YPF SA (YPF) 2025 Q2 法說會逐字稿

Good morning, ladies and gentlemen. This is Margarita Chu, YPF IR manager. Thank you for joining us today in our second quarter 2025 Ernest Col. Today's presentation will be conducted by our Chairman and CEO, Mr. Horaio Marin, our CFO, Mr. Federico Barretaenia, and our strategy, new businesses and controlling DP, Mr. Maximiliano Western.

女士們、先生們，早安。我是YPF投資人關係經理Margarita Chu。感謝您今天參加我們2025年第二季Ernest Col. 的演講。今天的演講將由我們的董事長兼執行長Ernest Col先生主持。我們的財務長 Horaio Marin 先生Federico Barretaenia 先生，以及我們的策略、新業務和控制 DP 先生。馬克西米利亞諾·韋斯特。

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 QAization together with our management.

在演示過程中，我們將介紹解釋季度業績的主要面向和事件，然後我們將與管理層一起開啟 QA 化進程。

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 risk and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks.

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 ISRS, but during the presentation, we might discuss some non-ISRS measures such as adjusted the ETA. I will now turn the call over Horacio. Please go ahead.

我們的財務數據是按照 ISRS 列出的，但在演示過程中，我們可能會討論一些非 ISRS 措施，例如調整 ETA。現在我將把電話轉給 Horacio。請繼續。

Thank you, Maraita, and good morning, everyone. Despite international price volatility, we deliver not only solid result in Q2, but also significant progress in our 4 by 4 plan by achieving key remarkable milestones.

謝謝你，Maraita，大家早安。儘管國際價格波動，我們不僅在第二季度取得了穩健的業績，而且透過實現關鍵的顯著里程碑，我們的 4x4 計劃也取得了重大進展。

This quarter's volatility actually demonstrates the right direction and implicit value of our 4 by 4 plan outlined since December 23.

本季的波動實際上證明了我們自 12 月 23 日以來制定的 4x4 計劃的正確方向和內在價值。

During this quarter, the international oil market experienced significant volatility with low prices. As a result, our realization price of oil decreased by 12% sequentially.

本季，國際石油市場波動較大，價格低迷。結果，我們的石油實現價格較上月下降了12%。

Our shale oil production remained largely unchanged even after selling our 49% stake in Aguadal canal, which decreases in contribution by 6,000 barrels a day.

即使在出售了我們持有的阿瓜達爾運河 49% 的股份之後，我們的頁岩油產量仍然基本上保持不變，每天的產量貢獻減少了 6,000 桶。

Moreover, during July, we have just achieved record high production of roughly 165,000 barrels a day. In fact, On Tuesday, the production, the daily production was 163.8,000 barrels a day. Despite the cha cha challenging context, our continued delivery on our 4 by 4 plan substantially mitigated this negative price environment.

此外，7月份，我們剛剛實現了每天約165,000桶的創紀錄產量。事實上，週二的產量為日產量1638,000桶。儘管面臨嚴峻的挑戰，我們仍繼續執行「4x4」計劃，這大大緩解了負面的價格環境。

During this quarter, we reached keen milestone in the investing program of mature field, particularly in Santa Cruz.

本季度，我們在成熟油田（尤其是在聖克魯斯）的投資計畫中達到了重要的里程碑。

As a material result of this, we can show a 24 interannual reaction in our listing cost. Another key milestone was achieved financial closing at Demos.

其實質結果是，我們的上市成本可以呈現 24 年的跨年度反應。另一個重要里程碑是 Demos 實現了財務結算。

After 18 months of hard work and education today, I would like to share with you the remarkable progress we achieve in our 4x4 plan, delivering important results across all our 4 strategic pillars, especially since our last call in May.

經過 18 個月的努力工作和學習，今天我想與大家分享我們在 4x4 計劃中取得的顯著進展，特別是自 5 月份上次會議以來，我們在所有 4 個戰略支柱上都取得了重要成果。

As we have always said, our first pillar is to focus on our most profitable business, oil vaca morta. We have continued to span our shale oil operations and made significant progress in advancing midstream infrastructure projects to support future growth.

正如我們一直所說，我們的第一個支柱是專注於我們最賺錢的業務——石油開採。我們繼續拓展頁岩油業務，並在推進中游基礎設施項目以支持未來成長方面取得了重大進展。

YPS, as the largest shale oil produced in Argentina, continues to deliver solid performance.

YPS 作為阿根廷最大的頁岩油生產商，持續保持穩健的業績。

Back in November 23, YPF oil production was 110,000 barrels per day.

截至 11 月 23 日，YPF 石油產量為每天 11 萬桶。

By last month, production has increased to roughly 155,000 barrels per day.

截至上個月，產量已增至約每天15.5萬桶。

Even after investment, 6,000 barrels per day in our channel, as I mentioned before.

即使投資之後，我們的管道每天仍有 6,000 桶，正如我之前提到的。

We further growth aiming to close the year at around 190,000 bodies per day. This will represent an outstanding organic production ramp up of over 70% in just 25 months. Moreover, in the last 18 months since 2024, our oil export revenue reached $1.5 billion. In terms of volume, this quarter we exported nearly 44,000 barrels per day.

我們進一步成長，目標是到年底達到每天 19 萬具屍體的產量。這意味著有機產量在短短 25 個月內將增加 70% 以上。此外，自2024年以來的過去18個月裡，我們的石油出口收入達到了15億美元。從數量上看，本季我們每天出口近 44,000 桶。

Moving to mainstream expansion since day one, we were convinced that Venmos represented the key and the best infrastructure vehicle to ramp up YPF production from 20 and beyond, and also for all the industry.

從第一天起，我們就轉向主流擴張，我們堅信 Venmos 是將 YPF 產量從 20 提高到更高水準的關鍵和最佳基礎設施工具，也適用於整個產業。

This new pipeline completely unlocks YPF growth plan to achieve roughly 250,000 bodies per day by the end of 2026 and allowing to reach half a million barrels per day by 2030.

這條新管道完全實現了 YPF 的成長計劃，即到 2026 年底實現每天輸送約 25 萬桶石油，到 2030 年達到每天輸送 50 萬桶石油。

To this end, YPS leading record in the development of this project in collaboration with the rest of the shell industry.

為此，YPS 與殼牌行業的其他公司合作，在該專案開發中創下了領先記錄。

First, we align commitments that allow starting construction on January 25.

首先，我們調整承諾，允許在 1 月 25 日開始施工。

Then supported by a solid contractor structure, the project recently secured a syndicated loan for $2 billion to finance the contraction of demos.

在穩固的承包商結構的支持下，該項目最近獲得了 20 億美元的銀團貸款，為演示項目的收縮提供資金。

Besides economic benefits for YPF and in international industry, this transaction reopened the international finance market for Argentina. It stands as the largest commercial loan for infrastructure projects in the country. It's also one of the top five largest financing in Latin American oil and gas sector so far. The overall construction is done.

這項交易除了為YPF和國際產業帶來經濟利益外，也為阿根廷重新開啟了國際金融市場。這是該國最大的基礎設施項目商業貸款。這也是迄今為止拉丁美洲油氣領域五大融資之一。整體搭建完畢。

23% asjuly with welding works completed for around 120 kilometers. Additionally, assembly of floor plates for the tanks have begun.

截至7月已完成23%，焊接工程已完成約120公里。此外，油箱底板的組裝也已開始。

At both.

兩者都有。

Allen.

艾倫。

And Punta.

還有蓬塔。

Colorada.

科羅拉多。

Export terminal.

出口碼頭。

Let me now talk on pillar number 2 that focuses on active portfolio management.

現在讓我來談談第二大支柱，重點是積極的投資組合管理。

From the very beginning, we committed to create value for YPS with dynamic portfolio management approach.

從一開始，我們就致力於透過動態投資組合管理方法為 YPS 創造價值。

Over the past 15 months after receiving initial approval from our board.

在獲得董事會初步批准後的 15 個月內。

We already completed the transfer of 28 out of 30 mature blocks identified in the initial plan called AES.

我們已經完成了最初計劃中確定的30個成熟區塊（稱為AES）中的28個區塊的轉移。

Moreover, we have successfully diverted 11 mature blocks to the provinces.

