Good afternoon, ladies and gentlemen, and welcome to the Pemex results as of September 30, 2025 conference call. Hosted by Juan- Carlos Carpio, Chief Financial Officer; Hugo- Eduardo Badillo, Director of Planning, Coordination, Performance, and Sustainability; Adán Enrique García, Chief Executive Officer at PMI International Trade; Angel Cid, Director of Exploration and Extraction; Carlos Ochuga, Director of Industrial Processes; and Sergio Benito Osorio, Director of Energy 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 a 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 third 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, I caution not to place undue reliance on any forward-looking statements and to review the cautionary notes that appear in the final pages of our earnings report. This is 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 quarterly variations are computed as compared to the same period of the previous year unless it is otherwise specified. Thank you for joining us, and on behalf of Petróleos Mexicanos, it is a pleasure to extend our welcome. Let's begin. Pemex remains firmly committed to transparency and accountability, providing timely and accurate information, particularly regarding Pemex's operational and financial results. The main objective of this administration is to ensure that Petróleos Mexicanos continues to be a key player in Mexico's energy sovereignty and security, appearing in the support of energy products and a driver of national economic development while safeguarding the economics of its resources. The recent changes in the regulatory framework mark a milestone in advancing these efforts as they enable the structural mechanisms that strengthen Pemex's vertical integration as a state-owned company. The integration of subsidiaries has enhanced operational efficiency through economies of scale and the elimination of redundancies. The fiscal regime was simplified, replacing the payment of the profit-sharing duty, the hydrocarbons extraction duty, and the hydrocarbons exploration duty with the welfare oil duty. This reform has brought greater certainty to the company's finances and allows Pemex to continue contributing efficiently and transparently to public revenues. In addition, the new framework allows for mixed contracts, which enable Pemex to complement its technical, operational, financial, and execution capacities in developing its assigned areas with the participation of the credit rate sector. In August, Pemex presented its Strategic Plan 2025-2035, aimed at improving the company's institutional, operational, and financial conditions to achieve the strength necessary to ensure its viability and sustainability in the short, medium, and long term. The plan defines the goals and strategies to enhance the productivity of existing infrastructure, operate efficiently, create sustained value, and strengthen the company's financial position. It also is in place leveraging the tools such as mixed contracts and other investment schemes with the private sector to complement Pemex's capabilities. The main elements of the plan, along with some of the progress achieved in this quarter, are as follows. Regarding liquid hydrocarbons, the target is to achieve a national production level of 1.8 million barrels per day, primarily to meet 100% of the demand from the National Refining System and the Olmeca Refinery, with any surplus allocated for export. The priority is to transform our crude oil into high-value refined products to achieve self-sufficiency in transportation fuel and gradually reduce dependency on imports. Exploration plays a key role in supporting these production goals. The plan... Ladies and gentlemen, please stand by. We are experiencing some sound issues. Please stand by. Sorry for the interruption. Let's continue, please. Exploration plays a key role in supporting these production goals. The plan, therefore, includes intensifying exploration activity to sustain adequate reserve levels during the quarter. Analysis of exploratory wealth indicates the potential of 50 reserves of approximately 140 million barrels. Regarding production, Pemex will prioritize maximizing output from existing producing fields, many of which, as you know, are mature, while advancing the development of new fields to offset natural decline. Additionally, the company aims to boost production in high-potential areas by fostering private sector participation through mixed contracts. During this quarter of 2025, liquid hydrocarbons production averaged 1.65 million barrels per day, marking a second consecutive quarterly increase. In July and August, the Ministry of Energy granted Pemex 10 assignment titles for mixed development, covering early-stage and mature fields in onshore, shallow water, and deep waters. The competitive selection process for participating companies is already underway. To date, Pemex companies have expressed interest in