ypf
ypf sociedad anonima (ypf) catches eye: stock jumps 9. 2 %
ypf stock price & news - ypf s. a. adr - wall street journal
ypf sociedad anonima (ypf) looks good: stock adds 5. 4% in session
ypf stock price - ypf s. a. adr stock quote (u. s. : nyse) - marketwatch
investors need to pay close attention to ypf sociedad anonima (ypf) stock based on the movements in the options market lately .
investors in ypf sociedad anonima (ypf) need to pay close attention to the stock based on moves in the options market lately .
ypf said tonight that its directors would hold an emergency meeting on friday. wall street analysts said they remained optimistic about ypf' s prospects .
ypf sociedad anonima (ypf) catches eye: stock jumps 9. 2% 7 / 5 / 2018 8: 44: 00 am - urltoken
in the ypf case, the question is whether public interest is best served by expropriating repsol’s investment in ypf. from a utilitarian point of view, expropriation of ypf is morally right if the overall wellbeing of society increases .
the spanish corporation repsol purchased 98 percent of ypf in 1999. the union of the two companies took on the name repsol ypf. ypf represented 40 percent of the new firm’s reserves and more than 50 percent of its production .
ypf sociedad anonima (ypf) saw a big move last session, as its shares jumped more than 9% on the day, amid huge volumes .
repsol took control of ypf in 1999 and owns 57 percent of its equity .
chevron, ypf form $ 1. 6b jv for argentina shale development - law360
tags: argentina, guillermo pereyra senator, tecpetrol, vaca muerta, ypf argentina .
the move for ypf is likely to have shaken other foreign investors currently in argentina .
a ypf station in buenos aires. the spanish oil company repsol is expected to agree to a compensation agreement with the argentine government for the 51 percent of ypf that argentina expropriated .
integrated energy losses this week: ypf, bp, su, rds. a and imo
ypf was nationalized about two years ago. was it a good idea? what changed ?
news of the crash shook investors. on the buenos aires stock exchange, ypf fell 60 cents to $ 20. 70. on the new york stock exchange, where ypf is traded in the form of american depository receipts, ypf fell $ 1, to $ 20. 25 .
of the march meeting, with special focus on networking. the ypf will provide participants with :
more information regarding application submission, registration, and the program is available on the ypf webpage .
the development of vaca muerta, a top ypf priority, has already attracted about 10 private companies that are drilling exploratory wells, but only ypf has produced oil and gas there so far .
on april 16, 2012 the argentine federal government decreed the intervention of ypf and expropriated of 51% of the ypf shares owned by repsol. repsol had a 57. 4% stake. a tribunal will determine the compensation repsol will receive for its ypf shares. you are required to help the tribunal. what is your best estimation of the compensation that repsol should receive for its expropriated 51% of ypf shares? the case provides you with information and data to answer that question: transactions of ypf shares, analyst valuations of ypf, share price in the nyse .
on monday, ypf sa (ypf: fra) closed at 12. 16, 10. 34% above the 52 week low of 11. 02 set on jul 03, 2018 .
“the agreement is very positive for the country and ypf because it will permit improved investment in energy production in argentina, ” said ypf’s chief executive, miguel galuccio, in a statement on tuesday .
argentina' s ypf sells one billion dollars in 10 - year bonds at 8. 75% rate
structuring repsol' s acquisition of ypf s. a. (a) v. 2. 5
in 2010 argentina started importing fuel for the first time since ypf was privatised in the early 1990s .
ms fernandez is almost certain to have been expecting such fury but nevertheless pressed on against repsol ypf .
tags: apache corp. , argentina, miguel galuccio, pluspetrol, vaca muerta, ypf argentina .
late on tuesday, moody’s investors service said it was downgrading ypf and keeping the company’s ratings on review .
ypf shares gained 23% under darre, trailing the merval benchmark index’s return of 56% . yields on ypf’s bonds due 2025 trade 44 basis points higher than an index of argentina’s corporate bonds compiled by jpmorgan .
ypf sociedad anonima (ypf) is an energy company. the company is operating a fully integrated oil and gas chain. the company operates through the segments, including exploration and production, downstream, and corporate and ot
argentina' s ypf sells one billion dollars in 10 - year bonds at 8. 75% rate — mercopress
[ 4 ] “ la jueza ordenó que ypf entregue el contrato completo con chevron. ” infobae. march 2016
as of tuesday’s market close, ypf’s market capitalization was $ 10. 4 billion, according to reuters data .
“we need ypf’s objectives to match argentina’s objectives... the state is the solution, ” kicillof said .
analysts say many investors are buying ypf stock because the company' s assets far exceed the government' s sale price. ypf accounts for 48 percent of argentina' s oil production and 64 percent of its natural - gas production .
operator and joint venture partner ypf drilled 58 wells there in 2016, and the project is now ramping up steadily .
ypf is working and investing to increase production with the aim of meeting the challenge of regaining energy self - sufficiency .
