YPF Sociedad Anonima

Thank you for standing by. My name is Mandeep and I'll be your operator today. At this time, I'd like to welcome everyone to the YPF 2Q 2024 earnings webcast presentation call. All lines being placed on mute to prevent any background noise. After the speaker's remarks, there'll be a question and answer session. If you'd like to ask a question during this time, simply press star followed by the number one on your telephone keypad. If you'd like to withdraw your question, press star one again. Thank you. I would now like to turn the call over to Margarita Chun, IR Manager. You may begin.

Good morning, ladies and gentlemen. This is Margarita Chun, YPS IR Manager. Thank you for joining us today in our second quarter 2024 Earnings Call. This presentation will be conducted by our CEO, Mr. Horacio Marin, and our CFO, Mr. Federico Barretta-Veña. During the presentation, we will go through the main aspects and events that explain the quarter results, and then we will go to open the floor for Q&A session, together with our senior management. Before we begin, please consider our cautionary statement on slide two. Our remarks today and answer to your questions may include forward-looking statements, which are subject to risk and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. Our financial figures are stated in accordance with IFRS, but during the presentation, we might discuss some non-IFRS measures, such as adjusted EBITDA. On the other hand, as of this quarter, the company decided to actively define CAPEX instead of reporting the total PP&E acquisitions as the best approximation. In this sense, we also included acquisitions of intangible assets and excluded items charged to operating costs during the period, among others. It is worth mentioning that this new definition does not alter the accounting standards of the company. It simply provides a clearer view of the CAPEX. Therefore, the analysis of CAPEX since this quarter and the comparative period is based on the new definition. I will now turn the call over to Horacio. Please go ahead.

Thank you, Margarita, and good morning, everyone. Let me start today's presentation by describing the key milestones and development of the quarter. First of all, during Q2, we produced 20% more shale oil than Q2 last year, highlighting our strategy to focus on back and water formation. In line with this growth, we are able to export 25% more crude oil through the Trans-Indian pipeline compared to the previous quarter. This was combined with zero fuel imports in our downstream business while continuing to reduce the gap between local fuel price to import parity to 5%. Operationally, in the afternoon, we hit a new record in drilling and fracking speed. Both key metrics in thermal efficiency are fully in line with our guidance for the year. In the downstream segment, we also reached an all-time high production record of gasoline in May at La Plata Refinery. A few days ago, we made significant progress in the Andes project. We successfully executed six SPAs for six clusters represented a cornerstone for the transformation of our production matrix in order to maximize our profitability. We also started the construction of the first tranche of Paca Muerta South Oil Pipeline, and we are making progress putting together the producing consortium for the second tranche. Finally, together with our strategy partner, we select the location of the Argentine LNG production in the province of Rio Negro. We will be sharing details regarding all the news after presenting the quarter results. Now, I will turn the call over to Federico to go through the details of the second quarter's figures.