YPF SA (YPF) 2024 Q2 法說會逐字稿

Thank you for standing by.

謝謝你的支持。

My name is Mandeep, and I will be your operator today.

我叫 Mandeep，今天我將擔任您的接線生。

At this time, I would like to welcome everyone to the YPF 2Q 2024 earnings webcast presentation call.

此時，我歡迎大家參加 YPF 2024 年第二季收益網路廣播演示電話會議。

(Operator Instructions)

（操作員說明）

Thank you.

謝謝。

I will now turn the call over to Margarita Chun, Investor Relations Manager.

我現在將把電話轉給投資者關係經理 Margarita Chun。

Good morning, ladies and gentlemen.

早安，女士們先生們。

This is Margarita Chun, YPF IR Manager.

我是 YPF IR 經理 Margarita Chun。

Thank you for joining us today in our second quarter 2024 earnings call.

感謝您今天參加我們的 2024 年第二季財報電話會議。

This presentation will be conducted by our CEO, Mr. Horacio Marin; and our CFO, Mr. Federico Barroetave.

本次演講將由我們的執行長 Horacio Marin 先生主持；以及我們的財務長 Federico Barroetave 先生。

During the presentation, we will go through the main aspects and events that explain the quarter results.

在演示過程中，我們將介紹解釋季度業績的主要方面和事件。

And then we will go to open the floor for Q&A session, together with our senior management.

然後我們將與我們的高階管理層一起開始問答環節。

Before we begin, please consider our cautionary statement on slide 2.

在我們開始之前，請考慮投影片 2 上的警告聲明。

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 the expectations contemplated by these remarks.

我們今天的言論以及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，可能導致實際結果與這些言論所設想的預期存在重大差異。

Our financial figures are stated in accordance with IFRS, but during the presentation, we might discuss some non-IFRS measures, such as adjusted EBITDA.

我們的財務數據是根據 IFRS 表述的，但在演示過程中，我們可能會討論一些非 IFRS 指標，例如調整後的 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.

另一方面，截至本季度，該公司決定積極定義資本支出，而不是將 PP&E 收購總額報告為最佳近似值。

In this sense, we also included acquisitions of intangible assets and excluded items charged to operating costs during the period, among others.

從這個意義上說，我們也包括了無形資產的收購，並排除了計入當期營運成本的項目等。

It is worth mentioning that this new definition does not alter the accounting standards of the company.

值得一提的是，這個新定義並沒有改變公司的會計準則。

It simply provides a clearer view of the CapEx.

它只是提供了更清晰的資本支出視圖。

Therefore, the analysis of CapEx since this quarter and the comparative periods is based on the new definition.

因此，本季以來和比較期間的資本支出分析均基於新的定義。

I will now turn the call over to Horacio.

我現在將把電話轉給奧拉西奧。

Please go ahead.

請繼續。

Thank you, Margarita, and good morning, everyone.

謝謝瑪格麗塔，大家早安。

Let me start today's presentation by describing the key milestones and developments of the quarter.

讓我透過描述本季的關鍵里程碑和發展來開始今天的演講。

First of all, during Q2, we produced 20% more shale oil than Q2 last year, highlighting our strategy to focus on backwater transformation.

首先，第二季度，我們的頁岩油產量比去年第二季度增加了20%，凸顯了我們專注於回水改造的策略。

In line with this growth, we were able to export 25% more crude oil through the Trans-Indian pipeline compared to the previous quarter.

與此成長一致，我們透過跨印度管道出口的原油比上一季增加了 25%。

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%.

這與我們下游業務的燃料零進口相結合，同時繼續將當地燃料價格與進口平價之間的差距縮小至 5%。

Operationally, in the afternoon, we hit a new record in drilling and fracking speed.

在操作上，下午，我們創下了鑽井和水力壓裂速度的新紀錄。

Both key metrics in terms of efficiency are fully in line with our guidance for the year.

效率方面的兩個關鍵指標完全符合我們今年的指導。

In the downstream segment, we also reached an all-time high production record of gasoline in May at La Plata Refinery.

在下游領域，拉普拉塔煉油廠5月汽油產量也創下歷史新高。

A few days ago, we made significant progress in the Andes project.

日前，我們安第斯山脈計畫取得重大進展。

We successfully executed six SPAs for six clusters represented a cornerstone for the transformation of our production matrix in order to maximize our profitability.

我們成功地為六個集群執行了六個SPA，這是我們生產矩陣轉型的基石，以最大限度地提高我們的獲利能力。

We also started the construction of the first tranche of Vaca Muerta South Oil Pipeline, and we are making progress putting together the producing consortium for the second tranche.

我們也開始了瓦卡穆爾塔南石油管道第一部分的建設，第二部分生產聯合體的組成也正在取得進展。

Finally, together with our strategy partner, we selected the location of the Argentine LNG production in the province of Rio Negro.

最後，我們與我們的策略合作夥伴一起，選擇了阿根廷液化天然氣生產地點位於裡奧內格羅省。

We will be sharing details regarding all the news after presenting the quarter results.

我們將在公佈季度業績後分享有關所有新聞的詳細資訊。

Now, I will turn the call over to Federico to go through the details of the second quarter's figures.

現在，我將把電話轉給費德里科，讓他詳細了解第二季的數據。

Thank you, Horacio.

謝謝你，奧拉西奧。

Revenues reached nearly $5 billion, 15% up sequentially, mainly driven by higher seasonal sales of gas and local diesel demand, as well as better fuel prices and growing oil exports to Chile.

營收達到近 50 億美元，比上一季成長 15%，這主要是由於天然氣和當地柴油需求的季節性銷售增加，以及燃料價格上漲和對智利的石油出口增加。

These effects were partially offset by gasoline demand contraction and lower conversion production that affected our Patagonia's operation due to extreme snowstorms and climate conditions that started by mid-June and continued until early August.

這些影響被汽油需求收縮和轉換產量降低部分抵消，由於從 6 月中旬開始一直持續到 8 月初的極端暴風雪和氣候條件，影響了巴塔哥尼亞的運作。

Inter-annually, revenues grew 13%, mostly on the back of a rebound in fuel prices, plus even higher oil exports, partially offset by a 6% drop in fuel demand.

年際收入成長了 13%，主要是由於燃料價格反彈，加上石油出口量增加，但部分被燃料需求下降 6% 所抵消。

Adjusted EBITDA totaled $1.2 billion, 3% down sequentially, due to a cost increase in dollar terms, reflecting the catch-up with December's devaluation and a drop in conventional output that I mentioned before.

調整後的 EBITDA 總額為 12 億美元，比上一季下降 3%，這是由於以美元計算的成本增加，反映出我之前提到的 12 月貨幣貶值和傳統產出下降的影響。

Inter-annually, it recorded an expansion of 20%, maintaining a steady EBITDA margin of 24%.

年度間成長了 20%，EBITDA 利潤率穩定維持在 24%。

This consistently highlights our operational efficiency, despite challenging conditions as we had in Patagonia during this period.

儘管我們在此期間巴塔哥尼亞面臨著充滿挑戰的條件，但這始終凸顯了我們的營運效率。

Our bottom line continued positive at $535 million, 19% down sequentially, mainly due to lower equity income and increased exploration expenses.

我們的淨利潤繼續保持正值，達到 5.35 億美元，比上一季下降 19%，這主要是由於股權收入減少和勘探費用增加。

Inter-annually, the bottom line was 41% up on the back of better operating performance besides lower amortization linked to the impairment of conventional mature fields.

年際間，由於營運績效改善以及與傳統成熟油田減損相關的攤銷較低，淨利潤成長了 41%。

Total hydrocarbon production averaged 539,000 barrels of oil equivalent per day, rising 2% sequentially and 5% inter-annually, driven by a solid performance in our shale operations, which is our core business and current focus.

碳氫化合物總產量平均為每天 539,000 桶石油當量，環比增長 2%，年比增長 5%，這得益於頁岩業務的穩健表現，頁岩業務是我們的核心業務和當前的重點。

In terms of investments, we deployed $1.2 billion, 3% up sequentially, and we started with the construction of the first tranche of Vaca Muerta Sur Oil Pipeline.

在投資方面，我們部署了12億美元，季增3%，並開始建造瓦卡穆爾塔南石油管道第一期工程。

In addition, to the investments in refineries to reduce surfer content.

此外，也投資煉油廠以減少衝浪者的含量。

Inter-annually, CapEx was 6% down, mainly as a consequence of last year's inflationary context.

年際間，資本支出下降了 6%，主要是因為去年的通膨背景。

Notably, over 70% of the quarter's investment was concentrated in the upstream, mostly for shale operations.

值得注意的是，本季超過 70% 的投資集中在上游，主要用於頁岩油業務。

On the financial side, we reported a negative free cash flow of $257 million.

在財務方面，我們報告自由現金流為負 2.57 億美元。

Although the adjusted EBITDA was similar to the deployment of our CapEx, Q2 was mainly affected by higher seasonal sales, thus increasing working capital in addition to regular debt service, partially offset by a dividend collection from affiliates.

儘管調整後的 EBITDA 與我們的資本支出部署類似，但第二季度主要受到季節性銷售增加的影響，因此除了定期償債之外還增加了營運資金，部分被附屬公司收取的股息所抵消。

As a result, we posted a slightly higher net debt of $7.5 billion, while maintaining lent leverage ratio at 1.7 times, fully aligned with the target of the year.

