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Supplemental Information on Oil and Gas Producing Activities (Unaudited) | 12 Months Ended
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Dec. 31, 2024
Text Block1 [Abstract] |
Supplemental Information on Oil and Gas Producing Activities (Unaudited) | SUPPLEMENTAL INFORMATION ON OIL AND GAS PRODUCING ACTIVITIES (UNAUDITED) The following information is presented in accordance with the Accounting Standards Codification (“ASC”) No. 932 “Extractive Activities - Oil and Gas”, as amended by Accounting Standards Update (“ASU”) 2010 - 03 “Oil and Gas Reserves. Estimation and Disclosures”, issued by the Financial Accounting Standards Board (“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, 2024, 2023 and 2022 was calculated in accordance with the SEC rules and FASB ASC 932 rules. Accordingly, crude oil prices used to determine reserves were calculated for crude oils of different quality produced by the Company. Consequently, to calculate our net proved reserves as of December 31, 2024, the Company considered, according to the SEC rules and FASB ASC 932 rules, the unweighted average realized price of crude oils for each month within the 12-month period ended December 31, 2024, which refers to the domestic crude oil prices adjusted by each different quality produced by the Company. The reported reserves contained in this annual report include only our proved reserves and do not include probable reserves or possible reserves. Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company considered the 12-month period average ended December 31, 2024 of domestic market realized prices according to the SEC rules and FASB ASC 932 rules, and the prices of contracts awarded to YPF under the Plan GasAr 2020-2024 and the Plan GasAr 2023-2028 for certain blocks in certain basins, which will be in effect until their corresponding termination dates. See Note 36.d.1) to the Audited Consolidated Financial Statements. 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 owed 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. Natural gas reserves exclude the gaseous equivalent of liquids expected to be removed from the natural gas on concessions and leases, at field facilities and at natural gas processing plants. These liquids are included in net proved reserves of natural gas liquids (“NGLs”). Technology used in establishing proved reserves additions YPF’s estimated proved reserves as of December 31, 2024, 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, 2024 would decrease by approximately 2.5%. If natural gas prices used in our year-end reserve estimates decreased by 10%, our total proved reserves as of December 31, 2024 would decrease by approximately 0.6%. 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, 2024 would decrease by approximately 3.1%. However, if we combine the three mentioned effects, our total proved reserves as of December 31, 2024 would decrease by approximately 6%. 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, 2024, 2023 and 2022, by hydrocarbon product:
|  | For the year ended December 31,
|  | (millions of barrels)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
Oil and condensate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | 546 |  |  |  | - |  |  |  | 546 |  |  |  | 606 |  |  |  | - |  |  |  | 606 |  |  |  | 643 |  |  |  | - |  |  |  | 643 |
Developed |  |  | 263 |  |  |  | - |  |  |  | 263 |  |  |  | 262 |  |  |  | - |  |  |  | 262 |  |  |  | 322 |  |  |  | - |  |  |  | 322 |
Undeveloped |  |  | 283 |  |  |  | - |  |  |  | 283 |  |  |  | 344 |  |  |  | - |  |  |  | 344 |  |  |  | 321 |  |  |  | - |  |  |  | 321 |
Revisions of previous estimates (1) |  |  | 10 |  |  |  | - |  |  |  | 10 |  |  |  | (63) |  |  |  | - |  |  |  | (63) |  |  |  | (72) |  |  |  | - |  |  |  | (72) |
Extensions and discoveries |  |  | 99 |  |  |  | - |  |  |  | 99 |  |  |  | 75 |  |  |  | - |  |  |  | 75 |  |  |  | 125 |  |  |  | - |  |  |  | 125 |
Improved recovery |  |  | (2) |  |  |  | - |  |  |  | (2) |  |  |  | 17 |  |  |  | - |  |  |  | 17 |  |  |  | (7) |  |  |  | - |  |  |  | (7) |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | (11) |  |  |  | - |  |  |  | (11) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year (2) |  |  | (94) |  |  |  | - |  |  |  | (94) |  |  |  | (89) |  |  |  | - |  |  |  | (89) |  |  |  | (83) |  |  |  | - |  |  |  | (83) |
As of December 31, (3) |  |  | 548 |  |  |  | - |  |  |  | 548 |  |  |  | 546 |  |  |  | - |  |  |  | 546 |  |  |  | 606 |  |  |  | - |  |  |  | 606 |
Developed |  |  | 284 |  |  |  | - |  |  |  | 284 |  |  |  | 263 |  |  |  | - |  |  |  | 263 |  |  |  | 262 |  |  |  | - |  |  |  | 262 |
Undeveloped |  |  | 264 |  |  |  | - |  |  |  | 264 |  |  |  | 283 |  |  |  | - |  |  |  | 283 |  |  |  | 344 |  |  |  | - |  |  |  | 344 |
Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revisions of previous estimates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Extensions and discoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Improved recovery |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
As of December 31, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | For the year ended December 31,
|  | (millions of barrels)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
Oil and condensate |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated and Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 263 |  |  |  | - |  |  |  | 263 |  |  |  | 262 |  |  |  | - |  |  |  | 262 |  |  |  | 322 |  |  |  | - |  |  |  | 322 |
Undeveloped |  |  | 283 |  |  |  | - |  |  |  | 283 |  |  |  | 344 |  |  |  | - |  |  |  | 344 |  |  |  | 321 |  |  |  | - |  |  |  | 321 |
Total |  |  | 546 |  |  |  | - |  |  |  | 546 |  |  |  | 606 |  |  |  | - |  |  |  | 606 |  |  |  | 643 |  |  |  | - |  |  |  | 643 |
As of December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 284 |  |  |  | - |  |  |  | 284 |  |  |  | 263 |  |  |  | - |  |  |  | 263 |  |  |  | 262 |  |  |  | - |  |  |  | 262 |
Undeveloped |  |  | 264 |  |  |  | - |  |  |  | 264 |  |  |  | 283 |  |  |  | - |  |  |  | 283 |  |  |  | 344 |  |  |  | - |  |  |  | 344 |
Total |  |  | 548 |  |  |  | - |  |  |  | 548 |  |  |  | 546 |  |  |  | - |  |  |  | 546 |  |  |  | 606 |  |  |  | - |  |  |  | 606 |
(1) | Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves are considered prospectively in the calculation of depreciation.
