YPF SA (YPF) 2025 Q1 法說會逐字稿

Thank you for standing by. My name is Danica, and I will be your conference operator today. At this time, I would like to welcome everyone to the YPF first-quarter 2025 earnings webcast presentation. (Operator Instructions)

感謝您的支持。我叫 Danica，今天我將擔任您的會議接線生。現在，我歡迎大家參加 YPF 2025 年第一季財報網路廣播展示。（操作員指示）

I would now like to turn the call over to Margarita Chun, YPF's Investor Relations Manager. Please go ahead.

現在我想將電話轉給 YPF 的投資者關係經理 Margarita Chun。請繼續。

Good morning, ladies and gentlemen. This is Margarita Chun, YPF's IR Manager. Thank you for joining us today in our first quarter 2025 earnings call. Today's presentation will be conducted by our Chairman and CEO, Mr. Horacio Marin; and our CFO, Mr. Federico Barroetave.

女士們、先生們，早安。我是 YPF 的 IR 經理 Margarita Chun。感謝您今天參加我們的 2025 年第一季財報電話會議。今天的演講將由我們的董事長兼執行長 Horacio Marin 先生和我們的財務長 Federico Barroetave 先生主持。

During the presentation, we will go through the main aspects and events that explain the quarter results and then we will open the floor for Q&A session together with our management. 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.

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，然後我們將與管理層一起進行問答環節。在我們開始之前，請先閱讀投影片 2 上的警告聲明。我們今天的評論和您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預期的結果有重大差異。

Our financial figures are stated in accordance with IFRS, but during the presentation, we might discuss some non-IFRS measures such as adjusted EBITDA. Finally, according to the relevant fact release last December, as from 2025, the new business structure of YPF is in place.

我們的財務數據是按照國際財務報告準則 (IFRS) 列報的，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。最後，根據去年12月發布的相關事實，自2025年起，YPF的新業務結構將會到位。

The main changes are as follows: first, we split Gas & Power segment into 2 segments: LNG and Integrated Gas and New Energies. Second, we renamed downstream segment as midstream and downstream. And third, we reallocated our midstream gas business that used to be in Gas & Power segment to midstream and downstream segments. You can find further details on the backup slide of this presentation.

主要變化如下：首先，我們將天然氣與電力板塊拆分為兩個板塊：液化天然氣板塊和綜合天然氣與新能源板塊。第二，我們將下游段重新命名為中游和下游。第三，我們將原來屬於天然氣和電力部門的中游天然氣業務重新分配到中游和下游部門。您可以在此簡報的備份投影片上找到更多詳細資訊。

I will now turn the call over to Horacio. Please go ahead.

現在我將把電話轉給 Horacio。請繼續。

Thank you, Margarita, and good morning, everyone. Let me begin today's presentation with the main highlights of the quarter. First, we recorded a strong level of adjusted EBITDA of $1.24 billion, marking a significant sequential growth of 48%. This increase reflects the initial benefit and increase in profitability resulting from the initial disbursement in mature fields in according with the first 2 pillar of the [4 to 4] (inaudible). In addition, we report improved refining and marketing margins, where our strategic efforts have played a crucial role in this performance to align our price to international parties and enhance our operational efficiency metrics.

謝謝你，瑪格麗塔，大家早安。讓我從本季度的主要亮點開始今天的演講。首先，我們錄得強勁的調整後 EBITDA，達到 12.4 億美元，較上季大幅成長 48%。這一增長反映了根據第二支柱在成熟油田的初始支出所帶來的初始效益和盈利能力的提高。[4 至 4]（聽不清楚）。此外，我們報告煉油和行銷利潤率有所提高，我們的策略努力在這一業績中發揮了至關重要的作用，使我們的價格與國際價格保持一致，並提高了我們的營運效率指標。

Let me also highlight that without the negative contribution of our mature fields. Our profit adjusted EBITDA during this quarter would have been roughly $1.35 billion. Internally, adjusted EBITDA remained stable as the robust growth in our shale operation and higher local fuel prices of Q1 this year was offset by the extraordinary low OpEx in Q1 last year after the discrete evaluation of December 2023, but partially softened by lower value of inventory due to this devaluation.

我還要強調的是，沒有我們成熟領域的負面貢獻。本季我們的利潤調整後EBITDA約為13.5億美元。從內部來看，調整後的 EBITDA 保持穩定，因為今年第一季我們頁岩油業務的強勁增長和當地燃料價格的上漲被去年第一季度在 2023 年 12 月進行獨立評估後的超低運營支出所抵消，但由於此次貶值導致庫存價值下降，調整後的 EBITDA 也部分減弱。

In terms of shale oil, we produced 31% more than Q1 last year, now represented 55% of our total oil production. This outstanding growth was boosted by record drilling performance achieved especially in March. First, with record the fastest unconventional drilling speed of 551 meters per day in our El género block for an oil well with 2,573 meters of lateral lend in 10 days.

就頁岩油而言，我們的產量比去年第一季增加了31%，目前占我們石油總產量的55%。這一出色的增長得益於 3 月份創紀錄的鑽井業績。首先，我們在El género區塊創下了非常規鑽井速度最快的記錄，10天內鑽探了2,573公尺的水平段油井，日鑽速為551公尺。

Second, in the same month, we built the deepest unconventional well of 7,828 meters with a useful lateral length of 4,501 meter in La Amarga Chica block at the speed of 353 meters per day. In both cases, our real-time intelligence center contributed to efficiently designed the road map and casing process and mitigate operations.

二是在La Amarga Chica區塊建成了最深非常規井，井深7828米，有效水平段長度4501米，日均鑽井速度353米。在這兩種情況下，我們的即時情報中心都有助於有效設計路線圖和套管流程並緩解營運。

In downstream business, in Q1, we reached a record high refinery utilization of 94%, even with the higher technical capacity of 338,000 barrels per day. Moreover, at the beginning of this month, we inaugurate our first real-time intelligence center for the downstream segment in the La Plata refinery. This center is designed to facilitate data-driven decision making in real time with a focus on profitability and maximizing the output value for every barrel of oil processes, while optimizing resource utilization. We plan to replicate this center in the other two refinery of YPF as well as in logistics and commercialization throughout this year and into 2026.

在下游業務方面，第一季度，即使技術產能高達每天 338,000 桶，我們的煉油廠利用率仍達到創紀錄的 94%。此外，本月初，我們在拉普拉塔煉油廠啟用了首個下游環節即時情報中心。該中心旨在促進即時數據驅動的決策，重點關注盈利能力並最大化每桶石油流程的產出值，同時優化資源利用率。我們計劃在今年和 2026 年在 YPF 的另外兩家煉油廠以及物流和商業化領域複製該中心。

Additionally, by the end of April, we signed an MOU with [loan] to accelerate our digital transformation, implementing artificial intelligence that lens and evolve incrementally making complex decision by using algorithms that are supervised by our experts, so that we can optimize efficiency across the world supply chain.

此外，4 月底，我們與 [loan] 簽署了一份諒解備忘錄，以加速我們的數位轉型，實施人工智慧，透過使用由我們的專家監督的演算法來逐步做出複雜的決策，從而優化全球供應鏈的效率。

Regarding our LNG projects, last week Southern Energy also known as SESA, of [10d, 5d] approval for the 20-year (inaudible) agreement for 2.45 MTPA floating LNG HILLI, which is expected to be operational in 2027. With respect to HILLI a few weeks ago, the SPV already obtained a three-year export permit from the Secretary of Energy, for a maximum daily volume of 10.4 million cubic meter per day as from July 1 of 2027.

關於我們的液化天然氣項目，上週南方能源公司（也稱為 SESA）以 [10d, 5d] 的批准，簽署了為期 20 年（聽不清楚）的 2.45 MTPA 浮動液化天然氣 HILLI 協議，預計將於 2027 年投入運營。關於HILLI，幾週前，SPV已經從能源部長那裡獲得了為期三年的出口許可，自2027年7月1日起，日最大出口量為1040萬立方米。

Moreover, the Rio Negro province approved the environmental impact assessment. Additionally, a few days ago, the Secretary of Energy approved the [RIH] for a total capacity ranges between 1.5 million and 2.2 million tons per year of LNG depending on the ability of gas.

此外，裡奧內格羅省批准了該環境影響評估。此外，幾天前，能源部長批准了[RIH]，根據天然氣能力，液化天然氣總產能在150萬至220萬噸之間。

In addition, SESA also signed a 20-year bareboat charter agreement for 3.5 million tons per year floating LNG MKII subject to FID approval, which is estimated to be no later than July 31. If approved, is expected to be operational in 2028. This second vessel allows the contraction of a 100% dedicated gas pipeline from to the South [Mattila house] in the Province of Rio Negro available during the whole year instead of using existing pipeline idle capacity during the off-peak season.

