YPF SA (YPF) 2026 Q1 法說會逐字稿

Hello, everyone. Thank you for joining us, and welcome to YPF first-quarter 2026 earnings presentation. After today’s prepared remarks, we will host a question and answer session. (Operator Instructions)

各位好。感謝各位加入，歡迎參加 YPF 2026 年第一季財報簡報。在今天的預先準備發言之後，我們將進行問答環節。（接線員指示）

I will now hand the conference over to Margarita Chun, Investor Relations Manager. Margarita, please go ahead.

我現在把會議交給投資人關係經理 Margarita Chun。Margarita，請開始。

Good morning, ladies and gentlemen. This is Margarita Chun, YPF’s IR Manager. Thank you for joining us today in our first-quarter 2026 earnings call.

各位女士、先生，早安。我是 YPF 的投資人關係經理 Margarita Chun。感謝各位今天參加我們 2026 年第一季財報電話會議。

Before we begin, please consider our cautionary statement on slide 2. Our remarks today and answer 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. Our financial figures are stated in accordance with IFRS, but during the presentation, we might discuss some non-IFRS measures such as adjusted EBITDA. Today’s presentation will be conducted by our Chairman and CEO, Mr. Horacio Marín; our Finance Vice President, Mr. Pedro Kearney; and our Strategy, New Businesses, and Controlling Vice-President, Mr. Maximiliano Westen.

在開始之前，請留意投影片第 2 頁的警語聲明。我們今天的發言以及對各位問題的回覆可能包含前瞻性陳述，該等陳述受風險與不確定性影響，可能導致實際結果與這些陳述所預期者出現重大差異。我們的財務數據係依據 IFRS 編製，但在簡報過程中，我們可能會討論某些非 IFRS 指標，例如調整後 EBITDA。今天的簡報將由本公司董事長兼執行長 Horacio Marín 先生、財務副總裁 Pedro Kearney 先生，以及策略、新事業與控管副總裁 Maximiliano Westen 先生共同進行。

During the presentation, we will go through the main aspects and events that shape Q1 results, and finally, we will open the floor for Q&A session together with our management team.

在簡報中，我們將說明形塑第一季業績的主要面向與事件，最後將與管理團隊一同開放問答時間。

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

我現在把電話會議交給 Horacio。請開始。

Thank you, Margarita, and good morning, everyone. We are glad to report a robust beginning of the year across our key operational and financial metrics, delivering on our ambition and guidance for the year. Let me translate the key milestones of the quarter into numbers.

謝謝你，Margarita，各位早安。我們很高興報告，今年一開始在關鍵營運與財務指標上即展現強勁表現，並落實我們對全年目標與指引的企圖。讓我把本季的關鍵里程碑用數字呈現。

Revenues were $4.95 billion, growing 9% quarter-over-quarter, primarily explained by the rising trend of international prices since March, coupled with our policy to align domestic prices of gasoline and diesel with international parities. On a yearly basis, revenue increased by 7%, reflecting a strong local fuel demand and record-high refinery processing level. Adjusted EBITDA for the quarter amount to nearly $1.6 billion, represented the highest first-quarter level in YPF’s history, with an outstanding margin of 32%. This represents an increase of 24% and 28% on a sequential and interannual basis, materially exceeding revenue expansions.

營收為 49.5 億美元，較前一季成長 9%，主要原因是自 3 月以來國際價格走升的趨勢，加上我們將國內汽油與柴油價格與國際平價接軌的政策。以年為基礎，營收增加 7%，反映本地燃料需求強勁以及煉油廠處理量創歷史新高。本季調整後 EBITDA 接近 16 億美元，創下 YPF 歷史上第一季最高水準，且利潤率達到亮眼的 32%。相較前一季與去年同期，分別增加 24% 與 28%，增幅明顯高於營收成長。

The main factor that explained this growth was higher shale oil production, improved pricing dynamics, and the cost matrix transformation of the upstream segment, now focused on the shale business. On the production side, our shale oil output reached 205,000 barrels per day. That mark represents an increase of 5% versus last quarter and a remarkable growth of 39% against a year ago, representing 76% of our total oil production. This milestone positions us on track to achieve our full-year target of approximately 215,000 barrels per day with a December exit rate of 250,000 barrels per day. In addition, let me highlight several operational efficiencies achieved during the first month of the year.

推動此成長的主要因素為頁岩油產量提升、定價動能改善，以及上游事業部成本結構轉型（目前聚焦於頁岩業務）。在產量方面，我們的頁岩油產量達到每日 205,000 桶。此數字較上季增加 5%，較去年同期大幅成長 39%，並占我們總原油產量的 76%。這項里程碑使我們有望達成全年約每日 215,000 桶的目標，並在 12 月達到每日 250,000 桶的退出產量（exit rate）。此外，我也要強調今年第一個月達成的多項營運效率提升。

First, we set a new fracturing record during the first quarter, pumping continually for almost 110 hours and completing 52 stages in less than 5 days on a pad at Loma Campana field. Moreover, in April, we signed a strategic agreement with the service company Halliburton to incorporate four fracturing sets in Vaca Muerta through a new electrical fracturing technology. This new contract transformed YPF into the first company outside the US to develop this technology, improving efficiency by reducing the use of diesel engine, saving costs of the operation.

首先，我們在第一季創下新的壓裂紀錄：在 Loma Campana 油田的一個井場（pad）上，連續泵注近 110 小時，並在不到 5 天內完成 52 個段次（stages）。此外，在 4 月，我們與服務公司 Halliburton 簽署策略協議，透過新的電動壓裂技術在 Vaca Muerta 導入四套壓裂設備。這份新合約使 YPF 成為美國以外首家開發此技術的公司，透過降低柴油引擎使用來提升效率並節省作業成本。

In terms of investment, we deployed nearly $1 billion during Q1, with 78% allocated to our conventional operations. On a sequential basis, CapEx decreased by 10%, primarily due to increased maintenance activities in the downstream segment during Q4 2025, and it’s a lower pace of investment in upstream facilities. Interannually, the lower investment is explained by the reduced exposure to conventional assets and the impact of one-off item booked last year to secure several unconventional concessions. Consistent with the production expansion expected for the rest of the year, we expect to accelerate capital deployment in the following quarters, reaffirming our guidance of the year in the range of $5.5 billion to $5.8 billion.

在投資方面，我們於第一季投入近 10 億美元，其中 78% 配置於我們的傳統業務。以季為基礎，資本支出（CapEx）下降 10%，主要由於 2025 年第四季下游部門維修活動增加，以及上游設施投資步調放緩。以年為基礎，投資下降主要是因為對傳統資產曝險降低，以及去年為取得多項非常規特許權而入帳的一次性項目影響。配合今年其餘期間預期的產量擴張，我們預期在接下來幾季加速資本投入，並重申全年指引為 55 億至 58 億美元。

Finally, let me point out that a standout result of the quarter was our free cash flow, which read an outstanding $871 million. This mark represented an improvement of $1.8 billion against a year ago. This exceptional cash generation was supported by our strong operating performance and the collection of a strategic M&A proceeds of around $500 million. As a result, our net levered ratio improved to 1.57 times, down from 1.9 times in Q4 '25. Let me recall that in Q3 '25, we reached the peak of 2.1 times, driven by the M&A of buying new Vaca Muerta assets.

最後，我要指出本季一項突出的成果是自由現金流，達到亮眼的 8.71 億美元。此數字較去年同期改善 18 億美元。這項卓越的現金創造能力，來自我們強勁的營運表現，以及約 5 億美元的策略性併購（M&A）款項回收。因此，我們的淨槓桿比率改善至 1.57 倍，低於 2025 年第四季的 1.9 倍。回顧 2025 年第三季，我們的淨槓桿比率曾達到 2.1 倍高峰，主要受併購新增 Vaca Muerta 資產所致。

Before moving into the financial detail of the quarter, I would like to address a significant commercial decision announced at the beginning of April regarding our local fuel pricing strategy. Due to a sharp increase in international prices, driven by the ongoing conflicts in the Middle East, during March, we were able to largely pass through this increase at the pump. However, in the last week of March, demand began to show signs of contraction for the first time in a while, particularly in gasoline.

在進入本季財務細節之前，我想先說明我們於 4 月初宣布的一項重要商業決策，內容與本地燃料定價策略有關。由於中東持續衝突帶動國際價格在 3 月大幅上升，我們在加油站端基本上得以將此漲幅轉嫁。然而，在 3 月最後一週，需求開始出現一段時間以來首次收縮的跡象，尤其是汽油。

In response, in April, YPF decided to temporarily postpone further pass-through of international prices increases to customers for a period of 45 days. This mechanism operates as a buffer, enabling the reduction of the gap between local prices and import parities after this period by recovering the buffer compensation through additional pump price. Importantly, let me clarify that this decision was made proactively with our own initiative by analyzing supply and demand by our commercial real-time intelligence center without any government interference and was subsequently adopted by all major operators in the industry. The final objective of this commercial decision was to mitigate potential adverse effect in local demand while reaffirming our import parity strategy in a free market environment. It’s also worth noting that during April, YPF maintained a very competitive fuel price level.

