Pampa Energía (PAM) 12 Mar 222021 Q4 Earnings call transcript

Good morning, ladies and gentlemen, and thank you for waiting. I'm Guido Slavutzky from IR and we would like to welcome everyone to Pampa Energia's Fourth Quarter 2021 Results Video Conference. We inform you that this event is being recorded. All participants will be in listen-only mode during the presentation. After the Company remarks, there will be a Q&A session. let second the page proceeding, recorded that Before the on of Instructions] me disclaimer read is [Operator our presentation.

that and currently to future could mention Energia's and assumptions They me forward-looking that are based uncertainties are Let related they could on of understand that involve management materially risks, beliefs to expressed may conditions assumptions results operating available factors industry information Pampa differ general events and results future and because and and the should Company. statements also economic Investors Pampa from the or occur. may in cause statements. not to such Energia affect other those forward-looking

over Now from Margarita Chun go I'll video IR. turn conference to ahead. the Please

conference Thank you, Guido. Hello, everyone, and our call. thank joining you for

the as XXXX events, pleased We well share are fourth and to the results. quarter as latest

CEO, are Mindlin Mr. Gustavo both for Mariani here Our and Q&A. CFO, us joining Nicolas Mr. and

events. day will despite in to day, on XXXX. cubic And industry of hike commitment firm off-peak April. for XX% double XXXX the been despite we million this is achieving Plan are despite XX with per per E&P, This are production meters basis increased gas average commitment our long-term more and by production above Therefore, production. meters the our the demand the we responding local almost we excluding Chile XXXX, maintaining accordingly. the of we X on start the we natural cubic per day, Gas December in because a very cubic In XXXX than meters provided XX% are enthusiastic also proud and million to latest meters markets. cubic for XXXX able are almost rise for for the we with visibility the the we very nationwide X.X day this Let's is in needed to spot season year-on-year. reacted -- And per million X and prospect have year. industrial be In achieve we incentives million what and in until

Pampa Argentina in a the XXXX, connects XX% market this that to was During natural country, gas in Chile. the gas share pipeline with largest on of exporter

is full and and winter team XXXX's the we the of working more be minimum round cubic Gas. this day for volume are X winter. The speed day in million total meters is per Our cubic at the than meters upcoming XX of committed winter adding will awarded Plan to more per is production we the XX% last

hand, to current the order Santa other announced the On and pipeline provinces long-waited transportation on the Aires Fe bottleneck. month a the the new Buenos project to sort connecting in government basin ago, build Neuquina a to out

new expertise XXXX eager tranche already launched auction the affiliate the Our of the become the pipeline, is the positioned uniquely and to provision is TGS tranche first winter. the operator first the in The to have pipes given area. of its infrastructure know-how, and of to operational the before government has secure

roughly XX add day per As cubic cubic fully by XXXX XXXX, once will million chart, winter million roughly by increase transportation be total winter. but see meters you the the per pipeline's on initial meters will this can XX capacity day online,

the a but also will new launched complete build announcing government for new new needed later be necessary producers drill transport sooner gas get the to gathering as in than but in country only of The treat to this The coming opens in and the infrastructure Neuquina its surface reserves production network. construction fill natural it as imports. as auction the and gas for external our The of pipeline progresses, Pampa, this will wells, crucial the As dramatically for production ready years. impact to the revalues it the and important rather and new not fulfillment game levels time as to a much should project the the as be itself. pipeline order for Basin significantly Gas construction the secure changer gas should facilities these possibility the the to of four it account definitely project will is Plan its reduce round for require up doubling figures, is

macroeconomic annual Now a amounted adjusted $XXX EBITDA businesses let's investment was the restrictions XXXX, core growing and briefly XXXX. XXXX our more review XX% in to in the figures. million the great year, context. COVID the than despite The

by while can XX% see EBITDA, revenues and As oil we X, increased of to was impact on and driven takes show new and electricity mainly natural $X XX%, the XX% cycle below, consolidated the volume improvement takes by prices at PPA billion, the of in of which gas commissioned mid-XXXX. the and Slide the combined gas adjusted full-year in gas driven you on Genelba, right TGS.As XXXX, by

