Good afternoon, ladies and gentlemen, and welcome to the Pemex's results as of June 30th, 2026 conference call hosted by Juan Carlos Carpio, Chief Executive Officer, Elizabeth González, Chief Financial Officer, Octavio Barrera, Director of Exploration and Extraction, Marco Antonio Gomez, Deputy Director for Planning and Operational Evaluation of Industrial Processes, Sergio Benito Osorio, Director of Energy Transformation, Mauricio Camarena, Director of Planning, Coordination, Performance and Sustainability, and Adán Enrique García, Chief Executive Officer at PMI International Trade. 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, Carmen. Good morning, and welcome to this call to present the financial and operational results for the second quarter of 2026. Before we start, we would like to remind our listeners that our comments during this conference call may include forward-looking statements. Listeners are cautioned not to place undue reliance on any forward-looking statements and to review the cautionary notes that appear at the end 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 changes are measured against the corresponding quarter of the previous year, and cumulative changes are measured against the corresponding period of the previous year, unless otherwise specified. Thank you for joining us today. On behalf of Petróleos Mexicanos, welcome to our conference call. I now turn the floor over to our CEO, Juan Carlos Carpio. Thank you. Good morning, everyone. Thank you for your interest in Pemex and for joining us today's call. We value this opportunity to engage with investors, analysts, and market participants and to share our progress. During the second quarter, Pemex continued to advance in the areas that are most important for Mexico. Stable production, increasing fuel output to meet domestic demand, and improving our financial position. In a global environment market by energy market volatility, geopolitical tensions, and change in crude oil and refined products flows, Pemex's ability to sustain production, increase crude processing, and expand fuel production remains generally strategic. Our results this quarter reflect not only solid operational performance, but also Pemex's contribution to Mexico's energy security, the stability of the domestic market, and the country's energy policy goals. With that, I would now like to turn the call over to Cristina Arista, who will provide an overview of our second quarter results. Thank you. Thank you, Juan Carlos. Turning to hydrocarbon production, total output averaged 2.4 million barrels of oil equivalent per day during the second quarter of 2026, representing a 4.6% increase compared to the previous period of the last year. Crude oil processing at our refineries increased by 3% to 1,008,000 bbl per day in the second quarter of 2026. This is a key element in strengthening Mexico's energy security. In today's geopolitical environment, reducing dependence on external markets and expanding domestic processing capacity is a strategic advantage. Each additional barrel processed in Mexico strengthens domestic fuel supply, reduces exposure to international disruption, and enhances energy resilience. Total refined product output also increased during the quarter. Production rose by more than 2% to 1,029,000 bbl per day. Within these results, diesel production stood out with a 19% increase, while gasoline production rose 3% and jet fuel production increased by more than 2%. Higher fuel production means a greater capacity to meet domestic demand, strengthen supply, and support price stability in a complex international environment. This increase in production and processing is also reflected in the domestic market. Domestic sales of refined products increased 10%. In particular, gasoline sales increased by 11%, while diesel sales grew by 19%. These operational achievements were also reflected in our financial performance. Overall, the quarter delivered growth in revenue, operating income, and net income, along with strong EBITDA generation and further progress in improving the company's financial position. Revenue reached MXN 510 billion, up 40% from the previous quarter and 30% versus the second quarter of 2025. This was the highest quarterly revenue level in the last 14 quarters, driven by both domestic sales and exports. Operating income reached MXN 85 billion, more than double the previous quarter and a significant improvement from the MXN 11 billion operating loss reported a year earlier. This was the strongest operating result in the last 15 quarters. Pemex also reported net income of MXN 18 billion. For EBITDA reached MXN 144 billion, up 22% from the first quarter of 2026, and 9% from the second quarter of 2025, reflecting improved operations and a stronger cash flow generation. We also continue to make progress on financial discipline. Total debt declined by 9%, while short-term debt was reduced by more than 36% compared to the year-end 2025, significantly lowering its share of total debt. I will not go in the details of these figures as our CFO will discuss the results in great depth. Finally, we want to highlight an important strategic milestone for Pemex, the signing of a MoU with Petrobras. On