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Investor Presentation Third Quarter 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.
Important Notice
Company Overview 1
Upstream and Downstream 2
Financial Results 3
2015 Outlook 4
Agenda
4
Argentine government
Argentine government “Series A”
Free float
51.0%
48.99%
0.01%
Ratings
CCC
AA (Arg)
Markets
YPFD YPF
(1) As of 22/12/15
Caa1
N/A (Arg)
Corporate Governance
Other Members
Mr. Rodríguez Simón
Mr. Nagel
Mr. Donnini
Mr. Di Pierro
Mr. Vaquié
Mr. Trotta
Mr. Soloaga
Mr. Gutiérrez(*)
Mr. Felices (*)
Mr. Montamat (*)
Company
Executives
Mr. Dasso
Mr. González
Mr. Alfonsi
Chairman of the Board,
Mr. Galuccio
Shares Class A
Mr. Apud
Shareholder structure 1 Board composition
(*) Members of the Audit Comittee
5 5
Revenues LTM 1
US$ 17,266 mm
Adj. EBITDA LTM 1 2
US$ 5,013 mm
Net income LTM 1
US$ 865 mm
Employees 4
22,032
Exploration
and production • Production 7: 249 Kbbl/d of crude oil, 44 Kbbl/d of NGL and 44 Mm3/d of natural gas
• Proved Reserves 3 4 in 2014: 675 mm bbl of liquids and 537 mm boe of gas
• Unique unconventional opportunities: Vaca Muerta, Lajas, Pozo D-129
Downstream -
refining and
logistics
• Total refining Capacity: 320 Kbbl/d 4 5 (more than 50% 4 of Argentina’s total capacity)
• High level of conversion and complexity
• Nearly 2,700 km 4 of crude oil and 1,801 km 4 of refined products pipeline
Downstream -
petrochemicals • The petrochemical business is integrated with the rest of the production chain
• Output Capacity: 2.2 4 mm ton per annum
Downstream -
marketing
• The country’s leading company in fuel marketing (56.5% 4 market share in diesel and gasoline)
• 1,542 4 6 service stations
Major Affiliates • MEGA: Liquids separation and a fractioning plant
• Metrogas: Largest local gas distribution company
• Refinor: Refining, transportation and marketing of refined products
• Profertil: Fertilizer producer (urea and ammonia)
• AESA: Engineering, manufacturing, construction, operating
and maintenance services to power and energy companies
Leading Integrated Energy Co. in Argentina
(1)YPF financial statements values in IFRS converted to US$ using LTM Q3 2015 average FX of 8.9. (2) Adjusted EBITDA = Net income attributable to shareholders + Net income for non controlling interest - Deferred income tax - Income tax - Financial
income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings. (3) Includes oil, condensates
and liquids; converted using 1 boe = 5.615 mmcf of gas as per 20-F 2014. (4) As per 20-F 2014 (5) Does not includes 50% of Refinor (13 kbbl/d). (6) Excludes 71 Refinor service stations. (7) Q3 2015 5
6
45%
19%
6%
5%
4%
4%
17%
35%
15% 11% 6%
6%
27%
59%
13%
6%
15%
7%
42%
16% 9%
9%
5%
3%
16%
Market Share Breakdown (%)
Source: IAPG
(1) Cumulative Jan - Aug 2015
(2) Cumulative Jan – Sep 2015
(3) As of December 2014
Market Share Breakdown (%)
Upstream Downstream
Gasoline 2 Diesel 2
Crude Processing 3 No. of Gas Stations 3
55%
15%
9%
13%
8%
57%
18%
5%
14% 6%
Others Others
Others
Others
Others
Gas
Production 1
Others Oil
Production 1
Leading Argentine O&G Company
7
Production figures as of September 2015 / Domestic Market Sales of natural only correspond to YPF (does not include YSUR)
Oil
business
Natural gas
business
Production
249 Kbbl/d Refining
297 Kbbl/d
Domestic
market
Domestic market
76% Domestic prices (gasoline, diesel)
24% International prices (FO, bunker, jet fuel,
petrochemicals, lubricants, LPG and others)
92%
8% Exports International prices
(naphtha, LPG, jet fuel, crude, petrochemicals,
fuel oil, soybean oil and meal and others)
Purchases
Imports (Gas purchased
by ENARSA)
+ Purchases
+
Domestic
market
Exports 0.1%
99%
Residential
+ CNG
Industrial
Power
plants
52% 19%
29%
Upstream
44 mm m3/d
Export
market
Integrated Across Value Chain
8 8
15 + years of industry experience each
Local and international experience
Seasoned Management Team
Miguel Galuccio Chairman & CEO • Before rejoining YPF, he was part of the management team of Schlumberger in London
