Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — FY2020 Earnings Presentation
21 slides from Ypf Sa Class D's earnings presentation, Mar 5, 2021
Slide 1: Full Year & 4th Quarter 2020 Earnings Webcast
FULL YEAR & 4th QUARTER 2020 EARNINGS WEBCAST MARCH 5TH, 2021
Slide 2: Important Notice
IMPORTANT NOTICE 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 stateme
Slide 3: Main Highlights 2020
Critical activities continued with no interruptions, in spite of COVID- 19, applying strict health and safety protocols. Reached lowest IFR(1) MAIN in our history. Positive net cash flow, despite profitability being negatively affected HIGHLIGHTS by the pandemic’s impact on demand and prices. Adjust
Slide 4: COVID-19 Measures: Safety of Our People Remains a Top Priority
SAFETY OF OUR PEOPLE REMAINS A TOP PRIORITY INJURY FREQUENCY RATE COVID-19 MEASURES Per million hours worked EMPLOYEES Weekly COVID-19 Risk Committee including real time monitoring of cases. 1.04 Managed to keep all businesses running with minimum personnel. Over 90% of the personnel whose positions
Slide 5: Working Towards the Energy Transition
WORKING TOWARDS THE ENERGY TRANSITION (3) YPF is not part of the Dow Jones SUSTAINABILITY RANKING DOW JONES SUSTAINABILITY INDEX (3) Sustainability Index. YPF was voluntary assessed by SAM. YPF voluntarily participates in the Corporate # Rank in Oil & Gas Upstream & Integrated Industry Sustainabilit
Slide 6: Rapidly Reacted to the Effects of the Pandemic Prioritizing Financial Discipline
RAPIDLY REACTED TO THE EFFECTS OF THE PANDEMIC PRIORITIZING FINANCIAL DISCIPLINE Fuels Natural Gas -32% Upstream Downstream -56% REVENUES CAPEX Exports Other Gas & Power Other 3,521 In Million of US$ 13,749 In Million of US$ -34% 3,447 981 9,376 +109% 2,327 2,270 1,554 538 257 4Q19 3Q20 4Q20 2019 20
Slide 7: The Pandemic Took a Toll on All Our Business Segments
THE PANDEMIC TOOK A TOLL ON ALL OUR BUSINESS SEGMENTS NORMALIZED EBITDA(1) In Million of US$ 3,644 -957 -44% Y/Y -60% Y/Y -663 Production -85 91 -575 2,029 Prices Demand Prices Results not 1,454 Lifting cost Royalties Prices transferred to Purchases 3rd parties Norm. EBITDA Norm. EBITDA Upstream Ups
Slide 8: Demand and Prices Continued Improving but Were Offset by Higher Opex
DEMAND AND PRICES CONTINUED IMPROVING BUT WERE OFFSET BY HIGHER OPEX AS WE RESUMED ACTIVITY NORMALIZED EBITDA(1) In Million of US$ 196 -40 548 -169 -150 -30% Q/Q -53% Q/Q Prices -43% Y/Y -72% Y/Y FLNG - Lower -201 Op. Losses 385 Production Demand Results not Lifting cost Prices transferred to Purcha
Slide 9: Gradual Resumption in Activity Shall Set the Path for Future Recovery in Upstream
GRADUAL RESUMPTION IN ACTIVITY SHALL SET THE PATH FOR FUTURE RECOVERY IN UPSTREAM Crude Oil Natural Gas NGL TOTAL PRODUCTION YPF O&G AVERAGE REALIZATION PRICES 2020: 467 KBOE/D (-9%) Crude Oil (USD/BBL) Natural Gas (USD/MMBTU) 80 15 555 530 514 510 70 62.6 13 467 468 433 53.9 423 60 52.0 11 50 39.7
Slide 10: Shale Used as a Buffer to Face Lower Demand While Mitigating Conventional Decline
SHALE USED AS A BUFFER TO FACE LOWER DEMAND WHILE EFFICIENTLY MITIGATING DECLINE IN CONVENTIONALS NET SHALE PRODUCTION Crude Oil Natural Gas NGL CONVENTIONAL PRODUCTION BY TYPE KBOE/D 2020: 101 KBOE/D Crude Oil Natural Gas NGL 160 (+9% y/y) 150 2020: 306 140 424 130 385 (-12% y/y) 120 115 110 99 103
Slide 11: Resuming Upstream Activity in a More Efficient Way
