Good day, ladies and gentlemen, and welcome to the Pemex's Result as of March 31st, 2025, conference call hosted by Juan Carlos Carpio, Chief Financial Officer; Jorge Alberto Aguilar, Corporate Director of Planning, Coordination, and Performance; Margarita Pérez Miranda, CEO at PMI International Trade; Eduardo Poblano, Technical Manager of Exploration and Extraction; and Carlos Lechuga, Manager of Industrial Transformation. There is a support presentation for this conference. The link is available at the 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, Carmen. Good morning and welcome to this call to present the financial and operational results for the first quarter of 2025. 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 in the final pages of our earnings report. This is published in the Investor Relations section of Pemex's website. For this conference call and its supporting documentation, quarterly variations are computed as compared to the same quarter of the previous year, and cumulative variations are computed as compared to the same period of the previous year, unless it is otherwise specified. Thank you for your participation and welcome on behalf of Petróleos Mexicanos. Now, I give the floor to our Corporate Director of Planning, Coordination, and Performance, Jorge Alberto Aguilar. Thank you very much. Good morning, everyone. On behalf of Pemex CEO, Dr. Víctor Rodríguez Padilla, I appreciate your attendance and interest in today's conference call in which we are presenting Pemex's results for the first quarter of 2025 and our expectations for the coming years. Regarding the regulatory framework and governance, with the approval of the secondary legislation for the energy sector, we have taken fundamental steps to consolidate the regulatory framework through which Pemex, as a state-owned enterprise, strengthens its governance through a single board of directors now composed of both state members and two independent members, with one more to be appointed, as well as with the consolidation of the governance of its affiliated companies as an operational and executive arm of its administration. Furthermore, with the support of our authorities, a new taxation regime has been introduced to respond to Mexico's new energy policy, which allows us to leverage the state-owned scenarios to achieve medium and long-term sustainability. Last Tuesday, April 25th, the installation session of Pemex's board of directors as a state-owned company was held, and we made progress in updating internal regulations and changes towards the consolidation of its organizational structure, as well as in strengthening the governance in its affiliate companies. We will soon, for the authorization of the board of directors, implement the model of Pemex's merger, through which we expect to achieve organizational simplification that will reinforce the performance of Pemex's core business lines, as well as the centralization of supporting areas, enabling management to respond in a harmonious and efficient manner. In addition, we are already promoting improvements in Pemex and internal control, cost reduction, and energy efficiency in pursuit of greater productivity and enhancement of its ESG strategies. Regarding institutional strategy, we have begun the process of integrating an institutional strategy aimed at stabilizing the company in the short term. This has already yielded some results. Oil production has become stable, and the processing volume of refined products has increased, and payments of overdue debt with suppliers have begun according to the established schedule. At the same time, we are working on a medium-term program focused on the next three years, from 2025 to 2027, aimed at defining actions that will allow us to achieve Pemex' s sustainability through productivity measures, cost reductions, and the indication of investment projects focused on creative value for the company. This program also establishes the principles and actions for the Pemex' s energy transition. Regarding the foundations of establishing medium and long-term vision, Pemex's 2025-2030 work plan introduced by the CEO in February of this year established the foundation of the institutional strategy, which seeks to guarantee sustainable hydrocarbon production, enough fuel supply, and increased output of petrochemicals and fertilizers in alignment with Mexican government priorities such as food security and welfare. This strategy will allow us to posit the scenarios we will use to formulate Pemex development program for 2026- 2030, formerly Pemex Business Plan, which we expect to complete and submit for approval of the board of directors at the beginning of the third quarter of 2025. In our analysis, we focus on the implications of the work plan and on formulating scenarios in terms of production, operation, cost reduction, productivity, and growth alternatives, prioritizing Pemex operating revenue and cash flow generation. Regarding investment projects in upstream production, we consider our own and mixed plans to compensate for the decline in our fields with the support of private investment and reach oil production of 1.8 million barrels per day by the end of 2025, maintaining the level for the rest of the period. Yesterday, April 