Good morning, ladies and gentlemen, and Welcome to the Pemex Results as of March 31, 2022 Conference Call hosted by Antonio López Velarde, Acting Chief Financial Officer, Ángel Cid, General Director at Pemex Exploration and Production, and Reinaldo Wences, Deputy Director of Evaluation and Regulatory Compliance at Pemex Industrial Transformation. For the presentation of this conference, the link is available at Pemex's webpage at www.pemex.com/en in the Financial Information category within the Investor section. All participants have been placed on the 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 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 first quarter of 2022. Before we start, we would like to remind our listeners that our comments during this conference 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, quarterly 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 Antonio López Velarde, our Chief Financial Officer. Thank you. Thank you, Chris. Good morning, everyone, and thank you for joining us today. We shall start now with the key highlights. It is my pleasure to share with you the operating and financial results for Petróleos Mexicanos for the first quarter of 2022. During the first quarter of this year, we continued our efforts to increase our production platform, optimize crude oil processing, and create value. In this regard, during the first quarter of 2022, crude oil production continued its growth trend with an average of 1,775,000 barrels per day. This represents an amount equivalent to a 2.3% growth as compared to the same period of 2021. The growth is driven by the strengthening of our upstream division investment strategy, which has enabled us to observe gradual increases since the second half of 2020. The incremental production from the new fields continued to be key to these results. During the first quarter, 54,000 barrels per day of production were incorporated from fields such as Keski and Ixachi. Production from new fields reached an average of 350,000 barrels per day in March of this year. Likewise, in this quarter, we continued with the rehabilitation works of the national refining system. Crude oil processing averaged 822,000 barrels per day, which represents a 10% increase as compared to the same quarter of 2021. At this point, I would like to share with you that considering the current environment, we have carried out an analysis to improve the value creation for Petróleos Mexicanos. From this evaluation, we have decided to maintain the crude oil process in around 830,000 barrels per day for the first quarter during the coming months. Regarding Deer Park acquisition, the purchase operation was completed on January twentieth of this year. The refinery's debt was repaid and 50% of the inventories were bought. During the first 100 days under Pemex's control, the refinery has maintained pleasing operating levels and maintenance work have been carried out according to the program. Refining market conditions have been favorable this year. Price differentials between crude oil and refined products have widened with a positive effect on the refinery results. Deer Park Refinery shall provide flexibility to Pemex's operations. I am delighted to inform you that during this first quarter, Deer Park recorded a $195 million net income and a $252 million EBITDA. This result is supported by a 282,000 barrels per day crude oil process and a 294,000 barrels of petroleum products production. With these operating results in this quarter, a MXN 184.5 billion operating income was recorded, a 65% increase as compared to the first quarter of 2021. Likewise, Pemex recorded MXN 122.5 billion net income, which positively compares to the net loss of MXN 37.4 billion recorded in the first quarter of 2021. It should be noted that Pemex continues to be the country's main taxpayer. During the January to March period, Pemex has contributed with MXN 155 billion to the federal government in direct contributions. This is 72 billion higher as compared to the same period of 2021. Thus, Pemex continues to generate oil income to finance the development of our country. Let us now move on to the financial results detail. This first quarter, Pemex has important positive results. The main factors that contributed to this achievement were, first, the high price of crude oil and its products, coupled with the increase in volume sold of gasoline, diesel, and jet fuel due to the post-COVID economic reactivation, has allowed us to maintain a high income level. The operations of Deer Park Refinery have contributed with $195 billion profit, which is around MXN 4 billion. Likewise, additional income of approximately MXN 10.5 billion from the fiscal stimulus published last March, which allows Pemex to recover the differential between the international reference price for gasoline and the domestic market price which shall be received. It is also important to highlight that the effect of the impairment reversal and the foreign exchange profit recorded were of approximately MXN 78 billion. The aforementioned factors