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, 2014
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 2014 Earnings Presentation. |
2
3rd
Quarter 2014 Earnings Webcast
November 6, 2014 |
2
Disclaimer
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 as of the date hereof of YPF and its
management, including statements with respect to trends affecting YPFs 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 YPFs 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
the future price of petroleum and petroleum products, refining and marketing margins and exchange rates.
These statements are not guarantees of future performance, prices, margins, exchange rates or other
events and are subject to material risks, uncertainties, changes in circumstances and other
factors that may be beyond YPFs control or may be difficult to predict. YPFs 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 the future price of petroleum
and petroleum products, 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 fluctuations in the price of petroleum and petroleum products,
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 before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in
particular, those described in Item 3. Key InformationRisk Factors and Item 5.
Operating and Financial Review and Prospects in YPFs Annual Report on Form 20-F
for the fiscal year ended December 31, 2013 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking
statements included in 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.
These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United
States or elsewhere. |
3
Contents
Q3 2014 Results
Financial Situation
Summary
1
2
3 |
4
Revenues of ARS 38.2 bn (+58% vs. Q3 2013)
Crude oil production 246.0 Kbbl/d (+4.6%)
Natural gas production 44.9 Mm3/d (+26.1%)
Crude processed 299 Kbbl/d (+2.4%)
Operating Income was ARS 8 bn (+134%)
Net Income was ARS 3.2 bn (+127%)
Total Capex
was ARS 13.8 bn (+72%)
Q3 2014 Results Highlights
Adj. EBITDA
(1)
reached ARS 13.5 bn (+105%)
Operating Cash Flow topped 18.2 bn (+95%)
(1)
See description of Adj. EBITDA in footnote (2) on page 5
Solid demand, market share:
gasoline 58% and diesel 59% |
5
Volume and sales growth resulted in margin expansion.
Adj. EBITDA grew by 38% and Operating Income by 58% y-o-y.
Revenues
(1)
(MUSD)
Operating Income
(1)
(MUSD)
Adj. EBITDA
(1) (2)
(MUSD)
(1)
YPF financial statement values in IFRS converted to USD using average FX of 5.6 and
8.3 for Q3 2013 and Q3 2014, respectively. (2)
Adjusted
EBITDA
=
Net
income
attributable
to
shareholders
+
Net
income
(loss)
for
non-controlling
interest
-
Deferred
income
tax
-
Income
tax
-
Financial
income
(losses)
gains
on
liabilities
-
Financial
income
gains
(losses)
on
assets
-
Income
on
investments
in
companies
+
Depreciation
of
fixed
assets
+
Amortization
of
intangible
assets.
+6%
+58%
+38%
Q3 2014 Results Expressed in US Dollars
619
975
Q3 2013
Q3 2014
1,182
1,632
Q3 2013
Q3 2014
4,355
4,632
Q3 2013
Q3 2014 |
In
millions of ARS Q3 2014 Operating Income
Higher revenues fueled Operating Income increase of 134% in Q3 2014.
6
3,444
8,044
13,965
397
-3,830
-2,477
-2,255
-1,173
-27
Q3 2013
Revenues
Others
expenses
Other costs
of sales
Purchases
DD&A
SG&A
Exploration
expenses
Q3 2014 |
7
Q3 2014 Operating Income
Continued solid performance across both business segments.
In millions of ARS
3,444
8,044
2,330
2,328
-58
Q3 2013
Downstream
Upstream
Administration & Others
Q3 2014 |
8
Q3 2014 Upstream Results
Upstream Operating Income reached ARS 4.5 bn (+109%) due to higher revenues driven
by the increase in production and prices.
