and Thank you, good you morning all. Sergio, to
results, working the protect top at people energy me our deeper is the transition. Sustainability to of we of address And go and Before how therefore, going into we our priority. people financial are a core everything our let safety do. to on is
assume activity, improving measures to As we gradually frequency than per accidents when lowest more XX% the its index of in historical worked X.X at started have XXXX, XXXX. million that hours value reached compared the to
a we his However, while strengthen of year, performing fellow one precautions, life at we the tasks this maintenance January lost continue who in worker while casualty our safety have of regret of to to oilfields.
overseeing our and customers. face with Over for do are continues working not XX% to operations mundane interactions and suppliers whose pandemic, the of require to employees, to critical still As care our committee are the our services regards response utmost positions the COVID face the people remotely.
and are prevent performed employees units. basis We our and than our we necessary monitoring more the XXX,XXX have distributing of contractors also masks daily health testing contagion. a operational on And to in
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COVID the a virus our can NEOKIT, Y-TEC, a and developed addition, that R&D fast In test diagnose molecular has simple subsidiary, way. in
sustainability, some have significantly for use and voluntary Jones on produced, XXX,XXX than tests Dow our produced and more million X on in liters participation the besides the designed XXth far, of position exported, them were to for So commercialized, industry gas Sustainability donations. our Sustainability were of even within Corporate a improved we the oil the ranking hydroalcoholic distributed, place based Further the Index. and Assessment focusing employees of
have and in among our included promote companies. working hard been top practices, line energy direct tier ranking with on YPF oil our includes with the solutions, The gas top addition, and efficient companies and more emissions. XXXX, to In greenhouse we sustainability XX% S&P’s Yearbook Sustainability in cleaner ESG was reducing In which gas policy
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and oil committed supply production by to methane our flaring, We leaks are chain. minimizing a along venting and cleaner gas
company used XXXX. represent controlled projects with was wind power several energy aggregate strategic arm energy In In reached including this Luz gigahertz, renewable addition, installed XXX GE, our including more the sources, megawatts, assets pandemic, efficient the and came October XXX transition. originally that over total has these capacity in a managed a for from front, of between capacity target the farms. When commercial set including an on the than for generation our nearly YPF from advancing of our for thermal YPF of renewables. and in operations COD operation, in significantly X.X to XX% XXXX over megawatts company jointly reach Despite power projects now Luz, September
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billion purchases that OpEx, initiated on in was program already the about and structural this has result delivering While was encouraging savings $XXX quickly year when managed the to financial started which commented with Sergio, contraction the same already results. of unexpected reduce in when line, by our about cost we partially lower prices, and investment as items. was a previous which compared of by year. of the critical, on produced net This the debt of outbursts more by cut pandemic and have was plan, along decisively the even by helping cutting back But $X key billion generated last aspect upon reacted volumes to the $X the by year. million royalties initial one-off this eliminating about our we companywide reduction a discipline And prioritize
already close the million mode, efficiencies fee the Exmar. employees, When the activity, charges invested started by non-unionized contract the year-over-year. in cost out, adjusting the totaled the doubling in abnormally but secured already been in over mainly charge these or termination reaching normalized QX, of related XX% However, would XX% voluntary still high previous on adjusted figure EBITDA the impacted reversal This to the to second to as million, charges, of normalize variables conditions significantly floating adjusted with for we CapEx operating higher than the $XXX reported standby program and rigs contracted the in million, Decree LNG reached XXXX in totaling by with have contracting more from Based $X.X for half, amount EBITDA, $XXX was $X to EBITDA XX% non-recurring year-over-year. billion costs related retirement the year gradually for laid have leveraging XXXX on increasing key quarter. than
steady the was it improved which economics income of an the items back for the QX of and affecting million. of $XXX confirmation revaluation resources. normalized quarter after the and reversal the This all The reassessment loss for or a during with of resulting is providing in for quarter, midterm which refined line charge decline, adjusted into visibility projects, represented a over million, terms driven of impairment economics of webcast. in non-recurring in income, quarter’s $XXX operating mainly in and driven EBITDA for higher that worth $XXX adjusted recorded basis, we resumption million normalizing operating figure the oil quarter. production of the the Plan certain consideration OpEx guidance the pooling cumulative which New and positive improvement highlighting impairment year on by resulting Gas, for in and prices, of from On of workover EBITDA fuel a In projects despite resulted our the figure the this gas products during demand gradual recovery fourth by XX% sequential million and the a the the is activities, the the these lower XXX at fully was quarterly previous of in leaving in reached taking reversal for gas
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decline came On the to low the day, year XX on of the at gas in XXXX the back late XX% prevailing cubic overhang remained of with natural natural million a supply objectives gas in per production the aligned front, reduce as taken place. production versus previous prices, meters company's
lower by decreased X% mainly gas Finally, associated NGL production. to production year-over-year,
to ones, As in and QX, back as due economic lockdown sequentially program temporary the as interference, investment flexibilization to in negative the XX% avoid the connecting and impact conditions recovered by as in resumed the on gradually of we workover activities of wells maintenance well pipelines. which have while a fracking new natural have activity, production decreased gas output total closing of measures,
on year, our as of established price crude crude the prices, May During down oil barrel, quality minimum impacted per $XX the previous fully international close price $XX per in This not a for to reference the Medanito drop collapse decline XX, by prices Brent, [indiscernible] realization the XX% in was XX% averaged lower introduction given barrel. local the year. were the which at than from
of parity. negotiated been mid local August export following in the prices, [indiscernible] freely recovery the after in has back oil the on However, since Brent expire
market the realization excess the offer, year's still the gas and price. below as On were also previous a consequence side, prices of natural
BTU averaged BTU $X.X price per to selling previous million per Our compared $X.X million the in year.
