YPF Sociedad Anónima : Financial Statements 09-30-2022

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED

FINANCIAL STATEMENTS AS OF SEPTEMBER 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

CONTENT

Note		Description		Page
		Glossary of terms	1
		Legal Information	2
		Condensed interim consolidated statements of financial position	3
		Condensed interim consolidated statements of comprehensive income	4
		Condensed interim consolidated statements of changes in shareholders' equity	5
		Condensed interim consolidated statements of cash flow	7
		Notes to the condensed interim consolidated financial statements:
1		General information, structure and organization of the business of the Group	8
2		Basis of preparation of the consolidated financial statements	9
3		Seasonality of operations	11
4		Acquisitions and dispositions	11
5		Financial risk management	11
6		Segment information	12
7		Financial instruments by category	14
8		Intangible assets	14
9		Property, plant and equipment	15
10		Right-of-use assets	18
11		Investments in associates and joint ventures	18
12		Inventories	20
13		Other receivables	20
14		Trade receivables	20
15		Investment in financial assets	21
16		Cash and cash equivalents	21
17		Provisions	21
18		Income Tax	22
19		Taxes payable	23
20		Salaries and social security	23
21		Lease liabilities	23
22		Loans	24
23		Other liabilities	26
24		Accounts payable	26
25		Revenues	26
26		Costs	28
27		Expenses by nature	29
28		Other net operating results	30
29		Net financial results	30
30		Investments in joint operations	30
31		Shareholders' equity	31
32		Earnings per share	31
33		Issues related to Maxus Entities	31
34		Contingent assets and contingent liabilities	32
35		Contractual commitments	33
36		Main regulations	34
37		Balances and transactions with related parties	38
38		Employee benefit plans and similar obligations	41
39		Assets and liabilities in currencies other than the peso	42
40		Subsequent events	43

