Good morning, ladies and gentlemen, and welcome to the PEMEX's Result as of March 31, 2023 Conference call hosted by Carlos Cortez, Acting Chief Financial Officer, Ángel Cid, General Director at Pemex Exploración y Producción, and Reinaldo Wences, Deputy Director of Evaluation and Regulatory Compliance at Pemex Transformación Industrial. There is a support presentation for this conference. The link is available at PEMEX's webpage, www.pemex.com/en, in the financial information category within the investors 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, welcome to this call to present the Financial and O perational Results for the First Quarter of 2023. 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 finance pages of our earnings report. This is published in the relations section of PEMEX website. For this conference call and its supporting documentation, while variations are compared as compared to the same quarter of the previous year, and cumulative variations are compared at the same period of the previous year, unless it is otherwise specified. Thank you for your participation, and on behalf of the board of Mexicanos, welcome. Now I give the floor to our Chief Financial Officer, Carlos Cortez González. Thank you, Christina, and good day to all who attend this call. Hoping you are well. I'm very pleased once again to have the opportunity to share with you the results of our management at the end of the first quarter of 2023, a year in which we have as a challenge to consolidate the achievements made the previous year, both in our operational and financial performance. I will begin by commenting on some key highlights of our management in this month. First, emphasize that on April 28, we presented in advance of the deadlines required by applicable regulations, both our 2022 Annual Report to the Mexican financial authorities and the Form 20-F to the United States Securities and Exchange Commission. Regarding the Financial Results audited at the end of 2022, the report issued by our external auditor indicates that they reasonably present the consolidated financial situation of Petroleos Mexicanos and its subsidiary and affiliated companies in accordance with International Financial Reporting Standards. It should be also be noted that the opinion was issued without disclaimers. In this context, I'm pleased to comment with you that based on these audited results, PEMEX recorded at the end of 2022, a net return of almost MXN 100 billion, which compares positively with the net loss observed in 2021 of around MXN 295 billion. This improvement of MXN 395 billion is a result, as we have already said, of our reports of discipline and operational excellence, combined with a favorable oil price environment. This positive inertia was transferred to the first quarter of 2023. Our solid operating performance and the stability achieved in hydrocarbon prices in the market allowed us to obtain a net return of MXN 57 billion within the first three months of the year. I will briefly elaborate on the reasons that support these results. Regarding our production of liquid hydrocarbons, thanks to the efforts to offset the natural decline of our crude oil production in mature fi elds, the application of advanced secondary recovery techniques, and above all, the contribution of new development, we proudly announce that the average obtained in the first quarter of this year is 1.87 million barrels per day. This is an additional 5% to the average observed in the whole last year. The success of the commitment to new development is proven by its contribution to the total production of hydrocarbons. Since last March, they already contributed 543,000 barrels per day. This represents almost a third of our total production. Our drilling program for the rest of the year is challenging, month by month, additional volumes will be added. This will not only allow us to continue offsetting the decline but also increase total extraction to soon achieve the goal of two million barrels per day. Regarding industrial transformation activities, the performance of our infrastructure of crude oil process stands out. The average reached in the plants of the six refineries of the national system during the first quarter of this year exceeds by 19,000 barrels per day, the average of all last year, and by 123,000 barrels, the average of 2021. If we take into consideration the contribution of our refinery in Deer Park, the 264,000 barrels per day processed in its plant during the first three months of the year upscaled the total crude oil processed in PEMEX assets to 1.1 million barrels per day. When comparing the process capacity prevailing at the beginning of this administration, it has been increased by 80% with all the actions already described. Regarding our refinery in Deer Park, I share with you that it continues to make solid contribution to PEMEX results. During the first quarter, it obtained a net result of $252 million. This is $57 million more than the same period of the previous year. There were some operational incidents that led to lower the crude oil process in Deer Park. The refining margin increased by 