YPF SA (YPF) 2024 Q4 法說會逐字稿

Good morning and welcome to the YPF fourth-quarter and full-year 2024 earnings conference call and webcast.

早安，歡迎參加 YPF 2024 年第四季和全年財報電話會議和網路廣播。

(Operator instructions) As a reminder, this conference call is being recorded. I would now like to turn the call over to Margarita Chun, YPF IR Manager. Please go ahead.

（操作員指示）提醒一下，本次電話會議正在錄音。現在，我想將電話轉給 YPF IR 經理 Margarita Chun。請繼續。

Good morning, ladies and gentlemen. This is Margarita Chun YPF's IR Manager. Thank you for joining today in our full year and fourth quarter 2024 earnings call. Before we begin, please consider our cautionary statement on Slide 2. 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.

女士們、先生們，早安。我是 Margarita Chun YPF 的 IR 經理。感謝您今天參加我們的 2024 年全年和第四季財報電話會議。在我們開始之前，請考慮投影片 2 上的警告聲明。我們今天的評論和您的問題的回答可能包括前瞻性陳述，這些陳述受風險和不確定性的影響，可能導致實際結果與這些評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. During the presentation, we will go through the main aspects and events that explain the annual and Q4 results and then we will open the floor for Q&A session.

我們的財務數據是按照國際財務報告準則 (IFRS) 表述的，但在演示過程中，我們可能會討論一些非國際財務報告準則 (IFRS) 指標，例如調整後的 EBITDA。在演示過程中，我們將介紹解釋年度和第四季度業績的主要方面和事件，然後我們將進入問答環節。

This presentation will be conducted by our Chairman and CEO, Mr. Horacio Marin; our CFO, Mr. Federico Barroetave and our Strategy, New Businesses and Controlling Vice President, Mr. Maximiliano Westen. I will now turn the call over to Horacio.

本次演講將由我們的董事長兼執行長 Horacio Marin 先生主持；我們的財務長 Federico Barroetave 先生和我們的策略、新業務和控制副總裁 Maximiliano Westen 先生。現在我將電話轉給 Horacio。

Please go ahead.

請繼續。

Thank you, Margarita and good morning to everyone on this call. Let me begin by highlighting that 24 was a transformational year of YPF. We have deployed our four-by-four plan designed to increase the value of the company.

謝謝你，瑪格麗塔，祝電話會議中的各位早安。首先，我要強調的是，24 年是 YPF 的轉型之年。我們已經部署了旨在提高公司價值的四乘四計劃。

In the after segment, we are reshaping our oil production matrix, leaving conventional ma field and targeting to increase our oil production share from 50% to a minimum of 80%. As of today, we achieved significant progress in the majority of the total of 49 mature blocks. We signed FPA for 24 blocks, and we're in the final stage of agreement to transfer and or river 18 blocks located in the province of Santa Cruz and Tierra del Fuego.

在後續階段，我們正在重塑我們的石油生產矩陣，放棄傳統的MA油田，目標是將我們的石油生產份額從50％提高到至少80％。截至今天，我們在總共49個成熟區塊中的大多數區塊都取得了重大進展。我們簽署了 24 個區塊的 FPA，目前正處於轉讓和/或位於聖克魯斯省和火地島的 18 個區塊的協議的最後階段。

On the other hand, we are already the largest shale oil producer of the country, and we continue expanding the coming years, reallocating and concentrating our investments on Vaca Muerta. In parallel, we are leading the midstream process development of Vemos, a new oil export dedicate pipeline engaging and consolidating the effort of all major producing in Argentina to ramp up production to 180,000 bars per day in the second half of '26, jumping to more than half a million barrels per day by the second half of '27.

另一方面，我們已經是全國最大的頁岩油生產商，我們將在未來幾年繼續擴大規模，重新分配並集中我們的投資在瓦卡穆埃爾塔。同時，我們正在領導 Vemos 的中游製程開發，這是一條新的石油出口專用管道，它將整合阿根廷所有主要生產商的努力，在 26 年下半年將產量提高到每天 180,000 桶，到 27 年下半年躍升至每天 50 萬桶以上。

The contraction has already started and YPF's initial capacity will be 120,000 bodies per day, accounting for 27% stake and expecting to reach more than $3 billion of additional exports by the second half of '27. In the dumping cement, despite challenging micro context, we returned to a 100% free market where we were able to fully normalize local price of fuels and converting them to international parties.

收縮已經開始，YPF 的初始產能為每天 12 萬具屍體，佔 27% 的股份，預計到 27 年下半年將實現超過 30 億美元的額外出口。在傾銷水泥方面，儘管面臨微觀環境的挑戰，我們還是回歸了 100% 的自由市場，在這個市場上我們能夠完全正常化當地燃料價格並將其轉化為國際價格。

On the other hand, on '24, we have been implementing multiple operational efficiency measures to enhance productivity across all businesses. In the after segment, our dealing and completion speed for unconventional wealth of '24 are already near '25 targets, so comfortably exceeding '24 targets.

另一方面，在24日，我們一直在實施多項營運效率措施，以提高所有業務的生產力。在後續階段，我們2024年非常規財富的交易和完成速度已經接近2025年的目標，從而輕鬆超過2024年的目標。

In this sense, last month, we achieved the high lateral length drilling speed for one shell well in Langoturasor block. Surpassing 1,747 m in 24 hours. This lateral lane is equivalent to 5,731 ft. We believe further improvement will be achieved through our new real-time intelligence center inaugurated last December. This new technology and process optimization plan will allow YPF to continue increasing the day-to-day efficiency by taking real-time data driving decisions in drilling and wheel completion activities in Vaca Muerta with startling connectivity.

從這個意義上講，上個月我們在 Langoturasor 區塊實現了一口殼井的高長度鑽井速度。24小時內超過1747公尺。這條橫向車道相當於 5,731 英尺。我們相信，透過去年 12 月啟用的新的即時情報中心，我們將取得進一步的進展。這項新技術和流程優化計畫將使 YPF 能夠透過驚人的連接性在瓦卡穆埃爾塔的鑽井和完井活動中採取即時數據驅動決策，從而繼續提高日常效率。

This has been a transformational change in the acting business of YPF moving from a monitoring room to a real-time decision-making process center. Thanks to this, we expect to materially improve our work contractual costs in the near future.

這是YPF代理業務從監控室向即時決策過程中心的一次轉型變革。由於此，我們預計在不久的將來我們的工作合約成本將大幅改善。

Moreover, we carry out the Toyota well project based on the efficiency of the car industry to reduce the time of our well construction cycle, reducing our working capital and increasing our profitability from the acceleration in production.

此外，我們根據汽車行業的效率實施豐田井項目，以縮短我們的井建造週期，減少我們的營運資本，並透過加速生產來提高我們的獲利能力。

Our target by '25 is to decrease by 30% of the world contractual cycle from 312 days in '23. As initial stage, we developed two prototype lines to be implementing on a large-scale Vaca Muerta in the near future. And the results are promising. We reached an average of 24% reduction at this initial stage.

我們的目標是到25年將全球合約週期從23年的312天縮短30％。作為初始階段，我們開發了兩條原型生產線，將在不久的將來實現大規模的 Vaca Muerta 建設。而結果也是令人欣喜的。我們在這一初始階段實現了平均 24% 的減幅。

In the downstream segment, we reached a record high in the processing level of our refineries, exceeding 300,000 barrels per day in '24 and exceeding the year with 318,000 barrels per day in December with a refined utilization of 92%, mainly driven by the revamping of our la Plata refinery, which increased. Its capacity and improve the quality of the fuel by reducing the sulfur content. In addition, we achieved record high production levels in '24, 5,605 cubic meters per day of premium diesel and 13,915 cubic meters per day of gasoline.

在下游領域，我們煉油廠的加工水準創下了歷史新高，2024年日加工能力超過30萬桶，12月份日加工能力超過31.8萬桶，精煉利用率達到92%，這主要得益於拉普拉塔煉油廠的改造，煉油廠能力有所提高。透過降低硫含量來提高其容量並改善燃料的品質。此外，我們在'24 年的產量達到了創紀錄的高水平，優質柴油產量為 5,605 立方米/天，汽油產量為 13,915 立方米/天。

Regarding downstream efficiency, during 24, we created a specialized industrial team to target and monitor efficiency and productivity goals by implementing a series of initiatives such as the optimization of our refinery output, maintenance, shutdowns, and power consumption in our industrial complexes.

至於下游效率，24小時內，我們成立了一個專門的工業團隊，透過實施一系列措施（例如優化我們的煉油廠產量、維護、停工和工業園區的電力消耗）來瞄準和監控效率和生產力目標。

As well as a comprehensive improvement in product storage and logistics contracts. All in all, we record a total saving of [$405 million] in '24. Moreover, we will inaugurate our downstream real-time intelligence center in mid-March, combining artificial intelligence to boost our efficient methods. This center will be the first in Argentina.

以及產品倉儲和物流合約的全面完善。總而言之，我們在 24 年總共節省了 4.05 億美元。此外，我們將於3月中旬啟用下游即時情報中心，結合人工智慧來提升我們的高效方法。該中心將是阿根廷首個中心。

In terms of financing, EPFA took the lead in reopening debt markets of Argentine corporates. In January '24, we successfully issued an international bond market, a seven-year bond of $800 million. Following this, we executed two additional bond transactions, $540 million in September and $1.1 billion last January. This progressive strategic approach enabled us to effectively lower yields to 8.5% while increasing tenor.

在融資方面，EPFA主導重新開放阿根廷企業債務市場。1924年1月，我們在國際債券市場成功發行了7年期8億美元債券。此後，我們又進行了兩筆債券交易，9月為5.4億美元，去年1月為11億美元。這種漸進式策略方針使我們能夠有效地將收益率降低至 8.5%，同時增加期限。

Moreover, in the local market, we successfully arranged the first syndicate bank transaction in more than 4 years, setting an order reopening Argentine corporates. We secured $400 million term loan structured in two- and three-year tranches with participation of 16 financial institutions.

