Operator: Hello, everyone. Thank you for joining us, and welcome to the YPF Second Quarter 2026 Earnings Conference Call. [Operator Instructions] I will now hand the conference over to Margarita Chun, IR Manager. Margarita, please go ahead.

Margarita Chun: Good morning, ladies and gentlemen. This is Margarita Chun, YPF's IR Manager. Thank you for joining us today in our second quarter 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 Marin; 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 Q2 results. And finally, we will open the floor for Q&A session together with our management team. I will now turn the call over to Horacio. Please go ahead.

Horacio Marin: Thank you, Margarita, and good morning. Q2 was a landmark quarter in YPF's history with 10 major milestones achieved across all our operations. These results reflect the magnitude of the transformation that YPF has achieved since the launch of the 4x4 plan, supported by a strong market dynamics. The main drivers of this transformation are shale growth, the replacement of conventional assets, cost control, capital discipline and operational efficiency. As a result, we are reshaping the company into a very profitable integrated shale player. We are building a more profitable, more resilient and more export-oriented integrated shale company. Adjusted EBITDA reached $2.8 billion, positioning the quarter at the best in the company's history, a 70% increase versus the second high record that was in Q3 2014 and the third one was last quarter. To put this in perspective, in the first half of 2026, we generated nearly $4.4 billion of adjusted EBITDA, already above the full year EBITDA reported in 2023. This exceptional performance drove adjusted EBITDA margin to 43%, its highest level in the last 2 decades, supported by higher prices, seasonal demand, solid operational execution and operational efficiency. As a result, the outstanding performance was reflected in the income statement. Operating result reached $1.8 billion, a new record high in the company history, while net result was $1.2 billion, representing the second best quarterly performance ever achieved by YPF. The first net results was Q3 last year. In terms of cash generation, free cash flow reached $824 million, top 3 in our history, while liquidity closed at the highest level ever achieved of $2.5 billion. As a result, net leverage decreased to 1.1x, its lowest level in more than a decade, underscoring the continued improvement in YPF financial position. From an operational standpoint, the quarter reinforced the continued transformation of YPF production mix. Shale oil production reached 213,000 barrels per day with shale oil now representing 80% of total oil production. This confirms the increased relevance of unconventional assets with the company portfolio and the continued progress in scaling up Vaca Muerta as YPF key growth driver. In parallel, we continue increasing the number of rigs operated by YPF in Vaca Muerta oil window. As of today, we are operating 16 rigs, significantly higher than the 12 rigs by December last year and expecting to reach 21 rigs by early 2027. On the other hand, let me share with you an important step to accelerate Vaca Muerta. In May, we submitted the RIGI application of Loma La Lata Oil, a project 100% owned by YPF with a production plateau of roughly 240,000 barrels per day. It represents the largest oil export program in Argentina history and the largest project submitted under RIGI so far. The project requires cumulative investment of $25 billion over 15 years and is expected to generate more than $100 billion in oil export revenue over its lifetime. Loma La Lata Oil positions YPF and Argentina to build a world-class energy export platform. Given the scale of the project, the approval process may be structured across separate SPVs. We will provide more details later when we have news. Finally, our downstream operation continued to deliver exceptional performance. Refinery processing reached 351,000 barrels per day, reflecting the highest level of refinery utilization ever achieved. It enabled us to generate surplus production of gasoline and middle distillates, reaching 43,000 cubic meters per day and setting a new record high. Overall, these results reflect a quarter of exceptional execution with record profitability, a strong cash generation, a reinforced balance sheet and continued operational improvement across the company's main business segments. Before moving