Daniel Guardiola: Understood. Thank you very much.
Miguel Galuccio: You’re welcome.
Operator: Thank you. [Operator Instructions] Our next question is from Paula La Greca with TPCG. Please proceed.
Paula La Greca: Hi, thank you for taking my question. I would like to know what was the reason why crude oil exports declining 4Q 2023 in terms of volume sold? Was it because of an increasing crude oil demand from local refineries? So you were limited to export…
Miguel Galuccio: Hi, Paula. Look, I think there was two reasons why that happened. One is a matter of talk at the end of the year in the terminal that basically we experience almost every year. And the second part is related to the fact that, yes, we have more demand on the local market, a bit of more demand in the local market, that, as explained before, we sold our export parity. So this is pretty much the reason.
Operator: Thank you. [Operator Instructions] And it comes from the line of Andres Felipe Cardona with Citi. Please proceed.
Andres Felipe Cardona: Hi, good morning, everyone. Miguel, Pablo, Ale, congratulations on the solid results and have two very quick questions and perhaps one more detail it. So the first is, what is the implied realization price for the local sales or the domestic sales? The second one is, what is the assumption in terms of export taxes? And if the export tax remain – sorry, what is the assumption of volumes exported if the export tax remain at 8% at the end? And the more detailed question is why to consider M&A and not accelerate on the existing portfolio? I mean, you have close to 1,150 drill locations. Why to pursue M&A at this stage? Thank you.
Miguel Galuccio: Andres. Hi, Andres. This is Miguel. So the line was not so good, but I think I managed to listen. So the Q1, local prices that we are seeing so far is 66. So it’s quite good. Export tax today is 8% and I think there was a third question related to…
Andres Felipe Cardona: Miguel, the question on the local crude sale price is what is incorporated in the guidance. And the last question was why to consider M&A at this point and not accelerate on the existing portfolio. You have over 1,100 dream locations, right.
Miguel Galuccio: Okay. Yes. So, Andres, the line is not so good, but again, I mean, in term of pricing, what we run in our plan was between 65 and 70 total. This is rely price. Today, we are looking as a local price what the refinery is paying for us, 66. This is Q1, okay. Now, our guidance was a plan between $1 billion EBITDA and $1,150 EBITDA. Looking at the price range of realized pricing 65 to 70 realized pricing, local price, Q1 66 today. In term of M&A, I don’t think you will see anything that will impact our planning during 2024. Okay. And as I mentioned before, we are basically active M&A wise, as have we been in the past, evaluating opportunities that are today in place. That mainly is one. That was the question. I don’t remember from who before.
Andres Felipe Cardona: Thank you, Miguel.
Miguel Galuccio: You’re welcome.
Operator: Thank you. [Operator Instructions] It comes from the line of Alejandro Demichelis with Jefferies. Please proceed.
Alejandro Demichelis: Good morning, guys. Thank you for taking my call and congratulations on the call. Just one quick question, Miguel. You’re talking about accelerating production, if you can, or M&A and so on. Can you talk about how you see potentially to bring in partners into your acreage if that’s something that in the current situation of Argentina, improving conditions in Argentina that you could see feasible?
Miguel Galuccio: Hi, Alejandro. Yes, thank you for your question. I mean, when we talk about M&A, we consider everything. As you know, I mean, we have today, our activity is concentrating in what we call the development hub. And the development hub is our Bajada del Palo Oeste. And Bajada del Palo Oeste now became part of the development hub. So everything that we have in the north, particularly Águila Mora, is a place that in the future, yes, we could consider to bring a partner to add capital. We are – I mean we’re recognized and we are very well positioned as a low cost, low carbon and reputable operator. So, yes, when we look at M&A, this is something that we could consider in the future.
Alejandro Demichelis: That’s great. Thank you.
Miguel Galuccio: You’re welcome.
Operator: Thank you. And with that, we conclude the Q&A session. I will turn the call back to Miguel Galuccio for final comments.
Miguel Galuccio: Well, guys, thank you very much for participating for your question, for the support and looking forward to see you next quarter.
Operator: Thank you. Ladies and gentlemen, you may now disconnect.