have allowed our company to record an operating income of MXN 184 billion and a net profit of MXN 122 billion for this first quarter. Consistent with the results recorded, EBITDA generated during the first quarter of 2022 shows a significant improvement compared to that generated in the same quarter of the fiscal year 2021. The company's EBITDA generation capacity places Pemex at the top of the list compared to other companies in the oil and gas sector. In this period, the flow capacity that Pemex obtained from diesel case operation placed it at a value generation level of 41%. It is worth noting that this figure is 12 points above the historical average of 29% observed from 2018 to 2021. In the comparison with the top oil companies, Pemex ranks third, only below Equinor and Petrobras. Among the factors that contributed to these results are the increase in price of the Mexican export mix, higher by 50%, to the price considered in the budget, as well as the improvement in the variable refining margin. This is explained by the higher crude oil price, going from $6.04 to $18.45 per barrel with respect to the first quarter of 2021, as well as optimization in the economical value carried out by the company for the refining system. As shown in the graph, Pemex maintains the highest growth in capital investment compared to other companies in the industry. Pemex's quarterly percentage increase in investment was 90%, which is 6 times higher than the industry average growth rate of 14%. Pemex's main strategies are focused on the development of exploration field, increasing and optimizing refining capacity, the rehabilitation of the refining system. Unlike Pemex, the comparable companies showed a moderate increase in their investments. Pemex is committed to achieving its operational and financial objectives. To this end, it is essential to invest the necessary resources to meet the objectives of the business plan. Since 2019, the negative trend in the evolution of CapEx previously observed was reversed. For 2022, it is planned to spend around MXN 227 billion, which represent an increase of MXN 65 billion with respect to the previous year. This increase is channeled to our strategy, strategic project, which will allow the achievement of the objectives of the company. Moving on to other relevant indicators, we continue with the effort to fight against the illicit fuel market. As shown in the graph above from 2018 to March 2022, the impact of illicit fuel subtraction has decreased by 89.8%. This is to say almost 53,000 barrels of fuel per day. In addition, the implementation of a joint strategy with the federal government to reduce the fuel debt, around MXN 108 billion savings have been recorded from 2019 to this first quarter of 2022 when compared to losses observed during 2018. Pemex has been seeking to maintain a steady flow of payments to its suppliers and contractors, even in the worst months of 2020 during COVID crisis. The current liabilities recorded at the end of 2021 that were carried forward to 2022 were about MXN 115 billion. As of March 2022, an amount of MXN 62 billion was paid corresponding to the 53% of the debt. It is worth mentioning that since 2020, we have been implementing various schemes to pay our contractors and suppliers. During the second quarter of this year, we shall be implementing some strategies to accelerate the payment to suppliers and contractors. Starting 2022, an additional reduction in the rate applicable to the calculation of the Derecho de Utilidad Compartida has been applied from 54% in 2021 to 40% from 2022 onwards. Additionally, in the first quarter of 2022, contributions from the federal government totaling MXN 43 billion were received for the payment of debt amortizations. The federal government support continues through several mechanisms such as stimulus to the IEPS that is current, it currently runs not only to Pemex but to the participants in the market by the federal government. In addition, a close communication relationship is maintained between the Secretaría de Hacienda y Crédito Público and Pemex to define potential support for the rest of the year in case it is required. It is important to consider that during the first quarter of 2022, a high price environment has been observed. This price environment has positively impacted Pemex's own revenues, generating higher cash flow. Thus, under the current conditions, Pemex has the capacity to finance coming amortization payments and continue investment plans for this year. Now we shall move on to the public debt and financing strategy for which I give the floor to Carlos Cortez, the head of the Treasury Department. Carlos, go ahead. Thank you, Antonio, and again, Welcome everybody to this meeting. I hope you all are receiving useful information. I'm going to elaborate on topics concerning our debt situation. In first place, here we have the Pemex bond yield. Despite the volatility generated by the COVID pandemic, since 2021, this yield on the benchmark, 10-year bond has been recovered considerably. However, by the end of