Hello, ladies and gentlemen, and welcome to PEMEX results as of December 31st, 2024, conference call hosted by Juan Carlos Carpio, Chief Financial Officer; Jorge Alberto Aguilar, Corporate Director of Planning, Coordination, and Performance; Martha Agiss, Chief Financial Officer at PMI International Trade; Néstor Martínez, General Director at PEMEX Exploration and Production; and Marco Antonio Gómez, Deputy Director of Evaluation and Regulatory Compliance at PEMEX Industrial Transformation. 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 and welcome to this call to present the financial and operational results for the fourth quarter of 2024. 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 statement and to review the cautionary notes that appear in the finance 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 period of the previous year, unless it is otherwise specified. Thank you for your participation, and on behalf of Petróleos Mexicanos, welcome. Now, I give the floor to our Corporate Director of Planning, Coordination, and Performance, Jorge Alberto Aguilar. Good morning. On behalf of PEMEX CEO, Víctor Rodríguez Padilla, I thank you all for your attendance and interest in today's conference call in which we will present primarily results as of December 31, 2024, of PEMEX and its prospects for the following years are presented. As we all know, PEMEX is going through a challenging situation that is different from the past circumstances for which we faced distinct operational and productivity struggles and significant budget constraints that have required us to develop a strategy within the first five months of this administration to recover output levels of both crude oil and petroleum products, as well as to solve working capital problems in which we have begun to obtain results in the operation of the company and in the strengthening of the management and control of diverse processes. At the same time, in coordination with our authorities, we are working to respond to the new national energy policy, which will propose to recover PEMEX as a state-owned company with an enhanced business model and with a new legal and fiscal framework that allows leverage of the state's synergies to achieve its sustainability in the medium and long term, with a strong vision for social and environmental responsibility. Yesterday, the Mexican Senate approved the secondary legislation for the Mexican energy sector that will set the framework that allows PEMEX to fully execute the activities that comply with the targets set by the federal administration in close collaboration with the Mexican Secretary of Energy and the Secretary of Finance, and also the Power Electricity Commission. In this way, PEMEX will strengthen its commitment to welfare and protection of the nation's interests, as well as its commitment to accomplish more efficient, profitable, productive, and safe operations of its assets, along with the support of the federal government, which are expected to be continuous and arranged, and with investments from the private sector. PEMEX is also expected to attain stability and competitiveness for the other sectors and to become the driver of regional development and a sponsor of the national energy security by providing accessible and high-quality energy products. We have already started the process of unifying PEMEX, which we hope to achieve management simplification that enhances the performance of the main business lines and centralization of its business areas that allows the administration to respond harmoniously and efficiently to the strategic management of the corporate board. We are also implementing actions to improve processes and internal controls, cost reduction, and energy efficiency aiming to greater earnings and with the strengthened ESG strategies. We have already started to work to formulate PEMEX Development Program 2025-2030, which will replace its present business plan. Corporate planning is currently working on this program together with all operational and supporting areas. We expect the final document will be published by the third quarter of the current year. Regarding investment, strict discipline and greater rigor will be applied to the process of designing, making, prioritization, and monitoring of PEMEX investments to keep and increase its production of crude oil, refined products, natural gas, petrochemicals, and fertilizers. This will improve PEMEX's capabilities and competitiveness to become a more reliable business partner. In investment prioritization, PEMEX will focus on development projects and cash generation in the medium term and those of high value. Additionally, new regulation will allow for new business opportunities to mix contracts between PEMEX and third-party participants to diversify risk and to amend operational, technical, and financial capabilities. In support of Mexico's commitment to the rest of the world to reduce environmental degradation, PEMEX will intensify its efforts in the decarbonization of its operations, the reduction of its emissions, the improvement of its energy efficiency, and the responsible