因此，YPF 於 4 月決定在 45 天期間內，暫時延後將國際價格上漲進一步轉嫁給客戶。此機制作為緩衝，讓我們在期滿後可透過回收緩衝補償（以額外的加油站價格調整）來縮小本地價格與進口平價之間的差距。重要的是，我要澄清此決策是我們主動提出，係由商業即時情報中心分析供需後所做，並無任何政府干預；之後也被產業內所有主要業者採用。此商業決策的最終目的，是在自由市場環境下，在重申我們進口平價策略的同時，降低對本地需求可能造成的不利影響。另外值得一提的是，4 月期間 YPF 維持了非常具競爭力的燃料價格水準。

Moreover, in April, according to our preliminary figures, our Midstream and Downstream segment reached a very healthy adjusted EBITDA margin of around $24 per barrel. The 45-day period will end around mid-May, at which point we will assess the evolution of Middle East situation, international prices, domestic demand, and microeconomic condition.

此外，根據我們 4 月的初步數據，中游與下游部門的調整後 EBITDA 利潤率達到約每桶 24 美元的健康水準。這 45 天期間將於 5 月中旬左右結束，屆時我們將評估中東局勢、國際價格、國內需求以及總體經濟狀況的變化。

I would like to dedicate a few minutes to share with you the successful development of La Angostura Sur, a block that, in our view, perfectly captures what YPF is capable of when we combine operational excellence with a strategic vision. Just 18 months ago, La Angostura Sur produced 2,000 barrels per day of shale oil. Today, it’s producing approximately 55,000 barrels per day. This remarkable ramp-up is roughly 25 times growth in one year and a half.

我想花幾分鐘與各位分享 La Angostura Sur 的成功開發；在我們看來，這個區塊完美展現了當我們將營運卓越與策略願景結合時，YPF 所能達成的成果。就在 18 個月前，La Angostura Sur 的頁岩油產量為每日 2,000 桶。如今，其產量約為每日 55,000 桶。這一顯著的爬坡增長，相當於在一年半內約 25 倍的成長。

Moreover, La Angostura Sur is now ranked as the number 5 Vaca Muerta block, and it currently represents approximately 25% of YPF total shale oil production. What makes this block even more compelling from an investment standpoint is its economics. With a break-even price below $40 per barrel, lifting cost of around $3 per barrel, and a development level of approximately 19%, there is substantial upside here and an unconventional concession value through 2059. Our plateau target for this block is approximately 100,000 barrels per day.

此外，La Angostura Sur 目前在 Vaca Muerta 各區塊中排名第 5，並且目前約占 YPF 頁岩油總產量的 25%。從投資角度來看，使該區塊更具吸引力的是其經濟性。在每桶低於 40 美元的損益兩平油價、每桶約 3 美元的開採成本，以及約 19% 的開發程度下，這裡仍有可觀的上行空間，且非常規特許權價值可延續至 2059 年。我們對該區塊的穩產平台目標約為每日 100,000 桶。

We have 100% of the equity stake in La Angostura Sur. This means YPF capture the full value of this world-class asset. La Angostura Sur is not just a production story, it’s a proof of concept. It demonstrated YPF’s ability to rapidly develop Vaca Muerta at scale with capital discipline at competitive cost. We are committed to replicating this model across our portfolio.

我們持有 La Angostura Sur 100% 的股權。這意味著 YPF 能夠取得這項世界級資產的全部價值。La Angostura Sur 不僅是一個產量故事，更是一個概念驗證。它證明了 YPF 能以具資本紀律、具競爭力的成本，在規模化條件下快速開發 Vaca Muerta。我們致力於在整體資產組合中複製此一模式。

Now, I turn the call to Pedro to analyze in detail our financial results.

現在，我把電話會議交給 Pedro，請他詳細分析我們的財務結果。

Thank you, Horacio, and good morning to you all. Let me walk through our consolidated financial results for the first quarter of 2026. The headline is clear: This was a quarter of exceptionally strong free cash flow, which drove and accelerated the leveraging of our balance sheet, fueled by strategic M&A collections and a strong adjusted EBITDA. As Horacio briefly explained, M&A activity resulted in a net contribution of $504 million to the cash flow of the quarter. This was mainly driven by the final proceeds from the Profertil divestiture, totaling approximately $410 million. Additionally, during the quarter, we received about $85 million as partial payment from the sale of the conventional Manantiales Behr field. Total price of this field amounted $410 million, with an earnout of up to $40 million.

謝謝你，Horacio，各位早安。我將帶各位回顧我們 2026 年第一季的合併財務結果。重點很清楚：本季自由現金流異常強勁，推動並加速了我們資產負債表的去槓桿化，主要受策略性併購與資產處分款項回收，以及強勁的調整後 EBITDA 所帶動。如 Horacio 簡要說明，併購（M&A）活動使本季現金流淨增加 5.04 億美元。這主要來自 Profertil 資產處分的最終款項，合計約 4.10 億美元。此外，本季我們也收到約 8,500 萬美元，作為出售傳統 Manantiales Behr 油田的部分款項。該油田總價為 4.10 億美元，另有最高 4,000 萬美元的或有對價（earnout）。

The remaining balance is expected to be collected throughout the rest of this year, 2027, and 2028. These proceeds were partially offset by an initial payment of $16 million related to the acquisition of a portion of Equinor assets in Vaca Muerta through a joint venture with Vista Energy, which was closed yesterday and resulted in a total price of around $204 million. Together with upcoming divestment of Metrogas and the remaining conventional assets from the Andes 2 program, these transactions will further strengthen our financial position and provide greater flexibility to focus on our most profitable core business, Vaca Muerta.

其餘款項預計將在今年剩餘期間，以及 2027 年與 2028 年陸續收取。上述款項部分被一筆 1,600 萬美元的初始付款所抵銷，該付款與我們透過與 Vista Energy 的合資企業收購 Equinor 在 Vaca Muerta 的部分資產相關；該交易於昨日完成，總價約 2.04 億美元。連同即將進行的 Metrogas 資產處分，以及 Andes 2 計畫中剩餘的傳統資產處分，這些交易將進一步強化我們的財務狀況，並提供更大的彈性，使我們能聚焦於最具獲利性的核心業務——Vaca Muerta。

The solid free cash flow evolution was also driven by our outstanding performance in all our operations, navigating international volatility and profitable margins and cost efficiencies, as well as operating refineries at full capacity and continually expanding our shared operation. As a result, the higher first-quarter adjusted EBITDA comfortably covered investment and interest payment of the quarter. As a result, this substantial improvement in operational cash flow for the quarter led to an increase in the company’s liquidity, which ended at $1.7 billion as of the end of March 2026, representing an improvement of $500 million during the quarter.

自由現金流的穩健成長，也來自我們在各項營運上的卓越表現：在國際市場波動下仍維持具利潤的毛利與成本效率，同時讓煉油廠滿載運轉，並持續擴大我們的共享營運。因此，第一季較高的調整後 EBITDA 充裕地覆蓋了本季的投資與利息支付。因此，本季營運現金流的大幅改善帶動公司流動性提升；截至 2026 年 3 月底，流動性達 17 億美元，較本季增加 5 億美元。

Turning to our financial situation, let me highlight that YPF’s balance sheet is on a strong and improving trajectory with a solid liquidity position and very manageable debt maturities. In terms of financing, we reconfirm our strong access to the capital markets by raising in the first quarter, nearly $1 billion across international and local markets, as well as bank credit facilities at attractive financing costs.

談到我們的財務狀況，我想強調，YPF 的資產負債表正處於強勁且持續改善的軌道上，具備穩健的流動性部位，且債務到期結構非常可控。在融資方面，我們再次確認對資本市場的強勁進入能力：第一季我們在國際與本地市場合計籌資近 10 億美元，並取得具吸引力融資成本的銀行授信額度。

In the international capital market, during the first quarter, we successfully re-tapped our 2034 bond, adding $550 million at a yield of 8.1%, representing the lowest rate secured by YPF in the international market in the last nine years. Moreover, we have been very active in the local capital market during the first four months of 2026. We successfully issued around $285 million in two local US dollars MEP bonds, $161 million at a three-year tenure with a yield of 6.5%, and $122 million at a four-year tenure with an outstanding yield of 5.5%.

在國際資本市場方面，第一季我們成功加碼（re-tap）2034 年到期債券，新增發行 5.50 億美元，殖利率 8.1%，為 YPF 過去九年在國際市場取得的最低利率。此外，2026 年前四個月我們在本地資本市場也非常活躍。我們成功發行約 2.85 億美元的兩檔本地美元 MEP 債券：其中 1.61 億美元為三年期、殖利率 6.5%；另 1.22 億美元為四年期、殖利率優異達 5.5%。

Regarding financial and trade-related loans, in February, we were able to partially refinance a local syndicated loan for $176 million, extending additional 36 months its average life. Moreover, this financing strategy, combined with a significant positive free cash flow generated in the first quarter, enabled the company to proactively refinance existing facilities. During the first four months of the year, we prepaid approximately $750 million in debt obligations scheduled to mature between the remainder of 2026 and 2028, optimizing our capital structure and lowering our average cost of debt.

就金融與貿易相關貸款而言，2 月我們得以對一筆 1.76 億美元的本地聯貸進行部分再融資，將其平均存續期間再延長 36 個月。此外，這項融資策略結合第一季所產生的顯著正向自由現金流，使公司得以主動再融資既有融資安排。在今年前四個月，我們提前償還約 7.50 億美元原定於 2026 年剩餘期間至 2028 年到期的債務，藉此優化資本結構並降低平均債務成本。

Looking at our debt maturity profile, the remaining maturities for 2026 total approximately $1 billion, primarily composed of around $600 million in local bonds, of which we have already proactively repurchased $100 million as a hedge strategy of our liquidity position, around $300 million of international bonds, and the rest corresponding to other local debt. We are well-prepared to meet our debt obligations for this year, supported by the substantial liquidity generated during the first quarter at $1.7 billion.