to the next slide, let me take a moment to highlight several recent developments that are highly important to the execution of our 4x4 plan strategy. First, regarding the second pillar of our 4x4 plan, active portfolio management, last week, we signed agreement for the sale of 2 clusters of the Andes projects in the province of Mendoza, the operated Chachahuen field and the nonoperating El Corcobo and CNQ-7A blocks. Together, this transaction were closed at sale price of $405 million and remains subject to the final approval before closing. Importantly, once this conventional field are excluded from our production profile, approximately 95% of our oil production would come from shale operations. It marks another concrete step toward our objective of becoming a pure shale player. More recently, we have just obtained the approval of our Board and signed the sale of the 70% equity stake in MetroGAS subject to closing. Moving to midstream oil, VMOS remain on track to reach COD by the end of Q4 this year with a progress of around 80% as of July, expecting first oil by early 2027. Turning to Argentina LNG. We have signed an agreement with the province of Neuquén to establish the project's regulatory and fiscal framework. In addition, we successfully brought Eni and XRG into the upstream development with each partner acquiring a 32% interest in the 5 blocks that will be fully dedicated to Argentina LNG, while YPF retained the remaining 36% stake. This is a highly relevant milestone on the path towards the final investment decision as it improves the project upstream foundation and reinforces the development of integrated LNG value chain. We will provide further details later in the presentation. In terms of our local fuel pricing strategy, in mid-May, we extended the buffer mechanism for another 45 days alongside a 1% adjustment. The buffer mechanism successfully preserved local fuel market dynamics during very volatile international context while allowing our midstream and downstream to reach a very healthy EBITDA margin of around $30 per barrel. Finally, regarding YPF stock split, last week, we successfully completed a 10-for-1 split in the local market, BYMA with the goal of improving accessibility and affordability for local retail investor in comparison with our peers. In parallel, we adjust the ratio of ADR to shares from 1:1 to 1:10 with no economic impact on ADR holders. Importantly, this split doesn't affect shareholders' economic interest, ownership percentage or voting rights. In addition, user of YPF application with cash account will be able to buy and sell YPF shares directly through the app starting this Friday, August 14. This represents another meaningful step in expanding access to YPF's hit equity story to a wider investor base. Now let me share more details on our Loma La Lata oil project, a key driver to accelerate the development of the South Hub in Vaca Muerta oil window. In late May, YPF applied to showing RIGI the large investment incentive regime for the SPV Loma La Lata Oil. This is a larger RIGI project in Argentina's major upstream oil export initiative. The SPV is fully owned by YPF, developing 5 blocks with well inventory of over 1,150 wells and unconventional concession until 2059. These blocks are La Angostura Sur I & II, already delivering exceptional productivity with solid economics currently with 7 rigs in operation besides expansion to Barreal Grande, La Angostura Suroeste and La Angostura Norte. In terms of investment, we estimate total CapEx of around $25 billion over the next 15 years. It will be mainly allocated to drilling and completion activities, leveraging shares infrastructure to maximize efficiency. At plateau beyond 2032, production is expected to reach around 240,000 barrels per day 100% dedicated to export markets through VMOS, while also contributing around 10 million cubic meter per day of gas to the local market. This will translate into estimated annual revenue of approximately $7 billion, considering both oil and gas with an average Brent price of $70 per barrel. It's worth mentioning that given its scale, long-term horizon and export focus supported by RIGI, this project is a transformational initiative of Argentina long-term oil development and important value creation for our shareholders. In this sense, based on the scale of the project, the approval process may be structured across different SPVs. Now I turn the call to Pedro to analyze in detail our financial results.