management of its water resources, which will be reincorporated to the scope of the targets of these investments. Similarly, PEMEX will develop its operations toward energy transition by promoting the new green projects, these initiatives that are part of PEMEX's sustainability plan. To this end, a sustainability area will be created in PEMEX to address and monitor these issues. In PEMEX, we also recognize that oil is still a key element in the current production process. Therefore, its efficient and responsible exploitation must be kept for a while. Furthermore, to ensure a solid and progressive energy transition while keeping our sovereignty intact, it will be necessary to increase our efforts with the participation of the private sector, not only for the exploitation of hydrocarbons itself, but also for integrating less polluting extraction methods, exploring new basins, and applying innovative techniques. Also, we will benefit from synergies between the two state-owned companies, CFE and PEMEX, with a new vision and by sharing resources in search of greater efficiencies, such as development cogeneration facilities. In addition to these strategies for new investment in its hydrocarbon exploration and extraction, continuity of the projects for utilization of residuals in its refining facilities in Tula and Salina Cruz, and optimal production capacity in its Olmeca and Deer Park refineries, we will take special care in investment for maintenance and reliability of our operational capacity. In its fertilizers and petrochemical sector, PEMEX's investment aims at recovering its petrochemical capabilities, strengthening domestic fertilizers production, reducing dependence on imports, and generating high-value added products. In the logistics area, PEMEX has focused on reinforcing storage security, transportation, and distribution of fuels. In coordination with the Security Cabinet, it has strengthened its strategy to combat the illicit fuel market. Regarding its social strategic area, PEMEX's commitment to communities is reinforced. The goal of its strengthening is the social license to operate, as well as to contribute to the development of the communities close to operations, guaranteeing inclusion, equality, and no discrimination. We are working to regain the trust of our suppliers, contractors, clients, partners, and investors with an ethical and transparent performance. Finally, I want to insist that PEMEX keeps its efforts to strengthen corporate responsibility to optimize internal processes. Actions are implemented to increase transparency and accountability, to prevent the conflict of interest in commercial agreements, and to ensure strict compliance with PEMEX's code of ethics. PEMEX is committed to Mexico's welfare and to a transition to a more sustainable and efficient future, with the support of the federal government, commitment of our employees, and the trust of our investors. We will continue to work to consolidate PEMEX as a strong, competitive, and responsible company. Now, I will pass the voice to Mr. Juan Carlos Carpio. Thank you. Thank you. Good morning and thank you for joining us in this conference to present PEMEX's results for the fourth quarter of 2024. Before going over the results, I want to share with you that we are working in close collaboration with the Ministry of Energy and Finance on a financial strategy to strengthen the company. This strategy includes the following key elements: one, the continuity of federal government support; two, financial mechanisms for debt management; three, modification of the fiscal regime applicable to PEMEX; four, use of PEMEX's debt ceiling as a possibility; five, payments to suppliers and contractors; six, strengthening the ESG strategy. To elaborate on these elements, I give the floor to Cristina Arista. Thank you, Juan Carlos. As you know, and for the second year in a row, the 2025 federal expenditure budget includes a capital injection of MXN 136 billion to pay down debt maturities for 2025. This capital injection reflects the continuity of the support from the federal government to the company. Second, additionally to this support, and in coordination with the Ministry of Energy and Finance, we have been working on the design and implementation of financial mechanisms that will allow us to address overdue payments to suppliers and contractors, as well as continue reducing the debt balance while maintaining the net zero indebtedness goal. A third element is the reform of the fiscal regime applicable to PEMEX. In the 2025 revenue law, it is introduced an important change that replaces the payment of the profit-sharing hydrocarbon extraction and hydrocarbon exploitation duties with the Oil Duty for Welfare. This duty will be applied with rates close to 30% for hydrocarbon extraction and 11.63% for non-associated natural gas. This adjustment aims to provide PEMEX with a more stable and competitive fiscal regime. The initiative to reform this hydrocarbon income law is being reviewed in the Congress and considers the new fiscal regime, which provides certainty to the company's finances. The 2025 revenue