Hello, and welcome to Repsol's fourth quarter 2021 results conference call. Today's conference will be conducted by Mr. Josu Jon Imaz, CEO, and a brief introduction will be given by Mr. Ramón Álvarez-Pedrosa, Head of Investor Relations. I would now like to hand the call over to Mr. Álvarez-Pedrosa. Sir, you may begin. Thank you, operator. Good afternoon, and welcome to Repsol fourth quarter and full year 2021 results conference call. Today's call will be hosted by Josu Jon Imaz, our Chief Executive Officer, with other members of the executive team joining us as well. Before we start, I advise you to read our disclaimer. During this presentation, we may make forward-looking statements based on estimates. Actual results may differ materially depending on a number of factors as indicated in the disclaimer. I will now hand the call over to Josu Jon. Thank you, Ramón. Thank you, everybody, attending this conference. I hope that all of you are staying safe and well. Let me say that in today's call, I'd like to cover the following main topics. Firstly, the key messages. Secondly, the divisional highlights in the company. Third, a summary of the financial results. Finally, I'll review our outlook and guidance for 2022. At the end of this presentation, we'll be, of course, as always, as usual, available to answer your questions. To begin, let me take you through the key messages. 2021 has been a remarkable year for Repsol. Coming out of a very challenging and hard, let me underline, 2020, we delivered strong levels of earnings and cash generation, being able to capture a vastly improved macro scenario, supported on the quality of our integrated portfolio and the disciplined execution of our strategy. The year finished on a very high note, delivering in the first quarter an adjusted net income of EUR 872 million, one of the strongest quarterly performances of Repsol record. Compared to the third quarter of the year, results benefit from higher oil and gas prices, higher production, solid chemicals, and a better refining environment. Full year adjusted results reached EUR 2.5 billion. To find a better result, we must look back to 2018, when Brent averaged $97 and the refining margin indicator was at $7.4 per barrel at that time. This is a good proof of the transformation and efficiency achieved in our businesses. In this regard, the digital program had a positive cash impact of around EUR 600 million in 2021 as compared with the reference year of 2017, when the program was conceptualized, progressing towards its EUR 800 million target by the end of 2022. On the other side, our multi-year procurement program also delivered strong savings in 2021 from that combination of both commercial and technical initiatives, such as simplifying goods, specifications, and contractual terms, and in some way, a more strategic supplier management. The cash flow from operations reached EUR 2.1 billion in the quarter, and a total of EUR 5.5 billion accumulated to December. Excluding working capital movements, mainly related to an inventory build-up associated in this year to the higher prices, the full year cash flow from operations was EUR 6.8 billion. This was 2.7x the cash generated in 2020 and around EUR 900 million higher than in the pre-pandemic 2019. Despite all the uncertainties faced twelve months ago, remember we were at that time, I can't exactly remember, but I think that was the third wave of the COVID. The first year of our strategic plan to 2025 has consolidated our journey towards our long-term goals and the energy transition. Moreover, the extra cash generated in a higher commodity price scenario has allowed us to reinforce our financial position and to move into the next phase of the capital allocation framework defined in our strategy. On the operational side, all three divisions benefit from the better prices and demand, increasing their cash contribution year over year and leveraging on improved macro to accelerate their transformation. In the Upstream, we are intensifying our activity and investments. In the more flexible parts of the portfolio and in unconventionals, we increased our drilling activity. Last quarter, we reached an agreement to purchase Rockdale's assets in the Marcellus. This deal, that has been cashed out in 2022 in January, is an example of an opportunistic acquisition to benefit from the current commodity cycle. Portfolio rationalization made significant progress between the fourth quarter of 2021 and the first quarter of 2022, with the divestments of our E&P positions in Malaysia, Vietnam, Ecuador, Russia, and the exploration activity we have in Greece. In the Industrial division, the chemical business enjoyed another exceptional quarter, performing above expectations and beating our full-year EBITDA guidance. In refining, the fourth quarter confirmed the margin recovery that we had anticipated, beating our revised margin indicator guidance for the full year. In Renewables, we completed the first asset rotation within our generation portfolio, reaching an agreement with Pontegadea to partner in Delta. Delta, remember that was Repsol's first operational wind farm in Spain. All in all, in this scenario, in 2021, we generated EUR 1.4 billion of operating cash flow, above our initial budget that was allocated according to our strategic priorities. Firstly, we boost our transformation by investing in profitable opportunities in our portfolio. In that sense, we increased the total investment in low carbon between 2021 and 2025. The total investment, of course, forecast or target in EUR 1 billion. As a result, the share of low carbon in our respective 2021-2025 CapEx has increased to an average of 35%. Secondly, we improved the remuneration to our shareholders. We are increasing the 2022 dividend by 5% to EUR 0.63 per share, and we propose to the next annual general meeting a 5% capital reduction through the redemption of 75 million shares. We strengthened our balance sheet, reducing net debt by 15% and lowering or getting to a comfortable level of 20%, well below the 25% committed for the 2021-2025 period. This gives us flexibility to face volatility, allowing us to consider opportunities that accelerate our strategy, and setting aside debt from our main concerns for the remainder of the strategic plan. We will go into detail later when we discuss our outlook, but let me anticipate that under our planning assumptions for 2022, we will be able to increase CapEx significantly and improve shareholder remuneration through additional buybacks, all while maintaining debt under control. Let me now take a look at the evolution of the main macro indicators. Brent oil averaged $80 per barrel in the quarter, supported by a tighter market. This was $6 above third quarter and $35 higher year- over- year. Full- year average stood at $71, an almost $30 increase compared to 2020. Gas prices remain pressured, and current forward prices indicate that high gas price scenario is expected to remain into 2022. In the U.S., the Henry Hub reached levels not seen on a sustained basis since 2014, averaging $5.8 per million Btu in the quarter, a 45% increase versus the third quarter and more than doubling year-over-year. Full year average was $3.9, which compares to $2.1 per million Btu in 2020. In Europe, gas prices reached record levels in the fourth quarter, driven by a tight supply-demand balance, geopolitical tensions, and the competition from Asia. The TTF reference averaged $29 per million Btus, more than double compared to the third quarter