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v3.25.1

Revenues | 12 Months Ended
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Dec. 31, 2024
Text Block1 [Abstract] |
Revenues | 25. REVENUES
|  | 2024 |  | 2023 |  | 2022
Revenue from contracts with customers |  |  | 19,124 |  |  |  | 16,995 |  |  |  | 18,437 |
National Government incentives (1) |  |  | 169 |  |  |  | 316 |  |  |  | 320 |
|  |  | 19,293 |  |  |  | 17,311 |  |  |  | 18,757 |
(1) | See Note 37.
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 fuels (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
|  | 2024
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Diesel |  |  | - |  |  |  | 6,588 |  |  |  | - |  |  |  | - |  |  |  | 6,588 |
Gasolines |  |  | - |  |  |  | 4,048 |  |  |  | - |  |  |  | - |  |  |  | 4,048 |
Natural gas (1) |  |  | - |  |  |  | 18 |  |  |  | 2,230 |  |  |  | - |  |  |  | 2,248 |
Crude oil |  |  | - |  |  |  | 1,023 |  |  |  | - |  |  |  | - |  |  |  | 1,023 |
Jet fuel |  |  | - |  |  |  | 910 |  |  |  | - |  |  |  | - |  |  |  | 910 |
Lubricants and by-products |  |  | - |  |  |  | 528 |  |  |  | - |  |  |  | - |  |  |  | 528 |
LPG |  |  | - |  |  |  | 472 |  |  |  | - |  |  |  | - |  |  |  | 472 |
Fuel oil |  |  | - |  |  |  | 112 |  |  |  | - |  |  |  | - |  |  |  | 112 |
Petrochemicals |  |  | - |  |  |  | 471 |  |  |  | - |  |  |  | - |  |  |  | 471 |
Fertilizers and crop protection products |  |  | - |  |  |  | 389 |  |  |  | - |  |  |  | - |  |  |  | 389 |
Flours, oils and grains |  |  | - |  |  |  | 467 |  |  |  | - |  |  |  | - |  |  |  | 467 |
Asphalts |  |  | - |  |  |  | 85 |  |  |  | - |  |  |  | - |  |  |  | 85 |
Goods for resale at gas stations |  |  | - |  |  |  | 121 |  |  |  | - |  |  |  | - |  |  |  | 121 |
Income from services |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 184 |  |  |  | 184 |
Income from construction contracts |  |  | - |  |  |  | - |  |  |  | - |  |  |  | 433 |  |  |  | 433 |
Virgin naphtha |  |  | - |  |  |  | 160 |  |  |  | - |  |  |  | - |  |  |  | 160 |
Petroleum coke |  |  | - |  |  |  | 192 |  |  |  | - |  |  |  | - |  |  |  | 192 |
LNG regasification |  |  | - |  |  |  | - |  |  |  | 51 |  |  |  | - |  |  |  | 51 |
Other goods and services |  |  | 50 |  |  |  | 220 |  |  |  | 177 |  |  |  | 195 |  |  |  | 642 |
|  |  | 50 |  |  |  | 15,804 |  |  |  | 2,458 |  |  |  | 812 |  |  |  | 19,124 |
|  | 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 |  |  | 32 |  |  |  | 158 |  |  |  | 99 |  |  |  | 173 |  |  |  | 462 |
|  |  | 32 |  |  |  | 14,774 |  |  |  | 1,815 |  |  |  | 374 |  |  |  | 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 |  |  | 51 |  |  |  | 215 |  |  |  | 180 |  |  |  | 129 |  |  |  | 575 |
|  |  | 51 |  |  |  | 15,898 |  |  |  | 2,104 |  |  |  | 384 |  |  |  | 18,437 |
(1) | Includes 1,550, 1,398 and 1,473 corresponding to sales of natural gas produced by the Company for the years ended December 31, 2024, 2023 and 2022, respectively.