). argentina took a 51 percent stake in ypf while the rest is traded on the new york stock exchange .
the results publication coincides with the day repsol is set to receive argentine dollar - denominated bonds for the ypf settlement .
[ 2 ] cristina fernandez de kirchner “ discurso del proyecto de ley de expropriacion de ypf. ” 17 april 2012 .
repsol owns 57 percent of ypf and said monday that it would study “all legal options available” to defend its interests and those of shareholders against a forced sale. it was not immediately clear how ypf’s shareholders, which include argentina’s eskenazi family, would be affected by the takeover. a tribunal would determine how much compensation that repsol and other shareholders would receive for their ypf shares .
spain has warned argentina that it will face retaliation over its decision to nationalise the spanish majority stake in the ypf oil company .
the government took over the management of ypf with immediate effect and the bill on expropriation is being presented to the argentine congress .
argentina' s state - owned oil company ypf sa said on wednesday its electricity unit, which recently received investment from general electric, would invest $ 1 billion through 2020, though talks with a potential third partner have stalled. in february, ypf announced it had sold a 24. 99 percent stake in its ypf energia electrica unit to ge for $ 276 million .
we do not have an open process ,
ypf chairman miguel gutierrez told reporters, referring to the search for a third party .
ypf sociedad anónima announces commencement of tender offer for cash for any and all of its 8. 875% senior notes due 2018
during the european debt crisis in early 2012, spain received upsetting news from argentina: president cristina fernandez kirchner announced the renationalization of the 51 percent of shares of ypf from spanish shareholder repsol. ypf is argentina’s largest oil and gas company. following ypf, other latin american countries, such as bolivia and venezuela, also announced plans to nationalize foreign - invested oil and gas companies .
under contract terms, ypf makes a down payment of 50 million dollars and the rest is delivered in 30 days. houston based apache corporation has interests in the provinces of neuquen, rio negro and tierra del fuego, which as of now come under ypf .
the ypf is specifically dedicated to early - career physicists who are working in the u. s. and brazil in any of the
supporters of the expropriation have been celebrating in buenos aires, waving placards that read
ypf - we' re going for everything
.
ypf has so far invested about $ 8 billion in vaca muerta, mainly geared to de - risking the province through the pilot projects .
the governments have allowed transnational corporations to control the oil market since 1989, handing over the country’s energy sovereignty. repsol ypf’s largest field in
the state - controlled company would lower its 2016 budget from this year’s $ 6 billion, mainly in operations at the vaca muerta shale formation, a ypf official said, asking not to be named as the company’s business plan has yet to be approved. the next administration plans to lower the nation’s crude price to $ 66, triggering the ypf budget cut, said an official from provinces which own shares in ypf .
last year ypf produced about 270, 000 barrels of oil a day. it has about 1 billion barrels of proven oil reserves and another 10. 9 billion cubic feet of natural gas. in 1992, ypf earned about $ 250 million on about $ 4 billion in sales .
ypf in collaboration with unions and oil field service companies devised the technical training and productivity program, which has already trained more than 45, 000 workers directly or indirectly involved in ypf’s activities. new recruits and the personnel of contractors and suppliers working at ypf facilities are regularly trained either in the classroom or through the e - learning program. at ypf our people’s safety is a top priority that has been reflected in the management system through the “six golden rules” policy: shared commitment, safe driving, work permits, excavation works, work at heights and lifting operations .
for repsol, meanwhile, ypf has come to account for a third of its profits and 42 percent of its estimated reserves of crude oil .
shell has partnered ypf with a 50% stake in the bajada de anelo area, committing to investing $ 300 million on a pilot project .
he said that securing control of ypf was central to fernandez fulfilling her reelection campaign promise of “deepening the model” for her state - centric policies .
as of june 27, ypf (ypf) had fallen the most this week, by ~ 14. 6% from $ 16. 74 to $ 14. 30, below its 50 - day and 200 - day moving averages of $ 19. 23 and $ 21. 85 .
this is a decisive moment for argentina: with the expropriation of ypf, it is confirming its isolation ,
says jorge castro, a political analyst in buenos aires .
the arbitrary confiscation of ypf from repsol, which broke international law, will alienate argentina from the world .
final thoughts despite the huge disruption in the stock price and the worries that followed expropriation, the overall impression is that the move was positive for ypf and argentina. it is hard to imagine how things would have evolved without these events, but certainly ypf' s position keeps on improving .
bandurria sur, which borders the loma campana block where ypf is partnered with chevron, was one of 10 new vaca muerta areas targeted by ypf for pilot drilling programmes, mainly in the dry gas window. the argentine company’s upstream spending on natural gas overtook oil for the first time in 2016 .
