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PAM Pampa Energia

Participants
Margarita Chun IR
Lida Wang IR and Sustainability Officer
Gustavo Mariani CEO
Gabriel Cohen CFO
Margarita Chun -
Call transcript
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Margarita Chun

Good morning ladies and gentlemen. Thank you for waiting. I'm Margarita Chun from IR. We would like to welcome everyone to Pampa Energia's First Quarter 2021 Results Video Conference. We inform you that this event is being recorded. in during be presentation. will participants listen-only the mode All a there After remarks, be Q&A the company's will session. app. only Zoom the the platform can available Questions be at browser submitted or through the through us Should through you any raise hand. your assistance, participant please can the or email need chat or contact

page please disclaimer second proceeding, presentation. located on that Before our is read the the of

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

Relations Wang, the Now, the video turn Investor may you Energía. video I'll Officer to conference. begin conference Lida of Lida, Pampa our and over Sustainability

Lida Wang

our you, joining thank financial I In summarize interest time, Hello call. I are everyone, and you the of for you figures. well. events latest Margarita. and the will safe hope Thank all conference

For or the more earnings you check contact details can release us.

cash our Our showed great quarter a first both here sales CEO, solid Q&A. company's Cohen flow, Mr. challenging the figures and Gustavo the net context, and to Despite Mariani are CFO, proof joining the resiliency. us from of for

Pampa simpler leaner. continued X% mainly clearance announced Genelba's $XXX divestment figures year-on-year of due from last by EMP. shown we getting businesses PPA year, are gas and and Therefore, be time. to our XXXX, growing should oil the revenues new increased million, in supply as dollars to The any As is

GSA. petrochemical and to and international in prices higher the Plan recorded due prices rise EMP Gas also We

EMP. devaluation explained link almost effect were businesses from XXXX, coming our and same XX% well mainly In businesses. the increased over the the XX% the the the first offset fell and project. continuing year-on-year explained from of EBITDA. of Gas XX% evaluation by below right the we liquid prices EBITDA and QX, decrease partially were high to Barragán businesses in amounted hydrocarbon regulated XX% terms, the and gas our outages drop The before due QX while oil XX% reasons income. adjusted by during PPA and EMP effect. offset quarter as CapEx and All dollar tariff exposure to XX% electricity quarter-on-quarter by followed of as recovery expenses production devaluation and mainly volumes higher excluding consolidated mainly detailed capacity Moreover, Barragán EBITDA core expansion by Plan rates for taking utility is Plan seasonality them due last Peso petrochemicals improvement and $XXX businesses to XX% by the and show in takes year of regaining by in Quarter-on-quarter year-on-year our half legacy as on price from the in to offset due activity efficiencies power power, the the continued by commissioning XX% and Gas, adjusted by link businesses the EBITDA Genelba's effect on Therefore, plus sales the

increasing in Spot by of since prices the addition XX% were Pesos. under Remember to to million is oil our mainly combined expenses. the QX, the impact XXXX which nominated QX, by primarily upset inflation and will power this keep due grants rose energy we season to during Barragán's devaluation consider of the posted quarter, on in Barragán's X% plants $XXX generation spot the Less that an similar to of the our proper decreased outage. imperative terms, XX. EBITDA the our on and dilution to of mainly energy by shrinking to X, of with weaker north represented in year-on-year pay capacity, because Genelba quick of the CCGT, EBITDA adjusted availability. frozen higher in slide impacted and grid and year. was EBITDA in it contribution outages power of generation down that the February they're QX, by the impact until These dollar seen Quarter-on-quarter in effects comprises personally country, the Moving the X% valuation maintenance offset quarter prices XX% Generation first adjustment, dollar BXB the legacy regulator the in last the but as are of which summer Plus segment sales demand. continue XX of in only by gas renewables XXXX,

was and payment. CAMMESA All of business were efficient by White. generation Plus capacity our offset using exports that power them on Genelba quite the thermal hydro CCGT with Ingeniero Keep wind in similar generation units partially relies mind at outpacing Quarter-on-quarter Parque and Pilar and fuel model generation. dual

