Supplemental Information on Oil and Gas Producing Activities (Unaudited) (Tables)

12 Months Ended

Dec. 31, 2018

Summary of Capitalized Costs, Along with the related Accumulated Depreciation and Allowances

The following tables set forth capitalized costs, along with the related accumulated depreciation and allowances as of December 31, 2018, 2017 and 2016:


	2018									2017								2016
Consolidated capitalized costs	Argentina			Other foreign			Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide
Proved oil and gas properties
Mineral property, wells and related equipment		1,594,064			—			1,594,064			770,461			—		770,461			621,717			—		621,717
Support equipment and facilities		47,224			—			47,224			22,171			—		22,171			18,263			—		18,263
Drilling and work in progress		80,737			—			80,737			40,567			—		40,567			36,966			—		36,966
Unproved oil and gas properties		14,909			1,241			16,150			6,189			558		6,747			4,788			526		5,314

Total capitalized costs		1,736,933			1,241			1,738,174			839,388			558		839,946			681,734			526		682,260
Accumulated depreciation and valuation allowances		(1,283,840	)		(489	)		(1,284,328	)		(600,086	)		—		(600,086	)		(473,814	)		—		(473,814	)

Net capitalized costs		453,093			752			453,846			239,302			558		239,860			207,920			526		208,446

Costs Incurred for Oil and Gas Producing Activities

The following tables set forth the costs incurred for oil and gas producing activities during the years ended December 31, 2018, 2017 and 2016:


	2018						2017						2016
Consolidated costs incurred	Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide
Acquisition of unproved properties		276		—		276		—		—		—		—		—		—
Acquisition of proved properties		166		—		166		154		—		154		2,093		—		2,093
Exploration costs		7,283		381		7,664		3,302		149		3,451		2,922		517		3,439
Development costs		53,553		—		53.553		39,039		—		39,039		49,302		25		49,327

Total costs incurred		61,278		381		61,659		42,495		149		42,644		54,317		542		54,859

Results of Operations from Oil and Gas Producing Activities

Differences between these tables and the amounts shown in Note 5 “Segment information”, for the exploration and production business unit, relate to additional operations that do not arise from those properties held by the Group.


	2018									2017									2016
Consolidated results of operations	Argentina			Other Foreign			Worldwide			Argentina			Other foreign			Worldwide			Argentina			Other foreign			Worldwide
Net sales to unaffiliated parties		3,085			—			3,085			521			—			521			18,489			98			18,587
Net intersegment sales		207,480			—			207,480			115,955			—			115,955			95,496			—			95,496

Total net revenues		210,565			—			210,565			116,476			—			116,476			113,985			98			114,083
Production costs		(114,381	)		—			(114,381	)		(69,944	)		—			(69,944	)		(65,823	)		(39	)		(65,862	)
Exploration expenses		(5,185	)		(224	)		(5,409	)		(2,279	)		(168	)		(2,447	)		(3,140	)		(17	)		(3,157	)
Depreciation and expense for valuation allowances		(72,044	)		—			(72,044	)		(45,277	)		—			(45,277	)		(38,036	)		(90	)		(38,126	)
Impairment of Property, plan and equipment		3,265			(365	)		2,900			5,032			—			5,032			(34,943	)		—			(34,943	)
Other		(2,839	)		(168	)		(3,007	)		(2,706	)		—			(2,706	)		(836	)		—			(836	)

Pre-tax income (loss) from producing activities		19,381			(757	)		18,624			1,302			(168	)		1,134			(28,793	)		(48	)		(28,841	)
Income tax expense / benefit		(5,814	)		227			(5,587	)		(456	)		59			(397	)		10,434			16			10,450

Results of oil and gas producing activities		13,567			(530	)		13,037			846			(109	)		737			(18,359	)		(32	)		(18,391	)

Summary of Standardized Measure of Discounted Future Net Cash Flows

The standardized measure does not purport to be an estimate of the fair market value of the Group’s proved reserves. An estimate of fair value would also take into account, among other things, the expected recovery of reserves in excess of proved reserves, anticipated changes in future prices and costs and a discount factor representative of the time value of money and the risks inherent in producing oil and gas.


