YPF is an energy company, operating an oil and gas chain with market positions across the domestic upstream, downstream and gas and power segments. Co.'s upstream segment consists of the exploration, development and production of crude oil, natural gas and Liquefied Petroleum Gas (LPG); downstream, which includes the refining, marketing, transportation and distribution of oil and petroleum products, petroleum derivatives, petrochemicals, LPG and bio-fuels; and gas and power, which engages in gas separation and natural gas distribution sectors both directly and through its investments in affiliated companies and through its joint venture, YPF Energia Electrica S.A.