YPF Sociedad Anónima

Transcription

1 SECURITIES AND EXCHANGE COMMISSION Washington, D.C FORM 6-K Report of Foreign Issuer Pursuant to Rule 13a-16 or 15d-16 of the Securities Exchange Act of 1934 For the month of October, 2017 Commission File Number: 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 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 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

2 YPF Sociedad Anónima TABLE OF CONTENTS ITEM 1 Translation of letter to the Buenos Aires Stock Exchange dated October 25, English version of Investor Day Presentation to be made on October 25, 2017.

3 Item 1 TRANSLATION Autonomous City of Buenos Aires, October 25, 2017 To the Bolsa de Comercio de Buenos Aires (Buenos Aires Stock Exchange) Re: Investor Day Presentation Dear Sirs: The purpose of this letter is to comply with the requirements of Article 23 of Chapter VII of the Merval Listing Regulations. In that connection, please find attached the presentation to be made today at 11:00 AM, Buenos Aires time (10:00 AM EDT) at the New York Stock Exchange. We also inform that a Webcast of the presentation may be accessed online through the Company s web-site: Yours faithfully, Lorena Sánchez Market Relations Officer YPF S.A.

4 YPF INVESTOR DAY New York October 25, 2017 Item 2

5 Important the US Private notice Securities Safe harbor Litigation statement Reform under Act the of US Private These Securities forward-looking Litigation statements Reform Act may of include This statements document regarding contains the statements intent, belief, that YPF plans, believes current constitute expectations forward-looking objectives statements of YPF and within its management, the meaning of including production statements and marketed with volumes respect to and YPF s reserves, future as financial well as YPF s condition, plans, financial, expectations operating, objectives reserve replacement with respect and to future other capital ratios, expenditures, results of operations, investments, business expansion strategy, and geographic other projects, concentration, exploration business activities, concentration, 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 ownership 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, other changes business and strategy, other geographic factors which concentration, may be beyond business YPF s concentration, control or may production be difficult and to marketed predict. YPF s volumes, actual reserves, future capital financial expenditures, condition, financial, investments, operating, expansion reserve and replacement other projects, and exploration other ratios, activities, results of ownership operations, interests, materially divestments, from those expressed cost savings or implied and dividend in any payout such forward-looking policies, as well statements. as actual future Important economic factors and that other could conditions, cause such such differences as future crude include, oil but and are other not prices, limited refining to, oil, gas margins and other and exchange price fluctuations, rates, could supply differ 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 and 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 risks, acts of terrorism, natural disasters, project delays 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, and 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, 2016 in filed update with or revise the US these Securities forward-looking and Exchange statements Commission. even if experience light of the or foregoing, future changes the forward-looking make it clear that statements the projected included performance, in this document conditions may or not events occur. expressed Except as or required implied therein by law, will YPF not does be not realized. undertake These to materials publicly do and not Exchange constitute Commission an offer to or sell an exemption the solicitation from such of any registration. offer to buy 2 any securities of YPF S.A. in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities

6 Browne Agenda 01 Daniel Gonz?lez Unlocking EVP Upstream Gas & Downstream Power CFO the value of YPF Miguel Gutierrez Pablo Bizzotto Santiago Mart?nez Tanoira Chairman EVP Upstream EVP Downstream Gas & Power Finance Q&A Marcos

7 UNLOCKING THE VALUE OF YPF

8 (1) Europeans: YPF Stock Statoil, performance Repsol Independents: since June 2012 Devon, 350% Hess 300% Corp., 250% Marathon 200% 150% Oil, Anadarko, 100% 50% Occidental 0% (1) Total Petroleum, investment Apache return, Independents includes gross Latam dividends Oil & Majors: Gas Chevron, Latam Oil Exxon, & BP, Gas: Shell, Petrobras, ENI, Total Ecopetrol YPF S.A. Brent Majors Europeans

