6-K

 

 

FORM 6-K

 

 

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

 

 

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16 of

the Securities Exchange Act of 1934

For the month of November, 2013

Commission File Number: 001-12102

 

 

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

 

 

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

 

 

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F  x             Form 40-F  ¨

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes  ¨            No   x

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes  ¨            No   x

 

 

 


YPF Sociedád Anonima

TABLE OF CONTENTS

ITEM

 

1 Translation of Q3 2013 Earnings Presentation.

 

2


3
rd
Quarter 2013
Earnings Webcast
November 6, 2013


Disclaimer
2
Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act
of 1995.
These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management,
including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business
strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives
with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and
dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil
and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange 
YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic
concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration
activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future 
crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements.
Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency
fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry
competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic
and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and
lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those
described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the
fiscal year ended December 31, 2012 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in 
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.
rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict.
this document may not occur.
Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it
clear that the projected performance, conditions or events expressed or implied therein will not be realized.


Agenda
Q3 2013 Results
1
Financial Situation
2
Summary
3
3


Revenues of ARS 24.2 bn (+39.5% vs. Q3 2012)
Crude oil production 235.1 Kbbl/d (+2.5%)
Natural gas production 35.6 Mm3/d (+2.6%)
Normalized imports and maintained market share:
Gasoline 54.6% and diesel 57.9% (September 2013)
EBITDA reached ARS 7.7 bn (+72.8%)
Operating cash flow topped 9.4bn (+168%)
Full recovery from La Plata Refinery incident
Crude processed 292 Kbbl/d (only -4.6%)
Operating Income was ARS 3.4 bn (+104%)
Net Income was ARS 1.4 bn (+87%)
Total Capex was ARS 8 bn (+94.4%)
Q3 2013 Results Highlights
Signed shale gas development agreement with Dow in Vaca Muerta
4


5
In million of ARS
Q3 2013 Operating Income
1,688
3,444
6,866
21
-1,808
-1,663
-801
-756
-103
Q3 2012
Revenues
Others
Other costs of
sales
Purchases
DD&A
SG&A
Exploration
expenses
Q3 2013
Both Upstream and Downstream volume increases and higher prices drove an Operating
Income increase of 104%.
5


6
Q3 2013 Operating Income
In million of ARS
1,688
3,444
1,198
561
-
3
Q3 2012
Upstream
Downstream
Others
Q3 2013
Solid Upstream performance and Downstream pricing discipline were key to this
quarter’s results increase.
6


7
Q3 2013 Upstream Results
In million of ARS
937
2,135
3,302
147
-951
-762
-304
-234
Q3 2012
Revenues
Afiliates
Production
costs
DD&A
Royalties
Others
Q3 2013
Operating income increased 127.8% as higher revenues due to production and
price increases offset increased production costs and depreciations.
7


8
Crude
oil
production
(kbbl/d)
Natural
gas
production
(Mm
3
/d)
Q3 2013 Upstream Results
Production
(1)
(1) Production
includes,
as
from
August
1,
2013,
a
27%
stake
with
Ramos
Joint
Venture
for
exploration
and
production
of
hydrocarbon,
currently
part
of
YPF
Energía
Eléctrica.
In Q3 2013 it includes 0.19 Kbbld of crude oil, 0.31 Kbbld of LNG, 0.43 Mm3d of gas and a total of 3.2 Kboed.
Total
production
(kboe/d)
+2.5%
+2.6%
+1.7%
229.3
235.1
Q3 2012
Q3 2013
488.1
496.5
Q3 2012
Q3 2013
34.7
35.6
Q3 2012
Q3 2013
Reversed production decline.
Both crude oil and natural gas production grew over 2% against Q3 2012.
8


Crude
oil
production
(kbbl/d)
(1)
Natural
gas
production
(Mm
3
/d)
(1)
Q3 2013 Upstream Results
Activity & Production
+4.7%
+3.4%
+152%
Drilling rigs
(2)
Workover rigs
(2)
+73%
(1) YPF net production from operated fields
(2) End of period active rigs
As
activity
increases,
production
from
operated
fields
grew
more
than
3%
q.o.q.
195.4
202.0
Q3 2012
Q3 2013
24.1
25.2
Q3 2012
Q3 2013
49
62
69
70
73
82
85
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
25
36
42
46
52
58
63
Q1 12
Q2 12
Q3 12
Q4 12
Q1 13
Q2 13
Q3 13
9