從債務到期結構來看，2026 年剩餘到期金額合計約 10 億美元，主要包括約 6 億美元的本地債券（其中我們已主動回購 1 億美元，作為流動性部位的避險策略）、約 3 億美元的國際債券，其餘則為其他本地債務。在第一季產生的 17 億美元充裕流動性支持下，我們已充分準備履行今年的債務義務。

Finally, it’s worth noting the evolution of the company’s net leverage ratio. As of the end of the first quarter, our net leverage ratio stood at 1.57 times, down 25% from its peak of 2.1 times, reached in the third quarter of 2025. The trend is clearly positive, and we expect continued improvement throughout the year as cash generation remains strong.

最後，值得一提的是公司淨槓桿比率的變化。截至第一季末，我們的淨槓桿比率為 1.57 倍，較 2025 年第三季達到的高點 2.1 倍下降 25%。趨勢明顯正向，我們預期隨著現金創造能力維持強勁，全年將持續改善。

I am now turning to Max to go through our operational performance.

我現在把會議交給 Max，請他說明我們的營運表現。

Thank you, Pedro, and good morning, everyone. Let me start by taking a closer look at our upstream performance. Shale oil continued achieving new record high levels in the first quarter, reaching 205,000 barrels per day, a 5% sequential increase and a 39% year-over-year improvement. As Horacio mentioned before, this achievement was primarily driven by the outstanding performance of La Angostura Sur Block, which has shown exponential production growth in the recent months. These production levels are fully aligned with our plan, keeping us on track to meet our production targets of the year. The strong shale oil production growth fully offsets the continuous divestment from conventional oil fields, which declined more than 45% interannually, recording 66,000 barrels per day in the first quarter.

謝謝你，Pedro，各位早安。我先從上游業務表現更深入地談起。第一季頁岩油產量持續創下新高，達到每日 205,000 桶，較前一季成長 5%，較去年同期提升 39%。如 Horacio 先前提到，這項成果主要由 La Angostura Sur 區塊的卓越表現所帶動，該區塊近幾個月產量呈指數型成長。這些產量水準完全符合我們的計畫，使我們得以按部就班達成年度產量目標。頁岩油產量的強勁成長，完全抵銷了我們持續處分傳統油田所帶來的下滑；傳統油田產量較去年同期下降逾 45%，第一季為每日 66,000 桶。

On a pro forma basis, excluding the recently divested assets, Manantiales Verdes, Malargüe, and Tierra del Fuego blocks, our conventional production would have averaged only about 35,000 barrels per day by March. As a result, we continue delivering meaningful savings across our cost matrix, demonstrating a remarkable 42% year-over-year reduction in our upstream lifting costs, which dropped to $8.8 per BOE in the first quarter. Furthermore, excluding divested assets, pro forma lifting cost would have averaged around $8 per BOE.

以備考（pro forma）基礎計算，排除近期已處分的 Manantiales Verdes、Malargüe 及 Tierra del Fuego 區塊資產後，截至 3 月我們的傳統油氣產量平均僅約 35,000 桶/日。因此，我們持續在成本結構各面向交付具實質意義的節省，展現上游舉升成本年減 42% 的顯著降幅，第一季已降至每 BOE 8.8 美元。此外，若排除已處分資產，以備考口徑計算的舉升成本平均約為每 BOE 8 美元。

Zooming into our shale oil hub blocks, lifting costs reach best-in-class levels of $4 per BOE, primarily driven by significant cost efficiencies in pulling activities, especially in the Loma Campana Block, as well as the growing share of La Angostura Sur blocks in our production portfolio, which notably has a lifting cost of around $3 per BOE, the lowest among all YPF fields.

聚焦我們的頁岩油樞紐區塊，舉升成本達到同業最佳水準的每 BOE 4 美元，主要受益於抽汲（pulling）作業的顯著成本效率提升，尤其是在 Loma Campana 區塊；同時，La Angostura Sur 區塊在我們產量組合中的占比提高亦帶來助益，該區塊舉升成本約每 BOE 3 美元，為 YPF 所有油田中最低。

On the other hand, the natural gas production averaged 32.8 million cubic meters per day, down 12% year-over-year, mainly reflecting our continued exit from mature conventional fields, partially offset by shale gas expansion. Finally, let me highlight that on April 23, 2026, the shareholders’ meeting of VMOS approved the allocation to YPF of 44,000 barrels per day of additional available capacity of the pipeline. With this decision, YPF’s stake in VMOS increases from around 25% to 30%, which is key to supporting the company’s production growth in the coming years.

另一方面，天然氣產量平均為每日 3,280 萬立方公尺，年減 12%，主要反映我們持續退出成熟的傳統油氣田，部分由頁岩氣擴張所抵銷。最後，我想強調，VMOS 於 2026 年 4 月 23 日召開的股東會，核准將管線新增可用運能中的 44,000 桶/日分配給 YPF。在此決議下，YPF 在 VMOS 的持股由約 25% 提升至 30%，這對於支撐公司未來數年的產量成長至關重要。

In addition, Oldelval is expected to expand its transportation capacity by roughly 150,000 barrels per day by year-end through upgrades to pumping stations and using polymers. Of this incremental capacity, YPF will hold around 40,000 barrels per day and will support higher volumes of YPF’s shale oil to our La Plata refinery. Overall, these results reconfirm our upstream strategy robustness, shale oil driving higher efficiency by reducing lifting costs and sustaining a more resilient production output.

此外，Oldelval 預計將於年底前透過泵站升級及使用聚合物，使其運輸能力擴增約 150,000 桶/日。在這部分新增運能中，YPF 將持有約 40,000 桶/日，並將支援更多 YPF 的頁岩油運往我們的 La Plata 煉油廠。整體而言，這些成果再次印證我們上游策略的穩健性：頁岩油透過降低舉升成本帶動更高效率，並維持更具韌性的產量表現。

Now, let me share the progress achieved in terms of productivity and operational efficiencies in our upstream segment, where the continuous improvement in drilling and completion efficiency has positioned YPF as the best-in-class operator in Vaca Muerta. Our drilling speed in our shale oil hub reached 364 meters per day in the first quarter, reaching a 12% improvement compared to 2025. Moreover, our unconventional fracturing speed amounted to 11.2 stages per set per day, growing 15% compared to 2025, supported by a 10% increase in pumping hours to an average of 18.5 hours per day in the first quarter.

接下來，我分享我們上游部門在生產力與營運效率方面取得的進展；鑽井與完井效率的持續改善，使 YPF 成為 Vaca Muerta 的同業最佳營運商。第一季我們在頁岩油樞紐的鑽井速度達到每日 364 公尺，較 2025 年提升 12%。此外，我們的非常規壓裂速度達到每日每套 11.2 個段（stages），較 2025 年成長 15%；第一季平均每日泵送時數提升 10% 至 18.5 小時，亦提供支撐。

This performance reflects lower non-productive time and greater operational consistency. In this sense, let me highlight that in January, we drilled a new horizontal well in just 10 days in La Amarga Chica Block, reaching a drilling speed of 520 meters per day. Faster drilling and fracturing means more wells completed in less time, which directly translates into faster production ramp-up and lower costs per well. One of the most important efficiency levers we have been developing is the transition to longer horizontal well design. We have moved from a standard horizontal length of around 3,000 meters in the previous years to nearly 3,450 meters in the first quarter of 2026.

此表現反映非生產時間降低，以及更高的營運一致性。在此我想強調，1 月我們在 La Amarga Chica 區塊僅用 10 天即鑽成一口新的水平井，鑽井速度達到每日 520 公尺。更快的鑽井與壓裂意味著能在更短時間內完成更多井，直接轉化為更快的產量爬坡與更低的單井成本。我們正在推動的最重要效率槓桿之一，是轉向更長的水平井設計。我們已從前幾年約 3,000 公尺的標準水平段長度，提升至 2026 年第一季接近 3,450 公尺。

Finally, we would like to highlight the continued strengthening of our relationships with key suppliers. In this context, in April, we signed a five-year contract with Halliburton for electric fracturing services, combining electrification and automation to boost efficiency, maintaining greater operational consistency, and helping to reduce emissions intensity.

最後，我們也要強調與關鍵供應商關係的持續強化。在此背景下，我們於 4 月與 Halliburton 簽署為期五年的電動壓裂服務合約，結合電氣化與自動化以提升效率、維持更高的營運一致性，並有助於降低排放強度。

Moving to our midstream and downstream segment, our processing levels averaged 344,000 barrels per day in the first quarter, growing by 3% sequentially and 8% interannually, and setting another record high processing level. This exceptional performance was coupled with record production of premium gasoline and middle distillates, allowing us to avoid imports, supply local peers, and export to neighboring countries.

轉到我們的中游與下游部門，第一季加工量平均為 344,000 桶/日，季增 3%、年增 8%，再度創下加工量新高紀錄。這項卓越表現同時伴隨高級汽油與中間餾分油品的創紀錄產量，使我們得以避免進口、供應本地同業，並出口至鄰近國家。

Regarding domestic sales of gasoline and diesel, dispatch volumes declined by 3% quarter-over-quarter due to seasonality. On a year-over-year basis, gasoline and diesel volumes grew by 8%, supported by stronger demand across all commercial segments, particularly in the agribusiness. As a result, we maintained a solid 57% market share fully in line with our historical levels, which increases up to 60% when including gasoline and diesel produced by YPF and dispatched through third-party gas stations.