prices roughly XX% expansion exclude increased production PEPE our by offset Loma of and spot gas affiliates, achieve at discontinued operation, XXXX, Keep tariff sales III. driven Barragan to CapEx partially the all natural increased were our mid-XXXX. a figures power compared of and and/or at maturity growth to mainly since ongoing the at XXXX, were significantly activity dollar-linked. In and PPA the All our by mind that diluted these and Transener freeze TGS of in them

increased Now XX% Plus energy figures. Energia The to and legacy additional remuneration to Gas, by price. hike, by the price mainly let's Plan revenues better volume move quarter and $XXX driven on commodities year-on-year million,

utility to XX% down offset and Move PPA at All the was quarter-on-quarter and amounted partially The to with due $XXX adjusted me and year-on-year, on, electricity. of million, natural spot activity X% offset led. EBITDA sales from expansion last QX prices freeze than our comply but gas increased PEPE mainly extra please. XX% Gas XX% in and quarter-on-quarter, III. a due to quarter's of Roughly commitments consolidated by XX% Loma PPA give seasonality dollar double second EBITDA year's of maturities Barragan were them to Lomas adjusted and energy well up CapEx as by were remuneration more Plan of came figure Piquirenda, more in tariff power and at as businesses. maturity,

mute please. Moving on second to generation, let me Give the participants. me power one

to on generation. power Moving

As for Energy in in demand mind XX% Slide this posted the affected gigawatts. remuneration remuneration the and the by record adjusted spot month more QX, and we is once on up ended mainly million of down the again, and year. BXB remuneration adjusted that EBITDA. lower one-off XX% on thermal X, $XXX QX, represented Compared maturity, down legacy XX% quarter-on-quarter, The also margins. only year-on-year PPA offset additional seen breaking Spot XX of an generation we EBITDA but this going EBITDA. seasonality Keep to capacity, with to Loma's power due additional more than is last waiting our for update power of our January XX% its are higher

be units underpaid, it will properly. to continue essential these them if being So challenging maintain

by Pampa's X%. Moving for CCGT in at units, more recorded grid all like generation a business also the the figures. and us The QX capacity We lower to fuels water of higher due and and exported responding nationwide relies year-on-year, Loma or and payment, lower except growth offset input lower generation thermal maintenance CCGT dispatch on was model to on operating dispatch new renewable the their power also take up Genelba to less growing only because the generation alternative wind pay. Power generation at was electricity. It due X% demand, surpassing almost to with sources. our

once availability similar availability was of at and In high QX, what XX.X%, matters So year-on-year quarter-on-quarter. is most. the above our again Tampa's system average continued availability significantly XX%.

at CCGT Barragan the Regarding is to our thermal advanced. expansion, roughly XX% Ensenada closing

We continue plan fronts structure, on cooling and intake working its all water treatment tower.

working commissioning we Despite all XXXX. and on this people the quarter the BXB the farm the strengthening III. and also have market to of the system. in boilers are Around expected efforts, the the project. expanding In third expansion, our the our PEPE by renewable X,XXX of impact position We keep COVID renewable control wind COD postponed daily are complexity

Pampa to this online, market mid-XXXX in green and $XX capacity total is megawatt our the We to are the fourth XX for is it megawatt. and roughly once million. will equivalent This investment months. project, our due adding but wind the for In XX is in first of to by million January, local close pesos, XXX project in bond amount finance $XXX part in of order the denominated we wind issued

We are on transform working advancing the path, for purchase the permits. the civil with other well as works and as and orders foundations,

mainly the to in E&P. February stages, assemble QX, COD We mid-XXXX driven also XXXX.Moving price volume May $XX driven two demand megawatt Quarter-on-quarter, sold, the by by in Chile of it which a EBITDA to industrial Gas. remaining on figure, and increase posted by Plan XXXX to by cages and year's in first by and the recovery due an a seasonal growth in the We decreased adjusted XX%, last price. export XX of million X.Xx will XX% anchor by is achieve XX% of and

