YPF Sociedad Anónima (YPF): Business Model Canvas [Dec-2025 Updated]

You're looking at one of South America's most critical energy plays right now, and understanding the mechanics behind YPF Sociedad Anónima (YPF)'s current strategy is key to valuing it. After a massive pivot, their business model centers on unlocking the Vaca Muerta shale, evidenced by earmarking $3.6 billion of their $5.0 billion to $5.2 billion total 2025 capital expenditure just for that development, all while keeping their domestic refineries humming at 97% utilization. This integrated giant, which posted $4.643 billion in consolidated net revenues in Q3 2025, balances massive domestic supply obligations with a growing export ambition, making their nine building blocks fascinating to dissect.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Key Partnerships

You're looking at the core alliances that fuel YPF Sociedad Anónima's near-term strategy, especially around Vaca Muerta development and international expansion. These aren't just handshake deals; they involve billions in capital and critical technology transfer.

LNG Project with Eni and ADNOC's XRG

The push for liquefied natural gas (LNG) exports is heavily reliant on this international trio. YPF Sociedad Anónima signed a non-binding framework agreement with Italy's Eni and ADNOC's XRG in November 2025 to jointly develop a large-scale LNG facility. This is a massive undertaking, valued at an estimated $20 billion for the initial phase. The goal for this priority phase is to deliver 12 million tonnes per annum (mtpa) of LNG capacity, utilizing two 6 mtpa Floating LNG (FLNG) vessels. To be fair, another view suggests the overall Argentina LNG project aims for up to 30 mtpa by 2030. The equity split is expected to see YPF Sociedad Anónima, Eni, and XRG each holding approximately one-third. YPF Sociedad Anónima plans to use JP Morgan to seek project financing in early 2026, anticipating that debt will cover 70% to 80% of the required capital. Exports from this 12 mtpa phase are targeted to commence in 2030 or 2031.

Pipeline Joint Venture with Chevron and Other Producers

Getting Vaca Muerta output to market requires serious midstream muscle, which YPF Sociedad Anónima secures through the Oldelval SA joint venture, which includes Chevron, Pluspetrol, Tecpetrol, Pampa Energia, and Pan American Energy. This partnership is focused on expanding crude oil shipping capacity from Puesto Hernandez. The plan involves building a new conduit alongside an existing line from the 1970s, which is set to roughly double overall capacity for that route to about 300,000 barrels a day (bpd). More specifically, Oldelval greenlighted the US$380 million Duplicar Norte pipeline project, a 207km duct scheduled for commissioning toward the end of 2026. This new duct will allow transfers between 125,800 b/d and 283,000 b/d. YPF Sociedad Anónima's own 2025 investment plan is tied to this, aiming to add 23,000 b/d of crude transportation capacity from April 2025, coinciding with the Oldelval expansion completion. By the first quarter of 2025 (1Q:25), Oldelval's total capacity was expected to rise to 540,000 b/d.

Here's a quick look at the pipeline infrastructure expansion supporting these producers:

Project Component	Partner Involvement	Key Metric/Value	Status/Target Date
Oldelval Expansion (Existing Route)	Chevron, YPF Sociedad Anónima, etc.	Capacity increase to 300,000 bpd	Capacity increase expected by April 2025
Duplicar Norte Pipeline	Oldelval (JV)	US$380 million CAPEX; 207km	Commissioning toward end of 2026
Vaca Muerta Sur Pipeline	YPF Sociedad Anónima (leading)	Estimated investment of $3 billion	Due online toward end of 2026

Digital Transformation with Globant

To support its efficiency drive under the 4x4 Plan, YPF Sociedad Anónima partnered with Globant to modernize its supply chain using AI. This collaboration launched the Digital Suppl.AI platform in October 2025, which is built around 46 AI agents organized into eight agentic solutions. This is crucial because YPF Sociedad Anónima manages a portfolio of approximately 5,000 suppliers and handles over 100,000 products and services. The strategic goal tied to this efficiency is supporting the company's aim to generate exports exceeding $30 billion by 2031.

