Q2 2020 Pampa Energia SA Earnings Call
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Welcome to the webinar. You have entered as an attendee in listen-only mode and CFO are both here and joanina. Before. We begin let me remind you that pompous figures follow US dollar and a functional currency in case of physical links theories suck your fingers are adjustable inflation and showing dollars at the end of this recording. As you can see in the slide.
What what businesses are included when we talked about, Consolidated as well as Pompey restrictive rules and a finish we use for calling and purpose.
As you know, Cantina has been affected by covid-19 pandemic and federal government set up monetary lock down from March twenty restriction off across the country but certain places that just went to Sarah's metro area has been extended from time to time. Activity still limited and therefore affects. The economy sucks most businesses were deemed essential and we were we are running our operations with all the necessary safety and health protocols, which minimum wage you are close to keep social distancing. He might seem exposure such as London working shift as well as of beauty time and so on very often. No way should have seen the Justice more personal subject to pull up almost 40% of opportunities working remotely right now.
I was resetting the last call. We were visited all the Catholics and no fixed budgets reduced seen primarily in mp environment. We also are proud operating and an outstanding power generation performance through tough work EMP phase the lowest prices in the last five years as a result of the on demand which has to our endurance but also went through the factory really the fact that we haven't given it much thought much production facilitated the ground for the winter season as demand rebounded and production rules about 250.
finally this weird thing our productivity towards
Financial management preventing us to be in a harder level to micro instability the agreement with the store improvers constitute a twisted version Tina Louise Improvement. We witnessed an improvement in collection rates across all the businesses. This is help. This is helping a lot our working capital.
So let's start from ending the order take-away show me since like five revenues fell.
001 year 40% to 544 million minute because the collapse of gas prices the Lesser fuel cell as this year.
This year is associate degrees fuel consumption paraphrase for over a year. In fact, in fact related businesses partially offset by New Power Generation price on the PBS you to 20 around $45 link, but roughly 75% in every that their business including and in our our space is not our $6,000 link mainly coming from our core business has power capacity is like zero nearby 56% mm twenty million dollars recorder mini Flame by lowering the price and volume directories that you fill this unless they're Legacy and plus margin as power generation partially offset by
New capacity no worry and be open and royalties delayed activity down to the positive effects from an enormous liability regularisation agreement with them last year and the illusion of safety recalls because of activities like 6% because of the lockdown prices combined with offices and led therefore lower stock prices for power and gas as we show on the right below power generation 70% of the Consolidated adjust the V8. Well EMP 65% purely purely led by gas and the rest Reason by TGs and Trans Am with the state and marginally like as shown in the chart Below in the second quarter of this year our capex decreased significantly compared to last month.
Unatego Canelo blue suspension brushes with nearly finished and behold the drilling and completion due to the uncertain pricing environment lower capex has any known because of the divorce and herakles plus the papists will completed last year.
In this line briefly show you the impact of the lockdown yard and probably doing too too.
Yeah, man, fourteen or 6% lower than last year. But if we compare it with the pre-crisis here that is 2018 the drum horses, although smoothly compared to other sectors of the energy industry or to the GDP which estimated it is estimated that hapoen off my 21% year-on-year. This is according to the microscope.
These are the most impacted by the warranty usually goes consider nonessential while this course our hips because of lasting Decimus consumption, but like you said by residential demand used to stay at home under order and I'm cooler often as we go into the winter off. My recovers surpassing 2019.
We do the power generation segment on slide seven during the second quarter of 2020. We posted and adjust the VA of 95 million dollar similar to the queue to 2915 meaning even by the reduction and specification of stock prices as from February 2020 in addition to lower morning and volume sold in the heavens off the ladder and the Legacy lack of inflation adjustment plus SSD Evo or the negative effects of the covid-19 in power generation.
I'm from July. This Market is improving, but still far away from the freaking demek.