participating. Based on their feedback, Pemex has adjusted the contractual and remuneration models to facilitate contract awards, which are expected to be signed by the end of this year. In the area of industrial processes, the company's strategy focuses on improving performance and yield across its industrial infrastructure through rehabilitation and maintenance, completion of the two and some unit cruise units, and actions to ensure the full operation of the Olmeca Refinery. The goal is to achieve self-sufficiency in transportation fuels, allowing Pemex to meet domestic demand without relying on imports. During this quarter, crude oil processing averaged 1 million barrels per day, and high-value products' yields exceeded 60%. With the strategies outlined in the plan, higher yields are expected going forward. Regarding natural gas and its role as the primary fuel for power generation, the production target is set at 5 billion cubic feet per day, aiming to reduce reliance on imports. In the third quarter of 2025, production reached 3.73 billion cubic feet per day, marking a second consecutive quarterly increase. The strategic plan also seeks to activate the petrochemical industry through rehabilitation and maintenance of facilities and by expanding production capacity of ammonia, urea, and other petrochemicals. Another initiative is the construction of a new oil plant in Escolín with public sector participation, expected to produce approximately 750,000 tons per year. The plan further aims to harness the potential of energy efficiency and regeneration, which will help reduce both energy consumption and greenhouse gas emissions. We are planning four major regeneration plants in Tula, Santa Cruz, Tenerife, and Nuevo Fénix. On the financial front, the plan includes Pemex's comprehensive capitalization and financing strategy, designed to strengthen the company's financial position, improve cash flow generation, and liquidity in the short, medium, and long term, and ensure operational continuity. This strategy focuses on reducing liabilities, optimizing the cost structure and debt maturity profile, implementing innovative mechanisms to secure timely funding for core investments, and promoting responsible and efficient use of resources. The strategy is supported by the federal government and continues the coordinated financial schemes jointly developed with the Ministry of Finance and the Ministry of Energy. These efforts aim at addressing obligations with suppliers and contractors, lowering financial debt balances, optimizing funding costs, mitigating maturity concentrations, and reducing financial expenses. It also includes adjustments to financial operations to ensure a sustained allocation of resources toward balanced, value-generating investments, efficient execution of current and capital expenditures aligned with Pemex's investments portfolio, and strong, timely risk management. I will now turn the floor over to Juan Carlos Carpio, our Chief Financial Officer, who will provide further details on these matters. Thank you. Thank you very much, Cristina. Good morning. I appreciate your interest in participating in this conference. Let me start by highlighting a key milestone in the financial evolution of Petróleos Mexicanos. As part of the strategic plan, Pemex defined a comprehensive capitalization and financing strategy, aimed at ensuring the company's efficient operation, strengthening liquidity, and reducing reliance on short-term financing. This strategy was developed in close collaboration with Mexico's Ministry of Finance and the Ministry of Energy. It integrates a set of financial instruments such as Precapitalized Notes or Special Proposed Investment Vehicles. These tools help smooth the maturity profile and optimize financial costs. This strategy is built upon five pillars: effective debt management, financial optimization, investment financing, good financial governance, and sustainable financing, aligned with ESG principles. By the end of the current administration, it is projected that short-term debt will be reduced by 32%, total debt will decline by 10%, and payment delays to suppliers will be shortened to less than two months. These measures position Pemex as a strategic public enterprise, enhancing its ability to secure more favorable financing conditions and reinforcing its capacity to meet the challenge of the energy transition. The support of the government has been instrumental in advancing these objectives. Key actions taken so far this year include a reincorporation selling more than $11 billion, the launch of the 2025 Investment Financing Program with a capacity of up to $12 billion, a cash tender offer program of up to $9.9 billion, the receipt of over $19 billion in equity contributions. These efforts have been encouraged by credit rating agencies. Both Fitch Ratings and Moody's have upgraded Pemex's credit rating. We remain to work in close coordination with