YPF SA (YPF) 2023 Q2 法說會逐字稿

Ladies and gentlemen, good morning. My name is Abby, and I will be your conference operator today. At this time, I would like to welcome everyone to the YPF Second Quarter 2023 Earnings Conference Call. Today's conference is being recorded. (Operator Instructions)

女士們、先生們，早上好。我叫艾比，今天我將擔任你們的會議操作員。在此，我歡迎大家參加YPF 2023年第二季度收益電話會議。今天的會議正在錄製中。 （操作員說明）

Thank you. And I will now turn the conference over to Pedro Kearney, YPF Planning and Finance Manager. You may begin.

謝謝。我現在將會議交給 YPF 規劃和財務經理 Pedro Kearney。你可以開始了。

Good morning, ladies and gentlemen. This is Pedro Kearney, YPF Planning and Finance Manager. Thank you for joining us today in our second quarter 2023 earnings call. This presentation will be conducted by our CEO, Pablo Iuliano; and our CFO, Alejandro Lew. During the presentation, we will go through the main aspects and events that explain our second quarter results, and finally, we will open up for questions.

早上好，女士們，先生們。我是 Pedro Kearney，YPF 規劃和財務經理。感謝您今天參加我們的 2023 年第二季度財報電話會議。本次演講將由我們的首席執行官 Pablo Iuliano 主持；以及我們的首席財務官亞歷杭德羅·盧 (Alejandro Lew)。在演示過程中，我們將介紹解釋我們第二季度業績的主要方面和事件，最後，我們將提出問題。

Before we begin, I would like to draw your attention to our cautionary statement on Slide 2. Please take into consideration that our remarks today and answers to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in accordance with IFRS, but during the call, we might discuss some non-IFRS measures such as adjusted EBITDA.

在我們開始之前，我想提請您注意我們在幻燈片2 上的警告性聲明。請考慮到我們今天的言論和對您問題的回答可能包括前瞻性陳述，這些陳述存在風險和不確定性，可能會導致實際情況結果與這些言論所設想的預期存在重大差異。我們的財務數據是根據 IFRS 表述的，但在電話會議中，我們可能會討論一些非 IFRS 指標，例如調整後的 EBITDA。

I will now turn the call to Pablo. Please go ahead.

我現在將電話轉給巴勃羅。請繼續。

Thank you, Pedro, and good morning to you all. Let me start highlighting that this was another quarter in which we continued delivering a solid operational performance. During the second quarter, total hydrocarbon production totaled 513,000 barrels of oil equivalent per day, remaining stable quarter-over-quarter and increasing 2% on year-over-year basis, mainly driven by a sound performance in our shale operations, which recorded an interannual expansion of 18%. I would also like to point out the positive evolution of our crude oil production, which continued growing, increasing by 1% sequentially and by 7% when compared to the same period of 2022.

謝謝你，佩德羅，祝大家早上好。首先我要強調的是，這是我們繼續提供穩健運營業績的又一個季度。第二季度，碳氫化合物總產量為 513,000 桶油當量/日，環比穩定，同比增長 2%，主要得益於頁岩業務的良好表現，錄得年際擴張18%。我還想指出我們的原油產量的積極發展，原油產量持續增長，環比增長 1%，與 2022 年同期相比增長 7%。

Adjusted EBITDA reached $1 billion in the quarter, decreasing 4% sequentially and 34% compared to the second quarter of 2022. The lower outcome compared to the previous quarter came especially on the back of a slight decline in domestic fuel prices in dollars terms and further cost pressures, mostly offset by higher seasonal natural gas sales. And our bottom line came in at $380 million in the second quarter, accumulating more than the $720 million during the first half of the year.

本季度調整後EBITDA 達到10 億美元，比上一季度下降4%，與2022 年第二季度相比下降34%。與上一季度相比，結果較低，尤其是在以美元計算的國內燃油價格略有下降以及進一步下降的背景下。成本壓力大部分被季節性天然氣銷量增加所抵消。第二季度我們的淨利潤為 3.8 億美元，超過了上半年的 7.2 億美元。

In terms of our investment activities, we continue ramping up our CapEx plan, which expanded 6% sequentially and 52% on a year-over-year basis, accumulating nearly $2.7 billion during the first half of the year, being on track to fully deploy our ambitious plan for 2023. On the financial side, free cash flow totaled a negative $284 million primarily driven by the Maxus settlement agreement signed in April, taking our net debt to $6.312 billion and increasing the net leverage ratio to 1.4x. Excluding the impact of this agreement, the free cash flow would have been flat during the quarter. In this regard, let me point out that on August 2, following the satisfaction of all conditions and procedural steps, YPF proceeded with the payment of the settlement amount due under the trust settlement agreement as all relevant actions against the company, including state and federal, were finally dismissed.

在投資活動方面，我們繼續加大資本支出計劃，該計劃環比增長 6%，同比增長 52%，上半年累計投入近 27 億美元，有望全面部署我們雄心勃勃的2023 年計劃。在財務方面，自由現金流總計為負2.84 億美元，主要是由於4 月份簽署的Maxus 和解協議，使我們的淨債務達到63.12 億美元，淨槓桿率提高到1.4 倍。排除該協議的影響，本季度自由現金流將持平。在這方面，我要指出的是，8 月2 日，在滿足所有條件和程序步驟後，YPF 繼續支付信託和解協議項下到期的和解金額，作為針對該公司的所有相關行動，包括州和聯邦，最終被解僱。

Beyond economic results, let me briefly comment that during the second quarter, we achieved an important milestone regarding our key strategic goal of accelerating the monetization of our crude oil resources. During May, the company resumed structural Medanito oil export after 18 years as the trans-Andean oil pipeline was successfully put back in operation, allowing the evacuation of crude oil to Chile.