natural we million at prices of average be of higher given our granted X the production the sold average about BTU. forward, prices expect realization Gas per four-year that Going of New the will contracts Plan XX% $X.XX gas through on back
we costs, the by third norm, on focus primarily as our lifting achieved in XX%, $X.X quarters. able in were even by future, the cost oil second as and fully maintained, to average. well of the the the and workover we although of driven per efficiencies levels, back be increase reduce decline increase lifting lower equivalent, XXXX, terms XXXX cutting conventional our below overall the program, and impacts barrel costs pooling In Therefore, XXXX, expect new fields cost natural in average on restored became to costs as reductions and well operational efficiency activities could activities be still during of but averaging in as
able despite our for production, were the Looking year to compared when our shale deeper challenging the production we by increase shale X% into environment, to XXXX.
shale a way XX% the for due quarters, oil closing and day, in versus some NGL up production works adjustment of in recently, total net between levels shale coming started for However, recover, gas the contracted the and quarter. pipelines oil non-operated QX. with categorization impact natural generated fourth addition More oils, in negative XX,XXX already production we average liquids to to in production to reaching per that has the a previous a sequentially, temporary gas QX, January, technical rare blocks the in and X% gas barrels our equivalent of maintenance in from in the account in production
While preliminary these our showcasing our on historical February figures focus for a high investment show assets. areas, from operated
year, in production. side production and for compared the slide, year Going gas oil the crude into conventional XX% to natural of by gas with performance previous both this the right contracted and similar
encouraging results. However, recovery natural the through highlight and was offset tertiary I with decline of advancement that partially full techniques would secondary
top highest XX,XXX XX,XXX oil the its just by per improve to the last thanks increasing example, per barrels day, an year-over-year, and factor. Tertiary us with during Manantiales technology recovery day day As X% January. that history, and high be XXXX PIUs flooding year increasing Behr to three becoming production XX,XXX current further Grimbeek five reaching an in field allow to compared barrels innovation strategy XXXX per XXX in notch in of to per areas barrels Behr with averaged the field, units production XXXX. day using ambitious about barrels XXXX, Argentina YPF’s techniques with potential expected commenced pilot has for pilot in the areas of are in further The tertiary to operation those experience polymer the Manantiales response. that polymer risking through included additional the the proven polymer injection in recovery at successful to at basis with while closed initial expand connected
$XX addition, production planning Cañadón [ph] in PIUs, for XXXX EOR as and full $XX three for as Cruz installation Santa In and includes investment XXXX in León more at Mendoza El Trebol [ph]. Total estimated of June at four between also the Chachahuén Los million million. in in massification Perales and the seven is development well pilots for
into Moving slide. the next
As activity a started mentioned gradually after resume second during in having to before, full quarter. we have QX into stop gone the
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was now BOEs. ratio reserves the impact XX% close of savings BOEs. in Going into This reserves activity, driven oil Despite downward of We the total of Gas with mainly a this of was contracted quality XXXX, affected in revision offset investment still associated XXX% XX related this, given XXX reduction while million natural hydrocarbon in by reserves, from shale upward lower XXXX, of reserves, presentation. also replacement by by XP for led which revision prices. of gas our over XX% the from up with OpEx that is by in equivalent, negatively about million the the to expanding new the the high being evolution commented natural Plan million representing more to generated New incorporation primarily XXX year-over-year, for to than reserves, barrels viability reserves the X% already crude decline projects
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very cost efforts before, across a or in structural even cutting equally mentioned but and costs. savings an not our these should CapEx operating only company render on the our launched plan importantly, expenses, also we As significant more
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of position. XXXX something mentioned in Communication previous was to Central Bank communication, quarters that has on by start restricts holding market, cash being by locally already impact granted that most let hold liquid to me about to established pesos. of us regulation corporates official our Turning if want in liquidity continue they in from The access which reiterating flow, led FX abroad assets the and Argentina our to the liquidity
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stood of related uncertain a key FX exposure to financial us, these net position than result as our our Along this discipline be continues less December As this, particularly to of for XX, a line, during priority XX%. liquidity at times.
