olivlawolivlaw

olivLaw · US equity research

YPF Sociedad Anónima YPF

Petroleum Refining · SIC 2911 · Vertical: Petroleum Refining (SIC 2911)

41.61USD−7.14% · 1 dayClose 04 Nov 2026

YPF is Argentina's leading integrated energy company, active in upstream, midstream and downstream, LNG and new energies. It is now concentrating capital on Vaca Muerta under the YPF 4×4 plan, aiming to become a major crude oil and LNG exporter by 2030. For fiscal 2025 it reported revenues of 18,448 mn USD and a net loss of 799 mn USD.

The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).

At the close of 04 Nov 2026, YPF Sociedad Anónima (YPF) stock was 41.61 USD (−7.14% on the day), with market capitalisation 16.4 bn USD, dividend yield 0.00%, beta 0.82, 52-week range 32.78–57.61 USD.

Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.

Market cap
16.4 bn USD
shares as of 31 Dec 2025
P/E (TTM)
unavailable
Diluted EPS TTM -2.11 · TTM to 31 Dec 2025
E/P (TTM)
-5.07%
TTM to 31 Dec 2025
Dividend yield
0.00%
DPS 12m 0.00
Beta (2y)
0.82
Volatility (1y) 38%
52-week range
32.7857.61

Price history

Loading chart…

Technical reading

RSI (14)
27.3
oversold (≤ 30)
Bollinger (20, 2)
43.53 – 54.77
below the lower band · %B -0.17 · band width 22.9%
SMA 50 / 200
51.26 / 46.53
mixed trend
MACD (12, 26, 9)
-1.93 / -1.14
MACD below signal

Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).

Performance

CompanyS&P 500vs S&P 500Vertical median
1 month−18.8%−1.1%−17.7 pp—
3 months−14.5%−0.5%−14.1 pp—
6 months−3.8%+4.4%−8.2 pp—
Year to date+15.1%+12.3%+2.8 pp—
1 year+14.8%+13.5%+1.3 pp+54.4%
3 years+288.2%+76.4%+211.7 pp+64.2%
5 years+893.1%+63.7%+829.4 pp—
Max drawdown (1y)
−27.8%
15 Sept 2026 → 04 Nov 2026
Max drawdown (5y)
−48.8%
07 Jan 2025 → 01 Oct 2025
Compound annual growth (5y)
+58.3%
S&P 500 +10.4%

Price returns, dividends excluded.

Quarterly results

ESEF annual reports carry no quarters: the results are annual (below).

E/P over time

E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.

Fiscal years

Fiscal year20182019202020212022202320242025
Revenueunavailableunavailable9.7 bn13.7 bn18.8 bn17.3 bn19.3 bn18.4 bn
Revenue YoYunavailableunavailableunavailable+41.2%+37.1%−7.7%+11.4%−4.4%
Net incomeunavailableunavailable-1.0 bn26.0 m2.2 bn-1.3 bn2.3 bn-826.0 m
Net income YoYunavailableunavailableunavailableunavailable+8,469.2%−158.9%unavailable−135.2%
Diluted EPSunavailableunavailableunavailable0.075.67-3.355.99-2.11
Diluted EPS YoYunavailableunavailableunavailableunavailable+8,000.0%−159.1%unavailable−135.2%
net %unavailableunavailable-10.4%0.2%11.9%-7.6%12.2%-4.5%
Free cash flowunavailableunavailableunavailableunavailableunavailableunavailableunavailableunavailable

Reported results vs expectations

Loading…

Balance sheet & financial health

Fiscal year 2025 · 31 Dec 2025

Cash
933.0 m USD
Financial debt
10.6 bn USD
Net debt
9.6 bn USD
Equity
11.0 bn USD
Total assets
29.4 bn USD
Debt / equity
0.96x
Current ratio
0.87x
ROE
-7.2%
ROA
-2.8%
FCF margin
unavailable

Financial statements (source on every figure)

Revenue and net income (USD)

