Q3 2026 YPF SA Earnings Call

October 29, 2026

Speaker #1: After today's prepared remarks, we will host a Q&A session. If you would like to ask a question, please press *1 to raise your hand.

Operator: After today's prepared remarks, we will host a question and answer session. If you would like to ask a question, please press star 1 to raise your hand. To withdraw your question, press star 1 again. I will now hand the conference over to Margarita Chun, IR manager. Margarita, please go ahead.

Operator: After today's prepared remarks, we will host a question-and-answer session. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. I will now hand the conference over to Margarita Chun, IR manager. Margarita, please go ahead.

Speaker #1: To withdraw your question, press *1 again. I will now hand the conference over to Margarita Chun, IR manager. Margarita, please go ahead.

Speaker #2: Good morning, ladies and gentlemen. This is Margarita Chun, YPF IR manager. Thank you for joining us today in our third quarter 2026 earnings call.

Margarita Chun: Good morning, ladies and gentlemen. This is Margarita Chun, YPF IR manager. Thank you for joining us today in our Q3 2026 earnings call. Before we begin, please consider our cautionary statement on slide 2. Our remarks today and answers to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. 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.

Margarita Chun: Good morning, ladies and gentlemen. This is Margarita Chun, YPF IR Manager. Thank you for joining us today in our Q3 2026 Earnings Call. Before we begin, please consider our cautionary statement on slide two. Our remarks today and answers to your questions may include forward-looking statements, which are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. Our financial figures are stated in accordance with IFRS, but during the presentation, we might discuss some non-IFRS measures, such as adjusted EBITDA.

Speaker #2: Before we begin, please consider our cautionary statement on slide 2: our remarks today and answer to your questions may include forward-looking statements. We are subject to risk and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks.

Speaker #2: 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 Marin, our finance vice president, Mr. Pedro Kearney, and our strategy new businesses and controlling vice president, Mr. Maximiliano Westen.

Margarita Chun: 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. During the presentation, we will go through the main aspects and events that shaped Q3 results, and finally, we will open the floor for a Q&A session together with our management team. I will now turn the call over to Horacio. Please go ahead.

Speaker #2: During the presentation, we will go through the main aspects and events that shaped Q3 results, and finally we will open the floor for Q&A session together with our management team.

Speaker #1: ahead.

Margarita Chun: During the presentation, we will go through the main aspects and events that shaped Q3 results, and finally, we will open the floor for a Q&A session together with our management team. I will now turn the call over to Horacio. Please go ahead.

Speaker #2: I will now turn the call over to Horacio. Please go ahead.

Speaker #3: Thank you, Margarita, and good morning. Let me start by saying that this quarter YPF continued delivering strong financial and operational results. Margin remained high, cash generation was very strong, and both upstream and downstream performed very well.

Horacio Marín: Thank you, Margarita, and good morning. Let me start by saying that this quarter, YPF continued delivering strong financial and operational results. Margin remained high, cash generation was very strong, and both Upstream and Downstream performed very well. After a record Q2, revenue remained strong in Q3 and reached $6.6 billion, up 41% from last year. Adjusted EBITDA reached $2.5 billion, the second highest level in YPF's history, and 84% above last year. The main drivers were the change from conventional fields to shale, record level of activity at our refineries, cost efficiency, and favorable prices. As a result, our adjusted EBITDA margin remained high at 38%. Shale oil production continued to grow and reached 224,000 barrels per day in Q3, up 5% from Q2 and 32% from last year.

Speaker #3: After a record Q2, revenue remained strong in Q3 and reached 6.6 billion dollars. Up 41% from last year. Adjusted EBITDA reached 2.5 billion dollars, the second highest level in YPF history, and 84% above last year.

Speaker #3: The main drivers were the change from conventional fields to shale. Record level of activity at our refineries, cost efficiency, and favorable prices. As a result, our adjusted EBITDA margin remained high at 38%.

Speaker #3: Shale oil production continued to grow and reached 224,000 barrels per day in Q3, up 5% from Q2 and 32% from last year. If we exclude the conventional assets in process of disbursement, about 95% of our oil output would have come from shale.

Horacio Marín: If we exclude the conventional assets in process of divestment, about 95% of our oil output would have come from shale. This shows the scale of YPF's change and our progress to become a leading shale oil company. We remain on track to reach 250,000 barrels per day by December. To support the continued ramp-up in shale oil production last month, we inaugurated the first train for crude oil treatment plant at La Angostura Sur block. The facility has an initial processing capacity of 31,000 barrels per day, which is expected to double with the addition of a second train by Q4 this year. We continue working on new RIGI projects in the north half of Vaca Muerta. We will expect to submit to the applicable authorities in the near term. I will share more details later in the presentation.

Speaker #3: This shows the scale of YPF's change and our progress to become a leading shale oil company. We remain on track to reach 250,000 barrels per day by December.

Speaker #3: To support the continued ramp-up in shale oil production, last month we inaugurated the first train for crude oil treatment plant at Langotura surfloc. The facility has an initial processing capacity of 31,000 barrels per day, which is expected to double with the addition of a second train by Q4 this year.

Speaker #3: We continue working on new rigid projects in the north half of Agua Muerta. We will expect to submit to the applicable authorities in the near term.

Speaker #3: I will share more detail later in the presentation. Also, it's worth mentioning that in the downstream business, our La Plata refinery was named Refinery of the Year for the second consecutive year one of the highest recognition in Latin America's refining industry.

Horacio Marín: Also, it's worth mentioning that in the Downstream business, our La Plata refinery was named refinery of the year for the second consecutive year, one of the highest recognition in Latin America's refining industry. At the same time, YPF, we also award Digital Technology of the Year for Ekons Matrix AI. This is a digital solution that predicts fuel blending specification, improving efficiency and product quality. Moreover, we continue to reinforce the competitive differentiation of our premium fuels portfolio. In this sense, in September, INFINIA TURBOCLEAN, YPF premium gasoline brand, became the first fuel in the region to achieve the new TOP TIER™+ certification. This recognition reinforce our leadership in fuel quality and innovation. It also reflects our commitment to bringing Argentine consumer world-class product developed to the highest international standards.

Speaker #3: At the same time, YPF will also award Digital Technology of the Year for Acon's matrix AI. This is a digital solution that predicts fuel blending specification, improving efficiency and product quality.

Speaker #3: Moreover, we continue to reinforce the competitive differentiation of our premium fuels portfolio, in this sense in September, Infinia to work clear, YPF premium gasoline brand became the first fuel in the region to achieve the new certification.

Speaker #3: This recognition reinforces our leadership in fuel quality and innovation. It also reflects our commitment to bringing Argentine consumers world-class products developed to the highest international standards.

Speaker #3: In addition, Santa Fe Bio, our joint venture with Essential Energy signed a long-term offtake agreement with Total Energy for the future production of sustainable aviation fuel SAF, another renewable fuel from San Lorenzo Biorefinery.

Horacio Marín: In addition, Santa Fe Bio, our joint venture with Essential Energy, signed a long-term offtake agreement with TotalEnergies for the future production of sustainable aviation fuel, SAF, and other renewable fuels from San Lorenzo biorefinery. The project is expected to require more than $400 million in CapEx to be developed under the project finance structure. The production capacity is estimated to be around 170,000 tons per year of renewable fuels, SAF for aviation, and HVO for diesel, mostly for export markets. This agreement is a key milestone for the project, providing long-term commercial visibility and supporting its financing. Now let me turn to investment. We invested $1.3 billion in Q3, with 70% going to our shale operation. CapEx was 26% higher than last year, mainly due to new wells, new facilities at La Angostura Sur, and maintain at our refineries.

Speaker #3: The project is expected to require more than 400 million dollars in capex to be developed under the project finance structure. The production capacity is estimated to be around 170,000 tons per year of renewable fuels, SAF for aviation and HBO for diesel, mostly for export markets.

Speaker #3: This agreement is a key milestone for the project, providing long-term commercial visibility and supporting its financing. Now, let me turn to investment. We invested 1.3 billion dollars in Q3.

Speaker #3: With 70% going to our shale operation, capex was 26% higher than last year, mainly due to new wealth, new facilities at Langotura sur, and maintaining our at our refineries.

Speaker #3: We expect the upstream investment to increase in Q4, supporting higher output and the start of BIMOS, with the first oil export expected early next year.

Horacio Marín: We expect the Upstream investment to increase in Q4, supporting higher output and the start of VMOS. We defer oil export expected early next year. For that reason, we remain on track to meet our full-year CapEx target of $5.8 to $6.2 billion. VMOS is also moving ahead with about 85% construction completed by September. Early this month, the two monobuoys arrived at the port in the Río Negro province. This marks a key step to making VMOS operational, representing a world-class logistics solution for large-scale development. Cash generation was once again very strong, with free cash flow reaching $901 million, the second-highest level in our history. This was mainly driven by strong adjusted EBITDA, mentioned before, and the initial proceed from the sale of non-core assets. As a result, our net leverage ratio reached the lower level in more than a decade to 0.81 times.

Speaker #3: For that reason, we remain on track to meet our full year capex target of 5.8 to 6.2 billion dollars. BIMOS is also moving ahead, with about 85% contraction completed by September.

Speaker #3: Early this month, the two monovoys arrived at the port in the Rio Negro province. This marks a key step to making BIMOS operational, representing a world-class logistics solution for large-scale development.

Speaker #3: Gas generation was once again very strong, with free cash flow reaching 901 million dollars. The second highest level in our history. This was mainly driven by a strong adjusted EBITDA mentioned before, and the initial proceeds from the sale of non-core assets.

Speaker #3: As a result, our net labor ratio reached the lowest level in more than a decade, to 0.81 times. Our balance sheet is now stronger and provides us with more financial flexibility.

Horacio Marín: Agreement is a key milestone for the project, providing long-term commercial visibility and supporting its financing. Now let me turn to investment. We invested $1.3 billion in Q3, with 70% going to our shale operation. CapEx was 26% higher than last year, mainly due to new wells, new facilities at La Angostura Sur, and maintain work at our refineries. We expect the upstream investment to increase in Q4, supporting higher output and the start of VMOS, with the first oil export expected early next year. For that reason, we remain on track to meet our full-year CapEx target of $5.8 to $6.2 billion. VMOS is also moving ahead, with about 85% construction completed by September. Early this month, the two monobuoys arrived at the port in the Río Negro province. This marks a key step to making VMOS operational, representing a world-class logistics solution for large-scale development.

Speaker #1: Agreement is a key milestone for the project, providing a long-term commercial visibility and supporting its financing. Now, let me turn to investment: we invested $1.3 billion in Q3, with 70% going to our shared operation.

Horacio Marín: Our balance sheet is now stronger and provides us with more financial flexibility. Before we review the financial results, I would like to cover three recent updates: our recent project for Upstream North Hub, the acquisition of 25% stake of YPF Luz, and the progress on the sale of non-core assets. Let me start with an update on our RIGI pipeline. We are currently working on three RIGI projects in the North Hub of Vaca Muerta oil window, covering five blocks: Bajo del Toro, Bajo del Toro Norte, La Escalonada, Rincón de la Ceniza, and Narambuena. YPF is the operator in all of these blocks and works with leading partners in the energy sector. We expect to submit these projects in the near term and will provide further detail as they progress.

Speaker #3: Before we review the financial results, I would like to cover three recent updates. Our rigid project for upstream north half, the acquisition of 25% stake of YPF LUS, and the progress on the sale of non-core assets.

Speaker #1: New facilities at La Cultura Sur, and maintaining work at our refineries. We expect after investment to increase in Q4, supporting higher output and the start of BMOs, with the first oil export expected early next year.

Speaker #3: Let me start with an update on our rigid pipeline. We are currently working on three rigid projects in the north half of Agua Muerta oil window.

Speaker #3: Covering five blocks: Bajo El Toro, Bajo El Toro Norte, La Escalonada, Rincón La Ceniza, and Naran Buena. YPF is the operator in all of these blocks and works with leading partners in the energy sector.

Speaker #1: For that reason, we remain on track to meet our full year capex target of $5.8 to $6.2 billion. BMOs is also moving ahead, with about 85% contraction completed by September.

Speaker #3: We expect to submit these projects in the near term and will provide further detail as they progress. These projects consider about 44 billion dollars of total gross capex, with investment taking place over 16 to 26 years.

Speaker #1: Early this month, the two monovoys arrived at the port in the Rio Negro province. This marks a key step to making BMOs operational, representing a world-class logistics solution for large-scale development.

Horacio Marín: These projects consider about $44 billion of total gross CapEx, with investment taking place over 16 to 26 years, depending on each project. If we add Loma La Lata Oil, YPF will have filled close to $70 billion of oil investment and RIGI, making this the largest upstream plan fill in Argentina so far. This project includes close to 2,200 drilling locations, which at plateau, could produce about 270,000 barrels of oil per day and 28 million cubic meters of natural gas per day. These are gross figures, and they show the large scale and long-term value of the North Hub. At full scale, the projects could generate about $8.2 billion of gross revenue per year, based on a Brent price of $70 per barrel and a gas price of $3.5 per million BTU. YPF keeps an average stake of about 40% in these projects.

Speaker #3: Depending on each project, if we add Loma La Lata oil, YPF would have filled close to 70 billion dollars of oil investment under Rigi, making this the largest upstream plant fill in Argentina so far.

Speaker #1: Gas generation was once again very strong, with free cash flow reaching $901 million, the second highest level in our history. This was mainly driven by a strong adjusted EBITDA mentioned before, and the initial proceeds from the sale of non-core assets.

Horacio Marín: Cash generation was once again very strong, with free cash flow reaching $901 million, the second-highest level in our history. This was mainly driven by strong adjust EBITDA mentioned before, and the initial proceed from the sale of non-core assets. As a result, our net leverage ratio reached the lower level in more than a decade to 0.81 times. Our balance sheet is now stronger and provides us with more financial flexibility. Before we review the financial results, I would like to cover three recent updates: our RIGI project for upstream North Hub, the acquisition of 25% stake of YPF Luz, and the progress on the sale of non-core assets. Let me start with an update on our RIGI pipeline.

Speaker #3: These projects include close to 2.2 thousand drilling locations, which a plateau could produce about 270,000 barrels of oil per day, and 28 million cubic meters of natural gas per day.

Speaker #1: As a result, our net labor ratio reached the lowest level in more than a decade, to 0.81 times. Our balance sheet is now stronger and provides us with more financial flexibility.

Speaker #3: These are gross figures, and they show the largest scale and long-term value of the north half. At full scale, the projects could generate about 8.2 billion dollars of gross revenue per year.

Speaker #1: Before we review the financial results, I would like to cover three recent updates: our research project for after North Cab, the acquisition of 25% stake of YPF Loose, and the progress on the sale of non-core assets.

Speaker #3: Based on brand price of $70 per barrel and gas price of $3.5 per million BTU. YPF keeps an average stake of about 40% in these projects.

Speaker #1: Let me start with an update on our research pipeline. We are currently working on three research projects in the north half of Acamuerta oil window.

Horacio Marín: We are currently working on three RIGI projects in the north half of Vaca Muerta oil window, covering five blocks: Bajo del Toro, Bajo del Toro Norte, La Escalonada, Rincón La Ceniza, and Narambuena. YPF is the operator in all of these blocks and works with leading partners in the energy sector. Expect to submit these projects in the near term, and will provide further the progress. These projects consist about $44 billion of total gross CapEx, with investment taking place over 16 to 26 years, depending on each project. If we add Loma La Lata Oil, YPF will have filled close to $70 billion of oil investment under RIGI, making this the largest upstream plan filled in Argentina so far.

Speaker #3: This large project shows the strength of our partner model in Agua Muerta, and YPF's ability to lead major export projects under Rigi. They will support our next stage of growth and create long-term value for our shareholders.

Horacio Marín: This large project shows the strength of our partner model in Vaca Muerta and YPF's ability to lead major export projects and the regime. They will support our next stage of growth and create long-term value for our shareholders. Regarding our portfolio optimization strategy, this month, we acquired the remaining 25% stake in YPF Luz, obtaining full control of the company for an attractive valuation of $430 million. This transaction was structured through an acquisition finance. As a result, YPF now owns 100% of YPF Luz and will be fully consolidated in our financial statements. YPF Luz is a leading power generation company with a strong renewable energy business, represents a key asset in our long-term plan, as power is one of the main areas of growth in the energy sector. YPF Luz is the country's third-largest power generator and second-largest renewable energy company, with 100% dollar-linked revenues.

Speaker #1: Covering five blocks: Bajo El Toro, Bajo El Toro Norte, La Escalonada, Rincón Las Misas, and Naran Buena. YPF is the operator in all of these blocks and works with leading partners in the energy sector.

Speaker #3: Regarding our portfolio optimization strategy, this month we acquired the remaining 25% stake in YPF LUS, obtaining full control of the company. An attractive valuation of 430 million dollars.

Speaker #1: These projects in the near term and will provide further. They progress. These projects consist of about 44 billion dollars of total gross capex, with investment taking place over 16 to 26 years.

Speaker #3: This transaction was structured through an acquisition finance. As a result, YPF now owns 100% of YPF LUS and will be fully consolidated in our financial statements.

Speaker #1: Depending on each project, if we add Loma La Lata Oil, YPF would have filled close to 70 billion dollars of oil investment and rigging, making this the largest after-implant fill in Argentina so far.

Speaker #3: YPF LUS is a leading power generation company with a strong renewable energy business. Represents a key asset in our long-term plan, as power is one of the main areas of growth in the energy sector.

Speaker #1: These projects include close to 2.2 thousand drilling locations, which a plateau could produce about 270,000 barrels of oil per day, and 28 million cubic meters of natural gas per day.

Horacio Marín: This project includes close to 2,200 drilling locations, which at plateau could produce about 270,000 barrels of oil per day and 28 million cubic meters of natural gas per day. These are gross figures, and they show the large scale and long-term value of the North Hub. At full scale, the projects could generate about $8.2 billion of gross revenue per year, based on Brent price of $70 per barrel and a gas price of $3.5 per million BTU. YPF keeps an average stake of about 40% in these projects. This large project shows the strength of our partner model in Vaca Muerta and YPF's ability to lead major export projects under RIGI. They will support our next stage of growth and create long-term value for our shareholders.