Pedro Kearney: Thank you, Horacio, and good morning, everyone. As Horacio mentioned, it was a record-breaking quarter for YPF. We delivered record earnings, margins and cash generations, reduced leverage to its lowest level in more than a decade and achieved strong operational performance across all our businesses. Revenues reached approximately $6.6 billion in the second quarter, up 33% sequentially and 42% year-over-year. The increase was supported by stronger international prices as well as higher refinery processing levels, generating surplus of fuel exports and seasonal demand for diesel and natural gas. Adjusted EBITDA totaled $2.8 billion, increasing 76% sequentially and 2.5x year-over-year. This performance reflects the shift to shale, high refinery utilization, disciplined cost management, efficiency gains across the company and a better pricing scenario. On the production side, our shale oil output continued expanding, reaching 213,000 barrels per day, increasing 4% sequentially and 47% interannually. As Horacio mentioned, excluding the conventional assets under divestment process, around 95% of our oil production would have come from shale formation. In terms of investment, during the second quarter, we deployed over $1.3 billion, allocating 77% to our unconventional operations. CapEx increased by 37% sequentially and 16% internally, primarily due to the signing bonus for the unconventional concessions of the 5 blocks dedicated for Argentina LNG project. Also, it was driven by the higher investment in facilities at La Angostura Sur and Norte fields. For the rest of the year, we expect further acceleration in line with the production ramp-up. On the financial front, despite acceleration in capital expenditures, we generated a very strong free cash flow of $824 million, which I will discuss in greater detail later. As a result, our net leverage ratio declined to 1.1x, marking the third consecutive quarterly reduction since the Q3 of last year and reaching its low level in 11 years. Now let me walk through the evolution of our free cash flow during the second quarter. The positive free cash flow represents the third highest free cash flow in YPF history and was primarily driven by the all-time high EBITDA of $2.8 billion. This outstanding result comfortably funded our accelerated CapEx program of over $1.3 billion, aligned with expansion of our shale operations and key infrastructure projects. It also covered the $188 million payment related to the acquisition of Equinor assets in Vaca Muerta as well as the $115 million interest payments. In addition, the negative working capital variation was mainly explained by higher seasonal natural gas sales. It is important to note that the higher planned gas price is fully reflected in the EBITDA during the quarter. However, given the related collection terms, most of these incremental sales are collected during the following quarter. This temporary working capital effect was partially offset by $85 million in dividend collected from affiliates. It is worth highlighting that excluding M&A activity, the company will have delivered an even stronger performance, generating free cash flow of approximately $1 billion. As a result, our cash liquidity position increased to nearly $2.5 billion at the end of June compared to approximately $1.7 billion at the end of March. This further strength the company liquidity position and marked the highest cash balance in our history. This improvement provides us with significant flexibility to execute our ambitious investment plan for the second half of the year while comfortably covering our debt maturities. Turning to our financial position. We have continued improving our net leverage ratio since the third quarter of last year. This quarter, it declined to 1.1x, nearly half the peak level reported in the third quarter of last year, primarily driven by a better international prices environment, reaching the lowest net leverage level in more than a decade. In addition, the strong liquidity position achieved during the quarter allow us to pursue proactively liability management activities focused on reducing our overall cost of debt by prepaying higher cost facilities with shorter tenors. In this context, in April, we issued a new local bond for $122 million with a 4-year tenor and at 5.5% yield, taking advantage of a market opportunity to secure low-cost long tenor financing. The proceeds were used to prepay a higher cost loan maturing in 2028, generating interest savings while further optimizing our debt maturity profile. Additionally, we amended our $450 million syndicated export prefunding facility executed in the fourth quarter of last year, extending the drawdown period by 2 months and pushing the final maturity by 1 year. As a result, most principal maturities are now concentrated in 2029. During the second quarter, we also prepaid approximately $220 million of local bonds and trade facilities maturing primarily in 2027 and 2028. Separately, in June, we signed a mandate letter with IDB Invest to establish the framework conditions to structuring a potential A/B loan facility of up to $500 million. Despite not representing a financial commitment, it provides additional flexibility and optionality to address potential funding needs for next year. More recently, in August, we successfully reopened a local bond originally issued in April, raising an additional $170 million with a 3.5 year tenor and a 5.5% yield. The proceeds will be used to repurchase our $140 million bond maturing in February 2027, further improving our debt maturity profile while reinforcing our commitment to proactive liability management and funding optimization. Looking at our debt profile, remaining maturities for the second half of this year amount to approximately $700 million. Nearly 40% corresponds to local bonds, 28% corresponds to amortizing international bonds, while the remainder is composed of other local and international financial loans. Finally, following the recent sovereign rating upgrade, in May, Fitch upgraded our rating to B- with a stable outlook. S&P upgraded YPF's rating to B in June and Moody's also upgraded the company from B2 to B1 in July. This last new rating is the highest YPF has achieved in recent years, broadly in line with the level the company held between 2017 and '18. Overall, these upgrades, together with our broad access to capital markets and financing opportunities, reinforce both the momentum and sustainability of our credit story, reflecting the strength of YPF financial position and the market's confidence in our strategy and credit profile. I will now turn it to Max to walk through the operational performance.

