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Supplemental Information on Oil and Gas Producing Activities (Unaudited)
 12 Months Ended
Dec. 31, 2021
Text block [abstract]  
Supplemental Information on Oil and Gas Producing Activities (Unaudited)
40. SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED)
The following information is presented in accordance with ASC No. 932 “Extractive Activities - Oil and Gas”, as amended by ASU 2010 - 03 “Oil and Gas Reserves. Estimation and Disclosures”, issued by FASB in January 2010.
Oil and gas reserves
Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations) prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within reasonable time. In some cases, substantial investments in new wells and related facilities may be required to recover proved reserves.
Information on net proved reserves as of December 31, 2021, 2020 and 2019 was calculated in accordance with the SEC rules and Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 932. Accordingly, crude oil prices used to determine reserves were calculated each month for crude oils of different quality produced by the Company. Consequently, to calculate our net proved reserves as of December 31, 2021, the Company considered, according to the SEC’s rules and FASB’s ASC 932 rules, the unweighted average price of crude oil of the first-day-of-the-month for each month within the twelve-month period ended December 31, 2021, which refers to the Brent oil prices adjusted by each different quality produced by the Company.
Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company considered the 12 months average of domestic market realized prices, according to the SEC’s rules and FASB’s ASC 932 rules, but it also took into account the effect of certain areas from the Neuquina basin where prices are set according to contracts awarded to YPF S.A under “Plan GasAr” until 2024.
Notwithstanding the foregoing, commodity prices have fluctuated significantly in recent years.
Net reserves are defined as that portion of the gross reserves attributable to the interest of YPF after deducting interests owned by third parties. In determining net reserves, the Group excludes from its reported reserves royalties due to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a third party, whether payable in cash or in kind, are a financial obligation, or are substantially equivalent to a production or severance tax, the related reserves are not excluded from the reported reserves despite the fact that such payments are referred to as royalties under local regulations. The same methodology is followed in reporting our production amounts.
Gas reserves exclude the gaseous equivalent of liquids expected to be removed from the gas on concessions and leases, at field facilities and at gas processing plants. These liquids are included in net proved reserves of natural gas liquids.
Technology used in establishing proved reserves additions in 2021
YPF’s estimated proved reserves as of December 31, 2021 are based on estimates generated through the integration of available and appropriate data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results. Data used in these integrated assessments include information obtained directly from the subsurface via wellbore, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data utilized also include subsurface information obtained through indirect measurements, including high quality 2-D and 3-D seismic data, calibrated with available well control. Where applicable, geological outcrops information was also utilized. The tools used to interpret and integrate all this data included both proprietary and commercial software for reservoir modeling, simulation and data analysis. In some circumstances, where appropriate analog reservoir models are available, reservoir parameters from these analog models were used to increase the reliability of our reserves
estimates.
Reserves sensitivity
The impact of negative future fluctuations of oil and gas prices, and operating costs, in the estimated proved reserves, may be captured through a reserves sensitivity estimate.
Assuming all other factors remain constant, if commodity reference prices for crude oil used in our year-end reserve estimates were decreased by
 10%,
our total proved reserves as of December 31, 2021 would decrease by approximately
 
1
%.
If natural gas prices used in our year-end reserve estimates decreased by
 10%,
our total proved reserves as of December 31, 2021 would decrease by approximately
 1%.
Furthermore, assuming all other factors remain constant, if costs used in our year-end reserve estimates increased by
 10%
for crude oil and natural gas, our total proved reserves as of December 31, 2021 would decrease by approximately
 
2
%.
However, if we combine the three mentioned effects, our total proved reserves as of December 31, 2021 would decrease by approximately
 5%.
In addition, as a result of the prices used to calculate the present value of future net revenues from our proved reserves, in accordance with SEC rules, which are similar to the calculation of proved reserves described above, the present value of future net revenues from our proved reserves will not necessarily be the same as the current market value of our estimated crude oil and natural gas
reserves.
Changes in YPF’s estimated net proved reserves
The table below sets forth information regarding changes in YPF’s net proved reserves for the year ended as of December 31, 2021, 2020 and 2019, by
hydrocarbon product:
 
 
 
For the year ended December 31,
 
 
 
(millions of barrels)
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
Oil and condensate
 
 
 
 
 
 
 
 
 
Consolidated entities
 
 
 
 
 
 
 
 
 
As of January 1,
  
 
483
 
 
 
-
  
 
  
 
483
 
 
 
613
 
 
 
-
  
 
  
 
613
 
 
 
582
 
 
 
-
 
  
 
582
 
Developed
  
 
 229
 
 
 
-
  
 
  
 
 229
 
 
 
 301
 
 
 
-
  
 
  
 
 301
 
 
 
 339
 
 
 
-
 
  
 
 339
 
Undeveloped
  
 
 254
 
 
 
-
  
 
  
 
 254
 
 
 
 312
 
 
 
-
  
 
  
 
 312
 
 
 
 243
 
 
 
-
 
  
 
 243
 
Revisions of previous estimates
(1)
  
 
 161
 
 
 
-
  
 
  
 
 161
 
 
 
 (92)
 
 
 