此外，SESA還簽署了一份為期20年、每年350萬噸浮動液化天然氣MKII的光船租約協議，但須經FID批准，預計最遲將於7月31日前完成。如果獲得批准，預計將於2028年投入營運。第二艘船的建成將使從裡奧內格羅省南部到馬蒂拉之家的 100% 專用天然氣管道全年可用，而無需在非高峰季節使用現有的管道閒置容量。

To supply natural gas for the floating LNG HILLI and MKII. SESA signed an 20-year gas supply agreement remain gas producer of Argentina, including YPF through its subsidiary, Sur Inversiones Energéticas. Our equity stake in SESA is 25%, while our commitment of gas production is 27.5%. On the other hand, in mid-April, we signed an MOU with ENI, the strategic partner for the Argentina LNG 3 to analyze the development of upstream transportation and gas liquefaction facility through two floating LNG using 6 MTPA each for a total of 12 million tons per year.

為浮式LNG HILLI、MKII供應天然氣。SESA 與阿根廷天然氣生產商 YPF（透過其子公司 Sur Inversiones Energéticas）簽署了為期 20 年的天然氣供應協議。我們在 SESA 的股權為 25%，而我們的天然氣產量承諾為 27.5%。另一方面，4月中旬，我們與阿根廷LNG 3戰略合作夥伴ENI簽署了MOU，研究透過兩座6MTPA、共1200萬噸/年的浮式LNG，開發上游運輸和天然氣液化設施。

Considering all this advanced and the project development agreement signed last December, we show our strategic planing for the Argentina LNG 2 with a capacity of 10 million tonnes per year, it allow us to reach almost 30 million tonnes per year of the Argentina LNG project, which was defined when YPF launched its 4 to 5 plan in March last year.

考慮到所有這些進展以及去年 12 月簽署的項目開發協議，我們展示了阿根廷液化天然氣 2 號項目的戰略規劃，其產能為每年 1000 萬噸，這使我們能夠達到阿根廷液化天然氣項目每年近 3000 萬噸的產量，這是 YPF 在去年 3 月啟動其 4 至 5 計劃時確定的。

Moving to our quarterly results. We reported revenue of $4.61 billion in Q1, reflecting a 3% sequential decline mainly explained by lower seasonal local demand of diesel oil and fertilizers and reduced oil export volume as we increase the vertical integration with our La Plata refinery. This effect were partially offset by higher local fuel prices and peak seasonal demand of natural gas from power plants. Inter-annually, revenue grew by 7%, mainly boosted by shale activity, including increased oil exports.

轉向我們的季度業績。我們報告第一季的收入為 46.1 億美元，環比下降 3%，主要原因是當地柴油和化肥的季節性需求下降，以及隨著我們加強與拉普拉塔煉油廠的垂直整合，石油出口量減少。當地燃料價格上漲和發電廠季節性天然氣需求高峰部分抵消了這種影響。與去年同期相比，營收成長了 7%，主要得益於頁岩活動的推動，包括石油出口的增加。

Improvement in tariffs from MetroGAS and slightly high local fuel price and our agrobusiness sale also plays a role in enhancing our Q revenues. Nevertheless, revenues were partially offset by the discontinuation of jet fuel sales from our Chile subsidiary.

MetroGAS 關稅的提高、當地燃料價格略高以及我們的農業綜合企業銷售也對提高我們的 Q 收入起到了一定作用。儘管如此，由於我們智利子公司停止銷售航空燃料，部分收入被抵銷。

Q1 adjusted EBITDA amount of $1.24 billion, increasing by 48% sequentially primarily driven by increased prices of fuels and other refined products, driven by higher Brent as well as OpEx savings related to the partial sale of mature fields in addition to higher value inventories and processing level in our refineries to accumulate stock of our incoming program maintenance.

第一季調整後的 EBITDA 為 12.4 億美元，比上一季度增長 48%，主要原因是燃料和其他精煉產品價格上漲，布倫特原油價格上漲，以及與部分成熟油田出售相關的運營支出節省，此外，我們煉油廠的庫存價值和加工水平提高，為即將到來的項目維護積累了庫存。

On the other hand, EBITDA was negatively impacted by slightly higher cost of oil purchases to third parties. Internally, adjusted EBITDA remained flat as the strong shale production was counterbalanced by the exceptional low OpEx record last year as a result of the December 2023 devaluation. These last effect was partially offset by lower value of inventories due to the same devaluation.

另一方面，第三方石油採購成本略有上升，對 EBITDA 產生了負面影響。從內部來看，調整後的 EBITDA 保持平穩，因為強勁的頁岩產量與去年因 2023 年 12 月貨幣貶值而創下的異常低的營運支出記錄相抵消。由於同樣的貶值，庫存價值的降低部分抵消了最後的影響。

Also, Q1 last year was affected by lower availability of crude oil and adverse weather conditions that affect La Plata refinery, while Q1 this year record a strong processing level to accumulate the stock before the next maintenance stoppage, as mentioned before.

此外，去年第一季受到原油供應量較低以及拉普拉塔煉油廠惡劣天氣條件的影響，而今年第一季的加工水準強勁，以便在下次維護停工之前積累庫存，如前所述。

Let me remark once more that with our mature field our proxy adjusted EBITDA would have been $1.35 million. In the coming quarters, we expect it to continue to reduce this impact and deliver even stronger EBITDA to achieve the guidance of the year will range from $5.2 billion to $5.5 billion considering an annual average Brent of $72.50 per barrel.

讓我再次強調一下，在我們的成熟領域中，我們的代理商調整後的 EBITDA 將達到 135 萬美元。在接下來的幾個季度中，我們預計它將繼續減少這種影響，並實現更強勁的 EBITDA，考慮到布蘭特原油年平均價格為每桶 72.50 美元，今年的指導價將在 52 億美元至 55 億美元之間。

Q1 net result was a loss of $10 million compared to a loss of $284 million in Q4 last year, mainly explained by higher adjusted EBITDA and lower one-off costs related to mature field, partially offset by income tax charges from subsidiaries and higher negative financial results driven by lower gains for the holding of financial instrument and higher net interest expenses.

第一季淨虧損 1,000 萬美元，而去年第四季虧損 2.84 億美元，主要原因是調整後的 EBITDA 增加以及與成熟油田相關的一次性成本降低，但部分被子公司的所得稅費用以及因持有金融工具收益減少和淨利息支出增加而導致的負面財務業績增加所抵消。

On the other hand, Q4 last year accrued positive income tax driven by lower future tax payables. Internally, net result declined significantly compared to a gain of $657 million primarily explained by one-off costs related to mature fields in Q1 this year, in addition to higher depreciation and amortization due to increased unconventional activities. While during Q1 last year, we accrued positive income tax driven by lower future tax payable.

另一方面，由於未來應納稅額較低，去年第四季累計所得稅為正。從內部來看，淨利潤與 6.57 億美元的收益相比大幅下降，主要原因是今年第一季與成熟油田相關的一次性成本，以及非常規活動增加導致的折舊和攤銷增加。而在去年第一季，由於未來應付稅款減少，我們累計了正所得稅。

As highlighted earlier, mature fields also impacted on our net results. With our mature fields, our proxy net result would have been a gain of $428 million. In terms of investment in Q1, we deployed $1.21 billion and 75% was allocating to unconventional assets. Also, this level of CapEx is fully in line with our guidance for the year, ranging from between $5 billion and $5.2 billion. Sequentially Q1 CapEx declined by 8%, mainly because during Q4, we record higher CapEx in downstream related to revamping works and seasonality, partially offset by higher sale activities.

正如先前所強調的，成熟油田也對我們的淨結果產生了影響。憑藉我們成熟的油田，我們的代理淨結果將是 4.28 億美元的收益。就第一季的投資而言，我們部署了12.1億美元，其中75%配置於非常規資產。此外，這一水準的資本支出完全符合我們對今年的指導，介於 50 億至 52 億美元之間。第一季資本支出較上季下降 8%，主要是因為在第四季度，我們記錄了與改造工程和季節性相關的下游資本支出增加，但銷售活動的增加部分抵消了這一影響。

Interannually, CapEx increased 4%, mainly boosted by shale operations. On the financial side, we reported negative free cash flow of $957 million in Q1, although adjusted EBITDA was similar to deployment of our CapEx. Q1 was mainly affected by $336 million of negative impact from mature fields net of proceeds.

