Vista Energy SAB de CV (VIST) 2022 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to Vista's Third Quarter 2022 Results Conference Call. (Operator Instructions). I would now like to hand the conference over to your speaker today, Alejandro Cherñacov, Vista Strategic Planning and IR. Please go ahead.

美好的一天，感謝您的支持。歡迎參加 Vista 2022 年第三季度業績電話會議。 （操作員說明）。我現在想把會議交給你今天的演講者，Alejandro Cherñacov，Vista 戰略規劃和 IR。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's Third Quarter 2022 Results Conference Call. I am here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto, Vista's CFO; and Juan Garoby, Vista's COO. 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 subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks.

謝謝。大家，早安。我們很高興歡迎您參加 Vista 2022 年第三季度業績電話會議。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Pablo Vera Pinto；和 Vista 的首席運營官 Juan Garoby。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。這些前瞻性陳述受到風險和不確定性的影響，可能導致實際結果與這些評論所設想的預期存在重大差異。

Our financial figures are stated in U.S. dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income. Reconciliations of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information. 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，在本次電話會議中，我們可能會討論某些非 IFRS 財務指標，例如調整後的 EBITDA 和調整後的淨收入。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。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 pleased to share with you our results for the third quarter of 2022, during which we have continued to deliver strong operational and financial performance. Total production averaged 50.7 boes per day, a 26% increase year-over-year. Oil production was up 35% year-over-year, boosted by the timing of the last 3 pads in Bajada del Palo Oeste. Total revenue in Q3 2022 were $333.6 million, a 91% increase year-over-year, driven by higher production and stronger relapsed oil prices. Lifting costs per BOE was $7.5 for the quarter, reflecting our success in containing cost pressure as well as dilution of fixed costs through incremental production volumes. Capital expenditure was $162.8 million, including the drilling of 6 wells and the completion of 3 pads during the quarter. Production growth, coupled with the strong realization prices amid flat lifting costs, boosted adjusted EBITDA to $233.7 million for the quarter, more than doubling year-over-year.

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 年第三季度的業績，在此期間我們繼續提供強勁的運營和財務業績。總產量平均每天 50.7 桶，同比增長 26%。石油產量同比增長 35%，這得益於 Bajada del Palo Oeste 的最後 3 個墊的時機。 2022 年第三季度的總收入為 3.336 億美元，同比增長 91%，這得益於產量增加和油價回升走強。本季度每 BOE 的提升成本為 7.5 美元，這反映了我們成功地控制了成本壓力以及通過增加產量來稀釋固定成本。資本支出為 1.628 億美元，包括本季度鑽探 6 口井和完成 3 個平台。產量增長，加上起重成本持平的情況下實現價格強勁，使本季度調整後的 EBITDA 達到 2.337 億美元，同比增長一倍多。

During Q3 2022, we record positive free cash flow of $44.4 million, driven by robust adjusted EBITDA generation. Net leverage ratio at quarter end was 0.x adjusted EBITDA. Adjusted net income was a solid $79.4 million, implying a quarterly adjusted EPS of $0.90 per share. We will now deep dive into our main operation and our financial metrics. Total production during Q3 2022 was 50,700 BOE per day, up 26% interannually. Oil production was up 35% year-over-year, mainly driven by our flagship development in Bajada del Palo Oeste, where we tie in 2 4-well pads during the quarter and benefited from another pad put on production in [relation]. Our year-to-date average production is 46,500 BOE per day, well on track to deliver on our production guidance of more than 47,000 BOE per day for the year. Total ceroid production, including ajada del Palo Oeste and Aguada Federal represented 77% of our total oil production during the quarter. I will now share some more details on each of these projects. In our flagship development in Bajada del Palo Oeste, wells continue to produce an average of 5% of our type curve with 55 wells tie-in to date.

在 2022 年第三季度，我們錄得 4440 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.x 調整後 EBITDA。調整後的淨收入為 7940 萬美元，意味著季度調整後每股收益為 0.90 美元。我們現在將深入研究我們的主要業務和財務指標。 2022 年第三季度的總產量為每天 50,700 桶油當量，同比增長 26%。石油產量同比增長 35%，主要受我們在 Bajada del Palo Oeste 的旗艦開發項目的推動，我們在本季度與 2 個 4 井油田合作，並受益於另一個油田的投產。我們年初至今的平均產量為每天 46,500 BOE，有望實現我們全年每天超過 47,000 BOE 的生產指導。包括 ajada del Palo Oeste 和 Aguada Federal 在內的蠟狀體總產量占我們本季度石油總產量的 77%。我現在將分享這些項目的更多細節。在我們位於 Bajada del Palo Oeste 的旗艦開發項目中，油井的平均產量繼續為我們類型曲線的 5%，迄今為止已連接 55 口油井。

During Q3, we completed and tie-in pads Bajada del Palo Oeste 13 and Bajada del Palo Oeste. 14. We are currently reading the final well in Bajada del Palo Oeste 15, which we plan to tie in late in December. This will lead to 20 new wells tie-in for the year in this block. I'm very excited by the production results we are seeing in Aguada Federal. The assets were acquired a year ago and have successfully been integrated into our core development. At the end of Q2, we have completed and tie in our first 2 wells in becoming operators in this block. In [Manson], we are seeing productivity in line with Bajada del Palo Oeste. In particular, the well we landed in La Cocina delivered an IP-30 of 2,500 BOEs per day and is currently producing 20% above our Bajada del Palo Oeste-type curve after 120 days on a normalized basis. We also completed 4 well pads in Aguada Federal 3, which was tie in early this month. Finally, the tie-in connected our [federal 2] Bajada del Palo Oeste is currently operating. This is a major milestone leading to future integration of Board blocks as well as reducing lifting costs and environmental footprint. In Bajada del Palo Oeste, the 2 wells we tie-in in late February under our ongoing pilot program continue to show understanding results.