the 1Q 2022, it was affected by market situations associated with the geopolitical situation between Russia and Ukraine. Next, we have our debt maturity profile. The refinancing efforts that have been carried out have allowed Pemex to maintain a solid financial position. At the end of 2021, some pressures on the maturity curve were adjusted, with the support from the federal government during the first quarter of this year, Pemex has met debt payments of $2.2 billion. We are currently working on identifying opportunities to improve the condition of our financing profile, structuring customized operations and trying to free up space in our reporting lines. In the next slide, we have our public debt situation this year. The net debt ceiling approved by the Congress for Pemex in this year amounts to MXN 27.2 billion and $1.9 billion, which expressed in pesos is MXN 65 billion total. As we have said, with the support of the federal government, we will seek, like, last year, to achieve a net debt reduction in line with the improvement in the economic outlook for 2022. Well, in this context, I would like to emphasize that the federal government has declared to support Pemex for the payment of its debt. This support remains in force either through direct contributions or through alternative mechanisms. As our CFO has already said, close communication is maintained with the Ministry of Finance to define potential support for the rest of the year. In an environment of high prices, Pemex revenues will show a significant improvement in the short term. Generating a greater cash flow boosted by the recovery of the additional stimuli to the IEPS on fuels that is allowed under the applicable regulation. In this way, under the current conditions, Pemex has the capacity to finance the payment of its debt amortizations and continue with the investment planning for this year, either with own resources or with the support of the federal government. Here we have our short-term debt structure, which does not necessarily represent immediate liquidity needs. In 2022, the federal government has made capital contribution to Pemex in accordance to the maturity profile of its debt, as I already have said. It is worth mentioning that diverse strategies to restructure the company's liabilities are under evaluation, aiming to improve the maturity profile, always aiming not to increase net indebtedness. Revolving credit facilities are recorded as short-term debt. However, these are fully committed, so Pemex and PMI can roll them over until their expiration date. Finally, for accounting purposes, this transaction was recorded as a short-term liability, despite the maturity date is on November 24, 2023. Well, at this point, I will give back the floor to Antonio in order to elaborate on the environmental, social, and governance agenda. Thank you for your attention. Thank you, Carlos. Moving on to the ESG section, we would like to share with you that Pemex is committed to safety, occupational health, environmental protection, and sustainable development. Pemex is taking specific actions to mitigate the effects of risks related to environmental, social, and corporate governance factors. Since 2019, Pemex has implemented a program for immediate attention to non-tolerable safety risks and loss of containment in industry facilities, which may endanger lives of our workers or the communities. This program contributes to the prevention of any contingency or losses and accidents in our facilities. From a social perspective, Pemex mitigates the impact of its operations on communities through inclusive development programs and by implementing productive projects through the community and environmental support program. Focus on promoting human development, generating productive capacities, addressing social lags, and forging long-term sustainability community development. In addition, Pemex promotes transparency and an ethical culture. Through the company, fosters competitive and sustainable hiring and, at the same time, strengthens its inclusion policies through a gender equality strategy. In 2021, as part of its environmental commitment, Pemex established the impact of its operation on the environment as a priority issue. This was done through the risk committee of Petróleos Mexicanos and its subsidiary productive companies. In this context, Pemex subsidiary productive companies identified those risks that should they materialize, could affect the soil, water, or air and were consolidated in an inventory of non-tolerable environmental risks. These risks were prioritized considering their impact and probability of occurrence. In October 2021, the risk committee instructed the responsible areas to prepare an initial program for a 3-year period to address the risk identified. As of March 31 of this year, the inventory includes 225 risks related to effluent treatment, local emissions affecting populations, Sulfur recovery plants, disposal and storage of hazardous waste, sites affected by hydrocarbons, compliance with the water discharge parameters, among