Sales channels
|  | 2024
|  | Upstream |  | Downstream |  | Gas and Power |  | Central Administration and Others |  | Total
Gas stations |  |  | - |  |  |  | 7,038 |  |  |  | - |  |  |  | - |  |  |  | 7,038 |
Power plants |  |  | - |  |  |  | 48 |  |  |  | 450 |  |  |  | - |  |  |  | 498 |
Distribution companies |  |  | - |  |  |  | - |  |  |  | 310 |  |  |  | - |  |  |  | 310 |
Retail distribution of natural gas |  |  | - |  |  |  | - |  |  |  | 488 |  |  |  | - |  |  |  | 488 |
Industries, transport and aviation |  |  | - |  |  |  | 3,922 |  |  |  | 1,109 |  |  |  | - |  |  |  | 5,031 |
Agriculture |  |  | - |  |  |  | 1,823 |  |  |  | - |  |  |  | - |  |  |  | 1,823 |
Petrochemical industry |  |  | - |  |  |  | 658 |  |  |  | - |  |  |  | - |  |  |  | 658 |
Trading |  |  | - |  |  |  | 1,699 |  |  |  | - |  |  |  | - |  |  |  | 1,699 |
Oil companies |  |  | - |  |  |  | 179 |  |  |  | - |  |  |  | - |  |  |  | 179 |
Commercialization of LPG |  |  | - |  |  |  | 181 |  |  |  | - |  |  |  | - |  |  |  | 181 |
Other sales channels |  |  | 50 |  |  |  | 256 |  |  |  | 101 |  |  |  | 812 |  |  |  | 1,219 |
|  |  | 50 |  |  |  | 15,804 |  |  |  | 2,458 |  |  |  | 812 |  |  |  | 19,124 |
|  | 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 |  |  | 32 |  |  |  | 240 |  |  |  | 101 |  |  |  | 374 |  |  |  | 747 |
|  |  | 32 |  |  |  | 14,774 |  |  |  | 1,815 |  |  |  | 374 |  |  |  | 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 |  |  | 51 |  |  |  | 137 |  |  |  | 113 |  |  |  | 384 |  |  |  | 685 |
|  |  | 51 |  |  |  | 15,898 |  |  |  | 2,104 |  |  |  | 384 |  |  |  | 18,437 |
Target market Sales in the domestic market amounted to 16,202, 15,083 and 16,100 for the years ended December 31, 2024, 2023 and 2022, respectively. Sales in the international market amounted to 2,922, 1,912 and 2,337 for the years ended December 31, 2024, 2023 and 2022, 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:
|  | 2024 |  | 2023 |  | 2022
Argentina |  |  | 16,371 |  |  |  | 15,399 |  |  |  | 16,420 |
Mercosur and associated countries |  |  | 1,855 |  |  |  | 1,309 |  |  |  | 1,107 |
Europe |  |  | 276 |  |  |  | 171 |  |  |  | 414 |
Rest of the world |  |  | 791 |  |  |  | 432 |  |  |  | 816 |
|  |  | 19,293 |  |  |  | 17,311 |  |  |  | 18,757 |
As of December 31, 2024, 2023 and 2022 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:
|  | 2024 |  | 2023 |  | 2022
|  | Non- current |  | Current |  | Non- current |  | Current |  | Non- current |  | Current
Credits for contracts included in “Trade receivables” line item |  |  | 8 |  |  |  | 1,646 |  |  |  | 41 |  |  |  | 993 |  |  |  | 51 |  |  |  | 1,490 |
Contract assets |  |  | - |  |  |  | 30 |  |  |  | - |  |  |  | 10 |  |  |  | - |  |  |  | 1 |
Contract liabilities |  |  | 114 |  |  |  | 73 |  |  |  | 34 |  |  |  | 69 |  |  |  | - |  |  |  | 77 |
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 contracts for transportation services, sale of fuels and agribusiness products, among others. During the years ended on December 31, 2024, 2023 and 2022, the Group has recognized 58, 61 and 117, 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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