-
  
 
  
 
 (92)
 
 
 
 21
 
 
 
*
 
  
 
 21
 
Extensions and discoveries
  
 
 76
 
 
 
-
  
 
  
 
 76
 
 
 
 47
 
 
 
-
  
 
  
 
 47
 
 
 
 86
 
 
 
-
 
  
 
 86
 
Improved recovery
  
 
*
 
 
 
-
  
 
  
 
*
 
 
 
*
 
 
 
-
  
 
  
 
*
 
 
 
 8
 
 
 
-
 
  
 
 8
 
Purchase of minerals in place
 
 
*
 
 
 
-  
 
 
 
*
 
 
 
-
 
 
 
-  
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
Sale of
minerals in place
  
 
-
 
 
 
-
  
 
  
 
-
 
 
 
 (9)
 
 
 
-
  
 
  
 
 (9)
 
 
 
 (1)
 
 
 
-
 
 
 
  
 
 (1)
 
Production for the year
(2)
  
 
 (77)  
 
 
-
  
 
  
 
 (77)
 
 
 
 (76)
 
 
 
-
  
 
  
 
 (76)
 
 
 
 (83)
 
 
 
*
 
 
 
  
 
 (83)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
(3)
  
 
643
 
 
 
-
  
 
  
 
643
 
 
 
483
 
 
 
-
  
 
  
 
483
 
 
 
613
 
 
 
-
  
 
  
 
613
 
Developed
  
 
 322
 
 
 
-
  
 
  
 
 322
 
 
 
 229
 
 
 
-
  
 
  
 
 229
 
 
 
 301
 
 
 
-
  
 
  
 
 301
 
Undeveloped
  
 
 321
 
 
 
-
  
 
  
 
 321
 
 
 
 254
 
 
 
-
  
 
  
 
 254
 
 
 
 312
 
 
 
-
  
 
  
 
 312
 
Equity-accounted entities
 
 
 
 
 
 
 
 
 
As of 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)
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
(3)
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Developed
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Undeveloped
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
For the year ended December 31,
 
 
 
(millions of barrels)
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
Oil and condensate
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Consolidated and Equity-accounted entities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
As of January 1,
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Developed
 
 
229  
 
 
 
-  
 
 
 
229  
 
 
 
301  
 
 
 
-  
 
 
 
301  
 
 
 
339  
 
 
 
-  
 
 
 
339  
 
Undeveloped
 
 
254  
 
 
 
-  
 
 
 
254  
 
 
 
312  
 
 
 
-  
 
 
 
312  
 
 
 
243  
 
 
 
-  
 
 
 
243  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
483  
 
 
 
-  
 
 
 
483
 
 
 
613  
 
 
 
-  
 
 
 
613  
 
 
 
582  
 
 
 
-  
 
 
 
582  
 
As of December 31,
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Developed
 
 
322  
 
 
 
-  
 
 
 
322  
 
 
 
229  
 
 
 
-  
 
 
 
229  
 
 
 
301  
 
 
 
-  
 
 
 
301  
 
Undeveloped
 
 
321  
 
 
 
-  
 
 
 
321  
 
 
 
254  
 
 
 
-  
 
 
 
254  
 
 
 
312  
 
 
 
-  
 
 
 
312  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
643  
 
 
 
-  
 
 
 
643  
 
 
 
483  
 
 
 
-  
 
 
 
483  
 
 
 
613  
 
 
 
-  
 
 
 
613  
 
* 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 ended on December 31, 2021, 2020 and 2019 includes an estimated of 11, 11 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 for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 92, 70 and 88 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.

 
 
For the year ended December 31,
 
 
 
(millions of barrels)
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
Natural gas liquids
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Consolidated entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of January 1,
 
 
63  
 
 
 
-  
 
 
 
63  
 
 
 
60  
 
 
 
-  
 
 
 
60  
 
 
 
56  
 
 
 
-  
 
 
 
56  
 
Developed
 
 
32  
 
 
 
-  
 
 
 
32  
 
 
 
38  
 
 
 
-  
 
 
 
38  
 
 
 
41  
 
 
 
-  
 
 
 
41  
 
Undeveloped
 
 
31  
 
 
 
-  
 
 
 
31  
 
 
 
22  
 
 
 
-  
 
 
 
22  
 
 
 
15  
 
 
 
-  
 
 
 
15  
 
Revisions of previous estimates 
(
1
)
 
 
(5)  
 
 
 
-  
 
 
 
(5)  
 
 
 
8  
 
 
 
-  
 
 
 
8  
 
 
 
4  
 
 
 
-  
 
 
 
4  
 
Extensions and discoveries
 
 
19  
 
 
 
-  
 
 
 
19  
 
 
 
9  
 
 
 
-  
 
 
 
9  
 
 
 
14  
 
 
 
-  
 
 
 
14  
 
Improved recovery
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Purchase of minerals in place
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Sale of minerals in place
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
(1)  
 
 
 
-  
 
 
 
(1)  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Production for the year
(2)
 
 
(13)  
 
 
 
-  
 
 
 
(13)  
 
 
 
(13)  
 
 
 
-  
 
 
 