在第三季度，我們完成並連接了 Bajada del Palo Oeste 13 和 Bajada del Palo Oeste 墊。 14. 我們目前正在閱讀 Bajada del Palo Oeste 15 的最後一口井，我們計劃在 12 月底打平。這將導致該區塊今年新增 20 口井。我對我們在 Aguada Federal 看到的生產結果感到非常興奮。這些資產是在一年前收購的，並已成功整合到我們的核心開發中。在第二季度末，我們已經完成並連接了我們的前 2 口井，成為該區塊的運營商。在 [Manson]，我們看到的生產力與 Bajada del Palo Oeste 一致。特別是，我們在 La Cocina 登陸的井每天提供 2,500 桶油當量的 IP-30，在標準化基礎上 120 天后，目前的產量比我們的 Bajada del Palo Oeste 型曲線高 20%。我們還在本月初完成了 Aguada Federal 3 的 4 個井場。最後，連接我們的 [federal 2] Bajada del Palo Oeste 目前正在運營。這是一個重要的里程碑，導致未來板塊集成以及降低吊裝成本和環境足跡。在 Bajada del Palo Oeste，我們在 2 月下旬根據我們正在進行的試點計劃連接的 2 口井繼續顯示出可理解的結果。

After 180 days, the average production of [new] well is above our Bajada del Palo Oeste type curve on a normal basis. These initial tie-in results confirm the top quality of the western part of this block, adding up 50 wells to our inventory for the total of 900 wells, including Bajada del Palo Oeste and Aguada Federal. We are planning to drill 3 additional wells to further derisk acreage in the eastern part of this block in Q4. Also to treat the crude oil produced in this block, we have recently finalized a modular upgrade to the oil treatment plant in this cluster, leading to an increase in processing capacity from 40,000 to 47,000 barrels of oil per day. The next step is to increase this plant capacity to 63,000 barrels of oil per day during the first half of 2023. During Q3, we achieved a measure [mature] related to Vaca Muerta development as we started producing from our own sand mine and washing plant. The plant is located 250 kilometers from Bajada Palo Este, saving more than 1,000 kilometers of sun tracking.

180 天后，[新] 井的平均產量在正常基礎上高於我們的 Bajada del Palo Oeste 類型曲線。這些初步的配套結果證實了該區塊西部的最高質量，在我們的庫存中增加了 50 口井，總共 900 口井，包括 Bajada del Palo Oeste 和 Aguada Federal。我們計劃在第四季度再鑽 3 口井，以進一步減少該區塊東部的種植面積。此外，為了處理該區塊生產的原油，我們最近完成了對該集群中的石油處理廠的模塊化升級，將處理能力從每天 40,000 桶增加到 47,000 桶。下一步是在 2023 年上半年將該工廠的產能提高到每天 63,000 桶石油。在第三季度，我們實現了與 Vaca Muerta 開發相關的措施[成熟]，因為我們開始從我們自己的砂礦和洗礦廠生產.該工廠距離巴哈達帕洛埃斯特 250 公里，節省了 1000 多公里的太陽跟踪。

The plant is currently producing 50,000 tonnes of sand per month, which is roughly 50% of Vista requirements at the current drilling and completion run rate but is designed to soar 100%, which we estimate can be achieved during the first half of next year. This project is a significant contribution to our cost-saving efforts as it is forecasted to enable savings of roughly $200,000 per well and almost 2% of our total drilling and completion costs. The overall CapEx of this plan was $16 million, so we expect a payback period of less than 2 years.

該工廠目前每月生產 50,000 噸沙子，按目前的鑽井和完井速度計算，這大約是 Vista 需求的 50%，但其設計目標是飆升 100%，我們估計可以在明年上半年實現這一目標。該項目對我們節省成本的努力做出了重大貢獻，因為預計每口井將節省大約 200,000 美元，占我們鑽井和完井總成本的近 2%。該計劃的總資本支出為 1600 萬美元，因此我們預計投資回收期不到 2 年。

Total revenues in Q3 2022 were $333.6 million, a 91% increase year-over-year, driven by our production growth and substantial improvement in realized oil prices. Realized oil prices for the quarter average, $76.6 per barrel, up 34% year-over-year. The [over] unrealized domestic price was $54.2 per barrel, while the realized price of the export market was $90.2 per barrel on average. Crude oil volumes sold during the quarter surpassed production by approximately 2,300 barrels of oil per day, producing inventories to 0. Sales to export market accounted for 48% of oil volumes and 56% of our revenues.