	2018								2017								2016
Consolidated standardized measure of discounted future net cash flows	Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide
Future cash inflows ⁽¹⁾		1,786,896			—		1,786,896			564,396			—		564,396			669,791			—		669,791
Future production costs		(913,980	)		—		(913,980	)		(349,819	)		—		(349,819	)		(379,757	)		—		(379,757	)
Future development costs		(304,448	)		—		(304,448	)		(128,885	)		—		(128,885	)		(120,862	)		—		(120,862	)
Future income tax expenses		(121,388	)		—		(121,388	)		(2,324	)		—		(2,324	)		(29,956	)		—		(29,956	)
10% annual discount for estimated timing of cash flows		(138,847	)		—		(138,847	)		(16,935	)		—		(16,935	)		(32,805	)		—		(32,805	)

Total standardized measure of discounted future net cash flows		308,233			—		308,233			66,433			—		66,433			106,411			—		106,411

(1)	For prices used in future cash inflows see “Oil and Gas Reserves”. For the years ended December 31, 2017 and 2016, future cash inflows are stated net of the effect of withholding on exports until 2017 in accordance with Law No. 26,732

Summary of Changes in the Standardized Measure of Discounted Future Net Cash Flows

The following table reflects the changes in standardized measure of discounted future net cash flows for the years ended December 31, 2018, 2017 and 2016:


	2018			2017			2016
Beginning of year		66,433			106,411			97,765
Sales and transfers, net of production costs		(62,115	)		(53,759	)		(52,025	)
Net change in sales and transfer prices, net of future production costs		68,651			(74,046	)		(37,336	)
Changes in reserves and production rates (timing)		111,137			15,495			4,385
Net changes for extensions, discoveries and improved recovery		160,784			28,489			40,565
Net change due to purchases and sales of minerals in place		(730	)		—			3,234
Changes in estimated future development and abandonment costs		(71,368	)		(32,052	)		(19,356	)
Development costs incurred during the year that reduced future development costs		39,780			22,475			28,689
Accretion of discount		11,490			9,724			10,652
Net change in income taxes		(80,832	)		25,920			8,522
Others		65,003			17,776			21,316

End of year		308,233			66,433			106,411

Oil and Condensate [Member]

Statement [LineItems]

Summary of Changes in YPF's Net Proved Reserves

The table below sets forth information regarding changes in YPF’s net proved reserves during 2018, 2017 and 2016, by hydrocarbon product.


	2018								2017								2016
Oil and Condensate	Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign
	(Millions of barrels)
Consolidated entities
At January 1,		422			422			—		525			525			—		608			607			1
Developed		286			286			—		380			380			—		440			439			1
Undeveloped		136			136			—		145			145			—		168			168			—
Revisions of previous estimates ⁽¹⁾		126			126			—		(71	)		(72	)		—		(75	)		(74	)		(1	)
Extensions and discoveries		103			103			—		19			19			—		45			45			—
Improved recovery		15			15			—		32			33			—		35			35			—
Purchase of minerals in place		—			—			—		—			—			—		2			2			—
Sale of minerals in place		(1	)		(1	)		—		—			—			—		(*	)		(*	)		—
Production for the year ⁽²⁾		(83	)		(83	)		—		(83	)		(83	)		—		(90	)		(90	)		(*	)

At December 31,⁽³⁾		582			582			—		422			422			—		525			525			—

Developed		339			339			—		286			286			—		380			380			—
Undeveloped		243			243			—		136			136			—		145			145			—
Equity-accounted entities
At January 1,		—			—			—		—			—			—		—			—			—
Developed		—			—			—		—			—			—		—			—			—
Undeveloped		—			—			—		—			—			—		—			—			—
Revisions of previous estimates ⁽¹⁾		—			—			—		—			—			—		—			—			—
Extensions and discoveries		—			—			—		—			—			—		—			—			—
Improved recovery		—			—			—		—			—			—		—			—			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		—			—			—		—			—			—		—			—			—
Production for the year ⁽²⁾		—			—			—		—			—			—		—			—			—

At December 31,⁽³⁾		—			—			—		—			—			—		—			—			—

Developed		—			—			—		—			—			—		—			—			—
Undeveloped		—			—			—		—			—			—		—			—			—
Consolidated and Equity-accounted entities
At January 1,
Developed		286			286			—		380			380			—		440			439			1
Undeveloped		136			136			—		145			145			—		168			168			—

Total		422			422			—		525			525			—		608			607			1

At December 31,
Developed		339			339			—		286			286			—		380			380			—
Undeveloped		243			243			—		136			136			—		145			145			—

Total		582			582			—		422			422			—		525			525			—

*	Not material (less than 1)

(1)	Revisions in estimates of reserves are performed at least once a year. Revision of oil and gas reserves is considered prospectively in the calculation of depreciation.

(2)	Crude oil production for the years 2018, 2017 and 2016 includes an estimated approximately 12, 12 and 13 mmbbl, respectively, in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax.

(3)

Proved crude oil reserves of consolidated entities as of December 31, 2018, 2017 and 2016 include an estimated approximately 83, 61 and 76 mmbbl, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax.

