Good morning, ladies and gentlemen, welcome to the Pemex results of September thirtieth, two thousand twenty-two conference call, hosted by Carlos Cortez, 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. This 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 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 Cristina Arista, Head of Investor Relations Office. You may begin. Thank you. Good morning, and welcome to this call to present the financial operational results for the third 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 available in Investor Relations section of Pemex's website. For this conference call and 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. Thank you for your participation. It is my pleasure to welcome you on behalf of Petróleos Mexicanos. Now, I give the floor to our Chief Financial Officer, Carlos Cortez. Thank you, Chris. Good morning to all, hoping you are well. Let me first introduce myself. I'm Carlos Cortez, and since last August, I'm the Pemex acting CFO. I greatly appreciate the interest of the entire audience to know the progress in our operational and financial performance with preliminary figures to the third quarter of 2022. Our CEO, Mr. Romero Oropeza, sends you warm greetings. On this occasion, it will not be possible for him to join us in his usual initial message, as he's attending with the President of Mexico an important agenda of issues in environmental and fertilizer matters. Over the next few minutes, we will present the results of our operational discipline efforts, which combined with a high oil price environment, continue to reflect positive financial results. Without further ado, let's start with exposition. I will start by commenting that month by month, the improvement in our hydrocarbon production profile is consolidating. The total production of crude oil in the first nine months of the year already totals 1.78 million barrels per day on average, with a trend upward projection that will allow us to close the year with levels above 1.8 million barrels. In the coming months, the results of the efforts we have put into new developments such as Quesqui and Ixachi will materialize, and which will soon provide significant volumes of liquid and natural gas production. The strategy on new development has proven successfully. We will continue to work to identify similar opportunities. Let us now look at the contribution of these new developments to our total production. It is becoming more and more significant. As can be seen here, participation has increased substantially and with the development of a total of 36 new fields. At the end of this year, we will have a contribution of 522,000 barrels per day. This is almost a third of the total production at the end of 2022, which strongly demonstrates the right decision to promote this. Another successful strategy was the acquisition of the rest of the Pemex stake in Deer Park Refinery, which represented an excellent business from many points of view. At the end of the third quarter, 282,000 barrels per day were processed in this installation, of which 90% became high-value products such as gasoline, diesel, and turbosina. Volumes that complement the fuel supply that Pemex places in the market. Results are overwhelming. The accumulated net income so far this year totals MXN 861 million with an EBITDA generation of MXN 1 billion. Since Pemex is managing this refinery, the operating results are very outstanding. The performance achieved is higher than the average of the last five years, and in financial terms, the profitability in terms of EBITDA reached this third quarter was not observed since 2008. Beyond being evaluated as an excellent business, since we are already obtaining yields that exceed the amount of its acquisition, we believe that the main benefit is to enhance the crude oil processing capacity in Pemex facilities, as we will see below. As you can see, the dynamics of the crude oil process presented are decreasing profile. From 2013- 2018, this capacity deteriorated by 50%. This trend was reversed since this administration began strengthening the crude oil processing capacity in refineries of the national refining system. With this rehabilitation plan, as of September, a process of 807,000 barrels per day was reached. This is 32% higher than the level of 2018. If we also consider the contribution of Deer Park, Pemex total process adds up 1.09 million barrels per day, which means 78% more than in 2018. With this, Pemex fuel supply is strengthened and increased, allowing us to meet market demands once the pandemic is overcome. Since the results of the refinery rehabilitation program and the recovery of the domestic market were combined, having overcome the restriction caused by pandemic, Pemex has been replenishing its participation in national fuel markets. The most significant recovery is in the case of diesel, where with the average January to September sales, we have increased these sales by 50%. Also, the turbosina market particularly reaches pre-pandemic levels, and