June 2026 of this year, Petrobras and Pemex signed this MoU to establish a strategic and technical cooperation in hydrocarbon exploration, production, and processing. The agreement provides a framework to evaluate opportunities in exploration and production, mature field revitalization, downstream processing, deepwater and ultra-deepwater development, as well as industry activities, including refining petrochemicals, fertilizers, gas processing, and liquid recovery. It also includes cooperation in energy efficiency, emissions reduction, carbon capture, lower carbon fuels, safety, operational reliability, and environmental protection. This partnership is important because it brings together the strength of two national energy companies and provides access to a complementary technical experience, particularly in complex offshore operations. This creates opportunities to share knowledge, accelerate learning, identify potential projects, and further development technical capabilities. At its core, this collaboration is about building capabilities and creating opportunities for future growth. To sum up, Pemex is making progress in the areas that matter most for Mexico: maintaining a stable hydrocarbon production platform, processing more crude oil, producing more fuels, ensuring reliable domestic supply, supporting price stability, delivering improved financial results, and building strategic partnerships to enhance long-term capabilities. With that, I will conclude this overview of the quarter's operational and strategic performance. My colleagues will provide further detail on the other results. I would like now to turn the floor over to our CFO, Elizabeth González. Thank you, Cristina. Good morning, everyone. I am very pleased to be with you today, and thank you for joining us. Let me begin with an overview of our financial results. During the second quarter of 2026, Pemex record higher revenue, positive financial results, and lower financial pressures. First, sales were one of the main drivers of the quarter. Revenue increased by 30%, reaching MXN 510 billion. Growth was balanced between domestic and export markets. Domestic sales increased by 30%, while exports increased by 31%. Higher sales were reflected in operating results. Pemex moved from operating loss of MXN 11 billion in the second quarter of 2025 to an operating profit of MXN 85 billion in the second quarter of 2026. Pemex also continued to improve its financial position. As of June end 2026, total debt was about $77 billion, 9% lower than in 2025. In addition, short-term debt decreased by 36%, and net debt declined by nearly MXN 7 billion. To continue with the quarterly results, I give the floor to Alberto Jiménez, financing and investment manager. Thank you, Elizabeth. To explain the drivers of net income, we begin with an increase in revenue of MXN 119 billion compared with the second quarter of 2025, equivalent to an increase of 30%. This performance was driven by higher sales volumes of gasoline and diesel in domestic market, as well as higher prices for our exports. As a result, gross income nearly tripled, reaching MXN 140 billion. This result reflects higher revenue, improved prices for key products, and a reversal of asset impairment losses of MXN 14 billion. Although cost of sales increased due to the higher imports of petroleum products to supplement domestic supply, in a timely manner, the gross margin remained positive and improved. At the same time, Pemex maintained expense discipline. Administrative expenses decreased by MXN 8 billion, while distribution, transportation, and selling expenses declined by MXN 3 billion compared with the same quarter of the previous year. These factors contributed directly to the improvement in operating income. As a result, Pemex moved from an operating loss of MXN 11 billion in the second quarter of 2025 to operating income of MXN 85 billion in the second quarter of 2026. This performance demonstrates the profitability of Pemex's core productive activities before fiscal and financial charges. On the financial side, net financial costs increased by MXN 29 billion, mainly due to valuation effects on derivative financial instruments. Adjustment to export prices amid significant fluctuations in international benchmark prices. The Welfare Oil Duty amounted to MXN 69 billion, an increase of 46% compared with 2025, mainly due to the higher price of the Mexican crude oil export basket. Finally, Pemex closed the second quarter of 2026 with positive net income of MXN 18 billion, reflecting higher revenue, expense discipline, and solid operating performance. From an EBITDA generation perspective, results were also positive. In the second quarter of 2026, EBITDA reached approximately MXN 144 billion, bringing first-half EBITDA to MXN 262 billion. This performance was driven by higher sales, stronger gross profit, and continued discipline in key expense categories. The quarterly EBITDA margin stood at approximately 28%, while the EBITDA margin for the first half of 2026 was 30%, above the 25% recorded in 2025. Turning to capital expenditures, during the first half of the year, Pemex invested more than MXN 71 billion, approximately 70% of which was allocated to