Investments in Joint Operations and Consortiums (Tables)

12 Months Ended

Dec. 31, 2025

Investments accounted for using equity method [abstract]

Information of Assets, Liabilities and Expenses

The assets and liabilities as of December 31, 2025, 2024 and 2023, and expenses for these fiscal years of the JO and other agreements in which the Group participates are as follows:


		2025								2024								2023
Non-current assets (1)			6,936								6,286								5,246
Current assets			337								579								115

Total assets			7,273								6,865								5,361


Non-current liabilities			245								449								313
Current liabilities			557								769								483

Total liabilities			802								1,218								796


Production cost			2,647								2,395								2,017
Exploration expenses			8								35								10

(1)	Does not include charges for impairment of property, plant and equipment because they are recorded by the partners participating in the JO and other agreements.

Information about Exploration and Exploitation of Joint Ventures and Other Agreements

As of December 31, 2025, the main

exploration

and

exploitation

JO and

Consortiums

in which the Group participates are the following:


Name		Location		Working interest		Operator
Acambuco		Salta		22.50%		Pan American Energy LLC
Aguada de Castro and Aguada Pichana Oeste		Neuquén		40.00%		Pan American Energy LLC
Aguada del Chañar (1)		Neuquén		51.00%		YPF
Aguada Pichana Este - Área Vaca Muerta		Neuquén		16.90%		Total Austral S.A.
Aguada Pichana Este - Residual		Neuquén		27.27%		Total Austral S.A.
Aguada Villanueva (2)		Neuquén		50.00%		Pluspetrol S.A.
Aguaragüe		Salta		53.00%		Tecpetrol S.A.
AUS 105		Argentine Continental Shelf		35.00%		Equinor
AUS 106		Argentine Continental Shelf		35.00%		Equinor
Bajada Añelo		Neuquén		50.00%		Shell Argentina S.A.
Bajo del Toro (2)		Neuquén		50.00%		YPF
Bandurria Sur (2)		Neuquén		40.00%		YPF
CAM-2/A SUR		Tierra del Fuego		50.00%		Enap Sipetrol Argentina S.A.
CAN 100 (3)		Argentine Continental Shelf		50.00%		Equinor Argentina BV (Sucursal Argentina)
CAN 102		Argentine Continental Shelf		50.00%		YPF
CAN 114		Argentine Continental Shelf		50.00%		Equinor Argentina AS (Sucursal Argentina)
Chachahuen		Mendoza		70.00%		YPF
Consorcio CNQ 7/A		La Pampa and Mendoza		50.00%		Pluspetrol S.A.
El Orejano		Neuquén		50.00%		YPF
La Amarga Chica		Neuquén		50.00%		YPF
La Calera		Neuquén		50.00%		Pluspetrol S.A.
La Escalonada (4)		Neuquén		45.00%		VMI
Las Tacanas (2)		Neuquén		50.00%		YPF
Lindero Atravesado		Neuquén		37.50%		Pan American Energy LLC
Loma Campana		Neuquén and Mendoza		50.00%		YPF
Loma del Molle		Neuquén		50.00%		YPF
Magallanes		Santa Cruz, Tierra del Fuego and Argentine Continental Shelf		50.00%		Enap Sipetrol Argentina S.A.
Meseta Nueva Esperanza (2)		Neuquén		50.00%		YPF
Narambuena (5)		Neuquén		50.00%		YPF
Pampa Yeguas I		Neuquén		50.00%		Pluspetrol S.A.
Ramos		Salta		42.00%		Tecpetrol S.A.
Rincon de la Ceniza (4)		Neuquén		45.00%		VMI
Rincón del Mangrullo		Neuquén		50.00%		YPF
Rio Neuquén		Neuquén		33.33%		YPF
San Roque		Neuquén		34.11%		Total Austral S.A.
Sierra Chata Consorcio Chihuido (4)		Neuquén		54.45%		Pampa Energia S.A.

(1)	See Note 11.b).

(2)	See Note 38.

(3)	During 2025, YPF’s interest in CAN 100 changed from 35% to 50% due to the start of the second exploratory period in partnership with Equinor Argentina BV (Sucursal Argentina).

(4)	See Note 3.

(5)	See Note 34.a).