Argentina — Vaca Muerta

Vaca Muerta shale operations: 50% nonoperated interest in the Loma Campana and Narambuena concessions (30 horizontal wells drilled at Loma Campana in 2025, including Argentina's longest unconventional well at ~27,480 ft TD with a record 16,778-ft lateral; 42 wells put on production; Loma Campana expires 2048, Narambuena extended to 2060 under a 35-year unconventional license) and a 100%-owned and operated El Trapial Field (unconventional concession to 2057, conventional waterflood to 2032). 14% interest in the Oldelval crude export pipeline; joined the Vaca Muerta Sur pipeline project (437 km to Punta Colorada terminal, operational 2027).