YPF

From Wikipedia, the free encyclopedia

YPF S.A.

Type
Traded as
Industry
Founded
Headquarters
Area served
Key people
Products

Services
Revenue
Profit
Total assets
Number of employees
Website

Sociedad Annima
BCBA: YPFD
NYSE: YPF
Petroleum and natural gas
1922
Macacha Gemes 515
Buenos Aires, Argentina
Argentina
Miguel Galluccio (CEO)
Petroleum
Natural gas
Petrochemicals
Fuel stations
LNG transportation
Oil refining
US$17.5 billion (2014)[1]
US$2.7 billion (2014)[1]
US$24.4 billion (12/2014)[1]
14,000[2]
www.ypf.com

YPF, acronym for Yacimientos Petrolferos Fiscales ; English: "Treasury Petroleum

Fields", is a vertically integrated Argentine energy company, engaged in the exploration
and production of oil and gas, and the transportation, refining, and marketing of gas and
petroleum products.
Founded in 1922 under President Hiplito Yrigoyen's administration, YPF was the first
oil company established as a state enterprise outside of the Soviet Union, and the first
state oil company to become vertically integrated.[2][3]
Its founder and first director was Enrique Mosconi, who advocated economic
independence and starting in 1928, nationalization of oil supplies; the latter, however,
was never achieved due to a 1930 military coup backed by foreign oil trusts against
Yrigoyen.[4] YPF was privatized in 1993 and bought by the Spanish firm Repsol S.A. in

1999; the resulting merger produced 'Repsol YPF'. The renationalization of 51% of the
firm was initiated in 2012 by President Cristina Fernndez de Kirchner.[5]

Contents

1 History
o 1.1 Early development
o 1.2 Energy self-sufficiency
o 1.3 Decline and privatization
o 1.4 Repsol acquisition
o 1.5 Renationalization

2 Operations
o 2.1 Company statistics

3 See also

4 References

History
Early development

Former YPF logo

First oil well in Comodoro Rivadavia.

General Enrique Mosconi, on whose initiative YPF was founded.

Roughnecks at work in a Chubut Province well in 1923. The early development of large
deposits in the area allowed YPF to become a local market leader from its outset.

YPF administrative building in General Mosconi, a company town founded by YPF

outside Comodoro Rivadavia.

Former headquarters on Diagonal Norte Avenue (1938).

A YPF gas station in Chacarita, Buenos Aires (1951).

Oil train exhibited at the Petroleum Museum.

Filling station in Ushuaia.

The company, specializing in the exploration, production, refining and
commercialisation of petroleum, had its origin in 1907, when oil was discovered near
the city of Comodoro Rivadavia in Chubut. Following World War I, oil had become an
important resource, leading to struggles between rival powers to gain control of it.
YPF was created by President Hiplito Yrigoyen and General Enrique Mosconi on 3
June 1922. It was the first entirely state-run oil company in the world, the second being
the French Compagnie franaise des ptroles (CFP, French Company of Petroleum),
created in 1924 by the conservative Prime Minister Raymond Poincar.[6] YPF's creation
was followed by the creation of ANCAP in Uruguay (1931), YPFB in Bolivia (1936),
Pemex in Mexico (1938), ENAP in Chile (1950), and Petrobras in Brazil (1953).
Mosconi served as YPF's first director.