does especially lower mainly energy. due revenue rates to availability in The all as PPA availability long QX, XX for of XG Barragán's awards availability. year-on-year not operated making by with Pamba the impact capacity almost base So lower dispatch install reached as the slightly is XX% outstanding,

it expected regardless there's forecasted by that generation down is meaning to as but year-on-year. the fuel. on our XXXX reliance the drops all, expect of in exports more All country, thermal in CAMMESA We increase slow to remain generation

for project considered anomalies. without will is add crucial Buenos advanced, XX% of project our Ensenada The Aires. out Barragán critical to in X. steam Greater expansions our the at carry infrastructure Regarding Thermal Siemens CCGT seen megawatts the as south inspection which XXX is closing grid, Plant The Power slide Argentina's turbine project is on any

COVID. and are with grid. beginning of the the people now circulation to We the XXX review protocols minimize are the system the stall at connection site to water facility's Around the right to working strictest

us. by by second Keep fourth will Barragán recover Pampa CLD the XXXX. to closed, Ensenada one implemented it of is like the mind units. nice the CAMMESA install that amount grid shift quarter also operates to the Once caused pandemic the for a thermal contributing to and wave is in capacity megawatts project We efficient achieve the the a of most of XXX delays to CCGT the second

moving to international the XX% grew to rebounding year. by on as prices. $XX Gas the mainly EMP So Crude of driven adjusted results slide on on posted oil of seen an XX prices we year-on-year, prices, the this levels due to Plan in gas of beginning pre-pandemic EBITDA QX, also X, million higher

By production prices royalties the EBITDA of reached lesser Quarter-on-quarter is lower XX% BOE is costs EBITDA almost output, year-on-year lower production produce driven higher because demand XX,XXX are lifting However, highlighting and gas we gas increase. similar Mangrullo, plants of gas Efficiency than $XX and mainly XX% that it Plan such harsh industry X% lifting recorded We XX% worth by day, which remarkable gas. wise compensated and year-on-year devaluation. $X of remains reached we productivity oil is oil XX equivalent bit X% volume per decreased little the at also and depletion quarter-on-quarter. off and the Gas as our lower costs, exports competitive that million barrels less oil quarters they higher lower environment production. and of oil by the and higher and than increase improvement the quarters gas of a considering basically peak quarter-on-quarter. only more Despite of driven because both QX,

refined XX% in by quarter year-on-year to we exports oil segment's per the volumes haven't sold products barrels pre-pandemic side, we resume decrease demand, by to revenue the as On levels the in represented April. day recovered explained XX% domestic of X.XXXX although lower

than barrel, back reaching by the of brand driven oil As XX% they per and from crude year-on-year prices, and fall $XX by sharp per the the lockdown. XX% bouncing increased at the beginning quarter-on-quarter more

QX, after million feet lower in been drilling and XX year on Regarding fact lower per an to production. volume year-on-year weak dreadful day quarter-on-quarter impacted and gas, still the similar The reach completion can QX we domestic explained of average see by that experts X% reactivated a recording activity XXX cubic demand slide also Chile. sold of but X.

Although rank lower growth us. happens. the of operated QX, X% the season higher of overall blocks El gas and productivity by the efficient XX% XXX basin. bearing offset feet gas for owned are shortage per and when In price with our Mangrullo by our growth to was reached partially cubic gas gas at less gas XX winter of largest producing in Neuquina El four wholly steady contributing the XX our placed the close was efforts Production million outstanding at but than surge Mangrullo production day block and QX, block

year, cover our dollars by market Gas higher spot and XX% $X average gas mainly first CAMMESA the reached improved, XX% XX During is QX our higher Though per the over last price or levels. per at prices the haven't $X.X not MMBtu, MMBtu. Gas tenders, the quarter the output but additional than fleet of than explained sold was Plan gas were GSA this does Plan of XX%