the Ministries of Finance and Energy to consolidate a solid financial structure that will help to meet our commitments and move toward a strong future for Pemex and for Mexico. Now, to go over the financial results for the quarter, I hand it over to our Financing Manager, Alberto Jiménez. Thank you, Juan Carlos, and good morning, everyone. Now, moving to the quarterly results, total revenue from sales and services amounted to $379 billion pesos. As a result of the budgetary discipline strategy, the cost of goods saw a decrease by 5% compared to the same period in 2024. Starting this year, the payment of the welfare oil duty replaces the payment of the profit-sharing duty, as well as the hydrocarbon extraction and exploration duties, noting that the latter two were previously provisioned as part of the cost of sales. It is worth noting that this change in the company's fiscal framework established in the Hydrocarbon Revenue Law is permanent. In addition to simplifying Pemex's contribution to public finance, it provides certainty and stability to the company's financial outlook. The exchange rate variation of the peso against the dollar during the quarter resulted in a foreign exchange gain of $33 billion pesos, a movement that does not affect the company's cash flow. In the first quarter, Pemex recorded a $37 billion peso gross income and a $100 billion peso improvement in its net result as compared to the same period in 2024. When analyzing EBITDA, Pemex continues to deliver positive results. In the third quarter of 2025, EBITDA stood at $58 billion. As a percentage of sales, the EBITDA margin declined from 20% to 15% over the same period. Nevertheless, the implementation of a strict budgetary discipline and the new fiscal framework have continued to strengthen capacity to generate operating cash flow. Regarding CapEx, Pemex executed over $110 billion pesos in the first nine months of the year, 79% of which was allocated to exploration and production activities. Additionally, over $13 billion pesos were directed toward environmental and industrial safety initiatives. From 2019 to 2024, the average CapEx executed by the third quarter of this year represented 38% of the total average budgetary investment for the same period. In contrast, by the third quarter of 2025, this proportion increased to 50% of the total annual budgetary investment. It is important to highlight that under the State-Owned Enterprise Law applicable to Petróleos Mexicanos, as well as the Hydrocarbon Sector Law, the company is authorized to establish strategic partnerships with the private sector for the joint development of hydrocarbon exploration and extraction assignments. This reform will enable Pemex to complement its investment needs and strengthen the execution of key projects. Regarding payment to suppliers and contractors, Pemex has demonstrated a consistent track record in meeting its obligations to suppliers and contractors. Between January and September 2025, payments totaling $299 billion were made, reflecting solid progress in budget execution. Furthermore, Pemex records these transactions in compliance with IFRS, ensuring transparency and rigor in recognizing liabilities related to receiving goods and services. Now, as part of a comprehensive strategy to strengthen Pemex's financial position, the Ministry of Finance carried out a targeted operation to enhance the company's liquidity and meet short-term obligations. The operation involved the issuance of financial instruments known as Precapitalized Notes (PCAPs), which provided Pemex with timely resources to support its operational and financial needs in line with balance sheet objectives. It is important to note that this transaction did not constitute a federal government guarantee for Pemex. With the funds obtained through this mechanism, Pemex executed a repo agreement totaling $11 billion, maturing in August 2030. On September 2, 2025, Pemex announced the launch of a cash tender offer for a series of outstanding securities with a maximum purchase amount of $9.9 billion. The transaction was settled on October 1, 2025. Through the implementation of this strategy, it is estimated that by the end of 2025, the short-term debt balance will be reduced by approximately 32%, total financial debt will decline by 10% compared to 2024, and net indebtedness will remain at net zero by the end of the administration. This strategic approach will alleviate cash flow pressures by reducing debt maturities, lowering financial costs, and decreasing reliance on short-term loans and promissory notes. These improvements will enable more efficient resource management, allowing for increased investment in productive projects that enhance profitability and long-term value creation. Additionally, refinancing risk is expected to decline, supported by a stronger liquidity position and improved access to broader, more competitive financing sources, reflecting growing