此外，我們也成功將11個成熟區塊轉移至各省。

One in Chibo and the other is in Santa Cruz. The most challenging logs in terms of complexity, achieving another key milestone in our 4x4 plan.

一個在奇博，另一個在聖克魯斯。就複雜性而言最具挑戰性的日誌，實現了我們 4x4 計畫的另一個重要里程碑。

During the past 18 months since 2024, the mature blocks that we already left produced roughly 61,000 barrels of oil per day and 3.2 million cubic meters of gas per day. However, it's worth noting that they were very mature and carry high lifting costs, around $42 per barrel.

自2024年以來的過去18個月裡，我們已經留下的成熟區塊每天生產約6.1萬桶石油和320萬立方公尺天然氣。然而，值得注意的是，這些原油非常成熟，開採成本很高，約為每桶 42 美元。

As a result, during these 18 months, the overall negative impact on our free cash flow was around $840 million. This amount includes the operational cash flow and basic cash flow.

因此，在這 18 個月中，對我們的自由現金流的整體負面影響約為 8.4 億美元。該金額包括經營現金流和基本現金流。

Additionally, we have successfully defected our subsidies in Brazil and Chile, besides closing unprofitable chemical plants.

此外，我們也成功取消了對巴西和智利的補貼，並關閉了無利可圖的化工廠。

All this might was critical to our 4x4 plan as it simplified our portfolio and enabled us to concentrate our efforts and the majority of our capital on our most profitable assetvaca morta.

所有這些對於我們的 4x4 計劃都至關重要，因為它簡化了我們的投資組合，使我們能夠將精力和大部分資金集中在最賺錢的資產上。

Regarding this exit program from mature fields, I want to highlight the constructive agenda that we were able to develop in collaboration with governors and unions.

關於成熟油田的退出計劃，我想強調我們與州長和工會合作制定的建設性議程。

This represents an unprecedented level of cooperation among key stakeholders. I'm confident that with the same spirit, we will reach an agreement in the ongoing negotiation with Tier Alfredo during Q3. As a result of.

這代表了主要利害關係人之間前所未有的合作水準。我相信，本著同樣的精神，我們將在第三季與 Tier Alfredo 的持續談判中達成協議。後果。

All these.

所有這些。

Efforts, we can report today a remarkable reduction in listed cost of 24% annually.

透過努力，我們今天可以報告，上市成本每年顯著降低 24%。

With the decision to make YPF a very profitable company, we have recently decided to expand the scope of assets to be disvested to become next year a pure and conventional a company. We have identified the other 16 performing conventional blocks. We'll open these assets for investment with the superior objective to continue upgrading our portfolio and making YPF much more profitable and more resilient to low crude prices.

在決定將 YPF 打造成一家盈利能力極強的公司後，我們最近決定擴大待剝離資產的範圍，以便明年成為一家純粹的傳統公司。我們已經確定了其他 16 個正常運行的常規區塊。我們將開放這些資產進行投資，其首要目標是繼續升級我們的投資組合，使 YPF 更具盈利能力並更能抵禦低原油價格。

Completely aligned with the same portfolio rationale, this week we execute a bidding agreement to acquire prime tier one shell acres from total for $500 million subject to certain conditions. This acquisition follows the same value dynamics of our active portfolio management, invest in non-core less profitable assets while securing long-term productive value for the company. In this case, Lealonada Becon Cennisa logs are located in the most promising area in the oil and wet gas window of North Bacauerta close to Bajo de.

完全符合相同的投資組合原理，本週我們簽署了一項競標協議，以 5 億美元的價格從總計收購一級優質殼牌油田，但須遵守某些條件。此次收購遵循我們積極的投資組合管理的相同價值動態，投資於非核心低利潤資產，同時確保公司的長期生產價值。在這種情況下，Lealonada Becon Cennisa 原木位於北巴考埃爾塔 (North Bacauerta) 靠近 Bajo de 的石油和濕氣窗口中最有前景的區域。

Choquelaernada.

喬奎拉納達。

Blocks that plus petrol has recently acquired from Exxon. La alonada is a first class crude oil producing block that we generate synergies with the development of Acamorta no have.

區塊加上最近從埃克森美孚收購的汽油。La alonada 是一流的原油生產區塊，我們與 Acamorta no have 的開發產生了協同效應。

Thecon de la Ceniza has a strategic potential for the development of wet gas and the Argentina LNG project.

Thecon de la Ceniza 在濕氣開發和阿根廷液化天然氣項目方面具有戰略潛力。

We expect to assume the operating role of the two blocks holding a 45% working interest partnering with shell and Cassi Petroleum.

我們預計將與殼牌和卡西石油公司合作，承擔這兩個區塊的營運責任，持有 45% 的營運權益。

Together these blocks are 100% com nearly 115,000 acres of vaca mortar with outstanding well inventory of over 500 wells. Wells drilled on the volatilo window during the early stage of development demonstrate quite promising productivity levels that underscore their long term potential.

這些區塊總計佔地近 115,000 英畝，擁有超過 500 口油井。在開發初期，在揮發性窗口鑽探的油井表現出相當好的生產力水平，凸顯了其長期潛力。

Our expectation is to accelerate the development plan to fast track the monetization of this production.

我們的期望是加快開發計劃，以快速實現該產品的貨幣化。

This new asset increases our future oil production curve, extend the duration of our plateau, and reinforce our leading position in back of water reserves. Furthermore, when we complete the investment pro of our conventional asset, YPS will become a pure integrate shell player with superior size synergy and economic of scale, as I mentioned before.

這項新資產增加了我們未來的石油生產曲線，延長了高原的持續時間，並鞏固了我們在水儲備方面的領先地位。此外，當我們完成常規資產的投資後，YPS將成為一家純粹的綜合空殼公司，具有卓越的規模協同效應和規模經濟，正如我之前提到的。

Now, pillar number 3 focuses on maximizing our after and after in efficiencies.

現在，支柱三重點在於如何最大程度地提高我們的後續和後續效率。

Since our last call in May, we have inaugurated 3 real-time intelligence centers. 2 of them are in the lata and Cusho refinery respectively. And the third one is based in our headquarters to support our downstream commercialization business.

自從五月上次通話以來，我們已經啟動了三個即時情報中心。其中2個分別位於拉塔煉油廠和庫蕭煉油廠。第三個位於我們的總部，以支援我們的下游商業化業務。

The latter one has been key for the implementation of micro pricing and self fuel projects. This real time is unique in Latin America. We can follow the demand, but each gas station during 24 hours beside our or product a convenience store.

後者對於實施微定價和自燃料項目至關重要。這種即時性在拉丁美洲是獨一無二的。我們可以依照需求，但每個加油站24小時內都會在我們的旁邊或產品便利商店。

We are changing the way of delivering fuel and products in the country. It's a really a ruptive marketing change. We have an impressive, positive image from the people in the polls.

我們正在改變該國的燃料和產品運輸方式。這確實是一個顛覆性的行銷變革。民調顯示，民眾對我們的印象十分正面。

This 100% technology driven and in house management projects were launched last month to seek a win-win strategy. Micro pricing allowed our recitation clients to access a different price of fuel at 9 from midnight to 6 a.m. Cell fuel provides these clients with greater savings if a payment is made through the YPF application in certain gas stations.

這個100%由技術驅動並由內部管理的專案於上個月啟動，旨在尋求雙贏策略。微型定價使我們的朗誦客戶能夠在午夜 9 點到早上 6 點之間獲得不同的燃料價格。如果透過某些加油站的 YPF 應用程式付款，Cell Fuel 可以為這些客戶提供更大的節省。

YPF is pioneered this metal price in Argentina. We objective of reducing our fa cost and growing our nighttime sales and generate more profit for YPF.

YPF 是阿根廷率先推出這項金屬價格的廠商。我們的目標是降低工廠成本、增加夜間銷售額並為 YPF 創造更多利潤。

The results so far are impressive. In the 1st month since launching this project, our sale volume of the gas station line grew roughly 30% compared to Q2 this year.

迄今為止的結果令人印象深刻。在專案上線第一個月，我們加油站線的銷售量比今年第二季成長了30%左右。

On the industrial efficiency side, we have reduced significantly the duration of program maintenance.

