PETROBRAS ARGENTINA S.A.

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1 PETROBRAS ARGENTINA S.A. Second Quarter 2015 Results Buenos Aires, July 30, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for the second quarter ended June 30, Petrobras Argentina s net income for 2015 second quarter was a gain of ARS 524 million. Petrobras Argentina s gain in 2014 second quarter was ARS 354 million. The higher gain in 2015 quarter is mainly attributable to increased operating income of ARS 159 million. The 2014 quarter was adversely impacted by the recognition of an extraordinary loss of ARS 228 million related to equity interest in Oleoducto de Crudos Pesados (OCP) in Ecuador. Petrobras Argentina s net income for the six-month periods ended June 30, 2015 and 2014 was ARS 1,346 million and ARS 1,052 million, respectively. Petrobras Argentina S.A. Second Quarter 2015 Results 1

2 Income Statement (Consolidated Information) Sales 5,237 4,938 Cost of Sales (3,581) (3,344) Gross Profit 1,656 1,594 Administrative and Selling Expenses (659) (589) Exploration Expenses (19) (11) Other Operating Results (125) (108) Equity in Earnings of Affiliates 24 (168) Operating Result Financial Results Income tax (326) (344) Net Result Attributable to: Controlling interest Non-controlling interest Total Sales (in millions of pesos) IIQ 15 IIQ 14 E&P 2,414 2,570 Refining and Distribution 2,942 2,755 Petrochemical 1,224 1,072 Gas & Energy Eliminations between Businesses (2,270) (2,299) Total 5,237 4,938 Gross Profit E&P Refining and Distribution Petrochemical Gas & Energy Eliminations between Businesses 45 (29) Total 1,656 1,594 Petrobras Argentina S.A. Second Quarter 2015 Results 2

3 Equity in Earnings of Affiliates Empresas Mixtas en Venezuela (5) (12) Refinería del Norte S.A. (8) 36 CIESA OCP - (228) Other 9 8 Total 24 (168) Operating Income E&P Refining and Distribution Petrochemical Gas & Energy Corporate Expenses & Eliminations (191) (225) Total Financial Results (in millions of pesos) IIQ 15 IIQ 14 Net Interests Exchange Differences Other (61) (38) Total Petrobras Argentina S.A. Second Quarter 2015 Results 3

4 Balance Sheet (in millions of pesos) (Consolidated Information) Jun-15 Dec-14 Current Assets Cash & Equivalents 2,033 2,278 Accounts receivable - trade 2,858 2,945 Other Assets 4,028 3,660 Total Current Assets 8,919 8,883 Noncurrent Assets Investments 3,790 3,623 Property, Plant and Equipment 11,877 11,589 Other Assets Total Noncurrent Assets 15,973 15,549 Total Assets 24,892 24,432 Current Liabilities Accounts payable 3,159 3,045 Debt Other Liabilities 1,755 2,758 Total Current Liabilities 4,964 5,895 Noncurrent Liabilities Debt 2,734 2,587 Other Liabilities 3,095 3,335 Total Noncurrent Liabilities 5,829 5,922 Total Liabilities 10,793 11,817 Equity Attributable to the Company's Shareholders 12,957 11,586 Minority Interest 1,142 1,029 14,099 12,615 Petrobras Argentina S.A. Second Quarter 2015 Results 4

5 Cash Flow Statement (Consolidated Information) (Six-Months Period) Jun-15 Jun-14 Net Result Attributable to: Controlling interest ,346 1,052 Non-controlling interest Total ,423 1,073 Equity in earnings of affiliates (24) 168 (10) 175 Financial income and holding gains, net (70) (51) (127) (455) Depreciation of property, plant and equipment ,166 1,206 Result from the sale of Puesto Hernández (181) Result from the sale of Austral Basin - - (674) - Income tax Income tax paid (309) (56) (543) (200) Accrued interest Interest paid (92) (85) (97) (89) Dividends Collected Others (93) (419) (188) (578) ,922 1,921 Acquisition of property, plant and equipment (1,223) (828) (2,974) (1,657) Sale of interests in companies and oil and gas areas Loans (8) (26) (57) (158) Dividends paid - (24) (26) (24) Others (Decrease) Increase in cash and cash equivalents (259) 159 (326) 488 Cash and cash equivalents at beginning 2,252 1,721 2,278 1,193 Effect of exchange rate change on cash Cash and cash equivalents at end 2,033 1,899 2,033 1,899 Petrobras Argentina S.A. Second Quarter 2015 Results 5