market confidence in the company's financial outlook. The financial strategy jointly developed and executed by Pemex and the Ministries of Finance and Energy has been implemented to optimize the debt maturity structure, reduce financing costs, and strengthen Pemex's liquidity position. A cornerstone of this strategy is the bond buyback program launched in September, targeting maturities between 2026 and 2029 for a total of up to $9.9 billion. The offering was oversubscribed in its initial phase and is being financed through equity contributions from the federal government. Upon completion, this initiative is expected to significantly enhance the debt maturity profile with improvements reflected in the company's year-end 2025 financials. The operation will help smooth the payment schedule, alleviate short-term financial pressures, and improve the overall cost structure. These strategic operations have been recognized by credit rating agencies. This institutional support has been key to strengthening the company's financial position. Notably, Fitch Ratings upgraded Pemex's credit rating by three notches from B+ to BB+, with a stable outlook. Similarly, Moody's rates its long-term rating from B3 to B1, along with a stable outlook. Additionally, S&P emphasized that financial support from the government of Mexico remains a decisive factor in the company's credit stability, maintaining its rating aligned with the sovereign at BBB. These upgrades have enabled Pemex to secure more competitive financing terms, including lower interest rates and greater flexibility to fund strategic projects. They have also bolstered market confidence, expanded financing options, and strengthened the company's negotiating position in international markets, critical elements for sustaining financial stability and long-term growth. Regarding the hedges, since 2017, Pemex has annually implemented a hedging strategy to protect its revenues against market volatility, such as the one experienced this year. For 2025, the crude oil hedge covers approximately 38% of the company's estimated total risk exposure. Due to crude price fluctuations observed through September 2025, Pemex recorded a benefit of $157.6 million. Beginning in 2023, Pemex introduced a strategy to safeguard cash flows against potential declines in diesel crack spreads. In 2024, a similar strategy was adopted for gasoline crack spreads. As a result of fluctuations in gasoline and diesel crack spreads between January and September 2025, Pemex achieved a net benefit of $4.12 million. To further strengthen its financial position, Pemex carried out a bond buyback operation. Following this, ongoing transactions were executed for derivative instruments linked to the foreign exchange hedges of the repurchase bonds, with a notional amount of €500 million. These operations generated a net benefit of $53.7 million at the end of September. This concludes the presentation of the financial results. Now, I give the floor to Federico Chow from the PEP Team. Thank you. Thank you, Alberto. Let me start by saying that our crude oil production averaged 1,648,000 barrels per day. Good morning, everyone. Pemex continues to advance towards its hydrocarbon production targets under the Strategic Plan of 2025 to 2035, ensuring a reliable energy supply to meet domestic demand. Our key initiatives include, one, focused exploration to expedite the development and integration of new discoveries into production. Number two, optimization and strengthening of ongoing exploration and production projects. Three, partnership frameworks with third parties to attract private investment. Four, operational efficiency initiatives to reinforce reliability and continuity across facilities. Last, cost optimization programs to align financial discipline and production objectives. During the quarter, development progressed in the Exactly, Bacteria, Mulage, and Manure fields, supported by measures to accelerate the startup of recently discovered areas. Well servicing and workover activities also continued, improving operational efficiency and sustaining output in producing fields. These actions helped offset the downward trend observed in late 2024, bringing total crude oil production to 1,648,000 barrels per day in Q3 2025, reflecting greater production stability and enhanced field management. Next, crude oil production performance. As mentioned before, in Q3, crude oil production averaged 1,648,000 barrels per day, a decrease of 116,000 barrels per day compared to Q3 2024, mainly reflecting the natural decline of mature fields. Production showed a recovery versus the previous two quarters, supported by operational improvements and stabilization efforts in key production areas. This quarterly performance was primarily driven by, one, the natural decline of onshore fields, Keski and Tupilco Profundo, along with offshore fields, Sapa and Malo. Number two, greater drilling complexity in