others. These risks have already started being addressed. We want to share with you that Pemex keeps participating in emissions trading system test program. The work centers are closing their inventories corresponding to their activities in 2021 and the process of contracting the certifications required by national regulations. It is worth mentioning that Pemex actively participates in the consultative committee of the emissions trading system through the generation of proposals that could be considered in the operational phase implementation. We continued with the implementation of the activities described in the business plan, focused on the emissions reductions, which include the installation of infrastructure for handling and use of associated and non-associated gases, as the maintenance and overhaul of compression systems in Pemex Exploration and Production, the installations and repair of pumping systems, as well as the rehabilitation of infrastructure in the national refining system. The strategy for the management and use of gas continues with a positive result in less than a year of its implementation. These results, actions will be detailed in the upstream section by our exploration and production team. Pemex Logístics and Pemex Exploration and Production participated in the start of compliance with the provisions to prevent and control methane emissions. 15 programs for the prevention and control of methane emissions were presented to the ASEA, which will be verified by an accredited third party. The methodology for methane estimation in the main emission sources was also proposed, pending their prevention. In terms of adaptation to climate change, the climate risk analysis of the Madero Refinery and the Salina Cruz Storage and Port Services Terminal were completed, which aim to reduce the climate vulnerability of these work centers and the potential damages and losses that could occur due to the adverse impact of extreme weather and climate phenomena. Now I give the floor to the Director of Pemex Exploration and Production, Ángel Cid. Antonio, thank you very much. Good morning for all of you, all the listeners. I'm going to ask Engineer Carlos Granados continue with his presentation. Go ahead. All kinds. Thank you, Ángel. Thank you, and good day to all. Pemex Exploration and Production results for the first quarter of 2022 are divided into four sections. In the first part, I will discuss the performance of liquid hydrocarbons production, that is crude oil and condensate extraction, without including the production of oil partners. In the second section, I will present the progress of oil production in new fields. In the third part, I will discuss the performance of quarterly natural gas production and natural gas use. Finally, in the fourth section of my participation, I will comment on the discoveries made during the first three months of 2022. Next graph, please. The graph shows the daily liquids production from 2018 to the first quarter of 2022. Due to the change in the strategy for exploration and extraction of hydrocarbons started in 2018, together with the actions implemented to minimize the decline of the fields under exploitation, it was possible to reverse the fall in the liquids production platform during the last few years. This strategy is mainly attributed to accelerate incremental production associated with the new fields projects, shorter time to develop and bring newly discovered fields into production, focus on well maintenance to sustain base production in fields under exploitation. That is workovers and stimulations, cleanups, and optimizations. Immediate attention to the operational problems and reduction of operational intervention times for the restoration of failed wells, and the incorporation of early production from exploration wells. Thus, the actions allow extracting an average production of 1,757,000 barrels per day in the month of March. That is an additional 605,000 barrels per day with respect to the downward trend of 2018. During the first quarter of 2022, liquids production, excluding partners' production, was 1,755,000 barrels per day, higher by 40,000 barrels per day as compared to the same period of 2021. During that quarter, production averaged 1,715,000 barrels per day. This is a 2.3% increase, mainly due to the incorporation of wells from the new field strategy in Cibix, Oxe, Lamantín, Cobán, Tupilco Profundo, Ixachi, and in the exploitation fields, Madrejil and Ebalán. It is important to mention that during this period, we were able to obtain a significant increase in liquids production from the new fields strategy in the order of 54,000 barrels per day from the completion of wells in the Keski, Oxe, Cibix, Ixachi, and Tsuk fields. The completion of the Ixá-1, Xinich-1, Actul-1, and Valeriana-2 EL wells belonging to the exploration component also contributed. Regarding crude oil quality, light crude oil and condensate production increased by 146,000 barrels due to the contribution of the new Keski, Oxe, Lamantín, Cobán, Tupilco Profundo, Ixachi fields, and the