in the case of gasoline, an increase of 17% is identified compared to the average of several last year. Regarding other oil products, there is also solid recovery. We have found market for replacement of our fuel oil, whose evacuation in time contributes to the efficient operation of our refineries. In the same way, greater volumes of asphalt continue to be placed in Mexico, having a direct impact on the development of land communications in the country. We must highlight the greater LPG sales, as this is a basic fuel in the day-to-day of most of the country's population. Next, taxes and duties. The vocation of a state-owned productive enterprise such as Pemex is to contribute to the development of Mexico. In response to this, Pemex contributed to the public treasury during the January to September period, almost MXN 440 billion in cash flow, meaning an increase of MXN 197 billion compared to the same period of the previous year. Beyond emphasizing that we are the main contributor in the country, at Pemex we are very proud to contribute with a very relevant participation of the budgetary revenues of the public sector, which undoubtedly translates into benefits for the population. Well, in the next section, I will elaborate on other elements that have an impact, a direct impact on our financial results. First, we will talk about crude oil exports, which is our main source of foreign exchange. Foreign sales have remained stable compared to the previous quarter, as increased oil production has been channeled to the process in our refineries, as we will see in the next slide. Here we present a statistic of the crude oil process in Pemex refineries. As can be seen, in 2022, we are processing levels above 800,000 barrels per day, and if the contribution of Deer Park is considered, the total adds up 1.09 million barrels. With this improvement, Pemex supply of transportation fuels is substantially increased, as shown in the following slide. As of the third quarter of 2022, the supply of gasoline, diesel and turbosina of national refining system totals 446,000 barrels per day. If we consider this part contribution, the total rises 700,000 barrels per day. This condition, when compared to the situation prevailing in 2018, shows an increase of 95%. By making these volumes available to the market in a high price environment, significant benefits are captured. Let us now look at the reflection of all the above with the financial results. In the third quarter of the year, operating income was MXN 116 billion. This is MXN 30 billion higher than the comparable period of 2021. Considering taxes and duties in the third quarter, we recorded a net loss of MXN 52 billion, which means better results by MXN 25 billion compared to the net loss observed in the same period of the previous year. Considering the accumulated results as of September in the next slide, Pemex recorded an operating income of MXN 558 billion. This is MXN 308 billion pesos higher than that observed last year, and an income before taxes and duties of MXN 504 billion pesos, also better than the registered last year. Considering payments of taxes and duties, a net income of MXN 196 billion pesos was obtained, which also compares in a better way with the net loss observed in a similar period of 2022. To measure the profitability considering Pemex substantive activity, we have been reporting EBITDA generation. In the third quarter of 2022, this figure stood at MXN 174 billion pesos, which means an improvement of MXN 46 billion compared to that obtained in equivalent period of 2021. The EBITDA margin accumulated to the third quarter of 2022 is 36%, placing Pemex in a good comparative position as we can see in the next slide. By the third quarter of 2022, we rank in the third place compared with peers with an EBITDA margin of 36% above that of 32% achieved on average by the industry in 400 basis points. In the next slide, we have our CapEx evolution. Here we can see Pemex CapEx that shows a growing trend starting in 2019. For this 2022, we have an annual total ceiling of MXN 239 billion, of which MXN 136 billion have already been registered. Regarding its distribution by business line, the most important participation, 88% of the investment expenditure was executed in the third quarter of 2022 for exploration and production activities, particularly to continue promoting the shallow waters and land fields exploration and development strategy. 