Vista Energy SAB de CV (VIST) 2022 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vista Second Quarter 2022 Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎來到 Vista 2022 年第二季度電話會議。 （操作員說明）請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today, Alejandro Chernacov. Please go ahead.

我現在想把今天的會議交給你的發言人亞歷杭德羅·切爾納科夫（Alejandro Chernacov）。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's second quarter 2022 results conference call. I'm here with Miguel Galuccio, Vista's Chairman and CEO; Manuel Vera Pinto, Vista's CFO; and Juan Garoby, Vista's COO.

謝謝。大家，早安。我們很高興歡迎您參加 Vista 2022 年第二季度業績電話會議。我和 Vista 的董事長兼首席執行官 Miguel Galuccio 在一起； Vista 的首席財務官 Manuel Vera Pinto；和 Vista 的首席運營官 Juan Garoby。

Before we begin, I would like to draw your attention to our cautionary statement on Slide 2. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are adapted to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in U.S. dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA. Reconciliations of these measures to their closest IFRS measures can be found in the earnings release that we issued yesterday. Please check our website for further information.

在開始之前，我想提請您注意我們在幻燈片 2 上的警示性聲明。請注意，我們今天的評論，包括對您問題的回答，可能包含前瞻性陳述。這些前瞻性陳述適用於可能導致實際結果與這些評論所設想的預期大不相同的風險和不確定性。我們的財務數據以美元為單位，並符合國際財務報告準則（IFRS）。但是，在本次電話會議期間，我們可能會討論某些非 IFRS 財務指標，例如調整後的 EBITDA。這些措施與最接近的 IFRS 措施的對賬可以在我們昨天發布的收益報告中找到。請查看我們的網站以獲取更多信息。

Our company, Vista Energy, is a sociedad anonima bursatil de capital variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. The tickers of our common stock are VISTAA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. The ticker of our warrant is VTW408A. I will now turn the call over to Miguel.

我們的公司 Vista Energy 是一家根據墨西哥法律成立的無名氏資本變量公司，在 Bolsa Mexicana de Valores 和紐約證券交易所註冊。我們普通股的股票代碼是 Bolsa Mexicana de Valores 的 VISTAA 和紐約證券交易所的 VIST。我們認股權證的股票代碼是 VTW408A。我現在將把電話轉給 Miguel。

Thanks, Ale. Good morning, everyone, and welcome to this earnings call. I'm delighted to share with you our results of the second quarter of 2022, during which we have continued to deliver a strong operational and financial performance. During Q2 2022, total production averaged 44,800 BOEs per day, a 12% increase year-over-year. While production was up 70% year-over-year, boosted by a solid well performance in Bajada del Palo Oeste and especially in our 2 wells pilots in Bajada del Palo Este. Total revenue in Q2 2022 were $294.3 million, a 78% increase compared to Q2 2021, driven by higher production and stronger realized oil prices. The lifting cost per BOE was $7.8 for the quarter, sequentially flat, reflecting our success in containing cost pressure. Capital expenditure was $151.4 million, including the drilling of 2 pads and the completion of 3 pads during the quarter.

謝謝，艾爾。大家早上好，歡迎參加本次財報電話會議。我很高興與您分享我們 2022 年第二季度的業績，在此期間我們繼續提供強勁的運營和財務業績。 2022 年第二季度，總產量平均每天 44,800 桶油當量，同比增長 12%。雖然產量同比增長 70%，但得益於 Bajada del Palo Oeste 的穩健油井表現，尤其是我們在 Bajada del Palo Este 的 2 口試井。受產量增加和實際油價走強的推動，2022 年第二季度的總收入為 2.943 億美元，比 2021 年第二季度增長 78%。本季度每 BOE 的提升成本為 7.8 美元，環比持平，反映了我們成功控製成本壓力。資本支出為 1.514 億美元，包括本季度鑽探 2 個焊盤和完成 3 個焊盤。

Our production growth, coupled with the strong realization in prices and continued focus on efficiency has driven up adjusted EBITDA to $202.1 million for the quarter, doubling year-over-year and implying a solid adjusted EBITDA margin of 69%. During Q2 2022, we recorded positive free cash flow of $62.6 million, driven by robust adjusted EBITDA generation. Net leverage ratio at quarter end was 0.6x adjusted EBITDA. Adjusted net income was a solid $82.3 million, implying a quarterly adjusted EPS of $0.90 per share.

我們的產量增長，加上價格的強勁實現和對效率的持續關注，推動本季度調整後的 EBITDA 達到 2.021 億美元，同比增長一倍，這意味著調整後的 EBITDA 利潤率穩定在 69%。在 2022 年第二季度，我們錄得 6260 萬美元的正自由現金流，這得益於強勁的調整後 EBITDA 生成。季度末的淨槓桿率為 0.6 倍調整後 EBITDA。調整後的淨收入為 8230 萬美元，意味著季度調整後每股收益為 0.90 美元。

We will now deep dive in our main operational and financial metrics. Total production during Q2 2022 was 44.8 thousand BOEs per day, up 12% inter annually. Oil production was up 70% year-over-year and continues to be driven by our flagship development in Bajada Del Palo Oeste. Total shale oil production, which also includes Bajada Del Palo Oeste and Aguada Federal now represents 74% of our total oil production.

我們現在將深入探討我們的主要運營和財務指標。 2022 年第二季度的總產量為每天 4.48 萬桶油當量，同比增長 12%。石油產量同比增長 70%，並繼續受到我們在 Bajada Del Palo Oeste 的旗艦開發項目的推動。頁岩油總產量（還包括 Bajada Del Palo Oeste 和 Aguada Federal）現在占我們石油總產量的 74%。

Production growth during the quarter was boosted by the tie-in of our 2-well pilot in Bajada Del Palo Oeste in February on Pad #12 in Bajada Del Palo Oeste in May. With 47 wells tie-in to date, producing an average 5% above our type curve. We continue to see solid performance in our core development in Bajada Del Palo Oeste. During Q2, we completed and tie-in Pad #12 and 13. We are currently completing Pad #14, which we plan to tie in during the coming weeks. We are on track to drill and complete 2 additional pads, #15 and 16, which we plan to put on production in the second semester. This will increase the number of new wells in this block by 20 during 2022. So by year-end, we expect to have 60 wells on production.

2 月，我們在 Bajada Del Palo Oeste 的 2 井試點與 5 月在 Bajada Del Palo Oeste 的 Pad #12 的搭配推動了本季度的產量增長。迄今為止，有 47 口井配套，平均產量比我們的類型曲線高 5%。我們繼續在 Bajada Del Palo Oeste 的核心開發項目中看到穩健的表現。在第二季度，我們完成並搭配了 Pad #12 和 13。我們目前正在完成 Pad #14，我們計劃在未來幾週內配合。我們正在按計劃進行鑽探和完成另外 2 個焊盤 #15 和 16，我們計劃在第二學期投入生產。這將使該區塊的新井數量在 2022 年增加 20 口。因此，到年底，我們預計將有 60 口井投產。

In Aguada Federal, we completed and tie-in our first 2 wells issuing corresponding to pads Aguada Federal 2. We drilled 2 wells in pads Aguada Federal 3, a 4-well pad, which was drilled by previous operator. We are planning to complete and tie in this pad in the second half of the year. The contraction of the pipeline linking Aguada Federal to Bajada Del Palo Oeste is currently underway. The pipeline is scheduled to be ready by Q4 and will enable us to have an integrated operation, reducing lifting costs and environmental footprint.

