YPF is Argentina's dominant integrated energy company, majority-owned by the Argentine government. YPF's core business is producing crude oil and natural gas in Argentina, with an increasing focus on the Vaca Muerta shale formation in Patagonia — one of the world's largest shale plays. YPF operates across the full oil and gas value chain: it produces hydrocarbons, transports them through its own pipeline network, refines crude at three wholly-owned refineries (representing over 50% of Argentina's total refining capacity), and sells fuel through Argentina's largest retail station network with a ~55% domestic market share. YPF also sells natural gas directly to industrial, residential, and power generation customers. YPF's growth strategy centers on four pillars: accelerating Vaca Muerta shale oil production (targeting ~500 kbbl/d by 2030), divesting legacy high-cost conventional fields to reduce lifting costs, improving operational efficiency through AI-driven operations centers, and developing large-scale LNG export infrastructure. The key LNG project, Argentina LNG, is a ~12 MTPA floating LNG project partnered with ENI and an ADNOC affiliate, targeting FID in 2026 and first LNG by 2030. A critical near-term bottleneck is the VMOS pipeline, a new crude export pipeline to Argentina's Atlantic coast expected to be operational in 2026-2027, which will unlock further shale oil production growth. YPF funds its investment program through bond issuances, export-backed loans, and asset sales, actively recycling capital from conventional field divestitures into shale development.