就國內汽油與柴油銷售而言，受季節性影響，出貨量較上季下滑 3%。以年對年來看，汽油與柴油銷量成長 8%，受惠於各商業客群需求走強，尤其是農業商務（agribusiness）。因此，我們維持穩健的 57% 市占率，完全符合歷史水準；若納入 YPF 生產並透過第三方加油站出貨的汽油與柴油，市占率可提升至 60%。

Turning to our pricing strategy, local fuel prices increased by 12% sequentially, primarily reflecting the rally in international reference prices that began in March, which were largely passed through the prices at the pump. Importantly, as Horacio explained earlier, fuel demand during late March fell by 10% approximately compared to early March, which supported our decision to temporarily delay further pass-through of international price increases to the local market for 45 days. In addition, following the price adjustments recorded in March, during April, fuel prices remained competitive.

談到我們的定價策略，本地燃油價格季增 12%，主要反映 3 月開始的國際參考價格上漲，且多數已反映至加油站零售價格。重要的是，如 Horacio 先前所說，3 月下旬的燃油需求相較 3 月上旬約下降 10%，因此我們決定暫時延後將國際價格上漲進一步轉嫁至本地市場 45 天。此外，在 3 月的價格調整之後，4 月燃油價格仍維持具競爭力。

Lastly, our midstream and downstream adjusted EBITDA margin remained strong at $19.1 per barrel in the first quarter. This margin further strengthened to about $24 per barrel in April, driven by elevated processing volumes and the effective pricing strategy outlined earlier.

最後，我們中游與下游的調整後 EBITDA 利潤率在第一季仍維持強勁，為每桶 19.1 美元。在 4 月，受加工量維持高檔以及前述有效定價策略帶動，該利潤率進一步提升至約每桶 24 美元。

I am now turning to Horacio for updates regarding Argentina LNG and final remarks.

我現在把時間交給 Horacio，請他更新阿根廷 LNG 的進展並做最後總結。

Thank you, Max. Finally, let me share updates on the LNG projects, the most transformational initiative in YPF’s history that is making solid progress on all fronts. Regarding the CESA tolling phase, in which YPF holds a 25% equity stake, during the first quarter, CESA signed an SPA for an LNG supply partnership with SEFE, an international energy company based in Germany. This strategic agreement covers a period of 8 years for 2 million ton per year starting in late 2027, representing around 30% of CESA total capacity, which correspond to the total capacity of the first vessel, Gimi. In parallel, CESA award the engineering and construction contract for the 480 kilometers gas pipeline, and has been advancing on the project finance of the project.

謝謝你，Max。最後，我分享 LNG 專案的最新進展；這是 YPF 歷史上最具變革性的倡議，且在各方面都取得扎實進展。就 CESA 的代工（tolling）階段而言，YPF 持有 25% 股權；第一季 CESA 與德國一家國際能源公司 SEFE 簽署 LNG 供應合作的 SPA。此策略性協議涵蓋 8 年期、每年 200 萬噸，自 2027 年底開始，約占 CESA 總產能的 30%，相當於第一艘船舶 Gimi 的全部產能。同時，CESA 已授予 480 公里天然氣管線的工程與建造合約，並持續推進該專案的專案融資。

Turning to Argentina LNG project, as flagged on our previous earnings call, this project contemplates the development, design, construction, and operation of a fully integrated LNG condensate and NGL facilities. The founding partners are YPF, Eni, and XRG, an international energy investment arm of ADNOC. The project contemplates a total investment, excluding the upstream segment, of approximately $24 billion, which includes the financial cost associated with the funding structure. These figures constitute an upward adjustment versus the most recent CapEx disclosed during the fourth-quarter '25 result presentation. However, this adjustment reflects a strategic reallocation of investment between the upstream and midstream businesses, further optimizing the aggregate CapEx of the integrated project.

轉到 Argentina LNG 專案，如同我們在上一季法說會所提示，該專案規劃開發、設計、建造並營運一套完整整合的 LNG 凝析油（condensate）與 NGL 設施。創始合作夥伴為 YPF、Eni，以及 XRG（ADNOC 旗下的國際能源投資部門）。該專案在不含上游部門的情況下，總投資約 240 億美元，其中包含與融資架構相關的財務成本。相較於我們在 2025 年第四季業績簡報中揭露的最新資本支出（CapEx），上述數字屬於上修。然而，此調整反映上游與中游業務之間的策略性投資重新配置，進一步優化整合型專案的整體資本支出（CapEx）。

Since the beginning of this year, we have been actively advancing the project financing process. In this context, we conducted a comprehensive market sounding exercise to assess investors’ appetite. The response was very strong when interested from approximately 50 institutional investors and cumulative initial appetite exceeding the project financial requirement, reaffirming the project financial viability.

自今年年初以來，我們一直積極推進專案融資流程。在此背景下，我們進行了全面的市場試探（market sounding），以評估投資人意願。回應非常強勁，約有50家機構投資人表達興趣，累計初步意向金額超過專案的資金需求，再次確認了該專案在財務上的可行性。

In addition, during the quarter, we have been diligently developing both our commercial and procurement strategies. On the commercial front, we launched a competitive bidding process, and the market response was very positive, far exceeding our initial expectation and demonstrating robust demand. On the procurement side, we are actively advancing the engineering phase for the various procurement packages required for the project. Our goal is to ensure that all necessary preparation are in place to enable a final investment decision by year-end. Moreover, last month, the province of Neuquén approved the assignment of Pluspetrol 50% interest to YPF in the three wet gas block identified to develop the Argentina LNG project.

此外，在本季度期間，我們也持續且審慎地制定商務與採購策略。在商務方面，我們啟動了競爭性招標流程，市場反應非常正面，遠超出我們的初始預期，顯示需求強勁。在採購方面，我們正積極推進專案所需各項採購包的工程階段。我們的目標是確保所有必要準備就緒，以便在年底前做出最終投資決策。此外，上個月，內烏肯（Neuquén）省批准將Pluspetrol在三個已識別、用於開發阿根廷LNG專案的濕氣區塊中的50%權益轉讓給YPF。

Finally, I would like to emphasize that YPF continue to lead the key infrastructure debottlenecking initiatives required to fully monetize the vast shale oil and gas resources of Vaca Muerta, one of the world’s most competitive basins in terms of breakeven prices. In this context, YPF was awarded the Argentine Country Brand Certification, recognizing the company’s role as a key contributor to the country’s productive development and its international positioning. This distinction underscore YPF’s contribution to reinforce Argentina’s global image and supporting the attraction of long-term investment.

最後，我想強調，YPF持續主導關鍵基礎設施的去瓶頸（debottlenecking）倡議，以充分變現Vaca Muerta龐大的頁岩油氣資源；就損益兩平價格而言，該盆地是全球最具競爭力的盆地之一。在此背景下，YPF獲頒「阿根廷國家品牌認證」（Argentine Country Brand Certification），表彰公司作為國家生產力發展與國際定位的重要貢獻者。此項殊榮凸顯YPF在強化阿根廷全球形象並支持吸引長期投資方面的貢獻。

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

至此，我們的簡報結束，接下來開放提問。

(Operator Instructions) Michael Furrow, Pickering Energy Partners.

（接線員指示）Michael Furrow，Pickering Energy Partners。

Horacio, I was hoping to get your perspective on the local service market in Vaca Muerta. The play is attracting more international attention. I think YPF is in a good position to offer some insight after signing the recent deal with Halliburton. We’ve noticed several US oilfield service companies mention South America and Argentina specifically, as emerging markets for their businesses on recent conference calls.

Horacio，我想請教你對Vaca Muerta當地油服市場的看法。這個區塊正吸引更多國際關注。我認為YPF在與Halliburton簽署近期協議後，應該很適合分享一些洞見。我們注意到，近期多家美國油田服務公司在電話會議上提到南美，並特別點名阿根廷，作為其業務的新興市場。

My question is, are you actively seeing new entrants, and do you think that this is resulting in a more competitive service pricing environment? And if not, what do you think needs to change before more service providers feel comfortable with Vaca Muerta and Argentina in general?

我的問題是，你們是否確實看到新的業者進入？你認為這是否正在促成更具競爭性的服務定價環境？如果沒有，你認為在更多服務供應商對Vaca Muerta以及整體阿根廷感到更安心之前，還需要改變哪些條件？

First, I would like to say that today is Pedro’s birthday and also my birthday. So you have to be very polite with us, okay. Because it is our birthday, okay?

首先，我想說今天是Pedro的生日，也是我的生日。所以你得對我們非常客氣，好嗎。因為是我們的生日，好嗎？

Happy birthday to both of you.

祝你們兩位生日快樂。

Thank you very much. Thank you very much. '63. I was born in '63, okay? It’s a special day today, yeah? You have to use 9s, okay?

非常感謝。非常感謝。'63。我出生於'63年，好嗎？今天是個特別的日子，對吧？你得用9分，好嗎？

Okay. Yes. In the service contract and the unique cost, I think next quarter you will see a reduction in our cost because we make a very, I would say, strong, I don’t know if that is exactly the question, a strong meeting with all the international service companies. We get very good reduction because it’s illogical, because Argentina is a new country. It’s business friendly. There was a big reduction.

好。是。在服務合約與單位成本方面，我認為下個季度你會看到我們成本下降，因為我們與所有國際油服公司進行了一次非常——我會說很強硬的——我不知道這是否正好回答你的問題——一次很強硬的會談。我們取得了非常好的降幅，因為那是不合理的，因為阿根廷是一個新市場。這裡對商業很友善。成本有大幅下降。

This week I was also in United States trying to convince service company to come Argentina. We need more competition, but learning in United States. To reduce the price, there is two ways. One, by competition, big competition. The second one is to take one out.