在 Aguada Federal，我們完成並連接了與 Aguada Federal 2 墊對應的前 2 口井。我們在 Aguada Federal 3 墊中鑽了 2 口井，這是一個 4 井墊，由之前的運營商鑽探。我們計劃在下半年完成並打結這個墊子。連接 Aguada Federal 和 Bajada Del Palo Oeste 的管道目前正在進行收縮。該管道計劃在第四季度準備就緒，將使我們能夠進行綜合運營，降低起重成本和環境足跡。

In Bajada Del Palo Oeste, the 2 wells we tie-in in late February under our ongoing pilot projects continued to show outstanding results. After 120 days of production, the average production of both wells is 15% above our Bajada Del Palo Oeste type curve on normalized basis. This initial pilot results confirmed the top quality of the western part of this block. And now we are planning to drill additional 3 wells to further de-risk the average in the eastern part of this block later this year. On the basis of this updated annual work program, we are increasing our annual guidance from 24 to 32 new well tie-ins for this year.

在 Bajada Del Palo Oeste，我們在 2 月下旬在我們正在進行的試點項目下配套的 2 口井繼續顯示出出色的結果。在生產 120 天后，兩口井的平均產量在標準化基礎上比我們的 Bajada Del Palo Oeste 類型曲線高 15%。這一初步試驗結果證實了該區塊西部的最高質量。現在我們計劃在今年晚些時候再鑽 3 口井，以進一步降低該區塊東部的平均風險。在此更新的年度工作計劃的基礎上，我們將今年的年度指導從 24 口新井連接增加到 32 口。

Total revenues in Q2 2022 were $294.3 million, a 78% increase year-over-year, driven by oil production growth and substantial improvement in realized oil prices. Realized oil price for the quarter averaged $78.4 per barrel, up 43% year-over-year and 22% quarter-over-quarter. This reflects improvements in the domestic market, where the average was $63.2 per barrel and the international market with an average of $99.6 per barrel.

受石油產量增長和實際油價大幅改善的推動，2022 年第二季度的總收入為 2.943 億美元，同比增長 78%。本季度實際油價平均為每桶 78.4 美元，同比上漲 43%，環比上漲 22%。這反映了國內市場的改善，平均為每桶 63.2 美元，國際市場平均為每桶 99.6 美元。

Sales to export markets accounted for 42% of oil volumes and 53% of oil revenues, having exported 3 cargoes in the quarter or 1.5 million barrels oil in total. Going forward, we expect to maintain this level of export volumes for the remainder of the year.

對出口市場的銷售佔石油量的 42% 和石油收入的 53%，本季度出口了 3 批貨物或總計 150 萬桶石油。展望未來，我們預計將在今年剩餘時間內保持這一水平的出口量。

Realized gas prices increased 11% year-over-year to $3.9 per million Btu, mainly boosted by winter prices, which positively impacted May and June. Plan Gas price was $4.1 per million Btu and industrial prices were $4.5 per million Btu. In April, we exported 10% of our gas volume to Chile for a realized price of $5.4 per million Btu.

實際天然氣價格同比上漲 11% 至每百萬英熱單位 3.9 美元，主要受冬季價格的推動，這對 5 月和 6 月產生了積極影響。計劃天然氣價格為每百萬英熱單位 4.1 美元，工業價格為每百萬英熱單位 4.5 美元。 4 月，我們以每百萬英熱單位 5.4 美元的實際價格將 10% 的天然氣出口到智利。

Moving to Slide 7. Total lifting cost for the quarter was $31.7 million. Lifting cost per BOE was $7.80, up 7% year-over-year. We maintained lifting costs flat quarter-over-quarter despite cost pressure and peso-denominated services due to the appreciation of the pesos in real time. We are actively implementing tactical cost-saving initiatives to contain the impact of the peso appreciation. We expect the production growth in the second semester to continue dilutive fee costs, allowing us to deliver a total lifting cost of $7.5 per BOE for the full year, in line with our guidance.

轉到幻燈片 7。本季度的總吊裝成本為 3170 萬美元。每個 BOE 的吊裝成本為 7.80 美元，同比增長 7%。儘管由於比索實時升值導致成本壓力和以比索計價的服務，我們的起重成本環比持平。我們正在積極實施節省成本的戰術舉措，以遏制比索升值的影響。我們預計第二季度的產量增長將繼續攤薄費用成本，使我們能夠按照我們的指導實現全年每 BOE 7.5 美元的總吊裝成本。

Adjusted EBITDA for the quarter was $202.1 million, implying an inter annual growth of 97% and a sequential growth of 59%. This reflects a strong revenue growth and our successful efforts to maintain a stable lifting cost. Adjusted EBITDA margin came very strong at 69%, an improvement of 7 percentage points vis-a-vis Q2 2021. Netback was $49.5 per BOE, a 76% inter annual increase and sequentially, this translates into a $70 improvement, capturing the full upside of the realized oil price increase.

本季度調整後的 EBITDA 為 2.021 億美元，意味著年間增長 97%，環比增長 59%。這反映了強勁的收入增長以及我們為保持穩定的起重成本所做的成功努力。調整後的 EBITDA 利潤率非常強勁，達到 69%，與 2021 年第二季度相比提高了 7 個百分點。淨回酬為每桶油當量 49.5 美元，同比增長 76%，這意味著提高了 70 美元，充分把握了上漲空間已實現的油價上漲。

Free cash flow during Q2 2022 was a robust $62.6 million, a 76% increase year-over-year driven by a strong adjusted EBITDA generation. Cash from operating activities was $165.5 million, impacted by the annual payment of income tax for $32.8 million. Cash flow used in investing activities was $102.9 million, mostly driven by the drilling and completion activities in our 2 development projects, Bajada Palo Oeste and Aguada Federal, which accounted for approximately $100 million.

2022 年第二季度的自由現金流為 6260 萬美元，同比增長 76%，這得益於強勁的調整後 EBITDA 一代。經營活動產生的現金為 1.655 億美元，受年度所得稅 3,280 萬美元的影響。用於投資活動的現金流為 1.029 億美元，主要來自我們的 2 個開發項目 Bajada Palo Oeste 和 Aguada Federal 的鑽井和完井活動，約佔 1 億美元。

Average investment, including gathering and debottlenecking facilities plus 2 new wells in our conventional blocks for a total CapEx of $151.4 million. Cash from investing was lower than accrued CapEx, reflecting an increase in working capital. Cash flow used in financial activities stood at $19.4 million, reflecting the issuance of a $43.5 million bond issue. This will mature in 2 years, pay a 6% coupon and will be used to refinance part of our short-term dollar debt maturities. We have already paid $45 million of principal of our CDK loan, 50% in June and 50% in July. We are also planning to repay a $50 million bullet bond that mature on August 8. After such date, we expect our gross debt to be approximately $528 million, well below our original guidance of $575 million for year-end.

平均投資，包括收集和消除瓶頸設施以及我們常規區塊的 2 口新井，總資本支出為 1.514 億美元。投資現金低於應計資本支出，反映營運資金增加。用於金融活動的現金流為 1,940 萬美元，反映了發行 4,350 萬美元的債券。這將在 2 年內到期，支付 6% 的息票，並將用於為我們的部分短期美元債務再融資。我們已經支付了 4500 萬美元 CDK 貸款的本金，6 月份支付了 50%，7 月份支付了 50%。我們還計劃償還 8 月 8 日到期的 5000 萬美元子彈債券。在此日期之後，我們預計我們的總債務約為 5.28 億美元，遠低於我們最初的年底指引 5.75 億美元。

Going forward, our plan is to maintain debt around such level by year-end, although depending on market conditions we might opportunistically tap the local debt market. Net leverage ratio stood at a very healthy 0.6x adjusted EBITDA at the quarter end.

