History and development of YPF S.A.
We are Argentina’s leading energy company, operating a fully integrated oil and gas chain with leading market positions across the domestic upstream, midstream and downstream, LNG and integrated gas and new energies segments. See “Item 4. Information on the Company—Business organization”.
YPF datasheet
Legal name of the Company: YPF Sociedad Anónima
Commercial name: YPF
Date of incorporation and duration of the Company: Bylaws registered with the Public Registry of Commerce of the Autonomous City of Buenos Aires, in force for a limited term of 100 years from June 15, 1993, with the date of its termination being June 15, 2093
Legal form of the Company: Corporation (“sociedad anónima”)
Country of incorporation: Argentina
Fiscal identification number in Argentina: 30-54668997-9
Commission file number at the SEC: 1-12102
Address of principal executive offices: Macacha Güemes 515, C1106BKK, Autonomous City of Buenos Aires, Argentina
Telephone number: (54-11) 5441-0000
The SEC maintains an internet site that contains reports, proxy and information statements, and other information regarding issuers that file electronically with the SEC. All of the SEC filings made electronically by YPF S.A. are available to the public on the SEC website at www.sec.gov. YPF S.A.’s website is www.ypf.com. The information contained on, or that can be accessed through, YPF S.A.’s website is not part of, and is not incorporated into, this annual report.
We have a 100-year history:
• 1920 - 1990: During this period, the upstream and downstream segments of the Argentine oil and gas industry were effectively monopolies of the Argentine government. In August 1989, Argentina enacted laws aimed at the deregulation of the economy and the privatization of Argentina’s state-owned companies, which required us, among other things, to sell majority interests in our exploitation concessions in certain major productive areas and to undertake an internal management and operational restructuring program.
• 1992: In November 1992, the Argentine Congress enacted Law No. 24,145 (“Privatization Law”), which established the procedures for our privatization.
• 1993: In July 1993, we completed a worldwide offering of 160 million Class D shares, representing approximately 45% of our outstanding capital stock, that had previously been owned by the Argentine government. Concurrently, the Argentine government transferred approximately 40 million Class B shares to the Argentine provinces, which represented approximately 11% of our outstanding capital stock and made an offer to holders of pension bonds and certain other claims. As a result of that offering and other transactions, the Argentine government’s ownership interest in our capital stock was reduced from 100% to approximately 20% by the end of 1993.
• 1999: In January 1999, Repsol YPF acquired 52,914,700 Class A shares (14.99% of our shares), which were converted to Class D shares. In June 1999, Repsol YPF acquired an additional 82.47% of our outstanding capital stock pursuant to a tender offer to purchase all outstanding Class A, B, C and D shares. Repsol YPF acquired additional stakes in us from minority shareholders through other transactions in 1999 and 2000.
• 2000 - 2008: During this period, Repsol YPF owned approximately 99% of our capital stock. In 2008, Petersen Energía Inversora, S.A.U. and Petersen Energía, S.A.U. (together “Petersen”) acquired ADRs evidencing ADSs representing 15.46% of our capital stock.
• 2011: In May 2011, Petersen exercised an option to acquire, from Repsol YPF, ADRs evidencing ADSs representing an additional 10% of our capital stock.
• 2012: In May 2012, the Argentine Congress passed Law No. 26,741 (“Expropriation Law”), which declared as a national public interest and a priority for Argentina the achievement of self-sufficiency in the supply of hydrocarbons, as well as the exploitation, industrialization, transportation and sale of hydrocarbons.
Expropriation of shares held by Repsol YPF
The Expropriation Law:
• Provided for the expropriation of 51% of the share capital of YPF S.A. represented by an identical stake of Class D shares owned, directly or indirectly, by Repsol YPF and its controlled or controlling entities.
• Established that the shares subject to expropriation, which have been declared of public interest and were subsequently transferred to the Argentine Republic, will be assigned as follows: 51% to the Argentine Republic and 49% to the Argentine provinces that compose the National Organization of Hydrocarbon Producing States (“OFEPHI Provinces”). As of the date of this annual report, the transfer of the shares subject to expropriation between the Argentine Executive Branch and the OFEPHI Provinces is still pending.
• Determined the expropriation of 51% of the share capital of Repsol YPF GAS S.A. (“Repsol YPF GAS”) represented by 60% of the Class A shares of such entity owned, directly or indirectly, by Repsol Butano S.A. and its controlled or controlling entities.
• Established that the Argentine Executive Branch shall exercise all the political rights associated with the shares subject to expropriation until the transfer of political and economic rights to the OFEPHI Provinces is completed. In addition, the OFEPHI Provinces to which shares subject to expropriation are allocated must enter into a shareholders agreement with the Argentine federal government that will provide for the unified exercise of its rights as a shareholder. Any future transfer of the shares subject to expropriation is prohibited without the permission of the Argentine Congress.
• Established the distribution of the shares among the OFEPHI Provinces that accept their transfer must be conducted in an equitable manner, considering their respective levels of hydrocarbon production and proved reserves.
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• Established that the appointment of directors of YPF S.A. representing the expropriated shares shall be made proportionately to the holdings of the Argentine Republic and Argentine provinces, and one Director shall represent the employees of YPF S.A.
• Provided that, the Argentine federal government and the Argentine provinces must exercise their rights pursuant to the following principles: (a) the strategic contribution of YPF S.A. to the achievement of the objectives set forth in the Expropriation Law; (b) the administration of YPF S.A. pursuant to the industry’s best practices and corporate governance, safeguarding shareholders’ interests and generating value on their behalf; and (c) the professional management of YPF S.A.
You can find a copy of an English translation of the Expropriation Law in the report on Form 6-K furnished by YPF S.A. to the SEC on May 9, 2012.
In addition, on February 25, 2014, the Argentine Republic and Repsol reached an agreement (“Repsol Agreement”) in relation to compensation for the expropriation of 200,589,525 of YPF S.A.’s Class D shares pursuant to the Expropriation Law. Under the Repsol Agreement, Repsol accepted US$ 5.0 billion in sovereign bonds from the Argentine Republic and withdrew judicial and arbitral claims it had filed, including claims against YPF S.A., and waived additional claims. YPF S.A. and Repsol also executed a separate agreement (“Repsol Arrangement”) on February 27, 2014, pursuant to which YPF S.A. and Repsol each withdrew, subject to certain exclusions, all present and future actions and/or claims based on causes occurring prior to the date of execution of the Repsol Arrangement arising from the expropriation of the YPF S.A. shares owned by Repsol pursuant to the Expropriation Law, including the intervention of YPF S.A. and the temporary occupation for public purposes of 51% of Repsol´s capital stock in YPF S.A. Repsol and YPF S.A. agreed to withdraw reciprocal actions and claims with respect to third parties and/or pursued by them and to grant a series of mutual indemnities.
See “Item 7. Major shareholders and related party transactions” for details on our current major shareholders.
Legal nature of YPF S.A.
According to the Expropriation Law, YPF S.A. shall continue to operate as a publicly traded corporation pursuant to the Argentine General Corporations Law and its corresponding regulations and shall not be subject to any legislation or regulation applicable to the management or control of companies or entities owned by the Argentine federal government or provincial governments.
See “Item 7. Major shareholders and related party transactions”, “Item 3. Key information—Risk factors—Risks relating to Argentina—The Argentine Republic owns 51% of the shares of YPF S.A.” and “Item 3. Key information—Risk factors—Risks relating to our business—We face risks relating to legal proceedings which may cause significant costs and losses”.
Overview
YPF operates mainly in Argentina (see “Item 3. Key information—Risk factors—Risks relating to Argentina—Our business is largely dependent upon economic conditions in Argentina”) and a significant part of our revenues are primarily derived from the sales in the Argentine domestic market. Additionally, in 2025, our main expenditures were related to investments in unconventional fields with the objective of growing production and reserves, and in the maintenance and/or investment in our downstream business, among others, as well as royalties and taxes related to our operations and the payment of interest related to our financial debt.
Business strategy
Our strategy is guided by the “YPF 4×4” plan (“YPF 4×4”), the Company’s roadmap designed to drive value creation by leveraging our world-class assets in the Vaca Muerta formation, unlocking their export potential, and positioning YPF as a major crude oil and LNG exporter by 2030. This ambition has taken on increasing relevance in the current geopolitical context, characterized by growing global demand for affordable, reliable, and sustainable energy.
Since the launch of “YPF 4×4” in 2024, YPF has made significant progress in consolidating an upstream portfolio focused on unconventional development, steadily advancing towards becoming a pure shale player. This strategic evolution reflects the scale, productivity, competitiveness, and resilience of our operations in the Vaca Muerta formation. In this context, we continue to prioritize capital allocation to our unconventional assets and actively manage our asset portfolio. As part of this approach, the Company has already divested almost all of its mature conventional fields and will continue to advance the divestment of the remaining conventional areas and other non-core assets, ensuring strategic alignment.
In furtherance of this strategy, we continue to move forward with two strategic infrastructure projects to unlock the Vaca Muerta formation’s full potential: (i) VMOS, a pipeline that will enable us to expand evacuation capacity to increase crude oil export flows; and (ii) Argentina LNG, a project that aims to establish Argentina’s long-term gas export platform by advancing key technical and commercial milestones.
As we accelerate the growth potential of our unconventional operations, we are implementing a comprehensive change in our operating model across all our business segments, including upstream, midstream and downstream. This initiative includes the continued expansion of our Real Time Intelligence Centers (“RTICs”), which strengthen timely monitoring and data-driven decision-making, and are further enhanced by AI. These initiatives are designed to consolidate the competitiveness of our operations and to further reinforce our position as the leading integrated energy company in Argentina.
Strategic pillars: “YPF 4×4”
Built on four strategic pillars, “YPF 4×4” provides a robust and disciplined framework for decision-making, capital allocation and execution.
1. Focus on our most profitable business: Vaca Muerta
Development of our unconventional hydrocarbon acreage with competitive advantages and debottleneck of the crude oil production from the Vaca Muerta formation, through infrastructure projects that are expected to enable future growth and exports.
2. Active portfolio management
Ongoing portfolio optimization through the divestment of non-core assets, such as mature fields, alongside the selective expansion of our resource base through acquisitions and exploration.
3. Maximize upstream and downstream efficiency
Strengthening our operating and management model, with initiatives aimed at improving execution, standardizing processes and incorporating advanced technologies, aimed at building a resilient, world-class asset base and achieving first-quartile performance across all our business segments.
4. Argentina LNG project
Monetization of Vaca Muerta’s world-class natural gas reserves beyond local and regional demand, leading the development of LNG capacity in Argentina.
Continued progress under “YPF 4×4” is expected to deliver tangible improvements in operational performance, project delivery and capital discipline, supporting our goal to maximize value creation for our stakeholders in a sustainable way.
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As part of this objective, we aim to continue to implement our corporate sustainability policy to maintain high standards with regards to the health and safety of our people and the communities we work in, to advance our commitment to climate and energy-related actions, reducing the Company’s CO2e emissions primarily in upstream operations, and expand renewable energy development through our participation in YPF Energía Eléctrica S.A. (“YPF EE”).
Our strategic “YPF 4×4” plan requires, among others, the reinvestment of our earnings, our association with strategic partners and the use of debt financing at levels we consider prudent for companies in our industry. The financial viability of these investments and hydrocarbon recovery efforts will depend on numerous factors that YPF does not control or influence, including the prevailing economic and regulatory conditions in Argentina, the ability to obtain financing in satisfactory amounts at competitive costs, among others. See “Item 3. Key information—Risk factors—Risks relating to Argentina”, “Item 3. Key information—Risk factors—Risks relating to our business” and “Item 5. Operating and financial review and prospects—Factors affecting our operations”.
Business organization
For a table including the main entities of our organizational structure, and details regarding our principal subsidiaries, see Note 1 to the Audited Consolidated Financial Statements.
As of fiscal year 2025, as a consequence of the organizational structure changes in which the New Energies Vice Presidency was created and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency, respectively, the full management scope of these new business units was determined. On January 1, 2025, these organizational changes resulted in a modification of the composition of our business segments according to how the chief decision maker allocates resources and assesses the performance of these business segments, creating the New Energies business segment and readjusting the composition and definition of the businesses of the remaining business segments.
As of December 31, 2025, we conducted our business according to the following organization:
(i) Upstream business segment
The Upstream business segment performs all activities related to the exploration and exploitation of hydrocarbon fields and production of crude oil and natural gas.
Its revenues are mainly derived from: (i) the sale of the produced crude oil to third parties and to the Midstream and Downstream business segment; (ii) the sale of the produced natural gas to third parties and to the LNG and Integrated Gas business segment; and (iii) the sale of the natural gas retained in plant to the Midstream and Downstream business segment.
It incurs all costs related to the aforementioned activities.
(ii) Midstream and Downstream business segment
The Midstream and Downstream business segment performs activities related to: (i) the refining, transportation and commercialization of refined products; (ii) the production, transportation and commercialization of petrochemical products; (iii) the transportation and commercialization of crude oil; and (iv) the commercialization of specialties for the agribusiness industry and of grains and their by-products.
On January 1, 2025, as a consequence of the organizational changes described above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment.
Its revenues are mainly derived from the sale of crude oil, refined and petrochemical products, and specialties for agribusiness industry and grains and their by-products, through the businesses of Retail, Commercial Networks, Industries, Transportation, Aviation, Agro, Lubricants and Specialties, LPG, Chemicals, International Trade and Transportation and Sales to Companies. In addition, it obtains revenues from midstream oil, midstream gas and natural gas storage operations and the provision of LNG regasification services.
It incurs all costs related to the aforementioned activities, including the purchase of: (i) crude oil from the Upstream business segment and third parties; (ii) natural gas to be consumed in the refinery and petrochemical industrial complexes from the LNG and Integrated Gas business segment; and (iii) natural gas retained in plant from the Upstream business segment.
(iii) LNG and Integrated Gas business segment
The LNG and Integrated Gas business segment performs activities related to: (i) natural gas transportation and commercialization to third parties and to the Midstream and Downstream business segment; (ii) the separation of NGLs and their fractionation, storage and transportation for the production of ethane, propane, butane and gasoline, and its commercialization, through our joint venture Compañía Mega S.A. (“Mega”); and (iii) the development of LNG liquefaction capacity.
On January 1, 2025, as a consequence of the organizational changes mentioned above, the assets related to the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of gasoline, propane and butane, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar, which were formerly included in the Gas and Power business segment, were assigned to the Midstream and Downstream business segment. Furthermore, the assets related to the distribution of natural gas through our subsidiary Metrogas and the generation of conventional thermal electric power and renewable energy through our joint ventures YPF EE and CT Barragán S.A. (“CT Barragán”) , which were formerly included in the Gas and Power business segment, were assigned to the New Energies business segment.
Its revenues are mainly derived from the sale of natural gas as producers to third parties, to the Midstream and Downstream business segment and to our subsidiary Metrogas included in the New Energies business segment.
It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the Upstream business segment.
(iv) New Energies business segment
On January 1, 2025, as a consequence of the organizational changes described above, the New Energies Vice Presidency was created and during the current fiscal year the complete management scope of this new business unit was determined. As of that date, the assets related to the distribution of natural gas through our subsidiary Metrogas and the generation of conventional thermal electric power and renewable energy through our joint ventures YPF EE and CT Barragán, which were formerly included in the Gas and Power business segment, were assigned to this business segment. In addition, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary YPF Tecnología S.A. (“Y-TEC”), previously included in Central Administration and Others, were assigned to this business segment.
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It performs activities related to: (i) the definition and development of the new energy portfolio; (ii) the definition and development of sustainability and energy transitions programs; (iii) the distribution of natural gas through our subsidiary Metrogas; and (iv) the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC. Furthermore, through our joint ventures YPF EE and CT Barragán, this business segment performs activities related to the generation of conventional thermal electric power and renewable energy.
Its revenues are mainly derived from the services of transportation and distribution of natural gas to third parties through our subsidiary Metrogas.
It incurs all costs related to the aforementioned activities, including the purchase of natural gas from the LNG and Integrated Gas business segment through our subsidiary Metrogas.
(v) Central Administration and Others
It includes the remaining activities performed by the Company that do not fall within the aforementioned business segments and which are not reporting business segments, mainly comprising revenues, expenses and assets related to: (i) corporate administrative; (ii) the production of frac sand for well drilling/fracking purposes; (iii) the construction activities through our subsidiary A-Evangelista S.A. (“AESA”); and (iv) digital development services and solutions through our subsidiary YPF Digital S.A.U. (“YPF Digital”).
In addition, on January 1, 2025, as a consequence of the organizational changes described above, the assets related to the provision of research and development services of technology applied to the hydrocarbon industry through our subsidiary Y-TEC, previously included in Central Administration and Others, were assigned to the New Energies business segment.
The following table sets forth, for each of the periods indicated, revenues and operating profit or loss for each of our business segments; for additional information about revenues see Note 25 to the Audited Consolidated Financial Statements:
For the year ended December 31,
(millions of US$)
2025 2024(2) 2023(2)
Revenues (1)
Upstream
Revenues 89 50 32
Revenues from intersegment sales 7,486 8,225 7,211
Total Upstream 7,575 8,275 7,243
Midstream and Downstream
Revenues 15,157 15,901 14,977
Revenues from intersegment sales 181 122 136
Total Midstream and Downstream 15,338 16,023 15,113
LNG and Integrated Gas
Revenues 1,643 1,633 1,523
Revenues from intersegment sales 322 294 291
Total LNG and Integrated Gas 1,965 1,927 1,814
New Energies
Revenues 835 895 407
Revenues from intersegment sales 8 9 21
Total New Energies 843 904 428
Central Administration and Others
Revenues 724 814 372
Revenues from intersegment sales 1,122 1,038 765
Total Central Administration and Others 1,846 1,852 1,137
Consolidation adjustments (9,119) (9,688) (8,424)
Total Revenues 18,448 19,293 17,311
Operating profit or loss
Upstream 410 515 (1,915)
Midstream and Downstream 1,167 1,356 939
LNG and Integrated Gas (8) (49) (1)
New Energies 432 106 (64)
Central Administration and Others (336) (332) (262)
Consolidation adjustments 75 (116) 55
Total Operating profit or loss 1,740 1,480 (1,248)
(1) Export withholdings on hydrocarbon are disclosed as “Selling expenses” in the “Taxes, charges and contributions” line as indicated in Note 27 to the Audited Consolidated Financial Statements. Royalties with respect to our hydrocarbon production are accounted for as a production cost and are not deducted in determining revenues. For further information on accounting policies of our revenues see Note 2.b.12) to the Audited Consolidated Financial Statements.
(2) Comparative information for the years ended December 31, 2024 and 2023 has been restated due to changes in which the New Energies Vice Presidency was created and the Gas and Power Vice Presidency and the Downstream Vice Presidency were reformulated as the LNG and Integrated Gas Vice Presidency and the Midstream and Downstream Vice Presidency.
Sales between business segments were made at internal transfer prices established by the Company, which approximately reflect domestic market prices.
Operating profit or loss of each business segment has been determined after consolidation adjustments.
For a description of our principal capital expenditures and divestitures see “Item 5. Operating and financial review and prospects—Liquidity and capital resources—Capital investments, expenditures and divestitures”.
Upstream
YPF’s Upstream business segment seeks to add value to the Company by optimizing the use of deployed capital, achieving levels of operational excellence, thus generating new development opportunities, while delivering profitable growth driven by the increasing incorporation of unconventional projects to its activities where well construction efficiency is a fundamental factor.
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YPF | Form 20-F | 2025
The plan of promotion for natural gas production in Argentina, Plan GasAr 2023-2028, launched in November 2022, gave to the Company an opportunity to monetize natural gas reservoirs, ensuring to supply the demand in Argentina during this period at a price that allows for the development of our natural gas projects mainly in the Neuquina basin. For further information see “Item 4. Information on the Company—Business organization—LNG and Integrated Gas” and Note 35.f.1) to the Audited Consolidated Financial Statements.
During 2025, we continued actively managing our portfolio. As of December 31, 2025, we held interests in 78 oil and gas fields in Argentina. According to the Instituto Argentino del Petróleo y del Gas (Argentine Oil and Gas Institute or “IAPG”), in 2025, these assets accounted for 32% of the total production of crude oil and 27% of the total natural gas production of Argentina.
During 2025, YPF’s hydrocarbon production decreased by 1.7% compared to 2024 due to the disposal of assets related to the optimization plan of the conventional upstream portfolio. The daily production of crude oil decreased by 0.8%, NGLs increased by 1.4%, and natural gas decreased by 3.2% compared to 2024.
Our shale hydrocarbon production continued to increase strongly during 2025, 65% of our total hydrocarbon production is shale. The daily production of crude oil increased by 34.6%, NGLs increased by 2.7%, and natural gas increased by 13.7% compared to 2024.
During 2025, we continued with the disposal of assets related to the optimization plan of the conventional upstream portfolio. This plan is consistent with the Company’s management plans, which consider that the ongoing portfolio optimization through the divestment of non-core assets, such as mature fields, is one of the drivers on which the YPF’s strategy is based, to focus on activities and investments in unconventional fields. The optimization plan of the conventional upstream portfolio is aligned with the second strategic pilar of our “YPF 4×4” plan.
See “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4””; “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Argentina—Development activities—Conventional activities—Optimization plan of the conventional upstream portfolio”; and “Item 3. Key information—Risk Factors—Risks relating to our business—We may fail to execute in whole or in part our optimization plan of the conventional upstream portfolio”.
Acreage
Our hydrocarbon production is concentrated in Argentina, in the Neuquina, Golfo San Jorge, Austral and Noroeste basins:
The following table sets forth, for the period indicated, information regarding our developed and undeveloped acreage by geographic area:
As of December 31, 2025
(thousands of acres)
Developed (1) Undeveloped (2)
Gross (3) Net (4) Gross (3) Net (4)
South America
Argentina (5) (6) 824 548 16,415 8,868
Rest of South America (7) - - 4,610 4,425
Total 824 548 21,025 13,293
(1) Developed acreage is spaced or assignable to productive wells.
(2) Undeveloped acreage encompasses those acres on which wells have not been drilled or completed to a point that would permit the production of economic quantities of hydrocarbons regardless of whether such acreage contains proved reserves.
(3) A gross acre is an acre in which we own a working interest.
(4) Net acreage equals gross acreage after deducting third-party interests.
(5) 9,770 and 4,604 thousand acres correspond to gross and net undeveloped offshore fields, respectively, while 28 and 14 thousand acres correspond to gross and net developed offshore fields, respectively.
(6) We have excluded from our undeveloped acreage those acres corresponding to exploration permits which have already expired and which, as of December 31, 2025, considering the results obtained and having fulfilled all investment commitments, the Company has notified the relevant enforcement authority of its decision to relinquish the block, and therefore, YPF does not hold any rights related to such acreage.
(7) Relates to Colombia, Bolivia and Uruguay. YPF’s net undeveloped surface acreage totaled 91,553 acres in Bolivia and 4,160,266 acres in Uruguay. For information about Colombia see “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Rest of South America—Exploration activities”.
The net exploratory undeveloped acreage in Argentina under the first or second exploration periods, which mature in 2026 and in the period 2027-2029 is 11,542 km2 (51.9%) and 10,675 km2 (48.1%), respectively, of our 22,217 km2 net exploratory undeveloped acreage as of December 31, 2025. The net exploratory undeveloped acreage in the Rest of South America is 17,906 km2, which mature in the period 2026-2027.