This affects proportion of set by mistake, even if it's if it's under the free wind farm and privacy. With relatives and he never took the increase as well as lower costs related to the lower energy purchases and leave an impact on our estimated cost.
Holy water off-peak pricing for energy and lower power dispatch and Q2 20 contributed to the 16% decrease from 4 a.m.
Well energy crisis 65% of our capacity memo was only represented 48% of our power generation to btao recorder and we'll keep thinking thanks to the commissioning of the second thing is here Canela in the p&l in Q3 and further one month, and it's not even like
You do generation. What's 10% lower? You don't hear 9 with the lower electricity demand and the at the National Grid because of the lockdown dead. The man is lowered the marginal unit, but also renewals are disrupting the ranking. This is the credit there for the combined-cycle for the last you need to fulfill it off our two combined cycle, as well as our non-conventional energy, but the remaining thermal units open 5 a.m. We're mostly not require a power generation 25% mainly because of the lock.
Spider-Man
Contraction witnessing the country the power generation business model relies on capacity payment so lower dispatch does not does not much impact on the revenue meeting as long availability is obtaining especially for people a base.
The The Limited be right in the second quarter of 2020 which 98.6% with installed capacity of 4.8 operators, like from what you have a higher wage and distinct word of last year mainly because last year. Elena and blues unit equipment based out as I mentioned earlier. We are proud to have a cheap one of the most important Milestones was fifteen years history with the commissioning of the Second City GT at Camilla on July 2nd.
Camisa, granted clearance to the second into line for a hundred ninety-nine completed expansion for a total of 400.
Right under a 15-year PPA you did we commissioned.
Despite the condemning under the lace incur until it was seem essential executed Kobe three problems with contractors. We achieving the theory back online and diverse in roughly three hundred and twenty million dollars. This is 9% lower, but we budget mainly because effect deleted Facebook app.
Now, can you like the largest and one of the most efficient sort of one in the country as you can see from the flight from the picture of the existing package on the new one nearby in the gate?
The remaining tension in the pipeline isn't an errand thermal power plant as you can see on slide 9, this is 208cc GT project at the cell of weather when the Pirates which is critical infrastructure for immigrants. We place a purchase order for the cooling tower and kept digging to set the foundation. Wait. However works were hosted for almost most of the July and until July twenty. We got an international labor. So we resume operations focusing on the construction of critical path the chief you'll be like 222 therefore to our billing month for ten years would come in.
Palak, them negatively impacted is domestic but lesser than and am dropping your own year to April 20th book. He driven by the lower industrial construction because of the non-essential shut down and the economic downturn lesser demon and
This was especially upset by the higher vehicles in Spanish.
The second quarter of the lockdown means the princess the gas off peak season which bottom at the full and screen in Argentina?
Open even sharper The Godly Man and therefore bringing down through the price gas consumption is right in right now as we are winter season, but we are still often though previously years water month. However, the demand is unfulfilled right now and it's covering it with imported gas and liquid fuels am moving on the results and you can see on 11:00 during Q2 2020 this segment posted and adjusting the VA of six million dollars eighty eight percent lower than two to three months because of covid-19 impact to lower prices partially offset by lesser cost related to the activity down term that royalties and suck.
Display the top environment or overall production in Q2 20/20 decreased 10% year-on-year, but only 5% for an order.
Reaching around 44000 miles of oil equivalent per day of which ninety 1% is composed by natural gas.
On the oil side which represents only forgiven plan of the segment Revenue in the quarter volume sold decreased 10% year-on-year and 20% off room quarter which important one thousand barrels. I need you to the glass in demand and prices affected by the lockdown and lack of storage box resulting in thrilling activities is from 2 to 2022 Cruze oil sales price decrease 60% 65% and foreign quarter of 8% $21 per month.
Although the government says $45 in the domestic Market.
but the demand clap so consequently, we explored it at the discounted price of brand of a total of 2.3 barrels per day. The first time we were him and I need to
59% of our production is sweeter given the current clean fuel treatment is pricing premiums now you do like oil.