exploration and extraction activities. This allocation reflected a capital discipline strategy aimed at stabilizing and increasing production through high-return interventions and projects with a significant operational impact. The results reflect this priority. Production increased during the first half of the year, driven by greater operating efficiency, the addition of incremental production, and a more targeted allocation of resources. Resources allocated to Industrial Processes were directed towards strengthening operational reliability and restoring capacity, maximizing the availability of existing assets, and increasing the utilization of industrial infrastructure. Additionally, 15% of these resources were allocated to industrial safety and environmental protection initiatives, reinforcing facility integrity and compliance with operational and regulatory standards. Looking ahead, the new legal framework creates favorable conditions for developing partnerships that can create value for both Pemex and the private sector. Pemex is evaluating different partnership models to accelerate priority projects, optimize capital allocation, and more effectively capture the opportunities emerging from this new phase of Mexico's energy sector. Regarding payments to suppliers and contractors, during the first half of 2026, Pemex made payments totaling more than MXN 248 billion, helping strengthening the liquidity of its supply chain and ensure operational continuity. These resources came from both the company's own revenues and the investment financing program implemented jointly with the Ministry of Finance. The combination of these two funding resources has enabled Pemex to meet its commitments to suppliers and contractors in a timely manner while remaining a financially sustainable framework by aligning payment schedules with the cash flows generated by the finance project. As a result, this approach strengthens the execution in operating and investment activities, provides greater certainty to the supply chain, and preserves the company's ability to develop its priority projects. Turning now to debt, Pemex also made significant progress in strengthening its financial position. As of the closing of June 2026, total debt stood at approximately $78 billion. This represents a reduction of $8 billion, equivalent to 9% compared with 2025, and more than 31% compared to 2020, which was the highest debt level that we had. This result is consistent with the company's financial strengthening strategy and its commitment to maintaining zero net indebtedness. The reduction in the debt balance, together with reduced maturity concentration and lower reliance on short-term financing, has strengthened the company's financial position and reduced refinancing risk. Turning to the maturity profile, Pemex continued to advance its strategy to reduce near-term pressures and optimize its debt maturity profile. As a result of the joint efforts with the Ministry of Finance, short-term debt decreased from $19 billion at year-end 2025 to $12 billion at the closing of this quarter. Additionally, during the quarter, Pemex completed the renewal of revolving credit facilities totaling $4.150 billion and MXN 19 billion. The transaction extended maturities through 2029 and improved financing terms. It is worth noting that as of today, these facilities remain fully available. Together, these actions strengthen Pemex's financial profile by reducing near-term refinancing needs, improving the maturity distribution, and providing greater flexibility to meet future obligations. I would like to close the financial section with an additional component of our strategy, risk management. For Pemex, strengthening liquidity also means protecting revenue and cash flows against volatility in prices, margins, and foreign exchange rates. The company maintains its hedging program to mitigate its exposure to adverse movements in crude oil prices and refinancing margins. In 2026, these strategies continue to protect a meaningful portion of the company's exposure. The volatility observed during the first half of the year resulted in a net hedging cost of $84 million, consistent with a preventive strategy aimed at providing greater certainty to the company's cash flow. Finally, regarding foreign exchange risk, the February 2026 UDI-denominated issuance was swapped into Mexican pesos through cross-currency swaps. This transaction incorporated a credit clause that reduced the funding cost by approximately 70 basis points. This concludes our financial section. We will now turn to operational developments. I will now hand the call over to my colleague, Octavio Barrera, Director of Exploration and Extraction. Thank you. Thank you. Thank you, Alberto and Elizabeth, and good morning, everyone. In line with the strategy plan of Pemex, I will talk about the exploration and extraction regarding the five main exports. The fifth one, the exploration strategy to deliver a new discovery and enable the timely development to do this. Second, optimizing exploration and production projects. Third, development business arrangement with third parties to attract private investment. Fourth, efficiency of core operation to ensure operation