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Revenues

12 Months Ended

Dec. 31, 2024

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.