FORM 6-K
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Report of Foreign Issuer
Pursuant to Rule 13a-16 or 15d-16
of the Securities Exchange Act of 1934
For the month of November, 2015
Commission File Number: 001-12102
YPF Sociedad Anónima
(Exact name of registrant as specified in its charter)
Macacha Güemes 515
C1106BKK Buenos Aires, Argentina
(Address of principal executive office)
Indicate by check mark whether the registrant files or will file
annual reports under cover of Form 20-F or Form 40-F:
Form 20-F x Form 40-F ¨
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(1):
Yes ¨ No x
Indicate by check mark if the registrant is submitting the Form 6-K
in paper as permitted by Regulation S-T Rule 101(b)(7):
Yes ¨ No x
YPF Sociedád Anonima
TABLE OF CONTENTS
ITEM
| 1 | Translation of Q3 2015 Earnings Presentation. |
 3rd Quarter
2015 Earnings Webcast
November 6, 2015 |
 2 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 may include statements regarding the intent, belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as future crude oil and other prices, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes and other factors which may be beyond YPF’s control or may be difficult to predict. YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2014 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur. Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise. Disclaimer |
 Contents Q3 2015 Results Financial Situation Summary 1 2 3 |
 Revenues
of Ps 40.9 billion (+7.1%); YTD +10.5% Crude oil production was 249.3
Kbbl/d (+1.3%); YTD +2.4% Natural gas production was 44.4 Mm3/d
(-1.4%); YTD +5.5% Crude processed was 297 Kbbl/d (-0.6%); YTD
+4.1% Operating Income was Ps 5.6 billion (-30.0%); YTD -14.7%
Total Capex was Ps 15.7 billion (+14.1%); YTD +4.7%
Q3 2015 Results
– Highlights Adj. EBITDA (1) reached Ps 13.4 billion (-1.8%); YTD +9.1% (1) See description of Adj. EBITDA in footnote (2) on page 5 4 |
 5 Despite lower prices across most products, results were solid and in line with budget;
difficult comparison against spectacular Q3 2014
Revenues (1) (in millions of USD) Operating Income (1) (in millions of USD) Adj. EBITDA (1) (2) (in millions of USD) (1) (2) - 4.0% -37.2% -11.9% Q3 2015 Results Expressed in US Dollars 5 4,632 4,448 Q3 2014 Q3 2015 1,649 1,452 Q3 2014 Q3 2015 975 612 Q3 2014 Q3 2015 YPF financial statement values in IFRS converted to USD using average exchange rate of Ps 8.2 and Ps 9.2 per U.S $1.00 for Q3 2014 and Q3 2015,
respectively. Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax -
Income tax - Financial income gains (losses) on liabilities -
Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings. |
 6 This quarter’s Adj.EBITDA was the second best in history Adj. EBITDA (1) (2) (in millions of USD) Revenues (1) (in millions of USD) (1) YPF financial statement values in IFRS converted to USD using average exchange rate for each quarter.
(2) Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income gains (losses) on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings. Q3 2015 Quarterly evolution in US Dollars
953 938 1,220 1,244 1,102 1,367 1,649 997 1,182 1,392 1,452 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 3,727 4,203 4,355 4,188 4,040 4,413 4,632 4,459 4,016 4,443 4,448 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 |
 7 8,044 5,631 221 -2,292 -342 Q3 2014 Corporate & Others Upstream Downstream Q3 2015 Q3 2015 Operating Income Decrease in Operating Income was mostly concentrated in the Upstream segment (in millions of Ps) |
 8 8,044 5,631 2,722 49 -1,552 -1,407 -1,261 -876 -88 Q3 2014 Revenues Other expenses DD&A Cost of sales Purchases Exploration expenses SG&A Q3 2015 (in millions of Ps) Q3 2015 Operating Income Higher DD&A, purchases and exploration expenses resulted in a decrease in Operating
Income of 30% |
 9 4,463 2,171 1,134 100 -1,405 -1,039 -876 -206 Q3 2014 Revenues Other expenses DD&A Production costs Exploration expenses Royalties Q3 2015 Q3 2015 Upstream Results Upstream Operating Income declined 51% to Ps 2.2 billion as cost increases outpaced price
increases, with flat production
(In million of Ps) (1) Other expenses include: +Ps 892 of Purchases, Ps -406 of Other Costs of Sales and Ps -338 of SG&A (1) |
 10 572 572 Q3 2014 Q3 2015 45.0 44.4 Q3 2014 Q3 2015 246 249 Q3 2014 Q3 2015 Crude oil production (Kbbl/d) Natural gas production (Mm 3 /d) Q3 2015 Upstream Results –
Production Total production (Kboe/d) +1.3% -1.4% 0.0% Total production was flat with 1.3% growth in crude oil and 1.4% decline in natural gas; swap of
areas in production and operating challenges in non-operated areas were the main
reasons for lower-than-expected gas volumes
|
 11 Q3 2015 Upstream Results –
Shale Update Horizontal well type vs adjusted real production Total Gross Production (Kboe/d) |