本週我也在美國，試著說服油服公司到阿根廷來。我們需要更多競爭，但也在向美國學習。要降低價格，有兩種方式。第一種是競爭，激烈競爭。第二種是把一家淘汰掉。

If they are three, two. If two, one. If they are four, three. If they are four, two. We did that process, and we were very success for the shareholders’ value. For this year, we are going to improve. In December, you will see 19 rigs. We secure all the rigs. Also, we secure all the fracs fleet.

如果有三家，就變兩家。如果有兩家，就變一家。如果有四家，就變三家。如果有四家，就變兩家。我們做了這個流程，對股東價值而言非常成功。今年我們還會持續改善。到12月，你會看到19座鑽機。我們已確保所有鑽機。我們也確保了所有壓裂車隊（frac fleet）。

Now we are working for next year also. We are importing the last technology equipment from United States. Halliburton is trying -- it will be in Argentina, the first electrical frac fleet. Our real-time intelligent center is working very well and improving a lot. We really need good equipment with technology because is the one that we are investing, the one that we see that we are improving a lot every quarter.

現在我們也在為明年做準備。我們正從美國引進最新技術設備。Halliburton正在推動——它將在阿根廷部署第一支電動壓裂車隊。我們的即時智慧中心運作得非常好，並且大幅提升。我們確實需要具備技術的優良設備，因為這正是我們投資的方向，也是我們看到每一季都在顯著改善的地方。

We have also a procedure to improve our standard times in all drilling and completion by the rig flooring automatically. So every quarter when it’s finished, the people in YPF will know that we have a new standard and are always more challenging than it was before. That is the way that we work. I hear your question, that we try to come a more service company.

我們也有一套流程，透過鑽機台面（rig flooring）的自動化，來改善所有鑽井與完井的標準作業時間。因此每一季結束時，YPF的人都會知道我們有新的標準，而且永遠比之前更具挑戰性。這就是我們的工作方式。我理解你的問題：我們正努力引進更多油服公司。

We are working that service company is more service company in United States have to be in joint venture with Argentine companies to improve the quality and the, how you say it? The efficiency. Because we know that every tomorrow must be better than today. Tomorrow we have to be more efficient than yesterday. And that is the way that we work in YPF.

我們正在推動讓更多美國的油服公司必須與阿根廷公司成立合資企業，以提升品質與——怎麼說呢？效率。因為我們知道明天必須比今天更好。明天我們必須比昨天更有效率。這就是我們在YPF的工作方式。

Thank you for the context. As a follow-up, I’d like to ask about the concession sales that Neuquén province is offering in August. Particularly interested in your opinions on the prospectivity of the northern acreage given YPF’s adjacent position and knowledge of the area. Without giving away too much information, are there certain blocks that YPF is interested in, or is the company comfortable with the current asset portfolio?

謝謝你的背景說明。作為追問，我想請教內烏肯省在8月提供的特許權（concession）出售。我特別想了解你對北部區塊前景（prospectivity）的看法，因為YPF在鄰近區域有布局，且對該地區更熟悉。在不透露太多資訊的前提下，YPF是否對某些區塊有興趣，或公司對目前的資產組合已感到滿意？

In the north, we have -- Sorry, yes. You know that we have what we call north hub core and south core. South core, we have all that, and we are going to present (inaudible) I think, next week. But this is the big busy week.

在北部，我們有——抱歉，是的。你知道我們有所謂的北部樞紐核心（north hub core）與南部核心（south core）。南部核心那邊，我們都已經具備，我想我們會在下週提交（聽不清）。但這週非常忙。

For the north, we are working -- we have more partners. In the south, we are 100%. We are working with our partners to have the (inaudible) And so after that, we have always to make our projection and to have the best value for shareholders is a mixture between the capital that we raise from partners and 100%. In that way, we always try to put the maximum or the optimum way of making value for you, for shareholders.

至於北部，我們正在推進——我們有更多合作夥伴。在南部，我們是100%持有。我們正與合作夥伴一起推動（聽不清）。之後，我們一向必須做出我們的預測；為了替股東創造最佳價值，需要在從合作夥伴募集的資本與100%自有之間取得組合平衡。以這種方式，我們總是嘗試用最大化或最優的方式為你們、為股東創造價值。

Daniel Guardiola, BTG Pactual.

Daniel Guardiola，BTG Pactual。

I have a couple of questions from my end. One is on prices. I see that the quarter somehow benefited from a sharp increase in oil prices in March, but I get the feeling that much of the pricing benefit in both upstream and downstream appears to be delayed. I wanted to ask you, in the case Brent remains high as it is today, above $90, how quickly can you guys now pass through price changes domestically under the current market framework? It would be awesome if you could please provide some sensitivities in terms of your EBITDA generation for '26 if oil prices range in '26 around $80 to $90. So that would be my first question.

我這邊有幾個問題。第一個是關於價格。我看到本季似乎在某種程度上受惠於3月油價大幅上漲，但我的感覺是，上游與下游的多數定價效益看起來都有所延後。我想請教，在目前的市場架構下，若布蘭特原油維持在今天這樣的高位、也就是高於90美元，你們現在能多快在國內把價格變動反映出去（轉嫁）？另外也請你們若方便的話，提供一些敏感度分析：若2026年的油價落在80到90美元區間，對你們2026年的EBITDA創造會是如何？這是我的第一個問題。

My second one is on the lifting costs. We have seen a very sharp decline in lifting costs, declining 42% year-over-year. Of course, we are seeing a more efficient structure in the core hub, in the shallow core hub. I want to ask you how much further room you think there is for structural reduction, especially considering that the company is transitioning from conventional assets towards unconventional assets, but at the same time, higher oil prices are perhaps creating inflation pressures in Vaca Muerta. Those will be my two questions.

第二個問題是關於開採成本（lifting costs）。我們看到開採成本大幅下降，同比下降42%。當然，我們也看到核心樞紐、淺層核心樞紐的結構更有效率。我想請教你們認為結構性降低還有多少空間，特別是公司正從傳統資產轉向非常規資產，但同時較高油價可能也在Vaca Muerta帶來通膨壓力。以上是我的兩個問題。

The first one, I don’t know if I agree with you that this at the core is only because of the sharp increase in prices during March because looking in detail, you will see that there’s a big difference because our strategy to be more unconventional. That is in your introduction. I will answer the question.

第一個問題，我不確定我是否同意你說這在核心上只是因為3月價格大幅上漲，因為如果你仔細看，你會看到很大的差異，原因在於我們更偏向非常規的策略。這在你一開始的引言裡也提到了。我來回答這個問題。

I’m not worried what in the prices that you are saying, that if it remains in $90 or if it’s going to $80 or $90, we are very okay, and we can quickly pass through the prices. No, I don’t see that problem. I will not say what is our price today because it’s a -- that it’s a buffer.

你提到的價格部分，我不擔心；不管是維持在90美元，或是落在80到90美元，我們都很OK，而且我們可以很快把價格反映出去。不，我不覺得那會是問題。我不會說我們今天的價格是多少，因為那是——那是一個緩衝。

I prefer not to say because of the competition, even that everybody, we are doing the same. I don’t see at all that it will be a problem for us if we are the price of Brent remains in the order of $90, so it remains in the $80 to $90 range.

我比較不想說，因為競爭的關係，雖然大家其實都在做同樣的事。我完全不覺得若布蘭特價格維持在約90美元、也就是維持在80到90美元區間，會對我們造成問題。

For the second question, we are really working very, very hard with people in YPF, always trying to optimizing. That’s why you can see the big difference in both upstream and downstream during those years. And I don’t take on account what you are saying, why you say inflation pressure. I don’t know what you are talking about because a country with is okay, and that means that we are improving in the country. So we’re not arguing on that.

第二個問題，我們在YPF內部真的非常、非常努力地工作，總是試著把效率最佳化。所以你才會看到這些年來上游與下游都有很大的差異。至於你提到的通膨壓力，我不把那個納入考量。我不知道你在說什麼，因為這個國家目前狀況是OK的，這代表我們在這個國家正在改善。所以我們不會在那點上爭論。

My job is to work and be always, always more efficient. Really you see that we are reducing the lifting costs. And also, if you see how we are developing the way of developing, you see, how Vaca Muerta and (inaudible) was increasing, and you compare the way that we are developing now, is totally different. We are growing very fast, and so we can reach a better efficiency.

我的工作就是要持續、持續提高效率。你確實看到我們正在降低開採成本。而且如果你看我們的開發方式，你會看到，過去Vaca Muerta和（聽不清）在增加時的開發方式，跟我們現在的開發方式完全不同。我們成長非常快，因此可以達到更好的效率。

And we have also in our operation, I would say, very sophisticated real-time intelligence center for the operation. We can see everything. We have drones, we have everything on that.

另外在營運上，我會說我們有非常先進的即時智慧營運中心。我們可以看到一切。我們有無人機，我們在這方面什麼都有。

We are improving a lot every time that -- every day that we are there, every month that we are following the prices is already the management control. We see that all the KPIs go in a good direction. So I’m positive the way that YPF quarter over quarter are doing their job. So we are very proud of why we are reducing, and we are going to reduce more.

我們每一次都在大幅改善——每天在那裡、每個月追蹤價格時，這已經是管理控制的一部分。我們看到所有KPI都朝著好的方向走。所以我對YPF一季比一季的執行表現很有信心。因此我們對於成本下降感到非常自豪，而且我們還會再降更多。

We have very low now, very few asset in conventional, and our idea is to try to sell out during 2026 and be an special company. We’ll be selling conventional integrate company.

