Form 6-K

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6-K 1 d46224d6k.htm FORM 6-K Form 6-K

FORM 6-K

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

Report of Foreign Issuer

Pursuant to Rule 13a-16 or 15d-16

of the Securities Exchange Act of 1934

For the month of November, 2015

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file

annual reports under cover of Form 20-F or Form 40-F:

Form 20-F x Form 40-F ¨

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(1):

Yes ¨ No x

Indicate by check mark if the registrant is submitting the Form 6-K

in paper as permitted by Regulation S-T Rule 101(b)(7):

Yes ¨ No x

YPF Sociedád Anonima

TABLE OF CONTENTS

ITEM


1		Translation of Consolidated Results Q3 2015.

YPF S.A.

Consolidated Results

Q3 2015


		Consolidated Results Q3 2015

CONTENT


1.	MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q3 2015	1

2.	ANALYSIS OF RESULTS FOR Q3 2015	2

3.	ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q3 2015	4

	3.1 UPSTREAM	4

	3.2 DOWNSTREAM	6

	3.3 CORPORATE	7

	3.4 RELATED COMPANIES	7

4.	LIQUIDITY AND SOURCES OF CAPITAL	8

5.	TABLES AND NOTES	9

	5.1 CONSOLIDATED STATEMENT OF INCOME	10

	5.2 CONSOLIDATED BALANCE SHEET	11

	5.3 CONSOLIDATED STATEMENT OF CASH FLOW	12

	5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION	13

	5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES	14

	5.6 MAIN PHYSICAL MAGNITUDES	15

Investor Relations		16


		Consolidated Results Q3 2015

Adj. EBITDA for Q3 2015 reached Ps 13.4 billion, 1.8% less than Q3 2014.


Q3 2014		Q2 2015		Q3 2015		Var.% Q3 15/ Q3 14				Jan-Sep 2014		Jan-Sep 2015		Var.% 2015 / 2014

	38,209		39,557		40,931		7.1	%	Revenues (Million Ps)		104,203		115,190		10.5	%

	8,044		5,578		5,631		-30.0	%	Operating income (Million Ps)		18,378		15,678		-14.7	%

	3,212		2,297		1,850		-42.4	%	*Net income ()** (Million Ps)		7,619		6,274		-17.7	%

	13,603		12,395		13,363		-1.8	%	Adj. EBITDA (Million Ps)		32,975		35,967		9.1	%

	8.19		5.86		4.72		-42.3	%	*Earnings per share ()** (Ps per Share)		19.43		16.00		-17.6	%

	13,787		14,758		15,730		14.1	%	Capital Expenditures ()** (Million Ps)		40,912		42,839		4.7	%

Adj.EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets (*) Attributable to controlling shareholder (**) Capital expenditures for Jan-Sep 2014 include additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture.

(Amounts are expressed in billions of Argentine pesos, except where indicated)

1.	MAIN MILESTONES AND ECONOMIC MAGNITUDES FOR Q3 2015

•

Revenues for Q3 2015 were Ps 40.9 billion, 7.1% higher than Q3 2014.

•

Operating income for Q3 2015 was Ps 5.6 billion, 30.0% lower than Q3 2014.

•

Adjusted EDITDA for Q3 2015 was Ps 13.4 billion, 1.8% less than Q3 2014.

•

Net income for Q3 2015 was Ps 1.9 billion, 42.4% less than the Ps 3.2 billion in Q3 2014.

•

During Q3 2015, total hydrocarbon production remained at approximately the same level compared to Q3 2014, reaching 571.9 Kboed. Natural gas production was 44.4 Mm3d, 1.4% less than Q3 2014, while crude oil production increased by 1.3% to 249.3 Kbbld.

•

In the Downstream segment, processing levels in refineries reached 93% in Q3 2015, 0.6% less than Q3 2014.

•

Capital expenditures for Q3 2015 were Ps 15.7 billion, a 14.1% increase compared Ps 13.8 billion in Q3 2014.


		Consolidated Results Q3 2015

2.	ANALYSIS OF RESULTS FOR Q3 2015

Revenues for Q3 2015 were Ps 40.9 billion, 7.1% higher than Q3 2014. Among the main reasons for this variation in the company’s revenues are:

Gasoline sales increased by Ps 1.0 billion due to a 10.0% increase in the average price obtained and an overall 4.3% increase in sales volumes, notably including a 33.7% increase in sales volumes of Infinia gasoline.

ii.

Diesel sales fell Ps 0.2 billion due to a 5.5% decrease in sales volumes, which was partially offset by an 8.8% increase in the average prices obtained. The lower sales volumes were driven by adverse weather events during the period that disrupted the agricultural and transportation sectors. Nonetheless, sales volumes of Eurodiesel, which is a premium diesel product, increased 24.3%.

iii.

Local sales of fuel oil increased Ps 0.7 billion as a result of an increase in average prices obtained, and a 47.0% increase in sales volumes.

iv.

Natural gas sales in the domestic market increased by Ps 0.6 billion due to an approximately 12.1% increase the average price obtained in pesos on flat sales volumes, principally as a result of applying excess production to the Natural Gas Additional Injection Stimulus Program.

For petrochemical products sales, revenues in the domestic market decreased Ps 0.2 billion due to lower prices in Argentine peso terms, mainly stemming from the drop in the price of products tied to the Brent oil price as well as an 11.0% decrease in sales volumes.

vi.

Exports decreased 17.2% (a decrease of Ps 0.6 billion) mainly due to the fall in international prices, however exports of flour, grains and oils increased 9.5%, totaling Ps 1.0 billion.

vii.