47%, going from $13.1 per barrel in 2022 to $19.2 per barrel in 2023. As a result, the supply of transport fuels, this is gasoline, diesel, and jet fuel, has increased significantly. Considering the contribution of Deer Park products, the increase compared to the beginning of the administration is 90%. The construction of the coking plant in Tula and Salinas Cruz, as well the upcoming contributions of the Olmeca Refinery, are efforts that will contribute to achieving in the medium term the strategic objective of self-sufficiency in fuels. Elaborating on the commercialization of products, the results of the first quarter of 2023 show higher averages than those of previous years. Taking into consideration that in this period, high demand seasonalities are not captured, such as Easter, summer, and the end of year, it is anticipated that at the end of 2023, higher sales will be registered compared to those observed on average throughout 2022. Fuel sales represent an important proportion of PEMEX gross revenues. We are aware of the importance of maintaining and increasing a solid customer base, to whom we offer attractive commercial solutions for the distribution of our fuels. The greater fuel supply that is anticipated in the medium term due to the optimization of our crude oil process as well as the contribution of new facilities, will require important challenges in commercial matters to place these products on the market. In continuation to the positive dynamics of the previous year, financial results reflect a good performance. It should be noted that during the first quarter, we recorded an operating profit of MXN 35 billion pesos and a net return of MXN 57 billion pesos, reflecting the achievement in our substantive activities of production and processing of hydrocarbons, as well as the good market condition for the commercialization. We also highlight that last January, we had a successful return to the international capital market with a financial operation that was placed in efficient terms through which we issued bonds for $2 billion. It is also highlighted that the accumulated balance of our debt registered a decrease of $341 million compared to the amount observed at the end of 2022, as we will see later. Regarding our ESG agenda, I also want to emphasize that, with the purpose of strengthening the vision and scope of the company in environmental, social, and corporate governance matters, on March 2, the Sustainability Committee of the Board of Directors of Petroleos Mexicanos was installed. The committee is composed of 5 members, 3 independent board members, as well as representatives of the Ministry of Finance and the Ministry of Environment and Natural Resources. Their tasks will contribute significantly to promoting PEMEX' sustainability agenda as it is now required for global companies. As we announced it earlier this year, sorry, we are already working on the integration of a sustainability plan based on the feedback we have received from different partners in recent months. We will soon disclose some of its general content. Regarding our closest commitment in terms of gas emissions, we highlight that we continue with gas utilization rate of 90-95% in PEMEX exploration and production facilities. With preliminary data for April, this ratio will increase to 96%, and according to the established plan, the improvement will continue until averaging 97% during whole 2023. Next, I will elaborate on some details of our results and upcoming challenges in financial matters to later ask my colleagues from PEMEX Produccion y Transportacion Industrial to do the same on the performance of our upstream and downstream line. Here we have our EBITDA margin. The position of PEMEX in cash flow generation measured by its EBITDA margin indicator as a profitability indicator has been higher than the average of the selected companies in the industry for more than three consecutive years. In the first quarter of this year, the situation continued, measured in terms of margin with respect to its sales, PEMEX observed a ratio of 28%. This is 200 basis points higher than the industry average of 25%. The effect of lower rates of low sales prices of oil and its derivatives, with respect to those observed in same period of the previous year, affected the results of these indicators throughout the industry. For example, the average EBITDA margin during 2022 was 31%. With the stabilization of prices in the market, the average for 2023 is anticipated to be slightly lower. As anticipated with the following quarterly detail. As can be seen, both in absolute terms and in margin, Pemex EBITDA reached its maximum level during the first and second quarter of 2022, in close association with the recovery of prices in the industry compared with 2021. The gross generation of EBITDA in the first quarter of 2023 was MXN 118 million, which meant a reduction of MXN 88 million compared to that observed in the same period last year. In terms of margin, the 28% reached in the January-March period contrast with the 41% registered in 2022. This situation is explained by the stabilization of the prices of oil and its derivatives, since