 12 Total Gross Production (Mm 3 /d) Tight gas production in Q3 2015 represented 12% of total gas production, compared to 10% in Q3 2014. (1) Refers to Lajas prospective area called “Segmento 5” in Loma La Lata block. Q3 2015 Upstream Results –
Tight Gas Update Loma La Lata (121 km 2 – 29,900 acres) (1) Objective: Lajas formation • 100% YPF • 7 wells drilled in Q3 2015 (100 total wells drilled) • Depth: 2,600 m to 2,800 m Rincón del Mangrullo (183 km 2 - 45,200 acres) Objective: Mulichinco formation • 50% YPF – 50% Petrolera Pampa • 12 wells drilled in Q3 2015 (73 total wells drilled) • Depth: 1,600 m to 1,800 m Total Gross Production (Mm 3 /d) 0.0 0.1 0.9 1.2 1.4 1.8 2.1 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 0.7 0.6 0.7 1.8 2.7 3.3 4.1 4.0 4.3 4.4 4.4 Q1 2013 Q2 2013 Q3 2013 Q4 2013 Q1 2014 Q2 2014 Q3 2014 Q4 2014 Q1 2015 Q2 2015 Q3 2015 |
 13 3,864 3,522 933 218 74 -795 -627 -144 Q3 2014 Revenues Other expenses SG&A Purchases Production costs DD&A Q3 2015 Q3 2015 Downstream Results Downstream Operating Income declined 9%. Lower international prices resulted in a reduction in exports, but local sales were strong across most products. (in millions of Ps) (1) Includes stock variations |
 14 -0.6% Crude processed (kbbl/d) Domestic sales of refined products (Km 3 ) -0.4% Q3 2015 Downstream Results -
Sales +4.3% -5.6% Refinery output affected by scheduled maintenance activity in La Plata Refinery. Sales volumes
of diesel to the agro business were negatively affected by weather conditions; strong
sales of gasoline
4,327 4,308 Q3 2014 Q3 2015 Others LPG Fuel Oil JP1 Gasoline Diesel 299 297 Q3 2014 Q3 2015 |
 15 500 550 600 650 700 750 800 Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec 2013 2014 2015 - 5.6% 300 320 340 360 380 400 420 440 2013 2014 2015 Q3 2015 Downstream
Results – Demand Monthly Gasoline Sales (Km 3 ) Monthly Diesel Sales (Km 3 ) 54.6% 57.2% 57.7% 59.1% Gasoline Market Share 2013 Q3 2015 Diesel Market Share 2013 Q3 2015 60.0% 2014 57.7% 2014 Q3 2015 Q3 2015 + 4.3% Gasoline sales consistently above 2014; diesel is flat YTD despite a difficult month of August |
 16 Q3 2014 Q3 2015 Upstream Downstream Others Q3 2015 Capex +14.1% (in millions of Ps) Downstream Upstream Progress of the new coke unit at the La Plata Refinery and other multi-year projects. Neuquina basin: Loma Campana, Aguada
Toledo, Rincón del Mangrullo, El Orejano,
Chachahuen and La Amarga Chica. Golfo San Jorge basin:
Manantiales Behr, El Trébol and Cañadón La Escondida. 13,787 15,730 Cuyana basin: La Ventana and Vizcacheras. |
 Contents Q3 2015 Results Financial Situation Summary 1 2 3 |
 18 18,249 9,782 Q3 2014 Q3 2015 14,238 10,857 9,782 2,662 -15,825 Cash at the beginning of Q3 2015 Cashflow from operations Net financing Capex Cash at the end of Q3 2015 (1) Effective spendings in fixed asset acquisitions during the quarter. (2) Includes effect of changes in exchange rates. Q3 2015 Cash Flow From Operations (1) (2) -46.4% Consolidated statement of cash flows (in million of Ps) Cash flow from operations (in million of Ps) Strong cash position at the end of Q3 2015 despite lower cash flow from operations
Difficult comparison with one-off Q3 2014 |
 19 975 Cash 2015 2016 2017 2018 2019 2020 +2020 Peso denominated debt: 26% of total debt Financial debt amortization schedule (1) (2) (in millions of USD) Average interest rates of 7.48%
in USD and 23.82% in pesos (1) As of September 30, 2015, does not include consolidated companies (2) Converted to USD using the September 30, 2015 exchange rate of Ps 9.4 to U.S.$1.00.
(3) Net debt to Adj. EBITDA calculated in USD, Net debt at period end exchange rate of Ps 9.4 to U.S. $1.0 and Adj. EBITDA LTM at average LTM of Ps 8.9 to U.S. $1.00; 6,870 / 5,013 = 1.37 Financial Situation Update (1) Average life of almost 4.7 years Debt profile highlights Cash position covers debt maturities for next 12 months. Continued to extend the average life of debt. Net Debt / Adj. LTM EBITDA (3) = 1.37x |
 Contents Q3 2015 Results Financial Situation Summary 1 2 3 |
 Summary Continued to deliver solid results despite challenging global oil price environment and the effects of a strong peso Second best Adj.EBITDA in history Strong local demand for our main products; resilient downstream business segment Difficult operating environment in the Upstream segment but yet with positive results Tight and shale gas development progressing well; shale oil development addressing learning curve challenges 21 |
 Questions and Answers 3rd Quarter 2015 Earnings Webcast |
 3rd
Quarter 2015 Earnings Webcast
November 6, 2015 23 |
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
| YPF Sociedad Anónima | ||||||
| Date: November 6, 2015 | By: | /s/ Diego Celaá | ||||
| Name: Title: |
Diego Celaá Market Relations Officer | |||||