deep, high-pressure, high-temperature reservoirs. Three, adverse weather conditions that temporarily constrained offshore operations. Next, in relation to hydrocarbon gas production performance during Q3 2025, hydrocarbon gas production averaged 3,730 million cubic feet per day, a decrease of 19 million cubic feet per day compared to the same period of 2024. Output rose compared to the previous two quarters, driven by higher levels of non-associated gas production and a stronger contribution from onshore projects, which accounted for 65% of production. The quarter required improvement mainly reflected the startup of additional wells in the Batey and Exactly fields, underscoring continued progress in field development and production stabilization efforts. Well interventions. In order to meet production targets and despite challenging economic conditions, Pemex has optimized its activity levels and redirected resources towards the most productive well interventions, which have contributed to a rebound in output. Given that many of Pemex's main producing fields are in the mature stage of development, the company has maintained its strategy to sustain base production through minor repairs and well stimulation programs. Accordingly, during the third quarter of 2025, a total of 379 minor repairs and 161 stimulations were carried out. Regarding well drilling and completion, as well as major repair activities, which are primarily aimed at adding incremental production, Pemex conducted 16 development well completions and four exploratory wells and 35 major repairs during the quarter. These activities emphasize Pemex's focus on maximizing reservoir recovery, mitigating natural decline, and strengthening operational efficiency across its asset portfolio. Next, Pemex's joint projects with private partners aim to increase production and meet commitments. Pemex continues to leverage the mechanisms established under the hydrocarbon sector law to strengthen its technical, financial, and operational capabilities through collaboration with private partners. In July and August 2025, the Ministry of Energy granted Pemex 10 assignments for mixed development, covering projects classified as early development and mature fields located in onshore, shallow waters, and deep water areas. Currently, Pemex's procurement division is conducting a competitive process to select participating partners. Based on feedback received from interested companies during the selection phase, Pemex refined the contractual and remuneration model to ensure transparency and competitiveness in the award process. The company expects to sign the first phase of mixed contracts by the end of 2025. Throughout the process, Pemex has held five technical workshops, conducted 38 data rooms and field visits, and addressed more than 5,000 inquiries submitted by prospective participants. To date, 40 companies have expressed interest in taking part of the process, including major international companies, mid-sized operators, and service companies. To incorporate additional production through third-party investment, Pemex implemented the Work and Services Contract Developed and Financed by Third Parties, by the acronym COS DFD scheme. Under this model, Pemex's production and production retains ownership of the assignment and remains responsible for technical decisions while leveraging private partners' financial capacity to fund project execution. To accelerate the implementation of this business model, Pemex signed the first contract on September 29, covering drilling of up to 32 wells in the Exactly field, the construction of its gathering lines, and the expansion of two major processing facilities over a three-year term. By increasing oil and gas output payments for drilling, we'll make 21 monthly installments per well delivered, beginning in January 2027. Additionally, Pemex Board of Directors is reviewing the authorization of four new work and services contracts for the reactivation of those wells in the Macutucana Muspa, Samaria Luna, the Yota Jujo, and Puerto Rica Altamira assets, as well as contracts for the conditioning of sour gas in the Exactly field. These contracts are expected to formalize between November 2025 and January 2026. Now, I'm going to hand it over to Ms. Monica Corvera from Industrial Processes, who will share an update on refining operations. Thank you very much, Federico, for your valuable update. Good morning, and thank you, ladies and gentlemen, for joining us on this call. I will begin by noting that during the third quarter of 2025, crude oil processing at the country's seven refineries exceeded 1 million barrels per day, meaning 47,000 barrels per day higher than the same period registered in 2024. Regarding the accumulated total of the last three quarters, the overall increase amounted to 223,000 barrels per day. During September, the Olmeca Refinery reached a maximum processing level of 232,000 barrels per