此外，在當地市場，我們成功安排了4年多來的首筆銀團交易，為阿根廷企業重新開業創下了新紀錄。我們獲得了 16 家金融機構參與的 4 億美元兩年期和三年期定期貸款。

Finally, we changed the authorization markets of the company, changing internal procedures and increasing the control of process compliance. Moving on to the next slide, let me highlight that through our exit from Ma field, we are achieving the transformation of YPS since we managed to reduce losses, allocate capital efficiently, and focus on Vaca Muerta, our most profitable asset.

最後，我們改變了公司的授權市場，改變了內部流程並增加了流程合規性的控制。進入下一張幻燈片，讓我強調一下，透過退出 Ma 油田，我們實現了 YPS 的轉型，因為我們成功減少了損失，有效分配了資本，並專注於我們最賺錢的資產 Vaca Muerta。

Let me also clarify that this is a new process with no precedent in Argentina in the owner of the resources at the provinces. And the approval requires several provincial authorities to complete each process. Now let me briefly update on the progress we made so far. In the province of Mendoza, you already completed the transaction of Shananello cluster. In Mendoza North, after having received all provincial approval, you're in the final stage, expecting to closing within the next two weeks.

我還要澄清的是，這是一個新進程，在阿根廷各省的資源所有者方面尚無先例。且審批過程需要多個省級部門完成。現在讓我簡要介紹一下我們迄今為止的進展。在門多薩省，你們已經完成了 Shananello 集群的交易。在門多薩北部，在獲得所有省級批准後，您已進入最後階段，預計將在接下來的兩週內完成。

In the Nosa South cluster, we already obtained the assignment approval and we expect the extension approval of the concession to be run in a week. Immediately after, we close the transaction with the buyer company. Regarding the province of Rio Negro, we completed the transaction for the latter in the latter, we in the final stage of negotiation targeting to execute the SPA during March and why the closing should be no later than April.

在諾薩南部集群，我們已經獲得了任務批准，預計特許權延期批准將在一周內完成。隨後，我們立即與買方公司完成交易。至於裡奧內格羅省，我們已經完成了後者的交易，目前正處於談判的最後階段，目標是在3月份簽署SPA，並且最遲應在4月份完成交易。

In the province of Neuquen, we already received all the provincial approval for Norte and South latter, just waiting for the corresponding decrees. In the latter we have initiated discussions to transfer reverted back to the province.

在內烏肯省，我們已經獲得了北部和南部所有省級的批准，只等待相應的法令。在後者中，我們已經啟動了將資金轉移回省份的討論。

Focusing on the province of Chubut, we already completed the transaction for El Trebol Escalante and ComintoCentranic Perdido clusters. While we are very advanced with the process of transferring or reverting Reingai to the province, regarding the non-operative position to, we are in ongoing negotiation. Lastly, in the province of Santa Cruz and Tierra Fuego, we are making progress in negotiation. Targeting to transfer or reward the remaining assets back to the provinces.

我們專注於丘布特省，已經完成了 El Trebol Escalante 和 ComintoCentranic Perdido 集群的交易。雖然我們在將雷因蓋移交或歸還給該省的進程中已經取得了很大進展，但就非經營性立場而言，我們正在進行談判。最後，在聖克魯斯省和火地島，我們的談判取得了進展。目標是將剩餘資產轉移或獎勵回各省。

In summary, during these 12 months, we have achieved a material province with no precedence in YPF and Argentina. This is the most transformational project that YPF needs to eliminate losses and inefficiencies. I continue to be committed to move forward with this project to be finished in the next few months.

總而言之，在這 12 個月裡，我們實現了 YPF 和阿根廷前所未有的材料產量。這是 YPF 消除損失和低效率所需的最具變革性的項目。我將繼續致力於推進這個項目並在接下來的幾個月內完成。

Now to begin with numbers, I'm pleased to share a quick overview of our key accomplishments obtained during this first year. I'm proud to report that YPS has accounted for nearly third of a Vaca Muerta shale oil production achieved an impressive output of 122,000 bodies per day in '24. This marks a 26% increase compared to 23% and is fully in line with the annual target to the markets in March '24. Moreover, as of today, our net production is above 150,000 bodies per day.

現在從數字開始，我很高興與大家簡要介紹我們在第一年取得的主要成就。我很自豪地報告，YPS 佔瓦卡穆埃爾塔頁岩油產量的近三分之一，1924 年每天的產量達到了令人印象深刻的 122,000 具屍體。與 23% 相比，這一數字成長了 26%，完全符合 24 年 3 月向市場提出的年度目標。此外，截至今天，我們的淨產量每天超過150,000具屍體。

Looking ahead, we anticipate sustained growth in '25, concentrating our effort on our more profitable assets, shale oil from Vaca Muerta. Also, let me highlight that as operator YPF produced more than half of Vaca Muerta shale oil production in '24. The competitiveness of YPF is now more evident to the market based on the unique shale production scale and synergies that the company now consolidates between after and after segments.

展望未來，我們預計25年將持續成長，並將精力集中在利潤更高的資產——瓦卡穆埃爾塔的頁岩油上。另外，我要強調的是，作為營運商，YPF 在 24 年生產了 Vaca Muerta 頁岩油產量的一半以上。憑藉獨特的頁岩生產規模以及公司目前在後續部門之間鞏固的協同效應，YPF 的競爭力在市場上更加明顯。

In line with this production ramp up, we almost triple our oil export revenues in '24, achieving near $1 billion and averaging 35,000 barrels per day. In Q4, we jumped to 41,000 bodies per day, representing roughly 20% of the country's oil exports and making YPF the largest oil exporter of Argentina in '24.

隨著產量的提高，2024年我們的石油出口收入幾乎增加了兩倍，達到近10億美元，平均每天35,000桶。在第四季度，我們的日均處理屍體數量躍升至 41,000 具，約佔全國石油出口的 20%，並使 YPF 成為 1924 年阿根廷最大的石油出口國。

In the downstream business during the entire year, the company can be consistently adjusting local fuel price to be in line with international prices. As a result, we narrowed significantly the GAAP to import parities, decreasing from 20% in '23 to just 2% in '24, despite the significant evaluation that took place in December '23. While our market share remains strong at 56%.

在全年的下游業務中，公司可以持續調整當地燃料價格，以與國際價格保持一致。因此，儘管 12 月進行了重大評估，但我們仍大幅縮小了 GAAP 進口平價範圍，從 12 年的 20% 降至 12 年的 2%。我們的市佔率仍保持 56% 的強勁水平。

Also, the recovering price coupled with the efficiency initiatives mentioned before, that resulted in a better comprehensive refining and marketing EBITDA margin of $13.7 per bar, growing 24% compared to '23. These margins include refinery, chemical, petrochemical, logistics, and lubricants. In parallel with the increase in exports, we reduce the fuel imports significantly in '24.

此外，價格回升加上前面提到的效率舉措，使得綜合煉油和行銷 EBITDA 利潤率達到每條 13.7 美元，比 23 年增長了 24%。這些利潤包括煉油、化工、石化、物流和潤滑油。在出口增加的同時，我們在24年大幅減少了燃料進口量。

Mostly due to demand contraction and refinery capacity. It's also worth mentioning that '23 was effective and extraordinary demand driven by local price considering below import parities. During '24, in line with price recovery, demand declined, particularly in the first half, but gradually improved during the second half, plus the improvement in refinery capacity mentioned before.

主要是由於需求萎縮和煉油產能下降。另外值得一提的是，由於當地價格低於進口平價，'23年是有效且異常的需求。24年期間，隨著價格的回升，需求也出現下降，尤其是上半年，但下半年逐漸好轉，再加上前面提到的煉油能力的提升。

All the positive has continued to a 15% growth in the company and '24 compared to '23. However, let me clarify that '24 figures could have been higher, but it was negatively impacted by two important factors. Roughly $300 million negative EBITDA from mature fields and around $85 million or lower EBITDA from the Patagonia weather impact on conventional production. We are confident that this factor will be almost permanently eliminated once we complete our exit program from ma field during '25.

所有的正面因素都延續到了公司，2024年與2023年相比成長了15%。不過，讓我澄清一下，『24』這個數字本來可以更高，但受到兩個重要因素的負面影響。成熟油田的 EBITDA 為負約 3 億美元，而巴塔哥尼亞天氣對常規生產的影響則導致 EBITDA 約為 8,500 萬美元或更低。我們相信，一旦我們在25年完成從馬薩諸塞州田野的退出計劃，這個因素將幾乎被永久消除。

In terms of investment, we deployed $5 billion in '24, reducing by 5% compared to '23 and successfully meeting our target of $5 billion. Despite the total CapEx remaining almost stable, the breakdown changed significantly. Lowering conventional activities, particularly in major fields and redirected to our coal operation, facilitating a ramp up in shale oil production. Therefore, around 64% of the total CapEx of '24 was allocated in the unconventional asset, reaching an annual growth of 28%.

在投資方面，我們在2024年部署了50億美元，比2023年減少了5％，成功實現了50億美元的目標。儘管整體資本支出幾乎保持穩定，但細目卻發生了顯著變化。減少常規活動，特別是在主要油田，並重新定向到我們的煤炭業務，促進頁岩油產量的提高。因此，24年總資本支出的約64%被分配到非常規資產，年增率達28%。

On the financial side, we report a negative free cash flow of $760 million in '24. Our improvement that during this year was driven by the strong performance of our shale oil assets and recovery of refining margin, as well as tighter caps compared to the previous year.

在財務方面，我們報告'24年的自由現金流為負7.6億美元。我們今年的業績改善得益於頁岩油資產的強勁表現、煉油利潤的回升，以及與前一年相比更嚴格的上限。

Nevertheless, '24 was affected by around $685 million negative impact, which consisted of $433 million from mature field net of proceed $166 million of import payment deferred from '23 $85 million from Patagonia Weather.

