YPF S A is a vertically integrated, majority state-owned Argentine energy company, engaged in oil and gas exploration and production, and the transportation, refining, and marketing of gas and petroleum products.
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15 Facts About YPF
2.
YPF was privatized by Carlos Menem and bought by the Spanish firm Repsol in 1999; the resulting merger produced 'Repsol YPF'.
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3.
YPF was created by President of Argentina Hipolito Yrigoyen on 3 June 1922.
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4.
YPF bought its first tanker in the United States in 1923, and built not only several extracting facilities, but whole towns and cities, such as Comodoro Rivadavia; Caleta Olivia in Santa Cruz; Plaza Huincul in Neuquen; and General Mosconi in Salta.
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5.
Oil production by YPF continued to grow, and soon eclipsed private production: from just over 5 million barrels in 1934, production grew to 15 million in 1945 .
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6.
YPF was granted an exemption from steep oil import tariffs levied on private firms, and Article 40 of the Constitution of 1949 stipulated the nationalization of all energy and mineral resources.
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7.
YPF itself benefited by way of a royalty bonanza, which financed record investments.
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8.
YPF lost money every year after 1975 and by 1981 was US$4.
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9.
YPF losses resulted, at least in large part, from policy decisions beyond its control.
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10.
Suarez Mason had YPF borrow heavily not only to cover such asset stripping but at the behest of Economy Minister Jose Alfredo Martinez de Hoz, whose bid for currency strength and policy of financial deregulation required a sharp rise in foreign debt to maintain.
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11.
YPF nonetheless remained the 365th largest firm in the world, with sales of over US$4 billion in 1992.
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12.
The financial bottom line for the company was increased from a loss about $1 billion in 1991 to a profit of $1 billion in 1993, and the underlying value of YPF was increased from about US$2 billion to the US$9 billion after privatization.
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13.
Economy Minister Hernan Lorenzino claimed in turn that asset stripping at YPF had financed Repsol's expansion in other parts of the world.
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14.
YPF acquired a controlling stake in Metrogas in November 2012.
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15.
Firm's new headquarters, the Repsol-YPF tower, was designed by Cesar Pelli and inaugurated in 2008.
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