XX% lifting to by The the day require gas. and lifting production more XX% roughly by Our for facilities, than more to of increasing to Chile commitment. than cost and cost total year-on-year per gas significant XX,XXX unit more temporary averaged to the equivalent the increased barrel increase year of high production a boe, $X.X prepare total and use rapid per production level of explained keep XX% the in XX% increased QX.Our last activity per XXXX oil being export quarter-on-quarter, of and winter

by trading the side, exports. per demand, XXXX.Oil last in was Quarter-on-quarter, quarter-on-quarter. lower XX% explained offset being in and segment's On QX price was lower due but recorded which quarter, in oil by X,XXX volume to exported compared the sold up remained similar similar day, of mainly the year-on-year, it to stocks represented revenue year, barrels local lower was XX% XX% 'XX January

million Slide as per and quarter, the year-on-year sold shown on up X quarter-on-quarter. averaged XX, day similar gas, XX% meters cubic volumes our in Regarding

growth, gas. capacity December It Our by will year-on-year, the the activities record regional production thanks achieving drilling talk about and completion of This high performance and operated by with representing its also boosted was us quarter's to El owned another increased almost of XX% is in and of that outstanding doubled productivity, by we again production was wholly of by followed wells. later. Mangrullo, treatment block gas which led

high, quarter Export local the of out million average XX% per were price while GSA to Plan quarter-on-quarter seasonal prices was down of to pricing due XX% similar price. levels. Gas were prices year-on-year, $X.X Our but gas Btu, the also up

sales country's right their Gas breakdown. also Gas we are As the are you increasing similar growing priority more can Plan have share taking winter, Also opportunities in the in share retailers the to XX%. market. part of diversified, Chilean our BXB are during and to see below XXXX the and

gas XXX,XXX almost completed with cubic meters XXXX, VacaMuerta at winter, quarter reached Chata, of it in previous plant million shale cubic And the XX.X the of in call, in Mangrullo. one treatment El third as most cubic be grow maximum we rate operations, since It well VacaMuerta. will Sierra the becoming Also we of formation. X it from to at By meters day stages, expanding our the almost XXXX the of X.X the day the fracking per per above productive wells Regarding per million XX million production mentioned capacity. meters targeting XXXX, will keep gas day.

and million reached XXXX boe, followed life at Sierra better technical Chata. explained -- The So an production recovery its ratio, XXXX more and to replacement of XX% Mangrullo, the Neuquen XX% XX% El XXXX.In our and showing higher thanks the and end reserve than factor recorded at gas, well of the X.X XXX performance by average than years. team Mangrullo, El a positive X.X% the Rio are mainly productivity we outstanding we reserves of compared capacity by doubling work to proven

VacaMuerta volume. also more reserves from We XXXX's in certifying succeeded shale than the formation, XX%

an year-on-year, debt. driven The Petrochemicals Sales mainly cost demand $X EBITDA material were of reforming QX place. QX, transit raised In on volume EBITDA local in down recovery. the period in rise but for million in and dispatch to cost. the About commodity impact was performance quarter-on-quarter additional with remained an flow due sales year-on-year. QX, our highlight volume slightly, significant higher Quarter-on-quarter, gas Moving similar businesses offset there at better prices off-peak similar commitments, and stocks by another outstanding a to because XX% grew Gas seasonal cash QX, We debt, generation, lower natural was and as XX% although less and the solid must Plan operating by driven the adjusted maintenance CapEx core interest of posted cash the prices business. in raw total the of exports. accommodate quarter the by from our payment to we we

were of but minimum also During XXXX.In other working by QX, mainly improved because In collected CAMMESA. million the from by flow million, Also million. for in place, higher CapEx others $XX net in in resulted QX PPA year's and $XX half cash quarter, end still debt and payment. Ecuador this addition, of to Lomas was last the this repaid -- free and $X comparison, interest mostly proceeds quarter quarter capital XXXX, Delays to of operation. explained a million principal the XX dividends of days roughly collection $XX positive, almost and compared we offset

the we $XX the cash quarter, So generated in end in achieving of $XXX net position total, million by XXXX. million cash of

on including restricted slide Slide shows group figures, to the bond but at the consolidated This on XX. reflects affiliates let's Moving our that focus ownership, perimeters.