The gospels auction site. Well, we can see you to reach an average of 253 million per day per month volume full-time person nowhere near but stable pouring water despite the price collapse due to the lockdown and the lack of long-term context of the station know we're pricing box on the Rick even equation there for producers the phone with a lessening and natural decline. Explain.
and
Hope that was actually was lower and and and I might not decrease Acura chahta and box which were partially offset by wage increases acting emotional and this is a Blog in which is equation construction was expanded even the outstanding productivity and asked a potential and also keep in mind that it is fully owned by us pulling operation operatorship as well. Honey, 53 million fifty thousand eight last production. This is 5% higher than Q2 2019 and contributed close to 65% of our overall gas runs the four highest possible to block.
He's also remarkable that 10% of the queue to production responded to Shell gas from the completion of Tourism. That was last year with the second floor of 2020. Our hours of for gas was $2 from you.
15% lower on Florida mainly driven by the sharp reduction in April and May
the local network drop in demand, especially for large looser and less informal power supply overhand Force producers to adjust press prices to prevent them billing commission also affected industrial Batman and Spa prices.
But since June increase goes to the reference price of $27 reflecting the demand recovery and due to the winter season at lockdown easy, but prices are still in the lowest twenty years and barely covering the replacement policy. In fact in investing race. Also, you can see why do you know or production you today is excuse to Work Commission and our energy approaches unit leaving 15% off to other segments.
He's the commissioning of Canelo. We've been securing our owner.
Racing the intersection exposure from 14% to almost 25%
The lower domestic prices were partially offset by a court. Is this a GSA ended on mid-may since then we are fueling a domestically but we are waiting for the Secretary of Energy clearance to continue exploring. They are in our activities you to covid-19 mandatory lockdown and our sins of the uncertainties in gas prices. We have been reassessing our activities from March of this year, but continuing with the operation of all I got skills with the email but it's finished or requirement there for knowing and completion was resistance with you too, honey in line with the sector. Currently. We have 11:00 11:00 World from ending of completion of which which eight or located at Raymond Russo or waiting for better place in the right.
moving on the bottom
Line in the you know, in terms of net income attributable to the owners of the company reported a Consolidated profit of four million dollars in the second quarter this year, whereas with the same period last year four hundred million dollars million to the one off some cash profit in Eleanor of last month for how many million dollars donation to lower operating margin no longer and related businesses. That's our information exposure gang because of master bath passes memorization position repeating the electricity distribution and income tax.
Finally moving to this like 14-hour activity towards the cash and Mobility management of this is like we saw all the layers of the companies from restricted group to complete the figures, but for government purposes, let's focus on the restricted view of that is primarily on the parent company The Continuous authors. I've seen every aspect of our indebtedness highlighting that during future twenty-twenty from Buffet at maturity twenty-three million dollars in addition to 45 million dollars five bucks off partially upset, but you short time text alone for a total of $26 as well as net borrowing pencils of twenty million dollars. They're dead or disrespected roof cross that in Q2 20 recorder 1.6 billion dollars. This is very similar to March.
To a group that is 89% dominates and this dollars which was 92% in the foreign quarter. Mainly bailing. Am I regretting interest rate of 10.7% Irish life remained around five fifteen years the cash amount $393, which is slightly higher than the three hundred Seventy-Six million dollars March 2029, you do to the positive working capital as result of the lower billing and faster service action we have here so Improvement election of 2017 as well. So the restricted group method remains similar last water below billion dollars and Netflix who else can maybe say 2.6 phones.
For $87 plus domestic borrowing of also repurchased 137 million dollar value and I cancel phone service for 4:17.
There are fuelling systems. We have already shipped all our banking that to Google Currents.
It is worth highlighting that the cumulative material is now until 2022 amount to $186 90% off.