9 YPF today YPF value moving forward

10 About Argentina?s YPF A in 95-year-old Argentina since Publicly 1993 The in Argentina largest World capacity. The leading Over 320 downstream kbbl/day Fifth-largest in Argentina: company, The largest traded Over O&G 560 outside class the shale U.S. +1,500 player in gas Argentina stations. power +36% the MS largest 1.9 GW corporation kboe daily producer +55% MS producer of diesel generator and gasoline 3 refineries: Over % kboe of daily 120 branches covering 44% market the agro sector share 550 producing #1 petrochemical manufacturer: wells output of over 2.2 mm tons/year 7

11 Leading 27% 4% Argentine 36% 16% O&G 58% 5% 6% company 20% 16% Upstream 6% 11%14% Market Others share Gas breakdown Gasoline (%) 1 Diesel Downstream 1 17% Market Production share 1 42% breakdown 2% Others (%) Oil Others Others 4% Crude 6% 7% Processing 5% 6% 9% 2 No. 13% of 56% Gas 14% Stations 58% 2 9% Production 16% 20% 1 15% 18% Source: Others: 3% IAPG 46% (1) 1% Cumulative Others 4% Jan 5%? Jun 4% (2) As of December 31st,

12 Safety is one of our core values, Safety is and our number paramount one priority Our six golden rules guide our workers and keep them safe Injury Frequency Index 0.59

13 Our Vision Generating energy for our clients Unlock the full value of YPF Energy that is both affordable Unlock the potential and value across all energy and profitable paradigms to better serve our clients in a sustainable way 10

14 Unlocking conventional value efficient Extract become Develop one Partner operations Expand shale Asset operation maximum of the and top expand 3 generators with leading the country our power Create portfolio Incorporate value from Commit our to sophisticated a Make Renew O&G our a new players Supply generation technology management transformation mature sustainability and cost worldwide marketing capabilities Chain and to innovation client-centric? program and logistics that an integral operational part initiatives organization reduction organization both B2B in all excellence business looks and B2C for of 11 who we are: to make to modernize segments efficiency, value target of 10% YPF fully procurement to ensure and growth CO2 emission?

15 The YPF has opportunity The geology The best partners The corporate governance The talent The political and economic environment The market 12

16 Geology and partners YPF participates in 50% of the Vaca Muerta area (34% Net) 13

17 Corporate experts and governance independent Professional professionals Management The Board that has is a proactive independent role: from Audit the Committee Government Risk The and majority Sustainability shareholder Committee is not involved Compliance in YPF Committee operations Compensation and decisions and An Nomination active, independent Committee Board, Strategy made and up Transformation mostly of renowned Committee energy

18 Talent Operational Alignment role Management New top management change segregation team: of the Committee best 3 new Diversity VPs hired and from Gender the parity market agenda talent 2 new VPs internally promoted Creation of CMO and CTO positions Board and Creation of Cultural and management an Executive

19 The economy government Aligning of with Argentina international is proactively markets: seeking price parity market with normalization imported crude Political and Specifically fuels Setting in a path the energy for gas sector, prices the that government promotes shale is and processing economic and Focusing production on this Promoting area as main renewable driver energies of growth and framework energy efficiency and a competitive environment that allows YPF to lead successful negotiations with unions and local governments This favorable economic and political environment has just received a strong endorsement at the midterm elections 16 Setting an

20 Market ambitious Strong road economy, infrastructure strong program, demand which for YPF aims products to build Continued 1,000 miles reduction of new roads of country Through risk its will ag boost division, investment YPF will As also the profit Argentine from economy the growth mobilizes, of Argentina?s so will agricultural YPF growth sector opportunities: YPF is a key player in the government?s

21 Profitable reduction and O&G strict capital production allocation Growth Actively Power Managed generation Portfolio Petrochemical Financial business Discipline Renewables Innovation The Customer Focus on experience Energy efficiency and Technology future: Operational Digital Innovation Reliable 18 and efficient Excellence and operations YPF plan Sustainability Cost

22 Our targets Annual Reserve Leverage to Annual CAPEX +10% Annual production Replacement 1.5x EBITDA of $4 $4.5 EBITDA Increase Ratio > 1 Billion Increase of 5% 19