儘管如此，24年仍受到約6.85億美元的負面影響，其中包括來自成熟油田的4.33億美元，扣除收益後的淨額1.66億美元的進口付款（自23年起延期支付）和來自Patagonia Weather的8500萬美元。

Now I will turn the call to Maxi.

現在我將把電話轉給 Maxi。

Thank you, Horacio and hello, to everyone. Turning to our annual and fourth quarter financial results, revenues reached $19.3 billion in 2024, marking an 11% annual increase, mainly driven by the rebounded fuel prices and a rise in oil exports. These gains were partially offset by a contraction in fuel demand which was exceptionally high during the second half of 2023. Due to reduced fuel prices coupled with more than 200% GAAP between the official and the parallel rate.

謝謝你，Horacio，大家好。回顧我們的年度和第四季財務業績，2024 年營收達到 193 億美元，年增 11%，主要得益於燃料價格反彈和石油出口增加。這些成長被 2023 年下半年異常高的燃料需求萎縮部分抵消。由於燃料價格降低，加上官方價格與平行價格之間的 GAAP 差異超過 200%。

Adjusted EBITDA totaled $4.7 billion in 2024, reflecting a 15% annual increase, mainly boosted by higher revenues and hydrocarbon production. However, as mentioned before, 2024 was affected by mature fields and Patagonia weather, while 2023 was impacted by a high level of fuel imports and a wide GAAP to import parities.

2024 年調整後 EBITDA 總計 47 億美元，年增 15%，主要得益於收入增加和碳氫化合物產量增加。然而，如前所述，2024 年受到成熟油田和巴塔哥尼亞天氣的影響，而 2023 年則受到高水平燃料進口和廣泛的 GAAP 進口平價的影響。

Net results improved substantially, posting a gain of $2.4 billion in 2024 compared to a loss of $1.3 billion in the previous year. In 2023, the company recorded a non-cash impairment charge from fields. While in 2024 there was a positive income tax accrual driven by lower future tax payables.

淨業績大幅改善，2024 年獲利 24 億美元，而前一年則虧損 13 億美元。2023年，該公司記錄了油田的非現金減損費用。而到 2024 年，由於未來應納稅額降低，所得稅應計額將為正值。

Investments in free cash flow was also explained in the previous slide, and as a result, our net debt rose to $7.4 billion a 9% increase from 2023, but we successfully reduced our net leverage ratio to 1.6 times fully aligned with the target. Now let me briefly explain the quarter financial results. fourth quarter revenues were 10% down sequentially, mostly due to the lower seasonal sales of gas and international reference prices, partially offset by higher demand of fuels.

上一張投影片也解釋了對自由現金流的投資，結果，我們的淨債務比 2023 年增長了 9%，升至 74 億美元，但我們成功地將淨槓桿率降低至 1.6 倍，完全符合目標。現在我簡單介紹一下本季的財務表現。第四季營收季減 10%，主要由於季節性天然氣銷售下降和國際參考價格下降，但燃料需求增加部分抵銷了這一影響。

Fourth quarter adjusted EBITDA was 39% down sequentially, primarily explained by lower revenues set before, reduced value of inventories of fuel and oil in line with price and marginally a $60 million of extraordinary environmental provision in the downstream segment partially offset by shale oil expansion and recovery of Patagonia Conventional.

第四季調整後的 EBITDA 環比下降 39%，主要原因是先前的收入較低、燃料和石油庫存價值與價格一致下降以及下游部門小幅 6000 萬美元的特別環境準備金，但頁岩油擴張和巴塔哥尼亞常規油氣開採的回收部分抵消了這一影響。

In the bottom line, in the fourth quarter, we reported a net loss of $284 million compared to a net gain of $1.5 billion in the third quarter, mainly attributable to a lower EBITDA impairment and a one-off cost related to mature fuels, as well as reduced deferred income tax benefits.

底線方面，第四季度我們報告淨虧損 2.84 億美元，而第三季淨收益為 15 億美元，這主要歸因於 EBITDA 減損損失和與成熟燃料相關的一次性成本減少，以及遞延所得稅收益減少。

Fourth quarter investments remained stable compared to the previous quarter, while in terms of free cash flow we saw a positive turnaround, reaching $64 million. Although EBITDA was not fully compensated by CapEx, we collected overdue natural gas receivables and proceeds from certain mature fields in addition to paying lower debt service.

第四季的投資與上一季相比保持穩定，而自由現金流方面則出現了積極的轉機，達到了 6,400 萬美元。儘管 EBITDA 並未完全由資本支出補償，但除​​了支付較低的債務利息外，我們還收回了逾期的天然氣應收帳款和來自某些成熟油田的收益。

Now moving on to the upstream performance, our total hydrocarbon production amounted to 536,000 barrels of oil equivalent per day in 2024, an increase of 4% versus 2023, mostly boosted by the remarkable growth in shale output, representing 53% of the total compared to 46% in 2023. Also, let me mention that 22% of the total carbon production came from mature fields which amounted to 117,000 barrels of oil equivalent per day in 2024.

現在來看看上游的表現，2024 年我們的碳氫化合物總產量為每天 536,000 桶油當量，比 2023 年增長 4%，這主要得益於頁岩產量的顯著增長，佔總量的 53%，而 2023 年為 46%。另外，我要說的是，總碳產量的 22% 來自成熟油田，到 2024 年，這一產量將達到每天 117,000 桶油當量。

Crude oil production reached a 6% annual growth in 2024, reaching 257,000 barrels per day on the back of a solid 26% shale expansion, more than compensating the lower conventional output decline, significantly affected by reducing mature fields productivity and extreme weather in Patagonia during almost two months.

2024 年，原油產量實現 6% 的年增長率，達到 257,000 桶/日，這得益於頁岩氣產量穩步增長 26%，足以彌補常規油田產量下降帶來的損失，而成熟油田產能下降和巴塔哥尼亞近兩個月來的極端天氣對常規油田產量造成了嚴重影響。

Beyond crude oil, natural gas production grew 3% in 2024, reaching 37.4 million cubic meters per day, mainly driven by the expansion of the Neuquina basin evacuation capacity through the Perito reno gas pipeline and the following commissioning of the compressor plants in the same pipeline during July.

除原油外，2024 年天然氣產量將增加 3%，達到每天 3,740 萬立方米，這主要得益於透過佩里托雷諾天然氣管道擴大了 Neuquina 盆地的疏散能力，以及 7 月份同一管道內壓縮機廠的投入使用。

Focusing on the fourth quarter, natural gas production remained essentially flat interannually while declining sequentially, mainly due to the off-peak season. Let me mention that moving forward our focus for the long term is to grow natural gas exports on a large scale. Therefore, we are not aiming to expand our share in the local market.

聚焦第四季度，天然氣產量年比基本持平，但季比下降，主要原因是淡季影響。我想說的是，我們長期的重點是大幅增加天然氣出口。因此，我們的目標不是擴大本地市場的份額。

Lastly, NGS production in 2024 stood at the same level versus 2023, averaging 43,000 barrels of oil equivalent per day. Fourth quarter, NGS production decreased by 29% sequentially, mainly due to the maintenance at mega facilities.

最後，2024 年的 NGS 產量與 2023 年持平，平均每天 43,000 桶油當量。第四季度，NGS產量較上季下降29％，主要由於大型設施的維護。

Moving to lifting costs, we recorded $15.6 per barrel of oil equivalent in 2024, remaining similar to 2023, as the lower productivity from mature fuels in Patagonia weather were partially offset by the ramp up in shale hydrocarbon production. Excluding mature fields, our total lifting cost could have been below $9 per barrel of oil equivalent.

談到開採成本，我們記錄到 2024 年每桶油當量為 15.6 美元，與 2023 年持平，因為巴塔哥尼亞天氣下成熟燃料的生產率較低，但頁岩油產量的增加部分抵消了這一影響。不包括成熟油田，我們的總開採成本可能低於每桶油當量 9 美元。

Very remarkable. During 2024, the lifting cost in our core hub blocks recorded $4.2 per barrel of oil equivalent on a gross basis, reinforcing our four-by-four strategy to focus the entire company on its core production. Fourth quarter total lifting cost illustrates the lower productivity of mature fields, increasing 7% sequentially, while core hub blocks on a gross basis posted 8% reduction thanks to its outstanding productivity and operational efficiencies achieved along 2024.

非常了不起。2024 年，我們核心樞紐區塊的開採成本總計為每桶油當量 4.2 美元，這強化了我們的四乘四策略，即將整個公司集中在核心生產上。第四季總採油成本顯示成熟油田的生產力較低，季增 7%，而核心樞紐區塊由於其在 2024 年實現的出色生產力和營運效率，按總量計算下降了 8%。

Regarding prices in the upstream segment, our crude oil prices rebounded to an average of $68 per barrel in 2024, 9% higher than 2023, while during the fourth quarter it was almost $66 per barrel, reflecting a sequential construction of 4% aligned to the downward trend in rent. On the natural gas side, prices reached $3.7 per million BTU in 2024, similar to 2023 and in line with plant gas contracts, while the fourth quarter decreased by 30% sequentially, mostly due to the plant gas off peak season price.

至於上游部分的價格，我們的原油價格在 2024 年反彈至平均每桶 68 美元，比 2023 年高 9%，而在第四季度則接近每桶 66 美元，反映出與租金下降趨勢一致的 4% 的連續上漲。天然氣方面，2024年價格達到每百萬英熱單位3.7美元，與2023年類似，與工廠天然氣合約一致，而第四季環比下降30%，主要由於工廠天然氣淡季價格下降。

Now walking through the performance of our sail activities, the steady focus on operational efficiencies allowed us to completely surpass the initial targets set for 2024 and last March. In this sense, during 2024, we drilled 207 and completed 189 horizontal wells at our operated blocks. Increasing 14% and 17% respectively versus 2023.