law also foresees the possibility for the federal executive, through the Ministry of Finance, to contract additional debt beyond its authorized ceiling, using PEMEX's available debt ceiling, and deliver these resources back to PEMEX under the terms the Ministry of Finance determines, or to carry out debt exchange and refinancing the pressures of Petróleos Mexicanos. Our suppliers and contractors are strategic partners and essential to achieving our operational goals. Payments to suppliers have been continued and have been significantly intensified in 2025. With the financial schemes for addressing commercial debt that we have designed in coordination with the Ministry of Energy and Finance, the suppliers' debt will be significantly reduced in the coming months. Finally, we remain firmly committed to sustainability, which is why PEMEX will continue advancing in its transition to clean energy. With this, we not only move closer to our environmental, social, and governance goals, but also we strengthen our investor base and expand access to new sources of financing. Let's now go over the financial results for 2024. As shown in the graph, revenues decreased by 2.4% as compared to 2023 due to lower volumes of crude oil exported. Meanwhile, the cost of sales increased by 4.4% as a result of higher maintenance and conservation expenses, as well as amortizations. Nonetheless, in 2024, we recorded a MXN 182 billion gross profit, which reflects a positive result from our current operations. It's important to note that in 2024, a foreign exchange loss of MXN 304 billion due to the depreciation of the peso against the dollar and an asset impairment of MXN 55 billion were recorded. Together, these two items represented an expense of MXN 359 billion in the income statement, but didn't imply any cash outflows. These two items mainly drove the 2024 result. Regarding EBITDA, as you know, this index provides a more accurate view of the company's value generation from its core activities. This KPI remained profitable, recording a 40% EBITDA margin in 2024. Moving to CapEx, we invested MXN 198 billion in 2024, of which 82% was allocated to exploration and production activities. Moreover, MXN 13 billion were committed to environmental and industrial safety initiatives in line with our business plan. For 2025, an approved capital expenditure budget of MXN 210 billion has been set, and the secondary regulation is under review by Congress and foresees strategic partnerships for the development of mixed exploration and hydrocarbon extraction projects, which will provide access to additional resources for investment projects. Our suppliers and contractors are key to achieving our operational goals. In 2024, the payments to our suppliers and contractors amounted to MXN 404 billion. As mentioned, the strategy jointly designed with the Ministry of Finance and Energy to address these payments began and is expected to deliver significant results in the coming months. Nonetheless, payments have been consistently processed throughout 2025. As of the end of 2024, debt balance decreased by $8.4 billion as compared to 2023, amounting to $97.6 billion. This result is driven by the federal government support and our financial discipline. It is worth mentioning that we maintain a net zero indebtedness goal. Also, in collaboration with the Ministry of Finance and Energy, we are working on schemes to decrease debt and improve the debt maturity profile. I want to emphasize that the 2025 federal budget includes a MXN 136 billion capital injection for debt amortization. To protect our cash flows, we have in place a couple of hedging strategies. First, the crude oil hedging strategy, which protected around 20% of our total exposure against declines in the price of the Mexican export mix in 2024. This protection was by up to $5, starting at a price of $70.6 per barrel. This instrument paid $95.6 million in 2024. We also contracted hedges for crack spread price of gasolines and diesel, which resulted in a net benefit of $10 million and $3.1 million, respectively. In December 2024, we began executing the strategy for 2025, and by year-end, we hedged 185,000 bbl per day against price variations of up to $5 per barrel, based on an average price of $60.4 per barrel for the Mexican export mix. Moving on to our vision on environmental, social, and governance matters, I would like to share some of the progress we have made. On February 6 of 2025, CDP reported improvements in PEMEX's rating in two of the questionnaires in which we participated. The first is on climate change. According to CDP, PEMEX has shown a certain level of awareness and management of its impacts on climate change, with opportunities in terms of strategic planning and implementation of effective mitigation and adaptation strategies. The second questionnaire is on water stress. CDP considers that PEMEX has demonstrated a good level of awareness and management regarding water usage and related risks. Nonetheless, there is room to improve to reach the best practice level in all aspects of water management. Engaging in this exposure helps us to