2022 年第三季度的總收入為 3.336 億美元，同比增長 91%，這得益於我們的產量增長和實際油價的大幅改善。本季度平均實際油價為每桶 76.6 美元，同比上漲 34%。 [over] 未實現的國內價格為每桶 54.2 美元，而出口市場的平均實現價格為每桶 90.2 美元。本季度原油銷量超過產量約 2,300 桶/日，庫存為 0。出口市場的銷量佔石油銷量的 48%，占我們收入的 56%。

We exported 4 cargoes during the quarter or 1.9 million barrels of oil in total. We expect to maintain this level of export volumes during the coming quarter as well. Regarding prices, with current rent levels for Q4, we expect a total average realized oil prices were around 5% below Q3. Realized gas prices increased 7% year-over-year to $4.4 per million of BTU mainly boosted by the sales to industrial customers at $4.9 per million of BTU, applicable to 32% of our sales volumes.

我們在本季度出口了 4 批貨物，總共出口了 190 萬桶石油。我們預計下一季度也將保持這一水平的出口量。關於價格，以目前第四季度的租金水平，我們預計實現的平均油價總平均比第三季度低 5% 左右。實際天然氣價格同比增長 7% 至每百萬英熱單位 4.4 美元，這主要是由於向工業客戶的銷售額為每百萬英熱單位 4.9 美元，適用於我們銷售額的 32%。

Plan Gas price was $4.1 per million BTU applicable to 65% of our sales volumes. The remaining volumes were exported to Chile. Total lifting cost for the quarter was $34.8 million. We have successfully implemented tactical cost-saving initiative in water-falling projects in our conventional assets, pulling services and associated materials, click line services, chemicals in all treatment plans and in the reuse of impacting materials, all that to offset cost increases driven by depreciation of the pesos in real terms.

計劃燃氣價格為每百萬英熱單位 4.1 美元，適用於我們 65% 的銷量。其餘數量出口到智利。本季度的總吊裝成本為 3480 萬美元。我們已在常規資產的落水項目、拉動服務和相關材料、點擊線服務、所有處理計劃中的化學品以及影響材料的再利用中成功實施了戰術成本節約計劃，所有這些都抵消了由比索實際貶值。

Additionally, the boost in production volumes continues to dilute fee cost. Therefore, on a sequential basis will reduce lifting costs per BOE by 4%. We reiterate our guidance of $7.5 per BOE for the full year. Adjusted EBITDA for the quarter was $233.7 million, implying an interannual growth of 127% and a sequential growth of 16%. This reflects strong revenue growth and our successful effort to maintain stable listing costs. Our year-to-date adjusted EBITDA is $563 million. So we are well positioned to surpass our $750 million guidance for the full year. Adjusted EBITDA margin was robust, 70% during the quarter, an improvement of 11 percentage points year-over-year.

此外，產量的增加繼續稀釋費用成本。因此，按順序將每個 BOE 的吊裝成本降低 4%。我們重申全年每桶油當量 7.5 美元的指引。本季度調整後的 EBITDA 為 2.337 億美元，意味著年間增長 127%，環比增長 16%。這反映了強勁的收入增長以及我們成功維持穩定上市成本的努力。我們年初至今調整後的 EBITDA 為 5.63 億美元。因此，我們有能力超過我們全年 7.5 億美元的指導。調整後的 EBITDA 利潤率強勁，本季度達到 70%，同比增長 11 個百分點。

Netback was $50.1 per BOE, an 80% interannual increase and in line with our previous quarter. In Q3 2022, we continue to generate positive free cash flow while also reducing gross debt. Cash from operating activities was $196.1 million, impacted by advanced payments of income tax for $26 million. Cash flow used in investing activities was $151.7 million, mostly driven by $104 million in grinding and completion activities in our core development projects, Bajada del Palo Oeste and Aguada Federal. Other investments included the gathering, treatment and evacuation facilities, leading to a total CapEx of $162.8 million during the quarter on an accrual basis.

Netback 為每 BOE 50.1 美元，同比增長 80%，與我們上一季度的情況一致。在 2022 年第三季度，我們繼續產生正的自由現金流，同時減少總債務。來自經營活動的現金為 1.961 億美元，受預繳所得稅 2,600 萬美元的影響。用於投資活動的現金流為 1.517 億美元，主要來自我們核心開發項目 Bajada del Palo Oeste 和 Aguada Federal 的 1.04 億美元的打磨和完井活動。其他投資包括聚集、治療和疏散設施，導致本季度的資本支出總額為 1.628 億美元（按權責發生製）。

Free cash flow during the quarter was a robust $44.4 million, leading to a year-to-date free cash flow of $140 million. Cash flow used in financing activities stood at $112.7 million, mainly driven by the debt repayment of $78 million, including $22.5 million of principal of our syndicated loan and $50 million of our bond Series 2. Interest paid amounted to $10.4 million. Gross debt stood at $522.6 million at the end of Q3. Our plan is to maintain the around such a level by year-end, in line with our latest guidance. Net leverage ratio stood at a very healthy 0.5x adjusted EBITDA at quarter end. During Q3 2022, we delivered a strong operational and financial performance.