29th, guidelines for the Pemex development schemes were published in the Mexico Official Gazette. These guidelines set the provisions applicable to the development and execution of these schemes, as well as the selection procedures for the potential participants with whom Pemex will complete its technical, operational, and financial capabilities for the accomplishment of its exploration and extraction activities. In this regard, I must comment that we are developing the corresponding contract models, which are designed in a clear and fair condition for both Pemex and third parties. We will soon announce the contract models for the mixed development schemes, which aim to incentivize the participation of private firms. Pemex anticipates it will encourage at least 17 mixed development projects by 2025, which will contribute to enhancing exploration and extraction activities and output. Currently, we are analyzing the expected value for the state and the interest of potential participants and the impact of Pemex revenues. Similarly, alternatives are being analyzed to increase exploration and extraction activities in new areas with prospective reserves and resources, which could increase oil production more quickly. Regarding industrial plants downstream, we focus on improving the process, maintenance, and reliability of installed capacity to increase the efficiency of Mexico's national refining system and to keep the performance of Deer Park. We are also working to achieve optimal operation of the Olmeca Refinery and the commissioning of the waste reutilization projects of the Tula and Salina Cruz refineries currently under construction. Likewise, we are reviewing value-generating opportunities such as potential asphalt production and the utilization of fuel oil and petroleum coal in electricity generation in support of the fuel diversification policy. For industrial process, we have already begun studies to design a power cogeneration project in coordination with CFE's expansion program. This will allow Pemex to reduce steam and energy costs at the Tula refinery with the participation of private investment. To meet these goals of supporting Mexico's agricultural sector and thus ensuring food security for the population, we are working on a scheme to enhance the production capacity of urea with private investment at the Cosoleacaque Petrochemical Center. It is important to mention that for all projects with private participation, not only do we hope to define clear investment schemes with suitable risk distribution and profitability, but also with a clear definition of added value for Pemex. Regarding projects to promote the company's sustainability, we are working closely with SEMARNAT, Mexico's Secretary of Environment and Natural Resources, to set commitments for the NDC 3.0, which must be submitted next October. In this regard, Pemex recently signed its commitment with the World Bank, that is, the Global Flaring and Methane Reduction Partnership, to zero gas flaring by 2030, for which it has identified several candidate projects to reduce flaring and venting in both its upstream and downstream process. Regarding the federal government contribution and financing, the goal of our focusing on defining the possibilities and scenarios for Pemex's operational revenue is to measure Pemex's financial requirements for the 2025-2030 work plan. Therefore, as part of the financial strategy, we are working to achieve a robust position that will provide support for the business lines in the implementation of these projects and in attainment of their objectives, coordination with the Secretariat of Finance and Public Credit, Hacienda, and Energy. The implementation of this strategy is being reviewed, through which existing crude overdue commercial debt with suppliers and contractors is being addressed. Payments will be reactivated in December 2024. Market and bank debt conditions are being optimized, for which the federal government contributions to Pemex, as provided for the federal budget, will make a significant contribution. Efficiencies are being implemented in the company's financial operations. An important step further in this area is the simplification of Pemex's tax regime, which came into effect with a new regulatory framework and will allow for continuing its contribution to public finance in a more efficient and transparent manner. Regarding the energy transition, Pemex's energy transition initiatives are already underway, which we hope to translate into specific projects and development programs such as direct extraction of lithium from the oil mine, harnessing geothermal energy from the oil well, generation of renewable energy on offshore platforms, assessment of geological hydrogen potential in Mexico, conversion of carbon dioxide emissions to methanol, production of biofuels from organic waste, conversion of methane to synthetic fuels, co-processing of non-edible oil as unconventional feedstock in FCC units, recycling and ore processing of spent catalysts from refineries, detection and quantification of methane emissions from facility data. Next, I will turn the floor to Juan Carlos Carpio, Corporate Finance Director, who will discuss in more detail elements to comprise Pemex's financial strategy, the