除了經濟成果之外，讓我簡要評論一下，在第二季度，我們在加速原油資源貨幣化這一關鍵戰略目標方面實現了一個重要里程碑。 5月，隨著跨安第斯石油管道成功恢復運營，原油得以輸送至智利，該公司時隔18年恢復了結構性Medanito石油出口。

We also continued delivering in currency of results in terms of well construction efficiency within our shale operations during the quarter, averaging 260 meters per day in drilling and 194 stages per set per month on fracking, maintaining most of the efficiencies gained in previous quarters. More recently, in July, we continued setting new records on drilling and fracking performance, averaging 295 meters per day in drilling and over 235 stages per set per month on fracking. We strongly believe that maintaining our focus in the continuous improvement of our well construction operations in Vaca Muerta is key to maximize value generation for all our stakeholders.

本季度，我們還繼續在頁岩油業務的建井效率方面提供貨幣結果，平均每天鑽探 260 米，每月平均每組 194 級水力壓裂，保持了前幾個季度獲得的大部分效率。最近，即 7 月份，我們繼續創造鑽井和水力壓裂性能的新記錄，平均每天鑽井 295 米，每月每組超過 235 個階段的水力壓裂。我們堅信，持續改進瓦卡穆爾塔的建井作業是為所有利益相關者創造最大價值的關鍵。

Going forward, outlook. The global and local environments are full of challenge in coming months. We will remain commitment to exploit the huge opportunities that we have ahead of us. In that sense, the cumulative results achieved in the first 6 months of year permit us to reaffirm our crude growth strategy while maintaining profitability and financially prudency at the forefront of our decisions.

展望未來，展望未來。未來幾個月，全球和當地環境都充滿挑戰。我們將繼續致力於利用擺在我們面前的巨大機遇。從這個意義上說，今年前 6 個月取得的累計業績使我們能夠重申我們的原油增長戰略，同時在我們的決策中保持盈利能力和財務審慎。

I now turn to Alejandro to go through some further details of our operating and financial results for the quarter.

我現在請亞歷杭德羅詳細介紹我們本季度的運營和財務業績。

Thank you, Pablo. Let me begin by expanding on Pablo's comments about the evolution of our oil and gas production. During the quarter, our total hydrocarbon production averaged 513,000 barrels of oil equivalent per day, growing very modestly compared to the previous quarter and increasing by 2% year-over-year. Crude oil production recorded a new sequential increase of 1% during the quarter, representing the seventh consecutive quarter of oil production growth, coupled with a strong interannual expansion of 7%, which allows us to remain on track to meet our targets for the year.

謝謝你，巴勃羅。首先讓我詳細闡述巴勃羅對我們石油和天然氣生產演變的評論。本季度，我們的碳氫化合物總產量平均為每天 513,000 桶油當量，與上一季度相比增長非常溫和，同比增長 2%。本季度原油產量環比增長 1%，這是石油產量連續第七個季度增長，加上年際增長率 7%，這使我們能夠繼續實現今年的目標。

Beyond crude, natural gas and NGLs production remained stable on a sequential basis, staying at 37 million cubic meters per day and 43 barrels of oil per day, respectively. The positive interannual evolution in oil and gas production came as expected on the back of our total shale production, which continued delivering solid results, expanding by 18% on a year-over-year basis, with a remarkable increase of 28% in our shale oil production.

除原油外，天然氣和液化天然氣產量環比保持穩定，分別保持在每天 3700 萬立方米和每天 43 桶石油。在我們的頁岩油總產量的支持下，石油和天然氣產量出現了積極的年際變化，頁岩油總產量繼續取得了紮實的成果，同比增長了18%，其中頁岩​​油產量顯著增長了28%石油生產。

On the conventional side, we managed to maintain our oil production stable versus the previous quarter mainly as a result of our continued focus on tertiary production, which increased 17% sequentially and 32% versus the same period of 2022. The positive evolution in tertiary production came primarily from solid results in Manantiales Behr, our flagship project, which represents more than 70% of our EOR production and the evolution of the pilots deployed at Chachahuen in Mendoza and El Trébol in Chubut.

在常規方面，我們成功地保持了石油產量與上一季度相比的穩定，主要是因為我們繼續關注第三次生產，第三次生產比上一季度增長了17%，與2022 年同期相比增長了32%。三次生產的積極發展主要來自我們的旗艦項目Manantiales Behr 的紮實成果，該項目占我們EOR 產量的70% 以上，以及部署在門多薩Chachahuen 和丘布特省El Trebol 的試點的發展。

Moving to costs. Lifting averaged $16 per barrel of oil equivalent across our upstream operations, 10% above the previous quarter, primarily due to higher maintenance and pulling activity combined with an accelerated inflationary environment not fully compensated by the local currency depreciation. However, lifting costs for our shale oil core hub operations remained almost stable sequentially at a very competitive level of $4.1 per barrel.

轉向成本。我們的上游業務平均每桶油當量增加 16 美元，比上一季度增加 10%，這主要是由於維護和拉動活動增加，加上通脹環境加速，但當地貨幣貶值未能完全補償。然而，我們頁岩油核心樞紐業務的提升成本連續保持幾乎穩定在每桶 4.1 美元的極具競爭力的水平。

Regarding prices within the Upstream segment, crude oil realization prices averaged $63 per barrel in Q2, declining by 5% on a sequential basis. This decrease, however, was less pronounced than that of Brent, thus resulting in a compression of the spread versus export parity in the quarter. On the natural gas side, prices increased about 30% sequentially to an average of $3.9 per million BTU as a result of the seasonal adjustments within the Plan Gas contracts.

