YPF (NYSE: YPF) boosts Bandurria Sur and Bajo del Toro stakes in deal

Rhea-AI Filing Summary

YPF Sociedad Anónima has closed its previously announced transaction with Vista Energy, increasing its interests in key Vaca Muerta shale blocks. YPF acquired a 16.3% stake in Bandurria Sur Participaciones S.A., which holds 30% of the Bandurria Sur area, bringing YPF’s direct and indirect interest in that area to 44.9%. It also acquired a 15% stake in the Bajo del Toro and Bajo del Toro Norte areas, raising its holding there to 65%.

The total price of the transaction was approximately US$163 million, plus a closing price adjustment and contingent consideration that amounted to about US$41 million as of the closing date. Bandurria Sur is a 35-year non-conventional hydrocarbon production concession covering 56.2 thousand acres and produced 82.3 thousand barrels of oil equivalent per day in Q1 2026 on a 100% working interest basis. Bajo del Toro Norte, also a 35-year concession, covers 28.1 thousand acres and produced 5.4 thousand barrels of oil equivalent per day in Q1 2026, while Bajo del Toro is an unconventional hydrocarbons exploration permit over 10.6 thousand acres.

Insights

Oil & gas equity analyst

YPF closes a mid-sized Vaca Muerta deal, consolidating operatorship in core shale blocks.

YPF has finalized its transaction with Vista Energy, paying approximately US$163 million plus contingent consideration of about US$41 million. The deal increases YPF’s stakes to 44.9% in Bandurria Sur and 65% in Bajo del Toro and Bajo del Toro Norte, all operated by YPF.

Bandurria Sur is a 35-year non-conventional hydrocarbon production concession over 56.2 thousand acres in the Vaca Muerta formation, delivering 82.3 thousand barrels of oil equivalent per day on a 100% working interest basis in Q1 2026. Bajo del Toro Norte produced 5.4 thousand barrels of oil equivalent per day over 28.1 thousand acres, while Bajo del Toro remains in the exploration-permit stage over 10.6 thousand acres.

The filing frames this as a completed transaction with clearly defined interests and consideration. Actual financial impact will depend on future development and production performance in these shale areas, which are already operated by YPF and now more heavily owned by the company.

Key Figures

Base transaction price: approximately US$163 million Contingent consideration: approximately US$41 million Bandurria Sur stake acquired: 16.3% interest +5 more

8 metrics

Base transaction price approximately US$163 million Total price of the Transaction excluding adjustments and contingent consideration

Contingent consideration approximately US$41 million As of closing date, including cash and working capital

Bandurria Sur stake acquired 16.3% interest Stake in Bandurria Sur Participaciones S.A., holder of 30% of Bandurria Sur area

Bandurria Sur total YPF interest 44.9% Combined direct and indirect interest in Bandurria Sur area after transaction

Bajo del Toro areas total YPF interest 65% Total interest in Bajo del Toro and Bajo del Toro Norte after acquiring 15%

Bandurria Sur production 82.3 thousand boe/d Q1 2026 production on 100% working interest basis, 100% shale oil

Bajo del Toro Norte production 5.4 thousand boe/d Q1 2026 production on 100% basis, 100% shale oil

Acreage Bandurria Sur 56.2 thousand acres Non-conventional hydrocarbon production concession area in Vaca Muerta

Key Terms

non-conventional hydrocarbon production concession, CENCH, contingent consideration, Vaca Muerta formation, +2 more

6 terms

non-conventional hydrocarbon production concession financial

"Bandurria Sur is a non-conventional hydrocarbon production concession (“CENCH”) awarded in 2015"

CENCH financial

"Bajo del Toro Norte is also a CENCH block, awarded in 2021 for a 35-year term"

contingent consideration financial

"plus a closing price adjustment and a contingent consideration, which as of the date amounted"

Contingent consideration is an additional payment agreed when one company buys another that will be paid later only if specific future targets are met, such as revenue, profit, or regulatory milestones. It matters to investors because it shifts risk between buyer and seller and affects the acquiring company's future cash flow and reported value — like promising a bonus after results are proven.

Vaca Muerta formation financial

"It covers 56.2 thousand acres of the Vaca Muerta formation and, during the first quarter"

barrels of oil equivalent per day financial

"produced 82.3 thousand barrels of oil equivalent per day (100% shale oil) on a 100% working interest"

Barrels of oil equivalent per day (BOE/d) is a measurement that combines different types of energy production—such as oil, natural gas, and other fuels—into a single number to show how much energy is being produced or consumed daily. It helps investors understand the total energy output or intake of a company or region in a consistent way, making it easier to compare energy sources and gauge overall performance or capacity.

working interest financial

"produced 82.3 thousand barrels of oil equivalent per day (100% shale oil) on a 100% working interest basis"

The working interest is the percentage ownership one party holds in an oil or gas lease that gives them the right to a share of production and also the obligation to pay a proportional share of exploration, development and operating costs. Think of it like owning a slice of a cake but also agreeing to pay part of the bill to bake it: a larger working interest means bigger potential revenue when wells produce, but also larger exposure to costs and liabilities if things go wrong.