YPF bought its first tanker in the United States in 1923, and built not only several
extracting facilities, but whole towns and cities, such as Comodoro Rivadavia; Caleta
Olivia in Santa Cruz; Plaza Huincul in Neuqun; and General Mosconi in Salta.
Bolstered by production in Comodoro Rivadavia, the firm produced 2.2 million barrels
in its first year of operation (1922); this represented over three quarters of domestic
production and nearly a fourth of Argentina's oil consumption that year. Contracts
signed in 1923 with Bethlehem Steel allowed YPF to begin the production of gasoline
and kerosene.[7]
Mosconi, who had previously been in charge of the Aeronautics division of the Army,
proposed to Joaqun Corvaln, governor of Salta Province, the exploitation of Salta's oil
by YPF, offering 13% royalties for the province.[8] Corvaln, allied with the Standard
Oil of New Jersey, rejected Mosconi's proposal, however, referring to the concept of
"provincial autonomy". This refusal led Mosconi to evolve in favor of the
nationalization of oil supplies in order to strengthen Argentina's independence.[8]
The first YPF oil refinery was inaugurated in December 1925 in Ensenada, and was at
the time the tenth largest in the world.[9] According to Mosconi, this spawned the
beginning of "the mobilization of all sort of resistance and obstacles" from the oil trusts,
in particular from Standard Oil, which was one of the most influential foreign
companies in Argentina, with a presence in Comodoro Rivadavia, Jujuy, and Salta.[9]
The Chamber of Deputies approved a law on 28 September 1928, establishing a state
monopoly on oil.[10] The monopoly, however, was not absolute, being limited to oil
exploration, exploitation and transport, but excluding selling and imports.[10] Private
firms opposed themselves to the law project, refusing to pay a 10% royalty.[11] The bill
was supported by President Marcelo Torcuato de Alvear but was ultimately blocked by
the conservatives in the Senate.
Oil nationalization became an important theme of Yrigoyen's electoral campaign of
1928, although the Yrigoyenistas focused their criticism on Standard Oil of New Jersey,
abstaining themselves from attacking British Empire interests, to which Argentina's
economy was closely linked (in particular Royal Dutch Shell).[11]
Following Yrigoyen's victory in the 1928 elections, YPF, still directed by Enrique
Mosconi, reduced oil prices in May 1929, leading to the cheapest petroleum in the
world[11] and to an important increase in YPF's sales compared to its rival private
companies, forcing them to also lower their prices.[11] Mosconi also reduced the price of
kerosene and agrochemicals to contribute to the development of the interior regions of
Argentina.[11] YPF produced 5.5 million barrels by 1929, and though its share of
domestic output had declined to 58% (from 77% in 1923) amid a sharp rise of Esso and
Royal Dutch Shell production in Chubut, the firm now covered a third of the nation's oil
market. A partnership with distributor Auger & Co. signed in 1925 resulted in a network
of over 700 filling stations selling 178 million liters (47 million gallons) by 1930 an
18% market share. Company revenues in 1930 reached US$25 million.[7]
The Petroleum Institute (Instituto del Petrleo) was created on 30 December 1929, and
directed by Ricardo Rojas, the rector of the University of Buenos Aires. Foreseeing
conflicts with US private companies, Mosconi proposed an agreement with the Soviet
state company Amtorg, which was to allow Argentina to import 250,000 tons of

petroleum each year, paid by trade with leather, wool, tannin and mutton.[12] The
agreement was to be made official in September 1930, along with the complete
nationalization of oil resources;[12] but on 6 September 1930, Yrigoyen was deposed by a
military coup headed by General Jos Flix Uriburu, and the project was withdrawn.

Energy self-sufficiency
The coup was lobbied for chiefly by Standard Oil, whose interests in Salta Province and
neighboring Bolivia conflicted with those of YPF.[4] The subsequent Concordance
regime supported YPF, however, and its role as the nation's leading oil distillates retailer
was bolstered by a 1936 agreement with the Automvil Club Argentino (ACA) to
supply a chain of ACA service stations. Oil production by YPF continued to grow, and
soon eclipsed private production: from just over 5 million barrels (37% of the total) in
1934, production grew to 15 million in 1945 (67%).[7] The development of the nation's
sizable natural gas resources also originated largely from YPF. Drawing from an
initiative by YPF director Julio Canessa, President Juan Pern ordered gas flared by
YPF oil extraction captured and the staple nationalized, thus establishing the sister firm
Gas del Estado (State Gas) in 1946. The nation's first gas compressor and what at the
time was the world's longest gas pipeline were completed by 1949, leading to a fiftyfold increase in natural gas production.[13] Oil production at YPF surpassed 25 million
barrels (84% of the nation's total) by 1955.[7]
This gain was partly offset by a 40% drop in private-sector output, however, such that
overall oil production rose by only one-third during the Peronist decade while annual
consumption nearly doubled to 70 million barrels. The nation's oil supply thus shifted
from 60% domestic in 1945, to 60% imported by 1954. Oil imports by 1955 rose to
US$300 million, or over one fourth of total merchandise imports.[14] Pern had made
economic nationalism a policy centerpiece. YPF was granted an exemption from steep
oil import tariffs levied on private firms, and Article 40 of the Constitution of 1949
stipulated the nationalization of all energy and mineral resources. The deteriorating oil
deficit led Pern to court foreign investment in the sector as early as 1947, however,
when an oil drilling contract was signed by YPF with U.S. firm Drilexco.[15] Total
exploration doubled, and significant reserves in Salta Province were developed.[16] A
more controversial joint venture with Standard Oil of California was signed in 1955 for
the eventual production of up to 56 million barrels a year.[15] These initiatives were
opposed by much of the Army, the opposition UCR, and among others Pern's point
man on national oil policy, YPF head Julio Canessa, who was dismissed. The venture
ended following Pern's overthrow in September.[17]
An erstwhile critic of both the Drilexco and Standard Oil contracts, President Arturo
Frondizi enacted policies in 1958 which granted foreign firms rental contracts by YPF
over new wells to foster exploration and production. A key part of the developmentalist
economic policy advanced by Frondizi, this policy was made with the caveat that oil
and gas resources themselves would be renationalized. Thirteen contracts were signed
with mainly U.S. firms, whereby each contractor would earn 40% of the revenues
produced from the new wells.[18] Private production, which had virtually ceased, grew to
become one third of the nation's total. YPF itself benefited by way of a royalty bonanza,
which financed record investments. These in turn led a doubling of YPF production to
65 million barrels; including the private sector, Argentina's oil production thus nearly