展望未來，我們的計劃是在年底前將債務維持在這一水平，儘管根據市場情況，我們可能會機會性地利用當地債務市場。淨槓桿率在季度末保持在非常健康的 0.6 倍調整後 EBITDA。

During Q2 2022, we have made good progress in the execution of our carbon footprint reduction projects. We are currently optimizing the glycol dehydrators in our main compressor stations, 3 of the 4 compressors identified in our annual plans have already been upgraded. We are installing vapor recovery units in 3 key gathering and processing facilities in our Bajada Del Palo cluster, a project that is scheduled for completion in Q3 2022.

在 2022 年第二季度，我們在執行減少碳足蹟的項目方面取得了良好進展。我們目前正在優化我們主要壓縮機站的乙二醇脫水器，我們年度計劃中確定的 4 台壓縮機中的 3 台已經升級。我們正在 Bajada Del Palo 集群的 3 個主要收集和處理設施中安裝蒸汽回收裝置，該項目計劃於 2022 年第三季度完成。

We are also executing a project to connect Vaca Muerta Norte, one of our conventional blocks to the main electricity grid therefore replacing the use of natural gas as main energy source.

我們還在執行一項將 Vaca Muerta Norte（我們的傳統區塊之一）連接到主電網的項目，從而取代使用天然氣作為主要能源。

The total CapEx allocated to these projects is $5 million. Through the execution of this plan, we forecast to reduce our greenhouse gas emissions intensity to 18 kilos of CO2 per BOE for the year 2022. This implies a 25% reduction compared to 2021. It also lifts us well on track to achieve our target of reducing our intensity to 9 kilos of CO2 per BOE by 2026, in line with our net fee ambition.

分配給這些項目的總資本支出為 500 萬美元。通過執行該計劃，我們預計到 2022 年，我們的溫室氣體排放強度將降低至每 BOE 18 公斤二氧化碳。這意味著與 2021 年相比減少 25%。這也使我們能夠順利實現我們的目標：到 2026 年，將我們的二氧化碳排放強度降低到每桶油當量 9 公斤，這符合我們的淨費用目標。

Based on our solid operational result captured with a positive pricing environment, we are upgrading our 2022 guidance. We are adding 8 new well tie-ins, 4 in Bajada Del Palo Oeste, 2 in Aguada Federal and 2 in Bajada Del Palo Oeste. This raise our target to a total of 32 new well tie-ins for the year. This new activity will positively impact the production of the second half of the year and especially boost our 2023 entry point.

基於我們在積極的定價環境下獲得的穩健運營結果，我們正在升級我們的 2022 年指導。我們正在增加 8 個新的井連接，4 個在 Bajada Del Palo Oeste，2 個在 Aguada Federal，2 個在 Bajada Del Palo Oeste。這將我們的目標提高到今年總共 32 口新井連接。這項新活動將對下半年的生產產生積極影響，尤其是提高我們 2023 年的切入點。

We are raising our annual average production guidance to above 47,000 barrels of oil equivalent per day and forecasting an increase in our exit rate to approximately 52,000 barrels of oil equivalent per day.

我們正在將我們的年平均產量指導提高到每天 47,000 桶石油當量以上，並預測我們的退出率將增加到每天約 52,000 桶石油當量。

As discussed, we are successfully containing FX pressure on lifting costs. We expect production to grow in the coming quarters to dilute fixed costs driven lifting cost below current levels. This allow us to confidently maintain our original lifting cost guidance at an average of $7.5 per barrel for the year. We are raising our adjusted EBITDA guidance from $625 million to $750 million for the year based on higher production and realized oil prices. We are assuming an average realized oil price of $73 per barrel for the second half of the year. CapEx guidance is increased from $400 million to $500 million based on additional new well activity.

如前所述，我們成功地控制了提升成本的外匯壓力。我們預計未來幾個季度的產量將增長，以將固定成本驅動的起重成本稀釋至低於當前水平。這使我們能夠自信地將我們最初的起重成本指導維持在今年平均每桶 7.5 美元。基於更高的產量和實際油價，我們將調整後的 EBITDA 指引從 6.25 億美元提高到 7.5 億美元。我們假設下半年的平均實際油價為每桶 73 美元。根據額外的新井活動，資本支出指導從 4 億美元增加到 5 億美元。

As I explained earlier, our plan to fully repay our series 2 bond due in August, to lift gross debt at approximately $528 million. We are updating our gross debt level guidance to between $525 million and $550 million by year-end.

正如我之前解釋的那樣，我們計劃全額償還 8 月到期的第二輪債券，從而將總債務提高到約 5.28 億美元。我們將在年底前將總債務水平指引更新至 5.25 億美元至 5.5 億美元之間。

During Q2 2022, we have delivered strong financial performance, driven by production growth and higher realized oil prices. EBITDA has doubled year-on-year. Adjusted net income came very strong at $82 million, which implies an adjusted EPS of $0.90 per share for the quarter.

在 2022 年第二季度，在產量增長和實際油價上漲的推動下，我們實現了強勁的財務業績。 EBITDA 同比翻了一番。調整後的淨收入非常強勁，達到 8200 萬美元，這意味著本季度調整後的每股收益為 0.90 美元。

We continue to make great progress in our Bajada Palo Este development, which have extended our core development to Aguada Federal with a drilling and completion plan that is set to deliver 6 new well tie-ins during the year. In Bajada Palo Este, we continue to see very encouraging pilot results. Our first 2 wells continued to outperform the type curve of our core development block.

我們繼續在 Bajada Palo Este 開發方面取得重大進展，該開發已將我們的核心開發擴展到 Aguada Federal，其鑽井和完井計劃將在年內交付 6 口新井連接。在巴哈達帕洛埃斯特，我們繼續看到非常令人鼓舞的試點結果。我們的前 2 口井繼續優於我們核心開發區塊的類型曲線。

We remain focused on our decarbonization plan. We are currently executing several projects, which will deliver a 25% year-over-year reduction in the greenhouse gas emissions intensity during 2022.

我們仍然專注於我們的脫碳計劃。我們目前正在執行多個項目，這些項目將在 2022 年將溫室氣體排放強度同比降低 25%。

We have updated our guidance, reflecting a balanced capital allocation of the incremental operating cash flow to additional growth and further debt reduction. Our plan is to remain flexible on this front in the coming months to strategically allocate our cash to grow and deliver action depending on price and funding mix for all evacuation and construction projects that are key to deliver on our export focused growth plan.

我們更新了我們的指引，反映了增量經營現金流的平衡資本配置，以實現額外增長和進一步減少債務。我們的計劃是在未來幾個月在這方面保持靈活性，根據價格和資金組合為所有疏散和建設項目戰略性地分配我們的現金以實現增長和採取行動，這些項目是實現我們以出口為重點的增長計劃的關鍵。

We remain in tune, we successfully executed our first share buyback program, we purchased a total of 2.8 million shares.

我們保持一致，我們成功執行了我們的第一個股票回購計劃，我們總共購買了 280 萬股。

I will take this opportunity to thank our investors for their continued support and our incredible team at Vista for their hard work and commitment. And with that, operator, please open the line for Q&A.

我將藉此機會感謝我們的投資者的持續支持以及我們在 Vista 令人難以置信的團隊的辛勤工作和承諾。有了這個，接線員，請打開問答線。

(Operator Instructions) Our first question will come from Guilherme Levy from Morgan Stanley.

（操作員說明）我們的第一個問題將來自摩根士丹利的 Guilherme Levy。

Congratulations on the results. My first question is on lifting costs. This line appears to be well under control, and the company expects to see cost dilution even pushing this line further down. So I was just wondering if you can comment on what other strategies is the company pursuing in order to deal with rising prices, both in the global industry, but also domestic prices in Argentina?