我們現在在傳統（conventional）資產上已經非常少、非常少了，我們的想法是嘗試在2026年期間出售，並成為一家專注的公司。我們會出售傳統的一體化公司（資產）。

Bruno Montanari, Morgan Stanley.

Bruno Montanari，Morgan Stanley。

Good morning. Thanks for taking my question, and happy birthday. The first question is about the LNG project. You do mention you have the two foundation partners, Eni and XRG. I’m wondering if on the back of all the energy security and the conflict in the Middle East, YPF is seeing now interest of potential additional partners coming into Argentina LNG, and potentially making it viable, discussions about the potential expansion of 6 million tons per year. That is my first question.

早安。謝謝讓我提問，也祝你生日快樂。第一個問題是關於LNG專案。你提到你們有兩個基礎合作夥伴：Eni和XRG。我想知道，在能源安全議題以及中東衝突的背景下，YPF是否看到現在有潛在的額外合作夥伴對阿根廷LNG（Argentina LNG）有興趣，並可能讓擴產（每年600萬噸）的可行性提高，或正在討論這樣的擴張？這是我的第一個問題。

My second question is about the drilling pace, drilling and completion pace in the first quarter now. There seems to have been a temporary slowdown in the beginning of the year. I do understand you are reiterating all the production guidance, but I just wanted to have more color on what happened specifically in the first quarter that led to a slower, activity level.

第二個問題是關於第一季的鑽井節奏，也就是鑽井與完井的節奏。看起來年初有一段時間活動暫時放緩。我理解你們重申了所有產量指引，但我想更了解第一季具體發生了什麼，導致活動水準較慢。

With the LNG, we are working the three founders. In fact, today we are in Milan, the three teams working very hard to finish all the contracts because our idea to be in the BDR as soon as possible for a project finance. Really, we don’t need another partner, could be potentially another one. We are working the three, and we are very proud of what we are doing. What we think, from my point of view, I think from the conflict of Middle East, there are two things that is happening. They are speeding up. There is more appetite for finance our project.

關於LNG，我們三個創始方正在一起推進。事實上，今天我們在米蘭，三個團隊正非常努力地完成所有合約，因為我們的想法是盡快進入BDR，以便進行專案融資。我們其實不需要再增加合作夥伴，但也可能會有另一個潛在夥伴。我們三方正在合作，我們對正在做的事情非常自豪。以我的觀點來看，中東衝突帶來兩件正在發生的事。它們正在加速。市場對於為我們的專案提供融資的意願更高了。

This is a very big and robust project. It’s, it’s one of the various profitable projects in the world today. The other thing that I see is that is going. That is my point of view, that it’s going to speed up a lot what we call the expansion. I think the expansion, it will be quickly than we thought before. Maybe we can make like one. I don’t say one, but it will be speed up a lot.

這是一個非常大、非常穩健的專案。它——它是當今世界上少數非常有利可圖的專案之一。我看到的另一件事是，它正在——以我的觀點，它會大幅加速我們所說的擴張。我認為擴張會比我們之前想的更快。也許我們可以做得像一個——我不說是一個，但它會加速很多。

There is also before the conflict, we have a lot of appetite from off-takers, and we see good, I would say, good, not contract, good negotiation with the possible off-takers. We are in very good moment and very good path for to have a FID at the end of the year. So I’m very happy on that.

另外，在衝突之前，我們就已經從承購方（off-takers）那裡看到很高的興趣，而且我們也看到與潛在承購方之間有良好的——我會說是良好的，不是合約，而是良好的談判進展。我們正處在非常好的時點，也走在非常好的路徑上，有望在年底做出FID（最終投資決定）。所以我對此非常高興。

In the second part, the slowdown in the drilling and completion, I would pass to Max Westen, but I will tell you that it’s a question of a bottleneck that is in our infrastructure. But next year, we will not see that anymore. You will see an improvement, incremental production month by month. To there, you have to take into account there was a big change in the system. I pass to Max.

在第二部分，關於鑽井與完井進度放緩的部分，我會交給 Max Westen，但我先告訴各位，這是我們基礎設施中的瓶頸問題。不過明年我們就不會再看到這種情況。你們會看到改善，產量將逐月增量提升。此外，你們必須考量到系統發生了很大的變化。我交給 Max。

No, there wasn’t a slowdown. What happened is that what we did in the first quarter compared to the fourth quarter last year is that we drilled longer lateral wells about as an average 6% higher and longer laterals compared to the fourth quarter. We’ve drilled pretty much the same amount of wells. On top of that, there was an effect that at the end of last year, during the fourth quarter, there was a window where in which we’ve accelerated our plan of reducing our DUCs that we had, the drilled and completed wells. We had some extraordinary CapEx at the fourth quarter to reduce DUCs.

不，並沒有放緩。實際發生的是，我們第一季相較於去年第四季，平均鑽了更長的水平段井，水平段長度約高出 6%，而且比第四季更長。我們鑽的井數幾乎相同。此外，去年底第四季有一段時間，我們加速了降低既有 DUC（已鑽未完井）數量的計畫。我們在第四季為了降低 DUC 而有一些一次性的資本支出（CapEx）。

Over the first quarter, we’ve drilled longer lateral wells. What I can tell you is that we are maintaining our production targets for this year, and you will see a ramp-up in the level of activity starting next month, with Horacio Marín commented this, going up to 19 rigs at the end of the year. We did that at the pace, at the correct pacing because there’s not much more that we can evacuate until VMOS is COD. So that’s our plan.

在第一季，我們鑽了更長的水平段井。我可以告訴你的是，我們維持今年的產量目標；而且從下個月開始，你會看到活動水準逐步拉升，正如 Horacio Marín 所提到的，到年底將提升至 19 部鑽機。我們以合適的節奏來做，因為在 VMOS 達到 COD（商轉）之前，我們能外運的量並沒有太多增加空間。所以這就是我們的計畫。

Perfect. Thank you very much.

完美。非常感謝。

Vicente Falanga, Bradesco BBI.

Vicente Falanga，Bradesco BBI。

I had one. YPF has, now been very successful in accelerating the de-risking of the southern cluster. I was wondering, what is the timeline for the northern cluster, in terms of development? What are the key milestones, we can expect for the next couple of years maybe?

我有一個問題。YPF 目前在加速降低南部集群（southern cluster）風險方面非常成功。我想請問北部集群在開發方面的時間表是什麼？未來一兩年我們可以期待哪些關鍵里程碑？

As I tell before, the north part is not where we are in 100%, so we are now negotiating with our partners. I’m very positive that we will reach very soon a development phase on how to develop. After we present, we will present the rig. For sure next year, we will start derisking that part. We need that because at the end of that, we have to develop very well all that not to have challenges, and also to go to the places where we make more value for us to the shareholder.

如我之前所說，北部那一塊我們並非 100% 持有，因此我們正在與合作夥伴協商。我非常正面地認為，我們很快就會就如何開發進入開發階段。在我們提出之後，我們會提出鑽機（配置/計畫）。可以確定的是，明年我們會開始對那一部分進行降風險（derisking）。我們需要這麼做，因為最後我們必須把那一整塊開發得很好，避免遇到挑戰，同時也要把資源投入到能為股東創造更高價值的區域。

Andres Cardona, Citi.

Andres Cardona，Citi。

What unexpected synergy here. One quick question about the productivity of La Angostura Sur. How does it compare with your key Vaca Muerta fields and versus your initial expectations? Do you think there is upside on the numbers on the south hub? How many acres and drilling locations do you have in this new developing area?

這裡出現了意想不到的協同效應。我有一個關於 La Angostura Sur 生產力的快速問題。它與你們在 Vaca Muerta 的核心油氣田相比，以及相對於你們最初的預期，表現如何？你們認為南部樞紐（south hub）的數據還有上行空間嗎？在這個新開發區域，你們有多少英畝，以及有多少鑽井位置？

Okay. In general, the productivity that we have in last, like a hardcore, is very good. Also you can have better results comparing with the history, because now we have more lateral is longer. We have more efficient on that, okay? The all that we call, what we call the south hub, because it is 100% of YPF, it will be very productive, very profitable. It’s extremely good. We have a lot of work to do. You will see next week the rig. There will be the order of 1,200 plus location to drill.

好的。整體而言，我們最近的生產力（就核心區而言）非常好。而且與歷史相比，你也可能看到更好的結果，因為現在我們的水平段更長。我們在這方面也更有效率，好嗎？我們所稱的南部樞紐（south hub），因為是 YPF 100% 持有，將會非常高產、非常有利可圖。表現極佳。我們還有很多工作要做。你們下週會看到鑽機。可鑽的位置將超過 1,200 個。

They will be very important for the incremental production that we have in the long term for our peak production in the beginning of next decade. You say also about the possibility of the timing of the 6 million. That is something that we have to discuss with the partners. I have the idea. I will start discussing, I prefer that we are very good partners that the three of them same moment say that. In my point of view, because they are of us, of course, is the Argentina LNG, that they will be sped up. Sorry not to answer.

這些對於我們長期的增量產量、以及在下個十年初達到峰值產量都會非常重要。你也提到 600 萬（的時點）可能性。這是我們必須與合作夥伴討論的事情。我有我的想法。我會開始討論；我更希望我們作為非常好的合作夥伴，三方能在同一時間一起對外說明。以我的觀點，因為那是我們的，當然是指 Argentina LNG，這件事會加速推進。抱歉沒有回答到。

I don’t like also to not answer questions, but I think I have to be a very good partner with them.