Consolidated including Phillies ownership from the dead of one point five billion dollar this is two times and I'm a hundred five million dollars lesser than last quarter before March due to the net leverage in or
Finally, we have a Survivor program with a $15. And in a free $9 off of the week. Maybe are so, standing Capital amounts to 61.7.
This concludes our presentation I hope is no problem here. Now. I will turn to Margarita. We will open the floor for questions. We will gather in them the platform please right there and we will read it up now. Thank you. The floor is now open for questions. If you have questions, please send that to you to the classroom or also you can email us make sure your name and your company are recorded so we can properly introduce yourself and to the audience should any participation Pizza. We send us a message or or late you're happy.
Swiss car here. We have questions from from birth. He sent us when we are. When are you planning on we are planning to go back to Julian young conventional. Well, well right now I know we have a stock of 11:00 12:00 and we could but we need more signals how many unconventional roles are you talking about for the remainder of twenty-twenty in which blocks on. We'll be focusing as we said in the the scrip you will be eight hour hour right now with the pricing that we're seeing in the most competitive, but
We'll see for the remaining of the Year. What's going to happen?
The pricing if if it's worth it to keep feeling as we already have a stock.
Leah hi. Here. I'm with the phone because technical problem so I decided to the audience for not being able to.
To be on the on the video you call. I don't know whether it's myself getting old and not getting along with the technology or or the more Philo home. Anyway, I wanted to to join for for the Q&A and I have Lita and Gabi with some of the the questions regarding this with how many unconventional wealth. As you know, there is a plan the new plan gas is called the plan that for that is being discussed with the with the authorities. Not not yet formally announced last week. There was a formal meeting the diminishing production announced to the producers that we will be soon team the the invitation the idea of the Dead.
Will be alternative is to the auction in in September and started with this program in in October so bad weather with new unconventional worlds or not will depend on on how you want the destruction. But mainly we don't we're not forcing unconventional well here and most probably it's at we will fulfill the the new plus can production requirement through our side gas reserves. Not not shared got that at least for twenty Twenty-One thousand people 2022 is going to be a different case.
Sorry, you can continue with.
rest of the questions
There's an oil question for me to give saying is that.
From Legacy formal power unit enough to sustain ability high levels, or are we at the limit already?
Well, I wouldn't say that that we are at the limit already in our case. We still making marching but as you know, this lady the pricing was supposed to get inflation adjustment monthly right from the from the beginning and then it was because of the month because we crisis the Secretary of Energy issue resolution postponing the the adjustment. We hope that copied crisis issues.
They will restart with with inflation adjustment of of the pricing scheme. And as I said, I wouldn't say that we are already at the limit. That's our case, but maybe some of our colleagues which have older equipment package already in in that position. So not our case, but I wouldn't
I don't think that the average of the sector is far from there.
Okay, another question for my Security Suite asking any news on that the disposal Raymond a a lot of people asking this no. No not currently we are or are not working on any of these calls.
And then my name.
We are studying things. There are several things in the past a full weight down under study, but nothing concrete.
I understand my question that from here the last one you said our
Gas price was $2 and no tears in the sector report or something around 2 and 1/2 why we are lower than the Q.
You you will answer this question better than me, but I would say that my my first guess regarding our years is that they're probably enjoying suck some of them the the benefits of resolution 46 which we do not so probably that makes the explanation of of the of the faith. I don't know you might have another
We we we are all is it right? Basically, we our we shown in the the presentation and you can see I think that's our our Silver's que tu camisa and and our social and that price is like it's being used if you don't because of the month, so I'm we don't have any exposure to distribute very little less than 5% to retailers retailers right now are the most the highest price wage income. So right now,
The spot Market it follows a mess have internet and it's reducing. So that's reason why this is that we have
Going for June is already I was saying June. It's like more fine bounding to to the reference price of 2.7 and and July as well. It's well, August the defender was a little bit lesser, but still above $2 from respecting an improvement.