因此，我們的淨債務略有增加，達到 75 億美元，同時將貸款槓桿率維持在 1.7 倍，完全符合今年的目標。

Now, I will turn back the call to Horacio to continue with the operating performance.

現在，我將回撥給奧拉西奧，繼續討論經營業績。

Thank you, Federico.

謝謝你，費德里科。

In the afternoon segment, the total hydrocarbon production grew by 2% quarter-on-quarter and 5% year-on-year, driven once again by Shell's contribution, which continues its upward trend and now represents more than half of the total output.

下午時段，在殼牌的貢獻下，碳氫化合物總產量較上季成長2%，年增5%，持續呈上升趨勢，目前佔總產量的一半以上。

Net crude oil production continues at high levels, reaching almost 250,000 barrels per day.

原油淨產量持續保持高水平，達到每天近 25 萬桶。

On the back of a 20% inter-annual shell expansion, offsetting the drop in conventional production due to extreme climate conditions in Patagonia.

殼牌年際產能擴張 20%，抵銷了巴塔哥尼亞極端氣候條件導致的常規產量下降。

Our operational activities were affected by heavy snow that resulted in the shutdown of our facilities for safety reasons.

我們的營運活動受到大雪的影響，導致我們的設施出於安全原因關閉。

During June, our production decreased by around 45,000 barrels per day during 13 days.

6 月份，我們的產量在 13 天內每天減少約 45,000 桶。

Since the beginning of August, the climate has improved and we continue to resume activities to normal levels.

自八月初以來，氣候有所改善，我們繼續將活動恢復到正常水平。

Despite this contraction, it's worth highlighting that 9% of the conventional output came from tertiary production, increasing by 6% inter-annually and minimizing this impact and the natural decline in mature fields.

儘管出現這種收縮，但值得強調的是，9%的常規產量來自第三次生產，年際成長率為6%，最大限度地減少了這種影響和成熟油田的自然下降。

Beyond crude oil, natural gas production grew by 7% in line with increased evacuation capacity from Neuquina Basin through the new Néstor Kirchner pipeline.

除了原油之外，隨著透過新的內斯託基什內爾管道從內烏基納盆地疏散能力的增加，天然氣產量也增加了 7%。

Additionally, the installation of the new in Loma la Lata contributed to a 10% increase in NGL's production.

此外，Loma la Lata 新裝置的安裝使 NGL 產量增加了 10%。

Moving to lifting costs, we record $16.2 per barrel of oil equivalent in Q2, remaining stable inter-annually, but 25% higher sequentially, primarily due to the catch-up of costs in dollar terms with December devaluation, coupled with the lower conventional production already measured before.

談到成本上升，我們第二季度錄得每桶油當量 16.2 美元，年際間保持穩定，但環比上漲 25%，主要是由於以美元計算的成本追趕 12 月貶值，加上常規產量下降之前已經測量過。

This cost inflation also impacted the listing cost of our core hub blocks that stood at $4.7 per barrel of oil equivalent on the gross basis, recording a larger increase due to specific higher pooling and maintenance costs.

這種成本上漲也影響了我們核心樞紐區塊的上市成本，以總成本計，每桶石油當量為 4.7 美元，由於特定的更高的池和維護成本，錄得更大的增長。

Regarding prices in the upstream segment, crude oil realization prices averaged $71 per barrel in Q2, 4% up quarter-on-quarter as a result of a better pricing environment in the local market, an upward trend in international prices.

上游價格方面，由於國內市場定價環境較好，國際價格呈現上漲趨勢，第二季原油平均實現價格為71美元/桶，季增4%。

On the natural gas size prices reach $4 per million BTU, mostly driven by the seasonal winter price of plant gas that started in May.

就天然氣規模而言，價格達到每百萬英熱單位 4 美元，這主要是由 5 月開始的季節性冬季工廠天然氣價格推動的。

Now, walking through the performance of our shale activities, in Q2 we drilled 58 horizontal wells in our operating blocks, all of them oil. 35% more than quartet-on-quarter and 26% more year-on-year.

現在，回顧我們頁岩活動的表現，第二季度我們在營運區塊鑽了 58 口水平井，全部都是石油。比四方成長 35%，比去年同期成長 26%。

It's worth noting that shale oil production hit a new record, delivering 130,000 barrels per day. 87% of the shale oil production came from our core hub oil blocks -- Loma Campana, La Amarga Chica, Bandurria Sur, and Aguada

值得注意的是，頁岩油產量創下新紀錄，日產量達13萬桶。 87% 的頁岩油產量來自我們的核心樞紐石油區塊——Loma Campana、La Amarga Chica、Bandurria Sur 和 Aguada

(inaudible).

（聽不清楚）。

In terms of efficiency within our shale operation, we achieved another quarter of outstanding drilling and fracking metrics, averaging 292 meters per day of drilling and 237 stages per set per month on fracking, fully in line with our guidance for the year.

就頁岩油作業效率而言，我們又實現了四分之一的出色鑽井和水力壓裂指標，平均每天鑽井 292 米，每月每組 237 級水力壓裂，完全符合我們今年的指導。

Also, it's worth mentioning that last June, we achieved the highest lateral length drilling speed for one shale well in Angostura Sur block, surpassing 1,500 meters in a single day.

值得一提的是，去年6月，我們在Angostura Sur區塊實現了一口頁岩井單日橫向鑽進速度最高，超過1500公尺。

Considering all these metrics, we plan to ramp-up shale oil production in the second half of the year to achieve the target of more than 120,000 barrels per day on average for 2024.

考慮到所有這些指標，我們計劃在下半年提高頁岩油產量，以實現 2024 年平均日產量超過 12 萬桶的目標。

As a final conclusion, let me highlight that today's production has reached nearly 120,000 barrels per day in line with our target average of the year.

最後的結論，我要強調的是，今天的產量已達到每天近 12 萬桶，符合我們今年的平均目標。

Moving on to our downstream segment, processing level averaged 299,000 barrels per day, recording refinery utilization rate of about 90%.

就下游而言，日均處理量為 299,000 桶，煉油廠利用率約為 90%。

Although, the processing level was essentially flat compared to the previous quarter, it decreased 2% inter-annually, mainly due to limited availability at the La Plata Refinery, affected by a shutdown, extreme weather conditions, and a brief disruption in the pipeline during a few days, which was already restored.

儘管與上一季相比，加工水平基本持平，但同比下降了 2%，這主要是由於拉普拉塔煉油廠受到停工、極端天氣條件以及期間管道短暫中斷的影響，可用性有限。 ，已經恢復了。

Despite this decline, let me mention that we set the record high gasoline production in La Plata Refinery, thanks to the new gasoline hydro treatment plant and the revamping of existing units as part of our new fuel specification project to reduce sulfur content and improve fuel quality.

儘管出現下降，但我要提一下，我們拉普拉塔煉油廠的汽油產量創下了歷史新高，這要歸功於新的汽油加氫處理廠和對現有裝置的改造，作為我們新燃料規格項目的一部分，以降低硫含量並提高燃料品質。

In this sense, during Q2, we also continue making progress on the revamping of Lujan de Cuyo Industrial Complex, expected to be fully operational by next year.

從這個意義上說，第二季度，我們在Lujan de Cuyo工業園區的改造方面也持續取得進展，預計明年將全面投入營運。

Fuel cell volume experienced a sequential reduction of 2%, mostly due to an 11 drop in gasoline sales, mainly due to a contraction in retail premium demand.

燃料電池銷售量較上季下降 2%，主要是因為零售溢價需求萎縮導致汽油銷售量下降 11%。

It was partially offset by a 5% expansion in diesel sales on the back of the seasonal demand from agri business and higher sales to the Industrial segment.

由於農業企業的季節性需求和工業部門的銷售增加，柴油銷量增加了 5%，部分抵消了這種影響。

It's worth noting that, besides the solid performance of our refineries, we effectively address the increased diesel demand by reducing inventory levels, thereby avoiding fuel imports.

值得注意的是，除了我們煉油廠的穩健表現外，我們還透過減少庫存水平，從而避免燃料進口，有效解決柴油需求增加的問題。

Inter-annually, fuel sales declined by 6%, particularly affected by diesel demand contraction across both retail and industrial segments.

年際間，燃料銷售量下降了 6%，特別是受到零售和工業領域柴油需求萎縮的影響。

However, let me point out that we are witnessing roughly a 5% demand recovery in July versus June.

然而，我要指出的是，與 6 月相比，我們看到 7 月的需求恢復了約 5%。

In terms of prices, during Q2, we continue adjusting local fuel prices, mainly aiming to mitigate the impact of the devaluation and narrowing the gap to international parities.

價格方面，第二季我們持續調整當地燃油價格，主要是為了緩和人民幣貶值的影響，縮小與國際油價的差距。

As a result, average fuel prices measured in dollars increased by 3% sequentially and 14% inter-annually, while the spread versus import parity decreased to 5% in Q2, compared to 7% in Q1 and 13% in Q2 last year.

因此，以美元計算的平均燃油價格較上季上漲 3%，年比上漲 14%，而第二季與進口平價的價差下降至 5%，而去年第一季為 7%，第二季為 13%。

Lastly, efficiency-wise, since the beginning of the year, we have been focusing on the optimization of our cost structure, implementing several measures, such as the reduction of specific fuel consumption of boilers and logistic rearrangements, among others.

最後，在效率方面，今年以來，我們一直注重成本結構的最佳化，採取了降低鍋爐燃料消耗、物流重組等措施。

Also, during Q2, we created a new specified and focused team to plan, monitor, and promote the new efficiency and productivity standard within the downstream business.