與去年同期相比，資本支出增加了 4%，主要受頁岩油業務的推動。在財務方面，我們報告第一季的自由現金流為負 9.57 億美元，儘管調整後的 EBITDA 與我們的資本支出部署相似。第一季主要受到成熟油田淨收益 3.36 億美元的負面影響。

Moreover, Q1 free cash flow was impacted by $211 million of net disbursement mainly for the acquisition of Sierra Chata at 54.45% of stake, that is a shale gas block in Vaca Muerta. As a result, our net debt grow to $8.3 billion, reaching a net leverage ratio of 1.8x. We expect it to reach after this bet in our mature fields returning to 1.5 and 1.6x level by year-end.

此外，第一季自由現金流受到 2.11 億美元淨支出的影響，主要用於收購 Sierra Chata 54.45% 的股份，即 Vaca Muerta 的一個頁岩氣區塊。因此，我們的淨負債增加至83億美元，淨槓桿達1.8倍。我們預計，在此次投資成熟油田後，到年底，淨槓桿率將恢復到1.5倍和1.6倍的水平。

Considering an annual average Brent of $72.50 per barrel. Focusing on the upstream segment. Q1 total hydrocarbon production increased by approximately 5%, both on a sequential and annual basis, reaching 552,000 barrels of oil equivalent per day primarily imported by Shale contribution, which now account for an outstanding level of 58% of the total output.

考慮到布蘭特原油年平均價格為每桶 72.50 美元。專注於上游部分。第一季碳氫化合物總產量較上月及年比均成長約 5%，達到每天 552,000 桶油當量，主要由頁岩油進口，目前佔總產量的 58%，達到優異水準。

On the other hand, mature field output reduced by 11% versus the previous quarter, mainly due to the effect of already divested block recording 97,000 barrels of oil equivalent per day and represented 18% of the total. Crude oil production amounted to 270,000 barrels per day in Q1, recording an interannual increase of 6% and mainly driven by shale expansion, which effectively offset reduction in conventional oil, especially mature fields.

另一方面，成熟油田產量較上一季下降11%，主要受已剝離區塊的影響，日產量為97,000桶油當量，佔總產量的18%。一季原油產量為27萬桶/日，較去年同期成長6%，主要受頁岩氣擴張帶動，有效抵銷了常規石油特別是成熟油田產量的減少。

Notably, shale oil production grew an impressive 31% year-over-year and scoring our strategy focus in our Pillar 1 and in line with our 2025 annual target over 155,000 barrels per day. As a result of the production ramp-up, our oil export mainly into Chile grew by 34% interannually reaching 36,000 barrels per day and representing 13% of our oil production.

值得注意的是，頁岩油產量年增了 31%，達到了我們第一支柱策略的重點，並且與我們 2025 年每天超過 155,000 桶的年度目標一致。由於產量的提高，我們主要向智利出口的石油年增長率為 34%，達到每天 36,000 桶，占我們石油產量的 13%。

Sequentially, oil exports reduced by 11% or expanded vertical integration with our refineries. Beyond crude oil, natural gas production in Q1 increased by 9% sequentially delivering more than 37 million cubic meter per day, mainly due to higher seasonal demand from power plants.

連續，石油出口減少了 11% 或擴大了與我們的煉油廠的垂直整合。除原油外，第一季天然氣產量較上季成長 9%，日產量超過 3,700 萬立方米，主要原因是發電廠季節性需求增加。

NGLs production amounted to 47,000 barrels per day returning to normal levels, thanks to the reactivation of mega facilities after maintenance. In Q1, total lifting costs reached $15.3 per barrel of oil equivalent, a sequential 12% reduction mostly driven by the completion of divestment of certain mature fields.

由於大型設施維護後重新啟動，NGL 產量達到每天 47,000 桶，恢復正常水準。第一季度，總採油成本達到每桶油當量 15.3 美元，較上季下降 12%，主要原因是部分成熟油田的剝離工作完成。

If we exclude this mature field, our [processing] listing cost of Q1 would have been below $9 per barrel of oil equivalent considering that we continue reducing our exposure to mature field our best estimate for 2025 average lifting costs could be $12 per barrel of oil equivalent. Assuming in our core cap locks, lifting cost was $4.6 per barrel of oil equivalent on a gross basis. Regarding prices in the upstream segment, crude oil prices recovered 3% sequentially averaging almost $68 per barrel. Despite Brent volatility during the quarter, local pricing environment was more gradual.

如果我們排除這個成熟油田，我們第一季的[加工]上市成本將低於每桶油當量 9 美元，考慮到我們繼續減少對成熟油田的投資，我們對 2025 年平均開採成本的最佳估計可能是每桶油當量 12 美元。假設在我們的核心鎖定中，開採成本總計為每桶油當量 4.6 美元。就上游價格而言，原油價格較上季回升3%，平均達到每桶近68美元。儘管本季布蘭特原油價格波動，但當地的定價環境更加穩定。

On the natural gas side, price stood a similar level of $3 per million Btu, mostly derived from the off peak season price of plant gas. Now walking through the performance of our shale activities. We continue focusing on operational efficiency in our oil blocks, in line with the production target set for the year.

天然氣方面，價格維持在類似水平，每百萬英熱單位 3 美元，主要源自於淡季工廠瓦斯價格。現在介紹一下我們的頁岩活動的表現。我們持續專注於石油區塊的營運效率，以實現今年設定的生產目標。

In that sense, we accelerated the activity by drilling 51 horizontal oil wells on a gross basis. Most of them in operative blocks delivering a 16% increase compared to the same period last year. Our net working interest percentage also grew to 65%. This performance is in line with our estimated number of wells to be drilled during the year 2025, which amounts to 190 operated and 15 not operating shale oil wells on a gross basis, where net working interest should be around 55%.

從這個意義上講，我們透過總共鑽探 51 口水平油井來加速這項活動。其中大部分位於營運區塊，與去年同期相比成長了 16%。我們的營業淨利息百分比也成長至65%。這一業績與我們預計的 2025 年鑽探井數量相符，總計 190 口營運頁岩油井和 15 口未營運頁岩油井，淨工作權益應為 55% 左右。

In terms of completion and timing of wealth, we also accelerate activities in our operating blocks, completing 53 and tying in 47 horizontal wells on a gross basis, recording an increase of 83% and 21%, respectively, when comparing to Q1 last year.

在完井及致富時機方面，我們也加快了各作業區塊的活動，累計完井53口、安裝47口水平井，與去年第一季相比分別成長83%和21%。

Once again, we successfully set a new record high shale oil production, delivering 147,000 barrels per day in Q1, which is more than 50% growth compared to '23 annual average production. This production level indicates a positive start for the year to reach the 2025 target of 155,000 barrels per day. 76% of the total shale output came from our core hub oil blocks Loma Campana, La Amarga Chica, Bandurria Sur and Aguada del Chañar.

我們再次成功創下頁岩油產量新高，第一季日產量達到 147,000 桶，與 23 年年平均產量相比增加了 50% 以上。這一生產水準預示著今年開局良好，預計將實現 2025 年每天 155,000 桶的目標。 76% 的頁岩油總產量來自我們的核心樞紐油區 Loma Campana、La Amarga Chica、Bandurria Sur 和 Aguada del Chañar。

Moreover, it's important to highlight that sequential growth was driven by the contribution from La Angostura Sur 1 block located in the south hub of Vaca Muerta, which has shown outstanding productivity. In terms of efficiency with our unconventional operations, on the drilling side, we reached an average bill of 304 meters per day in our core hub blocks.

此外，值得強調的是，連續成長是由位於瓦卡穆埃爾塔南部樞紐的 La Angostura Sur 1 區塊的貢獻所推動的，該區塊展現了出色的生產力。就我們非常規作業的效率而言，在鑽井方面，我們核心樞紐區塊的平均費用達到了每天 304 公尺。

Despite beginning the year with the drilling speed at the level below our expectation in certain wells in Aguada del Chañar block -- in March, we recovered successfully drilling the faster unconventional well in the same block as mentioned before. Expecting further improvements, we are confident of achieving the annual target of 350 meters per day. On the fracking side, we record 235 days per se per month in our unconventional operations. A strong performance in line with the target of the year of 260 days per se per month.

儘管年初在 Aguada del Chañar 區塊某些井的鑽井速度低於我們的預期，但 3 月份，我們成功恢復了先前提到的同一區塊中速度更快的非常規井的鑽探。期待進一步的改進，我們有信心實現每天350公尺的年度目標。在水力壓裂方面，我們每月進行非常規作業的天數為 235 天。業績表現強勁，符合今年每月 260 天的目標。

Moving on to our downstream segment. During Q1, we continue adjusting local fuel price to fully converge with international parities, while preserving our leading market share. As a result, local fuel price measured in dollars were up 2% versus the previous quarter and 1% up versus the same period last year, while the gap with import stood in positive territory at 1% in Q1 compared to 3% in Q4 and minus 7% in Q1 last year.