Concessions with Provincial Governments

Resource development is cemented through agreements with provincial authorities. In a key move, the Argentine government extended around 3,000km of hydrocarbons transport concessions held by YPF Sociedad Anónima. These 10-year extensions are set to take effect in November 2027. The decree associated with this granted a related investment plan of $364 million (mn) scheduled to start in 2028, covering pipeline work across Neuquén, Mendoza, San Luis, Córdoba, and Santa Fe provinces. Furthermore, YPF Sociedad Anónima must execute $278 million in pipeline work during the 2025-27 period. Separately, in August 2025, YPF Sociedad Anónima inked an MOU with the Tierra del Fuego province and Terra Ignis for 7 conventional areas.

Access to Capital Markets via Financial Institutions

YPF Sociedad Anónima maintains access to international debt markets to fund its capital expenditure. In January 2025, the company completed a successful offering of $1.1 billion in 8.25% senior notes due 2034. This issuance was coordinated by institutions including BBVA Securities Inc., Deutsche Bank Securities Inc., Itaú, and Santander US Capital Markets LLC. The proceeds were used, in part, to fund a tender offer for its outstanding 8.5% senior notes due July 2025, which had an outstanding amount of $756.966 million. More recently, in late 2025, YPF Sociedad Anónima completed a $500 million reopening of its 8.75% senior notes due 2031.

You can see the recent debt activity here:

• Bond issued in January 2025: $1,100,000,000 at 8.25%, maturing in 2034.
• Bond reopened in November 2025: $500 million at 8.75%, maturing in 2031.
• Tendered notes due July 2025 had an original outstanding amount of $756.966 million.

Finance: draft 13-week cash view by Friday.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Key Activities

You're looking at the core actions YPF Sociedad Anónima is taking right now to drive its strategy, which is heavily weighted toward high-growth unconventional resources. Here's the quick math on what they're executing on as of late 2025.

Unconventional oil and gas exploration and production in Vaca Muerta

The focus here is clearly on scaling Vaca Muerta. Shale oil production is the engine, and the numbers show a significant shift in the asset mix.

Metric	Value (Q3 2025)	Context/Follow-up
Shale Oil Production (Q3 Average)	170,000 barrels per day	Reflects a 43% year-over-year increase.
Shale Oil Production (October 2025)	Approximately 190,000 barrels per day	Surpassed the annual target ahead of schedule.
Shale Oil Share of Total Production	70%	Up from about 45% in Q3 2023.
CapEx Allocation to Shale Projects	70% of total Q3 2025 CapEx	Total Q3 2025 Investment was approximately $1.017 billion.
Longest Well Drilled in Vaca Muerta	8,200 meters	Demonstrates advances in execution.
Fastest Well Completion	Nearly 6,000 meters in 11 days	Shows adoption of automation and standardization.

Refining crude oil with a Q3 2025 utilization rate of 97%

The downstream segment is running hot, hitting levels not seen in over a decade. This integration helps manage the upstream output.

Metric	Value (Q3 2025)	Context/Follow-up
Refinery Utilization Rate	97%	Highest processing level since 2009.
Crude Processing Level	326,000 barrels per day	Represents a 9% increase versus Q3 2024.
Domestic Diesel and Gasoline Sales	Increased 3%	Quarter-over-quarter growth.

Developing and expanding midstream infrastructure like the Vaca Muerta Sur pipeline

Moving that record production out of the basin is key, and you see capital flowing into pipelines to support that export push. The Oldelval expansion is a big piece of this.

• Oldelval pipeline expansion capacity target: 300,000 barrels per day (b/d).
• Crude transportation capacity addition planned from April 2025: 23,000 b/d.
• Vaca Muerta Norte oil pipeline (VMON) capacity: 25,000 cubic meters per day ($\text{m}3/\text{d}$).

Managing a nationwide retail network of over 1,600 service stations

The consumer-facing side is focused on modernizing the brand experience and using data to optimize margins across the physical footprint.

• Nationwide service station count: Over 1,600 locations.
• 'Full' convenience store count milestone (August 2024): 1,000 stores.
• 'Full' store retrofitting to new identity (August 2024): 82% complete.
• YPF app digitized users (August 2024): More than 3 million users.

Divesting from mature, conventional oil and gas assets (Plan Andes)

This activity is about portfolio optimization, freeing up cash flow and capital expenditure for the shale focus. The divestment program is targeting completion this year.