As fleet expected to we approach to to Gas are levels. converge the season winter prices Plan

but can more destined whether see of are course during year also This cells. will to still with As a soar through put Gas part year's appeal you winter X/X campaign CAMMESA the The Plan below right diversified of and increase gas production. Plan of year-on-year. to Gas mainly sales which half our segment by spot sales than are in or a the in ago, this exports positive results was decrease gas increasing place each shrinking share to share. market only we BXB to quarter Also,

The are production wells which GSA importance hard production. MMBtu average the declining we gas the and does this business. the our by which power a local GSA. gas our preparing XX%, season, Let and GSA, reach by annual outstanding are at XX% It by are on behave of growth for not acquisition will not products will they more that critical block, months to of grants output in which Neuquina awardee the $X two rise worth field off of top main achieve in Chata peak to EBITDA gas help Therefore similar million under tight context. behave, trend by feet Drilling volatile. in country Plan are dramatically demand we the building almost at reverse six link highly Sierra charging are resulting imports, and Plan plant, on QX comment increase weighted local retail of and to shortage completing in was and commitments Gas in only is macro. a the demand increases tight production day. cubic prices search mentioned SBR sets with and winter largest to with are gas by recovery. the mainly XX% That spreads wells on will Río the the Winter per the major markets activity the and we second activities are MMBtu, currency as for to production QX, year increase our the the tendering to significant is four Gas, massive Mangrullo, how performance the have mentioning me was briefly Argentine double we and pricing fulfill peak growing production winter. $X.X per but petrochemicals per commodity sure our Pampa consumption, drilling first sales reference following Basin. XXX and the because the during to Under performance a for especially international industrial winter which of than and Neuquén investment treatment expect seasonally the year makes capacity again gas on trend, to season. blocks explained continuing turnaround producer pay industry reactivated the our in we intended EMP $X.X despite XX committed thermal growing beyond the reforming economic the El during downturn thanks Exports and for increase our

Group conciliated same is failures Since freedom us amid challenging granting solid performance improve peers only the slide is environment. company Restricted but plus Pampa allows to this the our purposes. the let's to degrees hydros. shows on under therefore including for our the was balance to ownership, of the deliberation moving deconsolidated, sheet industry restricted other focus Edenor our compared as Restricted parent our XX leverage Finally, This affiliated keep some on IFRS ratios, us slide Group. group covenant

LTM offset billion. Gas from coupon amounted Group's improved EBITDA. We to share higher XX company X.X debt. is interest $XXX XX% Restricted Plan average paid to $XX X.X X.X% Peso down to The the the higher share million As net from of million Peso the year faces end, cross buyback QX. last than mainly buyback. The and the a cash life by by flow. the last December similar the and Peso US maturities positive of recorded local similar lower debt times to The $XXX been operating paying partially to dollars million term by an $X.X made to capital last maturity some quarter debt payments rate of months, X.X Group XX% there's at stock decreased only to while debt XX% X.X years. debt billion Pesio QX, In Restricted because denominated The of of interest. next quarter XX% driven net XX% the dollar amounted in and currency which Average short in from after cash ratio to we've averages up debt working due $X.X years leverage debt

We we Peso will either M&A further debt another opportunities capitalize reducing find shortened keep security unless on through or to buybacks.

affiliates, profile next our for amended the amortization schedule, maturity the years. its two Regarding easing Barragan BRDs

Finally, another per million up million our price cancel of X.X a new in to annual million ADRs. shareholders Also $XX amounts today to last ADR. meeting XX.X for keep March program as capital approved ADRs that a approved $XX outstanding with the last mind, also cap of board to April's Treasury

presentation. our concludes this So

Now Thank word She I Margarita. will will questions. very poll much. turn for you the

Margarita Chun

open McGann for Bank question Our questions. [Operator of He The floor from Instructions] first Frank America. Thank you, from three Lida. comes has now is questions.