The extension of the expiring acreage that the Company would be required to surrender to the relevant enforcement authority will depend on our decision to extend our exploration permit in a given area, provided that the requirements of the Argentine Hydrocarbons Law have been met, including the fulfillment of our obligations under the exploration permit relating to those areas. Therefore, the areas to be relinquished usually consist of acreage where drilling has not been successful and are considered non-core lease acreage.
As of December 31, 2025, we do not have any material proved undeveloped and non-proved acreage related to our exploitation concessions expiring in the near term.
Exploration permits and exploitation concessions in Argentina
The following table sets forth, for the period indicated, information regarding the exploration permits and exploitation concessions we held:
As of December 31, 2025
Operated by YPF Non-Operated by YPF Total
Exploration permits 7 6 13
Exploitation concessions 38 27 65
Total 45 33 78
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The following table sets forth, for the period indicated, information regarding the exploration permits we held:
As of December 31, 2025
Onshore Offshore
100% ownership interest 50.0% ownership interest Total 100% ownership interest 35.0% - 50.0% ownership interest Total
Exploration permits 4 3 7 - 6 6
The following table sets forth, for the period indicated, information regarding the exploitation concessions we held:
As of December 31, 2025
Onshore Offshore
100% ownership interest 22.5% - 70.0% ownership interest Total 100% ownership interest 50% ownership interest Total
Exploitation concessions 25 38 63 - 2 2
The following table sets forth, for the period indicated, information regarding the expiration year of our exploration permits and exploitation concessions:
As of December 31, 2025
Expiration year
2026- 2030 2031- 2035 2036- 2040 2041- 2045 2046- 2050 2051- 2055 2056- 2060 Total
Exploration permits 13 - - - - - - 13
Operated by YPF 7 - - - - - - 7
Non-Operated by YPF 6 - - - - - - 6
Exploitation concessions 25 6 7 2 6 14 5 65
Operated by YPF 15 1 3 2 5 8 4 38
Non-Operated by YPF 10 5 4 - 1 6 1 27
Total 38 6 7 2 6 14 5 78
The following table sets forth, for the period indicated, information regarding our gross and net interests in productive oil and gas wells by basin:
As of December 31, 2025
Wells (1) (2)
Oil Gas
Basin Gross Net Gross Net
Neuquina 4,188 2,869 1,679 1,003
Golfo San Jorge 1,063 1,063 19 19
Austral 91 91 41 41
Noroeste 36 19 74 36
Onshore 5,378 4,042 1,813 1,099
Austral 56 28 - -
Offshore 56 28 - -
Total 5,434 4,070 1,813 1,099
(1) Gross wells are wells in which we own a working interest.
(2) Net wells equal gross wells after deducting third-party interests.
In Argentina, 99.9% of our proved liquids reserves are concentrated in the Neuquina (96.0%) and Golfo San Jorge (3.9%) basins, and 97.6% of our proved natural gas reserves are concentrated in the Neuquina basin.
Joint ventures and contractual arrangements in Argentina
The following table sets forth, for the period indicated, information regarding the exploration and exploitation joint ventures and contractual arrangements in which we participated:
As of December 31, 2025
16.9% - 70.0% ownership interest Total
Operated by YPF Non-Operated by YPF
Exploration joint ventures and contractual arrangements 3 6 9
Exploitation joint ventures and contractual arrangements 13 20 33
Total 16 26 42
Our obligations to share exploration and development costs vary under these agreements. In addition, under the terms of certain of our joint ventures, we have agreed to indemnify our joint venture partners in the event that our rights with respect to such areas are restricted or affected in such a way that the purpose of the joint venture cannot be achieved. For a list of the main exploration and exploitation joint ventures in which we participated as of December 31, 2025, see Note 30 to the Audited Consolidated Financial Statements. We are also a party of other contractual arrangements that arose through the renegotiation of service contracts and their conversion into exploitation concessions and exploration permits.
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Drilling activity in Argentina
The following table sets forth, for each of the periods indicated, information regarding the number of drilled wells:
For the year ended December 31,
2025 2024 2023
Gross wells drilled (1)
Oil 3 2 1
Gas - 2 2
Exploratory productive 3 4 3
Dry 1 5 1
Total Exploratory 4 9 4
Oil 265 267 300
Gas 49 56 79
Development productive 314 323 379
Dry - - -
Total Development 314 323 379
Net wells drilled (2)
Oil - ( *) 2 1
Gas - 1 2
Exploratory productive - ( *) 3 3
Dry 1 3 1
Total Exploratory 1 6 4
Oil 158 178 206
Gas 21 22 40
Development productive 179 200 246
Dry - - -
Total Development 179 200 246
(*) Less than 1.
(1) Gross wells are wells in which we own a working interest.
(2) Net wells equal gross wells after deducting third-party interests.
The following table sets forth, for the period indicated, information regarding the number of wells in the process of being drilled:
As of December 31, 2025
Gross Net
South America
Argentina 134 81
Rest of South America - -
Total 134 81
Exploration & Development activities
Argentina
Exploration activities
YPF’s onshore exploration portfolio is mainly focused on high-impact projects such as Vaca Muerta and Palermo Aike.
To expand the boundaries of the Vaca Muerta formation, in 2025, 8 horizontal exploratory wells were evaluated in the southern area of the Neuquina basin.
In 2025, in Las Tacanas block, 2 wells were tested, each featuring a 1,500-meter horizontal extension across two levels within the Vaca Muerta formation. Flowback operations began in January 2025 and continued for 119 days. As of December 31, 2025, these wells are producing natural gas and condensate as expected.
In Río Neuquén block, in 2025, 2 wells were completed, each featuring a 2,000-meter horizontal extension targeting two landing zones within the Vaca Muerta formation, with 33 stimulation stages each. Flowback operations began in May 2025 and continued for 89 days. As of December 31, 2025, both wells are producing crude oil as expected.
During 2025, in Meseta Buena Esperanza block 2 wells were completed, each featuring 1,560 meters horizontal extension, with 26 stimulation stages each. Flowback operations began in October 2025, and as of the date of this annual report they are ongoing. As of December 31, 2025, both wells are producing natural gas and condensate as expected.
In Aguada Villanueva block, we tested 2 wells with horizontal extensions of 1,200 and 1,500 meters each. Flowback operations began in April 2025 and continued for 86 days. As of December 31, 2025, both wells are producing natural gas and condensate as expected.
In addition, YPF is committed to strengthening its expertise in unconventional formations throughout Argentina, including Palermo Aike, which is believed to be Argentina’s second most significant shale formation behind the Vaca Muerta formation in terms of potential. To achieve this objective, YPF is implementing initiatives to enhance both geological and operational knowledge of this unconventional geological formation.
In 2025, we committed to drilling 3 exploratory horizontal wells, 2 wells in La Azucena block and 1 well in El Campamento Este block. As of December 31, 2025, drilling activity is in progress with drilling progress of 88% and 2% for the wells in La Azucena block, and of 30% for the well in El Campamento Este block.
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YPF | Form 20-F | 2025
Seismic activities
Onshore
During 2025, we carried out two 3D seismic surveys in the Austral basin, covering 766.7 km² in La Azucena block and 242.9 km² in El Campamento Este block.
Offshore
In the Malvinas Oeste basin, a 2,609 km² 3D seismic survey was carried out between 2024 and 2025 in MLO 123 block, which is operated by Total Austral Argentina S.A. Sucursal Argentina. In April 2025, adverse weather conditions forced the suspension of data collection, leaving a remaining area unrecorded.
Development activities
Unconventional activities
Operated activities
During 2025, the hydrocarbon production from our unconventional shale activities was 247.1 kboe/d (YPF net, from operated areas), representing 47% of YPF’s total production (YPF net, from operated and non-operated areas). In 2025, YPF, jointly with its partners, continued with its growth plan with more than US$ 2,724 million invested (YPF net, from operated areas), 239 wells put into production and more than 12,000 frac stages carried out in blocks operated by YPF. Considering all of the above, YPF expects to continue to lead the unconventional activities development in Argentina.
Core Hub
During 2025, YPF continued to be highly active in the Core Hub blocks (Loma Campana, La Amarga Chica, Bandurria Sur and Aguada del Chañar). Operations in the Core Hub were carried out with 9 rigs, focusing on operational excellence and reducing well construction cycle times. Development efforts in these blocks have primarily targeted the lower intervals of the Vaca Muerta formation. Different strategies, such as adjustments to well spacing and fracture stimulation design, continue to be implemented on new drilling sites (also known as “PADs”) to mitigate parent/child effects that may impact well performance.
As of the date of this annual report, a shale-enhanced oil recovery (“EOR”) pilot, based on a tailor-made nanosurfactant technology developed by Y-TEC is underway on a 4-well pilot in Loma Campana block. If successful, this technology could increase the estimated ultimate recovery (“EUR”) of the wells.
In La Amarga Chica block (which we currently jointly operate with Vista Energy Argentina S.A.U. subsidiary of Vista Energy, S.A.B. de C.V. (“Vista”) after Petronas’ divestment), the second development phase is being executed, targeting upper intervals in the Vaca Muerta formation above previously exploited horizons (known as “Cocina” and “Orgánico”). For these upper intervals, stimulation designs were intensified to improve profitability.
In Bandurria Sur block, in the southeastern sector, based on productivity results recorded in the medium interval horizon during 2024, YPF initiated the development of this horizon by drilling 7 wells in 2025. Additional productivity will be monitored, and if results remain encouraging, development will continue in 2026. This represents a key and challenging milestone, as the interval lies between two horizons already in production (lower interval and upper interval). In the eastern sector, the second phase of development commenced, targeting the upper intervals of the Vaca Muerta formation, following completion of the lower intervals.
In March 2025, YPF sold 49% of its stake in Aguada del Chañar block to Compañía General de Combustibles S.A (“CGC”). During 2025, due to the results of the wells in the lower levels of the Vaca Muerta formation, which were below expectations, led to testing the wells in the upper level of the Vaca Muerta formation. As of the date of this annual report, the results are being evaluated.
Across the Core Hub and adjacent development areas (South Hub), YPF remains focused on: (i) optimizing interval selection and stimulation designs; (ii) calibrating well spacing to balance productivity and resource recovery; (iii) mitigating mechanical risks (including casing robustness in curved sections); and (iv) sequencing development to incorporate learnings from pilot programs and fault crossing strategies. These actions are intended to support sustained and capital disciplined growth within the Neuquina basin.
Throughout 2025, 4 new facilities were put into production in the Core Hub blocks: (i) “BND5” battery in Bandurria Sur block, with a processing capacity of 6,000 m3/d; (ii) “4S” and “3C” batteries in La Amarga Chica block, with a processing capacity of 3,000 m3/d and 6,000 m3/d, respectively; and (iii) “3CE” battery in Loma Campana block, with a processing capacity 6,000 m3/d. Additionally, in 2025, the revamping of the Battery 1 in Aguada del Chañar block was completed, which increased processing capacity from 3,000 m3/d to 6,000 m3/d.
Additionally, in February 2026, YPF agreed with Vista to acquire an indirect 4.9% interest in Bandurria Sur block, subject to the fulfillment of closing conditions. If completed, YPF will reach a 44.9% interest in this block. See Note 38 “Acquisition of interest in the “Bandurria Sur”, “Bajo del Toro” and “Bajo del Toro Norte” blocks” section to the Audited Consolidated Financial Statements.
South Hub
In 2025, the South Hub blocks (La Angostura Sur I and La Angostura Sur II), located immediately south of the Core Hub blocks, emerged as YPF’s new flagship development in the Vaca Muerta formation. In March 2025, YPF was granted separate hydrocarbon unconventional exploitation concessions (“CENCH”, by its acronym in Spanish) for the La Angostura Sur I and La Angostura Sur II blocks, formerly under the Aguada Toledo - Sierra Barrosa exploitation concession. These blocks are 100% operated by YPF. During 2025, 40 wells were drilled and 50 wells were put into production. Productivity results have been broadly in line with expectations, reaffirming the strategic decision to accelerate development in South Hub.
While construction of a dedicated processing facility, scheduled to commence operations in 2026, is underway, existing infrastructure has been progressively adapted to produce 46 kbbl/d of crude oil.
Additionally, supported by strong performance and leveraging increased reservoir thickness, during 2025, drilling activity gradually challenged traditional well spacing, reducing inter-well distances while simultaneously increasing fracture intensity design.
In the adjacent area of the South Hub blocks, known as Barreal Grande block, a delineation pilot of 3 wells was drilled to confirm the continuity of favorable reservoir characteristics. As of December 31, 2025, this pilot was put into production, and as of the date of this annual report the results are under evaluation. This block could represent a natural extension of the South Hub development in the near term.
North Hub
Regarding the North Hub blocks (Bajo del Toro, Bajo del Toro Norte, Narambuena and La Escalonada), during 2025, activities were focused on Bajo del Toro Norte block with the completion of a four-well PAD, with performance according to expectations. This PAD incorporated a fiber optic monitoring pilot to improve calibration between well spacing and fracture design for future development. These studies aim to assess additional value potential by developing Bajo del Toro Norte block with reduced spacing and higher stimulation intensity.
In 2025, in Bajo del Toro block, a vertical well was drilled and analyzed to select the optimal interval for a horizontal branch. While all intervals exhibited favorable characteristics, the “Cocina” level proved most attractive. This well was put into production in December 2025.
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YPF | Form 20-F | 2025
In February 2025, the Neuquén Province granted YPF and Compañía de Desarrollo No Convencional S.R.L. (“CDNC”) a CENCH in Narambuena block, each company holding 50% interest in such concession. In 2025, a four-well PAD across different navigable intervals was drilled, continuing the delineation strategy established along with CDNC controlling parent Chevron, which was completed in December 2025. One well of this four-well PAD drilled in the horizon known as “Segunda Cocina” reached a lateral length above 4,000 meters. This four-well PAD is scheduled to go into production in March 2026.
Another milestone of 2025 was the technical evaluation and economic proposal which culminated in the acquisition of a 45% interest in La Escalonada and Rincón La Ceniza blocks through the acquisition of Total Austral S.A.’s 100% of the shares and capital stock of Vaca Muerta Investments S.A. (see Note 3 “Acquisition of VMI” section to the Audited Consolidated Financial Statements). Productivity observed in La Escalonada block and neighboring areas, coupled with four identified navigable intervals, underscores the strategic value this asset is expected to achieve within YPF’s Upstream portfolio.
In February 2026, YPF agreed with Vista to acquire 15% interest in Bajo del Toro and Bajo del Toro Norte blocks, subject to the fulfillment of closing conditions. If completed, YPF will reach a 65% interest in Bajo del Toro and Bajo del Toro Norte blocks. See Note 38 “Acquisition of interest in the “Bandurria Sur”, “Bajo del Toro”, and “Bajo del Toro Norte” blocks” section to the Audited Consolidated Financial Statements.
Gas Hub
In the Gas Hub blocks (Aguada de la Arena, Rincón del Mangrullo, La Ribera, El Orejano y Rincón La Ceniza), the main milestone of 2025 was the technical evaluation and economic proposal which culminated in the acquisition of a 45% interest in Rincón La Ceniza and La Escalonada blocks through the acquisition of Total Austral S.A.’s 100% of the shares and capital stock of Vaca Muerta Investments S.A. See Note 3 “Acquisition of VMI” section to the Audited Consolidated Financial Statements.
In February 2025, the Neuquén Province granted YPF a CENCH in Aguada de la Arena block. During 2025, 2 wells were completed and put into production to satisfy domestic demand, which as of the date of this annual report were still under evaluation.
In December 2025, stimulation operations began on a three-well PAD drilled in 2023 in the south of the Neuquén River in Rincón del Mangrullo block, which is the first to be drilled in this area, with the aim of reducing the productivity risk in this part of the block. The stimulation operations were completed in January 2026, and wells went into production in February 2026.
Non-operated activities
During 2025, the shale hydrocarbon production of the non-operated areas was 96.4 kboe/d (YPF net, from non-operated areas), representing 18% of YPF´s total production (YPF net, from operated and non-operated areas).
In 2025, the unconventional activities in the non-operated areas in the Neuquina basin involved a total investment (YPF net, from non-operated areas) of US$ 416 million in drilling and completion and US$ 223 million in production facilities and other capital expenditures. Shale oil main investments were concentrated in Lindero Atravesado and Bajada de Añelo blocks, while shale gas investments were focused on La Calera and Aguada Pichana Oeste blocks.
During 2025, in La Calera block, a new natural gas dehydration unit was commissioned at the existing Central Production Facility I (“CPF I”), followed by the commissioning of a booster compression. This upgrade increased natural gas treatment and high-pressure compression capacity by 4.5 Mm3/d, complementing the existing 10 Mm³/d of natural gas and 4,800 m³/d of condensate handled by CPF I. As a result, La Calera block currently has a total processing capacity of 14.5 Mm³/d of natural gas and 4,800 m³/d of condensate. Additionally, during 2025, the construction of a second Central Processing Facility (“CPF II”) has been awarded, which will further strengthen La Calera block’s infrastructure, and is expected to enter into operation in the first half of 2028.
In October 2025, a new facility with a processing capacity of 2,350 m³/d of condensate and 2 Mm³/d of natural gas was commissioned in Bajada de Añelo block. This milestone was achieved by bringing existing wells in this block back into production, complemented by the horizontal wells completed in 2025 within the oil-producing area.
Additionally, a technical evaluation and economic proposal culminated in the acquisition of a 54.45% interest in Sierra Chata block through the acquisition of Exxon’s 100% of the shares and capital stock of Mobil Argentina S.A. (currently named SC Gas S.A.U.). See Note 3 “Acquisition of Mobil Argentina S.A.” section to the Audited Consolidated Financial Statements.
Additionally, La Calera and Aguada Pichana Oeste blocks are part of the Plan GasAr 2023-2028 that aim to boost natural gas production in Argentina by granting competitive prices.
Furthermore, on January 2026, YPF entered into an asset exchange agreement with Pluspetrol S.A. (“Pluspetrol”), whereby: (i) YPF agreed to transfer 44.44% of the shares of VMI to Pluspetrol; and (ii) Pluspetrol assigns to YPF 50% of its interest in Aguada Villanueva, Las Tacanas and Meseta Buena Esperanza exploitation concessions. As of the date of this annual report, this agreement is subject to the fulfillment of closing conditions. With this exchange agreement, YPF, which already held 50% of the interest in these exploitation concessions, will hold 100% of interest in these blocks.
Conventional activities
During 2025, the conventional and tight hydrocarbon production from operated activities was 149.4 kboe/d (YPF net, from operated areas), representing 28% of YPF’s total production (YPF net, from operated and non-operated areas).
During 2025, activity in conventional blocks involved a total investment (YPF net, from operated areas) of US$ 166 million, US$ 127 million of which was mainly focused on Manantiales Behr block in the Chubut Province, and US$ 39 million of which was focused mainly on continuing operational sustainability, taking care of the safety of operations and employees, as well as the environment in mature fields in the Mendoza, Río Negro and Neuquén Provinces. See “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Argentina—Development activities—Conventional activities—Optimization plan of the conventional upstream portfolio”.
Conventional activity is focused on Río Neuquén block, where the only conventional natural gas production project operated by YPF is being developed. During 2025, 5 tight gas wells, drilled in 2024 and 2023, were completed and put into production, which as of the date of this annual report are under evaluation.
During 2025, the conventional and tight hydrocarbon production from non-operated activities was 34.2 kboe/d (YPF net, from non-operated areas), representing 6% of YPF’s total production (YPF net, from operated and non-operated areas).
Optimization plan of the conventional upstream portfolio
On February 29, 2024, YPF’s Board of Directors resolved the disposal of certain groups of assets, mainly mature fields from Golfo San Jorge, Neuquina, Cuyana and Austral basins. This disposal of assets related to mature fields, named “Mature Fields Project”, is consistent with the Company’s management plans, which considers that the ongoing portfolio optimization through the divestment of non-core assets, such as mature fields, is one of the drivers on which YPF’s strategy is based, focusing on activities and investments in unconventional fields. In this sense, during 2024 and significantly in 2025, the Company made progress in the execution of assignment agreements. Additionally, in 2025, the Company included further conventional exploitation concessions to the optimization plan of the conventional upstream portfolio related to mature fields.
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YPF | Form 20-F | 2025
As of December 31, 2025, the agreed closing conditions for 10 assignment agreements were satisfied.
During 2024, the agreed closing conditions for the following exploitation concessions were satisfied:
(i) Escalante - El Trébol.
(ii) Llancanelo and Llancanelo R.
During 2025, the agreed closing conditions for the following exploitation concessions were satisfied:
(i) Estación Fernández Oro.
(ii) Campamento Central - Cañadón Perdido.
(iii) Barrancas, Vizcacheras, La Ventana, Ceferino, Mesa Verde and Río Tunuyán.
(iv) Señal Cerro Bayo, Volcán Auca Mahuida, Don Ruiz and Las Manadas.
(v) Al Norte De La Dorsal, Octógono and Dadín.
(vi) Cerro Piedra - Cerro Guadal Norte, Barranca Yankowsky, Los Monos, El Guadal - Lomas del Cuy; Cañadón Vasco, Cañadón Yatel, Pico Truncado - El Cordón, Los Perales - Las Mesetas, Cañadón León - Meseta Espinosa and Cañadón de la Escondida - Las Heras.
(vii) El Portón (Mendoza - Neuquén), Chihuido de la Salina, Altiplanicie del Payún, Cañadón Amarillo, Chihuido de la Salina Sur and Confluencia Sur.
(viii) El Tordillo, Puesto Quiroga and La Tapera.
Additionally, in January 2026, the agreed closing conditions for the “Restinga Alí” exploitation concession were satisfied.
For the assignment agreement of Los Chorrillos, Lago Fuego, Tierra del Fuego - Fracción A, Tierra del Fuego - Fracción B, Tierra del Fuego - Fracción C, Tierra del Fuego - Fracción D and Tierra del Fuego - Fracción E exploitations concessions, the closing conditions were fulfilled and the transfer of 100% of YPF’s rights and obligations in favor of Terra Ignis Energía S.A. was formalized in January 2026.
Also, in January 2026, YPF executed an assignment agreement with Venoil S.A. for the transfer of Cerro Fortunoso and Valle del Río Grande exploitation concessions, located in the Mendoza Province. As of the date of this annual report, the agreement remains subject to the fulfillment of closing conditions, including the formal approval by the relevant regulatory authorities.
On February 18, 2026, YPF’s Board of Directors approved entering into agreements with Pecom Servicios Energía S.A.U. (51%) and its affiliate San Benito Upstream S.A.U. (49%) for the transfer of the Manantiales Behr conventional exploitation concession, the associated hydrocarbon transportation concession, and for the partial sale of stock materials located at the Manantiales Behr and Km 20 warehouses. As of the date of this annual report, the transaction is subject to the fulfillment of closing conditions.
As of the date of this annual report, the assignment agreement that we signed during 2025 for Señal Picada - Punta Barda exploitation concession remains subject to the fulfillment of closing conditions.