of to X.X%. is billion. XXXX, debt if years. million during million. $XXX next we worth we to By The net end a an decreased XXXX faces by the the balance maturities, debt maturity. minor the highlighting it expect months, million. year-on-year $XXX bears of as of are life above you operating Therefore, XXXX, year increased of X.Xx million the The The Therefore, to ratings. leverage debt. less rate bonds $X.X rated our consider of the flow, Thanks is more average X.Xx we international from debt the During keep our ratio sovereign the year-on-year cash whole million XX% $XXX we Company strengthening X.X of that sheet. $XXX $XX than posted to Also, In average to reduced XX paid than improved in dollar interest debt quarter, gross XXXX XXXX. but cash net in

So this concludes our presentation.

word who questions. to the turn floor I'll open for Guido, you. the will Now Thank

[Operator you. Thank Instructions]

the power first to MetLife. on legacy Mayorga plants Florencia S.A., news the Our know scheme. like She question is would any from from Energia remuneration

excellent you, and Thank Guido everybody. morning, for Maggie Good Hello. an presentation.

the weeks receive an The about authorities for of the in is first power last there's Energia the legacy question And what S.A., will chamber capacity. generators. few conversations the indicated have we been between authorities and adjustment This that, in and will be it the so adjustment installments, not the last first be February the time unfortunately covering in impacting June. of -- second the inflation covering impacting the tranche one two year. But we transaction suffered fully the we'll

there's I'm you account in the plants take that of below that the that are year, number. will dispatch, some that it for power wrong. way or that been So below in But running be plants, if one an change into if the November those not adjustment power less in October last

that what So one similar is to or that during more doing that will are -- the are XXXX. have taking account, the it remuneration received a we into we numbers less that we

hope are being resolution We any be the time. will that published

this weeks. about next few confirmation have should we in So the

Thank you, Gus.

next a Our me question give -- second.

a for Cardona, not give the the but give guidance, Citibank. and estimation like have. guidance does in next mind comes EBITDA do know that we Our for latest question Andres from He CapEx XXXX. Keep to Pampa would we

you answers complete let intend. in at this we and for What start my start, go business-by-business. -- CapEx, year Andres, the for Thank me I are can you, let me question. expecting of terms Maggie, Okay. EBITDA

the petrochemical For year a have we terrific in had business, XXXX.

projections as our not in still average XXXX, a So very are good good term. but year as

that a There's will as me -- of it. a is also as we we extremely Lata a I just that will produce. products from Actually will and in now less expect that generation PPA pricing year. good and On than power Energia of PPAs, the from a But XXX happening electricity XXXX, the Loma same year, of and last la the because but XXX prices it's optimistic year, Given with be or because we very the de less world very de the as capacity what good cost figure. XX but S.A., the separate have megawatts, megawatts getting side are lot the full let we maturity that said, we more on has Lata of good impact to year terms have on last difficult the XXX Loma [indiscernible]. in on we from volatility or have more of commodities, the is the matured. la of on not

years and PPAs two XX last they asset. those now key are matured after have So year considered

of our compensate So compensate we unfortunately, And that revenues. better closing will the Central that we loss that lower for And the this PPA. What we sell partially pricing news that that of second -- expansion, quarter will expecting generation Termica CCGT there. Energia of moment the year. this the partially will so COD, the energy plus on the front of -- other were a there to the and expect is the the that power is the Barragan we Barragan industry the

of XXXX. COVID, Now that of because Maggie on it complexity Maggie COVID and within fourth said of of quarter that will and of I the as third especially impact but the also think be quarter, said that online expansion

think pricing, is happen pricing. will We we that during XXXX.So early we starting there yet. the gas has revenues the quantity, and production see business, it's be course will export. a oil Ensenada delay is not generate better but of the slightly our But moved on better better less of oil, expect going portion, receiving to pricing quarter on what or especially from on the there From [indiscernible] Barragan. I same -- to more small the fourth of be we that And that because also portion a on a year.

