YPF Sociedad Anónima : - Unlocking Full Potential - Santander conference

UNLOCKING

YPF FULL POTENTIAL

JANUARY, 2023

IMPORTANT NOTICE

Safe harbor statement under the U.S. Private Securities Litigation Reform Act of 1995 (the "Private Securities Litigation Reform Act").

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

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

YPF's actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and demand levels, currency fluctuations, exploration, drilling and production results, changes in reserves estimates, success in partnering with third parties, loss of market share, industry competition, environmental risks, physical risks, the risks of doing business in developing countries, legislative, tax, legal and regulatory developments, economic and financial market conditions in various countries and regions, political risks, wars and acts of terrorism, natural disasters, project delays or advancements and lack of approvals, as well as those factors described in the filings made by YPF and its affiliates with the Securities and Exchange Commission, in particular, those described in "Item 3. Key Information-Risk Factors" and "Item 5. Operating and Financial Review and Prospects" in YPF's Annual Report on Form 20-F for the fiscal year ended December 31, 2021, filed with the U.S. Securities and Exchange Commission (the "SEC"). 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 to sell or the solicitation of any offer to buy any securities of YPF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the SEC or an exemption from such registration.

Cautionary Note to U.S. Investors - The United States SEC permits oil and gas companies, in their filings with the SEC, to separately disclose proved, probable and possible reserves that a company has determined in accordance with the SEC rules. We may use certain terms in this presentation, such as resources, that the SEC's guidelines strictly prohibit us from including in filings with the SEC. U.S. Investors are urged to consider closely the disclosure in our Form 20-F, File No. 1-12102 available on the SEC website www.sec.gov.

Our estimates of EURs, included in our Development Costs, are by their nature more speculative than estimates of proved, probable and possible reserves and accordingly are subject to substantially greater risk of being actually realized, particularly in areas or zones where there has been limited history. Actual locations drilled and quantities that may be ultimately recovered from our concessions will differ substantially. Ultimate recoveries will be dependent upon numerous factors including actual encountered geological conditions and the impact of future oil and gas pricing.

Unless otherwise indicated, the calculation of the main financial figures in U.S. dollars is derived from the calculation of the consolidated financial results expressed in Argentine pesos using the average exchange rate for each period. From 1Q 2019 onwards, the calculation of the main financial figures in U.S. dollars is derived from the sum of: (1) YPF S.A. individual financial results expressed in Argentine pesos divided by the average exchange rate of the period and (2) the financial results of YPF S.A.'s subsidiaries expressed in Argentine pesos divided by the exchange rate at the end of period.

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WE ARE BACK - 2022 IS MARKING A STRONG RECOVERY IN PROFITABILITY AND DELEVERAGING, WITH ADocumento: YPF-Público

REMARKABLE GROWTH TREND IN OIL&GAS PRODUCTION

ADJ. EBITDA/CAPEX	Adj. EBITDA		CAPEX	Guidance	LOCAL FUELS PRICES	(1) Local Fuels Price as of first week of January 2023
	USD/BBL

In Billions USD	5.0

4.1	4.4	3.6		3.8		97	94				114
			86		83
								72
					4.1				108(1)
3.5	3.3	3.5
		1.5
			2.7
			1.6
2017	2018	2019	2020	2021	2022	2017	2018	2019	2020	2021	3Q22

	NET DEBT/ NET LEVERAGE RATIO												PRODUCTION									Total Production
	In Billions USD/ x times						Net Debt		Ratio		KBOE/D									Shale Production
8.0	7.4	7.6	7.1									555			530	514									504
		6.3											467		470
										5.7
							4.9x
	2.0x				2.1x																					139			207
		1.7x					1.6x	1.2x					57	93	101
								37