(2) | Crude oil production for the years ended on December 31, 2024, 2023 and 2022 includes an estimated of 13, 12 and 12 Mbbl, 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, 2024, 2023 and 2022 includes an estimated of 71, 72 and 82 Mbbl, 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)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
NGLs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | 74 |  |  |  | - |  |  |  | 74 |  |  |  | 77 |  |  |  | - |  |  |  | 77 |  |  |  | 64 |  |  |  | - |  |  |  | 64 |
Developed |  |  | 41 |  |  |  | - |  |  |  | 41 |  |  |  | 36 |  |  |  | - |  |  |  | 36 |  |  |  | 34 |  |  |  | - |  |  |  | 34 |
Undeveloped |  |  | 33 |  |  |  | - |  |  |  | 33 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |  |  |  | 30 |  |  |  | - |  |  |  | 30 |
Revisions of previous estimates (1) |  |  | (1) |  |  |  | - |  |  |  | (1) |  |  |  | 5 |  |  |  | - |  |  |  | 5 |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Extensions and discoveries |  |  | 12 |  |  |  | - |  |  |  | 12 |  |  |  | 8 |  |  |  | - |  |  |  | 8 |  |  |  | 27 |  |  |  | - |  |  |  | 27 |
Improved recovery |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year (2) |  |  | (16) |  |  |  | - |  |  |  | (16) |  |  |  | (16) |  |  |  | - |  |  |  | (16) |  |  |  | (15) |  |  |  | - |  |  |  | (15) |
As of December 31, (3) |  |  | 69 |  |  |  | - |  |  |  | 69 |  |  |  | 74 |  |  |  | - |  |  |  | 74 |  |  |  | 77 |  |  |  | - |  |  |  | 77 |
Developed |  |  | 44 |  |  |  | - |  |  |  | 44 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |  |  |  | 36 |  |  |  | - |  |  |  | 36 |
Undeveloped |  |  | 25 |  |  |  | - |  |  |  | 25 |  |  |  | 33 |  |  |  | - |  |  |  | 33 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |
Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revisions of previous estimates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Extensions and discoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Improved recovery |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
As of December 31, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | For the year ended December 31,
|  | (millions of barrels)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
NGLs |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated and Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 41 |  |  |  | - |  |  |  | 41 |  |  |  | 36 |  |  |  | - |  |  |  | 36 |  |  |  | 34 |  |  |  | - |  |  |  | 34 |
Undeveloped |  |  | 33 |  |  |  | - |  |  |  | 33 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |  |  |  | 30 |  |  |  | - |  |  |  | 30 |
Total |  |  | 74 |  |  |  | - |  |  |  | 74 |  |  |  | 77 |  |  |  | - |  |  |  | 77 |  |  |  | 64 |  |  |  | - |  |  |  | 64 |
As of December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 44 |  |  |  | - |  |  |  | 44 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |  |  |  | 36 |  |  |  | - |  |  |  | 36 |
Undeveloped |  |  | 25 |  |  |  | - |  |  |  | 25 |  |  |  | 33 |  |  |  | - |  |  |  | 33 |  |  |  | 41 |  |  |  | - |  |  |  | 41 |
Total |  |  | 69 |  |  |  | - |  |  |  | 69 |  |  |  | 74 |  |  |  | - |  |  |  | 74 |  |  |  | 77 |  |  |  | - |  |  |  | 77 |
(1) | Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves are considered prospectively in the calculation of depreciation.