understand and anticipate trends in climate change and water. Therefore, PEMEX will continue to participate in these exercises on an annual basis and as mandated by our board of directors. As you know, PEMEX maintains an open and continuous dialogue with our stakeholders. In this regard, since 2020, we have been engaging with the institutional investor initiative Climate Action 100+, which seeks to address climate change challenges. Recently, Climate Action 100+ issued a statement recognizing PEMEX's progress towards sustainability goals and urging us to continue advancing in these initiatives. To this end, the 2025-2030 work plan includes a gradual and responsible integration of projects focused on energy transition. Operating in an environmentally respectful manner and in safe conditions is a priority for PEMEX. In this sense, on January 31st this year, in an event with employees, PEMEX's senior management reaffirmed its commitment to strengthening actions on safety, occupational health, and environmental protection, with the goal of achieving sustainable development. The directors emphasized the importance of training and adopting international standards to protect the integrity of personal facilities and the environment. Regarding our performance on the key ESG performance indicators, talking about carbon dioxide equivalent emissions, these decreased by 6.6%, and this is the result of the ongoing efforts that PEMEX has been implementing to optimize projects in gas management and energy efficiency. Respecting sulfur oxide emissions, these increased by 23.8% due to the intermittent operation of sulfur recovery plants. It is worth mentioning that PEMEX has significant investments planned for the realization of these plants in the first half of this year. Water reuse increased by 14.8%, mainly due to maintenance works at the Madero and Cadereyta refineries. Regarding safety, PEMEX achieved a 22% reduction in the accident frequency rate, thanks to the strengthening of the prevention and protection policies for its employees. This approach also resulted in a 20% improvement in the accident severity rate, with a reduction in days lost. As a result of the open dialogue, effective communication, and implementation of strategic projects, social investment reached MXN 3.2 billion, marking an increase of over 18% as compared to 2023. As you know, some of the efforts that we have been carrying out in the last couple of years are strengthening our ESG governance. As part of this, PEMEX has specific initiatives to address internal risk to reverse the trend in the deterioration of facilities, aiming to prevent potential incidents and reduce the environmental impact. In environmental matters, by the end of 2024, 55 risks have been addressed out of a total inventory of 240. To address this inventory, we have an estimated investment of MXN 15.7 billion. In industrial safety matters, by the end of 2024, we have addressed around 82% of the total inventory of 865 risks that we have identified for industrial safety. In addition to that, we have mitigation plans for the rest of the risks that we have identified, while we definitely address them. The investment for the attention of safety risk is MXN 23.3 billion. Now, I give the floor to Néstor Martínez, General Director of PEMEX Exploration and Production. Thank you, Cristina. Good morning, everyone. In line with the 2023-2027 business plan, we continue to focus on areas with greater productive and economical potential, prioritizing exploration in onshore and shallow water areas close to zones with production infrastructure. Accelerate development of new fields and early integration of production from exploration wells have been implemented, reducing the time to bring newly discovered fields on stream. In addition, we continue to focus on well maintenance, providing immediate solutions to operational problems in order to maintain production from existing fields. These actions have enabled us to mitigate the accelerating decline in production and to reach 1,759,000 bbl of oil equivalent per day by 2024, and 1,670,000 bbl for oil per day by the fourth quarter. As mentioned above, liquid hydrocarbon production, including production from our partners, averaged 1,759,000 bbl per day in 2024, representing a decrease of 116,000 bbl per day compared to 2023. In the fourth quarter, it averaged 1,670,000 bbl per day, representing a decrease of 186,000 bbl per day compared to the same period of the previous year, which was due to the natural decline of the Maloob and Zaap offshore fields, as well as the Quesqui onshore field. The extension of completion times of wells with high complexity in terms of depth, pressure, and temperature, lower initial production rates of wells in the Xanab field, and the end of the useful life of the electric centrifugal pump equipment in the Ayatsil field. In addition, delays in the installation of marine infrastructure in the Xanab field and the back pressure reduction unit in the Quesqui field. The suspension of critical service of process vessels, the supply of gas lift to the Yaxche field, and atypical weather