Margins

Income statement · USD

Revenue
2023
17.3 bn
2024
19.3 bn
2025
18.4 bn

SEC (XBRL)· 26 Mar 2026verified

Cost of revenue
2023
13.9 bn
2024
13.9 bn
2025
13.3 bn

SEC (XBRL)· 26 Mar 2026verified

Gross profit
2023
3.5 bn
2024
5.4 bn
2025
5.1 bn

SEC (XBRL)· 26 Mar 2026verified

Research & development
2023
23.0 m
2024
40.0 m
2025
28.0 m

SEC (XBRL)· 26 Mar 2026verified

Operating income
2023
-1.2 bn
2024
1.5 bn
2025
1.7 bn

SEC (XBRL)· 26 Mar 2026verified

Interest expense
2023
1.1 bn
2024
1.2 bn
2025
1.1 bn

SEC (XBRL)· 26 Mar 2026verified

Pre-tax income
2023
-1.7 bn
2024
1.0 bn
2025
910.0 m

SEC (XBRL)· 26 Mar 2026verified

Income tax
2023
-381.0 m
2024
-1.4 bn
2025
1.7 bn

SEC (XBRL)· 26 Mar 2026verified

Net income
2023
-1.3 bn
2024
2.3 bn
2025
-826.0 m

SEC (XBRL)· 26 Mar 2026verified

Diluted EPS
2023
-3.35
2024
5.99
2025
-2.11

SEC (XBRL)· 26 Mar 2026verified

Dividend per share
2023
—
2024
—
2025
—

SEC (XBRL)· 20 Apr 2022derived

Balance sheet · USD

Cash
2023
1.1 bn
2024
1.1 bn
2025
933.0 m

SEC (XBRL)· 26 Mar 2026verified

Inventories
2023
1.7 bn
2024
1.5 bn
2025
1.4 bn

SEC (XBRL)· 26 Mar 2026verified

Current assets
2023
4.4 bn
2024
6.8 bn
2025
6.5 bn

SEC (XBRL)· 26 Mar 2026verified

Property, plant & equipment, net
2023
17.7 bn
2024
18.7 bn
2025
19.1 bn

SEC (XBRL)· 26 Mar 2026verified

Intangibles (excl. goodwill)
2023
367.0 m
2024
491.0 m
2025
1.1 bn

SEC (XBRL)· 26 Mar 2026verified

Total assets
2023
25.0 bn
2024
29.4 bn
2025
29.4 bn

SEC (XBRL)· 26 Mar 2026verified

Accounts payable
2023
2.3 bn
2024
2.9 bn
2025
2.2 bn

SEC (XBRL)· 26 Mar 2026verified

Short-term debt
2023
1.5 bn
2024
1.9 bn
2025
2.4 bn

SEC (XBRL)· 26 Mar 2026verified

Long-term debt
2023
6.7 bn
2024
7.0 bn
2025
8.2 bn

SEC (XBRL)· 26 Mar 2026verified

Current liabilities
2023
4.9 bn
2024
8.7 bn
2025
7.4 bn

SEC (XBRL)· 26 Mar 2026verified

Total liabilities
2023
16.0 bn
2024
17.5 bn
2025
18.4 bn

SEC (XBRL)· 26 Mar 2026verified

Equity
2023
9.1 bn
2024
11.9 bn
2025
11.0 bn

SEC (XBRL)· 26 Mar 2026verified

Shares outstanding at year end
2023
393.3 m
2024
393.3 m
2025
393.3 m

SEC (XBRL)· 26 Mar 2026verified

Cash flow · USD

Operating cash flow
2023
5.9 bn
2024
5.9 bn
2025
5.0 bn

SEC (XBRL)· 26 Mar 2026verified

Investing cash flow
2023
-5.3 bn
2024
-5.5 bn
2025
-5.5 bn

SEC (XBRL)· 26 Mar 2026verified

Financing cash flow
2023
278.0 m
2024
-293.0 m
2025
517.0 m

SEC (XBRL)· 26 Mar 2026verified

Dividends paid
2023
—
2024
—
2025
—

SEC (XBRL)· 20 Apr 2022verified

Share repurchases
2023
0
2024
0
2025
10.0 m

SEC (XBRL)· 26 Mar 2026verified

Computed indicators

Growth

Revenue growth (YoY)
-4.4%
computed by olivLawFY 2025
Revenue CAGR 3Y
-0.6%
computed by olivLawFY 2022 → FY 2025
Revenue CAGR 5Y
13.7%
computed by olivLawFY 2020 → FY 2025
EBIT growth (YoY)
17.6%
computed by olivLawFY 2025
Net income growth (YoY)
-135.2%
computed by olivLawFY 2025
Net income CAGR 3Y
unavailable
the base of the ratio is not positive
Net income CAGR 5Y
unavailable
the base of the ratio is not positive
EPS growth (YoY)
-135.2%
computed by olivLawFY 2025
EPS CAGR 3Y
unavailable
the base of the ratio is not positive
EPS CAGR 5Y
unavailable
input data missing
FCF growth (YoY)
unavailable
input data missing