此外，在第二季度，我們創建了一個新的指定且專注的團隊來規劃、監控和促進下游業務中的新效率和生產力標準。

I will now turn the call over Federico to go through our financial results for the quarter.

我現在將電話轉交給費德里科，讓他查看我們本季的財務表現。

Thank you, Horacio.

謝謝你，奧拉西奧。

Switching to the financial front, Let us start with cash flow evolution.

轉向財務方面，讓我們從現金流的演變開始。

Although, our adjusted EBITDA was similar to the deployment of our CapEx, working capital items pressured the liquidity, such as increased seasonal billing of natural gas, payment of imported goods and services deferred from last year, and higher purchases of crude oil to third parties due to lower conventional production, partially offset by late collections from Q1.

儘管我們調整後的 EBITDA 與資本支出的部署類似，但營運資本項目對流動性造成壓力，例如天然氣的季節性賬單增加、進口商品和服務的付款比去年推遲，以及向第三方購買更多的原油由於傳統產量下降，部分被第一季的較晚收貨所抵銷。

These effects were partially offset by dividend collection from affiliates.

這些影響被附屬公司收取的股利部分抵銷。

Considering also the regular interest payments, free cash flow came at a negative $257 million.

再考慮到定期利息支付，自由現金流為負 2.57 億美元。

In terms of financing, during Q2, we paid the amortization of two international bonds for a total of $268 million, and we issued a local hard-dollar bond for $178 million at a yield of 6% with a two-year maturity.

融資方面，第二季度，我們支付了兩支國際債券的攤銷總額為2.68億美元，並發行了1.78億美元的本地硬美元債券，收益率為6%，期限為兩年。

Additionally, we continued securing trade facilities and other loans.

此外，我們繼續獲得貿易便利和其他貸款。

After Q2, we issued a local dollar-linked bond for $185 million at a 0% yield with a two-year maturity and promising notes for $100 million at 0% yield with maturities of up to 18 months.

第二季之後，我們發行了 1.85 億美元、收益率為 0%、期限為兩年的本地美元掛鉤債券，以及 1 億美元、收益率為 0%、期限最長為 18 個月的承諾票據。

On the liquidity front, our cash and short-term investment decreased by 13% sequentially to $1.4 billion as of the end of June.

在流動性方面，截至 6 月底，我們的現金和短期投資季減 13%，至 14 億美元。

Therefore, our net debt increased to $7.5 billion while maintaining a stable net leverage ratio of 1.7 times.

因此，我們的淨債務增加至75億美元，同時維持穩定的1.7倍淨槓桿率。

Regarding our maturity profile, as of the end of June, the company faces debt maturities in the next 12 months for $1.4 billion, mostly short-term trade facilities for $611 million, both with local and international banks, which we are planning to refinance.

關於我們的到期情況，截至6 月底，該公司將在未來12 個月內面臨14 億美元的債務到期，其中大部分是與當地和國際銀行的6.11 億美元短期貿易融資，我們計劃為其再融資。

The remaining portion includes international bonds for $312 million, and local bonds for $177 million, among other loans.

其餘部分包括 3.12 億美元的國際債券和 1.77 億美元的地方債券以及其他貸款。

I will now turn back to Horacio to continue with the presentation.

現在我將回到奧拉西奧繼續演講。

Thank you, Federico.

謝謝你，費德里科。

Let me briefly recap on the progress we made regarding our conventional mature field strategy.

讓我簡單回顧一下我們在常規成熟領域策略方面的進展。

Last February, we obtained the approval of our Board of Directors to exit from around 50 blocks that contributed less than 1% of the company-adjusted EBITDA in 2023, with an investment of around $800 million.

去年 2 月，我們獲得了董事會的批准，退出了約 50 個區塊，這些區塊在 2023 年貢獻的公司調整後 EBITDA 不到 1%，投資額約為 8 億美元。

This important move allows us to reallocate resources to our most profitable assets located in Vaca Muerta, enhancing our focus on high-return Shell projects and optimizing our overall portfolio.

這項重要舉措使我們能夠將資源重新分配給位於瓦卡穆爾塔的最賺錢的資產，從而加強我們對高回報殼牌項目的關注並優化我們的整體投資組合。

In April, we launched the first stage called Andes Project, making the official site of 30 blocks, grouped in 11 clusters.

4 月份，我們啟動了第一階段“Andes 專案”，製作了 30 個區塊的官方網站，分為 11 個集群。

During the virtual data room phase and Q&A session, we attracted significant interest, totaling over 500 interactions from various players.

在虛擬資料室階段和問答環節，我們引起了極大的興趣，來自不同玩家的互動總計超過 500 次。

By June, we opened bids and received more than 60 offers from the over 30 local and international independent companies.

截至 6 月，我們已開始投標並收到來自 30 多家本地和國際獨立公司的 60 多份報價。

Following a 30-day comprehensive analysis of all qualified bidders, this week we have been able to execute 6 SPAs with different companies for six clusters.

經過對所有合格投標者進行 30 天的綜合分析後，本週我們能夠與不同公司的 6 個集群執行 6 份 SPA。

Also, we are currently progressing on the SPAs of the remaining clusters.

此外，我們目前正在其餘集群的 SPA 方面取得進展。

Regarding the blocks that are not included in the Andes project, most of them located in the provinces of Santa Cruz and Tierra del Fuego, we have already initiated negotiation and expected to move forward with this assignment and our reversion to the provincial energy companies in the near future.

對於未包含在安第斯山脈項目中的區塊，大部分位於聖克魯斯省和火地島省，我們已經啟動了談判，並預計將繼續推進這項任務，並歸還給安第斯山脈的省級能源公司。

Otherwise, we will consider the possibility to include these blocks in the second Andes project.

否則，我們將考慮將這些區塊納入第二個安第斯山脈專案的可能性。

As an updated summary of this strategy initiative, we maintain our confidence about closing the transaction for all the blocks by year-end on track with the prospective timeline and terms approved by our Board last February.

作為此策略舉措的最新摘要，我們對在年底前完成所有區塊的交易充滿信心，並按照董事會去年二月批准的預期時間表和條款進行。

Now, let me comment on the progress achieved in the oil midstream expansion to unlock the evacuation capacity in the Neuquina Basin.

現在，讓我評論一下石油中游擴建以釋放內烏基納盆地疏散能力所取得的進展。

Regarding the evacuation to the Atlantic by the end of May, we initiated the construction of the first tranche of what we named Vaca Muerta South Oil Pipeline, or VEMOS project, connecting Vaca Muerta Formation to Allen.

關於五月底疏散到大西洋的問題，我們啟動了第一部分的建設，我們將其命名為瓦卡穆爾塔南石油管道（VEMOS）項目，將瓦卡穆爾塔地層與艾倫連接起來。

Currently, Allen serves as the access point to OldelVal system, facilitation transport to the province of Buenos Aires.

目前，艾倫是 OldelVal 系統的接入點，為前往布宜諾斯艾利斯省的交通提供便利。

Once the second tranche of VEMOS is operational, it will also be connected to the oil export dedicated port of Punta Colorado in the province of Rio Negro.

一旦VEMOS的第二部分投入運營，它也將連接到裡奧內格羅省蓬塔科羅拉多的石油出口專用港口。

The first tranche has a length of around 130 kilometers with a CapEx of roughly $200 million.

第一部分的長度約為 130 公里，資本支出約為 2 億美元。

We expect this facility to become online in Q1 next year with a starting capacity of more than 350,000 barrels per day to be initially utilized currently without the last ongoing expansion expected by year-end.

我們預計該設施將於明年第一季上線，初始產能將超過 35 萬桶/日，目前初步使用，預計年底前不會進行最後一次持續擴張。

The VEMOS 4 tranches capacity shall be expected to over 450,000 barrels per day by the second half of 2026 when the second tranche starts this operation.

到 2026 年下半年，當第二批開始營運時，VEMOS 4 批的產能預計將超過 45 萬桶/日。

The second tranche of VEMOS has a length of roughly 440 kilometers with a CapEx of about $2.5 billion.

VEMOS 的第二部分長度約為 440 公里，資本支出約為 25 億美元。

The design starting capacity is 180,000 barrels per day, planned to be expanded to around 500 by 2027.

設計起始產能為18萬桶/日，計畫到2027年擴大至500桶/日左右。

Also, the pipeline system will be designed to reach more than 7,000 barrels per day of total capacity in the basin requires.

此外，管道系統的設計將達到盆地所需的每天 7,000 桶以上的總容量。

This project is a game changer for YPF and Argentina, increases significantly the export capacity and the bottlenecking shared resources of Vaca Muerta formation.

該計畫改變了 YPF 和阿根廷的遊戲規則，顯著提高了出口能力並解決了 Vaca Muerta 地層的瓶頸共享資源問題。

This tranche of VEMOS will be a fully export dedicated infrastructure and its offshore terminal will be located at the deep water port that will allow VLCCs, the oil mega vessels that transport around two million barrels.

這部分 VEMOS 將成為完全出口專用的基礎設施，其海上碼頭將位於深水港，可容納 VLCC（運輸約 200 萬桶石油的巨型船舶）。

Besides lower tariff, these vessels open up new international market opportunities for all our Argentina producers, such as the Asian market.

除了降低關稅外，這些船隻還為我們所有阿根廷生產商開闢了新的國際市場機會，例如亞洲市場。

YPF is currently leading the development of the project as the main shipper, and we are starting it as an export consortium pipeline, by which the local oil producers are operators of Vaca Muerta shall be able to commit and secure a portion of transportation capacity.