上游價格方面，第二季度原油平均實現價格為每桶 63 美元，環比下降 5%。然而，這種下降不如布倫特原油明顯，因此導致本季度利差相對出口平價的壓縮。在天然氣方面，由於 Plan Gas 合同中的季節性調整，價格環比上漲約 30% 至平均每百萬 BTU 3.9 美元。

Coming into our shale activity. During the quarter, we completed 41 new horizontal wells in our operated blocks, reaching a total of 79 completed horizontal shale wells during the first half of the year. We also continued increasing the rhythm of drilling activity to enlarge our inventory of DUC wells. In that sense, during the second quarter, we drilled a total of 46 new horizontal wells in our operated blocks, 20% more than the second quarter of last year, 37 of which were in oil-producing blocks and 9 targeting shale gas, aligned with our strategy of prioritizing the monetization of our shale oil opportunities.

進入我們的頁岩活動。本季度，我們在運營區塊新增水平井41口，上半年完成頁岩水平井總數達到79口。我們還繼續增加鑽井活動的節奏，以擴大 DUC 井的庫存。從這個意義上說，第二季度，我們在運營區塊共鑽探了46 口新水平井，比去年第二季度增加了20%，其中37 口位於產油區塊，9 口針對頁岩氣區塊，我們的戰略是優先考慮頁岩油機會的貨幣化。

The new tie-ins during the quarter led our shale production into further expansion. On a sequential basis, our shale oil and gas production increased by 2%, averaging 95,000 barrels of oil per day and 17 million cubic meters per day, respectively, representing 45% of our total hydrocarbon production. And when compared to the previous year, shale oil production recorded a remarkable expansion of 28%, as mentioned before, while shale gas increased by 10%.

本季度的新搭售導致我們的頁岩油產量進一步擴大。頁岩油和頁岩氣產量環比增長 2%，平均日產量分別為 95,000 桶和 1,700 萬立方米，佔碳氫化合物總產量的 45%。與上一年相比，頁岩油產量顯著增長了 28%，如前所述，而頁岩氣產量則增長了 10%。

Besides the continuous improvements achieved within our Vaca Muerta operations previously commented by Pablo, during the second quarter, we set new records on drilling speed for a well with slim design at Aguada del Chañar block, reaching 400 meters per day, as well as in the [fab] design well at Loma Campana, reaching 365 meters per day for a lateral length of over 4,000 meters. As a result, average development costs within our core hub oil operations remained stable versus the previous quarter at $9.8 per barrel of oil equivalent as improved efficiency and enlarged production permitted to compensate higher service tariffs.

除了 Pablo 之前評論的 Vaca Muerta 作業中取得的持續改進之外，第二季度，我們在 Aguada del Chañar 區塊的細長設計井中創下了鑽井速度新紀錄，達到每天 400 米，並且在Loma Campana 的[ fab] 設計井中，每天可達到365 米，橫向長度超過4,000 米。因此，我們核心樞紐石油業務的平均開發成本與上一季度相比保持穩定，為每桶石油當量 9.8 美元，因為效率的提高和產量的擴大可以補償更高的服務關稅。

Regarding investment in facilities required to unlock our shale production, in May, we put in operations a natural gas separation and treatment facility at Rincón del Mangrullo, expanding its production capacity by 2 million cubic meters per day.

關於解鎖頁岩油生產所需的設施投資，5月份，我們在Rincón del Mangrullo投入運營了天然氣分離和處理設施，將其產能擴大了200萬立方米/天。

Lastly, in line with our commitment to make our operations more sustainable, during Q2, we managed to test a pilot for switching one of the frac sets operating at Loma Campana to run 100% on natural gas, the first of its class in Argentina, aiming at reducing about 40% the CO2 equivalent emissions in comparison to a set run on diesel, thus, estimating a pro forma reduction of about 20,000 tons of CO2 equivalent per year.

最後，根據我們讓運營更加可持續的承諾，在第二季度，我們成功地測試了一個試點，將在洛馬坎帕納運行的一套壓裂裝置切換為100% 使用天然氣運行，這是阿根廷同類產品中的首例，目標是與設定的柴油運行相比減少約 40% 的二氧化碳當量排放量，因此預計每年可減少約 20,000 噸二氧化碳當量。

As in the previous quarter, let me now briefly comment on the progress achieved in the different initiatives aimed at unlocking the oil evacuation capacity of the Neuquina basin. Regarding the evacuation to the Pacific, the trans-Andean pipeline of the OTA/OTC system was successfully put back in operations in May after 15 years of inactivity, allowing us to resume structural Medanito oil exports. As a result, during Q2, we exported 550,000 barrels of oil. And going forward, export volumes shall increase in the second half of the year once the Vaca Muerta North pipeline is up and running, and despite the stoppage that took place for 17 days in July on the back of heavy rains and flooding in nearby areas.

與上一季度一樣，現在讓我簡要評論一下旨在釋放內烏基納盆地石油疏散能力的不同舉措所取得的進展。關於向太平洋的疏散，OTA/OTC系統的跨安第斯管道在閒置15年後於5月成功恢復運營，使我們能夠恢復結構性的梅達尼托石油出口。結果，第二季度我們出口了 55 萬桶石油。展望未來，儘管瓦卡穆爾塔北管道在7月份因暴雨和附近地區洪水而停運了17天，但一旦瓦卡穆爾塔北管道建成並運行，出口量將在今年下半年增加。

As it relates to the new Vaca Muerta North pipeline, in Q2, we continued moving forward with its construction, which is at the 75% completion stage, and is expected to start operations between September and October of this year. On that regard, let me point out that in May, we entered into agreements with 4 strategic partners that joined our project and have contributed to its financing, either through direct equity injections or through ship-or-pay prepaid contracts.