1

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

GLOSSARY OF TERMS

Term		Definition
ADR		American Depositary Receipt
ADS		American Depositary Share
AESA		Subsidiary A-Evangelista S.A.
AFIP		Argentine Tax Authority (Administración Federal de Ingresos Públicos)
ANSES		National Administration of Social Security (Administración Nacional de la Seguridad Social)
ASC		Accounting Standards Codification
Associate		Company over which YPF has significant influence as provided for in IAS 28
BCRA		Central Bank of the Argentine Republic (Banco Central de la República Argentina)
BNA		Argentine Nation Bank (Banco de la Nación Argentina)
BO		Official Gazette of the Argentine Republic (Boletín Oficial de la República Argentina)
BONAR		Argentine Treasury Bonds (Bonos de la Nación Argentina)
CAMMESA		Compañía Administradora del Mercado Mayorista Eléctrico S.A.
CDS		Associate Central Dock Sud S.A.
CFO		Chief Financial Officer
CGU		Cash-Generating Units
CNDC		Argentine Antitrust Authority (Comisión Nacional de Defensa de la Competencia)
CNV		Argentine Securities Commission (Comisión Nacional de Valores)
CPI		Consumer Price Index
CSJN		Argentine Supreme Court of Justice (Corte Suprema de Justicia de la Nación Argentina)
CT Barragán		Joint Venture CT Barragán S.A.
Dollar		United States Dollar
Eleran		Subsidiary Eleran Inversiones 2011 S.A.U.
ENARGAS		Argentine Gas Regulator (Ente Nacional Regulador del Gas)
ENARSA (formerly IEASA)		Energía Argentina S.A. (formerly Integración Energética Argentina S.A.)
FACPCE		Argentine Federation of Professional Councils in Economic Sciences (Federación Argentina de Consejos Profesionales de Ciencias Económicas)
FASB		Financial Accounting Standards Board
FOB		Free on board
GPA		Associate Gasoducto del Pacífico (Argentina) S.A.
Group		YPF and its subsidiaries
IAS		International Accounting Standard
IASB		International Accounting Standards Board
IDS		Associate Inversora Dock Sud S.A.
IFRIC		International Financial Reporting Interpretations Committee
IFRS		International Financial Reporting Standard
IIBB		Turnover tax (Impuesto a los ingresos brutos)
INDEC		National Institute of Statistics and Census (Instituto Nacional de Estadística y Censos)
IWPI		Internal Wholesale Price Index
JO		Joint operation
Joint venture		Company jointly owned by YPF as provided for in IFRS 11
LGS		Argentine General Corporations Law (Ley General de Sociedades de la República Argentina) No. 19,550 (T.O. 1984), as amended
LNG		Liquified natural gas
LPG		Liquefied Petroleum Gas
MBtu		Million British thermal units
MEGA		Joint Venture Company Mega S.A.
Metroenergía		Subsidiary Metroenergía S.A.
Metrogas		Subsidiary Metrogas S.A.
MINEM		Former Ministry of Energy and Mining (Ministerio de Energía y Minería)
NO		Negotiable Obligations
Oiltanking		Associate Oiltanking Ebytem S.A.
OLCLP		Joint Venture Oleoducto Loma Campana - Lago Pellegrini S.A.
Oldelval		Associate Oleoductos del Valle S.A.
OPESSA		Subsidiary Operadora de Estaciones de Servicios S.A.
OTA		Associate OleoductoTrasandino (Argentina) S.A.
OTC		Associate OleoductoTrasandino (Chile) S.A.
PEN		National Executive Power (Poder Ejecutivo Nacional)
Peso		Argentine peso
PIST		Transportation system entry point (Punto de ingreso al sistema de transporte)
Profertil		Joint Venture Profertil S.A.
Refinor		Joint Venture Refinería del Norte S.A.
ROD		Record of decision
RTI		Integral Tariff Review (Revisión Tarifaria Integral)
RTT		Transitional Tariff Regime (Régimen Tarifario de Transición)
SE		Secretariat of Energy (Secretaría de Energía)
SEC		U.S. Securities and Exchange Commission
SEE		Secretariat of Electric Energy (Secretaría de Energía Eléctrica)
SGE		Government Secretariat of Energy (Secretaría de Gobierno de Energía)
SRH		Hydrocarbon Resources Secretariat (Secretaría de Recursos Hidrocarburíferos)
SSHyC		Under-Secretariatof Hydrocarbons and Fuels (Subsecretaría de Hidrocarburos y Combustibles)
Subsidiary		Company controlled by YPF in accordance with the provisions of IFRS 10.
Termap		Associate Terminales Marítimas Patagónicas S.A.
TFN		National Fiscal Tribunal (Tribunal Fiscal de la Nación)
UNG		Unaccounted Natural Gas
US$		United States Dollar
US$/Bbl		Dollar per barrel
VAT		Value Added Tax
Y-GEN I		Joint venture Y-GEN Eléctrica S.A.U.
Y-GEN II		Joint venture Y-GEN Eléctrica II S.A.U.
YPF Brasil		Subsidiary YPF Brasil Comercio Derivado de Petróleo Ltda.
YPF Chile		Subsidiary YPF Chile S.A.
YPF EE		Joint venture YPF Energía Eléctrica S.A.
YPF Gas		Associate YPF Gas S.A.
YPF Holdings		Subsidiary YPF Holdings, Inc.
YPF International		Subsidiary YPF International S.A.
YPF or the Company		YPF S.A.
YPF Perú		Subsidiary YPF E&P Perú S.A.C.
YPF Ventures		Subsidiary YPF Ventures S.A.U.
YTEC		Subsidiary YPF Tecnología S.A.
WEM		Wholesale Electricity Market

2

English translation of the condensed interim consolidated financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the condensed interim consolidated financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED FINANCIAL STATEMENTS

AS OF SEPTEMBER 30, 2022 AND COMPARATIVE INFORMATION (UNAUDITED)

LEGAL INFORMATION

Legal address

Macacha Güemes 515 - Ciudad Autónoma de Buenos Aires, Argentina.

Fiscal year number 46

Beginning on January 1, 2022.