) bid farewell on wednesday to 15 years of business in argentina with the $ 1. 3 billion sale of a stake in energy firm ypf (
the spanish government has said the nationalisation of ypf could severely damage the
friendship ties
between both countries, and has warned it will retaliate .
the seizure of ypf follows this trend and for some analysts it could mark a precedent for the other foreign - run oil companies in the country .
the other ypf operation with pluspetrol is the result of acquiring the apache assets, some of which are linked to the argentine private company. under the agreement with pluspetrol, ypf sells exploration and production rights over 1. 240 square kilometers in the vaca muerta area for the price of 217 million dollars .
deputy economy minister axel kicillof - who has taken charge of ypf - told senators the government would not be meeting repsol' s full demand for compensation .
ypf’s cost of drilling vertical wells could drop by more than 20 percent over the next few years to around $ 5. 5 million, he said .
last year repsol sold its liquefied natural gas (lng) business, under pressure from credit rating agencies to shore up capital after the loss of ypf .
the $ 16 billion acquisition of argentina' s ypf sa by repsol sa, the spanish oil company — is nearing the halfway mark in its month - long tender period. repsol already owns 15 percent of ypf' s shares, purchased from the argentine government in january for $ 2. 01 billion .
likewise ypf announced it had sold pluspetrol exploration and production rights over 1. 240 square kilometers at the vaca muerte shale deposits area for 217 million dollars .
, energy development, and the public interest, argentina may yet have violated the bilateral investment treaty with spain. it is not a coincidence and is unjustifiable that argentina took control of its natural resources immediately after repsol ypf announced its new discovery of shale oil and gas. however, despite the arguments against nationalization, most argentinians support the renationalization of ypf. some may have been manipulated by government propaganda, but most genuinely believe the state should take ypf back from repsol .
the bond issuance is ypf’s third major bond sale since october when it sold 150 million, followed by 500 million of five - year global bonds in december .
and for some economic analysts, the decision to put ypf back into state control could bring more woes than real solutions for the country' s energy crisis .
before privatisation, ypf was argentina' s flagship oil company. the move to bring it back under state - control will prove popular amongst the government supporters .
ypf, like many of argentina' s state - owned companies, was a bloated and inefficient enterprise that lost an average of $ 1 billion annually in the 1980s. to prepare the company for sale, argentina cut ypf' s work force from 52, 000 to 10, 600 and decentralized many of its operations .
for months, the central government and provincial officials have pressured ypf to raise its investments in argentine production. the government’s tactics had included revoking concessions for coveted fields .
madrid - based repsol has been seeking growth opportunities in exploration and production as it tries to increase hydrocarbons output. ypf had accounted for over half of repsol’s production .
buenos aires (bloomberg) - - ypf, argentina’s state - controlled energy firm, named total managing director ricardo darre as ceo to lead the country’s biggest company .
mr. estenssoro restructured ypf from top to bottom, engineering its $ 3 billion privatization in 1993, installing a team of expert managers and reducing its work force to 5, 600 employees from 52, 000. his death came at a critical time for ypf, the world' s 13th - largest investor - owned oil company .
when president hipolito yrigoyen founded ypf in 1922, it was the first entirely state - owned oil company in the world. due to mismanagement and embezzlement in the 1970s and 80s, the company suffered significant annual losses, and many employees were fired. to reverse the situation, president carlos menem initiated the privatization of ypf in 1993 .
little more than a year ago president cristina fernández de kirchner announced the nationalisation of ypf, an oil company owned by spain’s repsol. ms fernández called it a victory for “energy sovereignty”, claiming that repsol had plundered its argentine holding for quick profits without investing in exploration or development. but on july 16th, after a year in which ypf’s oil and gas production continued to disappoint, the government announced that it had agreed on a big joint venture between ypf and a different foreign oil giant, chevron .
analysts at rbc capital markets in london said in a note to clients that a deal with ypf would be “strongly positive” and would give repsol cash to pursue potential acquisitions .
repsol' s argentine partner, the eskenazi family' s grupo petersen, has a 25. 5% stake in ypf which will not be affected by the nationalisation .
argentine president cristina fernandez seized a 51% stake in ypf from spain’s repsol sa in 2012 after she claimed the spanish oil company hadn’t invested enough in exploration and production .
ypf has a promising tight gas project of its own in development in the shape of sierra barrosa, within the older concession of the mature gas giant loma la lata .
on thursday, ypf signed a non - commercial memorandum of understanding with mexico’s national oil company pemex [ pemx. ul ] and malaysia’s petronas [ petra. ul ] .
in the next months, the parties will negotiate the definite agreements. schlumberger will acquire a 49% interest in the joint venture, while ypf will retain 51% .
problem: argentina has destroyed its chances of not only regaining energy self - sufficiency but also of developing its significant hydrocarbon resources due to the nationalization of ypf - repsol .
rio de janeiro — argentina’s president, cristina fernández de kirchner, announced on monday that the government would seize a majority stake in ypf, the nation’s largest oil company .