繼續我們的下游部分。第一季度，我們繼續調整本地燃油價格，使其與國際水平完全接軌，同時保持領先的市場份額。結果，以美元計算的當地燃料價格比上一季上漲了 2%，比去年同期上漲了 1%，而與進口的差距在第一季為 1%，而第四季為 3%，去年第一季為負 7%。

Moreover, let me mention that driven by the international price downward trend with reduced local fuel price by an average of 4% as from this month. Regarding fuel shale volume, it decreased by 5% sequentially to 3.4 million cubic meters, but below the contraction of the competition. The main decrease came from diesel, which was affected by lower seasonal demand.

此外，我要指出的是，受國際價格下降趨勢的推動，從本月起，當地燃料價格平均下降了 4%。燃料頁岩產量季減5%至340萬立方米，但低於競爭對手的減少幅度。主要下降來自柴油，受到季節性需求下降的影響。

Let me mention that since the second night of April, diesel demand started to grow again. Also it's worth noting that despite price normalization, our market share remained at historical level of 56% in Q1, while growing our refinery and marketing margin by 28% sequentially to $14.3 per barrel, boosted by our OpEx efficiency measures. In terms of efficiency, we continue moving forward with our plan to improve our downstream margins and become a world-class refining player.

我要說的是，自四月的第二天晚上以來，柴油需求又開始成長。另外值得注意的是，儘管價格正常化，但我們的市場份額在第一季仍保持在 56% 的歷史水平，同時，得益於我們的營運支出效率措施，我們的煉油和行銷利潤率環比增長 28%，達到每桶 14.3 美元。在效率方面，我們繼續推進我們的計劃，以提高下游利潤率並成為世界一流的煉油企業。

In that sense, during Q1, we implemented more than 100 initiatives that allow us to capture efficiency for more than $70 million such as energy consumption, steam and gas recovery optimization as well as service contracts rearrangement and shutdown maintenance cost reduction. Lastly, regarding refinery utilization, we processed 318,000 barrels per day in Q1, expanding 5% sequentially and recording a strong refinery utilization rate of 94%, posted by the better performance of Plata refinery during Q1, which was affected by the maintenance shutdown in Q4.

從這個意義上講，在第一季度，我們實施了 100 多項舉措，這些舉措使我們能夠提高效率，節省 7000 多萬美元，例如優化能源消耗、蒸汽和氣體回收以及重新安排服務合約和降低停工維護成本。最後，關於煉油廠利用率，我們在第一季每天處理 318,000 桶原油，比上一季度增長 5%，煉油廠利用率達到 94%，這得益於普拉塔煉油廠在第一季度表現較好，而該煉油廠在第四季度受到維護停工的影響。

Also, let me clarify once more than the higher processing level enabled us to accumulate inventory or refined products before the incoming maintenance stoppage. Inter-annually processing level increased by 6%. Now let me share the progress so far in terms of the midstream oil expansions. Regarding the existing Oldelval oil pipeline expansion and Duplicar plus project it was successfully completed in early April, increasing transportation capacity from 330,000 barrels per day by the end of December, to 540,000 barrels per day today.

此外，讓我再次澄清一下，更高的處理水平使我們能夠在即將到來的維護停止之前累積庫存或精煉產品。加工水準較去年同期增加6%。現在讓我分享一下中游石油擴張迄今為止的進展。現有的Oldelval輸油管擴建及Duplicar plus工程已於4月初順利完工，運輸能力從12月底的每天33萬桶提高到如今的每天54萬桶。

Let me highlight that the original capacity of Oldelval before the execution on the project was roughly 225,000 barrels per day. Therefore, Oldelval more than doubled its capacity in close to two years, contributing significantly to the evacuation of the shale oil from Vaca Muerta.

我要強調的是，在該計畫實施前，Oldelval 的原始產能約為每天 225,000 桶。因此，Oldelval 在近兩年內將產能提高了一倍以上，為從瓦卡穆埃爾塔開採頁岩油做出了重大貢獻。

YPF shipping a stake in Oldelval is roughly 25%. YPF will use this expansion to transport our Shale oil to our La Plata refinery, optimizing our vertical integration. Regarding the Vamos Vaca Muerta oil pipe South the new 100% oil export dedicated pipeline that started construction in the beginning of this year, the SPV was already started receiving the pipes and started a construction work in the oil pipe routes and the trench excavation.

YPF航運在Oldelval的股份約為25%。YPF 將利用此次擴建將我們的頁岩油運送至我們的拉普拉塔煉油廠，從而優化我們的垂直整​​合。關於今年年初開工的Vamos Vaca Muerta南線輸油管，這是一條100%用於石油出口的新型專用管道，SPV已開始接收管道，並開始了輸油管路線和溝槽開挖的建設工作。

Moreover, you received initial steel places to initial tank assembly at the export terminal, where we are now working on ground movements and civil works. The operational progress of this process is roughly 4.5% by the end of March.

此外，您還收到了出口碼頭的初始鋼材位置和初始油罐組裝，我們目前正在那裡進行地面移動和土木工程。截至3月底，該流程的營運進度約為4.5%。

Now I will turn the call over to Federico.

現在我將把電話轉給費德里科。

Thank you, Horacio. Switching to the financials. Let us start with the cash flow evolution. In Q1, we posted a negative free cash flow of $957 million. Although adjusted EBITDA was consistent with the deployment of our CapEx, the quarter was significantly impacted by the performance of the mature fields.

謝謝你，Horacio。轉向財務。讓我們從現金流的演變開始。第一季度，我們的自由現金流為負 9.57 億美元。儘管調整後的 EBITDA 與我們的資本支出部署一致，但本季受到成熟油田表現的顯著影響。

Specifically, these fields resulted in an adjusted EBITDA loss of $106 million and a one-off cash flow loss of $230 million net of proceeds.

具體而言，這些油田導致調整後 EBITDA 損失 1.06 億美元，一次性現金流損失 2.3 億美元（扣除收益）。

Additionally, we disbursed a net amount of $211 million in M&A activity, primarily for the acquisition of Sierra Chata and provided contributions and prepayments to our affiliates for $102 million, mostly to Bemos and Oldelval. Considering also the negative working capital, mainly due to lower sales accrual, in addition to the regular debt service, we added approximately $1 billion of new net debt, including the reduction of our cash and equivalent position by 18%.

此外，我們在併購活動中支出了 2.11 億美元的淨額，主要用於收購 Sierra Chata，並向我們的附屬公司提供了 1.02 億美元的捐款和預付款，主要提供給 Bemos 和 Oldelval。考慮到主要由於銷售額應計額較低而導致的負營運資本，除了常規債務償還外，我們還增加了約 10 億美元的新淨債務，其中包括現金和等價物頭寸減少 18%。

In terms of financing, as mentioned during the last call, in January, we issued a 9-year unsecured international bond for $1.1 billion at a yield of $8.5 million. The proceeds were mainly directed to refinance $757 million of the 2025 notes maturing in July and acquired 54% of the Sierra Chata block. Regarding the 2025 notes, we executed a cash tender offer, prepaying $315 million in January and exercised the May call option for the remaining balance in February to complete the refinancing.

在融資方面，如同上次電話會議中所提到的，1 月我們發行了 9 年期無擔保國際債券，金額為 11 億美元，殖利率為 850 萬美元。所得款項主要用於為 7 月到期的 2025 年票據（價值 7.57 億美元）進行再融資，並收購 Sierra Chata 區塊 54% 的股份。對於 2025 年票據，我們執行了現金要約收購，於 1 月預付了 3.15 億美元，並於 2 月行使了剩餘餘額的 5 月看漲期權，以完成再融資。

In addition, we have also been active in the local bond market. We issued $2 map local bonds in February, $140 million with a two-year tenure at [6.25%] and $60 million deal with a 6-month tenure and 3.5%. After the quarter, we also issued a $204 million linked bond in April and more recently, in May, another $140 million bond, the first one with a 15-month tenure at 3.95% and the second one with a two-year tenure at 7%.