在工業效率方面，我們大大縮短了程序維護的時間。

If patient in laboratory refinery, we complete the maintenance between 30 to 60% faster than historical records.

如果實驗室煉油廠有耐心，我們完成維護的速度比歷史記錄快 30% 到 60%。

Regarding Toyota well project, we have been able to reduce the contraction cycle for the part of 4 wells for roughly 230 days. We represent a reduction of around 80 days compared to 2023 levels. The same methodology and focus are in the acting real-time intelligence center for drilling and completion that start to deliver results.

豐田井工程中，4口井部分施工週期縮短約230天。與 2023 年的水準相比，我們減少了約 80 天。同樣的方法和重點也體現在鑽井和完井即時情報中心，並開始產生成果。

As you will see in the next slide, we are the lighter operating Bacauorta working up in real-time intelligence center 24/7 remotely from YPS headquarters.

正如您將在下一張幻燈片中看到的，我們是較輕的 Bacauorta 型船，全天候遠端在 YPS 總部的即時情報中心工作。

As a record, one of the biggest service company, last week, it was the first time that delivered a work from remote all around the world.

作為唱片公司中規模最大的服務公司之一，上週該公司首次實現了從世界各地遠端交付作品。

In the 3rd week of August, we are opening the Acting Realtime Intelligence Center for Operation and maintenance, pooling and logistics in again to improve our efficiency and coordination in all the operations of Acamorta.

8 月第三週，我們將再次啟用代理即時情報中心，用於營運和維護、共享和物流，以提高 Acamorta 所有營運的效率和協調性。

This achievement reflects our integrated approach, working closely with our strategy supplies at every stage of the whale production process. Additionally, we enhance our operational dashboard to enable real-time anomaly detection and implement corrective action plans rapidly.

這項成就體現了我們的綜合方法，在鯨魚生產過程的每個階段都與我們的策略供應密切合作。此外，我們增強了我們的操作儀表板，以實現即時異常檢測並快速實施糾正措施計劃。

All of these initiatives represents a critical to cultural change for YPF in time management and production processes.

所有這些舉措對於 YPF 在時間管理和生產流程方面的文化變革至關重要。

Finally, pillar number 4 is Argentinian energy project, and since our last call in May, we signed the heads of agreement with ENI for the consolidation for 3 for 12 million tons per annum, expecting the approval of final investment decision in Q126. In the same direction, we are working with Shell for phase 2 in order to speed up the FID and obtain synergy between both projects in the structure.

最後，第四個支柱是阿根廷能源項目，自我們五月上次通話以來，我們與 ENI 簽署了 3 個年產 1200 萬噸的合併協議，預計最終投資決定將於 2026 年第一季獲得批准。朝著同一方向，我們正在與殼牌公司合作進行第二階段工作，以加快最終投資決定 (FID) 並在結構上實現兩個項目之間的協同效應。

Moreover, this week.

此外，本週。

Our SPBISA.

我們的 SPBISA。

Obtained the.

已獲得。

FID approval.

最終投資決定 (FID) 批准。

For the.

為了。

20 year airboat charter.

20 年汽船租賃。

Agreement for its second floating energy named March 2. This vessel.

其第二艘浮動能源船「3月2日」號的協議。這艘船。

Has a capacity of.

容量為。

3.5 million tons per year as expected to be operational in 2028. We are also working on the project Rihi, as well as environmental and export payment for Mark Two.

預計2028年投入運營，年產量為350萬噸。我們也致力於 Rihi 專案以及 Mark Two 的環境和出口支付。

Consider the first vessel Healy, the total capacity amounts to roughly 6 million tons per year.

以第一艘船「Healy號」為例，其總運力約為每年 600 萬噸。

Let me mention that this second vessel allowed the contraction of a 100% dedicated island from Vaca Muerta to the San Matea Gulf in the province of Rio Negro, available during the whole year instead of the original plan of using existing pipeline idle capacity during off peak season, operating only hey.

值得一提的是，第二艘船實現了從瓦卡穆埃爾塔到裡奧內格羅省聖馬特亞灣的100%專用島嶼的收縮，全年可用，而不是像原計劃那樣在非高峰季節使用現有管道閒置容量，僅在高峰季節運營。

Now moving on to results, revenue remains stable sequentially, reaching over $4.6 billion with record high seasonal sales on natural gas and fuels and increased export volume of crude oil and agro products. However, the volatility international price negative impact our refined prices, especially local fuels. Additionally, Q2 was affected by lower seasonal gasoline demand.

現在來看看業績，營收保持連續穩定，達到 46 億美元以上，天然氣和燃料的季節性銷售額創歷史新高，原油和農產品出口量增加。然而，國際價格波動對我們的成品油價格產生了負面影響，尤其是當地燃料。此外，第二季受到季節性汽油需求下降的影響。

Inannually, despite roughly 20% drop in brand, revenues only declined by 6%. The drop in brand prices were mitigated by operational efficiency, the increase of shale export, and the recovery in local fuel demand.

每年，儘管品牌價值下降了約 20%，但收入僅下降了 6%。營運效率的提高、頁岩出口的增加以及當地燃料需求的復甦緩解了品牌價格的下降。

Ada was $1.12 billion in Q2, decreasing 10% sequentially. It was mainly explained by brain contraction impact in refined product prices, exit from mature field, and value of inventories. On the positive side, this negative effects was softened with lower listing costs on the back of less exposure to major fields.

Ada 第二季的營收為 11.2 億美元，季減 10%。這主要是由於成品油價格、成熟油田退出、庫存價值等受到心理收縮的影響。從正面的一面來看，由於主要油田投資減少，上市成本降低，減輕了這種負面影響。

In the annually, Ada declined by 7%, also reflecting brain volatility, but it was partially mitigated by the significant ramp up in shale oil production and even better conventional lifting costs. Also, bear in mind that Kyu last year was affected by the extreme weather conditions experienced in Patagonia.

年度來看，Ada 下降了 7%，也反映了大腦的波動性，但由於頁岩油產量大幅增加以及常規開採成本的降低，這一下降被部分緩解。另外，請記住，去年 Kyu 受到了巴塔哥尼亞極端天氣條件的影響。

At this point, I would like to note that excluding the negative contribution from much of field, our proxy adjust that could have been $1.25 billion.

此時，我想指出，排除大部分領域的負面貢獻，我們的代理調整金額可能達到 12.5 億美元。

Looking at the bottom line, Q2 net profit was $58 million compared to a loss of $10 million in the previous quarter. This turnaround was mainly driven by one-off items related to major fields in Q1.

從底線來看，第二季淨利為 5,800 萬美元，而上一季虧損 1,000 萬美元。這一轉變主要得益於第一季與主要領域相關的一次性項目。

In annually, net profit declined sharply, explaining by higher depreciation from shell activity expansion and lower gains from financial securities in.

年度淨利潤大幅下降，原因是殼牌業務擴張帶來的折舊增加以及金融證券收益減少。

2024. Also.

2024年。也.

This quarter included an income tax charge due to higher future tax payable. OQ224 was the opposite.

由於未來應付稅款增加，本季計入了所得稅費用。OQ224 則相反。

Much of field also impacted on the net results, including them, our profit net result would have been a profit of $254 million.

許多領域也對淨結果產生了影響，包括它們在內，我們的利潤淨結果將是 2.54 億美元的利潤。

In the terms of investment in Q2, we deployed $1.16 billion remaining similar sequentially and annually. It's very important to remark that 71% of the total was now directly allocated to unconventional assets.

就第二季的投資而言，我們部署了 11.6 億美元，與上一季和去年同期相比基本持平。值得注意的是，目前總額的 71% 直接分配給了非常規資產。

In Q2 we record a negative cash flow of $355 million. It was mainly affected by $315 million of negative impact from major fields. Moreover, we had negative working.

第二季度，我們的現金流為負 3.55 億美元。主要受到主要油田 3.15 億美元負面影響。此外，我們也做了一些負面工作。

Capital due to peak.

資本到期高峰。

Winter sales.

冬季促銷。

On.

在。

Natural.

自然的。

Gas.

氣體。

And our subsidies paid income tax.