我也不喜歡不回答問題，但我認為我必須與他們保持非常好的合作夥伴關係。

Leonardo Marcondes, Bank of America.

Leonardo Marcondes，Bank of America。

I have two questions from my end. The first one is related to the inclusion of the upstream projects into the RIGI framework, right? My question is, what blocks do you expect to register for RIGI? How should they change your drilling plans in the middle term, right?

我這邊有兩個問題。第一個與將上游專案納入 RIGI 架構有關，對吧？我的問題是，你們預期會把哪些區塊登記納入 RIGI？這在中期會如何改變你們的鑽井計畫？

My second question is regarding the LNG project. It seems that you guys have implemented some changes since the last quarter, right? Because as we compare both presentations, we see that CapEx for phase one have increased to $24 billion from $20 billion. Now you’re contemplating what seems to be two pipelines, right? I mean, one for wet gas and one for C5+.

第二個問題是關於 LNG 專案。看起來你們自上季以來做了一些調整，對吧？因為我們比較兩次簡報，看到第一期的資本支出從 200 億美元增加到 240 億美元。現在你們似乎在考慮兩條管線，對吧？也就是一條用於濕氣（wet gas），另一條用於 C5+。

If you could walk us through these main changes here, it would be great. Thank you.

如果你們能帶我們梳理一下這些主要變更就太好了。謝謝。

The first one, we are going to include all the possible blocks that can be applied to RIGI. Okay? The RIGI, because it’s the same for everybody, all the blocks, they will not change the relative reference for one to the other. They are not going to change our drilling plan. Also our idea was always to develop quickly. Maybe we can because of the RIGI is very, makes simple. They could speed up our peak. That we are going to show big detail in the next investor day that we are going to travel to New York in April, and you will see the big difference. You have expected next year because of the difference of prices in this year and the rate and all that. I’m very positive that you can see there a speed up of our program.

第一部分，我們會把所有可能適用於 RIGI 的區塊都納入。好嗎？RIGI 因為對所有人都一樣，所以所有區塊之間的相對比較基準不會因此改變。它們不會改變我們的鑽井計畫。而且我們的想法一直都是要快速開發。也許因為 RIGI 非常、讓流程更簡化，它可能會加速我們達到峰值。我們會在下一次投資人日（4 月我們會去紐約）提供非常詳細的說明，你們會看到很大的差異。你們預期明年會有變化，因為今年的價格差異、匯率以及所有這些因素。我非常正面地認為，你們會看到我們的計畫加速。

For the second part, maybe, we were not clear with that maybe to make a key decision for us because there was no changes because it could be confuse you because we put 24 to 20, but this is same. I explain why. With all the partners in the engineering part, we follow and see in big details all the projects, and we realized that it will be more profitable.

第二部分，也許我們在這點上表達得不夠清楚；也許對我們而言是做出關鍵決策，因為其實沒有變更——你可能會覺得困惑，因為我們把 24（十億）對 20（十億）放在一起，但其實是一樣的。我解釋原因。在工程部分，我們與所有合作夥伴一起追蹤並非常細緻地檢視所有專案，然後我們發現這樣會更有利可圖。

It would make more all the plant is still to be in the separation plant in Neuquén, is there will be the first phase, and after there will be RIGI take the road directly to the port, and there we make a big plan. It was a shift of investment from what we call upstream to, let’s say midstream or midstream plus downstream. That is the difference. The other difference that we see from the beginning that you have now, the gas, the gas pipeline will take a lot of that, but the rest of it is a wide rate. That they go all condensate, plus all the different liquids. After in Río Negro, they’re going to separate the NGLs more.

更合理的作法是，整個裝置仍然先在內烏肯（Neuquén）的分離廠，這將是第一階段；之後 RIGI 會直接走到港口的路線，在那裡我們會做一個大計畫。這是把投資從我們所稱的上游，轉向——可以說是中游，或中游加下游。這就是差異。我們從一開始就看到的另一個差異是，你們現在有天然氣，天然氣管線會承接其中很大一部分，但其餘的是一個廣泛的比例。也就是他們會把所有凝析油，以及所有不同的液體都送過去。之後在里奧內格羅（Río Negro），他們會進一步分離 NGL。

There will be three products out, what is the gas for LNG, NGLs for export, and also the liquids of the oil for export. That is the difference. Really there is not a more cost. I would say that it’s less cost than we thought because we were not clear when we talk about there was in the upstream, because the upstream is not in project finance in general. You will not see all the hitting on that. That is not the big. I would say that it’s better than before, but you see in the project finance $4 million more, okay? Maybe it was our fault. Apologies. Okay.

最後會產出三種產品：用於 LNG 的天然氣、用於出口的 NGL，以及用於出口的原油液體。這就是差異。實際上並沒有更高的成本。我會說成本比我們原先想的更低，因為當我們談到上游時並不清楚——而且一般來說，上游並不是專案融資（project finance）。你不會看到所有的影響都反映在那上面。那不是重點。我會說比以前更好，但你會在專案融資裡看到多了 400 萬美元，好嗎？也許是我們的錯。抱歉。好的。

George Gasztowtt, Latin Securities.

George Gasztowtt，Latin Securities。

I was wondering if you could please unpack the 102% refinery utilization in 1Q, and how sustainable that is. Relatedly, how are fuel inventories running so far in 2Q, and do you think you’ll be able to sell some to other refineries again?

我想請問您能否進一步說明第一季（1Q）煉油廠 102% 的產能利用率，以及這樣的水準有多可持續。相關地，第二季（2Q）迄今燃料庫存的狀況如何？您認為是否能再次賣一些給其他煉油廠？

Yes, it’s sustainable because we made in YPF, the people of downstream made excellent efficiency without big investments. That is sustainable. The only day when there is quarter that you have to make a stoppage, for sure it will be lower. If not, I would say there could be that number including more, okay?

是的，這是可持續的，因為我們在 YPF，下游團隊在不需要大額投資的情況下做出了極佳的效率提升。這是可持續的。唯一的情況是，當某一季你必須停機檢修一天時，當然數字會比較低。如果沒有，我會說這個數字甚至可能更高，好嗎？

We are -- because all the transformation that people from upstream made in YPF in the last two years, you see that YPF used to import, and now it’s not importing anymore. Also we sell to the domestic market when the other make the stoppage. Also we export for the neighborhood countries, also we can sell diesel for electric generation.

我們——因為過去兩年 YPF 上游團隊所做的所有轉型，你會看到 YPF 以前需要進口，現在已經不再進口了。另外，當其他公司停機時，我們也會供應國內市場。我們也出口到周邊國家，也可以銷售柴油用於發電。

So there is big change in YPF, good news for the shareholders.

所以 YPF 有很大的改變，對股東來說是好消息。

Claudia Rivera, Santander.

Claudia Rivera，Santander。

My question is, given Brent prices have remained above $100, how should we think about downstream margin dynamics in the second quarter? Do you expect to pass through higher crude costs into domestic pump prices? What will be the timing and pass-through dynamics look like?

我的問題是，鑑於布蘭特油價一直維持在 100 美元以上，我們應該如何看待第二季下游利潤率的變化動態？你們預期會把更高的原油成本轉嫁到國內加油站零售價格嗎？時點與轉嫁機制會是什麼樣子？

Okay. If the Brent has remained above $100, you are saying some sensitivity we are talking? The margin of dynamic or the margin of boundary will be more than $3 per barrel. This excellent margin. I answered your question. There I don’t, I don’t know whether it will be $100, $90, $80. I have no idea when the conflict or the it’s going to stretch. It price on its own, it will be open.

好的。如果布蘭特維持在 100 美元以上，你是在問我們談到的敏感度嗎？利潤率的動態或邊際利潤會高於每桶 3 美元。這是非常好的利潤率。我回答了你的問題。至於它會是 100、90 還是 80，我不知道。我也不知道衝突會不會延長、會延長多久。價格會自行形成，它會是開放的。

We have a real policy of international prices, so we are going to pass on. The question why we didn’t pass through, because we saw the demand going very -- It was a question of demand and supply. It was reducing the demand so fast in the last two weeks there for that to improve was worse for YPF and for the shareholder than to make like a buffer.

我們有一個以國際價格為基準的政策，所以我們會進行轉嫁。之所以沒有立即轉嫁，是因為我們看到需求變化非常——那是供需的問題。在過去兩週需求下降得太快，因此對 YPF 和股東而言，做一個緩衝（buffer）比立刻調整更好。

After the buffer, we see also instead of the demand going down, instead going up. Why? Because people were without uncertainties because when you have one week that it was $90, the other $100, $110, $112, it was like it make uncertainty for the consumers. At the end, we are going to pass through the dynamics, and also we have I would say an account that we see how much we have to take out the dynamics of the conflict is on.

在緩衝之後，我們也看到需求不但沒有下降，反而上升。為什麼？因為當你一週是 90 美元、下一週 100、110、112 美元時，會讓消費者產生不確定性。最後，我們會把這些動態轉嫁出去；而且我們也有——我會說——一個帳戶，用來觀察在衝突持續時，我們需要把多少動態因素剔除/調整出來。

That is our policy, and it will not be a problem. I don’t see a problem to pass through.

這就是我們的政策，不會有問題。我不認為轉嫁會有問題。

Matías Cattaruzzi, AdCap Securities.

