PETROBRAS ARGENTINA S.A.

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PETROBRAS ARGENTINA S.A. Fiscal Year 2014 Results Buenos Aires, February 4, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for fiscal year ended December 31, 2014.

1 PETROBRAS ARGENTINA S.A. Fiscal Year 2014 Results Buenos Aires, February 4, 2015 Petrobras Argentina S.A. (Buenos Aires: PESA NYSE: PZE) announces the results for fiscal year ended December 31, Petrobras Argentina s net income for the twelve-month periods ended December 31, 2014 and 2013 was P$458 million and P$779 million, respectively. Petrobras Argentina s net income for the fourth quarter of 2014 was a P$1,042 million loss. Net income for the same quarter of 2013 was a P$102 million gain. The fourth quarter of 2014 was adversely affected by non-recurring charges, mainly impairment of assets located outside of Argentina, in Mixed Companies in Venezuela, Oleoducto de Crudos Pesados (OCP) in Ecuador, and Colpa Caranda in Bolivia, in the amount of P$1,342 million, P$168 million and P$94 million, respectively, partially offset by an income tax recovery of P$424 million. The above mentioned impairment charges result from several factors including, among others, the evolution of oil price and contingencies derived from taxrelated differences in interpretation in the case of OCP. Petrobras Argentina S.A. Fiscal Year 2014 Results 1

2 Income Statement (Consolidated Information) (Three-Months Period) (Twelve-Months Period) Sales 5,524 4,395 20,738 15,340 Cost of Sales (4,093) (3,138) (14,490) (11,260) Gross Profit 1,431 1,257 6,248 4,080 Administrative and Selling Expenses (711) (533) (2,416) (1,797) Exploration Expenses (30) (43) (70) (82) Other Operating Results (479) (224) (779) (571) Equity in Earnings of Affiliates (1,519) (306) (1,735) (279) Operating Result (1,308) 151 1,248 1,351 Financial Results (108) Income Tax 424 (93) (742) (552) Net Result (992) Attributable to: Controlling interest (1,042) Non-controlling interest Total (992) Sales (in millions of pesos) IVQ14 IVQ13 Dec-14 Dec-13 E&P 2,922 2,173 10,553 7,838 Refining and Distribution 3,192 2,305 11,476 8,146 Petrochemical 1,137 1,011 4,436 3,348 Gas & Energy ,487 2,704 Eliminations between Businesses (2,606) (1,863) (9,214) (6,696) Total 5,524 4,395 20,738 15,340 Gross Profit E&P ,534 2,337 Refining and Distribution , Petrochemical Gas & Energy Eliminations between Businesses 36 (12) (95) (58) Total 1,431 1,257 6,248 4,080 Petrobras Argentina S.A. Fiscal Year 2014 Results 2

3 Other Operating Results (Three-Months Period) (Twelve-Months Period) Taxes on bank transactions (73) (60) (262) (197) Contingencies (20) (29) (109) (103) Enviromental Costs (185) (9) (193) (27) Result from sale of Puesto Hernández Result from sale of Distrilec S.A (34) Impairment Colpa Caranda (94) - (94) - Others (107) (126) (302) (210) Total (479) (224) (779) (571) Impairment - Colpa Caranda Bolivia: Valuation of these assets is sensitive to gas export prices in Bolivia, the benchmark of which is calculated based on the oil price. Consequently, in the fourth quarter of 2014, Petrobras Argentina recognizes an impairment charge of Ps.94 million on property, plant and equipment operated in Colpa Caranda Fields and Plants to adjust the book value to their probable recoverable value. Equity in Earnings of Affiliates Mixed Companies in Venezuela (1,346) (340) (1,385) (357) Refinería del Norte S.A CIESA (7) 4 (6) 10 OCP (168) 2 (464) 19 Others Total (1,519) (306) (1,735) (279) Mixed companies in Venezuela: The recoverability of these investments is highly sensitive to several factors including, among others, the oil price, regulatory changes in Venezuela and business plans to be implemented to develop mixed companies reserves. In this respect, in the fourth quarter of 2014, Petrobras Argentina recognizes an impairment charge of Ps.1,342 million to adjust the book value of these investments to their probable recoverable value. Oleoducto de Crudos Pesados (OCP) Ecuador: In connection with differences in interpretation between OCP and Ecuadorian tax authorities, the National Court of Justice issued rulings confirming the tax assessment in favor of the State. Consequently, OCP filed extraordinary protection actions before the Constitutional Court. At the end of 2014, such extraordinary actions were dismissed by the Constitutional Court. Therefore, in the fourth quarter of 2014, Petrobras Argentina recognizes a net loss of P$168 million, with investment in OCP being valued at zero. Petrobras Argentina S.A. Fiscal Year 2014 Results 3

