Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — Q3 2015 Earnings Presentation
23 slides from Ypf Sa Class D's earnings presentation, Nov 6, 2015
Slide 1: 3rd Quarter 2015 Earnings Webcast
3rd Quarter 2015 Earnings Webcast November 6, 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 Q3 2015 Results 2 Financial Situation 3 Summary
Slide 4: Results – Highlights
Q3 2015 Results – Highlights Revenues of Ps 40.9 billion (+7.1%); YTD +10.5% Adj. EBITDA(1) reached Ps 13.4 billion (-1.8%); YTD +9.1% Operating Income was Ps 5.6 billion (-30.0%); YTD -14.7% Total Capex was Ps 15.7 billion (+14.1%); YTD +4.7% Crude oil production was 249.3 Kbbl/d (+1.3%); YTD +2.4%
Slide 5: Results Expressed in US Dollars
Q3 2015 Results Expressed in US Dollars Despite lower prices across most products, results were solid and in line with budget; difficult comparison against spectacular Q3 2014 Revenues (1) Adj. EBITDA (1) (2) Operating Income (1) (in millions of USD) (in millions of USD) (in millions of USD) - 4.0%
Slide 6: Quarterly evolution in US Dollars
Q3 2015 Quarterly evolution in US Dollars This quarter’s Adj.EBITDA was the second best in history Revenues (1) Adj. EBITDA (1) (2) (in millions of USD) (in millions of USD) 1,649 4,632 4,413 4,459 4,443 4,448 4,355 1,452 4,203 1,367 1,392 4,188 4,040 4,016 1,220 1,244 1,182 3,727 1,102 997 953 938
Slide 7: Operating Income
Q3 2015 Operating Income Decrease in Operating Income was mostly concentrated in the Upstream segment (in millions of Ps) 8,044 221 5,631 -2,292 -342 Q3 2014 Corporate & Others Upstream Downstream Q3 2015 7
Slide 8: Operating Income
Q3 2015 Operating Income Higher DD&A, purchases and exploration expenses resulted in a decrease in Operating Income of 30% (in millions of Ps) 2,722 49 8,044 -1,552 -1,407 -1,261 5,631 -876 -88 Q3 2014 Revenues Other DD&A Cost of sales Purchases Exploration SG&A Q3 2015 expenses expenses 8
Slide 9: Upstream Results
Q3 2015 Upstream Results Upstream Operating Income declined 51% to Ps 2.2 billion as cost increases outpaced price increases, with flat production (In million of Ps) 1,134 100 4,463 -1,405 -1,039 2,171 -876 -206 Q3 2014 Revenues Other (1) DD&A Production Exploration Royalties Q3 2015 expenses costs
Slide 10: Upstream Results – Production
Q3 2015 Upstream Results – Production Total production was flat with 1.3% growth in crude oil and 1.4% decline in natural gas; swap of areas in production and operating challenges in non-operated areas were the main reasons for lower-than-expected gas volumes Crude oil production Natural gas product
Slide 11: Upstream Results – Shale Update
Q3 2015 Upstream Results – Shale Update Horizontal well type vs adjusted real production 120.000 Type Well Curve - 18 Frac stages - EUR 566 Bbl GOR 120 m3/m3 LLL-0992 - 28 Frac stages SOil-0027 - 13 Frac stages SOil-0030 - 18 Frac stages 100.000 SOil-0034 - 14 Frac stages SOil-0231 - 16 Frac stages
Slide 12: Upstream Results – Tight Gas Update
Q3 2015 Upstream Results – Tight Gas Update Tight gas production Loma La Lata Rincón del Mangrullo (121 km2 – 29,900 acres)(1) (183 km2 - 45,200 acres) in Q3 2015 represented Objective: Lajas formation Objective: Mulichinco formation 12% of total gas • 100% YPF • 50% YPF – 50% Petrolera Pampa produc
Slide 13: Downstream Results
Q3 2015 Downstream Results Downstream Operating Income declined 9%. Lower international prices resulted in a reduction in exports, but local sales were strong across most products. (in millions of Ps) 218 74 933 3,864 -795 3,522 -627 -144 Q3 2014 Revenues Other SG&A Purchases Production DD&A Q3 2015
Slide 14: Downstream Results - Sales
Q3 2015 Downstream Results - Sales Refinery output affected by scheduled maintenance activity in La Plata Refinery. Sales volumes of diesel to the agro business were negatively affected by weather conditions; strong sales of gasoline Crude processed Domestic sales of refined products (kbbl/d) (Km3)
Slide 15: Downstream Results – Demand
Q3 2015 Downstream Results – Demand Gasoline sales consistently above 2014; diesel is flat YTD despite a difficult month of August Monthly Gasoline Sales (Km3) Monthly Diesel Sales (Km3) 2015 800 2015 440 + 4.3% 2014 +-0.8% 5.6% 2014 2013 750 420 2013 Q3 400 2015 700 380 650 Q3 360 600 2015 340 550
Slide 16: Capex
Q3 2015 Capex (in millions of Ps) Upstream Upstream Downstream Others +14.1% Neuquina basin: Loma Campana, Aguada 15,730 Toledo, Rincón del Mangrullo, El Orejano, 13,787 Chachahuen and La Amarga Chica. Golfo San Jorge basin: Manantiales Behr, El Trébol and Cañadón La Escondida. Cuyana basin: La Vent
Slide 17: Contents
Contents 1 Q3 2015 Results 2 Financial Situation 3 Summary
Slide 18: Cash Flow From Operations
Q3 2015 Cash Flow From Operations Strong cash position at the end of Q3 2015 despite lower cash flow from operations Difficult comparison with one-off Q3 2014 Consolidated statement of cash flows Cash flow from operations (in million of Ps) (in million of Ps) 2,662 9,782 18,249 -46.4% 14,238 9,782 1
Slide 19: Financial Situation Update
Financial Situation Update(1) Cash position covers debt maturities for next 12 months. Continued to extend the average life of debt. Financial debt amortization schedule (1) (2) (in millions of USD) Debt profile highlights Peso denominated debt: 26% of total debt Average interest rates of 7.48% in U
Slide 20: Contents
Contents 1 Q3 2015 Results 2 Financial Situation 3 Summary
Slide 21: Summary
Summary Continued to deliver solid results despite challenging global oil price environment and the effects of a strong peso Second best Adj.EBITDA in history Difficult operating environment in the Upstream segment but yet with positive results Strong local demand for our main products; resilient do
Slide 22: Questions and Answers
Questions and Answers 3rd Quarter 2015 Earnings Webcast
Slide 23: 3rd Quarter 2015 Earnings Webcast
3rd Quarter 2015 Earnings Webcast November 6, 2015 23