ypf has been under pressure from fernandez’s center - left government to boost oil production, and its share price has plunged in recent months on speculation about a state takeover .
brufau’s predecessor, alfonso cortina, bought 98 percent of ypf in 1999 with a view to turning refining - focused repsol into a big league integrated oil and gas player .
government officials contend ypf could earn $ 600 million in profits this year and $ 1 billion in 1994, when an oil pipeline is completed linking argentina and chile. market sources say that investors realize these figures are probably inflated but that they expect the company to be highly profitable. ypf earned about $ 70 million in the first quarter of 1993 .
he accused argentina of running a campaign of
harassment
in recent weeks in order to push down the price of ypf shares and get a bargain price for the expropriation .
the ypf takeover was one of several forays by spain’s largest banks and industrial companies into latin america. these investments have recently helped soften the blow of crumbling earnings at home .
in march, ypf acquired the maxus energy corporation of dallas for $ 740 million. the purchase of maxus, which was struggling with a burden of about $ 1 billion in debt, was part of mr. estenssoro' s strategy to build ypf into an international oil and natural gas enterprise. he had announced plans to spend about $ 1 billion on exploration and development to increase ypf' s oil production to 450, 000 barrels a day by the end of this year, or nearly twice the level of 1992 .
services giant schlumberger also signed a memorandum of understanding with ypf, showing interest in taking equity in the bandurria sur area and investing $ 390 million through an integrated management project .
repsol’s brufau said he suspected nationalization of ypf was imminent when he tried to contact fernandez last friday and was told that the president “was angry” and did not want to speak .
energy experts warned that the expropriation of ypf could curb the activities of companies seeking to replicate in argentina the rapid increase in shale oil production that is happening in the united states .
ypf paid a $ 50 million deposit on the transaction, which is expected to be completed in the next 30 days. the transaction is subject to customary post - closing adjustments .
last month, repsol agreed to end its legal battle with argentina over the expropriation of its ypf stake in exchange for argentine government bonds valued at about 5 billion. ypf officials are hopeful the deal will clear the path for the argentine company to attract fresh investment in the country’s vast and largely untapped shale - oil and gas fields in vaca muerta, neuquén province .
), which follows a $ 5 billion settlement with argentina over its 2012 expropriation of a 51 percent stake in ypf from repsol, ends a thorny chapter in the spanish company’s history .
“mr. brufau has executed everything he had set out to do after ypf was expropriated, from making asset disposals to strengthening the balance sheet, ” raymond james analyst bertrand hodee said .
argentina' s ypf agreed on wednesday to pay 852 million dollars for all of apache operations and assets in the country, making the government managed company the largest operator of natural gas .
paid to overseas investors, and declining investment in further exploration, as the reasons for nationalizing ypf. the president further claimed repsol had taken most of the company’s profits back to spain, leaving argentina without resources to develop new energy sources. argentina’s senate approved the takeover of ypf on april 26, 2012, with 63 votes in favor of the measure, three opposing, and four abstentions. the chamber of deputies in turn approved the bill on may 4 with 208 votes out of 257. president kirchner signed ypf’s renationalization into law on may 5, 2012 .
the agreement, signed in ypf´s offices in buenos aires involves a usd 390 million phased investment by schlumberger, which includes a material contribution in kind of its services at market price. the block will continue to be operated by ypf. in addition, the commitment foresees the execution of different technical studies, the drilling of 26 pilot wells, and the construction of new infrastructure .
to address repsol’s concerns, argentina agreed that the debt it owes for the ypf expropriation would not be extinguished until the bonds are paid off or repsol makes $ 5 billion selling the bonds .
argentina’s nationalized oil and gas producer, ypf, sold 1 billion dollars in a bond sale on tuesday, the company said in a statement. the 10 - year bonds will pay 8. 75% interest and were five times oversubscribed, ypf said. the u. s. dollar - denominated securities were issued under argentine law and was considered a great success by the company .
argentina' s oil corporation ypf said it reached a preliminary deal with shell last month to develop oil and gas assets in the vaca muerta involving a us $ 300 million investment from shell .
morgan stanley placed the ypf stake in a block trade in the market overnight, spokesman michael wang said. earlier, repsol issued a statement saying it had sold the stake to morgan stanley .
the ypf takeover sends a chilling message, says boris segura, a latin america analyst at new york investment bank nomura .
the hostile business environment in argentina has kept investors away for a while ,
mr. segura says .
even if ypf does not represent the beginning of a politics of expropriation, the damage is done: argentina is perceived as a risk .
another goal was to draw international investments, and the company managed to do so despite the circumstances. ypf made its first deal in the midst of the argentine government' s dispute with repsol
amid applause and cheers, argentina' s president cristina fernandez de kirchner put an end to months of speculation when she announced moves to nationalise ypf, the country' s biggest oil company .
