149:. The company grew to become largest in its sector in Argentina, and despite the divestiture of a sizable percentage of its extractive, refining, logistic, and retail infrastructure during its 1993 privatization, YPF in 2012 operated 52% of the nation's refinery capacity and accounted for 57% of the national market in gasoline and other motor fuels. Its share of petroleum and natural gas production nationally was 34% and 23%, respectively, in 2011; company revenues that year were US$ 13.7 billion.
37:
1796:
460:
429:(the nation's largest gas distributor) in November. YPF stock rose by 190% from its post-nationalization depths in mid-2012 to the announcement of a compensation agreement with Repsol in November 2013. Production declines of 6% annually under Repsol were likewise reversed. Overall output rose by 3% in 2013, and a further 8.7% in oil and 12.5% in gas during 2014. Output increased a further 3% in 2015.
474:
361:
at YPF of 90%, which allowed the Group to repay its vendor's loan in installments. The 2008 agreement required Repsol to buy back shares owned by the Group and to assume the loan should the Madrid-based firm lose majority control of YPF. Sebastián
Eskenazi, the son of the Petersen Group chairman and
247:
Repsol officials maintained that, per company statutes, the acquisition by any one party of stock held by Repsol equaling a 15% stake or more would trigger a mandatory purchase of Repsol's entire 57% stake (rather than the 51% sought). Repsol officials calculated compensation by multiplying the
417:
Galluccio presented an investment program on June 5, 2012, to increase oil exploration by tenfold and gas exploration by twenty-fold, with the goal of raising production of oil and gas by 6% annually and of refined fuel by over 7% annually over five years. The US$ 39 billion plan would be
268:
on the day of the announcement was US$ 10.4 billion. Repsol claimed that the
Argentine Government drove down YPF shares ahead of the announcement (market price of the shares declined by over half from February to April), and chairman Antoni Brufau estimated the company's potential loss at
227:
field with proven recoverable reserves of up to 927 million barrels, had been discovered by RepsolYPF in
November 2011. Repsol executives declared however that government policies would have to change in order to allow investment in new production. Following bills signed by governors in six
189:
overtook YPF as the leading oil driller in
Argentina). Its reserves of crude and natural gas fell 60% and 67% respectively between 1999 and 2011, and declines in output at the firm represented 54% of the nation's lost oil production and 97% in the case of natural gas.
319:
in May uncovered what
Kicillof described as a "debasement of the company and a policy of creating shortages that would raise domestic prices to those prevailing internationally;" these findings were published on June 1 in the Mosconi Report. The Government of the
228:
fossil-fuel producing provinces during March and April 2012 revoking YPF leases accounting for over a fifth of its production, the president announced on April 16 that the
Argentine Government would acquire a majority stake in YPF. Repsol YPF Gas, a
123:, the nation's largest energy firm. The state would purchase a 51% share, with the national government controlling 51% of this package and ten provincial governments receiving the remaining 49%. The bill was overwhelmingly approved by both houses of
672:
436:
field, which by 2014 was estimated to contain at least 23 billion barrels of oil, attracted numerous joint exploratory ventures in subsequent years. The most significant such joint ventures include those signed with
Chevron,
386:. Repsol, as another of the Group's creditors affected by their default, also repossessed a block of shares, thus increasing their stake in YPF to 12%; following a steep rally in YPF shares, Repsol sold its stake a year later.
336:
An agreement was reached with Repsol on
November 27, 2013, whereby the latter would be compensated for a 51% stake in YPF with approximately US$ 5 billion in 10-year corporate bonds. Repsol sold its remaining 12% stake to
328:
had been caused by these; an environmental law enacted by the province in 2010 mandated the inventory and maintenance of all such wells. Other claims, including environmental damage in five other provinces, a tax debt in
172:
acquired a majority stake in 1999. Oil and gas production subsequently weakened while demand increased, and in 2011 Argentina recorded the first energy trade deficit since 1987 and it's still in deficit in 2022.
864:
1139:
333:, and a judicial injunction issued against Repsol over their illegal sale in 2011 of 45 million shares belonging to an employees' severance fund, raised their potential liability to US$ 15 billion.
1625:
1924:
1083:
1593:
285:
1402:
1500:
1047:
679:
422:
and the periodic issuance of high-yield, 8.75% corporate bonds. These bond issuances were raised to US$ 1.5 billion per series in April 2015, as demand surged to US$ 4 billion.
1960:
1348:
312:
by the
Argentine Government as well as higher costs for biodiesel distributors in Spain itself however, boycotts of both Argentine and Indonesian biodiesel were lifted by January 2013.