Profitability

Gross margin
27.6%
computed by olivLawFY 2025
EBITDA margin
unavailable
input data missing
EBIT margin
9.4%
computed by olivLawFY 2025
Net margin
-4.5%
computed by olivLawFY 2025
FCF margin
unavailable
input data missing

Returns

ROE
-7.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROA
-2.8%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROIC
7.2%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
ROCE
7.9%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Payout ratio (EPS)
unavailable
input data missing
Payout ratio (FCF)
unavailable
input data missing

Balance sheet

Net debt
9.6 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Net debt / EBITDA
unavailable
input data missing
Debt / equity
1.0x
computed by olivLawbalance sheet at 31 Dec 2025
Interest coverage
1.6x
computed by olivLawFY 2025

Liquidity

Current ratio
0.9x
computed by olivLawbalance sheet at 31 Dec 2025
Quick ratio
0.7x
computed by olivLawbalance sheet at 31 Dec 2025
Cash ratio
0.1x
computed by olivLawbalance sheet at 31 Dec 2025

Cash

Operating cash flow
5.0 bn USD
computed by olivLawFY 2025
Capital expenditure
unavailable
input data missing
Free cash flow
unavailable
input data missing
FCF conversion
unavailable
input data missing
Cash conversion
unavailable
input data missing

Efficiency

Days sales outstanding
unavailable
input data missing
Days inventory outstanding
41 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Days payables outstanding
70 days
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Cash conversion cycle
unavailable
input data missing

Market and valuation

Market capitalisation
16.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Enterprise value
26.0 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
Market cap / net income TTM
unavailable
insufficient data
P/E (TTM)
unavailable
insufficient data
Earnings yield
-5.1%
computed by olivLawFY 2025
P/B
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
P/S
0.9x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
EV/EBIT
15.0x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
EV/Sales
1.4x
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
P/FCF
unavailable
input data missing
FCF yield
unavailable
input data missing
Dividend yield
0.0%
computed by olivLawFY 2025
Shareholder yield (distributions)
0.1%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025

Risk

Altman Z
unavailable
input data missing

Valuation

olivLaw classification

Insufficient data
What is missing
  • score weight coverage: 41.7% of at least 60%
  • valuation methods computed: 0 of at least 1

A scoring methodology on indicators and valuation, not investment advice.

Closing price

41.61 USD

04 Nov 2026Source: olivLaw, closing series

Market cap: 16.4 bn USD

Key indicators

Market capitalisation
16.4 bn USD
computed by olivLawbalance sheet at 31 Dec 2025
P/E (TTM)
unavailable
insufficient data
P/B
1.5x
computed by olivLawbalance sheet at 31 Dec 2025
EV/EBITDA
unavailable
input data missing
ROE
-7.4%
computed by olivLawFY 2025 · balance sheet at 31 Dec 2025
Net margin
-4.5%
computed by olivLawFY 2025
Revenue growth (YoY)
-4.4%
computed by olivLawFY 2025
Dividend yield
0.0%
computed by olivLawFY 2025

Coverage and freshness

29/37 reporting lines present
Latest full fiscal year: 2025
Latest reported period: 31 Dec 2025
Latest balance sheet date: 31 Dec 2025
Share count (cover of the latest filing), as of: 31 Dec 2025
Source: SEC (XBRL)published 26 Mar 2026
verified 194derived 5

Score by group

42% · Insufficient data

Estimated value range

unavailable — no valuation method could be computed

Valuation assumptions are editorial choices, not measured; beta is not measured.

Valuation methods

  • DCF (discounted cash flow)unavailable · the input exists, but its latest figure is far older than the latest reported period: not used
  • Peers: EV/EBITDAunavailable · input data missing
  • Peers: P/Eunavailable · the base of the ratio is not positive
  • Dividend discount (DDM)unavailable · the base of the ratio is not positive

no valuation method could be computed

Multiple comparisons use the SIC vertical: Petroleum Refining (SIC 2911)

Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.

