SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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 December, 2016
Commission File Number: 001-12102
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 ☒
YPF Sociedád Anonima
TABLE OF CONTENTS
| ITEM |
| 1 |
Translation of Vaca Muerta Field Trip December 2016 Presentation. |
2
|
|
YPF
FOUR YEARS OF VACA MUERTA
The Value of our history and future vision.
Vaca Muerta Field Trip December 2016
|
|
Important Notice
Safe harbor statement under the US Private Securities Litigation Reform Act of 1995.
This document contains statements that YPF believes constitute forward-looking statements within the meaning of the US Private Securities Litigation Reform Act of 1995.
These forward-looking statements may include statements regarding the intent belief, plans, current expectations or objectives of YPF and its management, including statements with respect to YPF’s future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes and reserves, as well as YPF’s plans, expectations or objectives with respect to future capital expenditures, investments, expansion and other projects, exploration activities, ownership 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 other 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, changes and other factors which may be beyond YPF’s control or may be difficult to predict.
YPF’s actual future financial condition, financial, operating, reserve replacement and other ratios, results of operations, business strategy, geographic concentration, business concentration, production and marketed volumes, reserves, capital expenditures, investments, expansion and other projects, exploration activities, ownership interests, divestments, cost savings and dividend payout policies, as well as actual future economic and other conditions, such as future crude oil and other prices, refining margins and exchange rates, could differ materially from those expressed or implied in any such forward-looking statements. Important factors that could cause such differences include, but are not limited to, oil, gas and other price fluctuations, supply and 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 risks, 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 and acts of terrorism, natural disasters, project delays or 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, in 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, 2015 filed with the US Securities and Exchange Commission. In light of the foregoing, the forward-looking statements included in this document may not occur. Except as required by law, YPF does not undertake to publicly update or revise these forward-looking 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. These materials do not constitute an offer for sale of YPF S.A. bonds, shares or ADRs in the United States or otherwise.
|
|
YPF 2012 vision: Production decline and Portfolio
Oil Production
Gas Production
Portfolio Tightgas
Opportunities
2012 Unconventional (Shale oill & Shale Gas)
|
|
YPF First four years of Vaca Muerta’s history: Exploration Phase
Exploratory Campaign in LC finished.
67 exploratory wells to VacaMuerta 920 MUSD
2012
2013
2014
2015
2016
|
|
YPF First four years of Vaca Muerta’s history: Partners
KEY PARTNERS
2012
2013
201
2015
2016
Chevron
Dow®
PETRONAS
|
|
YPF First four years of Vaca Muerta’s history: Partners
KEY PARTNERS
Loma
Campana.
CHEVRON
El Orejano.
DOW
La Amarga
Chica.
Petronas
2012
2013
2014
2015
2016
|
|
YPF First four years of Vaca Muerta’s history: Infrastructure
INFRASTRUCTURE
2012 2013 2014 2015 2016
NOC Office
Logistic Center
Water Network
EPFs
Proppant plant
Gas Pipeline RDM-LLL
Crontrol Rooms
Drilling Production
OilTreatment plant
|
|
YPF First four years of Vaca Muerta’s history: Infrastructure Noc Office
Infrastructure 2015
|
|
YPF First four years of Vaca Muerta’s history: Infrastructure Logistic Center
INFRASTRUCTURE 2015
|
|
YPF First four years of Vaca Muerta’s history: Infrastructure
Water Network
INFRASTRUCTURE 2015
|
|
VPF First four years of Vaca Muerta’s history: Infrastructure EPFs
INFRASTRUCTURE 2015
|
|
VPF First four years of Vaca Muerta’s history: Infrastructure
INFRASTRUCTURE 2015 Gas Pipeline RDM –LLL
|
|
YPF First four years of Vaca Muerta’s history: Infrastructure Control Room Production
INFRASTRUCTURE 2015
|
|
YPF First four years of Vaca Muerla’s history: Infrastructure
INFRASTRUCTURE 2015
Control Room Drilling
|
|
YPF First four years of Vaca Muerta’s history: Infrastructure
INFRASTRUCTURE 2015 Proppant Plant
| 7
|
Y P F First four years of Vaca Muerta’s history: Infrastructure
Capacity 8000 m3/d
INFRASTRUCTURE 2015 Oil Treatment Plant
|
|
YPF First four years of Vaca Muerta’s history: LC Production
5000 4500 4000 3500 3000 ~ ~ 2500 2000 1500 1000 500 0
Loma Campana Oil Production (m3/d)–Drilling Rigs(#)
Ramp up Scale Optimization
|
|
YPF First four years of Vaca Muerta’s history: Initial Scale
Scale
Increase
Break the inertia of the industry and generate new infrastructure.
Establish VM in the world to attract investments.
First Unconventional Cluster outside North America, with more
than 60 Kboe/d produced from VM Formation.
Captured economies of scale.