(2) | NGLs production for the years ended on December 31, 2024, 2023 and 2022 includes an estimated of 2, 2 and 2 Mbbl, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
(3) | Proved NGLs reserves of consolidated entities for the years ended on December 31, 2024, 2023 and 2022 includes an estimated of 9, 10 and 11 Mbbl, 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)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
Natural gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | 2,536 |  |  |  | - |  |  |  | 2,536 |  |  |  | 2,826 |  |  |  | - |  |  |  | 2,826 |  |  |  | 2,447 |  |  |  | - |  |  |  | 2,447 |
Developed |  |  | 1,656 |  |  |  | - |  |  |  | 1,656 |  |  |  | 1,637 |  |  |  | - |  |  |  | 1,637 |  |  |  | 1,676 |  |  |  | - |  |  |  | 1,676 |
Undeveloped |  |  | 880 |  |  |  | - |  |  |  | 880 |  |  |  | 1,189 |  |  |  | - |  |  |  | 1,189 |  |  |  | 771 |  |  |  | - |  |  |  | 771 |
Revisions of previous estimates (1) |  |  | (144) |  |  |  | - |  |  |  | (144) |  |  |  | (80) |  |  |  | - |  |  |  | (80) |  |  |  | (91) |  |  |  | - |  |  |  | (91) |
Extensions and discoveries |  |  | 781 |  |  |  | - |  |  |  | 781 |  |  |  | 257 |  |  |  | - |  |  |  | 257 |  |  |  | 952 |  |  |  | - |  |  |  | 952 |
Improved recovery |  |  | * |  |  |  | - |  |  |  | * |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 1 |  |  |  | - |  |  |  | 1 |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | (1) |  |  |  | - |  |  |  | (1) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year (2) |  |  | (484) |  |  |  | - |  |  |  | (484) |  |  |  | (467) |  |  |  | - |  |  |  | (467) |  |  |  | (483) |  |  |  | - |  |  |  | (483) |
As of December 31, (3) (4) |  |  | 2,688 |  |  |  | - |  |  |  | 2,688 |  |  |  | 2,536 |  |  |  | - |  |  |  | 2,536 |  |  |  | 2,826 |  |  |  | - |  |  |  | 2,826 |
Developed |  |  | 1,627 |  |  |  | - |  |  |  | 1,627 |  |  |  | 1,656 |  |  |  | - |  |  |  | 1,656 |  |  |  | 1,637 |  |  |  | - |  |  |  | 1,637 |
Undeveloped |  |  | 1,061 |  |  |  | - |  |  |  | 1,061 |  |  |  | 880 |  |  |  | - |  |  |  | 880 |  |  |  | 1,189 |  |  |  | - |  |  |  | 1,189 |
Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revisions of previous estimates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Extensions and discoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Improved recovery |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
As of December 31, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | For the year ended December 31,
|  | (billions of standard cubic feet)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
Natural gas |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated and Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 1,656 |  |  |  | - |  |  |  | 1,656 |  |  |  | 1,637 |  |  |  | - |  |  |  | 1,637 |  |  |  | 1,676 |  |  |  | - |  |  |  | 1,676 |
Undeveloped |  |  | 880 |  |  |  | - |  |  |  | 880 |  |  |  | 1,189 |  |  |  | - |  |  |  | 1,189 |  |  |  | 771 |  |  |  | - |  |  |  | 771 |
Total |  |  | 2,536 |  |  |  | - |  |  |  | 2,536 |  |  |  | 2,826 |  |  |  | - |  |  |  | 2,826 |  |  |  | 2,447 |  |  |  | - |  |  |  | 2,447 |
As of December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 1,627 |  |  |  | - |  |  |  | 1,627 |  |  |  | 1,656 |  |  |  | - |  |  |  | 1,656 |  |  |  | 1,637 |  |  |  | - |  |  |  | 1,637 |
Undeveloped |  |  | 1,061 |  |  |  | - |  |  |  | 1,061 |  |  |  | 880 |  |  |  | - |  |  |  | 880 |  |  |  | 1,189 |  |  |  | - |  |  |  | 1,189 |
Total |  |  | 2,688 |  |  |  | - |  |  |  | 2,688 |  |  |  | 2,536 |  |  |  | - |  |  |  | 2,536 |  |  |  | 2,826 |  |  |  | - |  |  |  | 2,826 |
(*) Not material (less than 1).
(1) | Revisions in estimates of reserves are performed at least once a year. Revisions of oil and gas reserves are considered prospectively in the calculation of depreciation.