Speaker #3: YPF LUS is the country's third largest power generator and second largest renewable energy company. With 100% dollar-linked revenues. It operates 3.8 gigawatts of installed capacity across

Speaker #1: These are gross figures, and they show the largest scale and long-term value of the North Hub. At full scale, the projects could generate about 8.2 billion dollars of gross revenue per year.

Horacio Marín: It operates 3.8 gigawatts of installed capacity across thermal and renewable power plants. Moreover, the company has grown nearly by five times in its initial capacity in the last decade. In addition, YPF Luz consistently delivered best-in-class thermal availability of 90%, well above the national average of 72%. Its renewable assets also perform at a world-class level, with load factors of 50% for wind and 31% for solar, significantly higher than the global average. These results have supported high growth, with adjusted EBITDA rising from about $56 million in 2017 to about $500 million in 2026. At the same time, net leverage is expected to fall from 3.8 times to around 1.5 times. This acquisition represents another step for YPF to become a world-class energy company. It will allow YPF Luz to accelerate its growth while remaining focused on the power sector and reinforces YPF's integrated energy offering.

Speaker #4: thermal and renewable power plants. Moreover, the company has grown nearly by 5 times in its initial capacity in the last decade. In addition, YPF Luz consistently delivers best-in-class thermal availability of 90%.

Speaker #1: Based on brand price of $70 per barrel and gas price of $3.5 per million BTU. YPF keeps an average stake of about 40% in these projects.

Speaker #1: This large project shows the strength of our partner model in Bacamuerta and YPF's ability to lead major export projects under regie. They will support our next stage of growth and create long-term value for our shareholders.

Speaker #4: Well above the national average of 72%. Its renewable assets also perform at world-class level with load factors of 50% for wind and 31% for solar, significantly higher than the global average.

Speaker #1: Regarding our portfolio optimization strategy, this month we acquired the remaining 25% stake in YPF Loose, obtaining full control of the company. An attractive valuation of $430 million.

Horacio Marín: Regarding our portfolio optimization strategy, this month, we acquired the remaining 25% stake in YPF Luz, obtaining full control of the company for an attractive valuation of $430 million. This transaction was structured through an acquisition finance. As a result, YPF now owns 100% of YPF Luz and will be fully consolidated in our financial statements. YPF Luz is a leading power generation company with a strong renewable energy business, represents a key asset in our long-term plan, as power is one of the main areas of growth in the energy sector. YPF Luz is the country's third largest power generator and second largest renewable energy company, with 100% dollar-linked revenues. It operates 3.8 gigawatts of installed capacity across thermal and renewable power plants. Moreover, the company has grown nearly by five times in its initial capacity in the last decade.

Speaker #4: This result has supported high growth with a shared EBITDA rising from about $56 million in 2017 to about $500 million in 2026. At the same time, net leverage is expected to fall from 3.8 times to around 1.5 times.

Speaker #1: This transaction was structured through an acquisition finance. As a result, YPF now owns 100% of YPF Loose and will be fully consolidated in our financial statements.

Speaker #4: This acquisition represents another step for YPF to become a world-class energy company. It will allow YPF Luz to accelerate its growth while remaining focused on the power sector and reinforces YPF's integrated energy offering.

Speaker #1: YPF Loose is a leading power generation company with a strong renewable energy business, represents a key asset in our long-term plan as power is one of the main areas of growth in the energy sector.

Speaker #4: Now let me share with you an update on recent asset sales. Since last December, we have sold several non-core assets with total proceeds reaching about $2.2 billion.

Horacio Marín: Now, let me share with you an update on recent asset sales. Since last December, we have sold several non-core assets, with total proceeds reaching about $2.2 billion. The two more recent deals represent more than half of this amount. First, we executed the agreement to sell the Mendoza non-operating and Chachahuén conventional areas for $405 million. In Q3, these areas produced about 16,000 barrels of oil per day, and the deal is now waiting for approval from the province. After closing, as it was mentioned, shale oil should account for about 95% of YPF's total oil output. Second, we executed the agreement to sell our 70% stake in Metrogas for $780 million. Based on Q3 results, Metrogas generated about $195 million of annual EBITDA and recorded net cash position of about $65 million.

Speaker #1: YPF Loose is the country's third largest power generator and second largest renewable energy company. With 100% dollar-linked revenues. It operates 3.8 gigawatts of installed capacity across thermal and renewable power plants.

Speaker #4: The 2 most recent deals represent more than half

Speaker #5: of this amount.

Speaker #4: First, we executed the agreement to sell the Mendoza non-operating and Chaltabuén conventional areas for $405 million in Q3. These areas produce about 16,000 barrels of oil per day, and the deal is now waiting for approval from the province.

Speaker #1: Moreover, the company has grown nearly by 5 times in its initial capacity in the last decade. In addition, YPF Loose consistently delivers basic class thermal availability of 90%.

Horacio Marín: In addition, YPF Luz consistently deliver best-in-class thermal availability of 90%, well above the national average of 72%. Its renewable assets also perform at world-class level, with load factors of 50% for wind and 31% for solar, significantly higher than the global average. These results have supported high growth, with adjusted EBITDA rising from about $56 million in 2017 to about $500 million in 2026. At the same time, net leverage is expected to fall from 3.8 times to around 1.5 times. This acquisition represents another step for YPF to become a world-class energy company. It will allow YPF Luz to accelerate its growth, while remaining focused on the power sector and reinforces YPF's integrated energy offering. Now, let me share with you an update on recent asset sales. Since last December, we have sold several non-core assets with total proceed reaching about $2.2 billion.

Speaker #4: After closing, As it was mentioned, shale oil should account for about 95% of YPF's total oil output. Second, we execute the agreement to sell our 70% stake in MetroGas for $780 million based on a price of $4.50 per share.

Speaker #1: Well above the national average of 72%. Its renewable assets also perform at world-class level, with load factors of 50% for wind and 31% for solar, significantly higher than the global average.

Speaker #1: This result has supported high growth with adjusted EBITDA rising from about $56 million in 2017 to about $500 million in 2026. At the same time, net leverage is expected to fall from 3.8 times to around 1.5 times.

Speaker #4: On Q3 results, MetroGas generate about $195 million of annual EBITDA and record net cash position of about $1.5 billion. $65 million. The 20-year concession extension was already approved last month, and the deal now only needs final approval from the regulator ENREGIE and reach closing.

Horacio Marín: The 20-year concession extension was already approved last month, and the deal now only needs final approval from the regulator, ENRE, and to reach closing. Finally, in Q3, we received the first 10% payment of both deals for a total of close to $120 million. I will now hand the call over to Pedro, who will review our financial results in more detail.

Speaker #1: This acquisition represents another step for YPF to become a world-class energy company. It will allow YPF Loose to accelerate its growth, while remaining focused on the power sector and reinforcing YPF's integrated energy offering.

Speaker #4: Finally, in Q3, we received the first 10% payment of both deals for a total of close to $120 million. I will now hand the call over to Pedro, who will review our financial results in more detail.

Speaker #1: Now, let me share with you an update on recent asset sales. Since last December, we have sold several non-core assets, with total proceeds reaching about 2.2 billion dollars.

Speaker #4: Thank you, Horacio.

Pedro Kearney: Thank you, Horacio. Now, let me walk through the evolution of our free cash flow during the third quarter. YPF, once again, delivered a strong free cash flow performance during the quarter, reaching the highest cash balance in its history. Adjusted EBITDA reached approximately $2.5 billion, marking YPF's second-best quarterly record, and comfortably funding the CapEx of nearly $1.3 billion. During the quarter, we also recorded approximately $175 million of net proceeds from M&A transactions, mainly related to the initial 10% collections from the sale of our interest in Metrogas and the divestment of the Mendoza blocks. Cash generation was partially offset by approximately $278 million in regular interest payments and $225 million in income tax payments. On the other hand, working capital and other items contributed positively by approximately $15 million. Overall, YPF generated positive free cash flow of roughly $900 million during the third quarter.

Speaker #6: Now, let me walk through the evolution of our free cash flow during the 3rd quarter. YPF once again delivered a strong free cash flow performance during the quarter, reaching the highest cash balance in its history.

Speaker #1: The two most recent deals represent more than half of this amount. First, we executed the agreement to sell the Mendoza non-operating and Chattaway conventional areas for $405 million.

Horacio Marín: The two more recent deals represent more than a half of this amount. First, we executed the agreement to sell the Mendoza non-operating and Chachahuén conventional areas for $405 million. In Q3, these areas produced about 16,000 barrels of oil per day, and the deal is now waiting for approval from the province. After closing, as it was mentioned, shale oil should account for about 95% of YPF's total oil output. Second, we execute the agreement to sell our 70% stake in Metrogas for $780 million. Based on Q3 results, Metrogas generate about $195 million of annual EBITDA and record net cash position of about $65 million. The 20-year concession extension was already approved last month, and the deal now only needs final approval from the regulator, ENRE, and reach closing.

Speaker #6: Adjusted EBITDA reached approximately $2.5 billion. Marking YPF's 2nd best quarterly record and comfortably funding the CapEx of nearly $1.3 billion. During the quarter, we also recorded approximately $175 million of net proceeds from M&A transactions, mainly related to the initial 10% collections from the sale of our interest in MetroGas and the divestment of the Mendoza blocks.

Speaker #1: In Q3, these areas produced about 16,000 barrels of oil per day, and the deal is now waiting for approval from the province. After closing, as it was mentioned, shale oil should account for about 95% of YPF's total oil output.

Speaker #1: Second, we executed the agreement to sell our 70% stake in Metro Gas for $780 million. Based on Q3 results, Metro Gas generates about 195 million dollars of annual EBITDA.

Speaker #6: Cash generation was partially offset by approximately $278 million in regular interest payments and $225 million in income tax payments. On the other hand, working capital and other items contributed positively by approximately $50 million.

Speaker #1: And record net cash position of about $65 million. The 20-year concession extension was already approved last month, and the deal now only needs final approval from the regulator NRG and reached closing.

Speaker #6: Overall, YPF generated positive free cash flow of roughly $900 million during the 3rd quarter. This performance reflects the strength of our underlying operations and our ability to simultaneously fund growth and continue reinforcing our financial position.

Pedro Kearney: This performance reflects the strength of our underlying operations and our ability to simultaneously fund growth and continue reinforcing our financial position. In addition, net debt issuance and other financing activities contributed by almost $280 million during the quarter. This reflected the successful issuance of the new $1.2 billion international bond maturing in 2035, together with the completion in September of tender offers of approximately $530 million of the 2027s and 2029s international bonds. As a result, our liquidity position increased from approximately $2.5 billion at the end of the second quarter to $3.7 billion at the end of September, the maximum level ever recorded by the company. This strong liquidity position covers more than two years and a half of our debt maturity profile and provides YPF with significant flexibility to continue executing its investment program, proactively managing upcoming debt maturities, and preserving a robust financial profile.

Speaker #1: Finally, in Q3, we received the first 10% payment of both deals for a total of close to $120 million. I will now hand the call over to Pedro, who will review our financial results in more detail.

Horacio Marín: Finally, in Q3, we received the first 10% payment of both deals for a total of close to $120 million. I will now hand the call over Pedro, who will review our financial results in more detail.

Speaker #6: In addition, net debt issuance and other financing activities contributed by almost $280 million during the quarter. This reflected the successful issuance of the new $1.2 billion international bond maturing in 2035, together with the completion in September of tender offers of approximately $530 million of the 2027 and 2029 international bonds.

Speaker #2: Thank you, Horacio. Now, let me walk through the evolution of our free cash flow during the third quarter. YPF, once again, delivered a strong free cash flow, performance during the quarter, reaching the highest cash balance on its history.

Pedro Kearney: Thank you, Horacio. Now, let me walk through the evolution of our free cash flow during Q3. YPF, once again, delivered a strong free cash flow performance during the quarter, reaching the highest cash balance on its history. Adjusted EBITDA reached approximately $2.5 billion, marking YPF's second-best quarterly record, and comfortably funding the CapEx of nearly $1.3 billion. During the quarter, we also recorded approximately $175 million of net proceeds from M&A transactions, mainly related to the initial 10% collections from the sale of our interest in Metrogas and the divestment of the Mendoza blocks. Cash generation was partially offset by approximately $278 million in regular interest payments and $225 million in income tax payments. On the other hand, working capital and other items contributed positively by approximately $15 million. Overall, YPF generated positive free cash flow of roughly $900 million during Q3.

Speaker #6: As a result, our liquidity position increased from approximately $2.5 billion at the end of the 2nd quarter to $3.7 billion at the end of September.

Speaker #2: Adjusted EBITDA reached approximately 2.5 billion dollars, marking YPF's second best quarterly record, and comfortably funding the. 1.3 billion dollars. During the quarter, we also recorded approximately 175 million dollars of net proceeds from M&A transactions.

Speaker #6: The maximum level ever recorded by the company. This strong liquidity position covers more than 2 years and a half of our debt maturity profile and provides YPF with significant flexibility to continue executing its investment program proactively managing upcoming debt maturities and preserving a robust financial profile.

Speaker #2: Mainly related to the initial 10% collections from the sale of our interest in Metro Gas and the divestment of the Mendoza blocks. Cash generation was partially offset by approximately $278 million in regular interest payments, and $225 million in income tax payments.

Speaker #6: Moving to our financial position, net leverage ratio declined to 0.8 times at the end of the 3rd quarter, compared with 1.1 times at the end of June and 2.1 times a year ago.

Pedro Kearney: Moving to our financial position, net leverage ratio declined to 0.8 times at the end of Q3, compared with 1.1 times in June and 2.1 times a year ago. This represents a reduction of more than 60% year over year, and the lowest net leverage level achieved by YPF in more than a decade. In addition, the strong liquidity position achieved during the quarter allowed us to proactively execute liability management initiatives focused on reducing our overall cost of debt by repaying higher-cost facilities with shorter tenors. In August, we retapped our dollar MEP bond in the local market for approximately $170 million at a very competitive yield of 5.5% with maturity in April 2030. The proceeds were used to prepay local bonds maturing next year, optimizing our debt maturity profile and extending debt maturities.

Speaker #2: On the other hand, working capital and other items contributed positively by approximately $15 million. Overall, YPF generated positive free cash flow of roughly $900 million during the third quarter.

Speaker #6: This represents a reduction of more than 60% year over year and the lowest net leverage level achieved by YPF in more than a decade.

Speaker #6: In addition, the strong liquidity position achieved during the quarter allowed us to proactively execute liability management initiatives focused on reducing our overall cost of debt by repaying higher-cost facilities with shorter tenors.

Speaker #2: This performance reflects the strength of our main operations and our ability to simultaneously fund growth and continue reinforcing our financial position. In addition, net debt issuance and other financing activities contributed by almost $280 million.

Pedro Kearney: This performance reflects the strength of our underlying operations and our ability to simultaneously fund growth and continue reinforcing our financial position. In addition, net debt issuance and other financing activities contributed by almost $280 million during the quarter, including the successful issuance of the new $1.2 billion international bond maturing in 2035, together with the completion in September of tender offers of approximately $530 million of the 2027's and 2029's international bonds. As a result, our liquidity position increased from approximately $2.5 billion at the end of Q2 to $3.7 billion at the end of September, the maximum level ever recorded by the company. This strong liquidity position covers more than two years and a half of our debt maturity profile and provides YPF with significant flexibility to continue executing its investment program, proactively managing upcoming debt maturities, and preserving a global financial profile.

Speaker #6: In August, we retapped our dollar MEP bond in the local market for approximately $170 million, at a very competitive yield of 5.5%, with maturity in April 2030.

Speaker #2: During the quarter. This issuance of the new $1.2 billion international bond maturing in 2035, together with the completion in September of tender offers of approximately $530 million, of the 2027 and 2029 international bonds.

Speaker #6: The proceeds were used to prepay local bonds maturing next year, optimizing our debt maturity profile and extending debt maturities. In parallel, we continue to repay our regular maturities with internally generated cash, reflecting our strong liquidity position and disciplined balance sheet management.

Speaker #2: As a result, our liquidity position increased from approximately 2.5 billion dollars at the end of the second quarter to 3.7 billion dollars at the end of September, the maximum level ever recorded by the company.

Pedro Kearney: In parallel, we continued to repay our regular maturities with internally generated cash, reflecting our strong liquidity position and disciplined balance sheet management. Let me highlight an important milestone achieved by YPF in terms of our financial strategy. In September, we successfully returned to the international capital market with a new bond of $1.2 billion, representing the largest corporate bond of Argentina in the last 11 years. The transaction attracted demand for approximately $2.2 billion, allowing us to issue $1.2 billion through a new nine-year bond maturing in 2035 at a 7.85% yield. The transaction was priced at a spread of 300 basis points over the US Treasuries, the lowest spread ever achieved by YPF. This demonstrates our strong access to the international capital market and the continued improvement in our credit profile.

Speaker #6: And let me highlight an important milestone achieved by YPF in terms of our financial strategy. In September, we successfully returned to the international capital market with a new bond of $1.2 billion, representing the largest corporate bond of Argentina in the last 11 years.

Speaker #2: This is strong liquidity position covers more than 2 years and a half of the maturity profile, and provides YPF with significant liquidity to achieve executing its investment program proactively, managing upcoming debt maturities, and preserving growth financial profile.

Speaker #2: Moving to our financial position, net leverage ratio declined to 0.8 times at the end of the third quarter, compared with 1.1 times to 2.1 times a year ago.

Speaker #6: The transaction attracted demand for approximately $2.2 billion. Allowing us to issue $1.2 billion through a new 9-year bond maturing in 2035 at a 7.85% yield.