Maximiliano Westen: Thank you, Pedro, and good morning to everyone. Let me dive into the evolution of our upstream performance in the quarter. Our upstream strategy continues to deliver outstanding results with shale oil driving growth, improving efficiencies and consolidating YPF's position as a best-in-class Vaca Muerta player. Importantly, shale oil output continues to more than offset the conventional divestments, supporting a more resilient and higher-margin production base. In that sense, shale oil production continues the growth path, hitting a new record high, reaching 213,000 barrels per day in the second quarter, representing a sequential increase of 4% and a 47% year-over-year. This performance was primarily driven by the strong contribution from La Angostura Sur, followed by higher production recorded in the north hub of Vaca Muerta. In addition, since May, we have incorporated the production associated with our 4.9% stake in Bandurria Sur block and our 15% stake in Bajo del Toro block, both recently acquired from Equinor. Looking ahead, we expect shale oil production growth to accelerate during the second half of the year as key infrastructure projects and other facilities like the oil treatment plant in La Angostura Sur continue to move closer to startup including VMOS, which reached around 77% completion as of June 2026. Shale oil expansion fully compensated the continuous divestment from conventional assets, which dropped 49% year-over-year. Excluding the conventional assets that are under the divestment process, conventional production would have been roughly 18,000 barrels per day in the second quarter. Total lifting costs, excluding specific well service costs continued the downward trend, decreasing 31% year-over-year at $8.4 per BOE in the second quarter, reflecting the structural improvement in our cost base. Excluding the divestment assets mentioned before, lifting cost would have been below $7 per BOE focusing on our Shale oil hub, we continue to operate at best-in-class levels at around $4 per BOE, essentially flat on a sequential basis. Turning to natural gas. The production averaged 37.3 million cubic meters per day, down 6% year-over-year, primarily reflecting the exit from conventional fields, partially offset by the expansion of shale gas production, mainly led by La Calera block. Additionally, let me point out that during the second quarter, a well located in Rincón del Mangrullo block reached production of 1.3 million cubic meters per day, becoming the highest producing well within the basin's dry gas window. Our capital allocation is currently focused on the oil window of Vaca Muerta, reflecting the greater flexibility of oil demand supported by higher evacuation capacity, while natural gas still remains largely constrained by domestic consumption. Looking ahead, the development of integrated LNG projects is expected to unlock significant incremental demand, leveraging YPF's substantial acreage position, world-class resource base in Vaca Muerta gas window. Overall, these results highlight the consistency of our upstream strategy, where shale development not only drives production growth, but also enhances efficiency, lower cost and support structurally stronger and more profitable results. Moving to our midstream and downstream segment. Our processing levels set a new record in the second quarter, averaging 351,000 barrels per day, reconfirming the reliability and flexibility of our refining system. It grew by 2% sequentially and 16% interannually, where during the second quarter last year, La Plata refinery was under maintenance. This exceptional operational performance, together with a new record production of gasoline and middle distillates enabled us not only to fully meet domestic demand without imports, but also to supply local refiners and expand exports. Looking ahead, we expect processing to gradually normalize towards ordinary levels as scheduled maintenance activities will take place during the second half of the year, thereby ensuring sustained operational reliability and long-term efficiency. Regarding domestic sales of gasoline and diesel, dispatch volumes increased by 7% quarter-over-quarter, driven by an expansion in diesel seasonal demand. On a year-over-year basis, gasoline and diesel volumes grew by 10%, supported by stronger demand, particularly in diesel across all commercial segments. As a result, we increased our market share to 59% from 57% in the first quarter and up to 61% when we consider gasoline and diesel produced by YPF and dispatched through third-party gas stations. It is worth mentioning that beyond local demand in the second quarter, YPF exported nearly 100,000 cubic meters of gasoline and diesel. In terms of pricing strategy, as Horacio explained before, in April, we decided to temporarily postpone further price adjustments alongside a 1% increase. This temporary measure, which concluded in late June, acted as an effective buffer, allowing us to preserve fuel demand during a period of elevated volatility while progressively reducing the gap with import parity as market conditions evolve, maintaining a competitive position in the local market. Lastly, let me highlight that our midstream and downstream adjusted EBITDA margin expanded to nearly $30 per barrel in the second quarter, benefiting from strong processing volumes and the successful execution of our commercial and pricing strategy. Now let me briefly walk you through the progress of our upstream efficiencies during the quarter. We continue to deliver consistent improvements in productivity across our shale operations, driven by execution and ongoing efficiency gains. Starting with drilling activity, we continued setting new efficiency gains in our core shale hubs. During the first half of 2026, we reached 354 meters per day, 9% above 2025's average and recording roughly 30% increase compared to 274 meters per day recorded in 2023. In our unconventional fracking activities, we also delivered strong efficiency gains across our key operating metrics. During the first half of the year, we recorded 11.4 stages per day, 18% higher against 2025 levels and representing a remarkable expansion of 50% compared to 2023, while pumping hours per day rose to 19.2 hours 14% and 32% above the average of 2025 and 2023, respectively. It is worth highlighting that in June, we achieved record levels of fracking, completing nearly 1,400 stages and representing around half of the country's activity. Moreover, during July, we achieved another major hydraulic fracturing milestone by pumping continuously for 203 hours and completing 86 stages at Bandurria Sur block. It represents over 8 days and 11 hours of uninterrupted operations. This achievement was monitored through our real-time intelligence center and reflected a fully remote and autonomous fracturing operation completed with 0 incidents. All these record performances in Vaca Muerta brings us even closer to Permian level operating standards. In the downstream business, in the second quarter, we continued to strengthen YPF's position as a key player in Argentina's energy transformation. As part of our innovation program, we visited Tesla's Gigafactory in Texas, one of the most advanced industrial facilities in the world and signed a letter of intent to explore collaboration opportunities in fast charging networks and energy storage, combining Tesla's technology leadership with YPF's nationwide infrastructure platform. This initiative reflects our commitment to modernizing our energy system, advancing innovation and supporting the adoption of next-generation energy and mobility solutions that will enhance the country's competitiveness and long-term sustainability. Moreover, as I mentioned before, our outstanding processing levels resulted in a surplus of gasoline and mid-distillates production, enabling YPF to avoid imports, supply local peers and expand our exports. Additionally, during the quarter, we completed the works related to the new fuel specification project at our Luján de Cuyo refinery, marked by the successful start-up of the new diesel hydrotreating unit in July. In parallel, we made progress on engineering works for new hydrotreating units at the La Plata and Plaza Huincul refineries to ensure full compliance with diesel specifications. Importantly, all these improvements are the result of continuous optimization efforts across all of our operations, supported by better well planning, disciplined execution and a more efficient integration with our service providers. I am now turning to Horacio to continue with updates regarding LNG projects.