23 We energize and create value our clients? lives for our investors 20

24 CONTENT 01 Unlocking the value of YPF 04 Gas & Power 02 Upstream 05 Finance 03 Downstream 06 Q&A

25 Upstream prospective at sections a glance of The Vaca largest Muerta shale Over operator 17,000 outside active North wells America 110 development with a daily concessions production Over exceeding 550 producing 67.4 KBOE wells, Largest 168 of O&G which are horizontal producer 1.1 wells Bn Daily BOE in production proven Net of acreage over 560 of exploration MM acres permits in Argentina KBOE reserves (50% NG in the and most Oil) Largest tight gas operator in 44% market share Argentina, with a daily production of 16.6 MMm %

26 Profitable growth Operational Development excellence and operating costs and sustainability reduction UPSTREAM Active Resource base and portfolio Proven reserves management increase

27 We 44% expect E to increase 2022E production E 25% E while reducing annual CAPEX by 13% PRODUCTION CAPEX kboe/day, USD MM/YEAR, Conventional Unconventional +25% % 56% % 100% 72%

28 Unconventionals: KBOE, we 25.3 plan -47% to increase +150% production % through 10.0 strategic partnerships E and STRATEGIC expect to reduce PARTNERSHIPS development cost 2017E DEVELOPMENT 2022E (1) Development COST(1) UNCONVENTIONAL costs figures corresponds LOMA to Q4 CAMPANA, 2015/16 and Q2 PRODUCTION USD/BOE,

29 Conventionals: 20% to 23% +50% we plan 2017E to 2022E, partially given offset the natural Primary decline Secondary with increased Natural Gas recovery 2022E and natural natural decline gas improvement recovery recovery initiatives and CONVENTIONAL improvement base curve PRODUCTION EOR initiatives KBOE/DAY, We expect to increase the recovery factor from

30 We aim to increase production while reducing operating costs by 20% OPERATING 100 COSTS %, % E O&M Other Opex Fuels 2022E & Energy 27

31 As a result, we expect YPF to grow P1 reserves by 50% Increase in P1 reserves P1 RESERVES % More projects The strategic plan takes into account only 3.5% of the current resources E 28

32 CONTENT 01 Unlocking the value of YPF 04 Gas & Power 02 Upstream 05 Finance 03 Downstream 06 Q&A

33 Downstream petrochemical at producer a glance in REFINING Argentina & Feedstock LOGISTICS flexibility MARKETING Over 1,500 gas PETROCHEMICAL stations with +55% market +320 KBBL/day, share in fuels over High 50% integration #1 brand recognition with Pace-setter in fuels in mechanical +2.2 mm tons/year, availability of Argentina?s natural gas and total refining capacity Over and 4,500 lubricants km of in pipeline Argentina carrying #1 Highly developed B2B segment World-class urea and crude oil and refinery products ammonia complex 30

34 Reliable and efficient execution Digital Petrochemical innovation business development DOWSTREAM Customer Geographic footprint experience leverage improvement

35 Argentina ITS HAS BEEN is a net GROWING importer of CONSISTENTLY. fuels with an increasing ROBUST demand, ECONOMICS and YPF presents Km3/DAY, strong economics REM to sustain MARGINS, its leadership USD/BBL position 2017 ARGENTINA Imports % IS A NET FUEL 2012(1) IMPORTER, 2017E 2022E AND International DEMAND Geographic.YPF CAN Upstream TAKE ADVANTAGE Pace- Margin OF margin shield Integration setter gap YPF (1) Source: Ministry of Energy and Mining 32

36 PETROCHEMICAL In petrochemicals, we IMPORTER, have identified INCREASE opportunities NGL?s to take AVAILABILITY advantage of the METHANOL regional market WITH imbalance ROOM together FOR A WORLD with shale NGL?s, gas growth KBBL/DAY, IDENTIFIED THE REGION SCALE IS COMPLEX A NET SHALE UREA GAS POLYMERS GROWTH +45% WILL 1 OPPORTUNITIES sites 2 to 3 additional Urea sites 1 to 2 additional Ethylene sites E 2022E to 2 additional methanol