Pedro Kearney: Moving to our financial position, net leverage ratio declined to 0.8 times at the end of Q3, compared with 1.1 times in June and 2.1 times a year ago. This represents a reduction of more than 60% year over year, and the lowest net leverage level achieved by YPF in more than a decade. In addition, the strong liquidity position achieved during the quarter allowed us to proactively execute liability management initiatives focused on reducing our overall cost of debt by repaying higher cost facilities with shorter tenors. In August, we retapped our dollar-MEP bond in the local market for approximately $170 million at a very competitive yield of 5.5% with maturity in April 2030. The proceeds were used to pre-pay local bonds maturing next year, optimizing our debt maturity profile and extending debt maturities.

Speaker #2: This represents a reduction of more than 60% year over year, and the lowest net leverage level achieved by YPF in more than a decade.

Speaker #6: The transaction was priced at a spread of 300 basis points over the US Treasuries, the lowest spread ever achieved by YPF. This demonstrates our strong access to the international capital market and the continued improvement in our credit profile.

Speaker #2: In addition, the strong liquidity position achieved during this quarter allowed us to proactively execute liability management initiatives focused on reducing our overall cost of debt by repaying higher cost facilities with shorter tenors.

Speaker #6: It also allows us to further extend our debt maturity profile, while prefunding a portion of our 2027 financial needs. Following the issuance, we repurchased approximately $530 million of international bonds maturing between 2027 and 2029.

Pedro Kearney: It also allowed us to further extend our debt maturity profile while prefund a portion of our 2027 financial needs. Following the issuance, we repurchased approximately $530 million of international bonds maturing between 2027 and 2029, reducing our near-term maturities and further improving the distribution of our debt profile. The remaining proceeds are expected to support our 2027 investment program and provide additional liquidity and financial flexibility. I will now turn it to Max to walk us through our operational performance.

Speaker #2: In August, we reached up our dollar MEP bond in the local market for approximately $170 million, at a very competitive yield of 5.5%, with maturity in April 2030.

Speaker #2: The proceeds were used to prepay local bonds maturing next year, optimizing our debt maturity profile and extending debt maturities. In parallel, we continue to repay our regular maturities with internally generated cash, reflecting our strong liquidity position and disciplined balance sheet management.

Speaker #6: Reducing our near-term maturities and further improving the distribution of our debt profile. The remaining proceeds are expected to support our 2027 investment program, and provide additional liquidity and financial flexibility.

Speaker #6: I will now turn it to Max to walk us through our operational performance.

Speaker #2: And let me highlight an important milestone achieved by YPF in terms of our financial strategy. In September, we successfully returned to the international capital market with a new bond of $1.2 billion, representing the largest corporate bond of Argentina in the last 11 years.

Pedro Kearney: In parallel, we continue to repay our regular maturities with internally generated cash, reflecting our strong liquidity position and disciplined balance sheet management. Let me highlight an important milestone achieved by YPF in terms of our financial strategy. In September, we successfully returned to the international capital market with a new bond of $1.2 billion, representing the largest corporate bond of Argentina in the last 11 years. The transaction attracted demand for approximately $2.2 billion, allowing us to issue $1.2 billion through a new nine-year bond maturing in 2035 at a 7.85% yield. The transaction was priced at a spread of 300 basis points over the US Treasuries, the lowest spread ever achieved by YPF. This demonstrates our strong access to the international capital market and the continued improvement in our credit profile.

Speaker #4: Thank you, Pedro. Let me now walk you through our upstream performance during the 3rd quarter. Our upstream strategy continued to deliver solid results during the quarter, driven by continued growth in shale oil production and further progress in the transformation of our production base.

Maximiliano Westen: Thank you, Pedro. Let me now walk you through our upstream performance during Q3. Our upstream strategy continued to deliver solid results during the quarter, driven by continued growth in shale oil production and further progress in the transformation of our production base. Shale oil production averaged 224,000 barrels per day during Q3, increasing 32% year over year and 5% sequentially. Moreover, according to our preliminary figures of October, production reached above 245,000 barrels per day these days, bringing us closer to our year-end target of roughly 250,000 barrels per day. This growth was driven by the continued development of our shale oil hubs, mainly supported by the contribution from La Angostura Sur, Loma Campana, La Amarga Chica, and Bandurria Sur blocks. In September, we completed the start-up of new oil and gas integrated treatment facilities in La Angostura Sur, representing approximately $400 million of investment.

Speaker #2: The transaction attracted demand for approximately $2.2 billion. Allowing us to issue $1.2 billion through a new 9-year bond maturing in 2035 at a 7.85% yield.

Speaker #4: Shale oil production averaged 224,000 barrels per day during the 3rd quarter, increasing 32% year over year and 5% sequentially. Moreover, according to our preliminary figures of October, production reached above 245,000 barrels per day these days.

Speaker #2: The transaction was priced at a spread of 300 basis points, over the US Treasuries, the lowest spread ever achieved by YPF. This demonstrates our strong access to the international capital market and the continued improvement in our credit profile.

Speaker #4: Bringing us closer to our year-end target of roughly 250,000 barrels per day. This growth was driven by the continued development of our shale oil hubs, mainly supported by the contribution from La Angostura Sur, Loma Campana, La Marga Chica, and Manduria Sur blocks.

Speaker #2: It also allowed us to further extend our debt maturity profile, while pre-fund a portion of our 2027 financial needs. Following the issuance, we repurchased approximately $530 million of international bonds maturing between 2027 and 2029, reducing our near-term maturities and further improving the distribution of our debt profile.

Pedro Kearney: It also allowed us to further extend our debt maturity profile while pre-fund a portion of our 2027 financial needs. Following the issuance, we repurchased approximately $530 million of international bonds maturing between 2027 and 2029, reducing our near-term maturities and further improving the distribution of our debt profile. The remaining proceeds are expected to support our 2027 investment program and provide additional liquidity and financial flexibility. I will now turn it to Max to walk us through our operational performance.

Speaker #4: In September, we completed the startup of new oil and gas integrated treatment facilities in La Angostura Sur, representing approximately $400 million of investment. These facilities add processing capacity of approximately 60,000 barrels of oil per day, and 4 million cubic meters of gas per day, supporting the continued development of the block towards its long-term production targets.

Speaker #2: The remaining proceeds are expected to support our 2027 investment program and provide additional liquidity and financial flexibility. I will now turn it to Max to walk us through our operational performance.

Maximiliano Westen: These facilities add processing capacity of approximately 60,000 barrels of oil per day and 4 million cubic meters of gas per day, supporting the continued development of the block towards its long-term production targets. In addition, this new infrastructure further strengthens our readiness for the next phase of production growth and supports the future evacuation of volumes through the VMOS system. At the same time, conventional oil production declined to approximately 37,000 barrels per day, down 47% year-over-year, mainly reflecting the continued execution of our conventional asset divestment program. Excluding the recently divested Mendoza blocks, conventional oil production would have been approximately 17,000 barrels per day. Moving on to costs, the total lifting cost declined to $7.8 per BOE, mainly driven by the continued shift towards higher share of shale and lower conventional volumes.

Speaker #3: Thank you, Pedro. Let me now walk you through our upstream performance during the third quarter. Our upstream strategy continued to deliver solid results during the quarter, driven by continued growth in shale oil production and further progress in the transformation of our production base.

Speaker #4: In addition, this new infrastructure further strengthens our readiness for the next phase of production growth and supports the future evacuation of volumes through the Vimos system.

Max Westen: Thank you, Pedro. Let me now walk you through our upstream performance during the Q3. Our upstream strategy continued to deliver solid results during the quarter, driven by continued growth in shale oil production and further progress in the transformation of our production base. Shale oil production averaged 224,000 barrels per day during the Q3, increasing 32% year over year and 5% sequentially. Moreover, according to our preliminary figures of October, production reached above 245,000 barrels per day these days, bringing us closer to our year-end target of roughly 250,000 barrels per day. This growth was driven by the continued development of our shale oil hubs, mainly supported by the contribution from La Angostura Sur, Loma Campana, La Amarga Chica, and Bandurria Sur blocks. in September, we completed the start-up of new oil and gas integrated treatment facilities in La Angostura Sur, representing approximately $400 million of investment.

Speaker #4: At the same time, conventional oil production declined to approximately 37,000 barrels per day, down 47% year over year, mainly reflecting the continued execution of our conventional asset divestment program.

Speaker #3: Shale oil production averaged 224,000 barrels per day during the third quarter, increasing 32% year over year, and 5% sequentially. Moreover, according to our preliminary figures of October, production reached above 245,000 barrels per day these days, bringing us closer to our year-end target of roughly 250,000 barrels per day.

Speaker #4: Excluding the recently divested Mendoza blocks, commercial oil production would have been approximately 17,000 barrels per day. Moving on to costs, the total lifting cost declined to $7.80 per BOE, mainly driven by the continued shift towards higher share of shale and lower conventional volumes.

Speaker #3: This growth was driven by the continued development of our shale oil hubs, mainly supported by the contribution from Langostura Sur, Loma Campana, La Marga Chica, and Mandurria Sur blocks.

Speaker #7: Excluding the blocks under divestment, lifting costs would have totaled below $7 per BOE, underscoring the structural improvement in YPF costs base as shale continued to account for a larger share of production.

Maximiliano Westen: Excluding the blocks under divestment, lifting costs would have totaled below $7 per BOE, underscoring the structural improvement in YPF's cost base as shale continued to account for a larger share of production. Within our oil hub, lifting costs remain at best-in-class levels of approximately $4.2 per BOE, broadly stable compared with the previous quarter. Turning to natural gas, total production averaged 36.5 million cubic meters per day, a 5% decline year-over-year. However, this trend was mostly driven by the continued reduction of conventional and tight gas production. Interannually, shale gas production increased 3%, reaching 27.1 million cubic meters per day, representing 74% of total gas production, further improving the quality and competitiveness of our gas portfolio. Overall, results during the quarter fully reflect the successful transformation of YPF's Upstream portfolio.

Speaker #3: In September, we completed the start-up of new oil and gas-integrated treatment facilities in Langostura Sur, representing approximately 400 million dollars of investment. These facilities add processing capacity of approximately 60,000 barrels of oil per day and 4 million cubic meters of gas per day, supporting the continued development of the block towards its long-term production targets.

Speaker #7: Within our oil hub, lifting costs remain at best-in-class levels of approximately $4.20 per BOE, Broadly stable compared with the previous quarter. Turning to natural gas, total production averaged 36.5 million cubic meters per day, a 5% decline year over year.

Max Westen: These facilities add processing capacity of approximately 60,000 barrels of oil per day and 4 million cubic meters of gas per day, supporting the continued development of the block towards its long-term production targets. In addition, this new infrastructure further strengthens our readiness for the next phase of production growth and supports the future evacuation of volumes through the VMOS system. At the same time, conventional oil production declined to approximately 37,000 barrels per day, down 47% year over year, mainly reflecting the continued execution of our conventional asset divestment program. Excluding the recently divested Mendoza blocks, conventional oil production would have been approximately 17,000 barrels per day. Moving on to costs. The total lifting cost declined to $7.8 per BOE, mainly driven by the continued shift towards higher share of shale and lower conventional volumes.

Speaker #7: However, this trend was mostly driven by the continued reduction of conventional and tight gas production. production. Interannually, shale gas production increased 3%, reaching 27.1 million cubic meters per day, representing 74% of total production.

Speaker #3: In addition, this new infrastructure further strengthens our readiness for the next phase of production growth and supports the future evacuation of volumes through the BMOT system.

Speaker #3: At the same time, conventional oil production declined to approximately 37,000 barrels per day, down 47% year over year, mainly reflecting the continued execution of our conventional asset divestment program.

Speaker #7: Total gas production, further improving the quality and competitiveness of our gas portfolio. Overall, results during the quarter fully reflect the successful transformation of YPF's upstream portfolio.

Speaker #3: Excluding the recently divested Mendoza blocks, conventional oil production would have been approximately 17,000 barrels per day. Moving on to costs, the total lifting cost declined to 7.8 dollars per BOE, mainly driven by the continued shift towards higher share of shale and lower conventional volumes.

Speaker #7: Shale oil continues to drive growth more than offsetting the impact of conventional divestments, while the evolving production mix and ongoing operational efficiencies support us structurally stronger and more competitive cost base.

Maximiliano Westen: Shale oil continues to drive growth, more than offsetting the impact of conventional divestments, while the evolving production mix and ongoing operational efficiencies support a structurally stronger and more competitive cost base. Moving on to our Midstream and Downstream segments, processing levels remained robust during Q3 at an average of 344,000 barrels per day, reflecting the strong reliability and efficiency of our refining system. Sequentially, it declined by 2%, primarily due to the scheduled maintenance shutdown at our La Plata refinery in September. On a year-over-year basis, processing volumes rose 5%, mainly driven by stronger utilization rates at La Plata and Luján de Cuyo refineries. Once again, this outstanding operational performance, together with strong gasoline and middle distillate production, allowed us to fully meet domestic demand without fuel imports, supply local refiners, and further expand fuel export volumes, while also driving record premium gasoline production during the quarter.

Speaker #7: Moving on to our midstream and downstream segments, processing levels remained robust during the 3rd quarter at an average of 344,000 barrels per day, reflecting the strong reliability and efficiency of our refining system.

Speaker #3: Excluding the blocks under divestment, lifting costs would have totaled below $7 per BOE, underscoring the structural improvement in YPF cost base as shale continued to account for a larger share of production.

Max Westen: Excluding the blocks under divestment, lifting costs would have totaled below $7 per BOE, underscoring the structural improvement in YPF cost base as shale continued to account for a larger share of production. Within our oil hub, lifting costs remain at best-in-class levels of approximately $4.2 per BOE, broadly stable compared with the previous quarter. Turning to natural gas, total production averaged 36.5 million cubic meters per day, a 5% decline year over year. However, this trend was mostly driven by the continued reduction of conventional and tight gas production. Interannually, shale gas production increased 3%, reaching 27.1 million cubic meters per day, representing 74% of total gas production, further improving the quality and competitiveness of our gas portfolio. Overall, results during the quarter fully reflect the successful transformation of YPF's upstream portfolio.

Speaker #7: Sequentially, it declined by 2%, primarily due to the scheduled maintenance shutdown at our La Plata refinery in September. On a year-over-year basis, processing volumes rose 5%, mainly driven by stronger utilization rates at La Plata and Luján de Cuyo refineries.

Speaker #3: Within our oil hub, lifting costs remain at best-in-class levels of approximately 4.2 dollars per BOE, broadly stable compared with the previous quarter. Turning to natural gas, total production averaged 36.5 million cubic meters per day, a 5% decline year over year.

Speaker #7: Once again, this outstanding operational performance, together with strong gasoline and middle distillates production, allowed us to fully meet domestic demand without fuel imports. Supply local refiners, and further expand fuel export volumes while also driving record premium gasoline production during the quarter.

Speaker #3: However, this trend was mostly driven by the continued reduction of conventional and tight gas production. Interannually, shale gas production increased 3%, reaching 27.1 million cubic meters per day, representing 74% of total gas production, further improving the quality and competitiveness of our gas portfolio.

Speaker #7: Looking ahead, we expect refinery throughput to gradually normalize by year-end as further maintenance activity is scheduled for the 4th quarter. Turning to domestic fuel sales, gasoline and diesel volumes declined by 4% on a quarterly basis, mainly driven by lower diesel demand from the industrial and agribusiness segments in the 3rd quarter of 2026.

Maximiliano Westen: Looking ahead, we expect refinery throughput to gradually normalize by year-end as further maintenance activity is scheduled for Q4. Turning to domestic fuel sales, gasoline and diesel volumes declined by 4% on a quarterly basis, mainly driven by lower diesel demand from the industrial and agribusiness segments in Q3 2026. These effects were partially offset by stronger gasoline demand. On a year-over-year basis, fuel sales increased by 2%, supported by stronger demand for both diesel and gasoline. As a result, YPF maintained its leadership position, reaching a 58% market share during the quarter and 61% when including gasoline and diesel volumes produced by YPF and sold through third-party gas stations. Beyond the domestic market, we also continued growing fuel exports during Q3, shipping 166,000 cubic meters of gasoline and diesel, around 4% of our total fuel sales.

Speaker #3: Overall, results during the quarter fully reflect the successful transformation of YPF's upstream portfolio. Shale oil continues to drive growth more than offsetting the impact of conventional divestments, while the evolving production mix and ongoing operational efficiencies support a structurally stronger and more competitive gas base.

Speaker #7: These effects were partially offset by stronger gasoline demand. On a year-over-year basis, fuel sales increased by 2%, supported by stronger demand for both diesel and gasoline.

Max Westen: Shale oil continues to drive growth, more than offsetting the impact of conventional divestments, while the evolving production mix and ongoing operational efficiencies support a structurally stronger and more competitive cost base. Moving on to our midstream and downstream segments. Processing levels remained robust during Q3, an average of 344,000 barrels per day, reflecting the strong reliability and efficiency of our refining system. Sequentially, it declined by 2% due to the scheduled maintenance shutdown at our La Plata refinery in September. On a year-over-year basis, processing volumes rose mainly driven by utilization rates at La Plata and Luján de Cuyo refineries. Once again, this outstanding operational performance, together with strong gasoline and middle distillates allowed us to fully meet domestic demand without fuel imports, supply local refiners, and further expand fuel export volumes, while also driving record premium gasoline production during the quarter.

Speaker #3: On to our midstream segments, processing levels remain robust during the third quarter, of 344,000 barrels per day, reflecting the strong reliability and efficiency of our refining system.

Speaker #7: As a result, YPF maintained its leadership position, reaching a 58% market share during the quarter and 61% when including gasoline and diesel volumes produced by YPF and sold through third-party gas stations.

Speaker #3: Sequentially, it declined by 2%, scheduled maintenance shutdown our Lada refinery in September. Now, basis volumes rose mainly driven by margin rates at Lada and Horacio refineries.

Speaker #7: Beyond the domestic market, we also continued growing fuel exports during the 3rd quarter, shipping 166,000 cubic meters of gasoline and diesel, around 4% of our total fuel sales.