至於新的Vaca Muerta North管道，第二季度我們繼續推進該管道的建設，目前已完成75%，預計今年9月至10月開始運營。在這方面，我要指出的是，5月份，我們與加入我們項目的4個戰略合作夥伴簽訂了協議，並通過直接股權注入或通過“發貨或付款”預付合同為其融資做出了貢獻。

Moving to the projects to expand the evacuation capacity to the Atlantic, Oldelval has been making steady progress, aiming at adding about 20,000 barrels per day of transportation capacity during Q3 of this year as the second stage within the Duplicar Plus project. In addition, OTE has continued moving forward with the construction of 2 new storage facilities of 50,000 cubic meters each as well as with the offshore terminal at Puerto Rosales.

在擴大大西洋疏散能力的項目上，Oldelval 一直在穩步取得進展，目標是在今年第三季度，作為 Duplicar Plus 項目的第二階段，每天增加約 20,000 桶的運輸能力。此外，OTE 還繼續推進建設 2 個容量為 50,000 立方米的新倉儲設施以及位於羅薩萊斯港的海上碼頭。

Lastly, regarding the Vaca Muerta South project. During the second quarter, we achieved about 90% completion stage in the engineering design process for the new pipeline and export terminal, also being well advanced on the environmental impact studies required for the project.

最後，關於 Vaca Muerta South 項目。第二季度，我們新管道和出口碼頭的工程設計過程已完成約 90%，該項目所需的環境影響研究也進展順利。

Switching to our industrial and commercial segments. Domestic sales of gasoline and diesel remained strong during the quarter, increasing by 3% when compared to the previous quarter, driven by an expansion of 9% in dispatched diesel volumes mainly due to higher retail demand and seasonality in the agribusiness and power generation sectors, which was partially offset by a contraction of 6% in gasoline demand, driven by the higher summer seasonal sales in Q1. On a year-over-year comparison, diesel demand decreased by 2%, particularly in the agribusiness segment, while gasoline sales rose 5%.

轉向我們的工業和商業領域。本季度國內汽油和柴油銷售保持強勁，較上一季度增長 3%，柴油發貨量增長 9%，這主要是由於零售需求增加以及農業綜合企業和發電行業的季節性因素所致。第一季度夏季季節性銷售增加導致汽油需求下降6%，部分抵消了這一影響。與去年同期相比，柴油需求下降了 2%，特別是在農業綜合企業領域，而汽油銷量則增長了 5%。

In terms of refinery utilization, we recorded another quarter with historical high processing levels, averaging 305,000 barrels per day, which was essentially flat compared to the previous quarter and 6% above a year ago. These high processing levels combined with maximum conversion levels led to the highest levels of 6-month production of gasoline and middle distillates for the last 16 years. As a result, total fuel imports decreased significantly during the quarter, representing only 6% of total fuel sold in the period.

在煉油廠利用率方面，我們再創季度加工水平歷史新高，平均每天 305,000 桶，與上一季度基本持平，比去年同期增長 6%。這些高加工水平與最高轉化水平相結合，導致汽油和中間餾分油 6 個月產量達到過去 16 年來的最高水平。因此，本季度燃料進口總量大幅下降，僅佔該期間燃料銷售總量的 6%。

In terms of prices, during the quarter, we continued aiming at mitigating, to the largest possible extent, the effect of the depreciation of the currency while managing to reduce the spread versus international parities, which continued in a downward trend during the period. As a result, average fuel prices measured in dollars decreased by 5% sequentially and stood 8% below a year ago, whereas the gap between local fuel prices versus import parity declined to 13% during the quarter compared to 19% in the previous quarter and 37% in the second quarter of last year.

價格方面，本季度我們繼續致力於最大程度地減輕貨幣貶值的影響，同時設法縮小與國際比價的利差，期間利差繼續呈下降趨勢。結果，以美元計算的平均燃油價格環比下降了 5%，比去年同期下降了 8%，而本季度本地燃油價格與進口平價之間的差距則從上一季度的 19% 下降至 13%，去年第二季度增長了37%。

Lastly, the downward trend in international oil prices observed during the period negatively affected the basket of refined products other than gasoline and diesel, resulting in a reduction of 9% vis-à-vis the previous quarter and 27% below a year ago.

最後，國際油價的下跌趨勢對汽油和柴油以外的一攬子成品油產生了負面影響，導致比上一季度下降9%，比去年同期下降27%。

On the financial front, the second quarter resulted in another period delivering solid operating cash flow, totaling almost $1.3 billion. The difference versus the adjusted EBITDA for the period can be explained by positive working capital valuations, such as dividends collected from our subsidiaries and the monetization of a tax credit for income tax prepaid in 4Q 2022 that more than offset the cash deployed for the Maxus settlement agreement.

在財務方面，第二季度又實現了穩定的運營現金流，總計近 13 億美元。與該期間調整後EBITDA 的差異可以通過積極的營運資本估值來解釋，例如從我們的子公司收取的股息以及2022 年第四季度預繳所得稅稅收抵免的貨幣化，這超過了為Maxus 和解部署的現金協議。

The strong cash generation allowed us to almost fully fund our investment plan during the quarter. Moreover, excluding the extraordinary negative financial impact of the Maxus legal settlement, the operating cash flow would have covered not only our CapEx, but also interest payments and other cash expenses and would have resulted in a balanced free cash flow for the quarter. However, considering the full financial effect of the Maxus settlement, our net debt increased to $6.3 billion and the net leverage ratio, calculated as net debt over last 12 months adjusted EBITDA, increased to 1.4x.