Ps. 0.5 billion was earned from the Crude oil Stimulus Production Program pursuant to Resolution 12/2015.

Costs of sales for Q3 2015 were Ps 30.7 billion, 16.3% higher than Q3 2014. Among the main reasons for this variation are:

a)	Purchases:

•

A net increase in crude oil purchases from third parties of approximately Ps 0.6 billion, due to a 22.0% increase in volumes purchased and a 2.5% increase in the purchase price in Argentine peso terms;

•

An increase in diesel and jet fuel imports of Ps 0.2 billion due to greater volumes imported, which was partially offset by lower prices;

•

Accrual of a Ps 0.5 billion insurance payout in Q3 2014 related to incident at the La Plata refinery in April 2013, which was applied primarily as a reduction to costs of purchases; and

•

Accrual of a Ps 0.6 billion insurance payout related to the incident that impacted our facilities at the Cerro Divisadero crude oil treatment plant in March 2014. Of this amount, Ps 0.4 billion were applied as a reduction to costs of purchases.


		Consolidated Results Q3 2015

b)	Other production costs:

•

Increases in depreciation of fixed assets of Ps 1.5 billion due to increased investments in assets, particularly with respect to development of unconventional resources, and due additionally to increases in Argentine peso terms, given the functional currency of the company;

•

Increases in items relating to lifting costs of approximately Ps 0.9 billion, considering a 14.0% increase in the unit indicator in Argentine peso terms;

•

Increases in refinancing costs of approximately Ps 0.3 billion, due primarily to a 25.6% increase in the unit indicator in Argentine peso terms;

•

Higher royalty payments of Ps 206 million. Of this net increase, Ps 141 million are related to higher royalties for crude oil production and Ps 65 million are related to natural gas production; and

•

Increases of approximately Ps 0.2 billion in environmental remediation provisions.

Selling expenses for Q3 2015 were Ps 2.6 billion, a decrease of Ps 0.2 billion (or 6.5%) compared to Q3 2014. The increases in transport expenses for products, primarily due to higher rates paid for domestic transport of combustibles, were completely offset by lower withholdings on exports. The lower withholdings occurred as a result of the fall of international prices for the products exported and reversals of provisions for doubtful accounts related to renegotiating certain agreements with natural gas distribution companies to regularize their debt.

Administration expenses for Q3 2015 were Ps 1.3 billion, an increase of Ps 0.2 billion (or 16.3%) compared to Q3 2014. The increase was principally due to higher personnel expenses and higher technological service costs.

Exploratory expenses were Ps 1.2 billion, an increase of 286.3% compared to Q3 2014. This change was due to greater expenses from unproductive exploratory drillings during Q3 2015 compared to Q3 2014 of Ps. 0.6 billion. This was due to greater exploratory activity carried out in Q3 2015, in which exploration investments increased by 30.0% compared to Q3 2014. Additionally, a Ps 0.2 billion increase in geological and geophysical studies related primarily to seismic mapping in the Chachahuen area in the province of Mendoza contributed to the increase in expenses.

Our subsidiary, Metrogas S.A., accrued Ps. 0.2 billion corresponding to temporary economic assistance provided by Resolution No. 263/2015 by the Argentine Secretary of Energy. It recorded operating profits of Ps. 249 million and Ps. 73 million for Q3 2015 and Q3 2014, respectively.

The financial results for Q3 2015 were a loss of Ps 0.7 billion compared to a loss of Ps 53 million for Q3 2014. This occurred as a consequence of increased interest accrual related to greater financial debt.

Income tax for Q3 2015 was Ps 3.1 billion, compared to Ps 4.8 billion in Q3 2014. This difference arose principally from a lower profit before tax (a decrease of 38.1%) for the reasons discussed above.

Net income for Q3 2015 was Ps 1.9 billion, 42.4% lower than Q3 2014.

Total investment in fixed assets for Q3 2015 was Ps 15.7 billion, 14.1% higher than investments in fixed assets for Q3 2014.


		Consolidated Results Q3 2015

3.	ANALYSIS OF OPERATING RESULTS BY BUSINESS UNIT FOR Q3 2015

3.1 UPSTREAM


Q3 2014		Q2 2015		Q3 2015		Var.% Q3 15/ Q3 14				Jan-Sep 2014		Jan-Sep 2015		Var.% 2015 / 2014

	4,463		2,534		2,171		-51.4	%	Operating income (Million Ps)		10,781		6,965		-35.4	%

	19,357		19,557		20,491		5.9	%	Revenues (Million Ps)		50,961		58,623		15.0	%

	246.0		249.8		249.3		1.3	%	Crude oil production (Kbbld)		242.9		248.8		2.4	%

	43.2		38.7		43.7		1.1	%	NGL production (Kbbld)		45.5		47.6		4.5	%

	45.0		44.6		44.4		-1.4	%	Gas production (Mm3d)		42.0		44.3		5.5	%

	572.0		569.3		571.9		0.0	%	Total production (Kboed)		552.5		574.9		4.1	%

	306		387		1,182		286.3	%	Exploration costs (Million Ps)		1,230		1,760		43.1	%

	11,131		12,409		12,292		10.4	%	*Capital Expenditures ()** (Million Ps)		34,943		35,402		1.3	%

	4,618		5,633		6,023		30.4	%	Depreciation (Million Ps)		11,664		16,444		41.0	%

									Realization Prices

	76.1		69.1		68.9		-9.6	%	Crude oil prices in domestic market Period average (USD/bbl)		72.7		68.9		-5.3	%

	4.28		4.58		4.56		6.5	%	Average gas price (USD/Mmbtu)		4.24		4.58		8.0	%

(*)	Capital expenditures for Jan-Sep 2014 include additions relating to the acquisitions of Apache Group assets in Argentina (net of Pluspetrol assignment) and an additional 38.45% stake in Puesto Hernández joint venture.