Divestment Phase/Metric	Value/Status	Context
Target Completion for Program	Q3 2025	Aims to complete the mature field exit strategy.
Total Areas Greenlit for Offload	55 areas	Part of the initial scope of Project Andes.
First Round Transfer (2024)	Nearly 90,000 boepd	Operational control transferred to third parties via 9 FPAs.
Second Round Assets Marketed (August 2025)	16 additional assets	Grouped into six clusters including Manantiales Behr.
Q3 2025 Free Cash Flow Impact	Negative $759 million	Partially explained by the mature field exit strategy.

Finance: draft 13-week cash view by Friday.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Key Resources

You're looking at the hard assets and proprietary capabilities that make YPF Sociedad Anónima run. These aren't just line items; they are the physical and intellectual foundations for their entire operation, especially as they pivot hard into shale.

The single most important physical resource is the access to and control over the Vaca Muerta shale formation. This asset is reputed to be one of the world's largest shale reserves. Specifically, it is recognized as the second largest gas reserve and the fourth largest oil reserve globally. The company's proven reserves stand at 1.1 billion barrels of hydrocarbons, with shale oil making up 78% of that total. To put the scale in perspective, the Palermo Aike formation, another area of interest, may host an additional 10 billion barrels of oil equivalent, which is about a third of the resources estimated in Vaca Muerta.

YPF Sociedad Anónima maintains an extensive network of refineries and distribution logistics across Argentina, which is crucial for moving product from the wellhead to the consumer. The company operates 3 wholly-owned refineries: La Plata, Luján de Cuyo, and Plaza Huincul. These facilities boast a combined capacity to refine 337.9 thousand barrels per day (Mb/d). This represents over 50% of Argentina's total refining capacity. The distribution backbone includes approximately 2,141 Km of oil pipelines and 1,801Km of refined products pipelines. On the retail side, YPF Sociedad Anónima operates over one-third of the more than 3,000 retail stations in the country.

The operational execution in Vaca Muerta is underpinned by specific production targets and technological know-how. YPF Sociedad Anónima's projected 2025 average shale oil production is estimated at 165,000 barrels per day (b/d). This is supported by a recent operational record, hitting 200,000 barrels per day of its own shale oil production. The company is actively divesting conventional assets to focus capital here.

The strategic backing comes from its ownership structure. As of March 10, 2025, the State-owned majority stake was formally recorded, with the National State holding 51.000% of Class D shares. This ownership, which the federal government has custody over (along with provincial government stakes for a total of 51%), provides significant political and strategic backing, though a New York judge ordered the turnover of this 51% stake in June 2025.

The ability to achieve these production levels relies on specialized technology and expertise. The leap in productivity is attributed to operational process transformation, including the incorporation of technologies like RTIC (Real-Time Information Center), artificial intelligence, and predictive-analysis tools. Furthermore, the implementation of the Toyota Well methodology, based on the TPS continuous-improvement framework, has been key to boosting output while reducing costs.

Here is a breakdown of the core physical and logistical assets:

• YPF Sociedad Anónima owns 3 wholly-owned refineries.
• Combined refining capacity is 337.9 Mb/d.
• Oil pipeline network length is 2,141 Km.
• Total oil tankage is 2 Mbbl.
• The company maintains terminal facilities at 5 ports in Argentina.

The capital deployment supporting these resources is substantial, with overall capital expenditure guidance for 2025 set between US$5.0bn and US$5.2bn.

The following table summarizes key operational capacities as of recent reporting:

Resource Metric	Value	Unit	Context/Location
Shale Oil Production (2025 Average Forecast)	165,000	b/d	Full Year 2025 Estimate
Shale Oil Production (Recent Record)	200,000	b/d	Record achieved late 2025
Total Refining Capacity	337.9	Mb/d	Combined across 3 refineries
Oil Pipeline Length	2,141	Km	Oil transportation network
State Ownership Stake (Class D Shares as of 03/2025)	51.000	%	National State ownership
Vaca Muerta Shale Oil Reserves Ranking	Fourth	Largest	Globally

YPF Sociedad Anónima (YPF) - Canvas Business Model: Value Propositions

You're looking at the core reasons why YPF Sociedad Anónima remains central to Argentina's energy structure as of late 2025. The value propositions are built around securing domestic supply while aggressively pursuing an export-led growth strategy, heavily reliant on Vaca Muerta.

