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YPF supplier relationships

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YPF supplier relationship map

YPF’s supplier map: who powers growth and who underwrites the balance sheet

YPF monetizes Argentina’s energy cycle through upstream production (oil and gas from Vaca Muerta), downstream refining and retail, and an expanding power/renewables arm (YPF Luz). Revenue flows from physical commodity sales and fuel retail, while strategic asset swaps and international bond issuance fund capital intensity and geographic expansion. Investors should read the supplier list as a combined operating- and capital-market playbook: strategic energy partners accelerate reserve growth, while global and local banks and law firms enable financing and risk transfer. For a deeper supplier-risk view visit https://nullexposure.com/.

How the supplier picture defines YPF’s operating posture

YPF’s relationships show two parallel operating models. First, strategic upstream partnerships (asset purchases and joint development) reduce execution risk and speed development in Vaca Muerta. Second, a tiered capital markets strategy leans on global investment banks, local placement agents and established trustee services for cross-border debt issuance. Together these create a hybrid contracting posture: YPF contracts both as a strategic co-investor and as an issuer that uses market intermediation.

  • Contracting posture: YPF pursues minority/majority stake deals with international oil majors and regional operators while outsourcing capital-market execution to global banks and local agents.
  • Concentration & criticality: Operational criticality centers on a handful of strategic partners for unconventional gas development; financing criticality centers on a broader set of banks and placement agents.
  • Maturity: Counterparties are established firms (global banks, international law firms, domestic securities houses), indicating predictable execution capacity and institutional underwriting for YPF deals.

Explore more supplier context at https://nullexposure.com/ to see how these relationships influence credit and operational risk.

Relationship log — line-by-line for investor diligence

Below are every supplier relationship flagged in the public results, with a concise plain-English description and the source context.

  • Emesa — YPF Luz completed a 100 MW phase at El Quemado that Emesa originally developed; YPF had acquired the project in 2023 as part of its renewables build-out. Reported in pv-magazine (Dec 29, 2025).
    Source: pv-magazine report on El Quemado (FY2025).

  • Equinor Argentina — YPF acquired a 16.3% stake in Equinor Argentina as part of consolidating Vaca Muerta positions, reinforcing upstream scale. Reported in transaction coverage (FY2026).
    Source: ad-hoc-news coverage of the Vaca Muerta acquisition (FY2026).

  • Equinor (parent/asset sellers) — YPF bought parts of Equinor’s assets in Vaca Muerta, increasing ownership across three blocks for about $170 million, signaling a targeted resource consolidation strategy. Mentioned in earnings call coverage (FY2026).
    Source: Q4 2025 earnings call transcript summary (FY2026).

  • Pluspetrol — In a swap, Pluspetrol transferred to YPF a 50% stake in three wet-gas blocks critical for Argentina’s LNG ambitions: Meseta Buena Esperanza, Aguada Villanueva, and Las Tacanas. This materially advances YPF’s downstream gas-to-LNG optionality. Covered in the Q4 2025 earnings call (FY2026).
    Source: YPF Q4 2025 earnings call transcript (FY2026).

  • Vista Energy — YPF entered agreements with Vista Energy to expand interests in key unconventional blocks in Vaca Muerta, indicating joint operational execution on resource development. Reported in corporate press and earnings commentary (Feb 1, 2026; FY2026).
    Source: The Globe and Mail / YPF press release and earnings call (FY2026).

  • Jorge Caso S.A. — Local developer Jorge Caso S.A. is building an energy project supported by YPF along a major highway corridor, illustrating YPF’s regional project sponsorship for infrastructure and mobility initiatives. Reported by MobilityPlaza (FY2026).
    Source: MobilityPlaza news on the highway project (FY2026).

  • Citigroup Global Markets Inc. — Acted as an initial purchaser on YPF’s international note issuance, evidencing global syndicate leadership in YPF’s cross-border financing. Announced in the deal circular (FY2026).
    Source: Bruchou & Funes de Rioja advisory on YPF’s international notes (FY2026).