現在回顧我們的航行活動表現，對營運效率的持續關注使我們完全超越了最初為 2024 年和去年 3 月設定的目標。從這個意義上講，2024 年，我們在營運的區塊鑽探了 207 口水平井，並完成了 189 口水平井。與 2023 年相比分別成長 14% 和 17%。

Regarding tight ends in accordance with our shale oil production targets for the year, we accelerated the activity, reaching 195 tied in horizontal wells at our operated blocks, representing a remarkable growth of 29% versus 2023.

就緊密端而言，根據我們今年的頁岩油生產目標，我們加快了活動速度，在我們營運的區塊中水平井數量達到 195 口，與 2023 年相比實現了 29% 的顯著增長。

Moreover, we continued setting new records in shale oil production, delivering 138,000 barrels per day in the fourth quarter, growing 10% sequentially and 26% inter-annually. As a result, we achieved the annual production target of more than 120,000 barrels per day in (inaudible). 85% of total shale oil output for 2024 came from our core hub oil blocks Loma Campana, La Amarga Chica, Bandurria Sur and Aguada Chanar. This outstanding performance along 2024 reaffirms our confidence on our shale production ramp up plans and the recent commitments on the upcoming midstream expansions of Oldelval and Vemos.

此外，我們在頁岩油產量方面繼續創下新紀錄，第四季日產量為 138,000 桶，季增 10%，年增 26%。結果，我們在（聽不清楚）實現了每天超過 12 萬桶的年產量目標。 2024 年頁岩油總產量的 85% 來自我們的核心樞紐油區 Loma Campana、La Amarga Chica、Bandurria Sur 和 Aguada Chanar。2024 年的出色表現再次堅定了我們對頁岩產量提升計劃的信心，以及最近對 Oldelval 和 Vemos 即將進行的中游擴建的承諾。

In terms of efficiencies within our unconventional operations, as Horacio anticipated at the beginning of the presentation, we fully surpassed the targets set in March 2024 for drilling and fracking. Performance during the year averaging 309 meters per day of drilling in our core fields and 235 stages per set per month of fracking for the unconventional operations.

就我們非常規作業的效率而言，正如 Horacio 在演講開始時所預期的那樣，我們完全超出了 2024 年 3 月設定的鑽井和水力壓裂目標。全年我們在核心油田的鑽井平均每天 309 米，非常規作業水力壓裂每月每套 235 個階段。

Zooming into the evolution of our hydrocarbon reserves, total proof reserves, according to the SEC criteria grew by 2% in 2024. The increase was mainly on the back of a 13% increase in our Vaca Muerta shale reserves, which now represents 78% of our total P1 reserves partially offset by decline in conventional reserves.

綜觀我們的碳氫化合物儲量的發展歷程，根據美國證券交易委員會的標準，總探明儲量到 2024 年成長了 2%。這一增長主要得益於我們瓦卡穆埃爾塔頁岩儲量增加了 13%，目前占我們 P1 總儲量的 78%，但常規儲量的下降部分抵消了這一增長。

Proof reserves addition totaled 250 million BOE driven by the progressive developments and expansions of our uncommercial operations, particularly in AatiChanoete, Loma La Lata Norte, and Lacalera blocks. It was partially offset by high total hydrocarbon production, a downward revision of 17 million BOE, mainly due to the strategic change in drilling schedules.

由於我們非商業性業務的逐步開發和擴張，特別是在 AatiChanoete、Loma La Lata Norte 和 Lacalera 區塊，探明儲量增加總計 2.5 億桶油當量。但這項變化被較高的總碳氫化合物產量所部分抵消，下調了 1,700 萬桶油當量，這主要是由於鑽井計畫的策略性變化。

As well as a 13 million BOE reduction, mostly due to lower enhanced hydrocarbon recovery and the divestment of conventional blocks El Trebol Escalante and (inaudible). It is worth noting that proof developed reserves regarded an annual expansion of 3% in 2024, mainly explained by development activities, new extensions and discoveries mentioned exceeding the annual production.

以及 1300 萬桶油當量的減少，主要是由於碳氫化合物採收率降低以及常規區塊 El Trebol Escalante 和（聽不清楚）。值得注意的是，已探明開發儲量到 2024 年將以每年 3% 的速度增長，這主要是由於開發活動、新擴建和發現超過了年產量。

On the other hand, proved undeveloped reserves increased by 1%, mainly because of new additions offset the volumes developed in drilling of new wells. Considering the shale hydrocarbon production ramp up in 2024. And the development of our shale reserves, the reserve replacement ratio increased to 1.9 times with a 8.3 year of reserve slide.

另一方面，已探明未開發儲量增加了 1%，主要是因為新增儲量抵銷了新井鑽探的開發量。考慮到 2024 年頁岩油產量將會增加。隨著我國頁岩氣儲量的開發，儲量替代率上升至1.9倍，儲量下滑了8.3年。

Regarding total proof reserves, this ratio was 1.1 times with 5.6 years of reserves life. Important also to clarify that excluding mature fuels, the total organic ratio for approved reserves improved to 1.5 times with 6.8 years of reserved lives.

就總證明儲量而言，該比例為 1.1 倍，儲量壽命為 5.6 年。還需要澄清的是，不包括成熟燃料，核准儲量的總有機比率提高到 1.5 倍，儲量壽命為 6.8 年。

Finally, since the SEC proof reserves do not encompass the huge potential of Vaca Muerta, let me tell you in advance that we are going to share our inventory of wealth in Vaca Muerta during our investor day, which will take place on April 11th in the New York Stock Exchange.

最後，由於 SEC 的證明儲備並未涵蓋瓦卡穆埃爾塔的巨大潛力，因此我提前告訴您，我們將在 4 月 11 日於紐約證券交易所舉行的投資者日期間分享我們在瓦卡穆埃爾塔的財富庫存。

Moving on to our downstream segment during 2024, the company has been constantly updating food prices to convert to international parities and mitigate the impact of the currency devaluation while preserving the market share. As a result, we were able to reduce the GAAP of import parity from 20% in 2023 to only 2% in 2024.

2024 年，我們將轉向下游領域，不斷更新食品價格，以轉換為國際平價，並減輕貨幣貶值的影響，同時保持市場份額。結果，我們能夠將進口平價的 GAAP 從 2023 年的 20% 降至 2024 年的 2%。

In line with price recovery and several operational efficiencies achieved during the year, refining and marketing EBITDA margins in 2024 was $13.7 per barrel, achieving an improvement of 24% compared to 2023. However, fuel sales volumes decreased by 7% along 2024 to 13.9 million cubic meters, mainly because 2023 was affected by an exceptionally high levels of demand driven by low prices, especially in the second half of the year. Despite this, demand started to slightly increase in the second half of 2024.

隨著價格回升和年內實現的多項營運效率，2024 年煉油和行銷 EBITDA 利潤率為每桶 13.7 美元，與 2023 年相比提高了 24%。然而，2024年燃料銷售量下降了7%，至1390萬立方米，主要是因為2023年受到了低價格驅動的異常高需求的影響，尤其是在下半年。儘管如此，2024 年下半年需求開始略有增加。

During the year, YPF maintained a strong fuel sales market share of 56%, fully in line with our historical levels and leadership in the market. In terms of processing levels, it was 301,000 barrels per day in 2024, 2% higher than 2023, and surpassing our annual target.

年內，YPF 維持了 56% 的強勁燃料銷售市場份額，完全符合我們的歷史水平和市場領導地位。在加工水平方面，2024年將達到每天30.1萬桶，比2023年高出2%，並超過了我們的年度目標。

This was mainly driven by the revamping of topping day at La Plata refinery in November 2023, combined with the completion of additional works within the new fuel specification projects framework. In addition, We also expanded our oil pumping capacity from o Hernandez to Lujan de Cujo complex during 2024. It is worth mentioning that the utilization rate remained around 90% in 2024.

這主要得益於 2023 年 11 月拉普拉塔煉油廠的頂部改造，以及新燃料規範計畫框架內其他工作的完成。此外，我們還將在 2024 年將石油泵送能力從埃爾南德斯 (o Hernandez) 擴大至盧漢德庫喬 (Lujan de Cujo) 綜合體。值得一提的是，2024年的使用率仍維持在90%左右。

Now let me provide a brief update on the progress achieved in the oil midstream expansions to unlock the evacuation capacity in the Neuquina basin. By the end of 2024, Oldelval achieved a total transportation capacity of 330,000 barrels per day, and during this month, its capacity will jump to 540,000 barrels per day. YPF holds 25% shipping state in Oldelval.

現在，讓我簡要介紹石油中游擴建工程為釋放內烏基納盆地的疏散能力而取得的進展。到2024年底，奧爾德爾瓦爾將實現每天33萬桶的總運輸能力，而本月，其運輸能力將躍升至每天54萬桶。YPF 持有 Oldelval 25% 的航運權。

It is worth mentioning that the filling process will be gradual, aligning with the production ramp up and after successfully passing the testing period. We plan to use this additional capacity to deliver our shale oil to La Plata refinery.

值得一提的是，填充過程將是逐步的，與產量提升保持一致，並成功通過測試期後進行。我們計劃利用這額外的產能將頁岩油運送至拉普拉塔煉油廠。

Achieving another major objective that the management team targeted for 2024. Last December we formally announced the signing of the project documents and initial shipping commitments to start construction of Vemos together with the major oil producers of Vaca Muerta. The project consists of a 440 kilometers oil export dedicated pipeline and a marine terminal.

實現管理團隊為 2024 年設定的另一個主要目標。去年 12 月，我們正式宣布簽署專案文件和初步運輸承諾，與瓦卡穆埃爾塔的主要石油生產商共同開始建造 Vemos。該項目包括440公里的石油出口專用管道和一座海運碼頭。

Capable of receiving VLCCs to deliver Vaca Muerta shale oil to Asian markets. YPF initially shipping capacity will be 120,000 barrels per day, roughly 27% of over 450,000 barrels per day committed capacity at COD targeted by 2027. The design of the pipeline allows to further increase the capacity to roughly 700,000 barrels per day if needed.