• More than 20 years of international experience in the oil and gas industry, leading companies
and working teams in the United States, Middle East, Asia, Europe, Latin America, Russia and China
• Oil engineer from the Technological Institute of Buenos Aires
Daniel Gonzalez CFO
• Before joining YPF, he served for 14 years in the investment bank Merrill Lynch & Co in Buenos Aires
and New York, holding the positions of Head of Mergers and Acquisitions for Latin America and President
for the Southern Cone (Argentina, Chile, Peru and Uruguay), among others
• Bachelor in Business Administration from the Argentine Catholic University
Carlos Alfonsi VP Downstream
• Since 1987, he has held various positions at YPF, serving as an operations manager; the director of the La Plata
refinery; operation planning director; director of commerce and transportation for Latin America; director of refinery
and marketing in Peru; country manager for Peru; and R&M for Peru, Chile, Ecuador and Brazil
• Bachelor in Chemistry from Argentina’s Technological University of Mendoza. In addition, he earned degree
in IMD Managing Corporate Resources from Lausanne University and has studied at the MIT
Jesus Grande VP Upstream
• Before YPF, he held various positions at Schlumberger, serving as Director of Human Resources; president
of one of its service lines; head of Corporate Strategy Implementation. He has also served in executive
and operational positions in Kuwait, Argentina, Brazil, Angola and the United States
• Engineer from the National University of Tucumán
Fernando Giliberti VP Strategy and Business Development
• He previously served at YPF as Business Development Manager and Exploration and Production Business
Development Director
• CPA from the Argentine Catholic University; earned an MBA from the Argentine University of the Enterprise,
a Postgraduate Diploma in Management and Economics of Natural Gas from the College of Petroleum Studies,
Oxford University, and master’s degree in the Science of Management at Stanford University.
5
Company Overview 1
Upstream and Downstream 2
Financial Results 3
2015 Outlook 4
Agenda
10
Source: Company data 2014
(1) As per 20-F 2014 – (2) Includes international reserves of 2.3 MBOE – (3) As of May 2015.
YPF has 92 concessions in the most productive Argentine basins
(total reserves 1P: 1,212 mm boe1) and 48 exploration blocks
in the country (44 onshore and 4 offshore) 1 Proved reserves: 69 mm boe
% liquids: 98%
% gas: 2%
Production: 8.7 mm boe
Cuyana
Proved reserves: 48 mm boe
% liquids: 12%
% gas: 88%
Production: 7.8 mm boe
Noroeste
Proved reserves: 312 mm boe
% liquids: 88%
% gas: 12%
Production: 44.3 mm boe
Golfo San Jorge
Proved reserves: 89 mm boe
% liquids: 19%
% gas: 81%
Production: 10.5 mm boe
Austral
Proved reserves: 692 mm boe
% liquids: 45%
% gas: 55%
Production: 132.6 mm boe
Neuquina 2014
Proved reserves 2 Production share 3
Liquids
56%
Gas
44%
Total: 1,212 mm boe Total: 194.2 mm boe
Pan American
17%
Wintershall
5%
Others
12%
Sinopec
3%
Tecpetrol
2%
Chevron
3%
Total Austral
5%
Petrobras
5%
YPF
43% Pluspetrol
4%
Source: IAPG, as of May 2015
Upstream - Significant Potential with Leading Market Position
11
46.9
41.3 38.1
34.2 33.4 33.9 37.2
43.5 44.9 43.7 43.9 44.6 44.4
2008 2009 2010 2011 2012 2013 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15
256.8
244.9 240.9
222.6 227.4
232.3
241.6 240.9 246.0
249.8 247.2 249.8 249.3
2008 2009 2010 2011 2012 2013 Q1 14 Q2 14 Q3 14 Q4 14 Q1 15 Q2 15 Q3 15
Significant increase in activity Doubled investments
49 70
92 101 104
2011 2012 2013 2014 Q3 2015
2,661
4,178
6,077
2012 2013 2014
Reverted downward trend in production seen in recent years; solid growth
Upstream Capex (US$ mm)1 Drilling Rigs Workover Rigs
196% 112%
Crude oil production (k bbl/d) Natural gas production (mm m3/d)
(1) Capex converted considering an average FX rate of 4.6, 5.5, 8.1 for 2012, 2013 and 2014 respectively.