我們的補貼繳了所得稅。

However, the negative impact was softened by dividend collection from affiliates. As a result, Our net debt rose to $8.8 billion reaching a net level ratio of 1.9 times as effective while the investing major fields. Please take into account our acquisition of this year and also in the rest of this year we are selling performing conventional assets and metro gas after extension of the concession. Now I will turn the coal over the max.

然而，從附屬公司收取的股息減輕了負面影響。結果，我們的淨債務上升至 88 億美元，達到投資主要油田時的淨水準比率的 1.9 倍。請考慮我們今年的收購，以及在今年剩餘時間內我們在特許經營權延長後出售常規資產和地鐵燃氣。現在我要把煤調到最大。

Thank you, Horatio, and hello to everyone. Focusing on the upstream segment, the 2nd quarter total hydrocarbon production was 546,000 barrels of oil equivalent per day.

謝謝你，霍雷肖，大家好。重點關注上游領域，第二季度碳氫化合物總產量為每天 546,000 桶油當量。

It remains stable both sequentially and inter-annually.

無論是按季度還是按年來看，它都保持穩定。

Shale production keeps driving the growth, now representing an impressive 62% of the total output. It nearly offset the divestment of a mature fields and to a minor extent the lower working interest in.

頁岩產量持續推動成長，目前佔總產量的 62%。它幾乎抵消了成熟油田的撤資，並在較小程度上抵消了較低的工作權益。

In the case of mature fields, hydrocarbon production decreased by 26% versus the previous quarter as we kept divesting them.

就成熟油田而言，由於我們不斷剝離油田，碳氫化合物產量較上一季下降了 26%。

It recorded 72,000 barrels of oil equivalent per day, representing only 13% of the second quarter total production.

其日產量為 72,000 桶油當量，僅佔第二季總產量的 13%。

Crude oil production amounted to 248,000 barrels per day in the second quarter, decreasing 8% sequentially. It was primarily driven by lower mature fields and to a lesser extent a char, as explained before.

第二季原油產量為24.8萬桶/日，季減8%。如同先前所解釋的，這主要是由成熟度較低的油田以及較小程度的炭化物所驅動。

In annually, while total crude oil production remains stable, the remarkable 28% expansion in shale output fully offset the decrease in exposure to mature fields.

年度內，雖然原油總產量維持穩定，但頁岩油產量大幅增加28%，完全抵銷了成熟油田產量的下降。

Let me mention that last month's shale oil production was approximately 165,000 barrels per day. We expect continuing significant growth in the second half of the year to achieve our 2025 annual target of over 165,000 barrels per day.

我要說的是，上個月的頁岩油產量約為每天165,000桶。我們預計下半年產量將繼續大幅成長，以實現 2025 年每日產量超過 165,000 桶的年度目標。

Oil exports in the 2nd quarter totaled 44,000 barrels per day, increasing by 20% sequentially. The main growth came from redirecting Escalante heavy oil to the foreign market, as La Plata refinery was under program maintenance. Interannually, it grew by 43%, also boosted by shale expansions.

第二季石油出口總量為每天4.4萬桶，較上季成長20%。主要成長來自於將埃斯卡蘭特重油轉向國外市場，因為拉普拉塔煉油廠正在進行計劃維護。與去年同期相比，這一數字成長了 43%，這也得益於頁岩氣擴張。

Natural gas production increased by 6% in the second quarter sequentially to 40 million cubic meters per day, primarily supported by higher seasonal demand.

第二季天然氣產量較上季成長 6%，達到每天 4,000 萬立方米，主要受季節性需求增加的推動。

NGL production was 48,000 barrels per day, a modest growth of 2% sequentially driven by high associated gas output in certain shale oil blocks.

NGL 產量為每天 48,000 桶，環比小幅增長 2%，這得益於某些頁岩油區塊伴生氣產量高。

Total lifting cost was $12.3 per barrel of oil equivalent. This is a remarkable sequential reduction of 19%, reflecting further divestment of mature fields. Excluding mature fields, our proxy lifting costs for the second quarter would have been roughly $7.5 per barrel of oil equivalent.

總開採成本為每桶油當量 12.3 美元。這是一個顯著的連續下降，下降了 19%，反映了對成熟油田的進一步撤資。不包括成熟油田，我們第二季的代理商採油成本約為每桶油當量 7.5 美元。

Zooming into our core hub blocks, lifting costs at 100% of working interest was $4.9 per barrel of oil equivalent. It grew by 7% sequentially due to higher pooling and maintenance costs.

放大到我們的核心樞紐區塊，100% 工作權益的提升成本為每桶油當量 4.9 美元。由於池化和維護成本上升，其環比增長了 7%。

Regarding prices in the upstream segment, crude oil price was $59.5 per barrel, 12% lower sequentially in line with brand volatility.

就上游部分的價格而言，原油價格為每桶 59.5 美元，與品牌波動一致，較上季下降 12%。

Natural gas price was $4.1 per million BTU, growing by 38% sequentially, primarily influenced by the peak season plant gas price.

天然氣價格為每百萬BTU 4.1美元，季增38%，主要受旺季工廠天然氣價格的影響。

Now let me walk you through the performance of our sal activities.

現在讓我向大家介紹一下我們的銷售活動的表現。

In the second quarter we drilled 54 horizontal oil wells on a gross basis, mostly in operated blocks, while maintaining our net networking interest of 55%. In this sense, in the first half of the year we drilled 105 horizontal oil wells on a gross basis. This is in line with our estimate of 205 wells for the year.

第二季度，我們共鑽探了 54 口水平油井，大部分位於營運區塊，同時維持了 55% 的淨網路權益。從這個意義上講，上半年我們累計鑽水平油井105口。這與我們今年預計的 205 口油井數量一致。

In terms of completion and tidying of wells, we accelerated our activity. In the second quarter, we completed 70 horizontal wells and tied in 76 on a gross basis. They represented an increase of 35% and 69% respectively when compared to the second quarter last year.

在完井和清理井方面，我們加快了工作進度。第二季度，我們完成了70口水平井，總計完成了76口。與去年第二季相比，分別成長了35%和69%。

Shale oil production in the 2nd quarter remains stable sequentially at 145,000 barrels per day. This is because the lowest stake in Hawa Chaar block was fully compensated by the growing contribution from Lagourasur one block. This block is 100% YPF located in the south hub with a shale oil production of 20,000 barrels per day in the second quarter.

第二季頁岩油產量較上季維持穩定，為每天14.5萬桶。這是因為 Hawa Chaar 區塊的最低股份已由 Lagourasur 區塊不斷增長的貢獻完全補償。該區塊為100% YPF，位於南部樞紐，第二季頁岩油產量為每天20,000桶。

Considering the acceleration in our activities mentioned before in July's production level of 165,000 barrels per day, we are in good shape to reach the 2025 target of 165,000 barrels per day.

考慮到我們先前提到的 7 月產量加速至每天 165,000 桶，我們完全有能力實現 2025 年每天 165,000 桶的目標。

In our unconventional core hub blocks, we achieved an average drilling speed of 331 m per day. We remain optimistic about reaching our annual target of 360 m per day.

在我們的非常規核心樞紐區塊，我們實現了平均每天331公尺的鑽井速度。我們對實現每天 360 公尺的年度目標仍然持樂觀態度。

On the fracking side, we completed 259 stages per set per month in our unconventional operations, now very close to achieving our annual target of 260 stages per set per month.

在水力壓裂方面，我們的非常規作業每月完成每套 259 段，現在非常接近每月每套 260 段的年度目標。

In our downstream segment, local fuel prices remained closely aligned with international parities, reflecting brand volatility. As a result, local fuel prices measured in dollars were down 8% sequentially and 10% inter-annually. Also, second quarter, local fuel prices were just 1% below import parities.

在我們的下游領域，當地燃料價格與國際價格保持緊密一致，反映了品牌的波動性。結果，以美元計算的當地燃料價格較上季下降 8%，年減 10%。此外，第二季當地燃料價格僅比進口價低 1%。

Fuel sales volume was 3.5 million cubic meters in the second quarter, growing by 4% sequentially, primarily explained by seasonality.

第二季燃料銷售量為 350 萬立方米，季增 4%，主要原因是季節性因素。

In annually, it increased by 3%, mostly driven by demand recovery. We also maintained our leading market share of 55%.