9% of the total investment expenditure was executed in activities related to industrial transformation for the rehabilitation of our refineries, gas processing complexes, and petrochemical plants. The remaining 3% was allocated to logistics infrastructure. Well, in the next section, I will elaborate on the attention to the agenda for environmental, social, and corporate governance issues. In Pemex, we reiterate that attention to this topic is fundamental for us, and it is part of the strategic objectives defined in our business plan. What are we doing? Well, we continue actively participating in the Consultative Committee of the Emissions Trading System, which remains in its trial period through the definition of productive sector requirements for their implementation in the operative phase. Also, as part of the initiatives intended to address the reduction and environmental impact strategy established in our business plan, we continued with the implementation of infrastructure projects to maximize associated gas and refinery gas utilization. Similarly, the gas utilization strategy implemented within Pemex Exploración y Producción was continued through initiatives focused on gas management, transportation, and reconditioning infrastructure construction and rehabilitation. With respect to the climate change adaptation efforts, progress was made in the desk of analysis regarding the climate risk analysis of the oil pipeline system located in Fortin-Maltrata-Veracruz section, which substituted the climate risk analysis of the Tasta gas processing and transportation center due to logistic reasons. The next slide is our decreasing gas emissions to the atmosphere. In order to reduce the environmental impact and improve energy management in industrial activities, we continued with the implementation of infrastructure projects to maximize the use of associated gas and the gas at refining process to reduce exhaust emissions. In the third quarter of 2022, the gas sent to the atmosphere by crude oil and gas extraction activities decreased 114 million cubic feet per day, representing a gas use of 90%. What about our key performance indicators? Well, regarding environmental protection key performance indicators, we can share good results with you. First, sulfur oxide emissions were reduced 24%, mainly due to the entry into operation of sulfur sweetening and recovery plants in refineries and gas processing complexes. Our carbon dioxide equivalent emissions decreased by 14% as a result of the implementation of hydrocarbon transportation and operational flexibility projects. The water reuse index improved by 15% as a consequence of an increase of more than 1 million cubic meters of reducing water in our northern refineries in Madero and Cadereyta. Well, what about our strategy for environmental risk management? The Pemex Risk Committee is responsible for managing environmental risk, as well as those risks related to our industrial safety and operational reliability issues. In the context of environmental risk management, by the end of 2021, the committee instructed the preparation of an inventory of intolerable environmental risks to mitigate impact on soil, water, air, and communities that were classified into five priority levels, taking into consideration their impact and probability of occurrence. Likewise, it instructed the responsible areas to develop an initial three-year program to address them. As of the third quarter of 2022, the inventory comprises 225 risks, and so far this year, budgeted resources of MXN 1.7 billion have been already allocated for their attention, from which MXN 1.2 billion were already assigned to address priority one risk. By the end of September, six priority one and 11 other priority risks has been addressed. Among the action taken by the Pemex Risk Committee in the third quarter of 2022, we have two, the following standouts. The first one is the authorization for the creation of a specialized working group for the attention of environmental risks, which will have the powers to coordinate the identification, evaluation, prioritization, and management of each risk. Also the instruction for the abandonment of 20 fields without production, which implies action as the plugging of wells, remediation and of contaminated soil, and environmental compensation measures, among others, which are expected to give positive consequences in the mitigation of environmental impact. Since 2019, the Pemex Risk Committee established a program for addressing the reliability and industrial safety risk considered as not tolerable, as I already have said. Therefore, since 2019, efforts were initiated to identify these risks, and resources were allocated for adaptation, particularly to reverse facilities deterioration, and consequently potential associated sinister or accidents. By the end of September, a total of 753 risks have been identified, from which 486 have been addressed, with an estimated investment through the full period from 2019 to September 2022 of MXN 16.6 billion. Finally, in terms of our social engagement, Pemex jointly with the participation of communities and local authorities located in oil area, carries out actions that promote stable social environments that favor, at the same time, operational continuity and safety in our facilities. From January to September, Pemex invested a total amount of MXN 751 million in these activities, from which MXN 423 million, that represents 56% of the total, consisted of fuels and asphalt donations, and MXN 328 million, this is 44%, were directed to programs in sports and education and infrastructure, environmental protection, productive projects, public