In million of ARS
(1)
Includes ARS 415 millions of other expense (ARS 359 million derived from the sale to
Sinopec of a 30% stake in the concession extension in La Ventana), ARS -27 million of
Exploration Expenses, ARS -17 million of SG&A and ARS -3 million of
Purchases. 1
2,135
4,463
8,394
368
-3,515
-1,943
-976
Q3 2013
Revenues
Other expenses
Production costs
DD&A
Royalties
Q3 2014 |
9
Crude oil production
(1)
(Kbbl/d)
Natural gas production
(1)
(Mm³/d)
Q3 2014 Upstream Results
Production
Total production
(1)
(Kboe/d)
+4.6%
+26.1%
+15.4%
Total y-o-y production growth of 15.4%: 4.6% in crude oil and 26.1% in
natural gas (1)
Q3 2014 includes production of YSUR and Puesto Hernández acquired in Q1
2014. 496.5
573.0
Q3 2013
Q3 2014
36
44.9
Q3 2013
Q3 2014
235.1
246.0
Q3 2013
Q3 2014 |
10
Q3 2014 Upstream Results
Production
Crude oil production
(kbbl/d)
Natural gas production
(Mm³/d)
Continuous growth in tight gas and shale oil.
Tight gas production is more than 10% of total natural gas production.
YSUR + Puesto Hernández
Tight + Shale
Conventional
226.3
228.2
235.1
239.3
241.6
240.9
31.4
33.0
35.6
35.5
37.2
43.5
246.0
1.3
6.0
5.9
0.7
0.7
0.9
2.3
3.1
3.8
5.5
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
6.0
13.6
13.3
4.2
5.4
7.9
9.5
6.4
6.8
9.5
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14
44.9 |
11
Q3 2014 Upstream Results
Tight gas update
Loma La Lata (121 km
29,900 acres)
Objective: Lajas formation
Rincón del Mangrullo (183 km
-
45,200 acres)
Objective: Mulichinco formation
Invested over USD 540 million
69 wells drilled
56 producing wells
4 active drilling rigs
8 / 10 stage fracs per well
Depth (TVD): 2,600 / 2,800 m
Invested over USD 173 million
29 wells drilled
28 producing wells
3 active drilling rigs
2 stage fracs per well
Depth (TVD): 1,600 / 1,800 m
Natural gas production (Mm3/d)
Natural gas production (Mm3/d)
(1)
Refers
to
Lajas
prospective
area
called
Segmento
5
in
Loma
La
Lata
block.
0.7
0.6
0.6
0.6
0.6
0.6
0.9
1.5
2.2
2.4
2.6
2.7
2.9
2.6
3.5
3.8
3.9
4.2
4.1
0.04
0.04
0.05
0.09
0.16
0.18
0.69
0.90
1.01
2
1
2 |
12
Q3 2014 Upstream Results
Shale Update
Good progress in the shale gas pilot in El Orejano, with continuous drilling
activity. Horizontal and vertical wells under evaluation showing good
behavior. Two drilling rigs exploring and delineating new unconventional
blocks during Q3 2014. Unconventional Center of Excellence and YTEC continued
progress in understanding the subsurface. After only 2 years, Loma Campana has
become the 2nd largest oil producing field in Argentina. Encouraging
productivity in the latest horizontal shale oil wells entering production in Loma Campana.
Promising
reduction
in
horizontal
well
drilling
time
through
the
application
of
latest
technologies.
Vertical shale oil wells drilled in Loma Campana´s sweet spot are producing at
or above forecasted type well curve, with decreasing drilling &
completion costs. Total
Gross
Production
(Kboe/d)
5.9
7.9
9.8
13.3
17.3
18.6
23.2
31.9
Q4 12
Q1 13
Q2 13
Q3 13
Q4 13
Q1 14
Q2 14
Q3 14 |
13
Q3 2014 Downstream Results
Downstream Operating Income grew 152% to ARS 3.9 bn in Q3 2014, due to higher
revenues and lower increase in purchases.
In millions of ARS
1,534
3,864
12,583
-7,981
-1,086
-843
-266
-77
Q3 2013
Revenues
Purchases
Production
costs
SG&A
DD&A
Other
expenses
Q3 2014 |
14
2.4%
Crude processed
(kbbl/d)
Domestic sales of refined products
(Km
3
)
+2.6%
Q3 2014 Downstream Results -
Sales
+3.3%
+5.4%
Refinery utilization reached 94% helped by lighter crude coming from unconventional
production. Imported volumes of diesel dropped 36% against Q3 2013.