201:
on domestic oil and gas. YPF, however, remained profitable throughout Repsol's tenure even as output fell, and net income from 1999 to 2011 at YPF totaled nearly US$ 16.5 billion.
349:
The largest minority shareholder, the
Petersen Group, held a 25% stake at the time of the renationalization, and had financed their initial purchase of 15% of the stock in 2007 with a
798:
1312:
1179:
1820:
1197:
1907:
216:
at YPF had financed Repsol's expansion in other parts of the world, while Repsol officials denied charges of underinvestment in its YPF operations and instead cited the
1147:
185:
at YPF as a percentage of profits had been far below those in most other Repsol subsidiaries, and fell from 30 new wells in 1998 to eight in 2010 (French energy firm
1610:
1586:
324:
published the results of an investigation of 13,000 inactive YPF oil wells on May 14, finding that 8,000 of these leaked and that at least US$ 3.5 billion of
872:
91:
Nationalization bill approved by Congress and signed on May 5, 2012; compensation agreement reached on November 27, 2013, for US$ 5 billion for a 51% stake.
1366:
1630:
1240:
598:
580:
1835:
1579:
1352:
1410:
1051:
1723:
1522:
1478:
1121:
1384:
1442:
1103:
1065:
1276:
806:
1676:
1666:
1258:
1205:
760:
366:
loan taken in 2011 to raise its stake in YPF from 15% to 25%. Officials at Credit Suisse and at other creditors involved, including
1602:
353:
from Repsol for €1.5 billion. The chairman and majority owner of the Petersen Group, Enrique Eskenazi, was close to President
108:
42:
1830:
1008:
399:
239:, was reported to have been in talks to buy out Repsol's share in YPF – a potential deal scuttled by the Argentine announcement.
1845:
1681:
1671:
1661:
293:
1707:
1702:
990:
321:
538:
1825:
1950:
1635:
402:
approved the bill on May 4 with 208 votes out of 257, and the president signed the renationalization into law on May 5.
193:
Repsol and some market analysts blamed the decline in exploration and production on government controls on exports and
513:
362:
CEO of YPF until April 16, indicated however that the group would forego this option. The Group defaulted in May on a
1222:
398:
approved the takeover on April 26 with 63 votes in favor of the measure, three opposing it and four abstentions. The
1558:
1460:
1945:
1850:
697:
1294:
1330:
606:
1955:
1810:
841:
309:
954:
160:
pursuant to the State Reform Law of 1989, which authorized the president to present bills to Congress for the
1540:
742:
1162:
1026:
72:
991:"Repsol califica de "ilegítima" la expropiación de YPF y la justifica para desplomar el precio de la venta"
1424:
972:
357:, who supported Eskenazi's bid to become YPF's principal Argentine stockholder. Eskenazi benefited from a
823:
280:, claiming the government breached contracts following the seizure of YPF. Repsol filed a lawsuit at the
714:
273:
265:
229:
217:
918:
936:
1781:
1486:
651:
325:
249:
1860:
1855:
1743:
1088:
631:
419:
289:
209:
194:
80:
407:
256:
in 2011, and arrived at US$ 10.5 billion for a 57% stake. Argentine Deputy Economy Minister
253:
224:
124:
1891:
1881:
354:
1697:
426:
116:
1912:
1865:
1313:"Cuatro bancos apuestan a la suba de YPF y se quedarían con las acciones del Grupo Petersen"
465:
403:
395:
146:
130:
The government of Argentina eventually agreed to pay US$ 5 billion in compensation to
1886:
1815:
1738:
383:
358:
330:
213:
182:
157:
36:
1140:"El lunes termina la intervención en YPF: Kicillof y de Vido cargaron duro contra Repsol"
1795:
1084:"Spain's Repsol formally begins legal action against Argentina over YPF nationalization"
232:
subsidiary in which Repsol had an 85% stake, was concurrently nationalized on April 19.
1180:"El pasivo ambiental que dejó Repsol en Santa Cruz ascendería a los u$ s3.500 millones"
781:
445:. The Vaca Muerta block operated jointly with Chevron produced 35,000 m daily by 2014.
350:
338:
297:
205:
17:
1939:
1771:
1766:
1443:"Argentina's YPF boosted oil output 3.4%, gas output 2.2% at operated fields in 2013"
846:
479:
375:
367:
363:
316:
257:
198:
161:
208:
and low investment levels at YPF in relation to profits. Argentine Economy Minister
1965:
1918:
1640:
1241:"Enrique Eskenazi, cercano a Néstor Kirchner, firme candidato a comprar 25% de YPF"
581:"Repsol necesita que Kirchner valore YPF en 8.200 millones para evitar minusvalías"
438:
411:
379:
153:
1501:"YPF cerró el 2015 con un incremento en su producción y reservas de hidrocarburos"
1571:
414:
as president of its production management division in London, was appointed CEO.