remember that the previous year prices were around $98 per barrel on average during the first two quarters of the year, sorry. Here we have our CapEx evolution. Regarding our capitalizable investment expenditure, we want to highlight the growing profile that has been presented since the beginning of this administration. At the end of 2022, there was an increase of 28% compared with 2021. With the authorized ceilings and operational programs in place, a similar increase is expected to be observed during 2023. Of the total expenditure, we continue to maintain the concentration of around 80% in hydrocarbon exploration and production activities, and the remaining will be executed in refining gas and petrochemical activities, as well as in logistics, infrastructure, and corporate services. At PEMEX, we are working on adapting our taxonomy to be able to make our spending on sustainability issues, more transparent. In this sense, we can communicate that expenditure on transversal activities with impact on environmental and industry safety issues, that is planned for 2023 exceed, MXN six billion, as can be seen at the bottom of the table. This figure is higher than that observed in 2022. What about our suppliers and contractors' payment? Well, in PEMEX, we know that a good operational performance is associated with the support of our suppliers and contractors. In this context, at the end of 2022, the flow of payments increased by MXN 75 million compared with 2021. Whether through the direct flows or some specific financial structures, Pemex works on a strategies to continue maintaining regular flows and, as far as possible, accelerate disbursements. During the first quarter of 2023, payments have been made for more than MXN 82 million pesos. We try to maintain close contact with suppliers, supplier companies to understand their challenges and requirements to agree on joint strategies that allow the fulfillment of common objectives. At Pemex, we are aware of the value provided by our suppliers and the impact of their activities on the regional economies where we operate. We are continuously evaluating alternatives to provide liquidity and align payments with activity carried out. Here we have in the next slide, our hedging strategy for 2023. In this year, Pemex is executing a hedging strategy to face non-favorable variation in the price of oil that protects around 30% of its total exposure. The strategy consisted in the purchase of monthly put spread, which provides protection against falls in the price of Mexican crude oil mix of up to $5 below the level they consider to formulate the commitments established in the Revenue Law of the Federation. This is $68.7 per barrel. Under the assumption that a lower price level will compromise the investment and operating expenditure planned for the current year. As a result of this little price variability observed during the first quarter of this year, the hedge has already paid $12.6 million. Next, we have the situation of the illicit fuels market. Regarding the actions to recovery the volumes from illicit fuels market and yet at the end of the first quarter of 2023, the value of income not captured by illicit theft summarizes MXN 5.7 billion. With the actions carried out in coordination with institutions of the federal government, the accumulated recovery compared to the situation prevailing in 2018 is estimated at MXN 129 million. We will now comment on sustainability topics in the next section. In the next section, please. Regarding our key environmental performance indicators, during the first quarter of 2023, carbon dioxide equivalent emissions decreased by 4.3%, mainly due to the implementation of infrastructure projects focused on increasing the use of gas in exploration and production activities. The sulfur oxide emissions increased by 13% due to increased gas processing at Cactus and our PEMEX complexes. The proportion of water we use increased by 6.5%, mainly as a result of the rehabilitation of the Salamanca Refinery and the entry into operation of a new wastewater treatment plant at the Cadereyta Refinery. What about our emission reduction? Well, during the first quarter of 2023, we continued with the implementation of the gas usage strategy in Pemex Exploración y Producción, through which we seek to progressively reduce the gas sent to the atmosphere in our facilities. Among the actions implemented are: the cancellation of wells with high gas-oil ratio in the Northeast Marine region; the construction of a sweetening plant at the measurement and control station in Papantla for the handling of the gas from the Ixachi field; and preventive maintenance of gas compression units. These actions have allowed a reduction in the emission of greenhouse gases and increased the use of gas in our facilities. Regarding our security key performance indicators, during the first quarter, the cumulative frequency index for PEMEX personnel stood at 0.58 accidents per million man-hours worked with a risk exposure, mainly due to the incidents registered in PEMEX Exploration and Production and PEMEX Industrial Transformation. The severity index was 32 days lost