Okay, this is the questions from the Kia then we have a question. Why are the what are the capacity and generation payments on phone number one coming online now?
and
How much incremental have ETA do you estimate the plans will ask?
Neither did you know the other better than any of us off? This is in New York before the estimated to that? It's like roughly eight million dollars per month that is twenty-four twenty-five million dollars next quarter. So this course we didn't book anything would be booked next quarter.
And that's it. And then the second question from she's asking their reports took me to still be interested in the effects.
I would say if if that decides to move forward on that it will certainly look at it. But but so far there's nothing concrete.
One of the options of time considering that for 20 21 a hundred million Bond maturity local market actually, it's ninety million dollars of tennis. It's less than because we we purchased yes. Hello Claudia speaking. Well clearly as as off all the other companies is
to do imagine will be an option or to just find the through on cash generation and depending on the outlook on life on on future generation, but
One on one side. It's not a significant amount on the other side. Depending on the Outlook moving forward. There is something that will be required to see if we got something.
Okay, another question from an what is the estimate for Catholics to remain on twenty-twenty in each of Tampa main divisions.
You asking me for the remainder of twenty-twenty actually for the year. We have any empty 65 million dollars broadcast of topics about half and half non-recurring. This is very low because at the beginning we always say the budget of 2020 with 139th and then for Our Generation, this one is is that much basically three million dollars from Michigan, which we didn't last another forty million dollars a year. Okay in maintaining so far as of yet today usually of June already completed half of it we are like mine is not
for next week
No, I just wanted to try to be very minor minor Catholics going forward because we just completed the Canelo. So there are no Catholics other than maintenance Catholics, which are rather small this year around 45 million dollars. So in the remaining of the Year less than half of it and only MB. It will depend on on the line gas, but still small amount off.
Mercedes the next question comes from from
well, we what do we know about the new potentials and gas prices timing Etc. The break-even 5 to develop research?
That is the first question you have.
Oh, okay. I mentioned a few things about the timing again. He has been published yet. But we do expect that that that is what the minister explain to us last week. Then the next few days. We will be receiving the invitation to participate in the auction with all the terms and that that option should take place during September and the new plan gas starts accruing in in October the goal of the plan gas. It's not a huge increase of production. It's rather basically because of the of the constraints of evacuation capacity from the new innovation so dead.
Yeah, they're going to auction flat.
Flat production throughout the year and Freeman big for the winter.
It will have a cap on around $3 forty that will be increased 10% a year off. So those are we have been what what they also published in the media the the main.
The meaning issues of the of the plan gas regarding Breakeven price. It depends on what's wrong portfolio of assets. So it's it's company will have the assets that you need to develop. So each company will have a full price and it's going to be a competitive auction in which yes, we we are looking to to participate
Thank you, then turn off Matthias. What is the impact of the regulation?
I think you you you already covered this but I don't know if you want to add something even the the Train on the effects official affect inflation Trends off casting around $59 hit because of the lack of adjustment and the effect solution over the Legacy contribution and wage matching our contribution from middle of 4:50. You know, it's kind of like we are admitted that one effect. We obsessed with the other.
From Kia is regarding what would happen is financial aid. I'm going to transfer cash with the North.
Yes, yes. Hello. No, we are not expecting any any support from the part in or the was since since you've never any any the company flows not even any dividend collection from enough to pump.
Our next question comes from Bruno mercenary from Morgan Stanley. Do you think about the the cost control how we're dealing with each businesses regarding the call?
What will be expected for the cost and cupcakes in the near future?
Sorry, can you repeat it, please and it was for me. Yes. Yes. Of course. The question comes from Bruno montanari from Morgan Stanley. He wants to know about the birth control regarding each businesses each business and how we are going to deal with the cost for the near future.
Bruno. I said what we can obviously we are always revising and especially in this situation going going over and over to our Opex to see exactly which one of them is. There's no additional line. I don't know.
And he or somebody.