of the year. Full year average was $14, significantly above the $3 of 2020. In refining, Repsol's margin indicator averaged $4.4 per barrel in the quarter, compared to $3.2 in the third quarter, and, of course, significantly higher than the $1 margin of a year ago in the last quarter of the previous year. Turning now to the operational performance of our businesses, starting with the Upstream. Our focus on capital efficiency and cash generation, prioritizing value over volume, allowed this division to achieve in 2021 an organic free cash flow breakeven below $30 per barrel. During the fourth quarter, production averaged 561,000 barrels of oil equivalent per day, a 6% increase compared to the previous quarter and 11% lower than a year ago. Full- year average was 572,000 barrels per day, a 12% decrease compared to 2020. Fourth quarter volumes were positively impacted by the ramp-up process of Trinidad and Tobago and Peru, resolving the issues that affected these assets in the previous quarter, partially offset by lower production in Brazil and mainly Libya. Production in Libya was shut down, as you know, on the twentieth of December due to the force majeure situation in the El Sharara. Operations were restarted on the tenth of January, and production has averaged around 34,000 barrels net to Repsol in February. I mean, that's the equivalent of previous year. In Norway, the Yme project started up production in October. Operation had to be halted for a period due to issues in a subsea storage tank that was fully solved. We are in the wells connection process, and we expect facilities to reach full operational capacity by the end of February, the beginning of March. In the U.S., we increased our drilling activity in the Marcellus and Eagle Ford to take advantage of the flexibility of unconventionals to add new barrels, which the campaigns launched in 2021 are expected to contribute around an average 25,000 barrels per day in 2022 compared to 2021. If we take the production at the end of December in the unconventionals in 2021 and the forecast at the end of December in 2022, the difference will be around 75,000 barrels per day. The acquisition of Rockdale assets in the Marcellus is fully aligned with this strategy, with very good expectations in terms of returns on payback. It allows us to de-risk our production targets with no significant impact in our mid-term CapEx. The new assets located in a dry gas area will be managed as a single position with our previous acreage. They are expected to contribute 12,000 barrels of oil equivalent per day in 2022. Other development activity in the quarter includes the FID, final investment decision for Shenzi North in the Gulf of Mexico, and for the full field development of Akacias in Colombia. Two of the 14 key projects defined in our strategic plan. Regarding the regionalization of our portfolio between 2021 and the beginning of 2022, we have completed our exit from six countries, getting closer to the strategic objective of concentrating our geographical footprint, contributing to increase the resilience of our E&P business. In the first quarter, we reached an agreement to divest our position in Ecuador and complete the disposal of our last remaining asset in Vietnam. After quarter end, we complete the divestment of our position in Russia and Malaysia and dispose our offshore exploratory interest in Greece. These five transactions add to the cessation of production in Spain since June. Moving now to the Industrial division, starting with refining. Compared to the third quarter, fourth quarter margins benefit from stronger middle distillates and wider heavy to light crude differentials, more than offsetting the increase of the crude price and the higher energy costs. Let me remind you that our refining margin indicator already factors the cost of CO2 and energy costs. I mean, they are variable costs that are fully included in the margin. The margin indicator averaged $3.8 in the second half of the year, helped by the recovery of demand. Full year average stood at $2.4 per barrel, 9% higher than in 2020. The utilization of our distillation and conversion capacity in the quarter was 76% and 88%, respectively, impacted by the planned turnaround of Cartagena from the first of October to mid-November. This was the most important turnaround in the refinery's history, probably in Repsol's refining history, with a total investment of EUR 75 million. One-third of this figure was deployed in initiatives that will avoid the emission of 68,000 tons of CO2 per year. What is also important, the reduction of energy costs in the refinery and increase of margins. The premium achieved in the CCS margin was nil in the quarter, as the long turnaround of Cartagena, of course, limited the flexibility of our system to generate a premium over the indicator. Let me remind you that the average premium in 2021 stood at $0.50 per barrel. In chemicals, the positive dynamics of this business continued in the last quarter of the year, allowing us to deliver more than EUR 1 billion of EBITDA in 2021. Despite the increase of feedstock costs, the petrochemical margins soared in 2021 to record levels due to a very tight supply-demand balance resulting from strong demand and supply constraints. Moreover, the transformation of our industrial facilities into decarbonized energy hubs continued, aligned with our ambitions in circular economy and the production of advanced low carbon fuels. In November, Repsol, in collaboration with Iberia and Vueling, delivered the first flight in Spain using sustainable aviation fuel. In Tarragona, our joint eco plant project, the first waste to chemicals plant in the Iberian Peninsula, was one of the seven projects selected out of 300 to receive the support of the European Commission Innovation Fund, I mean, directly coming from Brussels, for a total amount of EUR 106 million. In Cartagena, our C-43 project for the production of sustainable biojet and biodiesel is already under construction and has completed most of the procurement, thus limiting the potential impact of the inflationary environment. We maintain our target of starting up the production in the first half of 2023. After quarter end, a consortium led by Repsol presented the Spanish Hydrogen Network, or SHYNE is the acronym, SHYNE, Spanish Hydrogen Network. It is comprised by 33 entities from different sectors that will join efforts and investments to decarbonize their activity. The consortium aims to reach a renewable hydrogen capacity of 500 MW installed in 2025 and 2 GW in 2030, with projects that involved an accumulated investment of EUR 3.2 billion. Let me, at this point, refer to the oil spill that occurred in Peru. On the 15th of January, an oil spill occurred in the facilities of the Multiboyas Terminal n umber 2 of the La Pampilla refinery when an abnormal movement of the Italian ship Mare Doricum during the unloading of the crude oil brought about the break of the pipeline and manifold initiating the spill. The causes of this abnormal movement are under investigation, and the spill had an impact in population and the natural environment, as well as in marine species of the Peruvian coast. Having analyzed the technical information available, it is estimated that oil spill amount to approximately 10,300 barrels, which is being recovered through intensive work to clean up the sea and the affected beaches. Let me underline that Repsol confirms its commitment to continue mitigating and remedying the effects of the spill, as well as