Good morning, ladies and gentlemen, and welcome to the PEMEX Results as of June 30th, 2022 conference call hosted by Antonio Lopez Velarde, Acting Chief Financial Officer, Ángel Cid Munguía, Director General at Pemex Exploración y Producción, and Reinaldo Wences, Subdirector of Evaluation and Regulatory Compliance at Pemex Transformación Industrial. There is a support presentation for this conference. The link is available at PEMEX webpage www.pemex.com/en in the Financial Information category within the Investor section. At this time, all participants have been placed on a listen only mode. The floor will be open for questions following this presentation. Questions may be asked by phone and webcast. It is now my pleasure to introduce Cristina Arista, Head of Investor Relations Office. You may begin. Thank you. Good morning, and welcome to this call to present the financial and operational results for the second quarter of 2022. Before we start, we would like to remind our listeners that our comments during this call may include forward-looking statements. Listeners are cautioned not to place undue reliance on any forward-looking statements and to review the cautionary notes that appear in the final pages of our earnings report. This is published in the Investor Relations section of PEMEX's website. For this conference call and its supporting documentation, quarter variations are computed as compared to the same quarter of the previous year, and cumulative variations are computed as compared to the same period of the previous year, unless it is otherwise specified. Now, it is my pleasure to introduce our CFO, Antonio Lopez Velarde. Thank you, Cris. Good morning, everyone, and thank you for joining us today. It is my pleasure to share with you the operating and financial results of Petróleos Mexicanos for the second quarter of 2022. During 2022, we have continued our efforts to increase our production platform and optimize the crude oil process, generating economic value in compliance with the industry regulations and increasing our efforts to reduce environmental impact. As we have shared with you in other occasions, our recent exploration strategy has been focused on conventional shallow waters and onshore basins. It has been key for the incorporation of production through accelerated field development as well as for the increased improvement reserves. As a result of these efforts, the second quarter of 2022 was the seventh consecutive quarter in which our liquid production has maintained an upward trend. During the last quarter, 1,776,000 barrels per day production was obtained. This is equivalent to a 75,000 barrels per day growth compared to the average 2019 production. In addition, the operational efficiency implemented in PEMEX has allowed us to shorten drilling time periods. In some fields, up to a third of the time, leading to a significant reduction in equipment rental costs. For instance, the drilling time for the Ixachi field has been reduced in 64 days. Development of new fields have been key for the production growth, together with well repairs and maintenance works. This has allowed us not only to offset the decline in mature fields, but even to increase production, as shown in the graph. Production from the new fields amounted to almost 400,000 barrels per day as of June 30, 2022. Crude oil exports remain at levels of around one million barrels per day, despite the increase in crude oil processing and due to the increase in crude oil production. Under the current pricing environment, this has boiled down to revenues of 75% above the budget. During 2018, we experienced a deficit of light crude. This situation forced PEMEX to import this type of crude during this year to complete our refinery's crude slate. However, with the development of the new fields, this trend has been reversed, and currently, PEMEX is not only self-sufficient in terms of light crude oil, but also resumed to exports of Isthmus crude in 2019. The export volume of this crude light crude oil has increased to reach an average of 257,000 barrels per day so far in 2022, with a maximum level of 351,000 barrels per day in April of the same year. Such volume has not been reached since November 1998. These results have been possible due to the current strategy in exploration and new wells development, in addition to the higher growth rate in capital investment since 2020 in comparison to our peers. During the first half of the year, PEMEX has reached a growth of 89% compared to the same period of 2021. This ranks the company as the one with the highest rate of investment compared to the companies in the sector. Regarding the acquisition of Deer Park Refinery, we're pleased to share with you that the operation continues with the higher standards. During the first semester, Deer Park has generated a net income of $746 million and an EBITDA of $862 million. These results was obtained with a processing level of 281,000 barrels of crude oil per day and a petroleum product production of 293,000 barrels per day, of which approximately 260,000 barrels correspond to gasoline, diesel, and jet fuel. On the other hand, PEMEX continues to be the country's main taxpayer. During the January-June 2022 period, PEMEX has delivered MXN 266 billion in