Form 6-K: How Foreign Companies Report to the SEC →

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN PRIVATE ISSUER

PURSUANT TO RULE 13A-16 OR 15D-16

UNDER THE SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File Number: 001-12102

YPF Sociedad Anónima

(Exact name of registrant as specified in its charter)

Macacha Güemes 515

C1106BKK Buenos Aires, Argentina

(Address of principal executive office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F:

Form 20-F ☒ Form 40-F ☐

YPF Sociedad Anónima

TABLE OF CONTENT

ITEM 1 Translation of letter to the Argentine Securities Commission (Comisión Nacional de Valores) dated May 7, 2026.

Buenos Aires, May 7, 2026.

COMISION NACIONAL DE VALORES (“CNV”)

25 de Mayo 175

City of Buenos Aires

BOLSAS Y MERCADOS ARGENTINOS S.A. (“ByMA”)

Sarmiento 299

City of Buenos Aires

A3 MERCADOS S.A. (“A3 Mercados”)

Maipú 1210

City of Buenos Aires

Ref.: Material Event. Closing of Agreements with Vista Energy – Bandurria Sur, Bajo del Toro, and Bajo del Toro Norte (The “Transaction”)

Ladies and Gentlemen,

We are writing to you in order to comply with the CNV Rules and the corresponding regulations of ByMA and A3 Mercados.

In this regard, and following up on our communication dated February 2, 2026, we hereby inform you that the “Transaction” was closed today, whereby YPF acquired from Vista Energy: (i) a 16.3% stake in Bandurria Sur Participaciones S.A. (formerly Equinor Argentina S.A.U.), which holds a 30% interest in the “Bandurria Sur” area; this, combined with YPF’s current 40% stake, totals 44.9% directly and indirectly in said area; and (ii) a 15% stake in the “Bajo del Toro” and “Bajo del Toro Norte” areas, which, added to its current stake, totals 65% in said areas. It is worth noting that Bandurria Sur as well as Bajo del Toro and Bajo del Toro Norte are areas operated by YPF.

The total price of the Transaction, previously informed, was approximately US$163 million, plus a closing price adjustment and a contingent consideration, which as of the date amounted to approximately US$41 million, including cash and working capital of the company and assets, among others.

Below is a breakdown of the most recent operational information regarding the blocks involved in the acquisition:

Bandurria Sur is a non-conventional hydrocarbon production concession (“CENCH”) awarded in 2015 for a 35-year term and operated by YPF. It covers 56.2 thousand acres of the Vaca Muerta formation and, during the first quarter of 2026 (“Q1 2026”), produced 82.3 thousand barrels of oil equivalent per day (100% shale oil) on a 100% working interest basis.

Bajo del Toro Norte is also a CENCH block, awarded in 2021 for a 35-year term and operated by YPF. It covers 28.1 thousand acres and, in Q1 2026, reached 100% production of 5.4 thousand barrels of oil equivalent per day (100% shale oil). Bajo del Toro, in turn, corresponds to an unconventional hydrocarbons’ exploration permit covering an area of 10.6 thousand acres.

Sincerely,

Margarita Chun

Markets Relations Officer

YPF S.A.

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

		YPF Sociedad Anónima
Date: May 7, 2026		By:		/s/ Margarita Chun
		Name:		Margarita Chun
		Title:		Market Relations Officer

FAQ

What transaction did YPF (YPF) complete with Vista Energy?

YPF completed a transaction with Vista Energy, acquiring additional stakes in the Bandurria Sur, Bajo del Toro, and Bajo del Toro Norte blocks. These assets are in Argentina’s Vaca Muerta shale and are already operated by YPF, which increases its ownership and operational alignment.

How much did YPF (YPF) pay for the Vista Energy assets?

YPF paid approximately US$163 million for the transaction, plus a closing price adjustment and contingent consideration of about US$41 million. The contingent amount includes cash and working capital related to the acquired company and assets, among other items disclosed.

What are YPF’s new ownership stakes in Bandurria Sur after the deal?

YPF acquired a 16.3% stake in Bandurria Sur Participaciones S.A., which holds 30% of the Bandurria Sur area. Combined with its existing holding, YPF now has 44.9% direct and indirect interest in the Bandurria Sur non-conventional hydrocarbon production concession.

What are YPF’s stakes in Bajo del Toro and Bajo del Toro Norte now?

After acquiring a 15% stake from Vista Energy, YPF’s total ownership in the Bajo del Toro and Bajo del Toro Norte areas increased to 65%. Both areas are associated with unconventional hydrocarbons, and Bajo del Toro Norte is already in production while Bajo del Toro is in exploration.

What production levels do the acquired Vaca Muerta blocks have?

In Q1 2026, Bandurria Sur produced 82.3 thousand barrels of oil equivalent per day on a 100% working interest basis, all shale oil. Bajo del Toro Norte produced 5.4 thousand barrels of oil equivalent per day on a 100% basis, also entirely shale oil, according to the disclosure.

What are the concession terms for Bandurria Sur and Bajo del Toro Norte?

Bandurria Sur is a non-conventional hydrocarbon production concession awarded in 2015 for a 35-year term, operated by YPF. Bajo del Toro Norte is also a non-conventional hydrocarbon production concession, awarded in 2021 for a 35-year term and likewise operated by YPF in Argentina.