Recent Performance: Strong Emphasis in Production Increase
+57%
+10% (vs. 2012)
+33% (vs. 2012)
+45.5%
25
46
65 74 74
2011 2012 2013 2014 Q3 2015
12
1,083
1,212
2013 2014
455
537
2013 2014
628
675
2013 2014
Liquids (Mbbl) Natural Gas (Mboe)
Total Hydrocarbon (Mboe)
+6.4% +18.0% +11.9%
Boosted proved reserves by 11.9%. Solid results coming from secondary recovery
projects, tight gas and shale formations, extension of concessions and acquisitions.
163% RRR 144% RRR 184% RRR
Reserves
13
NEUQUINA
GOLFO
SAN JORGE
AUSTRAL
CUYANA
NOROESTE
4,4
CHACO
PARANAENSE
Other Opportunities
Pozo D-129 (shale oil / tight oil)
Noroeste - Tarija
Los Monos (shale gas)
Noroeste - Cretaceous
Yacoraite (shale / tight oil & gas)
Chaco Paranaense
Devonian – Permian (shale oil)
Cuyana
Cacheuta (shale oil)
Potrerillos (tight oil)
Austral
Inoceramus
Neuquina
Los Molles (shale/ tight gas)
Golfo San Jorge
Neocomiano (shale oil / gas)
Tested & Producing
Upside from Unique Unconventional Opportunities
Vaca Muerta (shale oil / gas)
Agrio (shale oil)
Lajas (tight gas)
Mulichinco (tight gas)
14 14
Description
Area 30,000 km2
Gross
Shale oil & gas Vaca Muerta
Area 12,472 km2
Net YPF
Oil 77%
Wet gas 5%
Dry gas 18%
Windows 1
Oil
Wet
gas
Dry
gas
Source: SPE, Wood Mackenzie and YPF data. (1) Estimated over YPF net acreage
Vaca Muerta Unconventional Formation
Progress on Shale Oil & Gas Developments
Vaca Muerta Barnett Haynesville Marcellus Eagle Ford Bakken
TOC (%) 3-10 4-5 0.5-4 2-12 3-5 12
Thickness (mts) 30-450 60-90 60-90 10-60 30-100 20-30
Reservoir pressure (psi) 4,500-9,500 3,000-4,000 7,000-12,000 2,000-5,500 2,500-8,500 4,200
Shale wells
in production
388 Shale wells
drilled in Q3 2015
43 KBOE/D
Shale Production
46.2
Loma Campana (Oil)
Horizontal well sweet spot
identified in Loma Campana
Three distinct horizons
evaluated with delineation wells
2015 focus shifting to more
cost effective horizontal wells
El Orejano (Gas)
First operated shale gas pilot
started, with positive initial results
2015 focus on completing the pilot
proyect with vertical and horizontal wells
Sufficient gas processing
capacity available
15 15
JV Partners: Chevron, Dow, Petrolera Pampa and Petronas
Loma Campana (395 km2 - 97,607 acres)
Objective: Vaca Muerta
Shale Oil with Chevron
Republic of ArgentinaNeuquina Basin
Neuquén Province
3.3% of total YPF’s VM acreage 1
(1) 395 Km2 / 12,075 Km2
Development model
290 Km2 (71,661 acres)
Directional wells upside
105 Km2 (25,946 acres)
Pilot: 130 wells and US$1.24 bn
YPF Operates
Full program
of ~1,500 wells (US$15 bn+)
• Estimated oil production: + 50 Kbbl/d
• Estimated gas production: 3 mm m3/d
La Amarga Chica (187 km2 - 46,189 acres)
Objective: Vaca Muerta
Shale Oil with Petronas
1.55% of total YPF’s VM acreage 2
(2) 187 Km2 / 12,075 Km2
Pilot consisted
on US$550 mm investment
~ 35 wells to be drilled
both verticals and horizontal
YPF Operates
El Orejano (45 km2 - 11,090 acres)
Objective: Vaca Muerta