Madrejil and Ebalán fields in operation. On the other hand, heavy crude oil production increased by 107,000 barrels, equivalent to 6.1% of the total production reported in the first quarter of 2022. The events that caused this decrease were the natural decline of fields of the Ku-Maloob sub-production asset and failures in wells operating with electrocentrifugal pumping equipment in the Northeast Marine region. Liquids production in the new fields project is an essential part of the strategy to maintain production stable. In this regard, in the first quarter, 54,000 barrels were produced with the completion of 13 new wells, seven offshore and six onshore. The increase in the production of liquid hydrocarbons due to the total incorporation of new developments and the early production of fields at the end of March 2022 amounts to 355,000 barrels. The increase in liquids production from the new fields strategy in the order of 50-54 thousand barrels comes from the completion of nine wells in the Tsuk, Pokché, Sibi'x, Ixachi, and Suuk fields, in addition to four wells belonging to the exploratory companies. Ixá-1, Xinich-1, Actul-1, and Valeriana-2DEL. In the second quarter of this year, 24 more wells are expected to be completed and will start producing during the same period. Regarding the quarterly performance of natural gas production, as shown in the graph, total natural gas production excluding partners production increased by 121 million cubic feet per day. This is equivalent to 3.3% increase as compared to the same period of 2021. Going from 3.7 to 3.8 billion cubic feet per day. Associated gas increased by 62 million cubic feet per day as compared to the same period of 2021 due to the contribution of fields with a high gas oil ratio, such as Keski field. Non-associated gas increased by 59 million cubic feet per day, representing a variation of 5.8% as compared to the same period of the previous year. It is worth mentioning that 51 million cubic feet per day increased at the Veracruz assets due to the contribution of the Ixachi field. The graph shows natural gas use at the end of the first quarter, which reached 91.6%. Notice that the increase of almost 7 percentage points in natural gas use is the result of the strategy for gas management and use implemented as of the second quarter of 2021. Which include the reestablishment of booster equipment, minor maintenance of compressor equipment, the development of subsurface infrastructure for production management due to incorporation of new fields, the closure of wells with high gas oil ratios, among other actions. These initiatives have led to the reduction in gas sent to the atmosphere of 322 million cubic feet per day in the first quarter of 2022 compared to the same period, the same quarter of 2021, representing a 45% reduction. Regarding the new discoveries made during the first quarter of 2022, exploration activities carried out during this period yielded information from 4 wells. Among these discoveries, the Tupilco 3,001 well of the southeastern onshore exploration assets stands out with 3P reserves estimated at 211 million barrels of oil equivalent. The studies carried out in the discovered wells estimate a recoverable volume of 3P reserves of 233 million barrels of oil equivalent. With this, I conclude my participation in this call, and now give the floor to Reinaldo Wences from Pemex Industrial Transformation. Thank you. Thank you very much. Good morning, and thank you all for participating in this call. Regarding crude oil processing, as shown in the graph, in the first quarter of 2022, crude oil processed at the national refining system averaged 822,000 barrels per day, a 10% increase as compared to the same quarter of 2021. As a result of the advance in the national refining system's rehabilitation program. In particular, this behavior is explained by a better operating performance at refineries Salina Cruz with a processing of 178,000 barrels per day, Tula with 176,000 barrels per day, Salamanca with 134,000 barrels per day, Minatitlán with 123,000 barrels per day, Cadereyta with 115,000 barrels per day, and Madero with 95,000 barrels per day. It is worth mentioning that in this first quarter, as a part of the 2022 program of rehabilitation of the national refining system. Repairs were carried out in six process units. In 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 processing recorded in the first quarter, the production of petroleum products increased by 10% as compared to the same quarter of 2021, averaging 839,000 barrels per day, of which 273,000 barrels per day were gasoline, 150,000 barrels per day of diesel, 32,000 barrels per day of jet fuel, and 385,000 barrels per day of other oil products and LP gas. In this positive performance, the 15% increase in the production of distillates, that is gasoline, diesel, and jet fuel, stands out in the refineries. Tula with a production of 99,000 barrels per day, Salina Cruz with 93,000 barrels per day, Cadereyta with 82,000 barrels per day, Salamanca with 74,000 barrels per day, Minatitlán