progress we have made, and the results for the first quarter of 2025. Thank you. Thank you, Jorge. Good morning, everyone. I am Juan Carlos Carpio, Chief Financial Officer of Petróleos Mexicanos. I sincerely appreciate your participation in this conference and your interest in the company's results for the first quarter of 2025. I give the floor to Cristina Arista to go over the results for the quarter. Thank you, Juan Carlos. Before discussing the financial results, I will share some updates on Pemex's financial strategy. Pemex is working with the Ministry of Finance and Energy on implementing a comprehensive strategy to improve the company's financial position and support corporations which help us to achieve this goal. The main components of the strategy and the progress made in this implementation are as follows. The government contribution for debt payment proved ongoing support from the federal government, in addition to allowing us to reallocate resources to core activities. In coordination with the Ministry of Finance and Energy, financial schemes are executed to address debt. Payments to suppliers have been made uninterruptedly since December 2024 and will continue. The contributions from the federal government and the mentioned financial schemes will contribute to reaching the zero net indebtedness goal by the end of 2025. The hydrocarbon revenue law simplified the fiscal regime applicable to Pemex through the welfare oil duty. This ensures ongoing contributions to public finances while providing certainty and stability to the company. Key initiatives included an improved budget expense and resource allocation, along with the company's vertical integration, that are implemented to improve the company's operations and financial position. Total revenues from sales and services amounted to MXN 396 billion. Due to the implementation of a budget-fixing strategy and the modification of the company's fiscal regime, the cost of sales decreased by 13% compared to the first quarter of 2024, resulting in a gross profit of MXN 109 billion and an operating profit of MXN 64 billion. These results represent a significant improvement compared to the levels obtained in 2024. The depreciation of the peso in the first quarter continued to impact on our results, resulting in a foreign exchange loss of MXN 15 billion. It's important to mention that, starting this quarter, the welfare oil duty is included, replacing the hydrocarbon extraction duty, hydrocarbon exploration duty, and the profit-sharing duty. It's worth noting that, in addition to simplifying Pemex's contributions to public finances, this change established in the Hydrocarbon Sharing Law is permanent, which provides certainty and stability to Pemex's finance. In terms of value generation, the company continues recording positive results. In the first quarter of 2025, EBITDA increased by MXN 32 billion compared to the first quarter of 2024. As a percentage of sales, the EBITDA margin rose from 20.8% to 31%, a level not seen since 2022. The financial and budgetary discipline strategy and the company's vertical integration boosted cash flow generation capacity during the quarter. Regarding CapEx, MXN 72 billion were exercised in this first quarter. From this exercise, 96% were allocated to exploration and extraction activities. Additionally, MXN 7 billion were allocated to environmental and industrial safety initiatives. It is important to highlight that the law on the state-owned company Petróleos Mexicanos and the hydrocarbon sector law allowed the establishment of strategic alliances with third parties for the mixed development of assignments for hydrocarbon exploration and extraction. This will enable Pemex to meet its investment requirements for project execution. During the quarter, progress was made in meeting payment commitments to suppliers and contractors. As shown in the graph, in 2025, payments to suppliers have significantly increased, with a monthly average of MXN 50 billion. As a result of this effort, the debt balance with suppliers as of March 31 decreased by 20% compared to the end of 2024. In the second quarter of the year, the next steps of the strategy designed in coordination with the Ministry of Finance and Energy will be executed to further address the company's commercial debt. Regarding financial debt, as part of the strategy to meet commitments with suppliers, various financing instruments were contracted during the quarter. However, thanks to the capital contributions from the federal government, long-term debt decreased by $3 billion. Although significant progress has been made in the company's financial situation, the coming months will be decisive for the implementation of financial schemes that will enable the goal of zero net indebtedness in 2025 and improve the maturity profile. As previously mentioned, the amortizations for this year are being covered by the MXN 136 billion contributions from the federal government. This allows us to reallocate resources to our core activities. Given the volatility that we are observing in the market, it's worth mentioning that since 2017, Pemex has implemented a hedging strategy annually to protect its income against market volatility, as the one that we have observed in this first