Upstream operating income was Ps 2.2 billion, 51.4% lower compared to Q3 2014.

During Q3 2015, crude oil and natural gas revenues increased by 5.9% compared to Q3 2014. This increase was driven mainly by higher average sales prices in pesos of both products, which offset the approximately 6.0% and 28.6% decreases in the volume of crude oil transferred to the Downstream business segment and sold to third parties, respectively. Sales volumes of natural gas were flat compared to Q3 2014

During Q3 2015, Ps. 0.5 billion was earned from the Crude Oil Stimulus Production Program discussed above.

With respect to the incident impacting our facilities at the Cerro Divisadero crude oil treatment plant in March 2014, a Ps 0.6 billion insurance payout was received, of which Ps 0.4 billion was applied as ordinary income in this line of business and Ps 0.2 billion as other operational results.

The average price in U.S. dollar terms for crude oil in the domestic market for Q3 2015 decreased by 9.6% to USD $68.90/bbl. As for natural gas, the average price was USD $4.56/Mmbtu, 6.5% higher than Q3 2014. For both products, the average sales price for YSUR crude oil and natural gas, USD $75.80/bbl and USD $3.40/Mmbtu respectively, was consolidated in Q3 2015.

During Q3 2015, total hydrocarbon production was 571.9 Kboed, maintaining a similar level as Q3 2014; crude oil production was 249.3 Kbbld (an increase of 1.3%); natural gas production was 44.4 Mm3d (a decrease of 1.4%) and NGL production was 43.6 Kbbld (an increase of 1.1%). In Q3 2015, in comparison with Q3 2014, production of gas was principally affected by the assignment of certain


		Consolidated Results Q3 2015

areas in the Neuquén basin to Gas y Petróleo del Neuquén in December 2014, and to a lesser extent by certain technical contingencies in non-operated areas in Magallanes and Neuquén. Additionally, the delay in the initiation of development at certain sites prevented an offset of some of the natural decline.

During Q3 2015, production from unconventional areas totaled 46.2 Kboed of hydrocarbons, including 21.3 Kbbld of crude oil, 11.5 Kbbld of NGL and 2.1 Mm3d of natural gas, of which YPF consolidates approximately 50%. As for development activity, 34 oil wells have been put into production (33 in Loma Campana and one in Bandurrias) and nine for natural gas (eight in El Orejano and one in La Ribera Sur), targeting Vaca Muerta, reaching a total of approximately 388 wells to date.

With respect to tight gas activity: (i) in the project to develop the Las Lajas formation, five wells were put into production in Q3 2015 and the average production of natural gas was 4.4 Mm3d and (ii) in the project to develop the Mulichinco formation in the Rincón del Mangrullo area 12 wells were developed and natural gas production net to YPF was 1.0 Mm3d.

Production costs for Q3 2015 increased by 17.5% (an increase of Ps 2.6 billion), mainly due to (i) higher amortization of Ps 1.4 billion resulting from higher investment and higher valuation of assets in Argentine peso terms, (ii) an increase in items relating to lifting costs of approximately Ps 0.9 billion due to increased activity and the increase in the unit indicator, and (iii) higher royalties of Ps 206 million. Of this net increase, Ps 141 million were related to higher royalties for crude oil production and Ps 65 million were related to natural gas production.

Exploration costs in Q3 2015 totaled Ps 1.2 billion, an increase of 286.3% compared to Q3 2014. This change was due to increased negative results from unproductive exploratory drilling in Q3 2015 in comparison to the same period in 2014, for a difference of Ps 0.6 billion. Additionally, the total investment in exploration in Q3 2015 was 30% greater than in Q3 2014. Additionally, geological and geophysical studies increased Ps 0.2 billion, which were related primarily to seismic mapping in the Chachahuen area in the province of Mendoza.

During Q3 2015 compared to Q3 2014, unit cash costs in U.S. dollars increased by 0.9% from USD $24.00/Boe in Q3 2014 to USD $24.20/Boe in Q3 2015 (including taxes of USD $7.30/Boe and USD $6.70/Boe respectively). In turn, the average lifting cost for YPF was USD $14.70/Boe, 1.8% higher than USD $14.40/Boe in Q3 2014.

CAPEX

Capital expenditures in the Upstream business segment were Ps 12.3 billion in Q3 2015, 10.4% higher than the capital expenditures of Ps 11.1 billion in Q3 2014.

In the Neuquina basin, capital expenditures during Q3 2015 was focused on the development of blocks Loma Campana, Aguada Toledo - Sierra Barrosa (Lajas), Rincón del Mangrullo, El Orejano, and initiation of activity in La Amarga Chica, Cañadón Amarillo and Chachahuen. Development activities continued at Cuyana basin, mainly in the La Ventana and Vizcacheras blocks, while in the Golfo San Jorge basin greater activity was concentrated on Cañadón de la Escondida and Cañadón León-Meseta Espinosa, within Santa Cruz Province and Manantiales Behr and El Trébol-Escalante in the province of Chubut.

