Hello everyone, and ladies and gentlemen, and welcome to the PEMEX's results as of September 30th, 2024 Conference Call hosted by Victor Rodríguez Padilla, Chief Executive Officer; Juan Carlos Carpio Fragoso, Chief Financial Officer; Margarita Pérez Miranda, Chief Executive Officer at PMI International Trade; Néstor Martínez Romero, General Director at PEMEX Exploration and Production; and Carlos Lechuga Aguinaga, General Director 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 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 and operational results for the third 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 their reliance on any forward-looking statement and to review the cautionary notes that appear at the final pages of our earnings report. This is published in the Investor Relations section of PEMEX's website. For this conference call and its supporting documentation, quarterly variations are computed as compared to the same quarter of the previous year, and cumulative variations are computed as compared to the same period of the previous year, unless it is otherwise specified. Thank you for your participation, and on behalf of Petróleos Mexicanos, welcome. Now I give the floor to our Chief Executive Officer, Víctor Rodríguez Padilla, to begin. Good morning. I'm Victor Rodríguez Padilla, and as you are aware, the President of Mexico, Claudia Sheinbaum Pardo, has entrusted me with the responsibility of leading this esteemed organization. On this occasion, the first instance in the administration where we present the quarterly operational and financial results of Petróleos Mexicanos. I would like to take the opportunity to share our vision to the future direction of the company in the coming years. In that regard, I now pass the floor to our collaborator, Jorge Alberto Aguilar, Chief of Planification, who will deliver this message on my behalf. Thank you. Good morning. First of all, I would like to emphasize that Petróleos Mexicanos is and will be a pillar of the energy sovereignty. The administration may change, but the effort aimed at strengthening the company as a lever for the development does not. Our mission is to ensure supply of fuels all over the country, contribute to the public finance, generate social benefits, and embark on new paths in the world of energy within the framework of environmental sustainability. In this task, we will work hand in hand with ministries of finance and public credit and energy. Coordination will be constant and close to Mexico's government supports and backers. Secondly, it is important to note that the legal framework is being transformed. The constitutional reform initiative on strategic areas and enterprises has already been approved. In the coming months, the secondary legislation will be adjusted. Petróleos Mexicanos will transform into a state public company with the mandate of efficiency, profitability, social benefit, and environmental care. Responsibility will be the guiding principle and standard in all our operations. We will be a state public company, but the debt commitments incurred will not be modified. Neither will there be changes to the legal documents that support our current financing operations. We will pay our debt on time and observing its terms and conditions. In exploration and production, private participation will be welcome to share risk and complement knowledge and technology. In the short term, we will announce a set of clear rules that provide certainty and lead to a fair distribution of risk and benefits, both for Petróleos Mexicanos and for the third parties. Downstream activities will continue to be open to private investment, which will be particularly welcome in cogeneration and clean energy projects. We will continue the transformation of the company. We are working to streamline structures, reduce costs, and focus investment. We seek greater technical solvency, financial strength, and the capacity to face future challenges. We will improve operational performance from exploration to commercialization. Operations will become increasingly productive. Objectives and strategies will be outlined in a new business plan aligned with the National Energy Plan being developed by the federal government. Both will be presented in the near future. The main value change will be strengthened. In exploration, we are focused on the prospective resources of the Deep Gulf of Mexico, the Salina b asin, and the fields in the north of Veracruz. These are the three strategic acts that will allow us to replenish crude oil and natural gas reserves, as well as strengthen extraction projects portfolio. The national production target for liquid hydrocarbons is 1.8 million bbl per day, a volume sufficient to supply the national refinery system and the new facilities in Dos Bocas, with the most suitable crude oil diet for each refinery. The production projects portfolio favors those of higher value and profitability. Among the mixed projects are the fields of heavy crude oil, natural gas, deep water oil, and marginal crude oil. The exploration and extraction of natural gas is key to reducing imports and the associated risk. We will join the national efforts to build strategic storage to improve energy security. This is a project that will involve private investment. Reducing self-consumption, as well as eliminating gas flaring and benzene, will not increase gas availability for the national market, but also reduce greenhouse emissions, fugitive methane emissions, and will be addressed through the specific projects. We are working with the Ministry of Finance and Public Credit on a tax regime that contributes to public finance but recognizes the advanced state of geological maturity and the operational particularities. A renewable tax