YPF Sociedad Anonima (YPF) is higher today after a New York-based federal appeals court struck down a $16.1 billion judgment against Argentina related to the 2012 nationalization of YPF. The decision removes a major headline risk that has periodically pressured YPF’s valuation by raising fears of enforcement actions against Argentine assets and uncertainty around the state’s control stake.

The long-running litigation has been a persistent overhang because large judgments can translate into aggressive collection efforts, including attempts to identify and attach sovereign-linked assets. A ruling that vacates the judgment improves the perceived risk profile around YPF’s ownership and governance backdrop and can lower the risk premium investors demand for the ADR.

Investors will be monitoring whether further appeals or procedural steps reintroduce uncertainty, and how quickly the litigation path clarifies from here. Separately, YPF’s operational narrative remains centered on scaling Vaca Muerta production and export infrastructure, but today’s price action is being driven primarily by the legal catalyst rather than new operating data.