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Revenues | 12 Months Ended
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Dec. 31, 2023
Text block [abstract] |
Revenues | 24. REVENUES
|  | 2023 |  |  | 2022 |  |  | 2021 |
Revenue from contracts with customers |  |  | 16,995 |  |  |  | 18,437 |  |  |  | 13,384 |
National Government incentives (1) |  |  | 316 |  |  |  | 320 |  |  |  | 298 |
|  |  | 17,311 |  |  |  | 18,757 |  |  |  | 13,682 |
(1) | See Note 36.
The Group’s transactions and the main revenues by business segments are described in Note 5. The Group classifies revenues from contracts with customers according to the following detail:
| - | Contracts for the sale of fuel (under the consignment and direct sale modalities)
| - | Contracts for the sale of natural gas
| - | Contracts for the sale of crude oil
| - | Contracts for the sale of petrochemicals products
| - | Contracts for the sale of specialties for the agribusiness industry and of grains and their by-products
| - | Contracts for the sale of other refined products
| - | Service contracts
| - | Construction contracts
In addition, the Group’s revenues from contracts with customers are broken down into the following categories, as described in Note 2.b.12):
• |  | Breakdown of revenues
Type of good or service
|  | 2023
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Diesel |  |  | - |  |  |  | 6,620 |  |  |  | - |  |  |  | - |  |  |  | 6,620 |
Gasolines |  |  | - |  |  |  | 3,493 |  |  |  | - |  |  |  | - |  |  |  | 3,493 |
Natural gas (1) |  |  | - |  |  |  | 7 |  |  |  | 1,666 |  |  |  | - |  |  |  | 1,673 |
Crude oil |  |  | - |  |  |  | 427 |  |  |  | - |  |  |  | - |  |  |  | 427 |
Jet fuel |  |  | - |  |  |  | 1,047 |  |  |  | - |  |  |  | - |  |  |  | 1,047 |
Lubricants and by-products |  |  | - |  |  |  | 614 |  |  |  | - |  |  |  | - |  |  |  | 614 |
LPG |  |  | - |  |  |  | 379 |  |  |  | - |  |  |  | - |  |  |  | 379 |
Fuel oil |  |  | - |  |  |  | 95 |  |  |  | - |  |  |  | - |  |  |  | 95 |
Petrochemicals |  |  | - |  |  |  | 438 |  |  |  | - |  |  |  | - |  |  |  | 438 |
Fertilizers and crop protection products |  |  | - |  |  |  | 594 |  |  |  | - |  |  |  | - |  |  |  | 594 |
Flours, oils and grains |  |  | - |  |  |  | 224 |  |  |  | - |  |  |  | - |  |  |  | 224 |
Asphalts |  |  | - |  |  |  | 172 |  |  |  | - |  |  |  | - |  |  |  | 172 |
Goods for resale at gas stations |  |  | - |  |  |  | 76 |  |  |  | - |  |  |  | - |  |  |  | 76 |
Income from services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 102 |  |  |  | 102 |
Income from construction contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 99 |  |  |  | 99 |
Virgin naphtha |  |  | - |  |  |  | 181 |  |  |  | - |  |  |  | - |  |  |  | 181 |
Petroleum coke |  |  | - |  |  |  | 249 |  |  |  | - |  |  |  | - |  |  |  | 249 |
LNG regasification |  |  | - |  |  |  | - |  |  |  | 50 |  |  |  | - |  |  |  | 50 |
Other goods and services |  |  | 171 |  |  |  | 158 |  |  |  | 99 |  |  |  | 34 |  |  |  | 462 |
|  |  | 171 |  |  |  | 14,774 |  |  |  | 1,815 |  |  |  | 235 |  |  |  | 16,995 |
|  | 2022
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Diesel |  |  | - |  |  |  | 6,837 |  |  |  | - |  |  |  | - |  |  |  | 6,837 |
Gasolines |  |  | - |  |  |  | 3,460 |  |  |  | - |  |  |  | - |  |  |  | 3,460 |
Natural gas (1) |  |  | - |  |  |  | 16 |  |  |  | 1,881 |  |  |  | - |  |  |  | 1,897 |