Energy Security: Largest Integrated Supplier

YPF Sociedad Anónima delivers foundational energy security to Argentina. The company is the largest integrated supplier, meaning it controls the chain from the wellhead to the gas pump. This integration is key to managing domestic supply volatility.

Operationally, the focus is clearly on unconventional resources to drive volume. In the third quarter of 2025, YPF Sociedad Anónima's total production hit 559,000 barrels of oil equivalent per day (boe/d). Shale oil is the engine of this growth, representing 49% of that total output in Q3 2025. This focus on Vaca Muerta underpins the domestic supply promise.

Cost-Competitive Production

The primary driver of YPF Sociedad Anónima's competitive edge in upstream is the cost structure of its shale operations. The company has successfully driven down the cost to lift oil and gas from the Vaca Muerta formation, making it profitable even in volatile pricing environments.

The shale lifting cost is positioned at a highly competitive $4.00 per barrel of oil equivalent (BOE), a figure that reflects the efficiency gains achieved through focused investment in the unconventional play. This low cost base contrasts sharply with the break-even prices for the company's conventional oilfields, which range from $55 to $75 per barrel.

Reliable Retail Network

For the end-user, YPF Sociedad Anónima offers unparalleled reach across the nation. This physical footprint is a critical barrier to entry for competitors and ensures product availability nationwide.

The value proposition here rests on sheer scale and brand presence:

• Unmatched domestic coverage via 1,600+ service stations.
• The company's FULL convenience store brand reached 1,000 locations by August 2024.
• Refineries operated at 94% of capacity in Q1 2025, supporting product supply.

Export Potential

The strategy is shifting from purely domestic supply to becoming a major energy exporter, monetizing the massive Vaca Muerta reserves for foreign currency generation. This is where the near-term capital deployment is focused.

Key export milestones and capacities include:

Export Segment	Metric/Target	Status/Timeline
Crude Oil Exports	Average dispatch of 40,000 b/d in Q3 2024.	Crude oil exports saw a 20% rise in Q2 2025.
Vaca Muerta Oil Pipeline	Capacity expansion to 530,000 b/d.	Expansion undergoing in 2025.
Future LNG Exports (ARGLNG)	Targeted capacity of 12 million metric tons per year (mtpa).	Final Investment Decision (FID) expected mid-2026, with exports potentially starting in 2030 or 2031.

The company is resilient up to the $45/b mark for Brent pricing.

Fuel Quality

YPF Sociedad Anónima maintains its value proposition by supplying high-quality refined products to the domestic market, supported by high utilization rates at its processing facilities.

The downstream segment is running efficiently to meet this demand. Refinery utilization reached 94% in the first quarter of 2025, processing 318,000 barrels per day (bpd) of product, a 6% year-over-year increase. This operational strength ensures consistent product delivery.

Finance: draft 13-week cash view by Friday.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Customer Relationships

You're looking at how YPF Sociedad Anónima keeps its customer base locked in, from the corner gas station to massive international energy deals. It's a mix of high-volume retail dominance and deep, multi-year contractual commitments.

Maintaining a leading domestic market share of diesel and gasoline

YPF Sociedad Anónima solidified its retail footprint, operating more than 1,600 service stations across Argentina as of early 2025. This network supported a market share in fuel sales that surpassed 60% as of August 2025, a historic high for the company. This dominance is a key relationship anchor for the everyday consumer. To be fair, the market share was reported at 56% at the end of 2024, showing significant recent gains.

The relationship structure for the retail segment relies on scale and digital integration:

• Base of retail touchpoints: 1,600+ service stations.
• Focus on digital engagement via mobile apps.
• Aiming for personalized rewards, as 94% of shoppers prefer tailored offers.

Dedicated sales teams for large industrial and agribusiness contracts

For the high-volume, business-to-business segment, YPF Sociedad Anónima manages relationships through specialized teams focused on securing multi-year, high-value supply contracts. While the exact size of these dedicated teams isn't public, the scale of the resulting agreements shows the depth of these relationships. For instance, the company is spearheading the Argentina LNG project, which aims to export up to 30 million tons of LNG annually by 2030.