XXXX in compared better the be will there's will local least we even we summer, pricing doing will side we than increase On higher sell Chile, because but have because in to exports that portion of the the high get basically to demand XX%. be to to to XXXX. exporting be -- production our XX% last year and Chile continue we'll also to compared of If are gas happened be we XXXX we explore are year, this after to able than better able or at industries, slightly a this pricing it winter, quantity the growth will -- to the in as that

doing had expecting we the because are we on CapEx, our CapEx E&P -- of power are up expansion are generation. terms the of In obviously of increased that we production and the going on CapEx

and E&P XXX businesses comparables in $XXX total we again $XXX That in of going It's So and generation, invested consider CapEx. that to the maintenance million, around million XXXX XXXX. that power from we around are roughly power E&P we for is is generation. $XXX what million both breakdown

that CapEx farm CapEx the online do do production, and both of that increase increase and order the same gas million for the we expansion in regular maintain need that the our natural will will year. the So to wind to be of production to level $XXX also early next we production be

you, Okay. Thank Gus.

comes Mayorga MetLife, Moyano question happen bond? from the XXXX with well next What's Florencia and Our as your Maria AdCap. perspective? to What's from alternatives going as

Okay.

So into taking alternatives, XXXX. account regarding regulations current corporate are until that December in analyzing bank central regarding these we place the are bond, regulations repayments debt

to more still conditions time So clarity through regulations our better market the a study, best XXXX the have we are going on have July until wait we maturity and to is alternative. which also and on lot for of

Nicol. much, so you Thank

McGann. AdCap comes from from one Maria people is from is as other question from the Moyano well, next Frank person and Our two

we Nicole? mute So, good. that's mute Nicole. Let Can okay, me

demand of gas with some of the Maria Russia. So from Russia limit is the an take for America Do of observers LNG. McGann And gas and and given raise future Do market given are Can Russia, current AdCap advantage see be about America. drive that a Frank to extended conflict the to from from you you the also in added for like Russia time. the Bank result advantage Sure. Maria of in prices comes the of substantially is export this crisis increased. crisis gas local long-term Bank substantially of period Russia will turn he maybe would and natural market also, Ukraine. for change? of this prices local case speculating you LNG upside well? could as McGann it from comes in going question for you Frank, gas This And in the in the up to see natural gas Ukraine? Frank long-term of know, given question future conflict take gas prices from of the upside for Can this prices The as of and Frank AdCap, prices Moyano

it. gas Okay. of both in way. from you, is question. the we was term, answer in we a the the benefit can market. conceptualization short take short price repeating advantage you If cannot the no, for Thank for of Maggie, LNG straightforward The Thank a the of plant that

a have deliver at be obligation pay pay and And or we there So price our we'll which a selling is fixed sides. production. take both from

I that on on what a have -- huge think way, market there no the if the way But needed needed in happened impact is helps it how what much front, advantage to has and or has doubt indirect still days. of it So will the anyone a pipeline new is a whether country. these take is in LNG

a price be extremely this importing have LNG higher several is after this that winter, But also will any than facing at problem. the will doubt. producers. be will This local what available Argentina times winter Spain as and as think not will which this be the much I significant are nobody that we year, that will risk LNG Argentina is during we need

dollars roughly EURX me, let that the XX% XX% that how the to you. me much Board Let's our asked He that surprised price bad. yesterday, -- and will be many and thinking grown a million where hope And XXXX, the to meeting of get figure a LNG million did saves one from growth that winter. me that our of production compared surprised given was I had has the with How me. less really Directors the share production we question it than asked the figures that math growing we this production we to me current we have -- country? given in or of going EURXX doesn't