YPF 目前作為主要托運人正在領導該項目的開發，我們正在將其作為出口財團管道啟動，通過該管道，當地石油生產商作為 Vaca Muerta 的運營商將能夠承諾並確保部分運輸能力。

In terms of progress to-date of this strategic initiative, let me share that from the technical point of view we have already completed the basic design engineer for the pipeline and we are progressing the design review of the storage terminal and oil system.

關於這項策略舉措迄今為止的進展，我想分享一下，從技術角度來看，我們已經完成了管道的基礎設計工程，我們正在推進儲存碼頭和石油系統的設計審查。

Simultaneously, we have secured all key government approval environmental permits and we are in the process of receiving final quotation for the EPC and light pipe supply.

同時，我們已獲得所有重要的政府批准環境許可證，並且正在接收 EPC 和光管供應的最終報價。

Right now, we are focusing on all efforts to speed up the progress of receiving LOIs from the different export producers based on terms that will allow to start the project finance arrangement.

目前，我們正在全力以赴加快從不同出口生產商接收意向書的進度，該意向書的條款將允許啟動專案融資安排。

So far, we have received LOIs covering around two-thirds of total project transportation capacity, and we are optimistic to conclude this process during Q3.

到目前為止，我們已收到涵蓋該項目總運輸能力約三分之二的意向書，我們對第三季完成此過程感到樂觀。

Also, we have the intention to apply for the RIGI once fully regulated.

此外，一旦 RIGI 得到全面監管，我們也打算申請加入。

Continue our focus on growing oil exports and accelerating evacuation to the Pacific.

我們繼續關注增加石油出口和加速向太平洋撤離。

During Q2, we increased our oil exports to Chile, delivering 29,000 barrels per day through the Trans-Andean Pipeline, reaching next export revenue of nearly $220 million.

第二季度，我們增加了對智利的石油出口，透過跨安第斯管道每天輸送 29,000 桶石油，實現下一個出口收入近 2.2 億美元。

Note that this is 25% more than Q1 and represents now 11% of our oil production.

請注意，這比第一季增加了 25%，目前占我們石油產量的 11%。

These exports one year ago were only 3%.

一年前這些出口額僅 3%。

Before ending our presentation and going to Q&A, let me briefly comment on the progress made regarding our LNG process so far.

在結束我們的演講並進行問答之前，讓我簡要評論一下我們迄今為止在液化天然氣製程方面取得的進展。

By end of July, YPF and its strategic partner defined the location of the project in the province of Rio Negro.

7月底，YPF及其戰略合作夥伴確定了該計畫在裡奧內格羅省的位置。

The decision was taken after a deep analysis of technical, economic, environmental, geographic, fiscal, regulatory aspects.

該決定是在對技術、經濟、環境、地理、財政、監管等方面進行深入分析後做出的。

In this sense, YPF decided to hire, at its expense, Aguada Toledo, who reconfirmed our analysis conclusions.

從這個意義上說，YPF決定自費聘請阿瓜達·托萊多（Aguada Toledo），他再次證實了我們的分析結論。

Also, let me recall the importance of this project, we once completed is expected to contribute around $15 billion annually to Argentina export revenues, significantly boosting the country's balance of payments.

另外，讓我回顧這個計畫的重要性，我們預計一旦完成，每年將為阿根廷貢獻約150億美元的出口收入，大大促進該國的國際收支平衡。

As we mentioned in previous calls, we expect to own between 25% to 30% of the total energy capacity, engaging the rest of the industry to join this project.

正如我們在先前的電話會議中提到的，我們預計將擁有總能源產能的 25% 至 30%，並吸引行業其他公司加入該專案。

On the other hand, it's worth mentioning that a few weeks ago, the initiative regime for large-scale investment, also known as RIGI, was enacted, providing a series of incentives we consider as a key way to place Vaca Muerta shale gas in the global market, transforming YPF Argentina in a world-class LNG exporter.

另一方面，值得一提的是，幾週前，大規模投資倡議制度（也稱為RIGI）頒布，提供了一系列激勵措施，我們認為這是將Vaca Muerta 頁岩氣置於世界領先地位的關鍵方式。

So with this, we conclude our presentation and open to the floor questions.

我們的演講到此結束，並開始回答大家的問題。

[Operator Instructions] Bruno Montanari, Morgan Stanley.

[操作員指示] Bruno Montanari，摩根士丹利。

Good morning, everyone.

大家早安。

Thank you for taking my questions.

感謝您回答我的問題。

I have two quick ones here.

我這裡有兩個快的。

The first one, would the company still be interested to look at potential shale oil acreage, which is available for sale in Argentina?

第一個問題，該公司是否仍有興趣關注阿根廷可供出售的潛在頁岩油面積？

It's widely known that Exxon is leaving the country, so to the extent you could comment on that, it would be great how it would potentially complement the company's portfolio and much more focused on shale?

眾所周知，埃克森美孚將離開該國，因此您可以對此發表評論，如果它能夠補充該公司的投資組合併更加專注於頁岩油，那就太好了？

And the second question is about lifting costs.

第二個問題是關於提升成本。

We understand the reasons behind the increase in the quarter.

我們了解本季成長背後的原因。

So looking for any trends you can provide us for the coming quarters, if lifting costs would remain stable at the levels from Q2, or if there could be any relief into the coming quarters, that would be great?

因此，尋找您可以為我們提供的未來幾季的趨勢，如果提升成本能夠保持穩定在第二季的水平，或者未來幾季可能會有任何緩解，那就太好了？

Thank you very much.

非常感謝。

Okay.

好的。

Thank you very much, Bruno.

非常感謝你，布魯諾。

First question.

第一個問題。

As you mentioned, the Pillar 1 of YPF is to focalize in the most profitable asset, which is Vaca Muerta oil.

正如您所提到的，YPF 的第一個支柱是專注於最有利可圖的資產，即瓦卡穆爾塔石油。

So for our goal, always we are going when there is selling of very good asset, because it's a way to improve the profitability and the profitability for all the shareholders.

因此，為了我們的目標，我們總是會在出售非常好的資產時進行，因為這是提高獲利能力和所有股東獲利能力的一種方式。

Saying that, this is a confidential process.

話雖如此，這是一個保密的過程。

So I cannot, -- sorry about that, but I cannot give you more information on that, okay?

所以我不能——對此感到抱歉，但我無法向您提供更多相關信息，好嗎？

Regarding the lifting costs, in this quarter we had particular issues.

關於提升成本，本季我們遇到了一些特殊問題。

But your question is for what I see.

但你的問題是針對我所看到的。

I think that it will be in the second half.

我認為會在下半年。

And we are foreseeing and we are working to have an average for all.

我們正在預見並正在努力為所有人提供一個平均值。

We think that we will have a different lifting costs in both quarters, but we are increasing.

我們認為兩個季度的提升成本將會有所不同，但我們正在增加。

Remember that we are producing today.

請記住，我們今天正在生產。

Yesterday, our production of unconventional, the daily rate -- the daily report was 127 barrels per day.

昨天，我們的非常規產量——每日報告為 127 桶/日。

But this is a very good increase.

但這是一個非常好的成長。

We are foreseeing that for the end of the year, we will have 140,000 barrels a day of unconventional which is totally our focus right now.

我們預計，到今年年底，我們每天的非常規產量將達到 14 萬桶，這完全是我們現在的重點。

And we foreseeing that the lifting cost for the second half, it will be $4.4 per barrel.

我們預計下半年的提升成本將為每桶4.4美元。

It sounds okay, the answer for you?

聽起來不錯，你的答案嗎？

Sure, just to follow-up, this $4.4 is just for core shale hub, right?

當然，接下來，這 4.4 美元只是針對核心頁岩中心，對嗎？

Core, yes, yes.

核心，是的，是的。

What is important?

什麼是重要的？

The important for our EBITDA is the unconventional.

對於我們的 EBITDA 來說，最重要的是非常規。

Remember that we have the answer, Andes project, and we are going out of our conventional fields.

請記住，我們有答案，安第斯山脈項目，我們正在走出我們的傳統領域。

All right.

好的。

Luiz Carvalho, UBS.

路易斯卡瓦略，瑞銀集團。

Hi, everyone.

大家好。

Congratulations on the results.

祝賀結果。

I would like to touch base on two main points here.

我想在這裡談兩個要點。

The first one is about the, I would say, the free cash flow profile for the next couple years, right?

我想說，第一個是關於未來幾年的自由現金流狀況，對吧？

The company is unlikely to generate cash this year, of course, because of the investments that have been made.

當然，由於已經進行的投資，該公司今年不太可能產生現金。

But when I look to the debt profile, in 2025, you have something close to $2 billion to be paid and sequentially in '26 and '27.

但當我查看債務狀況時，到 2025 年，您將需要支付近 20 億美元，並且依次在 26 年和 27 年支付。

So my point here is that I would like to understand from you how you see the external risks, like if the crude prices drop or if there's any delays in terms of the production ramp up or the pipeline construction being implemented in order to allow you to flow the production or any kind of other bottlenecks that could put your balance sheet in a bit more dedicated situation, a bit forward?

所以我的觀點是，我想了解您如何看待外部風險，例如原油價格是否下跌，或者產量增加或正在實施的管道建設是否有任何延誤，以便您能夠生產流程或任何其他瓶頸可能會使您的資產負債表處於更專門的情況，更前面嗎？

The second thing is about you'd say the crude and fuel prices.