royalty payments to the federal government. This in addition to MXN 110 billion with respect to the same period in 2021. In this regard, we would like to emphasize that PEMEX has the support of the federal government as we will show later in the presentation. Now we will move on to the financial results. In this second quarter, PEMEX recorded a positive result. The main factors that contributed to these achievements were first, the high price of crude oil and its derivatives products coupled with an increase in the volume sold in gasoline, diesel, and jet fuel. Likewise, additional income of approximately MXN 65 billion from the fiscal stimulus published last March, which allows PEMEX to recover the differential between the international price reference and the price at which these products are commercialized. Finally, the reduction in profit sharing duty, an applicable rate from 54% in 2021 to 40% in 2022, which will have and will allow us to achieve our strategic objectives for the coming months and years. The aforementioned factors have allowed our company to record an operating income of MXN 257 billion and a net profit of MXN 131 billion for the second quarter. Regarding EBITDA, considering the specific factors and instances of results presented above, EBITDA generated during the second quarter of 2022 showed a significant improvement compared to that generated in the same quarter of 2021. The company's EBITDA generation capacity placed PEMEX at the top of the list compared to the companies in this sector, oil and gas. PEMEX increased its cash flow generating capacity as compared to the first half of 2021. The EBITDA margin was 40%, ranking third in comparison to the top oil companies, only below Petrobras and Equinor. PEMEX increased its EBITDA margin by 5 percentage points as compared to the first half of 2021, while the industry increased by 3 percentage points on average. PEMEX is committed to achieving operational and financial objectives. To this end, it is essential to invest the necessary resources to meet objectives shown in the business plan. Since 2019, the negative trend in the evolution of CapEx previously observed was reversed. For 2022, we are planning on spending around MXN 215 billion, which represent an increase of MXN 54 billion in respect to the previous year, 2021. This increase is channeled through our strategic projects which will allow the achievement of the objectives of the company. Now we shall move on to ESG section. We shall start saying that during the second quarter of 2021, Pemex Exploración y Producción started implementing a gas utilization strategy through which we seek to progressively reduce the gas sent to the atmosphere in Pemex Exploración y Producción facilities, thereby increasing the rate of natural gas utilization. This strategy includes initiatives such as the development of infrastructure and rehabilitation work for gas handling, transportation and conditioning, major maintenance programs for compression equipment and booster equipment, as well as the closure of producing wells with the high gas oil ratios, among other actions. These initiatives have allowed us to reduce the gas sent to the atmosphere by 180 million cubic feet per day in the second quarter of 2022, as compared to the same quarter of 2021. This strategy includes initiatives such as the development of infrastructure, construction and rehabilitation works of gas use, transportation and conditioning, as we were saying. The investments for these actions are shown in the table. In 2021, as you can see, there have been MXN 3.9 billion invested for this end. During 2022, MXN 14.5 billion pesos were, have, and will be invested. We have in our program for 2023 and 2024 almost MXN 29 billion to be invested for this end. Therefore, total investment for this important strategy amounts to around MXN 47 billion, which exceeds the amount that has bee n announced of $2 billion. Regarding the environmental protection, this quarter we have made important progress. First, for sulfur oxide emissions, we have decreased them by 23%, mainly due to the entry into operation of sulfur plants at Madero, Minatitlán, Salamanca, and Tula refineries, and Ciudad Pemex Gas Processing Complex, coupled with a decrease in the volume of sour gas sent to the burners in exploration and production processes due to the associated gas use increase. Likewise, regarding carbon dioxide equivalent emissions, we have decreased them by 5%, mainly due to a higher gas utilization as a result of the maintenance works on compression platforms in Litoral A complex and sulfur plant of the gas processing center in Ciudad Pemex. Additionally, Pemex has increased the gas reutilization by 45%. This due to the repair of the failure in the reused water pumping system from Comapa to the Madero refinery and the partial rehabilitation of the effluent treatment systems and wastewater treatment plants in the refineries Tula, Salamanca and Cadereyta. We have some initiatives for the reduction of emissions to the atmosphere. We will mention some of the ones that you are seeing on screen. Regarding emissions trading system, we have an active participation in the consultative committee of emissions trading system through the generation of proposals that could be