tripled to 98 million barrels by 1962, and despite higher consumption, imports fell to
merely one sixth of total demand.[14]
These contracts created a controversy referred to by Frondizi himself as the "oil battle,"
and were ultimately cancelled by President Arturo Illia in 1963 over concerns that YPF
would be deprived of adequate returns for its exploration investments;[14] of the foreign
firms which had taken part in the 1958 bids, only Amoco remained.[16] The cancellations
cost US$50 million in indemnity payments, though they proved fortuitous after the
company's discovery of the Puesto Hernndez field in 1965. Puesto Hernndez, near
Rincn de los Sauces, Neuqun Province, was later declared the "national energy
capital" due to its having at the time around half of Argentina's reserves of oil and
natural gas.[19] This discovery allowed YPF output to rise by 50% between 1965 and
1968 to 95 million barrels, its share of the nation's oil output growing from two-thirds to
three-fourths.[16] New oil field rental contracts were signed following a 1967 policy
change enacted by President Juan Carlos Ongana which had the goal of achieving selfsufficiency in oil by 1975.[18] Regaining its monopoly on oil imports in 1971 (which still
averaged around 15 million barrels), YPF retained a majority of production (75%), as
well as refining and distribution (60%), of petroleum in Argentina. The firm operated 7
refineries and 3,000 service stations by 1977, while production reached 118 million
barrels.[16]

Decline and privatization

Pern's return to Argentina and to the presidency in 1973 was followed by the addition
of nearly 20,000 employees (YPF employed 53,000 by 1976).[16] It also coincided with
the 1973 oil shock, however, and the US$470 million in added oil import costs
combined with larger payrolls to erase profits in 1974, while production declined
slightly.[14] The dictatorship installed in a March 1976 coup initially presided over a
revitalization and streamlining of YPF. Output increased by 20% and its finances
initially improved following a wave of layoffs that returned employment levels to
around 35,000 by 1979.[16]
The military government was openly hostile to YPF's paramount position in the oil
industry, however. The company lost money every year after 1975 and by 1981 was
US$4.1 billion in debt. YPF losses resulted, at least in large part, from policy decisions
beyond its control. Government policy after 1976 kept oil prices well below inflation,
with the consequence that costs increased faster than income. YPF also bore an
extremely heavy tax burden, as 68.4% of its revenues were paid as tax to the national
and provincial governments, as well as a long list of state agencies that included the
National Energy Fund, the National Highway Council, and the Provincial Road Fund.
Another serious drain resulted from the failure of other state enterprises such as
Argentine Railways and the national airline to pay YPF for their fuel in full and on time.
These intergovernmental accounts represented 20% of YPF's sales and were as much as
ten years in arrears. The tax policy of the military government followed the same path
as its civilian predecessors, a path that regarded YPF as a convenient source of funds to
ease the country's chronic and serious fiscal deficit position.[20]
The death in a helicopter crash of the firm's director, Ral Ondarts, and the appointment
of General Guillermo Surez Mason in 1981 was followed by a period of severe
mismanagement, moreover. Powerful as head of the First Army Corps (which

