Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — Q3 2013 Earnings Presentation
19 slides from Ypf Sa Class D's earnings presentation, Nov 6, 2013
Slide 1: 3rd Quarter 2013 Earnings Webcast
3rd Quarter 2013 Earnings Webcast November 6, 2013
Slide 2: Disclaimer
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 ma
Slide 3: Agenda
Agenda 1 Q3 2013 Results 2 Financial Situation 3 Summary 3
Slide 4: Q3 2013 Results Highlights
Q3 2013 Results Highlights Revenues of ARS 24.2 bn (+39.5% vs. Q3 2012) Operating Income was ARS 3.4 bn (+104%) Net Income was ARS 1.4 bn (+87%) EBITDA reached ARS 7.7 bn (+72.8%) Operating cash flow topped 9.4bn (+168%) Total Capex was ARS 8 bn (+94.4%) Crude oil production 235.1 Kbbl/d (+2.5%) Nat
Slide 5: Operating Income
Q3 2013 Operating Income Both Upstream and Downstream volume increases and higher prices drove an Operating Income increase of 104%. In million of ARS 6,866 21 -1,808 -1,663 -801 3,444 -756 -103 1,688 Q3 2012 Revenues Others Other costs of Purchases DD&A SG&A Exploration Q3 2013 sales expenses 5
Slide 6: Operating Income by segment
Q3 2013 Operating Income Solid Upstream performance and Downstream pricing discipline were key to this quarter’s results increase. In million of ARS 561 3,444 1,198 -3 1,688 Q3 2012 Upstream Downstream Others Q3 2013 6
Slide 7: Upstream Results
Q3 2013 Upstream Results Operating income increased 127.8% as higher revenues due to production and price increases offset increased production costs and depreciations. In million of ARS 3,302 147 -951 -762 2,135 -304 -234 937 Q3 2012 Revenues Afiliates Production DD&A Royalties Others Q3 2013 costs
Slide 8: Upstream Results – Production
Q3 2013 Upstream Results – Production(1) Reversed production decline. Both crude oil and natural gas production grew over 2% against Q3 2012. Crude oil production (kbbl/d) Natural gas production (Mm3/d) Total production (kboe/d) +2.5% +1.7% 235.1 +2.6% 35.6 496.5 229.3 34.7 488.1 Q3 2012 Q3 2013 Q3
Slide 9: Upstream Results – Activity & Production
Q3 2013 Upstream Results – Activity & Production As activity increases, production from operated fields grew more than 3% q.o.q. Crude oil production (kbbl/d) (1) Drilling rigs (2) +152% +3.4% 202.0 63 58 52 195.4 42 46 36 25 Q1 12 Q2 12 Q3 12 Q4 12 Q1 13 Q2 13 Q3 13 Q3 2012 Q3 2013 Natural gas prod
Slide 10: Downstream Results
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 4,825 137 -3,401 1,534 -509 973 -484 -7 Q3 2012 Revenues Affiliates Purchases SG&A Production DD&A Q3 2013 costs 1
Slide 11: Downstream Results - Sales
Q3 2013 Downstream Results - Sales Maintained local market share even with lower crude processed Crude processed (kbbl/d) Domestic sales of refined products (Km3) -4.6% -0.6% 306 4,215 4,188 292 Others LPG +6.8% Fuel Oil JP1 -1.2% Gasoline Diesel Q3 2012 Q3 2013 Q3 2012 Q3 2013 11
Slide 12: Capex
Q3 2013 Capex(1) 8,028 Upstream +94.4% Neuquina basin: Loma La Lata, Loma Campana, Chihuido Sierra Negra and Catriel Golfo San Jorge basin: Manantiales Behr, El Trebol 4,129 and Los Perales Downstream Upstream Progress of the new coke unit Downstream at the La Plata refinery and start Others up of t
Slide 13: Agenda
Agenda 1 Q3 2013 Results 2 Financial Situation 3 Summary 13
Slide 14: Financial Situation
Q3 2013 Financial Situation • Issued ARS 8.3bn YTD, totaling ARS 17.7bn since Q2 2012; 1st 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) In million of ARS • Average life of debt of 3.6
Slide 15: Dow agreement: description of project
Dow agreement: description of project First shale gas development El Orejano in Argentina (45 km2 – 11,090 acres) 50/50 Partnership (1) Initial investment of USD 188M • Dow: USD 120M • YPF: USD 68M Operator YPF 16 wells to be drilled (1) If Dow exercises the conversion option (2) 45 Km2 / 12.075 Km2
Slide 16: Agenda
Agenda 1 Q3 2013 Results 2 Financial Situation 3 Summary 16
Slide 17: Summary
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
Slide 18: Questions and Answers
3rd Quarter 2013 Earnings Webcast Questions and Answers
Slide 19: 3rd Quarter 2013 Earnings Webcast
3rd Quarter 2013 Earnings Webcast November 6, 2013