YPFB Andina S.A.

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What it is

YPFB Andina S.A. is a subsidiary of YPFB Corporación dedicated to the exploration and production of hydrocarbons; it is the majority partner in the San Antonio and San Alberto fields, which together contribute roughly 60% of Bolivia’s natural gas output. Its legal object is the exploration and exploitation of crude oil and gas deposits.

During the fiscal year April 2024 to March 2025, the company averaged production of 114.06 million cubic feet per day of gas, 2,963 barrels per day of oil and 497 barrels per day of liquefied petroleum gas, drawn from fields at Yapacaní, Sirari, Patujú, Boquerón Norte, Palacios, Puerto Palos, Enconada, Río Grande, Los Sauces, Camiri and Guairuy.

Andina operates the San Alberto and San Antonio mega-fields — discovered between 1990 and 1991 but not replenished by new finds — and also works alongside Shell and Repsol at the Margarita-Huacaya field and alongside TotalEnergies at the Incahuasi block.

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Who owns it

The ownership split, as recorded in the mid-2024 financial statements filed with the BBV, is: state company YPFB with 6,854,156 shares (51.00%), Spanish oil major Repsol Bolivia S.A. with 6,495,361 shares (48.33%), and minority shareholders with 90,003 shares (0.67%), giving a total of 13,439,520 shares.

The structure traces back to Bolivia’s privatisation wave of the 1990s: shares equal to 50% of the capital were originally deposited in a collective pension fund administered by AFP Futuro and Previsión, and Repsol ran the company until the Evo Morales government nationalised the energy sector in 2006 — after which Repsol sold enough shares to give YPFB its 51% majority but remained as a significant minority partner. The free float is negligible at 0.67%.

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Who runs it

The board’s chair (Presidente del Directorio) is Armin Ludwig Dorgathen Tapia, who simultaneously serves as president of YPFB Corporación, the state parent — reflecting how tightly the controlling shareholder steers the company. A Chief Financial Officer position is not separately disclosed in available sources.

The company has 307 employees as of 2026 — a lean headcount for an operator of Bolivia’s most critical gas fields, pointing to a model that contracts out much of the field work.

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The money, in plain words

YPFB Andina does not sell oil and gas on the open market; its revenue comes from a “titleholder’s compensation” earned under service contracts signed with parent YPFB, made up of two parts: recoverable costs (drilling, staff, materials, administration) and a determined profit margin. This makes its top line structurally different from a conventional producer — it earns a fee plus cost recovery, not a commodity price.

The Memoria Anual 2024–25 reports that in fiscal year 2025 (ending March 2025) gross profit, operating profit and net profit all rose compared with fiscal year 2024, despite a slight fall in revenues due to lower prices and volumes. Specific boliviano amounts for Andina’s stand-alone annual revenue and net profit were not accessible in text-readable form from any primary source consulted.

The shareholders approved a dividend of Bs 18 per share for the fiscal year ended 31 March 2025 at the ordinary general meeting of 27 June 2025, payable from 28 July 2025. On paid-in capital of Bs 1,343,952,000 (≈ US$136.4m), that payout of Bs 241.9m (≈ US$24.6m) represents a dividend yield of about 18% on nominal capital — high, though the shares rarely trade and no live market price is available for a proper yield calculation.

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What it is doing now

Between April 2024 and March 2025, the company concentrated its exploration efforts on priority areas and advanced the drilling of the Iñau-X3D well, its first exploratory project executed under an Integrated Services Contract model with YPFB.

YPFB Andina, as operator with a 60% stake, and Fluxus Bolivia S.A. (40%) signed a Principles Agreement on 20 November 2024 to govern their joint venture in the Vitiacua exploration area, pending final legal approval of the service contract — a deal described as strategic because it shares financial risk and unlocks commercial synergies.

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What to watch

• Gas decline curve. The San Alberto and San Antonio mega-fields were discovered between 1990 and 1991 and have not been replaced by equivalent new finds. Every year without a material discovery tightens the long-term revenue outlook.
• Bolivia’s dollar shortage. YPFB has no foreign currency reserves and signs contracts in bolivianos, often at premium prices to compensate. That affects how much Andina can recover as costs and how reliably dividends translate into hard currency for Repsol.
• Export market erosion. YPFB group revenues fell 10.6% in 2024 to US$4.4bn, driven by the contraction of gas exports to Brazil and Argentina — the two customers that historically underpinned Bolivia’s entire hydrocarbon income.
• Tax dispute. A longstanding tax claim against the company totalled roughly Bs 1.29bn (~US$131m) as of 30 June 2024 — still unresolved and contested through the courts. A negative ruling would materially affect equity.

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This is news, not investment advice.