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Property, Plant and Equipment (Tables)

12 Months Ended

Dec. 31, 2024

Summary of Property, Plant and Equipment


	2024		2023		2022
Net carrying amount of property, plant and equipment		19,456		20,532		18,261
Provision for obsolescence of materials and equipment		(223)		(171)		(151)
Provision for impairment of property, plant and equipment		(497)		(2,649)		(600)

		18,736		17,712		17,510

Summary of Changes in Property, Plant and Equipment

Changes in Group’s property, plant and equipment for the years ended December 31, 2024, 2023 and 2022 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		1,343		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)

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)

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		83		401		399		195		20,532


	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		1,340		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			83		401		399		195		20,532


Cost
Increases		1		169	(4)		95		28		1,263		3,928		99			2		-		-		15		5,600	(6)
Translation effect		(43)		-			-		(12)		(4)		(6)		-			(7)		-		(176)		(42)		(290)
Adjustment for inflation (5)		151		-			-		48		16		24		-			31		-		746		182		1,198
Decreases, reclassifications and other movements		(94)		(24,759)			325		(13)		(1,151)		(3,543)		(171)			1		183		(5)		(45)		(29,272)	(3)	(7)

Accumulated depreciation
Increases		29		2,160	(4)		372		41		-		-		-			39		72		25		33		2,771
Translation effect		(19)		-			-		(8)		-		-		-			(5)		-		(89)		(30)		(151)
Adjustment for inflation (5)		80		-			-		32		-		-		-			22		-		376		129		639
Decreases, reclassifications and other movements		(63)		(24,725)			-		(57)		-		-		-			(42)		(12)		(12)		(36)		(24,947)	(7)

Cost		1,355		28,511			9,331		728		1,563		6,068		59			896		1,565		1,375		953		52,404
Accumulated depreciation		715		22,329			6,230		378		-		-		-			800		1,041		711		744		32,948

Balance as of December 31, 2024		640		6,182	(1)		3,101		350		1,563		6,068		59	(2)		96		524		664		209		19,456

(1)	Includes 144, 269 and 333 of mineral property as of December 31, 2024, 2023 and 2022, respectively.

(2)

As of December 31, 2024, there are 9 exploratory wells in progress. During the year ended on such date, drilling of 8 wells were started, 13 wells were charged to exploratory expense, and 12 well was transferred to properties with proved reserves in the “Mining property, wells and related equipment” account.

(3)	Includes 2, 4 and 1 of net carrying amount charged to provision for obsolescence of materials and equipment for the years ended December 31, 2024, 2023 and 2022, respectively.

(4)	Includes 169, 507 and 268 corresponding to hydrocarbon wells abandonment costs as of December 31, 2024, 2023 and 2022, respectively, 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 31, 57 and 44 corresponding to short-term leases as of December 31, 2024, 2023 and 2022, respectively; includes 21, 6 and 5 corresponding to the variable charge of leases related to the underlying asset use or performance as of December 31, 2024, 2023 and 2022, respectively. Additionally, includes 61, 68 and 57 corresponding to the capitalization of depreciation of

right-of-use

assets as of December 31, 2024, 2023 and 2022, respectively (see Note 9); and 10, 13 and 14 corresponding to capitalization of the financial accretion of the lease liability as of December 31, 2024, 2023 and 2022, respectively (see Note 21).

(7)	Includes 28,586 and 24,915 of cost and accumulated depreciation, respectively, reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13) and 11.

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, 2024, 2023 and 2022:


	2024		2023		2022
Balance at the beginning of the year		171		151		123
Increases charged to profit or loss		53		24		30
Applications due to utilization		(2)		(4)		(1)
Translation effect		-		(2)		(1)
Adjustment for inflation (1)		1		2		-

Balance at the end of the year		223		171		151

(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, 2024, 2023 and 2022:


	2024		2023		2022
Balance at the beginning of the year		2,649		600		651
Increases charged to profit or loss		66		2,288		123
Depreciation (1)		(325)		(236)		(173)
Translation effect		(2)		(7)		(5)
Adjustment for inflation (2)		5		4		4
Reclassifications (3)		(1,896)		-		-

Balance at the end of the year		497		2,649		600

(1)	Included in “Depreciation of property, plant and equipment” line item in the statement of comprehensive income, see Note 27.

(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.

(3)	Includes 1,896 reclassified to the “Assets held for sale” line item in the statement of financial position, see Notes 2.b.13), 3 and 11.

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:


	2024		2023		2022
Argentina		18,735		17,702		17,500
Mercosur and associated countries		1		10		10

		18,736		17,712		17,510