(2) | Natural gas production for the years ended on December 31, 2024, 2023 and 2022 includes an estimated of 55, 54 and 57 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, 2024, 2023 and 2022 includes an estimated of 309 , 292 and 335 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, 2024, 2023 and 2022 includes an estimated of 255, 282 and 299 bcf, respectively, which is consumed as fuel at the field.
|  | For the year ended December 31,
|  | (millions of barrels of oil equivalent)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
Oil equivalent (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | 1,072 |  |  |  | - |  |  |  | 1,072 |  |  |  | 1,187 |  |  |  | - |  |  |  | 1,187 |  |  |  | 1,143 |  |  |  | - |  |  |  | 1,143 |
Developed |  |  | 599 |  |  |  | - |  |  |  | 599 |  |  |  | 590 |  |  |  | - |  |  |  | 590 |  |  |  | 655 |  |  |  | - |  |  |  | 655 |
Undeveloped |  |  | 473 |  |  |  | - |  |  |  | 473 |  |  |  | 597 |  |  |  | - |  |  |  | 597 |  |  |  | 488 |  |  |  | - |  |  |  | 488 |
Revisions of previous estimates (2) |  |  | (17) |  |  |  | - |  |  |  | (17) |  |  |  | (72) |  |  |  | - |  |  |  | (72) |  |  |  | (87) |  |  |  | - |  |  |  | (87) |
Extensions and discoveries |  |  | 250 |  |  |  | - |  |  |  | 250 |  |  |  | 127 |  |  |  | - |  |  |  | 127 |  |  |  | 322 |  |  |  | - |  |  |  | 322 |
Improved recovery |  |  | (2) |  |  |  | - |  |  |  | (2) |  |  |  | 17 |  |  |  | - |  |  |  | 17 |  |  |  | (7) |  |  |  | - |  |  |  | (7) |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | (11) |  |  |  | - |  |  |  | (11) |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year (3) |  |  | (196) |  |  |  | - |  |  |  | (196) |  |  |  | (187) |  |  |  | - |  |  |  | (187) |  |  |  | (184) |  |  |  | - |  |  |  | (184) |
As of December 31, (4) |  |  | 1,096 |  |  |  | - |  |  |  | 1,096 |  |  |  | 1,072 |  |  |  | - |  |  |  | 1,072 |  |  |  | 1,187 |  |  |  | - |  |  |  | 1,187 |
Developed |  |  | 618 |  |  |  | - |  |  |  | 618 |  |  |  | 599 |  |  |  | - |  |  |  | 599 |  |  |  | 590 |  |  |  | - |  |  |  | 590 |
Undeveloped |  |  | 478 |  |  |  | - |  |  |  | 478 |  |  |  | 473 |  |  |  | - |  |  |  | 473 |  |  |  | 597 |  |  |  | - |  |  |  | 597 |
Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Revisions of previous estimates |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Extensions and discoveries |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Improved recovery |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Purchase of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Sale of minerals in place |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Production for the year |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
As of December 31, |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Developed |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
Undeveloped |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  | - |
|  | For the year ended December 31,
|  | (millions of barrels of oil equivalent)
|  | 2024 |  | 2023 |  | 2022
|  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide |  | Argentina |  | Other foreign |  | Worldwide
Oil equivalent (1) |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Consolidated and Equity-accounted entities |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
As of January 1, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 599 |  |  |  | - |  |  |  | 599 |  |  |  | 590 |  |  |  | - |  |  |  | 590 |  |  |  | 655 |  |  |  | - |  |  |  | 655 |
Undeveloped |  |  | 473 |  |  |  | - |  |  |  | 473 |  |  |  | 597 |  |  |  | - |  |  |  | 597 |  |  |  | 488 |  |  |  | - |  |  |  | 488 |
Total |  |  | 1,072 |  |  |  | - |  |  |  | 1,072 |  |  |  | 1,187 |  |  |  | - |  |  |  | 1,187 |  |  |  | 1,143 |  |  |  | - |  |  |  | 1,143 |
As of December 31, |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Developed |  |  | 618 |  |  |  | - |  |  |  | 618 |  |  |  | 599 |  |  |  | - |  |  |  | 599 |  |  |  | 590 |  |  |  | - |  |  |  | 590 |
Undeveloped |  |  | 478 |  |  |  | - |  |  |  | 478 |  |  |  | 473 |  |  |  | - |  |  |  | 473 |  |  |  | 597 |  |  |  | - |  |  |  | 597 |
Total |  |  | 1,096 |  |  |  | - |  |  |  | 1,096 |  |  |  | 1,072 |  |  |  | - |  |  |  | 1,072 |  |  |  | 1,187 |  |  |  | - |  |  |  | 1,187 |
(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, NGLs 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, 2024, 2023 and 2022 includes an estimated of 25, 24 and 24 Mboe, 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, 2024, 2023 and 2022 includes an estimated of 135, 134 and 153 Mboe, respectively, in respect of royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
Subsequent to the closing of reserves for the fiscal year ended December 31, 2023, and as decided by YPF’s Board of Directors at its meeting held on February 29, 2024, the Company began a divestment process of certain mature fields with a volume of approximately 85 Mboe of proved reserves, mainly of crude oil. During 2024, the Company signed different assignment agreements of blocks of which, as of December 31, 2024, the closing of the transaction took place, giving effect to the assignment by YPF of 3 blocks to new operators, being the volume associated to the remaining blocks of approximately 37 Mboe. For further information see Note 11 “Mature Fields project” section to the Audited Consolidated Financial Statements. The paragraphs below explain in further detail the most significant changes in our proved reserves during the years 2024, 2023 and 2022. Changes in