Assumptions (illustrative, editorial)

Risk-free rate
4.3%
Equity risk premium
5.0%
Beta (default)
1.00
Cost of equity
9.3%
Terminal growth
2.5%

Factor scorecard

Insufficient data

Minimum-evidence gate: score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1

FactorValueScoreWeight used
ROIC · Quality7.2%0 (vs peers)25%
Net margin · Quality-4.5%6 (vs peers)15%
FCF conversion · Qualityunavailableunavailable—
Revenue CAGR 3Y · Growth-0.6%0 (on a fixed band)20%
EPS CAGR 3Y · Growthunavailableunavailable—
Net debt / EBITDA · Balance sheetunavailableunavailable—
Interest coverage · Balance sheet1.6x2 (on a fixed band)15%
Current ratio · Balance sheet0.9x6 (on a fixed band)10%
P/E (TTM) · Valuationunavailableunavailable—
EV/EBITDA · Valuationunavailableunavailable—
FCF yield · Valuationunavailableunavailable—
Shareholder yield (distributions) · Returns0.1%1 (on a fixed band)15%
Payout ratio (FCF) · Returnsunavailableunavailable—

Factors without a value were dropped; the remaining weights were renormalised.

Score groups

  • Balance sheet3/100 · 2/3 factors with a value
  • Growth· partial0/100 · 1/2 factors with a value
  • Quality2/100 · 2/3 factors with a value
  • Returns· partial1/100 · 1/2 factors with a value
  • Valuation· partialunavailable · 0/3 factors with a value

A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.

Memo

YPF Sociedad Anonima (YPF). Latest full fiscal year: 2025; data up to 2025-12-31.

Figures computed from the financial statements: revenue 18.4 bn USD in 2025; YoY growth -4.4%; net margin -4.5%; ROE -7.4%.

Valuation cannot be computed from the available data.

Insufficient data for a verdict (score weight coverage: 41.7% of at least 60%; valuation methods computed: 0 of at least 1).

Text generated deterministically from the figures shown; no language model. Not investment advice.

What supports the thesis

No signal among the computed factors. That is not an absence of risk: factors without data were not assessed, and business risks (margins, inventory, demand) are in the source-based analysis.

What contradicts it

  • ROIC: 7.2%
  • Net margin: -4.5%
  • Revenue CAGR 3Y: -0.6%
  • Interest coverage: 1.6x
  • Current ratio: 0.9x
  • Shareholder yield (distributions): 0.1%

Not assessed (insufficient data or a ratio without meaning): FCF conversion, EPS CAGR 3Y, Net debt / EBITDA, P/E (TTM), EV/EBITDA, FCF yield, Payout ratio (FCF).

Versus the vertical median

Petroleum Refining (SIC 2911) · same industry (4-digit SIC) · compared with 17 companies

Multiples and returns vs the median

P/E
—
vertical median 18.1x
EV/EBITDA
—
vertical median 5.6x
P/S
0.9x
vertical median 0.6x
above median (+39.0%)
P/B
1.5x
vertical median 2.9x
below median (−48.7%)
ROE
-7.4%
vertical median 25.2%
below median (−129.1%)
Net margin
-4.5%
vertical median 7.0%
below median (−164.1%)
EBIT margin
9.4%
vertical median 6.1%
above median (+53.4%)
Revenue YoY
-4.4%
vertical median -4.6%
at median
Net debt/EBITDA
—
vertical median 0.5x
Dividend yield
0.0%
vertical median 1.9%
below median (−100.0%)

Price rebased to 100 (monthly, 5 years)