Horacio Marin: Thank you, Max. Let me share the progress we achieved on the LNG projects. Regarding the tolling phase, I would like to highlight the recent approval of San Matías pipeline SPV under the RIGI framework. The project contemplates the construction of a 470-kilometer gas pipeline connecting Tratayén in Vaca Muerta to the San Matías Gulf is expected to have transportation capacity of approximately 27 million cubic meter per day by mid-2028. The project will require a total investment of around $1.3 billion and is expected to be funded by a project finance scheme with 70% debt and 30% equity. Importantly, the project finance is progressing very well and is already at the advanced stage with financial closing expected during Q3 this year. Turning to Argentina LNG project. The most relevant milestone of the quarter was the agreement signed in June between YPF and the government of Neuquén. This set the long-term regulatory and fiscal framework applicable to Argentina LNG. All of these steps provide a more predictable and competitive foundation to continue advancing the project. We also made significant progress in the upstream segment of the project through the agreement to incorporate Eni, XRG into the UPCO Argentina LNG 1, the upstream SPV that we hold 100% of the 5 wet gas block dedicated to the project. Under this structure, Eni and XRG will each hold 32% interest while YPF remain the operator with a 36% stake. This reinforces alignment across the entire value chain, enhanced execution capabilities and represents another important step toward reaching the final investment decision. On the execution front, we have recently selected the frontrunners of the EPC of the gas NGL pipeline as well as the integrated gas treatment plant. In addition, on the financial side, we have completed all the documentation required to open the [ virtual ] data room with the ECAs, which was successfully launched in July. This marks another important milestone in the project finance process and further demonstrate the continued progress of Argentina LNG. Overall, Argentina LNG continue to gain momentum. This project will not only accelerate the development of Vaca Muerta, but also has the potential to reshape Argentina export profile over the coming decade. Finally, I would like to share our revision to our 2026 guidance. This reflects a strong international price environment and its direct impact on profitability, cash generation and balance sheet strength. We are assuming a Brent price of $75 per barrel for the second half of the year. This assumption remains subject to the high volatility seen in international markets over recent weeks. Under this scenario, the average Brent price for the year 2026 would be around $82 per barrel, 30% above our previous assumption of $63 per barrel. As a result, we now expect adjusted EBITDA in the area of $8 billion, representing a significant increase from our previous guidance for around $6 billion. This improvement is supported by a higher Brent environment, operational efficiency and strong refined product crack spreads. And let me highlight that this new guidance compares very favorably with YPF's 2023 EBITDA. In fact, under exactly the same comparable Brent condition in just 3 years, YPF is doubling the adjusted EBITDA from $4 billion to $8 billion. This clearly reflects the strength and discipline of the 4x4 plan and our ability to create tangible and sustainable value for our shareholders. On the operating side, we remain fully on track with our shale oil production targets. We continue to expect average shale oil production of around 215,000 barrels per day during 2026 and to reach an exit rate of approximately 250,000 barrels per day by the year-end. With respect to investment, we expect to accelerate deployment during the second half of the year. This is mainly driven by progress in facility construction, maintenance activity rescheduled for the second half and the faster development of the southern half of Vaca Muerta through Loma La Lata Oil. As a result, we're increasing our full year CapEx guidance by approximately 5%, the new range is $5.8 billion to $6.2 billion, remaining around 70% allocated to shale operations. Despite the minor increase in our CapEx plan, we expect to end the year with a positive free cash flow position of around $2 billion. This figure includes M&A proceeds already collected and assuming the proceeds expected from transaction currently under execution. This strong cash flow outlook is also reflected in our balance sheet expectation. We now anticipate net leverage to decline significantly to nearly 1x. This compared with our previous guidance range from 1.6x to 1.7x. In summary, this revised guidance reinforced the strength and resilience of YPF's business model, a more favorable pricing environment is translated into high profitable, strong cash generation and lower debt. At the same time, our strategic priorities remain unchanged. Most importantly, this provides further evidence that the 4x4 plan is delivering concrete results, positioning YPF for a stronger, more profitable and more financially robust future. With this, we conclude our presentation and open the floor for questions.