年比而言，成長了3%，主要由需求復甦推動。我們也保持了55%的領先市場份額。

In the second quarter, we processed 30 1,000 barrels per day, recording a 5% sequential contraction due to the maintenance stoppage at La Plata refinery. This resulted in a refining utilization rate of almost 90%, as anticipated in our previous call. However, let me highlight that Latata refinery achieved a record high monthly processing level of the past 150 years, reaching nearly 2,001,000 barrels per day in April.

第二季度，我們每天處理 30,1000 桶石油，由於拉普拉塔煉油廠停工維護，季減 5%。正如我們上次電話會議所預測的那樣，這使得煉油利用率達到了近 90%。不過，我要強調的是，拉塔塔煉油廠4月份的月處理量達到了過去150年來的最高紀錄，達到每天近2,001,000桶。

Our refining and marketing margins declined by 17% sequentially. It was mostly due to lower prices, combined with the higher costs related to maintenance. However, it was mitigated by lower costs of oil on top of the OPEC's efficiency measures set before. Now I will turn the call over to FE.

我們的煉油和行銷利潤率環比下降了 17%。這主要是因為價格較低，加上維護相關成本較高。不過，由於石油輸出國組織先前製定的效率措施，石油成本下降，緩解了這項影響。現在我將把電話轉給 FE。

Thank you, Max.

謝謝你，馬克斯。

Switching to the financials, let's us start with the cash flow evolution.

轉到財務方面，讓我們從現金流的演變開始。

In Q2 we posted a negative free cash flow of $365 million mainly explained by the performance and closing agreements of mature fields.

我們第二季的自由現金流為負 3.65 億美元，主要原因是成熟油田的業績和成交協議。

They recorded and adjusted the BDA loss of $126 million and $0.01 of cash flow loss for almost $190 million. Moreover, our subsidiaries Metro Gas and AA paid income tax while the regular debt service remained stable.

他們記錄並調整了 1.26 億美元的 BDA 損失和 0.01 美元的現金流損失，總計近 1.9 億美元。此外，我們的子公司 Metro Gas 和 AA 繳納了所得稅，同時常規債務償還保持穩定。

On the other hand, the dividend collection from our affiliates, net of contributions and pre-payments mostly upset the negative working capital.

另一方面，從我們的附屬公司收取的股息（扣除捐款和預付款）大部分抵消了負營運資本。

The latter was mainly explained by higher seasonal gas sales and payroll.

後者主要是由於季節性天然氣銷售和工資上漲。

In the same line, exports of agricultural products grew, boosted by reduced export duties.

同時，受出口關稅降低的推動，農產品出口也出現成長。

As a summary, for the first half of the year, we recorded a negative free cash flow of $1.3 billion mainly explained by the impact of mature fields.

總而言之，今年上半年，我們的自由現金流為負 13 億美元，主要原因是成熟油田的影響。

These assets recorded and adjusted the BDA loss of over $230 million and a negative one-off cash flow for around $420 totalling an aggregate of $650 million.

這些資產記錄並調整了超過 2.3 億美元的 BDA 損失和約 4.2 億美元的負一次性現金流，總計 6.5 億美元。

In addition, year-to-date we dispersed a net amount of roughly $210 million in M&A activity, mainly the acquisition of Sierra chatta.

此外，年初至今，我們在併購活動中分散了約 2.1 億美元的淨額，主要是收購 Sierra chatta。

Therefore, During this six month period, the proxy free cash flow excluding mature fields and M&A activity was $460 million negative, which is mostly explained by the regular interest payment for roughly $320 million dollars and income tax payments from our subsidiaries for around $100 million.

因此，在這六個月期間，不包括成熟油田和併購活動的代理自由現金流為負 4.6 億美元，這主要是由於約 3.2 億美元的定期利息支付和我們子公司約 1 億美元的所得稅支付。

Now In terms of Q2 financing, we ended with $8.8 billion of net debt representing a net leverage ratio of 1.9 times as anticipated during our investor day in April.

現在就第二季融資而言，我們的淨債務最終為 88 億美元，淨槓桿率為 1.9 倍，正如我們 4 月投資者日所預期的那樣。

During this quarter, We issued a $204 million dollar li bond and $140 million dollar bond.

本季度，我們發行了2.04億美元的貸款債券和1.4億美元的債券。

The first one was with a 15 month tenure at 3.95% and the second one with a 2 year tenure at 7%.

第一份期限為 15 個月，利率為 3.95%，第二份期限為 2 年，利率為 7%。

We also secured around $190 million in another local finance.

我們也在另一處地方融資中獲得約 1.9 億美元。

After the quarter, we also issued 2 local bonds.

本季之後，我們也發行了2筆地方債券。

A $250 million bond.

2.5億美元的債券。

And $167 million k bond.

以及 1.67 億美元的債券。

The first one was a 2 year tenure and the second one a 5 year tenure.

第一個任期為2年，第二個任期為5年。

Considering the recent acquisition of shale assets, we will complement.

考慮到最近對頁岩資產的收購，我們將進行補充。

The last issuance of dollar bond with cross-border acquisition financing.

此次發行的美元債券是用於跨國收購融資的。

We anticipate this M&A will take our net leverage ratio to near 2 times during Q3.

我們預計此次併購將使我們的淨槓桿率在第三季達到接近 2 倍。

However, for the second half of the year, we expect that the increasing ABDA driven by the ramp up in production and the sale of our mature fields combined with the divestment of additional non-mature fields that the Russian dissipated will lead to a normalized net ratio of 1.8 times by year end.

然而，對於下半年，我們預計，受產量增加和成熟油田銷售推動的 ABDA 成長，加上俄羅斯分散的其他非成熟油田的剝離，將導致到年底的正常淨比率達到 1.8 倍。

In terms of refinancing activities during the rest of the year, we will be targeting the maturities of nearly $800 million 78% local and only 22% international.

就今年剩餘時間的再融資活動而言，我們的目標是到期金額接近 8 億美元，其中 78% 為本地貸款，僅 22% 為國際貸款。

In this process, it is important to highlight that last month Moody's upgraded YPF's credit rating from CAA 1 to V2 with a stable outlook following the recent sovereign rating improvement.

在此過程中，值得強調的是，在最近的主權評級提高之後，穆迪上個月將 YPF 的信用評級從 CAA 1 上調至 V2，展望為穩定。

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。

At this time, I would like to remind everyone in order to ask a question, press, then the number one on your telephone keypad. If you would like to withdraw your question, press one again. We'll pause for just a moment to compile the Q&A roster.

此時，我想提醒大家，要想提問，請按，然後按電話鍵盤上的數字 1。如果您想撤回您的問題，請再按 1。我們將暫停一會兒來整理問答名單。

Your first question comes from Tasso Vascomuelos with UBS.

您的第一個問題來自瑞銀的 Tasso Vascomuelos。

Hi Horao Fo.

你好，Horao Fo。

Thanks for taking my question here. I would like Horaio to get a broader update on the development plans that you guys have planned ahead. The company just announced the acquisition of this blog that you mentioned during the presentation. How does that impact the current production plan for the upcoming years and how do you view the risks of any increased development plan amid an already accelerated plan that you guys have released before? And in parallel, Orao, you recently said in an interview that you view the acceleration in the capital in Vaca Muerta.

感謝您在這裡回答我的問題。我希望 Horaio 能夠更廣泛地了解你們提前製定的發展計劃。該公司剛剛宣布收購您在演示中提到的這個部落格。這對未來幾年的現行生產計劃有何影響？在你們之前發布的已經加速的計劃中，你們如何看待增加任何開發計劃的風險？同時，奧拉奧，您最近在一次採訪中表示，您認為首都瓦卡穆埃爾塔的發展正在加速。

Can you also give some additional feedback on this view of yours? Those are my two questions here.

您能否對您的這一觀點提出一些額外的回饋？這是我的兩個問題。

Thank you.

謝謝。

In the why we bought that is because this film.

我們之所以購買那是因為這部電影。

Is one of the best fields in the north of Acata.

是阿卡塔北部最好的油田之一。

Well, the tight wall is more.

嗯，嚴密的牆比較多。

To.

到。

Say.

說。

If you see from different consultants, the average production of you are of wealth.