Companies in the vertical

Market capP/EROENet marginRevenue YoY1A / 3A
XOMExxonMobil Holdings Corporation701.6 bn27.79.8%7.6%−5.0%+46% / +65%
CVXChevron Corp428.7 bn20.812.2%9.6%−6.8%+44% / +51%
COPConocoPhillips164.5 bn18.114.2%14.7%+7.7%+54% / +18%
EQNREquinor Asa107.0 bn22.112.2%4.7%+2.6%+87% / +34%
MPCMarathon Petroleum Corporation106.9 bn7.772.6%8.4%−4.4%+103% / +163%
VLOValero Energy Corp101.9 bn8.250.1%8.4%−5.5%+107% / +191%
PSXPhillips 66101.3 bn8.341.1%7.5%−7.5%+90% / +101%
YPFYPF Sociedad Anonima16.4 bn—-7.4%-4.5%−4.4%+15% / +288%
CVICvr Energy, Inc4.3 bn16.327.5%2.7%−5.9%+25% / +35%
IEPIcahn Enterprises L.P.4.0 bn——-9.4%−3.6%−34% / −68%
DKDelek Us Holdings, Inc.4.0 bn18.262.6%1.9%−9.5%+69% / +141%
CLMTCalumet, Inc.3.8 bn——-3.0%−1.2%+126% / +153%
SUNCSunococorp LLC3.4 bn23.8—0.4%+11.1%+26% / unavailable
IMOImperial Oil Limited——25.2%10.9%−8.6%+29% / +126%
SUNSunoco LP———2.9%+11.1%+15% / +18%
BPBp PLC——0.1%0.0%−1.1%+26% / +26%
PBFPbf Energy Inc.—3.241.1%7.0%−11.4%+111% / +64%
SUSuncor Energy Inc——13.2%11.3%−4.6%+61% / +118%

1- and 3-year price returns: for YPF from daily closes (the same as the performance table), for the other companies from month-end closes.

olivLaw engine forecast

The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.

The engine has no published run for this company yet.

Valuation scenarios (editable assumptions)

Illustrative scenarios

Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.

Bear
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Base
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Bull
Allowed range: -50 … 50%
Allowed range: -100 … 100%
Allowed range: 0 … 100
Allowed range: -10 … 20%
Allowed range: 0 … 100%
Nothing is saved.

Estimated price (USD)

Estimated priceBearBaseBull
1 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
3 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
5 years
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
insufficient data
Total return unavailable · Per year unavailable
What moves the 3-year price the most

    AI analysis

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (28 Oct 2026), 6-K (23 Oct 2026), 6-K (14 Oct 2026), 6-K (09 Oct 2026).

    In brief

    YPF is Argentina's leading integrated energy company, active in upstream, midstream and downstream, LNG and new energies. It is now concentrating capital on Vaca Muerta under the YPF 4×4 plan, aiming to become a major crude oil and LNG exporter by 2030. For fiscal 2025 it reported revenues of 18,448 mn USD and a net loss of 799 mn USD.

    SWOT

    Strengths

    • Leading position in Argentina's integrated energy sector, with major assets in Vaca Muerta.
    • Integrated operations spanning the value chain from upstream production to customer distribution.
    • Clear strategy under the YPF 4×4 plan, focused on unconventional assets and infrastructure projects.

    Weaknesses

    • High dependence on Argentine economic conditions, including inflation and the exchange rate.
    • Net loss in fiscal 2025, influenced by income tax and financial results.
    • Significant debt needed to finance capital investment.

    Opportunities

    • Growth in crude and LNG exports once the VMOS and Argentina LNG projects are completed.
    • Rising global demand for affordable, reliable and sustainable energy.
    • Expansion of renewable power through participation in the power joint venture.

    Threats

    • Volatility in international prices of crude oil and refined products.
    • Legal risks and regulatory changes that could affect costs and revenues.
    • Energy transition toward lower-carbon sources, which could reduce demand for hydrocarbons.

    Risks

    • Dependence on the Argentine economyhigh

      Most revenues come from Argentina, so economic, political or regulatory changes there can significantly affect results.

    • Regulated fuel priceshigh

      Domestic price regulation and gaps against international prices can affect margins and revenues.

    • Financing riskmedium

      Infrastructure and LNG projects require substantial funding, and access to capital on competitive terms is not assured.

    • Litigation and legal riskmedium

      The company is involved in legal proceedings that may generate significant costs and losses.

    • Operational and environmental risklow

      Extraction and transport operations carry safety, environmental and business interruption risks.

    Investment thesis

    What would need to be true (bull case)

    • If Vaca Muerta output grows and export evacuation projects are completed on schedule, the company could strengthen its position as an exporter.
    • Stabilization of the Argentine economy could ease cost pressure and improve margins.
    • Rising global LNG demand could support monetization of the company's gas reserves.

    What would break the thesis

    • If crude prices fall or the exchange rate depreciates further, revenues and margins could be hurt.
    • If infrastructure projects are delayed or cost more than estimated, production growth could be limited.
    • If pricing and export regulations change, results could be adversely affected.