祝賀結果。我的第一個問題是關於提升成本的。這條線似乎得到了很好的控制，該公司預計會看到成本稀釋，甚至將這條線進一步推低。所以我只是想知道您是否可以評論一下公司為了應對全球行業以及阿根廷國內價格上漲而採取的其他策略？

And the second question, what should we expect in terms of exports as a percentage of total sales into the coming quarters and in the long term. I was just wondering because in the guidance slide, you have included a realization price of $73 per barrel in the second half of the year. So I was just curious what are the components for that calculation, which bring -- what Brent level is the company using? What domestic price? And also the percentage of exports?

第二個問題，我們預計未來幾個季度和長期的出口占總銷售額的百分比是多少。我只是想知道，因為在指導幻燈片中，您已經包括了下半年每桶 73 美元的實現價格。所以我只是好奇該計算的組成部分是什麼，這帶來了——公司使用的是什麼布倫特水平？國內甚麼價位？還有出口比例？

Thank you, Guilherme, for your questions. So starting with the lifting costs. As you know, I mean, we are, yes, having pressure on the cost side. Nevertheless, we continue keeping the guidance of $7.5 per barrel for the end of the year, even though we cut the Q1 of $7.8 and in Q2 was $7.8 as well. So the reason for that is the following, even though we have that pressure that come mainly from 2 elements. One is a clear element of inflation. And the other one, it probably less visible, is there is a dimension on our increase that also related to the fact that we are -- we have the start-up of Bajada Del Palo Oeste, and we have also the new development in Aguada Federal and of course, that also bring a new dimension to our lifting cost that was just focus in Bajada Del Palo Oeste. Nevertheless, we see towards Q4, that the additional production that is going to come from our activity is going once again to play a dilution to that cost. And we believe we will probably be landing close to $7 lifting cost in Q4. And therefore, we feel comfortable or we feel confident that we can keep the guidance as it is today.

謝謝你，Guilherme，你的問題。所以從起重成本開始。如你所知，我的意思是，是的，我們在成本方面面臨壓力。儘管如此，我們繼續保持年底每桶 7.5 美元的指導，儘管我們將第一季度的 7.8 美元和第二季度的 7.8 美元下調。因此，原因如下，儘管我們的壓力主要來自兩個因素。一是通貨膨脹的明顯因素。另一個可能不太明顯的是，我們的增長有一個維度，這也與我們的事實有關——我們有 Bajada Del Palo Oeste 的啟動，我們還有 Aguada 的新開發項目聯邦，當然，這也為我們的提升成本帶來了新的維度，而這只是集中在 Bajada Del Palo Oeste。儘管如此，我們在第四季度看到，來自我們活動的額外產量將再次稀釋該成本。而且我們相信我們可能會在第四季度達到接近 7 美元的提升成本。因此，我們感到自在，或者我們有信心可以保持今天的指導。

Related to the export question, as you saw, we are forecasting 3 cargoes for Q3. So that is an additional 1.5 million is in line with what we have forecasted so far. From these 2 cargoes, we have -- for these 3 cargoes, we have sold already 2, we have triggered 1 with Brent at $113 per barrel. We have not triggered the second one, and we have a third one to be sold probably in September. We see Q4 with at least 3 cargoes. Therefore, I mean, we basically maintaining the same level. We've seen the same level of the volume exporting in Q4 that we are seeing mainly in Q3. As you know, oil in Argentina, and we are increasing production, and we are not the only one. Therefore, one, our market is full -- is fully served. There's no other things to do with the Medanito crude oil in Argentina. So I mean, the only option for the country, for us, for the industry is to export it. So we continue seeing that trend going in the same direction.

如您所見，與出口問題相關，我們預測第三季度有 3 批貨物。因此，額外的 150 萬符合我們迄今為止的預測。從這 2 批貨物中，我們已經 - 對於這 3 批貨物，我們已經賣出了 2 批，我們以每桶 113 美元的價格觸發了 1 批布倫特原油。我們還沒有觸發第二個，我們可能會在 9 月份出售第三個。我們看到第四季度至少有 3 批貨物。因此，我的意思是，我們基本上保持在同一水平。我們在第四季度看到了與主要在第三季度看到的相同水平的出口量。如你所知，阿根廷的石油，我們正在增加產量，而且我們不是唯一的。因此，一、我們的市場是滿的——是滿的。與阿根廷的 Medanito 原油沒有其他關係。所以我的意思是，對於這個國家，對於我們，對於這個行業來說，唯一的選擇就是出口它。因此，我們繼續看到這種趨勢朝著相同的方向發展。

I think Guilherme also asked me if you remember the guidance at $73 and how we see long-term exports.

我認為 Guilherme 還問我你是否記得 73 美元的指導以及我們如何看待長期出口。

Yes. We continue seeing the guidance at $73. This is composed of approximately an international price of $90, a local price between $60 and $65, this is the levels that we are today. And in terms of percentage of the production that serves the local market and percentage of production that we export, we are today probably an average of 40%. We see 2024 around 50%, 2026 around 60%. Again, as everyone increased and we see the plan of the rates and our plan that is quite aggressive as more Medanito production coming to play from Bandurria Norte, more volumes in the country will have to export and we play a part on that.

是的。我們繼續看到 73 美元的指導。這由大約 90 美元的國際價格和 60 美元到 65 美元之間的本地價格組成，這就是我們今天的水平。就服務於當地市場的產品百分比和我們出口的產品百分比而言，我們今天可能平均為 40%。我們認為 2024 年約為 50%，2026 年約為 60%。再次，隨著每個人的增加，我們看到費率計劃和我們的計劃非常激進，因為更多的 Medanito 生產將從 Bandurria Norte 開始，該國將不得不出口更多的產量，我們在其中發揮了作用。

Our next question come from the line of Alejandro Demichelis from Nau Securities.

我們的下一個問題來自 Nau Securities 的 Alejandro Demichelis。

Congratulations on great results. A couple of questions, if I may. First one, just to follow up on the export question. How are you seeing the export approvals because we have seen some delays on some of the approvals. So I wanted to understand how much visibility you get for those approvals? And then the second question more strategically, is it seems that with the updated guidance, you're already more or less around the 2026 plan that you gave us late last year. So I want to understand a bit better how you're seeing that kind of long-term plan now given that you're already kind of spending as much as you wanted to spend probably by 2026, your EBITDA is around the level of 2024 that you guided before. So trying to understand how you're seeing the longer term.

祝賀你取得了很好的成績。有幾個問題，如果可以的話。第一個，只是為了跟進出口問題。您如何看待出口批准，因為我們看到一些批准出現了一些延誤。所以我想了解您對這些批准的了解程度如何？然後第二個問題更具戰略意義，似乎隨著更新的指導，你已經或多或少地圍繞著你去年年底給我們的 2026 年計劃。所以我想更好地了解你現在是如何看待這種長期計劃的你之前指導過。因此，試圖了解您如何看待長期。

Yes. Thank you, Alejandro, for your question. The first part, I -- quite straightforward. So the word payment -- the pyramid process works is as following. I mean, one, the local market is fully supplied, -- and for us, it's mainly Trafigura mainly and in a portion risen as well. We asked for permit to the Secretary of Energy. And then usually, we get the permit. I mean, it could release a week of delay or days of delay. But again, I mean, in line what I said before, one, the local market is fully supplied and today it's fully supplied. There's nothing else to do. I mean, it's in the best interest of the country to get those proceeds and it's the best interest of the industry to get those proceeds, is becoming to very important also for the country. Vaca Muerta is one of the main formation in terms of bringing proceed to Argentina. So therefore, I mean, so far, we have not had any problem with the permit.