Speaker #3: Once again, this outstanding operational performance, together with strong gasoline and mill distillation, allowed us to fully meet domestic demand without fuel imports, supply local refiners, and further expand fuel export volumes, while also driving record premium gasoline production during the quarter.

Speaker #7: In terms of pricing, local fuel prices remained under the buffer scheme, allowing us to preserve fuel demand during a period of elevated prices. Volatility, maintaining a competitive position in the local market, and expecting to recover the gap between the local prices and the import prices once market has normalized.

Maximiliano Westen: In terms of pricing, local fuel prices remained under the buffer scheme, allowing us to preserve fuel demand during a period of elevated volatility, maintaining a competitive position in the local market and expecting to recover the gap between the local prices and the import prices once market has normalized. During certain periods in Q3, the decline in international prices partially allowed us to recover the gap as domestic prices remained stable. However, as the international conflict intensified again, YPF resumed temporarily absorbing part of the impact to support domestic demand while continuing to deliver strong downstream adjusted EBITDA margins. In late September, we implemented a modest 1% increase at the pump. Looking ahead, we will continue to closely monitor international price trends, domestic demand, competitors' pricing, market condition, and fiscal costs.

Speaker #3: Looking ahead, we expect refinery throughput to gradually ramp as further maintenance activities in the fourth quarter. Turning to domestic fuel sales, gasoline and diesel volumes declined by 4% on a quarterly basis, lower diesel demand from the industrial and agribusiness segments in the third quarter of 2026.

Speaker #7: During certain periods in the 3rd quarter, the decline in international prices partially allowed us to recover the gap as domestic prices remained stable. However, as the international conflict intensified again, YPF resumed temporarily absorbing part of the impact to support domestic demand while continuing to deliver strong downstream EBITDA margins.

Max Westen: Looking ahead, we expect refinery throughput to gradually by year end as further maintenance activities scheduled for Q4. Turning to domestic fuel sales, gasoline and diesel volumes declined by 4% on a quarterly basis, driven by lower diesel demand from the industrial and agribusiness segments in Q3 2026. These effects were partially offset by stronger gasoline demand. On a year-over-year basis, fuel sales increased by 2%, supported by stronger demand for both diesel and gasoline. As a result, YPF maintained its leadership position at 58% market share during the quarter, and 61% when including gasoline and diesel volumes produced by YPF and sold through third-party gas stations. Beyond the domestic market, we also continued growing fuel export in Q3, shipping 166,000 cubic meters of gasoline and diesel, around 4% of our total fuel sales.

Speaker #3: These effects were partially offset by stronger gasoline demand. On a year-basis, fuel sales increased by 2%, supported by stronger demand for both lines. YPF maintained its leadership position at 8% market share during the quarter and 61% when including gasoline and diesel volumes produced by YPF and sold through a third-party gas stations.

Speaker #7: In late September, we implemented a modest 1% increase at the pump. Looking ahead, we will continue to closely monitor international price trends domestic demand, competitors' pricing, market condition, and fiscal costs.

Speaker #7: We will use targeted micropricing adjustment to maintain our competitive position in the local market while protecting margins. Lastly, our midstream and downstream adjusted EBITDA margins expanded to about $32 per barrel in the 3rd quarter, reflecting strong processing levels as favorable production mix, no fuel imports, and effective execution of our commercial and pricing strategy.

Maximiliano Westen: We will use targeted micro pricing adjustment to maintain our competitive position in the local market while protecting margins. Lastly, our midstream and downstream adjusted EBITDA margins expanded to about $32 per barrel in Q3, reflecting strong processing levels as favorable production mix, no fuel imports, and effective execution of our commercial and pricing strategy. Now, let me briefly highlight the continued progress we are making on the efficiency front. During the first 9 months of the year, our shale operations continued to achieve significant productivity gains across both drilling and completion activities. Drilling speed in our shale oil hub reached roughly 354 meters per day, growing by 29% compared to 2023. At the same time, the unconventional fracking activity also continued improving, completing 11.1 stages per day and pumping 18.8 hours per day, representing improvements of 46% and 30%, respectively, compared to 2023 levels.

Speaker #3: Beyond the domestic market, we also continued growing fuel exports in the quarter, shipping 166,000 cubic meters per day and diesel around 4% of our total fuel sales.

Speaker #3: In terms of pricing, local fuel prices remained under the buffer scheme, allowing us to preserve fuel demand during a period of elevated volatility and maintaining a competitive position in the local market when expecting to recover the gap between the local prices and once the market has normalized.

Speaker #7: Now let me briefly highlight the continued progress we are making on the efficiency front. During the first 9 months of the year, our shale operations continued to achieve significant productivity gains across both drilling and completion activities.

Speaker #3: During certain periods in the third quarter, the decline in international prices partially allowed us to recover the gap as domestic prices remained stable. However, as the international conflict intensified again, YPF resumed temporarily absorbing part of the impact of demand and continuing the strong downstream ADA margins.

Speaker #7: Drilling speed in our shale oil hub reached roughly 354 meters per day, growing by 29% compared to 2023. At the same time, the unconventional fracking activity also continued improving, completing 11.1 stages per day and pumping 18.8 hours per day, representing improvements of 46% and 30%, respectively, compared to 2023 levels.

Max Westen: In terms of pricing, local fuel prices remained under the buffer scheme, allowing us to preserve fuel demand during a period of elevated volatility, maintaining a competitive position in the local market and expecting to recover the gap between the local prices and properties once market has normalized. During certain periods in Q3, the decline in international prices partially allowed us to recover the gap as domestic prices remained stable. However, as the international conflict intensified again, YPF resumed temporarily absorbing part of the impact for domestic demand, continuing to deliver strong downstream EBITDA margins. In late September, we a modest 1% increase at the pump. Looking ahead, we will continue to closely monitor international trends, domestic demand, competitors' pricing, market condition, and fiscal costs. We will use micro-pricing adjustment to maintain our competitive position in the local market while protecting margins.

Speaker #3: In late September, we lost 1% increase at the pump. Looking ahead, we will continue to closely monitor international and domestic demand, competitors' pricing, market conditions, and fiscal costs.

Speaker #3: We will use micro-pricing adjustments to maintain a competitive position in the local market while protecting margins. Lastly, our midstream and downstream adjusted ADA margins expanded to about 32 dollars per barrel in the third quarter, reflecting strong processing levels as favorable to no fuel imports and effective execution of our commercial and pricing strategy.

Speaker #7: This sustained growth is the result of our continued support from our Real-Time Intelligence Center focused on operational excellence and learning curve gains across our shale developments.

Maximiliano Westen: This sustained growth is the result of our continued support from our Real Time Intelligence Center, focused on operational excellence and learning curve gains across our shale developments. It is also reflected in a new operational milestone achieved during the quarter, with a new drilling record of 4,770 meters lateral length in a single run. Regarding our downstream business, as Horacio Marín explained at the beginning of the presentation, we continued to strengthen our operational excellence, technology, and product differentiation. La Plata Refinery was named Refinery of the Year for the second consecutive year, while YPF received the Digital Technology of the Year award for Ekons Matrix AI, our fuel blending solution. In addition, INFINIA TURBOCLEAN became the first fuel in the region to achieve TOP TIER™+ certification, reinforcing our leadership in premium fuels and innovation. I will now turn to Horacio Marín for an update on our LNG projects.

Speaker #7: It is also reflected in a new operational milestone achieved during the quarter, with a new drilling record of 4,770 meters lateral length in a single run.

Speaker #3: Now, let me briefly highlight the continued progress we are making on the efficiency front. During the first nine months of the year, our shale operations continued to achieve significant productivity gains across port filling and completion activity.

Speaker #7: Regarding our downstream business, as Horacio explained at the beginning of the presentation, we continue to strengthen our operational excellence technology and product differentiation. La Plata Refinery was named Refinery of the Year for the 2nd consecutive year, while YPF received the Digital Technology of the Year award for ECON's Matrix AI, our fuel blending solution.

Speaker #3: During this period, in in our shale oil stages per day, and pumping 18.8 hours per day, representing improvements of 46% and 30%, respectively, compared to 2023 levels.

Max Westen: Lastly, our midstream and downstream adjusted EBITDA margins expanded to about $32 per barrel in Q3, reflecting strong processing levels as favorable mix, no fuel imports, and effective execution of our commercial and pricing strategy. Now, let me briefly highlight the continued progress we are making on the efficiency front. During the first 9 months of the year, our shale operations continued to achieve significant productivity gains across both drilling and completion activities. Drilling speed in our shale oil inches per day and pumping 18.8 hours per day, representing improvements of 46% and 30%, respectively, compared to 2023 levels. This sustained growth is the result of our continued support from our Real Time Intelligence Center, focused on operational excellence and learning curve gains across our shale developments.

Speaker #7: In addition, Infinia TurboClear, became the first fuel in the region to achieve Top Tier Plus certification, reinforcing our leadership in premium fuels and innovation.

Speaker #7: I will now turn to Horacio for an update on our LNG projects.

Speaker #3: This sustained growth is a result of our continued support from our real-time intelligence center focused on operational evidence and learning curve gains across our shale developments.

Speaker #4: Thank you, Max. Finally, let me share the progress on Argentina LNG project. As mentioned in previous call, this phase includes the development on a fully integrated LNG and liquids project based on 5 wet gas blocks in Vaca Muerta with about 1,400 well inventory.

Horacio Marín: Thank you, Max. Finally, let me share the progress on Argentina LNG project. As mentioned in previous call, this phase included the development on the fully integrated LNG and liquids project based on 5 wet gas blocks in Vaca Muerta with about 1,400 well inventory. The project targets 12 million tons per year on liquefaction capacity, supported by 2 own floating LNG vessel of 6 million tons per year each. Additionally, it targets roughly 3.5 million tons per year of liquids, 70,000 barrels per day of condensate, as well as dedicated gas at NGL pipelines and required onshore infrastructure. The founding partners are YPF with 36% stake, and Eni and XRG with 32% stake each. Once operational, cash flow will be supported by long-term offtake agreement with investment-grade counterparties, including the project sponsors. By 2031, investment is expected to reach around $29 billion.

Speaker #3: It is also reflected in our new operational milestone achieved during this quarter. With the support of 4,770 meters lateral length in a single reviewing our downstream business as Horacio explained at the beginning of the presentation, we continued to strengthen our operational excellence technology and product differentiation.

Speaker #4: The project targets 12 million tons per year of liquefaction capacity supported by 2 own floating LNG vessels of 6 million tons per year each.

Speaker #3: La Plata refinery was named "Refinery of the Year" for the second consecutive year while YPF received the Digital Technology of the Year award for ECONS Matrix AI, our fuel blending solution.

Speaker #4: Additionally, it targets roughly 3.5 million tons per year of liquids. 70,000 barrels per day of condensate, as well as dedicated gas at NGL pipelines and required onshore infrastructure.

Speaker #3: In addition, Infineon released fuel in the region to achieve softer gas electrification, reinforcing our leadership in premium fuels and innovation. I will now turn to Horacio for an update on our LNG projects.

Speaker #4: The founding partners are YPF with 36% stake and ENI and XRC with 32% and 20%. stake each. Once operational, cash flow will be supported by long-term offtake agreements with investment-grade counterparties, including the project sponsors.

Speaker #1: Thank you, Max. Finally, let me share the progress on Argentina LNG projects. As mentioned in previous call, this development on the fully integrated LNG and liquids project.

Max Westen: It is also reflected in a new operational milestone achieved during the quarter, with a drilling record of 4,770 meters lateral length in a single. Regarding our downstream business, as Horacio explained at the beginning of the presentation, we continue to strengthen our operational excellence, technology, and product differentiation. La Plata Refinery was named Refinery of the Year for the second consecutive year, while YPF received the Digital Technology of the Year award for Ekons Matrix AI, our fuel blending solution. In addition, INFINIA TURBOCLEAN became the first fuel in the region to achieve TOP TIER™+ certification, reinforcing our leadership in premium fuels and innovation. I will now turn to Horacio for an update on our LNG projects.

Speaker #1: Based on five wet gas blocks in Vacamuerta with about 1,400 well inventory, the project targets 12 million tons per year, on liquefaction capacity. Supported by two on-floating LNG vessels of 6 million tons per year each, additionally, it targets roughly 3.5 million tons per year of liquids.

Speaker #4: By 2031, investment is expected to reach around $29 billion. It includes $24 billion associated with the integrated LNG infrastructure, of which 60% to 70% is expected to be debt and around $5 billion for upstream development.

Horacio Marín: It includes $24 billion associated with the integrated LNG infrastructure, of which 60% to 70% is expected to be debt, and around $5 billion for upstream development. Regarding progress today, last month, we received a long-term financial proposal up to $6 billion from US EXIM Bank, one of the largest potential financing proposal ever associated with Argentina energy projects. This support marked a new transformational milestone for the project and underscored the project relevance and international confidence in execution. We expect FID to be reached by November 2026 of this year. This will allow us to keep advances toward becoming a key platform for monetizing Vaca Muerta, and positioning Argentina as a global energy exporter. Overall, YPF continues making significant progress on Argentina LNG project.

Speaker #4: Regarding progress to date, last month we received a long-term financial proposal up to $6 billion from US Ex-Im Bank. One of the largest potential financing proposals ever associated with Argentina energy projects.

Speaker #1: 70,000 barrels per day of condensate as well as dedicated gas at NGL pipelines and required onshore infrastructure. The founding partners are YPF with 36% stake and E&I and XRC with 32% stake each.

Speaker #4: This support marked a new transformational milestone for the project and underscored the project relevance and international confidence in execution. We expected AFID to be reached by November 26th of this year.

Horacio Marín: Thank you, Max. Finally, let me share the progress on Argentina LNG project. As mentioned in previous call, this to the development of the fully integrated LNG and liquids project based on five wet gas blocks in Vaca Muerta with about 1,400 well inventory. The project targets 12 million tons per year on liquefaction capacity, supported by two own floating LNG vessels of 6 million tons per year each. Additionally, it targets roughly 3.5 million tons per year of liquids, 70,000 barrels per day of condensate, as well as dedicated gas at NGL pipelines and required onshore infrastructure. The founding partners are YPF with 36% stake, and ENI and XRG with 32% stake each. Once operational, cash flow will be supported by long-term off-take agreements with investment-grade counterparties, including the project sponsors. By 2031, investment is expected to reach around $29 billion.

Speaker #1: Once operational, cash flow will be supported by long-term stake agreements with investment-grade counterparties, including the project sponsors. By 2031, investment is expected to reach around 29 billion dollars.

Speaker #4: This will allow us to keep advancing toward becoming a key platform for monetizing Vaca Muerta, positioning Argentina as a global energy exporter. Overall, YPF continues making significant progress on Argentina energy projects.

Speaker #1: It includes 24 billion dollars associated with the integrated LNG infrastructure, of which 60% to is expected to be debt and around 5 billion dollars for upstream development.

Speaker #4: Beyond unlocking the full potential of Vaca Muerta, it will position Argentina as a competitive LNG exporter and a relevant player in global energy markets over the next decade.

Horacio Marín: Beyond unlocking the full potential of Vaca Muerta, it will position Argentina as a competitive LNG exporter and a relevant player in global energy markets over the next decade. With this, we conclude our presentation and open to the floor for questions.

Speaker #1: Regarding progress to date, last month we received a long-term financial proposal up to 6 billion dollars from US Exim Bank, one of the largest potential financing proposals ever associated with Argentina energy projects.

Speaker #4: With this, we conclude our presentation and open to the floor for questions.

Speaker #1: This support marked a new transformational milestone for the project and underscored the project's relevance and international confidence in execution. We expected FID to be reached by November 26 of this year.

Speaker #6: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand.

Operator: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star one to raise your hand. To withdraw your question, press star one again. We ask that you pick up your handset when asking a question to allow for optimum sound quality. If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Michael Furrow with Pickering Energy Partners. Please go ahead. Your line is now open.

Speaker #8: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #1: This will allow us to keep advances toward becoming a key platform for monetizing Vacamuerta and positioning Argentina as a global energy exporter. Overall, YPF continues making significant progress on Argentina LNG project.

Speaker #8: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Michael Furo with Pickering Energy Partners.

Horacio Marín: It includes $24 billion associated with the integrated LNG infrastructure, of which 60% is expected to be debt and around $5 billion for upstream development. Regarding progress today, last month, we received a long-term financial proposal up to $6 billion from US EXIM Bank, one of the largest potential financing proposals ever associated with Argentina energy projects. This support marked a new transformational milestone for the project and underscores the project's relevance and international confidence in execution. We expect FID to be reached by November 26 of this year. This will allow us to keep advancing toward becoming a key platform for monetizing Vaca Muerta and positioning Argentina as a global energy exporter. Overall, YPF continues making significant progress on Argentina LNG project.

Speaker #1: Beyond unlocking the full potential of Vacamuerta, it will position Argentina as a competitive LNG exporter and a relevant player in global energy markets over the next decade.

Speaker #8: Please go ahead. Your line is now open.

Speaker #7: Good morning, Horacio, and the rest of the YPF team. Congrats on another strong quarter.

Michael Furrow: Good morning, Horacio, and the rest of the YPF team. Congrats on another strong quarter. Look, I understand it may be a little early to talk about 2027 activity plans, but at the current level of commodity prices and just the advancements on RIGI projects, an acceleration of activity looks highly compelling to us. We understand there is ultimately infrastructure constraints, but with VMOS coming online shortly, what would really prevent YPF from accelerating upstream activity next year?

Speaker #1: With this, we conclude our presentation and open to the floor for questions.

Speaker #6: Uh, look, but I understand it may be a little early to talk about 2027 activity plans, but at the current level of commodity prices and just the advancements on reheat projects,

Speaker #2: We will now begin the question and answer session. Please limit yourself to one question and one follow-up. If you would like to ask a question, please press star 1 to raise your hand.

Speaker #7: an acceleration of activity looks highly compelling to us. We understand there's ultimately infrastructure constraints, but with Vimos coming online shortly, what would really prevent YPF from accelerating upstream activity next year?