Operator: [Operator Instructions] Your first question comes from the line of Michael Furrow with Pickering Energy Partners.

Michael Furrow: I'd just like to start with CapEx. It came in notably below expectations this quarter, particularly on the upstream side of just under $1.1 billion. So just given the strong start to the year and the acceleration of spending and activity in the second half of this year, could you help us get a better understanding of the shape of CapEx or activity levels for the remainder of 2026?

Horacio Marin: Okay. Thank you very much for the question. I -- you saw the guidance. We are going to accelerate because of our results, and we secure the rigs and we secure also the sets, the fracture sets. At the end of the year, we're going to have 19 rigs and now we have 16. The level that we think that we are going to finish at the end of the year, it will be $6 billion. The production -- the end of the production in December, 250. For sure, we are going to accelerate in next year. We secured the rigs also for next year. In February, we are going to have 21 rigs.

Michael Furrow: Great. I appreciate that, Horacio. Maybe just following up on that point. The shale productivity continues to look strong across the asset base. And to us, at least, it seems like the company is more than on track to hit its '26 guidance and 250,000 barrels per day shale exit rate. So Horacio, are you seeing the same thing? And what would need to happen in the back half of the year to put that target out of reach?

Horacio Marin: You are talking for next year, okay?

Michael Furrow: The 250,000 shale exit rate.

Horacio Marin: Okay. Okay. Okay. We have the rigs, and we have finished the drilling. So we need to fracture all the wells. And the only thing that we have to have from the facility point of view is a PTC in La Angostura Sur. We think that in September, it will be the COD. And with that, we can reach the number without problems.

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

George Gasztowtt: Congratulations on the [ good ] quarter. I have 2 related questions this morning on Vaca Muerta's evacuation capacity. For the first one, we've seen a few reports of delays to the Vaca Muerta Sur monobuoy delivery out of the Middle East. And I was wondering if you had any comments on that. And as a follow-up, Oldelval is looking to temporarily increase capacity in Duplicar using polymers and upgrades to pumping stations. And as its largest shareholder, I was wondering what your expectations for that initiative were and whether the additional capacity could allow YPF to sustain its production ramp if Vaca Muerta were delayed?

Horacio Marin: Okay. Regarding VMOS for the monobuoy, we are crossing the fingers. We have in the vessel, and now is passing the Strait of Hormuz. So maybe next week we will have very good news, okay? Regarding, as we say, plan B, from -- in VMOS, we bought another one that is going for sure not to refuel in Dubai because of the Strait, okay? So we think that we have everything on track, and it will be success, the path of the vessel from the Strait. That is what we have today. [indiscernible], we are going to use all our capacity. Remember that we need capacity for the 3 refineries and also for export. Our plan is to export by VMOS. Because of the production that we are going to have next year, that I will go on to say in better way, I think it’s in April next year in New York, we are going to use the majority of the capacity that we have.

Operator: Your next question comes from the line of Andres Cardona with Citi.

Andres Cardona: Congratulations on this very strong record quarter and also on the execution on the capital allocation front. Two quick questions on my side. Given the projects being approved under the regime, does the industry sees a need to accelerate the development of the Vaca Muerta Sur phases that were originally planned for 2028 and beyond. And on the capital allocation front, you have completed many of the processes previously announced, which ones are still pending? And are you also reviewing the portfolio to assess potential additional divestments?