4 Operating Income E&P (1,382) ,342 Refining and Distribution Petrochemical Gas & Energy Corporate Expenses & Eliminations (195) (312) (961) (911) Total (1,308) 151 1,248 1,351 Financial Results (in millions of pesos) (Three-Months Period) (Twelve-Months Period) IVQ14 IVQ13 Dec-14 Dec-13 Net Interests & Others (106) (56) (235) (118) Exchange Differences (2) Total (108) Petrobras Argentina S.A. Fiscal Year 2014 Results 4

5 Balance Sheet (in millions of pesos) (Consolidated Information) Dec-14 Dec-13 Current Assets Cash & Equivalents 2,278 1,193 Accounts receivable - trade 2,945 2,519 Other Assets 3,660 2,884 Total Current Assets 8,883 6,596 Noncurrent Assets Investments 3,623 4,366 Property, plant and equipment 11,589 9,524 Other Assets Total Noncurrent Assets 15,549 14,266 Total Assets 24,432 20,862 Current Liabilities Accounts payable 3,045 2,553 Debt Other Liabilities 2,758 1,267 Total Current Liabilities 5,895 4,028 Noncurrent Liabilities Debt 2,587 2,024 Other Liabilities 3,335 3,115 Total Noncurrent Liabilities 5,922 5,139 Total Liabilities 11,817 9,167 Equity Attributable to the Company's Shareholders 11,586 10,961 Minority Interest 1, ,615 11,695 Petrobras Argentina S.A. Fiscal Year 2014 Results 5

6 Cash Flow Statement (Consolidated Information) Net Result Attributable to: Controlling interest (1,042) Non-controlling interest Total (992) Equity in earnings of affiliates 1, , Financial income and holding gains, net (31) (57) (572) (419) Depreciation of property, plant and equipment ,632 2,194 Result from the sale of Puesto Hernández - - (181) - Result from the sale of Distrilec S.A Income tax (424) Income tax paid (62) (56) (323) (435) Accrued interest Interest paid (89) (110) (181) (216) Dividends Collected Others 1, (31) (298) 1, ,646 2,778 Acquisition of property, plant and equipment (1,179) (722) (3,853) (2,524) Sale of interests in companies and oil and gas areas Loans (34) (1,063) (235) (1,157) Dividends paid (35) - (177) (16) Others Increase (decrease) in cash 507 (380) 804 (245) Cash and cash equivalents at beginning 1,759 1,463 1,193 1,260 Effect of exchange rate change Cash and cash equivalents at end 2,278 1,193 2,278 1,193 Petrobras Argentina S.A. Fiscal Year 2014 Results 6

7 GROSS PROFIT BY BUSINESS SEGMENT Oil and Gas Exploration and Production Sales 2,922 2,173 10,553 7,838 Cost of Sales (2,260) (1,476) (7,019) (5,501) Gross Profit ,534 2,337 In 2014 quarter, net sales increased P$749 million to P$2,922 million. Oil sales increased to P$2,265 million, or 29%, in 2014 quarter, mainly due to a rise in average sales prices, partially offset by a decrease in sales volumes. Gas sales rose P$245 million to P$629 million in 2014 quarter, primarily due to an increase in average sales prices, partially offset by a decline in sales volumes. Gross profit in 2014 quarter totaled P$662 million. Gross profit in 2013 quarter totaled P$697 million. The P$35 million drop in gross profit is mainly attributable to the rise in the lifting cost and the decline in sales volumes, partially offset by an increase in oil and gas average sales prices. Gross margin was 23% in 2014 quarter and 32% in 2013 quarter. Oil Sales (volumes & average prices) Thousand bbl / day Pesos per barrel Three Months Twelve Months Three Months Twelve Months IVQ14 IVQ13 Dec-14 Dec-13 IVQ14 IVQ13 Dec-14 Dec-13 Total Gas Sales (volumes & average prices) Million Cubic Feet / day Pesos per Thousand cubic feet Three Months Twelve Months Three Months Twelve Months IVQ14 IVQ13 Dec-14 Dec-13 IVQ14 IVQ13 Dec-14 Dec-13 Total Liquid Hydrocarbon and Natural Gas Reserves As of December 31, 2014, Petrobras Argentina s liquid hydrocarbon and natural gas proved reserves totaled million boe (84.6 million barrels of oil and billion cubic feet of gas). As of December 31, 2014, total oil proved reserves (including crude oil, condensate and NGL) and total natural gas proved reserves were equal to 6.9 years of production, measured according to 2014 oil and gas production levels. Liquid hydrocarbon and natural gas accounted for 40% and 60%, respectively, of total proved reserves. In addition, 89% of total proved reserves are located in Argentina. Petrobras Argentina S.A. Fiscal Year 2014 Results 7

