YPF S.A. D

What it is

YPF is Argentina’s largest energy company, fully integrated across the oil and gas chain: it produces roughly 32% of the country’s crude oil and 27% of its natural gas, operates three refineries representing about 50% of national refining capacity, and leads diesel and gasoline sales with a market share of over 55%.

Founded on 3 June 1922 — the world’s first state-owned, vertically integrated oil company — YPF was created to give Argentina sovereignty over its energy resources, particularly after the discovery of oil in Comodoro Rivadavia. It was partially privatised in the 1990s, then renationalised by law in 2012.

Who owns it

The Argentine National State, through the Ministry of Economy, holds 51.000% of the Class D shares; the remaining ~49% floats freely across public investors. Of that free float, roughly 73% trades on the NYSE and 27% on the Buenos Aires exchange (BYMA).

A US federal court ruling in April 2024 ordered Argentina to transfer that 51% stake to a New York custodian account, stemming from a USD 16.1 billion judgment over the 2012 nationalisation. Argentina is appealing, with the US government supporting a delay — creating a genuine uncertainty about who will ultimately control the company.

Who runs it

Horacio Daniel Marín serves as both Chairman of the Board and Chief Executive Officer. Over a 36-year career he worked across the oil and gas industry in Argentina, the United States, Mexico, Venezuela, Colombia, Ecuador, Peru and Bolivia.

CFO Federico Barroetaveña resigned in August 2025 for personal reasons; the board split the finance function into two roles — a vice presidency of finances now led by Pedro Kearney, and a vice presidency of administration and reporting led by Juan José Mata.

The money, in plain words

Sales rose sharply — from ARS 17.9 trillion (~USD 12.0B) in FY2024 to ARS 23.0 trillion (~USD 15.5B) in FY2025, a gain of 28.7% (our calculation) — driven by higher hydrocarbon volumes and price recovery. Yet the company swung to a net loss of ARS 1.09 trillion (~USD 731M) in FY2025, reversing a profit of ARS 2.08 trillion (US$1.4 bn) in FY2024; the net margin went negative to −4.7% (our calculation), weighed down by the heavy cost of rapid capital investment and currency distortions.

The balance sheet carries significant debt: total borrowings of ARS 16.2 trillion (~USD 10.9B) against cash of ARS 1.35 trillion (~USD 908M), leaving net debt of ARS 14.8 trillion (~USD 9.97B) (our calculation). Owners’ equity stands at ARS 15.7 trillion (~USD 10.6B), giving a return on equity of −2.94% — meaning, for now, shareholders are earning nothing while the company invests heavily for future output.

What it is doing now

The centrepiece is Vaca Muerta, a vast shale formation in Patagonia where YPF is accelerating development at scale. The Argentina LNG project — a planned liquefied natural gas export terminal — recently attracted Eni and XRG as partners, strengthening the global supply chain for what could become one of South America’s largest export projects.

YPF also signed a letter of intent with Tesla to explore fast-charging infrastructure and energy storage across Argentina.

In December 2024, YPF and partners — including Pan American Sur, Vista Energy and Pampa Energía — formed VMOS, a new company to build the “Vaca Muerta Sur” oil pipeline, a critical piece of infrastructure to move growing shale output to export markets.

What to watch

• The court battle: A ruling ordering transfer of the government’s controlling stake to former shareholders is under appeal, with the US government backing a delay — the outcome could fundamentally reshape YPF’s ownership and governance.
• Argentina LNG: Whether the liquefied gas export project secures final financing and international buyers will determine whether Vaca Muerta’s gas becomes a multi-decade revenue engine.
• Debt load: Net debt of ~USD 9.97B against a loss year demands careful watching; refinancing conditions and Argentina’s sovereign credit rating directly affect YPF’s borrowing costs.
• Finance leadership: The split of the CFO role into two vice presidencies is untested; investor confidence in financial discipline will hinge on the new structure performing cleanly.

This is news, not investment advice.