強勁的現金產生能力使我們在本季度幾乎能夠全額資助我們的投資計劃。此外，排除 Maxus 法律和解帶來的非同尋常的負面財務影響，運營現金流不僅可以覆蓋我們的資本支出，還可以覆蓋利息支付和其他現金支出，並將導致本季度的自由現金流平衡。然而，考慮到 Maxus 和解的全部財務影響，我們的淨債務增加至 63 億美元，淨槓桿率（按過去 12 個月調整後 EBITDA 的淨債務計算）增加至 1.4 倍。

In terms of financing, during the second quarter, we continued progressing on our financial plan by securing several trade-related loans from relationship banks and tapping the local capital markets. In this sense, during June, we issued a 3-year hard-dollar denominated bond for a total amount of $263 million with a 5% coupon. All in all, during the first half of the year, we have raised about $1.3 billion, representing net new funding of over $700 million after deducting the debt amortizations paid during the period.

在融資方面，第二季度我們繼續推進財務計劃，從關係銀行獲得了幾筆貿易相關貸款，並利用當地資本市場。從這個意義上說，6月份，我們發行了總額為2.63億美元、票面利率為5%的3年期硬美元債券。總而言之，今年上半年，我們籌集了約 13 億美元，扣除期內支付的債務攤銷後，新融資淨額超過 7 億美元。

And more recently, in August, we signed and disbursed a new cross-border A/B loan obtained from a group of financial institutions led by CAF for a total amount of $375 million. The new loan served as an early refinancing of the existing loan taken in early 2022, thus alleviating funding needs for the next year by $225 million and extending its average life by almost 3 years and also increasing the outstanding facility size by $150 million, showcasing once again YPF's ability to access cross-border funding.

最近，8 月，我們簽署並發放了一筆新的跨境 A/B 貸款，該貸款是從 CAF 牽頭的一組金融機構獲得的，總金額為 3.75 億美元。這筆新貸款是對2022 年初獲得的現有貸款的早期再融資，從而減少了下一年的資金需求2.25 億美元，將其平均壽命延長了近3 年，並將未償還貸款規模增加了1.5億美元，展示了一次再次強調 YPF 獲得跨境資金的能力。

On the liquidity front, our cash and short-term investments increased to almost $1.5 billion by the end of June compared to $1.3 billion as of the end of March as we prefunded part of the financing needs for the second half of the year. And in terms of cash management, we have continued with an active asset management approach to minimize FX exposure, ending the quarter with a consolidated net FX exposure of 13% of total liquidity, down from 21% as of the end of the first quarter.

在流動性方面，我們的現金和短期投資從 3 月底的 13 億美元增加到 6 月底的近 15 億美元，因為我們預先為下半年的部分融資需求提供了資金。在現金管理方面，我們繼續採取積極的資產管理方法，盡量減少外匯敞口，本季度末，合併淨外匯敞口占總流動性的 13%，低於第一季度末的 21%。

With this, I conclude our presentation for today and open the call for your questions.

我今天的演講到此結束，並開始提問。

(Operator Instructions) We will take our first question from Anne Milne with Bank of America.

（操作員說明）我們將回答美國銀行 Anne Milne 提出的第一個問題。

Given the relatively flat production for the year, although you did have strong growth in shale, I was wondering if you could give us some, I don't know, guidance or some framework for looking at the additional infrastructure that you're putting in place right now that you did review and what we should expect for year-end? That's my first question.

鑑於今年的產量相對平穩，儘管頁岩油確實有強勁增長，但我想知道您是否可以給我們一些（我不知道）指導或一些框架，以查看您正在投入的額外基礎設施您現在進行審查的地方以及我們對年底應該期待什麼？這是我的第一個問題。

And then the second question is, what will you be watching in terms of the upcoming primary elections and then presidential elections in terms of policies that could affect YPF?

第二個問題是，在即將到來的初选和總統選舉中，您會關注哪些可能影響 YPF 的政策？

Thank you for your questions. As per your first question, we briefly mentioned in the presentation that in line with the guidance provided earlier on in the year, we believe that the results so far are a good advance towards those estimates. So we would expect to continue focusing primarily in our growth in oil production. We continue to expect to be at around 8% growth year-over-year by the end of the year, which so far in the second quarter, we are -- we ended up 7% above the second quarter of the last year. And so we expect to -- we still expect to be at around 8% for the full year. And particularly, we expect oil growth to accelerate in the second half, primarily in the fourth quarter. Probably expect in the third quarter to be relatively flat and further growth to materialize in the fourth quarter, where we expect fourth quarter over the fourth quarter of last year to be -- to remain in line with guideline at about 10% growth.

謝謝您的提問。根據你的第一個問題，我們在演示中簡要提到，根據今年早些時候提供的指導，我們認為迄今為止的結果是對這些估計的一個很好的進步。因此，我們預計將繼續主要關注石油產量的增長。我們繼續預計，到今年年底，同比增長率將達到 8% 左右，第二季度到目前為止，我們的增長率比去年第二季度增長了 7%。因此，我們預計全年增長率將保持在 8% 左右。特別是，我們預計下半年石油增長將加速，主要是第四季度。預計第三季度將相對平穩，第四季度將實現進一步增長，我們預計第四季度與去年第四季度相比將保持 10% 左右增長的指導方針。

On the other side, on natural gas, given the lower demand that we saw in the first half of the year, we will probably see some lower growth, or actually, to be probably relatively flat on a full year basis compared to last year. That is, as I said, in terms of natural gas.

另一方面，在天然氣方面，鑑於上半年需求下降，我們可能會看到一些較低的增長，或者實際上，與去年相比，全年增長可能相對持平。正如我所說，那就是天然氣。

So basically, the oil infrastructure that is being deployed will serve mostly the purpose of allowing for this expansion in crude oil production. While natural gas -- and as presented before earlier in the year, we are clearly prioritizing crude over gas. And hence, we are, again, not that much concerned about this lower growth in natural gas that we expect for the rest of the year.

