Yacimientos Petrolíferos Fiscales
| YPF Sociedad Anónima
|
|
|---|---|
 |
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| legal form | Corporation under Argentine law |
| ISIN | US9842451000 (ADR) |
| founding | 1907 |
| Seat | Buenos Aires , Argentina |
| management | Miguel Galuccio |
| Number of employees | 22,932 (2019) |
| sales | 678.59 billion Argentine Pesos (2019) |
| Branch | Petroleum and gas |
| Website | www.ypf.com |
YPF Sociedad Anónima (originally Yacimientos Petrolíferos Fiscales , in German State Petroleum Resources ) is a publicly listed, state oil company in Argentina . Since the (re-) nationalization in May 2012, the Argentine state holds a 51% majority of shares, of which 26.01% belongs to the state and 24.99% is divided between the provinces in which YPF is active. YPF's shares continue to be listed on the Buenos Aires and New York stock exchanges (as ADR ).
history
founding
The company, specializing in the discovery, production, refining and commercialization of petroleum, has its roots in 1907 when petroleum was discovered near the town of Comodoro Rivadavia in Chubut . The company was founded in 1922 under the government of Hipólito Yrigoyen and led by Enrique Mosconi. At the time, it was the first oil company to be run exclusively by the state, with the exception of the Soviet Union .
Since its foundation, the YPF has not only developed numerous oil reserves, but has also made important contributions to the development of many cities, e. B. in Comodoro Rivadavia, Caleta Olivia in Santa Cruz , Plaza Huincul in Neuquén and General Mosconi in Salta .
privatization
In 1993, at the instigation of then President Carlos Menem , YPF was partially privatized through a broad stock placement on the stock exchange . After this privatization, the Argentine state initially held 20% of the capital. However, this privatization was to a considerable extent controversial.
In 1999, the Spanish oil company Repsol acquired the remaining share of 14.99% still held by the state and subsequently increased its stake to around 99% of the capital through a takeover offer ; YPF shares remained listed on the stock exchange. YPF was largely integrated into the Repsol Group, which also took the name Repsol YPF.
In 2008, under pressure from the Argentine government at the time, Repsol sold a stake of initially 15% to the Argentine Petersen Group (later increased to 25%) and placed part of its shares on the stock exchange. In October 2011 the capital distribution was as follows: Repsol (57.43%), Petersen (25.46%), Argentine State (0.02%), free float (17.09%). In November 2011, Repsol YPF discovered an oil field in the Patagonian formation Vaca Muerta ( Neuquén province ); In February 2012, Repsol YPF estimated the shale oil volume there at 23 billion barrels .
nationalization
On April 16, 2012, the Argentine government under Cristina Fernández de Kirchner announced a bill to nationalize a 51% stake in Repsol. The reason for the move was that Repsol had invested too little in the promotion of new sources, which is why Argentina has become an importer of oil and natural gas. By means of a presidential decree, control of YPF was taken over with immediate effect, under the direction of the Minister for Planning, State Investments and Services Julio de Vido. At the beginning of May 2012, the law on nationalization passed the Congress , where it was adopted by a large majority in both chambers and thus finally came into force after being signed by Kirchner.
Repsol called this nationalization illegal and discriminatory and announced legal action against this measure. The nationalization was also sharply criticized by the Spanish government and the EU; Nevertheless, Repsol and the Argentine government agreed in February 2014 on a USD 5 billion compensation package, much less than the originally requested USD 10 billion. A few months later, Repsol sold its remaining stake via a listing on the New York stock exchange.
Web links
Individual evidence
- ↑ a b Annual Report in Form 20-F. (PDF) Retrieved June 30, 2020 (English).
- ↑ YPF website (accessed on May 2, 2012) ( Memento from February 9, 2013 in the web archive archive.today )
- ↑ Huge oil discovery in Argentina
- ↑ Argentina interviene YPF y anuncia la expropiación del 51% de la filial de Repsol , rtve.es , April 16, 2012
- ↑ Text of the presidential decree (PDF; 120 kB) on the provisional nationalization of YPF (Spanish)
- ↑ Cristina promulgó en Casa Rosada la ley de nacionalización de YPF , La Nación, May 4, 2012
- ↑ Repsol press release of April 17, 2012. (pdf; 60 kB) Accessed on May 2, 2012 (English).
- ↑ Reuters: Spain's Repsol agrees to $ 5 billion settlement with Argentina over YPF , February 25, 2014, accessed May 21, 2019
- ↑ Reuters: Repsol completes Argentine exit with $ 1.3 billion YPF sale , May 7, 2014, accessed May 21, 2019