37 YPF SPECIFIC has specific INITIATIVES initiatives Logistics to improve savings efficiency -6% ATTRACT and reliability MAJOR OPEX INTERNATIONAL OPTIMIZATION EXCEEDS CONTRACTORS THE INCREASE 2017E 2022E IN THE Increasing COST Improvement OF ENERGY Initiatives USD/BBL, 2022E including CAPEX LEAD EFFICIENCY NEGOTIATIONS INCLUDES energy Energy costs & efficiency incremental processing improvements OF NEW LABOR AGREEMENTS 34

38 We OFFERING will build FOR on our KEY strong INDUSTRIES brand to upgrade STRONG our value BRAND proposition #1 IN BRAND COMPREHENSIVE RECOGNITION RANGE BTB IN OF ARGENTINA PRODUCTS AND AGRO SERVICES INFRAESTRUCTURE BTC INFINIA MINING ELAION AVIATION BOXES CONVENIENCE 35 STORE A COMPLETE PRODUCT

39 YPF is already working on new technologies to be prepared for the future MOBILITY DIGITAL ANALYTICS OPERATIONAL INNOVATION CUSTOMER TECHNOLOGY TECHNOLOGY

40 CONTENT 01 Unlocking the value of YPF 04 Gas & Power 02 Upstream 05 Finance 03 Downstream 06 Q&A

41 Gas METROGAS and Power Total at a glance annual NATURAL capacity Fifth-largest GAS MEGA power POWER of 13,000 GENERATION MMm3 generator Supplies in Argentina over 32% Largest of the Largest distribution liquids company separation in Argentina and 1.9 GW 38 of power country?s demand fractionation plant in Argentina generation capacity

42 Mid and long term contracts secured Energy Midstream capacity efficiency increase to support increase NG growth GAS & POWER Share of renewable Power generation energy increase business growth

43 Argentina?s CAPILLARITY Natural %, 2017 Gas market % is highly 9 MM developed GAS 50% HIGH CLIENTS PENETRATION (2) 43% 32% IN 5 THE MM LPG TRANSPORT 28% CLIENTS AND GATHERING (3) 23% 11% 11% WHILE (2) Source: DISTRIBUTION ENARGAS NATIONAL (1) Source: BP ENERGY Statistical GRID Review (1) ARE of World HIGHLY Energy CONCENTRATED 2017 (3) Source: Indec HAS HIGH 40

44 NG Subsidies prices Import have been parity increasing Regulatory steadily framework and are 4.9 expected to 2.3 converge E to market 2022E prices WELLHEAD GAS PRICES IN ARGENTINA Market prices will be defined by: Supply demand imbalance USD/MMBTU, Seasonality

45 We Jan 15 are Jul15 developing Jan 16 opportunities Jul16 Jan 17 to Jul17 stimulate INDUSTRY demand 180 for Power Natural generation Gas DEMAND 160 Petrochemicals IN ARGENTINA 140 Polyolefins IS HIGHLY SEASONAL(1) 120 Methanol WE 100 Urea ARE DEVELOPING Demand 80 Diesel MMm3/d Fuel Oil OPPORTUNITIES EXPORTS 60 Coal TO 40 GENERATE LNG Chile INCREMENTAL 20 Bolivia Uruguay DEMAND National production Brazil (1) Source: ENARGAS NG

46 YPF PRODUCTION plans to lead MMm3/d, the development of an +25% efficient 11 projects midstream 40 MMm3/d network to Investments make unconventional through affiliates Natural and Gas 2017E growth 2022E feasible capacity GROWING increase NATURAL third parties DEVELOPED using a PPA scheme A PLAN 43 TO GROW MIDSTREAM CAPACITY GAS