(13)  
 
 
 
(14)  
 
 
 
-  
 
 
 
(14)  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
(3)
 
 
64  
 
 
 
-  
 
 
 
64  
 
 
 
63  
 
 
 
-  
 
 
 
63  
 
 
 
60  
 
 
 
-  
 
 
 
60  
 
Developed
 
 
34  
 
 
 
-  
 
 
 
34  
 
 
 
32  
 
 
 
-  
 
 
 
32  
 
 
 
38  
 
 
 
-  
 
 
 
38  
 
Undeveloped
 
 
30  
 
 
 
-  
 
 
 
30  
 
 
 
31  
 
 
 
-  
 
 
 
31  
 
 
 
22  
 
 
 
-  
 
 
 
22  
 
Equity-accounted entities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
As of 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)
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
(3)
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Developed
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Undeveloped
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
For the year ended December 31,
 
 
 
(millions of barrels)
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
Natural gas liquids
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Consolidated and Equity-
accounted entities
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of January 1,
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Developed
 
 
32  
 
 
 
-  
 
 
 
32  
 
 
 
38  
 
 
 
-  
 
 
 
38  
 
 
 
41  
 
 
 
-  
 
 
 
41  
 
Undeveloped
 
 
31  
 
 
 
-  
 
 
 
31  
 
 
 
22  
 
 
 
-  
 
 
 
22  
 
 
 
15  
 
 
 
-  
 
 
 
15  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
63  
 
 
 
-  
 
 
 
63  
 
 
 
60  
 
 
 
-  
 
 
 
60  
 
 
 
56  
 
 
 
-  
 
 
 
56  
 
As of December 31,
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Developed
 
 
34  
 
 
 
-  
 
 
 
34  
 
 
 
32  
 
 
 
-  
 
 
 
32  
 
 
 
38  
 
 
 
-  
 
 
 
38  
 
Undeveloped
 
 
30  
 
 
 
-  
 
 
 
30  
 
 
 
31  
 
 
 
-  
 
 
 
31  
 
 
 
22  
 
 
 
-  
 
 
 
22  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
64  
 
 
 
-  
 
 
 
64  
 
 
 
63  
 
 
 
-  
 
 
 
63  
 
 
 
60  
 
 
 
-  
 
 
 
60  
 

 
(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)
Natural gas liquids production for the years ended on December 31, 2021, 2020 and 2019 includes an estimated of 1, 1 and 1 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 for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 8, 7 and 6 mmbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
 
 
 
For the year ended December 31,
 
 
 
(billions of standard cubic feet)
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
Natural gas
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Consolidated entities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
As of January 1,
 
 
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  
 
Revisions of previous estimates
(1)
 
 
347  
 
 
 
-  
 
 
 
347  
 
 
 
136  
 
 
 
-  
 
 
 
136  
 
 
 
(104)  
 
 
 
-  
 
 
 
(104)  
 
Extensions and discoveries
 
 
450  
 
 
 
-  
 
 
 
450  
 
 
 
199  
 
 
 
-  
 
 
 
199  
 
 
 
384  
 
 
 
-  
 
 
 
384  
 
Improved recovery
 
 
*  
 
 
 
-  
 
 
 
*  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Purchase of minerals in place
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Sale of minerals in place
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
(6)  
 
 
 
-  
 
 
 
(6)  
 
 
 
(8)  
 
 
 
-  
 
 
 
(8)  
 
Production for the year
(2)
 
 
(460)  
 
 
 
-  
 
 
 
(460)  
 
 
 
(460)  
 
 
 
-  
 
 
 
(460)  
 
 
 
(512)  
 
 
 
-  
 
 
 
(512)  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
(3) (4)
 
 
2,447  
 
 
 
-  
 
 
 
2,447  
 
 
 
2,110  
 
 
 
-  
 
 
 
2,110  
 
 
 
2,241  
 
 
 
-  
 
 
 
2,241  
 
Developed
 
 
1,676  
 
 
 
-  
 
 
 
1,676  
 
 
 
1,486  
 
 
 
-  
 
 
 
1,486  
 
 
 
1,743  
 
 
 
-  
 
 
 
1,743  
 
Undeveloped
 
 
771  
 
 
 
-  
 
 
 
771  
 
 
 
624  
 
 
 
-  
 
 
 
624  
 
 
 
498  
 
 
 
-  
 
 
 
498  
 
Equity-accounted entities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
As of 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)
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
As of December 31,
(3)
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Developed
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
Undeveloped
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
-  
 
 
 
For the year ended December 31,
 
 
 
(billions of standard cubic feet)
 
 
 
2021
 
 
2020
 
 
2019
 
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
 
      Argentine      
 
 
Other

    foreign    
 
 
      Worldwide      
 
Natural gas
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Consolidated and
Equity-accounted
entities
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
As of January 1,
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
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  
 
As of December 31,
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
 
      
Developed
 
 
1,676  
 
 
 
-  
 
 
 
1,676  
 
 
 
1,486  
 
 
 
-  
 
 
 
1,486  
 
 
 
1,743  
 
 
 
-  
 
 
 
1,743  
 
Undeveloped
 
 
771  
 
 
 
-  
 
 
 
771  
 
 
 
624  
 
 
 
-  
 
 
 
624  
 
 
 
498  
 
 
 
-  
 
 
 
498  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total
 
 
2,447  
 
 
 
-  
 
 
 
2,447  
 
 
 
2,110  
 
 
 
-  
 
 
 
2,110  
 
 
 
2,241  
 
 
 
-  
 
 
 
2,241  
 
* 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)
Natural gas production for the years ended on December 31, 2021, 2020 and 2019 includes an estimated of 53, 53 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 for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 288, 245 and 259 bcf, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
(4)
Proved natural gas reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 337, 290 and 321 bcf, respectively, which is consumed as fuel at the field.
 