As of the date of this annual report, the Company maintains groups of assets as held for sale for which assignment agreements have not yet been signed and continue in negotiations with third parties for their disposal or reversal, and/or are still subject to the fulfillment of closing conditions, including applicable regulatory and provincial approvals. We remain committed to the plan and active negotiations for the disposal of such assets with third parties are in place. For further details see Note 11.a) to the Audited Consolidated Financial Statements.
Additionally, see “Item 4. Information on the Company—Business organization—Upstream—Oil and gas reserves”; “Item 3. Key information—Risk Factors—Risks relating to Argentina—Our business is largely dependent upon economic conditions in Argentina”, “Item 3. Key information—Risk Factors—Risks relating to our business—Our business depends on complex, long-term and capital-intensive projects”; “Item 3. Key information—Risk Factors—Risks relating to our business—We may fail to execute in whole or in part our optimization plan of the conventional upstream portfolio” and “Item 5. Operating and financial review and prospects—Liquidity and capital resources—Capital investments, expenditures and divestitures—Capital divestitures”.
Rest of South America
Exploration activities
In November 2025, YPF signed a farm out agreement with ENI S.p.A (“ENI”) for a 50% interest in OFF 5 block in Uruguay, which as of the date of this annual report is subject to the fulfillment of closing conditions. As of December 31, 2025, this block represents 16,836 km2 of YPF’s undeveloped acreage.
In 2025, drilling of the committed exploratory well in Charagua block in Bolivia concluded, resulting in a dry well. As of the date of this annual report, all contractual commitments were successfully fulfilled.
The COR 12 and COR 33 blocks located in the Cordillera Oriental basin in Colombia are operated pursuant to the authorization from the Colombian National Hydrocarbons Agency (Agencia Nacional de Hidrocarburos or “ANH”). YPF holds a 60% working interest in the COR 12 block and 55% in the COR 33 block, with a combined net area of 700 km². In 2016, together with our partners, we notified the ANH of our decision to relinquish both blocks. In July 2022, the ANH began an administrative proceeding claiming that exploration commitments had not been fulfilled or paid. In 2025, the ANH resolved both proceedings against YPF, declaring a breach of contractual obligations and imposing a fine of US$ 100,000 for each exploration permit. In November 2025, YPF paid both fines under protest.
Oil and gas reserves
Proved oil and gas reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible (from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations) prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that the project will commence within reasonable time. In some cases, substantial investments in new wells and related facilities may be required to recover proved reserves.
Information on net proved reserves as of December 31, 2025, 2024 and 2023 was calculated in accordance with the SEC rules and FASB ASC 932 rules. Accordingly, crude oil prices used to determine reserves were calculated for crude oils of different quality produced by the Company. Consequently, to calculate our net proved reserves as of December 31, 2025, the Company considered, according to the SEC rules and FASB ASC 932 rules, the unweighted average realized price of crude oils for each month within the 12-month period ended December 31, 2025, which refers to the domestic crude oil prices adjusted by each different quality produced by the Company.
The reported reserves contained in this annual report include only our proved reserves and do not include probable reserves or possible reserves.
Additionally, since there are no benchmark market natural gas prices available in Argentina, the Company considered the 12-month period average ended December 31, 2025 of domestic market realized prices according to the SEC rules and FASB ASC 932 rules, and the prices of contracts awarded to YPF under the Plan GasAr 2023-2028 for certain blocks in certain basins, which will be in effect until their corresponding termination dates. See Note 35.f.1) to the Audited Consolidated Financial Statements.
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YPF | Form 20-F | 2025
Notwithstanding the foregoing, commodity prices have fluctuated significantly in recent years. See “Item 3. Key information—Risk factors—Risks relating to our business—Our oil and gas reserves and production may decline” and “Item 3. Key information—Risk factors—Risks relating to our business—Our oil and gas reserves are estimates”.
Net reserves are defined as that portion of the gross reserves attributable to the interest of the Company after deducting interests owned by third parties. In determining net reserves, the Company excludes from its reported reserves royalties owed to others, whether payable in cash or in kind, where the royalty owner has a direct interest in the underlying production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a third-party, whether payable in cash or in kind, are a financial obligation, or are substantially equivalent to a production or severance tax, the related reserves are not excluded from the reported reserves despite the fact that such payments are referred to as royalties under local regulations. The same methodology is followed for the reporting our production amounts.
Natural gas reserves exclude the gaseous equivalent of liquids expected to be removed from the natural gas on concessions and leases, at field facilities and at natural gas processing plants. These liquids are included in net proved reserves of NGLs.
Technology used in establishing proved reserves additions
YPF’s estimated proved reserves as of December 31, 2025 are based on estimates generated through the integration of available and appropriate data, utilizing well-established technologies that have been demonstrated in the field to yield repeatable and consistent results. Data used in these integrated assessments include information obtained directly from the subsurface via wellbore, such as well logs, reservoir core samples, fluid samples, static and dynamic pressure information, production test data, and surveillance and performance information. The data used also includes subsurface information obtained through indirect measurements, such as high-quality 2D and 3D seismic data calibrated using available well control. Where applicable, geological outcrops information was also utilized. The tools used to interpret and integrate all this data included both proprietary and commercial software for reservoir modeling, simulation and data analysis. In some circumstances, where appropriate analog reservoir models are available, reservoir parameters from these analog models were used to increase the reliability of our reserves estimates.
For further information on the estimation process of our proved reserves, see “Item 4. Information on the Company—Business organization—Upstream—Oil and gas reserves—Internal controls on reserves and reserves audits”.
Net proved developed and undeveloped reserves as of December 31, 2025
The following tables sets forth information, for the period indicated, regarding our estimated net proved developed and undeveloped reserves of crude oil, NGLs and natural gas:
For the year ended December 31, 2025
Oil (1) NGLs Natural gas Total (2)
(Mbbl) (Mbbl) (bcf) (Mboe)
Proved developed reserves
Consolidated entities
South America
Argentina 315 42 1,597 642
Total Proved developed reserves 315 42 1,597 642
For the year ended December 31, 2025
Oil (1) NGLs Natural gas Total (2)
(Mbbl) (Mbbl) (bcf) (Mboe)
Proved undeveloped reserves
Consolidated entities
South America
Argentina 363 32 1,389 642
Total Proved undeveloped reserves 363 32 1,389 642
For the year ended December 31, 2025
Oil (1) NGLs Natural gas Total (2)
(Mbbl) (Mbbl) (bcf) (Mboe)
Proved reserves (2) (3)
Consolidated entities
Developed 315 42 1,597 642
Undeveloped 363 32 1,389 642
Total Proved reserves 678 74 2,986 1,284
(1) Includes crude oil (oil and condensate).
(2) Volumes of natural gas in the table above and elsewhere in this annual report have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel.
(3) Proved crude oil and NGLs reserves include an estimated of 84 Mbbl of crude oil and 10 Mbbl of NGLs with respect to royalty payments which, as described above, are a financial obligation or are substantially equivalent to a production or similar tax. Proved natural gas reserves entities include an estimated of 348 bcf with respect to such payments.
As decided by YPF S.A.’s Board of Directors at its meeting held on February 29, 2024, the Company began a divestment process of certain mature fields, with the objective of optimization of the Upstream conventional portfolio. During 2024 and 2025, YPF executed various assignment agreements. Additionally, in 2025, YPF expanded the scope of the divestment process to include additional blocks. As of December 31, 2025, the blocks for which agreements have not yet been finalized but remain under negotiation represent an estimated volume of approximately 81 Mboe of proved reserves.
For further information see Note 11.a) to the Audited Consolidated Financial Statements, “Item 4. Information on the Company—Business strategy”, “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Argentina—Development activities—Conventional activities—Optimization plan of the conventional upstream portfolio”, “Item 3. Key information—Risk factors—Risks relating to Argentina—Our business is largely dependent upon economic conditions in Argentina”, “Item 3. Key information—Risk factors—Risks relating to our business—Our business depends on complex, long-term and capital-intensive projects”; “Item 3. Key information—Risk Factors—Risks relating to our business—We may fail to execute in whole or in part our optimization plan of the conventional upstream portfolio” and “Item 5. Operating and financial review and prospects—Liquidity and capital resources—Capital investments, expenditures and divestitures—Capital divestures”.
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YPF | Form 20-F | 2025
For information regarding changes in our estimated net proved reserves for the year ended December 31, 2025, 2024 and 2023 see “Supplemental information on oil and gas producing activities (unaudited)” beginning on page S-1 of this annual report.
Reserves replacement ratio
The reserves replacement ratio is the net amount of added proved reserves divided by the volumes produced in any given period.
As of December 31, 2025, the reserves replacement ratio was 198% as a result of an addition of 380 Mboe of net proved reserves (244 Mbbl of liquids, and 136 Mboe of natural gas), and considering 192 Mboe produced during the year and the amount of proved reserves at the beginning of 2025. During 2025, net proved reserves increased 17.2% from 1,096 Mboe as of December 31, 2024 to 1,284 Mboe as of December 31, 2025.
By excluding the reserves and production volumes associated with the assets within the optimization plan of the conventional upstream portfolio, our reserves replacement ratio yields 267% as of December 31, 2025. See “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Argentina—Development activities—Conventional activities—Optimization plan of the conventional upstream portfolio”
Moreover, if the analysis refers solely to unconventional fields, the reserves replacement ratio reached 320% as of December 31, 2025.
For additional information regarding changes in proved reserves and the reliability of proved reserves estimates, see “Supplemental information on oil and gas producing activities (unaudited)”, “Item 3. Key information—Risk factors—Risks relating to our business—Our oil and gas reserves and production may decline” and “Item 3. Key information—Risk factors—Risks relating to our business—Our oil and gas reserves are estimates”.
The table below sets forth, for each of the periods indicated, information regarding reserves replacement ratio:
For the year ended December 31, (%)
2025 2024 2023
Reserves replacement ratio (1) 198% 112% 39%
(1) Includes sales and acquisitions volumes.
The following paragraphs explain in further detail the most significant changes in our net proved undeveloped reserves for the year ended December 31, 2025.
Changes in our net proved undeveloped reserves during 2025
YPF had an estimated volume of net proved undeveloped reserves of 642 Mboe as of December 31, 2025, which represented 50% of the 1,284 Mboe total net proved reserves as of such date. As of December 31, 2024, the estimated net proved undeveloped reserves were 478 Mboe (44% of the 1,096 Mboe total net proved reserves as of such date).
The 34% increase in net proved undeveloped reserves in 2025 is mainly attributable to:
• Extensions and discoveries, which added 411 Mboe (265 Mbbl of liquids and 819 bcf of natural gas) of proved undeveloped reserves mainly from unconventional oil and gas projects of the Vaca Muerta formation at the Neuquina basin in the following blocks: La Angostura Sur I, La Amarga Chica, Bandurria Sur, La Calera and La Angostura Sur II.
• Field development projects related to proved undeveloped reserves, which allowed to transfer 129 Mboe from proved undeveloped reserves to proved developed reserves mainly in the Neuquina basin. The contributions are related to development wells (126 Mboe) and enhanced recovery projects (3 Mboe), mainly from the following blocks: La Amarga Chicha, Loma La Lata Norte, La Angostura Sur I, Bandurria Sur, Aguada del Chañar and La Calera.
• Changes in drilling schedules and projects’ strategy resulted in a decrease of 82 Mboe (40 Mbbl of liquids and 239 bcf of natural gas).
• Changes in oil and gas prices and its impact in economics, which resulted in a reduction of 8 Mboe of proved undeveloped reserves.
During 2025, YPF’s total capital expenditures to continue the development of reserves was US$ 1,881 million, of which US$ 1,626 million was allocated to projects related to proved undeveloped reserves.
As of December 31, 2025, we did not have material amounts of proved undeveloped reserves in individual fields or countries that have remained undeveloped for five years or more after being disclosed as proved undeveloped reserves.
Internal controls on reserves and reserves audits
All of our oil and gas reserves held in consolidated companies have been estimated by our petroleum engineers. In order to meet the high standard of “reasonable certainty”, reserves estimates are stated taking into consideration additional guidance as to reservoir economic producibility requirements, acceptable proved area extensions, drive mechanisms and improved recovery methods, marketability under existing economic and operating conditions and project maturity.
Where applicable, the volumetric method is used to determine the original quantities of petroleum in place. Estimates are made by using various types of logs, core analysis and other available data. Formation tops, gross thickness and representative values for net pay thickness, porosity and interstitial fluid saturations are used to prepare structural maps to delineate each reservoir and isopachous maps to determine reservoir volume. Where adequate data is available and where circumstances are justified, material-balance and other engineering methods are used to estimate the original hydrocarbon in place.
Estimates of ultimate recovery in conventional reservoirs are usually reviewed by applying recovery factors to the original quantities of petroleum in place. These factors are based on the drive mechanisms inherent in the reservoir, analysis of the fluid and rock properties, the structural position of the reservoir and its production history. In some instances, comparisons are made with similar production reservoirs in the blocks where more complete data is available.
For unconventional reservoir developments, reserves estimates are focused on performance-based methodologies, where stimulation technique and current technology information are also integrated in the analysis. When applicable, statistical evaluations are implemented considering state-of-the-art methods.
Where adequate data is available and where circumstances are justified, material-balance and other engineering methods are used to estimate ultimate recovery. In these instances, reservoir performance parameters such as cumulative production, production rate, reservoir pressure, gas to oil ratio behavior and water production are considered in estimating ultimate recovery.
In certain cases where the above methods cannot be used, proved reserves are estimated by analogy to similar reservoirs where more complete data are available.
To control the quality of reserves booking, a process has been established that is integrated into YPF’s internal control system.
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This process to manage reserves booking is centrally controlled and has the following components:
• The Reserves Audit department (“RA”) is separate and independent from the Upstream business segment. RA’s activity is overseen by YPF’s Audit Committee, which is also responsible for supervising the procedures and systems used in the recording of and internal control over the Company’s hydrocarbon reserves. The primary objectives of the RA are to ensure that YPF’s proved reserves estimates and disclosure are in compliance with the rules of the SEC, the FASB and the Sarbanes-Oxley Act, and to review annual changes in reserves estimates and the reporting of YPF’s proved reserves. The RA is responsible for: (i) preparing the information to be publicly disclosed concerning YPF’s reported proved reserves of oil, NGLs and natural gas; and (ii) providing training to personnel involved in the estimation of reserves and reporting process within YPF. The RA is managed by and staffed with individuals that have an average of more than 20 years of technical experience in the petroleum industry, including in the classification and categorization of reserves under the SEC guidelines. The RA staff includes several individuals who hold advanced degrees in either engineering or geology, as well as individuals who hold bachelor’s degrees in various technical studies.
• The Reserves Auditor, who has headed the RA since October 2025, is responsible for overseeing the preparation of the reserves estimates and reserves audits conducted by third-party engineers. The current Reserves Auditor has over 30 years of experience in the oil and gas industry having held different positions at Tecpetrol S.A. From December 2022 to October 2025, he served as Reserves & Technical New Ventures Director at Tecpetrol S.A. Throughout his career, he has held key roles as Reserves Manager, Development Manager, and Operations Manager, leading multidisciplinary teams, optimizing reserves, and developing fields in Latin America and in the United States. He holds a degree in chemical engineering from Universidad Nacional de La Plata, with a specialization in reservoir engineering from Universidad Nacional de Buenos Aires and a master’s degree in petroleum engineering from Texas A&M University. Consistent with our internal control system requirements, the Reserves Auditor’s compensation is not affected by changes in reported reserves.
• A quarterly internal review by the RA of changes in proved reserves submitted by the Upstream business segment and associated with properties where technical, operational or commercial issues have arisen.
• A Quality Reserve Coordinator (“QRC”) is assigned to each area of the Upstream business segment to ensure that there are effective controls in the estimation of proved reserves and approval process of the estimates and the timely reporting of the related financial impact of proved reserves changes. Our QRCs are responsible for reviewing proved reserves estimates. The qualification of each QRC is made on a case-by-case basis with reference to the recognition and respect of such QRC’s peers. YPF would normally consider a QRC to be qualified if such person: (i) has a minimum of 5 years of practical experience in petroleum engineering or petroleum geology, with at least 3 years of such experience in charge of the estimation and evaluation of reserves; and (ii) has either obtained, from a college or university of recognized stature, a bachelor’s or advanced degree in petroleum engineering, geology or other related discipline of engineering or physical science, or received, and is maintaining in good standing, a registered or certified professional engineer’s license or a registered or certified professional geologist’s license, or the equivalent thereof, from an appropriate governmental authority or professional organization.
• A formal review through technical review committees to ensure that both technical and commercial criteria are met prior to the commitment of capital expenditure to projects.
• Our internal audit team examines the effectiveness of YPF’s internal controls over financial reporting, which are designed to ensure the reliability of reporting and safeguarding of all the assets and examines YPF’s compliance with the law, regulations and internal standards.
• According to our internal policy, YPF hires independent auditors to conduct external reserve audits on its oil and gas properties. These external reserve audits must be carried out by qualified independent auditors of recognized prestige in the oil and gas industry, separately from the internal reserves review process. These independent auditors, each year, audit properties which represent 100% of YPF reserve volumes. However, upon request, a specific property might be audited more than once a year. Furthermore, the audit reserve program may include new acquisitions and/or specific requests from YPF.
YPF’s proved reserves figures have to be within 7% or 10 Mboe of the third-party reserves audit figures for YPF to declare that the volumes have been ratified by a third-party reserves audit. In the event that the difference is greater than the tolerance, YPF will re-estimate its proved reserves to achieve this tolerance level or should disclose the third-party figures. YPF has adopted the above-mentioned procedure by approving the corresponding internal policy.
In 2025, DeGolyer and MacNaughton audited a 100% of YPF operated and non-operated blocks in Argentina in the Neuquina, Golfo San Jorge and Cuyana basins. Copies of the related reserves audit reports are filed as an exhibit to this annual report.
Additionally, YPF estimates reserves under Petroleum Resources Management System (“PRMS”) criteria. As of December 31, 2025, 100% of YPF’s blocks were externally audited under this criteria by DeGolyer and MacNaughton, although this should not be interpreted as an external certification or audit of oil and gas reserves under SEC rules and FASB ASC 932 rules. See Note 2.c) “Oil and gas reserves” section to the Audited Financial Statements.
We are required, in accordance with Resolutions No. 324/2006 of the former Argentine Energy Secretariat and No. 69/2016 of the former Argentine Subsecretariat of Hydrocarbons Resources (“SRH”, by its acronym in Spanish), to annually file by March 31 details of our estimates of our oil and gas reserves and resources with the SE, as defined in those resolutions, and certified by an external auditor. The aforementioned certification and external audit only have the meaning established by the aforementioned resolutions and are not to be interpreted as an external certification or audit of oil and gas reserves under SEC rules and FASB ASC 932 rules. The last report filed was for the year ended December 31, 2024. Estimates of our oil and gas reserves filed with the SE are materially higher than the estimates of our proved oil and gas reserves contained in this annual report, mainly because of: (i) information filed with the SE includes all properties of which we are operators, irrespective of the level of our ownership interests in such properties; (ii) information filed with the SE includes other categories of reserves and resources that are not included in this annual report, which are different from estimates of proved reserves consistent with the SEC rules and FASB ASC 932 rules contained in this annual report; and (iii) the definition of proved reserves under the aforementioned Resolutions is different from the definition of “proved oil and gas reserves” established in Rule 4-10(a) of Regulation S-X. Accordingly, all proved oil and gas reserves estimates included in this annual report reflect only proved oil and gas reserves consistent with the rules and disclosure requirements of the SEC and FASB ASC 932 rules.
Oil and gas production, production costs and sales prices
The following table sets forth, for each of the periods indicated, information regarding our crude oil (including crude oil and condensate), NGLs and natural gas production on an as sold and annual basis. In determining net production, we exclude royalties owed to others, whether payable in cash or in kind, where the royalty owner has a direct interest in such production and is able to make lifting and sales arrangements independently. By contrast, to the extent that royalty payments required to be made to a third-party, whether payable in cash or in kind, are a financial obligation or are substantially equivalent to a production or severance tax, they are not excluded from our net production amounts despite the fact that such payments are referred to as royalties under local regulations. This is the case for our production in Argentina, where royalty expense is accounted for as a production cost.
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For the year ended December 31, (Mbbl)
2025 2024 2023
Oil and condensate production (1)
Consolidated entities
South America
Argentina 93 94 89
Total Oil and condensate production (2) 93 94 89
For the year ended December 31, (Mbbl)
2025 2024 2023
NGLs production (1)
Consolidated entities
South America
Argentina 16 16 16
Total NGLs production (3) 16 16 16
For the year ended December 31, (bcf)
2025 2024 2023
Natural gas production (1)
Consolidated entities
South America
Argentina 416 427 414
Total Natural gas production (4) (5) 416 427 414
For the year ended December 31, (Mboe)
2025 2024 2023
Oil equivalent production (1) (6)
Consolidated entities
Oil and condensate 93 94 89
NGLs 16 16 16
Natural gas 74 76 74
Total Oil equivalent production 183 186 179
(1) Loma La Lata Central Fracción and Loma La Lata Norte fields (southern and northern parts of the Loma La Lata field) in Argentina contain approximately 17.5% of our total proved reserves expressed on an oil equivalent barrel basis. In these fields, for the years ended December 31, 2025, 2024 and 2023, oil and condensate production was 13, 13 and 11 Mbbl, respectively, NGLs production was 5, 4 and 4 Mbbl, respectively, and natural gas production was 57, 61 and 65 bcf, respectively.
(2) Crude oil production for the years ended December 31, 2025, 2024 and 2023 includes an estimated 12, 13 and 12 Mbbl, respectively, with respect to royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
(3) NGLs production for the years ended December 31, 2025, 2024 and 2023 includes an estimated 2, 2 and 2 Mbbl, respectively, with respect to royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
(4) Natural gas production for the years ended December 31, 2025, 2024 and 2023 includes an estimated 53, 55 and 54 bcf, respectively, with respect to royalty payments which are a financial obligation or are substantially equivalent to a production or similar tax.
(5) Does not include volumes consumed or flared in operations (whereas sale volumes shown in the reserves table included in “Supplemental information on oil and gas producing activities (unaudited)—Oil and gas reserves” include volumes consumed in operations).
(6) Volumes of natural gas have been converted to barrels of oil equivalent at 5,615 cubic feet per barrel.
The composition of the crude oil produced by us in Argentina varies by geographic area. Almost all crude oil produced by us in Argentina has very low or no sulfur content. We sell a significant portion of the crude oil we produce in Argentina to our Midstream and Downstream business segment. Most of the natural gas produced by us is of pipeline quality. All of our natural gas fields produce commercial quantities of condensate and, substantially, all of our crude oil fields produce associated gas.