本季度的自由現金流為強勁的 4440 萬美元，導致年初至今的自由現金流為 1.4 億美元。用於融資活動的現金流為 1.127 億美元，主要是由於償還了 7800 萬美元的債務，其中包括 2250 萬美元的銀團貸款本金和 5000 萬美元的債券系列 2。支付的利息為 1040 萬美元。第三季度末總債務為 5.226 億美元。根據我們的最新指導，我們的計劃是在年底前將這一水平保持在這一水平。淨槓桿率在季度末保持在非常健康的 0.5 倍調整後 EBITDA。在 2022 年第三季度，我們實現了強勁的運營和財務業績。

As our Vaca Muerta projects continue to drive production growth, we recorded 50.70 BOE per day during the quarter, a 26% increase year-over-year. Adjusted EBITDA was $233.7 million for the quarter. Adjusted net income was $79.4 million for the quarter and is currently $201 million year-to-date. Adjusted EPS was $0.90 per share for the quarter. Based on the year-to-date performance, we are reiterating our guidance for the year. We continue to make good progress in projects to reduce emissions footprint of our operation. We forecast to reduce emissions intensity to 18 kilos per BOE, a 25% reduction vis-a-vis 2021.

由於我們的 Vaca Muerta 項目繼續推動產量增長，我們在本季度錄得每天 50.70 BOE，同比增長 26%。本季度調整後的 EBITDA 為 2.337 億美元。本季度調整後的淨收入為 7940 萬美元，年初至今為 2.01 億美元。本季度調整後每股收益為 0.90 美元。根據年初至今的表現，我們重申了對今年的指導。我們繼續在項目方面取得良好進展，以減少我們運營的排放足跡。我們預計排放強度將降低至每桶油當量 18 公斤，比 2021 年降低 25%。

On the A&D front, we closed the second Vaca Muerta development shaving with Trafigura, marking a record acreage evaluation for the basin, which depending on how international prices evolve should range between $59,000 and $140,000 per acreage. This agreement contributes to increase our free cash flow generation beyond the objectives laid out by our 5-year plan. Further reduced group debt, distribute capital to shareholders through share buyback or dividends and accelerated investment in Vaca Muerta, in particularly in the midteen infrastructure projects. On October 4, the warrant holders meeting approved our proposed amendment to Vista warrants in ventures providing immediate center on the number of understanding shares of the company, approximately 89.7 million shares after 100 of the warrants are exercised. This is a significant milestone to improve our capital structure, limiting the dilution of shareholder value and favoring the correct price formation of Vista shares.

在 A&D 方面，我們與 Trafigura 合作完成了第二個 Vaca Muerta 開發項目，這標誌著該盆地的種植面積評估創歷史新高，根據國際價格的變化情況，每英畝土地的價格應該在 59,000 美元到 140,000 美元之間。該協議有助於增加我們的自由現金流量，超出我們的 5 年計劃制定的目標。進一步減少集團債務，通過股票回購或股息向股東分配資本，並加快對 Vaca Muerta 的投資，特別是在 10 個基礎設施項目中。 10 月 4 日，認股權證持有人會議批准了我們對 Vista 認股權證的修改建議，直接關注公司的了解股份數量，在 100 份認股權證行權後，約 8970 萬股。這是改善我們資本結構、限制股東價值稀釋和有利於 Vista 股票正確價格形成的重要里程碑。

Finally, this morning, I have called for shareholders meeting scheduled to take place in December 7 to vote on a proposal to approve our second share buyback program for $25.6 million. This is another important step in our strategy to deliver shareholder return and partially sterilize the new understanding shares linked to the warrants exercise. I will take this opportunity to thank our investors for their continued support and our great team at Vista for their hard work, passion and commitment.

最後，今天上午，我呼籲原定於 12 月 7 日舉行的股東大會就批准我們以 2560 萬美元的第二次股票回購計劃的提案進行投票。這是我們提供股東回報和部分對與認股權證行使相關的新理解股票進行部分消毒的戰略中的另一個重要步驟。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 的偉大團隊的辛勤工作、熱情和承諾。

And with that, operator, please open the line for Q&A.

有了這個，接線員，請打開問答線。

(Operator Instructions). The first question comes from the line of Andres Cardona with Citi.

（操作員說明）。第一個問題來自花旗銀行的 Andres Cardona。

Congratulations on the results and the recent developments. I have 2 questions. The first one has to with the 2026 production target with now over 50,000 barrels per day, how do you think about it? Does it seem to be now conservative? Or how should we think about it? The second one is, and despite -- it since early results at Aguada Federal and Bajada del Palo Oeste very encouraging. So what do you think is there was a strategy to develop these fields, like continue to derisk it on a sole basis, seek partners that [farming carrying] on the CapEx, maybe a slowdown or focus on Bajada del Palo Oeste? How do you think about the rest strategy for these 2 emerging assets?

祝賀結果和最近的發展。我有 2 個問題。第一個與2026年的生產目標有關，現在每天超過50,000桶，您怎麼看？現在看來是不是很保守？或者我們應該如何思考？第二個是，儘管 - 它自 Aguada Federal 和 Bajada del Palo Oeste 的早期結果以來非常令人鼓舞。那麼，您認為有什麼策略可以開發這些領域，例如繼續單獨冒險，尋找在資本支出上 [農業承載] 的合作夥伴，也許是放緩或專注於 Bajada del Palo Oeste？您如何看待這兩種新興資產的剩餘策略？

Hello, Andres. Thank you very much for the congratulations and the questions. Starting with your first part of your question on 2026 target and how realistic they are today. Well, we finished 2022 around 53,000, 54,000 barrels oil per day. And we are really having a very good -- a very good 2022, and we see 2023 growing at the similar rate that we've been growing so far. So as we said for you to calculate, you should assume that we will be continue growing around 15% to 20% growth in production volumes year-over-year.