committed many of the "Dirty War" atrocities), Surez Mason installed many of his
hard-line Army Intelligence colleagues in managerial posts at YPF.[21] They in turn
diverted large quantities of fuel into the director's newly established company Sol
Petrleo, a dummy corporation used by Surez Mason and his appointees for
embezzlement as well as to divert funds to the Contras[22] and the fascist organization P2
(to which the director belonged).[23]
Surez Mason had YPF borrow heavily not only to cover such asset stripping but also at
the behest of Economy Minister Jos Alfredo Martnez de Hoz, whose bid for currency
strength and policy of financial deregulation required a sharp rise in foreign debt to
maintain.[24] YPF debts thus rose 142-fold during Surez Mason's tenure,[23] at the end of
which in 1983 the company recorded a US$6 billion loss (the largest in the world at the
time).[25]
YPF nonetheless remained the 365th largest firm in the world,[26] with sales of over
US$4 billion in 1992.[27] Argentine President Carlos Menem initiated the privatization of
YPF through an IPO on the New York and other stock exchanges on 28 June 1993, at a
value of US$3 billion for stock equal to a 45% share in the company. During the 18
months prior to the IPO, YPF underwent a massive restructuring process lead by its new
CEO Jos Estenssoro, who had been appointed by President Menem. The staff of YPF
was reduced from 52,000 to 10,600 through layoffs agreed with unions and outsourcing
of services to companies established by former YPF employees during the restructuring
process. The financial bottom line for the company was increased from a loss about $1
billion in 1991 (although the accounting system at the time could not accurately
compute actual profit) to a profit of $1 billion in 1993, and the underlying value of YPF
was increased from about US$2 billion to the US$9 billion after privatization.[27][28]
Estenssoro stayed on as CEO, further streamlined the company while expanding its
reach outside Argentina, acquiring Maxus Energy Corporation of Dallas for US$740
million in 1995. Estenssoro died in a plane crash in Ecuador, where Maxus maintained
wells, in May of that year.[29] His policy of high exploration investments was maintained
by his successor, Nells Len, and reserves expanded by 50% while production rose from
109 million barrels in 1993 to a record 190 million in 1998;[30] of the latter total, 32
million were produced by Maxus operations in Ecuador and elsewhere.[31]

Repsol acquisition

Repsol-YPF Tower
Madrid-based multinational corporation Repsol S.A. purchased 98% of YPF in 1999 in
two stages: a 15% share sold by the national government for US$2 billion, and a further
83% for over US$13 billion including all remaining public sector shares (10%, equally
divided between the nation and the provinces) as well as most of the outstanding
investor shares.[26] The union of the two companies took on the name Repsol YPF; YPF
would represent 40% of the new firm's reserves and over 50% of its production.[32]
The Petersen Group (property of the Eskenazi family of Buenos Aires) entered into a
partnership with Repsol in 2007 by acquiring a 15% stake in YPF; the group bought
another 10% of the company for US$1.3 billion on 4 May 2011. A majority of the firm's
shares (58%) remained under the control of Repsol, while 16% remained in private
portfolios; the Argentine Government retained the golden share.[33]

Renationalization
Main article: Renationalization of YPF
Argentine international energy trade recorded an imbalance of US$3 billion in 2011, the
first negative figure since 1987,[34] and the relationship between YPF and the
government became difficult.[35] Investment in exploration at YPF as a percentage of
profits had been far below those in most other Repsol subsidiaries.[36] Market analysts
and Repsol blamed the decline in exploration and production on government controls on
exports and prospecting lease awards, and price controls on domestic oil and gas.[37][38]
Political risks and government intervention, including price controls, have discouraged
foreign investment in oil production in Latin America in general.[39] President Cristina
Fernndez de Kirchner raised YPF frequently in speeches during March 2012, claiming
that underinvestment and excessive dividends at the firm had caused declines in output.
[40]
Governors in six fossil-fuel producing provinces subsequently revoked YPF leases
representing a fifth of its oil production.[41]

Cristina Fernndez de Kirchner announces the bill to renationalize YPF.