considered in the implementation of the operational phase. The work centers submitted their GHG emissions and inventories corresponding to their activities in 2021, as well as the verification required by the national regulations. Regarding our strategic objective 4.2 of reducing environmental impact and improving energy management, we continue with activities focused on the reduction of emissions from discharges sent to the burn through the installation of infrastructure for management and utilization of associated and non-associated gas. In terms of gas utilization, the strategy for the management and utilization of gas in Pemex Exploración y Producción continues with very positive results. Some actions that have been carried out during this quarter, including the closing of wells, development of infrastructure for the management of production, rehabilitation of equipment in gas processing centers, among others. In terms of methane emissions, Pemex Logística and Pemex Exploración y Producción continue an implementation of provisions to prevent and control methane emissions. A leakage detection program started in Pemex Exploración y Producción marine regions through a comprehensive contract. Additionally, a collaboration process was initiated with the US Department of Energy to identify areas of opportunity in the reduction of methane emissions and venting, flaring and fugitive emissions. Finally, in this section, we have the attention to environmental risk. As you may recall, during 2021, as a part of our environmental commitment, PEMEX established the impact of the operations on the environment as a priority issue. PEMEX subsidiary product companies facilitated an inventory of non-tolerable environmental risks, which were prioritized considering the impact and their probability of occurrence. In 2021, in the risk committee, there was an instruction to address these risks identified, prioritizing their impact. During this year, an inventory has been concluded, and we have 225 risks related to effluent treatment, local emissions of pollutants, sulfur recovery plants, disclosures among others. Through addressing of these risks, we will mitigate the damage in water, soil, air, and community. Now we will move on to other relevant indicators. As you know, we continue with the efforts to fight against the illicit fuel markets. As shown in the graph above, from 2018 - June 2022, the impact of illicit fuel subtraction has decreased by 88.2%. Needless to say, almost 49,000 barrels of fuels per day. Moving to payments to suppliers and contractors, this also an important achievement. PEMEX has been seeking maintaining a steady flow of payments to our suppliers and contractors, even in the worst month of 2020, during the COVID crisis. Payments to suppliers and contractors as of June 2022 amount around MXN 204 billion. It is worth mentioning that since the end of 2020, we have been implementing various schemes to pay our contractors and suppliers. During this second quarter, we continued the implementation of some strategies to accelerate payments, and we have very good results. Regarding federal government support, as you know, as of 2022, an additional reduction that we mentioned before of the main duty from 54% - 40% was provided to PEMEX. Additionally, during the first quarter, we had contributions of about MXN 45 billion for the payment of debt amortization. In addition, we maintain very close communication with the Minister of Finance to define the potential support for the rest of the year. During this second quarter, we didn't receive any support. It is a dynamic thing, and it does vary from time to time. We keep a very close communication with the Minister of Finance to identify whether more support is required from them or whether PEMEX can carry on without it. Now, I will give the floor to Carlos Cortez for the next section, the head of the Treasury area. Carlos, go ahead. Thank you, Antonio. Also thanks to the audience, hoping this presentation providing useful information. Here, we show the yield on our 10-year bond, highlighting a couple of events that are considered to have affected its performance. In 2Q 2022, this benchmark yield was impacted by the Russia-Ukraine conflict and the announcement of the Federal Reserve System, who raised the reference interest rates. In the next slide, we show our debt maturity profile. Here, we can say that the refinancing efforts that have been carried out have allowed PEMEX to maintain a solid financial position. At the end of 2021, short-term maturities on the maturity profile were adjusted. As you can see, the commitments for the second half of this year are quite manageable. In the next slide, we show our public debt in terms of budget metrics. Just to remember, the net debt ceiling approved by the Congress for PEMEX in 2022 amounts MXN 65 billion, expressed in total amounts. With the support of the federal government, we will seek not to achieve a net debt increase this year, in line with the improved economic outlook for 2022. In the next slide, we show our short-term debt for the second quarter 2022, which does not necessarily represent immediate liquidity needs. For the rest of 2022, Pemex will face its debt amortization with our own resources, as Antonio has already