Speaker #2: To withdraw your question, press star 1 again. We ask that you pick up your handset when asking a question to allow for optimum sound quality.

Speaker #2: If you are muted locally, please remember to unmute your device. Please stand by while we compile the Q&A roster. Your first question comes from the line of Michael Furrow with Pickering Energy Partners.

Speaker #4: Good morning, and thank you very much for your question. First of all, I would like to tell you that when I hear me, I am a big monkey.

Horacio Marín: Good morning, and thank you very much for your question. First of all, I would like to tell you that when I hear me, I am a big monkey. I do not like how we read because there are very long statements. We are going to improve, and we are working with artificial intelligence. Next quarter, I will think that we can hear me, but with artificial intelligence, so it will be more clear for you. Okay? Second, yesterday, Vaca Muerta daily production was 252,330 barrels. What is it? Record high in our. Okay, record high will be every day, okay? But this is a record high, is more than we say that it was at the end of this year. I think it is a very good production. So it is congratulation all the Upstream guys that are working very hard every day. Okay.

Speaker #4: I don't like how we read because there is very long statements. So we are going to improve. And so we are working with artificial intelligence.

Speaker #2: Please go ahead, your line is now open.

Speaker #4: Next quarter, I will think that we can hear me, but with artificial intelligence, so it will be more clear for you, okay? second. Yesterday, Vaca Muerta daily production was 252,330 barrels.

Speaker #3: Good morning, Horacio, and the rest of the YPF team. Congratulations on understanding it may be a little early to talk about 2027 activity plans, but at the current level of commodity prices and just the advancements on reheat projects, an acceleration of activity looks highly compelling to us.

Speaker #4: What is it? Record high In, in our— okay, record high will be every day, okay? But is, is a record high is more than we say that it was the at the end of next year, the of this year.

Speaker #3: We understand there's ultimately infrastructure constraints, but with these coming online shortly, what would really prevent YPF from accelerating upstream activity next year?

Speaker #4: So I think it's a very good production. So congratulations to all the upstream guys that are working very hard every day. Okay. Regarding your, your question, We were, we were working for this year.

Speaker #4: Good morning, and thank you very much for your question. First of all, I would like to tell you that when I hear me. A big monkey.

Your first question comes from the line of Michael Furrow with Pickering Energy Partners. Please go ahead, your line is now open

Horacio Marín: Regarding your question, we were working for this year, we were expecting a very low price of oil. We accelerate all our M&A, and we were expecting very low price and not to stop our development in Vaca Muerta. The year was totally different, so that is why you see that our cash generation and our cash is high. For next year, we are in a very good position, financial position, and to speed up. I have a number. I will not say that. Why? Because I have to go to the Board of Director and to reapprove next year budget. I will explain to you in April. But what I have to tell you that you will be very surprised the production of Vaca Muerta for YPF December 2027. I repeat, you will be very surprised of the production of Vaca Muerta in December of 2027.

Uh, good morning. Harass you on the rest of the ypf team. Congrats,

Speaker #4: We were expecting a very low price of oil. So we accelerate all the— all our M&A. And we were expecting very low price and not to stop our development in Bacamarte.

Uh, look, but I understand it may be a little early to talk about 2027 activity plans but at the current level of commodity prices and just the advancements on reheat projects. Uh, an acceleration of activity. Looks highly compelling to us. Um, we understand there's ultimately infrastructure constraints but we become online shortly. What would really prevent ypf from accelerating Upstream activity next year?

Michael Furrow: Good morning, Horacio, and the rest of the YPF team. Congrats on a strong quarter. Look, I understand it may be a little early to talk about 2027 activity plans, but at the current level of commodity prices and the advancements on RIGI projects, an acceleration of activity looks highly compelling to us. We understand there is ultimately infrastructure constraints, but with VMOS coming online shortly, what would really prevent YPF from accelerating upstream activity next year?

Speaker #4: The year was totally different. So that's why you see that our cash generation and our cash is high. And so for next year, we are in a very good position, financial position, and to speed up.

Good morning and thank you very much for your question.

First of all, I would like to tell you that when I hear me a big monkey.

I don't like how we how we live because there is barely known statements. So we are going to improve. And so we are working with

Speaker #4: I don't— I have the number. I will not say that. Why? Because I have to be I have to go to the board of directors and to be approved next year budget.

We have intelligence.

So, next quarter.

I believe you can hear me, but we may be lacking some intelligence, so it should be clearer for you. Okay?

Horacio Marín: Good morning, and thank you very much for your question. First of all, I would like to tell you that when I hear me, I am a big monkey. I do not like how we read because there is very long statements, so we are going to improve, and we are working with artificial intelligence. Next quarter, I will think that we can hear me, but with artificial intelligence, so it will be more clear for you. Okay? Second, yesterday, Vaca Muerta daily production, 252,330 barrels. What is it? Record high. Record high will be every day. But it is a record high, it is more than we say that it was at the end of this year. So I think it is a very good production. So it is congratulation to all the upstream guys that are working very hard every day. Okay.

Speaker #4: So I will explain to you in April. But what I have to tell you that you will be very surprised the production of Vaca Muerta for YPF December 27th.

Second.

Yesterday.

Speaker #4: I repeat, you will be very surprised of the production of Vaca Muerta in December of '27.

52,000 37 and 3 bars. What is it? Record high? Okay every day. Okay.

Speaker #7: Regarding— what else you asked me? No, no, that's great. You answered my question. And for what it's worth, I can hear you just fine.

Horacio Marín: Regarding what else you ask me?

It was the the end of next year of this year so I think it is a very good production. So it's congratulation all the upping guy that are working very hard every day.

Michael Furrow: That is great. You answered my question, and for what it is worth, I can hear you just fine, and I think we got the message loud and clear. For a follow-up, there has been a lot of topic of conversation in the US on inflation. A lot of that are global issues, but ultimately, Argentina is a bit of a different market for some items such as steel and vehicle.

Speaker #7: And I think we got the message loud and clear.

Speaker #9: For a follow-up, there's been a lot of topic of conversation in the US on inflation. A lot of that is our global issues, but ultimately Argentina is a bit of a different market for some items such as steel and diesel.

Okay.

Your question.

We will.

Working for this year, we were expecting a very low price of oil.

Speaker #7: Yes.

Speaker #4: When you talk about inflation, the inflation in Argentina is very low compared with what it was in the history. And really, we don't care in the inflation, and you see that all causes.

Horacio Marín: Yes. When you talk about inflation, the inflation in Argentina is very low compared what was in the history, and really, we do not care in the inflation, and you see that our cost is in a very good fashion because our business is to be efficient tomorrow, more efficient than today, and that is our work. Our price of our product is free market, so inflation is another. I do not think that this is the problem in Argentina that in demand that was before in all my life. So really, it is not something that I preoccupy at all.

So, we accelerate all the, all our m&a.

and we expecting very low price and not to stop our development backward,

Speaker #4: is in a very good fashion because our business is to be efficient. Tomorrow more efficient than today, and, and that is our work. And our price of the— of our product is free market.

Horacio Marín: Regarding your question, we were working for this year, we were expecting a very low price of oil. So we accelerate all our M&A, and we were expecting very low price and not to stop our development in Vaca Muerta. The year was totally different, so that is why you see that our cash generation and our cash is high. So for next year, we are in a very good financial position to speed up. I have the number. I will not say that. Why? Because I have to go to the board of director and to be approved next year's budget. So I will explain to you in April. But what I have to tell you that you will be very surprised, the production of Vaca Muerta for YPF December 2027. I repeat, you will be very surprised of the production of Vaca Muerta in December of 2027.

The the difference.

That's why I see that.

Generation and and our cash is is inside.

And so, for next year, we are in a very good.

Speaker #4: So inflation is another I don't think that this is the problem in Argentina that in the market that was before in all my life.

Position and to spill, and to speed up.

I don't have a number. I will not say that. Why? Because I have to be...

Speaker #4: So really, it's not something that I'm preoccupied at all.

I I have to go to the approved next year budget, so I will bring to you in April. But what I have to tell you that you will be very surprised.

Speaker #9: That's great. Good to hear that. So thanks again for your time and congrats on another good quarter.

Michael Furrow: That is great. Good to hear that. Thanks again for your time, and congrats for another good quarter.

Speaker #10: Okay, thank you very much. Okay.

Horacio Marín: Okay. Thank you very much. Okay.

Speaker #8: Your next question comes from the line of Jacob Roberts with TPH Research. Your line is open. Please go ahead. Good morning.

More for ypf, December 27th, I repeat, you will be very surprised of the production of aorta in December of 27.

Operator: Your next question comes from the line of Jacob Roberts with TPH Research. Your line is open. Please go ahead.

Jacob Roberts: Good morning.

Speaker #9: I wanted to start on operations. You guys are hitting 15,600 feet per lateral in a few of the wells you've done. for 4,700 meters or so.

Jacob Roberts: I wanted to start on operations. You guys are hitting 15,600 feet per lateral in a few of the wells you have done, 4,700 meters or so. In the US, I think we are seeing 15,000 feet becoming pretty routine. I am just curious where you see the best opportunity set to keep extending those laterals. When we think about 2027, how much of the program do you think you can start seeing those longer laterals on?

Regarding the, what else you ask me? No, no.

I think we got the message last year. Follow-up topic, in the U.S. on...

Speaker #9: You know, in the US, I think we're seeing 15,000 feet becoming pretty routine. And so I'm just curious where you see the best opportunity set to keep extending those laterals.

Our Global issues. But ultimately Argentina is a bit of a different market for some items such as know. But, but when you say,

Speaker #9: And when we think about 2027, you know, how much of the program do you think you can start seeing those longer laterals on?

Horacio Marín: Regarding what else you ask me?

yes, when you talk about,

Michael Furrow: No. You answered my question, and from henceforth, I can hear you just fine. I think we got the message loud and clear. For a follow-up, there has been a lot of topic conversation in the US on inflation. A lot of that are global issues, but ultimately, Argentina is a bit of a different market for some items such as steel and diesel.

Was in the history and really I we don't care in the inflation. And you see that our cost is is in a very good fashion because our our

Horacio Marín: I will tell you our operation is by half a million. In general, when we tell you, we talk about our net production. Yes, our operation production is much more. In what you say about the wells, today our routine is more, I will tell you in meters, you have to multiply to be precise, is 3,500 meters our standard. If you are not in a limit of an area, you will see that in general, our wells are 3,500 lateral. That when we arise, I think was 2,800 meters. Why that? Because we want to improve, and also, what sometimes is very important when you see, for example, the record that is 4,800 meters, why we drill those wells is because we are near limits. So there, sometimes we think there is, I will say there is. We go further in our knowledge, going more there.

Speaker #10: I will say our operation is 500,000, half a million. Okay. In general, when we talk with you, we talk about our net production. But yes, our operation production is much more.

business and today and and that is our work.

Speaker #10: In what you say about the, the wells, today our routine is, is, is more, is I will tell you in meters, you have to multiply to be precise, is 3,500 meters is our standard.

Horacio Marín: Yes. When you talk about inflation, Argentina is very low compared to what was in the history. We do not care in the inflation, and you see that our cost is in a very good fashion because our business is to be efficient tomorrow, more efficient than today, and that is our work. Our price of our product is free market, so inflation is another. I do not think that this is the problem in Argentina that in the market that was before in all my life. It is not something that I am preoccupied at all.

And our price of the of our product is free markets. So inflation is another is I don't think that this is the the problem in Argentina that that in, in, in the market that was before in all my life.

Speaker #10: Okay. If you are not in a limit of area, you will see that in general our wells are 3,500 lateral. That when we arrived was, I think was 2,800 meters.

So really it's, it's not something that I recognize.

That's great. Good to hear that. So thanks again for your time and congrats to another good quarter.

Okay, thank you very much. Okay.

Speaker #10: Why that? Because we want to improve. And also, sometimes it's very important when you see, for example, the record that is 4,800 meters. Why you drill— we drill those wells is because we are in limits.

Your next question comes from the line of Jacob Roberts with tph research. Your line is open, please go ahead.

Good morning.

I I wanted to start on on operations. You guys are hitting, you know, 15,600 ft per lateral. Uh and if you had the well you've done, you know, for for 4700 meters or so, you know, in the US I I think we're seeing 15,000 feet becoming pretty routine and so I'm just curious where you see the best opportunity set to keep extending those laterals. And when we think about 2027, you know, how how much of the program do you think you can start uh, seeing the longer laterals on?

Speaker #10: So there are sometimes we think there is, I would say there is. We go further in our knowledge, going more there. Why that? Because we make more money because if not, we cannot drill another well.

Michael Furrow: That is great. Good to hear that. Thanks again for your time, and congrats on another good quarter.

Horacio Marín: Okay. Thank you very much. Okay.

Operator: Your next question comes from the line of Jacob Roberts with TPH Research. Your line is open. Please go ahead.

Horacio Marín: Why that? Because we make more money, because if not, we cannot drill another well, and also the guy from drilling and completion, they are going up in their knowledge, and after until 3,500 meters, maybe next year we go 200 meters more, and so on. The records, for me, the records are not important for the newspaper. I do not care. The record, what is important is you make more knowledge, and you pass what you think is your limit. So when you have a record, means that you can pressure the guys and going, and to make more efficient and more money for the shareholders.

Speaker #10: And also the guy from drilling and completion, they are going up in their knowledge and after Intel 3,500 meters, maybe next year we go 200 meters more and so on.

Jacob Roberts: Good morning. I wanted to start on operations. You guys are hitting 15,600 feet per lateral in a few of the wells you have done, 4,700 meters or so. In the US, I think we are seeing 15,000 feet becoming pretty routine. I am just curious where you see the best opportunity set to keep extending those laterals. When we think about 2027, how much of the program do you think you can start seeing those longer laterals on?

I I want to tell you, I want to raise any if I can buy a half a million. Okay. In general, we will talk a lot, our Network action, but yes, our operation production is much more.

Speaker #10: The records is not— for me, the records are not important for the newspaper. I don't care. The record, what is important is you make more knowledge and you pass what you think is your limit.

12 that were today. Our routine is is, is more is

Speaker #10: So when you have a record means that you can pressure the guys and going and to make more efficient and more money for the shareholders.

Horacio Marín: I will tell you our operation is 5.5 million. Okay. In general, when we tell you, we talk about our net production. Our operation production is much more. In what you say about the wells, today our routine is more I will tell you in meters, you have to multiply to be precise, is 3,500 meters is our standard. Okay? If you are not in a limit of an area, you will see that in general, our wells are 3,500 lateral. That when we arise, I think was 2,800 meters. Why that? Because we want to improve, and also, sometimes it is very important when you see, for example, a record that is 4,800 meters, why we drill those wells is because we are near limits. So there, sometimes we think there is, I will say there is. We go further in our knowledge, going more there. Why that?

I will tell you in meters you have to multiply to be precise is 3,500 M, our standard. Okay. If you are not in a limit of a area uh you will see that in general our our walls are 3,500 lateral that when we arrived it was was I think was

Speaker #9: Thanks. I appreciate that color. And then I did want to follow on to some of the comments that you just made on production. So it sounds like you guys are already at the 250,000 barrels per day coming off of shale.

Jacob Roberts: Thanks. I appreciate that color. I did want to follow on to some of the comments that Horacio just made on production. It sounds like you guys are already at the 250,000 barrels per day coming off of shale. I am curious maybe where you see the December exit rate truly being at this point, and then if I could, how many wells do you plan to tie in during Q4?

Speaker #9: And so I'm curious maybe where you see the December exit rate truly being at this point. And then if I could, how many wells do you plan to tie in during the 4th quarter?

2,800 m.

That is because, um, we want to improve.

Speaker #10: Here is the Vice President of Afrin. You know, all the guys, oh, you have to write a number, I'm checking out. No, he's checking out now.

Horacio Marín: Here is the Vice President of our team. All the guy, "Oh, you have the right number," are chicken out. No, he is chicken out now. He tells me that we will be in 250, 55, 58. I tell you, 260, it could be not the average. It could be one daily production date. It could be that one or more. The average, we think that it could be 255,000 barrels a day. But this, remember, we are more than we thought at the beginning, okay? At the beginning of the year. Now, I tell you what, I pressure the guy, okay? When I tell that, they have to do, okay? So I know that Farina is going to be very good, and he will reach that number. Why I talk only about Vaca Muerta, because it is I care. Vaca Muerta makes money for you.

Speaker #10: And he told me that we will be in 250,000. 55, 58. I tell you, 260. It could be not the average. It could be one daily production date.

And also, we got some, some is very important when you see, for example, the record that is 4,800 M. Why you drink with those? Well, is limit. So there, sometimes we think we said there, is we grow further in our knowledge, growing more there. Why that because we make more money because if no, we cannot in another world. And also the guy from from Drilling and completion, they are going up in their knowledge, and after in tale, of 30033000500, mm, maybe next year, we will do 100 m more, and so on.

Speaker #10: It could be that one or more. The average, we think that it could be 200,000. 55,000 barrels a day. But this— remember, we are more than we thought at the beginning, okay?

Speaker #10: At the beginning of the year. Now, I tell you what, I pressure the guy, okay? When I tell that, they have to do, okay?

The records.

The record are not important for for the newspaper. I don't care the record. What is important is you make more knowledge and you pass, what you think is your limit.

Speaker #10: So I know the farina is going to be very good. And he, he will reach that number. And why I talk only about Vaca Muerta?

Horacio Marín: Because we make more money because if not, we cannot drill another well. Also, the guy from drilling and completion, they are going up in their knowledge, and after until 3,500 meters, maybe next year we go 200 meters more and so on. The records, for me, the record are not important for the newspaper. I do not care. The record, what is important is you make more knowledge, and you pass what you think is your limit. So when you have a record, means that you can pressure the guys and going, and to make more efficient and more money for the shareholders.

So when you have a record, it means that you can pressure the guys and go in to make things more efficient and generate more money for the shareholders.

Speaker #10: Because it's what I care. Vaca Muerta makes money for you. Today with all the sales that we have, we are 95% unconventional. So our goal was reached that I, I told you 2 years ago that this year have to be the, the year.