你好，安德烈斯。非常感謝您的祝賀和提問。從你關於 2026 年目標的問題的第一部分開始，以及它們今天有多現實。好吧，我們在 2022 年完成了每天大約 53,000、54,000 桶石油。我們真的有一個非常好的 - 一個非常好的 2022 年，我們看到 2023 年的增長速度與我們迄今為止的增長速度相似。因此，正如我們所說的讓您計算的那樣，您應該假設我們的產量將繼續同比增長約 15% 至 20%。

And your statement is right. If you do that calculation, you will find that probably at the end of -- average 2026 should be about the number that we proposed in the Investor Day that was 80,000 barrel per day. So yes, we are coming higher. And definitely, if it will continue growing the way that we grow, that I don't think why we should not do that. We will have a higher target. Related to Aguada Federal and Bajada del Palo Oeste and the operational model and business model that we used to develop. I think you have to consider that we will continue to develop ourselves.

你的說法是正確的。如果您進行該計算，您會發現可能在 2026 年底 - 平均應該是我們在投資者日提出的每天 80,000 桶的數字。所以，是的，我們正在變得更高。當然，如果它會繼續以我們的增長方式增長，我認為我們不應該這樣做。我們會有更高的目標。與 Aguada Federal 和 Bajada del Palo Oeste 以及我們過去開發的運營模式和商業模式相關。我認為您必須考慮我們將繼續發展自己。

The deal that we have with Trafigura have worked pretty well. But in the -- but it's something that we will do in basically when we need to add more CapEx about what we have in our plan and it's going to be considered on an economic basis. The reality is at [apparel] is going to be integrated to Palo states already integrated by pipeline. The wells are performing excellent. We have the same result that we have Bajada del Palo Oeste. And Bajada del Palo Oeste part #1, has proved that the east side of Bajada del Palo Oeste is pretty good, and we cannot probably [quite] a nice portion of Bajada del Palo Oeste also to our Bajada del Palo Oeste block. So all that, you have to consider that from the operations point of view, is one field for us and one operational setup. So nothing -- we are adding more acreage in making our position to 2023 very strong because the portfolio is very strong. And of course, as we develop, we will encounter more challenge, but as much accretion that we have of the quality that we have, more robust is our plan and our performance.

我們與托克達成的協議運作良好。但是在 - 但這是我們基本上會做的事情，當我們需要增加更多關於我們計劃中的資本支出並且將在經濟基礎上考慮時。現實是 [服裝] 將被整合到已經通過管道整合的帕洛州。油井表現出色。我們的結果與 Bajada del Palo Oeste 相同。 Bajada del Palo Oeste 第 1 部分證明了 Bajada del Palo Oeste 的東側非常好，我們可能無法 [相當] Bajada del Palo Oeste 的一部分也到我們的 Bajada del Palo Oeste 街區。所以所有這一切，你必須從運營的角度考慮，對我們來說是一個領域和一個運營設置。所以沒什麼——我們正在增加更多的種植面積，使我們的頭寸到 2023 年非常強勁，因為投資組合非常強大。當然，隨著我們的發展，我們會遇到更多的挑戰，但是隨著我們的質量越來越高，我們的計劃和表現更加穩健。

Our next question comes from the line of Walter Chiarvesio with Santander.

我們的下一個問題來自 Walter Chiarvesio 與桑坦德銀行的對話。

Hello. Congratulations for this very strong quarter. My question comes regarding the infrastructure front in the country, how important do you see that for the long-term growth for the company. And there is some information that was released publicly in the medium mostly. But I would like to ask you and hear from you how do you see those projects evolving over time and being added by the private sector, private companies. And it [miss having] some integration in those projects, I mean, OldelVal et cetera? That's from my side.

你好。祝賀這個非常強勁的季度。我的問題是關於該國的基礎設施前沿，您認為這對公司的長期增長有多重要。還有一些信息大多是在媒體上公開發布的。但我想問你，聽聽你如何看待這些項目隨著時間的推移而發展並被私營部門、私營公司添加。它[想念]在這些項目中進行一些整合，我的意思是，OldelVal 等等？那是我這邊的。

Thank you, Walter, for your question. And the answer is yes, we are participating in all of that. Our strategy is basically to actively participate in the expansion project of OldelVal, [Bajada del Palo Oeste], Vaca Muerta, Norte. And also, we are using and considering other options in order to maximize the optionality and the potential of evacuation. Starting with OldelVal. As you know, we have the main pipeline that 280,000 barrels per day currently at full capacity. Vista today is transporting around 42,000 barrels oil per day in OldelVal.