RESUMING UPSTREAM ACTIVITY IN A MORE EFFICIENT WAY (1) For pulling activities. ACTIVITY EVOLUTION 126 123 Drilling Workover Pulling # of equipment 122 77 39 19 2018 2019 1Q20 2Q20 3Q20 4Q20 NOC - Frac speed (stages/day) 2.9 4.7 6.0 n.m. 5.3 7.0 Conv. - Intervention Time (hours) (1) 67.7 77.5 73.5 65
Slide 12: Low Reserve Replacement on Liquidity Constraints but Supported by Shale Developments
LOW RESERVE REPLACEMENT ON LIQUIDITY CONSTRAINS BUT SUPPORTED BY SHALE DEVELOPMENTS EVOLUTION OF HYDROCARBON PROVED RESERVES 2020 RESERVES BREAKDOWN Million BOE 7% Shale Other % 1,080 1,073 929 19% 922 8% 31% 52% 39% 41% Crude Oil Natural Gas NGL 2017 2018 2019 2020 01 Net decline in reserves revisi
Slide 13: Recent Recovery in Downstream Margins as Demand Further Improved
RECENT RECOVERY IN DOWSTREAM MARGINS AS DEMAND FURTHER IMPROVED 2020 DOMESTIC FUELS SALES Gasoline FUELS BLENDED PRICE Diesel KM3 Diesel ex. CAMMESA US$/BBL 2020 Y/Y 800 Gasoline -30% 98 Diesel -11% 94 600 86 -5% y/y 83 76 400 70 73 -33% y/y -7% y/y 67 69 200 -69% y/y 0 Jan Feb Mar Apr May Jun Jul A
Slide 14: Embarked in a Company-Wide Cost Cutting Plan, Already Harvesting Results
EMBARKED IN A COMPANY-WIDE COST CUTTING PLAN, ALREADY HARVESTING ENCOURAGING RESULTS (1) Normalized opex mainly excludes EVOLUTION OF NORMALIZED OPEX(1) charges related to the VRP, stand-by REVIEWING CONTRACTS WITH VENDORS cost, Decree 1053, and the In Million of US$ Termination Fee of the Exmar con
Slide 15: Continued Actively Managing Our Liquidity to Mitigate FX Risk
CONTINUED ACTIVELY MANAGING OUR LIQUIDITY TO MITIGATE FX RISK (1) Cash and equivalents at the end of 2019 converted to US$ using the December 31, 2019 exchange rate of AR$59.79 to US$1.00. Cash and equivalents at the end of 2020 CONSOLIDATED STATEMENT converted to US$ using the December 31, 2020 exc
Slide 16: Successful Liability Management Exercises Providing Short-Term Financial Relief
SUCCESFUL LIABILITY MANAGEMENT EXERCISES PROVIDING SHORT-TERM FINANCIAL RELIEF CASH-FLOW SAVINGS FROM LIABILITY MANAGEMENT EXERCISES 01 Completed a market friendly liability In Million of US$ Savings 1st LM Savings 2nd LM Cumulative Savings management exercise – in July 2020 – on the US$1 billion Ma
Slide 17: Outlook and Guidance 2021
01 Profitability to recover as demand further 03 Net new financing shall be needed to normalizes, OPEX efficiencies are fund our target capex program. Sales of 2021 consolidated, and active pricing policy at the pump continues. non-strategic assets and working capital initiatives are also expected t
Slide 18: Focusing Shale Oil Activity on Our Core Hub
FOCUSING SHALE OIL ACTIVITY ON OUR CORE HUB BANDURRIA SUR LA AMARGA CHICA LOMA CAMPANA NEW WELLS NET PRODUCTION NET CAPEX Crude Oil IN 2021E Dec-2021E 2021E ~90 ~50 KBBL/D ~US$500 MN KBBL/D HUB CORE OIL Crude Oil Crude Oil 2020 & Older 2021 60 50 Dec. 2020 to Dec. 2021 +60% y/y 40 30 20 10 0 12,055
Slide 19: New Plan Gas Improves Mid-Term Visibility and Profitability of Projects
NEW PLAN GAS IMPROVES MID-TERM VISIBILITY AND PROFITABILITY PROFILE OF PROJECTS AGUADA DE LA ARENA AGUADA PICHANA ESTE AGUADA PICHANA OESTE LA CALERA LA RIBERA I RINCÓN DEL MANGRULLO RÍO NEUQUÉN NET CAPEX 2021 NET CAPEX 2021-2024 ~US$500 MN ~US$1.5 BN Wet / Dry Gas PRINCIPAL BLOCKS ASSOCIATED WITH P
Slide 20: Questions and Answers
FY 2020 and 4th QUARTER 2020 EARNINGS WEBCAST QUESTIONS AND ANSWERS
Slide 21: YPF Investor Center
YPF YPF INVESTOR CENTER