XXX million to be meters LNG Argentina of let collecting. that this the months, at future same five will is the of you of that Argentina $X.X price day roughly million that -- winter XXXX numbers. through we X If million for natural X cubic So collecting, vis-a-vis me the are which instead we increased walk around of because for that price collecting months. the we is production -- has saves Pampa. be those pesos will revenues. LNG $XXX simplify say per is exchange pay But the collect billion let's of official it's five that be in that will we roughly of amount above gas in dollars, million is XXx, meters And Argentina we of we months $XXX are per for the $X the that slightly LNG so This five LNG, receive at At cubic producing rate. current don't day $XX to

will get is a forward. gives take and It changer is new build. but double significantly the that possible. production of macro for important a to an Pampa So this magnitude is to pipeline years, it's its order how in a of going few it Argentina it important capacity game It's of very for game you our even changer,

question. the I forgot Sorry, second and of went far part too I the

you, thank Gus. -- local The

Rodolfo think years? comes CapEx if E&P, to funded? this more would gas the potential Rodolfo, America the know and Frank is maximum next achieved? gas from how XX. about of oil in Frank we required the achieved? -- of will production the maximize coming over will from to like frame And comes CapEx be and time Bank They could question assets production McGann, from double growth of could should that E&P Our what you in about what How your McGann be production perspective.

you ask repeat to certainly times. the we'll And question Okay. several

Okay.

By and from production. doing will of in temporary -- new built increase -- well, months of we we been couple Let me facility last year, E&P. TPF, be on have an is doing this are to May in an we we so year the been now, facility year, last of that finishing have a our production early upgrade we that order production investment

also PTC is from two have That of and to natural this XX to per of new we Plan is in the meters in cubic starting million May the million for these meters we per a Gas that will our are go current X the are commitment But in El the almost working cubic of new part With per year. ability of facilities, production level day I meters we X mentioned cubic that earlier, on the Mangrullo of -- in included CapEx working day. gas day.

the CapEx And XX optimistic XX% order we ready next we be and transporting gas the industry to to in basically and In this we us -- although phase. XX.X would the that included So have XX have produce XX starting to of that per I needs in meters rest for year, -- not by to not pipeline the the cubic in drilling facilities the meters yet happen is increase because all to September of be of completion. that of day. And is CapEx ready in million ready winter, increase that from still to already we that will We go the we'll first or few Gas Plan next in launched be new that the that in to order government million the has XX.X%, because cubic those of think planned should because new gas very round that, natural need mentioned. the something months are million pipeline new secure fourth gas pipeline.

Is to XX? me, about So the are XX% if production you possible increase another to XX XX current Yes. in to you or from able the it think next Pampa? from levels for year ask for

than that we that, gas reserves. about is we is have tight of Pampa reserves. mind have Going important One having fortune peculiarity very farther the the also keep that in to

reserves tight gas but as are more shale reserves have gas We well, competitive.

those developing mostly to EURXX reserves And order will in we million. be to go so

to that some in XXX% and but We I'm did type will grow, Tampa be shale, to good terms that colleagues competitivity we competitive not produce tight reserve, in gas our vis-a-vis a be gas is will having would is several of I answer? Okay. sure that missed also order -- a very fully from but also reserve need has. gas it to be -- advantage mostly I shale

And The the to from the government's Yes, target Stanley. rates all. let's related would of like are Morgan you on What pipeline question. winter construction know It's the from well? Levy you but to as next construction the will covered move online feasibility is more He it say of the to the new to Guilherme before the optimistic. pipeline. have sounds XXXX, feasibility,

one -- financing LNG infrastructure is I pipeline feasible. year, understand year, And prices that so of this the the repayment -- it that weaving have Argentina's in that the I will Bolivia it with be this less understand is is it's this of of from and optimistic, liquid doubt whether than so imports perspective, fuels. our prices obvious to quick. a background imports, that kind it few And it's projects of sounds last I think year months. the but done. new year, of pipeline just But With repayment that reasonable was last

have on tranche we fraction. is that So that the And of year to a financing only cost the first this the billion compared the hand, the shouldn't will and $X.X be problem. it's interest a other

we of issue So eager the not winter, be of the a of the the they of period should have very the not issue. opening ready short are itself. complex end to next month, financing and pipes have until is -- is The situation authorities pipeline by of and next winter world. matter this the the time offers that the But by it's committed