As for exploration activities during Q3 2015, the Neuquina, San Jorge and Cuyana basins were covered. In the Cuyana basin, the activity focused on the assessment of the La Ventana block and the Los Tordillos Oeste block, and drilling in the Barranca block. In Neuquina basin exploratory activity targeted both conventional and unconventional objectives. Activity targeting conventional formations focused on the blocks, Payún Oeste, Octogono, Los Caldenes and Las Tacanas. Activity targeting unconventional formations focused on the Bajada de Añelo, Bandurria, Cerro Arena, Pampa las Yeguas I, Narambuena, Las Tacanas, Salinas del Huitrin and Rincon del Mangrullo blocks. In Golfo San Jorge basin, the activity focused on the evaluation of deep targets at the west flank of the Los Perales and Cañadón de la Escondida–Las Heras blocks.

During Q3 2015, eight exploratory wells were completed.


		Consolidated Results Q3 2015

3.2 DOWNSTREAM


Q3 2014			Q2 2015			Q3 2015			Var.% Q3 15/ Q3 14				Jan-Sep 2014			Jan-Sep 2015			Var.% 2015 / 2014

	3,864			3,865			3,522			-8.9	%	Operating income (Million Ps)		9,238			8,881			-3.9	%

	35,746			35,275			36,679			2.6	%	Revenues (Million Ps)		98,396			103,832			5.5	%

	4,327			4,399			4,308			-0.4	%	Sales of refined products in domestic market (Km3)		12,444			12,816			3.0	%

	284			316			314			10.6	%	Exportation of refined products (Km3)		1,113			1,078			-3.1	%

	232			225			218			-6.0	%	*Sales of petrochemical products in domestic market ()** (Ktn)		633			622			-1.7	%

	88			86			87			-1.1	%	Exportation of petrochemical products (Ktn)		200			242			21.0	%

	299			305			297			-0.6	%	Crude oil processed (Kboed)		289			300			4.1	%

	93	%		95	%		93	%		-0.6	%	Refinery utilization (%)		90	%		94	%		4.0	%

	2,312			2,008			2,813			21.7	%	Capital Expenditures (Million Ps)		5,144			6,257			21.6	%

	634			778			778			22.7	%	Depreciation (Million Ps)		1,770			2,249			27.1	%

	789			756			764			-3.1	%	Average domestic market gasoline price ()** (USD/m3)		755			756			0.1	%

	824			760			774			-6.1	%	Average domestic market diesel price ()** (USD/m3)		794			763			-3.9	%

(*)	Fertilizer sales not included

(**)	Price net of deductions and commissions before tax

Operating income in YPF’s Downstream business segment in Q3 2015 was Ps 3.5 billion, an 8.9% decrease compared to Ps 3.9 billion during Q3 2014.

Revenues increased by 2.6% compared to Q3 2014, largely due to:

Increases in gasoline sales of Ps 1.0 billion, due to a 10.0% increase in the average price obtained and an overall 4.3% increase in sales volumes, notably including a 33.7% increase in sales volumes of Infinia gasoline;

ii.

Declines in diesel sales of Ps 0.2 billion due to a 5.5% decrease in sales volumes, which was partially offset by an 8.8% increase in the average prices obtained. The lower sales volumes were driven by adverse weather events during the period that disrupted the agricultural and transportation sectors. Nonetheless, sales volumes of Eurodiesel, which is a premium diesel product, increased 24.3%;

iii.

Increases in fuel oil sales of Ps 0.5 billion, which includes both the domestic and international markets, due to a 33.6% increase in sales volumes and higher sales prices;

iv.

Decreases in revenues in the domestic market for petrochemical products of Ps 0.2 billion due to lower prices in Argentine peso terms, mainly stemming from the drop in the price of products tied to the Brent oil price as well as an 11.0% decrease in sales volumes; and

Decreases in exports of LPG and jet fuel revenues of Ps 0.3 billion due to decreases in international prices. However, exports of flour, grains and oils increased 9.5%, totaling Ps 1.0 billion.


		Consolidated Results Q3 2015

In Q3 2015, costs increased by 4.0% (an increase of Ps 1.3 billion) compared to Q3 2014.

Similar costs to purchase crude oil, with a net decrease of Ps 72 million. Higher purchases of crude oil from third parties were completely offset by lower volumes transferred from the Upstream line of business. Prices paid to third parties and the Upstream line of business increased 2.5% and 1.4%, respectively;

ii.

Greater imports of diesel and jet fuel of Ps 0.2 billion, with greater volumes imported but at lower prices;

iii.

Greater depreciation of fixed assets of approximately Ps 0.1 billion and

iv.

in relation to production costs, during Q3 2015 refining costs increased Ps 0.3 billion, which is primarily due to increases in expenses and salaries. Consequently, and considering the processing level at our refineries decreased slightly, refining costs increased in Q3 2015 by approximately 25.6% compared to Q3 2014.

In respect of the damage affecting the La Plata refinery in April 2013, insurance compensation of approximately Ps 0.5 billion was received in Q3 2014, which was primarily recorded as a reduction to cost of purchases.

The volume of crude oil processed in Q3 2015 was of 297 Kbbld, 0.6% less than Q3 2014, due mainly to the scheduled halt of activities at the catalytic cracking unit in our La Plata refinery, which resulted in an 8.6% decrease in diesel production, a 7.5% increase in gasoline production and a 24.8% increase in fuel oil production.

The decrease in operating income explained above includes an indirect stake in the company Metrogas, which reported operating profits of Ps 249 million and Ps 73 million for Q3 2015 and Q3 2014, respectively, and which in Q3 2015 accrued Ps. 0.2 billion corresponding to temporary economic assistance provided by Resolution No. 263/2015 by the Argentine Secretary of Energy.