continues across all facilities. Finally, cost optimization across exploration and production sites. With these different actions, the liquid hydrocarbon production average was 1,655,000 bbl per day during the fiscal of 2026, an increase 33,000 bbl per day compared with the same period of 2025. This performance was driven by a specific strategy and solid results and Koban, Ita, Maloob, and [Bricol] fields. During the second quarter of 2026, diluted hydrocarbon production increased 28,000 bbl per day compared with the same quarter of 2025. This increase reflects the strategy and solid results in fields. To add the incremental production during the second quarter of 2026, we carried out 34 development well completions and more than 41 major workover the wells. We also intensified in wells maintenance and optimization activities to mitigate the natural decline of fields such as Tupilco, Quesqui, Tuxtla, Yaxché, and Xanab. In terms of the production mix, 51% consisted of light crude, 49% consists of heavy crude, and by origin, 63% of the production came from offshore assets, and the remaining 37% from onshore assets. In terms of the hydrocarbon gas production, the average was 4,006,000 cu ft per day, an increase 414 million cubic feet per day compared with the second quarter of 2025. This performance was driven primarily by increased output from offshore projects. We call it. In terms of the production origin, 31% of the total hydrocarbon gas production came from the shallow water, while the remaining 69% came from the onshore fields. I will talk regarding the Pemex and Petrobras. The collaboration between Pemex and Petrobras represents a strategy alliance. We are thinking in terms of the offshore exploration in the Gulf of Mexico. Also mature fields and pre-salt plays we are identifying. In this initial phase, both companies will work on integrate and analyzing geological and geophysical information. This knowledge exchange provides an opportunity to shorten the learning curves that would otherwise require years of trial and error. We believe in this collaboration to reduce the technical and financial risk across the following key areas: Reactivating deepwater exploration in the Gulf of Mexico, some opportunities in mature fields to increase the recovery factor on the fields, and assessing the pre-salt plays in the Gulf of Mexico. Regarding the mixed contracts that Pemex has, today, we continue to work together. We have 10 mixed development projects that we have under way. One is currently in process being assigned. During this quarter, we have our results. We also made operational drills in Agua Fría, Madero Field, [Chimica Rosso], and Tamaulipas-Constituciones. Across this project, we completed 19 interventions of the wells. With these activities, we increased in 2,900 bbl per day of new production. In addition, under another contract arrangement that Pemex has, five wells were completed on multinational arrangements in Chichi. Meanwhile, three contracts for the restoration remaining wells. This contract will make 32 interventions have been completed, an additional 2,100 bbl per day of production. This is the general topics regarding the operational and exploration and extraction topics. Thank you very much. Mónica Corvera is the next caller. There are no stops. Thank you very much, Octavio. Good afternoon, everyone. I want to start by sharing to you that during the second quarter of 2026, the scheduled maintenance programs were carried out at the Salina Cruz, Minatitlán, Salamanca, and Tula refineries. We put oil processing averages, 1,008,000 bbl per day, a figure 28,000 bbl per day higher than the one reported in the same period in 2025. The Tula refinery achieved the largest increase in crude oil processing volume, meaning 42,000 bbl per day higher compared to the second quarter of 2025. Similarly, the Olmeca refinery expanded its processing volume by 21,000 bbl per day compared to the second quarter of 2025. At this point, I want to highlight that on April 2nd, a crude oil processing level of 1,306,000 bbl per day was reached. Meanwhile, the Olmeca refinery recorded its maximum sustained level of 340,000 bbl per day on April 7th, reaching its design level. Likewise, it is valuable to highlight that in the month of July, the processing level of the national refinery system was recovered, reaching 1.2 MMbpd. Regarding distillate products production, the following records were achieved during the second quarter of 2026. One, production of gasoline, diesel, and jet fuel added up 699,000 bbl per day, an increase of 57,000 bbl per day or 9% compared to the same quarter of 2025. Number two, distillate yield was 69.3%, up by 4 percentage points compared to the same period of last year. Number three, the production of fuel oil declined from 222,000 bbl per day in the second quarter of 2025 to 191,000 bbl per day in the second quarter of 2026, a decrease of 32,000 bbl per day or 14% lower. Finally, during the month of July, the average production of distillate products was 796,000 bbl per day, reaching a maximum of 900,000 bbl on July 27th. Regarding petrochemical production, I can share with you that during the second quarter of 2026, petrochemical production