Who Owns YPF Company?

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Who owns YPF?

Understanding YPF's ownership is key to grasping its strategic direction. A major shift occurred in 2012 with its renationalization, returning control to the Argentine state.

YPF, Argentina's energy giant, was initially founded as a state enterprise in 1922. Its journey includes periods of privatization before its significant renationalization in 2012.

As of 2024, YPF holds a substantial 36% share of Argentina's oil market and produces around 29% of its natural gas. The company's operations span the entire energy value chain, from exploration to distribution, and it also engages in petrochemicals and electricity. Analyzing YPF's market position often involves frameworks like YPF Porter's Five Forces Analysis.

YPF was established on June 3, 1922, as the world's first state-owned, vertically integrated oil company. Its creation was driven by the Argentine government's goal to secure energy sovereignty and manage its oil resources, especially after the discovery of oil in Comodoro Rivadavia. The Argentine state held 100% ownership at its inception.

Energy Sovereignty

The primary objective for establishing YPF was to ensure Argentina's control over its strategic oil resources.

State-Funded Entity

YPF's initial capital and operational funding were directly provided by the Argentine government.

Enrique Mosconi's Vision

Appointed in 1922, Enrique Mosconi championed economic independence and the nationalization of oil supplies.

Public Good Philosophy

Mosconi viewed oil as a public good, advocating for infrastructure like refineries and distribution networks.

Early Challenges

Despite production increases, YPF faced significant competition from private companies, notably Standard Oil.

Governmental Framework

Early governance was established through governmental decrees and laws, reflecting its state-owned status.

The founding of YPF was a strategic move by the Argentine government to assert control over its burgeoning oil industry. President Hipólito Yrigoyen's administration established the company on June 3, 1922, recognizing the importance of domestic oil production following the 1907 discovery. Enrique Mosconi, appointed as the first director, was a key figure in shaping the company's direction, advocating for nationalization and the development of essential infrastructure to reduce reliance on foreign entities. His leadership emphasized oil as a national asset. The early years were marked by YPF's efforts to compete with established international oil companies, even as production levels grew. Understanding the Revenue Streams & Business Model of YPF provides context for its operational strategies during this foundational period.

Founding Principles of YPF

YPF's establishment was rooted in securing national energy independence and managing vital resources.

• Established as the world's first state-owned, vertically integrated oil company.
• Founded on June 3, 1922, by the Argentine government under President Hipólito Yrigoyen.
• Driven by the discovery of oil in Comodoro Rivadavia in 1907.
• Enrique Mosconi served as the first director from 1922 to 1930.
• Mosconi advocated for economic independence and nationalization of oil.
• The Argentine state held 100% ownership at its inception.

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YPF's ownership journey began with state control, transitioning to privatization in 1993, followed by a significant acquisition by a Spanish firm, and ultimately a renationalization in 2012, reshaping its stakeholder landscape.

The history of YPF ownership reveals a dynamic interplay between state interests and private investment, significantly influencing the company's operational focus and strategic direction.

YPF Ownership Structure

As of 2024-2025, the Argentine government is the primary owner of YPF, holding a substantial majority stake. This structure impacts the company's alignment with national energy objectives.

• Government of Argentina: Holds 51.01% of shares.
• Publicly Traded Shares (Floating): Constitute the remaining 48.99%.
• American Depositary Shares (ADSs): Represented approximately 37% of total Class D shares as of March 20, 2023.
• Market Capitalization: Approximately $12.74 billion USD as of March 2025.
• The company's strategy is now heavily focused on national energy goals and developing key resources like the Vaca Muerta shale field. Understanding who owns YPF is crucial for grasping its operational priorities and its role within Argentina's energy sector. For a deeper dive into the competitive environment, explore the Competitors Landscape of YPF.

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As of July 2025, YPF S.A.'s Board of Directors reflects its mixed-ownership status, with representation from both the Argentine government and private shareholders. Horacio Daniel Marín leads as CEO and Chairman of the Executive Board, appointed in December 2023. Key executives include Federico Barroetavena as CFO and Mauricio Alejandro Martín as EVP, Downstream.

The voting power within YPF is primarily determined by its share classes. The Argentine federal government, holding 51.00% of Class D shares, exercises significant control, a stake solidified by the 2012 Expropriation Law. This law mandated the expropriation of 51% of YPF's share capital, represented by an equivalent percentage of Class D shares. While Argentine provincial governments hold Class B shares and an Employee Fund holds Class C shares, their stakes are minimal, recorded at 0.002% and 0.010% respectively as of April 16, 2020. Typically, ordinary shares confer one vote per share, influencing the overall decision-making process.

YPF Ownership and Governance Challenges

Recent legal proceedings in June 2025 have introduced significant uncertainty regarding YPF's ownership structure. A New York judge ruled that Argentina must relinquish its 51% controlling stake within two weeks to settle a $16 billion judgment related to the 2012 nationalization. This ruling stems from the finding that the nationalization bypassed YPF bylaws requiring a tender offer to all shareholders. The US government has stepped in to support Argentina's appeal to delay this order, citing concerns that Argentina might forfeit its ability to reclaim YPF shares even if the appeal is successful. This ongoing legal battle underscores the intricate governance issues and potential controversies arising from the YPF nationalization, directly impacting effective control and strategic decision-making.

• The Argentine federal government holds 51.00% of YPF's Class D shares.
• A June 2025 ruling ordered Argentina to surrender its 51% stake in YPF.
• The ruling cited violations of YPF bylaws regarding tender offers.
• The US government is supporting Argentina's appeal to delay the order.
• This situation highlights the complexities of YPF ownership and its governance.

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YPF's ownership landscape has seen significant shifts driven by political decisions and legal battles over the last few years. The Argentine government remains the majority stakeholder, though its control faces ongoing challenges that could reshape the company's future ownership structure.

Recent political developments have introduced considerable uncertainty regarding YPF's ownership. While a presidential intention to privatize the company in late 2023 was later suspended in early 2024, the Argentine government's majority stake of 51.01% highlights its strategic importance. However, a pivotal legal ruling in June 2025 ordered Argentina to transfer its controlling stake to former shareholders seeking to satisfy a $16 billion judgment stemming from the 2012 nationalization. Argentina is appealing this decision, with the U.S. government supporting a delay, creating a complex situation that could lead to a substantial change in who controls YPF operations.

Government's Strategic Role

The Argentine government maintains majority ownership, emphasizing YPF's role in national energy security. This stake is crucial for energy independence.

Legal Challenges Impacting Ownership

A significant court order in June 2025 could force the transfer of the government's 51% stake. Appeals are underway, creating ownership uncertainty.

Financial Performance and Investment

YPF reported a net loss of US$695 million in 2024, a shift from its 2023 profit. The company is heavily investing in Vaca Muerta, with capital expenditures reaching US$5,041 million in 2024.

Shale Production Growth

Shale oil production from Vaca Muerta saw a 26% year-over-year increase in 2024, averaging 122 kbbl/d. This segment now accounts for 31% of Vaca Muerta's total output.

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