是的。謝謝你，亞歷杭德羅，你的問題。第一部分，我——很簡單。所以支付這個詞——金字塔過程的工作原理如下。我的意思是，第一，本地市場供應充足，對我們來說，主要是托克，而且一部分也有所上漲。我們向能源部長申請了許可。然後通常，我們會獲得許可。我的意思是，它可以釋放一周或幾天的延遲。但是，我的意思是，與我之前所說的一致，一，當地市場供應充足，今天供應充足。沒有別的事可做。我的意思是，獲得這些收益符合國家的最佳利益，獲得這些收益也是行業的最佳利益，這對國家也變得非常重要。瓦卡穆爾塔是阿根廷的主要陣型之一。因此，我的意思是，到目前為止，我們的許可證沒有任何問題。

Related to your second question, yes, definitely, we are ahead of guidance. Clearly, we have a lift from the oil price. The rest of the element that we have guided in terms of production, in terms of the percentage of production that is going to be export, in terms of lifting costs and so on, we are spot on, on our budget. Therefore, we continue we continue delivering on the promise. And yes, we are having an extra cash. The federal adjustment that we did this year was related to CapEx.

關於你的第二個問題，是的，當然，我們領先於指導。顯然，我們從油價中得到了提振。我們在生產方面指導的其他要素，在將要出口的生產百分比，在起重成本等方面，我們都在預算之內。因此，我們繼續履行承諾。是的，我們有額外的現金。我們今年所做的聯邦調整與資本支出有關。

Clearly, in this environment, with a rich portfolio of projects, locations wells that we have in hand, we decided to make a move to increase the activity at the end of the year. And as I said in the call, being able to enter 2023 with a higher starting point. But definitely, it will play in the economics of the year. So that is the first move that we did.

顯然，在這種環境下，我們手頭擁有豐富的項目組合和位置油井，我們決定在年底採取行動增加活動。正如我在電話中所說，能夠以更高的起點進入2023年。但可以肯定的是，它將在今年的經濟中發揮作用。所以這是我們做的第一步。

We have used CapEx this year for share buyback, okay. It was for us a way of getting back to our shareholders something in the current environment. And we will look at the next year, what is the main thing that we can do, in case, again, we have extra cash and what is the more sensible things that we have to do for 2023. But it's not a decision that we have take already and nothing that we can guide on it.

我們今年使用資本支出進行股票回購，好吧。對我們來說，這是在當前環境下向股東回報的一種方式。我們將看看明年，我們可以做的主要事情是什麼，以防萬一，我們有額外的現金，以及 2023 年我們必須做的更明智的事情是什麼。但這不是我們的決定已經採取了，沒有任何我們可以指導的。

Okay. So in that parameter, how do you see buybacks given that you have finished already your program for this year?

好的。因此，在該參數中，鑑於您已經完成了今年的計劃，您如何看待回購？

I cannot guide on that, but I mean, it's a program that is there to stay. So if it makes sense in 2023 to have an additional program, we will do so.

我無法對此提供指導，但我的意思是，這是一個可以保留的程序。因此，如果在 2023 年有一個額外的計劃是有意義的，我們就會這樣做。

Our next question will come from the line of Marcelo Gumiero from Credit Suisse.

我們的下一個問題將來自瑞士信貸的 Marcelo Gumiero。

Congratulations on the results. Very, very strong results. I have actually 2 follow-ups for today. The first one on activity in 2022. As you mentioned, I mean, 8 wells were added to the plan. My question is whether those additions were driven by -- mostly by the good oil price environment in the -- I mean, for the second half of the year that you are considering? Or if those additions were actually also driven by, let's say, fastest execution during the first half of the year. And if we actually could expect more to come if, let's say, both domestic and international prices get better, if there is any upside to the CapEx and any upside, of course, to your activity?

祝賀結果。非常非常強大的結果。我今天實際上有 2 次跟進。第一個是 2022 年的活動。正如你提到的，我的意思是，計劃中增加了 8 口井。我的問題是，這些增加是否是由——主要是由於良好的油價環境——我的意思是，你正在考慮的下半年？或者，如果這些添加實際上也是由上半年的最快執行驅動的。如果我們真的可以期待更多，比如說，國內和國際價格都變得更好，如果資本支出有任何上升空間，當然，你的活動有任何上升空間？

And if I may, a second follow-up as well on cash flow generation, return to shareholders. You mentioned also during the call that, I mean, part of the extra cash generated in the year will go towards reducing gross debt, right, repaying bonds. My question is, I mean, looking forward, even for 2023 or you also mentioned that in the previous question, what will be, let's say, the balance that you have in mind between, let's say, deleveraging more and possibly are potentially accelerating buybacks or dividends or return to shareholders in general. And if you could also mention what are the main hurdles for those shareholders' returns, right?

如果可以的話，第二次跟進現金流的產生，返回給股東。您在電話會議中還提到，我的意思是，今年產生的部分額外現金將用於減少總債務，對，償還債券。我的問題是，我的意思是，展望未來，即使是 2023 年，或者您在上一個問題中也提到過，比如說，您心目中的平衡是什麼，比如說，更多去槓桿化和可能加速回購或股息或回報給一般股東。如果您還可以提及這些股東回報的主要障礙是什麼，對嗎？

Thank you, Marcelo, for the question. So let's start for the first one, it is quite straightforward one. So let me go through what we have done so far in activity and what we are adding in the second half. So what we did in Q2 was we tie in Pad #2 and Pad #13, okay, both of them with very good results. And also in Aguada Federal we completed tie in Aguada Federal 2 wells that were already there when we bought the concession. And we drill another 2 wells in Aguada Federal 3.

謝謝你，馬塞洛，你的問題。所以讓我們從第一個開始，它非常簡單。因此，讓我回顧一下我們迄今為止在活動中所做的事情以及我們在下半年添加的內容。所以我們在第二季度所做的就是將 Pad #2 和 Pad #13 打成平手，好吧，它們都取得了非常好的結果。同樣在 Aguada Federal，我們完成了 Aguada Federal 2 口井的連接，這些井在我們購買特許權時已經在那裡。我們還在 Aguada Federal 3 鑽探了另外 2 口井。

For the second half of the year, we plan to tie in -- so this one is night tie-ins that -- so there is 2 tie-ins that we did in Q1. For the second half of the year, we plan to tie in Pad #14, 15 and 16. 14 is already drilled. We will drill in Bajada Del Palo Oeste 15 and 16, and we will drill additional 2 wells in the pad that is Aguada Federal 3, and we will complete those 4 wells in Aguada Federal 3. So we are adding 2 additional wells to Aguada Federal that were not in our current program.

在今年下半年，我們計劃配合 - 所以這個是夜間配合 - 所以我們在第一季度做了 2 次配合。今年下半年，我們計劃將 Pad #14、15 和 16 打成平手。14 號已經鑽好。我們將在 Bajada Del Palo Oeste 15 和 16 鑽探，我們將在 Aguada Federal 3 的墊層鑽探另外 2 口井，我們將在 Aguada Federal 3 完成這 4 口井。所以我們將在 Aguada Federal 增加 2 口井這不在我們當前的計劃中。

And also, we have 2 wells pilot to be drilled in Agua Amarga and Aguila Mora that we have not drilled yet. That is towards the end of the year. And the other thing that I have not mentioned that complete the program is in Q1, which we drilled 2 wells in Bajada Del Palo Este. And we have 2 additional wells to drill Bajada Del Palo Oeste in the second half of the year.