reached 355,000 tons, meaning 102,000 tons higher than the volume we recorded in the same period of 2025, when it was 253,000 tons. In particular, the second quarter of 2026 delivered the following results compared to the same period in 2025. Regarding the methane derivative segment, ammonia production totaled 73,000 tons, an increase of 13,000 tons compared to the same quarter of 2025. This increase is attributed to the startup of the ammonia unit number seven at the Coatzacoalcos Petrochemical Complex in March 2026, which contributed decisively to ammonia production throughout the second quarter of 2026. Similarly, carbon dioxide production totaled 153,000 tons, an increase of 60,000 tons compared to the same quarter of 2025. Sulfur production recorded 76,000 tons, an increase of 26,000 tons compared to the same quarter of 2025, due to the Olmeca refinery's contribution to the production of this chemical. Methanol production was 7,000 tons higher than in the same period of 2025 as a result of longer operating hours and the continued operation of methanol unit number two at the Pajaritos Petrochemical Complex. Production of ethane derivatives was 5,000 tons higher than in the same period of 2025 due to improved operational continuity at the low-density polyethylene unit at the Cangrejera Petrochemical Complex. It is important to note that since the intensive rehabilitation and maintenance programs of the process units at the Cangrejera, Morelos, and Coatzacoalcos Petrochemical Complexes during the third quarter of 2025 and through the end of the second quarter of 2026, petrochemical productions have increased by 140,000 tons. This is all on my behalf. I will now turn the floor over to Adán García, Chief Executive Officer at PMI. Thank you all for your attention, and have a great day. Thank you, Mónica, and hello, everyone. Regarding Deer Park Refinery, it is observed that the crude supply-demand balance shifted dramatically in late June following the U.S.-Iran ceasefire agreement. With front-loading crude supply flooding the market after months of Hormuz closure. In the U.S., high refinery utilization rates and strong export margins drove record crude and product exports. Diesel shipments hit record levels, around 1.8 MMbpd in early May. The U.S. emerged as the primary global replacement supplier for disrupted Middle East flows. U.S. Gulf Coast refining margins continued to outperform expectations in the quarter. The outlook remains robust, with market fundamentals currently indicating favorable margins through the rest of 2026. Turning to our results, all units remain online and operating reliably at the capability expected following the Q4 turnaround. Year- to- date, Deer Park is tracking near record performance in both utilization and unplanned downtime. Crude oil throughput increased from 304 Kbds or thousand barrels per day in the first quarter of 2026 to 322 Kbds, representing a 6% rise. Production of core refined products grew from 287 Kbds to 298 Kbds, representing an increase of 4%. Favorable refining margins in the U.S. Gulf Coast market, together with efficient operations, supported positive financial results during the quarter, reflected in an EBITDA of $238 million and a net income of $172 million. We will continue with the capital discipline, and cost control remain as a key focus. I finished my participation. I give the floor to Yali Reyes, Deputy Director of Electricity. Thank you, Adán. Good morning, ladies and gentlemen. Thank you for joining today's conference call. In the second quarter of 2026, well gas processing reached 2.2 billion cubic feet per day, representing an 11% increase compared with the same period of 2025. Of this volume, 88% was sour wet gas and 12% was sweet wet gas. This result was mainly driven by higher sour wet gas deliveries from the southeastern region, which supply approximately 213 million cubic feet per day, more than in the second quarter of the previous year, as well as an increase of four million cubic feet per day of sweet wet gas from the northeast region. As a result of higher processing activity, dry gas production reached 1.8 billion cubic feet per day, 15% above the levels recorded in the second quarter of 2025. This performance was primarily supported by the Matapionche, Nuevo Pemex, and Burgos gas processing complex. Meanwhile, natural gas liquids production reached 121,000 bbl per day, an increase of 4% compared with the second quarter of the previous year, reflecting more efficient operations and higher recovery of valuable products. Finally, these results demonstrate sustained improvement in gas processing and stronger production of associated products, contributing to the strengthening of the natural gas value chain. I will now turn the floor over to Flor De Luz, who will discuss our ESG progress impact. Thank you for your attention. Thank you so much, Yali Reyes. I will present the ESG key results for Pemex for the second quarter of this year, which reflect the continuous monitoring of our core environmental, safety, and social responsibility indicators. Evaluating this matrix enable us to measure operational performance, identify areas for improvement, and guide actions to strengthen Pemex