Long-term supply agreements with international crude oil and gas buyers

The export strategy is built on formal, long-term commitments, providing revenue stability outside the domestic market. A prime example is the shale oil export agreement signed with Chile's Enap:

Metric	Value
Contract Duration	Until June 2033
Total Initial Volume (Combined)	Up to 70,000 barrels per day (b/d)
YPF Sociedad Anónima Allocation	Approximately 32,000 b/d (45.45%)
Projected Revenue (Over Term)	Close to US$12 billion

This type of agreement provides security and stability to crude oil supply chains, reducing dependence on maritime transport.

Loyalty programs and digital services for retail consumers

YPF Sociedad Anónima's retail customer relationship strategy is adapting to 2025 trends where personalization is key. Industry data suggests that 57% of brands are focusing on personalization in their loyalty strategies. For YPF Sociedad Anónima, this means leveraging data from its extensive network to drive repeat purchases. Loyalty programs are an expense line that can range from hundreds of dollars to millions, depending on sophistication, but they are effective, with nearly 70% of brands reporting increased customer engagement from their initiatives.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Channels

You're looking at how YPF Sociedad Anónima gets its products and services to its customers. It's a massive, integrated network, spanning from the gas pump to international export terminals.

The retail footprint remains a core channel. YPF Sociedad Anónima maintains a nationwide network of over 1,600 branded retail service stations across Argentina. This physical presence is critical for direct consumer fuel sales and for driving non-fuel revenue through its retail offerings.

The company also pushes product directly to large-scale users. This B2B channel serves key sectors of the Argentine economy.

• Direct sales are managed through the B2B segment, which covers Industries, Transportation, Aviation, Agro, Lubricants and Specialties.
• Specific contracts exist for the sale of specialties to the agribusiness industry and for grains and their by-products.

For crude oil, YPF Sociedad Anónima relies heavily on pipeline infrastructure to move product from Vaca Muerta to the coast for export. This is a major focus area for 2025 and beyond.

Channel Component	Capacity/Volume/Value Metric	Data Point (Latest Available)
Total Branded Service Stations (Approximate)	Number of Outlets	1,658 (As per 2022/2023 filings context)
Oldelval Pipeline Capacity (Post-Expansion)	Barrels per day (b/d)	540,000 b/d in first-quarter 2025 (1Q:25)
YPF Crude Oil Exports (Q3 2024 Average)	Barrels per day (b/d)	Average of 40,000 b/d
Vaca Muerta Sur Pipeline (Phase 1 Target)	Barrels per day (b/d)	Up to 180,000 b/d by late 2026

The midstream gas segment is also vital, especially with the push for LNG exports. YPF Sociedad Anónima is actively investing in maintaining and optimizing this system.

• The northern gas pipeline reversal, completed in October 2024, moves more than 15mn m³/d of gas to northern Argentina.
• YPF Sociedad Anónima has a planned investment of $278 million for pipeline work across oil pipelines, polyducts, and a jet fuel pipeline during the 2025-27 period.
• Key oil pipeline routes include Puerto Rosales - La Plata and Puesto Hernández - Luján de Cuyo.

The company is executing its final activities related to the La Plata Industrial Complex until December 31, 2025. Finance: draft 13-week cash view by Friday.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Customer Segments

You're looking at the core customer base for YPF Sociedad Anónima as of late 2025, which is heavily anchored in the domestic Argentine market but increasingly focused on international energy exports. Honestly, the company's strategy is clearly about leveraging its Vaca Muerta growth to serve global buyers while maintaining dominance at home.

The most visible segment is the Argentine retail consumers (drivers) of gasoline and diesel. YPF Sociedad Anónima maintains a commanding presence here, supplying 56% of the fuel markets across Argentina. This reach is supported by a network of more than 1,600 service stations nationwide. To give you a sense of the recent trend, gasoline sales in the local market represented 16.9% of total sales in the third quarter of 2025, showing almost no change quarter-over-quarter at -0.3%.

Next, you have the Large industrial customers and power generation plants. This falls under YPF's B2B operations, which also includes aviation and lubricants sales. In the third quarter of 2025, other domestic sales, which capture things like jet fuel and natural gas sales to distribution segments like Metrogas, saw a significant jump of 16.8% quarter-over-quarter. This shows strong industrial activity picking up the slack from other areas.