Crude oil |  |  | - |  |  |  | 76 |  |  |  | - |  |  |  | - |  |  |  | 76 |
Jet fuel |  |  | - |  |  |  | 1,031 |  |  |  | - |  |  |  | - |  |  |  | 1,031 |
Lubricants and by-products |  |  | - |  |  |  | 608 |  |  |  | - |  |  |  | - |  |  |  | 608 |
LPG |  |  | - |  |  |  | 472 |  |  |  | - |  |  |  | - |  |  |  | 472 |
Fuel oil |  |  | - |  |  |  | 198 |  |  |  | - |  |  |  | - |  |  |  | 198 |
Petrochemicals |  |  | - |  |  |  | 495 |  |  |  | - |  |  |  | - |  |  |  | 495 |
Fertilizers and crop protection products |  |  | - |  |  |  | 835 |  |  |  | - |  |  |  | - |  |  |  | 835 |
Flours, oils and grains |  |  | - |  |  |  | 773 |  |  |  | - |  |  |  | - |  |  |  | 773 |
Asphalts |  |  | - |  |  |  | 172 |  |  |  | - |  |  |  | - |  |  |  | 172 |
Goods for resale at gas stations |  |  | - |  |  |  | 102 |  |  |  | - |  |  |  | - |  |  |  | 102 |
Income from services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 120 |  |  |  | 120 |
Income from construction contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 135 |  |  |  | 135 |
Virgin naphtha |  |  | - |  |  |  | 203 |  |  |  | - |  |  |  | - |  |  |  | 203 |
Petroleum coke |  |  | - |  |  |  | 405 |  |  |  | - |  |  |  | - |  |  |  | 405 |
LNG regasification |  |  | - |  |  |  | - |  |  |  | 43 |  |  |  | - |  |  |  | 43 |
Other goods and services |  |  | 174 |  |  |  | 215 |  |  |  | 180 |  |  |  | 6 |  |  |  | 575 |
|  |  | 174 |  |  |  | 15,898 |  |  |  | 2,104 |  |  |  | 261 |  |  |  | 18,437 |
|  | 2021
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Diesel |  |  | - |  |  |  | 4,498 |  |  |  | - |  |  |  | - |  |  |  | 4,498 |
Gasolines |  |  | - |  |  |  | 2,742 |  |  |  | - |  |  |  | - |  |  |  | 2,742 |
Natural gas (1) |  |  | - |  |  |  | 15 |  |  |  | 1,711 |  |  |  | - |  |  |  | 1,726 |
Crude oil |  |  | - |  |  |  | 63 |  |  |  | - |  |  |  | - |  |  |  | 63 |
Jet fuel |  |  | - |  |  |  | 337 |  |  |  | - |  |  |  | - |  |  |  | 337 |
Lubricants and by-products |  |  | - |  |  |  | 531 |  |  |  | - |  |  |  | - |  |  |  | 531 |
LPG |  |  | - |  |  |  | 458 |  |  |  | - |  |  |  | - |  |  |  | 458 |
Fuel oil |  |  | - |  |  |  | 209 |  |  |  | - |  |  |  | - |  |  |  | 209 |
Petrochemicals |  |  | - |  |  |  | 476 |  |  |  | - |  |  |  | - |  |  |  | 476 |
Fertilizers and crop protection products |  |  | - |  |  |  | 520 |  |  |  | - |  |  |  | - |  |  |  | 520 |
Flours, oils and grains |  |  | - |  |  |  | 629 |  |  |  | - |  |  |  | - |  |  |  | 629 |
Asphalts |  |  | - |  |  |  | 116 |  |  |  | - |  |  |  | - |  |  |  | 116 |
Goods for resale at gas stations |  |  | - |  |  |  | 70 |  |  |  | - |  |  |  | - |  |  |  | 70 |
Income from services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 79 |  |  |  | 79 |
Income from construction contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 123 |  |  |  | 123 |
Virgin naphtha |  |  | - |  |  |  | 172 |  |  |  | - |  |  |  | - |  |  |  | 172 |
Petroleum coke |  |  | - |  |  |  | 191 |  |  |  | - |  |  |  | - |  |  |  | 191 |
LNG regasification |  |  | - |  |  |  | - |  |  |  | 43 |  |  |  | - |  |  |  | 43 |
Other goods and services |  |  | 147 |  |  |  | 118 |  |  |  | 98 |  |  |  | 38 |  |  |  | 401 |
|  |  | 147 |  |  |  | 11,145 |  |  |  | 1,852 |  |  |  | 240 |  |  |  | 13,384 |
(1) | Includes 1,398, 1,473 and 1,313 corresponding to sales of natural gas produced by the Company for the years ended December 31, 2023, 2022 and 2021, respectively.