health, safety, and civil protection. Now, we have other relevant issues. The first one is the strategy against fuel theft. It is worth to say that important part of Pemex logistics investment expenditure is for strengthening activities to combat the illicit fuel market. As a result of this effort, during 2022, the low levels of imbalances by illicit fuel market observed since 2019 have been maintained. This is a result from the joint strategy with the federal government for these purposes. Since 2019, we have estimated savings of about MXN 117 billion in savings. The next slide is about payments to suppliers and contractors. The financial health of our suppliers and contractors is very important for Pemex. In this sense, we are committed to promoting continuity in the payment of our bills, as well as to resolving the delay in the payments of our bills that were in part most of them a result of the hard moment that we experienced during the critical stages of the pandemic. As can be seen in this slide, a steady flow of payments has been maintained even during those worst moments of the crisis in 2020. In 2021, we had an increase in payments of more than 30% compared to the previous year. In order to face the lag that was generated since the end of 2020, some financial mechanism has been implemented to obtain the resources to meet this commitment and to solve the liquidity problems that may have originated in our suppliers' and contractors' treasury. With the resources obtained from this mechanism, and with regular payments with our own resources, so far in 2022, a total of MXN 32.8 billion has been disbursed in payments to suppliers and contractors, which represents already 88% of the payment, of all the payments made in 2022. With these efforts, it has been possible to significantly reduce the lag in the payment of our reduced invoices. At the end of the third quarter, the average delay period for overdue invoices is just 39 days on average. Well, the next section is about our public debt and financing strategy. First of all, we have to say that the market environment since the pandemic has been complicated, as you know it. This is a result of restrictions on economic activity, which partially began to recover in 2021. In 2022, the world is facing global geopolitical conflicts. You know what I mean. This, among other causes, has led to unusual global monetary policy measures by the authorities, which have adversely affected the performance of our bonds. As an example, in the graph, you can see the evolution of our ten-year bond yield, which is at a historically high level. What about our debt maturity profile? Well, during the third quarter of 2022, efforts to identify opportunities for liability management and refinancing continued, which will allow us to potentially soften the maturity of the debt amortization and release pressures that could be generated by concentration in our maturities commitment. Regarding our debt amortization, it should be noted that during the second and third quarter of 2022, Pemex has used our financial surpluses to make the payments, and the strategy will be maintained for the rest of the year. With this, the limit established by the federal government is complied with, as not to increase the country's net indebtedness. The next slide is our debt balance. One result that we are very pleased to share is that Pemex's debt balance is reducing. Both at the end of 2021 and so far in 2022, the total stock of debt has decreased comparing with the previous year. Comparing against the end of 2021, the balance now is lower by almost MXN 4 billion. Without taking into consideration the amount corresponding to the monetization of credit titles in favor of Pemex, the company's financial debt is MXN 5.7 billion lower than the balance registered at the beginning of this administration. What are our funding plans for 2022? Well, so far in this year, several financing operations have allowed the company to maintain a solid financial position. Among others, we had renewals of promissory notes and credit lines, short-term loans, an amendment to the monetization of securities with JPMorgan, and a financial mechanism for payment and for payment to suppliers. During the fourth quarter of the year, efforts are being made to negotiate a potential line with Exim Bank, the renewal of the revolving credit line in pesos, and evaluation of potential liability management operations. Finally, just to reiterate that federal government support is maintained. Pemex is in close and continuous communication with the Ministry of Finance to follow up on our financial position. If required, Pemex will agree with Hacienda the action to be taken to materialize that support. Well, with regard to the financial content of this presentation, I have nothing more to add. At this point, I will give the floor to Mr. Ángel Cid to continue with the presentation on Pemex Exploration & Production matters. Thank you very much. Thank you very much, and good morning to everyone. The presentation of the results of the third