conditions that prevent the continuity of offshore operations. Regarding the quality of hydrocarbons produced, like crude oil, account for 48% of total production due to the inclusion of gas and condensate fields. It's important to note that 65% of production came from shallow water fields and the remaining 35% from onshore fields. In 2024, hydrocarbon gas production decreased by 329 million cu ft per day compared to 2023, reaching a volume of 3,732 million cu ft per day. Similarly, in the fourth quarter, it decreased by 3,343 million cu ft per day compared to the same period in 2023, reaching a volume of 3,611 million cu ft per day. This was due to the reasons mentioned earlier for liquids. It's important to remember that we have a lot of production from associated oil. The Quesqui and Tupilco Profundo fields in the south region, Ixachi in the north region, Onel, Koban, and Suuk in the southwest marine region, and Maloob and Zaap in the northeast marine region stand out for their gas production. 38% of gas production comes from shallow water fields and the remaining 62% from onshore fields. In order to achieve production objectives and maintain the viability of the company, physical activity related to well interventions constitutes an indispensable component of our business operations. Given that many of the company's primary oil fields are in a mature stage of exploitation, the strategy to sustain base production has continued to entail the carrying out of minor workover and stimulation of wells. In 2024, 1,676 minor repairs and 737 well stimulation were carried out, for example. In this context, drilling and completions, as well as major workovers to wells, are activities aimed to increase incremental production. During 2024, 139 completions and 201 major repairs were carried out. In addition, a total of 28 completions, 38 major workovers, 374 minor workovers, and 136 stimulations were carried out in the fourth quarter of 2024. With this update, I will now hand over the floor to Monica Corvera from PEMEX Industrial Transformation. Thank you, Néstor, for your valuable update. Good morning, and thank you, ladies and gentlemen, for joining us in this call. In 2024, the national refining system processed an average of 906,000 bbl per day, which represented a differential of 114,000 bbl per day, equivalent to a 14% increase in comparison to 2023. The utilization of the primary distillation capacity was 53.8%, an increase of 5.5 percentage points in comparison to 2023. The refineries of the national refining system that were above the average primary distillation use rate were Salina Cruz, Madero, and Tula, with 60.2%, 59.4%, and 55.9%, respectively. Regarding the production of oil products in 2024, an average of 901,000 bbl per day was recorded, a 102,000 bbl per day increase in comparison to 2023. The production of distillates, which includes gasoline. On our behalf, we can share to you the following comments. In 2024, the national refining system processed an average of 906,000 bbl per day, which represented a differential of 114,000 bbl per day, equivalent to a 14% increase in comparison to 2023. The utilization of the primary distillation capacity was 53.8%, an increase of 5.0 percentage points in comparison to 2023. The refineries of the national refining system that were above the average primary distillation use rate were Salina Cruz, Madero, and Tula, with 60.2%, 59.4%, and 55.9%, respectively. Regarding the production of oil products in 2024, an average of 901,000 bbl per day was recorded, a 102,000 bbl per day increase in comparison to 2023. The production of distillates, which includes gasoline, diesel, and jet fuel, was 481,000 bbl per day, a volume higher by 76,000 bbl per day, which represents an 18% increase. With this production in 2024, we obtained a distillate yield of 54.2%, higher by 1.8 percentage points in comparison to 2023. The refineries that most increased production of high-value products were Madero and Cadereyta, with increases of 21,000 bbl per day and 16,000 bbl per day, respectively. Regarding gas processing and production, in 2024, wet gas processing was 2,319 million cu ft per day, of which 2,025 million cu ft per day corresponded to sour wet gas and 294 million cu ft per day to sweet wet gas. The reduction in processing levels is due to a lower delivery of sour wet gas in the southeast region by around 261 million cu ft per day, another increase in the receipt of sweet wet gas by around 37 million cu ft per day. In this regard, the production of dry gas was 1,824 million cu ft per day, 237 million cu ft per day lower than in 2023. This behavior can be explained by lower gas production in the Cactus facility. Gas liquids production reached 152,000 bbl per day, which is 14,000 bbl per day lower compared to the amount reported in 2023. This result is explained by problems with the availability of dynamic equipment in cryogenic plants of gas processing complexes. In the case of the petrochemical production, please let me share with you the following relevant aspects. During 2024, total petrochemical production was 1,039,000 tons, which