Shale Gas with Dow
0.37% of total YPF’s VM acreage 3
(3) 45 Km2 / 12,075 Km2
Initial investment
of US$188 mm
16 wells to be drilled
YPF Operates
Rincón del Mangrullo (183 km2 - 45,200 acres)
Objective: Mulichinco Tight
Gas with Petrolera Pampa
1st stage
40 km2 of 3D seismic
34 wells to be drilled
YPF Operates
2nd stage
15 wells to be drilled
16
0.7 0.6 0.7
1.8
2.7
3.3
4.1 4.0 4.3 4.4 4.4
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
Total Gross Production (Mm3/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
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 km2 – 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 km2 - 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 (Mm3/d)
17
Source: 20-F 2014 – (1) YPF owns 50% of Refinor (not operated) – (2) As of December 2014
Proved reserves: 85 M boe
% liquids: 98
% gas: 2
Production: 8.8 M boe
Capacity: 105.5 kbbl/d
Luján de Cuyo refinery A
Proved reserves: 85 M boe
% liquids: 98
% gas: 2
Production: 8.8 M boe
Capacity: 189 kbbl/d
La Plata refinery B
Capacity: 25 kbbl/d
Plaza Huincul refinery C
Capacity: 26.1 kbbl/d
Refinor(1)
D
C
D
B
Terminals
Products pipeline
Oil pipeline
A
(3) Cumulative Jan-Sep 2015
Downstream - Solid Market Leadership
300
350
400
450
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013 2014 2015
Monthly Gasoline Sales (Km3)
Q3
2015
+
4.3
%
500
550
600
650
700
750
800
Jan Feb Mar Apr May Jun Jul Aug Sep Oct Nov Dec
2013
2014
2015
Monthly Diesel Sales (Km3)
-
5.6
%
Q3
2015
18
4,545 4,723
1,158 1,208
2013 2014 Q3 2014 Q3 2015
8,098 8,166
2,160 2,040
2013 2014 Q3 2014 Q3 2015
278 290 299 297
2013 2014 Q3 2014 Q3 2015
930 899 1,039
2012 2013 2014
Refinery output affected by scheduled maintenance activity in La Plata Refinery. Sales
volumes of diesel were negatively affected by weather conditions; strong sales of gasoline
(1) Capex converted considering an average FX rate of 4.6, 5.5 and 8.1 for 2012, 2013 and 2014 respectively
-5.6%
+4.3%
Downstream: Recent Performance
Crude Processed (kbbl/d)
Downstream CAPEX (US$ mm) 2 Diesel sales (k m3)
Gasoline sales (k m3)
+15.6%
-0.6% +4.3% +4%
+1% -3.4%
Company Overview 1
Upstream and Downstream 2
Financial Results 3
2015 Outlook 4
Agenda
20
857 1,041 1,115
865
389 201
2012 2013 2014 LTM Q3 2014 Q3 2015
1,737 2,202
2,445
1,924
975 612
2012 2013 2014 LTM Q3 2014 Q3 2015
-12% 4,391 5,128 5,013
1,649 1,452
27% 29% 29% 36% 33%
2013 2014 LTM Q3 2014 Q3 2015
EBITDA EBITDA Margin (%)
14,762 16,514 17,576 17,266
4,632 4,448
2012 2013 2014 LTM Q3 2014 Q3 2015
+17%
Despite lower prices across most products, results were solid and in line with budget; difficult
comparison against spectacular Q3 2014
Results
Revenues 1 (US$ mm) Adj. EBITDA 1 2 3 (US$ mm) & Adj. EBITDA Margin (%)
EBIT 1 2 (US$ mm) Net Income 1 2 (US$ mm)
-37%
(1) YPF financial statements values in IFRS converted to US$ using average FX of 4.6, 5.5, 8.1, 8.9, 8.3 and 9.2 for 2012, 2013, 2014, LTM Q3 2015, Q3 2014 and Q3 2015 respectively