quarter. The crude oil hedge contracted for 2025 covers approximately 38% of the estimated total exposure. Additionally, since 2024, a strategy has been included to protect cash flows against a reduction in the gasoline crack spread level. As a result of the variability in the gasoline crack spread observed during the quarter, Pemex obtained a net benefit of $2.2 million. With this, I conclude my participation and now hand over to Virginia Herrera, Manager of Planning and Program Alignment, who will discuss the company's performance in terms of sustainability. Thank you. Good morning, everyone. For Petróleos Mexicanos, in the current administration, maintained and strengthened its commitment to sustainability, backed by the new regulatory framework for the energy sector, which places a strong emphasis on sustainability and energy transition. As part of the next development plan, previously known as the business plan, we are going to set clear objectives, strategies, and initiatives aimed at ensuring sustainable performance across all our operations. In this context, we are actively working to fulfill Mexico's international commitments, such as the Paris Agreement, focused on reducing greenhouse gas emissions. We are also aligning all our operations with a comprehensive vision that reinforces our value chain. To strengthen sustainability governance, we are proposing a dedicated institutional sustainability office to efficiently manage internal and external matters and to support fulfillment of our commitments. Furthermore, the incorporation of sustainability criteria in the evaluation of investment projects is being analyzed to improve decision-making. Together, these efforts lay a stronger foundation for Pemex's sustainability roadmap. In this context, we can see here that we want to point out that our CEO signed recently a letter to the World Bank formalizing Pemex's commitment to the global initiative Zero Routine Flaring by 2030, which Mexico joined since 2016. By signing this initiative, led by the World Bank and managed by the Global Flaring and Methane Reduction Partnership, Pemex commits to avoid routine flaring in all new oil field developments and eliminate the practice entirely from existing sites by 2030. This action reinforces our commitment to align operations with global objectives for reducing routine flaring and methane emissions with the guidance and support of the World Bank. To advance this goal, we have held meetings with World Bank experts, identifying concrete initiatives to reduce flaring, optimize processes, and generate cost savings. At the same time, as you can see, we have strengthened collaboration with the Ministry of Environment and Natural Resources in support of presidential commitments. Another example is our active participation in the environmental restoration of the Atoyac, Lerma, and Tula rivers. Last month, for example, Pemex's team took part in the cleanup of the Atoyac River, engaging personnel from nearby facilities. These actions reinforce relationships with communities, positively impacting the environment. Finally, in partnership with this ministry and the United Nations program, we are currently sampling over 3,000 transformers at 95 company facilities to detect polychlorinated biphenyls, persistent pollutants that require treatment under the Stockholm Convention. These proactive initiatives help anticipate environmental and regulatory risks, ensuring the continued operation of our assets. Talking about our performance, here you can see that Pemex achieved a 3.4% reduction in CO2 equivalent emissions. This was primarily due to the commissioning of gas compression systems, which increased gas handling and utilization, as well as the implementation of various energy efficiency measures. Regarding sulfur oxide emissions, they increased mainly due to higher volumes of acid gas flared in upstream operations and intermittent performance of sulfur recovery units at gas processing complexes. Corrective interventions are already scheduled to restore full functionality of these recovery systems. In terms of water management, there was a decline in the water reuse ratio compared to the same period in 2024. This is mainly attributed to the inclusion of water usage data from the Olmeca refinery. Once the stabilization period concludes, systems designed for water reuse will be commissioned, significantly improving this indicator. As we can see in the slide, on operational safety, we have made significant progress. As of the end of the first quarter, our severity and frequency traits of workplace incidents show favorable trends versus 2022 levels. In March, the results about the frequency rate and the severity index, as you can see in the slide, are similar from 2020, our best year on record in this area. These improvements are the result of focused actions at high-priority sites and targeted strategies to address accident costs. Finally, in the people and social value pilot, from January to March this year, Pemex delivered 84 community programs, demonstrating our firm commitment to social responsibility and to the communities where we operate. This program involved almost MXN 500 million, promoting well-being and development in these areas, such as in areas such as