此外，我們在 Agua Amarga 和 Aguila Mora 有 2 口試井要鑽探，但我們尚未鑽探。那是接近年底。我還沒有提到完成該計劃的另一件事是在第一季度，我們在 Bajada Del Palo Este 鑽了 2 口井。我們還有 2 口井將在今年下半年鑽探 Bajada Del Palo Oeste。

So when you add all that, we are going to end up in the second part of the year with 21 tie-ins, and this is going to -- it will be completing 32 tie-ins, and this is 8 tie-in about the original guidance that we did. And we will do that with the $100 million of CapEx. And this it will be it for this year. So you will not be able and we will not add more CapEx in activity to the one that we are guiding today and it's what we are going to execute.

因此，當您添加所有這些時，我們將在今年下半年以 21 個搭配結束，這將是 - 它將完成 32 個搭配，這是大約 8 個搭配我們所做的原始指導。我們將用 1 億美元的資本支出來做到這一點。今年將是這樣。因此，您將無法做到，我們也不會在我們今天指導的活動中增加更多的資本支出，而這正是我們將要執行的。

Related to the additional CapEx, I think pretty much everything that you mentioned is on the table. So we clearly got an aim to return to shareholders. We've been clear on that on our Investor Day, we're being clear on that in every quarter earning call review that we are having. And of course, additional with -- again, with a rich portfolio that we have of wells and with the well performance that we are having and the corn oil prices additional activity is always on the table. Buyback program has served us very well. It was very well received by our shareholders. So definitely, we'll be on the table for next year. Dividends is something that, yes, it could be on the table. You know the restrictions that we have today in the country. We don't believe the restriction will be there forever. So it's something that at some point of time, we can consider.

與額外的資本支出相關，我認為您提到的幾乎所有內容都已擺在桌面上。因此，我們的目標顯然是回報股東。我們在投資者日已經明確了這一點，我們在每個季度的收益電話審查中都明確了這一點。當然，再加上 - 再次，我們擁有豐富的油井投資組合，以及我們擁有的油井性能和玉米油價格，額外的活動總是擺在桌面上。回購計劃為我們提供了很好的服務。我們的股東對此非常滿意。所以毫無疑問，我們明年會在談判桌上。股息是，是的，它可能在桌面上。你知道我們今天在這個國家的限制。我們不相信限制會永遠存在。因此，在某個時間點，我們可以考慮這一點。

And something that you didn't mention, but I think it's important, it's additional infrastructure, okay? We are -- clearly, we are going to invest to add capacity to our evacuation -- total evacuation set. Why? Because we are increasing, OldelVal pipeline is going to be big and build in the next year. So this is -- we will be there. We will invest and we will be praying.

還有一些你沒有提到的東西，但我認為這很重要，它是額外的基礎設施，好嗎？我們 - 顯然，我們將投資增加我們的疏散能力 - 總疏散集。為什麼？因為我們在增加，OldelVal 管道將會很大，並在明年建立。所以這是 - 我們會在那裡。我們將投資，我們將祈禱。

One other thing that I think is important is the new decree that was passed last month that was issued by the Ministry of Economy, that decree give access to [Muerta] something that we didn't have before, and it will be a sort of U.S. dollars. So that also went in the play of what we do with our cash and the ability that we have to repatriate and so on, it will play a role. It's going to give us an additional level of freedom when it comes to decide what we do with our cash.

我認為重要的另一件事是上個月通過的由經濟部發布的新法令，該法令允許訪問 [Muerta] 我們以前沒有的東西，這將是一種美元。因此，這也影響了我們如何使用我們的現金以及我們必須遣返的能力等等，它將發揮作用。在決定我們如何處理現金時，它將為我們提供額外的自由度。

Our next question will come from the line of Andres Cardona from Citi.

我們的下一個問題將來自花旗的 Andres Cardona。

Congratulations on the results. I have 2 questions. The first and maybe following up with the previous question, you were talking about the need to develop infrastructure. So I wonder, what are they like? We see the very strong results you're having at Bajada Del Palo Oeste. You guys are getting some early positive results at Bajada Del Palo Oeste and you may also have some early production at Aguada Federal. The question is it the facilities are ramping up as fast as production could do over the next 12, 18 months. And if you have all in place to secure this production will flow?

祝賀結果。我有 2 個問題。第一個問題，也許是對上一個問題的跟進，您談到了開發基礎設施的必要性。所以我想知道，它們是什麼樣的？我們看到您在 Bajada Del Palo Oeste 取得的非常強勁的成果。你們在 Bajada Del Palo Oeste 取得了一些早期的積極成果，而且你們可能在 Aguada Federal 也取得了一些早期的成果。問題在於，在未來 12 個月、18 個月內，這些設施的生產速度與生產速度一樣快。如果你已經準備好確保這種生產將流動？

And the second question has to do with the CapEx at Bajada Del Palo Oeste for Pads #12 and 13, I remember there was an increase in the previous pads. So I would like to understand if we are seeing a stabilization on how it's performing.

第二個問題與 Bajada Del Palo Oeste 12 號和 13 號焊盤的資本支出有關，我記得以前的焊盤有所增加。因此，我想了解我們是否看到它的表現趨於穩定。

Yes. Thank you very much for your question, Andres. Look at the first part related to facilities. Well, I would say I will take 2 different -- there's 2 different parts of the facilities that I think go for different channels. The first one is the facilities related for us -- to us on a normal development that we do in Bajada Del Palo Oeste, Aguada Federal and Bajada Del Palo Este. We are ahead of creating the capacity that we need to serve that production, one, because of operational, there is one because of VIST.

是的。非常感謝你的問題，安德烈斯。看與設施相關的第一部分。好吧，我會說我會選擇兩個不同的——我認為設施的兩個不同部分用於不同的渠道。第一個是與我們相關的設施——與我們在 Bajada Del Palo Oeste、Aguada Federal 和 Bajada Del Palo Este 進行的正常開發有關的設施。我們領先於創造我們需要為生產服務的能力，一個是因為運營，還有一個是因為 VIST。

So we have been very diligent in the sense of creating that capacity that allow us today to basically accommodate our plan and the future plans. So we have not bottleneck, let's put it that way, in terms of development, our main Bajada Del Palo Oeste, where we have more of the activity. We are connecting Aguada Federal with Bajada Del Palo Oeste that is giving us additional flexibility.

因此，我們一直非常努力地創造能力，使我們今天能夠基本上適應我們的計劃和未來的計劃。所以我們沒有瓶頸，讓我們這麼說吧，在發展方面，我們的主要 Bajada Del Palo Oeste，我們有更多的活動。我們正在將 Aguada Federal 與 Bajada Del Palo Oeste 連接起來，這為我們提供了額外的靈活性。

That's where we are adding more wells in Aguada Federal and of course, we will be ahead of doing whatever we have to do to develop both blocks at Aguada Federal and Bajada Del Palo Oeste that it can give us a very good surprise, since the well that we drilled there have confirmed that the western side of our Bajada Del Palo Oeste -- our eastern side of Bajada Del Palo Oeste is good and our western side of Bajada Del Palo Oeste has certain potential.

這就是我們在 Aguada Federal 和 Bajada Del Palo Oeste 開發這兩個區塊所要做的事情，當然，我們將提前做任何我們必須做的事情，這可以給我們一個非常好的驚喜，因為井我們在那裡鑽探證實了我們Bajada Del Palo Oeste的西側——我們的Bajada Del Palo Oeste東側是好的，我們的Bajada Del Palo Oeste西側有一定的潛力。

Now the other part of the evacuation that is the connection between our facilities and the port in the Atlantic, in this case, in Bahia Blanca. And there, we have 3 main projects ongoing. One is on the valves. As you know, we have today, a pipeline with a full capacity of 280,000 barrels per day that we are already as an industry using and will be a public tender where producers will meet additional capacity, we will be part of that group, and that's expected to be -- to take place, the tender in the next quarter, okay? So as far as it goes, if the tenders come into place, we will have 2 stages of that process, and we will get additional capacity and this will be a use of CapEx, as I mentioned before, that we will have to do.