quarter of 2022 for Pemex Exploración y Producción is divided in four sections. In the first part, I will discuss the performance in liquid hydrocarbons production, that is crude oil and condensate, including production for our partners. In the second section, I will present the progress in oil production in the new fields project. In the third section, I will discuss the performance of natural gas production, and in the fourth section, I will show some performance indicators that can reduce production times and increase efficiency. Next. Due to the implementation of a new strategy in the exploration and extraction of the hydrocarbons, favoring exploratory development and production activities in onshore and shallow water areas, together with the action implemented to minimize the decline of the major fields, the historical trend in the production of liquid hydrocarbons was changed. That as of 2019, the drop in the oil production platform of recent years was reversed. This strategy is mainly based on the incorporation of early production from exploratory wells, accelerated development of new fields, both onshore and in shallow waters, shorter time to develop and bring newly discovered fields into production, focus on well maintenance to sustain base production in major fields, and immediate attention to operational problems. These actions allow us to reach an average production of 1,764,000 barrels in the third quarter of 2022, a volume approximately 690,000 barrels higher than the decreasing trend. Next. Okay. In the third quarter, the positive trend in liquids production continued, reaching an average of 1,764,000 barrels per day, higher by 24,000 barrels per day compared to the same period in 2021. Representing an increase of 1.4%, mainly to the incorporation of wells from both the new fields strategy and early production. In addition, we continue with the maintenance of wells and immediate attention to the operational problems. All this allow us to overcome the effects of natural declines and increase in the fractional flow of water in major fields. In terms of the quality of the hydrocarbons produced, the participation of light crude oil has increased 47% of total production due to the contribution of the new fields, most of which are producers of this type of oil. Next, please. Okay. The production of liquid hydrocarbon extracted for the new fields is an essential part of the strategy to stabilize production and even continue with the production growth trend. During the third quarter, we incorporated production of 74,000 barrels from the completion of 15 wells, 10 offshore and 5 onshore. Thus, the production of liquid hydrocarbons due to the total incorporation of the new development and the early production of fields as of September 30 reached 402,000 barrels due to the contribution of 136 wells, 87 marine, and 49 land wells. For the fourth quarter of this year, 15 more wells are expected to be added to the production. Next. Regarding the quarterly performance of hydrocarbons gas production, as shown in the graph, total natural gas production, not including production for partners, increased by 189 million cubic feet per day. This is equivalent to a growth of 5.1% compared to the same period of 2021 from 3,690 million cubic feet per day to 3,879 million cubic feet per day. This increase, higher in percentage compared to that obtained in liquid production, is due to the contribution of the new fields with a high gas-oil ratio: Xochitl, Ixachi, Kejtli, Tupilco Profundo, Koban, and Racemosa, among others. Because of the actions implemented as of 2019, the production of the start-up time of the main fields as of the discovery was reduced from eight years to one year. Among the main actions, the following stand out. First, the change of the exploratory strategy through prioritizing activity in shallow waters and onshore base close to existing production infrastructure. Second, optimization of management time in regulatory matters. Third, operational efficiency in the construction of the infrastructure. Next. Pemex shows an excellent exploratory success rate, ranking second among the most important companies worldwide in the 2019-2021 period. In that period, the success rate was 53% higher than the average of 37%. It should also be noted that the cost of discovery is MXN 3.4 per barrel of crude oil equivalent, which is lower than the average of the selected companies. This concludes my participation in this call. Now I give the floor to Reinaldo Wences of Pemex Transformación Industrial. 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 third quarter of 2022, crude oil processed at the national refining system averaged 807,000 barrels per day. That is a 16% increase as compared to the same quarter of 2021 as a result of the continuity of the national refining system rehabilitation program. In particular, this behavior is explained by a better operating performance at refineries. The following refineries processed. Salina Cruz, 200,000 barrels per day. Tula, 187,000 barrels per day. Salamanca, 124,000 barrels per day. Minatitlán, 115,000 barrels per day. Madero, 92,000 barrels per day. Cadereyta, 90,000 barrels per day. Regarding the rehabilitation program of the national refining system, during January to September, repairs were completed in 45 process units, 36 corresponding to the 2022 program and 9 of programs from previous years. 