Q3 2013 Downstream Results
A better than expected recovery from the La Plata refinery incident, higher prices
and normalized imports boosted operating income by 57.7%.
In million of ARS
973
1,534
4,825
137
-3,401
-509
-484
-7
Q3 2012
Revenues
Affiliates
Purchases
SG&A
Production
costs
DD&A
Q3 2013
10


-4.6%
Crude processed
(kbbl/d)
Domestic sales of refined products
(Km
3
)
-0.6%
Q3 2013 Downstream Results -
Sales
+6.8%
-1.2%
Maintained local market share even with lower crude processed
4,215
4,188
Q3 2012
Q3 2013
Others
LPG
Fuel Oil
JP1
Gasoline
Diesel
306
292
Q3 2012
Q3 2013
11


12
Q3 2013 Capex
(1)
(1) Economic capex figures as expressed in Note 2.g of Q3 2013 YPF financial statements. Purchase
of Metrogas fixed assets (ARS 3,137 million) and YPF Energía Eléctrica (ARS 1,878 million) not included.
+94.4%
Downstream
Upstream
Progress of the new coke unit
at the La Plata refinery and start
up of  the Continuous Catalytic
Reformer at our chemical
complex in Ensenada.
Neuquina basin: Loma La Lata,
Loma Campana, Chihuido Sierra
Negra and Catriel
Golfo San Jorge basin:
Manantiales Behr, El Trebol
and Los Perales
8,028
4,129
Q3  2012
Q3  2013
Downstream
Upstream
12
Others


Agenda
Q3 2013 Results
1
Financial Situation
2
Summary
3
13


In million of ARS
(1) Includes
initial
disbursement
from
Chevron
of
1,689
MARS
(300
MUSD)
/
(2)
(3) Includes effect of changes in exchange rates
(3)
Q3 2013 Financial Situation
Average life of debt of 3.6 years
Peso denominated debt component 49.5%
Average interest rates of 5.4% in USD
and 19.9% in ARS
(1)
(2)
5,140
6,903
9,356
-7,477
-116
Cash at the
beginning of Q3
2013
Cashflow from
operations
Capex
Cash at the end
of Q3 2013
Notes
Amount
Interest
Rate
Maturity
Series XXI
(Q3
2013)
ARS 100M
19%
12 months
Series XXII
(Q3 2013)
USD 91,5M
3.5%
84 months
Series XXIV
(Q4
2013)
USD 150M
7.5%
+ Libor
58 months
Series XXV
(Q4 2013)
ARS 300M
3.24%
18 months
Average life of debt of 3.6 years
Peso denominated debt component 49.5%
Average interest rates of 5.4% in USD
and 19.9% in ARS
Issued
ARS
8.3bn
YTD,
totaling
ARS
17.7bn
since
Q2
2012;
1
st
international bond issuance
Increased cash position to ARS 6.9 bn
Paid dividend of 0.83 ARS/share
Unlevered balance sheet (Net Debt / EBITDA LTM of 0.83x)
14
Net financing
Effective spendings in fixed assets acquisitions during the quarter /


Dow agreement: description of project
El Orejano
(1) If Dow exercises the conversion option
(2) 45 Km²
/ 12.075 Km²
0.37% of total YPF’s VM  acreage
(2)
First shale gas development
in Argentina
50/50 Partnership
(1)
Initial investment of USD 188M
Dow: USD 120M
YPF: USD 68M
Operator YPF
16 wells to be drilled
(45 km
2
11,090 acres)
15


Agenda
Q3 2013 Results
1
Financial Situation
2
Summary
3
16


Summary
Increased oil and natural gas production
Full recovery from the La Plata Refinery incident
Solid demand; volume and price increases
Natural gas focus paying off with higher well head prices
Strong operating cash flow
Agreement with Dow to develop Vaca Muerta
17


3
rd
Quarter 2013 Earnings Webcast
Questions and Answers


3
rd
Quarter 2013
Earnings Webcast
November 6, 2013


SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

 

  YPF Sociedad Anónima
Date: November 6, 2013   By:  

/s/ Gabriel E. Abalos

 

Name:

Title:

 

Gabriel E. Abalos

Market Relations Officer

 

3