第二件事是關於原油和燃料價格。

Of course, we've seen a significant improvement when we compare it to the past.

當然，與過去相比，我們已經看到了顯著的進步。

But when we look in terms of CapEx and OpEx, seems they're still, I would say, at a bit higher level.

但當我們從資本支出和營運支出的角度來看時，我想說，它們似乎仍然處於較高的水平。

So if you can share a bit of expectations in terms of CapEx and OpEx reduction or efficiency gains for the second half of this year and 2025, it would be great.

因此，如果您能分享一些對今年下半年和 2025 年資本支出和營運支出減少或效率提升的預期，那就太好了。

Thank you.

謝謝。

Thank you, Luiz.

謝謝你，路易斯。

We can start with the first one.

我們可以從第一個開始。

Yes.

是的。

It's a lot of questions.

有很多問題。

I would say, for a second language guy, it's a very long question, okay?

我想說，對於一個第二語言的人來說，這是一個很長的問題，好嗎？

Luiz, and thank you for your question, I know you personally, so I remember you.

路易斯，謝謝你的問題，我認識你，所以我記得你。

If I not answer what you are expecting, please ask me again, because it was a long question.

如果我沒有回答你所期望的，請再問我一次，因為這是一個很長的問題。

But I tell you, I try to answer the first part of the question.

但我告訴你，我嘗試回答問題的第一部分。

Our expectation of net cash flow are exactly the same as when we arrived here.

我們對淨現金流量的預期與我們到達這裡時完全相同。

And we have followed very well the track of the results.

我們很好地跟踪了結果。

For '24, we will be a balance of neutral in operational point of view.

對於 24 年，我們將在營運角度保持中立平衡。

So our net cash flow will be negative, because of our interest payments, okay, or debts, okay?

所以我們的淨現金流量將是負數，因為我們支付利息，好吧，或債務，好嗎？

For next year, we are foreseeing that it will be neutral, in the order of neutral, but we are working so hard, so hard, so hard that maybe you will have some difference, okay, for going up, okay?

明年，我們預計它將是中性的，按中性的順序，但我們正在努力工作，努力工作，也許你會有所不同，好吧，上升，好嗎？

Because we are working so hard in the efficiency.

因為我們在效率上非常努力。

For there on, we are foreseeing positive cash flow.

就此而言，我們預期現金流為正。

All of that is without, I'm not talking about LNG, that we are looking for project finance.

所有這一切都沒有，我不是說液化天然氣，我們正在尋找專案融資。

No, no, not to invest a lot in the next year, so we will be different.

不，不，明年不要投入很多，所以我們會有所不同。

And also, without M&A, okay?

而且，沒有併購，好嗎？

Regarding the prices, if the prices goes up, okay, you will have much better results, okay, much better results.

關於價格，如果價格上漲，好吧，你會有更好的結果，好吧，更好的結果。

And why we decide to go out for the mature field, because we are not efficient on that, because in that way, this company with lower price will be more resilient.

為什麼我們決定要去成熟的領域，因為我們在這方面效率不高，因為這樣的話，這個價格較低的公司就會更有彈性。

But from next year on, because our program, our focus, and where we are going, we will be resilient for very low prices, because we'll be almost, I would say, almost, an unconventional company with very efficient way of work.

但從明年開始，因為我們的計劃、我們的重點以及我們的發展方向，我們將能夠承受非常低的價格，因為我們幾乎，我想說，幾乎，一家具有非常高效工作方式的非傳統公司。

We are the best company in the results of the operational.

我們是營運結果最好的公司。

So I'm very happy to work in this company, work hard with all the team, because we are going to have very low efficiency.

所以我很高興在這個公司工作，和所有團隊一起努力工作，因為我們的效率將會非常低。

It's not in the question, but maybe for everybody and to share with you, for the [action side], we started a new program, what we call Toyota World, and we signed a contract with the Toyota company.

這不是問題，但也許對每個人來說，並與大家分享，對於[行動方面]，我們啟動了一個新計劃，我們稱之為豐田世界，我們與豐田公司簽署了一份合約。

We are going to try to put the efficiency of the car industry in the world.

我們將努力讓汽車產業的效率躋身世界前列。

That is very disruptive program.

這是一個非常具破壞性的計劃。

Everybody is very happy on that.

大家對此都很高興。

And also, I would say the service company come to see me from the United States, the CEOs, from Europe, and everybody knows that it will be a change in efficiency in Argentina.

而且，我想說的是，服務公司從美國來看我，執行長從歐洲來看我，每個人都知道這將改變阿根廷的效率。

This is very disruptive, and it will be extraordinary for the efficiency way of work because we will be focused in reducing the well cycle.

這是非常顛覆性的，對於提高工作效率來說將是非同尋常的，因為我們將專注於縮短油井週期。

And that will deliver much more EBITDA for the coming years from now.

這將為未來幾年帶來更多的 EBITDA。

From the downstream part, we already have a very, very ambitious program that is called Growing by Efficiency, that we have more than 100 initiatives in the La Plata.

從下游部分來看，我們已經有了一個非常非常雄心勃勃的計劃，稱為“效率成長”，我們在拉普拉塔有 100 多項舉措。

We do the La Plata Refinery, because it's the biggest that we have the biggest of this is in Argentina, and it's a very big refinery.

我們有拉普拉塔煉油廠，因為它是我們最大的煉油廠，其中最大的煉油廠在阿根廷，而且是一個非常大的煉油廠。

We have more than 100 initiatives that they will put the margin much more up.

我們有 100 多項舉措，他們將大幅提高利潤。

My goal when I come with YPF and all the team of downstream is to have the margin in this refinery and the refinery YPF in a very good benchmark with the American refinery.

當我與 YPF 和所有下游團隊一起來時，我的目標是讓煉油廠和 YPF 煉油廠的利潤與美國煉油廠保持良好的基準。

So we need to increase by efficiency our margin.

因此，我們需要透過效率來提高利潤。

And we are in there, okay?

我們就在那裡，好嗎？

I don't know if I answered your question.

我不知道我是否回答了你的問題。

If I lose something that you ask me, please repeat, and I will answer.

如果我丟失了您問我的東西，請重複一遍，我會回答。

No, no, that was very clear.

不不不，已經說得很清楚了。

And thanks for the complete answer and looking forward to see you in person again soon.

感謝您的完整回答，並期待很快再次見到您。

Thank you.

謝謝。

Okay, thank you.

好的，謝謝。

Vicente Falanga, Bradesco.

維森特法蘭加，布拉德斯科。

Hello, everybody.

大家好。

Thank you for taking my questions.

感謝您回答我的問題。

I have two also.

我也有兩個。

The first one, congratulations on the drilling speed metrics.

第一個，祝賀鑽井速度指標。

Do you think there's still room to increase the 1,500 meters per day?

你覺得每天1500公尺還有增加的空間嗎？

Or are you already close to a limit?

或者你已經接近極限了嗎？

What will be your dream target here in terms of meter drills per day?

就每天的米數訓練而言，您的夢想目標是多少？

Then my second question, when will YPF and the other interested parties decide on how to split the interest on the Vaca Muerta Sur pipeline?

那麼我的第二個問題，YPF和其他相關方何時決定如何分割Vaca Muerta Sur管線的權益？

Could we have a decision already this year, maybe next?

我們可以在今年或明年做出決定嗎？

Thank you very much.

非常感謝。

First of all, I would like for you to know me because I am a crazy guy, okay?

首先，我想讓你了解我，因為我是一個瘋狂的人，好嗎？

I'm not using adidas in my life.

我一生中不再使用阿迪達斯。

I'm sorry if I took adidas, but I love.

如果我選擇了阿迪達斯，我很抱歉，但我喜歡。

Impossible is nothing in life.

生活中沒有什麼是不可能的。

So what I'm going to -- I don't really -- the technical limit for me is the ceiling.

所以我要做的——我真的不會——對我來說技術限制是上限。

I don't care if I cannot improve, but I push, and always when you push, always you obtain something.

我不在乎我是否無法進步，但我會努力，而且當你努力時，你總是會有所收穫。

Every time that you think I arrive at the limit, you have to go out of the company.

每當你認為我到達極限時，你就必須離開公司。

I am an old man.

我是一個老人。

That means that you are an old man from the mind.

這說明你從心智上來說已經是個老人了。

So I like you to know me.

所以我希望你了解我。

I am a crazy guy.

我是個瘋子。

I don't want -- I don't like that you arrive to the limit.

我不想——我不喜歡你達到極限。

For me, it's not the limit.

對我來說，這不是極限。

The guys of downstream, they don't imagine what I'm here.

下游的人，他們想像不到我在這裡。

As soon as we have that margin, we will have another new problem, okay?

一旦我們有了這個餘量，我們就會遇到另一個新問題，好嗎？

That is for the first part.

這是第一部分。

For the second part, you ask me.

至於第二部分，你問我。

The Vaca Muerta, okay.

瓦卡穆爾塔，好吧。

We have already signed a two-thirds of the compromise for that project.

我們已經簽署了該專案妥協方案的三分之二。

I'm totally focused.

我全神貫注。

I'm focused on everything.

我專注於一切。

But we are totally focused on that because I don't want to make losing money for the shareholders that pay me my salary.

但我們完全專注於這一點，因為我不想讓支付我薪水的股東賠錢。

And so we cannot delay one day, okay?