Sales channels
|  | 2023
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Gas stations |  |  | - |  |  |  | 6,541 |  |  |  | - |  |  |  | - |  |  |  | 6,541 |
Power plants |  |  | - |  |  |  | 46 |  |  |  | 412 |  |  |  | - |  |  |  | 458 |
Distribution companies |  |  | - |  |  |  | - |  |  |  | 171 |  |  |  | - |  |  |  | 171 |
Retail distribution of natural gas |  |  | - |  |  |  | - |  |  |  | 170 |  |  |  | - |  |  |  | 170 |
Industries, transport and aviation |  |  | - |  |  |  | 4,202 |  |  |  | 961 |  |  |  | - |  |  |  | 5,163 |
Agriculture |  |  | - |  |  |  | 1,804 |  |  |  | - |  |  |  | - |  |  |  | 1,804 |
Petrochemical industry |  |  | - |  |  |  | 614 |  |  |  | - |  |  |  | - |  |  |  | 614 |
Trading |  |  | - |  |  |  | 1,043 |  |  |  | - |  |  |  | - |  |  |  | 1,043 |
Oil companies |  |  | - |  |  |  | 141 |  |  |  | - |  |  |  | - |  |  |  | 141 |
Commercialization of LPG |  |  | - |  |  |  | 143 |  |  |  | - |  |  |  | - |  |  |  | 143 |
Other sales channels |  |  | 171 |  |  |  | 240 |  |  |  | 101 |  |  |  | 235 |  |  |  | 747 |
|  |  | 171 |  |  |  | 14,774 |  |  |  | 1,815 |  |  |  | 235 |  |  |  | 16,995 |
|  | 2022
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Gas stations |  |  | - |  |  |  | 6,673 |  |  |  | - |  |  |  | - |  |  |  | 6,673 |
Power plants |  |  | - |  |  |  | 13 |  |  |  | 461 |  |  |  | - |  |  |  | 474 |
Distribution companies |  |  | - |  |  |  | - |  |  |  | 179 |  |  |  | - |  |  |  | 179 |
Retail distribution of natural gas |  |  | - |  |  |  | - |  |  |  | 308 |  |  |  | - |  |  |  | 308 |
Industries, transport and aviation |  |  | - |  |  |  | 3,890 |  |  |  | 1,043 |  |  |  | - |  |  |  | 4,933 |
Agriculture |  |  | - |  |  |  | 2,697 |  |  |  | - |  |  |  | - |  |  |  | 2,697 |
Petrochemical industry |  |  | - |  |  |  | 722 |  |  |  | - |  |  |  | - |  |  |  | 722 |
Trading |  |  | - |  |  |  | 901 |  |  |  | - |  |  |  | - |  |  |  | 901 |
Oil companies |  |  | - |  |  |  | 688 |  |  |  | - |  |  |  | - |  |  |  | 688 |
Commercialization of LPG |  |  | - |  |  |  | 177 |  |  |  | - |  |  |  | - |  |  |  | 177 |
Other sales channels |  |  | 174 |  |  |  | 137 |  |  |  | 113 |  |  |  | 261 |  |  |  | 685 |
|  |  | 174 |  |  |  | 15,898 |  |  |  | 2,104 |  |  |  | 261 |  |  |  | 18,437 |
|  | 2021
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Gas stations |  |  | - |  |  |  | 4,898 |  |  |  | - |  |  |  | - |  |  |  | 4,898 |
Power plants |  |  | - |  |  |  | 131 |  |  |  | 508 |  |  |  | - |  |  |  | 639 |
Distribution companies |  |  | - |  |  |  | - |  |  |  | 187 |  |  |  | - |  |  |  | 187 |
Retail distribution of natural gas |  |  | - |  |  |  | - |  |  |  | 329 |  |  |  | - |  |  |  | 329 |
Industries, transport and aviation |  |  | - |  |  |  | 2,104 |  |  |  | 751 |  |  |  | - |  |  |  | 2,855 |
