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Segment Information | 12 Months Ended
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Dec. 31, 2022
Text block [abstract] |
Segment Information |
5. | SEGMENT INFORMATION
The different business 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, exploitation 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 natural gas to the Gas and Power segment.
• |  | Gas and Power
The Gas and Power segment generates revenue from the development of activities relating to: (i) the natural gas transportation to third parties and the Downstream segment, and its commercialization; (ii) the commercial and technical operation of the LNG regasification terminals in Escobar and Bahía Blanca, by hiring regasification vessels; (iii) the conditioning and processing of natural gas; (iv) the distribution of natural gas; (v) the separation of natural gas; and (vi) generation of thermal conventional electrical energy and renewable energy through its investments in associates and joint ventures. Until the period ended June 30, 2020, the Gas and Power segment generated revenues from the transportation and commercialization of LNG to third parties and the Downstream segment. 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.1)), Gas and Power segment accrues a fee in its favor with the Upstream segment to carry out such commercialization. On January 1, 2022, certain assets related to natural gas transportation, conditioning and processing for the separation of gasoline, propane and butane, which were previously managed by the Upstream segment, were grouped into the new CGU Midstream Gas within the Gas and Power segment. Because it is a new natural gas liquid management model that did not exist in previous years, no retroactive effect has been given to business segment information. Additionally, the assets transferred and operating results are not significant.
• |  | 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; and (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, International Commerce and Transportation, Lubricants and Specialties, and Sales to Companies 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 segments 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 business segment have been determined after consolidation adjustments. Supported by organizational changes and the evolution of the Group’s activities, the Company’s Management, since the current fiscal year, decided to make a more detailed presentation of information by business segments in dollars, the Company’s functional currency (see Note 2.b.1)), in accordance with the evaluation made by the Company’s highest level decision-making authority regarding the Group’s business strategy. The comparative information for fiscal years ended December 31, 2021 and 2020 has been restated.
|  | Upstream |  |  |  |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Consolidation Adjustments (1) |  | Total
For the year ended December 31, 2022 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 51 |  |  |  |  |  |  |  | 16,016 |  |  |  | 2,304 |  |  |  | 386 |  |  |  | - |  |  |  | 18,757 |
Revenues from intersegment sales |  |  | 7,134 |  |  |  |  |  |  |  | 109 |  |  |  | 391 |  |  |  | 779 |  |  |  | (8,413 | ) |  |  | - |
Revenues |  |  | 7,185 |  |  |  |  |  |  |  | 16,125 |  |  |  | 2,695 |  |  |  | 1,165 |  |  |  | (8,413 | ) |  |  | 18,757 |
Operating profit / (loss) |  |  | 1,306 |  |  |  | (4 | ) |  |  | 1,523 |  |  |  | 90 |  |  |  | (401 | ) |  |  | (36 | ) |  |  | 2,482 |
Income from equity interests in associates and joint ventures |  |  | - |  |  |  |  |  |  |  | 256 |  |  |  | 195 |  |  |  | (5 | ) |  |  | - |  |  |  | 446 |
Net financial results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 128 |
Net profit before income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 3,056 |
Income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (822 | )
Net profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 2,234 |
Acquisitions of property, plant and equipment |  |  | 3,378 |  |  |  |  |  |  |  | 837 |  |  |  | 78 |  |  |  | 166 |  |  |  | - |  |  |  | 4,459 |
Acquisitions of right-of-use assets |  |  | 204 |  |  |  |  |  |  |  | 102 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 306 |
Assets |  |  | 11,317 |  |  |  |  |  |  |  | 9,980 |  |  |  | 2,765 |  |  |  | 2,018 |  |  |  | (168 | ) |  |  | 25,912 |
Other income statement items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment (3) |  |  | 1,935 |  |  |  |  |  |  |  | 477 |  |  |  | 48 |  |  |  | 91 |  |  |  | - |  |  |  | 2,551 |
Amortization of intangible assets |  |  | - |  |  |  |  |  |  |  | 29 |  |  |  | 12 |  |  |  | 2 |  |  |  | - |  |  |  | 43 |
Depreciation of right-of-use assets |  |  | 140 |  |  |  |  |  |  |  | 59 |  |  |  | 20 |  |  |  | - |  |  |  | (5 | ) |  |  | 214 |
Impairment of property, plant and equipment (2) |  |  | 123 |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 123 |
For the year ended December 31, 2021 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 49 |  |  |  |  |  |  |  | 11,220 |  |  |  | 2,069 |  |  |  | 344 |  |  |  | - |  |  |  | 13,682 |
Revenues from intersegment sales |  |  | 5,820 |  |  |  |  |  |  |  | 64 |  |  |  | 161 |  |  |  | 484 |  |  |  | (6,529 | ) |  |  | - |
Revenues |  |  | 5,869 |  |  |  |  |  |  |  | 11,284 |  |  |  | 2,230 |  |  |  | 828 |  |  |  | (6,529 | ) |  |  | 13,682 |