day, equivalent to almost 70% of its primary distillation capacity utilization, and a maximum gasoline production of 114,000 barrels per day. In the case of diesel, it was registered a production of 128,000 barrels per day. It is expected that by the end of the year, it will reach a processing level of 270,000 barrels per day with a utilization of 80%. For the period of the third quarter of 2025, and in terms of the whole distillate production, the following results were obtained. Production of gasoline, diesel, and jet fuel totaled 673,000 barrels per day, representing an increase of 137,000 barrels per day compared to the same quarter of 2024. Total distillate yield increased by 11 percentage points, rising from 55.7% in the third quarter of 2024 to 66.7% in the same period of 2025. Fuel oil production decreased by 111,000 barrels per day, 35% lower compared to the same period of the previous year. These results are a consequence of the improvement in the reliability of the process units through the rehabilitation program of the National Refining System that has focused on catalytic and reforming plants, as well as the improvement of the utilization of intermediate streams to increase the production of gasoline, diesel, and jet fuel. Now, regarding petrochemical production, I want to share with you the following comments. During the third quarter of 2025, petrochemical production reached 206,000 tons, which is 16,000 tons higher than the volume registered in the same period of 2024. From July to September 2025, the panorama regarding the petrochemical products' results was the following. The methanol production of the Independencia Petrochemical Complex was of 43,000 tons, an increase of 17,000 tons compared to the third quarter of 2024. The ammonia production of the Cangrejera Petrochemical Complex registered an increase of 3,000 tons in comparison with the same quarters of the previous year. Finally, it is relevant to highlight that during September, an intensive rehabilitation and maintenance program was carried out in the 11 processing units at the Cangrejera, Morelos, and Cangrejera Petrochemical Complexes, which involved the participation of more than 1,000 workers with different specialties at Pemex. Such a strategy has been practiced to give reliability to the process units and initiate a sustained increase in the production of polyethylene, ethylene oxide, ammonia, benzene, toluene, hyaline, and ammonia. Likewise, we want to share with you that at the Pemex Board of Directors, it was approved the implementation of the Pemex petrochemical projects, such as the ethane-ethylene derivatives, aromatic derivatives, and ammonia, considering the participation with third parties through service contracts for the rehabilitation, procurement, and equipment installation and maintenance. All of all, will allow the recovery of the natural petrochemical industry. The selection process of investors initiated during this month of October. This is all on my behalf, and I will share the floor to Mrs. Yali Reyes, Subdirector of Pemex Energy Transformation Direction. Thank you all for your attention and have a good day. Thank you very much, Monica, for your valuable update. Good morning, ladies and gentlemen, and thank you for joining us in this call. Let me explain the main points in gas processing. During the third quarter of 2025, wet gas processing averaged 2.23 billion cubic feet per day, of which 2.012 billion cubic feet per day corresponded to sour wet gas and 218 million cubic feet per day to sweet wet gas. The reduction in processing volumes was mainly due to the lower deliveries of sour wet gas in the southeast regions and sweet wet gas in the north by approximately 31.78 million cubic feet per day, respectively. Dry gas production across the gas processing complexes averaged 1.747 billion cubic feet per day. It means a 2% decrease compared to the same quarter of 2024. This behavior was primarily driven by reduced gas output at the Cactus, SIDAC Pemex, and Burgos complexes. In turn, gas liquid production stood at 128,000 barrels per day, 18% lower than the first quarter of 2024, mainly due to limited availability of dynamic equipment and cryogenic plants within the gas processing complex. As of today, the scope of the dynamic equipment, it means four refrigeration systems, has already been contracted. Thank you very much, and Adán Enrique García will continue with the conference. Thank you. Thank you very much, and good day to everyone. Regarding the refinery results, refining margins in the Gulf Coast region recovered from the four quarters of 2024 downturn, showing consistent improvement throughout the third quarter of 2025, but remained lower than levels reached in 2022 and 2023. Gulf Coast refinery utilization declined in September, primarily due to scheduled maintenance activities at Citgo's Corpus Christi and Deer Park facilities. Deer Park delivered a quarterly cash surplus, driven