8 Refining and Distribution Sales 3,192 2,305 11,476 8,146 Cost of Sales (2,795) (2,104) (10,168) (7,352) Gross Profit , Net sales in 2014 quarter increased to P$3,192 million, or 38%, mainly due to the recovery in average sales prices for refined products. Total sales volumes of refined products were thousand cubic meters in 2014 quarter and thousand cubic meters in 2013 quarters. Gross profit rose P$196 million to P$397 million in 2014 quarter. Gross margin on sales was 12% and 9% in 2014 and 2013 quarters, respectively. Refining Product & OilSales (volumes & average prices) Thousand Cubic Meters Pesos per Cubic Meter Three Months Twelve Months Three Months Twelve Months IVQ14 IVQ13 Dec-14 Dec-13 IVQ14 IVQ13 Dec-14 Dec-13 Oil ,887 2,902 3,915 2,469 Diesel Oil ,722 4,539 6,260 4,128 Gasolines ,504 4,519 6,319 4,077 Fuel Oil / IFOs ,380 3,017 4,357 2,917 Other distillates ,409 3,451 3,856 3,021 Total ,077 2,246 5,621 3,960 5,447 3,575 Petrochemicals Sales 1,137 1,011 4,436 3,348 Cost of Sales (959) (819) (3,626) (2,827) Gross Profit In 2014 quarter, net sales increased P$126 million to P$1,137 million, primarily due to the rise in average sales prices, partially offset by lower sales volumes. Gross profit totaled P$178 million in 2014 quarter and P$192 million in 2013 quarter, with margins on sales of 16% and 19% in 2014 and 2013 quarters, respectively. Petrobras Argentina S.A. Fiscal Year 2014 Results 8

9 Petrochemical Product Sales (volumes & average prices) Thousand Tons Pesos per Ton Three Months Twelve Months Three Months Twelve Months IVQ14 IVQ13 Dec-14 Dec-13 IVQ14 IVQ13 Dec-14 Dec-13 Styrene & Polystyrene ,380 12,285 16,125 10,652 SBR ,124 13,710 20,230 13,658 Other ,504 3,407 4,673 3,155 Total ,781 6,788 8,867 6,111 Gas and Energy Sales ,487 2,704 Cost of Sales (721) (590) (2,796) (2,218) Gross Profit Marketing and Transportation of Gas In 2014 quarter sales revenues rose P$99 million to P$661 million mainly due to higher sales of natural gas. As a result of changes in the allocation of liquid fuel sales among business units, as from the first quarter of 2014 liquid fuels are sold to third parties by the Petrochemicals and Refining and Distribution segments and in 2013 quarter accounted for sales revenues of P$74 million. Natural gas sales revenues increased P$180 million, mainly due to an improvement in average sales prices, partially offset by a 6% decline in sales volumes. Gross profit was P$39 million in 2014 quarter and P$102 million in 2013 quarter. Electricity Net sales for electricity generation totaled P$297 million and P$270 million in 2014 and 2013 quarters, respectively. This improvement mainly results from the increase in average generation prices, partially offset by lower sales volumes. Sales volumes attributable to Genelba, Pichi Picún Leufú, Genelba Plus and Ecoenergía were 1,205 Gwh in 2014 quarter and 1,668 Gwh in 2013 quarter, mainly due to reduced volumes generated by Genelba power plant as a consequence of a scheduled shutdown for maintenance works. Gross profit totaled P$119 million in 2014 quarter and P$77 million in 2013 quarter. Margin on sales was 40.1% and 28.5% in 2014 and 2013 quarters, respectively. Petrobras Argentina S.A. Fiscal Year 2014 Results 9

PETROBRAS ARGENTINA S.A.

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, 2015.