因此，基本上，正在部署的石油基礎設施將主要用於擴大原油產量。而天然氣——正如今年早些時候所介紹的那樣，我們顯然優先考慮原油而不是天然氣。因此，我們並不太擔心今年剩餘時間天然氣增長放緩。

In terms of policy after the elections, I believe I mentioned in the past that we -- it's hard to predict, but we expect that given the strategic positioning that Vaca Muerta has, and has been commented by several different candidates in the presidential elections, we believe that our policy should remain supportive for the constructive development of our sector, which is a sector that, as mentioned before in several occasions, could provide a significant swing in the balance of payment through not only the substitution of gas imports but also through the further incremental oil exports. As well, the debottlenecking of Vaca Muerta and the different producers in the basin and in the Neuquina basin, continue with our growth plans. And as was presented by YPF, particularly in our view, to double up our oil production in 5 years' time. So given those -- given that opportunity, we would expect policy to remain supportive for our sector.

就選舉後的政策而言，我相信我過去曾提到過，我們——很難預測，但我們預計，鑑於瓦卡·穆爾塔的戰略定位以及總統選舉中幾位不同候選人的評論，我們認為，我們的政策應繼續支持我們部門的建設性發展，正如之前多次提到的那樣，這個部門不僅可以通過替代天然氣進口，還可以通過石油出口進一步增加。此外，瓦卡穆爾塔 (Vaca Muerta) 以及該盆地和內烏奎納盆地的不同生產商的消除瓶頸仍在繼續我們的增長計劃。正如 YPF 所提出的，特別是我們認為，要在 5 年內將我們的石油產量翻一番。因此，考慮到這些——考慮到這個機會，我們預計政策將繼續支持我們的行業。

(Operator Instructions) And we will take our next question from Walter Chiarvesio with Santander.

（操作員說明）我們將接受桑坦德銀行沃爾特·基亞維西奧（Walter Chiarvesio）提出的下一個問題。

I have 2 questions on the cost front. The first one is related to SG&A that, at least for me, was negatively surprising. It has been taking a higher share of revenues in the last couple of quarters. And I would like to know from you if this is just salary increases or payroll because it has been increasing quite above inflation in the last couple of quarters. What is the outlook for rest of the year? If there is any actions that the company could take to reduce that and if you're going to do something about that? That is the first question.

我有兩個關於成本方面的問題。第一個與 SG&A 相關，至少對我來說，這是令人驚訝的。在過去幾個季度中，它佔據了更高的收入份額。我想知道這是否只是工資增長或工資增長，因為過去幾個季度工資增長遠遠高於通貨膨脹。今年剩餘時間的前景如何？公司是否可以採取任何行動來減少這種情況，以及您是否打算採取一些措施？這是第一個問題。

The second question is related to lifting costs. We can see that lifting costs in the core hub is relatively stable, which lead us to conclude that the conventional lifting cost is growing. Is that because of the tertiary recovery costs in Manantiales Behr? And if that is going to be a norm looking forward?

第二個問題與起重成本有關。我們可以看到，核心輪轂的起重成本相對穩定，這使我們得出結論，傳統的起重成本正在增長。這是因為 Manantiales Behr 的三次回收成本嗎？這是否會成為未來的常態？

Thanks for your questions. As it relates to the first question on SG&A, at least on the way I'm looking at the numbers, and we can definitely come back to that later on. But we see SG&A in the first -- in the second quarter growing sequentially at a similar pace that the average OpEx for the company. And definitely, that's a result of the general context of increasing costs, primarily inflation running above the devaluation of the currency, and that pushing our dollar costs higher.

感謝您的提問。因為它與關於 SG&A 的第一個問題有關，至少在我看待數字的方式上是這樣，我們肯定可以稍後再回來討論這個問題。但我們看到第一季度的銷售及管理費用（SG&A）在第二季度的連續增長速度與公司的平均運營支出類似。毫無疑問，這是成本增加的總體背景的結果，主要是通貨膨脹高於貨幣貶值，從而推高了我們的美元成本。

In general terms, in terms of head count, we have not experienced any particular swing. And so I would tend to say that, that's the result primarily of the general cost pressures in line with the rest of the OpEx.

總的來說，就人數而言，我們沒有經歷任何特別的波動。所以我傾向於說，這主要是與其他運營支出一致的總體成本壓力的結果。

In terms of lifting, what I can comment is that, clearly, on the -- in the core hub, we managed to compensate the higher costs with the particular increase in shale production, particularly shale oil. That's compensated. That's clearly what allowed us to manage to compensate the higher costs with higher production, and hence, maintaining the lifting relatively stable at the core hub.

在提升方面，我可以評論的是，顯然，在核心樞紐，我們設法通過頁岩產量的特別增加（特別是頁岩油）來補償較高的成本。這算是補償了顯然，這使我們能夠通過更高的產量來補償更高的成本，從而在核心樞紐保持相對穩定的提升。

Opposite to that, in the rest of upstream, not only conventional but also in shale gas blocks, we have seen an increase in per unit costs clearly related to, on the one hand, the incremental OpEx costs, nominal OpEx costs in dollar terms and then also in conventional, particularly in conventional gas, a reduction in total production.

與此相反，在上游的其他領域，不僅是傳統的，而且是頁岩氣區塊，我們看到單位成本的增加顯然與增量運營支出成本、以美元計算的名義運營支出成本和然後在常規領域，特別是常規天然氣領域，總產量也會減少。

So all in all, what we can say is that as long as we continue to succeed in growing our total production base, we will definitely expect to stabilize, and at some point, manage to reduce overall lifting costs on an aggregate basis for as long as we also manage to get under control the different OpEx, particularly in the upstream segment. Of course, that's a challenge. But that's something that we are clearly focused on in obtaining and in reaching efficiencies in our cost basis to get our per unit costs stable, and ideally, to decline.

