YPF FY2025 & 4Q25 Earnings Call and Investor Presentation - Argentina LNG Roadmap

LNG Global

27 Feb 2026 — 2 min read

The Engine Narrative Integration + Signal Logic Applied
Source: 100% derived from YPF FY2025 & 4Q25 Earnings Call and Investor Presentation

This report reflects only what YPF has publicly stated in its earnings call and presentation. No external assumptions. No adjustments. No challenge to company guidance.

1. Argentina LNG: Structured Multi-Phase Export Platform

YPF formally presents a three-stage LNG buildout located in Río Negro.

Phase 1 – SESA Tolling (~6 mtpa)

2 chartered FLNGs
- Hilli (2.45 mtpa, COD 2H27)
- MKII (3.5 mtpa, COD 2H28)
FID & RIGI approved
100% export-dedicated
YPF 25% equity stake

Feb 27, 2026 : Venture Global New Long-Term Partnership with Hanwha of Korea

Venture Global Announces New Long-Term LNG Partnership with Hanwha of Korea - Press Release Energy Department Approves Export Expansion at Corpus Christi LNG - U.S. Department of Energy TotalEnergies Signs Agreement (letter of intent) to Export 2 Mtpa of LNG for 20 years from the Alaska LNG Project -

Feb 26, 2026 : Shell talks ADNOC and Midocean Energy sale of North West Shelf

Shell Weighs $24 Billion Stake Sale in Australian LNG Project - OilPrice.com Cheniere and CPC Sign Long-Term LNG Sale and Purchase Agreement - Press Release Cheniere Energy: Q4 Earnings Snapshot AP Cheniere expansion projects march forward as profits surge Upstream (Subscription)

Feb 25, 2026 : Australia ships to Eastern Canada

Australia ships LNG 25,000 kilometres to eastern Canada amid Asian slump - Bloomberg Most natural gas pipelines built in 2025 connect the South Central United States to supply - U.S. EIA Japan’s LNG resales set new records despite looming oversupply in global markets - Institute for Energy

Winners February 18 to 25

I. ENGINE TAKE (12–36 Month Structural Outlook) 1. CORE THESIS Between February 18 and February 25, 2026, identifies market leverage toward three distinct entities: U.S. Gulf Coast Liquefaction Developers, Asian Portfolio Holders, and Tier-One Commodity Traders. Conversely, European utility buyers experienced primary leverage compression. This asymmetry is driven