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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2023

Summary of Property, Plant and Equipment


	2023		2022		2021
Net book value of property, plant and equipment		20,532		18,261		16,777
Provision for obsolescence of materials and equipment		(171)		(151)		(123)
Provision for impairment of property, plant and equipment		(2,649)		(600)		(651)

		17,712		17,510		16,003

Summary of Changes in Property, Plant and Equipment

Changes in Group’s property, plant and equipment for the years ended December 31, 2023, 2022 and 2021 are as follows:


	Land and buildings		Mining property, wells and related equipment			Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress		Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total

Cost		1,282		46,154			8,128		455		1,068		2,663		47		748		1,265		763		773		63,346
Accumulated depreciation		616		37,897			4,766		318		-		-		-		641		802		400		581		46,021

Balance as of December 31, 2020		666		8,257	(1)		3,362		137		1,068		2,663		47		107		463		363		192		17,325


Cost
Increases		7		38	(4)		51		6		618		1,913		22		1		-		-		10		2,666	(6)
Translation effect		(28)		-			-		(7)		(3)		(22)		-		(5)		-		(138)		(29)		(232)
Adjustment for inflation (5)		68		-			-		17		7		50		-		10		-		318		65		535
Decreases, reclassifications and other movements		14		1,565	(7)		148		19		(632)		(1,785)		(27)		53		54		52		44		(495)	(3)

Accumulated depreciation
Increases		26		2,468	(4)		356		22		-		-		-		55		67		19		28		3,041
Translation effect		(15)		-			-		(5)		-		-		-		(4)		-		(72)		(22)		(118)
Adjustment for inflation (5)		35		-			-		11		-		-		-		9		-		167		49		271
Decreases, reclassifications and other movements		(6)		(149)	(7)		(1)		(9)		-		-		-		-		-		(5)		(2)		(172)	(3)

Cost		1,343		47,757			8,327		490		1,058		2,819		42		807		1,319		995		863		65,820
Accumulated depreciation		656		40,216			5,121		337		-		-		-		701		869		509		634		49,043

Balance as of December 31, 2021		687		7,541	(1)		3,206		153		1,058		2,819		42		106		450		486		229		16,777


Cost
Increases		1		278	(4)		69		9		944		3,080		43		1		-		-		34		4,459	(6)
Translation effect		(86)		-			-		(23)		(9)		(28)		-		(14)		-		(418)		(104)		(682)
Adjustment for inflation (5)		111		-			-		31		12		36		-		18		-		547		134		889
Decreases, reclassifications and other movements		26		2,052			281		21		(810)		(2,027)		(47)		20		24		35		3		(422)	(3)

Accumulated depreciation
Increases		29		2,123	(4)		374		25		-		-		-		56		67		19		31		2,724
Translation effect		(44)		-			-		(15)		-		-		-		(12)		-		(213)		(67)		(351)
Adjustment for inflation (5)		59		-			-		20		-		-		-		16		-		279		86		460
Decreases, reclassifications and other movements		-		(45)			(1)		(8)		-		-		-		-		(11)		(8)		-		(73)	(3)

Cost		1,395		50,087			8,677		528		1,195		3,880		38		832		1,343		1,159		930		70,064
Accumulated depreciation		700		42,294			5,494		359		-		-		-		761		925		586		684		51,803

Balance as of December 31, 2022		695		7,793	(1)		3,183		169		1,195		3,880		38		71		418		573		246		18,261


	Land and buildings		Mining property, wells and related equipment			Refinery equipment and petrochemical plants		Transportation equipment		Materials and equipment in warehouse		Drilling and work in progress		Exploratory drilling in progress			Furniture, fixtures and installations		Selling equipment		Infrastructure for natural gas distribution		Other property		Total
Cost		1,395		50,087			8,677		528		1,195		3,880		38			832		1,343		1,159		930		70,064
Accumulated depreciation		700		42,294			5,494		359		-		-		-			761		925		586		684		51,803

Balance as of December 31, 2022		695		7,793	(1)		3,183		169		1,195		3,880		38			71		418		573		246		18,261


Cost
Increases		1		511	(4)		99		6		1,282		4,161		119			4		-		-		8		6,191	(6)
Translation effect		(178)		-			-		(55)		(19)		(46)		-			(30)		-		(904)		(223)		(1,455)
Adjustment for inflation (5)		106		-			-		33		11		27		-			18		-		537		131		863
Decreases, reclassifications and other movements		16		2,503			135		165		(1,030)		(2,357)		(26)			45		39		18		(3)		(495)	(3)