to work with authorities and affected communities while responding in the most effective way and with full transparency to the citizenship. We expect sea cleanup to be complete by the end of this week, and beach cleanup complete at the end of the month, with hard-to-reach cliff areas and so on due to be completed one month later. Turning now to the Commercial and Renewable division, starting with mobility. Fourth quarter sales in our service stations in Spain were around 12% higher year-over-year, but still 11% below the same quarter in 2019, impacted by the spread of the Omicron variant. Gasoline and diesel wholesale return to pre-pandemic levels, thanks to a higher consumption from residential and industrial sectors. Our Waylet digital app closed the year with 3 million registered clients as we continue enhancing its functionalities to accelerate this growth. By the end of the year, Repsol launched its transversal loyalty program that will drive our data-driven customer-centric strategy. In retail, electricity and gas, we continue growing our client base. We closed 2021 with 1.3 million retail customers and expect to reach 1.5 million by the end of the year. In February, we have announced a small but interesting opportunistic acquisition of customers that will reinforce this worth. The average electricity pool price in Spain reached record levels in 2021, averaging more than EUR 111 per MWh, which compares to EUR 34 the year before. The purchase of market prices on the non-hedge portion of our commercialized volumes impacted fourth quarter results negatively because power is sold at fixed price to the end customer. We are, let me say, developing a great effort on that because I think that is the right moment to sustain these prices to our customers and to grow organically in our customer base. On the other hand, the low carbon power generation business benefits from its exposure to the higher pool prices, allowing the integrated result to increase in 2021. In Renewables, our priority is to achieve our business goals by delivering our projects, adding new opportunities to the pipeline, and continue with our business model to reach a reasonable scale. In that sense, Hecate has been our entrance in the U.S. market, increasing our international capabilities, and we are already building our first solar farm in New Mexico, Jicarilla. On top of that, we took the FID for a 600 MW project in Texas that is going to come into operation by 2023. In parallel, we are analyzing the possibility of a minority partner joining us in our growth. However, no decision has been made yet, and we'll only do it if we are able to find the right partner that shares our long-term vision. Let me now take you through a summary of the financial result. Fourth quarter adjusted net income was EUR 872 million, EUR 468 million higher than the same period in 2020. Full year adjusted net income amounted to EUR 2.5 billion, which compares with EUR 600 million in 2020. Upstream adjusted net income was EUR 624 million, EUR 429 million higher than in the same quarter a year ago. Higher price realizations, lower exploration costs, and lower amortization more than offset lower production. Full year earnings stood at EUR 1.7 billion, which compares to EUR 195 million in 2020. Industrial adjusted net income was EUR 262 million in the quarter, EUR 199 million higher than in the fourth quarter of 2020, mostly due to the strong performance of chemicals and higher results in refining, Peru, and wholesale and gas trading. Full year adjusted result was EUR 606 million, which compares to EUR 297 million in 2020. The adjusted result of Commercial and Renewables reached EUR 145 million in the quarter, in line with the EUR 153 million result a year ago. The better results in renewable generation and mobility were offset by retail, electricity and gas, lubricants and specialties, and the regulated LPG. Full year earnings reached EUR 542 million, which compares to EUR 485 million in 2020. The adjusted net income in corporate and others was - EUR 164 million in the quarter, EUR 152 million lower, you know, better than in fourth quarter 2020, which benefit from higher results from treasury stocks and exchange rates position. Full year adjusted result was - EUR 381 million, in line with 2020. The group's EBITDA at CCS was EUR 2.4 billion in the quarter and EUR 7.1 billion in the year. This was 103% and 73% higher, respectively, than in the same periods of 2020. CapEx reached EUR 2.9 billion in the year, right above our guidance and backload into the fourth quarter. Free cash flow before interest, shareholder remuneration, and the purchase of treasury shares was EUR 1 billion in the quarter for an accumulated total of 2.8 billion in the year. Net debt stood at EUR 5.8 billion as of the end of December. EUR 1 billion decrease from 2020, including a net EUR 0.3 billion effect from the reduction of the hybrid bonds issue and repurchase during the year. Having reviewed last year, this is the moment to elaborate a bit, let me say, on our outlook for 2022. We have built our annual budget using a product price deck of $70 Brent and $3.7 Henry Hub. Therefore, price-wise, we have planned 2022 to be on average similar to 2021, expecting a higher cash generation thanks to an increased production, better refining margins, and improved overall operations. In the Upstream, we expect an average production of around 600,000 barrels of oil equivalent per day over the whole year. The ramp-up of Yme in Norway, higher volumes in unconventionals, and lower expected downtimes should more than offset the impact of divestments, the divestments I commented before, and natural decline. Cost inflation has been managed. I mean, we don't expect, we are seeing cost inflation, of course, but we don't expect a major impact in 2022. In refining, we estimate an average margin indicator of $4, and we expect a relatively weak demand to restrain margins around last quarter levels. Even so, this level of margins would still allow us to generate cash and continue transforming our industrial sites. Petrochemicals margins have continued above our initial estimates so far in 2022. Looking forward, we expect them to normalize towards the upper part of the cycle due to less capacity outages and supply constraints than the year before. In Renewables, we've continued working on the development of our pipeline. We currently have 800 MW under development that will come on stream in 2022, and we expect to have 2.3 GW of renewable generation in operation by year-end. With these assumptions, we forecast to generate this year, I mean, I'm talking at $70 per barrel, around EUR 5.8 billion of cash flow from operations in the year. This solid cash generation will allow us to build growth and deliver attractive shareholder distribution, all while maintaining our gearing ratio. Aligned with this framework, CapEx will increase to pre-COVID levels at EUR 3.8 billion in 2022, mostly due to higher investment in the transformation of our businesses, the flexibility of our A&P, and in projects that benefit from the price scenario. Around EUR 1.7 billion will be invested in the Upstream, $2 billion, more or less, EUR 1 billion in Industrial, and another EUR 1 billion in customer-centric and renewables. Regarding distributions, we will continue offering a competitive and attractive remuneration to our shareholders compared to peers and the IBEX. In the current price scenario, I mean, what we are talking as, $70 per barrel, as our forecast, better said