hydrocarbon is and affect it major first expectations one in How terms have? opportunity? law provisions what The the are of for your timing will you could Pampa's

Gustavo Mariani

Hi, Frank.

have been informally in has versions many law, presented Regarding one none very far But the encouraging. is market. We've proposals many circulating or formally the Congress. there that of been hydrocarbon so seen through

growth is have clarity in important growth they impact more the stable that. any Not is help investment a My only So will welcome. than we and have sector exports because industry I the personal in still Argentine that any is encourage that about economy. on in and don't law think especially improvement opinion that the the the for most stabilize help and will will economy for but to exports

law will no macroeconomic the we be industry. solution So a unstable, for environment. If have an

be And welcome. I as need we to then a encourage is and more macroeconomic investments that than thing stable first any environment. exports The said, will

say. So is far that I can much

Margarita Chun

Gustavo. you Thank

The is potential question the you about with projects? Gas the what be projects that operator second do in are could plan? Will Pampa these

Gustavo Mariani

to we answer willing is so Okay. details tell international that investments Argentina. can understand leading early that a The to asking opportunities far an is It's company, you're excellent news in to I regarding that too analyze at the are devote because stage. you [Indiscernible] like time early

But so a the very in early are Argentina. the And sharing we understand stage them, market in are we with are the far, what natural of them that's helping we conversation. we new working that we see are opportunities gas information, at

signed. has an only far, NDA been So

what far. tell that so can is I you So

Margarita Chun

The was I you, from see to about Thank Gustavo. add do think business. think capacity? power generation system Frank means any new question need the you do potential potential, new When the he last you capacity? the will new projects

Gustavo Mariani

very or much prospect will of industry growth economy Argentina. of timing the depend the the The on

as it's because it not that easy long commercial in projects the So moment economy. operation. start mind the it's I know, outlook the a about to my in generation a time have take you thinking you timeframe time from that predict for the don't But power to

least So like years. at three a combined cycles is

to because I next we be to year, project to or old counting equipment news. That be be replace new the year, with start and at about still combined has it's So some the efficient good don't in good But you that generation. perform are system. by think environment is of very good steam think crazy discussion. the there. the to investment will running in be is that would renewables system to safety inefficient for starts turbines will with point that more the all the next if Today system cycle are power okay, very economy a Obviously, replaced running we that

sovereign the moment be planning this corporate to current and very it's project. of of not good with yields debt So a kind

Margarita Chun

He Thank you questions. from our Montanari. two Gustavo comes and Bruno has next question

The the receivables in first company the one the are about subsidies? is can how you gas does taking to on related talk the how much new place? payment Is plan and paying time has government

Gustavo Mariani

happened has ourselves is revenues buyer. basically coming important most the that from speak? Basically What the can that are sorry, that's I CAMMESA main, our for

those has power CAMMESA with So plan gas for the equal segment. delay the generation the payment for

collecting that are sales gas power we are we way our generation same in our sales. So the collecting

is We treatment gas that although little a of I CAMMESA expecting So we amount under that the gas never The of think was plan Pesos. special plan would compared that for what receivables subsidies, it's XXX commodity that vis-à-vis to is were bit something power an have delay of like generation. happen. something to thought million

Lida Wang

accrue No, million is Pesos off million the like we in but $X balance that this peak. remember is XXX sheet already the

During of first, worth go we It's January's know already up. got to payments. the peak the order the that will

So money. for or can it taxes we paying either collected use

Gustavo Mariani

Yes.