by robust operational execution, high reliability, and increased product yield. The refinery continued to maintain a strong reliability performance in Q3, achieving the best results in recent history. Operational focus remains on optimization and profitability, leveraging strategic investments to maximize value through precise product placement. Deer Park maintains a debt-free balance sheet, underpinned by disciplined capital management and strong cost control. Safety performance improved during the quarter, with proactive measures underway to meet personal and process safety targets. Thank you. Now, I share the floor with Hugo Badillo, Director of Planning, Coordination, Performance, and Sustainability. Hello. This is Juan Ignacio Navarrete. I'm part of the team of Mr. Hugo Eduardo Badillo. I'm going to talk about the ESG results. Good morning, everyone, again. I'm pleased to share the main progress and results achieved by Pemex in the environmental, social, and governance matters during the third quarter of this year. First, I would like to highlight the progress made in the international cooperation. During this quarter, Pemex strengthened its participation in the Global Gas Flaring and the Clean Reduction Partnership, STEAM, from the Silver STEAM Flaring by 2030 commitment signed with the World Bank. Following the evaluation of the project proposed by the company, the World Bank will be beginning designing a technical assistance program to support the implementation of assets aimed at reducing emissions and reducing flaring, with the expectation of extending this collaboration to gas processing centers and other facilities with potential replication. Also, Pemex is participating with the World Bank Industrial Decarbonization Initiative, which will provide support for the technical and economic modeling of the Tula Biorefinery project. This effort opens the door to expanding cooperation on sustainability and energy transition across other strategic projects of the company. Another significant milestone is the submission of Pemex's climate change and environmental security results to the Carbon Disclosure Project, a globally recognized environmental disclosure platform. This reinforces the company's transparency before investors and stakeholders. Additionally, Pemex finalized the 2024 Sustainability Report, verified by KPMG. The report comprised the main five chapters: governance, climate change and energy, environmental, occupational health and safety, and social performance, and complies with the Petróleos Mexicanos law, as well as international industry standards. The report consolidates 299 sustainability indicators, reflecting the company's institutional commitment to accountability and continuous improvement. In coordination with the United Nations Development Program in compliance with the Stockholm Convention, Pemex verified the absence of polychlorinated biphenyl in more than 1,300 transformers and destroyed two contaminated units, thoroughly anticipating the potential regulatory and environmental risks. Pemex also participated in the technical committee of the Mexico Solutions Trading System, initiating the review of the regulatory framework that will enter into operation in 2026, positioning the company as an active participant in the development of the national carbon market. Regarding the environmental performance, in terms of equivalent carbon dioxide emissions, it increased more than 50.4% compared to the same period in the previous year, mainly due to the partial operation of the cogeneration steam supply at one of the gas processing complexes. Conversely, sulfur oxide showed a slight reduction, resulting from the greater availability of the sulfur recovery system at refineries and ongoing previous maintenance. The water reuse index decreased by 36.6%, attributed to the operation issues in the water treatment stage at the Madero and Cadereyta refineries, which are already beginning at residues. Occupational health and safety results were encouraging. The lost time injury frequency rate decreased 17%, and the severity index fell 44%, reflecting the strong commitment of the Senior Management and the reforms and safety culture fruit of the organization. Finally, in social responsibility, Pemex delivered 85 programs' work and actions, and donations totaled approximately $639 million pesos, primarily directed to the infrastructure and the community support, reaffirming the company's commitment to the well-being of the community where its operations. I'm going to pass it over to Mr. Carpio. Thank you, Ignacio, and to my colleagues from PMI International Trade, Pemex Exploración y Producción, Pemex Transformación Industrial, and Energy Transformation. To conclude, I would like to emphasize that Pemex is executing a comprehensive capitalization and financing study. Currently, with its plan reframing its commitments to financial sustainability and the country's