Natural gas [member]

Statement [LineItems]

Summary of Changes in YPF's Net Proved Reserves

	2018									2017									2016
Natural gas		Worldwide			Argentina			Other foreign			Worldwide			Argentina			Other foreign			Worldwide			Argentina			Other foreign
		(Billions of standard cubic feet)
Consolidated entities
At January 1,			2,520			2,520			—			2,923			2,923			—			3,072			3,067			5
Developed			1,850			1,850			—			2,143			2,143			—			2,210			2,205			5
Undeveloped			670			670			—			780			780			—			862			862			—
Revisions of previous estimates ⁽¹⁾			178			178			—			(161	)		(161	)		—			(110	)		(105	)		(5	)
Extensions and discoveries			329			329			—			313			313			—			371			371			—
Improved recovery			—			—			—			—			—			—			1			1			—
Purchase of minerals in place			—			—			—			12			12			—			165			165			—
Sale of minerals in place			(4	)		(4	)		—			—			—			—			(*	)		(*	)		—
Production for the year ⁽²⁾			(542	)		(542	)		—			(567	)		(567	)		—			(576	)		(576	)		—

At December 31,^{(3) (4)}			2,481			2,481			—			2,520			2,520			—			2,923			2,923			—

Developed			1,915			1,915			—			1,850			1,850			—			2,143			2,143			—
Undeveloped			566			566			—			670			670			—			780			780			—
Equity-accounted entities
At January 1,			—			—			—			—			—			—			—			—			—
Developed			—			—			—			—			—			—			—			—			—
Undeveloped			—			—			—			—			—			—			—			—			—
Revisions of previous estimates ⁽¹⁾			—			—			—			—			—			—			—			—			—
Extensions and discoveries			—			—			—			—			—			—			—			—			—
Improved recovery			—			—			—			—			—			—			—			—			—
Purchase of minerals in place			—			—			—			—			—			—			—			—			—
Sale of minerals in place			—			—			—			—			—			—			—			—			—
Production for the year ⁽²⁾			—			—			—			—			—			—			—			—			—

At December 31,⁽³⁾			—			—			—			—			—			—			—			—			—

Developed			—			—			—			—			—			—			—			—			—
Undeveloped			—			—			—			—			—			—			—			—			—
Consolidated and Equity-accounted entities
At January 1,
Developed			1,850			1,850			—			2,143			2,143			—			2,210			2,205			5
Undeveloped			670			670			—			780			780			—			862			862			—

Total			2,520			2,520			—			2,923			2,923			—			3,072			3,067			5

At December 31,
Developed			1,915			1,915			—			1,850			1,850			—			2,143			2,143			—
Undeveloped			566			566			—			670			670			—			780			780			—

Total			2,481			2,481			—			2,520			2,520			—			2,923			2,923			—

*	Not material (less than 1)

(1)	Revisions in estimates of reserves are performed at least once a year. Revision of natural gas reserves is considered prospectively in the calculation of depreciation.

(2)	Natural gas production for the years 2018, 2017 and 2016 includes an estimated approximately 61, 64 and 60 bcf, respectively, in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax.

(3)

Proved natural gas reserves of consolidated entities as of December 31, 2018, 2017 and 2016 include an estimated approximately 288, 289 and 337 bcf, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax.

(4)	Proved natural gas reserves of consolidated entities as of December 31, 2018, 2017 and 2016 include an estimated approximately 349, 364 and 467 bcf, respectively, which is consumed as fuel at the field.

Oil equivalent [Member]

Statement [LineItems]

Summary of Changes in YPF's Net Proved Reserves

	2018									2017									2016
Oil equivalent ⁽¹⁾		Worldwide			Argentina			Other foreign			Worldwide			Argentina			Other foreign			Worldwide			Argentina			Other foreign
		(Millions of barrels of oil equivalent)
Consolidated entities
At January 1,			929			929			—			1,113			1,113			—			1,226			1,224			2
Developed			663			663			—			815			815			—			889			887			2
Undeveloped			266			266			—			298			298			—			337			337			—
Revisions of previous estimates ⁽²⁾			157			157			—			(96	)		(96	)		—			(89	)		(87	)		(2	)
Extensions and discoveries			174			174			—			80			80			—			122			122			—
Improved recovery			15			15			—			32			32			—			35			35			—
Purchase of minerals in place			—			—			—			2			2			—			31			31			—
Sale of minerals in place			(2	)		(2	)		—			—			—			—			(1	)		(1	)		—
Production for the year ⁽³⁾			(193	)		(193	)		—			(202	)		(202	)		—			(211	)		(211	)		—