Horacio Marin: Okay. To answer the first one, well, I know what is our north for YPF. Also, as I said before, we are going to present to you next April. Our numbers, is all industry need to improve the VMOS. If they go as quick as us, I think it could be 2028. If not, from '29 beyond, okay? We have the plans to do that. Okay, we have. From the capital allocation for the portfolio, with Metrogas, we have finished all the selling that was no core. From the core ones, I would say no core. From AA Andes, what is the conventional, after the signature last week from Mendoza fields, YPF is going to be a company with 95% of production from Vaca Muerta. That means that we can say that we are almost just one, I say, unconventional integrated company. The other thing that is necessary to sell, we are in process to sell those fields also. So maybe at the end of the year, it could be 100% or 98% or 99%. But I think we finished that very difficult process that when we start, that everybody could doubt at that moment because it was something difficult to do in Argentina, and I think we were very success. I think I answered your question. I don’t know if it’s okay, or you need more explanation. Or I don’t know if I answered your question.

Andres Cardona: I think it helps. It helped. Yes, it answered. Thank you.

Operator: Your next question comes from the line of Milene Carvalho with JPMorgan.

Milene Carvalho: Congrats on the very solid results. I would like to explore a little bit more on the downstream side. So you had very strong results, very strong margin despite prices being a little bit below international parity. So could you comment on what are your plans for the rest of the year in terms of fuel prices? If oil declines should fuels follow? Or should we see YPF sustaining prices to compensate for what we are seeing in this period below parity? Additionally, on the utilization rate, you have been running above the 100%. Should we expect maintenance in the second half?

Horacio Marin: Okay. Thank you for the 2 questions. I am going to the second, and after to the first, but it will be more, I would say, long. For the second, we think because we have some topic at the, I would say, in the fourth quarter. In the fourth quarter, we think that we are going to have an average of 100% from the refinery, all YPF. From the prices, as everybody, I do not know, well, people that follow YPF, we can remember that we make a buffer prices because the demand was very difficult. It is going down, down, down and it could be negative. We call at that moment for the buffer, we call YPF help you. Now we are in the phase of you have YPF. That is a compensation, and it depends on the prices what will happen. Our policy is international prices, and also we see the offer and the demand, the supply and demand, sorry. And remember that we have a real-time intelligence center where we are a unique company that we can see all the pumps in real time. We see the demand minute by minute, so we have plenty of information to take very good decisions, okay? So we have different policies, micro prices policies that will continue. And so we see the price of oil, I think nobody knows. 15 days ago, it was in almost $70. Today, it is $85, $86. So it is very volatile, and it depends on that what will happen there in the second half of the year. It is okay or I miss something?

Operator: Your next question comes from the line of Matias Cattaruzzi with ACD Cap (sic) [ AdCap ]. Your next question comes from the line of Daniel Guardiola with BTG.

Daniel Guardiola: Congrats on the results. I have one question on my side. So following the incorporation of Eni and XRG into the upstream JV, what are the next key milestones towards FID? And perhaps what remaining commercial or regulatory risks still need to be addressed before the project becomes fully sanctioned?

Horacio Marin: Because I am still sick, I will ask the guys and we’ll open, so you will see that, and after I answer. [Foreign language] Tell me in English what was [Foreign language]

Pedro Kearney: It was about the project of Argentina LNG, and what are the things that are pending on that project.

Horacio Marin: On the project. Okay. Sorry. I was confused. I'm sorry about my English. The Argentina LNG, we are working very hard. We finished all the documents. We are in the VDR process with ECAs and banks. And that we have all the technical finishes, and we already built the plant in Neuquén, the EPC of the pipelines, what is the gas pipeline and the oil pipeline. We are going to build in 2 months, no more than that, the material of the pipelines and also in a couple of months, no more than that, it will be also the big, I would say, a refinery, but there's no refinery. It's the big plant of NGLs and conditioning the gas for the LNG that will be in Rio Negro that is a big, big one area. So from the point of the project, we are very ready to have the FID at the end or in the fourth quarter and start as soon as possible after that, all the work and all the, I would say, constructions and everything on that. From the point of the contracts, as I say, we finished all of that with the province of Neuquén and the province of Rio Negro, we have everything done. We have all the laws of LNG. We have all the procedures. And also, we have that our partners now are partners of us in the upstream. And so we are very ready to have the FID this year, and that will be very important for YPF, for all the partners and I think also for our country.