CAPEX

Capital expenditure in YPF’s Downstream business segment for Q3 2015 reached Ps 2.8 billion, a 21.7% increase compared to Q3 2014. Investment activities continue such as the multi-year projects and the engineering process in new units to increase gasoline and diesel production capacity, as well as to improve the quality of such products. Notably, a coke unit and advances in engineering work for a new alkylation unit at the La Plata Refinery as well as the new gasoline hydrogenation units in La Plata and Mendoza together with other activities were intended to improve YPF’s logistics facilities and projects addressing optimization of safety and environmental performance.

3.3 CORPORATE

This business segment involves mainly corporate costs and other activities that are not reported in any of the previously-mentioned business segments.

Corporate operating income for Q3 2015 was a loss of Ps 0.4 billion, an 11.5% increase compared to a loss of Ps 0.5 billion for Q3 2014. The increases in personnel expenses, among other corporate expenses, were fully offset by the higher revenues at A-Evangelista.

In turn, consolidation adjustments relating to eliminating results among business segments not transferred to third parties were Ps 0.4 billion for Q3 2015 and Ps 0.2 billion for Q3 2014.

3.4 RELATED COMPANIES

Results from related companies for Q3 2015 were of Ps 36 million, compared to Ps 38 million reported for Q3 2014. This change was mainly due to lower revenues in Refinor and operational losses at Profertil, which were almost fully offset by greater operating profits at Mega.


		Consolidated Results Q3 2015

4.	LIQUIDITY AND SOURCES OF CAPITAL

For Q3 2015, cash flow generation was Ps 9.8 billion, a 46.4% decrease compared to Q3 2014. This Ps 8.5 billion decrease was generated due to a slight decrease in adjusted EBITDA of Ps 0.2 billion, of greater increases in working capital compared to Q3 2014, due to the revenue accrual from outstanding receivables, including new incentives for crude oil production, and higher income taxes and lower collection of insurance for loss of profits.

As a result of YPF’s financing activities, net cash increased Ps 2.8 billion during Q3 2015 compared to Q3 2014. This increase was driven by new issuances of debt and refinancing of existing debt of Ps 3.2 billion, which were partially offset by Ps 0.4 billion in interest payments.

The cash flow generation mentioned above was directed to investing activities, which totaled Ps 15.8 billion during Q3 2015, a 16.5% increase from Q3 2014 due to increased investments in fixed and intangible assets.

The generation of financial resources described above led to an adequate liquidity level at the end of the quarter, with a total of Ps 10.9 billion in cash and cash equivalents. With regard to the prior quarter net financial debt increased by Ps 9.7 billion (an increase of 17.7%) to reach Ps 64.4 billion in Q3 2015. Total debt expressed in dollars reached USD $8.0 billion, and net debt was USD $6.9 billion, with a net debt/EBITDA(1) ratio of 1.37x.

The average cost of debt denominated in Argentine pesos by the end of Q3 2015 was 23.82%, while the average cost of debt denominated in U.S. dollars was 7.48%.

YPF Notes issued during Q3 2015 and thereafter are detailed below:


YPF Note	Amount	Interest Rate	Maturity
Series XL	ARS 500 million	BADLAR + 3.49%	24 months
Series XLI	ARS 1,900 million	BADLAR + 0.0%	60 months
Series XLII	ARS 981 million	BADLAR + 4.0%	60 months
Series XLIII (Q4 2015)	ARS 2,000 million	BADLAR + 0.0%	96 months

(1)	Net Debt: $6.870 billion/EBITDA LTM: $5.013 billion =1.37x.


		Consolidated Results Q3 2015

5. TABLES AND NOTES

Q3 2015 Results


		Consolidated Results Q3 2015

5.1 CONSOLIDATED STATEMENT OF INCOME

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q3 2014			Q2 2015			Q3 2015			Var.% Q3 15/ Q3 14			Jan-Sep 2014			Jan-Sep 2015			Var.% 2015 / 2014
	38,209			39,557			40,931			7.1%	Revenues		104,203			115,190			10.5%
	(26,365	)		(30,010	)		(30,670	)		16.3%	Costs of sales		(74,808	)		(86,756	)		16.0%

	11,844			9,547			10,261			(13.4%)	Gross profit		29,395			28,434			(3.3%)

	(2,766	)		(2,886	)		(2,587	)		(6.5%)	Selling expenses		(7,287	)		(8,065	)		10.7%
	(1,119	)		(1,358	)		(1,301	)		16.3%	Administration expenses		(3,116	)		(3,857	)		23.8%
	(306	)		(387	)		(1,182	)		286.3%	Exploration expenses		(1,230	)		(1,760	)		43.1%
	391			662			440			12.5%	Other operating results, net		616			926			50.3%

	8,044			5,578			5,631			(30.0%)	Operating income		18,378			15,678			(14.7%)

	38			54			36			5.3%	Income on investments in companies		61			52			(14.8%)
											Financial income (expenses), net
	(140	)		71			(31	)		(77.9%)	Gains (losses) on assets		(1,162	)		76			(106.5%)
	480			416			327			(31.9%)	Interests		1,078			1,051			(2.5%)
	(620	)		(345	)		(358	)		(42.3%)	Exchange differences		(2,240	)		(975	)		(56.5%)
	87			(994	)		(670	)		(870.1%)	(Losses) gains on liabilities		4,610			(2,085	)		(145.2%)
	(1,793	)		(2,646	)		(2,401	)		33.9%	Interests		(5,304	)		(7,049	)		32.9%
	1,880			1,652			1,731			(7.9%)	Exchange differences		9,914			4,964			(49.9%)