此外，我們也積極參與本地債券市場。我們在 2 月發行了 2 美元的本地債券，其中 1.4 億美元期限為 2 年，利率為 6.25%，另一筆 6,000 萬美元期限為 6 個月，利率為 3.5%。本季結束後，我們也在 4 月發行了一隻 2.04 億美元的掛鉤債券，並在 5 月發行了另一隻 1.4 億美元的債券，第一隻債券期限為 15 個月，利率為 3.95%，第二隻債券期限為 2 年，利率為 7%。

For the remaining nine months of 2025, the company faces around $800 million, consisting of 71% of local maturity and only 29% international. Also, as mentioned in the last call, as a consequence of the recent sovereign rating upgrade, lower country risk and a better outlook -- during Q1, 2 global rating agencies raised YPF trade ratings. Moody's upgraded from CAA3 to CAA 1 with a stable outlook, while S&P upgraded from CCC to B minus.

2025 年剩餘的 9 個月，該公司面臨約 8 億美元的債務，其中 71% 為本地債務，僅 29% 為國際債務。此外，正如上次電話會議中提到的，由於近期主權評級上調、國家風險降低和前景改善——在第一季度，兩家全球評級機構上調了 YPF 貿易評級。穆迪將印度的信用評級從 CAA3 上調至 CAA 1，展望為穩定，而標準普爾則將印度的信用評級從 CCC 上調至 B-。

On the liquidity front, in line with the free cash flow and debt issuance, our cash and short-term investment decreased by 18% versus previous quarter to $1.2 billion, while our net debt increase amounting to $8.3 billion. Consequently, our net leverage ratio also increased from 1.6 to 1.8x as anticipated during our Investor Day last month. Once we fully divest material fields, we estimate to end the year with a net leverage ratio of 1.5x or 1.6x, considering an annual average Brent of $72.50 per barrel.

在流動性方面，與自由現金流和債務發行一致，我們的現金和短期投資較上一季下降 18% 至 12 億美元，而我們的淨債務增加至 83 億美元。因此，我們的淨槓桿率也如上個月投資者日所預期的那樣從 1.6 倍增加到 1.8 倍。一旦我們完全剝離重要油田，考慮到布蘭特原油年平均價格為每桶 72.50 美元，我們估計年底淨槓桿率將達到 1.5 倍或 1.6 倍。

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)

（操作員指示）

Daniel Guardiola, BTG Pactual.

丹尼爾·瓜迪奧拉，BTG Pactual。

Hi, good morning. Actually, this is Daniel Guardiola. But thank you, Horacio and Federico for the presentation. Before we dive in, I just want to take a moment and wish you Horacio a very happy birthday. Congrats, and I hope the market gets the chance to give you a decent present today. Looking at the questions.

嗨，早安。實際上，這是丹尼爾·瓜迪奧拉。但感謝 Horacio 和 Federico 的演講。在我們深入探討之前，我只想花一點時間祝你 Horacio 生日快樂。恭喜，我希望市場今天有機會給你一個不錯的禮物。看看問題。

My first question is on how resilient the company is amid the current uncertain and bearish environmental prices.

我的第一個問題是，在當前不確定且看跌的環境價格情勢下，該公司的韌性如何。

And I wanted to know what Horacio say, if you can please share with us -- what is the current Brent breakeven level in terms of EBITDA and cash flow that the company currently has? My second question will be also in the same line, but just to better understand what is the required CapEx that you need to keep your current production stable, especially considering that right now, the bulk of your production is shale oil and shale gas and the decline in rates are very steep. Those are my 2 questions.

我想知道 Horacio 是怎麼說的，請您與我們分享一下——就 EBITDA 和現金流而言，公司目前的布蘭特原油盈虧平衡水平是多少？我的第二個問題也與此有關，但只是為了更好地了解您需要多少資本支出才能保持當前的產量穩定，特別是考慮到目前您的大部分產量是頁岩油和頁岩氣，而且產量下降非常劇烈。這是我的兩個問題。

Thank you.

謝謝。

Okay. Thank you very much. Because you tell me Happy Birthday, I answer second question. Okay. If not, I will say no, okay.

好的。非常感謝。因為你對我說生日快樂，所以我回答了第二個問題。好的。如果沒有，我會說不，好的。

Okay. For the first question, if you see the -- I think it's slide 37, if my memory is not bad, because now I am old man of 62 years old. Remember for all the market, I'm two years more than Federico. So, Federico is 60, okay? .

好的。對於第一個問題，如果你看到——我想那是第 37 張幻燈片，如果我的記憶力不錯的話，因為我現在已經是 62 歲的老人了。記住，就整個市場而言，我比費德里科大兩歲。那麼，費德里科 60 歲了，好嗎？。

If you go to that slide, you can see that every $10 of reduction as an average in all the year for the sensitivities in order of $900 million, okay? That is the answer. If I take Brent of $60, our EBITDA will be 4.4%. That is everything I explained that in New York. That is the -- I think is the first.

如果你看那張投影片，你可以看到，全年平均每減少 10 美元，敏感度就會達到 9 億美元，好嗎？這就是答案。如果我以 60 美元的價格購買布蘭特原油，我們的 EBITDA 將為 4.4%。這就是我在紐約解釋的一切。這是——我認為是第一個。

The second one is in the order of $2 billion, okay, to maintain our production. But we are going to grow, okay?

第二個投資額度約為 20 億美元，用於維持我們的生產。但我們會成長，好嗎？

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑富瑞。

Yeah, good morning, Alejandro Demichelis here from Jefferies. Horacio, Federico, one question, please, as a bit of a follow-up. So in the current oil price scenario that we are seeing, when you were in Europe, you talked about some flexibility on your plans. What is your latest thinking in terms of how you're seeing CapEx activity levels and also the risk that some of these disposals as you have been doing, meaning not complete because some of your buyers may actually have some trouble financing those?

是的，早安，我是 Jefferies 的 Alejandro Demichelis。Horacio、Federico，請問一個問題，作為後續問題。因此，在我們看到的當前油價情況下，當您在歐洲時，您談到了該計劃的一些靈活性。就您對資本支出活動水準的看法以及您一直在進行的一些處置的風險而言，您最近有何看法？這些處置意味著處置尚未完成，因為您的一些買家實際上可能在融資方面遇到一些困難？

Okay. First, I would like to say that if we have to change our program, we will change, okay? I never I will take a decision in panic, okay? And also, there is a lot of uncertainties and a certain -- there is a lot of volatility in the price. So while we go down, we go down, if there is a very one new that is positive, you can get back, okay?

好的。首先，我想說，如果我們必須改變我們的計劃，我們就會改變，好嗎？我永遠不會在慌亂中做出決定，好嗎？而且，存在著許多不確定性，價格波動很大。因此，當我們下降時，我們下降，如果有一個新的積極的消息，你可以回來，好嗎？

So we wait if we need to stop, we will stop. But it's not the moment today, okay, to do that. And other thing is that we have the CapEx to do when the price is down. It's a very good news for you, for investors because I can't reduce the price of the unit cost because service company will go down, they go down the price and I can reduce the investment and when they go back, we may match more money.

所以我們等待，如果我們需要停下來，我們就會停下來。但今天還不是做這件事的時候。另一件事是，當價格下跌時，我們需要進行資本支出。對你、對投資人來說，這是一個非常好的消息，因為我無法降低單位成本，因為服務公司會倒閉，他們會降低價格，我可以減少投資，當他們回來時，我們可能會匹配更多的資金。

But we will wait. I think now it's not -- for me, the market is not stabilized to say that that is the new number, the new price that it will be still steady, okay?

但我們會等待。我認為現在情況並非如此——對我來說，市場還沒有穩定下來，可以說新的數字、新的價格仍然會保持穩定，好嗎？

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

Hi everyone, Horacio, Federico, Margarita, I have two. My first one is related to the divestment of the mature assets. In this quarter, we saw an impact of around $230 million on the cash flow related to the mature assets, right? So I was wondering if you could provide more color on this impact. And also if we could expect a further impact related to the divestments of the assets that are yet to be divested, right?

大家好，Horacio、Federico、Margarita，我有兩個。我的第一個問題與成熟資產的剝離有關。本季度，我們看到與成熟資產相關的現金流受到了約 2.3 億美元的影響，對嗎？所以我想知道您是否可以提供更多關於這種影響的資訊。而且我們是否可以預期與尚未剝離的資產剝離相關的進一步影響，對嗎？

My second question is regarding the LNG projects. I mean, could you walk us through the necessary steps for the final investment decision for the LNG projects that are more advanced and by more advanced, I mean, the Souther Energy JV, right, because there's still another vessel to be brought if I'm not mistaken. And also the project with Shell because you already have the off takers and so on, right? So what are the necessary steps for the FIP of this project? Thank you very much.