pandemic back to compensated the was our cash with activities. our $XXX negative XXXX, to investment flow million position, operating FX During reduce operation, flow in This, of cash in in our decline from net of than conservative the the borrowing resulted on the together positive approach further cash decision led by during a year. net more of as the a results
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honor border bond, residual the an amount or $XXX July, However, the require refinancing and of to XXXX otherwise enactment of in amount our executed cross on in in able secure new XX% the million will the of to be place, least of to Central earlier financing fully Within at our Bank either equivalent we regulation landscape. Communication refinance commitments. this changed despite XXXX September
XXXX of in bonds broader the refinancing the is international bond, only the Given the value not holders exchange and confirmation XXXX, performed limited obligation January, all invite denominated we decision our at of highlight last rationale March holders inviting of the the Bank important a of the from as our but on outstanding notes to to receiver the aggregate comply also with billion. with hand, launched spite earlier exchange dollar an offer. $X.X former offer options of the into It the the behind regulation of face to rest Central
to As consider would the in around was exchange The a that of see program reverting non-payment $XXX over holders also those and resulted along oil and the to investors’ much case process of primarily relief in that of gas financial with our in held commented get offer was proposal base voluntary decline that the result the of five global possible XXXX to in to of thus 'XX. the due was to to and to with indirect long enhanced we successful dialogue see offered. constructive offer, concerns production within the accommodate was we Bank and million we of exchange reasonable for was to it process, needed flows company the the during the a investor staying can us obtaining last permitted rest market commit and the transaction, investors to their adjust regulations, term. financing exchange And security for the investors piece and in the cash the understand to a were such that if that on allowing cash being XX% relief a parameters open the XXXX could only to to to the the presented in which offer aggregate holders while the XX% We that fund value CapEx situation, comply the alternative of and senior bonds us XXXX potential it the avoiding case XXXX, in years. and help for inequitable the of short-term investors not generating a Central and participation convenient
decision, agency rating positive in recover invest free exchange week upgrade further sovereign will rating, the to of being [ph] while earlier grade taking of production announced and minus. demonstration our to international rating limited capital profile cash the CCC credit to it the final to and standalone a relief this the raised mentioning this success volumes. quoted now plus flow two As transaction, that this it B was by Supporting S&P the up large
pro combination Furthermore, the the was as our a is conditions. at concentrated we already have of the that refinanced to amortization financing of rollover. have reflect rate dollar-linked of or netting our over the both cross trade of to the stand assess successfully of schedule forward, at note In the very and equivalent border during risk $XXX debt for stock on reopening finance a be being bonds providing residual able are in loans, this million forma through refinancing local very March consolidated security of after X.X%, the December while bank three-year exchange, primarily competitive repaid managed summary, of $XXX raise of the to and both adjustment comes and XX X% we markets, easier of million most with $XXX January reduce maturities, post-exchange in at February, subsidiaries, of that a typically local bank million to a inflation February, yield Looking significantly new real debt loans, debt local XX-month exercise, XXXX included linked which in to capital and consummation due the excluding we are the international as the of cancelled markets amount XX. recently and after XXXX,
on that add Finally, has fourth to also when recent stood reduce me lower our on to the leverage construction we in based quarters. calculated ratio EBITDA have net of our jumped purposes. indebtedness noting, last covenant in the X.Xx although the worth at months debt net during over ratios net back the definitions And EBITDA X.Xx managed further the the most XX as the calculated let for quarter, these
and expect market for the particular while XX-month to through full to calculation for funding in normalize indebtedness in leverage pandemic EBITDA back that as the net now year, the as new of quarter purposes, will net used to that this continue Sergio leverage is the included stabilizes, However, EBITDA to the rolling switch we to recovers, materialize. anticipate increase decrease although no be in outlook to likely conditions will while coming during I we net contingencies go continue effect years XXXX. provided