apache has a daily production of 46. 800boe and proven reserves of 135 million boe, a staff of 350 and an important infrastructure. for ypf this means a 14% increase of its hydrocarbons reserves and a 15% increase in natural gas production. particularly interesting is the medanito light oil, excellent for refineries, and the fact that ypf can now return to the austral basin
but ypf cites two reasons why it has had to pay money out, rather than spend it on drill - heads. the first is that in 2007 the government concocted a scheme in which enrique eskenazi, a bank owner who had previously dealt with kirchner, would buy a 15% stake in ypf (later raised to 25 %). because he put up precious little cash, the company and a group of banks lent him the money. ypf then agreed to dole out 90% of its subsequent profits in dividends so that he could afford to pay it back .
in this morning' s lineup are three major industry players, namely: royal dutch shell plc (nyse: rds - b), total s. a. (nyse: tot), and ypf sociedad anonima (nyse: ypf). on thursday, shares in the hague, the netherlands headquartered royal dutch shell plc recorded a trading volume of 1. 30 million shares .
this is an excellent opportunity to add to ypf assets an active operation with significant reserves of conventional gas and non conventional resources, said miguel galuccio, the company' s ceo in a release .
the takeover of ypf in 1999 by repsol, spain’s former national oil company, helped turn repsol into a sizable international player. while repsol subsequently made investments in other emerging markets, it also sold part of its brazilian business to sinopec of china in 2010. over all, ypf accounts for about two - fifths of repsol’s estimated reserves of crude oil and one - third of the company’s profits .
taking over ypf offers ms fernández both financial and political benefits. she can divert its $ 1. 3 billion a year in profits, burden its minority shareholders with 49% of the losses from the government' s energy imports, stuff it with patronage jobs and choose its suppliers. she may have visions of an oil boom fuelled by ypf' s huge recent finds of shale oil and gas. and, like the falkland islands, ypf is seen as a symbol of national sovereignty. argentines will surely rally to the cause, and the bill is expected to pass congress by a landslide .
ypf' s track record has been somewhat mixed of late. last year, the oil company failed to meet analysts' expectations when it reported net income of $ 538 million, down from $ 743 million in 1993, and $ 4. 2 billion in revenues. for this year' s first quarter, ypf reported net income of $ 177 million on sales of $ 1. 05 billion .
while the company’s main focus is boosting oil and gas production at home, galuccio said ypf may seek to invest in mature fields in mexico following a major energy overhaul in that country earlier this year .
galuccio said ypf has taken on exploratory blocks in bolivia and plans to drill an offshore well in uruguay next year. the firm will “probably” sign a joint venture in ecuador next week, he added .
repsol officials maintain company statutes state that if any one party acquires a 15 percent stake of the stock held by repsol, the acquisition triggers a mandatory purchase of repsol’s entire 57 percent stake, rather than the 51 percent sought by the argentines. repsol officials calculate compensation by multiplying ypf’s highest price earnings ratio from the previous two years using its earnings per share in 2011 and arrive at a price of us $ 10. 5 billion for 57 percent of ypf. argentine deputy economy minister axel kicillof rejected these demands, claiming that with debts of nearly $ 9 billion, the book value of ypf was us $ 4. 4 billion at the end of 2011. ypf’s total market capitalization on the day of the nationalization announcement was $ 10. 4 billion. repsol claims that argentina’s government drove down ypf shares ahead of the announcement (market price of the shares declined by more than half from february to april 2012), and repsol chairman antonio brufau estimates the company’s potential loss at $ 7. 5 billion .
mr. estenssoro was the chief executive and president of ypf s. a. of argentina. he was widely respected throughout latin america for transforming ypf, which was a heavily subsidized state monopoly when he assumed control in 1990, into a model of efficiency. that model is expected to be imitated as other latin countries privatize their oil companies, which long have been important symbols of national pride and heritage .
under mrs. kirchner’s plan, which she announced on national television, argentina’s government would take a 51 percent controlling stake in ypf, which is now majority - owned by a spanish energy company, repsol ypf. of that new stake, argentina’s central government would get 51 percent and the country’s provinces 49 percent. the plan is part of a bill submitted to argentina’s congress that is widely expected to be approved .
management when you' re looking into a potential investment, management is a key consideration. ypf' s ceo, miguel galuccio, is a former schlumberger executive and was appointed by argentina' s president .
ricardo darre, ceo of ypf sa, has resigned as argentina’s largest oil producer prepares to sell at least $ 1 billion in assets and focus on developing the world’s second - biggest reserve of shale gas .
when ypf was expropriated, the government appealed to argentina’s popular sentiment that it was done in the national interest of recovering energy independence. at that time i had written that this was akin to putting the cart ahead of the horse. the country had lost energy self - sufficiency as a result of wrong energy policies. to recover self - sufficiency you first have to change energy policies — not just for ypf, but for the remaining actors as well that represent the other two thirds of hydrocarbon production. if you take control of ypf and apply the same misguided energy policies you will have a chronicle of a failure foretold .