assumption more than forecast for the year, we expect to distribute between 25%-30% of our cash flow from operations to our shareholders, a considerable increase versus the base assumptions of our strategic plan. In 2022, the cash dividend will increase by 5% to EUR 0.63 per share. Once we receive the approval of the next, annual general meeting in coming weeks, we will execute immediately a 5% capital reduction through the redemption of the 75 million shares already committed, that I mentioned, remember, in the last call. In addition, once the budgeted price scenario settles, we will buy back another 50 million shares, roughly 3.5% of our capital, that will be canceled between the fourth quarter of 2022 and the first quarter of 2023, once approved by the next AGM in some weeks. We are going to ask for an additional authorization to have this open or flexible permission to be held in the coming months. Roughly in the next 12 months, we expect to cancel 125 million shares, equivalent to 8.5% of our capital. Our planning deck for 2022, I mean, you hope you could be right if you say that could be considered conservative at this point, but you know, I try to be very prudent and conservative. We still see uncertainties and volatility in the macro environment. As we have always done, we will allocate the extra cash as we generate it, always aligned with the priorities defined in our strategic plan. That you know are increasing, in case of having profitable projects, our low carbon bet or in case of, additionally increasing the shareholder, remuneration. Of course, we will monitor any profitable opportunity in our portfolio that allow us to accelerate our ambitions towards achieving net zero in 2050. We focus on our low carbon platforms and on improving distributions. Once, as I said before, given I think that is already at a comfortable level. Conclusion. Let me in some way to conclude this speech, at Repsol, we are focused on maximizing value in this positive environment, making the most out of our current portfolio while having, as a company, a very clear decarbonization pathway to 2025 and 2030. These scenarios are allowing us to advance into the next phase of capital allocation, having reinforced our financial position in 2021, increasing our ambitions in low carbon and improving the distributions to our shareholders. We are now in the process of delivering the shareholder remuneration commitments that we acquire last quarter. If the current commodity prices scenario remains in coming months, we will accelerate our distributions with some additional buyback, as I mentioned before, in 2022, achieving this figure of 125 million shares. In the long term, the new opportunities generated last year, the support of favorable climate policies and a better environment, have encouraged us to increase our ambitions in the energy transition. Back in October, in our Low Carbon Day, we accelerate our objectives in renewable hydrogen, renewable power generation, and e-mobility among others. These enhanced ambitions, together with a favorable regulatory and economical environment, allow us to improve our intermediate decarbonization targets to 2050. We are, let me say, you know that for the last two years, unfortunately because the situation we experienced, I have used many times the term resilience phase. I mean, let me say, being also prudent, that I have the perception that we are leaving the resilience phase of our strategic plan, accelerated our transformation to 2030. In 2022, we will maintain our focus and efforts on the delivery of our commitments and strategy, transforming our operations and business to become more efficient and competitive. Efficiencies at the core of our operations is at the core of the DNA of Repsol. Portfolio rationalization is also at the forefront of our priorities, freeing up resources to focus on our core projects. Growth vectors will continue to develop around low carbon fuels and renewables. The recent regulatory changes in Europe, I think that are supporting this strategy. Digitalization, technology, and new ways of working will remain the key enablers we need for this transition, allowing us to remain leaders of our sector in our pathway to net zero. With that, I now hand the call back to Ramón, who will lead us through our question and answer session. Thank you, Ramón. Thank you. Thank you very much, Josu Jon. Before moving on to the Q&A session, I would like the operator to remind us of the process to ask a question. Please go ahead. Of course. We will now begin the question- and- answer session. If you wish to ask a question, please press star one on your telephone. To withdraw your question, please press the hash key. Please stand by while we compile the Q&A roster. Thank you, operator. Let me move now to the Q&A session. Our first question comes from Biraj Borkhataria at RBC. Hi, thanks for taking my question. The first one is just a clarification on the buyback and the 50 million shares to be purchased. Assuming that's approved at the AGM in May, should we assume those shares are bought in the market in the second half of the year and then obviously canceled as per the guidance, as you say, in the first quarter of 2023? Is that the right way of thinking about it? And then the second question is on your balance sheet. You know, in this commodity price environment, you'll look, you know, increasingly under-geared in the coming quarters. How are you thinking about your gearing range you want to be in this pricing environment over the next sort of one to two years, and what you're planning for the incremental capital you'll generate? Thank you. Thank you, Biraj. I mean, you are right. We will take to the next annual general meeting in coming weeks, the proposal to be approved of, the redemption or amortization of 75 million shares. I mean, we'll redeem these 75 million shares immediately after the AGM, so in some weeks. Of course, in coming weeks we'll complete share buyback program started in November 2021, purchasing 18 million shares we need to complete our program. Excuse me, are you listening? Yeah, no, I can hear you. Yeah, okay. Excuse me, because it seemed to. I mean, I thought that we have a problem with the mic. Excuse me, Biraj. I mean, I said that in coming weeks. AGM of this spring, there we'll have the authorization to redeem these 75 million shares, and I mean, in some days after, we'll need perhaps, I don't know, one, two, three, four days technically, we'll amortize these 75 million shares. Of course, to get this target, in coming weeks we'll complete shares buyback program started in November 2021, and we'll purchase in coming weeks the 18 million shares we need to complete our program. That's first step. On top of that, our 2022 guidance contemplates. I mean, you were talking about dividend and so on. More or less sustaining our current debt level of EUR 5.8 billion at $70 per barrel, we see plenty of room to acquire 50 million more shares and to have 50 million shares in our balance sheet before the end of 2022. Doing that additionally, in the same AGM of this spring, we'll propose in some weeks to this AGM an additional authorization, an open, let me say, authorization for coming months to redeem them. To execute a potential amortization of 50 million shares in case of seeing, as I said before, a sustained macro environment, as is, it is defined in our annual budget. I mean, elaborated more or less at $70 per barrel. Given the case that the macroeconomic scenario continues, let me use