  
For the year ended December 31,

(millions of barrels of oil equivalent)
 
 
  
2021
 
  
2020
 
  
2019
 
 
  
      Argentine      
 
  
Other

      foreign      
 
  
      Worldwide      
 
  
      Argentine      
 
  
Other

      foreign      
 
  
      Worldwide      
 
  
      Argentine      
 
  
Other

      foreign      
 
  
      Worldwide      
 
Oil equivalent
(1)
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Consolidated entities
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
As of
January 1,
   
 
922
 
  
 
-
  
 
   
 
922
 
  
 
1,073
 
  
 
-
  
 
   
 
1,073
 
  
 
1,080
 
  
 
-
  
 
   
 
1.,08
0
 
Developed
 
 
 
 526
 
 
 
-
  
 
  
 
 526
 
 
 
 650
 
 
 
-
  
 
  
 
 650
 
 
 
 722
 
 
 
-
  
 
  
 
 722
 
Undeveloped
  
 
 396
 
 
 
-
  
 
  
 
 396
 
 
 
 423
 
 
 
-
  
 
  
 
 423
 
 
 
 358
 
 
 
-
  
 
  
 
 358
 
Revisions of
previous
estimates
(2)
      216      
*
 
       216       (61)      
*
        (61)       7
      
*

        7  
Extensions and discoveries
      176      
-
  
        176       92      
-
  
        92       169
      
-
  
        169  
Improved
recovery
     
*
      
-
  
       
*
      
- 
     
-
  
       
-
  
       8
      
-
  
        8  
Purchase of
minerals in
place
     
*
      
-
  
       
*
      
- 
     
-
  
       
-
  
      
- 
 
      
-
  
       
-
  
  
Sale of minerals in place
     
-
  
      
-
  
       
-
  
       (11)      
-
  
        (11)       (3)      
-
  
        (3)  
Production for
the year
(3)
      (171)      
*
        (171)       (171)      
*
        (171)       (188)      
*

        (188)  
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
As of

December
 
31,
(4)

   
 
1,143
 
  
 
-
  
 
   
 
1,143
 
  
 
922
 
  
 
-
  
 
   
 
922
 
  
 
1,073
 
  
 
-
  
 
   
 
1,073
 
Developed
  
 
 655
 
 
 
-
  
 
  
 
 655
 
 
 
 526
 
 
 
-
  
 
  
 
 526
 
 
 
 650
 
 
 
-
  
 
  
 
 650
 
Undeveloped
  
 
 488
 
 
 
-
  
 
  
 
 488
 
 
 
 396
 
 
 
-
  
 
  
 
 396
 
 
 
 423
 
 
 
-
  
 
  
 
 423
 
Equity-accounted
entities
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
  
 
As of
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)
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
As of December 31,
(4)
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
Developed
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
Undeveloped
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
  
 
-  
 
 
 
 
  
For the year ended December 31,

(millions of barrels of oil equivalent)
 
 
  
2021
 
  
2020
 
  
2019
 
 
  
      Argentine      
 
  
Other

      foreign      
 
  
      Worldwide      
 
  
      Argentine      
 
  
Other

      foreign      
 
  
      Worldwide      
 
  
      Argentine      
 
  
Other

      foreign      
 
  
      Worldwide      
 
Oil equivalent
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
Consolidated and
Equity-accounted
entities
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
As of January 1,
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
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
 
As of December 31,
                                                                                 
Developed
  
 
 655
 
  
 
-  
 
  
 
 655
 
  
 
 526
 
  
 
-  
 
  
 
 526
 
  
 
 650
 
  
 
-  
 
  
 
 650
 
Undeveloped
  
 
 488
 
  
 
-  
 
  
 
 488
 
  
 
 396
 
  
 
-  
 
  
 
 396
 
  
 
 423
 
  
 
-  
 
  
 
 423
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
Total
  
 
1,143
 
  
 
-  
 
  
 
1,143
 
  
 
922
 
  
 
-  
 
  
 
922
 
  
 
1,073
 
  
 
-  
 
 
  