Horacio Marín: Today, with all the sales that we have, we are 95% unconventional. So our goal was reached, that I told you two years ago that this year has to be the year that we are an unconventional integrated company. I think we reach the goal because the other is minor, okay?

Thanks. I I appreciate that color and and then I did want to follow on to some of the comments that I should just made on production. So it sounds like you guys are already at the 250,000 barrels per day, coming off of shell. And so, I'm, I'm curious maybe where you see the December exit rate, truly being at this point. And then if I could, how many Wells do you plan to tie in during the fourth quarter?

Speaker #10: that we are an unconventional integrated company. I think we reached the goal because the other is minor, okay?

Speaker #9: I appreciate the time, guys, and congrats on the quarter.

Jacob Roberts: I appreciate the time, guys, and congrats on the quarter.

Speaker #8: Your next question comes from the line of Bruno Montanari with Morgan Stanley. Please go ahead. Your line is now open.

Operator: Your next question comes from the line of Bruno Montanari with Morgan Stanley. Please go ahead. Your line is now open.

Here is the the the vice president of H, you know, all all the guy. Oh, you have to land number. I check it out. No, he's checking it out now and he tell me that we will be in 20050.

Jacob Roberts: Thanks. I appreciate that color. I did want to follow on to some of the comments Horacio just made on production. So it sounds like you guys are already at the 250,000 barrels per day coming off of shale. I am curious maybe where you see the December exit rate truly being at this point. If I could, how many wells do you plan to tie in during Q4?

Speaker #4: Good morning. Thanks for taking my questions. I have 2 on my end here. First, can you comment on, on how the Northern Hub has compared with the current core shale hub in terms of productivity and well economics?

Bruno Montanari: Good morning. Thanks for taking my questions. I have two on my end here. First, can you comment on how the northern hub has compared with the current core shale hub in terms of productivity and well economics, so what the experience has been there? Then as a follow-up from the presentation, when we look at the LNG financing structure, what needs to happen for the US Ex-Im Bank proposal to become binding at this point? Thank you very much.

55 58. I tell you 250, 250

Speaker #4: So what the experience has been there? And then as a follow-up from, from the presentation, when we look at the LNG financing structure, what needs to happen for the, the US Ex-Im Bank

Because we know the average, it could be 1 or more, the average. We think that it could be 2050

5,000 miles a day.

Horacio Marín: Here is the Vice President of our team. All the guy, you have the right number, are checking out. No, he is checking out now. He tell me that we will be in 250, 55, 58. I tell you, 260, it could be not the average. It could be one daily production date. It could be that one or more. The average within that it could be 255,000 barrels a day. But this, remember, we are more than we thought at the beginning, okay? At the beginning of the year. Now I tell you what, I pressure the guy, okay? When I tell that, they have to do. Okay? So I know that Farina is going to be very good, and he will reach that number. Why I talk only about Vaca Muerta, because it was I care. Vaca Muerta makes money for you.

Speaker #7: proposal to become binding at this point. Thank you very much.

But remember, we are more than we thought at the beginning. Okay. At the beginning of the year, and now I tell you what—I pressured the guy, okay? When I told them what they had to do. Okay, so I know the Farina is going to be very good.

Speaker #10: The Northern Hub is— I tell you how will be the development of YPF. You have the— LNG hub, which is in the southwest. Okay.

Horacio Marín: The northern hub is, I tell you how will be the development of YPF. You have the LNG hub, what is in the southwest. You have the whole hub core, but the hub core now includes south hub, what is 100% of YPF. The LNG, you know that we have 36%. North hub is not 100% of YPF, it is with partners, Chevron, Vista, with Shell, Pluspetrol and GyP, what is the province company of Neuquén. The northern, remember the RIGI was one of the best, I think, policy of Argentina because allow some places where our internal rate of return could be more difficult to be very economical. In the north hub, there is a place where we don't have so far as RIGIs as in the south, but the wells are very good.

And he he will reach that number.

Speaker #10: You have the whole hub core, but the hub core now includes south. The South Hub, what is 100% of YPF. The LNG, you know that we have 36%.

And why I took all only about wakamura because because I care for you.

today, with all the itself that we have,

We are 95% and conventional. So our goal was rich that I I told you.

Speaker #10: North Hub, It's not 100% of YPF. It's with partners. Chevron, Bista with Shell. Plus Petrol and CMP, what is the company, province company of Neuquén.

Two years ago, we said that this year had to be the year.

That we are at a convention, and Convention, and integrate the company, I think we reach the goal because the other is minor. Okay?

I appreciate them guys, and congrats on the quarter.

Speaker #10: The northern Remember, the Rigi was one of the best, I think, policy of Argentina because allowed some places where internal rate of return could be more difficult to be very economically.

Horacio Marín: Today, with all the sales that we have, we are 95% unconventional. So our goal was reached, that I told you 2 years ago that this year have to be the year that we are an unconventional integrated company. I think we reach the goal because the other is minor. Okay?

your next question comes from the line of

With.

Morgan Stanley.

Please go ahead. Your line is now open.

Speaker #10: In the North Hub, there is a place where we don't have so far as some rigs as in the South, but it's very good.

Good morning. Thanks for taking my questions. Uh, I have, uh, 2 on my end here first. Can you comment on on how the northern Hub as compared, uh, with the current Corsair Hub in terms of productivity and wealth economics? So, what the experience has been there, uh, and then, as a follow up from, from the presentation, uh, when we look at the LNG, uh, financing structure, uh, what needs to happen for the, the US XM Bank to become binding, at this point. Thank you very much.

Speaker #10: The wells are very good. The— our— we think our profit will be very, very good, but a little less EUR than in the South.

Jacob Roberts: I appreciate the time, guys, and congrats on the quarter.

Horacio Marín: Within our profit will be very good, but a little less EUR than in the south. But it is not big difference, okay? I would say 10% less, no more than that. The second question was about the Exim Bank. The Exim Bank, we got a letter of intent. I think we are going to have that finished by, let's say, middle of next year. There will be the final closing, but there is no doubt that we will have up to the $6 billion. So that was very important for our LNG project, and we have the same for other ECA, and the FID of the LNG will be next month, 26 November, Thursday, in Argentina.

Operator: Your next question comes from the line of Bruno Montanari with Morgan Stanley. Please go ahead. Your line is now open.

Speaker #10: But it's not big difference. Okay, I would say 10% less, no more than that. Okay. The second question was about the Ex-Im Bank. The Ex-Im Bank, we have a letter of intent.

Bruno Montanari: Good morning. Thanks for taking my questions. I have two on my end here. First, can you comment on how the northern hub has compared with the current core shale hub in terms of productivity and well economics, so what the experience has been there. Then as a follow-up from the presentation, when we look at the Argentina LNG financing structure, what needs to happen for the US EXIM Bank proposal to become binding at this point? Thank you very much.

Speaker #10: I think it will be— we are going to have that finished by let's say middle of next year, there will be the final closing, but there is no doubt that we will have up to the 6 billion.

Is.

Okay.

Speaker #10: And so that is— was very important for our LNG project. And we have the same for other ECAs. And the FID of the LNG will be next month, November 26th, Thursday, in Argentina.

You have the core but the half core now includes South is South have. What is 100%?

Regarding the LG, you know that we have 34%, 36%. No, we don't have...

Is No 1. 100% of white Bears is with Partners Chevron.

Horacio Marín: The northern hub is, I tell you, a full element of YPF to have the Argentina LNG, what is in the southwest. You have the hub core, but the hub core now includes south hub, what is 100% of YPF. The Argentina LNG, you know that we have 36%. North hub is not 100% of YPF, it is with partners, Chevron, Vista, with Shell, Pluspetrol, and GyP, what is the province company of Neuquén. The northern, remember, the RIGI was one of the best, I think, policy of Argentina because it allowed some places where our internal rate of return could be more difficult to be very economical. In the north hub, there is a place where we don't have so far some rigs as in the south. But the wells are very good. Within our profit will be very, very good, but a little less EUR than in the south.

Vista with a shell.

Speaker #10: Perfect. Thank you very much, Horacio.

Bruno Montanari: Perfect. Thank you very much, Horacio.

And CMP. What is the camp Province company of of

Speaker #8: Your next question comes from the line of George Gasztowtt with Latin Securities. Please go ahead.

Operator: Your next question comes from the line of George Gasztowtt with Latin Securities. Please go ahead.

The northern.

Remember the Ricky was 1 of the best, I think policy of Argentina.

Speaker #10: Good morning, and thank you for taking my question. Moving to the Downstream segment now, this quarter, obviously, another impressive operational quarter, as we've seen throughout this year.

George Gasztowtt: Good morning, and thank you for taking my question. Moving to the Downstream segment now, this quarter, obviously another impressive operational quarter as we have seen throughout this year. But I was wondering on the pricing side, it looks like we saw in your presentation that the gap to import parity widened to around 20% this quarter. And I was wondering under your consumer buffer framework, how much you estimate remains to be recovered now and what the outlook is for the next few quarters, perhaps there. Thank you.

Because allow some some places we are internal rate of return to be more difficult and they not have. There is a place.

Speaker #10: But I was wondering, on the pricing side, it looks like we saw in your presentation that the gap to import parity widened to around 20% this quarter.

Speaker #10: And I was wondering, under your consumer buffer framework, how much you estimate remains to be recovered now and what the outlook is for the next few quarters, perhaps, there.

Is the walls are very good. The our profit will be very, very good but the little less e are than in the South, but it's not big.

Speaker #10: Thank you. Sorry. Horacio, the price. We are in a buffer. We have, I think, I don't know how many companies can say that we have the real-time prices of all the pumps around all the country.

Horacio Marín: Sorry. The price. We are in a buffer. We have, I think, I do not know how many companies can say that we have a real-time prices of all the pumps around all the country. You have to see the demand. The demand was elastic. That is why when we see there was in general, and you know that the demand for the gasoline and diesel are totally inelastic. In Argentina, after some incremental at the beginning of the conflict, the demand started to be very elastic. Only was not elastic in the city of Buenos Aires, that continues to be in the same manner, but in all around Argentina are elastic.

I will say.

No more than that, okay?

Speaker #10: You have to see the demand. The demand was elastic. That's why when we see there was the— in general, and you know that the demand for the gasoline and diesel are totally inelastic.

let's see, here will be

no doubt.

Horacio Marín: But it is not big. I would say 10% less, no more than that. The second question was about the Ex-Im Bank. The Ex-Im Bank, we are hoping, then I think we are going to have finished by, let us say, middle of next year. There will be a final closing, but there is no doubt that we will have up to the $6 million. That was very important for our LNG project. We have the same for other ECA, and the FID of the LNG will be next month, 26 November, Thursday in Argentina.

Speaker #10: In Argentina, after some incremental at the beginning of the conflict, The demand started to be very elastic. Only was not elastic in the city of Buenos Aires that continues to be in the same manner, but all around Argentina are elastic.

Next month, November 26th.

Perfect. Thank you very much, you

Speaker #10: So we cannot increase more than that, and we have an honest and a clear, clear, clear program with all consumers. And we are explaining with— in all TV shows, in the media, in all the media, because you have to be very clear.

Horacio Marín: We cannot increase more than that, and we have an honest and a clear program with all consumers, and we are explaining in all TV shows, in the medias, in all the media, because you have to be very clear with consumers. It is very important in life to be clear and honest. There is, when I explain the buffer and I went to the supermarket, the person that use the, how you say verdulera? The grocery. The woman in the grocery, they say, "I saw you on TV last night. Tell me what you understand." She told me, "You help me now, I help you after." That is our way to work. When the price of, and also Argentina, it never was in the free market. Never was in the free market, and in a way that you can go directly there.

Your next question.

Back to us with Latin securities.

Please go ahead.

Good morning and thank you for taking my question move to the downstream segment. Now this court obviously another impressive operational quarter um as we've seen throughout this year, but I was wondering on the pricing side. Um, it looks like we saw in your presentation that the Gap that involved. Parity waiting to around 20% this quarter. And I was wondering under your consumer buffer framework, how much you estimate remains to be recovered now and and what the reality is for the next few quarters perhaps that

Speaker #10: Clear with consumers. It's very important in the life to be clear, to be clear and honest. So There is a— when I explain the buffer and I go to the supermarket, the person that use the— how do you say, Verdugo?

Bruno Montanari: Perfect. Thank you very much, Horacio.

Speaker #10: Verdulería. The grocery, the woman in the grocery, they say, I saw you on TV last night. Tell me what you understand. He, she told me, you help me now, I help you after.

thank you.

Operator: Your next question comes from the line of George Gasztowtt with Latin Securities. Please go ahead.

Sorry. Um, but I saw the price

we are in a bottle.

We have I think I don't know how many Camp company can say that we have a real, the real time.

George Gasztowtt: Good morning, and thank you for taking my question. Moving to the downstream segment now, this quarter, obviously another impressive operational quarter, as we have seen throughout this year. But I was wondering on the pricing side, it looks like we saw in your presentation that the gap to import parity widening to around 20% this quarter. And I was wondering under your consumer buffer framework, how much you estimate remains to be recovered now and what the outlook is for the next few quarters, perhaps there. Thank you.

Speaker #10: Okay? So that is our way to work. So when the price The price of— and also Argentina, it was never was in the free market, never, never, never was in the free market.

Prices of all the pumps around all the country.

You have to see the demand.

The demand was elastic. That's why when we see there was the in general and, you know that the demand for the

Speaker #10: And in a way that you can go directly there. So what you have to be, the people are not here, and also you see in Europe, there are, it's very difficult.

Horacio Marín: What you have to read the people and know here, and also you see in Europe, it is very difficult to all increase 20%, reduce 10%, increase 30%, reduce 15%. It is impossible. The people cannot afford that because they make very high uncertainty. What we did is to maintain the buffer, we increase from we start, some percentage is more percentage, and we pass through when there is incremental in taxes or incremental in biofuels, that will pass directly to the price. The way that it work and people understand and they maintain is as follows: when the prices, they are up, we have two Vice Presidents that they calculate every day, how much we finance the people. When it goes down, we are collecting what we finance, and that is the way that it is going to continue.

Gasoline and Diesel are totally inelastic.

Speaker #10: To all increase 20%, reduce 10%, increase 30%, reduce 15%. It's not impossible. It's impossible. So the people cannot afford that because they make very high uncertainty.

In Argentina. After some incremental at the beginning of the conflict, the demand start to be very erratic.

Horacio Marín: Sorry. The price. We are in a buffer. We have, I think, I don't know how many companies can say that we have real time prices of all the pumps around all the country. You have to see the demand. The demand was elastic. That is why when we see there was in general, and you know that the demand for the gasoline and diesel are totally inelastic. In Argentina, after some incremental at the beginning of the conflict, the demand started to be very elastic. Only was not elastic in the city of Buenos Aires, that continues to be in the same manner, but in all around Argentina are elastic.

Only was not the last in the city of onsides that continues to be in the same in the same manner. But in all around Argentina are elastic.

Speaker #10: So what we did is to maintain the buffer. We increase from where we start some percentage, a small percentage. And we pass through when there is incremental in taxes or incremental in biofuels, that we pass directly to the price.

So we cannot increase more than that and we have honest and it clear clear clear problem with all consumers.

And we are explaining with in all individuals in the media, in all the media, because you have to be very clear with consumers.

Speaker #10: The way that it works and people understand and they maintain is as follows. When the prices, they are up, we have 2 vice presidents that they calculate every day how much we finance the people.

It's very important in the life to be. Clear to be clear and honest.

so,

Speaker #10: And when it goes down, we are collecting what we financed. And that is the way that we are— is going to continue. Nobody knows when it's going down.

There is a when I explain the the buffer and I want to the supermarket, the person that use the policy.

Horacio Marín: Nobody knows when it is going down. It is impossible that we will continue with that conflict. When the price goes down, we are going to maintain the price of gasoline, and there we are going to collect. That is, when we see the demand, there is no room to increase in Argentina because the demand cannot afford more incremental. When I see the war in Europe and different places, it is impossible. Why is it impossible? Because this is a unique case in the world. Why? Because it is not only a big crisis, but it is a big crisis in spread. It is a double, it is exponential. That is why we think, and we are proud in YPF to maintain that policy, and you see excellent results.

Speaker #10: It's impossible that we'll be continuing with the conflict. So when the price goes down, we are going to maintain the price of gasoline. And there we are going to collect.

I I saw you on TV last last night. Tell me what, you understand. He, he told me.

Speaker #10: That is when we see the demand, there is no room to increase in Argentina because the demand cannot afford more incremental. And when I see the war in Europe and different places, it's impossible.

You heard me now I happy after. Okay so that is our way to work. So when the price the price of of and also Argentina, it was never was in the free market. Never never never was in the free market.

Speaker #10: Why is it impossible? Because this is unique case in the, in the war. Why? Because it's not only a big crisis, but it's a big crisis in spread.

And in in a way that you can go direct to there. So what you have to be the people and know here. And also, you see in Europe, there are is very difficult to all increase. 20% reduce 10 increased 30%, reducing is not impossible.

Operator: The grocery.

Horacio Marín: The grocery. The woman in the grocery, they say, "I saw you on TV last night. Tell me what you understand." She told me, "You help me now, I help you after." Okay? So that is our way to work. And also Argentina, it never was in the free market. Never was in the free market, in a way that you can go directly there. So what you have to read, the people are now here, and also you see in Europe, it is very difficult to all increase 20%, reduce 10, increase 30%, reduce 15. It is not impossible. It is impossible. So the people cannot afford that because they make very high uncertainty.

Speaker #10: So it's a double, it's exponential. So that's why we think and we are proud in YPF to maintain that policy and you see excellent results because the price in the gasoline is in— are high.

Horacio Marín: Because the price of the gasoline is high, and not high as it has to be if you make the spot, but people cannot afford. We are going to maintain that because YPF, we call Argentina el palo. Tell somebody to translate that. Because people loves our company. Our company is the company of Argentina. We cannot put there because it will be a very difficult situation with the demand. If the demand was low, we are in trouble. We need more investment, to put all our gasoline in condition to be exported. That is our policy.