per million man-hours working with exposure to risk. Recognizing this problem, during this year, there will be continuity in initiatives to strengthen the PEMEX safety, health, and environmental protection system to reverse this accident trend. With the regarding our social commitment, I would like to say that with the participation of communities and local authorities, Pemex implements social responsibility actions that foster stable environmental and environment and promote the operation continuity and safety of our facilities. During the first quarter, Pemex social investment in communities where we work amounted MXN 242 million. This means MXN 150 million more than in the same quarter of 2022. The investments were applied in 47 programs, works and action regarding education and sports in infrastructure, productive projects, health, and the strengthen to services of public security and civil protections. All the works of this quarter were carried out via the Programa de Apoyo a Comunidades y Medio Ambiente, the so-called PACMA. Next, we have the strategy for risk management. Here, I would like to emphasize that as of March 31, 19 environmental risks were addressed, of which seven are priority one, and 42 risks are in the process of attention, for which an investment of MXN 101,130 million has been allocated. Among the main mitigation actions are the rehabilitation of effluent treatment systems that reduce the effects on water deposits and soil, the reduction of polluting material to water and soil through corrective action of containment, characterization, cleaning, and remediation of sites, and the rehabilitation of congenital water conduction systems and the installation of corrosion protection to reduce the likelihood and impact of possible future events. Pemex, as a company committed to occupational health and safety, has continued a specific initiative to address intolerable risks in terms of industrial safety and reliability, allocating resources to reverse the trend in the deterioration of our facilities and, consequently, potential claims and accidents associated with risks of industrial safety and operational reliability. Finally, we reiterate that during this month, we have been in contact with different counterparties to identify the main elements that should be included in our sustainability plan. Up to date, we are in process of selecting a consultant that will help us and support us in the iteration of the document. We soon disclosing more details about this advance. Now let's review our debt status and financial strategy. Regarding our 10-year bond yields, well, this reference was increased with respect to the prevailing condition in the last quarter of 2022. A slight recovery was observed in the last days of March. Global financial instability aggravated by the failure of some financial institutions, as well as the monetary policy measures, contributed to the increase in the bond rate. Regarding the cumulative balance of our debt, it is noteworthy that at the end of the first quarter of 2023, and including accurate interest, the amount decreases by $341 million compared to the level observed in 2022. This condition is in line with the strategy established by the federal government so that as far as possible, the balance of our debt does not increase. In the next slide, we have our maturity profile. It is noteworthy that for the rest of 2023, payments commitments have been identified for the equivalent of $4.6 billion. It is appropriate to comment that, based on the dynamics, with which we have been working with Hacienda to agree in a coordinated manner on action to address Pemex's financial situation, we are already discussing support, supporting alternatives to strengthen our capacity. With the purpose of making this commitment compatible with those required by our operational performance. Finally, I will emphasize that in terms of budgetary metrics, the authorized team for 2023, this is the difference between the new provision, disposals and the, and the scheduled amortizations, is equivalent of MXN 30 billion. However, it will be ensured that, as happened in the year, in 2021 and 2022, in which a net budgetary deleveraging was registered, also in this 2023, a similar condition could be achieved. This implies that the new disposals do not exceed the payments of the scheduler amortizations. Well, this concludes the presentation of the financial results. However, these results are largely explained by our good operating performance. In order to elaborate into the details of our performance in upstream and downstream activities, I will now initially ask Mr. Angel Cid t entation. Thank you very much. Thank you. Good day to everyone. The presentation of PEMEX Exploration and Production operating results is divided into three sections. In the first part, I will talk about the performance in the annual production of liquid hydrocarbons, that is extraction of crude oil and condensate, not including the production of our partners. In the second section, I will show the annual performance of natural gas production. In the third section, I will present the production progress in