如果你從不同的顧問那裡看到，你的平均產出是財富。

For all cams in order 1 million.

對於所有凸輪，其數量為 100 萬。

But if you see this area.

但如果你看到這個區域。

It could be 1.5 or more.

可能是 1.5 或更多。

So that means that it's more profitable.

這意味著它更有利可圖。

Then Anyone else.

然後是其他人。

They are in the very.

他們就在那兒。

How you say swiss spot as in the United States they want to say.

你如何說瑞士斑點就像在美國他們想說的話。

What is the effect on? Nothing because it's good. We are going to make more.

有何效果？沒什麼，因為它很好。我們將會做出更多。

Money for you.

給你錢。

And so.

所以。

We are going to side.

我們要站到一邊。

We shall for sure.

我們一定會的。

To Go very quickly because it will be one of the best fields of inability of Argentina.

很快就能出發，因為這將是阿根廷最好的無能領域之一。

I don't.

我不知道。

Know if I answered the question or you need more details.

知道我是否回答了問題或您是否需要更多詳細資訊。

I we are.

我 我們是。

It's clear. Okay, thank you.

天氣晴朗。好的，謝謝。

I think that's clear.

我認為這很清楚。

On you on this interview that you recently gave on this potential celebration on activities as a whole.

關於您最近接受的關於這次潛在慶祝活動的採訪。

Okay.

好的。

Why I say that in an interview because they asked me in an interview.

我為什麼在訪談中這麼說，是因為他們在訪談中問我。

But there's no idea.

但沒有主意。

It's not the problem for us to do that, so we have delivered what we say.

對我們來說，這樣做沒有問題，所以我們已經履行了我們所說的。

And in everything that we say in 4x4.

我們所說的一切都是 4x4 形式。

We are the deliver.

我們是送貨員。

I answer at that moment because.

我當時就回答，因為。

There are.

有。

People.

人們。

Saying the.

說著。

Market of Argentina.

阿根廷市場。

They say there will be a.

他們說將會有一個。

Reduction in in.

減少。

Some number of risks, but there's no IPS. So I think it's not, I would say not logic and fear that I would say which companies are.

存在一定風險，但沒有 IPS。所以我認為這不是，我想說這不合邏輯，而且我擔心我會說出哪些公司是這樣的。

Reducing the.

減少。

Rates, okay.

價格還行。

Okay, that's you. Thanks.

好的，就是你。謝謝。

Your next question comes from Leonardo Marcondez with Bank of America.

您的下一個問題來自美國銀行的 Leonardo Marcondez。

Hi everyone, thank you for picking my questions. I had 2 from my end. The first one is regarding, the new on this project.

大家好，感謝你們選擇我的問題。我這邊有 2 個。第一個是關於這個專案的新內容。

Could you provide some color?

你能提供一些顏色嗎？

On, your expectations, in terms of timing for the conclusion of the whole phase one.

關於整個第一階段結束的時間，您的期望是什麼？

And also some more details on phase two on what is the total production should be divested from, what is it, representative, and also your expectations in terms of conclusion for the second phase as well.

還有關於第二階段的更多細節，例如總產量應該從哪裡剝離，它是什麼，具有代表性，以及您對第二階段結論的期望。

My second question is regarding the export tariffs for oil, right?

我的第二個問題是關於石油出口關稅的，對嗎？

We have recently seen the government reducing the for other segments.

我們最近看到政府削減了其他領域的資金。

So, is there any expectation or discussion with the government to reduce the export tariffs for oil as well in the short term?

那麼，是否有任何預期或與政府討論在短期內降低石油出口關稅？

Thank you.

謝謝。

Okay.

好的。

Thanks for the question. In let's go by number one Andes. And this one.

謝謝你的提問。讓我們先從第一名的安地斯山脈開始。還有這個。

In number one, and this one, we are finishing. There is only.

在第一點和這一點中，我們即將完成。只存在。

One block that is in Rio Negro that.

位於裡奧內格羅 (Rio Negro) 的一個街區。

Is the expectation.

是期盼。

They.

他們。

Have to be approved by the governor of Rio Negro, but it's in.

必須得到裡奧內格羅州長的批准，但它已經存在了。

The final phase.

最後階段。

And we are out totally out.

我們已經徹底失敗了。

When there is something that I have to explain to, for you that.

當有事需要我向你解釋的時候。

And then we.

然後我們。

We we so we solve everything, but there were two provinces that this one is in Santa Cruz that we are out now because we are no more the owners of the blocks. We are operating for up to up to.

我們解決了所有問題，但是有兩個省，一個是聖克魯斯省，我們現在退出了，因為我們不再是這些街區的所有者。我們的營運期限為至。

December.

十二月。

At most.

最多。

And but we operate for the The.

但我們為 The 運營。

I mean on.

我的意思是繼續。

The.

這。

Com.

公司

The promise company, okay, because they don't have the people to do that, okay, but we are out there.

承諾公司，好吧，因為他們沒有人手來做這件事，好吧，但是我們就在那裡。

In in in Tierra del Fuego that is very small comparing with with Santa Cruz, very small.

與聖克魯斯相比，火地島非常小。

We.

我們。

Are I think next week we can have maybe we can.

我認為下週我們或許可以。

We can have good news because we are in the last phases to to agree with the province, okay?

我們有一個好消息，因為我們正處於與省政府達成協議的最後階段，好嗎？

That.

那。

Is.

是。

Anders one. What is under 2? And the 2 is.

安德斯一號。2 歲以下是？而 2 是。

All the conventional blocks that we have.

我們擁有的所有常規街區。

Left because remember, if you see some interviews, I say that the the goal of all the people that work in YPS.

留下來是因為記住，如果你看到一些採訪，我會說這是所有在 YPS 工作的人的目標。

In the management is to be unconventional company.

在管理上是一家不落俗套的公司。

Next.

下一個。

Year.

年。

And so now we are we are delivering.

所以現在我們正在兌現承諾。

And to sell, they go, you can call core conventional fields.

為了銷售，他們說，你可以調用核心常規領域。

That they.

他們。

Have.

有。

A good result.

好結果。

For conventional, okay.

對於常規來說，好的。

But why we do that? Because we can make more money as as you realize that we have a good portfolio and to invest in Baca Muerta and so this one that they have li lifting cost that is more than $20 per barrel.

但我們為什麼要這麼做呢？因為我們可以賺更多的錢，正如你所意識到的，我們有一個良好的投資組合，並投資於巴卡穆埃爾塔，所以他們的提煉成本超過每桶 20 美元。

It it's not prior it's not.

如果它不是先前的，那麼它就不是。

Priority value. I don't know how to say in English priority for us, because of the profitability.

優先值。我不知道如何用英語表達我們的優先權，因為獲利能力。

And so there is all the others is in or in Mendoza and in Salta. There are oil and gas. The production of all the assets is in the order of 50,000 barrels a day, and production of 2 million cubic meters per day.

其他的都在門多薩和薩爾塔。有石油和天然氣。所有資產的產量約為每天 5 萬桶，每天 200 萬立方公尺。

They all of all of this is in the order.

這一切都是按順序進行的。

Of 8%.

佔8%。

At 2024, okay.

2024 年，好的。

And I, and.

還有我，還有。

I think I answered no the question or.

我想我已經回答了「沒有」這個問題。

I left.

我走了。

Something.

某物。

There is a second one. I work, I am a guy that works in a private company.

還有第二個。我工作，我是一個在私人公司工作的人。

I'm not the guy that regulates the The Argentina tariffs or export tariffs, I don't know that you have to to ask to the government.

我不是負責監管阿根廷關稅或出口關稅的人，我不知道你是否必須向政府詢問。

Very clear, just a follow up on the first question, regarding the second phase in terms of production and representativeness, what should be the impact on the company?

非常清楚，只是針對第一個問題進行跟進，關於第二階段的生產和代表性，對公司應該產生什麼影響？

I said maybe.

我說也許吧。

I, because my English maybe is not good. I know that, okay, but it doesn't matter. The production is 50,000 barrels a day of all together.

我，因為我的英文可能不太好。我知道，好吧，但這並不重要。總產量為每天5萬桶。

And the production of oil. The production.

以及石油的生產。生產。

Of gas is.

氣是。

2 million cubic meters per day.