Principal business of the Company

The Company's purpose shall be to perform, on its own, through third parties or in association with third parties, the study, exploration, development and production of oil, natural gas and other minerals and refining, marketing and distribution of oil and petroleum products and direct and indirect petroleum derivatives, including petrochemicals, chemicals, including those derived from hydrocarbons, and non-fossil fuels, biofuels and their components, as well as production of electric power from hydrocarbons, through which it may manufacture, use, purchase, sell, exchange, import or export them. It shall also be the Company's purpose to render, directly, through a subsidiary or in association with third parties, telecommunications services in all forms and modalities authorized by the legislation in force after applying for the relevant licenses as required by the regulatory framework, as well as the production, industrialization, processing, commercialization, conditioning, transportation and stockpiling of grains and products derived from grains, as well as any other activity complementary to its industrial and commercial business or any activity which may be necessary to attain its objective. In order to fulfill these objectives, the Company may set up, become associated with or have an interest in any public or private entity domiciled in Argentina or abroad, within the limits set forth in the Bylaws.

Filing with the Public Registry

Bylaws filed on February 5, 1991 under No. 404, Book 108, Volume A, Sociedades Anónimas, with the Public Registry of Buenos Aires City, in charge of the Argentine Registrar of Companies (Inspección General de Justicia); and Bylaws in substitution of previous Bylaws, filed on June 15, 1993, under No. 5,109, Book 113, Volume A, Sociedades Anónimas, with the above mentioned Registry.

Duration of the Company

Through June 15, 2093.

Last amendment to the Bylaws

April 30, 2021 registered with the Argentine Registrar of Companies (Inspección General de Justicia) on August 5, 2021 under No. 12,049, Book 103 of Corporations.

Capital structure

393,312,793 shares of common stock, $10 par value and 1 vote per share.

Subscribed, paid-in and authorized for stock exchange listing (in pesos)

3,933,127,930

PABLO GERARDO GONZÁLEZ

President

3

English translation of the financial statements originally filed in Spanish with the CNV.

In case of discrepancy, the financial statements filed with the CNV prevail over this translation.

YPF SOCIEDAD ANONIMA

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION AS OF SEPTEMBER 30, 2022 AND DECEMBER 31, 2021 (UNAUDITED)

(Amounts expressed in millions of pesos)

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF FINANCIAL POSITION
			September 30,		December 31,
	Notes	2022	2021
ASSETS
Non-current assets
Intangible assets	8	60,612	43,014
Property, plant and equipment	9	2,447,475	1,642,259
Right-of-use assets	10	73,535	53,260
Investments in associates and joint ventures	11	274,672	156,925
Deferred income tax assets, net	18	911	1,921
Other receivables	13	6,645	19,549
Trade receivables	14	1,478	4,363
Investment in financial assets	15		29,616		2,534
Total non-current assets		2,894,944	1,923,825
Current assets
Assets held for disposal		-	103
Inventories	12	294,515	153,927
Contract assets	25	184	1,360
Other receivables	13	90,342	63,259
Trade receivables	14	246,349	133,904
Investment in financial assets	15	73,676	51,012
Cash and cash equivalents	16		122,793		62,678
Total current assets			827,859		466,243
TOTAL ASSETS		3,722,803	2,390,068
SHAREHOLDERS' EQUITY
Shareholders' contributions		9,561	10,504
Reserves, other comprehensive income and retained earnings			1,465,214		829,388
Shareholders' equity attributable to shareholders of the parent company			1,474,775		839,892
Non-controlling interest			14,807		8,226
TOTAL SHAREHOLDERS' EQUITY		1,489,582	848,118
LIABILITIES
Non-current liabilities
Provisions	17	375,160	258,478
Deferred income tax liabilities, net	18	117,200	185,179
Income tax liability	18	4,858	3,026
Taxes payable	19	194	201
Salaries and social security	20	556	3,262
Lease liabilities	21	36,316	28,335
Loans	22	902,880	670,535
Other liabilities	23	1,239	968
Accounts payable	24		1,185		888
Total non-current liabilities		1,439,588	1,150,872
Current liabilities
Provisions	17	26,201	19,297
Contract liabilities	25	37,362	13,329
Income tax liability	18	141,367	1,336
Taxes payable	19	36,226	14,671
Salaries and social security	20	36,121	23,459
Lease liabilities	21	40,454	27,287
Loans	22	126,107	86,680
Other liabilities	23	1,492	3,468
Accounts payable	24		348,303		201,551
Total current liabilities			793,633		391,078
TOTAL LIABILITIES		2,233,221	1,541,950
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY		3,722,803	2,390,068

Accompanying notes are an integral part of these condensed interim consolidated financial statements.

PABLO GERARDO GONZÁLEZ

President