I normalize the the the first think little short first think issued can delay, pretty a payments, think I they will they mostly but there that the that of we property terms in orders bit now But that of that implementation attributed are subsidies process. be So in soon. of situation but is have

Margarita Chun

you Thank Gustavo.

question. second the Regarding

an and foreign gas increase invest Morgan to question have Montanari the sector partially was in Argentina? in from he plan oil gas he the because in Stanley seen second about it investors Bruno of was appetite answered of you The added but

Gustavo Mariani

first prom has us. that company, company really, is Not the international approached but gas

investors. of there is from prom, it's gas there growth that situation I that cannot a but say investors’ cannot appetite. foreign international is So general say Definitely among interest

Margarita Chun

Okay, thank you Gustavo.

from question Carolina questions. Suisse. Our from two She Credit has Carneiro next comes

The any government? first Are expectation she the one is gas. on Plan. of third acquisition to refers there the from Maybe of additional Gas procurement round

Gustavo Mariani

also, government about official is with a news winter have of we no I price about a that something liquid importing we still this must think third per average be even of, should are winter LNG classification. for at is Argentina that been full There an they will it's expensive. $X more we think like for do. MMBtu, round the But like discussing fuels this and supply And diesel gas. that natural importing including that

So as industry to dollars we of of industry order in find local we we pay something these the this fuels, although to because import in the always international sense and lot also local said, it in makes are save fiscal money a save reserves parity enterprise Pesos. to we collect, close the to paid

So sense it the third do all makes round. a to

gas to winter production as see have to winter time the sooner do be the increase a industry successful and it plan they XXXX. to as capacity starting it, it their for has Third do possible. more the will auction for to to and of soon the Obviously But auction.

So no, we round response the no a do far. have we official are there's encouraging to third government so but

Margarita Chun

Gustavo. you Thank

Andrade the Could Our forward? from comes from CapEx pace going next comment you question of on Alejandra JPMorgan.

Gustavo Mariani

two huge first will EMP be production be gas that our to rounds the Basically, quarter, deliver auctions. on plan business concentrated order in first committed as able we under increase to in the the be mostly, of will explained we year this mostly CapEx on the

that million in second the third business like and in for the be EMP and So quarter. mostly during $XXX CapEx year we have total the deployed something will of

in financed. be those we that of we production quarter we And that generation CapEx a investment our third are year. Barragán bulk expansion second have a an spent during Mangrullo with processing that's more El Mangrullo to the capacity plant. of the and expanding at El double it's of you are will Lida is the know the power In about already as in production new capacity commented, our As investing than capacity subsidiary

are we to from deployment expecting So Barragán. of cash any not into need Pampa

million it's only this power the for $XXm year. of segment maintenance generation around on Pampa CapEx - So $XX

Margarita Chun

from Thank you the I Carolina. Gustavo. forgot question

Carolina question There about in potential second legacy related The to change question adjustment it of an for Carneiro clauses about is legacy the on update discussion are generation? also update. TPCG for incoming others of any power talking XX% and plan,

Gustavo Mariani

are increase we expecting been, time. There's an any

say it moving So is seen been weeks by information few that the they Secretary government the this a forward. the and week coming mentioned next, of days I are a but next working sign that we've few CAMMESA in don't Energy like has this official on is of that exchange between resolution and to an

the remuneration recognition we legacy So for to less said we're than XX%. to what capacities last past year year have this a that that of of expect contrary And monthly have to inflation that a the update. around issue going last this resolution

that expecting happen. not are We to

So of we for to have to last partially inflation be recognized not year the for current end until year inflation. and expect the recognition new a

Margarita Chun

Thank Gustavo. you

next Constantino a it combining of Our question comes [Indiscernible]. with from question

the The expect estimates export export new What force? in your are first the under secure regime question for gas volumes XXXX? business. on is about export do How EMP you

Gustavo Mariani

Is of important approval what October contract year. until terms are goes an of that That's April starting in next for export an we public quantity in we, contract. October it export awaiting from

season. So summer the during

on advanced much approval for the within the paperwork of and end before that get very are we We the should contract. month

the the contract will optimistic to export that winter are we there very be the that given country vis-à-vis this increasing think the for be in that there of no its so because and our we winter excess local production during aggressively consumption. capacity I are will will production export the problem We fact be after granted

we be that are So will optimistic respected. it

the question? was question to was I think the that related was that

Margarita Chun

Gustavo. you Okay, thank

Constantino wells well? an the in and of as months The and view is the of in about drilling question expected balance number [Indiscernible] estimate with activity gas plan wells, business the regarding following of completion completion activity give combined the unconventional second from in you drilling the could EMP question is of the commitment,