The company obtained a social license.
|
|
YPF First four years of Vaca Muerta’s history: Factory # Scale
OPERATIONAL PLANNING
STANDARDIZATION
Factory# Scale
OPTIMIZATION
|
|
YPF First four years of Vaca Muerta’s history: Factory # Scale
OPERATIONAL PLANNING
Factory# Scale
STANDARDIZATION
OPTIMIZATION
• Advance in fronts
• Minimum secure distance between:
Drilling
Completion
Production
• Preventive shut ins due to interferences
|
|
YPF First four years of Vaca Muerta’s history: Factory Scale
OPERATIONAL PLANNING
STANDARDIZATION
Factory Scale
OPIMIZATION
Drilling Rigs
Well Pad Design
EPFs
|
|
YPF First four years of Vaca Muerta’s history: Factory Scale
OPERATIONAL PLANNING
STANDARDIZATION
OPTIMIZATION
Well Cost
Portfolio optimization
Development cost (USD/BOE)
continuous
improvement
• MM+RSS
• Soluble technology
• Sleeves
• National sand
|
|
YPF Unconventional YPF DNA: Factory Model
Development Strategy Drilling Completion Design Well Productivity Logistic Operational model
Unconventional
Factory
Model
|
|
YPF Unconventional YPF DNA: Factory Model
Operational model
Know how:
• Multi-wellpad design
• VM Bottom-up development strategy
• Preventive shut in interferences
Development strategy
Drilling
Completion design
Logistic
Well productivity
|
|
Batchdrilling operations
Offline operations
Remote monitoring
BHA MDF+RSS Geosteering
Longer laterals
Service integration
In-house technical engineering staff:
UBD, mud, directional
Slim well design
Know how:
Fit for purpose fleet (skidding & walking rigs)
Ypf unconventional ypf dna: factory model
Development strategy
Drilling
Operational model
Completion design
Logistic
Well productivity
|
|
Ypf unconventional ypf dna: factory model
Know how:
In-house frac plan design
Ypf quality control in fracture set
Conductivity vs. complexity
Ypf’s own sand supply
Ctu and wireline specialists
New technology
Diverters
Frac sleeves
Re-frac
Soluble plugs
Geosteering
Microseismic
Chemical tracers & plts
Development strategy
Drilling
Operational model
Completion design
Logistic
Well productivity
|
|
YPF Unconventional YPF DNA: Factory Model
Know how:
Operational model
• Choke management policy
• Artificial lift design
• Paraffin control (Flow assurance)
Development strategy
Drilling
Completion design
Logistic
Well productivity
|
|
YPF Unconventional YPF DNA: Factory Model
Drilling Development strategy Logistic well productivity completion design
Operational model
completion design
well productivity
• 24 hr logistic control room
• +400 trucks
• Installation of watersupply: Centralized pool + water pipelines
• 100% flexipipe for fracture water
• Proppant Plant in core zone, 100% transportation in bulk sand trucks
development strategy
logistic
know how:
|
|
YPF Unconventional YPF DNA: Factory Model
Know how:
• Telemetry and automation
• Real time optimization
• Facilities standardization
• Lean Six Sigma as an optimization processes
Development Strategy Drilling Completion Design Well Productivity Logistic Operational model
|
|
YPF Unconventional YPF DNA: Factory Model
Continuous Improvement
Development Strategy Drilling Completion Design Well Productivity Logistic Operational model
|
|
YPF Unconventional YPF DNA: Development Cost Results
(MUSD)
$40 $ 35 $30 $ 25 $ 20 $l5 $l0 $5 $0
33,5 25.2 21.1 20.1 17.8
Q3-15 Q4-15 Q1-16 Q2-16 Q3-16
Loma Campana Development Cost (USD/BOE)
47%
Development Cost (S/BOE)
CONTINUOUS IMPROVEMENT
|
|
YPF Unconventional YPF DNA: Well Cost Results MUSD 24 22 20 18 16 14 12 10 8 6 4 2
Fractures +15M USD 47% AVG QE: 9.5M USD
2015 2016
|
|
YPF Unconventional YPF DNA: Drilling Results 2015 / 2016 Loma Campana Drilling Days vs. Depth
LLL 1280 19 days 4707 m
LLL 1402 22 days 5737 m
AVG 2016 29 days 4800 m
AVG 2015 35 days 4697m
Q4 2016 26 days 5007m
AVG 2015 — Q42016 — LLL 1280 LLL 1402 — AVG2016
0.0 1000.0 2000.0 3000.0 4000.0 5000.0 6000.0
0.0 5.0 10.0 15.0 20.0 25.0 30.0 35.0 40.0
Days
|
|
YPF Unconventional YPF DNA: Productivity Results
Wells 2014
Wells 2015
Wells 2016
200 400 600 800 1000 1200
0 50 100 150 200 250 300 350
days
Wells 2014
Wells 2015
Wells 2016
days
70%
oil rate m3/d
oil cum m3
|
|
YPF Unconventional YPF DNA: THE FUTURE…
What we look for? What we need? What we have?
Sustainable VM development at international prices Competitivity
Favorable investment conditions Well productivity well cost work efficiency
Organizational Capacity and Technical Teams with greater knowledge
Better prepared industry and available technologies in the Basin
Vaca Muerta positioned worldwide
|
|
YPF OUR ENERGY Thank you
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: December 19, 2016 |
By: | /s/ Diego Celaá | ||
| Name: Title: |
Diego Celaá Market Relations Officer | |||