efficiency, safety, and sustainability together. Regarding environmental performance, during the second quarter, we maintained continuous tracking of our key indicators. We observed results showing progress as well as an emissions performance consistent with operational activity levels during the period. Carbon dioxide equivalent emissions reached 18.6 million metric tons, a 0.5% increase compared to the same period of the previous year. This was associated with higher activity levels in exploration and production, gas processing centers, and refining activities, reflecting operational dynamism during the quarter, which will continue to be accompanied by actions aimed at improving energy efficiency. Similarly, regarding sulfur dioxide emissions, the start of recovery plan is anticipated. In this context, estimated emissions reached 349.8 metric tons, 12.4% higher than the same period in 2025, driven primarily by an increase in the sulfur content of the gas processes at the company's CPGs. In the second quarter of the year, water reuse reached 10.2 million cubic meters, higher than the same period in 2025, driven by improved water reuse performance at Madero, Salamanca, and Tula refineries. Operational safety remains a strategic pillar for Pemex and a vital condition for our operations. During the first half of 2026, frequency and severity indicators allowed us to monitor operational performance and evaluate effectiveness of measurements implemented to prevent incidents. The purpose of tracking these indicators is to identify deviations in a timely manner, strengthen preventive action, and reduce co-workers, facilities, and communities' exposure to risks associated with activities, including the following key initiatives: strengthening the company's operational discipline and operating philosophy, performance improvement initiatives related to the plant shutdown program, asset reliability, and mechanical integrity, reviewing and updating the safety, health, and environmental protection system. These initiatives seek to consolidate a sustained trend of improvement, strengthening operational discipline and a preventive culture across all levels of the organization. In terms of social responsibility, during the period, we continued allocating resources toward actions designated to generate concrete benefits in the communities and regions where Pemex operates. At the close of the second quarter, social investment was MXN 1,050.4 million. Of this amount, 47% went to the nations and 24% to infrastructure. Resources were also allocated to public safety and civil protection, health adoptive projects, environmental protection, as well as education and sports. The distribution of these resources aligns with social impact criteria in communities connected to our operations, emphasizing local development while strengthening our community relationships. Overall, the period results reflect that safety, environmental performance, and social responsibility are part of a unified vision to operate safely, responsible, and in a sustainable manner. Our commitment is to continue strengthening prevention to reduce the occurrence and severity of incidents, improve operational efficiency, and build close, responsible relationships with the communities where we operate. During the second quarter, Pemex consolidated Its international positioning in environmental management and emissions reduction by participating in strategic initiatives alongside multilateral organizations and international financial institutions. These collaborations enhance the company's technical capabilities and accelerate the adaptation of international best practices. For the first time, Pemex participated in the regional methane summit in Brazil, organized by the Latin American and Caribbean Energy Organization, in collaboration with various regional and international organizations. Additionally, we progressed on a pilot project to implement a digital emissions management tool in collaboration with Carbon Limits, a very well-known Norwegian consultancy. This tool will allow Pemex to comply with its regulatory obligations regarding methane before competent authorities and adopt international measurement, reporting, and verification standards such as OGMP 2.0. Technical dialogues began with Oil and Gas Methane Partnership, OGMP 2.0 initiative, to assess the technical and economic feasibility of adopting these international methane standards. Particularly notable was Pemex's participation in the annual steering committee meeting in the World Bank's-led Global Flaring and Methane Reduction Partnership. Pemex presented progress on gas recovery projects at the Tula, Minatitlán, and Salina Cruz refineries, the Cactus and New Pemex gas processing plant, and upstream assets, which received a favorable opinion from donor members. This formalized the first stage of collaboration between Petróleos Mexicanos and the World Bank GFMR to identify technically viable alternatives for reducing emissions to improve gas utilization. I will give the floor now to Elizabeth Garduño, CFO of Pemex. Thank you. Thank you, Juan Carlos, and thank you to my colleagues for their presentation. To conclude, I would like to highlight three key