YPF’s estimated net proved reserves during 2024 Extensions and discoveries As a result of wells drilled and put into production in areas with unproved reserves or resources, approximately 220 Mboe of proved undeveloped reserves (717 bcf of natural gas, 11 Mbbl of NGLs and 81 Mbbl of crude oil) and approximately 30 Mboe of proved developed reserves (63 bcf of natural gas, 1 Mbbl of NGLs and 18 Mbbl of crude oil) were added. Both proved undeveloped reserves additions and proved developed reserves contributions are mainly related to projects of unconventional oil and gas of the Vaca Muerta formation in the Neuquina basin. Improved recovery A downward revision of approximately 2 Mboe resulted as a net proved reserves change of improved recovery in secondary and tertiary recovery projects, mainly from areas located in the Golfo San Jorge basin. Sales and acquisitions Related to sales and acquisitions, during 2024 three properties were sold with approximately 11 Mboe of proved reserves mainly of oil. Revisions of previous estimates During 2024, the Company’s proved reserves were revised downwards by 17 Mboe (an increase of 10 Mbbl of crude oil, a decrease of 1 Mbbl of NGLs and a decrease of 144 bcf of natural gas). The main revisions of proved reserves have been due to the following:
| - |  | A deduction of 73 Mboe of proved reserves (an increase of 4 Mbbl of crude oil, a decrease of 9 Mbbl on NGLs and a decrease of 385 bcf of natural gas) related mainly to changes in projects strategy and drilling schedules.
| - |  | An upward revision of 33 Mboe of proved reserves (mainly in natural gas), as a result of economics related to changes in fields operating costs and oil and gas prices.
| - |  | An addition of 21 Mboe of proved reserves (an increase of 7 Mbbl of crude oil, 4 Mbbl of NGLs and 58 bcf of natural gas) related to project´s performance, which was better than forecasted.
| - |  | An upward revision of 2 Mboe (mainly in NGLs) related to changes in working interest and production forecasts adjustments.
Changes in YPF’s estimated net proved reserves during 2023 Extensions and discoveries As a result of wells drilled and put on production in areas with unproved reserves or resources, approximately 23 Mboe of proved developed reserves were added (66 bcf of natural gas and 11 Mbbl of crude oil), and 105 Mboe of proved undeveloped reserves (192 bcf of natural gas, 7 Mbbl of NGLs and 64 Mbbl of crude oil) were added. Both proved undeveloped reserves additions and proved developed reserves contributions are mainly related to projects of unconventional oil and gas of Vaca Muerta formation in the Neuquina basin. Improved recovery An upwards revision of 17 Mboe resulted as a net proved reserves change of improved recovery in secondary and tertiary recovery projects, mainly from areas located in the Golfo San Jorge basin. Sales and acquisitions There were no changes related to sales and acquisitions during 2023. Revisions of previous estimates During 2023 the Company’s proved reserves were revised downwards by 72 Mboe (a decrease of 63 Mbbl of crude oil, an increase of 5 Mbbl of NGLs and a decrease of 80 bcf of natural gas). The main revisions of proved reserves have been due to the following:
| - |  | A downward revision of 69 Mboe of proved reserves (a decrease of 43 Mbbl of liquids, and a decrease of 26 Mboe of gas), as a result of economics related to changes in fields operating costs and oil and gas prices.
| - |  | An addition of 35 Mboe of proved reserves (16 Mbbl of liquids and 19 Mboe of gas) related to project´s performance, which was better than forecasted.
| - |  | A deduction of 53 Mboe of proved reserves (a decrease of 36 Mbbl of liquids and a decrease of 19 Mboe of gas) related mainly to changes in projects strategy and drilling schedules.
| - |  | An upward revision of 18 Mboe (8 Mbbl of liquids and 10 Mboe of gas) related mainly to changes in working interest, new projects addition and production forecasts adjustments.
Changes in YPF’s estimated net proved reserves during 2022 Extensions and discoveries As a result of wells drilled and put on production in areas with unproved reserves or resources, approximately 34 Mboe of proved developed reserves were added (5 Mbbl of crude oil, 3 Mbbl of NGLs and 144 bcf of natural gas), and 288 Mboe of proved undeveloped reserves (808 bcf of natural gas, 24 Mbbl of NGLs and 120 Mbbl of crude oil) were added. Both proved undeveloped reserves additions and proved developed reserves contributions are mainly related to projects of unconventional oil and gas of Vaca Muerta formation in the Neuquina basin. Improved recovery A downwards revision of 7 Mboe resulted as a net proved reserves change of improved recovery in secondary and tertiary recovery projects, mainly from areas located in the Golfo San Jorge basin. Net revisions are related to negative changes in secondary projects due to reserves estimates and strategy revisions, and to positive changes resulting from additions of tertiary projects implementation in the Neuquina basin. Sales and acquisitions As a result of sales and acquisitions, there were no volumes for changes or additions during 2022. Revisions of previous estimates During 2022 the Company’s proved reserves were revised downwards by 87 Mboe (a decrease of 72 Mbbl of crude oil, an increase of 1 Mbbl of NGLs and a decrease of 91 bcf of natural gas). The main revisions of proved reserves have been due to the following:
| - |  | A downwards revision of 46 Mboe resulted from drilling schedule modification and project strategy adjustments.