	8,029			4,709			4,966			(38.1%)	Net income before income tax		21,887			13,721			(37.3%)

	(4,810	)		(2,411	)		(3,082	)		(35.9%)	Income tax		(14,338	)		(7,430	)		(48.2%)

	7			1			34				Net income (loss) for noncontrolling interest		(70	)		17

	3,212			2,297			1,850			(42.4%)	*Net income for the period ()**		7,619			6,274			(17.7%)

	8.19			5.86			4.72			(42.3%)	*Earnings per share, basic and diluted ()**		19.43			16.00			(17.6%)

	2,515			2,592			3,206			27.5%	Other comprehensive Income		15,159			8,229			(45.7%)

	5,734			4,890			5,090			(11.2%)	Total comprehensive income for the period		22,708			14,520			(36.1%)

	13,603			12,395			13,363			(1.8%)	Adj. EBITDA ()**		32,975			35,967			9.1%

Note: Information reported in accordance with International Financial Reporting Standards (IFRS), except adjusted EBITDA.

(*)	Attributable to controlling shareholder.

(**)

Adjusted EBITDA = Net income attributable to shareholders + Net income (loss) for non-controlling interest - Deferred income tax - Income tax - Financial income (losses) gains on liabilities - Financial income gains (losses) on assets - Income on investments in companies + Depreciation of fixed assets + Amortization of intangible assets + Unproductive exploratory drillings.


		Consolidated Results Q3 2015

5.2 CONSOLIDATED BALANCE SHEET

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Q3 2015 figures unaudited, figures expressed in millions of pesos)


	12/31/2014		09/30/2015
Noncurrent Assets
Intangible assets		4,393		5,033
Fixed assets		156,930		194,047
Investments in companies		3,177		3,309
Deferred income tax assets		244		223
Other receivables and advances		1,691		1,833
Trade receivables		19		342

Total Non-current assets		166,454		204,787

Current Assets
Inventories		13,001		14,431
Other receivables and advances		7,170		11,002
Trade receivables		12,171		15,594
Cash and equivalents		9,758		10,857

Total current assets		42,100		51,884

Total assets		208,554		256,671

Shareholders’ equity
Shareholders’ contributions		10,400		10,370
Reserves and unappropriated retained earnings		62,230		76,230
Noncontrolling interest		151		218

Total Shareholders’ equity		72,781		86,818

Noncurrent Liabilities
Provisions		26,564		29,948
Deferred income tax liabilities		18,948		23,554
Other taxes payable		299		220
Loans		36,030		59,526
Accounts payable		566		721

Total Noncurrent Liabilities		82,407		113,969

Current Liabilities
Provisions		2,399		2,525
Income tax liability		3,972		1,058
Other taxes payable		1,411		3,602
Salaries and social security		1,903		2,026
Loans		13,275		15,720
Accounts payable		30,406		30,953

Total Current Liabilities		53,366		55,884

Total Liabilities		135,773		169,853

Total Liabilities and Shareholders’ Equity		208,554		256,671

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).


		Consolidated Results Q3 2015

5.3 CONSOLIDATED STATEMENT OF CASH FLOW

YPF SOCIEDAD ANONIMA AND CONTROLLED COMPANIES

(Unaudited, figures expressed in millions of pesos)


Q3 2014			Q2 2015			Q3 2015				Jan-Sep 2014			Jan-Sep 2015
									Cash Flows from operating activities
	3,219			2,298			1,884		Net income		7,549			6,291
	(38	)		(54	)		(36	)	Income from investments in companies		(61	)		(52	)
	5,343			6,502			6,895		Depreciation of fixed assets		13,660			18,961
	77			91			65		Amortization of intangible assets		250			225
	868			847			1,811		Consumption of materials and fixed assets and intangible assets retired, net of provisions		2,671			3,250
	922			662			709		Net increase in provisions		2,465			2,274
	508			1,118			(253	)	Interest, exchange differences and other		(1,042	)		1,350
	28			26			36		Stock compensation plan		56			89
	(505	)		(12	)		(562	)	Accrued insurance		(1,632	)		(1,085	)
									Changes in assets and liabilities:
	(707	)		(2,023	)		(1,218	)	Trade receivables		(4,150	)		(2,853	)
	(64	)		(2,698	)		(1,053	)	Other receivables and liabilities		(802	)		(4,299	)
	75			499			(1,005	)	Inventories		232			(240	)
	1,323			1,278			889		Accounts payable		1,663			3,182
	2,082			538			463		Other Taxes payable		3,006			2,112
	419			206			396		Salaries and Social Securities		431			123
	(426	)		(507	)		(347	)	Decrease in provisions from payments		(1,580	)		(1,247	)
	18			29			2		Dividends from investments in companies		233			181
	1,098			1,673			—		Insurance charge for loss of profit		1,689			1,673
	4,009			(471	)		1,106		Net charge of income tax payment		11,756			1,780
	4,810			2,411			3,082		Income tax		14,338			7,430
	(801	)		(2,882	)		(1,976	)	Income tax payments		(2,582	)		(5,650	)

	18,249			10,002			9,782		Net cash flows provided by operating activities		36,394			31,715

									Cash flows from investing activities
									Payments for investments:
	(13,213	)		(15,239	)		(15,825	)	Acquisitions of fixed assets and Intangible assets		(35,365	)		(46,692	)
	(9	)		(161	)		—		Contributions and acquisitions of interests in companies		(94	)		(163	)
	—			—			—		Liabilities of sales of fixed assets		1,711			—
	(357	)		—			—		Acquisitions of participation in UTEs		(869	)		—
	—			—			—		Acquisition of subsidiaries net of acquired funds		(6,103	)		—
	—			—			—		Insurance charge for material damages		1,818			—

