In 1922, Argentinian President Hipólito Yrigoyen set out to push his country more towards economic independence. With this also as his primary goal, Enrique Mosconi founded YPF. YPF stands for the initials of Yacimientos Petrolíferos Fiscales, which means “Fiscal Oilfields” when translated into English.
At the time, YPF and the Soviet Union had the only oil companies that were run as state-owned enterprises. By becoming a vertically integrated operation, YPF was able to handle all of the different aspects of the oil business, decreasing the country’s reliance on outside resources. Today, YPF is involved in the exploration, production, transportation, refining, and marketing of crude oil, gas and petroleum products.
After more than 70 years operating under a variety of Argentinian leaders, both presidents and dictators, YPF was privatized through an IPO offering on the New York Stock Exchange. At the time of the IPO in 1993, the company was able to raise over $4.0 billion USD in funding for future operations. More importantly, the company was able to move away from the oppression of the government. In 2012 after running a large fiscal deficit, Argentinian President Cristina Fernández de Kirchner authorized the government to purchase a 51% controlling interest in YPF, essentially re-nationalizing the company under Argentine’s control.
The YPF headquarters are located in Macacha Güemes 515, Buenos Aires, Argentina. As of the end of 2014, the company employed as many as 14,000 employees under the direction of CEO Ricardo Darre and President Miguel Gutierrez.
As of 2014, the company’s oil and gas operations were producing 89,000,000 barrels of crude oil and 547 billion cu ft of natural gas output. This resulted in operating revenues of US$17.5 billion and a net profit of US$2.7 billion. At that time, the company was operating with US$24.4 billion in assets, making it the largest oil concern in the country.