Sorry, somebody has a microphone.
Can you can you move? Yes, I'm going to point the person. Okay. So am I was saying we don't we don't there's not much that we can do to reduce costs. Obviously. We are we are booked all of them, but it's very marginal and on 2nd decimal in in terms of the numbers of where it's relevant for papa is dead the gothics and in in this situation and take for for the planning. We we are in a very low capex environment things because I already completed the the Canela expansion and we are awaiting the new terms of the gas before deciding new Investments there.
Next question from Alejandro. Let me Shelly's sorry before I continue if there is somebody with a microphone, please turn it off so we can listen to the answers clearly.
Our next question comes from from Nelson. He has two questions. The first one is how do we see the evolution of electricity gas prices on the payment from coming?
Boost a one-time do that.
I think he's new vehicle. So.
It's muted. So how do you see the illusion of electricity tariff?
We honestly this is in the midst of the pandemic. I don't think it will be right now. I'm actually the government is in place and check engine of the the parents. I don't know if you remember there was an emergency acts passed last year that up to a hundred eighty days off. No Harris increases telephone mobile anything recent.
That ended on June and they sent extended for another hundred eighty days. So should be the freezer parents will be done by Thursday our prices. Honestly the Legacy it is what it is. It will be keep the illusion if if we don't get any occasion adjustment and honestly, this is the same page of the the previous answer. I don't see this have in the midst of economic.
So it is true.
And we addressing the call working Capital East performing better think everybody all appears our talk about this. We are seeing better collections from the box retailers and in or it's nothing more Gas Distribution Company the more so they're passing through this kind of behavior to commence hour or two knots abusers as well and and a message being password as well. So in this quarter, we had a positive working Captain Joe's last order when we have this call phase of sales of standing with the order my was 86 days. Now we are ten days off. So this is how one third of the average villini like twenty million dollars better if we
Is this for the whole year right full month?
The other question for me, the the other question the second one from Alessandro is and it's very similar to the question of Ricardo from JP Morgan Bank and it's about the our investment in the Upstream of gas volume evolving the near future if we are joining the new potential Sangha, especially a half or the 20 20 second half of this year and for the for next week.
well again, that's that's
the call was addressing this if we have it. It's it will be a great signaling and we push for the the sector that you mean, is it one of the questions that from the new owner he was asking what prices we do. We we do we need what prices are the brake you and this is the price of the month and we almost have a receiver maybe the 8th. I would say that this is the bottom and this is very low anything that helps anything that contributes to make this the second more perspective alone. Of course, we don't have nothing paper, but it's been dialogue and and am working on his radio address by Michael Stone.
Thank you. Now. We are pulling for more questions for a few minutes.
I got a question and answer session. Danyon is also asking.
What is the minimum Catholics you can deploy before significantly damaging the operation? Well, this is the minimum Catholics. Not really many people. The first name was nothing because there's water was we were thinking about the second world to be preparing for the winter season, which is our faith lockdown covid-19. Nothing we did nothing. So basically well this year. We we have the drive of of life activity last year was supposed to be here for EMP active in the drilling and completion. We were last year we were doing she'll Billings new even we were they doing and because of the the capital we are diverse in this year so far. I was saying 65 million dollars is forecast for the year sixty sixty-five next year.
We are asking me that.
It's nothing happens that that will be fine introduction. So is this is already very low.
There's another question no money from Daniel.
Okay, that's it. It's about the about the regulated utility. If we are we are seeing no salary adjustment in the second half of this year about what we think about the terrorists are just meant for this year.
No, we already said that since we're in the midst of the pandemic.
And there's a queen preventing on that so we don't expect any increases in our regulated businesses, though.
We are dialogue. There's dialogue to think about what's going to happen after the ten minutes.
Oh, we are we are pulling for questions. Please wait for a few minutes.
There's another question from June. He's asking about the current payment delays this from Kumasi. I was saying right now we are around seventy five days. This is $10 more than the last call. That was the high-water mark.