145:
was founded in 1922 as the first oil company in the world to be established as a
1776:
1761:
371:
260:
rejected these demands, however, citing debts of nearly US$ 9 billion. The
1840:
897:
455:
281:
261:
186:
865:"Cristina presentó un proyecto para la "expropiación" de las acciones de YPF"
559:
487:
473:
448:
Miguel Galuccio announced his resignation as CEO, effective April 30, 2016.
305:
301:
112:
62:
300:
against Argentine exports. The Spanish Government did unilaterally curtail
1541:"Chevron, Argentina's YPF sign $ 1.24 billion Vaca Muerta shale deal"
1385:"Argentina's YPF sells one billion dollars in 10-year bonds at 8.75% rate"
1198:"Otro revés en la justicia para Repsol: no podrá recibir la indemnización"
1168:(in Spanish). Ministerio de Planificación Federal; Ministerio de Economía.
1753:
442:
315:
An audit of Repsol documents conducted by Kicillof and Planning Minister
1367:"El Plan de YPF requiere de inversiones por 39 mil millones de dólares"
919:"Vaca Muerta, un tesoro energético escondido bajo el conflicto por YPF"
236:
99:
698:"Reseña del Proceso de Reforma del Estado en a Argentina (1989–1996)"
277:
169:
165:
131:
76:
1479:"Argentina's YPF says oil, gas output rose in 2014 for second year"
164:
of any of the numerous state enterprises in operation at the time.
560:"Renationalised YPF Aims to Bring Self-Sufficiency in Oil and Gas"
1575:
152:
The firm was privatized in 1993 on the initiative of President
1733:
1223:"Repsol's $ 1.26bn YPF stake sale ends Argentine entanglement"
1122:"Biodiesel makers cheer lifting of Spain's export restriction"
304:
purchases from Argentina (its main provider), as well as from
264:
of YPF was US$ 4.4 billion at the end of 2011; its total
142:
120:
1331:"Los bancos se quedan con casi 20% de YPF, y Repsol, con 12%"
1277:"Eskenazi Said to Tell Brufau YPF Buyback Pact Won't Be Used"
768:
Centro de Investigación y Formación de la República Argentina
410:
with experience at both YPF and at oilfield services leader
1728:
1259:"Billionaire Eskenazis Risk Default as Argentina Takes YPF"
1523:"Shale Veteran Takes on Argentina's $ 6 Billion Shortfall"
1066:"Repsol Cancels LNG Shipments to Argentina on YPF Seizure"
1009:"Kicillof advirtió: No vamos a pagar lo que Repsol quiera"
286:
International Center for Settlement of Investment Disputes
1403:"Argentina's YPF sells $ 1.5 bln of bonds, tripling sale"
1050:. Bloomberg Business Week. April 20, 2012. Archived from
378:, announced on May 11 that the Group's shares would be
1027:"Incensed Spain threatens Argentina after YPF seizure"
418:
largely self-financed, as well as by investments from
898:"Repsol vació YPF para su expansión en otros países"
539:"Energy crisis provokes Argentine YPF expropriation"
204:
The Kirchner administration in turn pointed to high
115:
introduced a bill on April 16, 2012 for the partial
1900:
1874:
1803:
1752:
1716:
1690:
1654:
1618:
1609:
1295:"Argentina's Petersen Group in default: SEC filing"
95:
87:
68:
58:
50:
1104:"EU 'respects' Argentina's Repsol decision: envoy"
824:"Argentine lower house starts YPF takeover debate"
973:"Argentine move to seize YPF spoils Sinopec deal"
272:Repsol retaliated by canceling nine shipments of
1048:"Repsol Must Buy Eskenazi YPF Stake in '08 Deal"
799:"YPF expropriation endorsed by Argentine Senate"
1351:. Associated Press. May 5, 2012. Archived from
223:Vaca Muerta, a 30,000 km (11,600 mi)
1821:2011 Argentina–United States diplomatic crisis
955:"El Gobierno amplió la expropiación a YPF Gas"
673:"Estados Contables al 31 de Diciembre de 2011"
1587:
696:Zeller, Norberto & Impala, Darío (1997).
252:reached by YPF in the prior two years by its
8:
1961:Presidency of Cristina Fernández de Kirchner
1425:"YPF buys gas distribution company Metrogas"
1161:de Vido, Julio & Kicillof, Axel (2012).