regime will allow us to take advantage of fields that, under current conditions, are not economically feasible. In refining, we have designed a plan for optimization, operational efficiency, and cost reduction, which will allow us to increase crude oil processing, achieve better gasoline, diesel, and jet fuel yields, and generate higher revenues. In the short term, the second train at the Dos Bocas refinery will be launched, and the optimal operational level will be achieved safely and reliably. The national refinery system, the Dos Bocas and Deer Park refineries, as well as the cokers in Tula and Salina Cruz, guarantee Mexico's self-sufficiency, clean fuels, and revenues. We will reap the benefit of the investments made during the President Andrés Manuel López Obrador's administration. Higher revenues and lower costs will allow PEMEX Transformation Industrial to achieve, in a short time, a positive income statement. In petrochemicals, the effort will focus on having expanded and strengthened the petrochemical and fertilizer chains with reliable and safe operations. With the support of the private sector, we will rehabilitate the petrochemical complexes. We will increase fuel storage capacity, as well as improve coordination between production and distribution of products. We will tirelessly combat fuel theft. We will not destroy value in the commercialization of our products. We will continue the efforts to reduce emissions with practices that respect the natural environment, as well as social responsibility actions. Circular economy will be part of our process. Carbon neutrality will be a realistic roadmap that will allow us to achieve it gradually and profitably. With an eye on the medium and long term, we will seek to expand our activities towards new forms of energy without neglecting crude oil, gas, and fuel production as they continue to be the main source to meet energy demand in Mexico. Traditional PEMEX will be the foundation upon which we will build PEMEX Energía. We will equip ourselves with a diversified portfolio of clean energy projects that will operate with the support of private initiatives. Renewable electricity, green hydrogen, ammonia, synthetic fuels, and strategic materials will be gradually integrated into the portfolio. The financial position of the company will be strengthened without failing to contribute to public finances or weaken energy security. A range of actions will enable us to achieve this result, including reducing costs, increasing revenues, canceling subsidies, streamlining liabilities, refinancing debt, focusing on investments, and adapting the tax regime to the new reality. We will seek to provide Petróleos Mexicanos with the financial flexibility that allows us to increase investment substantive activities such that these results increase the operational productivity and therefore positively impact the company's results. Jointly, the Ministries of Finance and Public Credit and Energy, we are analyzing liability management options without excluding specific support from the federal government. Only those efficient and competitive alternatives that allow us to continue reducing the debt balance and cost, as well as modify the debt maturity profile to achieve a smoother distribution that reduces cash flow pressures due to concentrations of amortizations will be retained. We will also implement operations that enable the efficient and timely management of liquidity needs, aiming to maintain the goal of zero indebtedness. Regarding providers and contractors debt, we are analyzing financial alternatives and potentially federal government support, which will be reflected in a payment program to provide certainty and confidence about how the backlog will be addressed. At the same time, we are implementing an austerity plan with an initial goal of reducing costs. This is how we are taking control of this great company. It is an honor that the President of Mexico, Claudia Sheinbaum Pardo, has entrusted us with this task. Rest assured that we accept the challenge with a profound sense of responsibility. We will know how to respond and deliver good results for the benefit of the people of Mexico. Next, I will give the floor to our CFO, Master of Science Juan Carlos Carpio, who will present the financial results for the third quarter of 2024. Thank you. Good morning and thank you for joining us on this first call of the new administration of this great company. As our CEO has mentioned, we will work to continue being the pillar of energy autonomy and an essential engine of México's economic development. We are focused on addressing the current liquidity situation. To this end, we are already collaborating with the federal government in designing a financial strategy that includes solutions to strengthen the company's financial health. This strategy is based on the following points: one, continued support from the Mexican government. We are working with the Ministry of Finance to provide budgetary support for 2025, as was done in 2024. This support will allow us to continue strengthening the company's financial position. Two, we will maintain constant collaboration with the Ministry of Finance and the Ministry of Energy to ensure that the company's business plan is aligned with the National Energy Plan. Three, maintain the goal of zero net indebtedness. Four, design and implement in conjunction with the Ministry of Finance liability management strategies to smooth the debt maturity profile. Five, continue strengthening the ESG strategy to maintain and expand sources of financing. With this framework, we aim to provide PEMEX with the flexibility to increase investment and improve the company's operational and financial performance. Turning to the third quarter results, in