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 third quarter, the production of oil products increased 14% as compared to the same quarter of 2021, averaging 802,000 barrels per day, of which 242,000 barrels per day were gasoline, 137,000 barrels per day of diesel, 36,000 barrels per day of jet fuel, and 386,000 barrels per day of other oil products in LP gas. In this positive performance, the 13% increase in the production of distillates, that is gasoline, diesel, and jet fuel in the refineries was Salina Cruz with a production of 102,000 barrels per day, Tula with 98,000 barrels per day, Salamanca with 65,000 barrels per day, Cadereyta with 55,000 barrels per day, Minatitlán with 53,000 barrels per day, and Madero with 42,000 barrels per day. With respect to our variable refining margin, during this third quarter, the national refining system recorded a negative variable refining margin of MXN 7.37 per barrel, a lower figure by MXN 10.69 per barrel compared to the margin recorded in the same quarter of 2021, mainly due to the drop in the crude oil price in the north coast of the Gulf of Mexico. Considering the period January to September, the variable refining margin averaged MXN 8.50 per barrel as a consequence of better results than the first half of the year. Next slide, please. With respect to gas operations, in the third quarter of 2022, the wet gas processing averaged 2,795 million cubic feet per day, 176 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 Exploración y Producción of around 198 million cubic feet per day. This increase in wet gas availability is explained because in the third quarter, there has been higher gas production from the Quesqui field, which since March of this year has maintained a production of around 500 million cubic feet per day. Regarding gas production, as a result of the processing level, dry gas production recorded 2,278 million cubic feet per day, 7% higher than the figure recorded in the same quarter of 2021. This behavior is mainly explained by a gas production increase at Cactus, Nuevo Pemex, and Arenque gas processing complexes. Finally, gas liquids production averaged 167,000 barrels per day, a higher figure by 5.9 thousand barrels per day as compared to the same period in 2021, mainly due to an efficiency recovery in the cryogenic plants at Cactus and Nuevo Pemex facilities. Go to the next slide. Last slide. Regarding petrochemicals production, in the third quarter of 2022, the total petrochemicals production recorded 356,000 tons. The best-performing products are, one, sulfur production was 67,000 tons, an amount 11,000 tons higher as compared to the same quarter of the previous year. This result was mainly influenced by the higher production of sulfur in Ciudad Pemex gas processing complex and at Madero and Minatitlán refineries. Two, in the methane derivatives chain, ammonia production was 85,000 tons, an amount 7,000 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 the Cosoleacaque Petrochemical Complex. Production of other petrochemicals recorded 116,000 tons, 33,000 tons higher than in the third quarter of 2021, mainly due to a higher production of carbon dioxide at Cosoleacaque Petrochemical Complex. This concludes my participation in this call, and I now give the floor to Carlos Cortez, Corporate Director of Finance, for a final message. Thank you very much for your attention. Thank you very much, Reinaldo. Thank you, Ángel, also. Fortunately, we have enough space for the question-and-answer section. We will take a few seconds to integrate the proposals and then proceed to respond. Thank you. Thank you, ladies and gentlemen. As a reminder, to ask a question over the phone, simply press star one one on your telephone. Please stand by while we compile a Q&A roster. As a reminder, that is star one one to get in the queue. One moment for our first question. Our first question comes from the line of Anne Milne with Bank of America. Please proceed. Good morning. Thank you very much for the call today. A few small questions. One, with the Deer Park Refinery, adding to the refining capacity of Pemex, is it purchasing crude oil from Pemex, or is Deer Park actually selling any of its downstream products into Mexico? Just wondering what if there's actually any transactions between the entities. Second question, there was a headline yesterday about a contribution from Pemex to several fertilizer divisions for over MXN 500 million. Maybe you could give us an update on that. Then my third question is for the 2023 debt maturities in your profile. What are your current plans for repaying or and/or refinancing those maturities? Do you think there will be support from the Mexican government if