YPF Sociedad Anonima
YPF Sociedad Anónima is an Argentine integrated energy company with activities spanning crude oil and natural gas production, refining, fuels, and downstream energy businesses. The company is organized as a stock corporation under Argentine law and is headquartered in Buenos Aires, with reporting in U.S. dollars for financial statements.
Fiscal year 2025 · change from previous year
Development 2022–2025
Business
Share of revenueExploration, development, and production of crude oil and natural gas.
Processing crude oil into refined products and commercial fuels.
Finished petroleum products sold for transport, industrial, and retail use.
Transport, storage, and energy infrastructure interests supporting operations.
Ownership interests and related exposure in gas and electricity businesses.
Customers
YPF sells into a mix of wholesale, industrial, and retail energy markets, with demand tied to transport, manufacturing, and utility consumption. Its output and refined products also serve third parties through infrastructure-linked channels and, in some cases, equity interests in gas and power distribution businesses. Customer demand is driven by regional energy consumption, fuel availability, and the industrial cycle in Argentina and surrounding markets.
Buy gasoline and diesel through branded fuel distribution channels for personal transport.
Purchase fuel, lubricants, and energy products for fleets, machinery, and production.
Buy crude, refined products, or gas-linked volumes in bulk for resale or processing.
Use or receive services from midstream, gas, and power-related participations.
Strategy
YPF's strategic profile centers on managing an integrated energy portfolio across upstream, refining, and downstream activities. Recent disclosures also show active portfolio management, including divestment of non-core interests in gas and power distribution assets, which can sharpen focus on the core petroleum value chain.
An integrated petroleum model is easier to manage when capital is concentrated in the main value chain.
Selling minority participations can simplify the portfolio and release capital for higher-priority assets.
Argentina remains the company's main operating market and anchors demand for its products.
Geography
YPF is based in Buenos Aires and its operating center of gravity is Argentina, where its upstream, refining, and downstream activities are anchored. The reports also show exposure to U.S.-dollar reporting and cross-border transactions, including the sale of interests in Argentine gas and power distribution businesses. Geography matters because the business is tied to domestic energy demand, local regulation, and Argentine asset ownership structures.
Risks
YPF faces commodity price, regulatory, and country-risk exposure typical of an integrated petroleum company operating in Argentina. Its recent asset sales also highlight portfolio-execution risk, because approvals, closing conditions, and transaction timing can affect capital allocation and reported results.
- Commodity price volatilityImpact: HighLikelihood: High
Upstream production and refined products are exposed to oil and fuel price changes.
Exposure - Argentine regulatory riskImpact: HighLikelihood: High
The company operates in a heavily regulated domestic energy environment.
Exposure - Country and currency riskImpact: HighLikelihood: High
Operations are concentrated in Argentina while reporting is in U.S. dollars.
Exposure - Transaction execution riskImpact: MediumLikelihood: Medium
Asset divestitures depend on regulatory approvals and closing conditions.
Exposure: MetroGAS and MetroENERGÍA sale process
Accounting
Judgemental itemsYPF uses the U.S. dollar as functional currency while also filing statutory peso statements in Argentina.
Impact: Affects translation of local operations and comparability across periods
Integrated energy businesses require large capital assets with depreciation and impairment judgments.
Impact: Can materially affect asset values and expense recognition
Energy operations use leased assets and infrastructure, creating right-of-use assets and liabilities.
Impact: Affects leverage, depreciation, and finance costs
Recent divestitures include unpaid receivables and liabilities arising from asset transactions.
Impact: Affects reported gain/loss timing and balance-sheet presentation
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Last updated: 28/09/2026