能夠接收超大型油輪 (VLCC)，將瓦卡穆埃爾塔 (Vaca Muerta) 頁岩油運送到亞洲市場。YPF 最初的運輸能力將為每天 12 萬桶，約佔 2027 年 COD 承諾運輸能力（每天超過 45 萬桶）的 27%。如果需要的話，該管道的設計可以將產能進一步提高到每天約 70 萬桶。

The construction of the facilities already started last January and now follows with contractors' mobilization, earth moving works, and line pipe delivery. In parallel, Demos is making progress on two key avenues. First, the rigging application for governmental approval. Second, the process to secure project finance, targeting 70% debt and 30% equity. On this front, Vemos has just mandated five international banks for an initial syndicated loan of $1.7 billion. I will now turn the call over to Federico to go through the financials.

該設施的建設已於去年一月開始，目前正在進行承包商的動員、土方工程和管道交付。與此同時，Demos 在兩個關鍵途徑上取得了進展。第一，操縱政府審批申請。第二，確保專案融資的流程，目標是70％債務和30％股權。在此方面，Vemos 剛剛授權五家國際銀行提供 17 億美元的初始銀團貸款。現在我將把電話轉給費德里科 (Federico) 討論財務問題。

Thank you, Max. Switching to the financials, let's start with cash flow evolution. In 2024, we posted a negative free cash flow of $760 million. First of all, although our CapEx of 2024 was lower than 2023, it was not fully upset by the improvement in our adjusted the EBITDA. It is important to highlight that this annual EBITDA includes two negative effects around $300 million from mature fields and about $85 million from severe climate in Patagonia.

謝謝你，馬克斯。轉到財務方面，讓我們從現金流的演變開始。2024 年，我們的自由現金流為負 7.6 億美元。首先，雖然我們 2024 年的資本支出低於 2023 年，但我們調整後的 EBITDA 的改善並沒有完全抵銷這種影響。值得強調的是，該年度 EBITDA 包括成熟油田帶來的約 3 億美元和巴塔哥尼亞惡劣氣候帶來的約 8,500 萬美元的負面影響。

From a cash flow consideration in 2024, we also recorded a negative $133 million from mature fields, which includes a negative $269 million of additions of assets held for sale, net of $136 million of divestment net proceeds. Finally, when analyzing the company cash performance during 2024, we must consider that we paid $166 million of temporary deferred import liabilities from 2023, collected lower dividends from affiliates, and dispersed higher debt service.

從 2024 年的現金流考量來看，我們還記錄了成熟油田的負 1.33 億美元，其中包括持有待售資產的增加負 2.69 億美元，減去 1.36 億美元的撤資淨收益。最後，在分析 2024 年公司現金表現時，我們必須考慮到我們從 2023 年開始支付了 1.66 億美元的臨時遞延進口負債、從附屬公司收取了較低的股息，並分散了較高的債務償還。

In terms of financing, in Q4, we issued $2 bonds with a tenure of four years totaling $150 million at a yield ranging between 6.5% and 7%. Also, we added $100 million of syndicated loan and around $60 million of short-term trade financing facilities.

融資方面，第四季我們發行了2美元債券，期限為4年，總額為1.5億美元，殖利率在6.5%至7%之間。此外，我們還增加了 1 億美元的銀團貸款和約 6,000 萬美元的短期貿易融資貸款。

After the closing of 2024 in January, we successfully issued a nine-year unsecured international bond for $1.1 billion at a yield of 8.5. The proceeds were mainly allocated to refinance the $757 billion of the 2025 notes and to acquire 54% of Sierra Chata block, one of the most prospective Vaca Muerta shale gas blocks.

2024年1月收盤後，我們成功發行了9年期11億美元無擔保國際債券，殖利率8.5。所得款項主要用於再融資 2025 年 7,570 億美元的債券和收購 Sierra Chata 區塊 54% 的股份，該區塊是最有前景的 Vaca Muerta 頁岩氣區塊之一。

Regarding the 2025 notes, we executed a cash tender offer prepaying $350 million and the make whole call options for the balance in February. Additionally, last month we issued $2 local bonds, $140 million with a two-year tenure at six and one quarter and $60 million with a six-month tenure and 3.5.

對於 2025 年票據，我們在 2 月執行了預付 3.5 億美元的現金要約收購以及餘額的全部買入選擇權。此外，上個月我們發行了 2,000 萬美元的本地債券，其中 1.4 億美元為兩年期債券，期限為六個月零一個季度，6,000 萬美元為六個月期債券，期限為 3.5 年。

With this last international bond issuance, we successfully completed our initial plan to derisk the company debt profile aligning it with our four-by-four plan. The company now faces less than $1 billion of manageable and mostly local maturities during 2025, consisting of $400 million of short-term trade facilities with local and international banks, $281 million of mainly export back bonds, $147 million of local bond and $51 million with cash.

透過此次國際債券發行，我們成功完成了初步計劃，即降低公司債務狀況的風險，使其與我們的四乘四計劃保持一致。目前，該公司在 2025 年面臨的可管理且主要為本地到期債務不到 10 億美元，其中包括與本地和國際銀行的 4 億美元短期貿易融資、2.81 億美元的主要出口債券、1.47 億美元的本地債券和 5,100 萬美元的現金。

Having achieved the refinancing of our 2025 bond early this year and considering that most of our '26 maturities consist primarily of bank trade lines and issuance with the local capital markets. As of today, we do not need to re-enter the international bond market until approaching the 2027 bond maturity.

我們今年稍早已實現 2025 年債券的再融資，並考慮到我們的大部分 2026 年到期債券主要由銀行交易額度和在當地資本市場發行組成。從今天起，直到接近2027年債券到期時，我們才需要重新進入國際債券市場。

On the other hand, following the upgrade in sovereign rating as well as country risk improvement and current perspectives, two global rating agencies have just raised YPF trade rating. Moody's upgraded from CAA3 to CAA1 with a stable outlook, and S&P upgraded from CCC to B minus.

另一方面，隨著主權評級上調以及國家風險改善和當前前景的改善，兩家全球評級機構剛剛上調了YPF的貿易評級。穆迪將特斯拉的評級從 CAA3 上調至 CAA1，展望穩定，標準普爾則將特斯拉的評級從 CCC 上調至 B-。

On the liquidity front, by the end of 2024, our cash and short-term impairments increased 9% versus previous year to $1.5 billion in line with our net debt increase, which amounted to $7.4 billion. Despite the increase in net debt, higher adjusted EBITDA reduced the net leverage ratio from 1.7 to 1.6 times, in line with the target for the year.

在流動性方面，到 2024 年底，我們的現金和短期減損較上年增加 9%，達到 15 億美元，與我們的淨債務增加一致，達到 74 億美元。儘管淨債務增加，但更高的調整後 EBITDA 將淨槓桿率從 1.7 倍降至 1.6 倍，與年度目標一致。

Now I will return the call to Horacio for final remarks.

現在我將回電給 Horacio 進行最後的發言。

Thank you, Federico. Before concluding our presentation and jump into the Q&A session, let me briefly announce that after an important knowledge, results and experience of the new management team during this first year, on April 11, we'll be holding our Investor Day at the New York Stock Exchange. There, we will present our five-year plan and go through the main drivers of our 4x4 plan, focusing on our financial and production outlook, including certain sensitivity analysis, productivity metrics in Vaca Muerta and the progress of our main products, among other key aspects of our strategy.

謝謝你，費德里科。在結束我們的演示並進入問答環節之前，讓我簡要地宣布一下，在新管理團隊在第一年獲得重要的知識、成果和經驗之後，我們將於 4 月 11 日在紐約證券交易所舉辦投資者日。在那裡，我們將介紹我們的五年計劃，並討論我們的 4x4 計劃的主要驅動力，重點關注我們的財務和生產前景，包括某些敏感性分析、瓦卡穆埃爾塔的生產力指標和我們主要產品的進展，以及我們戰略的其他關鍵方面。

This presentation will be led by YPF executive team, followed by Q&A session. We are pleased to invite you to our Investor Day and look forward to your participation. Finally, let me close today's presentation by saying we are confident that investors have appreciated the significant had deployed last year in almost all critical areas of the company, focusing primarily on profitability and growth. We are very focused in making value and putting YPF as one of the best energy company. This has (inaudible) at the beginning, we will continue driving our 4x4 plan during 2025 with more knowledge, confidence and conviction.

本次演講將由 YPF 執行團隊主持，隨後是問答環節。我們很高興邀請您參加我們的投資者日，並期待您的參與。最後，讓我在結束今天的演講時說，我們相信投資者已經意識到我們去年在公司幾乎所有關鍵領域所做的重大部署，主要關注盈利能力和成長。我們非常注重創造價值，並將 YPF 打造為最好的能源公司之一。這首先是（聽不清楚），我們將在 2025 年以更多的知識、信心和信念繼續推動我們的 4x4 計劃。

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

我們的演講到此結束，歡迎大家提問。

(Operator instructions)

（操作員指令）

Andres Cardona, Citigroup.

花旗集團的安德烈斯‧卡多納 (Andres Cardona)。

Good morning, everyone. Horacio, looking forward to the strategy update. My question, it's about the Vaca Muerta South (inaudible) in Vaca Muerta shale expansion and how we should expect the ramp-up? How confident are you to add in the 180,000 barrels by the fourth quarter 2026 because when talking with some industry players, they doesn't seem to count with those volumes by then, they only expect to see the incremental cast by the third quarter 2027. And yes, we want to understand why is the different perception. And why are you so confident to deliver by the third quarter -- the fourth quarter '26?

大家早安。Horacio，期待策略更新。我的問題是有關瓦卡穆埃爾塔南部（聽不清楚）瓦卡穆埃爾塔頁岩擴建項目，以及我們應該如何預期其增長？您對於到 2026 年第四季度增加 180,000 桶產量有多大信心，因為當與一些業內人士交談時，他們似乎並沒有計算到那時的產量，他們只期望在 2027 年第三季度看到增量。是的，我們想了解為什麼會有這種不同的看法。為什麼您如此有信心在 2026 年第三季至第四季實現目標？

Hi, can you hear me?