所以我們不能再拖延一天了，好嗎？

You know that we are discussing with one big company in the United States, and we are in good shape, but as soon as we have an agreement, I will tell you.

你知道我們正在和美國的一家大公司進行討論，而且我們的情況很好，但是一旦達成協議，我就會告訴你。

But our program is to mobilize the equipment in November, and that program is the program.

但我們的計畫是在11月調動設備，這個計畫就是計畫。

Yesterday, we said that we are doing that with all the industry in the same table.

昨天，我們說過我們正在與所有行業坐在同一張桌子上這樣做。

And we think that in a couple of weeks, we will have 100% already signed, and it's our focus.

我們認為幾週後，我們將 100% 簽署，這是我們的重點。

From the part of the split, remember, YPF has to lead the industry, and we are leading the industry.

從拆分的部分來看，記住，YPF必須引領業界，我們正在引領業界。

Our idea is to do as simple as possible.

我們的想法是做得盡可能簡單。

The more simple, because the midstream is not the focus of our company or any company of the upstream, the others.

更簡單，因為中游不是我們公司或上游任何公司的重點，其他公司。

So the focus is to make and increase a lot the production.

因此，重點是大量生產和增加產量。

We are going to increase a lot the production and conventional.

我們將大幅增加產量和常規產量。

So as simple as it is, what we are doing is the following.

就這麼簡單，我們正在做的事情如下。

The percentage of your paying is the percentage of your capacity.

你所支付的百分比就是你能力的百分比。

And we are going to make like an ISPV with all the companies.

我們將像ISPV 一樣與所有公司合作。

And at the beginning, we are saying not to have a lot of partners.

一開始，我們就說不要有很多合作夥伴。

Any partner that has more than 10% of the share will have a share in the board of that company.

任何持有超過 10% 股份的合夥人將在該公司董事會中擁有股份。

If you have less than 10%, we are not to have a board, because if not, it will be very difficult to manage the company.

如果你的股份低於10%，我們就不要成立董事會，因為如果沒有的話，公司就很難管理。

Okay, I think I answered your question.

好吧，我想我回答了你的問題。

Tell me if you are comfortable or you need more detail.

如果您覺得舒服或需要更多細節，請告訴我。

Yes, no, that was very complete and interesting.

是的，不，那是非常完整和有趣的。

And I'm looking forward to meeting you.

我很期待見到你。

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑弗里斯。

Hi, good morning all.

嗨，大家早安。

Thank you very much for taking my questions.

非常感謝您回答我的問題。

I have two questions, if I may, please.

如果可以的話，我有兩個問題。

The first one is, you mentioned the share growth that you're expecting by the end of this year, 140,000 barrels a day.

第一個是，您提到了您預計到今年年底的份額增長，即每天 14 萬桶。

What can we expect, say, for 2025, 2026, 2027?

例如，2025 年、2026 年、2027 年我們可以期待什麼？

That's probably the first question.

這可能是第一個問題。

Then the second question is, you gave us a good update on Andes, but also when we look at the quarter, you mentioned that some of the refining margin impact was because of third-party oil purchases.

第二個問題是，您向我們提供了有關安第斯山脈的最新情況，而且當我們查看本季度時，您提到煉油利潤率的部分影響是由於第三方石油購買造成的。

So once you are out of those conventional fields, should we also expect that your refining margin is structurally lower because you need to buy more third-party oil?

因此，一旦您退出這些常規油田，我們是否也應該預期您的煉油利潤率會結構性降低，因為您需要購買更多的第三方石油？

Thank you so much.

太感謝了。

We can start with the first question, Ale.

我們可以從第一個問題開始，Ale。

And then if you can, repeat the second question, if you don't mind.

如果可以的話，如果您不介意的話，請重複第二個問題。

The first question was about the shale production of '25 onwards.

第一個問題是關於 25 年以來的頁岩油生產。

Okay. '25 onwards.

好的。 '25 以後。

Thank you, Alejandro, for the question.

謝謝亞歷杭德羅的提問。

We are working in short-term, medium-term, and long-term strategy all day for I would like -- I prefer to give you the guidance and I compromise here with you and also with all the guys that they are in this call that the day you invest next year, I give you the guidance for the 3 years with very good.

我們整天都在製定短期、中期和長期策略，因為我想——我更願意為你們提供指導，我在這裡與你們以及參與這次電話會議的所有人員妥協明年你投資的那天，我給你3年的指導，非常好。

It's not that I cannot tell you, because there are some issues or things that I would have a better idea for -- by the next of the year.

這並不是說我不能告訴你，因為到明年，我會對一些問題或事情有更好的想法。

And I prefer, if you don't mind, in March, I think it's in March or March, I prefer I give you a very clear answer for everybody and my personal compromise on the result, okay?

如果你不介意的話，我更喜歡在三月，我想是在三月或三月，我更喜歡我給大家一個非常明確的答案，以及我個人對結果的妥協，好嗎？

If you don't mind.

如果你不介意的話。

Is it okay for you or?

對你來說還好嗎？

Yes, it's okay.

是的，沒關係。

But can you give us then how many more rigs do you expect to add, say, in 2025 then?

但您能否告訴我們您預計在 2025 年（例如）增加多少台鑽孔機？

Okay.

好的。

It depends on several questions that you have there was -- today, today we think that it will be 15,000 barrels a day because next year it will be an year of not growing because there will be a growing of capacity on OldelVal.

這取決於你們提出的幾個問題——今天，今天我們認為將是每天 15,000 桶，因為明年將是不增長的一年，因為 OldelVal 的產能將會成長。

Remember that OldelVal by the end of December, they will increase the total capacity for all the industry in the order of 15,000 barrels a day, and in April, 200,000 barrels a day.

請記住，OldelVal 到 12 月底，他們將把整個產業的總產能增加到每天 15,000 桶，並在 4 月增加到每天 20 萬桶。

And so we are going to always -- we are going to go efficiency, reducing work capital as much as we can so and fill our capacity.

因此，我們將始終提高效率，盡可能減少營運資本並填補我們的產能。

If we have fair capacity and we don't have the race to reach, for sure we're going to agree and remember that it's an open access here, okay?

如果我們有公平的能力並且我們沒有競爭，我們肯定會同意並記住這裡是開放的，好嗎？

And also always I will look at the EBITDA, CapEx, and profitability of the company.

我也會始終關注公司的 EBITDA、資本支出和獲利能力。

I'm not going to be crazy into higher risks and not deliver efficiency for all the shareholders, okay?

我不會瘋狂地承擔更高的風險，也不會為所有股東帶來效率，好嗎？

That's great, thank you.

太好了，謝謝。

And yes, so the second question that Margarita asked me to repeat was, once you get out of the conventional fields, you will need to buy more conventional oil from third parties for your refiners, right?

是的，瑪格麗塔讓我重複的第二個問題是，一旦你離開常規油田，你將需要從第三方為你的煉油廠購買更多的常規石油，對嗎？

So the question is, would that also put a bit of an impact or pressure on your refining margins structurally?

那麼問題是，這是否也會對你們的煉油利潤產生結構性影響或壓力？

Yes, but remember that I have to talk about Argentina.

是的，但請記住我必須談論阿根廷。

Argentina, we are almost now in international prices.

阿根廷，我們現在差不多是國際價了。

The policy of Argentina and the change of Argentina in the oil is to go in that region.

阿根廷的政策以及阿根廷在石油方面的改變就是要進軍該地區。

So they will be not different to have or not to have that.

因此，擁有或不擁有它並沒有什麼不同。

And remember also that we have increasing in our production and also we are with some exit that we have in the Andes.

還要記住，我們的產量有所增加，而且我們在安第斯山脈也有一些出口。

We have some agreements of buying the oil in the Mendoza part, we are the -- for everybody, the best way, efficiency, to sell the oil is to YPF, because it's a hinterland that is like closed.

我們在門多薩部分簽訂了一些購買石油的協議，對於每個人來說，將石油出售給 YPF 是最好的效率方式，因為這是一個封閉的內陸地區。

It's not easy to open that.

要打開它並不容易。

So that is more easily to the other.

這樣對對方來說就更容易了。

Also, some [Medanito from us], it will be as it is today.

還有一些[我們的Medito]，也會像今天這樣。

They will be at the refinery, but our goal is because we are going to increase the production in the next years.

他們將在煉油廠，但我們的目標是因為我們將在未來幾年增加產量。

I cannot say next year because it will be the other.

我不能說明年，因為那會是另一年。

We are focused also in the export.

我們也專注於出口。

As soon as we increase a lot, I think that question doubt will be out because you realize that we are going to be a company that -- we can buy here easily, and we can export a lot, okay?

一旦我們增加很多，我認為這個疑問就會消失，因為你意識到我們將成為一家公司——我們可以在這裡輕鬆購買，我們可以出口很多，好嗎？

Okay.

好的。

That's great.

那太棒了。

Thank you very much.

非常感謝。

Well, thank you.

嗯，謝謝。

Andres Cardona, Citi.

安德烈斯·卡多納，花旗銀行。

Good morning.

早安.

And as you say congrats on the results.

正如你所說，祝賀結果。

I have two questions.

我有兩個問題。

The first one is about any progress on non-core asset divestiture beyond the conventional crude processes that you have mentioned.

第一個是關於您提到的傳統原油加工之外的非核心資產剝離的進展。

If we can expect any announcement over the next 12 months.

我們預計未來 12 個月內會有任何公告。

I remember you wanted to focus on the core business and mentioned some assets that could be divested there.

我記得您想專注於核心業務，並提到了一些可以剝離的資產。

So any update?