現在疏散的另一部分是我們的設施和大西洋港口之間的連接，在這種情況下，在巴伊亞布蘭卡。在那裡，我們有 3 個主要項目正在進行中。一個在閥門上。如您所知，我們今天擁有一條每天 280,000 桶的全產能管道，我們已經作為一個行業使用，並將公開招標，生產商將滿足額外的產能，我們將成為該集團的一部分，那就是預計將在下個季度進行招標，好嗎？就目前而言，如果招標到位，我們將有兩個階段的過程，我們將獲得額外的容量，這將是資本支出的使用，正如我之前提到的，我們將不得不這樣做。

Then we have oil tanking that also have a project to upgrade oil storage. And also they are basically digging the channel and creating facilities to be able to unload tanks of the double of the capacity that we are doing today. That also is expected to take place during the second semester of this year. And there's additional infrastructure projects that are ongoing, for example, export to Chile, that is for Vaca Muerta Norte pipeline. There's a pipeline there that has 150,000 barrel per day capacity that need to be reactivated and also that will bring to the industry and to the country additional export capacity. So these are pretty much what is going on. Our part we have it on hand. On the rest, we are participating.

然後我們有油罐，還有一個升級石油儲存的項目。而且他們基本上是在挖掘渠道並創建設施，以便能夠卸載我們今天正在做的兩倍容量的坦克。預計這也將在今年第二學期進行。還有一些正在進行的基礎設施項目，例如出口到智利的 Vaca Muerta Norte 管道。那裡有一條需要重新啟用每天 150,000 桶產能的管道，這也將為該行業和該國帶來額外的出口能力。所以這些幾乎就是正在發生的事情。我們手頭有它。其餘的，我們正在參與。

Related to question on CapEx, as we are facing inflation, been facing inflation on the OpEx, we did also on CapEx, we see that stabilize using your own words, we don't see a further increase on the actual CapEx that we have. We see potential further reduction on one project that is becoming -- that is becoming in place because we have executed already. It's our own sun plan. So we will start to see the impact on that in the future quarters, I'm sure for the second half of the year, we will start to see some of that, that -- it could bring a meaningful reduction to our completion cost, and I think it's very important. And this project is coming along very well. So we have not had any issue of performance. And the plan is already starting up. I hope I answered your question, Andres.

關於資本支出的問題，由於我們面臨通貨膨脹，運營支出一直面臨通貨膨脹，我們也在資本支出上做了，我們看到用你自己的話來說穩定，我們沒有看到我們擁有的實際資本支出進一步增加。我們看到一個正在形成的項目可能會進一步減少 - 因為我們已經執行了，所以它正在到位。這是我們自己的太陽計劃。因此，我們將在未來幾個季度開始看到對它的影響，我敢肯定，在下半年，我們將開始看到其中的一些影響，這可能會顯著降低我們的完工成本，我認為這非常重要。這個項目進展順利。所以我們沒有任何性能問題。並且計劃已經開始。我希望我回答了你的問題，安德烈斯。

Our next question comes from K. Papalias from PUENTE.

我們的下一個問題來自 PUENTE 的 K. Papalias。

This is Konstantinos Papalias from PUENTE. On your results, I guess, my question today is related to completion activity. Some industry research indicates that a significant portion of the frac pumps are way past their maintenance schedule and must enter in those soon. Do you see that as an issue for your activity?

這是來自 PUENTE 的 Konstantinos Papalias。根據您的結果，我想，我今天的問題與完成活動有關。一些行業研究表明，很大一部分壓裂泵已經超過了維護計劃，必須盡快進入維護計劃。您認為這是您的活動的問題嗎？

Hi, Konstantinos, thank you for your question. The short answer is no, we don't see an issue on pump maintenance. As you know, I mean, we -- early on in our operation, we decided to have -- I will say the strategic partnership with service providers. In this case, for drilling and completion, we are having with [Genever] and then we have it with Cumbre with start of operation with less than 4 frac stages per day. Today, we are performing at around 10.

嗨，康斯坦丁諾斯，謝謝你的提問。簡短的回答是否定的，我們沒有看到泵維護問題。如您所知，我的意思是，我們 - 在我們運營的早期，我們決定擁有 - 我會說與服務提供商的戰略合作夥伴關係。在這種情況下，對於鑽井和完井，我們先與 [Genever] 合作，然後再與 Cumbre 合作，開始運營時每天少於 4 個壓裂階段。今天，我們在 10 點左右表演。

So -- and we are doing many things differently than we did at that stage. But maintenance is key. I mean, and it's a business that we know very well. So the pipes have been maintained, have been served spare parts are flowing in Argentina and coming to Argentina without any problem. So I mean, the short question to your answer, and this is a business I know very well because I've been in that business. So no, I don't see any issue with that. And as we said, we are with a top service provider in the industry. So that is their shop, not our shop. But of course, we always keep an eye on how they maintain their equipment. You should not expect any issue with that delay our plans.

所以——我們做的很多事情都與那個階段不同。但維護是關鍵。我的意思是，這是一項我們非常了解的業務。所以管道得到了維護，備件在阿根廷流動並毫無問題地運往阿根廷。所以我的意思是，你回答的簡短問題，這是我非常了解的業務，因為我一直從事該業務。所以不，我認為這沒有任何問題。正如我們所說，我們與業內頂級服務提供商合作。所以那是他們的店，不是我們的店。但是，當然，我們始終關注他們如何維護設備。您不應該期望延遲我們的計劃會有任何問題。

Our next question comes from Oriana Covault from Balanz.

我們的下一個問題來自 Balanz 的 Oriana Covault。

This is Oriana Covault with Balanz. I have 2 follow-ups. And first one regarding your export mix. We noticed that you had consistently achieved a higher export mix than your local peers that are as well focused on light oil. So I don't know if you have any thoughts that you could share on how do you manage to achieve this.

這是 Oriana Covault 和 Balanz。我有 2 次跟進。第一個關於您的出口組合。我們注意到，與同樣專注於輕油的當地同行相比，您的出口組合始終如一。所以我不知道您是否有任何想法可以分享您如何實現這一目標。

So Oriana, yes, I mean, I don't know what you mean high achieve over peer, but the fact that we achieved -- I mean in order to export, you have to have additional volume. And in order to have additional volume, you have to grow. It's not only you have to grow, it's the velocity in which you grow. So we basically been since the last 4, 5 years, serving our off-takers, again, Trafigura, mainly and Risen. One this too our self and we do that for the last 5 years, every quarter, every month.

所以 Oriana，是的，我的意思是，我不知道你的意思是比同行高成就，但事實上我們取得了 - 我的意思是為了出口，你必須有額外的數量。為了獲得額外的數量，你必須增長。這不僅僅是你必須成長，而是你成長的速度。因此，自過去 4、5 年以來，我們基本上一直在為我們的承購商服務，同樣是托克，主要是 Risen。這也是我們自己的一個，我們在過去的 5 年裡，每個季度，每個月都這樣做。

The rest is what is basically the volume that we have managed to put and surface because we have invested and we have grown. And that is what we export. As we grow more, we export more because there are no more refineries in Argentina putting into activity. So the market of Argentina is capped. So every time, if you tomorrow -- if next year, we produce 60,000 barrels per day, we will still selling the same amount of volume to Trafigura and Risen, and we will have additional 10,000 to export okay?