	(13,579	)		(15,400	)		(15,825	)	Net cash flows used in investing activities		(38,902	)		(46,855	)

									Cash flows from financing activities

	(3,030	)		(7,340	)		(5,652	)	Payment of loans		(9,012	)		(17,624	)
	(969	)		(1,766	)		(1,386	)	Payment of interests		(3,215	)		(4,531	)
	4,141			17,443			9,935		Proceeds from loans		19,342			38,162
	(464	)		—			(503	)	Payments of dividends		(464	)		(503	)
	(145	)		(45	)		(74	)	Acquisition of own shares		(198	)		(119	)

	(467	)		8,292			2,320		Net cash flows provided by financing activities		6,453			15,385

	222			305			342		Effect of changes in exchange rates on cash and equivalents		1,215			854

	4,425			3,199			(3,381	)	Increase (Decrease) in Cash and Equivalents		5,160			1,099

	11,448			11,039			14,238		Cash and equivalents at the beginning of the period		10,713			9,758
	15,873			14,238			10,857		Cash and equivalents at the end of the period		15,873			10,857

	4,425			3,199			(3,381	)	Increase (Decrease) in Cash and Equivalents		5,160			1,099

									COMPONENTS OF CASH AND EQUIVALENT AT THE END OF THE PERIOD

	6,567			9,382			9,195		Cash		6,567			9,195
	9,306			4,856			1,662		Other Financial Assets		9,306			1,662

	15,873			14,238			10,857		TOTAL CASH AND EQUIVALENTS AT THE END OF THE PERIOD		15,873			10,857

Note: Information reported in accordance with International Financial Reporting Standards (IFRS).


		Consolidated Results Q3 2015

5.4 CONSOLIDATED BUSINESS SEGMENT INFORMATION

(Unaudited, figures expressed in millions of pesos)


Q3 2015	Upstream		Downstream		Corporate and Other		Consolidation Adjustments		Total
Revenues		4,288		36,345		297		—		40,930
Revenues from intersegment sales		16,202		334		1,639		-18,175		—

Revenues		20,490		36,679		1,936		-18,175		40,930

Operating Income (loss)		2,171		3,522		-417		355		5,631
Investments in companies		3		33		—		—		36
Depreciation of fixed assets		6,023		778		94		—		6,895
Acquisitions of fixed assets		12,315		2,813		625		—		15,753
Assets		158,560		79,353		20,371		-1,613		256,671

Q3 2014	Upstream		Downstream		Corporate and Other		Consolidation Adjustments		Total
Revenues		2,607		35,459		143		—		38,209
Revenues from intersegment sales		16,750		287		1,476		-18,513		—

Revenues		19,357		35,746		1,619		-18,513		38,209

Operating Income (loss)		4,463		3,864		-471		188		8,044
Investments in companies		-3		41		—		—		38
Depreciation of fixed assets		4,618		634		91		—		5,343
Acquisitions of fixed assets		11,120		2,312		344		—		13,776
Assets		117,737		67,692		22,279		-2,696		205,012


		Consolidated Results Q3 2015

5.5 MAIN DOLLAR DENOMINATED FINANCIAL MAGNITUDES (unaudited figures)


Million USD	2014 Q3		2014 Q2		2015 Q3		Var Q3 15/ Q3 14		2014 Jan-Sep		2015 Jan-Sep		Var 2015 / 2014
INCOME STATEMENT
Revenues		4,632		4,443		4,448		-4.0%		13,113		12,921		-1.5%
Costs of sales		-3,196		-3,371		-3,333		4.3%		-9,414		-9,732		3.4%

Gross profit		1,436		1,072		1,115		*-22.3%*		3,699		3,189		*-13.8%*
Selling expenses		-335		-324		-281		-16.2%		-917		-905		-1.3%
Administration expenses		-136		-153		-141		4.2%		-392		-433		10.3%
Exploration expenses		-37		-43		-128		246.3%		-155		-197		27.5%
Other expenses		47		74		48		0.9%		78		104		34.0%

Operating income		975		627		612		*-37.2%*		2,313		1,759		*-24.0%*
Depreciation of fixed assets		648		730		749		15.7%		1,719		2,127		23.7%
Amortization of intangible assets		9		10		7		-24.3%		31		25		-19.8%
Unproductive exploratory drillings		17		25		84		397.9%		86		124		43.1%

Adj. EBITDA ()**		1,649		1,392		1,452		*-11.9%*		4,150		4,034		*-2.8%*

UPSTREAM
Revenues		2,347		2,197		2,227		-5.1%		6,413		6,576		2.5%
Operating income		541		285		236		-56.4%		1,357		781		-42.4%
Depreciation		560		633		655		16.9%		1,468		1,845		25.7%
Capital expenditures		1,348		1,394		1,336		-0.9%		3,573		3,971		11.1%

DOWNSTREAM
Revenues		4,334		3,962		3,986		-8.0%		12,382		11,647		-5.9%
Operating income		468		434		383		-18.3%		1,162		996		-14.3%
Depreciation		77		87		85		10.0%		223		252		13.3%
Capital expenditures		280		226		306		9.1%		647		702		8.4%

CORPORATE AND OTHER
Operating income		-57		-58		-45		-20.6%		-150		-166		10.7%
Capital expenditures		42		38		68		62.9%		104		132		27.5%

CONSOLIDATION ADJUSTMENTS
Operating income		23		-35		39		69.3%		-57		147		-358.9%

*Average exchange rate for the period*		*8.25*		*8.90*		*9.20*				*7.95*		*8.91*

NOTE: The calculation of the main financial figures in U.S. dollars is derived from the calculation of the financial results expressed in Argentine pesos using the average exchange rate for each period.