謝謝你，沃爾特，你的問題。答案是肯定的，我們正在參與所有這些。我們的策略基本上是積極參與OldelVal, [Bajada del Palo Oeste], Vaca Muerta, Norte 的擴建項目。此外，我們正在使用和考慮其他選項，以最大限度地提高疏散的選擇性和潛力。從 OldelVal 開始。如您所知，我們目前擁有每天 280,000 桶滿負荷生產的主要管道。如今，Vista 在 OldelVal 每天運輸約 42,000 桶石油。

And as you said and it's publicly there's an expansion project of OldelVal of 225,000 barrels oil per day that is aimed to add that capacity early 2024 or the beginning of 2025. We have a public tender for expansion that took place last week. We participate on it. One of the results that we saw is that there is a clear aim of a clear ambition of most of the participants to increase production above what the market was expecting. And now OldelVal is analyzing those bid and basically consider how to allocate that capacity and probably even look at the option to offer even a larger expansion of more capacity.

正如你所說，OldelVal 有一個每天 225,000 桶石油的擴建項目，旨在在 2024 年初或 2025 年初增加產能。我們上週進行了一次公開招標。我們參與其中。我們看到的結果之一是，大多數參與者都有一個明確的目標，即將產量提高到高於市場預期的水平。現在，OldelVal 正在分析這些投標，主要考慮如何分配該容量，甚至可能考慮提供更大容量擴展的選項。

So we remain super confident in that allocation. Meanwhile, something that we are doing as well is trucking. So part of our relationship with Trafigura, we have set up a way of trucking around 5,000 barrel oil per day. We are using around 25 trucks. So it's not a big common of truck. Of course, this is costly. But taking in consideration the netback that we are having is super profitable for us to use that option. There's additional optionality that we are looking at, and we are working on. One is basically something that we call the reversal of [LaCocina]. This is using the existing facilities and in term of sending through OldelVal to Bahía Blanca, rerouting (inaudible). And also, we are looking with a consortium, an option to export to Chile. So we are super active on evacuation. I think as an industry, we are a bit behind. Nevertheless, we don't see that compromising our current plans towards 2026. We will have optionality. We are building optionality and yes, and we will deliver the numbers that we promised.

因此，我們對這一分配仍然非常有信心。與此同時，我們也在做的事情是卡車運輸。因此，作為我們與托克關係的一部分，我們建立了一種每天運輸約 5,000 桶石油的方式。我們正在使用大約 25 輛卡車。所以這不是卡車的普遍現象。當然，這是代價高昂的。但考慮到我們所擁有的淨回扣，我們使用該選項是非常有利可圖的。我們正在研究其他可選性，並且正在努力。一個基本上是我們稱之為[LaCocina]的逆轉。這是使用現有設施並通過 OldelVal 發送到 BahÃa Blanca，重新路由（聽不清）。而且，我們正在尋找一個財團，一個出口到智利的選擇。所以我們在疏散方面非常積極。我認為作為一個行業，我們有點落後。儘管如此，我們認為這不會影響我們目前的 2026 年計劃。我們將擁有選擇權。我們正在構建可選性，是的，我們將交付我們承諾的數字。

Our next question comes from the line of Regis Cardoso with Crédit Suisse.

我們的下一個問題來自瑞吉斯卡多索與瑞士信貸銀行。

Congratulations Miguel and Alejandro on the excellent results. Two topics I would like to discuss with you. One is that balance between CapEx, so reinvestment and shareholder remuneration. And maybe bring to that discussion the pace or the level of your exports. So are you expected to continue increasing your share of exports and therefore, generate more of your revenue linked to international prices? Would that be a driver for -- to have higher cash from operations on the same production, let's say. And if you do have more cash from operations there, do you redirect it to CapEx?

祝賀 Miguel 和 Alejandro 取得優異的成績。我想和你討論兩個話題。一是資本支出、再投資和股東薪酬之間的平衡。並且也許將您的出口速度或水平帶入討論。那麼，您是否會繼續增加您的出口份額，從而產生更多與國際價格相關的收入？比如說，這會是一個驅動因素——從相同生產的運營中獲得更高的現金。如果您確實從那裡的運營中獲得了更多現金，您會將其重定向到資本支出嗎？

Or do you plan to do more of shareholder remuneration, either buybacks or dividends? Likewise, I mean -- and we discussed this in previous questions is as you reinvest and you will continue growing production, what are your next hurdles in terms of logistics as well as your pace of tie-ins? Do you -- are you required at any point to, let's say, locate more of your capital to lower return assets like midstream. So it's more of a discussion than a specific question, but overall, do you expect to generate more cash? How do you redirect it between investments and shareholder remuneration, in particular, touching on those points of share of exports and pace of additional wells and requirements in midstream?

或者您是否計劃增加股東薪酬，無論是回購還是分紅？同樣，我的意思是——我們在之前的問題中討論過這個問題，當你再投資並且你將繼續增加產量時，你在物流和合作方面的下一個障礙是什麼？您是否 - 在任何時候都需要，比如說，將更多的資本用於降低迴報率的資產，例如中游。所以這更像是一個討論而不是一個具體的問題，但總的來說，你期望產生更多的現金嗎？您如何在投資和股東薪酬之間進行調整，特別是涉及出口份額和增加油井的速度以及中游需求的那些點？

Thank you very much for your question. So look at related to the exports that is probably the most straightforward one, every single barrel that we had goes to export. If you remember in our Investor Day, we said that -- I mean, we calculate that we will have probably a mix of 60% of [fporan], 40% in the local market. considering the volume that we have calculated at that time that there was an average of 80,000 barrel oil per day of production arriving in 2026. So that 60-40 today, if we have more production, it could be higher than 50%.