the period, total revenues decreased by 8% compared to the same quarter of 2023 due to lower volumes of crude oil exports. On the other hand, cost of sales decreased by 6%, explained by lower purchases of products for resale and a decrease in the hydrocarbon extraction duty due to the fiscal stimulus granted in the period, consisting of a tax credit equivalent to the duty incurred in June and July 2024. In addition, an impairment of MXN 34 billion was recorded, along with an exchange loss of MXN 130 billion. All of the above resulted in a net loss of MXN 161 billion in the reported period. In terms of profitability, as of the third quarter of 2024, the EBITDA indicator, in gross terms, recorded MXN 85 billion, higher than in the previous quarter and similar to that observed in the same period of 2023. Measured as a percentage of sales, the EBITDA margin improved compared to both the same quarter of 2023 and the previous quarter of this year, extending at 20%. This indicator separates variables that do not generate cash flow, allowing for the measurement of the value generation of the company derived from its core activities. In the cumulative result, as of the third quarter, compared to the main companies in the oil industry, PEMEX's value generation position, as measured by its EBITDA margin, is at 19%, aligning it around the industry average. It is worth noting PEMEX's improvement in this indicator between the second and third quarters of this year, increasing from 14% - 20%. Regarding investments, as of September 30, 2024, MXN 161 billion have been spent, of which 80% has been directed towards exploration and production activities. Work is underway on the 2025 budget project, which will be presented in the coming weeks, with the primary objective of ensuring that the company continues to have the resources to meet its operational and financial goals in a productive and efficient manner. PEMEX's relationship with suppliers and contractors is essential to our operation. To strengthen this relationship in coordination with the Ministries of Finance and Energy, we are analyzing various financial instruments that will translate into a payment program for contractors and suppliers that will provide certainty and trust regarding its execution. The goal is to continue jointly promoting the company's operational commitment. In terms of debt balance, it has been reduced due to the financial strategy and contributions from the federal government. As of September 30 of this year, debt was below $100 billion, continuing the downward trend of the past five years. The objective of maintaining zero net indebtedness will remain in place, which will strengthen the company's financial position. Finally, in the last quarter of the year, $872 million of maturities will be covered. In order to meet maturities in 2025, liability management strategies are being analyzed with the Ministries of Finance and Energy. The key objective is to strengthen the company's financial health and control its indebtedness. The company will be provided with the necessary flexibility to increase capital investments and improve both financial and operational performance. This concludes the financial indicators section. I now give the floor to Cristina Arista to present the ESG results. Thank you, Juan Carlos. Moving to our vision regarding environmental, social, and governance issues, I would like to highlight that the energy reform reinforces the social focus and sustainable energy vision of this administration. Support and close collaboration with the government will provide us with renewed backing to fulfill our ESG commitments. We will seek to take advantage of new business opportunities to contribute to the energy transition with cleaner energies and under the perspective of a just transition and energy sovereignty. Now, I would like to share some of the milestones in ESG achieved during the quarter. As part of our commitment to reinforce transparency, access to information, and alignment with important standards, we presented the first climate risk report, following the TCFD guidelines. Also, the 2023 sustainability report, which is aligned with the GRI and IPIECA methodologies on sustainability reporting, and also we addressed environmental and water questionnaires from the CDP and the S&P Global Corporate Sustainability Assessment. This information allows us to compare ourselves with other companies and identify areas of opportunity in ESG issues. Additionally, we received the results of the Climate Action 100+ Benchmarking Assessment, which analyzes global companies' transition to net zero. It is worth noting that PEMEX was better evaluated in several indicators thanks to the publication of its sustainability plan. Next, please. Furthermore, in the quarter, we completed the affiliation process with the IOGP, and since July 1st, PEMEX renewed its membership, reaffirming its commitment to sustainability and operational excellence. This association will allow us to access globally recognized technical standards, methodologies, and best practices in industrial safety, occupational health, environmental engineering, and energy transition, along with experts from leading industry companies. Finally, to reinforce governance on ESG issues, last August, the administration delivered the General Sustainability Policy P roject to the Sustainability Committee. These policies will govern the integration of sustainability perspectives, considering the risks, opportunities, and making it part of the business decision-making, and will mark the starting point for updating the rest of PEMEX's internal regulations under these new perspectives. Regarding the key ESG performance indicators, carbon dioxide equivalent emissions decreased by 7%, primarily