with 62,000 barrels per day, and Madero with 45,000 barrels per day. With respect to our variable refining margin, during this first quarter, the national refining system recorded an average variable margin of $18.45 per barrel, a higher figure by $12.60 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 Northern Gulf Coast and the improvement in the operating performance in the national refining system, which recorded a higher yield of distillates. Next slide, please. Gas processing and production. With respect to gas operations, in the first quarter of 2022, the wet gas processing averaged 2,793 million cubic feet per day. That is 140 million cubic feet per day higher as compared to the same period of 2021 as a result of higher production of sour wet gas in the southeast region of Pemex Exploration and Production. Regarding this issue, I would like to express our gratitude to Ángel Cid, Chief Executive Officer of Pemex Exploration and Production, and his team for their efforts that allowed to increase the availability of wet gas due to a higher production of gas from the Keski field and for the cleanup works that were carried out in the Mesozoic line. Regarding gas production, as a result of this processing levels, dry gas production recorded 2,282 million cubic feet per day, a figure 233 million cubic feet per day higher than the recorded in the same quarter of 2021. This behavior is mainly explained by a gas production increase in Cactus, Nuevo Pemex, and La Venta gas processing complexes. Finally, the production of gas liquids averaged 174,000 barrels per day, slightly lower by 1.4% as compared to the same period in 2021. Next slide. Petrochemicals production. Regarding petrochemicals production, in the first quarter of 2022, the total petrochemicals production recorded 321,000 tons, a similar figure to the recorded in the same quarter of 2021. The best-performing chains are, one, sulfur production was 81,000 tons, an amount 35,000 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 and in all refineries of the national refining system. Two, the methane derivatives production, which includes ammonia and methanol production, recorded 89,000 tons, an amount 13,000 tons higher as compared to the same quarter of 2021. This improvement is mainly explained by the continuous and stable production of the Ammonia Plant 6 in the Cosoleacaque Petrochemical Complex during February-March, as well as the stable operation of the methanol plant at Independencia Petrochemical Complex. Three, other petrochemicals production amounted to 64,000 tons, a figure 10,000 tons higher as compared to the first quarter of 2021, mainly due to the production increase of carbon dioxide at Cosoleacaque Petrochemical Complex. In contrast, the production of ethane derivatives stood at 40,000 tons. That is 36,000 tons decrease as compared to the first quarter of 2021. This concludes my participation in this call, and now I 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. Well, with this, we conclude our first quarter results presentation, and we pass on now to our question and answers section. Please submit your questions through the means that the platform allows. To ask a question, you will need to press star one on your telephone, and to withdraw your question, press the pound key. Please stand by while we compile the Q&A roster. One moment. Our first question comes from the line of Barbara Halberstadt from JPMorgan. Your line is open. Hi, good morning. Thank you for the question. I wanted to ask a question on the refining business. The refining margin was very good this quarter. I wanted to understand, number one, if the numbers for Deer Park are also included in this EBITDA margin that you reported, or if it is separate from the Deer Park results. Second, if you expect this margin to stay around these levels for the rest of the year, or how are you thinking about the refining margin for 2022? Thank you. Thank you very much for the question. Well, indeed, it is a very good refining margin. There are two big components. Of course, the price. The prices, the reference prices that we use here in Pemex are referred to the northern part of the Gulf of Mexico as a reference. That variable is very important, but also the fact that we have increased volumes. We've increased volumes, we have increased the yields of our distillates, and the prices of the products are higher. We have, at the same time, we have gained market in the market. Coming out, let's say, of the crisis that we've had for COVID and resuming levels that we've had before the pandemic. All of this has helped us to have a very good refining margin. We do see this continuing, possibly not at this level, but we most probably will have positive margins going forward this year. These do not include Deer Park numbers. Our Deer Park Refinery is not consolidated in these numbers, but they had also quite positive results. In general terms, the refining industry is going through a good stage, but we've been able to, from where we were coming from, the delta is proven to be very