嗨，你聽得到我說話嗎？

It was mute. Sorry, I don't know who talked mute -- Now you hear me --

它沉默了。對不起，我不知道誰在說話——現在你聽到我的聲音了--

Hello? Okay. Sorry. I was on mute , I don't know why. We are very confident that with Vemos, we are going to deliver in the fourth quarter '26 and also in the second half of '27.

你好？好的。對不起。我處於靜音狀態，不知道為什麼。我們非常有信心，借助 Vemos，我們將在 2026 年第四季和 2027 年下半年實現交付。

We are very exciting. We are -- all the partners are, we finished with, the tariff will be very low, comparing what we expected because we expect more than $0.5 million that was I don't know if I say being committed for everybody. And what I can answer you for the fourth quarter, person you are talking about. But I'm talking about the production of YPF's, we are going to deliver that.

我們非常興奮。我們 — — 所有合作夥伴，我們完成的，關稅將非常低，與我們的預期相比，因為我們預計超過 50 萬美元，我不知道是否要說對每個人都做出承諾。我可以回答您關於第四季度的問題，您談論的是誰。但我談論的是 YPF 的生產，我們將會實現這一點。

I think that it will be efficiency that we have, production that we have, the team that we have in drafting, I think we can deliver more. But I expect that, okay? So I'm not totally -- I'm confident from YPF, we are going to deliver what we say.

我認為憑藉我們的效率、我們的生產力以及我們起草的團隊，我們可以取得更多成果。但我希望如此，好嗎？因此，我並不完全相信——我對 YPF 充滿信心，我們會兌現我們的承諾。

Thank you.

謝謝。

Daniel Guardiola, BTG Pactual.

丹尼爾·瓜迪奧拉，BTG Pactual。

Hi, thank you, and good morning, Horacio, Federico and Max. Thank you for your presentation. I would like to touch on two topics, one on prices and the second one on the Sierra Chata acquisition. On prices, I would like to know, guys, if you could please share with us on which price you're currently selling your crude?

你好，謝謝你，早安，Horacio、Federico 和 Max。感謝您的演講。我想談兩個話題，一是價格，二是Sierra Chata 的收購。關於價格，我想知道，夥計們，你們能否告訴我們你們目前的原油銷售價格是多少？

And considering that recently, we saw a very significant bearish movement in oil prices. I would like to know if -- or if you can share that at which levels of prices will you consider to start reducing your CapEx for 2025? And in this environment, if you are considering to hedge a portion of your expected production for 2025? So that's on prices.

考慮到最近我們看到油價出現了非常明顯的看跌走勢。我想知道——或者您是否可以分享一下，在什麼價格水平上您會考慮開始降低 2025 年的資本支出？在這種環境下，您是否考慮對 2025 年預期產量的一部分進行避險？這就是價格問題。

And the second one is a very short question on Sierra Chata. Can you please share with us guys what is the price that you pay for the acquisition of this stake of Exxon in this field? And what is the expected ramp up in terms of production?

第二個問題是關於 Sierra Chata 的一個非常簡短的問題。您能否與我們分享一下收購埃克森美孚在該油田的股份的價格是多少？預計產量會成長多少？

Okay because I'm very transparent by and we have a problem with the microphone, I will have people that have better than me because at the beginning and in the third --

好吧，因為我非常坦誠，我們的麥克風有問題，我會找一些比我更好的人，因為在開始和第三個--

(inaudible) I couldn't hear you the last part of the question -- problem because the quality of the microphone.

（聽不清楚）我聽不清楚問題的最後一部分——由於麥克風的品質問題。

Okay. Horacio, can you share with us at which prices are you selling your crude right now?

好的。霍拉西奧，您能告訴我們您現在的原油銷售價格嗎？

Price of the crude oil?

原油價格如何？

Yes, at which prices are you selling your crude right now? Your oil right now?

是的，您現在以什麼價格出售原油？你現在用的油嗎？

Yes, yes. What we have is the, what the gasoline, our prices in the import parity product, I was in the other are not -- I will say two months ago. And what I said to everybody that we are going to increase the price of gasoline when the price of oil goes up, and we are going to go down when the price goes down. And why that? Because we try to maintain the import parity of product.

是的，是的。我們所擁有的是汽油，我們的進口平價產品的價格，我在其他方面則不是——我會說兩個月前。我對大家說過，當油價上漲時，我們會提高汽油價格；當油價下跌時，我們會降低汽油價格。為什麼呢？因為我們試圖維持產品的進口平價。

What is the price that we sell on the export -- export parity? What the price that we buy to export parity? What's the price of the gasoline, import parity product. I don't know if I answered that question.

我們的出口銷售價格是多少－出口平價？我們購買的價格與出口價相比是多少？汽油、進口平價產品的價格是多少。我不知道我是否回答了這個問題。

So But I mean as a concern that oil prices are below $70 in terms of Brent -- you're selling right now your oil?

所以但我的意思是，由於擔心布蘭特原油價格低於 70 美元——你現在在賣石油嗎？

No, the, remember that the oil when you sell the oil, there is a time frame when you make an average of the of the price, okay? I don't know if that the price of that the oil will be, if it will be more I would say three months we are going to sell index export parity and the price will go down $5 compared with last week.

不，記住，當你賣出石油時，有一個時間框架來計算價格的平均數，好嗎？我不知道石油價格會是多少，如果會的話我會說三個月後我們將出售指數出口平價，價格將比上週下降 5 美元。

The same will happen with the gasoline. In the gasoline we have and strategy that like I know is playing here because our competition if I explain how we work, but we have a, like say procedure to put the prices to avoid, I would say short and spikes, I would say spikes up, spikes down.

汽油也會發生同樣的情況。在汽油方面，我們有一個策略，我知道這個策略在這裡發揮作用，因為我們的競爭對手，如果我解釋我們是如何工作的，但是我們有一個程序來避免價格的短暫飆升，我會說飆升，飆升，下跌。

A majority because Argentina was Argentina was not the country to in in general from now on it's like this and I'm sure that we will continue with this President that we are going to be open. And so a free market and so in that way people are not accustomed to go up and down or as in the United States or Europe and so we prepare like a procedure to avoid spikes so people will not be nervous, but at the end for YPF it's the same.

大多數情況下，阿根廷不是一個適合的國家，總的來說，從現在開始情況就是這樣，我相信我們將繼續與這位總統保持開放態度。因此，在自由市場中，人們不習慣像美國或歐洲那樣的漲跌，因此我們準備了程序來避免價格飆升，這樣人們就不會緊張，但最終對於 YPF 來說，情況是一樣的。

Thank you. And at which prices? --

謝謝。價格是多少？--

Yeah, sorry--

是的，抱歉——

I just wanted to ask you, at which level of oil prices will you consider to start reducing your CapEx for 2025?

我只是想問您，在油價達到什麼水平時您會考慮開始削減 2025 年的資本支出？

Great. Okay. Remember, we are going out almost I would say, not your question, but I think in two or three months from now, we are almost out of all the mature field and you can calculate your simple way of that we are refiling for daily, but also is what happened and the brand of for sure, we are going to have changes, okay, for sure. We don't think that today is the date to do that. But if we continue going down and it maintains for sure, we will see because remember what our CFO, always said, is capital -- strict capital allocation.

偉大的。好的。請記住，我想說，我們幾乎要走出去了，這不是你的問題，但我認為從現在起的兩三個月內，我們幾乎走出了所有成熟的領域，你可以用簡單的方式計算出我們每天都在重新提交，但這也是發生了什麼，品牌肯定會發生變化，好的，肯定會。我們認為今天不是做這件事的最佳時機。但是，如果我們繼續下降並且肯定會維持下去，我們將會看到，因為請記住我們的財務長總是說，是資本——嚴格的資本配置。

Okay. And the last question was on Sierra Chata? Yes. Thank (multiple speakers) with Sierra Chata?

好的。最後一個問題是關於 Sierra Chata 的嗎？是的。感謝（多位發言者）Sierra Chata？

Yes. Sierra Chata is very difficult to see there because remember that we buy a company. But what I can tell you that we think that we make it a very good business because all I will say, all the undeveloped call you as you want, resources or on results because this is unconventional one, we buy $0.02 per million BTU. What I think is a very good price.

是的。在那裡很難看到 Sierra Chata，因為請記住我們收購了一家公司。但我可以告訴你，我們認為我們把它變成了一項非常好的業務，因為我要說的是，所有未開發的資源或結果都可以隨意調用，因為這是非常規的，我們每百萬 BTU 購買 0.02 美元。我認為這是一個非常好的價格。

Thank you. Thank you, Horacio and guys on team.

謝謝。謝謝 Horacio 和團隊裡的各位夥伴。

Bruno Montanari, Morgan Stanley.

摩根士丹利的布魯諾‧蒙塔納裡 (Bruno Montanari)。

Hi, good morning, everyone. Thanks for taking my questions. The first question is about your free cash flow profile for 2025. I know you will give more color on the Investor Day, but just focusing on next year, the company has been in a way, pointing to neutral cash flow in 2025.

大家早安。感謝您回答我的問題。第一個問題是關於您 2025 年的自由現金流狀況。我知道您會在投資者日上提供更多細節，但僅關註明年，該公司已經在某種程度上指向 2025 年的中性現金流。

So I wanted to confirm if that is still the plan if the base case is for neutral cash flow in 2025? My second question is if you can provide us with an update on the LNG projects. So when we could expect the final investment decisions for both the Golar project and then the YPF led project?

因此，我想確認一下，如果基本情況是 2025 年的現金流為中性，那麼這是否仍然是計劃？我的第二個問題是，您是否能向我們提供有關液化天然氣項目的最新進展。那麼，我們什麼時候可以期待 Golar 專案和 YPF 主導的專案的最終投資決策呢？

And my third question is about your lifting costs. I assume that part of the cost decrease in the fourth quarter was because of the strong peso. So wondering what we can expect now in the first quarter of the year in terms of lifting costs?