(**)


		Consolidated Results Q3 2015

5.6 MAIN PHYSICAL MAGNITUDES (Unaudited figures)


		2014												2015
	Unit	Q1		Q2		Q3		Q4		Cum. 2014		Q1		Q2		Q3		Cum. 2015
Production
Crude oil production	Kbbl		21,753		21,923		22,634		22,986		89,296		22,250		22,736		22,934		67,920
NGL production	Kbbl		4,831		3,626		3,970		5,348		17,776		5,448		3,522		4,015		12,985
Gas production	Mm3		3,355		3,970		4,138		4,021		15,483		3,950		4,063		4,080		12,092
Total production	Kboe		47,684		50,517		52,628		53,621		204,450		52,538		51,808		52,611		156,957

Henry Hub	USD/Mbtu		4.94		4.67		4.06		4.00		4.42		2.98		2.64		2.77		2.80
Brent	USD/Bbl		108.17		109.70		101.82		76.40		99.02		53.92		61.69		50.23		55.32
Sales
Sales of petroleum products
Domestic market
Gasoline	Km3		1,229		1,126		1,158		1,210		4,723		1,246		1,171		1,208		3,625
Diesel	Km3		1,920		2,043		2,160		2,044		8,166		1,906		2,169		2,040		6,114
Jet fuel and kerosene	Km3		124		108		116		123		471		125		108		130		364
Fuel Oil	Km3		294		297		257		320		1,168		348		396		378		1,122
LPG	Km3		151		236		275		186		848		176		212		238		626
Others (*)	Km3		286		304		361		589		1,540		305		346		314		965
Total domestic market	Km3		4,004		4,113		4,327		4,472		16,916		4,106		4,403		4,308		12,816
Export market
Petrochemical naphtha	Km3		0		0		0		0		0		18		12		7		38
Jet fuel and kerosene	Km3		129		116		126		128		500		122		127		130		379
LPG	Km3		124		35		24		115		299		149		52		42		243
Bunker (Diesel and Fuel Oil)	Km3		194		205		128		178		704		153		115		130		398
Others (*)	Km3		8		18		5		7		38		7		10		4		21
Total export market	Km3		455		375		284		428		1,541		449		316		314		1,078
Total sales of petroleum products	Km3		4,459		4,488		4,610		4,900		18,457		4,555		4,718		4,622		13,895

Sales of petrochemical products
Domestic market
Fertilizers	Ktn		32		39		76		80		227		21		34		45		100
Methanol	Ktn		47		73		103		85		308		49		61		75		185
Others	Ktn		138		143		129		131		541		130		164		143		437
Total domestic market	Ktn		217		255		308		296		1,076		200		259		263		722
Export market
Methanol	Ktn		33		22		21		1		77		41		36		54		131
Others	Ktn		24		33		67		53		177		28		50		33		111
Total export market	Ktn		57		55		88		54		254		69		86		87		242
Total sales of petrochemical products	Ktn		274		310		396		350		1,330		269		345		350		964

Sales of other products
Grain, flours and oils
Domestic market	Ktn		20		22		21		3		66		30		31		13		74
Export market	Ktn		85		251		292		212		840		155		418		358		931
Total Grain, flours and oils	Ktn		105		273		313		215		906		185		449		371		1,005

Main products imported
Gasolines and Jet Fuel	Km3		179		94		0		42		316		20		22		43		85
Diesel	Km3		473		275		191		304		1,243		196		343		346		885

(*)	Principally includes sales of oil and lubricant bases, grease, asphalt and residual carbon, among others.

This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.

These forward-looking statements may include statements regarding the intent, belief, plans, current expectations or objectives as of the date hereof of YPF and its management, including statements with respect to trends affecting YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies. These forward-looking statements may also include assumptions regarding future economic and other conditions, such as the future price of petroleum and petroleum products, refining and marketing margins and exchange rates. These statements are not guarantees of future performance, prices, margins, exchange rates or other events and are subject to material risks, uncertainties, changes in circumstances and other factors that may be beyond YPF’s control or may be difficult to predict.

YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as the future price of petroleum and petroleum products, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to fluctuations in the price of petroleum and petroleum products, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates before the Comisión Nacional de Valores in Argentina and with the U.S. Securities and Exchange Commission, in particular, those described in “Item 3. Key Information—Risk Factors” and “Item 5. Operating and Financial Review and Prospects” in YPF’s Annual Report on Form 20-F for the fiscal year ended December 31, 2014 filed with the Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur.

Except as required by law, YPF does not undertake to publicly update or revise these forward-looking statements even if experience or future changes make it clear that the projected performance, conditions or events expressed or implied therein will not be realized.

These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or elsewhere. The information contained herein has been prepared to assist interested parties in making their own evaluations of YPF.

Investor Relations

E-mail: inversoresypf@ypf.com

Website: ir.ypf.com

Macacha Güemes 515

C1106BKK Buenos Aires (Argentina)

Phone: 54 11 5441 1215

Fax: 54 11 5441 2113

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

YPF Sociedad Anónima

Date: November 5, 2015

/s/ Diego Celaá

Name:

Title:

Diego Celaá

Market Relations Officer