YPF SOCIEDAD ANONIMA Business Summary

YPF Sociedad Anónima (YPF) operates as a vertically integrated energy leader, generating revenue through three primary segments: Upstream (exploration and production), Downstream (refining and marketing), and Gas & Power. The company’s business model has shifted toward a "shale-first" approach, prioritizing high-margin unconventional extraction in the Vaca Muerta formation while divesting mature conventional assets through its "Plan Andes" initiative. Downstream operations remain a core revenue driver, commanding a 56% domestic market share in fuel sales via a network of over 1,600 service stations. YPF competes directly with Vista Energy, Pan American Energy, and Tecpetrol; it maintains a dominant market position as Argentina’s largest energy producer, currently accounting for over half of the nation's shale oil output and leading the strategic Argentina LNG export project in partnership with international majors like Eni. Founded in 1922 by Enrique Mosconi, YPF is currently led by Chairman and CEO Horacio Marín, a shale specialist who previously served as a top executive at Tecpetrol. The leadership team includes CFO Pedro Kearney, appointed in late 2025 to manage the company's aggressive $35 billion 2025–2030 capital expenditure program, and General Counsel Germán Fernández Lahore. The Board of Directors includes notable figures such as Manuel Adorni (Class A Director) and recently appointed members Raúl Guillermo Francos and Andrea Mariana Confini. Controlled by the Argentine state with a 51.01% stake, the company’s remaining shares are publicly traded on the NYSE and BYMA, with significant institutional backing from global entities including Santander, Invesco, and various international investment funds.