  • J.P. Morgan Securities LLC — Named among the initial purchasers in YPF’s international debt placement, highlighting another global underwriter supporting YPF’s capital access. Reported in the debt issuance documentation (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Itau BBA USA Securities, Inc. — Participated as an initial purchaser, showing YPF’s use of regional and international bank distribution for bond execution. Reported in the issuance announcement (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Santander US Capital Markets LLC — Included as an initial purchaser on the notes, with Santander also active domestically in a strategic alliance to integrate financial services into YPF’s app. BNP Americas and other coverage note the broader commercial relationship (FY2026).
    Source: Bruchou & Funes de Rioja advisory and BNamericas reporting on the Santander alliance (FY2026).

  • Balanz Capital UK LLP — Served as book-runner for the international notes, a role that points to the use of UK-based capital markets execution in YPF’s financing mix. Reported in the transaction announcement (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Banco Santander Argentina S.A. — Listed among local placement agents for YPF’s international note issuance and is a partner in consumer-financial integration with YPF’s app, indicating both capital markets and commercial relationships in Argentina. Reported in deal filings and BNamericas (FY2026).
    Source: Bruchou & Funes de Rioja advisory and BNamericas (FY2026).

  • Banco CMF S.A. — Acted as a local placement agent in YPF’s notes issuance, providing Argentine onshore distribution and regulatory liaison for the bond. Reported in the issuance advisory (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Banco Comafi S.A. — Appointed registrar, paying agent and transfer agent representative of the trustee in Argentina for the international indenture, a critical operational role for local investor servicing. Reported in the transaction notice (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Allaria S.A. — Named as a local placement agent on the international notes, reflecting YPF’s reliance on domestic brokerage distribution for bond sales. Reported in issuance materials (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Balanz Capital Valores S.A.U. — Local placement agent supporting onshore distribution of YPF’s international debt, reinforcing the pattern of multiple domestic dealers. Reported in issuance advisory (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Cucchiara y Cía S.A. — Local placement agent in the bond placement, further broadening YPF’s domestic sales network for fixed-income instruments. Reported in the issuance announcement (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Banco de Galicia y Buenos Aires S.A. — Acted as a local placement agent, representing established Argentine bank support for YPF’s local investor reach. Reported in the issuance advisory (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Macro Securities S.AU. — Included among local placement agents, indicating YPF’s strategy of engaging multiple domestic securities firms to maximize distribution. Reported in the transaction materials (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • The Bank of New York Mellon — Appointed Trustee, Co‑Registrar, Principal Paying Agent and Transfer Agent on YPF’s indenture, ensuring international trustee services and cross-border settlement capability. Reported in the indenture notice (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Cleary Gottlieb Steen & Hamilton LLP — Served as New York legal counsel on the deal, showing YPF’s use of top-tier international law firms for cross-border documentation and regulatory compliance. Reported in the transaction advisory (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

  • Bruchou & Funes de Rioja — Local counsel to YPF on the international issuance, supplying Argentine banking and capital markets legal support for the transaction. Reported in the advisory announcement (FY2026).
    Source: Bruchou & Funes de Rioja advisory (FY2026).

What investors should take away — risks and opportunities

  • Opportunity: Strategic asset swaps and purchases (Equinor, Vista, Pluspetrol) materially increase YPF’s Vaca Muerta scale and position the company to capture upstream margin expansion as gas and LNG projects advance.
  • Opportunity: Active use of international syndicates plus a broad set of domestic placement agents gives YPF practical access to both USD markets and local peso liquidity.
  • Risk: Concentration of operating-critical activity in a small number of upstream partners creates execution and counterparty risk if any partner’s plans change.
  • Risk: Heavy reliance on external capital markets requires regular access to global banks and institutional investors; political or market dislocation in Argentina could raise funding costs or constrain issuance.

For institutional readers tracking counterparty exposure and distribution capacity, detailed supplier analytics are available at https://nullexposure.com/.

YPF’s supplier footprint is pragmatic: the company pairs strategic upstream partners to accelerate production with a wide financial intermediary network to underwrite funding needs. Investors should monitor the pace of project delivery in Vaca Muerta and any shifts in the composition of YPF’s bank syndicates, as those two dimensions drive near- to medium-term cash flow and liquidity profiles.