其餘的基本上是我們設法投放和浮出水面的數量，因為我們已經投資並且我們已經成長。這就是我們出口的東西。隨著我們的增長，我們出口更多，因為阿根廷沒有更多的煉油廠投入生產。所以阿根廷的市場是封閉的。所以每次，如果你明天 - 如果明年，我們每天生產 60,000 桶，我們仍將向托克和 Risen 銷售相同數量的數量，我們將有額外的 10,000 桶用於出口，好嗎？

So that is pretty much the game. If you invest and you have the capability to grow, particularly, we're talking about Medanito, of course, then the rest is to export market. And by the way, I mean, our competitor or the industry is doing the same. I will add, we don't have a refinery business. So if you we have a refinery, then we will have to serve first our refinery. This is not the case with Vista, Vista is a pure upstream player.

所以這就是遊戲。如果你投資並且你有能力成長，特別是我們談論的是 Medanito，當然，剩下的就是出口市場。順便說一句，我的意思是，我們的競爭對手或行業也在做同樣的事情。我要補充一點，我們沒有煉油業務。所以如果你我們有煉油廠，那麼我們必須首先為我們的煉油廠服務。 Vista並非如此，Vista是純粹的上游玩家。

And maybe just following up on CapEx. We noticed -- and I think you've partly addressed it, but I wanted just to make sure that this implied CapEx for unconventional well drilling that seemed to have been a bit up or under inflationary pressure during the second quarter. How are you seeing the market as inflation numbers have been rising? And what is the scope that Vista has taken to address this higher inflation that could be translated into higher CapEx?

也許只是跟進資本支出。我們注意到了——我認為你已經部分解決了這個問題，但我只是想確保這意味著非常規鑽井的資本支出在第二季度似乎有點上升或處於通脹壓力之下。隨著通脹數字不斷上升，您如何看待市場？ Vista 採取了哪些措施來解決可能轉化為更高資本支出的更高通脹？

Yes. As I mentioned before, we have inflation in CapEx terms, and we have -- I mean that inflation come also, let's face it with the increase in oil prices. So that is normal in the industry. I think we have handled pretty well. First of all, we have long-term contracts. This helps a lot when you have inflation because you are not talking about what is going to happen in a service that you have on call, service on call, people is going to try to charge you whatever.

是的。正如我之前提到的，我們有資本支出方面的通貨膨脹，而且我們有 - 我的意思是通貨膨脹也來了，讓我們面對油價上漲。所以這在業內很正常。我認為我們處理得很好。首先，我們有長期合同。當您遇到通貨膨脹時，這很有幫助，因為您不是在談論隨叫隨到的服務中會發生什麼，隨叫隨到的服務，人們會嘗試向您收取任何費用。

But the fact is that we have long-term contracts with those companies. So we are not talking about what is happening with inflation today. We are talking what is happening with the next 3 years. So those contracts, those services are secure. This is an inflation mitigator too.

但事實是我們與這些公司簽訂了長期合同。所以我們不是在談論今天的通貨膨脹發生了什麼。我們正在談論未來 3 年會發生什麼。所以那些合同，那些服務是安全的。這也是一個通脹緩解劑。

Second, part of the inflation we have to take. And one thing that we continue doing and to be honest with you, to my surprise, extremely well, since we have managed to come, to continue having innovation and cost saving initiatives that have impact in our operations. Looking back, we used to drill those well in 35 days. We have a record well the other day that we drilled in 12 days. So these kind of innovations and initiatives that are cost-saving initiatives, even though we are approaching the technical curve, we continue having it.

其次，我們必須承擔部分通脹。我們繼續做的一件事，老實說，令我驚訝的是，非常好，因為我們已經成功地繼續實施對我們的運營產生影響的創新和成本節約舉措。回首過去，我們過去在 35 天內鑽完這些井。前幾天我們在 12 天內鑽了一個記錄井。因此，這些節省成本的創新和舉措，即使我們正在接近技術曲線，我們也會繼續擁有它。

As I mentioned before, one that is coming in line is the fact that we managed to create a source of sun close by to where we operate. This will start to have an impact in our well cost. Potentially, it could be a $0.5 million impact in the well cost. When you look at the inflation for this year, it probably was, I don't know, in those orders. Therefore, I mean, we have inflation, but we continue to having cost-saving initiatives. So to be honest with you, the inflation is there, is in hand, nothing we will do anything that we can do to reduce that gap at the minimum.

正如我之前提到的，一個正在排隊的事實是，我們設法在我們經營的地方附近創造了一個太陽源。這將開始對我們的油井成本產生影響。潛在地，它可能對油井成本產生 50 萬美元的影響。當您查看今年的通貨膨脹時，我不知道可能是在這些訂單中。因此，我的意思是，我們有通貨膨脹，但我們繼續採取節省成本的舉措。所以老實說，通貨膨脹就在那裡，就在眼前，我們不會做任何我們能做的事情來最小化縮小差距。

And just one last one on my side. I noticed that your quarterly production in Aguada Federal, in Agua Amarga from prior quarter that seemed to have dropped significantly. So just to understand if you could share some color what this transitory impact and what drove this.

我這邊只有最後一個。我注意到您在 Aguada Federal 和 Agua Amarga 的季度產量與上一季度相比似乎大幅下降。因此，只是想了解您是否可以分享一些顏色，這種短暫的影響是什麼，是什麼推動了這一點。

Yes. Thank you, Oriana, for your question. Yes, what you saw is real. So once -- what we did was to close Aguada Federal wells for -- in a protocol that is normal protocol for us that is to avoid a water hit, something that we do when we frac wells that are nearby, others, what we do in order to -- because basically, when you frac, the water can communicate with another well, the likelihood to avoid that is closing that well that is nearby, the place where you're going to frac, a few days before. That allow the well to build up pressure and the reservoir have less likelihood of being in communication, of having interference. So what you what you saw in Aguada Federal was exactly that, was our people, our operations following that protocol. Then you open it up.

是的。謝謝你，奧莉安娜，你的問題。是的，你看到的是真實的。因此，曾經——我們所做的是關閉 Aguada Federal 水井——在一個對我們來說是正常協議的協議中，這是為了避免水擊，當我們壓裂附近的水井時，我們所做的事情，其他人，我們所做的事情為了 - 因為基本上，當你壓裂時，水可以與另一口井連通，避免這種情況的可能性是關閉附近的那口井，幾天前你要去壓裂的地方。這允許油井建立壓力，並且油藏不太可能相互連通，受到干擾。因此，您在 Aguada Federal 看到的正是我們的員工，我們遵循該協議的操作。然後你打開它。

Yes, yes. That -- so levels should go back to normal levels back to in third quarter. Okay. Congratulations on the good quarter.

是的是的。那 - 所以水平應該回到第三季度的正常水平。好的。祝賀這個好季度。

And I'm not showing any further questions in the queue. I'll turn the call over to Miguel Galuccio for any closing remarks.

我沒有在隊列中顯示任何進一步的問題。我將把電話轉給 Miguel Galuccio 以獲取任何結束語。

Once again, thank you for participating. Thank you for your support and coverage. We are very proud of the result of this quarter, is probably due to the completion of many things that we've been working for the last few years, and we foresee that we will continue in that trend. So thank you very much for your support, and have a good day, everybody.

再次感謝您的參與。感謝您的支持和報導。我們對本季度的結果感到非常自豪，這可能是由於我們過去幾年一直在努力的許多事情的完成，我們預計我們將繼續保持這一趨勢。所以非常感謝大家的支持，祝大家有美好的一天。

And this concludes our conference call. Thank you for participating. You may now disconnect. Everyone, have a great day.

我們的電話會議到此結束。感謝您的參與。您現在可以斷開連接。大家，有一個美好的一天。