6 GROSS PROFIT BY BUSINESS SEGMENT Oil and Gas Exploration and Production Sales 2,414 2,570 Cost of Sales (1,584) (1,666) Gross Profit In 2015 quarter, net sales decreased ARS 156 million to ARS 2,414 million, mainly due to lower sales volumes of oil and gas as a consequence of the sale of assets in the Austral basin in the first quarter of 2015, partially offset by an improvement in gas sales prices. Oil sales decreased ARS 235 million to ARS 1,802 million in 2015 quarter, mainly due to the decline in sales volumes resulting from the sale of the Austral basin and, to a lesser extent, the natural decline of mature fields. Gas sales rose ARS 85 million to ARS 590 million in 2015 quarter, mainly as a consequence of an improvement in average sales prices for the residential segment, partially offset by a decline in sales volumes, which totaled 198 MMcf/d in 2015 quarter and 252 MMcf/d in 2014 quarter, mainly derived from the sale of the Austral basin. In 2015 quarter production from the Neuquén basin increased due to the start of production of non-conventional gas wells which allowed to offset the natural decline of mature fields. Gross profit totaled ARS 830 million in 2015 quarter and ARS 904 million in 2014 quarter and margin on sales was 34.4% in 2015 quarter and 35.1% in 2014 quarter. Oil Sales (volumes & average prices) Thousand bbl / day Pesos per barrel IIQ 15 IIQ 14 IIQ 15 IIQ 14 Total Gas Sales (volumes & average prices) Million Cubic Feet / day Pesos per Thousand cubic feet IIQ 15 IIQ 14 IIQ 15 IIQ 14 Total Petrobras Argentina S.A. Second Quarter 2015 Results 6

7 Refining and Distribution Sales 2,942 2,755 Cost of Sales (2,541) (2,398) Gross Profit Sales rose ARS 187 million to ARS 2,942 million in 2015 quarter, as a result of the combined effect of increased sales volumes and improved refined product sales prices, partially offset by lower crude oil sales volumes. Refined product sales volumes totaled thousand cubic meters in 2015 quarter and thousand cubic meters in 2014 quarter, in line with an increased demand in the period under review. Gross profit totaled ARS 401 million in 2015 quarter and ARS 357 million in 2014 quarter, with margins on sales of 13.6% and 13% in 2015 and 2014 quarters, respectively. Refining and Distribution Product Sales (volumes & average prices) Thousand Cubic Meters Pesos per Cubic Meter IIQ 15 IIQ 14 IIQ 15 IIQ 14 Crude Oil ,947 3,807 Diesel Oil ,396 6,032 Gasolines ,701 6,448 Fuel Oil, IFOs & Asphalts ,329 4,405 Other distillates ,723 4,259 Total ,878 5,523 Petrochemicals Sales 1,224 1,072 Cost of Sales (997) (873) Gross Profit Petrobras Argentina S.A. Second Quarter 2015 Results 7

8 In 2015 quarter, sales rose ARS 152 million to ARS 1,224 million mainly as a consequence of increased sales derived from the catalytic reformer plant operations and, to a lesser extent, styrenics. Sales revenues resulting from the catalytic reformer plant operations rose ARS 138 million to ARS 495 million in 2015 quarter, as a consequence of the combined effect of increased sales volumes and higher prices stated in pesos. The rise in volumes is attributable to increased virgin naphtha volumes processed. Styrenic product sales revenues increased ARS 14 million to ARS 729 million in 2015 quarter, as a consequence of higher sales volumes of polystyrene attributable to an increased domestic demand, partially offset by the decline in average sales prices for styrene and synthetic rubber, in line with the drop in international prices. Gross profit totaled ARS 227 million in 2015 quarter and ARS 199 million in 2014 quarter, and margins on sales were similar in both quarters, nearing 18.5%. Petrochemical Product Sales (volumes & average prices) Thousand Tons Pesos per Ton IIQ 15 IIQ 14 IIQ 15 IIQ 14 Styrene & Polystyrene ,836 15,761 SBR ,949 21,208 Other ,366 4,668 Total ,747 9,052 Gas and Energy Sales Cost of Sales (774) (677) Gross Profit Marketing and Transportation of Gas In 2015 quarter, natural gas sales revenues rose ARS 88 million to ARS 619 million, mainly due to an improvement in average sales prices, partially offset by a decline in sales volumes, which totaled 207 million cubic feet in 2015 quarter. The rise in average sales prices is mainly attributable to increased volumes of non-conventional gas sold at Gas Plus price and improved prices for the residential and CNG segment. Petrobras Argentina S.A. Second Quarter 2015 Results 8

9 Gross profit reflected losses of ARS 4 million in both quarters. Electricity In 2015 quarter, net sales for electricity generation increased ARS 8 million to ARS 396 million, mainly due to an improvement in average sales prices, partially offset by lower sales volumes, which dropped to 1,559 Gwh in 2015 quarter from 1,722 Gwh in 2014 quarter, as a consequence of the scheduled shutdown for maintenance works at Genelba Power Plant. Gross profit totaled ARS 157 million in 2015 quarter and ARS 166 million in 2014 quarter, with margins on sales of 39.6% and 42.8% in 2015 and 2014 quarters, respectively. Petrobras Argentina S.A. Second Quarter 2015 Results 9

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