likewise, the relationships formed at this conference have the potential to last throughout the participants’ professional lives. as the ypf participants will have already begun attending the annual aps march meeting, they are likely to maintain connections over the years, as they continue to attend these aps meetings and international conferences in related subfields. consequently, the ypf has the potential to lead to many fruitful interdisciplinary and / or international networks and collaborations .
madrid (reuters) - an incensed spain threatened swift economic retaliation against argentina on tuesday after it unveiled plans to seize ypf, the south american nation’s biggest oil company which is controlled by spanish energy group repsol .
shares of ypf were trading friday at $ 43. 30, up from $ 33 just before repsol made its bid, but they have also been boosted by a surge in crude oil prices that should translate into higher earnings for oil producers. that' s another reason the offer looks good, because should oil prices weaken again, some of ypf' s recent gains could
evaporate ,
mr. panigrahi said .
in the ypf case, argentina’s government emphasized the utilitarian and rawlsian arguments. the government restricted imports of countless other products to cope with the energy industry’s effects on its trade balance, making it harder for citizens to
we are very pleased to become partners with a company like pluspetrol which is highly professional and which was the only company that together with ypf reversed the decline of oil and gas output in 2013, underlined galuccio .
darre, the head of the u. s. exploration and production unit since august 2014 at france’s largest oil company, will start july 1, according to an emailed statement from buenos aires - based ypf .
according to the agreement, repsol would receive $ 5 billion worth of guaranteed argentine government bonds for the 51 percent of the energy company ypf that argentina expropriated. in return, it would drop its legal claims over the matter. the legal claims include lawsuits in the united states and spain against chevron, which invested in an argentine shale gas joint venture with ypf in an area of argentina called vaca muerta, or dead cow .
shares of repsol ypf fell 49 euro cents on friday, or 2. 73 percent, to 17. 47 euros. the stock has been tumbling since the start of the year, in large part reflecting concerns among investors about the future of ypf, as the government in buenos aires gradually intensified its criticism of repsol, accusing the company of not investing enough in argentina and instead paying too much of its profits in dividends .
this wednesday, urltoken has initiated reports coverage on the following basic materials equities: royal dutch shell plc (nyse: rds - b), total s. a. (nyse: tot), ypf sociedad anonima (nyse: ypf), and reliance steel & aluminum co. (nyse: rs). all you have to do is sign up today for this free limited time offer by clicking the link below .
argentina’s latest debt default earlier this year will not impact ypf’s ability to seal deals with other oil companies or negatively affect its upcoming 1. 3 billion peso ($ 154 million) local bond issuance, galuccio emphasized .
ypf is the leading energy company of argentina, producing 43% of the total oil and gas in the country and supplying 56% of the fuel markets through a network of 1500 gas stations and other assets. ypf is leader in the production of unconventional resources. it is an integrated energy company that generates a large offering consisting of natural gas, electricity, fuels, petrochemicals, lubricants and products for agriculture, among others. urltoken
n ationalizing ypf has strong parallels with the policies pursued by cristina fernández de kirchner and, before her, by her husband (since deceased) néstor kirchner in regard to agriculture. the ft’s front page article claimed :
the move to renationalize ypf, which was privatized in 1992, spurred the european union to announce it would limit imports of argentine biodiesel. the us and other countries condemned the expropriation: even neighboring brazil expressed concern .
“this is an extraordinarily high dividend in the world oil industry. in the past decade, ypf’s reserves diminished significantly, along with those of most oil companies operating in argentina, because investment in exploration was greatly reduced. ”
houston, april 12, 2017—schlumberger president of operations, patrick schorn, and ypf chairman, miguel ángel gutiérrez, signed today an agreement to start a shale oil pilot project in bandurria sur block in vaca muerta, neuquén .
fernandez said on monday the government would ask congress, which she controls, to approve a bill to expropriate a controlling 51 percent stake in ypf by seizing shares held exclusively by repsol, saying energy was a “vital resource” .
ypf will turn more to natural gas as it pulls back from shale, two provincial officials said, asking not to be named as the adjustments will be announced in december when a new president replaces cristina fernandez de kirchner .
cquired control of ypf in 1999 and managed to hold 99% of ypf' s capital stock until 2008, when, by the initiative of then - president nestor kirchner, argentine company petersen energia bought 25% of the capital stock. then, two years ago, argentina issued the expropriation law and took 51% of repsol' s stock by declaring it of
public interest .
repsol still holds a 12% stake in the company .
on december 9 th, 2012, ypf announced it was in talks with norway’s statoil to start a potential partnership. argentina is close to signing deals with chevron, the us oil major, and bridas corp, the sino - argentine joint venture. these deals are crucial if argentina, lacking its own capital, is to develop its massive energy reserves. will argentina succeed in securing these deals after the country nationalized ypf from spanish oil company repsol ?
madrid — the spanish government warned on friday that it would take unspecified retaliatory measures against argentina if it proceeded with plans to take back control of ypf, the large oil and gas producer, from repsol, its spanish parent .