842:"Argentina's oil industry: Feed me, Seymour"
220:discovery as a motivation for the takeover.
127:, and was signed by the president on May 5.
29:
1042:
1040:
937:"Poco a poco, YPF se va quedando sin pozos"
667:
665:
575:
573:
269:€5.7 billion (US$ 7.5 billion).
1615:
1594:
1580:
1572:
1461:"Argentina's YPF Net Profit Up Almost 40%"
35:
28:
818:
816:
782:"Producción y reservas de petróleo y gas"
637:(in Spanish). Repsol YPF. April 17, 2012.
1517:
1515:
1513:
45:announces the bill to renationalize YPF.
1559:"YPF CEO Galuccio confirms resignation"
859:
857:
793:
791:
737:
735:
646:
644:
533:
531:
529:
527:
498:
1349:"Argentine president names YPF leader"
913:
911:
626:
624:
514:"Who Won Repsol's War With Argentina?"
276:to Argentine state energy distributor
1626:Conflict with the agricultural sector
1217:
1215:
892:
890:
599:"Argentina frena expropiación de YPF"
554:
552:
508:
506:
504:
502:
308:. Following a complaint filed at the
7:
425:YPF acquired a controlling stake in
761:"Subexploración y Sobreexplotación"
652:"El proyecto para nacionalizar YPF"
390:Procedural and company developments
1485:. January 15, 2015. Archived from
134:, which had previously owned YPF.
25:
1092:. Associated Press. May 15, 2012.
678:(in Spanish). YPF. Archived from
1794:
1409:. April 23, 2015. Archived from
871:. April 16, 2012. Archived from
805:. April 26, 2012. Archived from
605:. April 15, 2012. Archived from
472:
458:
1846:2012 Buenos Aires rail disaster
784:(in Spanish). Economy Ministry.
294:European Commissioner for Trade
235:The Chinese state oil concern,
1708:Universal allocation per child
1703:Same-sex marriage in Argentina
1603:Cristina Fernández de Kirchner
1204:. June 5, 2012. Archived from
1146:. June 1, 2012. Archived from
432:Development prospects for the
109:Cristina Fernández de Kirchner
43:Cristina Fernández de Kirchner
1:
1826:2013 Buenos Aires train crash
1636:Argentine debt restructuring
1631:Argentine currency controls
715:"Argentina: Energy balance"
1982:
1851:Murder of Mariano Ferreyra
1677:2013 legislative elections
1667:2009 legislative elections
359:dividend distribution rate
1792:
1724:September 2012 cacerolazo
770:(in Spanish). March 2012.
34:
1836:Conflicts with the media
1811:The Route of the K-Money
1646:Renationalization of YPF
310:World Trade Organization
30:Renationalization of YPF
1925:Attempted assassination
1281:San Francisco Chronicle
73:Government of Argentina
1682:2019 general elections
1672:2011 general elections
1662:2007 general elections
322:Province of Santa Cruz
18:Nationalization of YPF
1506:. YPF. March 3, 2016.
274:liquefied natural gas
266:market capitalization
230:liquefied natural gas
156:and Economy Minister
1782:Unidos y organizados
1529:. December 16, 2014.
1489:on January 23, 2015.
1431:. November 29, 2012.
1245:La Carta de la Bolsa
1208:on January 26, 2013.
1150:on January 17, 2013.
609:on December 15, 2012
520:. November 27, 2013.
326:environmental damage
250:price earnings ratio
1951:Energy in Argentina
1861:Schoklender scandal
1856:Noble siblings case
1563:Buenos Aires Herald
1465:Wall Street Journal
1449:. January 20, 2014.
1355:on January 1, 2013.
1089:The Washington Post
703:(in Spanish). INAP.
420:Chevron Corporation
400:Chamber of Deputies
341:the following May.
290:Government of Spain
81:government of Spain
31:
1128:. January 7, 2013.
1054:on April 22, 2012.
809:on April 27, 2012.
408:petroleum engineer
345:The Petersen Group
254:earnings per share
225:unconventional oil
195:prospecting leases
1946:2012 in Argentina
1933:
1932:
1790:
1789:
1698:Bicentennial fund
1467:. August 7, 2014.
1413:on March 6, 2016.
1283:. April 26, 2012.
1265:. April 19, 2012.
1163:"Informe Mosconi"
1033:. April 17, 2012.
1015:. April 17, 2012.
997:. April 17, 2012.
979:. April 18, 2012.
961:. April 19, 2012.
943:. April 12, 2012.
925:. April 17, 2012.
904:. April 19, 2012.
902:Ámbito Financiero
875:on April 19, 2012
850:. April 16, 2012.