我的第二個問題是關於液化天然氣計畫的。我的意思是，您能否向我們介紹一下對更先進的液化天然氣項目做出最終投資決策所需的步驟，更先進的是南方能源合資公司，對吧，因為如果我沒記錯的話，還有另一艘船要運來。還有與殼牌合作的項目，因為你們已經有承購商等等，對嗎？那麼這個專案的FIP需要哪些步驟呢？非常感謝。

Okay. The first question, what I can tell you that in the -- we are very proud we did in the mature field. And today, with a lower price, you have to be proud of us also because we made YPF to be very good at low price, okay? Regarding the mature fields, we -- yesterday, it was a decrease of the province of Santa Cruz. We've seen that in a couple of months, we are finishing all going out from Santa Cruz.

好的。第一個問題，我可以告訴你的是——我們對我們在成熟領域所取得的成就感到非常自豪。而今天，價格更低了，你們也應該為我們感到驕傲，因為我們以低廉的價格讓 YPF 變得非常好，好嗎？關於成熟油田，我們—昨天，聖克魯斯省的產量有所減少。我們已經看到，幾個月後，我們將完成從聖克魯斯出發的所有工作。

The same is in -- we are working hard for (inaudible) what is a small one. And the others that with Shell are -- we are in the last stage. So I think we are going to be out during this year, I would say, Q3 is our purpose because of all the relay that you need for sign all the documents and follow all the law for the different, different provinces.

同樣的情況是──我們正在為（聽不清楚）小事而努力。與殼牌的其他合作－我們已進入最後階段。所以我認為我們今年將會走出去，我想說，第三季是我們的目標，因為你需要簽署所有文件並遵守不同省份的所有法律。

Regarding if you have to spend more this investment, we think that it could be some in material, but not a lot. We have almost all done, okay. They will be more comparing with all the process is very -- it's marginal. What we expect on that, okay?

至於是否需要在這部分投資上多花一些，我們認為在材料上可能會花一些，但不會花很多錢。我們差不多都完成了，好的。與所有過程相比，它們會更加——它是邊際的。我們對此有何期待，好嗎？

The second question, you say about the LNG project. For the SESA, what is the forgo, I called Argentina 1 LNG, that is -- the 1 that we made with SESA. With the 1 that we signed the FID for the first ship in May 4. For the second, we have to sign FID before the end of July. The second what is Argentina [EG2] what this with Shell.

第二個問題，您提到了液化天然氣專案。對於 SESA，放棄的是什麼，我稱之為阿根廷 1 LNG，也就是 - 我們與 SESA 合作制定的 1。我們於5月4日簽署了第一艘船的最終投資決定。第二，我們必須在7月底前簽署FID。第二個什麼是阿根廷[EG2]這個跟殼牌有什麼關係。

You are -- I don't know if you remember, but we are in a process today to -- for bidding the FID.

我不知道您是否記得，但我們今天正在進行 FID 競標。

And after FID would be, I would say, end of next year or so for I cannot exactly tell you 1 because it depends on we are going to receive the bidding process to us during those days for the FID and after we can have a better date -- and with the Argentina 3, what is with ENI, the purpose that we have both companies to sign FID by the end of the year.

我想說，最終投資決定 (FID) 之後會是明年年底左右，因為我無法準確告訴你 1，因為這取決於我們將在那些日子裡收到 FID 的招標流程，之後我們可以有一個更好的日期 - 以及阿根廷 3，ENI 的目的是讓兩家公司在年底前簽署 FID。

That is our goal, but things can change, while you're working and see what is happening in the world, okay?

這是我們的目標，但事情可能會發生變化，當你工作時，看看世界上正在發生什麼，好嗎？

The price strategy that we have is the same that any company can have around the world in a free market. It's as simple as that. So what I saw was in United States last it was on Sunday and Monday for some meetings, and I saw the price of [ethane] goes down. So that is our strategy. There is no different than that.

我們的價格策略與全球自由市場中任何一家公司的價格策略相同。就這麼簡單。因此，我看到美國上次在周日和周一舉行一些會議時，乙烷的價格下降了。這就是我們的策略。沒有什麼不同。

So I cannot answer more than that, okay? It's impacted by the price of oil, taxes price of biofuel that we have to find and the share of Argentina.

所以我無法回答更多，好嗎？它受到石油價格、我們必須找到的生物燃料的稅收價格以及阿根廷的份額的影響。

That's very clear. Thank you very much for the answers.

這非常清楚。非常感謝您的回答。

Thank you for the question.

謝謝你的提問。

George Gasztowtt, Latin Securities.

喬治·加斯托特（George Gasztowtt），拉丁證券。

Hi, good morning and thank you for taking my question. Following the gasoline price cut in May, what is your fuel pricing strategy for the rest of the year as the most competitively priced provider? Do you expect to capture additional market share and did this drive the quarterly improvement in market share?

你好，早安，謝謝你回答我的問題。繼五月汽油價格下調之後，作為最具價格競爭力的供應商，您今年剩餘時間的燃油定價策略是什麼？您是否期望獲得更多的市場佔有率？這是否推動了季度市佔率的提升？

Okay. The price strategy, that we have is saying that any company can have around the world in a free market. It's as simple as that. So, what I saw, I was in the United States last. It was on Sunday and Monday for some meetings and I saw the price of us and it was up. So that is our strategy. There's no different than that. So I can answer more that, okay? It's import value price of oil, taxes, price of biofuels that we have to buy and the share rate of Argentina.

好的。我們的價格策略是，任何公司都可以在自由市場上在全球開展業務。就這麼簡單。所以，我上次看到的是在美國。週日和週一有一些會議，我看到我們的價格上漲了。這就是我們的策略。沒有什麼不同。所以我可以回答更多，好嗎？這是石油的進口價值價格、稅收、我們必須購買的生物燃料的價格以及阿根廷的份額。

Thank you.

謝謝。

Andre Cardona, Citigroup.

花旗集團的安德烈·卡多納。

Hi, good morning, everyone. I have two questions. The first one is about the update you provide about Vaca Muerta Sur. I noticed you are moving forward, the 550,000 barrels that originally was scheduled for the third quarter '27 to the first half of the year. But the slide you are showing us today, there is no mention in the 180,000 barrels addition by the fourth quarter 2026.

大家好，早安。我有兩個問題。第一個是關於您提供的有關 Vaca Muerta Sur 的最新消息。我注意到你們正在將原定於 2027 年第三季生產的 55 萬桶石油提前到今年上半年。但您今天向我們展示的幻燈片並沒有提到到 2026 年第四季增加 18 萬桶。

Are you still targeting that first stage by the end of the next year. And the second one is media is reporting that the Southern Energy is negotiating already the gas pipeline with an international company. Do you know the size of the pipeline investment and the technical characteristics and why not to go with an option open process? Thank you.

您是否仍計劃在明年年底前完成第一階段的工作？第二個消息是，據媒體報道，南方能源公司正在與一家國際公司就天然氣管道進行談判。您是否了解管道投資規模和技術特點以及為什麼不採用選擇開放流程？謝謝。

Okay. The COD of Bemos was affected is in line with what we say. But the first is 4Q between the end of say Q3 of 4Q '26 -- and that is for 180 for 550 is in the first, I would say, and I can say and of quarter two of '27. And as we say at the beginning, there is no delay. It's not delayed, and we are working very hard on that.

好的。Bemos 的 COD 受到影響與我們所說的一致。但第一個是 2026 年第四季第三季末之間的第四季——我想說，第一季的銷量為 180 輛，第二季的銷量為 550 輛，我可以說，2027 年第二季的銷量為 550 輛。正如我們一開始所說的，沒有任何延遲。這並沒有被推遲，我們正在為此努力。

And for sure, we are going to put a lot of effort to reduce if we can, okay? For -- you're talking about the CapEx in the gas pipeline, okay? You are right. We are talking with an international company and why not do an option open process because -- if we can have a company that is a good price for all the partners that is tariff is a good deal for the project. And we are for a tariff that it works for everybody.

當然，如果可以的話，我們會盡力減少，好嗎？對於—您談論的是天然氣管道的資本支出，好嗎？你是對的。我們正在與國際公司洽談，為什麼不進行選擇開放流程呢？因為——如果我們能找到一家對所有合作夥伴來說價格都合適的公司，那麼關稅對專案來說就很划算。我們主張制定一個適合所有人的關稅。

And we think that if that happened, it will be an excellent news for all our -- all the partners.

我們認為，如果發生這種情況，這對我們所有的合作夥伴來說都是一個好消息。

So that there is a period of that. And is that finished and we don't agree with the tariff we are making an auction open process, as you say, exactly as you say, okay.

所以有一段這樣的時期。那結束了嗎？我們不同意關稅，我們正在進行公開拍賣程序，正如你所說的，正如你所說的，好的。

Guilherme Martins, Goldman Sachs.