非常感謝您的提問。因此，看看與出口相關的可能是最直接的一個，我們擁有的每一桶都用於出口。如果你記得在我們的投資者日，我們說過——我的意思是，我們計算出我們可能會擁有 60% 的 [fporan] 和 40% 的本地市場。考慮到我們當時計算的產量，到 2026 年平均每天有 80,000 桶石油到達。所以今天 60-40，如果我們有更多的產量，它可能會高於 50%。

That's the reality. Today, any additional barrel seen we have the local market as the industry fully supplied. It goes to airport. And if you follow the export market as the percentage bit under rest, you see the incremental in the industry mine-by-month, quarter-by-quarter, how we are adding more cargoes and adding more exportation quarter-by-quarter. In terms of cash flow, yes, of course, we will have more production. We have better prices than the one that we calculate when we have the Investor Day toward 2026, that was 60. Therefore, -- and there, I think we signal that on that plan, cash flow generation towards 2026 of around $2.5 billion if you remember correctly. Therefore, I think we will have additional cash. Now today, the cash that we are generating, we are taking care, of course, of the CapEx. We have a rate of growth that we want to meet and also it's in line with infrastructure that we have that is around 15%, 20% in terms of production. And the rest, we are using it for buyback programs.

這就是現實。今天，任何額外的桶都看到了當地市場，因為該行業供應充足。它去機場。如果您關注出口市場的百分比，您會看到行業按月、按季度的增量，以及我們如何逐季度增加更多的貨物和增加更多的出口。就現金流而言，是的，當然，我們會有更多的生產。我們的價格比我們在 2026 年投資者日時計算的價格要好，那是 60。因此，我認為我們在該計劃中表示，如果您在該計劃中，到 2026 年產生的現金流量約為 25 億美元記得正確。因此，我認為我們會有額外的現金。現在，今天，我們正在產生的現金，當然，我們正在關注資本支出。我們有一個我們想要達到的增長率，而且它與我們擁有的基礎設施相一致，在生產方面大約是 15% 到 20%。其餘的，我們將其用於回購計劃。

Of course, we are at the moment that we have to front-end infrastructure to meet that plan. So there will be CapEx that is going to be in the first 2 years, dedicated not only to West, but now we will have an infrastructure component. The main case is the expansion of OldelVal. After that, ‘24, ‘25, ‘25, ‘26, we will have to have -- we will aim to continue probably reducing debt, using buyback or dividends or whatever is the best means that we have to really retribute to our shareholders. We don't have another plan. Of course, we can always come up with a plan with additional CapEx in order to have higher growth than the one that we have signaled to the market.

當然，我們目前必須使用前端基礎設施來滿足該計劃。因此，前兩年將有資本支出，不僅專門用於西方，而且現在我們將擁有一個基礎設施組件。主要案例是OldelVal的擴展。在那之後，24 歐元、25 歐元、25 歐元、26 歐元，我們將不得不——我們的目標是繼續減少債務，使用回購或股息或任何最好的手段我們必須真正回報我們的股東。我們沒有其他計劃。當然，我們總是可以提出一個額外資本支出的計劃，以便獲得比我們向市場發出的信號更高的增長。

And this is something that we will consider based on performance and based on oil prices, yes. But I will say that decision will be 2025 onward. So that is the way that we are thinking and basically what we are doing. So in terms of CapEx, you have to think that 2025 onward, we will have enough cash to think on what as we have to do from now to 2023, 2024, infrastructure, buybacks and continue the equity of growth story that we have today.

這是我們將根據性能和油價考慮的事情，是的。但我會說這個決定將在 2025 年以後做出。這就是我們思考的方式，基本上就是我們正在做的事情。因此，就資本支出而言，您必須考慮到 2025 年以後，我們將有足夠的現金來思考從現在到 2023 年、2024 年我們必須做什麼、基礎設施、回購併繼續我們今天擁有的增長故事。

Very clear. And I would assume the majority of that activity will be in Bajada del Palo Oeste still and not necessarily in the other…

非常清楚。而且我會假設大部分活動仍將在 Bajada del Palo Oeste 進行，而不必在其他地區進行……

You need to start to think that Bajada del Palo Oeste, Aguada Federal on the west part of Bajada del Palo Oeste is one operation for us. So we will start to develop that and unify that operation. But yes, that is the main -- the core of our operation.

您需要開始認為 Bajada del Palo Oeste，位於 Bajada del Palo Oeste 西部的 Aguada Federal 是我們的一項業務。因此，我們將開始開發並統一該操作。但是，是的，這是我們運營的主要核心。

Understood. Congratulations on the results so far.

明白了。祝賀到目前為止的結果。

From Rodrigo Nistor with Latin Securities.

來自拉丁證券的 Rodrigo Nistor。

Congratulations on a strong quarter. I was wondering if you could comment on Argentina's grow pricing dynamics for the domestic market and also for exports if you recently see increase in discount to international benchmarks for Medanito. And if so, what's been driving it? And when do you expect it to normalize?