said. A close coordination and continuous communication with the federal government is maintained. The revolving credit facilities are recorded as short-term debts. However, these facilities are fully committed, so Pemex and PMI may renew the drawdowns until their maturity dates. Due to an improvement in the condition of the monetization promissory notes, their maturity was reclassified according to the straight-line amortization. In the next slide, we show our debt balance in a historical perspective. Here the good news is that at the end of June 2022, Pemex total nominal debt decreased by MXN 900 billion compared with the reference in the close of 2021. As many of you know, a couple of months ago, Pemex structured a mechanism for payment to its supplier and contractors. Next, I will comment on the main issues of this topic. On May 31st, the coupon was set, and the bond was issued to suppliers on June 2 for a total of $1,984 million with maturity in 2029 and a 0.75% coupon. The bond has a seven-year term with an average life of six and a half years. The first half of the amount is amortized in June 2028, and the second half on June 2, 2029. On June 1, the first marketing process for $1 billion was concluded. The providers who decided to participate in this remarketing sold the equivalent of 78.8% of their bonds at a price of 99.5% at this stage. On June 29, the second marketing process was concluded privately for approximately $288 million at a price of 87.6%. It is worth to mention that suppliers who decided not to participate in both stages of remarketing can freely sell their bonds in the international capital market after 60 days issuance of the bond if they participated in the virtual remarketing, or after 120 days after the bond was issued if they did not participate in any remarketing. In the next slide we show, in a brief way, the main results of this transaction. In brief, the main facts were that the transaction was implemented in a successful way. 39 suppliers decided to voluntarily participate in the mechanism. 27 of them received almost full liquidity in about a month. nine suppliers received almost 80% of liquidity in approximately one week, and the rest of their bonds can be placed in the international capital markets after the agreed 60 days after issuance of the bond. The three suppliers that did not participate in any remarketing will be able to place their bonds in the international capital markets from the agreed 120 days after the issuance of the bond. For those vendors that participated in both remarketing, the weighted sales price, net of interest and commissions on their bonds was 95.4%. With this, we conclude the explanation on financial issues, and it's time to elaborate on the Pemex Exploración y Producción performance. At this point, I leave the floor to Ángel Cid Munguía, General Director of Pemex Exploración y Producción. Thank you for your attention. Thank you, and good morning to everyone. The presentation of the results as of the second quarter of 2022 for Pemex Exploración y Producción is divided in four sections. In the first part, I will discuss the performance in liquid hydrocarbon production, that is crude oil and condensate extraction, not including production for our partners. In the second section, I will present the progress in oil production in the new field projects. In the third section, I will discuss the performance of natural gas production. In the fourth section, I will discuss the Lakach deep water non-associated gas field. Through the implementation of a new strategy in the exploration and extraction of hydrocarbons, following exploratory development and production activities in onshore and shallow water areas, together with the actions implemented to minimize the decline in the fields' exploitation, it was possible to change the historical trend in liquid hydrocarbons production so that as of 2019, the decrease in the production platform reserve in recent years was reverted. This strategy is mainly based on the incorporation of early production for exploratory wells, accelerated development of new fields, both onshore and shallow waters. Shorter time to develop and bring newly discovered fields into production. Focus on new maintenance to sustain base production in operating fields, and immediate attention to operational problems. These actions allowed us to reach a total production of 1,785,000 barrels in the last days of June, more than 650,000 barrels higher than the decreasing trend. In the second quarter, the positive trend in liquids hydrocarbon, like liquids production continued, reaching an average of 1,756,000 barrels per day. 20,000 barrels per day higher as compared to the same period on 2021, which represent a 1.1% increase, mainly to the incorporation of wells from both the new field strategy and the early production. In addition, we continue with the well maintenance and immediately attention to operational problems. All of this allow us to overcome the effects of natural decline and increase in the fractional flow of water in mature fields. It is worth to mention at the end of the second quarter, production reached 1,785,000 barrels. Regarding the quality of the hydrocarbons produced, the light crude oil share has increased to 48% thanks to the