總而言之，我們可以說的是，只要我們繼續成功地擴大我們的總生產基地，我們肯定會期望穩定下來，並在某個時候，設法在總體基礎上降低總體起重成本因為我們還設法控制不同的運營支出，特別是在上游領域。當然，這是一個挑戰。但這顯然是我們關注的重點，目的是獲得併提高成本基礎的效率，從而使單位成本保持穩定，最好是下降。

Just a follow-up, would you expect an improvement in margins during the second half of the year or stable?

順便問一下，您預計下半年的利潤率會有所改善還是保持穩定？

Well, margins are based on different variables, right? So clearly, we continue to see further cost pressures on the cost side. And as I said, we are working across all our business units to get efficiencies, to get costs under control. And hence, we would expect at least to maintain -- for the most part, OpEx -- we are working to maintain OpEx at least stable in the second half.

那麼，利潤率是基於不同的變量，對嗎？顯然，我們繼續看到成本方面存在進一步的成本壓力。正如我所說，我們正在所有業務部門努力提高效率，控製成本。因此，我們預計至少能夠維持——大部分是運營支出——我們正在努力在下半年保持運營支出至少穩定。

In terms of revenues, well, that will depend on different variables, right? Clearly, the way we manage to work on our pricing policy and also how the evolution of the currency takes place in coming months.

就收入而言，這將取決於不同的變量，對吧？顯然，我們制定定價政策的方式以及未來幾個月貨幣的演變方式。

(Operator Instructions) And we will take our next question from Luiz Carvalho with UBS.

（操作員說明）我們將接受瑞銀集團路易斯·卡瓦略（Luiz Carvalho）提出的下一個問題。

I have basically 3 points that I would like to hear and get a bit more color. The first one is the lifting costs trend. We saw lifting costs close to, I don't know, $13 per -- I don't know, per BOE last year. And now we are headed to close to $16 when you're seeing some, I don't know, industry, mainly on the service industry, cost pressure. So I would like to hear in terms of what are the perspectives on the lifting costs?

我基本上有 3 點希望聽到並得到更多的見解。第一個是成本提升趨勢。去年，我不知道每個 BOE 的成本提升了接近 13 美元。現在，當你看到一些我不知道的行業（主要是服務業）的成本壓力時，我們正接近 16 美元。那麼我想听聽對於起重成本有何看法？

The second thing is about the funding. I mean the company burned a bit of cash this quarter, and very comprehensive. But when we look to the projects and mainly on the logistics front, I would like to, I don't know, have a bit more visibility how your -- the company is thinking about the funding, mainly that by 2024, you have, I don't know, almost $1.2 billion of that. We understand that it can be postponed, can be negotiated, but just trying to understand, let's say, the probably 18 months funding strategy.

第二件事是關於資金。我的意思是，該公司本季度燒掉了一些現金，而且非常全面。但是，當我們關注這些項目時，主要是在物流方面，我想，我不知道，有更多的了解，公司正在考慮資金問題，主要是到 2024 年，你有，我不知道，大概有12億美元。我們知道它可以推遲，可以通過談判，但只是想了解一下，比如說，大概 18 個月的融資策略。

And lastly, if I may, on the pricing front, the company did a great job over the past year reducing the gap between the domestic prices and import parity, right? It came from, I don't know, 40%, 30% last year to an average of, I don't know, as you pointed in the slide, 13%, right, this year over the last 3 months. So just trying to understand how we should look this forward, maybe with the current, I don't know, FX and the current oil environment. So how we can -- how can you guys -- what are you seeing in terms of price parity scenario for the next couple of quarters?

最後，請允許我說一下，在定價方面，該公司在過去的一年裡做得很好，縮小了國內價格與進口平價之間的差距，對嗎？我不知道，去年的 40%、30% 是從去年的 40%、30% 到今年過去 3 個月的平均值，我不知道，正如你在幻燈片中指出的，13%，對吧。因此，我只是想了解一下我們應該如何展望未來，也許考慮到目前（我不知道）的外彙和當前的石油環境。那麼，我們如何——你們如何——你們對未來幾個季度的價格平價情況有何看法？

Thank you very much for your questions. Let me start with the last one in terms of what to expect in terms of pricing. As you have said, we managed to reduce the gap to international parities over the last 12 months, reaching a low level of 13% gap in the second quarter, down from 19% in the first quarter and from over 30% in the second quarter of last year. Clearly, that was a combination of our strategy to increase prices in peso terms to at least compensate for the evolution of the currency, which in the beginning of the year, we only managed to do it partially successfully as our prices declined by about 8% by the second quarter compared to the fourth quarter of last year. But clearly, given the downward trend in international prices, that helped alleviating and reducing the gap between local prices and international prices.

非常感謝您的提問。讓我從最後一個關於定價方面的預期開始。正如你所說，在過去12 個月裡，我們成功縮小了與國際匯率的差距，第二季度的差距達到了13% 的低水平，低於第一季度的19% 和第二季度的30%以上去年的。顯然，這是我們提高比索價格的策略組合，以至少補償貨幣的演變，在今年年初，我們只部分成功，因為我們的價格下降了約 8%與去年第四季度相比，第二季度。但顯然，考慮到國際價格的下降趨勢，這有助於緩解和縮小當地價格與國際價格之間的差距。

Since the end of the second quarter, given the recent rally in international prices both in crude and in spreads, we have seen the gap increasing once again, on the one hand, given that we have continued moving forward with increases of the pump that have not fully managed to pass through the evolution of the currency. And hence, by today, we are standing about 10% below the dollar prices of the end of last year. And then further to that, given the rally in international prices, our gap today stands probably closer to 30% to international parities. So that will be the negative news.