47 YPF PROJECTED EE plans TO to continue GROW increasing Leverage expertise its power-generation 3.5% A YEAR capacity and off-balance-sheet THE ELECTRICITY funding MARKET GENERATION YPF POWER IS Anchor GENERATION natural gas OUTDATED RATIONALE AND FOR demand IN ARGENTINA to our own GW, HIGHLY INEFFICIENT INVESTMENT 1.9 supply DEMAND % IS from EBITDA renewable growth sources /18E 2022E 44

48 CONTENT 01 Unlocking the value of YPF 04 Gas & Power 02 Upstream 05 Finance 03 Downstream 06 Q&A

49 Financial discipline Dividend Strict capital growth allocation FINANCE Active portfolio Positive free management Cash flow

50 YPF Figures Net as Debt of 2Q to 17. EBITDA See page ratio 48 is for below an explanation the industry of average EBITDA. NET (2) DEBT Average TO calculation EBITDA(1) does 2017 not Latam include 2.9 YPF Independents net debt to 2.6 EBITDA YPF 2017 ratio 2,0 47 Majors 1,7 YPF 2022E 1.5 Europeans Industry average(2) (1) Source: Bloomberg.

51 2022 Return +10% to growth 4/4.5 by ~1.5x increasing 3% area cash (1) EBITDA flow and reducing = Net income leverage attributable KEY FINANCIAL to shareholders METRICS + Net income (loss) EBITDA(1) for non-controlling CAPEX interest Deferred NET DEBT DIVIDEND income CAGR tax Income Bn USD tax Financial / YEAR TO EBITDA income gains YIELD (losses) on liabilities Financial Target income equipment. gains 48 (losses) on assets Income on investments companies + Depreciation of property, plant and equipment + Amortization of intangible assets + Unproductive exploratory drilling + Impairment of property, plant and

52 known Important and notice unknown. The statements These statements included are in not the guarantees following slide of future are based performance on YPF?s or prices, and its and management?s there can be current no guarantee expectations that these and statements beliefs based will on materialize.except currently available as information, required by which law, YPF are does subject not to undertake numerous to risks publicly and uncertainties, revise these 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. See?Important Notice? on page 2. The market update multiples or business used herein segments are based or operations. on observed In multiples addition for to factors comparable particular public to companies YPF, such as in the its financial energy business, performance such and as Bloomberg, prospects, as Facset to which and Capital assurances IQ. There can can be given be no with assurance respect that to such future multiples developments, will be prices applicable of securities to YPF are or any also of affected its by regulations, numerous the other conditions factors, of many the financial of which markets are unrelated generally, to YPF, and such the financial as changes performance in economic or trends prospects the for continuation other companies of current in the economic same industry. conditions, These industry and other cycles factors and may trends, lower changes the price in governmental of YPF?s securities and environmental actual performance or perceived asset value. In the event of a drop in the price of YPF?s securities, an investor therein could lose a substantial part or all of their investment. regardless of YPF?s

53 The Metrogas share Others(1) price does Firm not reflect Net Corporate the company?s Equity fundamental Current (2) reserves value SUM-OF-THE-PARTS Muerta Value debt Expenses VALUATION Value share EXERCISE price MULTIPLES , USD/SHARE Market P1 Vaca 7 8 Refining multiple Value Marketing Multiple Chemicals Market Profertil EV/P1 USD/Acre YPF EE EV/Ebitda EV/Ebitda EV/Ebitda EV/Ebitda EV/Ebitda EV/Ebitda Metric Value (1) Includes: AESA + MEGA (2) Close price as of October 23rd. 50

54 CONTENT 01 Unlocking the value of YPF 04 Gas & Power 02 Upstream 05 Finance 03 Downstream 06 Q&A

55 Q&A Operations YPF EVP INVESTOR Corporate matters DAY Miguel EVP Downstream Gutierrez Pablo & Bizzotto transformation Santiago Communication Marcos Browne & Daniel Marketing Gonz?lez Carlos Alfonsi Sebastian Mocorrea Chairman EVP Upstream Martinez Tanoira EVP Gas & Power CFO EVP

56 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: October 25, 2017 By: /s/ Lorena Sánchez Name: Lorena Sánchez Title: Market Relations Officer