Citing Brazilian oil giant Petrobras as an example, the president announced the
introduction of a bill on 16 April 2012, for the renationalization of YPF: the national
government would purchase a controlling 51% share, with ten provincial governments
receiving the remaining 49%. Planning Minister Julio de Vido was appointed to head
the Federal intervention, replacing CEO Sebastin Eskenazi.[34] Repsol YPF CEO
Antonio Brufau, Spanish Prime Minister Mariano Rajoy, and other Spanish officials
objected to the nationalisation, accusing the Argentine government of driving down
YPF shares ahead of the announcement (market price of the shares declined by over half
from February to April). Economy Minister Hernn Lorenzino claimed in turn that asset
stripping at YPF had financed Repsol's expansion in other parts of the world.[42]
Responses included a diplomatic offensive by Rajoy in other countries in the region,[43]
assurances by Industry Minister Jos Manuel Soria of "clear and decisive" Spanish
government measures,[44] Foreign Minister Jos Garca-Margallo y Marfil's admonition
that Argentina had "shot itself in the foot" by damaging relations with Spain,[43] and
other threats.[45][46]
The Chinese state oil concern, Sinopec, was reported to have been in talks to buy out
Repsol's share in YPF a potential deal scuttled by the Argentine announcement.[47]
Both Repsol and YPF shares fell sharply before and after the announcement,[35] and the
cost of insuring Argentine government bonds against default rose,[48] as did those of
Spain.[49] Repsol Chairman Brufau estimated the companys potential loss at 5.7 billion
(US$7.5 billion).[50]
The largest minority shareholder, the Petersen Group, had financed their initial purchase
of 15% of the stock with a vendors loan from Repsol for 1.5 billion.[2] The 2008
agreement required Repsol to buy back shares owned by the Group and to assume the
loan should the Madrid-based firm lose majority control of YPF.[50] Sebastin Eskenazi
indicated however that the group would forgo this option.[51]
The Senate of Argentina approved the takeover on 26 April with 63 votes in favor of the
measure, three opposing it and four abstentions.[37] The Chamber of Deputies in turn
approved the bill on 4 May with 208 votes out of 257 and six abstentions. The president
signed the renationalization into law on 5 May.[52] Miguel Galluccio, an Argentine
petroleum engineer with experience at both YPF and at oilfield services leader
Schlumberger as president of its production management division in London, was
appointed CEO.[53]
Argentine Deputy Economy Minister Axel Kicillof rejected Repsol's initial demands for
payment of US$10.5 billion for a 57% stake in YPF (the state sought 51%), citing debts
of nearly US$9 billion.[54] The book value of YPF was US$4.4 billion at the end of 2011;
[55]
its total market capitalization on the day of the announcement was US$10.4 billion.

[46]

Repsol officials submitted the matter to the World Bank ICISD for arbitration.[56] The
Argentine government and Repsol reached agreement in principle on compensation in
November 2013, and on February 25, 2014, Repsol announced final agreement that the
Argentine government would provide Repsol with guaranteed Argentine government
bonds of varying maturities, the nominal amount varying to assure that Repsol would in
fact receive US$5 billion in compensation for the 51% of YPF nationalized.[57]
YPF also acquired a controlling stake in Metrogas (the nation's largest gas distributor)
in November 2012.[58] A joint exploratory venture for the development of tight oil and
shale gas at the Vaca Muerta field was signed with Chevron Corporation on July 16,
2013.[59] Following its renationalization, rapidly rising investment levels at YPF have
been funded mostly via internal financing, by Chevron, and by the periodic issuance of
high-yield corporate bonds.[60] These bond issuances were raised to US$1.5 billion per
series in April 2015, as demand surged to US$4 billion.[61]