At December 31,⁽⁴⁾			1,080			1,080			—			929			929			—			1,113			1,113			—

Developed			722			722			—			663			663			—			815			815			—
Undeveloped			358			358			—			266			266			—			298			298			—
Equity-accounted entities
At January 1,			—			—			—			—			—			—			—			—			—
Developed			—			—			—			—			—			—			—			—			—
Undeveloped			—			—			—			—			—			—			—			—			—
Revisions of previous estimates ⁽²⁾			—			—			—			—			—			—			—			—			—
Extensions and discoveries			—			—			—			—			—			—			—			—			—
Improved recovery			—			—			—			—			—			—			—			—			—
Purchase of minerals in place			—			—			—			—			—			—			—			—			—
Sale of minerals in place			—			—			—			—			—			—			—			—			—
Production for the year ⁽³⁾			—			—			—			—			—			—			—			—			—

At December 31,⁽⁴⁾			—			—			—			—			—			—			—			—			—

Developed			—			—			—			—			—			—			—			—			—
Undeveloped			—			—			—			—			—			—			—			—			—
Consolidated and Equity-accounted entities
At January 1,
Developed			663			663			—			815			815			—			889			887			2
Undeveloped			266			266			—			298			298			—			337			337			—

Total			929			929			—			1,113			1,113			—			1,226			1,224			2

At December 31,
Developed			722			722			—			663			663			—			815			815			—
Undeveloped			358			358			—			266			266			—			298			298			—

Total			1,080			1,080			—			929			929			—			1,113			1,113			—

*	Not material (less than 1)

(1)	Volumes of natural gas have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel.

(2)	Revisions in estimates of reserves are performed at least once a year. Revision of crude oil, natural gas liquids and natural gas reserves are considered prospectively in the calculation of depreciation.

(3)

Barrel of oil equivalent production of consolidated entities for the years 2018, 2017 and 2016 includes an estimated approximately 24, 25 and 27 mmboe, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax.

(4)

Proved oil equivalent reserves of consolidated entities as of December 31, 2018, 2017 and 2016 include an estimated approximately 143, 119 and 144 mmboe, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax.

Natural Gas Liquids [Member]

Statement [LineItems]

Summary of Changes in YPF's Net Proved Reserves

	2018								2017								2016
Natural Gas Liquids	Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign
	(Millions of barrels)
Consolidated entities
At January 1,		58			58			—		68			68			—		71			71			—
Developed		47			47			—		53			53			—		56			56			—
Undeveloped		11			11			—		15			15			—		15			15			—
Revisions of previous estimates ⁽¹⁾		(1	)		(1	)		—		4			4			—		5			5			—
Extensions and discoveries		13			13			—		5			5			—		11			11			—
Improved recovery		—			—			—		—			—			—		—			—			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		—			—			—		—			—			—		—			—			—
Production for the year ⁽²⁾		(14	)		(14	)		—		(19	)		(19	)		—		(19	)		(19	)		—

At December 31,⁽³⁾		56			56			—		58			58			—		68			68			—

Developed		41			41			—		47			47			—		53			53			—
Undeveloped		15			15			—		11			11			—		15			15			—
Equity-accounted entities
At January 1,		—			—			—		—			—			—		—			—			—
Developed		—			—			—		—			—			—		—			—			—
Undeveloped		—			—			—		—			—			—		—			—			—
Revisions of previous estimates ⁽¹⁾		—			—			—		—			—			—		—			—			—
Extensions and discoveries		—			—			—		—			—			—		—			—			—
Improved recovery		—			—			—		—			—			—		—			—			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		—			—			—		—			—			—		—			—			—
Production for the year ⁽²⁾		—			—			—		—			—			—		—			—			—

At December 31,⁽³⁾		—			—			—		—			—			—		—			—			—

Developed		—			—			—		—			—			—		—			—			—
Undeveloped		—			—			—		—			—			—		—			—			—
Consolidated and Equity-accounted entities
At January 1,
Developed		47			47			—		53			53			—		56			56			—
Undeveloped		11			11			—		15			15			—		15			15			—

Total		58			58			—		68			68			—		71			71			—

At December 31,
Developed		41			41			—		47			47			—		53			53			—
Undeveloped		15			15			—		11			11			—		15			15			—

Total		56			56			—		58			58			—		68			68			—

*	Not material (less than 1)

(1)	Revisions in estimates of reserves are performed at least once a year. Revision of oil and gas reserves is considered prospectively in the calculation of depreciation.

(2)	Natural gas liquids production for the years 2018, 2017 and 2016 includes an estimated approximately 2, 2 and 2 mmbbl, respectively, in respect of royalty payments which are a financial obligation, or are substantially equivalent to a production or similar tax.

(3)

Proved natural gas liquids reserves of consolidated entities as of December 31, 2018, 2017 and 2016 include an estimated approximately 8, 6 and 8 mmbbl, respectively, in respect of royalty payments which, as described above, are a financial obligation, or are substantially equivalent to a production or similar tax.