the term favorable to our interest, we may again consider future remuneration improvements on top of what we are saying here, complying with the capital allocation priorities set in the strategic plan. I mean, and let me say that as a general framework, of course, that is our range, but our range is to distribute in a consistent way, a figure in the range of 25%-30% of the cash flow from our operation to our shareholders. Going to the guidance, I mean, 25% as average percent as guidance is our guidance and the target we have in our strategic plan. It's true that at this moment we are a bit more comfortable, I mean, under these assumptions of $70 per barrel and this additional 50 million shares buyback program, we'll finish the year with our debt in the range of what we have today, $5.8 billion. I mean, let me be a bit prudent about that because we have a volatile situation in the market, in geopolitical terms. You know that we are exiting Omicron, and I mean, things could evolve. I mean, I prefer to distribute on facts, on figures and not on dreams. That is my commitment today. In case of having a better scenario in the future, I mean, we could, I'm sure, that we talk about some and other things, because this guidance of 25%-30% of the cash flow from operations to be distributed to our shareholders is a guidance framework for coming years, taking into account that we are, as you said, may be as quite comfortable in giving terms. Thank you. Thank you, Bill. Thank you. Next question comes from Mehdi Ennebati at Bank of America. Hi, good afternoon, and thanks for taking my question. Sorry, really sorry about that, but just to make sure I understood. Your additional share buyback of 50 million shares, can it start in June, July, or will you start, you know, buying those additional shares in the market from Q4 2022, meaning October, okay? I have another question regarding the chemicals. Chemical EBIT has been very, very strong, very resilient, despite, you know, your indicator was slightly down. I wanted to know if in 2022 or at least in the beginning of 2022, we should expect, you know, your chemical EBIT to follow your chemical indicator, or on the contrary, you think that you are currently, you know, in Spain, in a market where you are able to realize higher prices, higher margin than what your indicator is showing. If I may, one last question regarding your gas price realization, which was fine in Q4, $6.6 per Btu. I wanted to know if, regarding Peru LNG, regarding Trinidad and Tobago, you could benefit, you know, from some time lag in terms of gas price realization, meaning that, you know, the very high gas price that we have seen in Q4, could also impact your Q1 realization price or Q2 realization price. Thank you. Thank you, Mehdi. I mean, going to your first question, you are right. After the AGM of these 75 million shares, I mean, we won't have more shares in our hands. That means that we need to acquire, to purchase, to get 50 million shares more before the end of the year. In any case, I'm going to say that today we are going to do that with flexibility, probably. I mean, in case of seeing that this cash generation is going to stay there in coming months, we announce probably a buyback program and so on. Let me use today the term flexibility. I mean, for after the AGM, we'll start getting and purchasing these 50 million shares to have them in our balance sheet before the end of the year. Having this authorization, I mean, the most logical thing in case of have been, I mean, fulfilling the expectation of our budget, could be to redeem them. I mean, this additional redemption of 50 million shares, either in the fourth quarter of this year or the first quarter of 2023. Flexibility, but you are right, we are going to start after the AGM, after the spring and before the end of the year. Going to the chemical, I mean, it's true that the chemical business is very resilient. Let me say, Mehdi, I think that what we have experienced in 2021 has been something extraordinary. I mean, more than EUR 1,050 million- EUR 1,060 million of EBITDA when we have a capital employed of EUR 1.4 billion, more or less, I mean, it's a high figure. My perception, I mean, today still the chemical business is resilient, is strong. It's true that the kind of restrictions, outages, and so on are not going to happen probably this year. My perception is that some products like intermediates and so on are strong in the market. The demand of polyolefins is also strong. From the point of view of raw materials and so on, LPGs are more expensive. My perception is that we are going to be in a year that could be considered 2022 in the height of the top range of the cycle, but it's going to be a bit more modest than it happened in 2021. I mean, I can't give you because I don't have a crystal ball. For me, having an EBITDA around EUR 7,000 million or so, more or less, will be a more accurate guidance for this year. EUR 700 million, sorry, excuse me. What I said, Ramón? No, sorry, EUR 700 million. Excuse me. It was a mistake. In any case, perhaps in the next conference, presenting the results of the first quarter, I could have a more accurate clue. My perception is the year is going to be a very good year for the chemical business. The EBITDA is going to be high. In the high part of the cycle, it seems to me that the very special conditions that provoke this kind of frustrations and so on in the supply in 2021, they are not going to happen in the same way. Going to the Upstream and the high gas prices, I mean, you are right. All that is going to have a positive impact in our prices and mainly in our businesses in Peru. As you know, the Peru market is very exposed to the Asian JKM mainly hub. You know that in Trinidad we have a mix of markets. We have Brent, we have Henry Hub, we have NBP, we have European market. That means that the impact is going to be clear and positive in Peru and in Trinidad. If we take Peru and Trinidad, I mean, we could consider that $0.5 per million of Btus, either in the NBP or in the JKM, so $0.5 per million Btus, either in the NBP or JKM, could have a positive impact of $15 million per year, more or less in our business. You could take the current figures of these hubs and calculate that this impact is going to happen and is going to be very positive in our P&L this year in case of course of going on seeing these high gas prices in these hubs or markets. Thank you, Mehdi. Thank you, Mehdi. Next question comes from Joshua Stone at Barclays. Hi, thanks, Ramón, and good afternoon, all. Two questions please. On refining. Looking at refining, the carbon costs are, you know, clearly much higher than they used to be. You're led by the carbon price. I appreciate your-- I don't think your free allowances are changing much in the coming year. But g iven that moving carbon price, does it change your mind with regards to the speed of decarbonization of those assets? You know, are there maybe some projects you could look at sort of improving the efficiency to get your carbon costs lower over time? And then my second question, just staying on refining, utility costs are also obviously quite high as you mentioned. Can you just remind us how you're sourcing your gas and power? Is it on a spot basis? Is it contracted? And what's assumed within your indicator? Thank you. Thank you, Joshua. I mean, going to the refining, let me first of all, I know you know that, but remind to everyone that the CO2 cost and the energy cost, gas price, and so on, all that is