contribution of the new fields, most of which are producers of this type of hydrocarbons. The production of liquid hydrocarbons structured for the new field is an essential part of the strategy to maintain a stable and even continue with the production growth trend. In this regard, in the second quarter, we incorporated production of 65,000 barrels for the completion of 18 wells, 13 offshore and five onshore. As of June 30, the production of liquid hydrocarbons due to the incorporation of the new development and the early production of fields reached 399,000 barrels, thanks to the contribution of 120 wells, 76 of the offshore. In the second half of this year, 25 more wells are expected to go into production. Regarding the quarter performance of gas production, as shown in the graph, total natural gas production, not including production for partners, increased by 194 million cubic feet per day. This is equivalent to a growth of 5.3% to the same period of 2021 from 3,658 million cubic feet per day to 3,852 million cubic feet per day. This increase higher in percentage as compared to the 352 million cubic feet per day. This increase higher in percentage as compared to that obtained in liquids production is due to the contribution of the new fields with a high gas-oil ratio, such as Ixachi, Esqúi, Tupilco Profundo, and Racemosa, among others. Lakach is a non-associated gas field, a reserve of 900 billion cubic feet located in the southern continental shelf of the Gulf of Mexico, in territorial waters off the coast of the state of Veracruz, with a water depth of 1,000 meters, which is why it is considered a deepwater field. These fields began its development during the previous administration with an investment of $1.4 billion and without being completed. For which reason, it was suspended for more than six years. To benefit from this investment, and as a part of the commitment to consolidate energy sovereignty, Pemex signed an agreement to resume work in this field. In this context, the CEO announced the resumption of this project in conjunction with the US company New Fortress Energy, in which an additional $1.5 billion will be invested. With this collaboration of the entities and regulatory bodies of the federal government, this project will finally start production in July 2023, thus recovering the previous investment made. Thank you. This is the final slides for exploration and production, and continue, Reynaldo, with the next topic. Thank you. Thank you. Thank you very much. Good afternoon, and thank you all for participating in this call. Regarding crude oil processing, as shown in the graph, in the second quarter of 2022, crude oil processed at the National Refining System averaged 796,000 barrels per day. That is a 20% increase as compared to the same quarter of 2021. As a result of the advances of the National Refining System Rehabilitation Program, in particular, this behavior is explained by a better operating performance at our refineries. Salina Cruz with a processing of 159,000 barrels per day, Tula with 149,000 barrels per day, Cadereyta with 141,000 barrels per day, Salamanca with 139,000 barrels per day, Minatitlán with 108,000 barrels per day, and last but not least, Madero with 101,000 barrels per day. It is worth mentioning that the level of crude oil processing in the second quarter of 2022 shows the operational constraint of 800,000 barrels per day applied to be able to export crude oil and take advantage of the present high prices. In the second quarter of the year, Pemex recorded over 55% in distillate yield, a better performance, and as a result, at the end of July, we will have a crude oil processing level of over 850,000 barrels per day in this month. Regarding the National Refining System Rehabilitation Program, during January-June, repairs were completed in 20 process units, 12 corresponding to the 2022 program and eight of programs from previous years. In this year, 2022, the rehabilitation program continues focused on restoring the mechanical integrity of the processing units, main services, and storage tanks. Moving on to oil products production. As a result of the higher crude oil prices recorded in the second quarter, the production of oil products increased by 23% as compared to the same quarter of 2021, averaging 805,000 barrels per day, of which 257,000 barrels per day were gasoline, 156,000 barrels per day of diesel, 28,000 barrels per day of jet fuel, and 364,000 barrels per day of other oil products and LP gas. In this positive performance, the 34% increase in the production of distillates, that is gasoline, diesel, and jet fuel, stands out, as we have mentioned. 