Operations
The company remained the largest in its sector in Argentina despite declining
production, operating 52% of the nation's refinery capacity in three facilities and 1,600
filling stations.[62] Its sales of gasoline and other motor fuels totaled 12.15 billion liters
(3.21 billion gallons) in 2011, 57% of the national market in these.[63]
Oil production in Argentina peaked in 1998 at 308 million barrels and declined steadily
afterward, reaching 209 million in 2011. Natural gas production also declined, from 52
billion m in 2004 to 45.5 billion.[64][65] The company's production of oil had fallen by
43% between 1998 and 2011, and of natural gas by 37% from its high in 2004.[66] Oil
exploration fell from 30 wells in 1998 to 8 in 2010 (French energy firm Total S.A.
overtook YPF as the leading oil driller in Argentina).[67]
YPF shares of total output fell 8 points to 34% in oil, and 12 points to 23% in natural
gas; its declines in output represented 54% of lost oil production and 97% in the case of
natural gas.[64] The company's oil production had declined by a further 7%, and gas by
9%, during 2011.[65] Production declines of 6% annually under Repsol were reversed
following the renationalization, however. Amid sharp increases in profitability and
investment,[68][69] output in 2013 rose by 3.4% in oil and a 2.2% in gas,[70] and a further
8.7% and 12.5% in oil and gas, respectively, during 2014.[71]
YPF announced the discovery in November 2011 of an 8071 km2 unconventional oil
field, Vaca Muerta, with recoverable reserves of 22.8 billion barrels of oil equivalent,
and potential to extend to an area of up to 30,000 km2 (11,600 mi2).[40] Its reserves of
crude and natural gas, not including the new shale finds, fell 60% and 67% respectively
between 1999 and 2011.[30][63]
The firm's new headquarters, the Repsol-YPF tower, was designed by Csar Pelli and
inaugurated in 2008.

Company statistics
Year

Petroleum Natural Petroleum Natural

New

Net

Profits

output
(million
barrels)

1992
1993
95
1996
98
1999
2001
2002
04
2005
07
2008
10
2011[63]
2014[1]

gas
output
(billion cu
ft)

reserves
(million
barrels)

gas
revenue after tax
reserves exploratory (million (million
[67]
wells
(billion cu
USD)
USD)
ft)

101

493

1029

10918

17

4094

271

130

423

1136

8965

82

4445

693

182

490

1458

9812

34

5854

758

173

606

1592

10472

13

7806

842

154

631

1255

7923

11

5974

1455

127

651

677

4739

14

8544

1527

111

544

601

3805

10531

1219

100
89*

441
547*

583
601*

3695
3016*

n.a.
n.a.

[55]

13795
17480

[55]

1289
2718

Notes:[30] unless specified. Three year periods are averages. Output data from 1995 to 2011 includes
Maxus Energy and other overseas units, typically around 20% of YPF's worldwide total. Exchange rate
from IMF.
* excludes Maxus Energy.

See also
Energy portal
Argentina portal

Enarsa

Bridas

References
1.
"YPF S.A. Resultados Consolidados Ao 2014 y 4T 2014" (PDF). YPF. pp. 2025.
Miguel Angel Patio (13 April 2012). "Repsol necesita que Kirchner valore YPF
en 8.200 millones para evitar minusvalas". Expansin.
"YPF, parte de nuestra historia". YPF.
Wirth, John (2001). The Oil Business in Latin America. Beard Books.
ISBN 1587981033.
Hilary Burke and Helen Popper (17 April 2012). "Argentina moves to seize
control of Repsol's YPF". Reuters.
Felipe Pigna, Los Mitos de la historia argentina, 3, ed. Planeta Historia y
Sociedad, 2006, ISBN 9504915442, p. 152