自第二季度末以來，鑑於近期國際原油價格和利差均出現上漲，我們看到缺口再次擴大，一方面是因為我們繼續加大加油力度，沒有完全成功地經歷了貨幣的演變。因此，到今天為止，我們的美元價格比去年年底低了約 10%。更進一步，考慮到國際價格的上漲，我們今天的差距可能接近國際價格的 30%。所以這將是負面消息。

Now what we expect for the rest of the year, we would continue to look for adjustments of the pump, trying to mitigate the evolution of the FX, and to the largest possible extent, to looking at reducing the gap to international parities. However, we are cognizant of the realities of the macro environment, of the inflationary level. And as we've been saying for several months now, we will do the best that we can, but maintaining in mind the realities of our client base and the affordability of our products.

現在，我們對今年剩餘時間的預期是，我們將繼續尋求貨幣政策的調整，試圖減緩匯率的演變，並在最大可能的範圍內，考慮縮小與國際匯率的差距。然而，我們認識到宏觀環境和通脹水平的現實。正如我們幾個月來一直所說的那樣，我們將盡我們所能，但要牢記我們客戶群的現實和我們產品的承受能力。

So it's hard to predict, mostly due to the volatility in international prices, how the gap to international prices will continue to evolve, although we continue to look for reducing that gap to the lowest possible level.

因此，很難預測與國際價格的差距將如何繼續演變，主要是由於國際價格的波動，儘管我們繼續尋求將這種差距縮小到盡可能低的水平。

In terms of -- going to your second question, in terms of funding, as was mentioned in the presentation, we managed so far in this first half of the year to raise about $1.3 billion. Further to that, we have raised on a net basis, given the prefunding or the early refinancing of the CAF-led loan, which provided for about $150 million in net funding. We have added another -- over $200 million, roughly $250 million since the end of the second quarter. And so with that, we expect, I would say, 2/3 of the funding program for this year to have already been secured.

關於第二個問題，就資金而言，正如演示中提到的，我們在今年上半年迄今為止籌集了約 13 億美元。此外，考慮到 CAF 主導的貸款的預融資或提前再融資，我們已經籌集了淨額資金，該貸款提供了約 1.5 億美元的淨資金。自第二季度末以來，我們又增加了 2 億多美元，大約 2.5 億美元。因此，我想說，我們預計今年 2/3 的資助計劃已經得到落實。

And further to that, given the early refinancing of the CAF loan, we managed to reduce total amortizations for next year by about $225 million. So roughly speaking, the maturity profile for next year comes down from the $1.2 billion to about $1 billion.

除此之外，考慮到 CAF 貸款的提前再融資，我們成功地將明年的攤銷總額減少了約 2.25 億美元。粗略地說，明年的成熟度將從 12 億美元降至約 10 億美元。

So we -- in terms of tackling our needs for the next 12 to 18 months, we will continue prioritizing the local market, which we believe that provides an interesting arbitrage for funding costs. And of course, we will remain vigilant on the opportunities that the international market could provide to expand the funding sources to fully secure the funding needs that we have for the next 18 months.

因此，在解決未來 12 至 18 個月的需求方面，我們將繼續優先考慮本地市場，我們認為這為融資成本提供了有趣的套利機會。當然，我們將繼續警惕國際市場可能提供的擴大資金來源的機會，以充分滿足我們未來18個月的資金需求。

So I would say that we have been tapping on relationship banks. We believe that there is some further room there, although more limited, and we do believe that still the local market can provide significant further opportunities. And beyond that, as mentioned, we will remain vigilant on opportunities in the international market.

所以我想說，我們一直在利用關係銀行。我們相信那裡還有一些進一步的空間，儘管更加有限，而且我們確實相信當地市場仍然可以提供進一步的重要機會。除此之外，正如前面提到的，我們將對國際市場的機會保持警惕。

Finally, on your first question about the lifting costs trend, and similar to what I responded to Walter, we've clearly seen an increase given the cost pressures related to the general inflationary trend that runs above the devaluation of the currency. And again, as we expect our crude production to grow significantly in coming months, particularly in the fourth quarter, we would expect to compensate any further cost pressures, although we will work towards stabilizing our nominal costs. But if anything, any further cost pressures, we would expect to compensate that through higher production levels, and thus, we would expect for the second half lifting costs to remain relatively stable.

最後，關於你關於提升成本趨勢的第一個問題，與我對沃爾特的回答類似，考慮到與高於貨幣貶值的總體通脹趨勢相關的成本壓力，我們顯然看到了成本上升。同樣，由於我們預計未來幾個月，特別是第四季度，我們的原油產量將大幅增長，因此我們預計將彌補任何進一步的成本壓力，儘管我們將努力穩定我們的名義成本。但如果有任何進一步的成本壓力，我們預計會通過提高生產水平來彌補，因此，我們預計下半年提升成本將保持相對穩定。

And ladies and gentlemen, there are no further questions at this time. So I will now turn the call back to Mr. Alejandro Lew for closing remarks.

女士們、先生們，目前沒有其他問題了。現在，我將把電話轉回給亞歷杭德羅·盧先生，讓其致閉幕詞。

Well, thank you very much, everyone, for joining the call today, and have a great day.

非常感謝大家今天加入電話會議，祝您有美好的一天。

Ladies and gentlemen, this concludes today's call, and we thank you for your participation. You may now disconnect.

女士們、先生們，今天的電話會議到此結束，我們感謝你們的參與。您現在可以斷開連接。