吉列爾姆·馬丁斯，高盛。

Hey everyone, thanks for having my questions. I have three quick ones. The first one is a follow-up on the divestment of mature fields. I understand roughly, 11 blocks were already fully divested, right? I would like to get a sense on in terms of production contribution from those closed blocks?

大家好，感謝你們回答我的問題。我有三個簡短的。第一個是對成熟油田撤資的後續行動。我大致理解，11個區塊已經全部被剝離了，對嗎？我想了解這些封閉區塊對生產的貢獻？

And my second question is to more divestment of mature fields is correct me, if I'm wrong, but you mentioned you're expecting to bring leverage down as you divest from those legacy fields. I would like to understand if this reduction in leverage is more on the back of your exiting EBITDA-negative assets? Or if you're expecting some relevant cash inflow from the divestment.

我的第二個問題是，如果我錯了，那麼對成熟油田進行更多撤資是正確的，但您提到您希望在撤資這些傳統油田時降低槓桿率。我想了解一下，槓桿率的降低是否更多是由於你們現有的 EBITDA 負資產？或者如果您期望從撤資中獲得一些相關的現金流入。

And my third and final question is on CapEx. I understand you mentioned it's still too early to reassess your investment program for the year. But I would like to understand better for how long would rent prices have to stay at the 60s in order for you to revise your drilling and CapEx activity?

我的第三個也是最後一個問題是關於資本支出的問題。我知道您提到現在重新評估今年的投資計畫還為時過早。但我想更了解，租金價格必須保持在 60 多美元多久，您才能修改鑽探和資本支出活動？

The mature field, the production contribution from those blocks, we can -- as we mentioned and you show in all our calls, we are changing from with improving production from Vaca Muerta. So there is no -- for us not a problem. And also I don't hear a lot that production because the EBITDA was almost nothing negative in some cases. Negative in some case, so it's better for investors, okay? So we are not worried about that.

成熟的油田，這些區塊的生產貢獻，我們可以——正如我們所提到的，以及您在我們所有的電話會議中所展示的，我們正在透過提高 Vaca Muerta 的產量來改變。所以對我們來說這不是問題。而且我也沒有聽到太多關於產量的消息，因為在某些情況下 EBITDA 幾乎沒有負值。在某些情況下是負面的，所以對投資人來說更好，好嗎？所以我們並不擔心這一點。

And also Argentina is a free market today. So I can get the oil either way at the same price. It is not a problem. So we -- I can make much more money if I buy. And also, you don't ask that question, but we have an excellent result in the downstream so no problem at all. Regarding the leveraging.

而阿根廷現在是自由市場。因此無論哪種方式我都可以以相同的價格買到石油。這不是問題。所以——如果我買的話，我可以賺更多的錢。而且，你沒有問這個問題，但我們在下游取得了優異的成績，所以完全沒有問題。關於槓桿。

I think that the question from Guilherme this is basically how we are going to be slowing down on the debt. After the peak that we announced in New York because of the divestment of the mature fields. We predict that to be happening end of this second Q or during the third Q. So once we finish with that, Guilherme, what is going to happen is we are going to be taking out all the negative EBITDA from the mature fields that are affecting our overall EBITDA.

我認為 Guilherme 提出的問題基本上是如何減緩債務速度。由於成熟油田的剝離，我們在紐約宣布產量達到高峰。我們預計這將在第二季末或第三季發生。因此，一旦我們完成這項工作，Guilherme，我們將從成熟油田中消除所有影響我們整體 EBITDA 的負面 EBITDA。

So once we finish, we are going to start seeing the YPS, and that is going to be mostly unconventional, and that will have a higher EBITDA and you will start to see that most likely 3Q and 4Q of this year. With that, we are going to be, let's say, switching or reducing the leverage by the end of the year.

因此，一旦我們完成，我們將開始看到 YPS，這將在很大程度上是不尋常的，並且將具有更高的 EBITDA，並且您將開始看到最有可能在今年第三和第四季度出現的情況。這樣，我們就會在今年底前轉換或減少槓桿。

We are also, let's say, as anticipated in New York, considering other divestments that may happen towards the of the year or beginning of next year. Let's say, we don't know exactly let's say, the timing, but we have some considerations there.

正如紐約所預期的那樣，我們還在考慮可能在今年年底或明年年初進行的其他資產剝離。我們可以這麼說，我們不知道確切的時間，但我們對此有一些考慮。

And with the CapEx really with 60, I explained that we are in a lower price to be our breaking price for develop Vaca Muerta. So 60 Vaca Muerta we made money and we make good money for sure. It's lower money than 70, lower money than 80 and also for one company. But after the time pass, you need always less capital because you are making money with that number. We will see, and I tell before.

由於資本支出實際上有 60，我解釋說，我們以較低的價格作為開發 Vaca Muerta 的突破價格。所以 60 Vaca Muerta 我們賺了錢，而且肯定賺了很多錢。這比 70 還低，比 80 還低，而且對於一家公司來說也是如此。但隨著時間的推移，你需要的資本總是會減少，因為你用這個數字賺錢。我們將會看到，我之前就說過了。

If I have to change, I would change. But today, I don't see that is necessary.

如果我必須改變，我就會改變。但今天，我認為這沒有必要。

Tasso Vasconcellos, UBS.

瑞銀的 Tasso Vasconcellos。

Hi Horacio, Federico. I have actually 1 follow-up on the CapEx and one on the LNG project. Starting with the CapEx, you have released the EUR5 billion guidance for 2025. And during the first Q right now, you just separated the $100 million disbursement to affiliate -- so could you please clarify the disbursement on this affiliate and overall infrastructure projects such as Vaca Muerta Sur, Southern Energy and so on.

你好，Horacio，Federico。我實際上對資本支出和液化天然氣項目分別進行了一次跟進。從資本支出開始，您已經發布了 2025 年 50 億歐元的指導方針。在目前的第一季中，您剛剛將 1 億美元的支出分配給了附屬公司——那麼您能否澄清一下對該附屬公司以及 Vaca Muerta Sur、Southern Energy 等整體基礎設施項目的支出情況。

Are these already included in the $5 billion CapEx for the full year? And what's the total expect breakdown here for the full year? How much you're aiming to disburse on these affiliates in 2025?

這些已經包含在全年 50 億美元的資本支出中了嗎？那麼全年的整體預期細分是多少？您計劃在 2025 年投入多少資金給這些附屬機構？

The second question or follow-up on the LNG project. You have been commenting that the project is more resilient, given this profile from the contracts and so on. But given that you're still negotiating these contracts, have you already noticed some pushback from potential clients regarding the pricing for these contracts. And in this contracts, do you believe that potential rent lower for longer or the tensions and uncertainties from the US government.

第二個問題還是關於LNG專案的後續問題。您一直在評論說，鑑於合約等方面的概況，該項目更具彈性。但鑑於您仍在就這些合約進行談判，您是否已經注意到潛在客戶對這些合約的定價提出了一些反對意見。在這些合約中，您是否認為潛在的租金會在較長時間內保持較低水平，或美國政府的緊張和不確定性。

Could this lead you to reassess the CapEx and the size of this project at an extent -- those are my two questions or follow-ups. Thank you.

這是否會導致您在一定程度上重新評估該項目的資本支出和規模——這是我的兩個問題或後續問題。謝謝。

Thank you for the question. Regarding the CapEx, the $100 million. Remember that we are growing. Argentina was a country that was producing for four or five different places, and now probably for only one. So it's a big bottleneck for growth production, not for YPF for all the companies?

謝謝你的提問。至於資本支出，則是 1 億美元。請記住，我們正在成長。阿根廷曾經是一個為四、五個不同地方生產產品的國家，但現在可能只為一個地方生產產品。所以這對成長生產來說是一個巨大的瓶頸，而不是對所有公司的 YPF 來說都是一個巨大的瓶頸？

So that money is for infrastructure to grow because if not, we cannot grow that's why we have Vaca Muerta. And it's all we included because it's our -- is our business.

所以這些錢是用來發展基礎建設的，因為如果沒有，我們就無法發展，這就是我們有瓦卡穆埃爾塔的原因。我們將其包括在內是因為這是我們的業務。

I think that maybe -- I don't know, if we understood correctly your question, but the $5 billion doesn't include the contributions to affiliates, mostly what you see in this quarter is the finishing of Oldelval and the initial construction of Bemos. So if that's your question, let's say, please let us know.

我認為也許——我不知道，如果我們正確理解了你的問題，但 50 億美元不包括對附屬公司的貢獻，你在本季度看到的大部分是 Oldelval 的完工和 Bemos 的初步建設。所以如果這是您的問題，請告訴我們。

Yes, that was the questions. Is falls included on the guidance or not? And the second one on the LNG project?