The Agribusiness sector is a major consumer, particularly of diesel fuel, lubricants, and agrochemicals through the YPF DIRECTO channel. However, this segment showed sensitivity to economic conditions; diesel demand specifically for the agro business declined by 21% during the third quarter of 2025. That contraction was fully offset by increasing demand from the retail and industrial segments, which is a key dynamic to watch.

For the International crude oil and future Liquefied Natural Gas (LNG) buyers, YPF is making a definitive pivot toward becoming a major exporter. Oil exports, primarily directed to Chile, increased by 34% year-over-year in the first quarter of 2025, hitting 36,000 barrels per day, which was 13% of their total oil production then. On the LNG front, the future looks locked in with a strategic agreement to sell 2 million tonnes of LNG annually for eight years starting in late 2027 to SEFE, with projected export revenues exceeding USD 7 billion over the contract duration.

Finally, the Argentine government and state entities represent a crucial customer segment through strategic supply mandates. YPF Sociedad Anónima is the largest energy company in Argentina, producing approximately 36% of the country's total oil and 29% of its total natural gas as of the end--of-2024 figures cited in 2025. The company benefits from domestic gas sales under the 'Plan GasAR,' where revenues from these sales, representing 9.6% of total sales in Q3 2025, increased by 12.3% quarter-over-quarter due to higher realization prices.

Here's a quick look at how YPF Sociedad Anónima's domestic market dominance breaks down based on the latest available figures:

Customer Segment Focus	Metric	Latest Reported Figure
Retail Fuel Market Share	Fuel Market Supply Percentage	56%
Retail Network Size	Service Stations in Argentina	More than 1,600
Domestic Oil Production Share	Percentage of Argentina's Total Oil Production (2024 data)	36%
Domestic Gas Production Share	Percentage of Argentina's Total Natural Gas Production (2024 data)	29%
Agribusiness Diesel Demand	Q3 2025 Quarter-over-Quarter Change	-21%
Oil Exports	Barrels per Day (Q1 2025)	36,000 bpd

The operational focus areas that directly serve these segments include:

• Maintaining refinery utilization rate at 94% (Q1 2025).
• Serving 100 sale points covering the Agribusiness sector.
• Focusing upstream growth on shale, which accounted for 58% of total hydrocarbon output in Q1 2025.
• Managing the downstream segment which includes the distribution of fuels, petrochemicals, and lubricants.
• Advancing the Argentina LNG project to secure future international gas buyers.

If onboarding takes 14+ days, churn risk rises, which is a constant pressure point for the retail segment.

Finance: draft 13-week cash view by Friday.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Cost Structure

You're looking at the core expenditures that keep YPF Sociedad Anónima running, which is heavily weighted toward massive, long-term capital deployment, especially in the Vaca Muerta shale play. The cost structure here is dominated by investment needs to secure future production.

The overall capital expenditure (Capex) plan for 2025 reflects this focus, with guidance set between US$5.0 billion and US$5.2 billion total. This level of spending is necessary to maintain and grow production capacity in a high-inflation environment.

The upstream segment is the primary recipient of this capital, which is a key strategic cost driver for YPF Sociedad Anónima.

• Upstream investment focus for 2025: US$3.6 billion earmarked for the segment.
• Specifically for Vaca Muerta development: US$3.3 billion is directed here, representing about two-thirds of the total 2025 Capex.
• The company's stated goal is to become a pure shale company, driving costs toward unconventional development.

Operating costs (OPEX) for the downstream and midstream segments are a constant drain, though efficiency targets are in place. For context, operating expenses in the third quarter of a recent year totaled US$1,444 million, showing sequential expansion due to inflation and maintenance activity, such as a programmed stoppage at the Plaza Huincul refinery. Management has a goal to reduce downstream costs through efficiencies by around $800 million between 2024 and 2029.

Cost Component	Financial Metric/Amount	Period/Context
Total Planned Capex	US$5.0 billion to US$5.2 billion	2025 Guidance
Upstream Capex Allocation	US$3.6 billion	2025 Earmarked
Vaca Muerta Specific Investment	US$3.3 billion	2025 Earmarked
Net Debt	$9.6 billion	Q3 2025
Net Leverage Ratio	2.1x	Q3 2025
Reported Q3 Revenue	$4.64 billion	Q3 2025
Reported Q3 Net Loss	$198 million	Q3 2025

Debt servicing costs are a significant fixed charge, especially with the net debt position at $9.6 billion as of Q3 2025. This debt load requires consistent cash flow to manage interest and principal payments.