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The following table sets forth, for each of the periods indicated, the average production costs and average sales prices:
Total Argentina Rest of South America
US$/boe
Production costs and sales prices (1)
Year ended December 31, 2025
Lifting costs 12.2 12.2 -
Taxes and similar payments (2) 0.5 0.5 -
Other costs (4) 3.1 3.1 -
Average production costs 15.8 15.8 -
Average oil sales price 60.1 60.1 -
Average NGLs sales price 27.7 27.7 -
Average natural gas sales price (3) 21.0 21.0 -
Year ended December 31, 2024
Lifting costs 16.5 16.5 -
Taxes and similar payments (2) 0.6 0.6 -
Other costs (4) 2.4 2.4 -
Average production costs 19.5 19.5 -
Average oil sales price 68.2 68.2 -
Average NGLs sales price 28.8 28.8 -
Average natural gas sales price (3) 21.6 21.6 -
Year ended December 31, 2023
Lifting costs 16.2 16.2 -
Taxes and similar payments (2) 0.5 0.5 -
Other costs (4) 1.3 1.3 -
Average production costs 18.0 18.0 -
Average oil sales price 62.5 62.5 -
Average NGLs sales price 26.5 26.5 -
Average natural gas sales price (3) 20.8 20.8 -
(1) The amounts are reported “as sold basis”.
(2) Does not include ad valorem and severance taxes, including the effect of royalty payments which are a financial obligation or are substantially equivalent to such taxes, in an amount of 5.2 US$/boe, 5.8 US$/boe and 5.3 US$/boe for the years ended December 31, 2025, 2024 and 2023, respectively.
(3) Includes revenues from incentive programs for natural gas production in Argentina. See Note 35.f.1) to the Audited Consolidated Financial Statements.
(4) Includes (1.0) US$/boe, (1.0) US$/boe and (0.9) US$/boe for the years ended December 31, 2025, 2024 and 2023, respectively, corresponding to the implementation of IFRS 16 “Leases”. See Note 2.b.4) to the Audited Consolidated Financial Statements.
Midstream and Downstream
During 2025, our downstream activities included refining and transportation of crude oil, and the commercialization and transportation of fuels, lubricants, LPG, and other refined petroleum products in the domestic wholesale and retail markets and certain export markets; while our midstream activities included the natural gas transportation, the conditioning and processing of natural gas retained in plant for the separation and fractionation of NGLs, the storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar.
In 2025, the Midstream and Downstream business segment was organized into the following divisions:
• Refining & Logistics division (crude oil refining and production of petrochemical products, transportation of crude oil to refineries and distribution of refined and petrochemical products to be marketed in the different sales channels).
• Midstream Oil & Trading division (development, construction and operation of oil pipelines to evacuate crude oil production of the Vaca Muerta formation, and trading of refined products and crude oil in international markets).
• Marketing division (commercialization and marketing of refined, petrochemical and resale products).
• Midstream Gas division (natural gas transportation, conditioning and processing of natural gas retained in plant for the separation and fractionation of NGLs, storage of the produced natural gas, and the commercial and technical operation of the LNG regasification terminal in Escobar).
Refining & Logistics division
As of December 31, 2025, the Refining & Logistics division was grouped as follows: (i) three Refining units; and (ii) Logistics unit.
Refining units
We are Argentina’s leading refiner, holding more than 50% of the country’s total refining capacity, through our 3 wholly-owned refineries (La Plata, Luján de Cuyo and Plaza Huincul refineries) which have an aggregate refining capacity of 123.4 Mbbl (338.0 kbbl/d) and are strategically located along our crude oil pipeline and refined product pipeline distribution systems near the most important urban centers. We operate these refineries at high utilization rates. In 2025, we achieved an average utilization rate of 94.5%.
In 2025, our crude oil production represented 69.6% of the total crude oil processed by our refineries. The remaining crude oil processed by our refineries was purchased from third parties. The percentage of crude oil purchased from third parties is gradually increasing due to the optimization plan of the conventional upstream portfolio (see “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4”” and “Item 4. Information on the Company—Business organization—Upstream—Exploration & Development activities—Argentina—Development activities—Conventional activities—Optimization plan of the conventional upstream portfolio”).The following table sets forth, for each of the periods indicated, information regarding processing levels of our refineries:
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For the year ended December 31,
2025 2024 2023
Throughput Use Throughput Use Throughput Use
(kbbl/d) (%) (kbbl/d) (%) (kbbl/d) (%)
La Plata Refinery 190.2 95.6% 173.4 87.2% 169.6 89.8%
Luján de Cuyo Refinery 108.6 95.3% 107.7 94.5% 105.0 92.2%
Plaza Huincul Refinery 21.4 85.1% 19.6 78.0% 19.8 78.5%
Total 320.2 94.7% 300.7 89.0% 294.4 89.7%
The crude oil processed in our refineries during 2025 was the highest processing since 2007, exceeding processing record levels obtained in 2024, and the production of finished gasoline and middle distillates (such as diesel and jet fuel) was the highest it had been since that same year.
The following table sets forth, for each of the periods indicated, information regarding the production of our refineries:
For the year ended December 31,
2025 2024 2023
Throughput crude Mboe 116.8 110.0 107.5
Throughput feedstock Mboe 0.3 5.1 3.8
Throughput crude / feedstock Mboe 117.1 115.2 111.3
Production
Diesel fuel Mboe 50.1 47.3 46.8
Motor gasoline Mboe 33.3 26.3 27.8
Petrochemical naphtha Mboe 12.9 12.1 9.1
Jet fuel Mboe 7.6 6.5 6.4
Base oils Mboe - 1.1 0.9
Fuel oil ktn 183.7 187.5 147.7
Coke ktn 855.4 898.2 920.7
LPG ktn 742.4 692.8 704.1
Asphalt ktn 58.5 66.1 85.8
The La Plata Refinery is the largest refinery in Argentina, located at the port in the La Plata city, in the Buenos Aires Province, 60 km from the Autonomous City of Buenos Aires, with a nominal capacity of 198.9 kbbl/d. It is a complex refinery with three distillation units, two vacuum distillation units, two fluid catalytic cracking units, two coking units, a coke naphtha hydrotreater unit, two platforming units, two diesel hydro finishing units, a gasoline hydrotreater, an isomerization unit, a fluid cracking catalyst (“FCC”) naphtha splitter and desulfuration unit, a lubricants complex, and a petrochemical complex that generates methyl tert-butyl ether (“MTBE”), polyisobutylene (“PIB”), linear alkyl benzene (“LAB”), linear alkyl sulfone (“LAS”), tert-amyl methyl ether (“TAME”) and aromatics compounds used for both blending gasoline and other chemical products.
During 2025, maintenance stoppages were carried out at Topping C, Coke A and diesel hydro finishing units, with efficiency approaches in expenses and turn-off duration.
Due to operational efficiencies and the development of the crude oil slate, the Topping D unit reached a new maximum capacity in 2025, increasing global capacity by 6.0 kbbl/d.
In 2025, the crude oil processed at La Plata Refinery (of which 66.5% was produced by us) was produced mainly from the Neuquina basin. The La Plata Refinery crude oil supplies come mainly from the Neuquina basin by pipeline to Puerto Rosales in the Buenos Aires Province, and then by pipeline from Puerto Rosales to La Plata Refinery.
The Luján de Cuyo Refinery, the second largest in Argentina, located in the Mendoza Province, with a nominal capacity of 113.9 kbbl/d, includes two distillation units, a vacuum distillation unit, two delayed coker units, a fluid catalytic cracking unit, a vacuum gas oil hydrocracker unit, a platforming unit, an ethyl tertiary-butyl ether (“ETBE”) unit, an isomerization unit, an alkylation unit, a FCC naphtha splitter, a hydrocracking unit, a FCC naphtha hydrotreater unit and two gasoil hydrotreating units.
Due to its location in the western of the Mendoza Province and its proximity to significant distribution terminals we own, the Luján de Cuyo Refinery has become the primary facility responsible for refining petroleum products to supply the domestic market of the central and northwest provinces of Argentina. The Luján de Cuyo Refinery receives crude oil supplies from the Neuquina and Cuyana basins by pipeline directly into the facility. In 2025, 73.0% of the crude oil processed at the Luján de Cuyo Refinery was produced by us.
During 2025, the Luján de Cuyo Refinery reached a new daily crude oil processing record of 108.5 kbbl/d. Although it was affected by the maintenance stoppages of the Topping IV, the vacuum distillation, the Coke II and the platforming units, these stoppages lasted the expected times but also included operating expenses efficiencies.
The Plaza Huincul Refinery, located in the Neuquén Province, has a nominal capacity of 25.2 kbbl/d and produces gasoline, diesel and jet fuel, which are sold primarily in nearby areas and in the southern regions of Argentina. Heavier products are transported by pipeline from the Plaza Huincul Refinery to the La Plata Refinery for further processing.
The Plaza Huincul Refinery receives its crude oil supplies from the Neuquina basin by pipeline. Along with the development of La Angostura Sur I and La Angostura Sur II blocks and the completion of the revamping of the Refinery’s crude oil unit, the Plaza Huincul Refinery achieved a new record for the production of jet fuel, gasoil and gasoline since 2007. Additionally, the Refinery’s operating processing levels have been similar to those of years prior to 2020.
Regarding investments related to new specifications for sulfur content in fuels (see Note 35.b.2) to the Audited Consolidated Financial Statements), during 2025, we continued working in the Luján de Cuyo Refinery to improve the quality of diesel fuel, in a new hydro desulfurization unit II (“HDS”), a new hydrogen generator unit II (“Hydrogen II”), and the revamping of the HDS I unit.
Biofuels are one of the main supplies for gasoline and diesel production. Law No. 27,640 established the percentages of biofuels that must be added to gasoline and diesel and whose validity was set until December 31, 2030. Gasoline requires a 12.0% blend of ethanol, while diesel required 7.5% blend of fatty acid methyl esters (“FAME”) until November 2025 when the percentage was reduced to 7%.
Our refineries are certified under International Organization for Standardization (“ISO”) standards. See “Item 4. Information on the Company—Our environmental, social and governance (“ESG”) commitment—Environmental matters in Argentina”.
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Incremental production delivered substantial cost savings through reduced import requirements. Additionally, we achieved an export surplus, transitioning from a net importer position to that of a net exporter, while sustaining elevated levels of processing capacity.
During 2025, renewable energy supplied by the Manantiales Behr, Los Teros I and II, and Cañadón León wind farms represented a significant share of electricity consumption across our downstream operations: 19.2% for the La Plata Refinery and Petrochemical complex; 15.2% for the Luján de Cuyo Refinery; 88.4% for the logistics operations; and 24.6% for overall downstream activities. This represents a 2.0% increase compared to 2024, with a broader integration of renewable energy sources into industrial and logistics activities.
In 2025, the company Santa Fe Bio S.A. was created, a joint venture with Essential Energy S.A., in which we hold a 50% equity stake, which plans to build an advanced technology biorefinery to produce aviation fuels from vegetable oils.
Logistics unit
Under the Logistics unit, we have available for our use a network of 3 major oil pipelines, all of which are wholly-owned by us. The crude oil transportation network includes 1,165 km of crude oil pipelines. We have a total crude oil tankage of 2 Mbbl and maintain terminal facilities at 5 ports in Argentina.
Information with respect to YPF’s interest in its network of crude oil operating pipelines, for the period indicated, is set forth in the table below:
Length (km) For the year ended December 31, 2025 (boe/d)
From To YPF interest Daily capacity
Puesto Hernández Luján de Cuyo refinery 100% 528 93,509
Puerto Rosales La Plata refinery 100% 585 326,541
La Plata refinery Dock Sud 100% 52 141,006
We also own 3 tanks in Berisso City, in the Buenos Aires Province, with 90,000 m3 of capacity.
We also operate a network of multiple pipelines for the transportation of refined products in Argentina, with a total length of 1,804 km. We also own 17 storage terminals for distribution of refined products and 7 LPG storage terminals with an aggregate capacity of 1,641,808 m3.
Three of our storage terminals for distribution are annexed to the Luján de Cuyo, La Plata and Plaza Huincul refineries, while 10 have maritime or river connections.
We operate 49 airplane refueling facilities, as well as 134 manual fuel dispensers and 11 automatic fuel dispensers. These facilities provide a flexible, nationwide distribution system and enable us to support exports operations. Products are delivered by an exclusive third- party tanker truck fleet consisting of 2,467 units.
In 2025, the dredging of one of the Barranqueras stream’s branches was completed, which resulted in improved operational efficiency due to navigation being used instead of land transportation.
Midstream Oil & Trading division
Midstream oil unit
The Midstream oil unit plays a crucial strategic role in optimizing the development of the Vaca Muerta formation’s unconventional crude oil. Aligned with this objective, this division is responsible for ensuring the efficient evacuation of the ramped-up crude oil production of Argentina, to achieve the required capacity in the shortest time possible, as well as the development of alternative evacuation routes, all aimed at consolidating and supporting YPF’s strategic plan (see “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4””) and business plans.
YPF holds an interest of 36% in both parts of the Trans-Andean oil pipeline (Oleoducto Trasandino (Argentina) S.A. and Oleoducto Trasandino (Chile) S.A.), which transports crude oil from Argentina to Chile. During 2025, YPF was responsible for shipping more than 5,510 m3/d of crude oil through this pipeline, which represented 42.3% of the total crude oil transported.
Additionally, YPF holds an interest of 75.2% in the transportation concession of the Vaca Muerta Norte oil pipeline (“VMON”), a 151 km pipeline with a capacity of 25,000 m3/d, aimed at guaranteeing the supply of the Luján de Cuyo Refinery and the export of crude oil to Chile. During 2025, VMON led to the transport of 17.3 km3/d of crude oil, of which 10.2 km3/d corresponded to YPF.
Furthermore, YPF holds a 24.49% equity stake in VMOS S.A., which aims the construction of the Vaca Muerta Sur oil pipeline (“VMOS”). During 2025, progress continued through the VMOS project aimed to export the production of unconventional crude oil from the Neuquina basin to the Atlantic coast, which will be achieved through the construction of approximately a US$ 3 billion and 437 km pipeline connecting the towns of Allen and Punta Colorada in the Río Negro Province, with a maximum design transport capacity of 700 kbbl/d, as well as an onshore terminal with a storage capacity of 3,774 kbbl and an offshore terminal. YPF’s total shipment commitment is 120 kbbl/d out of a total of 490 kbbl/d committed by all initial shippers.
In March 2025, Resolution No. 302/2025 approved VMOS S.A.’s application to the RIGI, the VMOS project, classified as a Long-Term Strategic Export Project in the oil and gas sector of Argentina. See Note 35.g) to the Audited Consolidated Financial Statements.
As of the date of this annual report, the VMOS pipeline is under construction and is expected to have an early start-up by the fourth quarter of 2026 and a final start-up to be completed during 2027, along with the onshore and offshore terminals.
Furthermore, in the second quarter of 2025, the operation of the Vaca Muerta Oil Centro (“VMOC”) oil pipeline began, with a capacity of 377 kbbl/d, connecting the Core Hub of the Vaca Muerta formation (composed mainly of the Loma Campana, La Amarga Chica, Bandurria Sur and Aguada del Chañar blocks) with the town of Allen in the Río Negro Province. The start-up of the VMOC pipeline enables additional transport capacity to: (i) Oldelval’s system, allowing the supply of the La Plata Refinery and/or export activities; and (ii) the VMOS pipeline, exclusively for export activities, strengthening logistics integration and the output capacity for incremental production.
In addition, in June 2025, YPF acquired 15% of Tecpetrol’s shares of Oleoducto Loma Campana - Lago Pellegrini S.A., owner of the Loma Campana - Lago Pellegrini oil pipeline (“OLCLP”), in which YPF already held the remaining 85% equity stake, becoming consequently the sole owner of OLCLP, which allows the evacuation of conventional and unconventional crude oil from the Vaca Muerta formation.
We also hold a 33.15% equity stake in Terminales Marítimas Patagónicas S.A., operator of two storage and port facilities: (i) Caleta Córdova in the Chubut Province, with a capacity of 285,000 m3; and (ii) Caleta Olivia in the Santa Cruz Province, which has a capacity of 215,000 m3. Additionally, we hold a 37% equity stake in Oldelval S.A., operator of the Puesto Hernández / Plaza Huincul / Allen - Puerto Rosales crude oil pipeline, which has a capacity of 540,940 boe/d, and a 30% equity stake in OTAMERICA Ebytem S.A. (former corporate name “Oiltanking Ebytem S.A.”), operator of the maritime terminal in Puerto Rosales, which has a storage capacity of 779,994 m3.
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Trading unit
Our Trading unit sells refined products and crude oil to international and domestic customers. We also purchase crude oil from domestic oil companies and refined products from international suppliers to meet the requirements of our industrial system.
During 2025, we strengthened the exports of Medanito crude oil to Chile using the Trans-Andean oil pipeline, and in 2025, revenue from this operation amounted to US$ 845.5 million (2,009 km3), compared to US$ 913.6 million (1,887 km3) in 2024. Additionally, we continued with our exports of other varieties of crude oil to different destinations.
In 2025, we signed a long-term agreement with Empresa Nacional del Petróleo (“ENAP”) for eight years, establishing a stable and large-scale commercial framework that enables sustained crude oil exports to Chile. This agreement provides for an estimated volume of 95 to 100 Mbbl and generating approximately US$ 6.5 billion in revenue over the contractual term, which represents one of the most important milestones in regional energy integration and strengthens the visibility and predictability of our export flows.
We also held the second edition of the event “Delivering the Full Potential of Vaca Muerta - Argentina” which brought together more than 100 local and international companies. This event aimed to reinforce the positioning of Medanito crude oil as a globally competitive resource, as well as to consolidate YPF and Argentina as key players in the development and promotion of Vaca Muerta’s export potential.
Additionally, during 2025, we export petroleum coke mostly to Brazil and China. We also sustained the supply of virgin naphtha, butane, and base oils to a variety of destinations.
The following table sets forth, for each of the periods indicated, volumes of export sales:
For the year ended December 31,
(Mbbl)
2025 2024 2023
Exports
Crude oil 14.4 12.8 4.1
Refined products 6.1 6.9 4.8
Marine fuels 1.6 1.7 1.7
Total 22.1 21.4 10.6
The following table sets forth, for each of the periods indicated, volumes of sales to the domestic market:
For the year ended December 31,
(Mbbl)
2025 2024 2023
Domestic market
Crude oil 0.3 0.9 1.2
Marine fuels 0.9 1.1 1.0
Total 1.2 2.0 2.2
In 2025, imports of low-sulfur diesel, AvGas, among others, totaled 1.5 Mbbl, a 23.1% decrease compared to 2024. United States, Togo and Kuwait were the main origin countries of these imports, which we purchased for the resale in the domestic market.
In 2025, imports of fertilizers totaled 0.3 million tn, a 160.6% increase compared to 2024. China and Marruecos were the main destinations of origin of these imports, which we purchased for the resale in the domestic market.
Additionally, in October 2025, YPF S.A. acquired 50% of the share capital and voting rights of Refinor del Norte S.A. (“Refinor”) from Hidrocarburos del Norte S.A. With this acquisition, YPF, which already held 50% of the share capital, holds 100% of Refinor’s share capital.
Marketing division
We market a wide range of refined petroleum and petrochemical products throughout Argentina through an extensive network of sales personnel, YPF-owned and independent distributors, and a broad retail distribution system.
YPF sells two types of gasoline: (i) Infinia gasoline, a premium 98 octane gasoline; and (ii) Super gasoline, a regular 95 octane gasoline. In 2025, the premium mix obtained (26.1%) increased 1.3 percentage points (“pp”) compared to the mix obtained in 2024 (24.8%). Additionally, YPF sells two types of diesel: (i) 500 parts per million (“ppm”) of sulfur diesel (“low-sulfur diesels”); and (ii) 10 ppm of sulfur diesel (“Infinia diesel”). In 2025, their mix was 32.4%, representing an increase of 3 pp compared to the mix obtained in 2024 (29.4%). Additionally, in October 2025, we launched a new fuel, “D10” (10 ppm of sulfur) for the passenger transport segment reaching a sales volume of 24,076 m3 as of December 31, 2025.
In 2025, YPF maintained its leading position in the sale of liquid fuels in Argentina, with a market share of 55.5%. According to information provided by the SE, as of December 31, 2025, our market share of Infinia and Super gasolines was 58.5% and 54.4% respectively, compared to 58.7% and 55.3%, respectively, as of December 31, 2024; and, as of December 31, 2025, our market share of low-sulfur diesels and Infinia diesel was 52.7% and 62.2%, respectively, compared to 53.8% and 62.6%, respectively, as of December 31, 2024.
The table below, for each of the periods indicated, provides information about our domestic market liquid fuels sales volumes:
For the year ended December 31,
(km3) (%)
2025 2024 2023 2025 vs 2024 2024 vs 2023
Sales volume
Super gasoline 4,361 4,353 4,356 0.2% (0.1%)
Infinia gasoline 1,541 1,430 1,707 7.8% (16.2%)
Diesel (500 and 800 ppm) 5,554 5,891 6,416 (5.7%) (8.2%)
Infinia diesel (10 ppm) 2,663 2,458 2,579 8.3% (4.7%)
Total 14,119 14,132 15,057 (0.1%) (6.1%)
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YPF | Form 20-F | 2025
During 2025, competitors remained active in communication, promotions, loyalty actions and bank discounts. To enhance brand loyalty, YPF launched campaigns with the aim of positioning itself on the following features: quality, proximity, innovation, avant-garde, trajectory and being an engine of the Argentine economy. Throughout 2025, we showed high presence in all media with campaigns from Infinia, YPF Boxes, YPF’s convenience store unit (“Full stores”) and ServiClub, promoting the quality of products, generating closeness with benefits and improving customer experience. Additionally, in 2025, the alliance with Adidas was renewed through a soccer ball promotion, strengthening YPF’s brand loyalty.
The YPF App is a mobile application of our subsidiary YPF Digital that functions as a virtual wallet, enabling transactions both within and outside the YPF ecosystem. It streamlines fuel purchases, payments at Full stores, and Boxes services, offering exclusive discounts. Through QR code payments, users can use linked credit or/and debit cards or account balances, earn and redeem ServiClub points, and manage fuel dispensing. Additionally, it allows access to various financial services and other features, such as bill payments and transfers, among others.
In 2025, YPF consolidated its leadership in digital payments. The YPF App was the main driver of this transformation, exceeding 64 million transactions during 2025, a milestone that reflects sustained customer adoption. The use of the YPF App not only streamlined payments and strengthened customer loyalty but also allowed for consistent improvements in customer experience and personalization. Within this context, the YPF App positioned itself as the leading payment method within YPF’s own network.
Additionally, nearly 4 out of 10 transactions at our retail service stations network were made through the digital payment methods (which include the YPF App). Additionally, in December 2025, 45.0% of payments at operated retail service stations were collected through the QR payment method.
During 2025, the YPF App took a key strategic step by becoming an open application, beginning its evolution into the leading mobility platform in Argentina. This process expanded its reach beyond fuel payments, incorporating new features such as self-service, free transfers, bill payments, and payments in U.S. dollars, among others. These functionalities consolidated the YPF App as a comprehensive digital ecosystem, aimed at solving specific user needs and generating a direct impact on our business, such as the “Nighttime Differential Pricing”, where the YPF App was one of the channels selected to implement the discount.
The continued expansion of the digital ecosystem and the integration of services increasingly linked to mobility strengthen the role of the YPF App as a comprehensive point of contact with customers, consolidating its development and decisively advancing towards leadership in the mobility ecosystem in Argentina.