 
1,073
 
*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. Revisions 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 ended on December 31, 2021, 2020 and 2019 includes an estimated of 22, 22 and 24 mmboe, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
(4)
Proved oil equivalent reserves of consolidated entities for the years ended on December 31, 2021, 2020 and 2019 include an estimated of 151, 120 and 140 mmboe, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
The paragraphs below explain in further detail the most significant changes in our proved reserves during the years 2021, 2020 and 2019.
Changes in YPF’s estimated proved reserves during 2021
Extensions and discoveries
As a result of
well
s
drilled and put on production in unproved reserves and resources areas, approximately
27 mmboe of proved developed reserves were added (3 mmbbl of crude oil, 3 mmbbl of NGL and 116 bcf of natural gas), and 148 mmboe of proved undeveloped reserves (334 bcf of natural and gas, 16 mmbbl of NGL and 73 mmbbl of crude oil) were added, mainly due to shale oil and gas projects in the Vaca Muerta formation.
Both
 
proved undeveloped reserves additions and proved developed reserves contributions are related to unconventional areas in the Neuquina basin.
Improved recovery
No
 
significant proved reserves volumes were added as a net result of secondary and tertiary recovery projects. A total of approximately 5 mmboe of proved reserves from the Golfo San Jorge basin were added, mainly due to new projects of polymer injection and positive production of tertiary recovery response.
Sales and acquisitions
As
 
a net result of sales and acquisitions, addition volumes were not material during 2021.
Revisions of previous estimates
During
2021 the Company’s proved reserves were revised upwards by 217 mmboe (an increase of 161 mmbbl of crude oil, a decrease of 6 mmbbl of NGL and an increase of 347 bcf of natural gas).
The main revisions of proved reserves have been due to the following:
 
 
•
 
Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of approximately 44
mmboe to proved developed reserves, according to new reserves estimates, mainly in the Neuquina basin.
 
 
•
 
An increase of 186
mmboe of proved reserves as a result of the impact of higher average oil prices on incomes and fields economic limit, in conjunction with higher average prices due to Plan GasAr, as a secondary effect. Changes occurred mainly in mature fields with high operating costs.
 
 
•
 
A downwards revision of 17
mmboe resulted from existing projects in the Neuquina basin and Austral basin due to changes in the development strategy in certain areas and the production performance, respectively.
Changes in YPF’s estimated proved reserves during 2020
Extensions and discoveries
As a result of wells drilled and put on production in unproved reserves and resources areas, approximately 6 mmboe of proved developed reserves were added (4 mmbbl of crude oil and 9 bcf of natural gas), and 85 mmboe of proved undeveloped reserves (42 mmbbl of crude oil, 9 mmbbl of NGL and 189 bcf of natural gas) were added, mainly due to new shale oil and gas projects in the Vaca Muerta formation.
Main proved undeveloped reserves additions are related to Unconventional activities in the Neuquina basin, while proved developed reserves contributions come in most cases from the Neuquina and San Jorge basin executed projects.
Improved recovery
As a result of the execution of some secondary recovery projects, mainly in the Neuquina, basin and tertiary recovery in Manantiales Behr field, offset by delay in some projects development plan, no significant reserves volumes were added.
Sales and acquisitions
As
 
a result of sales,
11
mmboe of proved reserves were reduced., mainly due to a change of participation in Bandurria Sur field.
Revisions of previous estimates
During
 
2020
, the Company’s proved reserves were revised downwards by
61
mmboe
(93
mmbbl of crude oil offset by an increase of
8
mmbbl of NGL and
136
bcf of natural gas).
The main revisions to proved reserves have been due to the following:
– Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of approximately 38 mmboe to proved developed reserves, according to new reserves estimates, mainly in the Neuquina and Austral basins.
– A deduction of 61 mmboe of proved reserves as a result of lower average oil prices and its impact on incomes, and on fields economic limit, partially offset by higher average prices due to Plan Gas IV incentive. Changes occurred mainly in fields of the Golfo San Jorge and Neuquina basins.
– A change in our development strategy in certain areas, including cancelled or deferred schedules, resulted in a downwards revision of 37 mmboe from previous projects, mainly from the Neuquina
basin.
 
Changes in YPF’s estimated proved reserves during 2019
Extensions and discoveries
As a result of wells drilled in unproved reserves and resources areas, approximately 32 mmboe of proved developed reserves (11 mmbbl of crude oil, 2 mmbbl of NGL and 107 bcf of natural gas), and 137 mmboe of proved undeveloped reserves (76 mmbbl of crude oil, 12 mmbbl of NGL and 276 bcf of natural gas) were added mainly due to new shale oil and gas projects from Loma La Lata Norte, Bandurria Sur, La Amarga Chica and Aguada de la Arena fields.
Main proved undeveloped reserves additions are related to Unconventional activities in the Neuquina basin, while proved developed reserves contributions come in most cases from executed projects in the Neuquina and San Jorge basin.
Improved recovery
A total of approximately 8 mmboe of proved reserves were added mainly due to new projects and positive production response. Main contributions came from the Neuquina basin, where additions were 5 mmboe of proved secondary recovery reserves, 2 mmboe from the Golfo San Jorge basin and 1 mmboe from the Cuyana basin.
Sales and acquisitions
As a net result of sales and acquisitions, 3 mmboe of proved reserves were reduced. The decrease in these reserves is related mainly to the sale of interests in Al Sur de la Dorsal, El Santiagueño and Bajo del Piche fields.
Revisions of previous estimates
During 2019, the Company’s proved reserves were revised upwards by 7 mmboe (21 mmbbl of crude oil, 4 mmbbl of NGL and a decrease of 103 bcf of natural gas).
The main revisions to proved reserves have been due to the following:
– A deduction of 10 mmboe of proved reserves as a result of lower average oil and gas prices jointly with lower operating costs in 2019, its impact on incomes, and on fields economic limit. Changes occurred mainly in fields of the Cuyana and Neuquina basins.
– Total liquids and gas production performance from existing wells was better than expected, resulting in an addition of approximately 33 mmboe to proved developed reserves, according to new reserves estimates, mainly in the Neuquina and Golfo San Jorge basins.
– A change in our development strategy in certain areas, which resulted in a downwards revision of 42 mmboe from previous projects, mainly from the Neuquina, Austral and Golfo San Jorge basins.
– A revision of Vaca Muerta development project at Loma Campana field, which resulted in an upward revision of 19 mmboe.
– The modification or cancellation of some primary and improved recovery oil projects development schedules, resulting in a 6 mmboe proved undeveloped reserves reduction, mainly in the Golfo San Jorge and Neuquina basins.
Capitalized costs
The following tables set forth capitalized costs, along with the related accumulated depreciation and allowances as of December 31, 2021, 2020 and 2019:
 
