YPF Sociedad Anonima

Welcome to the Q1 2020 Sociedad Anónima S.A. Earnings Conference Call. My name is Richard, and I'll be your operator for today's call. At this time, all participants are in a listen-only mode. Later, we will conduct a question-and-answer session. During the question-and-answer session, if you have a question, please press star, then 1 on your touch-tone phone. I will now turn the call over to Sergio Giorgi. You may begin.

Thank you. Good morning, ladies and gentlemen. My name is Sergio Giorgi, Vice President of Strategy, Business Development, and Investor Relations of YPF. Thank you for joining us today. In this occasion, we will present YPF 2020 first quarter results. Before we begin, please review carefully the cautionary statement on slide two. We will be making forward-looking statements that refer to our estimates, plans, and expectations that could differ materially due to factors we note on this slide. Also, note that exchange rate calculation used to reach our main financial figures is in U.S. dollars. As you all know by now, we are currently in a transition period between CEOs at the company. So before starting the presentation, we will have some brief comments by Guillermo Nielsen, YPF chairman, and Sergio Fronte, the new CEO. And then both Ignacio Rostano, head of IR, and myself will be conducting the presentation and answering the questions. Please, Guillermo, go ahead.

Thank you, Sergio, for your introduction. Welcome. And thank you very much to all of you, the investors that are listening to you today, as well as the media that is covering this meeting. During the recent YPF shareholders annual meeting, which took place two weeks ago, I depicted how the COVID pandemic and the drop in oil prices was affecting our operations and strategy, and how we had quickly reacted to preserve our cash flow and the value of our company, as well as as which steps we plan to take once the scenario is stabilized in order to keep delivering products to our clients and creating value for our shareholders. The speech I gave at that shareholders meeting, as well as the rest of the meeting documents, are available on our website for your reference. And things have not changed that much since last week, so I would rather direct you to looking at this material in our website. Now, I am proud to introduce to you the newly appointed CEO, Mr. Sergio Affronti, which will be conducting the company on a daily basis, facing a scenario that as no other scenario in the history of the oil and gas industry. But I'm very confident that Sergio, joining the management team, will be able to successfully lead YPF during this time. I will leave you with him so that we can move on to the first quarter earnings. Thank you very much.