Operator: Your next question comes from the line of Leonardo Marcondes with Bank of America.

Leonardo Marcondes: I have 2 from my end here. On the -- also -- the first one is also on the Argentina LNG project. What LNG price are you assuming for the FID? And what is the IRR target are you underwriting for the project? My second question is regarding the CapEx for the upstream, right? I mean, with the improvement in drilling and frack speed, right, could you share your current drilling and completion cost? And additionally on that point, is there still room for further efficiency gains?

Horacio Marin: Okay, let’s go to the first. This project is very robust. I do not know if you know that it is so good because we are in the window of wet gas that this project produce, or the revenues is half, roughly, half liquid, half gas. So it is very, very robust. What are the price that we use? It is futures. In general, in YPF, we use market prices, okay? But it is very robust. Really, this is a very good project because you have a natural hedging between the fluids for the project and for the investment. Talking about, you say you will totally do a different one, that is our cost for the wells. If you take 3,000 meters of horizontal length, I have to explain to every one of you that we are using 3,500 now, what is more profitable because we have very good efficiency because of the real-time intelligence center, because our professionals. But if I take a 3,000 meter of lateral length, we are around $11.5 million for the cost of the wells.

Operator: Your next question comes from the line of Matias Cattaruzzi with AdCap Grupo.

Matias Cattaruzzi: This was an amazing quarter that you presented. So congratulations on it. I have a few questions regarding capital allocation and the divestment process. You'll be having $1.2 billion of extra cash this year, combined with an excellent EBITDA for this year with high oil prices. Are you expecting to accelerate CapEx, deleverage this year? Or are you preparing for CapEx contributions for the Argentina LNG project? Is inorganic growth on the pipeline? Or will you bring forward the dividend distribution expected for 2028? And then I got one more question about what should be the second half of the year R&M margins going forward? And how do you see the buffer? So far, it ended in July, but how do you see downstream prices going forward? And we will be seeing a trajectory back to the $12 to $14 per barrel of R&M margins you previously guided? Or should expect it to keep at these levels?

Horacio Marin: First of all, with the capital allocation, you have to remember now, the year was totally different that all the analysts thought. We prepared for very low prices and the life was different. It was high prices. We have better results, but also we work always, it does not matter the price, in optimization and efficiency. Operational efficiency in YPF are extremely good today. We have that, as I explained, in February, we had 21 rigs, but if you are comparing, in last December, we had 12 for Vaca Muerta. We say be incremental, and you will see in April when we talk with you at the investor day. What else you ask me for capital allocation? No, I think it is okay there. You ask me also Argentina LNG and also about the VMOS and the evacuation. We think that we have a good program. We have the capital, and also, we can have some -- we are working in improve our debt. If we need more money, it depends on the price. I think the market should know that we are doing very well and manage very well YPF. We don’t see big difficulties for developing Argentina LNG at all. That’s why we’re preparing for that. We’re preparing for all those projects, but with low prices. So I think we are in very good shape. Regarding the prices in downstream, we don’t see that it’s going to work down, okay, to $12 or $14. We think that we can have good margin. Why? Because we improve so much the operational efficiency in all our refineries. And also we are improving a lot in the, [Foreign Language] no, in the logistics, in the logistics that we have excellent margin because we have an excellent system. YPF has, in my point of view, the best global system for downstream. As I explained before, of the prices, I already explained what we think, okay?

Matias Cattaruzzi: Okay. And one last question on YPF Agro. Is it still considered core? Do you have a sale process ongoing?

Horacio Marin: YPF Agro. In YPF Agro, we made a bidding process, and it was not success. Because it was not success, we decide -- because it was very difficult to take out, really, okay? What we thought that to make for a private investor was no good with us now. What we decide is to take out, we make like YPF Agro out of downstream, and we put now in another vice president what is in the new energies because we are making more focus and today I was discussing before this call for 2 hours how to deliver more efficient that. I think we are going to have very good results in the future, and we are going to make a new company, YPF Agro, but it will be 100% of YPF.

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

Horacio Marin: Okay. Thank you very much for everybody, and thank you very much for the congrats. We are -- all the team of YPF, we are very proud to work in our company and to make value for all of you. And so we are going to continue to make value. That is our goal, and that is our proud. Thank you very much.

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