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. 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.
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 m³ in 2004 to 45.5 billion. 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. 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). 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. The company's oil production had declined by a further 7%, and gas by 9%, during 2011.
YPF announced the discovery in November 2011 of a 30,000 km² (11,600 mi²) unconventional oil field, Vaca Muerta, with recoverable reserves of up to 927 million barrels. Its reserves of crude and natural gas, not including the new shale finds, fell 60% and 67% respectively between 1999 and 2011.
The firm's new headquarters, the Repsol-YPF tower, was designed by César Pelli and inaugurated in 2008.
Read more about this topic: YPF
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