energy development, we reaffirm our commitment to building a solid financial foundation that supports long-term value creation for our investors and for Mexico. Thank you for your attention and trust. This concludes our presentation, and we now open the floor for your questions. Thank you. Thank you so much. As a reminder, to ask a question, 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 while we compile our Q&A roster. All right, our first question comes from Ann Milne with Bank of America. Please proceed. Good morning. Thank you very much for the call today and congratulations on all of the transactions you've recently implemented. I do have one clarification. I have a couple of questions. First is a clarification on the debt balances, which in the quarter were actually up. You did say that by year-end, total debt would be down about 10%, which is about $10 billion. I know you have the PCAPS transaction for $12, $13 billion, and then you have the tender for just under $10 billion. Is the PCAPS repo agreement classified as debt, and that's why the only reduction will be about $10 billion? The tender offer? That would be my first question. The second question has to do with just, I know you talked a little bit about Dos Bocas, the Olmeca Refinery. How much CapEx is needed to get it back up to, I think you were talking about getting it up to, is it 240,000 barrels per day? Just wondering what an update is there. I guess the third question is on the joint ventures for mixed development with private companies. You did go through that. When do you think we'll begin to see the, I think you said you have a few contracts that will be signed by year-end. Do you have a number of contracts you're looking to have signed next year, for example? Those are the three questions. One is the debt level, second is Dos Bocas, and third is the mixed contracts. Thank you. Hi, Ann. This is Alberto Jiménez. The reduction of 10% is compared to the year-end balance of 2024, and that is correct. The amount is going to be around $10 billion, and that is because the repos that we did with the securities loan that we received are classified as debt. Thank you, Alberto. For the question, I'm going to give the floor to Monica Corvera. By the end of the year, we're expecting to process around 270,000 barrels per day at Olmeca Refinery. Okay. The CapEx required to get there, is that much more than what you've already spent? I'm going to address your third question. You said how many mixed contracts are going to be awarded, right? We're going to have. Yes, that's correct. We're going to award 10 mixed contracts by the end of 2025, and we expect from those contracts an additional production of about 80,000 barrels per day. Okay? Okay. Very good. Now, will that production all be counted as Pemex production? Are these pure service contracts? Or is there some production sharing? Pemex, since it's a mixed contract, Pemex is a partner. Okay, very good. Thank you. Thank you again. If you do have a question, press star one one to get in the queue. One moment for our next question. That comes from the line of Badr El Mout awakil with Barclays. Please proceed. Yeah. Thank you so much for taking my questions. I have three questions as well. Maybe one to follow on what Ann suggested. I see on your Excel file that the equity injection from the government reached $20 billion in Q3, and this is up from $5 billion in Q3. Would you mind giving us the breakdown of this $15 billion? Is that the BANOBRAS, or is that part of the $10 billion for the tender? My second question is related to CapEx for 2026. Can I get an estimate, please, of your cash CapEx for 2026? Are we expecting similar levels to what we've seen in the past, around $12 to $15 billion? Or is the CapEx for 2026 becoming structurally lower thanks to the support from BANOBRAS? My last question is regarding the supplier debt level. We're seeing the supplier debt increasing pretty substantially in Q3 to something around $28 billion. I was wondering if you had any targets in mind in terms of supplier debt by year-end or by Q1 2026. Thank you so much. Hi, brother. This is Alberto Jiménez. I'll take the first question. The additional capital contribution that we receive for around $14 billion is to carry out the reporters for around $10 billion and pay additional maturities of 2025 and 2026. One second for the next question. Now, regarding CapEx, the level for CapEx for next year is in line around the same figures that we see for 2025. Thank you. That will be all for you. Thank you so much. I don't see any further questions in the queue. I will pass it back to management for final remarks. Thank you, everyone, for joining us this morning. Should you have any further questions, please contact the Industrial Relations team. Have a nice day. Bye. Ladies and gentlemen, with that, we conclude our conference for today. Thank you all for participating. You may now disconnect.