due to progress in implementing energy efficiency projects. As you know, we have the gas use strategy, and this strategy helps us to progressively reduce gas emissions in upstream facilities, mainly, and the gas use for this strategy remained at 95%. Sulfur oxide emissions increased by 23% due to intermittent operation of sulfur recovery plants. It is important to mention that PEMEX plans significant investment allocation for rehabilitation of these plants in the first half of 2025. Water reuse increased by 21%, primarily at the Madero and Cadereyta refineries. Regarding operational safety performance, the accumulated frequency rate for PEMEX personnel improved by 0.11 compared to the same quarter of 2023, while the accumulated severity rate remained unchanged at 33 loss days. Operating in an environmentally friendly manner and under safe conditions is a priority for PEMEX, so initiatives will continue to reinforce our safety, health, and environmental protection system. Finally, as a result of ongoing dialogue with our communities, in the third quarter, we increased our social investment to MXN 1.8 billion, which is nearly triple the amount invested in the same period of 2023. This concludes the ESG section, and to continue the presentation, now I give the floor to Néstor Martínez, General Director of PEMEX Exploration and Production. Thank you. Thank you. Good morning, everyone. I am Néstor Martínez, and I have the privilege of leading the PEMEX Exploration and Production Division. In this section, I will provide an overview of the strategic direction for PEP during the administration, and my colleague, Guillermo Lastra, PEP Chief of Staff, will present the results of the third quarter. The goals that PEP intends to achieve with its new strategy by 2030 are, number one, 1P reserves sufficient for 10 years of consumption, maintain national liquid hydrocarbon production platform at 1.8 million bbl per day, increase national gas production for 4,500 million cu f t per day. The above will be achieved through the implementation of the following lines of action. Ensure production continuity by reactivating exploration in conventional fields in the Gulf of Mexico, in the southeastern basins, in oil and gas fields in the Northern Veracruz basin. Expand the portfolio of available fields to restore 2P and 3P oil and gas reserves, as well as develop the strategic exploration associations in conventional and frontier areas, sharing risks. Develop a specific proposal for fiscal regimes for natural gas and marginal oil fields. Actively participate in PEMEX's sustainability strategy. We need to execute in the short term, maximize the value of PEP's project portfolio, and optimize the development of the strategic fields. Implement the operational efficiency and cost optimization plan, and leverage assets with low residual value through partnerships. Please, Guillermo, continue. Thank you, Dr. Martínez. Regarding liquid production, in alignment with the 2023-2027 business plan, we have maintained our focus on areas with greater productive and economic potential, prioritizing exploration in onshore and shallow water areas near zones with production infrastructure. We accelerated the development of new fields and early incorporation of production from exploratory wells, reducing the time to bring newly discovered fields into operation. Furthermore, we continued to prioritize well maintenance, providing immediate solutions to operational issues to ensure the sustained production of existing fields. These measures enable us to mitigate the decline in production, reaching a volume of 1,764,000 bbl per day in the third quarter. As previously stated, the average daily production of liquid hydrocarbons, including output from oil partners, was 1,764,000 bbl per day in the third quarter. This represents a decrease of 107 bbl per day compared to the same period last year. The primary factors contributing to this decline include the natural depletion of fields such as Maloob and Zaap, delays in marine infrastructure installation, adverse weather conditions that impacted offshore operations, and delays in the completion of complex wells due to their depth, pressure, and temperature. In terms of the quality of the hydrocarbons produced, the proportion of liquid oil has risen to 48% of total production as a result of the incorporation of gas and condensate reservoirs. In terms of location of production, 65% comes from shallow water fields, with the remaining 35% from onshore fields. In the third quarter, hydrocarbon gas production decreased by 273 million cu f t per day compared to the same period in 2023, reaching a volume of 3,749 million cu f t per day. This is due to the same factor affecting liquid hydrocarbons. The following fields are notable for their gas production: Quesqui and Tupilco Profundo in the Southern Region, Ixachi in the northern region, Onel, Koban, and Xux in the Southwest Marine Region, and Maloob and Zaap in the Northeast Marine Region. With regard to the location of the production, 38% is derived from shallow water fields, while the remaining 62% is sourced from onshore fields. Finally, to meet production goals and maintain the company's viability, physical activity related to well interventions is a crucial aspect of our business operation. Given that many of our main fields are in a mature stage of exploitation, we have continued our strategy of sustaining base production through minor repairs and well stimulations. In this regard, 507 minor repairs and 186 well stimulations were completed during this third quarter of 2024. In this context, drilling and completions, as well as major repairs to wells, are activities that are designed to contribute to incremental production. In this regard, 32 completions