Ypf Sa Class D · BCBA:YPFD
Ypf Sa Class D — Q2 2014 Earnings Presentation
23 slides from Ypf Sa Class D's earnings presentation, Aug 8, 2014
Slide 1: 2nd Quarter 2014 Earnings Webcast
2nd Quarter 2014 Earnings Webcast August 8, 2014
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 2014 Results 2 Financial Situation 3 Summary 3
Slide 4: Results Highlights
Q2 2014 Results Highlights Revenues of ARS 35.3 bn (+61% vs. Q2 2013) Adj. EBITDA(1) reached ARS 10.5 bn (+82%) Operating Cash Flow topped 11.4bn (+251%) Operating Income was ARS 6 bn (+168%) Net Income was ARS 1.5 bn (+40%) Total Capex was ARS 10.9 bn (+67%) Crude oil production 240.9 Kbbl/d (+5.6%
Slide 5: Results Expressed in US Dollars
Q2 2014 Results Expressed in US Dollars Production and Sales volumes growth at higher margins, resulted in solid y-o-y financial performance. Revenues (1) Adj. EBITDA (1) (2) Operating Income (1) (3) (MUSD) (MUSD) (MUSD) 743 1,307 4,413 +42% +75% +5% 920 4,203 425 Q2 2013 Q2 2014 Q2 2013 Q2 2014 Q2
Slide 6: Operating Income
Q2 2014 Operating Income Operating Income increased by 168% in Q2 2014 driven mainly by higher revenues. In millions of ARS 13,389 477 -5,656 -1,881 5,950 -1,317 -723 -557 2,218 (1) Q2 2013 Revenues Others Other costs DD&A Purchases SG&A Exploration Q2 2014 expenses of sales expenses (1) Does not in
Slide 7: Operating Income
Q2 2014 Operating Income Solid performance across both business segments. In millions of ARS 1,711 159 5,950 1,862 2,218 Q2 2013 (1) Upstream Downstream Others Q2 2014 (1) Does not include the impact of non cash provision relating to claims arising from the discontinuation of gas export contracts to
Slide 8: Upstream Results
Q2 2014 Upstream Results Upstream Operating Income reached ARS 3.3 bn (+129%) due to higher revenues driven by the increase in production of both crude oil and natural gas and by higher prices in pesos. In million of ARS 341 191 5,970 -2,035 -1,296 3,305 -752 -557 1,443 (1) (2) Q2 2013 Revenues Othe
Slide 9: Upstream Results – Production
Q2 2014 Upstream Results – Production Total y-o-y production growth of 15.5%, 5.6% in crude oil and 31.8% in natural gas. Crude oil production (1) Natural gas production (1) Total production (1) (Kbbl/d) (Mm3/d) (Kboe/d) 43.5 +31.8% 555.8 +5.6% 240.9 +15.5% 33.0 481.4 228.2 Q2 2013 Q2 2014 Q2 2013 Q
Slide 10: Upstream Results – Production
Q2 2014 Upstream Results – Production Solid conventional y-o-y natural gas production increase of 4.4%, coupled with inorganic growth and continued shale and tight progress. Crude oil production Natural gas production (kbbl/d) (Mm3/d) 240.9 43.5 241.6 239.3 235.1 6.4 3.8 228.2 9.5 6.8 226.3 7.9 6.0
Slide 11: Vaca Muerta – Vertical Well Production
Vaca Muerta – Vertical Well Production Loma Campana - Sweet Spots Confirming Well Productivity V H 50,000 50.000 2011: 15 wells 45,000 45.000 2012: 10 wells 2013: 93 wells 40,000 40.000 Type well curve 35,000 35.000 Avrg well West Sweet Spot: 15 wells 2014 Sweet Spot: 24 wells Cumulative oil product
Slide 12: Downstream Results
Q2 2014 Downstream Results Downstream Operating Income grew 141% in Q2 2014, due to higher revenues in the domestic market. In millions of ARS 11,044 177 -7,839 2,921 -1,084 -392 1,210 -195 Q2 2013 Revenues Affiliates Purchases Production SG&A DD&A Q2 2014 costs 12
Slide 13: Downstream Results - Sales
Q2 2014 Downstream Results - Sales Refinery output restored after La Plata Refinery incident in Q2 2013. Crude processed Domestic sales of refined products (kbbl/d) (Km3) +7% 20% 292 4,087 3,819 Others 243 +198% LPG +6% Fuel Oil JP1 -0.7% Gasoline Diesel Q2 2013 Q2 2014 Q2 2013 Q2 2014 13
Slide 14: Refined Products Demand
Q2 2014 Refined Products Demand Strong YPF performance in a challenging domestic market. Diesel volumes (1) Gasoline volumes (1) (Jan-13 base = 100) (Jan-13 base = 100) YPF YPF Rest of the market Rest of the market jul-13 sep-13 nov-13 dec-13 mar-13 mar-14 jan-13 jun-13 aug-13 oct-13 jan-14 jun-14 j
Slide 15: Capex
Q2 2014 Capex (1) In millions of ARS Upstream Upstream Neuquina basin: Loma La Lata, Loma Campana, Rincón del Downstream 10,866 Mangrullo and Aguada Toledo Others +66.9% Golfo San Jorge basin: Manantiales Behr, El Trébol, Barranca Baya and Los Perales 6,510 +192% Drilling rigs (2) 52 58 63 65 69 73
Slide 16: Contents
Contents 1 Q1 2014 Results 2 Financial Situation 3 Summary 16
Slide 17: Cash Flow From Operations
Q2 2014 Cash Flow From Operations Cash flow from operations grew ARS 8 bn against Q2 2013. Sound capital structure (Net Debt / Adj. EBITDA LTM of 0.9x) (3). In millions of ARS 11,430 +251% 6,041 11,430 6,715 11,448 -9,132 3,253 3,109 (1) Cash at the Cashflow from Net financing Capex (2) Cash at the
Slide 18: Margin Evolution
Q2 2014 Margin Evolution Healthy recovery based on production increase and pricing discipline. Adj. EBITDA and Adj. EBITDA margin (1) (2) Operating Income and Operating margin (1) (3) (MUSD - %) (MUSD - %) 28.9% 29.6% 30,0%1.000 18,0% 16.8% 1.500 27.1% 27.3% 15.1% 900 16,0% 25.4% 14.2% 14.3% 800 13.
Slide 19: Financial Situation Update
Financial Situation Update1 Cash position covers next 18-month debt maturities. Continued to extend average life of debt. Financial debt amortization schedule (1) (2) Peso denominated debt 32% (MUSD) Average interest rates of 28.04% 1,415 in USD and 6.76% in ARS Average life of almost 4 years 8% Tra
Slide 20: Contents
Contents 1 Q1 2014 Results 2 Financial Situation 3 Summary 20
Slide 21: Summary
Summary Continued to increase results and expand margins despite currency devaluation Increased oil & gas production by 15.5% as a result of a balanced mix of conventional and unconventional production coupled with inorganic growth Strong operating cash flow allowed continued increase in capex witho
Slide 22: Questions and Answers
Questions and Answers 2nd Quarter 2014 Earnings Webcast
Slide 23: 2nd Quarter 2014 Earnings Webcast
2nd Quarter 2014 Earnings Webcast August 8, 2014