The different segments in which the Group is organized take into consideration the different activities from which the Group obtains income and incurs expenses. The aforementioned organizational structure is based on the way in which the highest decision-making authority analyzes the main financial and operating magnitudes for making decisions about resource allocation and performance assessment also considering the Group’s business strategy.

•

Upstream

The Upstream segment carries out all activities relating to the exploration, development and production of oil and natural gas.

Revenue is generated from (i) the sale of produced crude oil to the Downstream segment and, marginally, from its sale to third parties; (ii) the sale of produced gas to the Gas and Power segment.

•

Gas and Power

The Gas and Power segment generates revenues from the development of activities relating to: (i) transportation and commercialization of natural gas and LNG (until fiscal period ended June 30, 2020) to third parties and the Downstream segment; (ii) the commercial and technical operation of the LNG regasification terminal in Escobar, by hiring a regasification vessel, and (iii) natural gas distribution.

In addition to the proceeds derived from the sale of natural gas to third parties and the intersegment, which is then recognized as a purchase to the Upstream segment, and including Stimulus Plan for Natural Gas production in force (see Note 35.d)), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization.

•

Downstream

The Downstream segment develops activities relating to: (i) crude oil refining and petrochemical production, (ii) commercialization of refined and petrochemical products obtained from such processes, (iii) logistics related to the transportation of crude oil to refineries and the transportation and distribution of refined and petrochemical products to be marketed in the different sales channels.

It obtains its income from the marketing mentioned in item (ii) above, which is developed through the Retail, Industry, Agro, LPG, Chemicals and Lubricants and Specialties businesses.

It incurs in all expenses relating to the aforementioned activities, including the purchase of crude oil from the Upstream segment and third parties and the natural gas to be consumed in the refinery and petrochemical industrial complexes from the Gas and Power segment.

•

Central Administration and Others

It covers other activities, not falling into the aforementioned categories or constitutes other reporting business segments, mainly including corporate administrative expenses and assets and construction activities.

Sales between business segments were made at internal transfer prices established by the Group, which generally seek to approximate market prices.

Operating profit and assets for each segment have been determined after consolidation adjustments.


	Upstream				Gas and Power			Downstream		Central Administration and Others			Consolidation Adjustments (1)			Total
For the year ended December 31, 2021
Revenues from sales		4,678				199,612			1,046,089		31,948			(10,997	)		1,271,330
Revenues from intersegment sales		544,384				15,375			6,121		48,498			(614,378	)		—

Revenues		549,062				214,987			1,052,210		80,446			(625,375	)		1,271,330

Operating profit / (loss)		1,688				1,333			86,496		(18,625	)		(12,722	)		58,170
Income from equity interests in associates and joint ventures		—				12,738			14,239		—			—			26,977
Depreciation of property, plant and equipment		213,495		(3)		2,810			43,413		7,968			—			267,686
Impairment of property, plant and equipment and intangible assets, net (2)		11,258				—			—		—			—			11,258
Acquisition of property, plant and equipment		210,186				2,775			39,942		7,085			—			259,988
Assets		1,075,503				266,056			879,985		182,180			(13,656	)		2,390,068

For the year ended December 31, 2020
Revenues from sales		2,419				122,254			536,714		14,108			(6,309	)		669,186
Revenues from intersegment sales		289,421				8,060			3,349		28,787			(329,617	)		—

Revenues		291,840				130,314			540,063		42,895			(335,926	)		669,186

Operating (loss) / profit		(25,878	)			(18,994	)		4,839		(22,305	)		3,941			(58,397	)
Income from equity interests in associates and joint ventures		—				9,199			4,071		—			—			13,270
Depreciation of property, plant and equipment		128,132		(3)		1,858			34,295		7,167			—			171,452
(Recovery) / Impairment of property, plant and equipment and intangible assets, net (2)		(7,475	)			527			—		97			—			(6,851	)
Acquisition of property, plant and equipment		63,071				4,905			23,420		4,882			—			96,278
Assets		914,257				209,225			646,589		152,816			338			1,923,225

For the year ended December 31, 2019
Revenues from sales		2,046				131,055			531,724		19,743			(5,973	)		678,595
Revenues from intersegment sales		286,585				8,697			3,447		27,502			(326,231	)		—

Revenues		288,631				139,752			535,171		47,245			(332,204	)		678,595

Operating (loss) / profit		(49,194	)			2,944			40,653		(15,866	)		451			(21,012	)
Income from equity interests in associates and joint ventures		—				5,339			2,629		—			—			7,968
Depreciation of property, plant and equipment		119,821		(3)		1,378			20,805		3,890			—			145,894
Impairment of property, plant and equipment (2)		40,561				868			—		—			—			41,429
Acquisition of property, plant and equipment		136,589				6,170			22,455		7,630			—			172,844
Assets		742,850				199,357			508,026		129,331			(6,275	)		1,573,289

(1)	Corresponds to the elimination among segments of the YPF Group.

(2)	See Notes 2.c), 7 and 8.

(3)	Includes depreciation of charges for impairment of property, plant and equipment.

The distribution of revenues by geographic area, according to the markets for which they are intended, for the years ended on December 31, 2021, 2020 and 2019, and property, plant and equipment by geographic area as of December 31, 2021, 2020 and 2019 are as follows:


	Revenues						Property, plant and equipment
	2021		2020		2019		2021		2020		2019
Argentina		1,120,935		585,652		589,653		1,642,156		1,379,191		1,068,832
Mercosur and associated countries		60,243		26,834		36,154		103		336		179
Rest of the world		65,905		23,620		35,836		—		—		—
Europe		24,247		33,080		16,952		—		—		—

		1,271,330		669,186		678,595		1,642,259		1,379,527		1,069,011

Intangible assets are geographically located in Argentina.

As of December 31, 2021, no foreign client represents 10% or more of the Group’s revenue from its ordinary activities.