| - |  | A decrease of 55 Mboe as a result of economic revisions impacted by higher operating costs and changes in oil price.
| - |  | An upwards revision of 15 Mboe resulted from existing fields due to better liquid and gas production performance. In addition, an increase of approximately 4 Mboe resulted as a consequence of new reserves estimates, mainly in the Neuquina basin.
Capitalized costs The following tables set forth capitalized costs, along with the related accumulated depreciation and allowances as of December 31, 2024, 2023 and 2022:
|  | 2024 |  |  |  |  | 2023 |  |  |  | 2022
Consolidated capitalized costs |  | Argentina |  | Other foreign |  | Worldwide |  |  |  |  | Argentina |  | Other foreign |  | Worldwide |  |  |  | Argentina |  | Other foreign |  | Worldwide
Proved oil and gas properties |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Mineral property, wells and related equipment (1) |  |  | 28,164 |  |  |  | - |  |  |  | 28,164 |  |  |  |  |  |  |  | 53,052 |  |  |  | - |  |  |  | 53,052 |  |  |  |  |  |  |  | 49,698 |  |  |  | - |  |  |  | 49,698 |
Support equipment and facilities (2) |  |  | 2,138 |  |  |  | - |  |  |  | 2,138 |  |  |  |  |  |  |  | 2,257 |  |  |  | - |  |  |  | 2,257 |  |  |  |  |  |  |  | 1,827 |  |  |  | - |  |  |  | 1,827 |
Drilling and work in progress |  |  | 3,916 |  |  |  | - |  |  |  | 3,916 |  |  |  |  |  |  |  | 3,774 |  |  |  | - |  |  |  | 3,774 |  |  |  |  |  |  |  | 2,638 |  |  |  | - |  |  |  | 2,638 |
Unproved oil and gas properties |  |  | 186 |  |  |  | - |  |  |  | 186 |  |  |  |  |  |  |  | 264 |  |  |  | - |  |  |  | 264 |  |  |  |  |  |  |  | 173 |  |  |  | - |  |  |  | 173 |
Total capitalized costs |  |  | 34,404 |  |  |  | - |  |  |  | 34,404 |  |  |  |  |  |  |  | 59,347 |  |  |  | - |  |  |  | 59,347 |  |  |  |  |  |  |  | 54,336 |  |  |  | - |  |  |  | 54,336 |
Accumulated depreciation and valuation allowances (3) |  |  | (23,602) |  |  |  | - |  |  |  | (23,602) |  |  |  |  |  |  |  | (48,382) |  |  |  | - |  |  |  | (48,382) |  |  |  |  |  |  |  | (43,440) |  |  |  | - |  |  |  | (43,440) |
Net capitalized costs |  |  | 10,802 |  |  |  | - |  |  |  | 10,802 |  |  |  |  |  |  |  | 10,965 |  |  |  | - |  |  |  | 10,965 |  |  |  |  |  |  |  | 10,896 |  |  |  | - |  |  |  | 10,896 |
(1) | Includes 740, 696 and 524 corresponding to Upstream wells related equipment contracts comprised in right-of-use assets as of December 31, 2024, 2023 and 2022, respectively.
(2) | Includes 602, 521 and 351 corresponding to Upstream support equipment and facilities contracts comprised in right-of-use assets as of December 31, 2024, 2023 and 2022, respectively.
(3) | Includes (895), (762) and (566) corresponding to accumulated depreciation of all Upstream contracts of right-of-use assets as of December 31, 2024, 2023 and 2022, respectively.