and 55 major repairs were completed during the third quarter of 2024. This concludes the exploration and production section. Now, I give the floor to Ingeniero Carlos Lechuga, General Director of PEMEX Transformación Industrial. Thank you, Guillermo. Thank you, Dr. Néstor. Thank you for joining us today. I would like to share with you the approach of this administration regarding the downstream processes. We will focus on three main lines of action. The first line is an extensive major plant maintenance plan directed to the avoidance of scheduled shutdowns and industrial incidents. The plan will be implemented the next year along with an improvement plan in maintenance facilities, supply of materials, and staffing. Reliable and secure processes will be a priority throughout the administration. The second line is to increase yields in refineries based on the reliability and major reconfiguration projects at Tula and Salina Cruz coking plants. With this, we will produce more distillates and reduce fuel oil production. We have identified opportunities higher than MXN 24 b illion per year. And finally, in the third line, we will focus on improving the profitability of PEMEX Transformación Industrial with new strategies in marketing and distribution of oil products, as well as in gasoline imports. With these actions, we identify opportunities higher than MXN 100 billion per year. Following, Sergio Rosado will present the operating call. Thank you, Carlos. Good morning, and thank you all for joining us this call. As displayed in the graphs, during the third quarter of 2024, the national refining system crude oil processing was 962,000 bbl per day, which represents an increase on 185,000 bbl per day, an improvement of 24% with respect to the same quarter of 2023. The recovery in the processing level of the national refining system is the result of the improvement in the performance of Cadereyta and Salamanca refineries. Additionally, in the third quarter of 2024, the Olmeca refinery recorded a processing level of 56,000 bbl per day. Primary distillation capacity utilization was 55%, 8 percentage points higher than in the same period of 2023. As for distillate production in the third quarter of 2024, an average of 930,000 bbl per day was recorded, with an increase of 144,000 bbl per day, which represents 18% compared to the same quarter of 2023. The production of distillates, which includes gasoline, diesel, and jet fuel, was 491,000 bbl per day, an increase of 77,000 bbl per day. That is 19% higher in the production of high-value products. At this point, I would like to emphasize that this administration that is starting will be focused on improving distillate production to reach a yield of distillates to values at around 60%. Regarding gas processing and production, in the third quarter of 2024, wet gas processing was 2,274 million cu f t per day, of which 1,983 million cu f t per day correspond to sour gas and 290 million cu f t per day to sweet wet gas. This year, we have experienced a reduction in the process level due to a lower delivery of wet sour gas in the Southeast region and wet sweet gas in the North region. In relation to dry gas production, this was 1,770 million cu f t per day, 140 million cu f t per day lower than reported in the same quarter of 2023. Gas liquid production reached 156,000 bbl per day, 2,000 bbl per day higher compared to the same quarter of the previous year, and 10,000 bbl higher per day compared to the previous quarter. This performance is explained by the higher efficiency in propane recovery as a result of the rehabilitation of cryogenic units of gas processing complexes in the Southeast. In the third quarter of 2024, total petrochemical production was 223,000 tons, 12,000 tons lower than in the same period of 2023, mainly due to lower sulfur production in the gas processing complex. The categories that presented a better performance compared to the same quarter of 2023 were the production of carbon black feed stocks with an increase of 14,000 tons due to higher production in the Cadereyta refineries. The production of aromatics and derivatives was higher by 8,000 tons as a result of a longer operating time of the continuous catalytic reforming unit at La Cangrejera Petrochemical Complex. In order to improve the operational reliability of the ethylene and derivative units, the following initiatives will be strengthened, such as the rehabilitation of the auxiliary services areas at La Cangrejera and Morelos, and repair activities at the units of the petrochemical complex. This concludes the industrial transformation section, and now I will give the floor to Margarita Pérez, Chief Executive Officer at PMI. Thank you, Carlos and Sergio. Now, going to PEMEX Deer Park refinery results, we can share that refinery margins in the U.S. Gulf Coast continue to deteriorate and are much weaker than the last two years. Gasoline cracks have fallen below $10 per barrel and should continue to move lower through the rest of the year due to lower seasonal demand, winter rate expectations, and higher inventory. Diesel cracks also fell but are expected to have some increase through the remainder of the year because of their seasonal demand. The third quarter's aggregate result is influenced by an accounting provision. In terms of cash flow, the refinery reports a financial surplus. The Deer Park operating KPI remains stable compared to recent results. The reported debt comes from a revolving facility used to support the group's liquidity. However, as of today, the debt is zero. Regarding operational performance, I would like to highlight the safety results. Process safety has shown a positive trend by the end of the third quarter. 