每天200萬立方米。

The that for all that, all.

那就是一切的一切。

That in figures of.

以數字表示。

2024 that you have is 8, the origin of.

你所擁有的 2024 是 8，的起源。

8%.

8%。

It was more.

還不止這些。

Clear.

清除。

Yeah, no, that's very clear.

是的，不，這很清楚。

Thank you very much.

非常感謝。

Oh.

哦。

Thank you.

謝謝。

Your next question comes from Matthias Karuzzi with ABA.

您的下一個問題來自 ABA 的 Matthias Karuzzi。

Hi, good morning.

嗨，早安。

I have, a question about, the CapEx guidance. You gave us this, 5.0 to 5.2 billion, guidance, with a grant of $72 per barrel. Are you planning on changing that or adjusting, in the upcoming quarters.

我有一個關於資本支出指導的問題。您給了我們 50 億到 52 億美元的指導金額，並提供每桶 72 美元的補貼。您是否計劃在接下來的幾季中改變或調整這一點？

Okay, no.

好的，不。

We are not going to change and also if you have our fears, we are very close to what is our our budget, and we are going to.

我們不會改變，而且如果您有我們的擔憂，我們已經非常接近我們的預算了，而且我們將會改變。

Continue.

繼續。

Okay, thanks. And then.

好的，謝謝。進而。

Could you provide an update, of the, equity contributions, to Vaca Morta EUR in for the upcoming two years?

您能否提供未來兩年對 Vaca Morta EUR 股權貢獻的最新情況？

Sorry.

對不起。

The equity, sorry.

公平，抱歉。

I will pass to Federico.

我將把這個交給費德里科。

They are in charge of all the financing.

他們負責所有融資。

Hi Matt well, basically after the financial close of demos, based on a total investment of 3.1 billion for the project and a 70% debt equity ratio.

嗨，馬特，基本上是在演示的財務結束後，基於該項目 31 億美元的總投資和 70% 的債務股權比率。

The total number for our share of the equity will be in the range of $230 million out of which close to 75 to $76 million have already contributed up to June.

我們所佔股權總額將在 2.3 億美元左右，其中截至 6 月已經出資近 7,500 萬至 7,600 萬美元。

So the remaining amount will be $155 million until COD.

因此，到 COD 為止剩餘金額將為 1.55 億美元。

I would say that at least $50 million will come along 2025 and the rest mainly concentrated in 2026. That will be our disbursement of.

我想說，2025 年將至少有 5,000 萬美元到位，其餘資金主要集中在 2026 年。那將是我們的支出。

Right, thank you.

好的，謝謝。

Your next question comes from Juan Munoz with BTG.

您的下一個問題來自 BTG 的 Juan Munoz。

I thank you for the opportunity, taking my question. The first one is a follow up of the Of the investing of the conventional assets. So, Regarding the proceeds that you expect would fully invests in those assets, if you could provide us a an estimation of those proceeds, that's my first question.

感謝您給我這個機會回答我的問題。第一個是對常規資產投資的跟進。因此，關於您預計將完全投資於這些資產的收益，如果您可以為我們提供這些收益的估算，這是我的第一個問題。

And the second one is regarding the recent acquisition of the shell assets from Total Energy.

第二個是關於最近收購道達爾能源的殼資產。

More a strategic question is, are you seeing the The competitive M&A landscaping Vaca Muerta in the recent months. So that's my two questions.

更具策略性的問題是，您是否看到了瓦卡穆埃爾塔最近幾個月的競爭性併購情況。這就是我的兩個問題。

Thank you.

謝謝。

For a question.

有個問題。

Okay, thank you. I cannot answer. Imagine that if I say what is our expectation, it will be in all the newspaper.

好的，謝謝。我無法回答。想像一下，如果我說出我們的期望是什麼，它就會出現在所有報紙上。

Tomorrow.

明天。

I cannot tell you that, okay?

我不能告訴你這個，好嗎？

But we think that this It's a good number because they are very good assets, but I cannot tell you exactly.

但我們認為這是一個好數字，因為它們是非常好的資產，但我無法確切地告訴你。

In the number, okay.

在數字上，好的。

We do all all all our selling I.

我們做所有的銷售工作。

The thing that we are going to get much more than than the total acquisition, okay.

我們將獲得的遠不止全部收購，好的。

That that is something.

那是某種東西。

That I think I can answer you, okay.

我想我可以回答你，好的。

I cannot, I don't know if I can understand when you say.

我不能，我不知道我是否能理解你所說的話。

Competitive landscape, but in.

競爭格局，但在。

In which sense.

從某種意義上來說。

Do I, how.

我該怎麼辦？

How are you seeing the competition regarding the current assets that are available for sale in in in Baca Muerta right now.

您如何看待目前巴卡穆埃爾塔可供出售的資產的競爭？

Okay, but the, I think there are not a lot more. The company that we have all the, all now all the assets they are all focus in the development, okay.

好的，但是我認為沒有太多了。我們公司現在所有的資產都集中在發展，好的。

.

。

It could be another company.

可能是另一家公司。

Or it could be changed. It's normal, but we don't see that there are more during the, this things, that there's no more during.

或者它可以被改變。這是正常的，但是我們沒有看到在期間有更多這樣的事情發生，也沒有看到在期間沒有這樣的事情發生。

This year at least, okay.

至少今年是這樣。

Okay, thanks.

好的，謝謝。

It's okay.

沒關係。

Okay.

好的。

Your next question comes from Bruno Montanari with Morgan Stanley.

您的下一個問題來自摩根士丹利的 Bruno Montanari。

Hi, good morning. Thanks for taking my questions. I have one follow up and one question on the going back to the total acquisition, can you share with us maybe the timeline for when you would start to invest in the area, and if there is any expectation, just like a quick math, if it's a 500 well inventory. At around $14 million or $15 million per well over the full development, it would be at least around $7.5 billion in CapEx, so I just wanted to know if that makes sense and what type of facilities you would potentially have to invest as well. And the second question is, maybe to, on the financial side, when we look at 2026, the company has some concentration of maturities, especially in domestic bonds. So when would you start to work on the refinancing of the 26 maturities?

嗨，早安。感謝您回答我的問題。關於全面收購，我有一個後續問題，您能否與我們分享您開始在該地區投資的時間表，以及是否有任何預期，就像一個快速的數學題，如果它有 500 口井的庫存。整個開發過程中，每口井的成本約為 1400 萬美元或 1500 萬美元，資本支出至少約為 75 億美元，所以我只是想知道這是否合理，以及您可能需要投資哪些類型的設施。第二個問題是，從財務方面來看，當我們展望 2026 年時，該公司有一些到期日集中度，尤其是國內債券。那麼，您什麼時候開始著手對這 26 個期限的債券進行再融資？

Thank you very much.

非常感謝。

Okay, I will.

好的，我會的。

Answer the first. Federico.

回答第一個。費德里科。

Will answer the 2nd, okay.

我會回答第二個，好的。

With with the total acquisition, our partner is Shell this Shell and the and the province company CMP.

此次收購我們的合作夥伴為殼牌和其子公司CMP。

We are going to have a meeting with them to the, to decide the development, okay, because we are partners, so I cannot say exactly they are, the, we are going to prioritize as much as we can if necessary facilities and also we are talking with companies that.

我們將與他們舉行會議，決定開發事宜，好的，因為我們是合作夥伴，所以我不能確切地說他們的情況，我們將盡可能優先考慮必要的設施，並且我們正在與公司進行談判。

Are near.

很近了。

There so you can get.

這樣你就可以到達那裡。

If you know acamota to have.

如果你知道 acamota 有。

Synergy in the plants in the CPF.

CPF 中植物的協同作用。

Okay, so they are everybody we can reduce the investment for bar. That is our idea, okay.

好的，所以他們每個人都是我們可以減少投資的。這是我們的想法，好的。

The second question I pass to Federico.

第二個問題我交給費德里科。

Hey Bruno, how are you?

嘿，布魯諾，你好嗎？

So looking for refinancing, first we need to work on, let's say what we have for the rest of the year.

因此，在尋求再融資時，首先我們需要努力，比如說我們今年剩餘時間的籌資情況。

Our total let's say refinancing and acquisition finance now for $500 million to be done in this, in other words, we have 1.1 billion of additional debt to be acquired until the end of the year for the acquisition finance, we already issued a bond.