fully included in the variable cost, so in the refining margin. All that is included. Secondly, as you said, and you are fully right, Joshua, that is a good opportunity to accelerate the decarbonization of our refining business. Remember, I mean, I have in mind the figure that all in all, last year, our refining business could have a total emission level of CO2 at around 8 million tons-9 million tons of CO2 per year. We could have free allowances as set in 1.8 million tons-1.9 million tons per year. That means that, I mean, what we are doing in terms of reduction, the 25% of our current emissions by 2025, decarbonizing, accelerating the energy efficiency, accelerating the use of some other fuels and so on, is going to have a positive and direct impact on the refining margin, thanks to this decarbonization and CO2 reduction. You are right, we are accelerating, and in some cases we are taking advantage, as we did in Cartagena some weeks ago, to include new projects to accelerate this decarbonization of our refineries, reducing the energy cost of them. Going to my source of gas and power, the My first reflection, I mean, the gas supply of Repsol is linked in some way apart to Brent, apart to Henry Hub and apart to TTF. More or less, I mean, 62% could be related to Henry Hub, 34% to TTF, and 4% to Brent. That means that 1/3, only 1/3 of our cost is related to what is happening today in European gas market. Because, I mean, the Henry Hub and so on, the price is more moderated. Let me use the term. On top of that, let me say that we are changing our mind and we are changing also the way to plan our own refineries. That means that we are, in some way, reducing the use of gas as fuel in what is our refineries. Secondly, we are changing and trying to use fuel gas streams, LPGs, some other products to be used as fuel in our refinery. Reducing the exposure to gas in our refinery. This part of TTF is going to be mitigated thanks to these reductions, reducing dramatically the impact of these gas prices on our refining business. On top of that, of course, we are also including, as we always do, these gas prices in the planning of our refinery. In some cases, if the marginal barrel, it doesn't make sense to the distillation of the marginal barrel, because the gas price, we are in some cases reducing even our distillation rate, because we want to optimize the whole company margin. From the other side, I mean, our gas and power business has long-term contracts or on this gas long-term contracts, of course, under this basis I mentioned before, they have the transference price and so on to our refining business. My point is, we have a supply that is guaranteed. The long-term contracts are there. The risk of price is quite contained and restricted because the exposure to European gas prices in this contract is quite low, and we are doing our best to reduce this impact. Thank you, Joshua. Thank you, Joshua. Thank you. Next question comes from Irene Himona at Société Générale. Thank you very much. Good afternoon. Congratulations on these numbers. Couple of questions from me. Firstly, on the Upstream. The five-year strategy plan was guiding us to 650,000 flat production. The average volume in 2021, 2022 is going to be about 10% that. Price is obviously well above. Can you say what you expect for output in 2023- 2025, please? And how should we think around the original cost reduction plan in Upstream? In other words, is there anything to be adjusted there? The second question is, if you could restate roughly what your 2021 results would have been at your strategic plan assumptions, $50 reference price, normalized mid-cycle margins. Can you say where the EBITDA and the free cash flow would have been, just to keep track of actuals versus the plan? Thank you. Thank you, Irene. I mean, first of all, let me say that we try to do our best to keep going and be here to push production up, but I'm not obsessed about production. I mean, I try to be consistent. I said two years ago that we are going to be more focused on value creation, on cash flow creation, and also on all free cash flow than on production. Saying that, when we talk about 650,000 barrels per day as average in our strategic plan, we have to take into account that we have divested more or less 40,000 barrels per day of production. I mean, we have, let me say, some kind of trade-off or offsetting of this reduction of production in our strategic plan with the proceeds coming from this divestment to invest in new assets, optimizing the whole portfolio of Repsol. We are taking the decision of not going on to these prices to acquire, in the same way we planned two years ago, these new assets. I mean, we are doing opportunistic things as we did in Rockdale. That means that there is a natural production reduction coming from this divestment. Of course, this divestment of barrels had also as consequence an increase in the free cash flow of the upstream coming from this barrel. On top of that, I mean, we are increasing now because we see value there, the production of the unconventional, and we are quite comfortable about these 600,000 barrels per day of production of the year. On top of that, we have to take into account, Irene, that at these prices we have a negative effect coming from the PSC contracts. Perhaps we have lost 15 or 18 thousand barrels per day due to this effect. Of course, in cash terms, the effect of these less barrels is not negative because we have a higher price. All in all, we have in five years the target of our free cash flow for our Upstream business of EUR 4.6 billion, and we have been able to get in two years, I mean, 2021 and 2022. We are going to be, let me say, able to get EUR 2.5 billion. That means that we are over-delivering the free cash flow we expected from our Upstream business. Of course, efficiency is always there. We try to do our best to reduce costs. We are implementing all our digital initiatives to get these ambitious targets we have. The cash generation we need either to boost the energy transition of the company and improving, and as I mentioned before, the distribution for our shareholders, is there. I mean, going to your second question. I mean, at $50 per barrel, Repsol's Upstream business generated or will generate more or less EUR 2.3 billion as OCF, EUR 1.4 billion as free cash flow, and an EBITDA level, let me say EUR 2.8-EUR 2.9 billion more or less. That will be the EBITDA in 2021 and the free cash flow on the operating cash flow in case of having $50 per barrel. I think that I answer all your questions, Irene. Thank you very much. Thank you, Josu. Thank you, Irene. Thank you. Thank you, Irene. Next question comes from Alessandro Pozzi at Mediobanca. Yep. Can you hear me? Hi there. Yes, Alessandro. [Non-English conten]. Hi. Thank you. No, I got disconnected before. Sorry. The first question is on disposals more in general terms. We know about Russia, Vietnam, and Malaysia. What else are you looking at to potentially sell in 2022, both in Upstream, we've heard rumors about Canada. I was wondering whether you see Canada still as a strategic asset, but also in renewable as well. It doesn't feel like the strategic sale of renewables is happening in the short term, and I was wondering whether maybe you have preference for an asset sale as you've done in Delta I. Remaining on the disposal, do you have any number for disposal in the cash flow for 2022? Thank you. [Non-English content], Alessandro. Thank you. I mean, going to the disposals, let me only say that, two years ago, we were in 25 countries. Today we operate in 15 countries. I mean, we have disposed, I mean, starting from the eastern hemisphere, Australia, Vietnam, Malaysia, Kurdistan, Iraq, Russia, Spain, Greece, Bulgaria, Ireland, and Ecuador, and Morocco. 