5.9 Percentage points increase in the distillate yield to reach 55.4%. With respect to our variable refining margin during the second quarter, the National Refining System reported an average variable margin of $14.51 per barrel. A higher figure by $12.35 per barrel as compared to the margin recorded in the same quarter of 2021, mainly due to higher reference prices of refined products in the Gulf Coast and the improvement in the operating performance in the National Refining System, which recorded a higher yield. Next slide, please. With respect to gas operations, in the second quarter of 2022, the wet gas process averaged 2,745 million cubic feet per day. 134 million cubic feet per day higher as compared to the same period in 2021. As a result of higher gas availability due to the production increase in sour wet gas in the southeast region of Pemex's exploration and production in around 203 million cubic feet per day. This increase in wet gas availability is explained by higher gas production from the Quesqui field in the second quarter. Next slide, please. Regarding petrochemicals production, in the second quarter of 2022, the total petrochemicals production recorded 338,000 tons. That is an 8.8% increase as compared to the same quarter of 2021. The best performing chains are, one, sulfur production was 79,000 tons, an amount 40,000 tons higher as compared to the same quarter of the previous year. This result was mainly influenced by the higher production of sulfur in the Ciudad Pemex gas processing complex. Two, the methane derivatives production, which includes ammonia and methanol production, amounted to 135,000 tons, an amount 33,000 tons higher as compared to the same quarter of 2021. This improvement is mainly explained by a longer operating time of the Ammonia VI plant in Cosoleacaque Petrochemical Complex compared to the second quarter of the previous year. Three, production of other petrochemicals recorded up to 87,000 tons, 13,000 tons higher than in the second quarter of 2021, mainly due to the production of carbon dioxide at the Cosoleacaque Petrochemical Complex. This concludes my participation in this call. I now give the floor to Antonio López Velarde, Corporate Director of Finance, for a final message. Thank you very much for your attention. Thank you, Reinaldo. With this, we conclude our first quarter results call. We will now start with the question and answer section. If you could please help us with that. Thank you. As a reminder, to ask a question, you will need to press star one one on your telephone. That is star one one on your telephone. Please stand by while we compile the Q&A roster. We have a question from the webcast. From Eduardo Sánchez. Hello. Can you comment on the recent invoice remarketing transaction and whether this is a financing option that we can expect the company is using going forward? I give the floor to Antonio López Velarde to answer this question. Thank you, Chris. This was a one-time event. This is a mechanism that we used in order to push forward the payment to our suppliers and contractors. We are not foreseeing to use these mechanisms in the coming time. This would be the answer for this one. One moment for our first question. We have a question from the line of Anne Milne with Bank of America. Please go ahead. Thank you very much for the call today. Congratulations on the nice EBITDA for the second quarter of this year. I have two questions. The first was, I think you made some reference to the compensation to PEMEX for domestic pricing. I was wondering if you could just refresh us on the prices at which PEMEX charges its refineries for the crude oil it produces and what the compensation measure is from the government and what the status of that is. That's a question or an issue that I guess all oil companies are having right now in Latin America. I'd like to get an update on PEMEX. The second is just to confirm that you said that PEMEX will not need the Ministry of Finance's help for any debt payments for the remainder of 2022. Is that correct? Thank you very much. Thank you, Anne. Regarding your first question and where it comes to the subsidy that is provided by the federal government, this applies to any party that commercializes both gasoline and diesel. It does apply to imports, and it applies also to PEMEX for the processing. Oil is processed in our refineries. Basically, any market participant that offers either gasoline or diesel can recover the differential or the spread between the international price and the price at which it is commercialized to the public in general through a recovery with different mechanisms. This applies to any market participant, PEMEX and any other participant that commercialize these products. Regarding the federal government support for the amortization payment, this is something that is dynamic. We did receive support for the first quarter amortization. The decision and an agreement between PEMEX and the federal government for the second quarter was that it was not necessary. This is something that may vary. It is something that is dynamic and it will depend on the environment that we experience during the second half of the year. Okay. Thank you very much. One moment for our next question. Our next question is from Barbara Halberstadt with JP Morgan. Please go ahead. Hi. Thank you. Thank you for the opportunity and the questions. I actually wanted to clarify on the working capital calculation for the quarter. There seems to be an inflow from other taxes and duties when we do the difference between the first half and the first quarter results just to get the 2Q variation. I just wanted to understand what is that related to, and if that reflects the payment or a compensation of the subsidies translated into some sort of compensation for taxes. That would be the first question. The second question is more specifically on the production