2022 and 2023 were the safest years in this facility's history. In 2023, we received the Safety Achievement Award, which recognizes excellent safety performance throughout the industry from the AFPM. However, there is an increase in recordable injuries in 2024. The majority of the recordable injuries for 2024 can be categorized into two: line of fire and risk tolerance. The line of fire injuries occur where people have been in the way of moving objects or place their hands where they can be pinched or crushed. The risk tolerance injuries have occurred when risks are not recognized or the potential consequence is not understood. We continue to have these as focus areas, and we are committed to have a safe work environment for everyone at PEMEX Deer Park. On October 10, 2024, the PEMEX Deer Park refinery experienced a gas release and flaring event. PEMEX deeply regrets the two fatalities as a result of this incident. 13 workers were also transported from the site to hospitals for evaluation and treatment. We understand that they have all been released. U.S. Federal Agency, Occupational Safety and Health Administration, the OSHA, and the Chemical Safety Board, CSB, initiated the incident investigation at PEMEX Deer Park, and PEMEX Deer Park team is working with them. Also, our team is doing an internal cost risk analysis. Some of the preliminary information we can share is that while a crew was performing maintenance activities, there was a release of hydrogen sulfide as a result of th e opening of a line within one of the amine recovery units, ARUs. At the time, ARU 6 was down for maintenance. ARU 7 was in operation. Containment efforts began immediately. The PEMEX Deer Park team was able to stop the release by diverting the ARU 7 processing team to flare and securing the affected line. Emissions from the process release were mitigated within one hour, and the flaring extended for three additional hours. The federal authorities decided that all operating units at PEMEX Deer Park were cleared to resume full operation on Friday, October 18th. We do not expect the October 10th event to affect PEMEX Deer Park's refinery operations in the short or long term, neither to have a material impact on PEMEX financial health. The safety of our employees, contractors, and our local community will always be our top priority. With this, I end my participation and give the floor to Mr. Juan Carlos Carpio Fragoso, PEMEX CFO. Thank you very much, Margarita and colleagues. With this, we conclude the presentation. I'll open the floor for your questions. Thank you. And 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. Please stand by for our first questions. And as a reminder, that is star one one if you do have a question. One moment, please. All right. Thank you for standing by. Our first question is from the line of Declan Hanlon with Santander. Please proceed. Hi, good afternoon, and thank you for the call. I have a couple of questions. Firstly, on slide 8 on the slide deck regarding the financial strategy, there is a bullet on continuity of government support, and secondly, a bullet on a plan to design and implement liability management strategies, I think it says. Can you discuss how these points are specifically different? I think, as you can see in the lower yields in your bonds, the market is clearly anticipating something more comprehensive in the management of the balance sheet, given the recent reclassification of the company. Should we be anticipating a more direct management of liabilities by the government via some level of guarantee, perhaps, or perhaps issuance by the government on behalf of PEMEX, which would presumably then create another tier of PEMEX debt? My second question is related. So I know there's been a plan to not issue in the market under the no debt commitment, no new debt commitment. However, given where the yields are, is there a consideration now being given to liability management like in the past where PEMEX issues when it's not blacked out to address short-term amortizations via tenders, etc., particularly considering the scale of the near-term amortization schedule? Those are my two questions. Thank you very much. Hello, Declan. How are you doing? This is Alberto Jiménez. Regarding your first question, as we announced, we are waiting for the budget to be announced, and then we will have more news about the strategy. And regarding possible LM transaction, as you mentioned, considering the reduction in our levels, it is really important that, as of today, we are not considering any new debt in the market, and we will announce together with the federal government once we have the budget announced. Thank you. Thank you. Again, if you do have a question, press star one one. One moment, please. Please stand by. Thank you. One moment, please, while we go to our next question. Please continue to stand by for our next question. We're going to take one from the webcast. Can you provide further color to the tax changes for the option segment to account for the maturity fields? Is there an expected timing for when this would be implemented? Thank you. Hi. The secondary level framework is going to be defined during the first semester of 2025. Details are going to be revealed at that time. Thank you all for standing by. And I'll just pass the call back to our director for any final comments. Thank you. I would like to express my gratitude for your interest. We are pleased to be part of this esteemed company and look forward to contributing to its growth and evolution. At our next earnings call in late February 2025, we will present the progress of the global strategy, which will be reflected in PEMEX's new business plan. Thank you for listening and have a great day. And thank you, everyone, for participating in today's conference. And you may now disconnect.