During 2024, considering the YPF’s Board of Directors’ decision mentioned in Note 11 “Mature Fields Project“ section to the Audited Consolidated Financial Statements, 28,478, 24,834 and 1,893 of cost, accumulated depreciation and provision for impairment of property, plant and equipment have been reclassified to the “Assets held for sale” line item in the statement of financial position, respectively. As of December 31, 2024, capitalized costs of assets held for sale related to the Mature Fields Project amount to 1,497. Costs incurred The following tables set forth the costs incurred for oil and gas producing activities during the years ended December 31, 2024, 2023 and 2022:
|  | 2024 |  |  |  | 2023 |  |  |  | 2022
Consolidated costs incurred |  | Argentina |  | Other foreign |  | Worldwide |  |  |  | Argentina |  | Other foreign |  | Worldwide |  |  |  | Argentina |  | Other foreign |  | Worldwide
Acquisition of unproved properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |
Acquisition of proved properties |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |  |  |  |  |  |  |  | - |  |  |  | - |  |  |  | - |
Exploration costs |  |  | 198 |  |  |  | 1 |  |  |  | 199 |  |  |  |  |  |  |  | 156 |  |  |  | 1 |  |  |  | 157 |  |  |  |  |  |  |  | 80 |  |  |  | 2 |  |  |  | 82 |
Development costs (1) |  |  | 3,884 |  |  |  | - |  |  |  | 3,884 |  |  |  |  |  |  |  | 4,370 |  |  |  | - |  |  |  | 4,370 |  |  |  |  |  |  |  | 3,138 |  |  |  | - |  |  |  | 3,138 |
Total costs incurred |  |  | 4,082 |  |  |  | 1 |  |  |  | 4,083 |  |  |  |  |  |  |  | 4,526 |  |  |  | 1 |  |  |  | 4,527 |  |  |  |  |  |  |  | 3,218 |  |  |  | 2 |  |  |  | 3,220 |
(1) | Includes 206, 313 and 223 corresponding to development cost related to Upstream contracts comprised in right-of-use assets as of December 31, 2024, 2023 and 2022, respectively.
Considering the YPF’s Board of Directors’ decision mentioned in Note 11 “Mature Fields Project“ section to the Audited Consolidated Financial Statements, costs incurred of assets held for sale related to the Mature Fields Project amount to 287 for the fiscal year ended December 31, 2024. 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 “Business segment information”, for the Upstream business segment, relate to additional operations that do not arise from those properties held by the Group.
|  | 2024 |  |  |  | 2023 |  |  |  | 2022
Consolidated results of operations |  | Argentina |  | Other foreign |  | Worldwide |  |  |  | Argentina |  | Other foreign |  | Worldwide |  |  |  | Argentina |  | Other foreign |  | Worldwide
Net sales to unaffiliated parties |  |  | 50 |  |  |  | - |  |  |  | 50 |  |  |  |  |  |  |  | 33 |  |  |  | - |  |  |  | 33 |  |  |  |  |  |  |  | 51 |  |  |  | - |  |  |  | 51 |
Net intersegment sales |  |  | 8,225 |  |  |  | - |  |  |  | 8,225 |  |  |  |  |  |  |  | 7,211 |  |  |  | - |  |  |  | 7,211 |  |  |  |  |  |  |  | 7,134 |  |  |  | - |  |  |  | 7,134 |
Total net revenues |  |  | 8,275 |  |  |  | - |  |  |  | 8,275 |  |  |  |  |  |  |  | 7,244 |  |  |  | - |  |  |  | 7,244 |  |  |  |  |  |  |  | 7,185 |  |  |  | - |  |  |  | 7,185 |
Production costs |  |  | (4,715) |  |  |  | - |  |  |  | (4,715) |  |  |  |  |  |  |  | (4,148) |  |  |  | - |  |  |  | (4,148) |  |  |  |  |  |  |  | (3,712) |  |  |  | (1) |  |  |  | (3,713) |
Exploration expenses |  |  | (238) |  |  |  | (1) |  |  |  | (239) |  |  |  |  |  |  |  | (60) |  |  |  | (1) |  |  |  | (61) |  |  |  |  |  |  |  | (63) |  |  |  | (2) |  |  |  | (65) |
Depreciation of property, plant and equipment; intangible and right-of-use assets |  |  | (1,963) |  |  |  | - |  |  |  | (1,963) |  |  |  |  |  |  |  | (2,567) |  |  |  | - |  |  |  | (2,567) |  |  |  |  |  |  |  | (2,075) |  |  |  | - |  |  |  | (2,075) |
Impairment of property, plant and equipment and inventories write-down |  |  | (79) |  |  |  | - |  |  |  | (79) |  |  |  |  |  |  |  | (2,288) |  |  |  | - |  |  |  | (2,288) |  |  |  |  |  |  |  | (123) |  |  |  | - |  |  |  | (123) |
Other (1) |  |  | (956) |  |  |  | - |  |  |  | (956) |  |  |  |  |  |  |  | (179) |  |  |  | - |  |  |  | (179) |  |  |  |  |  |  |  | 82 |  |  |  | 1 |  |  |  | 83 |
Pre-tax income (loss) from producing activities |  |  | 324 |  |  |  | (1) |  |  |  | 323 |  |  |  |  |  |  |  | (1,998) |  |  |  | (1) |  |  |  | (1,999) |  |  |  |  |  |  |  | 1,294 |  |  |  | (2) |  |  |  | 1,292 |
Income tax expense / benefit |  |  | (113) |  |  |  | - |  |  |  | (113) |  |  |  |  |  |  |  | 699 |  |  |  | - |  |  |  | 699 |  |  |  |  |  |  |  | (453) |  |  |  | - |  |  |  | (453) |
Results of oil and gas producing activities |  |  | 211 |  |  |  | (1) |  |  |  | 210 |  |  |  |  |  |  |  | (1,299) |  |  |  | (1) |  |  |  | (1,300) |  |  |  |  |  |  |  | 841 |  |  |  | (2) |  |  |  | 839 |
(1) | Mainly includes lawsuits, result from sale of assets, result from changes in fair value of assets held for sale, provisions for severance indemnities, provisions for operating optimizations and financial accretion for the hydrocarbon wells abandonment obligations, among others.
