YPF Sociedad Anonima (YPF) is an Argentina-based energy company, operating an integrated oil and gas chain across the domestic upstream and downstream segments. The upstream operations consist of the exploration, development and production of crude oil, natural gas and liquefied petroleum gas (LPG). The downstream operations include the refining, marketing, transportation, and distribution of oil and a range of petroleum products, petroleum derivatives, petrochemicals, liquid petroleum gas, and bio-fuels. YPF is also engaged in the gas separation and natural gas distribution sectors both directly, and through the investments in several affiliated companies. During the year ended December 31, 2008, YPF operated more than 70 oil and gas fields in Argentina and had proved reserves of approximately 580 million barrels (mmbbl) of oil and 3,099 billion cubic feet (bcf) of gas, representing aggregate reserves of 1,133 million barrels of oil equivalent (mmboe).