It's impossible. So the the people cannot afford that because they make very high uncertainty. So what we did is to maintain the buffer we increase from, we start some percentage small percentage and we pass through when there is incremental in taxes or incremental invo fuels

Speaker #10: And so not high as it has to be if you make the spot, but people cannot afford. And so we are going to maintain that.

Speaker #10: Because YPF, we call Argentina El Palo. Tell somebody to translate that because people love our company. Our company is the company of Argentina, and so we cannot put there because it will be a very difficult situation with the demand.

Uh, that we passed directly to the to the price, the way that it worked and people understand. And they maintain is as follows when the price is there up? We have 2 vice president that the calculate

Every day, how much we Finance the people.

Speaker #10: If the demand was low, we are in trouble. We need more investments to put all our gasoline in condition to be exported. And that is our, our policy.

And when it goes down we we are collecting what we finance and that is the way that we are is going to continue. Nobody knows when it's going down. This is impossible, that will be continued with that conflict. So with the price goes down, we are going to maintain the price of gasoline.

Horacio Marín: So what we did is to maintain the buffer. We increase from we start, some percentage, a small percentage, and we pass through when there is incremental in taxes or incremental in biofuels, that we pass directly to the price. The way that it works, and people understand, and they maintain, is as follows. When the prices, they are up, we have two Vice Presidents that they calculate every day how much we finance the people. When it goes down, we are collecting what we finance. That is the way that is going to continue. Nobody knows when it is going down. It is impossible that we will be continuing with that conflict. So when the price goes down, we are going to maintain the price of gasoline, and there we are going to collect.

Speaker #10: Great. Thank you for taking the time to explain that. And it looks to have been a successful policy so far. So congratulations again on the quarter.

George Gasztowtt: Great. Thank you for taking the time to explain that, and it looks to have been a successful policy so far, so congratulations again on the quarter.

And there we, we are going to collect. That is when you, when we see the demand, there is no room to increase in Argentina because the demand

Speaker #8: Your next question comes from the line of Leonardo Marcondes with Bank of America. Please go ahead, your line is open.

Operator: Your next question comes from the line of Leonardo Marcondes with Bank of America. Please go ahead, your line is open.

cannot afford more incremental.

and when I see,

The war in Europe and different places—it's impossible. Why is it impossible? Because this is a unique case in the war. Why?

Speaker #11: Hola, Horacio, Pedro, Maximiliano, and Margarita. Thank you for picking my questions here. I have one from my side and

Leonardo Marcondes: Hola, Horacio, Pedro, Maximiliano, and Margarita. Thank you for taking my questions here. I have one from my side, and then one follow-up. My question is on the asset sale program for the upstream assets. When do you expect it to be completed? Which assets are still for sale, and how far along are those processes? The follow-up question is regarding the new wells with longer lateral lengths. I was wondering if you guys could share in which blocks were these wells drilled, and if they are more productive than your standard wells, and if so, by how much, and what is the EUR you guys expect from them. Thank you very much.

Speaker #10: then one follow-up. So my question is on the asset sale program for the upstream assets. I mean, when do you expect it to be completed?

Because it's not only a big prices, but it's a, a, a big crisis Inn Express. So it's a double, its exponential. So that's why we think and we are proud and why we have to why BF to maintain that policy and you see excellent results because the price in the gasoline is in,

Speaker #10: Which assets are still for sale and how far along are those processes? And the follow-up questions regarding the new wells with longer lateral lengths.

Horacio Marín: That is when we see the demand, there is no room to increase in Argentina because the demand cannot afford more incremental. When I see the war in Europe and different places, it is impossible. Why is it impossible? Because this is unique case in the world. Why? Because it is not only a big crisis, but it is a big crisis in spread. So it is a double. It is exponential. So that is why we think, and we are proud in YPF to maintain that policy, and you see excellent results. Because the price in the gasoline are high, not high as it has to be if you make the spot, but people cannot afford. So we are going to maintain that because YPF, we call Argentina el palo. Tell somebody to translate that. Because people loves our company.

Are alike.

Speaker #11: I was wondering if you guys could share in which block— in which blocks were these wells drilled and if they are more productive than the than your standard wells?

And and so no high as it has to be if you make the spot but they you people cannot afford. And so we are going to maintain that because ypf we call Argentina Poe, tell somebody to to translate that because people loves our company, our company is the company of Argentina. And so we cannot put there because it will be a very difficult situation with the demand. If the demand was low, we we are in the in the trouble we need more more investment uh to to pull all our gasoline in in condition to be exported.

Speaker #11: And if so, by how much? And what is the EUR, uh, do you guys expect from them?

Speaker #10: Thank you very much. Okay, I think the first question is— first, thank you for the question. The first question, I was answer, I think.

Horacio Marín: Okay. First, thank you for the question. The first question I will answer, I think. I say that in April, you will be surprised for our production, that it will be You will be surprised the production of us in December 2027. That means that we are accelerating comparing what we said in the last investor day. I think it was one or two years ago. I do not remember. A year and a half or two. So in April, because of all the change in the market prices, we are going to go again to New York to update because of who you are asking. Really, we are going very fast and we cannot be faster than you will see there, not because of financing, because of bottlenecks in evacuation. Not in the oil pipe, but in facilities. Because we are developing new areas. Okay?

Speaker #10: We prepare— I say that in April you will be surprised for our production, that it will be You will be surprised the production of us in December '27.

And that is our, our policy.

Speaker #10: That means that we are accelerating comparing what we said in the investor— last Investor Day, I think it was 1 or 2 years ago, I don't remember.

Great, thank you for taking the time to explain, and for your successful policy. Congratulations again.

Speaker #10: YMH, for sure. So in April, because of all the change in the market prices, we are going to go again to New York to update.

Your next question.

Horacio Marín: Our company is the company of Argentina, and so we cannot put there because it will be a very difficult situation with the demand. If the demand was low, we are in the trouble. We need more investment, to put all our gasoline in condition to be export. That is our policy.

On this Bank of America, go ahead.

Speaker #10: because of who you're asking. Really, we are going very fast and we cannot be faster than you will see there, not because of financing, because of bottlenecks in evacuation, not in the oil pipe, but in facilities because we are developing new areas.

I think our applications here—I have one from my side there, and then I want to follow up.

so uh, my question is to all the uh, assets for your program for the

Speaker #10: Okay? But we are going—

George Gasztowtt: Great. Thank you for taking the time to explain that, and it looks to have been a successful policy so far. So congratulations again on the quarter.

Horacio Marín: We are going the fastest that we can. Regarding the lateral length, when we go there, yes, the well has more EUR. In general, our EUR is, you can extrapolate when you go more than 3,500, you make the, I would say, the additional investment, and the profitability increase. When you go farther, and farther, the question is not the reservoir and the quality of the reservoir. The question is the mechanical bottleneck of the drilling rig and also the pressure that you lost during the fracture. When you go to 4,800, the last fracture is a lower EUR than the first one. You can see in all the books and all the magazines in United States how they go down. So in general, the EUR is not linear, but it is much more.

Speaker #4: faster than we can.

When do you expect it to be completed? Uh, which assets are still for sale and uh, how far along are those, uh, processes and the follow-up. Uh, the follow-up questions regarding the, the new wells longer later list. I was wondering if you, if you guys could share, uh, which blocks d.

Speaker #10: Regarding the lateral length, When we go there, yes, the, the, the wells have more EUR. In general, our EUR is, you can extrapolate when you go more than 3,500, you make the, I would say, the additional investment and the internal, the profitability increase.

Operator: Your next question comes from the line of Leonardo Marcondes with Bank of America. Please go ahead, your line is open.

Leonardo Marcondes: Hola, Horacio, Pedro, Maximiliano, and Margarita. Thank you for taking my questions here. I have one from my side and then one follow-up. My question is on the asset sale program. I mean, when do you expect it to be completed? Which assets are still for sale, and how far along are those processes? The follow-up question is regarding the new wells with longer lateral lifts. I was wondering if you guys could share, in which blocks were these wells drilled, and if they are more productive than your standard wells. If so, by how much, and what is the EUR you get from them?

Your standard Wells. And if so by, how much and what is the you want?

Speaker #10: But when you go farther, farther, and farther, the question is not the reservoir and the quality of the reservoir. The question is the mechanics.

Is our first, thank you for the question.

I think.

Speaker #10: The mechanical bottleneck of the drilling rig and also the pressure that you lost. During the fracture. Okay, so when you go to 800— sorry, 4,800, The last fracture is, I said, lower EUR than the first one.

We prepare for our production, that would be U7. That means that we compare—I don't know.

Speaker #10: Okay, so there is a— and you can see in the in all the books and all the magazines in United States, how they go down.

We are going to go again to New York to update because

Speaker #10: So in general, the EUR growth is nonlinear, but it's much more. Okay.

Horacio Marín: Okay. I think the first question is First, thank you for that question. The first question, I will answer, I think. I say that in April, you will be surprised for our production, that it will be You will be surprised the production of us December 2027. That means that we are accelerating compared what we said in the last investor day. I think it was one or 2 years ago. I do not remember. In April 2. So in April, because of all the change in the market prices, we are going to go again to New York to update because of who you asking. Really, we are going very fast. No be faster that you will see there, not because of financing, because of bottlenecks in every equation, not in the oil pipe, but in facilities. Because we are developing new areas. Okay?

really, we are going very

Speaker #4: Thank you very much.

Leonardo Marcondes: Thank you very much.

Speaker #8: Your next question comes from the line of Milen Carvalho with JPMorgan. Please go ahead.

Operator: Your next question comes from the line of Milene Carvalho with J.P. Morgan. Please go ahead.

far that you will see because of bottlenecks in, not in the old facilities because we have developed new area. Okay. But we are going

Speaker #11: Good morning, everyone, and thank you very much for taking my questions. I would like to understand a little bit better the M&A potential here.

Milene Carvalho: Good morning, everyone, and thank you very much for taking my questions. I would like to understand a little bit better the M&A potential here. So 2026 has been a very strong year. We have production expansion associated with very high levels of oil prices, and this translated into very solid free cash flow generation. When we look at the leverage of the company right now, we do see a lot of room for more to come. So I wanted to understand a little bit on your side, what can we expect? Are there still M&A opportunities in Vaca Muerta? Would there be more diversification, or the focus right now would be on the LNG project? Thank you very much.

Speaker #11: So 2026 has been a very strong year. We have production expansion associated with very high levels of oil prices, and this translated into

We are.

Speaker #8: very solid free cash flow generation. So when we look at the leverage of the company right now, we do see a lot of room for more to come.

You are.

when you want more than

3,500, you make the, I say the

Speaker #8: So I wanted to understand a little bit on your side, What can we expect? Are there still M&A opportunities in Vaca Muerta? Would there be more diversification, or the focus right now would be on the LNG project?

Additional investment.

The, the profitability increase.

Speaker #8: Thank you very much.

Is not the right word and the quality of the reservoir. The question is the mechanical but neck of the D.

Speaker #10: Okay. We bought, as you remember, I would say 1, 2, 3, 3 full blocks from Vaca Muerta. We bought YPF Helus. Why we bought Helus?

Horacio Marín: Okay. We bought, as you remember, I would say one, two, three full blocks from Vaca Muerta. We bought YPF Luz. Why we bought YPF Luz? Because that we think is a future company, but it is very important YPF to have no more YPF Luz and YPF. YPF why? Because we are working very hard to be delivering data centers, the energy for the data center, to be precise. Not that we are going to make data centers, okay? But with all the knowledge that we have and all the strength that we have from the upstream, plus the knowledge of YPF Luz, we are doing that. Okay? Always you have, when there is opportunities and M&A in Argentina, in Vaca Muerta that are in the core and within this core, that will make more profits for the shareholder, we will see.

Horacio Marín: We are going the fastest that we can. Regarding the lateral length, when we go there, yes, the EUR. In general, our EUR is, you can extrapolate when you go more than 3,500, you make the, I would say, the additional investment, and the profitability increase. When you go farther and farther, the questions is not the reservoir and the quality of the reservoir. The question is the mechanical bottleneck of the rig, and also the pressure that you lost during the fracture. Okay? So when you go to 4,800, the last fracture is a lower EUR than the first one. Okay? You can see in all the books and all the magazine in United States how they all sound. So in general, the EUR is not linear, but it is much more. Okay?

And also the pressure that you lost using the — so when you go to 800, sorry, 48.

Speaker #10: Because that we think is a future company, but it's very important YPF to have No more YPF Helus and YPF. YPF, why? Because we are working very hard to be delivering data centers.

The last fracture, as I said, is Lower E.

Than the first 1. Okay? So there is a in all the

And all the magazines in the United. How

Speaker #10: The energy for the data center, to be precise. Not that we are going to make data centers, okay? But with all the knowledge that we have and all the experience the strength that we have from the Astrim plus the knowledge of YPF Luz.

So in general the the E go it's not linear but it's much more. Okay?

Thank you very much.

Speaker #10: We are doing that. Okay, always you have when there is opportunities and M&A in Argentina and Vaca Muerta that are in the core and within the core that will make more profits for the shareholders, we will see.

Next question comes from the line of Milan Kavalio with J.

Good morning everyone. And thank you very much for taking my question. Um,

Speaker #10: And always we will see also our financial situation. If we can enter and make stronger, we will do. If at that moment we will see that it's not good for our financial situation because we are going to develop not only the oil valor, also LNG.

Horacio Marín: Always we will see also our financial situation. If we can enter and make stronger, we will do. If at that moment, we will see that it is not good for our financial situation because we are going to develop not only the oil but also LNG, we have to be very serious in the growth of YPF.

Years. So, a very strong year. We have production expenses associated with very high levels of oil prices and solid flow generation. So, when you look at the average of the ten right now, do you see room for more income? So, I wanted to insert a little bit on your side. What can we expect? Would there be more?

Speaker #10: We have to be very serious in, in the growth of YPF.

Vocals right now.

Leonardo Marcondes: Thank you very much.

Operator: Your next question comes from the line of Milene Carvalho with J.P. Morgan. Please go ahead.

Speaker #8: Your next question comes from the line of Andres Cardona with Citi. Please go ahead, your line is now open.

Operator: Your next question comes from the line of Andres Cardona with Citi. Please go ahead. Your line is now open.

We both, as you remember, I would say, one, two, three—three full blocks from...

Milene Carvalho: Good morning, everyone, and thank you very much for taking my questions. I would like to understand a little bit better the M&A potential here. So 2026 has been a very strong year. We have production expansions associated with very high levels of oil prices, and this translated into very solid free cash flow generation. So when we look at the leverage of the company right now, we do see a lot of room for more to come. So I wanted to understand a little bit on your side, what can we expect? Are there still M&A opportunities in Vaca Muerta? Would there be more the case nor the focus right now would be on the LNG project? Thank you very much.

Speaker #10: Hi, good morning, Horacio, Pedro. I have a question about 2027 production outlook. Because when looking at your latest strategy update, there have been many changes, right?

We bought.

Andres Cardona: Hi. Good morning, Horacio, Pedro. I have a question about 2027 production outlook because when looking at your latest strategy update, there have been many changes, right? You launched LLL Oil, RIGI project, the resize that was acquired, Bajo del Toro. So I was wondering if you could share any color about how do you see these two projects potentially affecting this production growth outlook. Thank you. And congratulations for this, very solid results.

Andrés Cardona: Hi. Good morning, Horacio, Pedro. I have a question about 2027 production outlook because when looking at your latest strategy update, there have been many changes, right? You launched LLL Oil, RIGI project, the resize that was acquired, Bajo del Toro. So I was wondering if you could share any color about how do you see these two projects potentially affecting this production growth outlook. Thank you. And congratulations for this, very solid results.

why, because that

But it's very important. No more. Why? Because we are working very hard.

Speaker #10: You launched LLO Rigi project that is Saisao, Iguazúar, Bajo del Toro. So I was wondering if you could share any color about how do you see these 2 projects potentially affecting this production growth?

To be delivering data centers.

The energy for the data size now that we are going to make and all the strength we have from the afternoon plus the knowledge of what we are good.

Speaker #10: Outlook. Thank you and congratulations for this very solid results.

We have okay. Always, you have when it is

Speaker #8: Okay. We are going— today we have 18 rigs.

Horacio Marín: Okay. We bought, as you remember, I would say one, two, three blocks from Vaca Muerta. We bought YPF Luz. Why we bought YPF Luz? Because we think it is funny, but it is very important YPF to have no more YPF Luz and YPF. Why? Because we are working very hard to be delivering data centers, the energy for the data center, to be precise, now that we are going to make data centers. Okay. But with all the knowledge that we have and all the strength that we have from the upstream, plus the knowledge of YPF Luz, we are doing that. Okay. Always you have, when there is opportunities on M&A in Argentina and Vaca Muerta that are in the core and within the core that will make more profits for the shareholders, we will see. Always we see also our financial situation.

Horacio Marín: Okay. Today we have 18 rigs and one rig that is going to Mendoza. So in February, we are going to have 22 rigs. You have to wait. I know that you would like to know all the data today, and I wish to tell you, but I am going to tell you in April. In April, you have all that answer very clear. I can explain how we do the development. All of what is Loma La Lata Oil, comparing, let us say, take out the LNG, because the LNG is like something that is focused there. For the oil, they have their own infrastructure for LNG. So LNG, it is another company. In fact, it will be another company. With the oil, you have to either north or south. South YPF has 100%, and the north not. There we have partners.

Profit for here. Holding we see.

Speaker #10: And 1 rig that is going to Mendoza. So in February, we are going to have 22 rigs. So, but you have to wait. I know that you would like to be— to know all the data today and I wish to tell you, but I'm going to tell you in April.

Also financial situation.

If we can enter and make it stronger, we will do so.

is the last moment we will see that is not good for our financial this situation because we are going to develop

Speaker #10: In April, you have all, all, all that answer very, very clear. But I can explain how we do the development. All of what is Loma La Lata oil compared, we say, let's say take out the LNG because the LNG is like something that is Focus there, focus, focus.