那麼有更新嗎？

And the second one is there were some interesting highlights about early results on Palermo 8-K.

第二個是巴勒莫 8-K 的早期結果有一些有趣的亮點。

So if you can share some thoughts about those.

所以如果你能分享一些關於這些的想法。

Thank you.

謝謝。

Okay.

好的。

You hear Margarita, and I don't know why he tell me Andres, because I know that you're Andres.

你聽到瑪格麗塔，我不知道他為什麼要告訴我安德烈斯，因為我知道你是安德烈斯。

But anyway, remember, because -- they don't like my English, so that's why always they repeat me the names on that, but sorry about my English.

但無論如何，請記住，因為——他們不喜歡我的英語，所以這就是為什麼他們總是重複我的名字，但對我的英語感到抱歉。

It doesn't matter.

沒關係。

I put the best that I can, okay?

我盡我所能，好嗎？

For the defense, you're talking about Pillar 2, but I make always control of myself.

對於防守，你談論的是第二支柱，但我總是控制自己。

The Board of Directors approved last month and we start the process of seeing a proposal, and after we come back to sell, is YPF Brazil, which is a lubricant company.

董事會上個月批准了，我們開始查看提案的過程，在我們回來後出售的是 YPF Brazil，這是一家潤滑油公司。

YPF Chile, we are selling some lubricants and sheds.

YPF 智利，我們正在銷售一些潤滑油和棚子。

If you see EBITDA is not for YPF.

如果您看到 EBITDA 不適用於 YPF。

So we are going to sell that.

所以我們要賣掉它。

Also, we are in a process to see and sell Refinor that for us is not a key asset.

此外，我們正在尋找並出售 Refinor，這對我們來說並不是一項關鍵資產。

We start the negotiation and go into the way to go out there because it's not for YPF also.

我們開始談判並開始著手去那裡，因為這也不適合 YPF。

If you are talking about Metrogas, we are going to sell, but not today because they are, if I sell today, I think I'm not doing my job for you, for the shareholders, properly.

如果你談論的是 Metrogas，我們會出售，但不是今天，因為如果我今天出售，我認為我沒有正確地為你、為股東做好我的工作。

Because I'm selling when Argentina will improve a lot in the macro, and when it's reducing, the macro will be stabilized, the price of Metro Cabo is up.

因為我在阿根廷宏觀經濟大幅改善的時候賣出，而當它減少的時候，宏觀經濟就會穩定，Metro Cabo的價格就上漲了。

So it's not like I'm not focused on that in this company.

所以在這家公司我並不是不關注這一點。

The guy that is working there the general manager has totally the idea that we are going to sell, but we are waiting on that because I think they are, as I will repeat, it's better for you and for all the shareholders, okay?

在那裡工作的總經理完全有我們要出售的想法，但我們正在等待，因為我認為他們，正如我會重複的那樣，這對你和所有股東都更好，好嗎？

And Profertil, you can say also in the noise down thing, but we call it gas energy business because it's -- in Profertil use our gas is very, very profitable.

Profertil，你也可以說是降低噪音，但我們稱之為天然氣能源業務，因為在 Profertil 中使用我們的天然氣是非常非常有利可圖的。

And so because it's very profitable, it's my incoherence in, say, focusing energy, but I have now a good slogan to maintain that it's gas that makes food.

因為它非常有利可圖，所以我在集中精力方面缺乏連貫性，但我現在有一個很好的口號來堅持認為是氣體製造了食物。

So, energy making food.

所以，能量製造食物。

In there, I take out my idea.

在那裡，我提出了我的想法。

It is very profitable, so we are going to maintain.

這是非常有利可圖的，所以我們會維持下去。

We are going to see what happens with the selling on the other.

我們將看看對方的拋售會發生什麼事。

And at that moment, we are going to look at partners to duplicate the plant.

在那一刻，我們將尋找合作夥伴來複製工廠。

Remember, no, remember, no, but this is, you don't need to put money there, it's the project final, or with a new partner, we will see how to do that, okay?

記住，不，記住，不，但是這是，你不需要把錢放在那裡，這是專案的最後，或與一個新的合作夥伴，我們會看看如何做到這一點，好嗎？

And in White Tech what is the research and development company we are totally focused now in energy there is no more talking about harvest or crops or nothing to do with that and also last month, or last weeks, I don't remember exactly the date, sorry for that, but it was, I think, two weeks ago, we started a new program, what we call Vaca Muerta, what is to work with the oil industry to solve a common problem for the industry.

在白色科技公司，我們現在完全專注於能源領域的研發公司，不再談論收穫或農作物或與此無關的事情，而且上個月或上週，我不記得確切的日期對此感到抱歉，但我想，兩週前，我們啟動了一個新計劃，我們稱之為Vaca Muerta，即與石油業合作解決該行業的常見問題。

I don't know, if it's okay for you, or you need more detail from me.

我不知道，這是否適合您，或者您需要我提供更多詳細資訊。

This is great color.

這是很棒的顏色。

And I just wanted to ask about YPF Luz.

我只是想問一下 YPF Luz 的情況。

What are your thoughts on that asset?

您對該資產有何看法？

YPF Luz, no, sorry, sorry.

YPF Luz，不，對不起，對不起。

I forgot YPF Luz.

我忘記了 YPF 盧茲。

YPF Luz is a wonderful company, and we are always, we have a bit of positive.

YPF Luz 是一家很棒的公司，我們總是保持著積極的態度。

A bit of that is good.

有一點是好的。

We are growing.

我們正在成長。

They don't need capital from YPF Group.

他們不需要YPF集團的資金。

We always refinance with the new projects, and we are growing now.

我們總是透過新專案進行再融資，而且我們現在正在成長。

We are a company that produces renewables for 700 megawatts, and we are an oil and gas company that consumes 420 megawatts.

我們是一家生產 700 兆瓦再生能源的公司，我們是一家消耗 420 兆瓦的石油和天然氣公司。

So we are in good shape in the transition period, okay?

所以我們在過渡時期處於良好狀態，好嗎？

You can make the numbers there.

你可以在那裡填寫數字。

And Palermo Aike, sorry, I forgot that, but Palermo Aike is one week ago.

巴勒莫艾克，抱歉，我忘了，但巴勒莫艾克是一週前的事了。

I would say, we are producing only water, but it's not like I'm saying that it will be water, okay?

我想說，我們只生產水，但我並不是說它將是水，好嗎？

Because one week ago, we take out very low water percentage of the fracture.

因為一週前，我們取出的裂縫含水率非常低。

We are in less than 5% of total water that we use in the treatment.

我們的處理用水量不到總用水量的 5%。

It has a very good pressure, very good pressure.

它有一個非常好的壓力，非常好的壓力。

The pressure is double the water, which means it's similar to shells that produce.

壓力是水的兩倍，這意味著它的產生類似於貝殼。

The reduction in pressure we have in a choke of 4 millimeters is very good.

4 毫米的節流閥所帶來的壓力降低效果非常好。

It's comparing with my experience in another shelf, and the well is in the order of 700, 760 meters, and the rate is very good.

與我在另一個架子上的經驗相比，井在700、760公尺左右，速度非常好。

We are in 4 millimeters in 100, and if I remember wrong, it's 150.

我們的單位是 4 毫米等於 100，如果我沒記錯的話，是 150。

It's 150 kilometers, which is 1,000 barrels a day.

150公里，也就是每天1000桶。

And so we are expecting, and really I cannot tell you it will be oil.

所以我們正在期待，實際上我不能告訴你這將是石油。

The pressure is a very good index on that, and I think in the coming weeks you will see the result, and we are expecting that the first oil, if it comes, comes in the next weeks, okay?

壓力是一個非常好的指標，我認為在接下來的幾週內你會看到結果，我們預計第一批石油如果出現的話，會在接下來的幾週內出現，好嗎？

Thank you, guys, and congrats on the progress of the business.

謝謝大家，並祝賀業務取得進展。

Marina Mertens, Latin Securities.

Marina Mertens，拉丁證券。

Hi, good morning.

嗨，早安。

Thanks for taking my questions.

感謝您回答我的問題。

I have two questions.

我有兩個問題。

So the gap between local prices and international parities has narrowed significantly.

因此，當地價格與國際價格之間的差距已大幅縮小。

If rent continues to decline, how do you foresee local prices adjusting?

如果租金持續下降，您預計當地價格將如何調整？

Could they converge or even exceed export parity?

它們能否趨同甚至超過出口平價？

And the second one regarding the downstream segment, this quarter it showed higher prices, reduced volumes, and normalized margins.

第二個是關於下游領域，本季價格上漲，銷量減少，利潤率正常化。

How do you anticipate these dynamics to play out in the next quarters?

您預計這些動態在接下來的幾季將如何發揮？

Okay.

好的。

First part of the question, with the current prices of today, our weighted average is in the order of 3% lower than import parity products.

問題的第一部分，以今天的當前價格，我們的加權平均價格比進口平價產品低 3% 左右。

If they continue to reduce, that is your question, we will reach import parity.

如果它們繼續減少，那就是你的問題，我們將達到進口平價。

And when you have import parity, if you are a free market, you have to take into account the free rider could make you in the in the problem because they can import and make money, okay.

當你有進口平價時，如果你是一個自由市場，你必須考慮到搭便車者可能會讓你陷入問題，因為他們可以進口並賺錢，好吧。

So there we have -- we have to understand and I understand that you are abroad and for you is very difficult to now say what happened in Argentina.