the new fields projects. In the line with the 2023, 2027 business plan, PEMEX Exploration and Production continues to focus on areas with the greatest productive and economic potential. The current strategy to resize of exploration in onshore and shallow water areas. In addition, the accelerated development of new fields continues. The early incorporation of production for exploratory wells is maintained. Likewise, the time for development and starting production has been reduced, and the focus continues to be on wells maintained to sustain base production in operating fields and immediate attention to operational problems. Thus, the action made is possible to reach a production volume of 1,858,000 barrels per day in March 2023. Growth in liquid hydrocarbons production during the first quarter of 2023 maintains the upward trend observed since 2019, averaging 1,853,000 barrels per day, representing an increase of 98,000 barrels per day with respect to the first quarter of the last year. This growth is mainly explained by the contribution of the completion of wells from the new field development strategy and early production for exploratory location near fields with existing infrastructure. In terms of quality of hydrocarbons produced, the share of light crude oil has increased to 50% of total production due to the contribution of the new fields, most of which are producer of this type of hydrocarbons. Regarding the location of production, 58% comes from the shallow water fields and the remaining 32% from onshore fields. As for the annual performance of hydrocarbon gas production, without including the provision of partners, as shown in the graph, it increased in the first quarter of 2023 by 281 million cubic feet per day, equivalent to a growth of 7.4% compared to the same period of 2022, from 3,821 million cubic feet per day to the 4,102 million cubic feet per day. As in crude oil production, the downward trend in nitrogen free gas production has been reversed, mainly to the contribution of wells with a high gas-oil ratio, especially from the Quesqui and Tupilco Profundo fields in the southern region, the Ixachi field in the northern region, and the Coban field in the southwest marine region. Regarding the location of production, 44% come from the shallow waters fields and the remaining 56% from onshore fields. The production of liquid hydrocarbons extracted from the new fields is an essential part of the strategy to maintain a production growth trend. In this regard, in the first quarter of 2023, we incorporated the production of 85,000 barrels per day from the completion of 12 new field wells, of which 4 are offshore and 8 are onshore, in addition to 2 onshore wells from exploratory components. In the first quarter, liquid hydrocarbons production, due to the total incorporation of the new development and early field production, averaged 529,000 barrels per day, thanks to the contribution of 170 wells, 98 offshore and 72 onshore, located in 38 new fields. Compared to the first quarter of 2022, liquids production, the new fields increased 199,000 barrels per day, a growth of 60%. It's important to mention that as on March 31, the production of liquid hydrocarbons contribute by this strategy, reached a volume of 573,000 barrels. Production in the new natural gas fields propelled 1,474,000 cubic feet per day. By the second quarter of 2022, a total of 19 additional wells are expected to be completed to maintain production growth in this strategy. This conclude the presentation of PEMEX Exploration and Production results. Now I give the floor to Reynaldo Wences for PEMEX Industrial Transformation. Thank you very much. Good morning, thank you all for participating in this call. Regarding crude oil processing, as shown in the graph, in the first quarter of 2023, the crude oil process at the national refining system averaged 835,000 barrels per day, a 2% increase as compared to the same quarter of 2022. By refinery, the process was as follows: In Tula, the process was 217,000 barrels per day. In Salina Cruz, 182,000 barrels per day. Salamanca with 123,000 barrels per day. Cadereyta with 122,000 barrels per day. Minatitlan with 106,000 barrels per day, and Madero, 85,000 barrels per day. It is worth noting that the variable refining margin during the first quarter of 2023 averaged $16.75 per barrels. It should be noted also that in February 2023, processing levels decreased, mainly at Tula and Salamanca refineries. In the case of Tula, the catalytic cracking unit number two was out of operation from February 2 to February 22nd due to an unscheduled stoppage due to a leak in the reactor, while in Salamanca, operating problems at the reforming unit and in the distilling unit happened. It is important to highlight that these operational problems were solved, which allowed a crude oil process of 862,000 barrels per day to be recorded in March 2023. I can confirm that in April, it was 923,000 barrels per day. Regarding the national refining system rehabilitation program, during the January-March period, repairs were completed in nine processing units, five corresponding to the 2023 program and four from