health, public safety, emergency response, public space improvement, education, and sports, all across our key operational zones. Thank you for your attention. I give the floor to Eduardo Poblano from Exploration and Extraction. Thank you, Vicky, and good morning, everyone. In line with the 2023-2027 business plan, the focus has been maintained on areas with greater productivity and economic potential, prioritizing exploration in onshore areas and shallow waters near areas that have production infrastructure. The accelerated development on new fields and the early incorporation of exploratory wells production were implemented, optimizing the time to put newly discovered fields into operation. In addition, activities focused on the maintenance of wells continue improving their efficiency and effectiveness in order to sustain the production of the fields in operation. These actions have made it possible to attenuate the downward trend in production in the last quarter of 2024, reaching a volume of 1,615,000 barrels per day by the first quarter of 2025. Thank you. In the first quarter of 2025, production was 215,000 barrels per day, less than the same period of the previous year, which was mainly due to the natural decline of Maloob and sub-offshore fields, as well as the Quesqui and Tupilco Profundo onshore fields, extension of completion times of wells with high complexity in depth, pressure, and temperature, lower initial production rates in wells of the Chalabil field, and the end of the useful life of electricity fuel pump equipment in the Ayatsil field. Likewise, a delay in the installation of marine infrastructure in Chalabil field and the back pressure reduction plant in the Quesqui field, suspension of critical services to process ships, and atypical weather conditions that prevent the continuity of offshore operations. In terms of quality of the liquid produced, light hydrocarbons reached 48% of total production due to the incorporation of gas and condensate reservoirs. Regarding hydrocarbon gas production for the first quarter of 2025, it decreased by 334 million cubic feet per day compared to the same period in 2024, reaching a volume of 3,500 million cubic feet per day. This was a result of causes already mentioned for liquid hydrocarbons. Fields such as Quesqui and Topila in the southern region stand out for their gas production. Ixachi in the northern region, Onel, DUBA, Etkal in the southwest marine region, Akal and Maloob in the northeast marine region. 37% of gas production comes from shallow water fields and the remaining 63% from onshore fields. To meet production goals and continue to make company viable, interventions to wells are a physical activity of great importance. Since many of our main reservoirs are in a mature stage of exploration, the strategy to sustain base production has been continued based on minor workovers and stimulation wells. In this regard, during the first quarter of 2025, 353 mini workovers and 151 stimulations were carried out to wells. In this context, drilling completions, I mean new wells, and major workovers to wells are activities that have the purpose of contributing incremental production. In this regard, during the first quarter of 2025, 17 completions, new wells, and 28 major workovers were carried out. On March 18th, 2025, the Hydrocarbon Sector Law was published in the Official Gazette of the Federation, establishing a new regulatory framework for the sector and allowing the participation of private entities to complete the technical, operational, financial, and execution capabilities of Pemex. In the mixed development assignments, contracts may be entered into to define the rights and obligations regarding assets, liabilities, and compensation, as well as the mechanism for agreeing to the technical, operational, and financial decisions of the parties involved. In the compensation, it is proposed that the revenue cover first, the tax obligations, second, the recovery cost up to 30% of the revenues, and the remainder to be distributed according to the percentage of interest participation. Pemex must maintain a minimum percentage of 30% and may make contributions to the contracts. The exploration and extraction unit works to identify potential projects to be proposed as mixed development assignments, with the expectation that this will contribute to production that restores the equivalent of the natural decline. Next, I'll turn the floor to Monica Corvera from Industrial Transformation. Thank you very much, Eduardo, for your valuable update. Good morning, and thank you all for attending this call. As a result of the maintenance program of the National Refining System, AKA NRS, we have carried out the recovery of cat crackers and reforming plants that are relevant for the increase in distillate production, mainly gasoline. These repairs have been accompanied by an increase in inventories of intermediate streams that are necessary to maintain the availability of domestic gasoline during the major maintenance scheduled for the rest of the year. It is important to highlight the yield reduction in heavy fuel oil during the first quarter in 2025 in comparison to the value registered in the first quarter of 2024, going from 320,000 to 241,000 barrels per day. On