The largest oil company in Argentina no longer answers to a Spanish parent: Integrated oil company YPF was a subsidiary of Repsol, Spain's largest oil concern, until 2012, when the Argentina government seized a controlling 51% stake in YPF, much to the chagrin of Spain and Repsol YPF's shareholders. YPF has proved reserves (primarily in Argentina) of about 623 million barrels of oil and 3.7 trillion cu. ft. of natural gas. It produces, refines, and markets petroleum, natural gas, and petrochemicals. The company's three Argentine refineries have an annual capacity of about 116 million barrels. It also has a joint venture refinery (Refinor) with Petrobras Energía.