Accumulated depreciation
Increases		28		2,692	(4)		364		30		-		-		-			36		64		10		28		3,252
Translation effect		(96)		-			-		(36)		-		-		-			(27)		-		(455)		(150)		(764)
Adjustment for inflation (5)		57		-			-		22		-		-		-			16		-		270		88		453
Decreases, reclassifications and other movements		(1)		(92)			-		(5)		-		-		-			-		(8)		-		(2)		(108)	(3)

Cost		1,340		53,101			8,911		677		1,439		5,665		131			869		1,382		810		843		75,168
Accumulated depreciation		688		44,894			5,858		370		-		-		-			786		981		411		648		54,636

Balance as of December 31, 2023		652		8,207	(1)		3,053		307		1,439		5,665		131	(2)		83		401		399		195		20,532

(1)	Includes 269, 333 and 356 of mineral property as of December 31, 2023, 2022 and 2021, respectively.

(2)	As of December 31, 2023, there are 26 exploratory wells in progress. During the year ended on such date, 11 wells were started, 4 wells were charged to exploratory expense and 4 well was transferred to properties with proven reserves in the “Mining property, wells and related equipment” account.

(3)	Includes 4, 1 and 1 of net book value charged to property, plant and equipment provisions for the years ended December 31, 2023, 2022 and 2021, respectively.

(4)	Includes 507, 268 and 32 corresponding to hydrocarbon wells abandonment costs and 13 and 19 of depreciation recovery for the years ended December 31, 2023 and 2022, respectively.

(5)	Corresponds to adjustment for inflation of opening balances of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

(6)

Includes 57, 44 and 11 corresponding to short-term leases as of December 31, 2023, 2022 and 2021, respectively; includes 6, 5 and 7 corresponding to the variable charge of leases related to the underlying asset performance and/or use as of December 31, 2023, 2022 and 2021, respectively. Additionally, it includes 68, 57 and 44 corresponding to the depreciation capitalization of right-of-use assets as of December 31, 2023, 2022 and 2021, respectively (see Note 9); and 13, 14 and 11 corresponding to capitalization of the financial accretion of the lease liability as of December 31, 2023, 2022 and 2021, respectively (see Note 20).

(7)	Includes 140 of cost and accumulated depreciation corresponding to the reversal of Loma de la Mina block. See Note 34.a).

Summary of Provision for Obsolescence of Materials and Equipment

Set forth below is the evolution of the provision for obsolescence of materials and equipment for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Amount at beginning of year		151		123		134
Increases charged to profit or loss		24		30		6
Decreases charged to profit or loss		-		-		(16)
Applications due to utilization		(4)		(1)		(1)
Translation differences		(2)		(1)		-
Adjustment for inflation (1)		2		-		-

Amount at end of year		171		151		123

(1)	Corresponds to adjustment for inflation of opening balances of the provision for obsolescence of materials and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Summary of Provision for Impairment of Property, Plant and Equipment

Set forth below is the evolution of the provision for impairment of property, plant and equipment for the years ended December 31, 2023, 2022 and 2021:


	2023		2022		2021
Amount at beginning of year		600		651		778
Increases charged to profit or loss		2,288		123		97
Depreciation (1)		(236)		(173)		(225)
Translation differences		(7)		(5)		-
Adjustment for inflation (2)		4		4		2
Transfers and other movements		-		-		(1)

Amount at end of year		2,649		600		651

(1)	Included in “Depreciation of property, plant and equipment” in Note 26.

(2)	Corresponds to adjustment for inflation of opening balances of the provision for impairment of property, plant and equipment of subsidiaries with the peso as functional currency which was charged to “Other comprehensive income” in the statement of comprehensive income.

Summary of Cost Evolution for Exploratory Wells in Evaluation Stage

Set forth below is the cost evolution for the exploratory wells in evaluation stage as of the years ended on December 31, 2023, 2022 and 2021:


	2023		2022		2021
Amount at beginning of year		15		19		30
Additions pending the determination of proved reserves		16		20		6
Decreases charged to exploration expenses		-		(3)		-
Reclassifications to mineral property, wells and related equipment with proved reserves		(5)		(21)		(17)

Amount at end of year		26		15		19

Summary of Cost for Exploratory Wells

The following table shows the cost for exploratory wells under assessment for a period greater than a year and the number of projects related as of December 31, 2023:


	Amount		Number of projects		Number of wells
Between 1 and 5 years		10		5		5

Summary of Property, Plant and Equipment by Geographic Area

Likewise, in accordance with IFRS 8, the distribution of property, plant and equipment by geographic area is broken down below:


	2023		2022		2021
Argentina		17,702		17,500		16,002
Mercosur and associated countries		10		10		1

		17,712		17,510		16,003