 Solberg, Carl (1979). Oil and Nationalism in Argentina. Stanford University

Press. ISBN 0804709858.
Pablo Villegas N., Mosconi, el petrleo y la independencia integral de
Sudamrica, Bolpress, 19 June 2007. Retrieved 20 April 2012.(Spanish)
Felipe Pigna, 2006, p.153
Felipe Pigna, 2006, p.154
Felipe Pigna, 2006, p.155
Felipe Pigna, 2006, p.156
"Presidencia de Pern (19461952)" (in Spanish). Todo Argentina. Retrieved 20
April 2012.
Lewis, Paul (1990). The Crisis of Argentine Capitalism. University of North
Carolina Press. ISBN 0807843563.
Fransico Conigliaro (3 April 2005). "La poltica petrolera de Pern" (in
Spanish). La Patria Grande. Retrieved 20 April 2012.
Phillip, George (1982). Oil and Politics in Latin America. Cambridge University
Press. ISBN 052123865X.
Gustavo Calleja (1 October 2004). "Contrato de Pern con la Standard Oil de
California" (in Spanish). Impulsobaires. Retrieved 20 April 2012.
Eduardo Ferrari Del Sel (22 July 2008). "Da del petrleo: a 50 aos de la batalla
por la nacionalizacin del recurso". La Capital. Retrieved 20 April 2012.
"Rincn de los Sauces, national capital of energy" (in Spanish). Cmara de
Diputados de la Nacin. 20 April 2012.
John Wirth (ed.) (1985). The Oil Business in Latin America. University of
Nebraska Press.
Eric Ehrmann (11 January 1991). "Carlos Menem blinks". The Christian Science
Monitor. Retrieved 20 April 2012.
Mndez, Juan (1991). Truth and Partial Justice in Argentina. Human Rights
Watch. ISBN 0938579347.
Mara Seoane (22 June 2005). "Muri el represor Surez Mason". Clarn (in
Spanish). Retrieved 20 April 2012.
Ismael Bermdez (24 March 2006). "El derrumbe de salarios y la plata dulce".
Clarn (in Spanish). Retrieved 20 April 2012.
The Guinness Book of World Records. Random House. 1986.
ISBN 0806902728.
Csar V. Herrera and Marcelo Garca (23 January 2003). "A 10 aos de la
privatizacin de YPF" (in Spanish). Centro Regional de Estudios Econmicos de la
Patagonia Central. Retrieved 20 April 2012.
"Oil Privatization Brings $3 Billion In Argentina". Chicago Tribune. 29 June
1993.
Michael Y. Yoshino and Carin-Isabel Knoop (1995). Argentina's YPF Sociedad
Annima. Harvard Business School.
Calvin Sims (5 May 1995). "Jos Estenssoro, 61, Who Led Oil Privatization in
Argentina". The New York Times. Retrieved 20 April 2012.
"Produccin y reservas de petrleo y gas" (in Spanish). Economy Ministry.
Retrieved 20 April 2012.
Gavald, Marc (2006). La Recolonizacin: Repsol en Amrica Latina (in
Spanish). Icaria Editorial. ISBN 9788474266214.
"YPF representa cerca de la mitad de la produccin y de las reservas de
Repsol". El Peridico (in Spanish). 16 April 2012. Retrieved 20 April 2012.

 "El Grupo Petersen ejerci la opcin y aument 10% su participacin en YPF".

InfoBae (in Spanish). 4 May 2011. Retrieved 20 April 2012.
"Cristina present un proyecto para la "expropiacin" de las acciones de YPF".
Info News (in Spanish). 16 April 2012. Retrieved 20 April 2012.
Jim Jelter (17 April 2012). "Battle for YPF doesnt favor Spains Repsol".
Marketwatch. Retrieved 20 April 2012.
"Cash". Pgina/12 (in Spanish). 4 March 2012.
"YPF expropriation endorsed by Argentine Senate". The Deal Pipeline. 26 April
2012.
"Argentina's YPF cuts computer links with Repsol". Reuters. 22 April 2012.
Retrieved 2 May 2012.
Cordesman, Anthony, and Al-Rodhan, Khalid (2006). The Global Oil Market:
Risks And Uncertainties. p. 126. ISBN 978-0-89206-479-3.
"Vaca Muerta, un tesoro energtico escondido bajo el conflicto por YPF" (in
Spanish). 20 minutos. 17 April 2012.
"Poco a poco, YPF se va quedando sin pozos". Pgina/12 (in Spanish). 12 April
2012. Retrieved 20 April 2012.
"Repsol vaci YPF para su expansin en otros pases". mbito Financiero (in
Spanish). 19 April 2012.
"YPF Repsol: Spain warns Argentina of strong response". BBC News. 17 April
2012. Retrieved 20 April 2012.
Emma Ross-Thomas and Ben Sills (17 April 2012). "Spain pledges decisive
action against Argentina over YPF seizure". Bloomberg News. Retrieved 20 April 2012.
Raphael Minder (13 April 2012). "Spain warns Argentina about YPF takeover".
The New York Times. Retrieved 20 April 2012.
Tracy Rucinski and Julien Toyer (17 April 2012). "Incensed Spain threatens
Argentina after YPF seizure". Reuters. Retrieved 20 April 2012.
Charlie Zhu and Jim Bai (18 April 2012). "Argentine move to seize YPF spoils
Sinopec deal". Reuters. Retrieved 20 April 2012.
"Argentinas energy industry: Fill er up". The Economist. 19 April 2012.
Retrieved 20 April 2012.
"Spanish Debt Insurance Costs At Fresh Record On Economic Concerns". The
Wall Street Journal. 16 April 2012.
Ben Sills and David Voreacos (20 April 2012). "Repsol Must Buy Eskenazi YPF
Stake in '08 Deal". Bloomberg Business Week. Retrieved 20 April 2012.
"Eskenazi Said to Tell Brufau YPF Buyback Pact Won't Be Used". San
Francisco Chronicle. 26 April 2012.
"Renationalised YPF Aims to Bring Self-Sufficiency in Oil and Gas". IPS News.
4 May 2012.
"Argentine president names YPF leader". Associated Press.
"Kicillof advirti: No vamos a pagar lo que Repsol quiera". Clarn (in Spanish).
17 April 2012. Retrieved 20 April 2012.
"Estados Contables al 31 de Diciembre de 2011" (PDF) (in Spanish). YPF.
"Repsol still "open" to talks with Argentina over YPF". BN Americas. 9 May
2013.
"Repsol in $5 Billion Settlement With Argentina". New York Times. 26 February
2014.
"YPF buys gas distribution company Metrogas". World Oil. 29 November 2012.
"Chevron, Argentina's YPF sign $1.24 billion Vaca Muerta shale deal". Reuters.
July 16, 2013.