2017	2018	2019	2020	2021	3Q22	2017	2018	2019	2020	2021	3Q22	3

	CONTINUOUS IMPROVEMENTS IN OUR SHALE OPERATIONAL																				Documento: YPF-Público
	EFFICIENCIES MADE VACA MUERTA COMPETITIVE
	VS. WORLD CLASS PRODUCERS, DESPITE SIGNIFICANT DIFFERENCES IN SCALE AND DEVELOPMENT STAGE
	CORE HUB - LIFTING COST								DRILLING SPEED														FRAC SPEED
														METERS/DAY																	# STAGES/SET PER MONTH
	USD/BOE
																																					+3.9x
						-57%											+62%
8.7																									259																	210
									202										201																				167
			6.6	5.9						160		160	173
					4.7																								104	112
							3.9
							3.7
																																		66
																																54
													2017		2018			2019			2020		2021		3Q22					2017		2018		2019		2020			2021		3Q22
2017		2018	2019	2020		2021	3Q22

DEVELOPMENT COST (1)

USD/BOE

19.8 YPF

16.3 14.4

2.5x

Permian

Best in Class

10.2	12.7
9.3	8.9
		8.1

-9%

PERMIAN VS VACA MUERTA (2)	VM RESERVOIR EXPLOTATION LEVEL
		RIG COUNT (3)	CRUDE OIL +	DEVELOPING
	11x	NATURAL GAS	AREAS
	# Active rigs	1%	8%
		WELLS
	26x
	# Drilled wells

2016

2017

2018

2019

2020

2021

3Q22

(1) The Permian average is based on the following companies: ConocoPhillips, Diamondback	(2)	Permian basin includes Wolfcamp + Bonespring + Permian - Source: Rystad
Energy, ExxonMobil, Occidental Petroleum and Pioneer Natural Resources - Source: Rystad	(3)	Active rigs as of Sep 30, 2022	4

Documento: YPF-Público

UNIQUE OPPORTUNITY TO REACH NEW HIGH PRODUCTION RECORDS SUBJECT TO THE TIMELY DEPLOYMENT OF KEY MIDSTREAM PROJECTS

ARGENTINA´S CRUDE OIL PRODUCTION (1)

2026E

ARGENTINA´S NATURAL GAS PRODUCTION (1) (2)

2026E

KBBL/D

Conventional production

Shale production

1998

847

1,000 - 1,100

2022 YTD

580 (3)

MMm3/D

	2004
Conventional Production	142
Shale Production

160 - 170

Nov 2022

133 (3)

																																																						2026 E
1980	1982	1984	1986	1988	1990	1992		1994	1996	1998	2000		2002	2004	2006	2008	2010	2012		2014	2016	2018		2020	2022
	KEY MIDSTREAM PROJECTS (3)
MIDSTREAM OIL																									FINAL		CAPEX
																																								COD			2022 - 2027
OLDELVAL PIPELINE EXPANSION																										(BUSD)
														1Q25			~ 1.2
OLEODUCTOS DEL VALLE (YPF 37%)
OTE TERMINAL EXPANSION																				1Q25			~ 0.3
OILTANKING EBYTEM (YPF 30%)
VACA MUERTA NORTE - NEW PIPELINE + OTASA				2H23			~ 0.3
YPF & POTENTIAL PARTNERS
VACA MUERTA SUR - NEW PIPELINE & TERMINAL				1H26			~ 2.2
YPF & POTENTIAL PARTNERS																									TOTAL
																																									~ 4.0

																																																		2026E
1980	1982	1984	1986	1988	1990	1992	1994	1996	1998	2000	2002	2004	2006	2008	2010	2012	2014	2016	2018	2020	2022

1. Source: Ministry of Economy-Secretary of Energy, IAPG & Company outlook based on market publicly available estimations.

(2) Considers wellhead production. (3) As of November 2022

MIDSTREAM GAS	CAPEX
	(BUSD)
NESTOR KIRCHNER NEW PIPELINE	~ 2.5
ARGENTINESTATE
MEGA EXPANSION PLAN	~ 0.5 - 1
MEGA (YPF 38%)
ADDITIONAL GAS INFRASTRUCTURE	~ 0.5
GATHERING - PIPELINES - YPF & POTENTIAL PARTNERS
LNG PROJECT	-

YPF & POTENTIAL PARTNERS

(3) Based on the company's current internal expectations of project development.