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Revenues

12 Months Ended

Dec. 31, 2023

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

% 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.