Matías Cattaruzzi，AdCap Securities。

I have a few questions. First, and a simple one, what’s gonna happen after the fuel freeze after May 15? Then, in your 2026 guidance, of CapEx, you guided to a neutral to slightly negative free cash flow, at a Brent of $63, $65, and now we are well over that range. Is your CapEx gonna change? You got the infrastructure constraints. We are seeing a really low CapEx in the first quarter. Can you guide us through what’s going to be 2026, and then what’s going to be 2027?

我有幾個問題。第一個是比較簡單的：5 月 15 日之後燃油凍漲結束後會發生什麼？另外，在你們對 2026 年的指引中，CapEx 指引是在布蘭特 63、65 美元時，自由現金流為持平到小幅為負，而現在油價遠高於那個區間。你們的 CapEx 會改變嗎？你們有基礎設施的限制。我們看到第一季 CapEx 非常低。你能帶我們了解一下 2026 年會是什麼情況，以及 2027 年會是什麼情況嗎？

And then I got an additional question about the acquired capacity at VMOS. Can you tell us if it’s going to affect the production curve in 2026, if you’re going to expect a higher ramp in the beginning and middle of the year?

另外我還有一個關於在 VMOS 取得的運能（capacity）問題。你能告訴我們這是否會影響 2026 年的產量曲線？你們是否預期在年初與年中會有更高的爬坡（ramp-up）？

Okay. First question. Beginning of next week, we are going to have a big meeting in YPF between us. We will decide what will happen after May 15. We are going to communicate what the decision that we are going to make. Okay? I think I answered you what happen after May 15 in the previous question that they asked me.

好的。第一個問題。下週初，我們在 YPF 內部會有一個大型會議。我們會決定 5 月 15 日之後會發生什麼。我們會對外溝通我們將做出的決定。好嗎？我想我在前一個他們問我的問題裡，已經回答了 5 月 15 日之後會怎麼做。

About the 2026 guidance of the CapEx. For sure, if the price is higher, you have to pay, as we say in New York, let’s see, I think it was last year that the, I would say simple sensitivity is 80 million per dollar that it will increase in EBITDA. You have to have rough numbers if you want.

關於 2026 年 CapEx 的指引。當然，如果價格更高，你就必須支付——用我們在紐約的說法——讓我們看看，我想是去年我們說過，一個簡單的敏感度是：油價每上升 1 美元，EBITDA 會增加 8,000 萬美元。如果你想要大概的數字，你可以用這個。

We cannot accelerate this year because we have bottlenecks, and we will reach, I think we are going to reach a bottleneck of the evacuation between October and November. That’s why we cannot accelerate, because if we accelerated, we improve the capital in the ground, but not taking out. Next year, and I think I say before that we are going to accelerate, so we can have, in 2027, I think we are going to have a better production than we thought.

我們今年無法加速，因為有瓶頸；而且我認為我們會在 10 月到 11 月之間，遇到外運/疏運（evacuation）方面的瓶頸。這就是為什麼我們不能加速，因為如果加速，我們只是把資本投入到地下，但無法把產出運出來。明年——而且我想我之前也說過——我們會加速，因此在 2027 年，我認為我們的產量會比原先想的更好。

That I cannot, I prefer to show you in New York in April, and you will see that because if we have less necessity of CapEx, and we have the evacuation out, and you have more money in, more cash of YPF, we are going to put that for improve the production and make more value for the shareholders and to reach the plateau before.

那個我做不到；我比較希望在四月於紐約向各位展示，你們就會明白原因：如果我們對資本支出（CapEx）的必要性降低，而且我們完成撤出，同時你們有更多資金流入、YPF 的現金更多，我們就會把這些用來提升產量、為股東創造更多價值，並更早達到平台期。

Tasso Vasconcellos, UBS.

Tasso Vasconcellos，瑞銀（UBS）。

Horacio, I wanted to move back here on your -- how you’re thinking in terms of capital allocation for YPF. Get some additional color from your side. You had a lot of success in the 4x4 Plan that you released when you first assumed the company. You had a lot of success in focusing the core assets and the operations of the core assets, divesting from some other assets. Maybe if you can make a summary on everything that you accomplished since you assumed the company. Of course, looking forward, what do you still view as adjustments required for YPF? Where would you want to invest more, especially in the scenario of a higher Brent and like perhaps making more money? Of course, if anticipating dividends at some point could also be a possibility.

Horacio，我想回到你對 YPF 資本配置的思考。想請你再補充一些細節。你在剛接任公司時推出的 4x4 計畫非常成功。你也很成功地聚焦核心資產與核心資產的營運，並處分了一些其他資產。如果可以的話，請你總結一下自你接任以來所完成的一切。當然，展望未來，你仍認為 YPF 還需要做哪些調整？在布蘭特油價更高、可能賺更多錢的情境下，你會希望在哪些領域加大投資？當然，如果未來某個時點開始配發股利也可能是一個選項。

I think just to get some additional color on how you’re thinking about capital allocation as a whole for YPF. That’s the question.

我想只是想再多了解一些，你對 YPF 整體資本配置的思考方式。這就是問題。

The capital allocation is always what we call, we have I tell you something that is more our cooking. We have a week, we call CapEx week, and there we discuss all the projects in detail, all the economics, and we allocate what is more economical to the less economical, okay. That the way that we always allocate. If you allocate that in the upstream, unconventional is first. At the beginning when I arrive YPF, say, I am unconventional. Yeah, I know because I love unconventional and not the conventional, because when it’s all are, they are very young, it’s better the conventional than unconventional. In Argentina, the conventional is old.

資本配置一直是我們所說的——我跟你分享一些比較屬於我們內部「做菜」的方法。我們有一週叫做 CapEx 週，在那裡我們會詳細討論所有專案、所有經濟性，然後把資金從最具經濟效益的配置到相對較低經濟效益的，好的。這就是我們一貫的配置方式。如果把它放在上游來看，非傳統資源會排第一。我剛到 YPF 的時候就說，我是非傳統派。是的，我知道，因為我喜歡非傳統而不是傳統；因為當它們都很「年輕」時，傳統會比非傳統更好。在阿根廷，傳統油氣是老的。

We allocate all in unconventional, and it’s our, my goal, personal goal, and the company goal to be a unconventional integrate company. Really, we are very close to over there. We are negotiating going out from the last one. The allocation in upstream is going to be clear that it will be unconventional, and always is a portfolio in our portfolio that you have to decide the economics and between the one that we are with partners and the 100. What is a good news for us is the big stake that we have in 100% are wonderful. They are very profitable, and we are locating more than we are there. Is a new way of YPF.

我們把所有配置都放在非傳統上，這也是我的個人目標，以及公司的目標：成為一家整合型的非傳統公司。坦白說，我們已經非常接近了。我們正在談判退出最後一個（項目）。上游的配置會很清楚：將以非傳統為主；而在我們的投資組合中，你總是要在經濟性上做決策，並在與夥伴合作的項目與 100% 自有的項目之間取捨。對我們來說的好消息是，我們在 100% 自有項目上的大部位非常出色。它們非常獲利，我們正在把更多資源配置到那裡。這是 YPF 的新方式。

It’s not that we need if the partners don’t want, we can increase the production very fast, and this is our idea, okay? If the price that is same now, that it will be this year, next year, in a better level, in higher level, for sure our people are making more revenues, and we will have a better results. That result, it will be allocated for increasing the production. It will be better for the LNG. We are very, I would say, positive of the result of the 4x4 Plan. I expect that you are the same that us, even if by violence, you have to say yes, okay? You are the same as us in the success of the 4x4 Plan.

並不是說如果夥伴不想做我們就需要他們；我們可以非常快地提高產量，這就是我們的想法，好嗎？如果價格跟現在一樣——今年、明年都在更好的水準、更高的水準——那麼毫無疑問，我們的人會創造更多營收，我們也會有更好的結果。而這些結果將會用來配置於提高產量。對 LNG 也會更好。我們對 4x4 計畫的成果非常、我會說，非常正面。我希望你跟我們一樣，即使是被「逼」的，你也得說是，好嗎？你也跟我們一樣認同 4x4 計畫的成功。

Really, I tell you, I see now every month when I see all the results of the company in detail that this, I would say, this engine that is YPF is working very hard on making value in all the business that we have.

真的，我跟你說，我現在每個月在詳細看公司所有結果時都看到：這個名為 YPF 的引擎正在非常努力地運轉，在我們所有業務上創造價值。

We have reached the end of the Q&A session. I will now turn the call back to Horacio Marín for closing remarks.

問答環節到此結束。我現在把電話交回給 Horacio Marín 作結語。

Okay. Thank you very much for all the questions. Thank you, everybody, to be in this call. I say for all the guys that we work here, that I’m very proud to work with YPF. We are working hard but with passion. That is the reason company with passion has extraordinary results. That what YPF is doing now. I, well, I try always to say at the end that in the memory of my grandmother, I breathe YPF, I sweat YPF, I think YPF, I love YPF. Thank you very much.

好的。非常感謝大家的所有提問。也謝謝各位參與這通電話會議。我想代表所有在這裡工作的同仁說，我非常以能在 YPF 工作為榮。我們努力工作，而且充滿熱情。這就是為什麼有熱情的公司能有非凡的成果。這正是 YPF 現在正在做的事。我，嗯，我總是試著在最後說：為了紀念我的祖母，我呼吸 YPF、我流汗為 YPF、我思考 YPF、我愛 YPF。非常感謝。

This concludes today’s call. Thank you for attending. You may now disconnect.

今天的電話會議到此結束。感謝各位出席。您現在可以斷線。