needed? Thank you very much. Hello, this is Reinaldo Wences. I'll answer the first question. First of all, Deer Park has been very successful, a very successful acquisition, and their operations have done very well up to now in this year. They had been purchasing historically because we co-own the facility together with Shell, and we had an agreement whereby they would be purchasing a certain amount of crude oil from Pemex. This amount is around 70,000 barrels. It started at a higher level, but through the years it's gone slowly down because we've privileged their autonomy of decision-making and making their own crude oil diet according to what their needs would be. They're still purchasing about 70,000 barrels per day of Maya type crude, and they're selling mainly still into the United States. We might see that change in the future whereby some of their products could be coming down to Mexico. For now, they're servicing the American market. I hope that clarifies the situation with Deer Park. Yes. Great. Thank you. Thank you, Reinaldo. I'm Carlos Cortez, and I will elaborate on your question about the fertilizer chain. Regarding this question, in effect, Pemex is allocating more and more investment to rehabilitate these plants. Just these days, our CEO is attending an important agenda on these matters in the west coast of Mexico. In the near future, we will disclose about the amounts that we are channeling to this important strategy for the federal government. For the third question regarding the 2023 maturities, it is important to mention that roughly 50% of these maturities are bank loans, and we are currently working with our banks to renew these loans. As for the other part of the maturities. We are currently working on financial structures to secure the resources needed to cover these maturities. Of course, there's our own resources and, very important, there will be government support if needed. Very good. Thank you very much. Thank you. One moment for our next question. As a reminder, to ask a question, simply press star one one to get in the queue. Our next question, one moment please. Comes from the line of Barbara Halberstadt with JP Morgan. Please go ahead. Hi. Good morning. Thank you for the opportunity of the question. Just wanted to understand how you're thinking about the imports of refined products going into fourth Q. Just to understand what type of trend we should be seeing there. Also, if you could give some additional color on what you expect in terms of working capital consumption for the fourth quarter. Thank you. Just one second, please. Hi, this is Ernesto Balcázar with the accounting team. In connection with your questions, we believe that, since imports will be reducing in the fourth quarter, our expectation is that the working capital, the negative working capital would be also decreasing and would be improving during this fourth quarter, by the end of the year. Okay, thank you. You're welcome. One moment for our next question, please. Our next question comes from the line of Badr El Moutawakil with Barclays. Please go ahead. Yes. Thank you so much for taking my question. I think two of my questions were already asked, but maybe let me rephrase them. On the first one, in terms of funding, I see on the slide that Pemex is talking about private securitizations of accounts receivable. Can you give us an estimate of what sizes are you guys thinking about for that for Q4 and potentially for 2023? Also thinking, you know, out loud, given that capital market yields are obviously a little bit higher now or significantly higher than at the start of the year, is there a level of yields in capital markets where Pemex would not feel comfortable coming and issuing, for example, at 10%? Is it like a 5%, 7% yield where you don't think that you guys would come to market? My second question is related to what Barbara was asking about working capital. Is there a possibility to get, you know, if you walk us through your working capital for the full year of 2023, and especially thinking, you know, about the downstream issues. Are you seeing the government that is paying Pemex on a monthly basis on the difference between local and international prices? Are we seeing any additional pressure there? Any updates on working capital would be very appreciated. Thank you so much. Hi. Regarding the first question, the monetization of gasoline receivables, the amount is less than 10% of the whole universe of receivables. That's the first answer. Regarding your second question, we can tell you that we do not feel comfortable with these levels that we are seeing right now in the market. In terms of what level will makes us feel comfortable, we will have to see next year how the market evolves. We can guarantee you that this level, we do not feel comfortable, and we would not validate current levels. Regarding the third question, just one second, please. Hi, this is Ernesto Balcázar again with just to let you know about the working capital. We are looking forward improving during next year also the working