“ypf and its [ joint venture ] partners continue to decrease drilling and completion costs aiming to move into ramp - up and development phases, ” horacio cuenca, wood mackenzie research director for latin america, said in a statement .
seizing ypf appears to be a popular move in argentina, where caps on residential energy prices and a growing economy have helped push energy demand to new highs. argentina’s oil production has declined in the last decade as regulatory uncertainty persisted over price caps and the policies over profit remittances. many argentines still resent the privatization of state - owned companies in the 1990s, so taking on ypf gives mrs. kirchner the opportunity to go after a symbol of that time .
“bringing a new partner like schlumberger to vaca muerta is strategic for ypf because they offer vast experience in the most important unconventional plays around the globe and a work team that facilitates strengthening our know - how, ” stated gutiérrez when signing the agreement. he also highlighted: “this joint venture, in addition to those signed with other large corporations, reaffirms ypf’s leadership in developing unconventional resources and our commitment to continue working in the pursuit of energy self - sufficiency. ”
the government needs the ypf sale to be a success not only for economic reasons but for political reasons. menem needs it for re - election ,
said carlos orda, an oil expert with ipfua, an argentine brokerage firm .
if you plan to attend the aps march meeting 2016, there should be no additional travel expenses beyond two extra nights at your hotel, and financial support for those expenses is available. see the ypf website and application for full details .
for foreign investors, the fight with repsol has loomed large: not only did it serve as a cautionary tale, but repsol issued legal threats against other oil companies interested in the asset, which was discovered while ypf was its subsidiary .
fernandez, pablo, valuation of an expropriated company: the case of ypf and repsol in argentina (november 21, 2015). iese business school working paper no. wp - 1055 - e. available at ssrn: urltoken or urltoken
however, argentina’s financial crisis in 2001 and 2002, and the election of populist president nestor kirchner in 2003, led to higher taxes and price caps, which meant ypf received well below world prices for the oil and gas it pumped .
retail gasoline prices have subsequently nearly doubled from 5. 50 pesos per liter at the time of the expropriation to 10. 6 pesos now. ypf' s retail gasoline pricing is now in line with prevailing international and regional market prices .
the argentinian government moved to expropriate the controlling share of spanish repsol in ypf through the ley de soberanía hidrocarburífera, promulgated in 2012. ostensibly, the purpose of the nationalization, as stated by cfk herself, was to secure state control over energy resources in the public interest and ensure investment in production, rather than dividends. [ 2 ] despite the rhetoric, nationalized ypf entered into joint ventures with both chevron and dow chemical, as well as petronas, gazprom, and sinopec, to develop separate concessions in neuquén. [ 3 ] private spending in argentina’s energy sector actually increased in 2012 and 2013 as presented in figure 2. in total, ypf and chevron have invested $ 2. 5 billion usd since 2012 .
the sale is a magnificent success ,
said chris ecclestone, a stock - market analyst in buenos aires .
this has exceeded all expectations. foreign investors obviously think that ypf' s future earnings are going to be high .
by law, the argentine government must use about $ 2 billion from the ypf sale to pay off debt owed more than 1 million pensioners. paying off the pensioners before the october elections is a key part of menem' s political strategy .
ms fernández accused repsol of “emptying” ypf. but analysts and industry executives said the real culprit for argentina’s loss of energy self - sufficiency and ballooning imports bill was the government’s failed energy policy, which set domestic prices at well below international levels .
a chinese website said sinopec was in talks with repsol to buy ypf for more than $ 15 billion, although other sources said the nationalization move would probably get in the way of such a deal. sinopec dismissed the report as a rumor .
the policies after the expropriation, the first policy applied to ypf and the industry in general was to increase all prices, from upstream to downstream. the reasoning is simple: better pricing helps bring profitability, increase production, and attract investments .
meanwhile, the price at which ypf sells natural gas in argentina (particularly to the residential sector) is substantially lower than regional market prices for natural gas. however, prices are rising as the government progressively reduces subsidies and raises price caps .
buenos aires, argentina (bloomberg) - - argentina’s ypf sa will cut spending by as much as 20% next year if a new administration lowers the domestic oil price nearer to international levels, according to three people familiar with the plans .
if ypf’s policy continues—draining fields dry, no exploration, and practically no investment— the country will end up having no viable future, not because of a lack of resources but because of business policies... . our goal is for ypf to be aligned with the interests of the country. when corporate interests are not aligned with national interests, when companies are concerned only with profits, that’s when economies fail, which is what happened globally in 2008 and what happened to argentina in 2002 .
buenos aires, argentina, april 24, 2018 - - ypf sa announced that it has filed its annual report on form 20 - f for the fiscal year ended december 31, 2017, with the us securities and exchange commission, ...