是的，這就是問題所在。指導中是否包括跌倒？第二個是關於液化天然氣計畫的嗎？

The LNG project, remember that we have very -- I would say that I'm very proud of the partners that we have and it's all project finance. So and the world needs LNG and they need a lot of LNG, and there is no way that the -- the world can supply the gas without the United States. And we are in a better way than the United States. So I'm very quiet, and I know that we can deliver the LNG in Argentina, and we can be very profitable.

請記住，液化天然氣專案我們有非常——我想說，我為我們擁有的合作夥伴感到非常自豪，而且這都是專案融資。因此，世界需要液化天然氣，而且需要大量的液化天然氣，如果沒有美國，世界就無法供應天然氣。而且我們的狀況比美國好。所以我很安靜，我知道我們可以向阿根廷輸送液化天然氣，而且我們可以獲得豐厚的利潤。

And if they make money, we will make money. So there is no -- I'm no real worry about that. And also for the quality of the company that we have is a good direction. You cannot see a crazy company that goes along in all the projects, we are in the order of 25%. So there is 75% of good partners that they think that are very good business.

如果他們賺錢，我們也會賺錢。所以沒有——我對此並不擔心。對於我們公司的品質來說，這是一個很好的方向。你不可能看到一個瘋狂的公司參與所有的項目，我們只佔 25% 左右。因此，有 75% 的優秀合作夥伴認為這是非常好的業務。

And Vaca Muerta is held the reserve that they have. And I feel that I need for as a CEO and President of YPF develop the LNG for all the shareholders because if not, I'm not doing a good job. That's clear.

而瓦卡穆埃爾塔 (Vaca Muerta) 則是他們的保留地。我認為，身為 YPF 的執行長和總裁，我需要為所有股東開發液化天然氣，因為如果不這樣做，我就沒有做好工作。這很清楚。

Anne Milne, Bank of America.

美國銀行的安妮‧米爾恩 (Anne Milne)。

Good morning. Good afternoon. Thank you very much for the call, Horacio, Federico and Margarita. My first question is for Federico. I know you went over the balance of your debt maturities for 2025, but you have a fairly large amount in 2026. I do see that it's mostly in the local market. So my question is, do you plan to refinance most of that in the local market?

早安.午安.非常感謝 Horacio、Federico 和 Margarita 的來電。我的第一個問題是問費德里科的。我知道你已經超過了 2025 年到期的債務餘額，但 2026 年的債務餘額相當大。我確實看到它主要在本地市場。所以我的問題是，您是否計劃在當地市場為其中的大部分進行再融資？

And how is the local market these days?

目前當地市場怎麼樣？

I've heard a few mixed comments that might not be quite as liquid as it was at 1 point. And then the second question I have is on exports. I know your exports decreased this quarter. You mentioned it was because of greater vertical integration. Could you give us an idea of when you expect your exports to increase in a more meaningful fashion.

我聽到了一些褒貶不一的評論，這些評論可能不像以前那麼流暢。我的第二個問題是關於出口的。我知道你們本季的出口量有所下降。您提到這是因為垂直整合程度較高。您能否告訴我們，您預計何時出口將以更有意義的方式成長。

Well, on the -- on the first question, yes, for 2026, let's say, most of what we have, it's going to be roughly speaking, we have [1.5], let's say, of refinancing in the local market and only less than [400] in the international bond market. So based on this and at the current situation, we will maintain, let's say, all our eyes open for different alternatives that we have. The local market continues to be quite open for YPF. We just priced a new issue I think that it was Monday or Tuesday.

嗯，關於第一個問題，是的，到 2026 年，我們粗略地講，在本地市場有 [1.5] 的再融資，在國際債券市場上只有不到 [400] 的再融資。因此，基於這一點以及當前形勢，我們會密切注意我們擁有的不同替代方案。當地市場對 YPF 來說仍然相當開放。我們剛剛對新發行的版本進行了定價，我想那是星期一或星期二。

We priced $140 million for two years at 7%. So this was bigger amount of what we are looking at the lower interest rate of what we originally anticipated. So YPF continues to be one of the key names into the local markets. And let's say, the market has been reacting very well for all our debt issuance in the different alternatives that we offer from time to time. So broadly speaking, I will maintain my eyes open on what is the best alternative to refinance these maturities in 2026.

我們定價 1.4 億美元，為期兩年，利率為 7%。因此，這是我們所預期的較低利率的較大金額。因此，YPF 繼續成為進入當地市場的關鍵品牌之一。可以這麼說，市場對我們不時提供的不同替代方案的所有債務發行都反應良好。因此，從廣義上講，我將密切關注 2026 年為這些到期債務再融資的最佳選擇。

As you know, international bond market let's say, from time to time, it's reopened for Argentina since last year. And from time to time, give us, let's say, a very good opportunity to refinance long term at low rates as we did back in January. So we will see. We have different pockets of liquidities to tap, and we are going to be playing like that. And but the local markets continue to be very supportive to YPF.

眾所周知，自去年以來，國際債券市場不時向阿根廷重新開放。並且時不時地給我們一個非常好的機會，以低利率進行長期再融資，就像我們在一月份做的那樣。我們將拭目以待。我們擁有不同的流動資金來源可供利用，我們將採取這樣的行動。但當地市場持續大力支持 YPF。

And let's say I'm very confident that this amount that we have in 2026, we are going to have no problem in refinancing in the local market. Second question, it's for -- it's for oil exports. Well, I think that let's say, we are right now reducing a little bit what we export in first Q. Now when we are going to be increasing definitely related to the first oil expectation that we have for Bemos, most likely, that will be, as Horacio just mentioned, the end of 2026, the last quarter there, the pipeline will be releasing 180,000 barrels. We have a share of 27%.

而且，我非常有信心，到 2026 年，我們擁有的這些資金在當地市場進行再融資不會遇到任何問題。第二個問題，這是為了石油出口。嗯，我想，我們現在正在稍微減少第一季的出口量。現在，當我們要增加出口量時，肯定會與我們對 Bemos 的第一個石油預期有關，最有可能的是，正如 Horacio 剛才提到的，到 2026 年底，也就是最後一個季度，管道將釋放 180,000 桶石油。我們的份額為27%。

And that will continue to grow up until final COD in, I would say, end of the first quarter or during the second quarter of 2027 at that time, the pipeline will have a total capacity of 550. And our commitment is to undertake 120,000 barrels. So that will be our export ramp-up for the coming year on top of what we can marginally add to Chile, depending on the price and let's say, that we can obtain on the circumstances.

而且這個數字還會繼續成長，直到最終 COD，我想說，到 2027 年第一季末或第二季度，管道的總容量將達到 550。而我們的承諾是承接12萬桶。因此，這將是我們明年出口的成長，在此基礎上，我們還可以稍微增加對智利的出口量，這取決於價格，當然，我們也可以根據具體情況獲得出口量。

Okay. So just to clarify, so when the Bemos is up and running, so 27% of the $180 million initially, and that will increase to $120 million out of the $550 million in '27 or 20 -- whenever that's finished plus Chile.

好的。所以需要澄清的是，當 Bemos 計畫啟動並運行時，最初是 1.8 億美元中的 27%，到 27 年或 20 年，這一數字將增加到 5.5 億美元中的 1.2 億美元——無論何時完成，再加上智利。

Yes. It starts with the first oil of [$180 million], and then COD will be -- the pipeline will be delivering up to EUR550 million out of which the 7 initial shippers have committed a total capacity of 450 out of which YPF owns [$120 million].

是的。首批石油運輸價值為 [1.8 億美元]，之後 COD 將達到——該管道將輸送高達 5.5 億歐元的石油，其中 7 家初始承運商已承諾總容量為 450，YPF 擁有其中[1.2億美元]。

It is totally logic on incremental production depends on the capacity that we have, okay? That's why this year, you see the same investment that CapEx than last year, okay?

增量生產取決於我們擁有的產能，這完全合乎邏輯，好嗎？這就是為什麼今年的投資與去年的資本支出相同，好嗎？

Very clear. Thank you very much.

非常清楚。非常感謝。

All right. I will now turn the call back over to Horacio Marin for closing remarks.

好的。現在我將把電話轉回 Horacio Marin 做結束語。

Okay. Thank you very much for the question. We are very happy to work here in YPF, and I will switch to Spanish, okay? (spoken in foreign language)

好的。非常感謝您的提問。我們很高興在 YPF 工作，我會切換到西班牙語，好嗎？（用外語說）

Thank you all for joining. That concludes today's call.

感謝大家的加入。今天的電話會議到此結束。