of ethane. We've noticed a significant decline of ethane production even though on the petrochemical side, production has improved for other items. Just wanted to understand why ethane production in particular has declined, and if you expect that to be different, how we should think about it for the second half. Thank you. Sorry, just to be clear, the second question, you were mentioning one product that in which PEMEX has a decline of production. Could you repeat what the product was? Yes. Ethane production. Ethane production, on the presentation, it looks like it averaged around 16 barrels a day. Just ethane gas. Okay. Thank you. Okay. Hi, this is Ernesto Balcázar, and I will address question number one. Effectively, the amount that you have in there as an increase in accounts receivable, it comes from the compensation of the federal government for the taxes. That's the reason of the increase in this particular line. One moment for question number two. For number one, I don't know if that's clear enough or you need something else. Yeah. I guess it's clear. Just is a positive variation, so it is the compensation from the government on the subsidies. Is that correct? Yes. As long as it is recoverable by the government or paid the next month, that's from. We're going to question number two. Hello, Barbara. This is Reinaldo Wences. How are you doing? Hi. Good. The- Thank you. How are you? The production of ethane derivatives recorded 16,000 tons. This is a volume lower by 18,000 tons compared to the second quarter of 2021, as you noticed. Since the linear low density polyethylene plant of our Morelos Petrochemical Complex continues to be out of operation since January eighth of this year for maintenance at the ethylene plant at La Cangrejera Petrochemical Complex, this affected availability of raw material. It should be noted that the major maintenance work on the ethylene plant has been completed. Operations are scheduled to start at the end of this month. Basically tomorrow, next day. In the third quarter, we should have more availability of raw material, which will pump up the production levels. Thank you very much. Perfect. Thank you. As a reminder, if you have a question, simply press star then one on your telephone keypad. We have another question from the webcast from Arturo. Okay. "Hi. Thanks for the call. Do you expect government support to pay the amortizations in 2022 and 2023?" I give the floor to Antonio Lopez Velarde. Thank you, Cris. Well, as we mentioned earlier, the government support for these coming years is dynamic. As we were mentioning at the beginning of the call, we have like frequent conversations with the government in order to update our financial situation. This government support is dynamic. For instance, for the second quarter of 2022, we did not receive any support. For the remainder of the year, it will depend on the market conditions and the particular financial situation of Pemex. The same thing shall apply to 2023. This is something that we shall be discussing throughout this year. The support as the federal government has announced is there whether when Pemex may require it. Our next question. One moment, please. We have a question from Badr El Moutawakil with Barclays. Please go ahead. Thank you so much for taking my question. I have two quick questions for you guys. My first question is regarding the DUC and tax paid. I would like to understand how come the Derecho de Utilidad Compartida went down in 2Q versus 1Q while we're seeing higher operating income. Did you guys benefit from any tax credit or any tax cut? My second question is to try to understand your funding strategy for the next 12 months. Basically, I see on the presentation that PEMEX has close to MXN 7 billion debt maturing in the next 12 months. Are you expecting to roll this or are you expecting to potentially issue on the market? How can we If you can help us think about how should we expect the changes in gross debt over the next 12 months? Do we expect gross debt to remain around $108 billion or lower? Thank you so much. Just one second please. Thanks for your question. Well, we will first answer the second question. Regarding Pemex's plans in order to refinance our coming maturities. We might refinance a part of it. This is something that we are analyzing and deciding throughout the year. It depends a lot on what the outcomes are for Pemex. Part of it might be paid by our own flows. Part of it might be refinanced. This strategy is decided well throughout the year and the coming months. This is something that we will be deciding there. Regarding your first question, you were saying that you are observing that this royalty decreased. It might have decreased slightly, but as you know, it's a function of the crude oil price. It has been sort of steady during these two quarters. Thank you so much. I'm not showing any further questions in the queue. Yeah. Thank you, everyone. I believe this will be the last question that we take. We have exceeded already in five minutes the timing planned for this call. We appreciate a lot the participation of all of you. We wish you a very nice day. Thank you, everyone. Wish you a very nice day. Thank you. For participating in today's conference, you may now disconnect. Goodbye.