YPF S.A. (YPF) Q4 2019 Earnings Call Transcript

YPF S.A. (YPF) Q4 2019 Earnings Call Transcript

Well, good morning to all of you and thank you for taking the time on this very difficult day for the markets to join us.. But let's assume for this call, that the coronavirus outbreak is largely contained in the second half of the year, at least.. Although international crude oil prices were below the previous year, local prices were further affected by the devaluation in the first half of the year and by the freeze the previous government put in place in August.. Average local fuel prices expressed in dollars were the lowest of the last 10 years.. Our low breakeven shale oil projects has allowed us to maintain a level of activity well above that of our competitors.. Net debt remained essentially flat, in line with our commitment to strict financial discipline.. Full year earnings were negatively affected by the net impairment of our natural gas assets for $540 million, which had been recorded in the third quarter.. As a consequence of the lower price environment, we expect for the near future.. We took advantage of our broad portfolio to allocate capital into more profitable projects, which are all crude oil oriented.. We consolidated our shale oil investments