Furthermore, in the context of an increasingly competitive and dynamic market, YPF strengthened its commitment to innovation and leadership with the launch of the Commercialization RTIC in 2025. This initiative leverages real-time data and AI to optimize strategic decision-making across more than 1,600 service stations and over 1,000 Full stores nationwide. The main purpose of the Commercialization RTIC is to consolidate YPF’s leadership, maximize business profitability, elevate customer experience, and optimize commercial operations.
As of December 31, 2025, Marketing division’s business units are grouped as follows: (i) Retail unit; (ii) Transport & Industry unit; (iii) Aviation unit; (iv) Lubricants unit; and (v) Chemical unit, focusing on each kind of customers’ requirements.
Retail unit
The Retail unit focuses on delivering the best experience at our retail service stations, based on sustainability, technology, and innovation. Our goal is to provide energy and convenience solutions to our customers in transit. We subdivide the Retail unit into the (i) Retail Network sub-unit and (ii) Convenience Store sub-unit.
Our Retail Network sub-unit sells through a consignment model fuels to the retail service stations. In 2025, we remained as the main fuel retailer in Argentina, with 32.1% of the Argentina’s retail service stations as of December 31, 2025, according to our estimates.
As of December 31, 2025, the Retail Network sub-unit sales network consisted of 1,688 active retail service stations in Argentina, of which 130 are operated by Operadora de Estaciones de Servicios S.A. (“OPESSA”), our wholly-owned subsidiary, 142 are operated by the Automóvil Club Argentino (“ACA”), and the rest are operated by third parties.
In 2025, we inaugurated 21 retail service stations, which have impacted 20 districts and 12 Argentine provinces; as part of a strategy aimed at consolidating our presence in Argentina’s most competitive and fastest-growing markets, 85.7% of these retail service stations were new constructions.
Additionally, we continued with our infrastructure plan in retail service stations owned by YPF and invested US$ 35.2 million in image renewal, pumps, tanks, convenience stores (“Full stores”), lubrication points, tele measurements and remodeling, among others.
During 2025, we continued with the “Transformation of the Network” project enabling the installation of a new image on 365 retail service stations (including “New Full stores image”) surpassing our annual goal by 1.7%.
Throughout 2025, YPF successfully renewed 96.0% of its expiring contracts with third party retail service station owners, which enabled us to maintain a leading position in the market.
Additionally, we implemented an optimization process along the retail service stations operated by OPESSA, which included a comprehensive review of operations and the transfer of 23 retail service stations to third parties and 2 were left without operation. We also sold 2 service stations property of YPF S.A. to third parties. This strategy enabled us to focus resources on high-potential locations, improve profitability indicators, and align our retail network with the Company’s strategic objectives.
In 2025, YPF developed a groundbreaking initiative to install self-service fuel dispensers at retail service stations in multiple locations throughout Argentina. This strategic project was designed to drive operational efficiencies, strengthening the profitability and sustainability of our retail network.
Besides, we evolved our “proximity station” (“ECER”, by its acronym in Spanish) model, originally designed for small towns, by introducing ECER+. This new concept features a transportable module for fast and secure fuel dispensing, complemented by a second module offering a full convenience store experience, which enables us to address seasonal demand in tourist destinations and provide temporary coverage during major renovations at other retail service stations. The first ECER+ operation was launched in the 2026 summer season in the Pinamar City, one of Argentina’s leading coastal tourist destinations in the Buenos Aires Province.
YPF’s Convenience Store unit (“Full stores”) is a franchise which comprises 1,168 convenience stores. Out of these, we operate 137 through OPESSA, while 1,031 are operated by third parties. YPF’s stores franchising model generates income in the form of royalties paid by stores and suppliers, materialized as a percentage of the store’s sales. Our main strategy for this unit is expansion, and our objective is to transform all the retail service station stores into Full store franchises.
Our flagship store, “CABA Figueroa Alcorta” Full store (operated by OPESSA) in the Autonomous City of Buenos Aires, was chosen as one of the top 5 convenience stores in the world by the National Association of Convenience Stores of the United States (“NACS”) in 2025.
In 2025, the number of Full stores increased by 13.8% compared to 2024, with 142 new stores opening.
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YPF | Form 20-F | 2025
In 2025, Full stores sold around 238 million units distributed in more than 1,715 stock keeping units (“SKU’s”). The main categories of products sold were coffee, hot & cold meals, non-alcohol drinks, convenience and kiosk products.
Transport & Industry unit
In the Transport & Industry unit, with focus on the customer, we developed a segment and channel strategy aimed at maximizing value for both YPF and our clients. Our purpose is to promote efficiency in the value chain of our industry segment customers, offering energy solutions, supplies and services. Consequently, by keeping us close to our customers, we developed innovative tailored solutions.
Our Transport sub-unit provides fuels (diesel and gasoline), lubricants and automotive urea, either directly from our refineries to the point of consumption, or through our network of retail service stations for those customers members of our business known as “YPF Ruta”, an integral solution for the management of all types and sizes of fleets of any activity.
In 2025, the YPF Ruta App achieved a penetration of 12.7%, with 1.7 million transactions per month.
The Industry sub-unit supplies the entire industry sectors in Argentina, which requires a broad portfolio of products and services to meet customer needs. We supply products such as fuels (diesel, gasoline, jet fuel and fuel oil), lubricants, coal, asphalts, and derivatives (sulfur, CO2, decanted oil and aromatic extract), either directly from our refineries to the point of consumption through our own ground and waterway network, or through a network of 17 industrial distributors with national coverage (mining, oil and gas and asphalts).
Our purpose is to promote efficiency in the value chain of our Industry sub-unit’s customers, offering energy solutions, supplies and services.
In 2025, we supplied the fuels that third-parties DAPSA and GULF sell at their 267 retail service stations, representing 3.1% of the total local market.
The Agricultural sub-unit is focused on providing fuel and lubricants to farmers but also small industries and transport companies. As a complement, it provides an extensive portfolio of products and services as fertilizers and crop protection products. At the same time, this sub-unit has been developing and promoting sustainable agronomic practices. Its main goal is to sustain leadership in fuels used in agriculture from initial sowing to final harvesting and maintaining operational excellence throughout its network.
In 2025, this strategy was carried out through a network of 98 exclusive dealers, 6 of which are directly operated by YPF. This network is present in 19 Argentine provinces, covering all the agricultural productive areas, offering a complete agro portfolio, which includes fuel, seeds, crop nutrition and crop protection products, lubricants and ensiling bags.
In order to be a point of reference in the industry and stay close to agricultural producers, our business known as “YPF Agro” has sustained a constant renewed portfolio of products and commercial conditions for the exchange of grains. Fertilizer and phytosanitary products sales decreased by 16.2% compared to 2024.
During 2025, YPF Agro was able to shield its fuels volume with sales 7.4% above those of 2024. Regarding fertilizer sales, as of December 31, 2025, according to our estimates, our fertilizer market share was 12.0% similar to 2024. Regarding crop protection products, we began a thorough change in the business model, halting imports and entering into a full agreement with a crop protection company to allow them to use YPF Agro dealers in exchange for an annual fee payment.
Since 2024, YPF has developed crop financing with instruments such as credit cards with local banks. To keep our fuels positioning and volumes we accept several types of grains as payment (bartering operations), mainly soybean, but also corn, rice, wheat, sorghum, sunflower, barley and cotton. This is a widely used form of transaction in the agricultural sector in Argentina.
Aviation unit
Our Aviation unit provides jet fuels, such as jet A-1 fuel in 48 airports and AvGas in 38 airports across Argentina.
In 2025, sales in our aviation unit increased by 9.5% compared to 2024, and our market share for jet fuel was 55.3%. Specifically, our sales for international flights increased by 11.4% compared to 2024, while our sales for national flights increased by 7.8%.
In 2025, our Board of Directors approved a supply agreement of jet fuel with Aerolineas Argentinas S.A. for three years.
Lubricants unit
The Lubricants unit produces and markets a broad range of products, including passenger car motor oils, heavy-duty lubricants, industrial lubricants, marine lubricants, diesel exhaust fluid (“DEF”), and base oils. These products are distributed through retail, wholesale, and industrial channels, supported by an extensive network of dealers and distributors. In Argentina, YPF operates its own lubricants network, “YPF Boxes”, which comprises 428 service points nationwide and uses a salesforce-driven platform to manage sales and customer relationships.
A key manufacturing facility is located at La Plata Refinery, where lubricants are produced for both domestic and international markets. The automotive lubricants portfolio, which includes mineral and synthetic oils, has obtained approvals from global automotive and engine manufacturers, including Ford, GM, Porsche, Scania, Mercedes-Benz, Volkswagen, Renault, PSA, Audi, Deutz, Cummins, Volvo, Toyota, MAN Truck, Subaru, Suzuki, Metalfor, Detroit Diesel, ZF, Allison, and MTU.
During 2025, our lubricants and specialties market share was 34.1%, representing a 0.3% decrease compared to 2024, while we kept our position as the leading player in the Argentine market, according to information provided by the SE.
The YPF brand maintains a presence in regional lubricants markets, with products available in Uruguay, Paraguay, Bolivia, Chile, Brazil, Peru, and Ecuador. During 2025, exports totaled 8,759 m3, representing a 20.9% decrease compared to 2024. Additionally, in 2025, YPF completed the sale of its Brazilian subsidiary to a Usiquímica do Brasil LTDA., which continues to produce and commercialize lubricants under the YPF brand in Brazil. This regional footprint reflects the Company’s strategy to serve multiple South American markets through established distribution channels.
YPF offers a portfolio of base oils, including mineral and synthetic grades. The Company is the exclusive distributor of Chevron’s Group I, Group II and Group III base oils in Argentina. Local sales reached 93,555 m3, a 1.5% decline compared to 2024.
In 2025, YPF received the “Outstanding Performance Award” from Toyota in recognition of its adherence to quality standards, service, and cost compliance.
We maintain stringent quality controls to ensure compliance with applicable standards. In this sense, we achieved the following certifications: (i) for lubricants and specialties, ISO 9001:2015, ISO 14001:2015, ISO 45001:2018, and IATF 16949-First Edition; and (ii) for DEF Azul 32, ISO 22241. Additionally, YPF’s Azul 32 is certified under the American Petroleum Institute (“API”)’s Diesel Exhaust Fluid Certification Program. Besides, we renewed our agreement with the German Association of the Automotive Industry (“VDA”) for the use of the AdBlue brand.
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YPF | Form 20-F | 2025
Chemical unit
Through our Chemical unit, we produce petrochemicals products at our production units in Ensenada, Luján de Cuyo and Plaza Huincul industrial complexes.
Petrochemical production operations in the Ensenada Industrial Complex (“CIE”, by its acronym in Spanish) are closely integrated to the refining activities at La Plata Refinery, allowing for a flexible supply of feedstock, the efficient use of by-products, such as hydrogen, and the supply of aromatics to increase gasoline octane levels.
The main petrochemical products and production capacities, for the period indicated, were as follows:
For the year ended December 31, 2025
(tn per year)
Capacity
CIE
BTX (benzene, toluene, mixed xylenes) 526,000
Orthoxylene 25,000
Cyclohexane 95,000
Solvents 66,100
MTBE 60,000
LAB (linear alkyl benzene) 53,000
LAS (linear alkyl benzene suphonate) 32,000
PIB (polysobutylene) 26,000
Propylene 120,000
Reforming 520,760
Plaza Huincul
Methanol 411,000
Luján de Cuyo
Propylene 100,000
Natural gas, the raw material for methanol, is supplied by our Upstream business segment. The use of natural gas as a raw material allows us to monetize our reserves, demonstrating the integration between the Chemical unit and the Upstream business segment, while raw materials for petrochemical production in the CIE, including virgin naphtha, propane, butane and kerosene, are supplied mainly by La Plata Refinery.
In 2025, 67.8% of our petrochemical sales (including propylene) were made in the domestic market, while we exported the remainder to Mercosur countries, the rest of Latin America, Europe and the United States.
The petrochemical plant in the CIE and the methanol plant in the Plaza Huincul Refinery are certified under ISO standards, see “Item 4. Information on the Company—Our environmental, social and governance (“ESG”) commitment—Environmental matters in Argentina”. The ISO certifications for each plant cover the following processes:
• Refining process of crude oil and production of natural gas and liquid fuels, lube base stocks and paraffin, petroleum coke (green coke) and petrochemical products in the units of refining, conversion, lube, aromatics, olefins, PIB and LAB/LAS, methanol production and storage.
• Management and development of the petrochemical business of the Company, planning and economic and commercial control, commercialization and post-sale service of petrochemical products.
• Production of complex aromatics, olefins, maleic anhydride, polybutenes and the provision of energy services that operate within the CIE.
Additionally, since 2019, the petrochemical plant in the CIE has been certified under the program “Responsible Care for the Environment” by the Argentine Chamber of Chemical and Petrochemical Industry for seven consecutive years. The most recent certification, issued by DNV GL Argentina S.A. and valid from December 2025 through December 2027, confirms that this plant continues to comply with the requirements of the Responsible Care for the Environment Program. The scope of the certification includes the production and dispatch of petrochemical products in the following operational units: aromatics, olefins, polybutenes, and LAB. This continued renewal reflects our ongoing commitment to quality, safety, and environmental management across operations.
In 2025, the production of methanol was affected by the maintenance stoppage of the unit located in the Plaza Huincul Refinery.
Midstream Gas division
In 2025, the Midstream gas division was reformulated and transferred to the Midstream and Downstream business segment, and its business units were grouped as follows: (i) Natural gas transportation unit; (ii) Natural gas storage unit; (iii) NGLs unit; (iv) LPG unit; and (v) LNG regasification unit.
Natural gas transportation unit
Natural gas is delivered by us through our own gathering systems and through the midstream companies such as Gasoducto del Pacífico (Argentina) S.A. (“GPA”), in which we have an 8.75% equity stake, and Transportadora de Gas del Sur S.A. (“TGS”) from each of the major Argentine basins to the TGS and Transportadora de Gas del Norte S.A. (“TGN”) trunk pipelines. Additionally, YPF provides midstream services, such as natural gas transportation and processing, through its own facilities.
Natural gas storage unit
We utilize natural underground structures located close to consuming markets as underground natural gas storage facilities, storing limited volumes of natural gas during periods of low demand and prices, and selling the stored natural gas during periods of high demand and prices, with the purpose of capturing the seasonal price differential. In 2025, we extracted 113.5 Mm3 of natural gas from Diadema, our principal natural gas storage facility located in the Patagonia region, near the Comodoro Rivadavia City in the Chubut Province, and we transferred the stored natural gas to the LNG and Integrated Gas business segment for sale to third parties.
NGLs unit
We carry out NGLs activities through several plants for the processing of NGLs that we own and operate, such as the Turboexpander Randall located in the Loma La Lata block (“Tex LLL”) plant, the El Portón plant, and the Turboexpander Loma Negra (“Tex Loma Negra”) plant.
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YPF | Form 20-F | 2025
For the year ended December 31, 2025 (ktn per year)
Processing plant capacity Capacity
El Portón 180.3
Loma Negra 58.4
Loma la Lata 204.0
Total 442.7
As part of the development of the two-phase network for the evacuation of associated natural gas from the northern area of the Vaca Muerta formation, in the fourth quarter of 2025, the construction of an 86.6 km pipeline with a capacity of 4.5 Mm³/d to the El Portón Industrial Complex (“CIEP”) was completed. This will enable the processing of the associated natural gas at CIEP, where several cryogenic and compression facilities are available for its treatment.
In addition, during the first quarter of 2025, the construction of the Sierra Barrosa low temperature separation (“LTS”) plant was completed, including the installation of equipment for the reception and processing of associated gas from the southern area of the Vaca Muerta formation. This enables the evacuation of up to 1.6 Mm³/d of natural gas from the La Angostura Sur I and La Angostura Sur II blocks and lays the groundwork for future expansions.
LPG unit
Through our LPG unit, we are engaged in the LPG wholesale business, which encompasses LPG storage, logistics and commercialization to domestic and export markets. We obtain LPG from natural gas processing plants and refineries, as well as from third parties.
In the domestic market, we sell LPG mainly through distributors that supply the retail market. The LPG unit does not directly supply the retail market, which is supplied by our associate, YPF Gas S.A. (“YPF Gas”), among other LPG fractionators. During 2025, we sold 23.4% of our LPG production to YPF Gas.
In 2025, LPG sales reached 734.3 ktn, compared to 760.3 ktn in 2024. In 2025, 403.0 ktn of total sales were sold in the domestic market, compared to 384.1 ktn in 2024. Our main clients in the domestic market are companies that sell LPG in cylinders or bulk packing to end-consumers, also providing LPG to households in some regions. Additionally, exports in 2025 reached 331.3 ktn, compared to 376.2 ktn in 2024. The main destinations of these exports were Chile, Paraguay, Uruguay and Brazil. Transportation of LPG to overseas customers is carried out by truck and barges.
The LPG production and purchases from third parties, for the period indicated, are detailed in the table below:
For the year ended December 31, 2025
(ktn)
Production and purchases
LPG from natural gas processing plants (1)
El Portón 54.0
San Sebastián 15.3
Loma Negra 22.3
Estación Fernández Oro 1.3
Loma la Lata 83.9
Total LPG from natural gas processing plants 176.8
LPG from refineries and petrochemical plants
La Plata Refinery 457.1
Luján de Cuyo Refinery 123.9
Total LPG from refineries and petrochemical plants (2) 581.0
LPG purchased from unrelated parties 12.4
Total 770.2
(1) El Portón, San Sebastian, Loma Negra, Estación Fernández Oro and Loma La Lata plants are wholly-owned by us.
(2) Does not include LPG used as petrochemical feedstock (olefins derivatives, polybutenes and maleic anhydride).
In 2025, the deregulation process of the butane market in Argentina was completed, resulting in the liberalization of the butane’s sale prices to domestic market distributors, in accordance with SE Resolution No. 15/2025 and Decree No. 446/2025 (see Notes 35.b.3) and 35.f.2) to the Audited Consolidated Financial Statements). Consequently, maximum price caps for producers, bottlers, and distributors were permanently removed, along with product allocations subject to quotas and loading points. These measures further strengthen free market competition and enhance operational efficiency.
LNG regasification unit
Since 2011, YPF is the operator of UT Escobar (a joint venture with ENARSA), which operates an LNG regasification terminal (“LNG Escobar”) located in Escobar, in the Buenos Aires Province. In 2025, through the conversion of LNG into natural gas, LNG Escobar terminal injected 1.3 bm3 (or 47.1 bcf) of natural gas into the Argentine distribution network.
LNG and Integrated Gas
During 2025, our activities included the natural gas commercialization, the separation of NGLs and their fractionation, storage and transportation for the production of ethane, propane, butane and gasoline through our joint venture Mega, and the development of the projects referred to LNG liquefaction activities.
Regarding our natural gas commercialization activities, in 2025, we kept our position as the largest producer of natural gas in Argentina with total natural gas sales of 14,075 Mm3, which accounted for 29% of the market share (calculated through December 2025, as provided by Ente Nacional Regulador del Gas (“ENARGAS”)), with operations in all productive basins in Argentina: Neuquina, Austral, Golfo San Jorge, Noroeste and Cuyana.
In 2025, 89% of our production of natural gas came from the Neuquina basin. We believe that natural gas from this basin offers a competitive advantage in terms of cost-competitive reserves and resources compared to natural gas from other regions.
In 2025 our production of natural gas from the Neuquina basin increased 2%, when compared to 2024, accounting as of December 31, 2025 for 33% of the market share in the Neuquina basin as provided by the IAPG.
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YPF | Form 20-F | 2025
Due to the growing development of the Neuquina basin and the continuous decline in other basins, the capacity of the natural gas trunk pipelines connected to the Neuquina basin has become a relevant issue, since most of the pipelines reached full capacity between 2021 and 2022. This bottleneck hindered the evacuation of the natural gas produced in the Neuquina basin, mostly during the winter period. In this context, in 2022, the Argentine government through Decree No. 76/2022 granted a transportation concession under the Argentine Hydrocarbons Law on the Presidente Néstor Kirchner gas pipeline, later renamed to Gasoducto Perito Francisco Pascasio Moreno (“GPM”), to Integración Energética Argentina S.A. (“IEASA”, or “Energía Argentina S.A.”, “ENARSA” since August 1, 2022), to contribute to the natural gas production growth and increase our natural gas supply. With the first section of the GPM inaugurated in 2023, in July 2024 the compressor plant at the head of the gas pipeline was put into operation, and in October 2024 another compressor plant was inaugurated. The GPM gas pipeline expanded the natural gas evacuation capacity in the Neuquina basin by 21 Mm3/d, contributing to the YPF’s natural gas sales under Plan GasAr stimulus programs.
In December 2024, the Argentine government declared of National Public Interest the initiatives of TGS to expand the GPM gas pipeline and the capacity in the final sections of the NEUBA I gas pipeline, which is part of TGS regulated system, in order to increase natural gas evacuation from the Neuquina basin, which, if implemented, is expected to add 14 Mm3/d to the existing 21 Mm3/d, bringing the total transportation capacity to 35 Mm3/d, from Tratayén, in Neuquén to Salliqueló, in Buenos Aires. In October 2025, as a result of a public bid launched by the Argentine government, TGS was awarded the contract to carry out these initiatives, with the objective of enabling further domestic supply of natural gas mainly in wintertime and replacing LNG imports and alternative fuels to power generation such as gasoil, fuel oil and coal.
Additionally, with the partial flow reversal of the Gasoducto Norte gas pipeline (operated by TGN) inaugurated in November 2024, after natural gas firm imports from Bolivia ceased at the end of 2024, the flow through the pipeline has been mainly from the Neuquina basin, travelling from south to north in the new flow way, reaching the center and northern regions of Argentina. In 2025, work was underway to complete the integral flow reversal, to increase pipeline capacity through the potentiation of compression plants with the objective to reach new export markets in northern Chile and in Brazil.
During 2025, we sold 26% of our natural gas volume to local residential distribution companies, 8% to compressed natural gas (“CNG”) end-users, 28% to industrial users, 23% to power generation plants, 9% to our Midstream and Downstream business segment, and the remaining 6% was exported. In the CNG market segment, as of December 31, 2025, YPF maintained a 57% market share, the same market share as of December 31, 2024, as provided by the ENARGAS.
In addition, YPF markets natural gas through long-term and short-term contracts and spot market sales, supplying residential distribution companies, power generation plants, CNG customers, and industrial and commercial customers. The commitments with the residential and power generation segments are within the framework of the Plan GasAr 2020-2024 and Plan GasAr 2023-2028. Under such framework, YPF has been awarded base volume contracts of 21.9 Mm3/d at an average price of 3.66 US$/MBtu, and peak volumes of 3.25 Mm3/d at a price of 6.35 US$/MBtu. Moreover, YPF was awarded an incremental contract for volumes of natural gas from the Noroeste basin according to a maximum incremental production curve at a price of 9.8 US$/MBtu from October 2023 to December 2026 and 6.0 US$/MBtu from January 2027 to December 2028. If the maximum volumes of the incremental natural gas production curve are not obtained, regardless of the cause, and/or there are deviations of the incremental natural gas production curve from the maximum daily amount of natural gas, these events do not constitute a breach of the commitment. For further information see Note 35.f.1) to the Audited Consolidated Financial Statements.