    What to watch

    • Vaca Muerta production and export trends2026
    • Progress of the VMOS and Argentina LNG projects2027
    • Quarterly financial results and downstream revenuesQ1 2027
    • Fuel pricing policy and regulatory developmentsnext 10-K

    Products, market & competition

    AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.

    Possibly outdated: the newest document it read is from 26 Mar 2026; since then the company filed 6-K (04 Nov 2026), 6-K (28 Oct 2026), 6-K (23 Oct 2026), 6-K (14 Oct 2026), 6-K (09 Oct 2026).

    The business

    YPF Sociedad Anónima is a corporation incorporated in Argentina that runs an integrated business from exploration and production of hydrocarbons to refining and marketing. According to its 2025 Form 20-F, the company restructured its organization by creating the New Energies segment and reconfiguring the others. Its activity focuses on Vaca Muerta, where it seeks to monetize its gas and crude resources.

    The company's strategy rests on the YPF 4×4 plan, launched in 2024, which prioritizes the Vaca Muerta formation, divests mature conventional fields and advances the VMOS pipeline and Argentina LNG projects. Management intends to reinvest earnings, work with strategic partners and use debt at levels it considers prudent. Achieving these goals depends on economic and regulatory conditions in Argentina.

    The company's legal status as a listed corporation was shaped by the 2012 Expropriation Law, which moved 51% of its shares to the Argentine state. Under that law YPF continues to operate under general corporate legislation and is not subject to rules applied to state-controlled companies. This shareholder structure shapes governance and how rights over the company are exercised.

    Segments

    Upstream

    The Upstream segment covers exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas. Revenues come mainly from sales of crude and gas to third parties and to downstream and LNG segments. The company says it has divested almost all of its mature conventional fields and prioritizes unconventional assets.

    Midstream and Downstream

    This segment covers refining, transport and marketing of refined and petrochemical products, plus crude transport and LNG regasification services. Revenues come from sales of fuels, petrochemicals and agribusiness products through retail, commercial and industrial networks.

    LNG and Integrated Gas

    The segment transports and sells natural gas, separates natural gas liquids through the Mega joint venture and develops LNG liquefaction capacity. It sells gas to producers, to the downstream segment and to its Metrogas subsidiary, and aims to export gas beyond regional demand.

    Market context

    Fuel pricing takes into account international crude and refined product prices, processing costs, exchange rates and local regulation, with the company seeking to align domestic prices over time with international markets. It has stated it cannot assure that this relationship will be maintained, and its export revenues could be affected by price volatility and geopolitical tensions.

    Trends

    • Vaca Muerta developmenttailwind

      Concentrating investment on the Vaca Muerta formation could raise production and exports if infrastructure projects such as VMOS are completed on time.

    • Argentina LNG projectmixed

      If Argentina LNG advances as planned, the company could monetize gas reserves beyond regional demand, although delivery depends on financing and economic conditions.

    • Crude oil price volatilitymixed

      Swings in international crude prices, which peaked in March 2026, can influence export revenues but may also affect costs and downstream margins.

    • Inflation and exchange rateheadwind

      Currency depreciation and high inflation in recent years raised costs and complicated planning, and macroeconomic stabilization could support results.

    Competitive position

    Argentina's energy market includes state-owned and private companies competing in production, refining and distribution. In the Vaca Muerta unconventional segment, competition for equipment, personnel and capital can influence development costs. The company relies on the scale of its integrated operations to maintain its position.

    Internationally, YPF compares itself with integrated oil companies that export crude and LNG. Its competitiveness depends on production costs, access to evacuation infrastructure and its ability to deliver LNG to foreign markets on competitive terms.

    • International integrated oil companies

      Compete in crude and LNG export markets and in unconventional resource investment, though not named in the official source.

    • Local refining and distribution companies

      Compete in the domestic fuel, petrochemical and agribusiness product markets.

    • Gas transport and distribution operators

      Compete in natural gas transport and distribution across Argentina.

    • Conventional and renewable power producers

      Compete in thermal and renewable power, where the company is present through joint ventures.

    News & filings

    In the press

    The latest news item in our archive is from 14 Sept 2026; the newest SEC filing is from 04 Nov 2026. The press archive comes from the RSS feeds we follow and does not necessarily cover the latest event — the filings alongside do.

    Sources

    1. [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / YPF Sociedad Anónima · 26 Mar 2026

    Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.