is 26,000 tons lower than in 2023. This behavior is explained by lower sulfur production in gas processing complexes, a situation that was partially affected by higher sulfur production in the national refining system. The categories that presented better performance compared to 2023 were the carbon dioxide production, increased by 30,000 tons as a result of the startup and production of the Ammonia Plant number 6 at the Cosoleacaque Petrochemical Complex during the third quarter of 2024. The production of methane derivatives was higher by 11,000 tons as a result of longer operating times of the methanol unit number 2 at the Independencia Petrochemical Complex. In order to improve the operational reliability of the ethylene and derivatives plants at La Cangrejera and Morelos Petrochemical Complexes, the following strategic initiatives are being implemented. Number one, rehabilitations in the auxiliary service areas, and two, repairs in units to reactivate the ethylene to polyethylene and ethylene to ethylene oxide. This will be all on my behalf, and it will be now the turn of Martha Agiss. Thank you all for your attention. Thank you very much, Monica. Regarding Deer Park refinery results, we can share that refining margins in the U.S. Gulf Coast market significantly decreased in the second half of 2024, reaching their lowest levels since July 2021. However, Deer Park's cash generation allowed for a neutral cash balance in its operation. The net income reflects the accounting treatment of certain strategic decisions with long-term impact, but amortizing the short term according to current accounting standards. The refinery managed to close 2024 without debt for the third consecutive year, thanks to financial discipline, excess control efforts, and the execution of its turnaround program according to the long-term plan and within the assigned budget. Operational indicators remain stable compared to recent results. One point to highlight is the increase in the production of transportation fuels, meaning gasoline, diesel, and jet fuel. 2024 maintained a positive trend in process safety performance, but personal safety results observed a decline as previously reported. This has been the main focus of the last quarter and will continue to be the priority this year. I will now pass the floor to Juan Carlos Carpio, PEMEX CFO. Thank you very much. Thank you, Martha and colleagues. To close our presentation, I want to emphasize that we continue to strengthen the company's financial position and operational performance, working in close coordination with the Ministry of Finance and Energy. The key points are continuity of federal government support, implementation of financial mechanisms to address debt commitments, modification of PEMEX's fiscal regime, continuity in payments to suppliers and contractors, reinforcement of the ESG strategy. Thank you all for your attention. We now open the floor for your questions. Thank you so much. As a reminder, to ask a question, simply press star one one on your telephone and wait for your name to be announced. To remove yourself, press star one one again. Stand by while we compile the Q&A roster. Again, that is star one one if you do have a question. One moment, please. Our first question comes from the line of Anne Milne with Bank of America. Please proceed. Hello. Thank you very much for the call today. You've had a lot of news out recently. I have three questions for you. The first is, I know you did indicate that you are working on final details of your CaPex projects for the year. What I was hoping was that you could give us a little bit of an idea of the order of priorities, such as E&P, downstream reserves, petrochemicals. That would be the first question. The second question is, since I know you're going to place a lot of focus on the industrial transformation division, which has persistently been generating losses, could you tell us what are the most important measures that either need to take place or be implemented to return the refineries to profitability? Then the third question is, now that there is a change in the legal format of PEMEX and closer to the Mexican government, are there going to be any changes in the types of reporting and data that you provide to investors? Thank you. Hello, and this is Alberto Jiménez. In terms of the priority of the CapEx, the priority is and will be E&P and then downstream. Regarding the new figure of PEMEX, the reporting to our regulators will stay the same. Thank you. Thanks, Alberto. Thank you again. That is star one one if you do have a question. We have a question regarding the tariff application from Ben Moyer. What impact on PEMEX if tariffs go through? I give the floor to Martha Agiss. Thank you, Cristina, and thank you for the question. PEMEX, through its trading arm, PMI, has developed a strategy to ensure flexibility without affecting prices in case it becomes necessary to redirect exports to other markets. As of now, we are not seeing any impact. Thank you. Please stand by for our next question. Following up on the question from Anne, we have Mónica Corvera with the