Additionally, we carry out NGLs activities through Mega, a company in which we have a 38% equity stake and we jointly control with Petrobras (34%) and Dow Chemical (28%), which operates an NGLs separation plant located in Loma La Lata block, in the Neuquén Province; a pipeline that transports the NGLs produced in Loma La Lata block to the Bahía Blanca City, in the Buenos Aires Province; an NGLs fractioning plant, which separates the ethane, propane, butane and gasoline, located in the Bahía Blanca City; and transportation, storage and port facilities in the NGLs fractioning plant, with an aggregate maximum annual production capacity of 1.8 million tons of gasoline, LPG and ethane. YPF is Mega’s main supplier of natural gas for the development of these activities. As of the date of this annual report, Mega’s project for the construction of a new fractioning module in the NGLs fractioning plant in the Bahía Blanca City is being executed, expecting start up in the first quarter of 2026.
Regarding LNG liquefaction activities, in June 2025, in line with the Company’s forth pillar of its “YPF 4×4” plan (see “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4””), YPF S.A. and ENI signed a Heads of Agreement for the evaluation and later execution of basic engineering for the Argentina LNG project. The scope of the agreement was to jointly develop a liquefaction capacity of 12 million tn/y. Additionally, in November 2025, YPF, ENI and XRG P.J.S.C. (“XRG”) signed a Framework Agreement that defines the terms of cooperation between YPF, ENI and XRG for XRG’s due diligence of the LNG Project between YPF and ENI and XRG’s potential participation, through a to-be-incorporated affiliate of Abu Dhabi National Oil Company (“ADNOC”) and XRG in this project. These agreements were superseded by the execution of a tripartite Joint Development Agreement signed by the aforementioned companies in February 2026. This new agreement covers the collaborative development of the 12 million tn/y between YPF, ENI and XRG for the Argentina LNG Project. As of the date of this annual report, the Argentina LNG Project has awarded the early engineering designs for the main infrastructure packages, has selected consulting firms to carry out the environmental impact studies and has signed an engagement letter with a financial advisor.
In December 2025, YPF and Shell Argentina S.A. executed a termination agreement to formally conclude the Project Development Agreement originally signed by both parties in December 2024.
Additionally, in May 2025, YPF S.A. (through its wholly-owned subsidiary Sur Inversiones Energéticas S.A.U. (“SIE”)) joined Southern Energy S.A. (“SESA”)’s LNG Project with a 25% equity interest in SESA, which involves (i) the construction of a dedicated gas pipeline from the Vaca Muerta formation to San Antonio Este in the Río Negro Province, (ii) two Bareboat Charter Agreements with Golar (“BBCA”) for the floating liquefied natural gas (“FLNG”) vessels, the Hilli Episeyo (“FLNG Hilli”) and the FUJI LNG (“FLNG MKII”) (under construction) of 2.45 and 3.50 million tn/y liquefaction capacity, respectively, (iii) Gas Sales Agreements for the supply of 26.6 Mm3/d (of which SIE will supply 7.4 Mm3/d), and (iv) LNG Sales and Purchase Agreements for the whole LNG volume produced (of which SESA and SEFE Securing Energy For Europe GmbH agreed in March 2026 on a contract for SESA to sell 2 million tn/y of LNG for 8 years beginning in 2027 when the FLNG Hilli operations commence). In August 2025, the board of directors of SESA took a Final Investment Decision (“FID”) for the FLNG Hilli and FLNG MKII vessels, which the commercial operation dates are expected for 2027 and 2028, respectively.
Natural gas delivery commitments and supply contracts
We are committed to providing fixed and determinable quantities of natural gas in the near future under a variety of contractual arrangements.
As of December 31, 2025, we were contractually committed to deliver 50,304 Mm3 (or 1,774 bcf) of natural gas in the future (without considering interruptible export supply contracts), of which 12,895 Mm3 (or 455 bcf) will have to be delivered in 2026. The aforementioned figures contain the commitments within the Plan GasAr 2020-2024 and Plan GasAr 2023-2028 stimulus programs (see Note 35.f.1) to the Audited Consolidated Financial Statements). According to our estimations as of December 31, 2025, our contractual delivery commitments could be met with our own production and, if necessary, with purchases from third parties. For further information regarding our hydrocarbons production see “Item 4. Information on the Company—Business organization—Upstream—Oil and gas reserves—Oil and gas production, production costs and sales prices”.
Since 2004, the Argentine government has established regulations for both the international and domestic natural gas markets, which have affected the ability of Argentine producers to export natural gas. Consequently, in the past, because of actions taken by the Argentine government, we have been forced in many instances to partially or fully suspend natural gas export deliveries that are contemplated by our contracts with export customers. Thus, we could not meet our export commitments and were forced to declare force majeure under our natural gas export sales agreements, although certain counterparties have rejected our position.
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The current regulatory framework allows firm and interruptible exports, subject to SE’s non-objection. From 2024, the SE allowed for the request of export firm permits on a multi-year basis subject to certain limits and conditions.
On January 5, 1995, March 11, 1997, and November 13, 2001 (“GSA 2001”) we committed under agreements to supply natural gas to the Methanex S.A. (“Methanex”)’s plant in Cabo Negro, Punta Arenas, in Chile, of which only GSA 2001 for 1.1 Mm3/d is currently in force. Pursuant to the Argentine government intervention, deliveries have been interrupted since 2007.
As a result of negotiations with Methanex, YPF entered into various agreements that involved investments by YPF in hydrocarbon exploration in Chile, tolling agreements and, as of 2019, firm and interruptible natural gas supply contracts, in order to replace the commitments under the original agreements in accordance with the natural gas export regulations in force in Argentina, which include an agreement between YPF and Methanex for the recovery of volumes not delivered for regulatory reasons. In August 2024, YPF entered into a muti-year term firm agreement with Methanex that allows the supply of the remaining natural gas volumes originally committed under the GSA 2001 until December 2025 and the natural gas volumes not delivered for regulatory reasons agreed to be recovered with Methanex until November 2027.
In 2024, the Argentine government called for the submission of export sales agreements in order to evaluate firm natural gas exports authorizations on a yearly basis. Maximum firm potential volumes to be contracted and applied to be granted for a firm export authorization for 2025 were, for YPF, up to 2.1 Mm3/d from January to April, 1.6 Mm3/d from May to September and 2.1 Mm3/d from October to December.
Additionally, the Argentine government allowed for the request of firm export authorizations on a multi-year basis, from 2026 to 2028. The potential contractual volumes allowed to be requested for firm export permits to YPF were 50% of those allocated in 2025 (1.0 Mm3/d from January to April, 0.8 Mm3/d from May to September and 1.0 Mm3/d from October to December). The Argentine government also allowed the possibility for non-Plan GasAr 2023-2028 participants to request for multi yearly export permits for a total of up to: (i) from de Neuquina basin (from January to December), 2025: 1.5 Mm3/d and 2026-2028: 0.8 Mm3/d; and (ii) from the Austral basin (for the summer period, from October to December and from January to April), 2025: 1.0 Mm3/d and 2026-2028: 0.5 Mm3/d. With respect to the authorizations granted by the Argentine government, YPF has applied for: (i) from the Neuquina basin: 1.5 Mm3/d from January to April 2025, 1.6 Mm3/d from May to September 2025, 1.2 Mm3/d from October to December 2025, 0.3 Mm3/d from January to April 2026, 0.4 Mm3/d from May to September 2026 and 0.3 Mm3/d from October to December 2026; and (ii) from de Austral basin: 1.1 Mm3/d from September 2024 to November 2027. 100% of these volumes were contracted with customers in Chile.
In June 2025, the Argentine government called for the submission of export sales agreements in order to allow firm natural gas exports from the Neuquina basin from January 2026 to December 2028. The volume assigned to YPF was: (i) 2026: 1.8 Mm3/d from January to April and from October to December and 1.7 Mm3/d from May to September; (ii) 2027: 2.5 Mm3/d from January to April and from October to December and 1.1 Mm3/d from May to September; and (iii) 2028: 2.2 Mm3/d from January to April and from October to December and 1.8 Mm3/d from May to September.
In November 2025, the Argentine government allowed for the request of additional firm export authorizations from the Neuquina basin, from January 2026 to December 2026. The potential contractual volumes allowed to be requested for firm export permits to YPF were: 0.6 Mm3/d from January 2026 to April 2026; 0.4 Mm3/d from May 2026 to September 2026; and 0.8 Mm3/d from October 2026 to December 2026.
Additionally, through the Bases Law, it was established that exploration permit holders and/or exploitation concessionaires, refiners and/or marketers may freely export hydrocarbons and/or their derivatives, subject to the SE’s non-objection. For further information see Notes 35.a.1) and 35.c.2) to the Audited Consolidated Financial Statements.
For additional information on related regulations, see Note 35.c) to the Audited Consolidated Financial Statements.
For information regarding claims arising from restrictions in the natural gas market see “Item 8. Financial information—Legal proceedings”.
New Energies
Natural gas distribution activities
We distribute natural gas through our subsidiary Metrogas, in which we hold a 70% stake, a natural gas distribution company located in the Autonomous City of Buenos Aires and southern suburbs of the Buenos Aires Province, and the main natural gas distributor in Argentina. During 2025, Metrogas distributed 6,702 Mm3 (or 236 bcf) of natural gas to 2.3 million customers. Prices that regulate the natural gas distribution market are determined by a complex and regulated framework. The most significant changes to the regulatory framework that occurred in 2025 are outlined below.
On April 30, 2025, ENARGAS Resolution No. 257/2025 approved: (i) the Quinquennial Tariff Review (“RQT”, by its acronym in Spanish) corresponding to Metrogas; (ii) the segmentation of residential users; (iii) the investment plans for the five-year period 2025-2030; and (iv) the initial pricing scheme and the schemes of rates and charges corresponding to Metrogas effective as from May 1, 2025. The increase expected as a result of the RQT process will be effective in 31 consecutive monthly increases, and a monthly inflation-adjustment mechanism, and the new pricing schedules.
On June 5, 2025, SE Resolution No. 241/2025 established that the transportation and distribution prices will be adjusted on a monthly basis according to the variations in the indexes established by ENARGAS in the RQT, which correspond to the variation in equal parts of the CPI and the WPI published by the INDEC.
On June 6, 2025, ENARGAS Resolution No. 363/2025 approved: (i) the methodology for the monthly adjustment of prices; and (ii) the pricing charts to be applied by Metrogas effective as from June 6, 2025.
ENARGAS, through several resolutions, approves the pricing schemes to be applied by Metrogas on a monthly basis within the framework of the RQT in accordance with the provisions of ENARGAS Resolution No. 363/2025. For additional information regarding YPF’s shareholding in Metrogas and Metrogas’ pricing scheme.
For additional information on related regulations, see Note 35.c.3) to the Audited Consolidated Financial Statements.
Power generation activities
During 2025, our power generation activities included the generation of conventional thermal electric power and renewable energy through our joint venture YPF EE (commercially known as “YPF Luz”), including its subsidiary Central Dock Sud S.A. (“CDS”), and our joint venture CT Barragán.
In 2025, we participated directly and, indirectly through YPF EE and CT Barragán, in 17 power generation plants, with an aggregate installed capacity of 4,345 MW.
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In 2025, YPF EE kept its position as one of the strongest competitors in the electricity generation market in Argentina, being the biggest player in the private market (Mercado a Término de Energías Renovables, or “MATER”) with 23.1% of the market share in generation and holding the second place in renewable energy generation with 10.1% of the market share, as informed by Compañía Administradora del Mercado Mayorista Eléctrico S.A. (“CAMMESA”).
In 2025, YPF EE generated 14,390 GWh through its power plants located in the Tucumán, San Juan, Córdoba, Buenos Aires, Neuquén, Santa Cruz and Chubut Provinces, presenting an increase in power generation of 8.7% as compared to 2024.
The average electricity cost was 70.0 US$/MWh, a 2.0% decrease compared to 2024 (the average cost in Argentine pesos was 88,118 Ps./MWh, a 33.2% increase compared to 2024). For additional information regarding remuneration of power generation units not committed under contracts.
On October 21, 2025, SE Resolution No. 400/2025 approved the “Rules for the Standardization of the WEM and its Progressive Adaptation”, which sets forth among others the modifications for the management of fuels, the determination of prices and the operation of the term market and the spot market, applicable as from November 1, 2025. These measures are intended to ensure supply reliability, operational efficiency, and the economic sustainability of the national electricity sector.
Regarding the renewable energy market, the Manantiales Behr, Los Teros I, Los Teros II, Cañadón León and General Levalle wind farms and the Zonda solar farm, all wholly-owned by YPF EE, represented in Argentina 10.1% of renewable power generation in 2025 and 9.8% of renewable electric power installed capacity as of December 31, 2025, as informed by CAMMESA.
In May 2024, the construction of CASA wind farm, to be located in Olavarría City, in the Buenos Aires Province, commenced, with an estimated investment of US$ 80 million, which will have a total installed capacity of 63 MW, from which 28 MW will be allocated to the self-generating power of Cementos Avellaneda S.A. and the rest to supply the industrial demand within the MATER. In February 2026, CAMMESA authorized the commencement of commercial operations in the Wholesale Electricity Market (“WEM”) of the CASA wind farm for a net capacity of up to 63 MW to be injected into the Argentine Electricity Grid (“SADI”, by its acronym in Spanish).
In October 2024, the construction of the second solar farm for electricity generation, El Quemado, to be located in the Mendoza Province commenced, with an estimated investment of US$ 210 million, which will have an installed capacity of 305 MW. This solar farm is anticipated to be fully completed and commissioned by the first half of 2026. In December 2025, CAMMESA authorized the commencement of partial commercial operations in the WEM of the El Quemado solar farm for a net capacity of up to 100 MW to be injected into the SADI, effective as from December 23, 2025.
Additionally, in October 2024, YPF EE’s board of directors approved the application for adherence to the RIGI for El Quemado solar farm submitted by Luz del Campo S.A., a wholly-owned subsidiary of YPF EE. Such adherence was approved by the Ministry of Economy in January 2025.
In February 2025, CAMMESA launched a bidding process for the construction of battery energy storage projects in the Buenos Aires Province, targeting an initial 500 MW of installed capacity to enhance reliability and power supply conditions in the metropolitan area of the Buenos Aires Province by storing energy and feeding it back to the WEM during peak demand hours. In August 2025, through SE Resolution No. 361/2025, CDS was awarded a battery energy storage project with 90 MW of storage capacity and a capacity price of US$ 12,815 MW/month. This project is expected to be completed and commissioned during the fourth quarter of 2026, with an estimated investment of US$ 57 million.
For additional information on related regulations, see Note 35.d) to the Audited Consolidated Financial Statements.
Fertilizers activities
During 2025, and until December 2025, our activities in the fertilizer market included the production, storage, distribution and sale of fertilizers through our joint venture Profertil S.A. (“Profertil”), one of the market leaders of fertilizers in the Southern Cone. In 2025, Profertil produced 1.0 million tons of urea and 0.6 million tons of ammonia through its production facility in the Bahía Blanca city, in the Buenos Aires Province.
On December 12, 2025, the Company entered into a share purchase and sale agreement with Agro Inversora Argentina S.A. (“Agro Inversora”), a company belonging to the Adecoagro Group, whereby, subject to the fulfillment of the closing conditions, YPF S.A. committed to transfer 50% of the shares and capital stock of Profertil. On December 18, 2025, after the fulfillment of all the closing conditions, the sale and transfer by YPF S.A. of 50% of the shares and capital stock of Profertil was completed.
The sale price of the transaction after the price adjustment agreed by YPF S.A. and Agro Inversora in the share purchase and sale agreement amounted to US$ 596.3 million which was paid in cash for US$ 200 million and the remaining balance through a credit in favor of YPF S.A. for US$ 396.3 million. See Note 3 “Sale of equity participation in Profertil” section to the Audited Consolidated Financial Statements.
Other new energies activities
Through our subsidiary Y-TEC, we are involved in providing research and development services in the field of technology applied to the hydrocarbon industry. For further information see “Item 4. Information on the Company—Research and development”.
Additionally, we work on the definition and development of new energies portfolio.
Seasonality
Historically, our results have been subject to seasonal fluctuations throughout the year, particularly as a result of the increase in natural gas sales during the winter driven by the increased demand in the residential segment. Consequently, we are subject to seasonal fluctuations in our sales volumes and prices, with higher sales of natural gas during the winter at higher prices.
Research and development
In 2012, YPF created Y-TEC, its research and development (“R&D”) company dedicated to creating technological solutions and specialized services for YPF S.A. and the broader energy sector. YPF S.A. holds 51% of Y-TEC, while Argentina’s National Science and Technical Research Council (“CONICET”) holds the remaining 49%.
Y-TEC applies an open-innovation approach, partnering with technological institutions to enhance regional leadership. This model reduces technological risk, accelerates deployment timelines, lowers costs, and strengthens Y-TEC’s capabilities by integrating knowledge and expertise from scientific communities in Argentina and abroad.
In addition, Y-TEC develops opportunities across both established and emerging energy sectors. Its activities are aligned with YPF’s strategic pillars (see “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4””) and carried out in facilities equipped with 48 laboratories, 12 experimental plants, and a team of 272 professionals.
Y-TEC oversees and coordinates YPF’s R&D activities, managing a project portfolio of 32, 39 and 63 projects under development as of December 31, 2025, 2024 and 2023, respectively. Beginning in 2024 and continuing through 2025, the project portfolio was systematically refined to align with YPF’s strategic plan and the pillars of Y-TEC’s growth strategy. In parallel, Y-TEC operates technical service and technical assistance platforms that provide laboratory and field support to customers in the Argentine energy sector. In 2025, Y-TEC executed 98 technical services and assistance activities.
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The R&D portfolio covers three core areas, organized in divisions across Y-TEC: (i) oil and gas (production, transport, and subsurface technologies); (ii) fuels, chemicals, and biologicals; and (iii) low-carbon energies and environmental sustainability.
The oil and gas division focuses on improving operational efficiency and reducing costs through the development and application of advanced technical solutions. It also provides multidisciplinary technical services to address operational challenges across the oil and gas value chain. In 2025, Y-TEC led three consortiums centered on the Vaca Muerta formation:
(i) Vaca Muerta Sustained Productivity: Dedicated to the optimization of oil and gas production through integrated-permeability analysis.
(ii) Vaca Muerta Enhanced Recovery: Dedicated to the application of EOR techniques, including surfactants and CO2-based processes.
(iii) Vaca Muerta Proppant Agents: Dedicated to the development of logistics solutions to ensure proppant availability for full-scale development.
The first two consortiums are ongoing, and their R&D plans are reviewed annually in line with the priorities of their member companies. The third consortium concluded in November 2025 after achieving its technical objectives. In 2026, Y-TEC is expected to continue advancing in collaborative consortiums.
Additional activities include reservoir simulations for shale geological formations, digital geological rock modeling, image analysis, and new geological rock characterization methods to improve understanding of the subsurface and enable data-driven decision-making. Y-TEC also develops tools and equipment to improve efficiency and performance in perforation, workover, hydraulic fracturing, and production operations.
The fuels, chemicals, and biologicals division develops high-performance fuels and innovative chemical solutions for oilfield applications. Its portfolio includes tailor-made additives designed to improve oil production efficiency and reduce operating costs, including products specifically engineered for the Vaca Muerta formation.
Y-TEC also leads national R&D efforts on microbiologically induced corrosion (“MIC”), coordinating a multi-client consortium to model and quantify the impacts of MIC across Argentina’s energy infrastructure.
In addition, with the support of the Marie Skłodowska-Curie Actions grant, Y-TEC is advancing on new R&D lines in environmentally sustainable materials, specifically exploring novel polymers for next-generation applications.
The low-carbon energies and environmental sustainability division conducts R&D actions in critical minerals and materials (such as lithium and graphite), green hydrogen, ecosystem restoration in semi-arid regions, and advanced oxidation technologies. One major innovation is an advanced-oxidation process using nanobubbles to treat water with low hydrocarbon concentrations, demonstrating strong performance in hydrocarbon degradation and microalgae control.
In 2025, Y-TEC concluded the development of the “Y-ALGAE” bioreactor, designed for biological CO2 capture. This technology is currently in the minimum viable product phase, and strategies for industrial and commercial deployment are under evaluation.
Consistent with YPF’s environmental commitments, Y-TEC develops technologies to reduce operational impacts, including oil recovery from water and soil and revegetation techniques for affected areas.
In 2025, the H2AR Consortium, created by Y-TEC in 2020, expanded across Latin America, includes 38 member companies across the hydrogen value chain and maintains collaboration with leading international hydrogen organizations.
The technologies that have been introduced to the market in the last three years include:
• 2025: “Y-FRED” High Viscosity Friction Reducer (“HVFR”), following a successful pilot. A larger-scale test is scheduled for 2026.
• 2024: Oilfield chemicals including (i) “Y-FLUX”, paraffin inhibitors; and (ii) “Y-BREAK”, a demulsifier based on self-produced graphene nanotechnology with a dual version (demulsifier + paraffin-dispersant, all in one).
• 2023: (i) Chemicals for upstream activities, including biocides and nano emulsified systems, among others; and (ii) “Y-ALGAE”.
Competition
YPF is a vertically integrated energy company, which allows us to generate synergies and to take advantage of economies of scale among our different business segments.
We are involved in the entire oil and gas value chain, including the production, refining, commercialization, and distribution of hydrocarbons, obtaining margins at all levels, which gives us unique flexibility in managing our portfolio in relation to our target markets. Our crude oil production is currently directed mainly to our refineries, but the ongoing increase in production, together with the commissioning of new infrastructure, is expected to raise the share of our crude oil being allocated to exports. The fuels sold both at our retail service stations and through the rest of the commercialization channels come mostly from our refineries and are supplemented by imported fuels when the market conditions require it. This countrywide presence in the domestic market ensures a robust client portfolio in the long term, reinforcing the opportunities for profitability through the integrated value chain. Therefore, the Company maintains its leadership in Argentina in practically all the business segments in which it operates.
We encounter competition from international and domestic oil and gas companies: (i) in acquiring or renewing exploration permits and exploitation concessions; (ii) in operating in a dynamic market in the Argentine downstream industry; and (iii) in arranging natural gas sales agreements with different clients, natural gas transport capacities in major gas pipelines and natural gas processing and treatment; and from international and domestic power companies in energy generation and distribution in awarding power purchase agreements for new projects. In such context, our competitive strengths are: (i) we are the largest producer of crude oil and natural gas in Argentina and one of the largest shale operators outside the United States; (ii) we have a substantial portfolio of oil and gas concessions in Argentina; (iii) we have significant refining and logistics assets, we are the largest refiner in Argentina with a processing capacity that represents more than 50% of Argentina’s total refining capacity and operates with high utilization rates, and our refining system is highly complex, which gives us the flexibility to transfer part of our production resources to products with higher added value; (iv) we are the leading company in both the retail and wholesale fuel markets in Argentina, with a nationwide network and a market share that in the last years has exceeded half of total domestic fuel sales; and (v) we have a consolidated integrated position in the gas and power industry.
We continuously assess the external environment and our competitive position to adjust our business strategies and plans to create and sustain our competitive advantages.
