Vaca Muerta Strategic Investment
Vaca Muerta Progress to Date
Play's risk has been substantially mitigated over the last five years
Increasing Horizontal Well Lateral Length (1)
Capex per Well has Declined (1)
(Lateral length - ft)
(Average frac stages - #)
(k$ / lateral ft)
- 27
19
18
17
17
6
4,920 4,264 4,920
4,920 4,920 5,248
4,920 7,216
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
Improvements in Horizontal Well Productivity (2)
Cumulative Production
(kbbl)
100
67
83
33
0
45
06
4,920ft (1,500m) horizontal
7,216ft (2,200m) horizontal
well cost of
$8.2 MM
well cost of
$11.7 MM
2.77
2.77
2.31
2.03
1.88
1.73
1.73
1.62
Q4 2015 Q1 2016 Q2 2016 Q3 2016 Q4 2016 Q1 2017 Q2 2017 Q3 2017
Achieved Ramp-up in Production (3)
(kboe/d)
78.4
75
+70%
54.5
37.4
50
60
40.3
25.2
300 Day
Cumulative
24.9
18.4
Production
25
8.5
41.0
10.1
29.3
4.1
1.1
3.3
21.9
16.4
1.4
6.8
0
2011
2012
2013
2014
2015
2016
2017
■ Oil
■Gas
120
135
150
165
165
180
160
195
210
QIZ
225
240
440
255
270
285
300
315
330
345
360
2015
2016
(1) Based on Loma Campana information from YPF's 3Q17 investor presentation.
(2) Based on information from YPF's December 2016 Vaca Muerta Field Trip presentation.
Days
(3) Based on Company estimates and Ministerio de Energía y Minería (Presidencia de la Nación).
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