所以我們——我們必須理解，我也理解你在國外，對你來說現在很難說出在阿根廷發生的事情。

But so far what we are going is in a free market and here we have you can imagine that -- the thing that happened is the same in the United States for saying a country.

但到目前為止，我們正在經歷一個自由市場，你可以想像，在美國發生的事情對一個國家來說是一樣的。

So if we reduce a lot, I always declare that I will be the first guy to reduce the gasoline.

因此，如果我們減少很多汽油，我總是宣稱我將是第一個減少汽油的人。

But also, if the price increase a lot, I will increase the prices.

而且，如果價格上漲很多，我也會提高價格。

Sometimes when there is a spike in prices to the fruit, very, very high.

有時，當水果價格飆​​升時，非常非常高。

It's happening in all the countries that you cannot in one day to increase that, even in different countries.

這種情況在所有國家/地區都在發生，即使在不同的國家/地區，您也無法在一天之內增加這種情況。

We are working as it will be a free market and decide on demand and supply and see what is the competence and all that.

我們正在努力，因為這將是一個自由市場，決定需求和供應，看看能力是什麼等等。

I understand that for everybody it's difficult to understand that, but we are doing that.

我知道對於每個人來說都很難理解這一點，但我們正在這樣做。

And the second part is with the margin, Marina.

第二部分是邊緣，瑪麗娜。

The second part, you asked me for the margin of the downstream, no?

第二部分，你問我下游的邊際，不是嗎？

Yes?

是的？

Yes.

是的。

Okay.

好的。

This quarter, particularly because of several problems, no, because of maintaining stoppage, Also, because of the problems in the weather in the south, we couldn't not refine.

這個季度，特別是因為幾個問題，不，因為停工，還有，因為南方天氣的問題，我們不能不精煉。

Even though we have a record, we couldn't not refine all the quarter as expected, because we didn't have the oil to do that because of that problem, problem and maintenance, okay?

即使我們有記錄，我們也不能不按預期精煉整個季度，因為由於這個問題、問題和維護，我們沒有石油來做到這一點，好嗎？

So as you make two numbers, because you cannot reduce in the figure, and so that's why our margin, I don't like also, okay?

因此，當你製作兩個數字時，因為你無法減少數字，所以這就是為什麼我們的利潤，我也不喜歡，好嗎？

Our margin was a little less than expected.

我們的利潤率略低於預期。

What we have is, you have to spare for the second half, is that it will be better than that.

我們所擁有的是，你必須留出下半場的時間，下半場會比下半場更好。

But don't imagine to duplicate, duplicate is our program.

但不要想像重複，重複的是我們的程序。

What we call growing by efficiency.

我們稱之為效率成長。

That will take time.

這需要時間。

We are working hard.

我們正在努力工作。

So I think I answered the question.

所以我想我回答了這個問題。

Tell me if it's okay for you or you need more details.

告訴我是否適合您或您需要更多詳細資訊。

No, it's okay.

不，沒關係。

Thank you.

謝謝。

Thank you, Marina.

謝謝你，瑪麗娜。

And since we are running out of time, we are going to take the next question as the last one.

由於時間不多了，我們將把下一個問題當作最後一個問題。

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

Hi, guys.

嗨，大家好。

Good morning.

早安.

Thanks for taking my questions.

感謝您回答我的問題。

My first question is related to the divestment of the conventional assets.

我的第一個問題是關於常規資產的剝離。

Although, the sales for some assets under the divestment plan have already been signed, do you guys see any risk for the conclusion of these sales as they still need to be approved by the provinces?

雖然撤資計畫中部分資產的出售已經簽署，但您認為這些出售的完成是否有風險，因為它們還需要得到各省的批准？

And my second question is more regarding the capital allocation.

我的第二個問題更多的是關於資本配置。

With the conclusion of all the assets under sale, their cash generation should improve by around $750 million in the next year, right?

隨著所有待售資產的結束，明年他們的現金產生能力應該會增加約 7.5 億美元，對嗎？

So I would like to have a better grasp on what could we expect from the company in terms of capital allocation in the next year?

那麼我想更了解一下公司明年在資本配置方面我們可以期待什麼？

So if you could provide more color on what are the expectations here?

那麼，您能否提供更多關於這裡的期望的資訊？

If we could think about these events or if this cash should go to accelerate projects in Vaca Muerta.

我們是否可以考慮這些事件，或者這筆資金是否應該用於加速瓦卡穆爾塔的計畫。

Sorry, Leo, but I was lost in some of the further questions.

抱歉，Leo，但我對一些進一步的問題感到困惑。

To be fair with you, it will be open the microphone and I will ask Margarita to tell me in Spanish.

公平地說，麥克風將打開，我將請瑪格麗塔用西班牙語告訴我。

So everybody knows Spanish will know that Margarita explain me your question, and after I answer the question in English.

所以每個懂西班牙語的人都會知道瑪格麗塔向我解釋你的問題，然後我用英語回答問題。

So one second.

那麼一秒鐘。

Go ahead.

前進。

Okay.

好的。

(spoken in foreign language)

（用外語說）

Okay.

好的。

Okay.

好的。

Thank you, Leonardo, for the question.

謝謝萊昂納多的提問。

That is life.

這就是生活。

I'm not ashamed because I have to ask you.

我並不感到羞恥，因為我必須問你。

We already signed six.

我們已經簽了六份。

I think in 6 clusters of 11.

我認為分為 6 組，每組 11 組。

I would say in the couple of days or more, I expect it.

我想說，在幾天或更長時間內，我預計會發生。

If not, I will be very, how do you say, very optimistic.

如果不是的話我會非常非常非常非常樂觀。

No, I will be disappointing with the guy that works in merchant acquisition.

不，我會對從事商業收購工作的人感到失望。

Okay?

好的？

So I think we are going to sign two more in the next week.

所以我認為我們將在下週再簽兩個人。

The other that they have there, there is one that is impossible because we have first to discuss a contract, export contract.

他們那裡有另一個，有一個是不可能的，因為我們必須先討論合同，出口合同。

We are trying to give that export contract to another company and after it will be already out.

我們正試圖將出口合約交給另一家公司，之後合約就已經結束了。

The other two, we are negotiating, and I think we are going to be out.

另外兩個，我們正在談判，我想我們會出局。

I'm going to be out first of January.

我一月一號就要出去。

I will not have those.

我不會有那些。

If not, I don't know what I will do with the guy of merchant acquisition, but it will be good.

如果沒有的話，我不知道我要拿商人收購的傢伙做什麼，但也不錯。

I'm sure that we will be out of there.

我確信我們會離開那裡。

Regarding the provinces, as soon as we have that, we discuss with them, and so on.

至於各省份，我們一有這個情況，我們就跟他們商量，等等。

When we sign, we know that we expect, because I have to say that, we expect that it will be approved, okay?

當我們簽字時，我們知道我們期望，因為我必須說，我們期望它會被批准，好嗎？

So I think that we are in very good shape, really very good shape.

所以我認為我們的狀態非常好，真的非常好。

The only thing that I received from WhatsApp and from people of the industry is congratulations because what we did, people in Argentina think that we are superb.

我從 WhatsApp 和業內人士那裡收到的唯一消息就是祝賀，因為我們所做的事情，阿根廷人認為我們非常棒。

I'm not superb.

我並不優秀。

The guy who made acquisitions, sometimes they're superb, sometimes they are not, but in that way, they are superb.

那些進行收購的人，有時他們很出色，有時則不是，但從某種程度上來說，他們是一流的。

So I'm very happy on that.

所以我對此感到非常高興。

After that, we have two provinces that we are discussing, and also I am very positive that we are going to be out of that.

之後，我們正在討論兩個省份，而且我非常肯定我們將擺脫這個問題。

So what we are doing with the capital, if I can put all that capital in Vaca Muerta.

那麼，如果我能把所有資本都投入瓦卡穆爾塔的話，我們正在用資本做什麼。

I will put there.

我會放在那裡。

If not, it will be a safe capital for you, because if I save the capital and make more EBITDA, but I have the opportunity to put more production on board, I'm going to lose your money.

如果沒有，這對您來說將是安全的資本，因為如果我節省資本並賺取更多的 EBITDA，但我有機會投入更多的生產，我將損失您的錢。

But next year, because we are going to have like a bottleneck in the capacity, if we have to save the money, save for the next year, we will save for the next year, okay?

但明年，因為我們的產能將遇到瓶頸，如果我們必須存錢，為明年存錢，我們將為下一年存錢，好嗎？

But we are not going to waste your money never in my life.

但我們這輩子都不會浪費你的錢。

It's okay?

沒關係？

That concludes our Q&A session, I will now turn the call over to Horacio Marin, CEO, for closing remarks.

我們的問答環節到此結束，我現在將把電話轉交給執行長霍拉西奧·馬林 (Horacio Marin)，他將致閉幕詞。

Okay.

好的。

Thank you very much for all the questions and we are very happy to have the work that we are doing in YPF and also we are very happy of your questions because it's a way that allows us to improve.

非常感謝您提出的所有問題，我們很高興在 YPF 所做的工作，也很高興收到您的問題，因為這是我們改進的一種方式。

Our goal is to improve the profit for you, okay?

我們的目標是為您提高利潤，好嗎？

This is our goal.

這是我們的目標。

There is no other goal.

沒有其他目標。

Thank you very much.

非常感謝。

This concludes today's call.

今天的電話會議到此結束。

You may now disconnect.

您現在可以斷開連線。