(2) Considers non recurrent result for Q2 2013, not including a non cash provision of ARS 855 mm relating to claims arising from discontinuity of gas export contracts to Brazil in 2009
(3) Adjusted EBITDA = Net income attributable to shareholders + Net income for non controlling interest - Deferred income tax - Income tax - Financial income (Losses) gains on liabilities -
Financial income gains (Losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings
-48%
+6%
+11% +7%
+4%
21
Last 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.
Quarterly evolution in US Dollars
953 938
1,220 1,244
1,102
1,367
1,649
997
1,182
1,392 1,452
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
3,727
4,203
4,355
4,188
4,040
4,413
4,632
4,459
4,016
4,443 4,448
Q12013
Q22013
Q32013
Q42013
Q12014
Q22014
Q32014
Q42014
Q12015
Q22015
Q32015
22
2.212
1.063
Q3 2014 Q3 2015
(1) Cash converted to US$ using EOP FX rate of 8.4 and 9.4; Cash flow, Net financing and Capex converted to US$ using average of LTM Q3 2015 FX rate of 8.9.
(2) Includes effect of changes in exchange rates.
(3) Effective spendings in fixed assets acquisitions during the year .
(4) Converted to US$ using average FX rate of 8.2 and 9.4 for Q3 2014 and Q3 2015, respectively.
2 3
-52%
Consolidated statement of cash flows 1 (US$ mm) Cash flow from operations 4 (US$ mm)
Cash Flow From Operations
Strong cash position at the end of Q3 2015 despite lower cash flow from operations
Difficult comparison with one-off Q3 2014
1,894
1,159
4,683
1,510
-6.928
Cash at the end ofQ3 2014
Cashflow fromoperations
Net financing Capex Cash at the end ofQ3 2015
23
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
24
Balance sheet 9/30/15 (Ps million)
12/31/14 (Ps million)
VAR % 2015 / 2014
Cash & ST investments 10,857 9,758 11%
Fixed assets 194,047 156,930 24%
Other assets 51,767 41,866 24%
Total assets 256,671 208,554 23%
Loans 75,246 49,305 53%
Liabilities 94,607 86,468 9%
Total Liabilities 169,853 135,773 25%
Shareholders’ equity 86,818 72,781 19%
Source: YPF financial statements
Consolidated Balance Sheet
25 25
Income
statement
12 months
2014 (Ps million)
12 months
2013 (Ps million)
VAR % 2014/2013
9M 2015 (Ps million)
9M 2014 (Ps million)
VAR % 9M 2014 /
9M 2013
Revenues 141,942 90,113 58% 115,190 104,203 11%
Operating income 19,742 11,160 77% 15,678 18,378 -15%
Adj. EBITDA 1 41,412 23,107 79% 35,967 32,975 -18%
Net income 2 9,002 5,125 76% 6,274 4,407 0%
Source: YPF financial statements (1) Adjusted EBITDA = Net income attributable to shareholders + Net income for non controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities -
Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings
(2) Attributable to controlling shareholder.
Consolidated Income Statement
Company Overview 1
Upstream and Downstream 2
Financial Results 3
2015 Outlook 4
Agenda
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
28
NUESTRA ENERGÍA