4,188
4,297
Q3 2013
Q3 2014
Others
LPG
Fuel Oil
JP1
Gasoline
Diesel
292
299
Q3 2013
Q3 2014 |
15
Q3 2014 Refined Products Demand
Monthly Gasoline and Diesel Sales
(1)
(Km3)
Brand recognition; solid demand based on slight market share growth.
Gasoline and Diesel Market Share
(1)
(Km3)
(1)
Source: Argentine Secretariat of Energy (SEN)
2014
2013
2012
2012
2013
2014
800
850
900
950
1,000
1,050
1,100
January
February
March
April
May
June
July
August
September
January
February
March
April
May
June
July
August
September |
16
Q3 2014 Capex
(1)
(1)
Economic capex figures as expressed in Note 2.g of Q3 2014 YPF financial statements.
(2)
Active rigs at end of period.
+71.6%
In millions of ARS
13,776
Downstream
Upstream
Progress of the new coke unit
at the La Plata Refinery and
other multi-year projects
Neuquina
basin:
Loma
Campana,
Rincón del Mangrullo, Aguada
Toledo and Chachahuen
Golfo San Jorge basin:
Manantiales Behr, El Trébol and
Los Perales
Drilling
rigs
(2)
+200%
25
36
42
46
52
58
63
65
69
73
75
8,028
Upstream
Downstream
Others
Q3 2013
Q3 2014 |
Contents
Q3 2014 Results
Financial Situation
Summary
1
2
3
17 |
18
(1)
Effective spendings in fixed asset acquisitions during the quarter.
(2)
Includes effect of changes in exchange rates.
(3)
Net debt to Adj. EBITDA calculated in USD, Net debt at period end FX of 8.4 and Adj.
EBITDA LTM at average LTM of 7.5; 3,967 / 5,273 = 0.75. Q3 2014 Cash Flow
From Operations Self financed Q3 2014 capex; Cash Flow From Operations
grew ARS 9 bn against Q3 2013. Sound
capital
structure;
Net
Debt
/
Adj.
EBITDA
LTM
down
to
0.75x
(3)
.
+95%
Consolidated statement of cash flows
(in million of ARS)
Cash flow from operations
(in million of ARS)
9,356
18,249
Q3 2013
Q3 2014
11,448
15,873
18,249
-13,579
-245
Cash at the
beginning of Q3 2014
Cashflow from
operations
Capex
(1)
Net financing
(2)
Cash at the end of
Q3 2014 |
Peso
denominated debt 32% Financial debt amortization schedule
(1) (2)
(MUSD)
Average interest rates of 6.64%
in USD and 25.10%
in ARS
(1)
As
of
September
30,
2014,
does
not
include
consolidated
companies
/
(2)
Converted
to
USD
using
September
30,
2014
FX
of
8.4
Cash position covers debt maturities for next 18-months.
Continued to extend average life of debt.
Financial
Situation
Update
1
Trade facilities
Term Loans
Average life of almost 4
years
Senior Bonds
and Notes
1,751
Cash
Q4 2014
2015
2016
2017
2018
2019
2020+
10%
11%
79%
19 |
Contents
Q3 2014 Results
Financial Situation
Summary
1
2
3
20 |
Summary
Continued to improve results and expand margins
Increased oil & gas production by 15.4%, with an impressive 26%
growth
in
natural
gas;
shale
and
tight
already
represent
8%
of
total
hydrocarbon production
Announced 3
rd
shale pilot project with Petronas
Strong
brand
recognition
allowed
an
increase
in
demand
based
on
market share growth; lowering imports
Free
Cash
Flow
positive
in
Q3
2014,
increased
cash
and
lowered leverage ratios to 0.75x Net Debt to Adj. EBITDA
21 |
3
rd
Quarter 2014 Earnings Webcast
Questions and Answers |
3rd
Quarter 2014 Earnings Webcast
November 6, 2014 |
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, 2014 | By: | /s/ Alejandro Cherñacov | ||||
Name: Title: |
Alejandro Cherñacov Market Relations Officer |