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

12 Months Ended

Dec. 31, 2020

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, 2020, 2019 and 2018:


	2020							2019									2018
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		3,889,483		3,052		3,892,535	(1)		2,693,690			2,033			2,695,723			1,594,064			—			1,594,064
Support equipment and facilities		113,563		—		113,563	(2)		80,012			—			80,012			47,224			—			47,224
Drilling and work in progress		159,614		—		159,614			142,122			—			142,122			80,737			—			80,737
Unproved oil and gas properties		20,044		—		20,044			30,012			—			30,012			14,909			1,241			16,150

Total capitalized costs		4,182,704		3,052		4,185,756			2,945,836			2,033			2,947,869			1,736,933			1,241			1,738,174
Accumulated depreciation and valuation allowances		-3,306,031		-2,827		-3,308,858	(3)		(2,239,487	)		(1,973	)		(2,241,460	)		(1,283,840	)		(489	)		(1,284,328	)

Net capitalized costs		876,673		225		876,898			706,349			60			706,409			453,093			752			453,846

(1)	Includes 9,899 corresponding to all Upstream contracts, excepted for Drilling Contracts (2) comprised in right-of-use assets (IFRS 16).

(2)	Includes 40,829 corresponding to Drilling contracts comprised in right-of-use assets (IFRS 16).

(3)	Includes (21,032) corresponding to Accumulated Depreciation of all Upstream contracts of right-of-use assets (IFRS 16).

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, 2020, 2019 and 2018:


	2020							2019						2018
Consolidated costs incurred	Argentina		Other foreign		Worldwide			Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide
Acquisition of unproved properties		715		—		715			4,171		—		4,171		276		—		276
Acquisition of proved properties		—		—		—			—		—		—		166		—		166
Exploration costs		2.348		141		2.489			9,115		771		9,886		7,283		381		7,664
Development costs		61.441		—		61.441	(1)		132,289		—		132,289		53,553		—		53,553

Total costs incurred		64.504		141		64.645			145,575		771		146,346		61,278		381		61,659

(1)	Includes 11,505 corresponding to additions of Upstream contracts comprised in right-of-use assets (IFRS 16).

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.


	2020									2019									2018
Consolidated results of operations	Argentina			Other Foreign			Worldwide			Argentina			Other foreign			Worldwide			Argentina			Other foreign			Worldwide
Net sales to unaffiliated parties		2,419			6			2,425			1,949			120			2,069			3,085			—			3,085
Net intersegment sales		289,421			—			289,421			286,585			—			286,585			207,480			—			207,480

Total net revenues		291,840			6			291,846			288,534			120			288,654			210,565			—			210,565
Production costs		(193,166	) (1)		(165	)		(193,331	)		(164,562	) (1)		(242	)		(164,804	)		(114,381	)		—			(114,381	)
Exploration expenses		(5,688	)		(169	)		(5,857	)		(6,045	)		(734	)		(6,779	)		(5,185	)		(224	)		(5,409	)
Depreciation of property, plant and equipment; intangible and right-of-use assets		(137,183	) (2)		(21	)		(137,204	)		(124,977	) (2)		(980	)		(125,957	)		(72,044	)		—			(72,044	)
Impairment of Property, plant and equipment		7,475			—			7,475			(40,561	)		—			(40,561	)		3,265			(365	)		2,900
Other		889			231			1,120			(6,569	)		(56	)		(6,625	)		(2,839	)		(168	)		(3,007	)

Pre-tax income (loss) from producing activities		(35,833	)		(118	)		(35,951	)		(54,180	)		(1,892	)		(56,072	)		19,381			(757	)		18,624
Income tax expense / benefit		10,750			41			10,791			16,254			417			16,671			(5,814	)		227			(5,587	)

Results of oil and gas producing activities		(25,083	)		(77	)		(25,160	)		(37,926	)		(1,475	)		(39,401	)		13,567			(530	)		13,037

(1)	Includes Ps. 10,243 million and Ps. 6,680 million corresponding to short term leases and variable lease payments related to the use of assets, for the years ended December 31, 2020 and 2019, respectively. For more information See Note 2.b.12) to the Audited Consolidated Financial Statements.

(2)	Includes Ps. (9,005) million and Ps. (6,060) million corresponding to depreciation of right-of-use assets for the years ended December 31, 2020 and 2019, respectively (IFRS 16).

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.