 "Argentina's YPF sells one billion dollars in 10-year bonds at 8.75% rate".
Mercopress. 3 April 2014.
"Argentina's YPF sells $1.5 bln of bonds, tripling sale". Reuters. 23 April 2015.
"Argentina frena expropiacin de YPF". Per 21 (in Spanish). 15 April 2012.
Retrieved 20 April 2012.
"YPF y Argentina" (PDF) (in Spanish). Repsol YPF. 17 April 2012.
"El proyecto para nacionalizar YPF". El Mundo (in Spanish). 16 April 2012.
Retrieved 20 April 2012.
"La cada en la produccin de petrleo es la ms grande desde 1946". La
Poltica Online (in Spanish). 29 February 2012. Retrieved 20 April 2012.
"El debate por los hidrocarburos". Tiempo Argentino (in Spanish). 8 April 2012.
Retrieved 20 April 2012.
"Subexploracin y Sobreexplotacin" (PDF). Centro de Investigacin y
Formacin de la Repblica Argentina. March 2012.
"Argentina's YPF Net Profit Up Almost 40%". Wall Street Journal. 7 August
2014.
"YPF profits, investment, production all up". Financial Times. 5 November
2014.
"Argentina's YPF boosted oil output 3.4%, gas output 2.2% at operated fields in
2013". Platt's. 20 Jan 2014.
1.

"Argentina's YPF says oil, gas output rose in 2014 for second year".
Reuters. 15 January 2015.
[show]

MERVAL Companies of Argentina

[show]

Petroleum industry
[show]

Energy in Argentina
Categories:

Argentine brands

Government-owned companies of Argentina

Companies listed on the New York Stock Exchange

Companies established in 1922

National oil and gas companies

Companies listed on the Buenos Aires Stock Exchange

Oil and gas companies of Argentina

1922 establishments in Argentina

YPF

Navigation menu

Create account

Log in

Article

Talk

Read

Edit

View history

Main page

Contents

Featured content

Current events

Random article

Donate to Wikipedia

Wikipedia store

Interaction

Help

About Wikipedia

Community portal

Recent changes

Contact page

Tools

What links here

Related changes

Upload file

Special pages

Permanent link

Page information

Wikidata item

Cite this page

Print/export

Create a book

Download as PDF

Printable version

Languages

Deutsch

Espaol

Esperanto

Franais

Norsk bokml

Portugus

Edit links

This page was last modified on 18 May 2015, at 13:30.

Text is available under the Creative Commons Attribution-ShareAlike License;

additional terms may apply. By using this site, you agree to the Terms of Use
and Privacy Policy. Wikipedia is a registered trademark of the Wikimedia
Foundation, Inc., a non-profit organization.