Operating profit / (loss) |  |  | 66 |  |  |  | (4 | ) |  |  | 945 |  |  |  | 10 |  |  |  | (184 | ) |  |  | (138 | ) |  |  | 699 |
Income from equity interests in associates and joint ventures |  |  | - |  |  |  |  |  |  |  | 153 |  |  |  | 134 |  |  |  | - |  |  |  | - |  |  |  | 287 |
Net financial results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (271 | )
Net profit before income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 715 |
Income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (699 | )
Net profit |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | 16 |
Acquisitions of property, plant and equipment |  |  | 2,162 |  |  |  |  |  |  |  | 406 |  |  |  | 27 |  |  |  | 71 |  |  |  | - |  |  |  | 2,666 |
Acquisitions of right-of-use assets |  |  | 172 |  |  |  |  |  |  |  | 105 |  |  |  | 7 |  |  |  | - |  |  |  | - |  |  |  | 284 |
Assets |  |  | 10,481 |  |  |  |  |  |  |  | 8,597 |  |  |  | 2,570 |  |  |  | 1,775 |  |  |  | (133 | ) |  |  | 23,290 |
Other income statement items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment (3) |  |  | 2,249 |  |  |  |  |  |  |  | 456 |  |  |  | 28 |  |  |  | 83 |  |  |  | - |  |  |  | 2,816 |
Amortization of intangible assets |  |  | - |  |  |  |  |  |  |  | 39 |  |  |  | 8 |  |  |  | 4 |  |  |  | - |  |  |  | 51 |
Depreciation of right-of-use assets |  |  | 129 |  |  |  |  |  |  |  | 61 |  |  |  | 17 |  |  |  | - |  |  |  | (6 | ) |  |  | 201 |
Impairment of property, plant and equipment and intangible assets (2) |  |  | 115 |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 115 |
|  | Upstream |  |  |  |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Consolidation Adjustments (1) |  | Total
For the year ended December 31, 2020 |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Revenues |  |  | 33 |  |  |  |  |  |  |  | 7,814 |  |  |  | 1,656 |  |  |  | 187 |  |  |  | - |  |  |  | 9,690 |
Revenues from intersegment sales |  |  | 4,222 |  |  |  |  |  |  |  | 48 |  |  |  | 116 |  |  |  | 368 |  |  |  | (4,754 | ) |  |  | - |
Revenues |  |  | 4,255 |  |  |  |  |  |  |  | 7,862 |  |  |  | 1,772 |  |  |  | 555 |  |  |  | (4,754 | ) |  |  | 9,690 |
Operating profit / (loss) |  |  | (444 | ) |  |  | (4 | ) |  |  | 89 |  |  |  | (272 | ) |  |  | (290 | ) |  |  | 113 |  |  |  | (804 | )
Income from equity interests in associates and joint ventures |  |  | - |  |  |  |  |  |  |  | 57 |  |  |  | 131 |  |  |  | - |  |  |  | - |  |  |  | 188 |
Net financial results |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (221 | )
Net loss before income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (837 | )
Income tax |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (184 | )
Net loss |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  | (1,021 | )
Acquisitions of property, plant and equipment |  |  | 886 |  |  |  |  |  |  |  | 319 |  |  |  | 58 |  |  |  | 62 |  |  |  | - |  |  |  | 1,325 |
Acquisitions of right-of-use assets |  |  | 148 |  |  |  |  |  |  |  | 1 |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 149 |
Assets |  |  | 10,876 |  |  |  |  |  |  |  | 7,694 |  |  |  | 2,490 |  |  |  | 1,818 |  |  |  | 4 |  |  |  | 22,882 |
Other income statement items |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Depreciation of property, plant and equipment (3) |  |  | 1,854 |  |  |  |  |  |  |  | 484 |  |  |  | 23 |  |  |  | 99 |  |  |  | - |  |  |  | 2,460 |
Amortization of intangible assets |  |  | 1 |  |  |  |  |  |  |  | 39 |  |  |  | 3 |  |  |  | 5 |  |  |  | - |  |  |  | 48 |
Depreciation of right-of-use assets |  |  | 129 |  |  |  |  |  |  |  | 90 |  |  |  | 40 |  |  |  | - |  |  |  | (5 | ) |  |  | 254 |
Impairment / (Recovery) of property, plant and equipment and intangible assets, net (2) |  |  | 45 |  |  |  |  |  |  |  | - |  |  |  | 7 |  |  |  | 1 |  |  |  | - |  |  |  | 53 |
(1) | Corresponds to the elimination among business 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.
(4) | Includes (26), (10) and (49) of unproductive exploratory drillings as of December 31, 2022, 2021 and 2020, respectively.
The distribution of “Revenues” by geographic area, according to the markets for which they are intended, for the years ended on December 31, 2022, 2021 and 2020, and property, plant and equipment by geographic area as of December 31, 2022, 2021 and 2020 are as follows:
|  | Revenues |  |  |  | Property, plant and equipment
|  | 2022 |  |  |  | 2021 |  |  |  | 2020 |  |  |  | 2022 |  |  |  | 2021 |  |  |  | 2020
Argentina |  |  | 16,420 |  |  |  |  |  | 12,074 |  |  |  |  |  | 8,466 |  |  |  |  |  | 17,500 |  |  |  |  |  | 16,002 |  |  |  |  |  | 16,409 |
Mercosur and associated countries |  |  | 1,107 |  |  |  |  |  | 668 |  |  |  |  |  | 410 |  |  |  |  |  | 10 |  |  |  |  |  | 1 |  |  |  |  |  | 4 |
Rest of the world |  |  | 816 |  |  |  |  |  | 687 |  |  |  |  |  | 336 |  |  |  |  |  | - |  |  |  |  |  | - |  |  |  |  |  | - |
Europe |  |  | 414 |  |  |  |  |  | 253 |  |  |  |  |  | 478 |  |  |  |  |  | - |  |  |  |  |  | - |  |  |  |  |  | - |
|  |  | 18,757 |  |  |  |  |  | 13,682 |  |  |  |  |  | 9,690 |  |  |  |  |  | 17,510 |  |  |  |  |  | 16,003 |  |  |  |  |  | 16,413 |
Intangible assets and right-of-use-assets are geographically located in Argentina. As of December 31, 2022, no foreign client represents 10% or more of the Group’s revenue from its ordinary activities.

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