Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — Q1 2015 Earnings Presentation
21 slides from Ypf Sa Class D's earnings presentation, May 8, 2015
Slide 1: 1st Quarter 2015 Earnings Webcast
1st Quarter 2015 Earnings Webcast May 8, 2015
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: Contents
Contents 1 Q1 2015 Results 2 Financial Situation 3 Summary 3
Slide 4: Q1 2015 Results – Highlights
Q1 2015 Results – Highlights Revenues of Ps 34.7 billion (+13% vs. Q1 2014) Adj. EBITDA(1) reached Ps 10.2 billion (+21%) Operating Cash Flow topped Ps 12 billion (+78%) Operating Income was Ps 4.5 billion (+2%) Net Income was Ps 2.1 billion (-26%) Total Capex(2) was Ps 12.4 billion (+27%) Crude oil
Slide 5: Results Expressed in US Dollars
Q1 2015 Results Expressed in US Dollars Despite 50% reduction y-o-y in Brent prices, the company showed solid results. Revenues (1) Adj. EBITDA (1) (2) Operating Income (1) (in millions of USD) (in millions of USD) (in millions of USD) -0.6% +6.4% -10.5% 4,040 4,016 1,182 578 1,110 517 Q1 2014 Q1 20
Slide 6: Operating Income
Q1 2015 Operating Income Operating income increased 1.9% driven by higher revenues and lower imports. (in millions of Ps) 1,318 6 4,038 -2,741 4,384 4,469 -1,661 -745 -130 Q1 2014 Revenues Purchases Exploration Other costs DD&A SG&A Others Q1 2015 expenses of sales expenses 6
Slide 7: Upstream Results
Q1 2015 Upstream Results Upstream Operating Income reached Ps 2.3 billion (-25%) due to increases in costs and depreciation that outpaced the increases in revenues due to the decrease in local oil prices. In million of Ps 3,656 -2,175 3,013 -1,487 2,260 -478 -269 Q1 2014 Revenues Production DD&A Roy
Slide 8: Upstream Results – Production
Q1 2015 Upstream Results – Production Total y-o-y production growth of 10.2%: 2.3% in crude oil, 18% in natural gas and 12% in NGL Crude oil production Natural gas production Total production (Kbbl/d) (Mm3/d) (Kboe/d) +2.3% +18.0% +10.2% 583.8 43.9 247.2 241.6 37.2 529.7 Q1 2014 Q1 2015 Q1 2014 Q1 2
Slide 9: Upstream Results – Shale Update
Q1 2015 Upstream Results – Shale Update 47 wells drilled in Q1 2015 (total of 332 producing wells), including 3 horizontal shale oil wells in the east area of Loma Campana and 2 horizontal shale gas wells in El Orejano. Best production peak rate of almost 1,200 bbl/d in a Loma Campana horizontal wel
Slide 10: Upstream Results – Tight Gas Update
Q1 2015 Upstream Results – Tight Gas Update Tight gas production in Q1 2015 represents 12% of total gas production, compared to 8% in Q1 2014. Loma La Lata (121 km2 – 29,900 acres)(1) Rincón del Mangrullo (183 km2 - 45,200 acres) Objective: Lajas formation Objective: Mulichinco formation • 100% YPF
Slide 11: Downstream Results
Q1 2015 Downstream Results Downstream operating income decreased by 39%. Lower international prices resulted in a drop in exports, which did not affect domestic sales. (in millions of Ps) 2,306 -27 2,453 -1,985 -628 1,494 -534 -146 (1) Q1 2014 Revenues Other Purchases Production SG&A DD&A Q1 2015 ex
Slide 12: Downstream Results - Sales
Q1 2015 Downstream Results - Sales Refinery utilization reached 94% helped by lighter crude coming from unconventional production. Imported volumes of diesel dropped 67% against Q1 2014. Crude processed Domestic sales of refined products (kbbl/d) (Km3) +9.1% +8.0% 300 4,326 4,004 Others 275 LPG +1.4
Slide 13: Downstream Results – Demand
Q1 2015 Downstream Results – Demand Brand recognition; solid demand based on slight market share growth. Monthly Gasoline Sales (Km3) Monthly Diesel Sales (Km3) 800 440 ++ 1.4% 3.9% 2014 +- 0.7% 0.8% Q1 2015 750 420 2013 400 700 2013 380 650 2014 Q1 2015 360 600 340 550 320 300 500 Jan Feb Mar Apr M
Slide 14: Capex
Q1 2015 Capex (1) (in millions of Ps) Upstream Upstream Neuquina basin: Loma Campana, Downstream Rincón del Mangrullo, Aguada Others +27% 12,351 Toledo and Chachahuen Golfo San Jorge basin: 9,722 Manantiales Behr, El Trébol, Los Perales and Cañadón la Escondida Drilling +200% 75 75 rigs (3) 65 46 25
Slide 15: Contents
Contents 1 Q1 2015 Results 2 Financial Situation 3 Summary 15
Slide 16: Cash Flow From Operations
Q1 2015 Cash Flow From Operations Strong Cash Flow From Operations of Ps 12 bn, 78% growth compared to Q1 2014. Sound capital structure; Net Debt / Adj. EBITDA LTM of 1x(3). Consolidated statement of cash flows Cash flow from operations (in million of Ps) (in million of Ps) 4,980 11,931 +78% 11,931
Slide 17: Financial Situation Update
Financial Situation Update1 Cash position strengthened by additional indebtedness in the international and local markets during Q2 2015. Continued to extend average life of debt. Financial debt amortization schedule (1) (2) (in millions of USD) Proforma highlights including Series XXXIX and XXXVIII
Slide 18: Contents
Contents 1 Q1 2015 Results 2 Financial Situation 3 Summary 18
Slide 19: Summary
Summary Solid results despite challenging global oil price environment Focus in cost reductions to offset the effects of a strong peso Keeping activity flat as price visibility supports ongoing projects Continued to build cash cushion to avoid potential market volatility Shale and tight development
Slide 20: Questions and Answers
Questions and Answers 1st Quarter 2015 Earnings Webcast
Slide 21: 1st Quarter 2015 Earnings Webcast
1st Quarter 2015 Earnings Webcast May 8, 2015