positive. Thank you very much. Thank you. Thank you so much. Once again, to ask the questions, dial star one. For questions, star one. One more. Our next question comes from the line of Anne Milne from Bank of America. Your line is open. Hi, thank you very much, and congratulations on nice EBITDA this quarter. I have two questions. The first is related to prices in the domestic market, and the second has to do with the increase in extra light crude oil production. On the domestic market, you made a comment of trying to regularize payments to Pemex on prices. Could you explain to us now that I think IEPS is capped, how this works? Is Pemex increasing its working capital related to payments to keep prices stable in the domestic market? Or explain to us how that's working now with much higher international prices. Then the second is on the higher production of extra light crude oil, as I mentioned. I know that you now have higher utilization of the refining, national refining system, but it looks like it's using more heavy crude oil. I also saw that there was a decrease of domestic fuel oil sales in the first quarter to an increase in other products and an increase of export of petroleum products, particularly fuel oil. Also there's an increase of automotive gasolines and other petroleum products. I was just wondering if you could sort of put this together. It looks like there might be a change of strategy in imports, exports and so forth, and if Deer Park plays any role in this. Thank you. Thank you, Anne, for your questions. Starting with the petroleum products, there is this subsidy that all participants in the market that commercialize gasoline and diesel we have to offer price that is capped. Once we offer this price, the international price is recovered from any participant in the market through this support from the federal government. In the end, the subsidy is offered by the federal government, and all Commercializers end up receiving the international gasoline or diesel price. That's on the one hand. Yeah. Following up, there are several questions there. Yes, indeed. Our national refining system uses mainly more heavy crude oil than light crude oil. There was this impression some years back that it was the other way around, but nowadays it is like that. We use a lot of Maya for our refineries. Then we are exporting a lot of the fuel oil. We have a large market for it, and we're quite happy with that. A lot of ships do have scrubbers. There are about 4,000 ships that have scrubbers, so they're able to convert that high sulfur fuel oil for their motors. I don't know if that includes the Deer Park Refinery. It's continuing to work somewhat independent. We export crude oil to them, about 70,000 barrels, and they continue to work in the way that they were working the last years. They had very good results, too. Okay. Are you importing anything from Deer Park? No, not at present. There are some plans we are looking to for the future, but not presently, no. Okay. Thank you very much. Once again, as a reminder, that's star one for star one. One moment for questions. Our next question comes from the line of Hernán Castelo from MetLife. You may begin. Hello. Good afternoon. Thank you for taking my question. It's relating to the progress on the Dos Bocas new refinery. If you comment on that, how it's going, and when do you expect to start production in this new facility? Also related to that, if the cash or the money to fund the construction keeps on flowing from the government through Pemex, because this quarter, I wasn't able to find the usual contributions from the government to fund this construction. I would like to know if it's still done through Pemex or now it's done directly from the government to a different entity. Thank you. Yeah. Thank you for your question. Regarding the way the cash flows to the investment in Refinería Dos Bocas, that's exactly right. It's, as you mentioned, the federal government provides this cash, and we, through Pemex, transmit it to a subsidiary, PTI, which is in charge of the construction of the refinery. With regard to the advance of the project, as of March 2022, the Dos Bocas refinery project had a physical progress of 88.4%. It's an impressive construction site where there are 32,000 workers working. We will have an initial opening in July from where we will be having a mechanical completion of the project is included, a testing stage that could take up to six months, as well as a stabilization stage thereafter. Hope that answers your question. Thank you very much. Did you have any cash flow amount coming from the government during this quarter to fund Dos Bocas? During the first quarter, there were some inflows to the refinery of about MXN 15 billion. That would be the short answer for that. Okay. Thank you very much. With this question, we conclude this presentation. Thank you everyone for joining us today. We hope you're well, and we wish you have a nice day and a nice beginning of week. Thank you very much, everyone. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.