Gustavo Mariani

month that two drilling all of like wells Completing months. are they be be have auctions the this been. comply X gas. but gas, aggressive of currently, these were completed plan as month months. to drilled next plan to order in some with have our commitments all in In some in wells as something our we was grow the could next them unconventional the been and In production They're already will the we two drilled, and will in

three April that of our our are happened little and bit weeks currently committee during So that production. lockdown plans affected behind we a

below are able next will comply weeks, explained think we if this we We two our XX% in to, the in that what gas. committed perform have, by work as expect we be wells month April. be we hope plan for commitment the the we had under around with the the three we during able plan Totally We gas that will auction. to incapacity we that week if to

Lida Wang

so out to XX only of Just wells XX, but expect we we this complete wells right will year to this okay. XX gas now like have talking be add drill gas And the year XX, completed wells XX for about.

Margarita Chun

Thank you and Gustavo Lida.

is question on any third The the updates NNR deal? regarding devaluation about

Gustavo Mariani

add on process. much don't We have that to

to and and last the We purchasers several all that submitted the submitted have was they weeks The information information have have potential all requested. submitted ago. [Indiscernible]

on questions have on are we whether but we more the they're clarity any So or have awaiting don't they resolution that. working

Margarita Chun

winter? the Okay, thank difficulties reaching any do question committee about during plan Gustavo. in is for gas you volume you foresee in Final

Gustavo Mariani

everything next and know the as are our you I up put never as there business goes wells this said, two- with within the delay. you until in to if on three we well obviously production. the we expected perform performance was weeks catch No, will counting But, as expected if

this we be what committed for will producing winter. We

Margarita Chun

you Gustavo. Thank

is you they question We the for with XXXX? will PPA maturing Constantion’s regime? continue expect Are second in facilities legacy UST do to what with about passing

Gustavo Mariani

maturing have Yes. year. Well two we this facilities

well location. of The resolution very megawatt that able costs variable is operate But those resolution XX a the the first which megawatt, combustion have because what internal not is are XX equipment engines which plant needed technology. pays -- small are to to is that under is because XX they above one that its XX

needed get is the several around too to it's technical. So for That distribution this. It's reasons. don't company needed for system want the I

in So can that order megawatt so the conversations interested in ends we keep in of this once keep this we XX to July we are with remuneration year. running the parties PPA accommodate the

la will is is Lata that this That maturing in fall year. November facility steam XX, turbine de a under other that that of resolution cycle the of is its combined Loma but efficiency, The because of because the that remunerated the XX under on that the XX. not will of margins way continue it the will resolution but and is we PPA working of the obviously had kind have it resolution

Margarita Chun

was Well I on is has think PPAs? another this months in that falls Constantino, XX%. some the Power What seen quarter I past was understood question It he guess in Thank question turbine about. the very is low. asset the that to availability XX%. Argentine. availability the you. have availability we your position market link secure I in the US was Because thermal that's mostly

Gustavo Mariani

do. nothing go, different to tried always We we from what

do have spend the excellent much of to that that people. as We that the as best as and is quality and possible. time we're keep because have to our require of required are proud this equipment all our as and that of facilities we fact necessary availability we our doing of in and The high everything we the our we that outstanding availability is

technologies are and not resolution being in call is some that are in adjustment different conference remunerated that an our nothing previous there concern as without XX, enough. we the well So explained

if medium so of of will But kind continue that this in in few our increase think felt. already adjustment resolution materialize. a with talked expected, is XX, fear resolution to state weeks. the it is and will equipment as in That in this XX a the there about art And be no maintenance we will that not not be we able of next that I happens term, if

Margarita Chun

Thank you Gustavo.

inflation Our down to next question is adjustment if energy you the EBITDA very plant related we comes answer no positive, our Bhat. It's question the shut do to plan from of provided? Rahul plants