So aggressive are yes. that of gets being install will this is those It next that be if It's in or construction it's that May offers year. year. terms October competitive from done tight. very of September first timing, to Yes, June the first the feasible, tubes pipes, of very to ready so or possible means September by the

for winter -- just next is will from tranche a that be without The Salliquelo to pipe first any Tratayen compression.

that of Once stalled few it's increase why meters. go has will to meters be million later, cubic of only gas. million natural a XX compression it it will that's So XX an months that in cubic and compression

point was from view, So question? That especially very a odd. it's of construction too challenging but the

Yes. much. Thank you so

question XXXX in next business? [indiscernible]. that comes Marina of from generation is Bank allocation more question to covered. add any McGann from capital Frank Gustavo Their for and America Our is regarding, Mertens if the projects the there first, And chance from power already

renewables increasing continue a pipeline. yield, more generation wind and with renewable suffering building don't days. but farms, power transportation especially on haven't in to like We farms would found have that especially constraint we keep the on and projects wind capacity project the these side the We given attractive are

transportation capacity country to So in available its in make expand needs order the to wind farms. significant increase

Thank you, Gus.

the about question lifting next several PPI, from Lucas E&P Papalias are business. would know and to cost Fernandez. the in Our Konstantinos Puente from comes increase from Caldi more the like in Ezequiel They people. They

or The basically Margarita lifting facilities a being by rented during facilities time of are increased to facilities And production year, those we and mounted those that said short that the is in this period presentation. temporary cost very facilities. her are early last production related we explained -- in what

So that more expensive. is

are rather thinking We those make make permanent. now temporary, facilities than to them

the probably and so should finish we those I the acquiring September. mentioned one -- facilities those so -- probably after forward, those going PTC, costs XXXX.And that that lifting that facilities early of go down the be in ready cost especially that our So will again

So our because said reason level grown of many period XX% in a production of of have increased times, we why very time, two the in a last is in years activity the huge the long and have we has -- in short, the high that of the lifting so production -- the short story growth is making it's costs. growth -- that as doing quickly so we

Mangrullo El Going forward, to that PTC lower especially I operation. think once is we will able of be the

Thank you, Gus.

question $XX potential Ezequiel see Btu, Chile. prices comes from for Fernandez upcoming per next prices exports? LNG the going Our export increase Considering above do any regarding in you the the prices alternative million to your

has commercial does contract. question to answering not Chile long-term not have I'm the team one market. the you. a specialist, but guy that spot on Yes, of should Chile buy we

but one need the need the market, of they most probably gas its of it's already it exposed -- contracts long-term to So portion is of spot the have. linked needs gas to

are price is with. that the that competing we So

us give are obviously, that So to spot the negotiation, some leverage but we the on market. not on the full of pricings extent seeing the

Gus. you, Thank

DSO Gomez. and Our funding of based next to know on CAMMESA Guardiola of the Francisco question would They comes BTG, netting. like from Daniel

we has interest. pay and to XX tell after slightly, now, But to increase CAMMESA CAMMESA rule should they electricity that pay. the billing going it's the because roughly export top is of Brazil we XX the able been Otherwise, me that to this be you on expect the have would delay DSO. And Let right that, days. normal is days

Lilyanna hydrocarbon but on normal -- like law? So minutes. would we some total cover. is XX question to will don't know there be no, more days for in Please update And a like any comments. above to XX add to more roughly than is if wait roughly to be we just few we Yang. XX more have Otherwise, today's questions. days. far, is from going So if there Gus one while more pull She No, finishing I will know

like question projects? final are from MAT renewable our So what He Ezequiel IRR Fernandez. for comes we would to targeting know ER

we but seeing low that So are environment. been in targeting projects give the digit, but numbers, I exact unfortunately, are single-digit you the cannot we've double

them our makes from perspective, attractive an that that's... So

Thank Thank much. Okay. you. you so

the final word So remarks. this for to I'll Q&A Guido turn concludes with the session. our

us. Take contact and questions, for today us. your you hesitate joining not Thank have should time care taking do any to Okay. you

always will for available you. We

will give general option Before conference today's your be feedback leaving, there suggestions. to an about or video

So have day. good a

right disconnect now. may You