Hi, this is Harry Potter with gas production with everybody all the clients and probation officer Transportation. Everybody's getting paid from comments at around Thursdays and Fridays till 4 pending. So it's a 10-day Improvement.
Not a question from Daniel.
Actually, it's from under Cardona from City. He's asking are you considering to tap the market? Some of your peers seems to be getting a very low interest rate local markets both in local currency and all early instruments. If that is the case, what would be the use of receipt?
Mary
Yes. Hello. Hello. Yes. Yes.
What transactions on on on on our bills that have access to local market the international market? We really have seen that are very friendly transactions for the corporates. But we understand that they have access to essential to do liability management, uh because they were required to do so as you as you know, our profile. Our first maturity is on 2023 by July 2023. So we have we don't have any requirement to talk to the local markets now and even if it would want to do something like twenty twenty degrees, it would not add much would concentrate a lot on the 27th. So essentially am very comfortable with that profile and our cash flow generation, so we don't think these are requirements so far with the current business.
Strategy we have on the other side. We have strengthened our liquidity unsure by accessing the local Capital Market off on in the in the shorter term as you have. Uh, the was in the Press reacts about ninety million dollars in the local market for
For for thirteen months, so that's what we did.
there's another question no money from Daniel again is also asking the same what portion of the LED a generation of the power generation unit comes from units with PPA and how much Legacy
so just to give our fins chart is that 55% of our mail was Legacy but only 40% less than 40% actually create. It's off the opposite 45% Our mail was operated EPA.
everything that you know, but they constitute 62% of our and this will this this month sort of distortion this inequality will grow even wider as we have another one right now coming online and feel free and home when now
Yeah, Danielle also, do you see any material with the government modify GPS with commitment?
I think we had rested very times before it's something that it's always risky. But right now we we haven't offered see anything. Actually. We've been paid off Improvement on payments day besides besides I think we'll also to stress something already said is that those contracts already have been uh affected considering that uh, the honor the official exchange rate. So in terms of your Equity that you have deployed to the capital you don't have access to those two, you don't have free access to exchange rate to recover your your original cost of capital take
Lillian also asking from longer. We already addressed questions.
People asking for newborns issues like finger you already answer it.
Thank you for your question. Also in that sense.
Someone from the audience asking how regarding hydrocarbon production how we expect the man will change the due to the second half of the year for how long is it going? Yes right now is growing because we are in winter but to Florida is your fault because it's a sixth season and God bless you can see the charge is always goes down, but it's such an entity. That's not unknown.
But Kyu free it's it's the whole season of Xena and as you can see the the the year-on-year decrease it's not much compared. I don't know how long your other sex with my Google.
I think it says can you please come in on GPS results a new project in behind and handled by Lil Yung from HSBC.
It's a small project. Actually, it's really good because it makes more use of the gasoline pipeline that we built with we celebrate interested in a transporter by PBS. I don't know if you remember like $300 two years. It was finish last year. We started the operator and she decided to build and it contributed a a part of a not huge but important part 2 Q 278 c g s and basically it's part of the ecosystem back. I'm worried that that instead of trying to build right and this is a treatment plan that it will be in the north part in the North French of the the jamming pipeline. It's a 2-year contract CTS will will be operate and treat this gas that the people from Shell and wage.
Yes.
I think that's it. I think there is one more question from Chris there being any further discussion with the authorities about changing eliminate eppa in light of current Bluetooth continue loose monetary policy.
We would you I think you already addressed it.
I think so.
So, I think that's in right now more. There's a pull up to this presentation. Thank you so much for joining us. We we appreciate you don't hear any questions. You may have you can reach us both to every contact line that we have. Please stay safe. Well, see you next month.
Thank you to everyone.
Thank you available for any further questions for this concludes today's presentation. Thank you for joining. You may disconnect at this time. Goodbye.