Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — Q2 2015 Earnings Presentation
21 slides from Ypf Sa Class D's earnings presentation, Aug 6, 2015
Slide 1: 2nd Quarter 2015 Earnings Webcast
2nd Quarter 2015 Earnings Webcast August 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 Q2 2015 Results 2 Financial Situation 3 Summary
Slide 4: Q2 2015 Results – Highlights
Q2 2015 Results – Highlights Revenues of Ps 39.6 billion (+12% vs. Q2 2014) Adj. EBITDA(1) reached Ps 12.4 billion (+13.3%) Operating Cash Flow topped Ps 10.0 billion (-12.5%) Operating Income was Ps 5.6 billion (-6.3%) Net Income was Ps 2.3 billion (+50.5%) Total Capex(2) was Ps 14.8 billion (+33.7
Slide 5: Results Expressed in US Dollars
Q2 2015 Results Expressed in US Dollars Despite 45% decline in Brent average price y-o-y, the company continued to show solid results. Revenues (1) Adj. EBITDA (1) (2) Operating Income (1) (in millions of USD) (in millions of USD) (in millions of USD) +0.7% +1.8% 1,392 -15.6% 4,413 4,443 1,367 743 6
Slide 6: Operating Income
Q2 2015 Operating Income Higher DD&A and other costs of sales reduced Operating Income by 6.3%. (in millions of Ps) 391 340 4,227 -2,788 5,950 5,578 -2,088 -296 -158 Q2 2014 Revenues Other Exploration Cost of sales DD&A SG&A Purchases Q2 2015 expenses expenses 6
Slide 7: Upstream Results
Q2 2015 Upstream Results Upstream Operating Income declined 23% to Ps 2.5 billion despite a 17% increase in Revenues; lifting cost and depreciation were higher. (In million of Ps) 2,872 340 -1,888 3,305 -1,278 2,534 -579 -239 Q2 2014 Revenues Exploration DD&A Production Royalties Other (1) Q2 2015 e
Slide 8: Upstream Results – Production
Q2 2015 Upstream Results – Production Total y-o-y production growth of 2.6%: 3.7% in crude oil, 2.3% in natural gas and -2.8% in NGL. Crude oil production Natural gas production Total production (Kbbl/d) (Mm3/d) (Kboe/d) +3.7% +2.3% +2.6% 249.8 569.3 44.6 43.6 555.0 240.9 Q2 2014 Q2 2015 Q2 2014 Q2
Slide 9: Upstream Results – Shale Update
Q2 2015 Upstream Results – Shale Update 46 wells drilled in Q2 2015 (total of 360 producing wells), Total Gross Production including 8 horizontal wells in the east area (Kboe/d) of Loma Campana and El Orejano. 43.3 41.7 Extended the length of horizontal section from 1,200 meters 38.0 to 1,500 meters
Slide 10: Upstream Results – Tight Gas Update
Q2 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 Q2 2015 represents Objective: Lajas formation Objective: Mulichinco formation 12% of total gas • 100% YPF • 50% YPF – 50% Petrolera Pampa product
Slide 11: Downstream Results
Q2 2015 Downstream Results Downstream Operating Income increased 32%. Lower international prices resulted in a reduction in exports, but local sales were strong across most products. (in millions of Ps) 399 2,196 -657 3,865 -551 -254 -189 2,921 Q2 2014 Revenues Other SG&A Production Purchases DD&A Q
Slide 12: Downstream Results - Sales
Q2 2015 Downstream Results - Sales Refinery utilization reached 95% helped by higher availability of light crude oil. Sales volumes of diesel and gasoline increased by 6.1% and 4.0% against Q2 2014. Crude processed Domestic sales of refined products (kbbl/d) (Km3) +4.4% 305 +7.0% 4,399 4,113 292 Oth
Slide 13: Downstream Results – Demand
Q2 2015 Downstream Results – Demand Monthly sales consistently above 2014; market share unchanged. Monthly Gasoline Sales (Km3) Monthly Diesel Sales (Km3) 2015 850 460 ++4.0% 3.9% 2014 ++ 6.1% 0.8% 440 2013 800 420 750 Q2 2013 400 Q2 2015 2014 2015 700 2015 380 650 360 340 600 320 550 Jan Feb Mar Ap
Slide 14: Capex
Q2 2015 Capex Upstream (in millions of Ps) Upstream Downstream 14,758 Neuquina basin: Loma Campana, +33.7% Aguada Toledo, Rincón del Others Mangrullo, El Orejano y Chachahuen 11,038 Golfo San Jorge basin: Manantiales Behr, El Trébol, Los Perales and Cañadón La Escondida Drilling +200% 75 75 rigs (1)
Slide 15: Contents
Contents 1 Q2 2015 Results 2 Financial Situation 3 Summary
Slide 16: Cash Flow From Operations
Q2 2015 Cash Flow From Operations Strong cash position at the end of Q2 2015 despite lower cash flow from operations. Sound capital structure; Net Debt / Adj. EBITDA LTM of <1.2x(3). Consolidated statement of cash flows Cash flow from operations (in million of Ps) (in million of Ps) 8,597 11,430 -12
Slide 17: 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 7.54% in
Slide 18: Contents
Contents 1 Q2 2015 Results 2 Financial Situation 3 Summary
Slide 19: Summary
Summary Continued to deliver solid results despite challenging global oil price environment and the effects of a strong peso Strong local demand for our main products Sound cash position raised early in the year Tight and shale gas development progressing well; shale oil development addressing learn
Slide 20: Questions and Answers
Questions and Answers 2nd Quarter 2015 Earnings Webcast
Slide 21: 2nd Quarter 2015 Earnings Webcast
2nd Quarter 2015 Earnings Webcast August 6, 2015