expenses Q2 2015 Other (1)

8 Crude oil production (Kbbl/d) Natural gas production (Mm 3 /d) Q2 2015 Upstream Results – Production Total production (Kboe/d) +3.7% +2.3% +2.6% Total y-o-y production growth of 2.6%: 3.7% in crude oil, 2.3% in natural gas and -2.8% in NGL. 43.6 44.6 Q2 2014 Q2 2015 555.0 569.3 Q2 2014 Q2 2015 240.9 249.8 Q2 2014 Q2 2015

9 Q2 2015 Upstream Results – Shale Update 46 wells drilled in Q2 2015 (total of 360 producing wells), including 8 horizontal wells in the east area of Loma Campana and El Orejano. Total Gross Production (Kboe/d) Extended the length of horizontal section from 1,200 meters to 1,500 meters, adding three fracture stages (from 15 to 18 stages). Continued drilling slim hole wells as a cost-efficient alternative to develop lower productivity areas, having completed 2 of them with 2 more pending completion. The sweet spot in the west of Loma Campana continues to be developed with vertical wells Drilled first well in JV with Petronas; also obtained good results in other blocks with Vaca Muerta objective. 8.1 10.1 13.2 17.4 19.0 22.7 31.7 38.0 41.7 43.3 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

10 Tight gas production in Q2 2015 represents 12% of total gas production, compared to 8% in Q2 2014. (1) Refers to Lajas prospective area called “Segmento 5” in Loma La Lata block. Q2 2015 Upstream Results – Tight Gas Update Loma La Lata (121 km 2 – 29,900 acres) (1) Objective: Lajas formation • 100% YPF • 4 wells drilled in Q2 2015 (93 total wells drilled) • Depth: 2,600 m to 2,800 m Total Gross Production (Mm 3 /d) Rincón del Mangrullo (183 km 2 - 45,200 acres) Objective: Mulichinco formation • 50% YPF – 50% Petrolera Pampa • 12 wells drilled in Q2 2015 (61 total wells drilled) • Depth: 1,600 m to 1,800 m Total Gross Production (Mm 3 /d) 0.04 0.14 0.87 1.22 1.41 1.80 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 0.7 0.6 0.7 1.8 2.7 3.3 4.1 4.0 4.3 4.4 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015

Q2 2015 Downstream Results Downstream Operating Income increased 32%. Lower international prices resulted in a reduction in exports, but local sales were strong across most products. (in millions of Ps) (1) Includes stock variations 2,921 3,865 2,196 399 -657 -551 -254 -189 Q2 2014 Revenues Other expenses SG&A Production costs Purchases (1) DD&A Q2 2015 11

+4.4% Crude processed (kbbl/d) Domestic sales of refined products (Km 3 ) +7.0% Q2 2015 Downstream Results - Sales +4.0% +6.1% Refinery utilization reached 95% helped by higher availability of light crude oil. Sales volumes of diesel and gasoline increased by 6.1% and 4.0% against Q2 2014. 12 292 305 Q2 2014 Q2 2015 4,113 4,399 Q2 2014 Q2 2015 Others LPG Fuel Oil JP1 Gasoline Diesel

Q2 2015 Downstream Results – Demand Monthly Gasoline Sales (Km 3 ) Monthly sales consistently above 2014; market share unchanged. Monthly Diesel Sales (Km 3 ) 54.6% 57.4% 57.7% 59.3% Gasoline Market Share 2013 Q2 2015 Diesel Market Share 2013 Q2 2015 60.0% 2014 57.7% 2014 Q2 2015 Q2 2015 13 320 340 360 380 400 420 440 460 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 2015 + 4.0% + 6.1% 550 600 650 700 750 800 850 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 2015

Q2 2015 Capex (1) Active rigs at end of period +33.7% (in millions of Ps) Downstream Upstream Progress of the new coke unit at the La Plata Refinery and other multi-year projects Neuquina basin: Loma Campana, Aguada Toledo, Rincón del Mangrullo, El Orejano and Chachahuen Golfo San Jorge basin: Manantiales Behr, El Trébol, Los Perales and Cañadón La Escondida Drilling rigs (1) +200% 11,038 14,758 14 Q2 2014 Q2 2015 Upstream Downstream Others 25 46 65 75 75 2011 2012 2013 2014 Q2 2015

Contents Q2 2015 Results Financial Situation Summary 1 2 3

Q2 2015 Cash Flow From Operations -12.5% Consolidated statement of cash flows (in million of Ps) Cash flow from operations (in million of Ps) Strong cash position at the end of Q2 2015 despite lower cash flow from operations. Sound capital structure; Net Debt / Adj. EBITDA LTM of <1.2x (3) . 11,430 10,002 Q2 2014 Q2 2015 11,039 14,238 10,002 8,597 -15,400 Cash at the beginning of Q2 2015 Cashflow from operations Net financing (2) Capex (1) Cash at the end of Q2 2015 16 (1) Effective spendings in fixed asset acquisitions during the quarter. (2) Includes effect of changes in exchange rates. (3) Net debt to Adj. EBITDA calculated in USD, Net debt at period end exchange rate of Ps 9.0 to U.S. $1.0 and Adj. EBITDA LTM at average LTM of Ps 8.6 to U.S. $1.00; 6,053 / 5,186 = 1.2.

17 Peso denominated debt: 26% of total debt Financial debt amortization schedule (1) (2) (in millions of USD) Average interest rates of 7.54% in USD and 23.56% in pesos (1) As of June 30, 2015, does not include consolidated companies (2) Converted to USD using the June 30, 2015 exchange rate of Ps 9.0 to U.S.$1.00. Cash position covers debt maturities for next 12 months. Continued to extend the average life of debt. Financial Situation Update (1) Average life of almost 4.9 years Debt profile highlights: 1,434 Cash 2015 2016 2017 2018 2019 2020 +2020

Contents Q2 2015 Results Financial Situation Summary 1 2 3

19 Summary Continued to deliver solid results despite challenging global oil price environment and the effects of a strong peso Strong local demand for our main products Sound cash position raised early in the year Tight and shale gas development progressing well; shale oil development addressing learning curve challenges

Questions and Answers 2nd Quarter 2015 Earnings Webcast

August 6, 2015 2nd Quarter 2015 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: August 6, 2015 |  |  |  | By: |  | /s/ Diego Celaá
|  |  |  | Name: Title: |  | Diego Celaá Market Relations Officer