Our environmental, social and governance (“ESG”) commitment
One of our values is our commitment to responsible ESG management, which is an integral part of our objectives and our way of working and doing things. In addition, it is a commitment established in our Code of Ethics and Conduct (“CDEyC”, by its acronym in Spanish), which each member of our Company must make their own.
We have corporate policies on this matter, and our approach in this area focused on four priorities during 2025: (i) People; (ii) Energy; (iii) Environment; and (iv) Society. Guided by our corporate values, policies and CDEyC, our vision and strategy frame our understanding of and our response to ESG issues.
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ESG governance
The Board of Directors of YPF S.A. follows up ESG matters through the Risk and Sustainability Committee, which monitors the main internal and external risk factors that are specific to the company and/or its activities, receives reports from management on the implementation of comprehensive strategic, operational, environmental and legal business risk management policies, including those related to social and environmental impact, new energy scenarios, or extreme weather events, and ensure they are properly implemented, among other functions. See “Item 6. Directors, Senior Management and Employees—Management of the Company—Board of Directors’ Committees—Risk and Sustainability Committee”.
The Senior Management, in relation to the business units under their responsibility, regularly oversee issues and risks related to the care of people, the environment, community relations, and corporate governance. The business units are responsible for executing sustainability-related ambitions and managing associated risks and performance. Additionally, the Sustainability and Energy Transitions Department, which reports to the New Energies Vice Presidency, operates at corporate level and is responsible for raising awareness about sustainable management across the Company. It is tasked with proposing and advancing, transversally, the work plan aligned with our Sustainability Priorities, preparing the Company’s Sustainability Report, and provides regular updates to the Risks and Sustainability Committee. Other corporate managers who are also responsible for sustainability-related matters are those in charge of operational and people safety and environmental protection, within the Quality, Environment and Safety Vice Presidency; People and Culture Vice Presidency; Legal Affairs Vice Presidency; and Compliance Office. These corporate functions are also responsible for advising and reporting on ESG risks and performance to the Senior Management.
As part of the process of preparing our Sustainability Report each year, we conduct a materiality analysis to identify our stakeholders’ perceptions, opinions, and expectations. Thus, we update the material issues to report, that is, those that have or may have significant economic, environmental, or social impact on the Company’s relationship with its stakeholders. To define the list of topics to be consulted, we considered the context of global sustainability and risk management, media analyses, investor inquiries, and relevant global ESG standards (such as the Global Reporting Initiative (“GRI”), and the Sustainability Accounting Standards Board (“SASB”)).
In 2025, YPF continued with ESG performance targets linked to both business units and corporate departments, including the Accident Frequency Rate (“AFR”), CO2e Emissions Intensity and externally evaluated ESG performance. Results associated with these ESG performance targets were a component of the variable compensation programs for various levels of employees, including members of the Senior Management.
ESG issues management
YPF is committed to operating in balance with its environment, in a sustainable way. In this sense, it carries forward its mission to produce and provide energy focusing on environmental care, trying to minimize possible negative impacts, looking to enhance the positive effects associated with its operations and prioritizing the protection of workers, the environment and respect for the communities. We manage our operations with a preventive approach, in accordance with applicable regulations and the guidelines of our Quality, Environment and Safety Policy, which are integrated into our Operational Excellence Management Model.
The Operational Excellence Model, which has been in place since 2018 and which has been implemented across all business units as well as in interactions with suppliers and contractors, aims to achieve outstanding organizational management and sustainable long-term results through continuous improvement. It establishes criteria for compliance and excellence that focus on risk and impact management through measures adapted to local contexts, as well as it incorporates the requirements of recognized international standards ISO 45001 (occupational health and safety), ISO 14001 (environment management systems), and ISO 9001 (quality management systems). In addition, based on this Model, we develop processes and standards.
Furthermore, our Operational Excellence Model allows all the Company’s areas to find the scope of their responsibilities and contributions to operational excellence, as well as articulate their guidelines in pursuit of the prevention of unwanted impacts. It also involves developing investment plans to face contingencies that may affect people, the environment, the integrity of our assets, and the fulfillment of commitments with stakeholders.
We measure our progress in ESG based on priority issues for our business and stakeholders, with annual and multi-year targets. In this sense, as a company of the energy sector, our sustainability initiatives are focused on secure and efficient energy production, creating economic value and decent work conditions, reducing emissions, innovating by developing new energy solutions, and conducting safe and responsible operations.
Initiatives and actions
Participation in associations and alliances. In this sense, during 2025:
• As part of good corporate governance practice, we once again voluntarily participated through the S&P GCSA 2025 based on Dow Jones Sustainability Indices (“DJSI”). We achieved to position YPF among well-performing companies in the global oil and gas industry. During 2025, we maintained the performance ranking within the top 5% of top performers for the Oil and Gas Upstream and Integrated category. The S&P GCSA enables YPF to directly report key sustainability metrics and benchmark the Company’s performance on a wide range of oil and gas industry-specific economic, environmental, and social criteria that are relevant to a more efficient management and which are part of the ESG risk management assessments that the market evaluates. We also participate in the EcoVadis initiative, which is one of the world’s largest and most prestigious provider of sustainability qualification with over 100,000 evaluated enterprises, at which we achieved the Silver Category.
• We continue to participate in the Sustainability Commission of the IAPG, and also as members of the United Nations Global Compact, the Extractive Industries Transparency Initiative (“EITI”) working group in Argentina together with the IAPG and the Cámara de Exploración y Producción de Hidrocarburos (Hydrocarbons Exploration and Production Chamber or “CEPH”), and the Cámara Argentina de Empresarios Mineros (Argentine Mining Enterprises Chamber or “CAEM“). In the first quarter of 2025, the Argentina’s EITI fourth cycle report for the period 2022-2023 was published.
Social aspects
In addition to complying with Argentina’s applicable regulations on working conditions, healthcare and people’s safety, trade union associations and the right to collective bargaining, diversity and equal opportunities, and respect for the communities with which we interact; as well as respecting human rights according to the provisions of the Universal Declaration of Human Rights of the United Nations and the Declaration on Fundamental Principles and Rights at Work from the International Labour Organization, which are both part of the Argentine law, YPF has internal policies within the framework of which activities are developed and work teams act, which contain commitments focused on: the people who work directly in YPF and in third-party service companies; business partners and interested parties; safety, ethics and compliance; the communities located in the areas of influence of our operations and indigenous communities. In this sense, the CDEyC that establishes the Company’s values, as well as these policies extend to all areas of YPF, and our subsidiaries, as well as to suppliers and contractors, and is informed to our business partners.
In terms of society, our industrial and commercial activities contribute to job creation and Argentina’s development. At the same time, the Company and its foundation, Fundación YPF, make direct social investments which are carried out within the framework of corporate policies and considering local contexts. These actions, focused on education and local development, allow us to be an active part of initiatives that contribute to the quality of life of the communities near our operations and Argentine society as a whole. Also, these initiatives make it possible to strengthen the social license to operate, as well as the internal commitment of employees. In many cases, the initiatives are based on strategic alliances with relevant public and private actors.
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Environmental matters in Argentina
Our operations are subject to a wide range of laws and regulations relating to the general impact of industrial operations on the environment, including air emissions and wastewater, the disposal or remediation of soil or water contaminated with hazardous or toxic waste, fuel specifications to address air emissions and the effect of the environment on health and safety. We have made and will continue to make expenditures and investments in order to guarantee the reliability and integrity of our assets and operations and to comply with these laws and regulations as well. In Argentina, local, provincial and national authorities are moving towards more stringent enforcement of applicable laws. In addition, in the past decades, Argentina has been implementing regulations that require our operations to meet stricter environmental standards. These regulations establish the general framework for environmental protection requirements, including the establishment of fines and criminal penalties for their violation. We have undertaken measures to achieve compliance with these standards and are undertaking various abatement and remediation projects; the most significant projects are mentioned below.
We cannot predict what environmental legislation or regulations will be enacted in the future, nor can we predict how existing or future laws will be administered or enforced. Compliance with more stringent laws or regulations, as well as more vigorous enforcement policies of regulatory agencies, could require additional expenditures in the future, including the installation and operation of systems and equipment for remedial measures, and could affect our operations in general. In addition, violations of these laws and regulations may result in the imposition of administrative or criminal fines or penalties and may lead to personal injury claims or other liabilities. Moreover, current and pending climate change-related regulations, such as costs related to monitoring or reducing emissions, may adversely affect our operations and increase our compliance costs.
For further information see “Item 3. Key information—Risk factors—Risks relating to our business—We may incur significant costs and liabilities related to environmental, health and safety matters”, “Item 3. Key information—Risk factors—Risks relating to our business—Our domestic operations are subject to extensive and changing regulation” and “Item 3. Key information—Risk factors—Risks relating to our business—Oil and gas activities are subject to significant economic, social, environmental and operational risks”.
We have in place our Operational Excellence Model, which is aligned with our Corporate Risk Management Policy in connection with our assets, processes, businesses and projects, integrating, at all stages of their lifecycle, criteria and preventive actions for environmental protection, safety, health, quality, integrity and reliability. We operate not only in strict compliance with policies, rules and procedures, within Argentina’s current legal and regulatory framework, but also proactively adopting reference standards in the absence of legislation.
As an example of our work towards best practices in the oil and gas industry, we have implemented an investment plan aimed at improving the quality of fuels. See “Item 4. Information on the Company—Resilient energy—Low-carbon fuels and solutions”.
In our refineries we are still working on our ambitious plan of effluents adequacy, including drain fluids segregation and the revamping of raft, which will also allow us to strengthen the resilience of our facilities to the new climatic conditions of the region. In logistics, the integrity plan for tanks and pipelines is developed annually to ensure their tightness.
Annually, plans are developed across business units to comply with different safety and environmental resolutions. Work based on SE Resolutions No. 277/2025 and 404/1994 are carried out on tanks and inspections of pipelines in accordance to Resolution No. 120-E/2017 issued by the Former Ministry of Energy and Mining (“MINEM”). Following regulations of the Buenos Aires Province’s Ministry of Environment , we also perform pressure container inspections.
We and several other industrial companies operating in La Plata City, in the Buenos Aires Province, have entered into a community emergency response agreement with three municipalities and local hospitals, firefighters and other health and safety service providers to implement an emergency response program. This mutual aid program is intended to prevent damage and losses resulting from accidents and industrial and environmental emergencies. This program includes meetings, drills, visits at plants and risk communications and capacity building. Our three refineries are certified under the ISO 9001 “Quality management systems” and ISO 14001 “Environmental management systems”, which are regularly renewed. All of them are also certified under the ISO 45001 “Occupational health and safety management systems”. In addition, the La Plata, Luján de Cuyo and Plaza Huincul refineries have been verified in accordance with ISO 14064 “Greenhouse gasses” for the inventories of industrial GHG and have energy management systems certified under the ISO 50001 “Energy management”. Our refineries maintain their systems under continuous improvement and revision by accredited organizations.
Focusing on research and development, Y-TEC, our technology company (see “Item 4. Information on the Company—Research and development”), applies an open-innovation approach and coordinates YPF’s R&D activities, developing technological solutions and specialized services across the oil and gas, fuels and chemicals, and low-carbon energy and environmental sustainability sectors. Its projects are aimed at improving operational efficiency, reducing costs, advancing digital capabilities, and developing technologies for emerging energy vectors and environmental sustainability, in alignment with YPF 4×4 plan.
Environmental regulations
The enactment of Articles 41 and 43 in the Argentine National Constitution, as well as new federal, provincial and municipal legislation, has strengthened the legal framework dealing with damage to the environment. Legislative and government agencies have become more vigilant in enforcing the laws and regulations regarding the environment, increasing sanctions for environmental violations. Under such Articles, all Argentine inhabitants have both the right to an undamaged environment and a duty to protect it. The primary obligation of any person held liable for environmental damage is to rectify such damage according to and within the scope of applicable law. The federal government sets forth the minimum standards for the protection of the environment, and the provinces and municipalities establish specific standards and implementing regulations.
Federal, provincial and municipal laws and regulations relating to environmental quality in Argentina affect our operations. These laws and regulations set standards for certain aspects of environmental quality, provide for penalties and other liabilities for the violation of such standards and establish remedial obligations in certain circumstances.
In general, we are subject to the requirements of the following federal environmental regulations (including the regulations issued thereunder):
• Argentine National Constitution (Articles 41 and 43)
• National Criminal Code
• National Civil and Commercial Code, which sets forth the general rules of tort law
• Law No. 25,675 on National Environmental Policy
• Law No. 25,612 on Integrated Management of Industrial and Service Industry Waste
• Law No. 24,051 on Hazardous Waste
• Law No. 25,916 on Management of Domestic Waste
• Law No. 20,284 on Clean Air
• Law No. 25,688 on Environmental Management of Waters
• Law No. 25,670 on Management and Elimination of Polychlorinated Biphenyls
• Law No. 27,520 on Minimal Standards on Global Climate Change Adaptation and Mitigation
• Law No. 27,566 on Access to Information, Public Participation and Justice in Environmental Matters in Latin America and the Caribbean
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These laws address environmental issues, including limits on the discharge of wastes, air emissions and liquid effluents associated with oil and gas operations, investigation, management and cleanup of hazardous substances, workplace safety and health, natural resource damage claims and toxic tort liabilities. Furthermore, these laws typically require compliance with associated regulations and permits and provide for the imposition of penalties in case of non-compliance. In addition, we are subject to various other provincial and municipal regulations, including those relating to natural gas venting, crude oil spills and well abandonment, among others.
By Resolution No. 419/1993, and subsequent amendments (Resolutions No. 404/1994 and 414/2021), the SE created the Registry of Independent Professionals and Safety Auditing Companies which may act with respect to hydrocarbons storage facilities, oil refineries, gas stations, fuel commercialization plants and plants for fractioning of LPG in containers or cylinders. These resolutions provide that external audit of oil refineries, gas stations and all fuel storage plants must be carried out by professionals registered in such Registry. Domestic fuel manufacturing companies and companies that sell fuels are prohibited from supplying these products to any gas station failing to comply with its obligations. Penalties for failure to perform the audits and remedial or safety tasks include the disqualification of plants or gas stations. In addition, a set of obligations was established regarding underground fuel storage systems, including a mechanism for instant notification in cases of loss or suspicion of loss from storage facilities. These obligations are complemented by SE Resolution No. 1,102/2004, which sets forth the Registry of Liquid Fuels Outlets, Own Consumption, Storers, Distributors and Marketers of Fuels and Hydrocarbons in Bulk and Compressed Natural Gas.
By Resolution No. 277/2025, the SE regulated the National Program of Hydrocarbons Warehousing Aerial Tank Loss Control, which establishes the guidelines to ensure the integrity of warehousing aerial tanks. Through Resolution No. 970/2023, the SE created the National Program for Measurement and Reduction of Fugitive Emissions Derived from Hydrocarbons Exploration and Production Activities, by which the obligated subjects must present an annual fugitive emissions measurement plan and a 5-year comprehensive plan for the reduction and/or capture of fugitive emissions and, in view of the declared objectives of each plan, implement specific measures in accordance with their capabilities for the purposes of reducing and/or capturing emissions, prioritizing the efficiency and use of the gas. As of the date of this annual report, the regulation of this Resolution is still pending.
In 1994, Argentina ratified the United Nations Framework Convention on Climate Change (“UNFCCC”) through Law No. 24,295 to stabilize its GHG emissions. In addition, in 2016, Argentina adopted the Paris Agreement under the UNFCCC through Law No. 27,270 (which is known to be the successor of the Kyoto Protocol).
In 2019, the Argentine Congress enacted Law No. 27,520 on Minimal Standards on Global Climate Change Adaptation and Mitigation which focused on implementing policies, strategies, actions, programs and projects that can prevent, mitigate or minimize the damages or impacts associated with climate change.
In 2021, through Resolution No. 1,036/2021, the SE approved the “Guidelines for an Energy Transition Plan by 2030”. In June 2023, through Resolutions No. 517/2023 and No. 518/2023, the SE approved the “National Plan for an Energy Transition by 2030” and the “Guidelines and Scenarios for the Energy Transition to 2050”, respectively.
In addition, in November 2019, the Argentine government issued the “First National Plan for Mitigation and Adaptation for Climate Change” which foresees an energy transition strategy. In this sense, this Plan establishes that “the decarbonization of the energy matrix as a long-term horizon implies a structural change in the systems of supply and use of energy. The energy transition, driven by the demand for climate action, must be fair, affordable and sustainable”. In April 2023, the Argentine government issued the “Second National Plan for Mitigation and Adaptation for Climate Change”.
In November 2023, the Ministry of the Environment and Sustainable Development issued Resolution No. 23/2023 approving the “Guide for the Preparation of Environmental Impact Studies”, which includes the issue of climate change, and the “Guide on Public Participation in Environmental Evaluation”, whose implementation is voluntary.
With the purpose of setting up the principles, instruments and strategies of climate action in public policies, in accordance with the minimum standards established by National Law No. 27,520, several hydrocarbon-producing provinces issued specific regulations related to the management of emissions, such as Resolution No. 258/2025 of the Neuquén Province, Resolution No. 58/2024 of the Chubut Province and Resolution No. 758/2025 of the Mendoza Province, and Law No. 5,733/2024 of the Río Negro Province.
In 2024, the Argentine Congress passed Bases Law empowering the Argentine Executive branch to develop, together with the provinces, harmonized and uniformed environmental legislation for the hydrocarbon sector at national level in compliance with the provisions of Law No. 27,007. The SE will identify the applicable regulation and the environmental aspects to be taken into account, to ensure the development of hydrocarbon activity with adequate care of the environment and will establish a procedure to coordinate joint work with the provinces and with the Autonomous City of Buenos Aires. As of the date of this annual report, this process of harmonization and unification of the environmental legislation for the hydrocarbon sector is ongoing.
The description of the relevant Argentine environmental regulations is only a summary and does not purport to be a comprehensive description of the Argentine environmental regulatory framework. This summary is based on main Argentine regulations related to environmental issues as in effect as of the date of this annual report. It should be noted that such regulations may be subject to change.
Water management
We are committed to managing water with a comprehensive approach focused on the sustainability of the resource. This includes considering its shared use with the communities where we operate, the monitoring of water collections and discharges, promoting efficiency in its use, prioritizing water-stressed areas, ensuring proper management of the generated effluents, and raising awareness about water care.
The criterion for water management is focused on three strategic lines:
(i) Identification of water risks, which includes:
• Global assessment of water risk associated with operations, through the Aqueduct Water Risk Atlas tool, that allows us to identify water risk associated with our operations with points of water supply.
• Water risk analysis and financial estimation in the unconventional operations in the Neuquén Province through the Waterplan Platform, a tool that allows greater granularity of analysis. Through this tool, we visualize the most probable risk scenarios. Methodology for assessing climate-related physical risks, including drought, linked to water security at a facility level, which is being applied at several critical facilities.
(ii) Optimization of water use, based on:
• Water use efficiency assessment, assessed with in-house methodology. In 2025, we established a water management plan for downstream industrial complexes and unconventional upstream operations, covering everything from improving data acquisition to treatment and recycling industrial water.
• Water valorization, using the Water Risk Monetizer tool, we periodically set internal prices for water, which must be used in the sensitivity analyses of all critical investment projects.
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• Reduction of freshwater withdrawal intensity. Based on our ambition to reduce the intensity of our freshwater withdrawal, we have outlined new 2030 objectives for the unconventional upstream and downstream operations consisting of a further reduction (baseline 2025).
• Assessment of resources, which includes the study of hydrogeological resources. With an investigation model that uses information obtained from the drilling of oil wells, we mapped the aquifers that need to be protected. We covered the Neuquén, Río Negro, Santa Cruz, Mendoza (Cuyana and Neuquina basins), Tierra del Fuego and Chubut Provinces. This study has direct application in drilling and hydraulic stimulation activities and well abandonment and reparation. During 2025, hydrogeological baseline studies were extended to the Austral basin, associated with Palermo Aike unconventional exploration project.
The Company seeks to reduce, reuse and recycle the water used in the production process and the effluents generated. In the event of not being able to do so, it treats them and discharges them in accordance with the requirements of the application authority of the place of discharge. Where no regulations exist, the standards in force for the oil and gas industry are applied. For this purpose, YPF monitors its water management benchmarking study on all of its withdrawal and discharge points.
Water management in unconventional exploitation areas
Hydraulic stimulation, a long-time proven technology, allows the resources in unconventional formations to be extracted in an efficient and environmentally friendly way.
Generally, this technique uses water and sand and less than 0.8% of chemicals or additives. These additives are the same as those used in products for household and commercial applications, such as sodium chloride (used in kitchen salt), borate salts (used in cosmetics), potassium carbonate (used in detergents), guar gum (used in ice cream) and isopropyl alcohol (used in deodorants).
Water used for oil and gas development, which requires a permit from a competent authority, is obtained from bodies of flowing water which represent a small percentage of the total surface flow (around 0.2%) and involve much lower volumes than those used for agricultural and human consumption in the Neuquén Province.
From the beginning of its unconventional operations, YPF has considered environmental protection as one of the values of its Quality, Environmental and Safety Policy.
Waste management
In compliance with Argentine regulations and our environmental standards, we promote actions aimed at gradually minimizing waste generation; reducing its risk and environmental impact; reusing, recycling or recovering waste materials; ensuring proper treatment and final disposal; and establishing continuous improvement programs.
YPF identifies, among its sustainability priorities, the circular economy and waste management. We set waste recovery objectives for the Upstream and Midstream and Downstream vice presidencies, identifying year on-year targets up to 2030. YPF aims to have a 40% waste recovery by 2030.
Since 2012, we have been working on initiatives in our Upstream business segment in order to systematically reduce our historical stock of soil containing hydrocarbons. In 2021, we achieved our strategic reduction target and today we maintain our waste inventories at operational levels. We also apply cutting-edge techniques such as stabilization and solidification; bioremediation of hydrocarbon-containing waste through bacteria; bioremediation of soils by stimulating fungal decomposition; and revegetation and ecological restoration of soils with direct seeding.
Progress made in hazardous waste management includes the operation of a drill cuttings plant, the “TRON AESA” plant, located in the Loma Campana block. This plant reduces the volume of drilling muds and cuttings sent for external treatment and allows the recovery of oil-based mud for reuse. In 2024, a new drill cuttings processing line was installed, and we expect to expand its capacity during the first quarter of 2026.
Additionally, we continue working in circular economy projects aimed at re-using spent catalysts from our refineries and petrochemical business.
In our operations in the Vaca Muerta formation, we have adopted a life-cycle approach to waste management considering generation, storage, transport, treatment and final disposal. We have identified initiatives to improve and optimize each of these stages. In this sense, in 2024, we carried out a test for drill cuttings stabilization on roads in the repository of Bajada de Añelo block and, currently, we are working on testing the bioremediation technique applied to drilling cuttings.
Strengthening our commitment to waste recovery, in 2025, an Integral Waste Treatment Center was designed aimed at recovering the hydrocarbons contained in oil-based drilling muds, which includes innovative technologies applied to waste management, reducing the material sent to final disposal.