previous years. In 2023, the rehabilitation program will continue to focus on restoring the mechanical integrity of the processing units, main services, and storage tanks. Moving on to oil products production. In the first quarter of 2023, oil products production recorded a 2% increase as compared to the same quarter of 2022, averaging 856,000 barrels per day, of which 270,000 barrels per day of other oil products and LP gas. Let me read that again. Of which 270,000 barrels per day were gasoline, 133,000 barrels per day of diesel, 40,000 barrels per day of jet fuel, and 412,000 barrels per day of other oil products and LP gas. Here, we can note that in relation to the same period of 2022, the distillates production, gasoline, diesel, and jet fuel, the best operating performance was obtained at Tula and Cadereyta refineries, with net 97,000 barrels per day and 78,000 barrels per day production respectively. In March, production recovered to reach 884,000 barrels per day. With respect to a variable refining margin, during January-March 2023, the national refining system recorded an average variable refining margin of $16.75 per day. Historically, the second-best result we have ever had, mainly explained by the performance in the international crude oil prices and the improvements in our national refining system. Let's go to the next slide. With respect to gas operations, in the first quarter of 2023, wet gas processing was 2,759 million cubic feet per day, of which 2,395 million cubic feet per day was sour wet gas and 363 million cubic feet per day was sweet wet gas. It should be noted that the supply of gas from the Quesqui field has maintained a positive trend and reached a production, it's outstanding, I'd say, of around 700 million cubic feet per day in the first quarter of 2023, which allowed an increase in the processing of wet gas at Cactus and all PEMEX gas processing complexes. In the first quarter of the year, there was a lower supply of wet sour and sweet gas from the southeastern and northern regions of Pemex Exploración y Producción, which reduced the processing level at Ciudad Pemex and Burgos gas processing complexes. The gas liquids production was 169,000 barrels per day. Last slide. Regarding petrochemicals production, during the first quarter of 2023, the total production of petrochemicals was 319,000 tons, a similar figure to the same period of the previous year. The best performing productive chains were, one, ammonia production, 72,000 tons. 28,000 tons higher than the one recorded in the first quarter of 2022 as a result of the continuous operation of the ammonia plant 6 of the Cosoleacaque Petrochemical Complex. Two, the other petrochemicals production was 97,000 tons. That is 33,000 tons higher as compared to the same period of the previous year due to the higher production of carbon dioxide in the Cosoleacaque Petrochemical Complex. Three, the ethane derivatives production was 36,000 tons. This is a similar volume as compared to the same period in 2022. Last but not least, in contrast, the aromatics and derivatives production was 4,000 tons, a volume 15,000 tons lower than the recorded in the first quarter of 2022 since the CCR unit operated intermittently as a result of maintenance and rehabilitation works carried out from February eighth to March 20, 2023, coupled with the supply problems of raw materials in January and February. Finally, I would like to share with you that Pemex is focused on improving results in this segment. According to our business plan, we have expanded the contracting process in order to develop initiatives that contribute to the rehabilitation of auxiliary services, the units of ethylene, and the de-derivatives lines that we have, with the aim to recover the operation reliability of the facilities. 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. Thank you, Reynaldo. Well, as a final message, I will say that in 2023, we have the challenge of consolidating the positive results, promoting action to sustain them and contributes to Mexico's development. Since the previous year, we have, we had important achievements, and this is the result of having bet on the right strategies. New developments for our carbon production, operational excellence, refinery rehabilitations, and above all, financial discipline. We can say that in the first quarter of 2023, the positive dynamic was maintained and in the remainder of the year, we will continue to redouble our efforts, always motivated by the enormous commitment to create the greatest value for our country's oil resources with a focus on sustainability for the benefit of all Mexicans. Without further comments from me, we will now move on to the Q&A section. To ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Hello. We're going to take a question from the webcast. This is from Julian Rios. Can you please specify how much in DUC royalty taxes have been deferred? What is the maximum amount that can be deferred, and until when can you utilize this deferral option? We are talking around MXN 30 billion a month. The maximum amount that we have been using is to defer this for around a month. One