messages. First, Pemex delivered stronger operational and financial results, driven by higher revenues, positive operating income, net income, and solid EBITDA generation. Second, Pemex continued to improve its financial profile through debt reduction, lower short-term maturities, and disciplined liquidity and risk management. Third, Pemex maintains a disciplined approach to capital allocation while continuing to evaluate collaboration opportunities that complement its growth strategy. Taken together, these results reflect a stronger operation and improved financial position and greater opportunities for value creation. Thank you for your continued interest in Pemex. We are now ready to take your questions. Thank you so much. As a reminder, if you have a question, simply press star one one to get in the queue. To remove your question, please press star one one again. One moment, please. Again, if you have a question, press star one one to get in the queue. All right. We have a question from the line of Badr El Moutawakil with Barclays. Please proceed. Yes. Good morning. Good afternoon. Thank you so much for taking my questions. Congratulations on these earnings. I got a few questions, if that's okay. First one is on your gross debt level. Obviously, there is a big focus on the zero indebtedness, but so far, year-to-date, the gross debt level is down around 9%. You have room to increase your gross debt by $10 billion by year-end and still stay at zero indebtedness. Wondering, what is the plan there? My second question is regarding the operating cash flow. When we look at your EBITDA, your EBITDA is really strong and is something around 300% higher year-on-year. When we look at the operating cash flow on 2Q 2025 versus 2Q 2026, we're lower in terms of operating cash flow. Also the H1 operating cash flow is something around 13% lower year-on-year. Wondering, what is driving lower operating cash flow generation at Pemex this year versus last year? Third question, very quick, is on Deer Park. We've seen Deer Park 2Q EBITDA down something around 60% versus 1Q, while most of the other refineries in the U.S. recorded record EBITDA. I'm just wondering what drove this 60% sequential drop in Deer Park EBITDA in 2Q versus 1Q. My last question is regarding your production. CapEx is down 20%-25% year-on-year. Supplier debt is still at $20 billion-$21 billion. Free cash flow is limited. I'm wondering, do you see any pressure in terms of production target by the end of the year? Really appreciate you. Thank you. Hi, Badr. This is Alberto Jiménez. Regarding the debt strategy, the objective is zero net indebtedness. However, as long as it's possible, we will continue this reduction in the debt balance, as you well pointed out. Regarding the Deer Park question, I will give the floor to Adán, the CEO of PMI. Thank you. Thank you very much for your question. The short answer is the value of inventories affected our EBITDA in both quarters. For the first quarter, the inventories were priced on prices before the conflict between United States and Iran. We had a lower price for that group. For the second quarter, we are now stabilizing the price of our inventory. That's the reason why our financial results get an effect on this quarter. Thank you. Bye. As a reminder, if you have a question, press star one one to get in the queue. Thank you, Carmen. We have a question from the webcast. Production from key mature assets such as Cantarell and Ku-Maloob-Zaap continues to trend downward. These fields remain critical contributors to Pemex's overall output. Could management elaborate on the operational initiatives being implemented to mitigate natural decline rates, when should investors expect these efforts to materially impact production trends? I give the floor to our exploration and extraction director. Go ahead. Thank you so much. Thank you for the question. We have different projects to maintain the production on Ku-Maloob-Zaap, secondary recovery project, to maintain the production. Also we detected an additional opportunity with seismic and processing the seismic that we have on the wells, and we identified an additional block, two new wells, and also work over wells. This is the main two actions that we are improving. Thank you so much. Again, if you do have a question over the phone, press star 11 to get in the queue. We have another question from the webcast. How much additional government support do you expect to receive during the remainder of 2026? How will this resource be allocated between debt service, supplier payments, and upstream investments? I give the floor to our financial manager. Yes. The amount is already established in the budget. We don't anticipate additional amounts for this year. Those resources will be allocated for debt payments. Thank you. Again, if you have a question, simply press star one one. Thank you so much. This will conclude our Q&A session, and I will pass the call back to Cristina Arista for final comments. Thank you for your engagement. If you have any further questions, please do not hesitate to give us a call or send us an email. Have a nice day. Thank you. This will conclude our conference. Thank you for participating, and you may now disconnect.