answer. Hi, Anne. Regarding the downstream sector, our main strategies are focused on the following: increase distillate yields, finish the main downstream projects such as the refinery at Olmeca, Cokers, Tula, and Salina Cruz, and also cost reduction. Thank you. Please stand by for our next question. Our next question is from the line of Badr El Moutawakil with Barclays. Please proceed. Yeah, thank you so much for taking my questions. I have two quick questions. The first one is on the 2024 Q4 results. I see that the EBITDA is at something like record low, especially to do the upstream EBITDA that I see when I do my breakdown. I see that the upstream EBITDA is around $3.1 billion, which seems extremely low. Would you be able to give us a little bit of details about how do you see the EBITDA on the upstream going forward in 2025, also in line with Anne's questions regarding the CapEx? It seems that the E&P is going to be priority. What type of EBITDA levels are we expecting? My second question is regarding the debt level. We have heard, obviously, from you guys and from the press that potentially working on some sort of liability management with the government using the debt ceilings. I was wondering, are you going to consider potentially doing some sort of liability management, as in refinancing the existing debt, or is the focus on using the debt ceiling to repay suppliers where the supplier debt has grown around $5 billion in Q4 to $25 billion? Just wondering, what is the priority in terms of potentially addressing the debt with liability management? Is it the financial debt with the bonds, or is it going to be more suppliers? Thank you so much for my questions. Hi, this is Alberto Jiménez. Regarding the second question, we are still analyzing and working with the Ministry of Finance and the Ministry of Energy in the strategy of the financial debt. What we can say as of today is that we will always procure our target to not increase the debt balance. In a second, we'll give you the answer to the first question. Hi, this is Ernesto Balcázar. In connection with the EBITDA decrease, is this due to a decrease in our sales? This is basically the reason. Also, in our cost of sales, the expenses that we have as fixed expenses are maintained through the year. We have a question from the webcast. Can you give us an update on Dos Bocas refinery? I give the floor to Mónica Corvera. Hi. In December 2024, the refinery received off-spec crude oil, which led to a shutdown. During the first two months of 2025, the crude oil quality issue was addressed, and crude oil recirculation has begun this week. The refinery is scheduled to resume operations in the coming days. Thank you very much. We are going to take another one from the webcast. Do you expect any additional rig suspension this year? As for the ones that have already been suspended, when do you expect them to come back online? I give the floor to Guillermo Lastra. Thank you. No, we do not expect additional suspension for this year. Actually, we are expected to take those suspended back online by the second semester of this year. Thank you. As a reminder, to ask a question, simply press star one one. Our next question is from Sarah Glendon with Columbia Threadneedle Investments. Please proceed. Hi, thank you. Can you hear me? Yes, we hear you clear. Thank you. Okay, perfect. Perfect. Thank you so much for this call. I just want to follow up on the topic of supplier debt. You can correct me if my understanding is wrong, but my understanding thus far is that PEMEX is primarily paying this supplier debt by securing bank loans. I am wondering if you could share with us, on average, the amount, the term, and the interest rates of these loans. My second question is one that was actually asked in the Spanish version of this call about an hour ago, but I do not think there was an answer to it. That is, if you have an estimate, you mentioned a couple of times that you are planning on paying down the supplier debt significantly in the coming months. Given that the stock of this debt was roughly $25 billion as of the end of the fourth quarter of 2024, I'm curious if you have an estimate of what that debt stock will look like by the end of the first quarter of this year. Thank you. Hi, this is Alberto Jiménez. That is correct. We are part of the strategy that we have implemented since last year, securing bank loans to pay down suppliers. The details of these loans, you can see them in our results in terms of tenor, amount, and conditions. Regarding the estimate for the reduction in supplier debt, we do not have the figure as of today, but we can anticipate that you can see a reduction once the strategy is implemented during this quarter. That will be it. Okay, thank you. Thank you. Again, that is star one one if you do have a question. This concludes our Q&A session for today. I will turn the call back to our CFO for final comments. Thank you. For any further questions, please do not hesitate to contact the IR team. Thank you. With that, ladies and gentlemen, we thank you for participating in today's conference. You may now disconnect.