fernández framed the ypf renationalization as central to fulfill her campaign pledges to tighten the interventionist policies in order to rescue the economy. ypf was an iconic symbol of national pride, and the cash - strapped government would love to have its revenues, estimated at $ 1. 3 billion a year. fernández’s measures were popular with ordinary argentines. many of them blamed free market reforms such as privatization of the 1990s to be a cause of the economic devastation of the 2000s. not surprisingly, the ypf renationalization bill passed congress by a landslide. in may 2012, fernández signed the measure into law and formally (re) nationalized— for the time being without compensation—repsol’s assets, which according to repsol would be valued at more than $ 9. 3 billion .
ypf sa engages in the exploration, production and distribution of oil and gas. it operates through the following segments: exploration and production, downstream, gas & power, and corporate and other. the exploration and production segment includes contractual purchases ...
the governments of president cristina fernandez de kirchner and her late husband nestor kirchner have undoubtedly held back shale investment. in 2012 president cristina kirchner nationalized ypf, an oil company that was majority owned by the spanish oil company repsol. in a brutal expropriation, the argentinian government seized repsol’s majority stake in ypf, which culminated in a $ 5 billion settlement last year. at the same time, bad memories from a wave of industry privatization in the 1990s made kirchner’s decision to reclaim “energy sovereignty” a popular move .
oil and gas companies will welcome the change in government, as they weigh investments in the vaca muerta. the timing of political change could be fortuitous, as the billions of dollars in investment from ypf and chevron have already demonstrated the formation’s tremendous potential .
p resident cristina fernández de kirchner has continued populist policies with the oil industry, and with petrochemicals priced below market rates they are being used unsustainably. now that spain’s repsol management has been ousted, and even banned from the ypf building, not merely the prices but the actual operations of ypf will be politicized. the model for this is the politicization of the administration of pdvsa after the failed coup against hugo chavez, which latter oil company has declined in efficiency continuously since the ouster of its experienced management .
ypf faces obstacles to attracting more collaborators. for one thing there is runaway inflation and a distorted exchange rate. more pressing is the government’s unfinished business with repsol. argentina has yet to compensate the company a peso for the $ 10. 5 billion it claims it is owed. last year, anticipating its deal with ypf, repsol sued chevron in spain and the united states; on july 24th it sought an injunction to halt the deal. keeping the lights on in argentina is not getting any easier .
the warning came as josé manuel garcia - margallo, the spanish foreign minister, also announced that spain had called on the european commission, the united states treasury and other governments in latin america to support spain in its efforts to prevent the nationalization of ypf .
mrs. kirchner has already nationalized argentine airlines and pension funds, while also pressuring companies here to repatriate export proceeds in an effort to slow capital flight. seizing control of ypf sends a new signal about argentina’s policies toward foreign investment, especially in the energy sector .
fadel gheit, a senior oil analyst at oppenheimer & company in new york, said the perception of financial risk associated with argentina had increased considerably after mrs. kirchner’s move to take over ypf, particularly in comparison with other countries where companies are pursuing shale deposits .
“i’m proud and excited to have been selected to contribute to ypf’s development, ” darre said in the statement. “the company has great geological areas and a solid industrial base that is highly competitive in all stages of the process, from wells to our clients. ”
despite the fact argentina is rich in natural resources, the country has gone from being a net exporter to a net importer of energy in recent years. its international energy trade experienced an imbalance of $ 3 billion in 2011, the first negative figure since 1987. the government blamed repsol for underinvestment in exploration at ypf. indeed, repsol’s investments into ypf were lower than in its other subsidiaries, falling from 30 new wells in 1998 to eight in 2010. its reserves of crude and natural gas also fell 67 percent in 2011 .
patrick schorn commented, “we are very pleased with the opportunity of working more closely with ypf. by leveraging our reservoir knowledge and track record in unconventional completions, we expect to create operational efficiencies and further reduce development costs in the world - class vaca muerta play. ”
ypf , the initials of yacimientos petrolíferos fiscales ; english : " fiscal oilfields " , 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 hipólito 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 . 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 , among others , by foreign oil trusts against yrigoyen . 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 fernández de kirchner . the government of argentina eventually agreed to pay $ 5 billion compensation to repsol . 
ypf, the initials of yacimientos petrolíferos fiscales; english: " fiscal oilfields ", 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 hipólito 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. 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, among others, by foreign oil trusts against yrigoyen. 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 fernández de kirchner. the government of argentina eventually agreed to pay $ 5 billion compensation to repsol.
ypf, the initials of yacimientos petrolíferos fiscales; english: " fiscal oilfields ", 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 hipólito 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. 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, among others, by foreign oil trusts against yrigoyen. 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 fernández de kirchner. the government of argentina eventually agreed to pay $ 5 billion compensation to repsol.