我的第三個問題是關於你們的起重成本。我認為第四季成​​本下降的部分原因是比索走強。那麼，您想知道今年第一季我們在成本提升方面可以期待什麼嗎？

Thank you very much.

非常感謝。

Okay. Free cash flow, you talk on CapEx, we are going -- I'm going to present on April 11 Investor Day all that in very detail, you can ask a question when you went there. We said the free cash flow that will be neutral. It depends what you call neutral, and we think we are going to deliver that idea. It will be minus, plus what is logical company, okay?

好的。自由現金流，您談論資本支出，我們將——我將在 4 月 11 日的投資者日非常詳細地介紹所有這些內容，您可以去那裡提問。我們說自由現金流將是中性的。這取決於你對中立的定義，我們認為我們將傳達這個想法。它會減去，加上什麼是邏輯公司，好嗎？

But I'm going to present -- we are going to present but personally, I'm going to present that on April. Update of LNG, we are in a very good situation we will see there. And also, I will explain in more detail on April 11 because at that moment, I think we will have a better and will be more sure that I have to deliver. But I'm very positive with the Argentina project, very positive the Argentina and YPF itself, it will be delivered this project and for us, for the country and for the, okay?

但我要演講——我們要演講，但就我個人而言，我將在四月演講。LNG 的更新情況，我們處於非常好的情況，我們將在那裡看到。此外，我將在 4 月 11 日進行更詳細的解釋，因為我認為到那時，我們會有更好的結果，也會更確定我必須兌現承諾。但我對阿根廷計畫非常有信心，對阿根廷和 YPF 本身也非常有信心，這個計畫將會順利完成，對我們，對這個國家，好嗎？

The last is the cost, as you see, we are maintaining the cost because we work every day in efficiency. Our goal every day that I come 6:45 is to deliver efficiency. You can know in how is the guy obtain. Every day, I go to him on I don't know how he asked me today because every day I go and we are working in efficiency line by line. That's why we are very good on that.

最後就是成本，正如你所看到的，我們之所以能維持成本，是因為我們每天都在有效率地工作。我每天 6:45 來的目標就是提高效率。你可以知道這個傢伙是如何獲得的。我每天都去找他，我不知道他今天是怎麼問我的，因為我每天都去找他，而且我們正在一行一行地高效工作。這就是我們在這方面表現非常出色的原因。

And I don't know if there is another one.

我不知道是否還有另外一個。

No, that was it. Thank you.

不，就是這樣。謝謝。

Tasso Vasconcellos, UBS.

瑞銀的 Tasso Vasconcellos。

Thanks for taking my questions here. Let me start with one here on the M&A activity. We are actually seeing some increased activity in Argentina. Exxon recently sold their assets, you actually acquire Sierra Chata. Recent news out indicate that both total and Equinor could eventually evaluate selling their assets as well. We know that Ryzen is looking for a potential buyer for its refinery in Argentina and amid this context here, YPF is for sure a potential buyer for this asset, right?

感謝您在這裡回答我的問題。讓我先從併購活動談起。我們實際上看到阿根廷的活動增加。埃克森美孚最近出售了他們的資產，而你們實際上收購了 Sierra Chata。最近的消息表明，道達爾和 Equinor 最終也可能考慮出售其資產。我們知道 Ryzen 正在為其位於阿根廷的煉油廠尋找潛在買家，在這種背景下，YPF 肯定是該資產的潛在買家，對嗎？

No, not sure for interest so in two parts. The first one, does any of these assets does actually interest right at all? Or do you like one better than the others? And maybe the second part of the question. if not the specific assets that I just mentioned here, any other ones that you would be interested in acquiring Argentina at the moment? These are my questions.

不，不確定是否感興趣所以分為兩部分。第一個問題，這些資產真的有真正產生利息的嗎？或者你更喜歡其中一個嗎？也許是問題的第二部分。如果不是我剛才提到的特定資產，那麼目前阿根廷還有其他什麼資產是您感興趣的嗎？這些都是我的問題。

Thank you.

謝謝。

Okay. The first in the capital allocation rising from my here, I always hear that is not -- I know the person to answer that as to Ryzen, but I cannot answer that. Even if you are interested to see if we are going to be -- want to buy a new refinery, the answer is no, okay? We have so far, we have 58% of the market share, we had it. I think we are very good in -- we are improving improving a lot in the refinery sector in YPF but it's not in our thinking that we are going to increase, not that.

好的。從我這裡開始的資本配置中的第一個，我總是聽到不是——我知道有人可以回答有關 Ryzen 的問題，但我無法回答。即使你有興趣看看我們是否要買一個新的煉油廠，答案是否定的，好嗎？到目前為止，我們已佔據 58％ 的市場份額。我認為我們做得非常好——我們在 YPF 煉油領域取得了很大進步，但我們不認為我們會成長，不是那樣。

The second part, when we say the Equinor and the other is seen. So I have no official that even if some will say that in -- what is the -- remember the active management, if this is something that is in Macao, in very because now we are very selective, as we say, very core. And the best price we are going to see. But it's not the moment today that I tell you that, it depends also remember the active portfolio management and the strict capital allocation, we will see at the moment. That is not everybody that sales there that sell very good assets at YPFs, one with possible active guys to take over that.

第二部分，當我們說 Equinor 時，我們看到了另一個。因此，我沒有官方的說法，即使有人會說 - 什麼是 - 記得主動管理，如果這是澳門的事情，那麼因為現在我們非常有選擇性，正如我們所說，非常核心。這是我們將看到的最好的價格。但現在還不是我告訴你這件事的時候，這也取決於記住積極的投資組合管理和嚴格的資本配置，我們現在就會看到。並不是所有在 YPF 出售優質資產的人都是這樣的，其中可能有一個活躍的人可以接管這些資產。

So I can answer exactly as always explain if something is very good. We will see pricing, we will see all of that. And we think that we make value for shareholders, you will see YPF in that process. I don't know if I answer the question and you need more detail. I have no idea.

因此，如果某件事非常好，我可以像往常一樣準確地回答。我們將看到定價，我們將看到所有這些。我們認為我們為股東創造了價值，您將在此過程中看到 YPF。我不知道我是否回答了這個問題並且您需要更多細節。我不知道。

Very clear. I appreciate it. Thank you.

非常清楚。我很感激。謝謝。

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

Good afternoon, everyone. I have two from my side, specifically on the Upstream segment. So the first one, we know that YPF is the largest player in Vaca Muerta and that the company also owns many blocks in this same area, right? So my question is, could you provide a color on what's the company's current well inventory? I mean how many derisked wells you guys have? And how many years would take for YPFs to drill all these wells sitting in the company's current capacity in wells per year?

大家下午好。我這邊有兩個，特別是在上游部分。首先，我們知道 YPF 是瓦卡穆埃爾塔最大的企業，而且該公司在同一地區還擁有許多區塊，對嗎？我的問題是，您能否介紹一下公司目前的油井庫存？我的意思是，你們有多少個無風險油井？那麼，按照 YPF 公司目前每年的鑽井能力，需要多少年才能鑽完這些井呢？

My second question is with the conclusion of the divestments? What should we expect from the development of Vaca Muerta per year, higher RRR. And additionally, the company has improved a lot the development of Vaca Muerta, right, like the better frac fee then so on. So what is the target there? What else can be done to improve these metrics even further.

我的第二個問題與撤資的結論有關？我們對瓦卡穆埃爾塔 (Vaca Muerta) 每年的發展應該抱有怎樣的期望，RRR 會更高。此外，該公司在瓦卡穆埃爾塔 (Vaca Muerta) 的開發方面取得了很大進展，例如更好的壓裂費用等等。那麼那裡的目標是什麼呢？還可以做些什麼來進一步改善這些指標？

Thank you.

謝謝。

Okay, thank you for all the questions. I try to follow. Okay, remember I am a (inaudible). Okay, first, when you say I will, I would say summarize when you say well inventory. I will explain that in much more detail in on April 11th, but I say roughly numbers. Are you sitting or you're sitting? (inaudible) up --

好的，感謝您提出的所有問題。我盡力去跟進。好吧，記住我是一個（聽不清楚）。好的，首先，當您說“我會”時，我會說當您說“庫存充足”時進行總結。我將在 4 月 11 日更詳細地解釋這一點，但我說的是粗略的數字。你是坐著還是坐著？（聽不清楚）--

Sorry, I can't hear -- yes.

抱歉，我聽不見──是的。

Okay. Okay. We have in the order of I can say 50, I would say, growth of inventory, it's a growth inventory. I will say that this -- in the order of 50% of all 50% of (inaudible), but this is a roughly number that I have in my mind, okay? On living, we are going -- we will have there the full development of all YPF, and I will answer in detail at that moment, okay?

好的。好的。我可以說，我們的庫存成長了 50%，這是一個成長庫存。我會說這個 - 大約是 50% 的所有 50%（聽不清楚），但這是我心中的大致數字，好嗎？在生活方面，我們將繼續進行——我們將在那裡全面發展所有 YPF，到時候我會詳細回答，好嗎？

Now if you see, we are drilling in the order -- we drill in the order of 200 wells. So the capacity of timing, I don't see it as a problem. Sometimes it's a question of the belting but that there is -- and also the first year was the way that YPF has before the way of working with partners. Now what we are working is to have every -- all the budget type with for with the partners and after we freed up with our 100% active blocks, sorry -- the more important reason why we are in the order of 200 wells is because we try to not to invest and have?

現在如果你看，我們正在按順序鑽探——我們按 200 口井的順序鑽探。因此，我認為時間安排的容量不是一個問題。有時這是一個關於傳送帶的問題，但確實存在——而且第一年也是 YPF 與合作夥伴合作的方式。現在我們正在與合作夥伴一起完成所有的預算類型，在我們釋放出 100% 活躍區塊之後，抱歉——我們之所以要開採 200 口井，更重要的原因是因為我們試圖不投資，而是擁有？

Our idea is to make properly and so now because of the capacity we have, incremental that we see for all the evacuation way is the number. In, when the VEMOS will be finished and after this a question of on our CapEx at that moment, we will increase the activity oil for sure. The other was the conclusion of divestment of or the other companies you say, for example, to have the idea, you are talking about Exxonmobil and the other?