A major contingent liability hangs over the company's ultimate cost structure related to litigation against the Argentine state. The potential liability stemming from the 2012 nationalization award is substantial, with the initial judgment being $16.1 billion. Lawyers for Argentina have indicated this amount has grown to $18 billion with interest while the case is under appeal in the US Second Circuit Court of Appeals. This legal uncertainty represents a massive, though not yet realized, financial risk that could impact future capital structure decisions.

• Initial US Court Award: $16.1 billion.
• Estimated current liability with interest: $18 billion.
• The liability is tied to the expropriation of 51% of YPF Sociedad Anónima shares in 2012.

YPF Sociedad Anónima (YPF) - Canvas Business Model: Revenue Streams

You're looking at how YPF Sociedad Anónima brings in the cash flow, which, honestly, is the core of any business model. For late 2025, the numbers show a complex picture, balancing strong upstream growth against market dynamics affecting refined product sales.

The top-line figure for the third quarter of 2025 is clear: YPF Sociedad Anónima reported consolidated net revenues of $4.643 billion for the period ending September 30, 2025. This figure was flat when compared to the second quarter of 2025, though it represented a 12% decrease compared to the same period in the prior year. Looking at the trailing twelve months ending September 30, 2025, the total revenue stood at $18.643B, a slight 0.5% decline year-over-year.

The revenue streams are fundamentally tied to the company's integrated operations, spanning from the wellhead to the gas pump.

Domestic Sales of Refined Products (Gasoline, Diesel) via Retail Channels

The downstream segment still contributes significantly, driven by local demand. In Q3 2025, the domestic sales of diesel and gasoline showed positive momentum, marking a 3% increase quarter-on-quarter and a 6% increase year-over-year. This indicates resilience in the local market for their primary fuels, even as overall consolidated revenue softened.

Crude Oil and Natural Gas Sales from Upstream Operations

Upstream performance is a major revenue driver, heavily influenced by the Vaca Muerta shale play. Production metrics for Q3 2025 give you a sense of the volume underpinning these sales:

• Crude oil production averaged 240 Mbbl/d, a 3% sequential decrease.
• Natural Gas Production was 38.4 million cubic meters per day, also down 3% sequentially.
• Shale oil production, the growth engine, increased by an impressive 35% year-over-year, reaching 170,000 barrels per day in Q3 2025.

Export Sales of Crude Oil, Including Shipments to Chile

Export revenue is increasingly important, especially with new infrastructure coming online. The focus here is clearly on moving Vaca Muerta crude out of the country. You see this in the recent long-term agreements:

Export Metric	Volume/Value	Context/Reference
YPF's Allocated Export Volume to Enap (Chile)	Approximately 32,000 barrels per day	Represents 45.45% of the initial combined 70,000 b/d agreement signed in December 2025.
Medanito Oil Export Volume Change (Q3 2025)	Increased by 14% q/q	Partially offset the lower Escalante oil export volumes from Q2 2025.
Crude Transportation Capacity Addition (Planned)	23,000 barrels per day	Expected from April 2025 with the Oldelval pipeline expansion completion.

It's clear that securing export routes, like the one utilizing the Trasandino Pipeline (OTA), is critical to realizing the value from the increased shale output.

Revenue from the Gas & Power and New Energies Segments

While specific Q3 2025 revenue figures for these segments weren't explicitly broken out in the primary reports, the strategic direction points to future revenue growth here. The company highlighted progress in the liquefied natural gas (LNG) space related to Argentina LNG (ARG LNG) during the Q3 2025 results announcement. Furthermore, capital expenditure allocation shows where the future revenue base is being built:

• CapEx Allocation (Q3 2025): 70% focused on upstream, specifically unconventional resources.
• Investment Focus (2025): $3.3 billion investment in Vaca Muerta, directed toward completing drilled but uncompleted wells.

This upstream focus is designed to boost future gas supply, which will feed the Gas & Power segment and support the long-term LNG export plan.