 
  
2021
  
 
  
2020
  
2019
  Consolidated capitalized costs
  
Argentine
  
Other

    foreign    
  
    Worldwide    
  
 
  
    Argentine    
  
Other

    foreign    
 
  
    Worldwide    
  
    Argentine    
  
Other

    foreign    
  
    Worldwide    
  Proved oil and gas properties
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  
      
  Mineral property, wells and related equipment
  
 
4,904,375
 
  
 
-
 
  
 
4,904,375
 
  
 
(1)
 
  
 
3,889,483
 
  
 
3,052
 
  
 
3,892,535
 
  
 
2,693,690
 
  
 
2,033
 
  
 
2,695,723
 
  Support equipment and facilities
  
 
168,749
 
  
 
-
 
  
 
168,749
 
  
 
(2)
 
  
 
113,563
 
  
 
-
 
  
 
113,563
 
  
 
80,012
 
  
 
-
 
  
 
80,012
 
  Drilling and work in progress
  
 
199,964
 
  
 
-
 
  
 
199,964
 
  
      
  
 
159,614
 
  
 
-
 
  
 
159,614
 
  
 
142,122
 
  
 
-
 
  
 
142,122
 
  Unproved oil and gas properties
  
 
22,628
 
  
 
-
 
  
 
22,628
 
  
      
  
 
20,044
 
  
 
-
 
  
 
20,044
 
  
 
30,012
 
  
 
-
 
  
 
30,012
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  Total capitalized costs
  
 
5,295,716
 
  
 
-
 
  
 
5,295,716
 
  
      
  
 
4,182,704
 
  
 
3,052
 
  
 
4,185,756
 
  
 
2,945,836
 
  
 
2,033
 
  
 
2,947,869
 
  Accumulated depreciation and valuation allowances
  
 
(4,277,053)
 
  
 
-
 
  
 
(4,277,053)
 
  
 
(3)
 
  
 
(3,306,031)
 
  
 
(2,827)
 
  
 
(3,308,858)
 
  
 
(2,239,487)
 
  
 
(1,973)
 
  
 
(2,241,460)
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  Net capitalized costs
  
 
        1,018,663
 
  
 
            -
 
  
 
        1,018,663
 
  
      
  
 
        876,673
 
  
 
        225
 
  
 
        876,898
 
  
 
        706,349
 
  
 
        60
 
  
 
        706,409
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
      
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
Includes 43,423 corresponding to Upstream wells related equipment contracts comprised in right-of-use assets.
(2)
Includes 27,770 corresponding to Upstream support equipment and facilities contracts comprised in righ-of-use assest.
(3)
Includes (39,315) corresponding to Accumulated Depreciation of all Upstream contracts of right-of-use assets.
There is no Group’s share in equity method investees’ capitalized costs during the years ended December 31, 2021, 2020 and 2019.
Costs incurred
The following tables set forth the costs incurred for oil and gas producing activities during the years ended December 31, 2021, 2020 and 2019:
 
 
 
2021
 
 
 
2020
 
2019
  Consolidated costs incurred
 
Argentine
 
Other

    foreign    
 
    Worldwide    
 
 
 
    Argentine    
 
Other

    foreign    
 
    Worldwide    
 
    Argentine    
 
Other

    foreign    
 
    Worldwide    
  Acquisition of unproved properties
 
 
34
 
 
 
-
 
 
 
34
 
 
      
 
 
715
 
 
 
-
 
 
 
715
 
 
 
4,171
 
 
 
-
 
 
 
4,171
 
  Acquisition of proved properties
 
 
-
 
 
 
-
 
 
 
-
 
 
      
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
 
 
-
 
  Exploration costs
 
 
4,316
 
 
 
237
 
 
 
4,553
 
 
      
 
 
2,348
 
 
 
141
 
 
 
2,489
 
 
 