moment for our first question. Our first question will come from the line of Anne Milne from Bank of America. Your line is open. Thank you. Good morning. Thank you very much for the call today. I have one financial question, one upstream, and one downstream question. The financial question is on your hedges that you say you have hedged 30% of your exposure. I just was wondering if you could define exposure. Is that what you export, or is it a different formula? The upstream question has to do with news we've read about moving forward with development of the Zama field. If you could give us any information on the timing of that, and if you have any information on estimated ranges of production, that would be great. The downstream question has to do with the rehabilitation of the refining system. Is the current budget for CapEx because Pemex is working on so much, is that enough, or will you have to increase it once Dos Bocas is completed? Thank you. Regarding the first question of the hedge, we have to consider that we are an integrated oil and gas company. We export crude oil. We import gasoline. This hedge is of the net balance of this net balance exposure. Could you please repeat regarding upstream? We missed the information. Sorry, can you repeat, the upstream question because we missed the... We missed the question. Sure. There has been information about Pemex and Talos moving forward. I was wondering if you have any information on the estimated timing of moving forward with the Zama field, and if there's a range of your expected production. Well, about this matter, we are already working on the development plan with in this Zama field. At this moment, we cannot foresee a specific date to capture production from that development. Okay. Thank you. I will give the floor to Reynaldo Wences in order to the downstream question. Well, thank you very much. Look, we have separate budgets, actually we're having sufficient funds and allocation for the maintenance and the rehabilitation of our six plants. We're looking at doing 213 major and minor repairs and rehabilitation in the existing six. Towards the year end, there's going to be some major plants revamped, which are going to push our run rates to a higher level. We've had a couple of days, well, even weeks, where we're today above one million barrels per day. We don't have that completely stabilized, and that's why we had in April, as I mentioned, over 900,000 barrels per day. We're looking at reaching our global target of above one million. We have sufficient funds both for the. How do you say that in English? The jump start of the new refinery. We have separate funds for the for the reparations of the existing. Thank you very much. Thank you very much. Thank you. One moment for our next question. Our next question comes to the line of Badr El Moutawakil from Barclays. Your line is open. Yes. Thank you so much for taking my questions. I have three quick questions. The first one is regarding CapEx. What we have seen on the slides is that Pemex is expecting to disperse close to $14 billion of CapEx. Can you let us know how much is going to go for Deer Park and how much of that is going to be directly as a subsidy to the government versus what is gonna be spent directly from Pemex? My second question is regarding issuance. We've seen Pemex coming to markets earlier this year successfully in January. Obviously we've heard different news from Hacienda regarding potential issuance or not this year still for Pemex. Can you give us an update in term of your your supply expectations? The third one is on the downstream. On the downstream, I think that, you know, we've seen the slides about improving margins on the downstream, but I still have it in my model generating a negative EBITDA on the downstream, if you can give us an update on that. Sorry, I was referring to Dos Bocas, not Deer Park, on my first question. Thank you so much. Just 1 minute, please. Good question. All the CapEx we showed in our presentation, it will be allocated to Petroleos Mexicanos activities and no budget is considered to Dos Bocas neither Deer Park, neither any other business. Reiterate that all the CapEx we showed in on that slide is for PEMEX Exploration and Production and Pemex Transformacion Industrial, as well as logistics and the corporate services we developed. One minute for the second question. For the second question, I will give the floor to Jose Alberto Jimenez in order to respond. Please do. Yes. Thank you for your question. As we announced early this year, Pemex has returned to the market in an orderly and cost-efficient manner. If the conditions are in place, if we jointly with the Ministry of Finance identify a window, if the price is attractive, we will consider capital markets as one of the components of our strategy. Could you please repeat the third question about downstream? Thank you so much for the two previous questions. The question about the downstream was that we've seen the slide about improving margins. I was just wondering if you can give us more details because when I look at the financials, it looks like it's another quarter with a negative