11. So we were in 26. I mistook, Leo Moreta this year, he told me that, I forgot, Morocco. So now we are in 15 countries. Let me say that we are very close to our strategic target. Saying that, I mean, in M&A terms, we always have to check opportunities, trying to get a higher value from our assets. Saying that, I mean, we don't have any target, any intention to dispose of our Canadian business, clearly speaking. Saying that, of course, we try to optimize the rest of the portfolio and so on. I mean, being in 15 countries and potentially make new or find new opportunities in the near future, but I'm quite comfortable with this figure of 15. I wasn't comfortable with 26 countries two years ago, now we are in a better way. I mean, going to our Renewable business, I mean, let me say that we don't have any divestment target or project in our Renewable business. We are not going to divest our Renewable business or renewable assets. Saying that, you know that we are, first of all, delivering the asset rotation model as we did in Delta. We're a minority partner ready to pay for the risk asset, taking an equity of 49%, 48% or 45%, could in some way add value and return to the equity of the 51% that Repsol's retained. Through this way, getting this double-digit equity, and in this case, overcoming this double-digit equity, we commit for our business. We are going to go on doing that in this business. That means taking the whole risk of the project, the pipeline construction, operation, maintenance, energy management, and so on, and looking for financial partners ready to be minority. I mean, perhaps technically it's a divestment, but that is what is behind this rotation of assets. I mean, saying that, you know that our full priority is to achieve our business goals, delivering projects. We have increased our low carbon ambitions and targets during the Low Carbon Day. It's true that in parallel to all that, we are analyzing and working on the possibility of having a minority partner to join our renewable growth project. No decision has been made about that, and let me underline that we will only do it if we can find the right partner ready to sharing the growth story of Repsol, to grow together, and of course, at the right valuation. Going to what is, I mean, yes, in 2022, we'll have the cash incoming from the disposal of Malaysia and Russia, a part of this disposal. A part of this cashing in, I mean. We have already cashed in in January, more or less EUR 100 million coming from these two assets. Thank you, Alessandro. [Non-English content]. Thank you. Thank you, Alessandro. Next question comes from Ignacio Doménech at JB Capital. Yes, good morning, and thank you for taking my questions. My first question is on production. I was wondering if you could help us with 2021 production to the 600,000 target in 2022. Here I'm looking into Yme in Norway, if it's back to normal during February. Also, the additional rigs in Marcellus and Utica. Also on Rockdale, should we expect any additional CapEx as the production back in March, I believe was already close to 12,000 barrels? My second question is on mobility volumes. Should we expect a recovery of volumes to pre-pandemic levels in 2022? And how should we be thinking margin-wise on mobility? Thank you. [Non-English content], Ignacio. Thanks a lot. I mean, going to the production bridge, more or less, as I said before, we are going to have 40,000 more barrels as average in the unconventional, including the Rockdale Marcellus acquisition year, comparing 2022 with 2021. More or less 20,000 barrels per day are going to come from the increase in new conventional projects. Yme is going to be a part of that. We are going to lose at around 20,000 barrels per day in 2025 from divestments I mentioned before, and perhaps 5,000-6,000 barrels per day at these prices due to the PSC effect. In all, we are going to improve in 30,000 barrels per day, more or less, the whole production. I mean, because we are going to be at 600,000 barrels per day this year. Going to the ramp-ups, in the case of Yme, the problem with the subsea storage facility and so on, as I mentioned in my speech, all that was solved before. Now, we could be at around 10,000-15,000 barrels per day of production gross. We aim to be at the end of March with the ramp-up finished. That means that the ramp-up finished is 55,000 barrels per day gross. That could be more or less taking into account that we have a working interest of 55%. In Yme, our production net Repsol of 27,000 barrels per day. Yme, the ramp-up is going on in the right direction, and in four weeks, more or less, we will be ready to have the plateau in this interesting asset, oil production in Norway. Marcellus and Eagle Ford, I mentioned before, that. I mean, let me use two terms, Ignacio. If we take December 31st, 2021, with December 31st, 2022, the increase in the unconventional is going to be at around 75,000 barrels per day for Repsol. If we take the comparison of the average 2021 with the average 2022, is going to be 40,000 barrels per day, including the Rockdale new production acquisition. There is no any additional CapEx now at the moment for the Rockdale asset. You know that this is a synergistic acquisition. We have two rigs today in the Marcellus. We are assuming that we could take the decision of the third rig for the whole Marcellus, as we mentioned before, by the end of the year, perhaps third or fourth quarter, and we'll optimize the best wells to optimize the production of the value in the area, including the Rockdale. There is no additional CapEx due to Rockdale. Mobility. This morning I was with Maví analyzing what is happening, for instance, in the aviation business, in the jet sales. If we take our business this February, this last week, we are at 90% of the sales we had two years ago, sorry, before the pandemic. The accurate figure was that the reduction, the drop in sales was only an 8, 10, 9% comparing with the pre-pandemic levels. That's happening because you know that Barcelona and Madrid are both among the seven large European cities that are recovering in a fastest way in plane traffic. That's figures are really very positive because remember that one year ago the level could be at around 30%. That means that we are selling three times the jet we sold in January, February 2021. On top of that, in mobility terms, taking into account ROBs and so on, if we take the figures of the fourth quarter, the sales could be in service stations 10%-11% lower than the fourth quarter of 2019, and 12%-14% higher than in the same month of 2020. We have to take into account, and, generally it was more or less the same, even yes, in the same trend. We have to take into account that December and January they were negatively impacted by Omicron, and we are starting in February a recovery comparing with December and January. We are not yet in the pre-pandemic levels in the ROBs. It's true that, for instance, as I mentioned before, in the wholesale business, we achieved the pre-pandemic figures, because we have, I mean, we have to take into account the farm business, industrial, and some other applications on field. That is more or less the description of what is happening in volume terms, Ignacio. Thank you. Thank