Gustavo Mariani

July planning way I No, in except a able think or remunerated we resolution and XX of any its operations it's of for shut out we megawatts facility special under technology down the the continue gas, to because again, not covered are to not plant only If we XG the be not to facility already are August, which Energa will in that. doesn’t, is but that this able we operate. X,XXX XX we July. if to this it treatment megawatts get

marginal and So it's very unit power generation. small our a for portfolio of

Margarita Chun

Thank you Gustavo.

comes HSBC. question from Liliana from Young next Our

one was hydrocarbon answered. about The was law first which

The gas? about when you fostering kinds gas that or to export even allowed can what the enough or are making to it's not to prices? Are second domestic related more is see you're consumer increasing so if investments about domestic has incentives infrastructure would one they of more gas export gas sure you like

Gustavo Mariani

Chile, not not so think our sentence, a a Brazil, is on It's past in those contracts think for of those and of what that export answer we a but gain matter that perform bit do only and was markets more be we that costly that question it's the in In It's will I should easy there. painful we little important to Argentina or was contracts. we situation a and I regain order meaning the able that able is gas confidence to to to conditions to to be neighbors. are the signing

the that this of able gas Argentina to process to in which they most the be this important that LNG confidence from is impact that with be market supply something include Chile the planning Argentine the reduce moment. with or at eliminate are not so is of of replace as and is of to foreseen they that will decarbonization and solution time part So regain the thing

financing cost I short gas So significantly these I Basin is facility LNG. to our [Indiscernible] is from that We the which to they to Argentina, than before, an also being from that export order infrastructure to important investments is to term able new seeing and export as LNG be will the Neuquen most pipe able market. huge and to need a lower project require long Argentina think of Basin Neuquen what days. said term in from in be are there it more to the north huge transport the credibility export thing In potential

So is time the in future. that spend we more a can question answering that

Margarita Chun

Morgan Thank one Montanari you question. from Gustavo. He question Stanley. The added more Bruno next from comes

as M&A M&A Which use company does of cash. Argentina? the see a opportunities mentioned in You potential

Gustavo Mariani

Again petrochemical there's to the but obviously on nothing concrete nothing potential But that, generation far. we are or, and sector starting M&A concrete there's the related energy investment. power nothing stages. so very mostly a related early few All at

front. to tell much that on So you that

Margarita Chun

are questions We are hour. repeated. all following The close to one

watch to that we try No? everybody. again you out some think can you tell like should video will remarks today conference we know, to didn't I see, you answer that the address you give to So can don't we would or reach again. you

Gustavo Mariani

about Pampa question expecting good was segment that the I No. No. of petrochemical this quarter. is so

very So we are happy that. of

with continue the will We able be that expect far. whether this strong we second Obviously, we are the to one. as very half But segment the first don't in happy of second so be what will whether to happening performance the year. as quarter is know that excellent be, to

locally. coming [Indiscernible] important that Vaca to change able and you but development of a refineries, as is oil we give in the to the more coming to the and to input in that are in happening used to segment development import Vaca it results quite of continues related now out Muerta, that to Vaca that is Muerta segment the of is light some share Muerta way structural our we the to of light from source an and Just is -- grow

So that business. the margins of has this helped

in a international products import change is price according there parity. to the high structural to according price So our by our, we held prices segment and positive

past. segment slightly that think very the other half. second of been in that doing comments? we In in has well this the it's So a hope any to decline first And expect covers. this we I half year the

Lida Wang

Yes.

hour, the So we are one top we of hour. are

So pleasure. you thank It's so us. a for much joining

this. We survey to are going after a have

reach us please questions, any out. have you If

always for you. available are We

it much also want, can send out to link. all. we are you Thank survey, think We with that's you you we the materiality again. And reaching so community ESG if our would complete investor like I all you

Margarita Chun

today's Yes, you for Thank joining. presentation. this concludes

this disconnect Bye. time. may at You