EBITDA on the downstream. I was wondering if you can give us just some details about why this segment still generated a negative EBITDA and then potentially some forward-looking guidance, if any. Thank you. Well, thank you for the observations. Mainly, our margins are due to the reference prices in the Gulf, the Gulf Coast, the northern part of the Gulf Coast of Gulf of Mexico. Of course, by having improvements in the volume levels of our refineries, we have improvements also that we're also working on the distillate yield of our refineries to bring them back to the level that we used to have for many, many years from 1994 at least to 2015, where we enjoyed very stable levels of production above 1.2 million barrels per day, which allowed us to have more stability in our margins. Now we are, with this revamp and this rehabilitation, we're back to more or less 2016, 2017 levels before the drop, and we're building that back up. The margins are due to these price references in this performance, but also to the output that we have in the higher value products. That's why we're building these projects, both the new refinery and the revamp of new plants in Tula and Salina Cruz. We hope to be having and enjoying similar levels to what we see, for example, in Deer Park by 2025 in all of our 6 refineries. Thank you very much. Thank you so much. We will take a question from the webcast from Rishad Ahmed. The question is if we can provide more color on the cost increases. This is higher purchases of products for sale increase. I will leave the floor to the accounting team, Petróleos Mexicanos. Thank you, Carlos. Okay. Yes, in connection with the increase in the cost of sales, the main increase that we had in the year is relating to the purchases of products, that's what we say. This includes also the purchases that we have that we are making in Deer Park. We are now purchasing crude oil for the process. That's another product increase the amount of the purchases. The main increase is the purchases of gasoline that we made inside the country, well, for processing in our refineries. That's the main. I don't know if you have any additional questions on that. One moment for our next question. Our next question comes from line of Sean Wys-Ketcham from GoldenTree. Your line is open. Hey, guys. Thank you very much for taking the questions three, if we can. You know, first, I'd just like to hear your updated thinking on E&P production levels for both liquids and natural gas by the end of the year. Second, you know, still on the upstream side, it looks like there was a significant improvement in cost this quarter in the E&P segment. Can you just give us a little more color on what drove that? Lastly, on the refining, you know, I understand your answer to the last question, given that global benchmark crack spreads have declined sharply from the first quarter to second quarter, should we expect refinery profitability to fall, or can there be some internal improvements to offset this? Regarding the first question about the upstream activities, we are planning to reach a total hydrocarbon production above 1.95 million barrels per day during the full quarter of 2023. 1 minute for the second question. Regarding the extraction cost of extraction and production activities, we can share with you that we are well capitalizing the reduction in the times of drilling our wells. Also, we are capitalizing the benefit of what we call the operating excellence that with the experience we have gained in our drilling activity, we can capture benefits from the experiences previously obtained of our drilling process. Anything else? No, you can answer. The third one? Yeah. Regarding downstream, we have to remember that before five years there was hardly any maintenance. Okay? We've been recovering that. You can imagine that it costs a double to bring it back up to speed, and that's why it hasn't, you know, we dropped to the level of. In December of 2018, the level of production process was 250,000 barrels per day for six refineries. Okay? That's equivalent for one. We have been building that back up to the 600, 700, 800, the 900 that you are hearing now. That's what is why it's taking us, let's say, so long. At this point of time, let's say Benchmark Solomon, other benchmarks would be difficult to ascertain as we're putting back the pieces together. By, let's say, middle of next year, we would be able to put ourselves against that mirror, against those benchmarks and say, "This is what we have to improve." The coker units that we're putting in Tula and in Salina Cruz will also bring us back up to speed in terms of the efficiency or better margins. You know, we haven't been able to reap the benefits of better margins in all of our refineries. This will bring us up to the level that we should, and then we can battle it out with any other refineries worldwide. Thank you. Thank you. Thank you, Reynaldo. Well, I think, we have run out of time for this call. Thank you all for your interest in our results. See you next time. Thank you very much again. See you. This concludes today's conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.