Agriculture |  |  | - |  |  |  | 1,917 |  |  |  | - |  |  |  | - |  |  |  | 1,917 |
Petrochemical industry |  |  | - |  |  |  | 671 |  |  |  | - |  |  |  | - |  |  |  | 671 |
Trading |  |  | - |  |  |  | 576 |  |  |  | - |  |  |  | - |  |  |  | 576 |
Oil companies |  |  | - |  |  |  | 570 |  |  |  | - |  |  |  | - |  |  |  | 570 |
Commercialization of LPG |  |  | - |  |  |  | 149 |  |  |  | - |  |  |  | - |  |  |  | 149 |
Other sales channels |  |  | 147 |  |  |  | 129 |  |  |  | 77 |  |  |  | 240 |  |  |  | 593 |
|  |  | 147 |  |  |  | 11,145 |  |  |  | 1,852 |  |  |  | 240 |  |  |  | 13,384 |
Target market Sales in the domestic market resulted in 15,083, 16,100 and 11,776 for the years ended December 31, 2023, 2022 and 2021, respectively. Sales in the international market resulted in 1,912, 2,337 and 1,608 for the years ended December 31, 2023, 2022 and 2021, respectively. Likewise, in accordance with IFRS 8, the distribution of revenues by geographic area, according to the markets for which they are intended, are as follows:
|  | 2023 |  | 2022 |  | 2021
Argentina |  |  | 15,399 |  |  |  | 16,420 |  |  |  | 12,074 |
Mercosur and associated countries |  |  | 1,309 |  |  |  | 1,107 |  |  |  | 668 |
Europe |  |  | 171 |  |  |  | 414 |  |  |  | 253 |
Rest of the world |  |  | 432 |  |  |  | 816 |  |  |  | 687 |
|  |  | 17,311 |  |  |  | 18,757 |  |  |  | 13,682 |
As of December 31, 2023, 2022 and 2021 no external client represents 10 % or more of the Group’s revenues.
• |  | Contract balances
The following table reflects information regarding credits, contract assets and contract liabilities:
|  | 2023 |  | 2022 |  | 2021
|  | Non- current |  | Current |  | Non- current |  | Current |  | Non- current |  | Current
Credits for contracts included in the item “Trade receivables” |  |  | 41 |  |  |  | 993 |  |  |  | 51 |  |  |  | 1,490 |  |  |  | 116 |  |  |  | 1,334 |
Contract assets |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 13 |
Contract liabilities |  |  | 34 |  |  |  | 69 |  |  |  | - |  |  |  | 77 |  |  |  | - |  |  |  | 130 |
Contract assets are mainly related to the activities carried out by the Group under construction contracts. Contract liabilities are mainly related to advances received from customers under the contracts for the sale of fuels and specialties for the agribusiness industry (fertilizers and crop protection products) and transport service contracts, among others. During the years ended on December 31, 2023, 2022 and 2021, the Group has recognized 61, 117 and 64, respectively, in the “Revenues from contracts with customers” line under the “Revenues” line item in the statement of comprehensive income, which have been included in “Contract liabilities” line item in the statement of financial position at the beginning of each year.

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