the other hand, the yield of distillates has improved, reaching a production of 530,000 barrels per day in March and 576,000 barrels per day in April. The latter is higher than the value reported in the first quarter of 2024. During April, we have been achieving better volumetric yields regarding gasoline, diesel, and the jet fuels, reaching a value of more than 60%. It is expected that the increase of distillate yields is a result of plant repairs and the utilization of the inventory of intermediate products, as well as the increase in processing at the Olmeca refinery. This is definitely the result of the better performance of the NRS and the operation of the Olmeca refinery, which has processed, sorry, 98,000 barrels per day of crude oil in April, with a gasoline production of 51,000 barrels per day and 38,000 barrels per day of diesel. We have opportunities in terms of the logistics systems and the quality of the crude oil that we are processing. As a result of the increase in yields and plant reliability, there has been a reduction in the proportion of imports to sales, going from 54% in the first quarter of 2024 to 46% in the same quarter of 2024. In the first quarter of 2025, distillate imports were lower by 103,000 barrels per day compared to the same period in 2024, which is equivalent to a decrease in import expenditures of MXN 5.5 million. At the same time, in the last four months, sales have increased by 189,000 barrels per day, maintaining the corresponding revenues despite the reduction in prices in the international market. In March 2025, unscheduled downtime in refineries was reduced by 19% compared to the end of 2024. Regarding gas processing and production, in the first quarter of 2025, wet gas processing was 2,226 million cubic feet per day, of which 1,984 were sour gas and 242 sweet gas. The level of gas processing is directly associated with the availability of gas production in the southeast and north of Mexico. Dry gas production in the gas processing complexes registered 1,758 million cubic feet per day, 9% lower than the one reported in the same quarter of 2024. This behavior is mainly explained by lower gas production in the Cactus gas processing complex. In this sense, the production of gas liquids was 143,000 barrels per day, a figure that was 8% lower compared to the value registered in the first quarter of 2024. Now, in the first quarter of 2025, the petrochemical production reached 215,000 tons, which corresponds to an increase of 7,000 tons of carbon black and 5,000 tons of aromatics. The recovery of the first quarter in 2025 is according to the domestic fertilizer program with the federal government. That will be all on my behalf. Now, Mrs. Margarita Pérez will share important information regarding Deer Park. Thank you. Thank you, Monica. Good morning, everyone. I will present the Deer Park refinery results for the first quarter of 2025. Refining margins in the Gulf Coast market have improved from the ones we observed in the last quarter of 2024. However, they remain relatively weak compared to the wide differential reached in 2022 and 2023, when global events led to tight distillate markets. In this context, Deer Park continued generating cash and delivered a cash surplus for the quarter. This outcome was driven primarily by strong operational performance, reliability, and increased product output. A strong emphasis is placed on optimization and profitability, aimed to maximize the value of operations. This focus has allowed the capture of benefits from recent investments intended to leverage the right molecule at the right place. Deer Park upholds a debt-free balance sheet with a strong emphasis on capital discipline and spending control. Personnel and process safety performance show improvement during the first quarter, with ongoing efforts actively being implemented to meet expectations in this area. Now, I give the floor to Juan Carlos Carpio, Pemex CFO. Thank you. Thank you, Margarita. Thank you also to my colleagues from Planning, Exploration, Extraction, and Industrial Transformation. To conclude this presentation, I would like to emphasize the following key points of our financial strategy: federal government contributions, support debt, amortization payments, improving our financial condition. Financial schemes to address debt are being executed and will help achieve the zero-net indebtedness goal. Simplifying the taxing regime brings efficiency and transparency to the company's finances. Financial operations are strengthened through stricter budget control and the company's vertical integration. Thank you for your attention. The floor is open 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. Please stand by while we compile the Q&A roster. One moment for our first question, please. It comes from the line of Anne Milne with Bank of America. Please proceed. Thank you very much. Good morning. Thank you for the call. I have three questions. The first question is, could you provide us for the first quarter of 2025 Pemex's lifting costs on a per-barrel basis, and if possible, the all-in cash break-even cost for the E&P division? The second question is regarding the refining division and the strategy of this administration going forward. Is the strategy