Management of biodiversity and ecosystem services
YPF is committed to caring for ecosystems and their diversity throughout the life cycle of its operations and products. Our actions in this area focus on analyzing risks, preventing impacts, rehabilitating the environment, and adopting compensatory measures when appropriate. All sites where YPF is involved in hydrocarbon extraction and production activities have environment impact studies that include a biodiversity analysis, mitigation plans and annual environment monitoring reports, which are in line with the applicable legal requirements and the purpose of the Company to care for the ecosystems and their diversity during the life cycle of their operations and products, particularly in sensitive ecological areas. Our actions in this field are focused on analyzing the risks, preventing impacts, restoring the landscape and adopting compensatory measures where these are required, these activities are documented in environment management plans. Within the totality of licensed areas, there are some overlapping with significant areas of biodiversity. Overlaps are considered protected areas within the mining dominions, as well as those located at a distance of less than 2 km. Additionally, the Company has set a new objective towards 2030 to have 100% of areas of high environmental sensitivity with a specific biodiversity action plan to strengthen the existing environmental management plan.
Other atmospheric emissions
We also monitor other atmospheric emissions, such as sulfur dioxide (“SO2”), nitrogen oxides (“NOx”), carbon monoxide (“CO”), non-methane volatile organic compounds (“NMVOCs”) and particulate matter 10 (“PM10”). The management of other atmospheric emissions is focused on minimizing them through monitoring and increasing the efficiency of the burners.
Spill preparedness and response
The Company has a Spill Prevention and Control System in place that has helped to reduce the spill frequency rate for the past years. This system, together with the Integrity and Maintenance Processes in place, allows focusing the investment plans for improvement and adaptation in surface facilities, pipelines and conduction pipes, in order to improve prevention. There is a communication and spill response protocol that activates the available resources to carry out the necessary interventions. The integral management of spills in our upstream operations is loaded, processed and stored in a computer system, which automatically generates reports to the corresponding enforcement authority for monitoring and control. The progress of the remediation and its impact is monitored together with these authorities, until the final release of the sites.
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Annually, we carry out several operational drills to measure our response. In some cases, the activities are carried out with the participation and advice of consultants. In cases where the activity is related to water courses or bodies of water near the operation, tests are carried out with Prefectura Naval Argentina in order to achieve accreditation and effectiveness of the response drill. Internally, there are different levels of drills (according to the level of involvement and complexity: green; yellow or red) according to the intervention and participation of the different hierarchical levels of the Company.
In 2025, we continued working on risk mitigation plans, including inspection of liquid and gaseous hydrocarbon transportation pipelines, as well as storage tanks (either process or dispatch) with inspection plans defined according to their risk condition. In both cases, the activities are carried out under applicable regulations or resolutions as dictated by the corresponding application authority.
Additionally, in 2025, we continued our agreement with Oil Spill Response Ltd. which provides support to our Oil Spill Contingency Plan, evaluating and reducing the possible environmental impact caused by an oil spill in the Argentine Sea, thus reducing the environmental impact of potential oil spills. This agreement includes technical and operational support in case of oil spills at sea caused by accidents involving tankers, facilities, terminals and ports, oil storage areas or in offshore hydrocarbon exploration and production activities. We also keep our agreement with Wild Well Control Inc. and Gabino Lockwood up to date, in order to be prepared for possible blow out events.
In addition, to obtain further information about the provisions and contingent liabilities for environmental claims see Notes 17 and 33.b.1) to the Audited Consolidated Financial Statements.
Resilient energy
Argentina, which only represents less than 1% of CO2e global emissions, has particular commitments related to climate change mitigation and adaptation beyond the federal regulations on climate change approved in 2019. In 2020, before the United Nations Climate Change Conference (“COP”) No. 26, Argentina had presented its second National Determined Contribution (“NDC”), which was updated in 2021, increasing its commitment to the mitigation goal presented in 2016 and incorporating an adaptation goal in accordance with Article 7.1 of the Paris Agreement. In addition, in 2025, during the COP No. 30, Argentina presented its third NDC with a net emissions target for 2030 and 2035 that does not exceed 375 million of metric tons of CO2e, and also its third Adaptation Communication (“ADCOM 3”) integrating climate prevention and adaptation measures at a national level. The Argentine government explained that this target is more ambitious than the previous one and implies a decoupling of the historical emissions trajectory from the perspective of economic growth and national development. In this regard, statements by Argentine government imply that efforts will be made to be better prepared to face climate impacts, as well as actions aimed at consolidating and strengthening a productive system that is sustainable and, consequently, low in emissions.
As an energy company, YPF is working to address two of the most pressing global challenges of our time: (i) meeting the growing demand for secure and efficient energy, which is vital for countries’ development and people’s quality of life; (ii) while doing so efficiently and with lower carbon emissions. In order to achieve these challenges, the Company leverages Argentina’s abundant energy resources, customer demand, the competitiveness of its assets, and its technical capabilities. While crude oil and natural gas will continue to form the core of our portfolio for the next years (both International Energy Agency Scenarios and internal analysis project that the demand for crude oil and natural gas still offers a window of opportunity until 2050), we will pursue this with a focus on high-value assets, lower carbon-intensity products and by developing energy alternatives, in order to ensure a competitive and resilient business model in different time horizons. These different lines of action include the promotion of natural gas production, not only for the domestic market, but also for the export market, and competitive growth of electric and renewable energies, through our joint venture YPF EE, subject to market conditions.
We also aim to diversify, in a timely manner, our offering with new products and solutions that tap into the opportunities of energy complementarity and contribute to CO2e emissions reductions, in line with our low-carbon commitments, market demands, and stakeholder expectations. Our goal is to remain a globally competitive company by 2030 and beyond, creating value for shareholders and customers in any business scenario. Additionally, we are preparing for potential shifts in future energy demand. These business decisions also contribute to Argentina’s compliance with its NDC under the Paris Agreement.
We also have a governance structure in place for managing climate-related risks, which includes identifying and implementing necessary mitigation measures, as well as institutional ESG reports to communicate performance. See “Information on the Company—Our environmental, social and governance (“ESG”) commitment—ESG governance”.
Governance and risk management
Risk management accountability and oversight form an integral part of our management activities and provide the Board of Directors of YPF S.A. with insights on trends and aggregate exposure for climate change-related risks and performance by the Risk and Sustainability Committee. Climate change-related risks are linked to so-called transition risks and physical risks, which must be integrated into adaptation measures and be part of the decision-making processes. See “Item 3. Key information—Risk factors—Risks relating to our business—Climate change and changes in future demand for energy products could affect our business”. The Board of Directors of YPF S.A. also has established the Strategy and Transformation Committee, which is tasked with discussing and recommending medium and long-term strategic matters and transformation initiatives. This Committee also advises on the approval of operations or businesses considered beneficial to the Company, when these require the Board of Directors’ consideration. It is informed by the Strategy, New Business and Controlling, Upstream, Midstream and Downstream, LNG and Integrated Gas and New Energies Vice Presidencies. The Senior Management sets the strategic direction for their respective business areas, implements the business plan, and regularly monitors ESG-related issues and risks.
YPF has a Corporate Risk Management Model based on ISO 31000 (risk management) and a Corporate Risk Management Policy and Standard to identify, evaluate and manage risks. Potential climate change and sustainability-related risks are included and integrated into several categories of this Model.
With respect to physical risks, we are working to improve our understanding of the potential climate vulnerabilities of our operations, as well as to establish resilience, planning and adaptation measures at the operations level. Information on climate change risks related to extreme weather events is considered during the risk analysis process as the likelihood and potential impact of risks that may threaten the integrity of the Company’s operations and assets.
During the last years, we have been working on updating climate hazard and risk maps to identify potential climate change-related impacts on our operations and facilities, which are available to the entire Company through the Geographic Information System web-based platform. These maps allow us to identify and prioritize operations and facilities exposed to climate-change risks in different potential climate scenarios and to identify mitigation measures to reduce vulnerability and encourage early actions. In 2025, we continued working to improve our understanding and to establish adaptation measures. These efforts enhance the Company’s existing process for analyzing the physical climate risks to facilities and new projects, considering international standards, expert professional knowledge and the Company’s risk management regulatory framework. During 2026, we will continue to strengthen our climate resilience work, focusing on adaptation plans for critical facilities. The results will be used to strengthen the Company’s Climate Change Adaptation Plan.
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Lower-carbon oil and gas operations
The growing and increasingly efficient production of crude oil and natural gas in the Vaca Muerta formation fits appropriately with the decarbonization ambition for two reasons. (i) on the one hand, the Vaca Muerta formation has an enormous potential for natural gas, the lower carbon safe energy par excellence. We are convinced that the full development of these resources will not only supply the local market but will also contribute to the decarbonization of other countries through exports; (ii) on the other hand, it enables production with a lower emissions intensity per barrel than conventional hydrocarbon fields. Likewise, the active management of our portfolio is leading us to transform into an unconventional company, which involves operating with lower CO2e emissions per barrel produced. (see “Item 4. Information on the Company—Business strategy—Strategic pillars: “YPF 4×4””). In addition, current and future decarbonization projects and initiatives are expected to further drive CO2e emissions reductions towards our ambitions and targets in the short and mid-term.
Ambitions and targets
The Company’s main targets on resilient energy are: (i) CO2e emissions (scope 1 and scope 2) intensity for unconventional upstream production be less than 10 kg CO2e/boe by 2030; (ii) the reduction of methane emissions by 30% by 2030 (baseline 2021); and (iii) zero routine flaring by 2030.
Projects and Initiatives
• Carbon more efficient operations. The main decarbonization levers are:
(i) Reduction of flaring through operational efficiencies and expansion of associated evacuation and processing capacity.
(ii) Reduction of fugitive emissions, through methane Leak Detection and Repair (“LDAR”) campaigns and pilots with new technologies.
(iii) Monitoring natural gas sent to flares and natural gas vented through different technologies. Since 2020, we work on the evaluation, detection and measurement of methane emissions as well as vents with different technologies, using satellite and aerial images to strengthen the activities performed on the ground with handhelds detection cams. The Company continued to take satellite images for leak detection and, during 2025, we launched pilot projects in certain facilities with drones to detect and quantify methane emissions. There are other ongoing measures, which include the development of new infrastructure that allows us to increase our capacity to valorize natural gas production.
• Energy management, which includes efficiency initiatives, fuel switching, and a new power-supply plan focused on renewable energy.
• Clean Development Mechanism: Following up on our two projects enrolled, which allow us to reduce emissions in the different stages and processes of crude oil refining by recovering flare gases in the La Plata and Luján de Cuyo Refineries. The waste gases are compressed and injected into the fuel system to feed furnaces and boilers, thus avoiding the need to use natural gas and fuel oil for heating. In 2025, between the two projects, approximately 208,000 tn of CO2 were reduced. Additionally, we completed the installation of a flare gas recovery compressor at the Plaza Huincul Refinery, which recovers gases from the Topping unit and reinjects them into the fuel gas ring, reducing approximately 10,000 tn of CO2 during 2025.
• Strengthening CO2e Emissions Inventorying, based on the following standards: the API Compendium of Green House Gas Emissions Methodologies for the Oil and Natural Gas Industry (August 2021); the IPCC Guidelines for National Greenhouse Gas Inventories (2006 and 2019); and EPA AP42. We follow the GHG Protocol’s Corporate Accounting and Reporting Standard, which defines three scopes of GHG emissions:
(i) Scope 1: Direct GHG emissions from sources that are owned or controlled by YPF.
(ii) Scope 2: Indirect GHG emissions from generation of purchased energy consumed by YPF.
(iii) Scope 3: Other indirect GHG emissions. All indirect emissions (not included in scope 2) that occur in the value chain of the Company, including emissions associated with the use of energy products sold by YPF.
Additionally, the corporate management systems for measuring carbon footprint in our industrial complexes are regularly verified according to the ISO 14064-1 (greenhouse gases) standard on GHG quantification, report and management. During 2025, we performed a complete external verification process of all of YPF’s industrial complexes.
• Participation in Public and Collaborative Initiatives: YPF participates in industry associations such as the CEPH, and technical bodies like International Gas Union (“IGU”) and IAPG. Through these associations, the Company addresses topics such as hydrocarbon resource development, business sustainability, energy market evolution, and supplier development. It also helps track legislative initiatives in the Argentine Congress and provincial legislatures regarding economic, tax, and environmental issues. YPF is also member in sustainability and energy transition committees of Arpel, Oil and Gas Decarbonization Charter, the UN Global Compact, and the EITI in Argentina.
• For the new energies’ portfolio, we are advancing along two lines of work: (i) profitable growth of the electric power segment with a focus on renewables through our joint venture YPF EE; and (ii) a timely offer of low-carbon fuels and solutions that leverages the commercial opportunities of energy complementarity (see “Item 4. Information on the Company—Resilient energy—Low-carbon fuels and solutions”).
Low-carbon fuels and solutions
Hydrocarbon Products with Lower Sulfur Content: Adapting refineries to the new specifications of low-sulfur fuels and lighter hydrocarbons allow us to respond to regulatory requirements as well as to possible changes in demand and customer expectations. Every time we upgrade our highest quality fuels, we incorporate improvements in the balance between energy consumption and the capacity granted by the product.
In 2019, SE Resolution No. 558/2019, as amended, substituted Annex I of SRH Resolution No. 5/2016, which established readjustments for the specifications on the sulfur content in grade 2 diesel and gasoline. In order to comply with these new specifications, we have been investing in infrastructure since 2018.
Notably, the revamping of the FCC naphtha hydro treatment unit and the revamping of the magnaforming unit at the La Plata Refinery were completed in the second quarter of 2024, reaching an investment of US$ 352 million. Additionally, progress is ongoing in the adaptation of the Luján de Cuyo refinery, which includes the revamping of the hydrotreatment diesel unit, a new diesel desulfurization unit and a new steam reformer unit, with an estimated investment of US$ 637 million. Moreover, we will continue advancing in the engineering design to fully adapt diesel production to 10 ppm, incorporating new diesel hydrotreating units at the La Plata and Plaza Huincul refineries.
CNG for Heavy Transport: This involves the supply of CNG for freight-transport fleets and public-service fleets. This initiative reduces CO2 emissions from fuel consumption and eliminates NOX and particulate-matter emissions.
At the same time, YPF is the main buyer and mixer of biofuels in Argentina, with approximately 15 Mm3 acquired since the mandatory cuts began to be in force and is developing the first initiative in Argentina to produce and inject bio methane into natural gas grids.
For further information see “Item 4. Information on the Company—Our environmental, social and governance (“ESG”) commitment—Environmental matters in Argentina—Environmental regulations”.
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YPF | Form 20-F | 2025
Safety
Ensuring the safety of all people working in the Company, as well as the reliability and integrity of our assets, businesses and projects are a strategic pillar for YPF.
We are an operator of exploration activities, oil and gas production, natural gas plants, refineries and wind farms, and we manage potential risks accordingly. These include uncontrolled wells, hydrocarbon leaks or spills, crimes, cyberattacks, occupational incidents and worker-related illnesses.
During 2025, we have promoted key initiatives to strengthen our safety performance:
• Strengthening the safety culture, with a focus on prevention, visible leadership, and the active participation of operational employees.
• Initiating an organizational change aimed at functional integration and risk-informed decision-making.
• Centralizing the safety function, promoting regulatory consistency, data traceability, and comprehensive oversight.
• Standardizing critical processes, including work permits, contractor control, and incident investigation.
• Early intervention by the occupational health service, with monitoring, clinical assessment, and safe return protocols.
• Implementation of technological solutions, such as digital platforms for permit traceability, report automation, control dashboards, and real-time data analysis, with the aim of improving operational efficiency, reducing deviations, and facilitating evidence-based decision-making.
This approach is complemented by integrated occupational, industrial, and process risk management throughout the value chain, in compliance with the current regulatory framework and our internal regulations, based on our Operational Excellence Model and international standards in the absence of specific local legislation. See “Item 3. Key information—Risk factors—Risks relating to our business—Oil and gas activities are subject to significant economic, social, environmental and operational risks” and “Item 3. Key information—Risk factors—Risks relating to our business—We have limited control over the day-to-day activities carried out on properties that we do not operate”.
Operation of the Occupational Health and Safety system
The Occupational Health and Safety system covers all of our employees and contractors and encompasses three fundamental aspects:
(i) Identification and mitigation of occupational and process risks preventing incidents, to prevent serious injuries and fatalities at our operations.
(ii) Strengthening the Company’s emergency response capacity.
(iii) Continuous improvement.
We have a Health and Safety Management Plan in place, which is reviewed and executed annually in conjunction with each business unit, who report to both the Vice President of the business unit as well as to the Vice President of Quality, Environmental and Safety, and the Vice President of People and Culture. We have specific methodologies to assess and minimize risks associated with our processes, and to prepare to face emergencies. Systematic preventive inspections are conducted in the field, while any person who detects a risk during the course of their activities may report it to their hierarchical line and request the task be suspended. Inspection reports are discussed in monthly safety committees, where action plans and barriers to reduce risks detected are defined.
Safety of people
In recent years, we have made significant progress in protecting people by implementing technical measures and strengthening our management systems. Our practices are integrated into a cycle of continuous improvement that includes:
• Risk identification and assessment using specific methodologies to anticipate and mitigate incidents, prioritizing critical risks.
• Safe task planning, with prior assessments, allocation of adequate resources, standardized procedures, and field supervision.
• Engineering controls and physical barriers, complemented by verifications associated with the 10 Golden Rules for Saving Lives and the use of personal protective equipment.
• Regulatory compliance and periodic audits, aligned with local and international regulations, to ensure the effectiveness and updating of measures.
Occupational safety training
Continuous learning is essential to strengthening safety and self-care in all our operations. As a requirement for entering YPF facilities, all employees and contractors participate in a general safety induction, supplemented by specific training according to their assigned job function.
Our training programs reach all levels of the organization. In addition, we continuously promote safety content through online corporate platforms, and each vice presidency implements specific actions according to its risks and operational needs.
During 2025, we worked on three main areas:
(i) New incident investigation methodology to strengthen the identification of root causes and the implementation of corrective and preventive actions.
(ii) Safety leadership as a key pillar of the cultural model, with content available on the corporate platform to encourage participation and commitment.
(iii) Defensive driving program, which ensures the continuous updating of best practices and road safety techniques to reduce the frequency of vehicle accidents.
These actions are complemented by specific training on critical risks, awareness of the 10 Golden Rules for Saving Lives, and the standardization of processes such as work permits and contractor control, ensuring that both our own personnel and contractors have the necessary tools to perform their tasks safely.
Emergency response
The Company has an Emergency and Crisis Management system, which focuses on prevention and strengthening the Company’s resilience to unforeseen events. This system aligns prevention, preparedness, response and recovery activities including incident response management, business continuity management and crisis management.
Safety incident occurrence
YPF has a corporate process for incident management and recording, which includes accident investigation, implementation of improvement actions, and dissemination of lessons learned. In 2025, the deployment of the systemic investigation method was expanded throughout the organization, consolidating its application and strengthening the ability to identify systemic causes and implement preventive and corrective actions that contribute to the continuous improvement of safety performance.
The sustained commitment to safety has driven a significant improvement in key safety performance indicators in recent years, compared to previous periods. This progress is part of an ongoing process aimed at strengthening the safety culture and optimizing interactions between people, facilities, processes, and work systems.
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In case of an undesired event, the action protocols are applied, which include organizational and operative aspects to carry out containment, evaluation and control actions. In all cases, the priority is people care.
After the response and containment of the event, the necessary actions are taken to return to operational conditions or to recondition the affected areas, if it is required. In addition, the pertinent records are made and subsequently the investigation of the case is carried out. The lessons learned are used to adapt the emergency and crisis management system.
Insurance
The scope and coverage of the insurance policies and indemnification obligations discussed below are subject to change, and such policies are subject to cancellation in certain circumstances. In addition, the indemnification provisions of certain of our drilling, maintenance and other service contracts may be subject to different interpretations, and enforcement of those provisions may be limited by public policy and other considerations. We may also be subject to potential liabilities for which we are not insured or in excess of our insurance coverage, including liabilities discussed in “Item 3. Key information—Risk factors—Risks relating to our business—We may not have sufficient insurance to cover all the operating hazards to which we are subject”, “Item 3. Key information—Risk factors—Risks relating to our business—Oil and gas activities are subject to significant economic, social, environmental and operational risks” and “Item 3. Key information—Risk factors—Risks relating to our business—We may incur significant costs and liabilities related to environmental, health and safety matters”.
We insure our operations against inherent risks in the oil and gas industry, including loss of or damage to property and our equipment, control-of-well incidents, loss of production, business interruption, removal of debris, sudden and accidental pollution, damage and clean up and third-party claims, including personal injury and loss of life, among other business risks. Our insurance policies are typically renewable annually and generally contain limits, exclusions and deductibles determined by (i) risk management assessment surveys conducted by international companies, (ii) terms offered by insurance and reinsurance markets, and (iii) the risk retention policy defined by the Company.
Our liability insurance policy covering our operations provides third-party liability coverage up to US$ 400 million per event. Certain types of incidents, such as intentional and/or non-sudden and/or non-accidental pollution are excluded from the insurance policy’s coverage.
Our material damage and business interruption insurance policy provides coverage for physical loss or damage in respect of, but not limited to, onshore and offshore property of any kind and description, up to US$ 2 billion and up to US$ 1 billion for each and every incident for downstream and upstream operations, respectively, but up to US$ 1.5 billion for each and every incident combined for both types of operations, with different deductible amounts depending on the type of coverage.
Furthermore, we maintain life insurance for employees, automobiles, cargo and transportation, as well as insurance against construction risks on a case-by-case basis, and minor works or assemblies for assets in operation. We do not currently maintain insurance coverage for cybersecurity incidents, see “Item 3. Key information—Risk factors—Risks relating to our business—We may suffer information technology system failures, network disruptions and breaches in data security” and “Item 16K. Cybersecurity”.
Our insurance policies are subject to deductibles and self-insurance retention, limits, exclusions and limitations, and there is no assurance that such coverage will adequately protect us against liability from all possible consequences and damages associated with our activities.
Property, plant and equipment
Most of our property, which comprises investments in assets which allow us to explore or exploit crude oil and natural gas reserves, as well as investments in refineries, storage, manufacturing and transportation facilities, service stations, materials and equipment in warehouse and infrastructure for natural gas distribution are located in Argentina. See Note 8 to the Audited Consolidated Financial Statements.
As of December 31, 2025, 100% of our proved oil and gas reserves were located in Argentina.
Our exploration and exploitation rights are in general based on sovereign grants of concession. Upon the expiration of the concessions, our exploration and exploitation assets associated with the particular property subject to the relevant concession revert to the Argentine government.
For information about environmental issues that may affect the Company’s utilization of the assets see the physical risks outlined in “Item 4. Information on the Company—Resilient energy—Governance and risk management”.
Argentine legal and regulatory framework
For a description of the main legal and regulatory framework under which the Company carries on its business activities see Note 35 to the Audited Consolidated Financial Statements, included in this annual report. Additionally, to have an understanding about:
• The main exchange regulatory framework, see “Item 10. Additional information—Exchange regulations”.
• The main environmental regulatory framework, see “Item 4. Information on the Company—Our environmental, social and governance (“ESG”) commitment—Environmental matters in Argentina—Environmental regulations”.
• The main provisions of the Expropriation Law and Privatization Law, see “Item 4. Information on the Company—History and development of YPF S.A.”.
• The main provisions of the Access to Public Information Law No. 27,275, see “Item 10. Additional information—Access to public information”.