you, Ignacio. Next question comes from Matt Lofting at JP Morgan. Question two, if I could please. First, just on your outlook for 2022 and specifically the cash flow, sort of EUR 5.8 billion CFFO seemed particularly sort of slightly conservative, perhaps given the sort of assumptions, the set that you're showing with production, refining margins, et cetera, all moving higher year-on-year. I wondered if you could talk a bit about that and- Break it down, highlight any sort of partially offsetting effects that you're factoring in relative to those positively trending headline variables. Then secondly, beyond the sort of statement earlier, you haven't sort of talked too much about the situation in Peru to this point. Could you elaborate on the status there and also in addition, your current estimates on the cost impact and the extent to which any of that has been provisioned in the accounts to this point? Thank you. Thank you, Matt. I mean, you know, slightly conservative, you said, and perhaps you are right. I'm not going to to say you are not right, because what we are taking to forecast or to factor this EUR 5.8 billion cash flow for operation is a Brent as average over the whole year, $70 per barrel, $3.7 per million Btus Henry Hub price, $4 per barrel the European or Spanish refining indicator. Plus this a bit more prudent approach about the chemical business I mentioned before, compared with 2021. I mean, you know that we are living a quite volatile way or a volatile period of time. Be sure that in case of seeing that higher Brent prices, higher margins or higher gas prices could be stable and consistent in three months, I mean, I try to put on the table a more actualized guidance. Today, I mean, all that depends on the mood of the moment. I remember that I was preparing with my team the budget for the board the first week of December after the announcement of the Omicron variant in South Africa. At that time, many analysts and studies forecast our Brent price even below $70 per barrel, taking into account the negative impact that all that could have in our business or in the oil consumption. I mean, I think that you are right. Today we are in a more favorable scenario, and you have to take into account that $20 per barrel more for the Brent means more or less $1 billion additional of free cash flow for our Upstream business. In case of seeing in a consistent way $90 per barrel over the whole year, you have to add $1 billion to this figure. You are right. Going to Peru, as I said before, I mean, taking into account that what happened was an abnormal movement of the Italian ship, Mare Doricum, that broke our own installations in the pipeline and manifold. That was the root of what happened there, initiating the spill. Of course, the causes of this abnormal movement and so on are under investigation, but it was the movement of the ship that provoked this damage to Repsol's installation and the spill. Saying that, our first reaction from the very first moment and the priority for me, for my whole team, for our people in Peru, and for the whole company has been to assume the full tasks of containment, cleaning and remediation of affected areas. We are going to, as I said before, this week, we are going to probably finish the cleanup of the sea waters. We are starting or we are prepared to the delivery of clean beaches from now on to the end of February to the local authorities, to government. We are in some way coping with the problem of cleaning up the cliffs and difficult areas over the month of March. I mean, if we take the cost impact in terms of remediation, cleaning and what we are doing, let me say that first of all, what we are seeing today in cost terms could be at around $65 million, more or less. This figure could increase in coming weeks. We are seeing that a main part of this figure is going to be covered by insurance companies and so on. Trying to be prudent, I mean, we define in the 2021 accounting our provision covering the potentiality of this damage. We have been prudent. My main priority today is to go on trying to remediate in a whole way what was the consequence of this spill provoked by this abnormal movement of the ship Mare Doricum. Thank you. Thank you, Matt. The next question comes from Sasikanth Chilukuru at Morgan Stanley. Hi, thanks for taking my questions. I had two left, please. The first one was regarding going back to the refining margin. Can you talk about the current levels that you're seeing right now at present and also your expectations of the refining margin indicator in the near term as we see a potential pickup in jet fuel demand? The second question was regarding the turnaround activity in the first quarter. It appears there's a material turnaround activity in the Bilbao refinery. I just wanted to understand if you can provide details of the likely impact of that on the refinery, especially comparing it with the impact of the maintenance activity seen at the Cartagena refinery in 4Q. Thanks. Thank you, Sasikanth. I mean, listening to you, I was checking the figure here. From January 1 to today, the margin index has been $3.8 per barrel in our system, the index margin, the IMC. We have to take into account that we have, of course, received the demand impact of Omicron in January. From this point of view, the forecast we have of $4 per barrel for the whole year, I think that is a quite prudent estimation. We have to take into account, as I said before, that in February, I mean $3.8 is the average from January 1st to today. The average of February has been $4.1 per barrel. We have to take into account that we are still suffering this, let me use the term, in this margin index, the impact of gas that was previously asked and so on. I think that $4 per barrel could be a quite prudent estimation of what will happen over the whole year. My view is more optimistic from 2023 on, taking into account a potential full recovery, as you said, coming from or exiting out from the COVID, the peak demand of jet fuel and so on. I mean, that is my expectation from 2023 on. This year, 2024, taking into account that we are still in some way receiving the negative impact of the tails of this pandemic, $4 per barrel is a quite prudent estimation. I mean, Petronor is a very important refinery for Repsol. I'm not going to deny it because you know that I led this refinery for years. The dimension of the impact of Petronor and the turnaround is not comparable to what we have experienced on Cartagena in this fourth quarter. It is going to have, of course, because this year we only have two significant turnarounds, maintenance program. The first one is in the first quarter: Petronor, mainly cracker, a coker, sorry, and a part of the units. The dimension, the coker of Petronor is smaller than the coker of Cartagena and so on. The dimension of the turnaround is also lower. In the second half of the year or the second quarter of the year, we are going to have also a turnaround program in Tarragona, in the northeast part of Spain. I think that the Isomax and some other units are going to be Isomax, I mean, the part of the hydrocracking in Tarragona is going to be impacted. In any case, the impact is going to be significantly lower than it was in 2021. Thank you, Sasikanth. Thank you, Sasi. That was our last question. At this point, I'll bring our fourth quarter conference call to an end. Thank you for your attendance. That does conclude our conference for today. Oh, thank you. Thank you for participating. You may all disconnect.