我們現在要完成的再融資和收購融資總額為 5 億美元，換句話說，到今年年底我們還有 11 億美元的額外債務需要償還，為了完成收購融資，我們已經發行了債券。

Last month in the local market for $17 million so more than 30% of the total acquisition is already funded. The rest we have acquisition finance committed, and the rest, I think that will be mostly in the local market. Now looking at the power of financing that we have for 2026.

上個月，該公司在當地市場以 1,700 萬美元的價格收購了該公司的股份，因此，該公司已獲得超過 30% 的收購資金。其餘部分我們已經承諾了收購融資，其餘部分，我認為將主要在本地市場。現在來看看我們為 2026 年所擁有的融資能力。

We have $2.3 billion out of which more than 50% is local and refinancing and only $350 are international bonds, so we are going to be looking at the opportunities that we have in the local markets and in the international market.

我們擁有 23 億美元，其中超過 50% 是本地和再融資，只有 3.5 億美元是國際債券，因此我們將關注本地市場和國際市場上的機會。

Starting, I would say from the last year of this year and also entering into early beginning of next year, for example, as we did in January of 2025.

我想說從今年最後一年開始，一直到明年年初，就像我們在 2025 年 1 月所做的那樣。

But bear in mind that more than 50% of the refinancing required is coming from local bonds.

但請記住，所需再融資的 50% 以上來自地方債券。

Very clear.

非常清楚。

Thank you.

謝謝。

Very much.

非常。

I'm sorry, and so far we have been very successful in refinancing locally. We together with the The dollar bond that we issued last month, we issued another $1 bond for $250 so in total it was $417 million. That is the highest bond ever in the local market. So there is a growing appetite for our paper in the local market.

很抱歉，到目前為止，我們在本地再融資方面非常成功。加上上個月發行的美元債券，我們又發行了另一筆 1 美元債券，面額 250 美元，總計 4.17 億美元。這是當地市場上有史以來最高的債券。因此，當地市場對我們的紙張的需求越來越大。

Cheers, thank you.

謝謝，謝謝。

No one.

沒有人。

The company appreciates the question, but since we are running out of time, we're going to accept one last question from Andres Caronia with Citigroup.

公司很感謝這個問題，但由於時間不多了，我們將接受花旗集團的 Andres Caronia 提出的最後一個問題。

Hi, good morning.

嗨，早安。

Thanks for the opportunity.

感謝有這個機會。

Here in the capital allocation team, I just wondered if you could provide any update about assets that are for the best ex during the and this project.

在資本配置團隊中，我只是想知道您是否可以提供有關該專案期間最佳資產的任何更新。

Maybe you can walk us through the rationale of the strategy of the discounts on the downstream business during nights, how it improves profitability.

也許您可以向我們介紹夜間下游業務折扣策略的原理以及它如何提高獲利能力。

On three volumes, I don't know, just help us to understand the rationale from a profitability perspective.

就三捲而言，我不知道，只是幫助我們從獲利角度理解其基本原理。

Thank you.

謝謝。

Okay.

好的。

Okay, thank you. Now I can answer the first.

好的，謝謝。現在我可以回答第一個問題了。

Question besides.

另外還有問題。

I said in the media several times.

我在媒體上說過多次。

There is also metro we arrive, we will reach the extension that is expected to be this year.

還有地鐵我們到達，我們將到達預計今年的延伸。

And after we are going to be in the market.

之後我們就要進入市場了。

And also there is another.

還有另一個。

One more refinery that we are trying to go out from there with the repinol. Even that refinery is not refining now, but it's closed, but we are seeing how we can go out.

我們正嘗試從那裡向另一家煉油廠供應雷皮諾爾。就連那家煉油廠現在也不再煉油，而是關閉了，但我們正在研究如何走出去。

If we can, okay.

如果可以的話，好吧。

And the second one.

還有第二個。

You didn't deny.

你沒有否認。

Is lovely what we are doing.

我們所做的事情很可愛。

Because you have to.

因為你必須這麼做。

Come here to see what we did. It's amazing. It's unique.

過這裡來看看我們做了什麼。太神奇了。它是獨一無二的。

I would say unique in.

我想說的是獨一無二的。

The Spanish.

西班牙人。

Word it's unique. I don't know, it's in someone else. We have EI for everything, cars.

這個詞很獨特。我不知道，它在別人身上。我們為所有東西，包括汽車，都設立了 EI。

Everything that you want, and we see the demand for each gas pump.

您想要的一切，我們都了解每個加油泵的需求。

You hear me, each gas pump around all.

你聽到我說的了，周圍每個加油泵都有。

Argentina, so we are doing the same as you, okay, so it depends on.

阿根廷，所以我們做的和你們一樣，好的，所以這取決於。

Demand, it depends on ours, and that's that's why we are.

需求取決於我們的需求，這就是我們的存在的原因。

Trying to get more, more.

試著獲得更多，更多。

Profit to YPF.

為 YPF 帶來利潤。

Why at night? Because after we decide and we start seeing something that.

為什麼是晚上？因為在我們做出決定之後，我們開始看到一些事情。

Nobody knows.

沒人知道。

Minute by minute.

一分鐘一分鐘地過去。

We realize at night in the after midnight there is a very low demand.

我們意識到午夜之後的需求非常低。

Which is logical because it's logical at night.

這是合乎邏輯的，因為在晚上這是合乎邏輯的。

People people sleep.

人們人們睡覺。

So, we realized that there our profitability.

所以，我們意識到我們的獲利能力。

Of the gascitation is negative. What is that also.

氣化作用為負值。那又是什麼呢。

Logic, and you have to reduce that to make more, reduce your loss, because.

邏輯，你必須減少它才能賺得更多，減少你的損失，因為。

That is.

那是。

An essential service you cannot close because it's by law.

這是一項基本服務，您不能關閉，因為這是法律規定的。

And also it's logical that you have to be open at night.

而且晚上營業也是合乎邏輯的。

So what we did is to reduce and it's amazing the response of the people because our market share increased a lot and our in one month, we reduced the loss at 50%, 50%. And our incremental demand during the 90s, more than 30% around all Argentina.

因此，我們所做的就是減少損失，人們的反應令人驚訝，因為我們的市佔率增加了很多，而且在一個月內，我們將損失減少了 50%，50%。我們在 90 年代的需求增量，超過了整個阿根廷的 30%。

Argentina.

阿根廷。

And also there is some provinces that they are more in and there are more other than much more elastic and so we are playing with that. It's amazing.

而且，有些省份的情況比較多，而且彈性也更大，所以我們正在利用這一點。太神奇了。

I would, I'm not doing that job, but if I were 25, I would like to work there.

我會的，我沒有做那份工作，但如果我 25 歲，我願意在那裡工作。

I want to work more there than I was working in my life in the beginning of my career in reservoir. I tell you that it's.

我希望在那裡工作的時間比我職業生涯初期在水庫工作的時間還要多。我告訴你確實如此。

Amazing what they are doing.

他們所做的事情令人驚奇。

Thank you.

謝謝。

That concludes our Q&A session. I'll now turn the conference back over to Horacio Mereinn for closing remarks.

我們的問答環節到此結束。現在我將會議交還給 Horacio Mereinn 並請他致閉幕詞。

Okay, thank you.

好的，謝謝。

For all the questions. Really we are proud of what we are doing in YPF.

對於所有問題。我們確實為在 YPF 所做的事情感到自豪。

We are working very hard. In fact, I am today with infection and I was coming all day long, all the week with infection because I love doing YPF. I love what we are doing. I like what people are response in the profitability in all the company. And.

我們正在非常努力地工作。事實上，我今天感染了，而且我整天、整個星期都感染了，因為我喜歡做 YPF。我熱愛我們正在做的事情。我喜歡人們對整個公司獲利能力的反應。和。

So thank you very much. We will see you in 3 months.

非常感謝。我們將在三個月後與您見面。

But no.

但事實並非如此。

We will be talking.

我們將會談論。

3 months, okay.

3個月，好的。

This concludes today's conference call. You may now disconnect.

今天的電話會議到此結束。您現在可以斷開連線。