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 realized price of crude oils for each month within the 12-month period ended December 31, 2024, which refers to the domestic crude 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-month period average ended December 31, 2024 of domestic market realized prices according to the SEC rules and FASB ASC 932 rules, and the prices of contracts awarded to YPF under the Plan GasAr 2020-2024 and the Plan GasAr 2023-2028 for certain areas, which will be in effect until their corresponding termination dates. See Note 36.d.1) to the Audited Consolidated Financial Statements. 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 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.
|  | 2024 |  |  |  | 2023 |  |  |  | 2022
Consolidated standardized measure of discounted future net cash flows |  | Argentina |  | Other  foreign |  | Worldwide |  |  |  | Argentina |  | Other  foreign |  | Worldwide |  |  |  | Argentina |  | Other  foreign |  | Worldwide
Future cash inflows |  |  | 46,028 |  |  |  | - |  |  |  | 46,028 |  |  |  |  |  |  |  | 41,735 |  |  |  | - |  |  |  | 41,735 |  |  |  |  |  |  |  | 48,580 |  |  |  | - |  |  |  | 48,580 |
Future production costs |  |  | (18,294) |  |  |  | - |  |  |  | (18,294) |  |  |  |  |  |  |  | (18,683) |  |  |  | - |  |  |  | (18,683) |  |  |  |  |  |  |  | (22,076) |  |  |  | - |  |  |  | (22,076) |
Future development costs |  |  | (9,090) |  |  |  | - |  |  |  | (9,090) |  |  |  |  |  |  |  | (11,136) |  |  |  | - |  |  |  | (11,136) |  |  |  |  |  |  |  | (10,936) |  |  |  | - |  |  |  | (10,936) |
Future income tax expenses |  |  | (7,594) |  |  |  | - |  |  |  | (7,594) |  |  |  |  |  |  |  | (3,396) |  |  |  | - |  |  |  | (3,396) |  |  |  |  |  |  |  | (3,808) |  |  |  | - |  |  |  | (3,808) |
10% annual discount for estimated timing of cash flows |  |  | (4,787) |  |  |  | - |  |  |  | (4,787) |  |  |  |  |  |  |  | (4,013) |  |  |  | - |  |  |  | (4,013) |  |  |  |  |  |  |  | (4,658) |  |  |  | - |  |  |  | (4,658) |
Total standardized measure of discounted future net cash flows |  |  | 6,263 |  |  |  | - |  |  |  | 6,263 |  |  |  |  |  |  |  | 4,507 |  |  |  | - |  |  |  | 4,507 |  |  |  |  |  |  |  | 7,102 |  |  |  | - |  |  |  | 7,102 |
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, 2024, 2023 and 2022:
|  | 2024 |  |  |  | 2023 |  |  |  | 2022
Beginning of year |  |  | 4,507 |  |  |  |  |  |  |  | 7,102 |  |  |  |  |  |  |  | 9,055 |
Sales and transfers, net of production costs |  |  | (515) |  |  |  |  |  |  |  | (1,819) |  |  |  |  |  |  |  | (3,173) |
Net change in sales and transfer prices, net of future production costs |  |  | (2,672) |  |  |  |  |  |  |  | (1,624) |  |  |  |  |  |  |  | (2,862) |
Changes in reserves and production rates (timing) |  |  | (1,761) |  |  |  |  |  |  |  | (1,390) |  |  |  |  |  |  |  | (574) |
Net changes for extensions, discoveries and improved recovery |  |  | 7,922 |  |  |  |  |  |  |  | 2,782 |  |  |  |  |  |  |  | 4,722 |
Changes in estimated future development and abandonment costs |  |  | (1,738) |  |  |  |  |  |  |  | (3,734) |  |  |  |  |  |  |  | (3,481) |
Development costs incurred during the year that reduced future development costs |  |  | 1,777 |  |  |  |  |  |  |  | 1,996 |  |  |  |  |  |  |  | 1,439 |
Accretion of discount |  |  | 525 |  |  |  |  |  |  |  | 984 |  |  |  |  |  |  |  | 806 |
Net change in income taxes |  |  | (1,783) |  |  |  |  |  |  |  | 211 |  |  |  |  |  |  |  | 1,148 |
Others |  |  | 1 |  |  |  |  |  |  |  | (1) |  |  |  |  |  |  |  | 22 |
End of year |  |  | 6,263 |  |  |  |  |  |  |  | 4,507 |  |  |  |  |  |  |  | 7,102 |

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