9,115
 
 
 
771
 
 
 
9,886
 
  Development costs
 
 
189,992
 
 
 
-
 
 
 
189,992
 
 
 
(1
) 
 
 
61,441
 
 
 
-
 
 
 
61,441
 
 
 
132,289
 
 
 
-
 
 
 
132,289
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
  Total costs incurred
 
 
        194,342
 
 
 
        237
 
 
 
        194,579
 
 
      
 
 
        64,504
 
 
 
        141
 
 
 
        64,645
 
 
 
        145,575
 
 
 
        771
 
 
 
        146,346
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
      
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(1)
Includes 11,875 corresponding to development cost related to Upstream contracts comprised in right-of-use assets.
There is no Group’s share in equity method investees’ costs incurred during the years ended December 31, 2021, 2020 and 2019.
Results of operations from oil and gas producing activities
The following tables include only the revenues and expenses directly associated with oil and gas producing activities. It does not include any allocation of the interest costs or corporate overhead and, therefore, is not necessarily indicative of the contribution to net earnings of the oil and gas operations.
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.
 
 
  
2021
  
2020
  
2019
  Consolidated results of operations
  
Argentine
  
Other

    foreign    
  
    Worldwide    
  
    Argentine    
  
Other

    foreign    
  
    Worldwide    
  
    Argentine    
  
Other

    foreign    
  
    Worldwide    
  Net sales to unaffiliated parties
  
 
            4,678
 
  
 
            -
 
  
 
            4,678
 
  
 
            2,419
 
  
 
        6
 
  
 
        2,425
 
  
 
        1,949
 
  
 
        120
 
  
 
        2,069
 
  Net intersegment sales
  
 
544,384
 
  
 
-
 
  
 
544,384
 
  
 
289,421
 
  
 
-
 
  
 
289,421
 
  
 
286,585
 
  
 
-
 
  
 
286,585
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  Total net revenues
  
 
549,062
 
  
 
-
 
  
 
549,062
 
  
 
291,840
 
  
 
6
 
  
 
291,846
 
  
 
288,534
 
  
 
120
 
  
 
288,654
 
  Production costs
  
 
(282,235)
 
  
 
(220)
 
  
 
(282,455)
 
  
 
(193,166)
 
  
 
(165)
 
  
 
(193,331)
 
  
 
(164,562)
 
  
 
(242)
 
  
 
(164,804)
 
  Exploration expenses
  
 
(2,303)
 
  
 
(191)
 
  
 
(2,494)
 
  
 
(5,688)
 
  
 
(169)
 
  
 
(5,857)
 
  
 
(6,045)
 
  
 
(734)
 
  
 
(6,779)
 
  Depreciation of property, plant and equipment; intangible and right-of-use assets
  
 
(225,836)
 
  
 
(29)
 
  
 
(225,865)
 
  
 
(137,183)
 
  
 
(21)
 
  
 
(137,204)
 
  
 
(124,977)
 
  
 
(980)
 
  
 
(125,957)
 
  Impairment of Property, plant and equipment
  
 
(11,258)
 
  
 
-
 
  
 
(11,258)
 
  
 
7,475
 
  
 
-
 
  
 
7,475
 
  
 
(40,561)
 
  
 
-
 
  
 
(40,561)
 
  Other
(1)
  
 
(30,648)
 
  
 
924
 
  
 
(29,724)
 
  
 
889
 
  
 
231
 
  
 
1,120
 
  
 
(6,569)
 
  
 
(56)
 
  
 
(6,625)
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  Pre-tax income (loss) from producing activities
  
 
(3,218)
 
  
 
484
 
  
 
(2,734)
 
  
 
(35,833)
 
  
 
(118)
 
  
 
(35,951)
 
  
 
(54,180)
 
  
 
(1,892)
 
  
 
(56,072)
 
  Income tax expense / benefit
  
 
1,126
 
  
 
47
 
  
 
1,173
 
  
 
10,750
 
  
 
41
 
  
 
10,791
 
  
 
16,254
 
  
 
417
 
  
 
16,671
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  Results of oil and gas producing activities
  
 
(2,092)
 
  
 
531
 
  
 
(1,561)
 
  
 
(25,083)
 
  
 
(77)
 
  
 
(25,160)
 
  
 
(37,926)
 
  
 
(1,475)
 
  
 