still to be self-sufficient in downstream products in Mexico and reduce exports? Are there still plans to move forward with the cokers? Just wondering what the plan is there. The third one is a more general topic. There is a lot going on in the world: lower oil prices, tariffs, different geopolitical risks. What are you most concerned about right now in terms of managing Pemex? Is it oil prices? Is it tariffs? Is it the debt and suppliers' credits? Any color you could shed on that would be very helpful. Thank you. Thank you for your question. Just a second. For your first question, I give the floor to Eduardo Poblano. Go ahead. Yeah, thank you. Our lifting cost is around $18 per barrel. It has had a little bit of increase related to the previous year. Okay, thank you. Do you have an all-in cash break-even cost? We do not have that information at this time, but we can follow up. Okay, thank you very much, Cristina. Now I give the floor to Monica to answer the second question regarding downstream. Regarding downstream, we are still focusing on improving our distillate production, but we are focusing on the yields and the distillate yields. As well, we will get some benefits, we will get benefits from Refinería Olmeca in the near future in May. This all resulted in improving the results of our refining division. Okay, thank you. Thank you again, ladies and gentlemen. If you do have a question, simply press star one one to get in the queue. One moment. Thank you. Our next question comes from Fernando Posadas with Medley Advisors. Please proceed. Thank you very much for the call, as always. I have two questions. The first one is, if you could please break down the—I mean, I see that you got MXN 80 billion from the government into one. I just want to know what part of this is help to pay the suppliers and what is the help to pay bonus amortizations. If you can break down that for us, it would be helpful. The second question is about CapEx. I see that you have a significant amount for Q1, which is very close to half of the amount that you had budgeted for the year. I just want to understand what we should expect going forward. Are you just front-loading the annual budget to the beginning of the year, and then we will have significantly lower amounts for the rest of the year, or are you just increasing your budget for this year? Thank you. Hi, Fernando. This is Alberto Jiménez. The full amount of the capital injections that we have received as of today has been to pay down amortizations of the year. Okay. In connection with the CAPEX, with the new laws that we have, the secondary legislation, that would be helpful for improving the funds that we need for investment. Thank you. Just a very quick follow-up. That means that you are increasing CapEx into one with the expectation that in the rest of the year, you will be able to outsource some of the CapEx through the mixed contracts and the help of privates. Is that what you're expecting? Hello. It's kind of that. With the mixed contracts, we are going to have an additional CAPEX that we will be having, and the help of the mixed contracts will compensate the funds that we may not have. Okay? Understood. Thank you. Thank you again. As a reminder, if you have a question, simply press star one one. One moment for our next question, please. It comes from the line of Badr El Moutawakil with Barclays. Please proceed. Yeah, thank you so much for taking my question. I have two very quick questions in English. The first one is regarding the zero debt indebtedness level targeted for this year. Can we have a little bit more details regarding this? Because if I'm not mistaken, in the 2025 budget plan, Pemex is allowed for net external indebtedness of around $5.5 billion. I wanted to know if that includes the new loans that you're taking to repay suppliers, and how are you thinking about your financial debt by year end? My second question is very much related to that. How are you thinking about your financial debt heading into 2026? Are you planning to come back to capital markets at some point this year, or do you expect to potentially present a full financing plan for the medium term, as we heard on the Spanish call, in the next couple of weeks to the market? Thank you for that. Hello, this is Alberto Jiménez. As you will mention, we have a debt ceiling approved for the year. However, we are not anticipating to use that debt ceiling. Now, in order to precise the point, when we speak about no new debt or zero net indebtedness, we are referring to not increase the debt balance of around $97.6 billion by the end of 2024. Now, this debt balance, we are going to compare it to the end of 2025 and for the rest of the years. That will be the strategic objective in terms of debt balance. We do not expect to go to capital markets anytime soon. Does that answer your question? Y es, partially. Yeah. I mean, thank you so much. Thank you so much. This concludes our Q&A session for today. I will turn it back to Juan Carlos Carpio for final comments. Thank you. Thank you for your attention. If you have any further questions, please contact the Investor Relations Department. Thank you. With that, we conclude our conference for today. Thank you all for participating, and you may now disconnect.