YPF SA was incorporated under the laws of Argentina. It is an integrated oil & gas company incorporated in Spain. Its upstream operations consist of the exploration, development and production of crude oil, natural gas and LPG. Its downstream operations include the refining, marketing, transportation and distribution of oil and petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels. The Company is also active in the gas separation and natural gas distribution sectors both directly and through its investments in several affiliated companies. The Company's segments include Exploration and production, which covers the exploration and production of hydrocarbons, including contractual purchases of natural gas and purchase of crude oil arising from service contracts and concession obligations, as well as crude oil and natural gas intersegment sales. Downstream covers the refining, petrochemistry, transport, purchase of crude oil and natural gas to third parties and intersegment, and marketing of crude oil, natural gas, refined products, petrochemicals, electric power generation and natural gas distribution. Corporate and others covers other activities, not falling into these categories, principally including corporate administrative expenses and assets, construction activities, the environmental remediation and other legal expenses according to the controlled company YPF Holdings.