(39,401)
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
Mainly includes lawsuits, result for sale of participation in areas and financial accretion for the hydrocarbon wells abandonment obligations, among others.
There is no Group’s share in equity method investees’ results of operations during the years ended December 31, 2021, 2020 and 2019.
Standardized measure of discounted future net cash flows
The standardized measure is calculated as the excess of future cash inflows from proved reserves less future costs of producing and developing the reserves, future income taxes and a discount factor. Future cash inflows represent the revenues that would be received from production of year-end proved reserve quantities assuming the future production would be sold at the prices used for reserves estimates as of year-end (the “average price”). Accordingly, crude oil prices used to determine reserves were calculated each month, for crude oils of different quality produced by the Group.
The Company considered the unweighted average price of the first-day-of-the-month for each month within the twelve-month period ended December 31, 2021, which refers to the Brent prices adjusted by each different quality produced by the Company.
Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company considered the 12 months average of domestic market realized prices, according to the SEC’s rules and FASB’s ASC 932 rules, but it also took into account the effect of certain areas from the Neuquina basin where prices are set according to contracts awarded to YPF S.A under “Plan GasAr” until 2024.
Future production costs include the estimated expenditures related to production of the proved reserves, plus any production taxes without consideration of future inflation. Future development costs include the estimated costs of drilling development wells and installation of production facilities, plus the net costs associated with dismantling and abandonment of wells, assuming year-end costs continue without consideration of future inflation. Future income taxes were determined by applying statutory rates to future cash inflows less future production costs and less tax depreciation of the properties involved. The present value was determined by applying a discount rate of 10% per year to the annual future net cash flows.
The future cash inflows and outflows in foreign currency have been remeasured at the selling exchange rate of $
102.62
 
per US$ 1.00 as of December 31, 2021.
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.
 
 
 
2021
 
 
2020
 
 
2019
 
   Consolidated standardized measure of discounted future net

   cash flows
 
Argentine
 
 
Other

      foreign      
 
 
  Worldwide  
 
 
    Argentine    
 
 
Other

      foreign      
 
 
  Worldwide  
 
 
    Argentine    
 
 
Other

      foreign      
 
 
  Worldwide  
 
Future cash inflows
(1)
 
 
5,217,508  
 
 
 
-  
 
 
 
5,217,508  
 
 
 
2,071,924  
 
 
 
-  
 
 
 
2,071,924  
 
 
 
2,545,028  
 
 
 
-  
 
 
 
2,545,028  
 
Future production costs
 
 
(2,309,885)  
 
 
 
-  
 
 
 
(2,309,885)  
 
 
 
(1,128,613)  
 
 
 
-  
 
 
 
(1,128,613)  
 
 
 
(1,333,468)  
 
 
 
-  
 
 
 
(1,333,468)  
 
Future development costs
 
 
(919,196)  
 
 
 
-  
 
 
 
(919,196)  
 
 
 
(644,714)  
 
 
 
-  
 
 
 
(644,714)  
 
 
 
(482,015)  
 
 
 
-  
 
 
 
(482,015)  
 
Future income tax expenses
 
 
(542,492)  
 
 
 
-  
 
 
 
(542,492)  
 
 
 
(13,420)  
 
 
 
-  
 
 
 
(13,420)  
 
 
 
(120,966)  
 
 
 
-  
 
 
 
(120,966)  
 
10% annual discount for estimated timing of cash flows
 
 
(516,736)  
 
 
 
-  
 
 
 
(516,736)  
 
 
 
(105,899)  
 
 
 
-  
 
 
 
(105,899)  
 
 
 
(227,670)  
 
 
 
-  
 
 
 
(227,670)  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Total standardized measure of discounted future net cash flows
 
 
929,199  
 
 
 
-  
 
 
 
929,199  
 
 
 
179,278  
 
 
 
-  
 
 
 
179,278  
 
 
 
380,909  
 
 
 
-  
 
 
 
380,909  
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
(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.
There is no Group’s share in equity method investees’ standardized measure of discounted future net cash flows during the years ended December 31, 2021, 2020 and 2019.
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, 2021, 2020 and 2019:
 
 
  
        2021        
 
  
        2020        
 
  
        2019        
 
Beginning of year
  
 
179,278  
 
  
 
380,909  
 
  
 
308,233  
 
Sales and transfers, net of production costs
  
 
(87,203)  
 
  
 
(176,237)  
 
  
 
(197,278)  
 
Net change in sales and transfer prices, net of future production costs
  
 
348,474  
 
  
 
(401,237)  
 
  
 
(239,226)  
 
Changes in reserves and production rates (timing)
  
 
514,410  
 
  
 
(26,428)  
 
  
 
(26,496)  
 
Net changes for extensions, discoveries and improved recovery
  
 
341,578  
 
  
 
120,070  
 
  
 
228,354  
 
Net change due to purchases and sales of minerals in place
  
 
-  
 
  
 
(19,624)  
 
  
 
(1,152)  
 
Changes in estimated future development and abandonment costs
  
 
(199,745)  
 
  
 
(104,300)  
 
  
 
(82,799)  
 
Development costs incurred during the year that reduced future development costs
  
 
101,572  
 
  
 
94,505  
 
  
 
102,784  
 
Accretion of discount
  
 
24,692  
 
  
 
48,400  
 
  
 
43,534  
 
Net change in income taxes
  
 
(334,063)  
 
  
 
106,148  
 
  
 
66,705  
 
Others
(1)
  
 
40,206  
 
  
 
157,072  
 
  
 
178,250  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
End of year
  
 
929,199  
 
  
 
179,278  
 
  
 
380,909  
 
 
  
 
 
 
  
 
 
 
  
 
 
 
 
(1)
Corresponds mainly to exchange differences arising from the translation of our cash flows in the functional currency to the presentation currency.
There is no Group’s share in equity method investees’ changes in the standardized measure of discounted future net cash flows during the years ended December 31, 2021, 2020 and 2019.