Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — Q1 2016 Earnings Presentation
22 slides from Ypf Sa Class D's earnings presentation, May 11, 2016
Slide 1: 1st Quarter 2016 Earnings Webcast
1st Quarter 2016 Earnings Webcast May 11, 2016
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 2016 Results 2 Financial Situation 3 Summary
Slide 4: Q1 2016 Results – Highlights
Q1 2016 Results – Highlights Revenues of Ps 46.9 billion (+35.2%) Adj. EBITDA(1) reached Ps 12.5 billion (+22.4%) Operating Income was Ps 1.6 billion (-63.8%) Total Capex was Ps 14.7 billion (+19.4%) Crude oil production was 249.0 Kbbl/d (+0.8%) Natural gas production was 44.0 Mm3/d (+1.1%) Crude pr
Slide 5: Results Expressed in US Dollars
Q1 2016 Results Expressed in US Dollars The devaluation of the local currency resulted in an immediate reduction of Revenues and Adj. EBITDA; Operating Income suffered additional effects of higher depreciation. Revenues (1) Adj. EBITDA (1) (2) Operating Income (1) (in millions of USD) (in millions o
Slide 6: Operating Income
Q1 2016 Operating Income The Upstream segment benefited from the devaluation whereas the Downstream segment suffered the negative effects; additionally, value of product stocks was written down, as shown in Corporate & Other. (in millions of Ps) 2,181 4,469 -2,744 1,618 -2,288 Q1 2015 Upstream Corpo
Slide 7: Operating Income
Q1 2016 Operating Income Revenues were up in line with most of our cash costs; but higher depreciation on our dollar- based assets resulted in a 64% decline in Operating Income (in millions of Ps) 12,232 -5,792 4,469 -4,789 -3,293 1,618 -922 -263 -24 Q1 2015 Revenues Cost of sales DD&A Purchases SG&
Slide 8: Upstream Results
Q1 2016 Upstream Results Upstream Operating Income almost doubled as prices are dollar-denominated and the majority of our costs are in pesos. (In million of Ps) 10,755 92 -4,308 -2,545 4,441 -1,550 -263 2,260 Q1 2015 Revenues Other (1) DD&A Production Royalties Exploration Q1 2016 expenses costs ex
Slide 9: Upstream Results – Production
Q1 2016 Upstream Results – Production Total production was slightly above last year’s, with 0.8% growth in crude oil and 1.1% growth in natural gas production. Crude oil production Natural gas production Total production (Kbbl/d) (Mm3/d) (Kboe/d) +0.8% +0.3% +1.1% 249.0 44.0 580.8 582.3 246.9 43.6 Q
Slide 10: Shale Development Update
Q1 2016 Shale Development Update Operator Gross Shale O&G production 50.6 49.8 (Kboe/d)* 46.2 43.3 41.7 38.0 31.7 22.7 19.0 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 Q4 2015 Q1 2016 Q1 2016 Highlights • Low stimulation activity in December 2015 affected Q1 production • Migration to hor
Slide 11: Tight Gas Production
Q1 2016 Tight Gas Production Tight gas production Tight Gas Gross Production - Mm3/d represented 20% of 10 TG EFO Lajas 9.0 total natural 9 TG RdM Mulichinco 8.4 7.9 8.1 gas production in Q1 8 TG ATSB Lajas 7.3 2016. 7 6.7 6.9 6 5.3 5 4 3.4 3 1.9 2 1 0.6 0.7 0.6 0.8 0.3 0.5 0.1 0 Q1 Q2 Q3 Q4 Q1 Q2 Q
Slide 12: Downstream Results
Q1 2016 Downstream Results Downstream Operating Income declined 53% as higher crude oil prices, driven by peso devaluation, resulted in an increase in Purchases that fully offsets Revenue increase. (in millions of Ps) 9,055 1,494 -8,948 -1,199 -553 -597 -46 -794 Q1 2015 Revenues Purchases Production
Slide 13: Downstream Results - Sales
Q1 2016 Downstream Results - Sales Refinery output affected by scheduled maintenance activity in La Plata refinery. Sales volumes were down by 1.7% due to lower diesel and LPG sales despite higher gasoline demand. Crude processed Domestic sales of refined products (kbbl/d) (Km3) -1.9% -1.7% Total 30
Slide 14: Downstream Results – Demand
Q1 2016 Downstream Results – Demand Gasoline sales consistently above previous years, diesel sales were down by 2.7%; slight reduction in market share. Monthly Gasoline Sales (Km3) Monthly Diesel Sales (Km3) 480 + 3.0% 800 +-0.8% 2.7% 460 2015 750 440 2014 420 2016 700 2014 400 650 2016 2015 380 360
Slide 15: Capex
Q1 2016 Capex Capex in line with guidance of 25% reduction in dollar terms. Upstream (in millions of Ps) Downstream Upstream Activity breakdown: 66% in drilling, 15% in facilities, 11% in workovers and 8% in Others +19.4% exploration and other upstream activities. 14,741 Neuquina basin: Loma Campana
Slide 16: Contents
Contents 1 Q1 2016 Results 2 Financial Situation 3 Summary
Slide 17: Cash Flow From Operations
Q1 2016 Cash Flow From Operations Strong cash position at the end of Q1 2015 despite currency devaluation. Operating Cash Flow was down due to working capital build-ups. Consolidated statement of cash flows Cash flow from operations (in million of Ps) (in million of Ps) 16,912 -9.3% 11,931 10,825 10
Slide 18: Financial Situation Update
Q1 2016 Financial Situation Update(1) Cash position covers debt maturities for the rest of the year. Leverage ratio in line with target. Financial debt amortization schedule (1) (2) (in millions of USD) 2,965 Debt profile highlights Peso denominated debt: 2,260 21% of total debt 669 1,574 Average in
Slide 19: Contents
Contents 1 Q1 2016 Results 2 Financial Situation 3 Summary
Slide 20: Summary
Q1 2016 Summary Quarter negatively affected by currency devaluation; partial pass through to prices to continue in following quarters Focused on cost reduction and efficiencies Difficult operating environment in the Downstream segment partially compensated with better Upstream results Sound cash pos
Slide 21: Questions and Answers
Questions and Answers 1st Quarter 2016 Earnings Webcast
Slide 22: 1st Quarter 2016 Earnings Webcast
1st Quarter 2016 Earnings Webcast May 11, 2016