capital to reduce the negative working capital. That will be also based on reducing our imports, and well, we still expect our increase in net sales and that will also lead us to better resources in cash and accounts receivables. In the third question regarding the subsidy for the difference between the international prices and the limits of prices that we can sell here in Mexico, there is still that provision. It is still in force. We have not heard anything from Hacienda in terms of changing that regulation or that benefit for Pemex and other distributors of gasoline. As long as the measure is there, we will be taking the advantages of that measure. Understood. Thank you so much. You're welcome. Thank you. You can go ahead with the web questions, if we have any. Thank you. We have a question from the webcast from Declan Hanlon. Can you please again review the comments made in the prepared remarks about potential new loans and future liability management activities? Can you also update us on the scale of the receivables due from the government related to fuel subsidies and comment on the collection process? Finally, where are you in relation to the refinancing of the peso-denominated credit lines? Hi, this is Alberto Jiménez again. In terms of the financing program, as you know, we are really intensive in bank loans right now, so we are currently working on the renewal of upcoming maturing lines, as well as new lines with our main relationship banks, as well as working on a new guarantee with Exim Bank. Regarding the possible LM transaction, really important that what we are seeing given the current market backdrop is a possible repurchase or a possible tender for our bonds with our own cash. It's still in the drawing board. It's something that we will be looking at in case the conditions come into place. In terms of the peso-denominated credit line, we are currently working with the banks that participate in the club deal, and we will be closing that renewal mid-November. Well, this is Carlos Cortez again. Regarding the question about the procedure in order to recover the difference between the market price and the fixed price that is in the pumps due to the price policy in Mexico, it is worth to say that the procedure is by placing a tax recovery requesting to the tax authority in Mexico. The average time that we consume in order to have our cash is more or less 20-25 days, more or less. Thank you very much. We have another question from the webcast. What are your expectations for refining process during the coming year? I give the floor to Reinaldo Wences. Yeah. This question is from Carla Omaña. Greetings. It's good that we were able to have a question-answer session in the English portion, so now we can cover those questions that were probably in the Spanish section. With regard to our levels of refining process, as we were mentioning, we're just over 800,000 barrels per day in a cumulative. For example, in the last week, we've been around 985,000. We're already seeing how we're breaking from, let's say, levels of 820, 830,000. If you remember, we had put a cap on our process level to take benefit of the high level of crude oil prices and export more crude. Since then, we have improved our Different plants and operations, and we're able to get to higher levels. Now, if the price stays where it is more or less today, crude oil, we would be growing slowly but surely, and we would end the year most probably around 840,000 barrels per day as a average for 2022. We'll be looking at an average of over 900,000 for next year. Our goals are a bit higher than that, but you can say, for sure we would be above 900,000 barrels per day as an average. That all contributes to lesser imports and the issues of cash flow that were mentioned in the previous questions. I hope this answers you. Thank you, Carla. From the webcast, we have the following question: Can you explain your financing plan for December this year? You talk about the financial mechanisms for providers and contractors. What does that mean? I give the floor to Beto Jiménez. Hi. This is a question from Aaron. Hi, Aaron. Really important, these financial mechanisms to pay providers and contractors are our traditional Cadenas Plus, which we do in collaboration with Nafin. Factoring are really important. It has nothing to do with our previous supplier transaction, the supplier bond. Just to make that clear, this will be our traditional factoring exercise that we do in December, Cadenas Plus with Nafin and factoring and bilateral factoring with our banks. Well, I'm afraid there is no more time. This is Carlos Cortez again. Thank you to the whole audience for your interest, and taking into consideration that the next call will be until the next year. I don't want to miss the chance to wish the entire audience a good rest of the 2022 year and the 2023 full of prosperity. Thank you for your interest, and see you next time. Thank you. With that, we conclude today's conference call. Thank you for participating, and you may now disconnect. Good day.