	2020								2019								2018
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)		2,071,924			—		2,071,924			2,545,028			—		2,545,028			1,786,896			—		1,786,896
Future production costs		(1,128,613	)		—		(1,128,613	)		(1,333,468	)		—		(1,333,468	)		(913,980	)		—		(913,980	)
Future development costs		(644,714	)		—		(644,714	)		(482,015	)		—		(482,015	)		(304,448	)		—		(304,448	)
Future income tax expenses		(13,420	)		—		(13,420	)		(120,966	)		—		(120,966	)		(121,388	)		—		(121,388	)
10% annual discount for estimated timing of cash flows		(105,899	)		—		(105,899	)		(227,670	)		—		(227,670	)		(138,847	)		—		(138,847	)

Total standardized measure of discounted future net cash flows		179,278			—		179,278			380,909			—		380,909			308,233			—		308,233

(1)

For the years ended December 31, 2020 and 2019, future cash inflows are stated net of the effect of withholdings on exports until 2021 in accordance with Law No. 27,541. For the years ended December 31, 2018, future cash inflows are stated net of the effect of withholdings on exports until 2020 in accordance with Decree No. 793/2018.

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, 2020, 2019 and 2018:


	2020			2019			2018
Beginning of year		380,909			308,233			66,433
Sales and transfers, net of production costs		(176,237	)		(197,278	)		(62,115	)
Net change in sales and transfer prices, net of future production costs		(401,237	)		(239,226	)		68,651
Changes in reserves and production rates (timing)		(26,428	)		(26,496	)		111,137
Net changes for extensions, discoveries and improved recovery		120,070			228,354			160,784
Net change due to purchases and sales of minerals in place		(19,624	)		(1,152	)		(730	)
Changes in estimated future development and abandonment costs		(104,300	)		(82,799	)		(71,368	)
Development costs incurred during the year that reduced future development costs		94,505			102,784			39,780
Accretion of discount		48,400			43,534			11,490
Net change in income taxes		106,148			66,705			(80,832	)
Others (1)		157,072			178,250			65,003

End of year		179,278			380,909			308,233

(1)	Corresponds mainly to exchange differences arising from the translation of our cash flows in the functional currency to the presentation currency.

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 2020, 2019 and 2018, by hydrocarbon product.


	2020								2019								2018
Oil and Condensate	Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign
Consolidated entities	(Millions of barrels)
At January 1,		613			613			—		582			582			—		422			422			—
Developed		301			301			—		339			339			—		286			286			—
Undeveloped		312			312			—		243			243			—		136			136			—
Revisions of previous estimates (1)		(92	)		(92	)		—		21			21			*		126			126			—
Extensions and discoveries		47			47			—		86			86			—		103			103			—
Improved recovery		*			*			—		8			8			—		15			15			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		(9	)		(9	)		—		(1	)		(1	)		—		(1	)		(1	)		—
Production for the year (2)		(76	)		(76	)		—		(83	)		(83	)		*		(83	)		(83	)		—

At December 31, (3)		483			483			—		613			613			—		582			582			—

Developed		229			229			—		301			301			—		339			339			—
Undeveloped		254			254			—		312			312			—		243			243			—
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		—			—			—		—			—			—		—			—			—


	2020						2019						2018
Oil and Condensate	Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign
Consolidated and Equity-accounted entities	(Millions of barrels)
At January 1,
Developed		301		301		—		339		339		—		286		286		—
Undeveloped		312		312		—		243		243		—		136		136		—

Total		613		613		—		582		582		—		422		422		—

At December 31,
Developed		229		229		—		301		301		—		339		339		—
Undeveloped		254		254		—		312		312		—		243		243		—

Total		483		483		—		613		613		—		582		582		—

*	Not material (less than 1).

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

(2)	Crude oil production for the years 2020, 2019 and 2018 includes an estimated approximately 11, 12 and 12 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, 2020, 2019 and 2018 include an estimated approximately 70, 88 and 83 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


	2020								2019								2018
Natural gas	Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign
Consolidated entities	(Billions of standard cubic feet)
At January 1,		2,241			2,241			—		2,481			2,481			—		2,520			2,520			—
Developed		1,743			1,743			—		1,915			1,915			—		1,850			1,850			—
Undeveloped		498			498			—		566			566			—		670			670			—
Revisions of previous estimates (1)		136			136			—		(104	)		(104	)		—		178			178			—
Extensions and discoveries		199			199			—		384			384			—		329			329			—
Improved recovery		—			—			—		—			—			—		—			—			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		(6	)		(6	)		—		(8	)		(8	)		—		(4	)		(4	)		—
Production for the year (2)		(460	)		(460	)		—		(512	)		(512	)		—		(542	)		(542	)		—

At December 31, (3) (4)		2,110			2,110			—		2,241			2,241			—		2,481			2,481			—

Developed		1,486			1,486			—		1,743			1,743			—		1,915			1,915			—
Undeveloped		624			624			—		498			498			—		566			566			—
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		—			—			—		—			—			—		—			—			—