Not only the oil, also LNG—we have to be very serious in.

The next question comes from the line of Andres Cardona with City. Please go ahead, your line is now open.

Speaker #10: For the oil, And they have their own infrastructure for LNG. So LNG is like, it could be, it's another company. In fact, it will be another company.

Speaker #10: With the oil, the, the, with the oil, you have to either north or south. South YPF has 100%. And the north not. And there we have partners.

Hi, good morning. I have a question about 2027 production Outlook because we're looking at your latest strategy update. There have been many changes, right to launch a low rigi project that is sized. So, you acquire, B Toro. So I was wondering if you could share any color about. How do you see this to projects potentially affecting this production growth?

Speaker #10: So it's logical that the partners can invest in the different pace or more pace than you, it depends. Because it's their own decision. So when we have the decision of partners, We know how much we are investing in the hub north.

Horacio Marín: If we can enter and make stronger, we will do. If at that moment we will see that it's not good for our financial situation because we are going to develop not only the oil but also LNG, we have to be very serious in that. Thank you.

Horacio Marín: It is logical that the partner can invest in the different pace or more pace than you. It depends because it is their own decision. So when we have the decision of partners, we know how much we are investing in the half north. There we know how much money we can invest for our project to be very high and going to have the peak of our production in 2031, where I am going to leave YPF. So the south, we invest a lot because the investment in the north are not decreased the same as the south. So it is the swing of our development, okay? Also, we are developing now in a new way that we avoid the maximum that we can the chokes. We are now drilling, that is why you see the incremental production. We are drilling in the way that we maximize the planning wells, okay?

Thank you. Congratulations to this very solid results.

Speaker #10: But there we know how much money we can invest for our project to be very high and going to, to have the peak of our production.

Speaker #10: In 2031, where I'm going to leave YPF. So The, the south. invest a lot because the investment in the north are not bakeries the same as the south.

Okay.

We are going today. We have

18 rigs.

Operator: Your next question comes from the line of Andrés Cardona with Citi. Please go ahead. Your line is now open.

And 1 rig that is going to mendosa. So in February, we are going to have 22 Rigs.

so, but you have to wait, I know that you would like to be to know all the data today and

Speaker #10: So it's the swing of our development, okay? And also we are developing now in a new way. that we avoid the maximum that we can the child.

Andrés Cardona: Hi. Good morning, Horacio, Pedro. I have a question about 2027 production outlook, because when looking at your latest strategy update, there have been many changes, right? You launched LLL Oil, RIGI project, there is Sisso acquired, Bajo del Toro. I was wondering if you could share any color about how you see these two projects potentially affecting this production growth outlook. Thank you, and congratulations for this very solid results.

I wish to tell you but I going to tell you in April in April you have all all that answer very very clear but I I I can explain how we do the development.

Speaker #10: We are now drilling, that's why you see the incremental production. We are drilling in the way that we maximize the planning wells, okay? Because the child, you lose 30% of EUR.

All of what is?

oil compared to we say,

Horacio Marín: Because the choke will use 30% of EUR. So we try to do in a very good fashion and try to copy the best company of United States, and to reduce that a lot. That will be a lot of money for the shareholders.

let's say, take out the the LLC because the LLC is like something that is focused their focus focus.

Speaker #10: So we tried to do in a very good fashion and tried to copy the best companies of United States and to reduce that. That will be a lot of money for the shareholders.

For the oil.

And they have the own infrastructure for LLC. So LLC is like, it could be, it's it's another company. In fact will be another company.

with the on the the with the oil you have to either north or south

Horacio Marín: Okay. Today, we have 18 rigs and one rig that is going to Mendoza. So in February, we are going to have 22 rigs. You have to wait. I know that you would like to know all the data today, and I wish to tell you, but I am going to tell you in April. In April, you have all that answer very clear. But I can explain how we do the development. All of what is Loma La Lata Oil, let's say, take out the LNG, because the LNG is something that is focused there. For the oil, and they have their own infrastructure for LNG. So LNG, it's another company. In fact, it will be another company. With the oil, you have to either north or south. South YPF has 100%, and the north not. And there we have partners.

Speaker #8: Your next question comes from Daniel Guardiola with BTG Pactual. Please go ahead.

Operator: Your next question comes from Daniel Guardiola with BTG Pactual. Please go ahead.

South ypf has 100%.

And the north not.

Speaker #7: Good morning, and thank you for taking my questions. I have a question on YPF Luz.

Daniel Guardiola: Hey, thank you for taking my questions. I have a question on YPF Luz for Horacio and Max, and Pedro as well. I wanted to know if you could elaborate on the strategic and financial rationale behind the transaction. Was there any contractual put option, liquidity obligation, or other arrangement with the minority shareholder that ultimately influenced the decision? Just to get some color on this, what ultimately led you to pursue a direct acquisition of that minority stake rather than proceed with the IPO that had been under consideration? If I may squeeze just a little one very rapidly, very easily for you guys regarding Metrogas. Could you clarify the expected payment schedule for the remaining $700 million? Thank you very much.

And there we have Partners so it's logical that the Panic can can invest in the different pace of more Pace than you. It depends because if they are own decision,

Speaker #10: For Horacio and Max and Pedro as well. And I wanted to know if you could elaborate on the strategic and financial rationale behind the transaction.

so, when we have the decision of Partners,

We know how much we are investment in the have North.

Speaker #10: Was there any contractual put option, liquidity obligation, or other arrangement with the minority shareholder that ultimately influenced the decision? And just to get some color on this, what ultimately led you to pursue a direct acquisition?

But there we know how much money we can invest for our project to be very high and going to, to have the peak of our production in 2031 where I'm going to left. Ypf.

Speaker #10: of that minority stake rather than proceed with the IPO that had been under consideration. And if I may squeeze just a little one very rapidly, very easily for you guys regarding MetroGas.

so,

the, the South

Speaker #10: Could you clarify the expected payment schedule for the remaining $700 million? Thank you very much.

We invest a lot because the the the investment in the north are not bakeries the same on the south. So it's a, it's the swing of how our development. Okay.

And also we are developing now in a new way.

Speaker #6: I pass the answer to Pedro. Hey, Daniel. Thank you very much for the question. So regarding the YPF Luz deal, there was no contractual put option obligation that forced the deal.

Horacio Marín: I pass the answer to Pedro.

Now we a boy the maximum that we can the child.

Pedro Kearney: Hey, Daniel. Thank you very much for the question. Regarding the YPF Luz deal, there was no contractual put option obligation for the deal. Actually, as Horacio mentioned before, the strategic part of that acquisition is based on the main future that we are foreseeing for that company, on the energy sector in general, and the electricity sector in particular. That is the real reason. Actually, we found a very attractive valuation. We negotiated with GE Vernova, so that was the main rationale behind that decision. Your second question regarding the Metrogas, we expect that the final approval will come from the ENRE. That is the only pending approval for the transaction. So once we get that approval, we will get the closing for the remaining $700 million.

We are now drilling. That's why you see the incremental production. We are Drilling in the way that the the we maximize the pain in wealth, okay? Because the child you use 30% of your

Horacio Marín: So it is logical that the partner can invest in a different pace or more pace than you. It depends, because it is their own decision. So when we have the decision of partners, we know how much we are investing in the half north. But there, we know how much money we can invest for our project to be very high and going to have the peak of our production in 2031, where I am going to leave YPF. So the south, we invest a lot because the investment in the north are not decreased the same than the south. So it is the swing of our development. Okay? And also, we are developing now in a new way that we avoid the maximum that we can the child wells. We are now drilling. That is why you see the incremental production. We are drilling in the way that we maximize the planning growth. Okay?

Speaker #6: Actually, as Horacio mentioned before, the strategic path of that acquisition is based on the main future that we are foreseeing for that company on the energy sector in general and the electricity sector in particular.

So we try to do in a very good fashion and try to copy the best the best company of United States. And and to reduce that a lot that will be a lot of money.

Speaker #6: So that's the real reason, actually. We found a very attractive valuation. We negotiated with GE Vernova, so that was the main rationale behind that decision.

For the shareholders.

Speaker #6: Your second question regarding the Metrogas, we expect that the final approval will come from the ANREGE. That's the only pending approval. for the transaction.

Your next question comes from. Daniel Guardiola. With btg pactual, please go ahead.

And thank you for taking my questions.

Uh, I have a question on YPF.

Speaker #6: So once we get that approval, we will get the closing for the remaining $700 million.

For Russian Max and Pedro as well, I wanted to know if you could elaborate on the strategic and financial rationale behind the transaction. Was there any?

Speaker #8: Your next question comes from Guilherme Martins with Goldman Sachs. Please go ahead when you're ready.

Liquidity obligation or other arrangement with the minority shareholder—that ultimately influenced the decision.

Operator: Your next question comes from Guilherme Martins with Goldman Sachs. Please go ahead when you are ready.

Speaker #11: Hi, everyone. Good morning. Thank you for taking my questions. I have 2 quick ones since most of mine were already answered. The first one is on discount for Brent.

Guilherme Martins: Hi, everyone. Good morning. Thank you for taking my questions. I have two quick ones since most of mine were already answered. The first one is on discount for Brent. We have been noticing increased volatility in differentials between ICE and Dated Brent as well as in global freight prices. Do you have any color you would share on what you are seeing in terms of Brent discounts going into Q4? My second question is in terms of schedule for drillings next year. You have VMOS coming online by early next year. How should we think in terms of production growth quarter by quarter next year? Thank you.

And and just to get some color on this, what led you to pursue a direct acquisition of that Minority stake rather than proceed with the IPO that had been under consideration. And if I may squeeze just a little 1, very rapidly, very easily for you guys regarding Metro gas, could you clarify the expected payment schedule for the remaining 700 million? Thank you very much.

Horacio Marín: Because the child well lose 30% of EUR. So we try to do in a very good fashion and try to copy the best companies of United States, and to reduce that a lot. That will be a lot of money for the shareholders.

Speaker #11: We've been noticing increased volatility in differentials between ICE and dated Brent, as well as in global freight prices. So do you have any color you could share on what you're seeing in terms of Brent discounts going into the 4th quarter?

Speaker #11: And my second question is in terms of schedule. For drillings next year, uh, we— you have Venmo going online by early next year. Uh, how should we think in terms of production growth quarter by quarter next year?

Right, past the answer to, to better.

Operator: Your next question comes from Daniel Guardiola with BTG Pactual. Please go ahead.

Speaker #11: Thank you.

Hey Daniel. Thank you very much for for the question. So, uh, regarding the, the ypf lose a deal and there was no contractual put option obligation that for the deal. Uh, actually at all, as you mentioned before, uh, the Strategic part of the other position is, is based on on the main, uh, future that we are foreseen, uh, for that company, on the energy sector in general and and the electricity sector in particular, um,

Daniel Guardiola: Morning, and thank you for taking my questions. I have a question on YPF Luz for Horacio and Max, and Pedro as well. I wanted to know if you could elaborate on the strategic and financial rationale behind the transaction. Was there any actual put option, liquidity obligation, or other arrangement with the minority shareholder that ultimately influenced the decision? Just to get some color on this, what ultimately led you to pursue a direct acquisition of that minority stake rather than proceed with the IPO that had been under consideration? If I may squeeze just a little one very rapidly, very easily for you guys regarding Metrogas. Could you clarify the expected payment schedule for the remaining $700 million? Thank you very much.

Speaker #10: Discount of Brent, I have no idea. You know? Nobody knows. What happened now is, is, is, is that there is a discount for the freight because the freight is 10 times that it was in the normal.

Horacio Marín: Discount of Brent, I have no idea. Nobody knows. What happened now is that there is a discount for the freight because the freight at 10 times that is, was in the normal. I have no idea what will happen in Q4. Nobody knows. Yesterday, I was with a big trader of the world, and I ask them, "What are you seeing on the price there?" He say, "No idea. Nobody knows." It depends on. It is a conflict. It is a conflict of geopolitics, so I cannot answer that. I have no idea. Regarding VMOS, we are going to finish in time, in chronogram, in cost, in everything. On January, we will start to fill all the oil pipes, and we are expecting that in March, everybody will start exporting.

Speaker #10: But I have no idea what will happen in the 4th quarter. Nobody knows. Yesterday I was with a big trader of the world and I asked them, What do you think on the price there?

So that, that's the real reason actually. We found a very attractive valuation, uh, we negotiated with G banova, so, that was the main rationale behind that decision.

Speaker #10: I say, no idea. Nobody knows. Okay? It depends on— it's a conflict. It's a conflict that's your politics. So I cannot answer that. I have no idea.

Uh, your second question regarding the Metro gas, uh, we expect that the final approval uh will come uh, from the uh, that's the only pending approval uh, for for the transaction. Uh, so once we get that approval, we will get the closing uh, for the remaining 700 million.

Speaker #10: Regarding Vemos, Vemos, we are going to finish in time. In chronogram, in cost, in everything. Okay? And on January, we will start to fill all the oil pipes.

Horacio Marín: I pass the answer to Pedro.

Pedro Kearney: Daniel, thank you very much for the question. Regarding the YPF Luz deal, there was no contractual put option obligation for the deal. Actually, as Horacio mentioned before, the strategic path of that acquisition is based on the main future that we are foreseeing for that company on the energy sector in general and the electricity sector in particular. That is the real reason. Actually, we found a very attractive valuation. We negotiated with GE Vernova, so that was the main rationale behind that decision. Your second question regarding Metrogas, we expect that the final approval will come from the ENRE. That is the only pending approval for the transaction. Once we get that approval, we will get the closing for the remaining $700 million.

Speaker #10: And we are expecting that in March everybody will start exporting. YPF is going to export at the pace that they have in the next year budget that I cannot tell today because it's not approved, our next year budget.

Your next question comes from Giller. Martens with Goldman Sachs, please go ahead when you're ready.

Horacio Marín: YPF is going to export at the pace that they have in the next year budget that I cannot tell today because it is not approved our next year budget, but they will be bigger than we thought two years ago.

Hi everyone. Good morning. Thank you for taking my questions. I have 2 quick ones, since most of mine were already answered. Uh, the first 1 is on discount for brand. Uh, we've been noticed increased velocity in in differentials between ice and dated, Branch as well as in global fried prices. So, if you have any color, you could share on what you're seeing in terms of brand, discounts go into the fourth quarter. And my second question is in terms of schedule for drilling next year, uh, we you have them. What's going on online by early next year? Uh, how should we think in terms of production growth quarter by quarter next year? Thank you.

Speaker #10: But they will be bigger than, than we thought. 2 years ago.

Speaker #8: There are no further questions at this time. We have reached the end of our Q&A session. I will now turn the call back to Horacio for closing remarks.

Operator: There are no further questions at this time. We have reached the end of our Q&A session. I will now turn the call back to Horacio for closing remarks. Please go ahead.

Speaker #8: Please go ahead.

Speaker #10: Okay, thank you very much for all your questions, and we are very, I would say, very proud and happy how we are working. The result is a consequence of working hard and well.

Horacio Marín: Okay. Thank you very much for all your questions. We are very, I would say, very proud and happy how we are working. The result is a consequence of working hard and well. Our goal is to make always value for all shareholders. Thank you very much for your questions.

You know.

Nobody knows what happened now is is, is, is that there is a discount.

For the freight. Because the freight I 10 times that this was in the normal.

Speaker #10: So our goal is to make always value for all shareholders. And thank you very much for your questions.

Operator: Your next question comes from Guilherme Martins with Goldman Sachs. Please go ahead when you are ready.

But I have no idea what was happening in the 4 quarter. Nobody knows yet. I was with the big Trader of the war and I asked, I, I asked them. What do you think of the price? I said, no idea. Nobody knows. Okay, it depends on its a conflict. It's a conflict that your politics. So I cannot answer that. I have no idea.

Guilherme Martins: Hi, everyone. Good morning. Thank you for taking my questions. I have two quick ones since most of mine were already answered. The first one is on discount for Brent. We have been noticing increased volatility in differentials between ICE and dated Brent, as well as in global freight prices. Do you have any color you would share on what you are seeing in terms of Brent discounts going into Q4? My second question is in terms of schedule for drillings next year. You have VMOS going online by early next year. How should we think in terms of production growth quarter by quarter next year? Thank you.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.

Regarding BEOS, BEOS, we are going to finish in time.

In in chronogram in cost in everything. Okay and on January we will start to to fill all the all pipes.

And we are expecting an in March.

Everybody will start.

supporting wipees is going to speak for at the pace that the they have in the next year budget that I cannot tell today because he's

Horacio Marín: Discount over? I have no idea, you know. Nobody knows. What happened now is that there is a discount for the freights, because the freight is 10 times what it was in the normal. I have no idea what will happen in Q4. Nobody knows. Yesterday, I was with a big trader of the world, and I asked them: "What are you seeing on the price there?" They say: "No idea. Nobody knows." Okay? It's a conflict. It's a conflict of geopolitics. I cannot answer that. I have no idea. Regarding VMOS, we are going to finish in time, in chronogram, in cost, in everything. Okay? In January, we will start to fill all the oil pipes, and we are expecting that in March, everybody will start exporting.

Is not approve our, our next year, but they will be bigger than than we. We thought

2 years ago.

There are no further questions. At this time, we have reached the end of our Q&A session. I will now turn the call back to harass for closing remarks. Please go ahead.

We are very I would say very proud and happy how we are working.

The result is a consequence of working hard and well.

So, our goal is to always create value for all shareholders, and thank you very much for your questions.

Horacio Marín: YPF is going to export at the pace that they have in the next year budget that I cannot tell today, because it's not approved our next year budget, but they will be bigger than we thought 2 years ago.

This concludes today's call, thank you for attending. You may now disconnect

Operator: There are no further questions at this time. We have reached the end of our Q&A session. I will now turn the call back to Horacio for closing remarks. Please go ahead.

Operator: This concludes today's call. Thank you for attending. You may now disconnect.