我們的想法是妥善處理，因此現在由於我們擁有的能力，我們看到的所有疏散方式的增量都是數字。當 VEMOS 完成之後，關於當時我們的資本支出的問題，我們肯定會增加石油活動。另一個是撤資的結論，或您所說的其他公司，例如有這個想法，您指的是埃克森美孚和其他公司？

(multiple speakers)

（多位發言者）

Okay. Okay. Okay. Okay. When -- it's okay. Now I understood. Okay. For the -- when we reduce all the mature field and we did in the Q4 also, we reduced a lot of the investment much as we recur, and we put in Vaca Muerta. The idea of this is to try to maximize Vaca Muerta and not going to more than we need to feed up all the capacity that we have today, okay? And so for next year, we put for '25 (inaudible) in a $5 billion for all YPF is almost maintaining the investment that we had the year before, and we are very confident in incremental production in Vaca Muerta.

好的。好的。好的。好的。什麼時候——沒關係。現在我明白了。好的。對於 - 當我們減少所有成熟領域時，我們在第四季度也這樣做了，我們減少了很多投資，因為我們重複了，並且我們投入了Vaca Muerta。這樣做的目的是盡量利用瓦卡穆埃爾塔的資源，但不要超出我們目前所需的容量，好嗎？因此，對於明年，我們為所有 YPF 投入了 50 億美元（聽不清楚），幾乎維持了我們前一年所做的投資，我們對瓦卡穆埃爾塔的增量產量非常有信心。

After (inaudible) ask me for the reserve replacement ratio. The reserve repayment ratio is remember that we have to do and is a way to do that is 1.9. Why that? Because it's a rule. In fact, you have to have a rule but if you make physics -- the physics, I will explain that better in April 11 that these four locations.

之後（聽不清楚）問我儲備替代率。記住，我們必須執行的準備金償還比率是 1.9。為什麼呢？因為這是規則。事實上，你必須有一個規則，但如果你研究物理學——物理學，我將在 4 月 11 日比這四個位置更好地解釋這一點。

So there, I can explain block-by-block how many locations that we have and you can make a very good --you have a good feeling of what we have in hand and the possibility of YPF to increase. And this wonderful company can increase in the next year.

因此，我可以逐一解釋我們有多少個地點，並且您可以很好地了解我們掌握的情況以及 YPF 增加的可能性。這家出色的公司明年的業績將繼續成長。

That's very clear. Thank you.

這非常清楚。謝謝。

Vicente Falanga, Bradesco.

維森特法蘭加 (Vicente Falanga)，布拉德斯科銀行。

I had two questions basically. First one on the fourth quarter results. To what extent did the feeling of the older -- expansion affect the fourth quarter results. Some of your partners in Vaca Muerta highlighted that because of the fill-up of (inaudible) production did not convert into revenues. I wanted to understand if that's the case for YPF. And do you have an estimate of how much? The second question -- with the asset sales for the mature fields, hopefully being concluded by the middle of this year, where can we expect the lifting costs to fall to immediately?

我主要有兩個問題。第一個是關於第四季的業績。擴張的感覺在多大程度上影響了第四季的業績。您在瓦卡穆埃爾塔的一些合作夥伴強調，由於（聽不清楚）產量未能轉化為收入。我想了解 YPF 是否也存在這種情況。您能估計一下有多少嗎？第二個問題－成熟油田的資產出售預計在今年年中完成，我們能否預期開採成本會立即下降到什麼程度？

Okay. (inaudible) result, if there is a delay or not, it doesn't change a lot today for YPF, why? Because I don't know if we were very clear with one day that we explained. How we see the evacuation figure or -- map for us. Now we export for Chile will depend for Chile, okay?

好的。 （聽不清楚）結果，無論是否有延遲，今天對於 YPF 來說都沒有太大變化，為什麼？因為我不知道我們一天解釋得是否很清楚。我們如何看待疏散數字或地圖。現在我們向智利出口就取決於智利，好嗎？

And the deal for us is internal consumption, okay? So we -- they are not affected a lot in our case, okay? It could affect, I don't know who company because I'm not looking all the company all day looking only. So it's not that -- yes, it could be affect if we delay the VEMOS (inaudible), okay? That is the answer there.

對我們來說，這筆交易是內部消費，好嗎？所以，就我們的情況來說，他們沒有受到太大的影響，好嗎？這可能會產生影響，我不知道是哪家公司，因為我不是整天都在關注整個公司。所以不是那樣的——是的，如果我們推遲 VEMOS（聽不清楚），可能會有影響，好嗎？這就是答案。

With the mature field, hopefully, I'm sure that also hopefully mature, I'm sure, okay, that we are going to be very out there go to a very low number, we have nine more because it's nine, nine because also we have two more mature fields the base that you can have in one we have only two. But if you look at the half quarter that we are in the range of four.

對於成熟的油田，我希望，我也希望是成熟的，我確信，好的，我們將非常努力地去到一個非常低的數字，我們還有 9 個，因為是 9 個，9 個，因為我們還有兩個更成熟的油田，在一個油田中你可以擁有的基礎我們只有兩個。但如果你看一下半個季度，我們處於四個範圍內。

So we are very resilient from the future. And that was the initial idea when we come to YPF, is to reduce the rollout of the mature field because it was not for YPF that was not a logical way of working for this size of the company, renew the lifting costs out as we are doing, and we're resilient for very low prices. And so when the price goes up, we make a lot of money and that is the way that we see.

因此，我們未來的適應力很強。這是我們來到 YPF 時的最初想法，就是減少成熟油田的部署，因為對於 YPF 來說，對於這種規模的公司來說，這是一種不合理的工作方式，像我們正在做的那樣降低提升成本，而且我們能夠承受非常低的價格。因此，當價格上漲時，我們就會賺很多錢，這就是我們所看到的情況。

Great, thank you. That's clear. Thank you very much.

太好了，謝謝。這很清楚。非常感謝。

Guilherme Martins, Goldman Sachs.

吉列爾姆·馬丁斯，高盛。

I have two quick ones from my side here. The first one is on your guidance for share or production, right? Please correct me if I'm wrong, what you said you are currently running roughly 150,000 barrels of oil in shale, right? While your guidance for 2025 is something above 160. So it would seem as quite conservative given your current run rate. I know you mentioned you provide further details on your Investor Day on April, but as of today, do you see room for maybe an upward revision target?

我這裡有兩個簡短的問題。第一個是關於你對於份額或生產的指導，對嗎？如果我錯了，請糾正我，您說的是目前頁岩油儲量約為 15 萬桶，對嗎？而您對 2025 年的指導數字是 160 以上。因此，考慮到您目前的運行率，這似乎相當保守。我知道您提到您將在四月份的投資者日提供進一步的細節，但截至今天，您是否認為可能存在上調目標的空間？

And my second question is on capital allocation. If you could please share your thoughts on what you think global E&Ps are seeking to divest from Argentina and Vaca Muerta? And what are the competitive advantages do you believe YPF has over those players?

我的第二個問題是關於資本配置。您能否分享一下對於全球勘探與生產公司尋求從阿根廷和瓦卡穆埃爾塔撤資的看法？您認為 YPF 相對於這些參與者有哪些競爭優勢？

Okay. Your answers like me okay? I mentioned, okay, real and very anxious. In April 11, 40 days from now, this is nothing. I will explain there. But I have to -- I would like to answer. So today, not today, but yesterday or the day before yesterday, the production of Vaca Muerta was 156,000 per day. So if you see the guidance '25, you can realize that we are investing $3 billion there. I'm very confident that we are going to pass the (inaudible), okay? That is the first question.

好的。你的答案像我一樣好嗎？我提到，好吧，真實而且非常焦慮。4月11日，也就是40天后，這不算什麼。我會在那裡解釋。但我必須——我想回答。所以今天，不是今天，而是昨天或前天，瓦卡穆埃爾塔的產量是每天 156,000 個。因此，如果你看到指導‘25’，你就會意識到我們正在那裡投資 30 億美元。我非常有信心我們會通過（聽不清楚），好嗎？這是第一個問題。

Second question, capital allocation in this divestment in Vaca Muerta, I explained that before, if the opportunities come and we see that some are better than we have. We are going to do what we call active portfolio manner. And so what we are doing to do is to take this and maybe in the full development if we see that we are not making value for the shareholders, we will sell the others, okay? But that is a word, okay? And I think if that would I have to work and what you want from me to do, Okay?

第二個問題，關於瓦卡穆埃爾塔這次撤資的資本配置，我之前解釋過，如果機會來臨，我們會發現有些機會比我們現在擁有的機會更好。我們將採取所謂的積極投資組合方式。因此，我們要做的就是採取這項措施，也許在全面發展的過程中，如果我們發現我們沒有為股東創造價值，我們就會出售其他資產，好嗎？但那是一個詞，好嗎？我想如果那樣的話我必須工作並且你想讓我做什麼，可以嗎？

Okay, thank you.

好的，謝謝。

Sorry to those that are still in queue. We are out of time for questions today. I would like to turn the call back over to Horacio Marin for any closing remarks.

對於那些仍在排隊的人，我們深感抱歉。今天我們已經沒有時間回答問題了。我想將電話轉回 Horacio Marin，請他做最後發言。

Okay. Thank you very much for all the questions. Thank you very much for your help, and we will see you in April 11, where you can have family of a question, we are going to be right there. And so we can be up to midnight, if you want, okay? Thank you very much.

好的。非常感謝您提出的所有問題。非常感謝您的幫助，我們將於 4 月 11 日與您見面，屆時您可以向家人提問，我們將在那裡。如果你願意的話，我們可以一直待到午夜，可以嗎？非常感謝。

This concludes today's conference call. Thank you for your participation. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。