830:. April 22, 2012.
803:The Deal Pipeline
685:on June 20, 2012.
658:. April 16, 2012.
632:"YPF y Argentina"
587:. April 13, 2012.
545:. April 22, 2012.
243:Resulting dispute
177:Renationalization
117:renationalization
105:
104:
16:(Redirected from
1973:
1913:Patria Institute
1866:Suitcase scandal
1798:
1616:
1596:
1589:
1582:
1573:
1567:
1566:
1565:. March 9, 2016.
1555:
1549:
1548:
1547:. July 16, 2013.
1537:
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1519:
1508:
1507:
1505:
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1457:
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1432:
1421:
1415:
1414:
1399:
1393:
1392:
1391:. April 3, 2014.
1381:
1375:
1374:
1371:Dairio Río Negro
1363:
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1356:
1345:
1339:
1338:
1327:
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1309:
1303:
1302:
1291:
1285:
1284:
1273:
1267:
1266:
1255:
1249:
1248:
1247:. June 11, 2007.
1237:
1231:
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1219:
1210:
1209:
1202:Tiempo Argentino
1194:
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749:. March 4, 2012.
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466:Argentina portal
463:
462:
461:
404:Miguel Galluccio
396:Argentine Senate
210:Hernán Lorenzino
147:state enterprise
83:, Petersen Group
39:
32:
21:
1981:
1980:
1976:
1975:
1974:
1972:
1971:
1970:
1956:Nationalization
1936:
1935:
1934:
1929:
1896:
1892:Máximo Kirchner
1887:Alicia Kirchner
1882:Néstor Kirchner
1870:
1816:Hotesur scandal
1799:
1786:
1748:
1712:
1686:
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1373:. June 5, 2012.
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1364:
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1346:
1342:
1337:. May 31, 2012.
1329:
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1324:
1319:. May 18, 2012.
1311:
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1301:. May 18, 2012.
1293:
1292:
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1257:
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1234:
1227:Financial Times
1221:
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1196:
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1191:
1186:. May 14, 2012.
1178:
1177:
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1110:. May 18, 2012.
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1072:. May 18, 2012.
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406:, an Argentine
392:
355:Néstor Kirchner
347:
331:Chubut Province
292:petitioned the
288:on May 15. The
245:
214:asset stripping
206:dividend yields
179:
158:Domingo Cavallo
140:
46:
23:
22:
15:
12:
11:
5:
1979:
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1919:Sinceramente
1917:
1908:Public image
1645:
1641:Maipu Treaty
1562:
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1535:
1526:
1495:
1487:the original
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1437:
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1411:the original
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1126:Jakarta Post
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1052:the original
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607:the original
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154:Carlos Menem
151:
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69:Participants
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1777:Nunca menos
1762:Kirchnerism
543:Yahoo! News
434:Vaca Muerta
380:repossessed
372:BNP Paribas
218:Vaca Muerta
183:exploration
100:www.ypf.com
1940:Categories
1841:Boudougate
1767:La Cámpora
1611:Presidency
1389:Mercopress
923:20 minutos
494:References
384:collateral
368:Banco Itaú
282:World Bank
262:book value
187:Total S.A.
138:Background
107:President
41:President
1655:Elections
1527:Bloomberg
1429:World Oil
1263:Bloomberg
1070:Bloomberg
959:Página 12
941:Página/12
869:Info News
747:Página/12
585:Expansión
488:Pink tide
306:Indonesia
302:biodiesel
298:sanctions
113:Argentina
63:Argentina
1804:Scandals
1754:Advocacy
1108:Expatica
724:June 14,
656:El Mundo
564:IPS News
452:See also
443:Petronas
427:Metrogas
248:highest
125:Congress
59:Location
1545:Reuters
1483:Reuters
1447:Platt's
1407:Reuters
1299:Reuters
1031:Reuters
977:Reuters
879:May 19,
828:Reuters
719:Reuters
613:May 19,
603:Perú 21
237:Sinopec
168:-based
96:Website
88:Outcome
1875:Family
1619:Events
1335:Clarín
1013:Clarín
743:"Cash"
441:, and
374:, and
278:Enarsa
197:, and
170:Repsol
166:Madrid
132:Repsol
77:Repsol
1901:Other
1504:(PDF)
1166:(PDF)
764:(PDF)
701:(PDF)
683:(PDF)
676:(PDF)
635:(PDF)
1691:Laws
881:2012
726:2022
615:2012
394:The
296:for
54:2012
51:Date
1966:YPF
1744:18F
1739:13N
1734:18A
1317:BAE
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382:as
284:’s
143:YPF
121:YPF
119:of
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