	2020						2019						2018
Natural gas	Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign
Consolidated and Equity-accounted entities	(Billions of standard cubic feet)
At January 1,
Developed		1,743		1,743		—		1,915		1,915		—		1,850		1,850		—
Undeveloped		498		498		—		566		566		—		670		670		—

Total		2,241		2,241		—		2,481		2,481		—		2,520		2,520		—

At December 31,
Developed		1,486		1,486		—		1,743		1,743		—		1,915		1,915		—
Undeveloped		624		624		—		498		498		—		566		566		—

Total		2,110		2,110		—		2,241		2,241		—		2,481		2,481		—

*	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 2020, 2019 and 2018 includes an estimated approximately 53, 60 and 61 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, 2020, 2019 and 2018 include an estimated approximately 245, 259 and 288 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 and equity-accounted entities as of December 31, 2020, 2019 and 2018 include an estimated approximately 290, 321 and 349 bcf, respectively, which is consumed as fuel at the field.

Oil equivalent [Member]

Statement [LineItems]

Summary of Changes in YPF's Net Proved Reserves


	2020								2019								2018
Oil equivalent (1)	Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign
Consolidated entities	(Millions of barrels of oil equivalent)
At January 1,		1,073			1,073			—		1,080			1,080			—		929			929			—
Developed		650			650			—		722			722			—		663			663			—
Undeveloped		423			423			—		358			358			—		266			266			—
Revisions of previous estimates (2)		(61	)		(61	)		*		7			7			*		157			157			—
Extensions and discoveries		92			92			—		169			169			—		174			174			—
Improved recovery		—			—			—		8			8			—		15			15			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		(11	)		(11	)		—		(3	)		(3	)		—		(2	)		(2	)		—
Production for the year (3)		(171	)		(171	)		*		(188	)		(188	)		*		(193	)		(193	)		—

At December 31, (4)		922			922			—		1,073			1,073			—		1,080			1,080			—

Developed		526			526			—		650			650			—		722			722			—
Undeveloped		396			396			—		423			423			—		358			358			—
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		—			—			—		—			—			—		—			—			—


	2020						2019						2018
Oil equivalent (1)	Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign
Consolidated and Equity-accounted entities	(Millions of barrels of oil equivalent)
At January 1,
Developed		650		650		—		722		722		—		663		663		—
Undeveloped		423		423		—		358		358		—		266		266		—

Total		1,073		1,073		—		1,080		1,080		—		929		929		—

At December 31,
Developed		526		526		—		650		650		—		722		722		—
Undeveloped		396		396		—		423		423		—		358		358		—

Total		922		922		—		1,073		1,073		—		1,080		1,080		—

*	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 2020, 2019 and 2018 includes an estimated approximately 22, 24 and 24 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, 2020, 2019 and 2018 include an estimated approximately 120, 140 and 143 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


	2020								2019								2018
Natural Gas Liquids	Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign		Worldwide			Argentina			Other foreign
Consolidated entities	(Millions of barrels)
At January 1,		60			60			—		56			56			—		58			58			—
Developed		38			38			—		41			41			—		47			47			—
Undeveloped		22			22			—		15			15			—		11			11			—
Revisions of previous estimates (1)		8			8			—		4			4			—		(1	)		(1	)		—
Extensions and discoveries		9			9			—		14			14			—		13			13			—
Improved recovery		—			—			—		—			—			—		—			—			—
Purchase of minerals in place		—			—			—		—			—			—		—			—			—
Sale of minerals in place		(1	)		(1	)		—		—			—			—		—			—			—
Production for the year (2)		(13	)		(13	)		—		(14	)		(14	)		—		(14	)		(14	)		—

At December 31, (3)		63			63			—		60			60			—		56			56			—

Developed		32			32			—		38			38			—		41			41			—
Undeveloped		31			31			—		22			22			—		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		—			—			—		—			—			—		—			—			—


	2020						2019						2018
Natural Gas Liquids	Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign		Worldwide		Argentina		Other foreign
Consolidated and Equity-accounted entities	(Millions of barrels)
At January 1,
Developed		38		38		—		41		41		—		47		47		—
Undeveloped		22		22		—		15		15		—		11		11		—

Total		60		60		—		56		56		—		58		58		—

At December 31,
Developed		32		32		—		38		38		—		41		41		—
Undeveloped		31		31		—		22		22		—		15		15		—

Total		63		63		—		60		60		—		56		56		—

*	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 2020, 2019 and 2018 includes an estimated approximately 1, 1 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, 2020, 2019 and 2018 include an estimated approximately 7, 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.