祝賀一個強勁的季度。如果您最近看到 Medanito 對國際基準的折扣增加，我想知道您是否可以評論阿根廷國內市場和出口的定價動態增長。如果是這樣，是什麼推動了它？你預計它什麼時候會正常化？

Rodrigo, thank you for the question and also for your report. Yes. We -- in terms of the local market, we see in Q4 something very similar to Q3. Q3, we have local prices between in the 64%, 65% range. I think you should expect that Q4 will be around those numbers. In terms of export, as you know, we have -- so first of all, we plan to have 4 export cargoes in Q4. As you know, we saw higher discounts in the last was September and October.

Rodrigo，謝謝你的提問和報告。是的。我們 - 就本地市場而言，我們在第四季度看到與第三季度非常相似的情況。第三季度，我們當地的價格在 64%、65% 之間。我認為您應該期望第四季度將圍繞這些數字。在出口方面，如您所知，我們有 - 所以首先，我們計劃在第四季度有 4 批出口貨物。如您所知，我們在去年 9 月和 10 月看到了更高的折扣。

And that was the impact as we all know of the lower demand that we have in the U.S. West Coast because some maintenance schedule in the cure refineries and the oversupply in the U.S. gold cost due to the [holiday] season. I think also that was coupled with some local things happening. One was the overlap of the Secretary of Energy, where we have a change in Argentina, and that we have a bit of delay on the word permit. And also, we have some maintenance and refineries ongoing in Argentina that somehow create a compound effect. So as you know, we saw discounts of $16 per barrel in September. And now we see that coming back to normal. So we see probably around 13%, 12% in October, and we see December normalizing at the level probably $5, $4 discount. Remember, we come from one in July and 0.6% in August. So we should continue going and going through a normal discount. So back to Q4, we see 4 cargoes first half in October, which is 13 last cargo in December discounts you have to take an average of the discount that we have there. And oil prices, [brand] prices, as we said -- I would consider in the range of $92 to $95. So we will have -- we believe that we will have a bit softening in the rent price in Q4 compared with Q3.

這就是我們都知道美國西海岸需求下降的影響，因為煉油廠的一些維護計劃以及由於[假日]季節導緻美國黃金成本供應過剩。我認為這也與當地發生的一些事情有關。一個是能源部長的重疊，我們在阿根廷有一個變化，我們在許可這個詞上有一點延遲。此外，我們在阿根廷進行了一些維護和煉油廠，以某種方式產生了複合效應。如您所知，我們在 9 月份看到了每桶 16 美元的折扣。現在我們看到這種情況恢復正常。因此，我們看到 10 月份可能在 13% 和 12% 左右，我們看到 12 月份正常化水平可能是 5 美元、4 美元的折扣。請記住，我們來自 7 月的一個和 8 月的 0.6%。所以我們應該繼續進行正常的折扣。所以回到第四季度，我們看到 10 月上半年有 4 批貨物，這是 12 月份最後一批貨物的折扣，你必須取我們那裡折扣的平均值。正如我們所說，石油價格，[品牌]價格 - 我會考慮在 92 美元到 95 美元之間。所以我們會 - 我們相信與第三季度相比，第四季度的租金價格會有所走軟。

Our next question comes from Alejandro Demichelis with Nau Securities.

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

Congratulations on the results. A couple of questions, actually one clarification, one question. The clarification is, Miguel, you said for next year, exact 15%, 20% growth on production. What CapEx should we then assume for that level of growth for next year, please? That's the first question.

祝賀結果。幾個問題，實際上是一個澄清，一個問題。需要澄清的是，米格爾，你說明年的產量將增長 15%、20%。那麼我們應該為明年的這種增長水平假設多少資本支出呢？這是第一個問題。

Yes. So yes, that's correct. I think we see production growth in the 15%, 20% range. And the CapEx we are working right now on the CapEx number, we are exactly now doing the budget exercise. But I think you should consider that the CapEx will be in line with the CapEx that we spent this year and this year was around EUR 500 million total. So you could consider EUR 500 million or a bit higher.

是的。所以是的，這是正確的。我認為我們看到產量增長在 15%、20% 的範圍內。而我們現在正在研究資本支出數字的資本支出，我們現在正在做預算工作。但我認為你應該考慮到資本支出將與我們今年花費的資本支出保持一致，今年總計約為 5 億歐元。所以你可以考慮 5 億歐元或更高一點。

So the EUR 500 million includes OldelVal and all the rest, yes?

所以 5 億歐元包括 OldelVal 和所有其他的，是嗎？

No, that is normal CapEx.

不，這是正常的資本支出。

Okay. And then for OldelVal and all the infrastructure.

好的。然後是 OldelVal 和所有基礎設施。

Yes. OldelVal, we need to see how it goes. But yes, if we have OldelVal, it's going to be a bit additional to that.

是的。 OldelVal，我們需要看看情況如何。但是，是的，如果我們有 OldelVal，它會有點額外。

Okay. That's great. And then the second question is...

好的。那太棒了。然後第二個問題是……

One thing you need to consider that OldelVal way that this structure the deal – and the weather structure the deal, we have some cash advisement, but it's not really CapEx, the way that it's set up the deal.

您需要考慮一下 OldelVal 構建交易的方式——以及構建交易的天氣，我們有一些現金建議，但它並不是真正的資本支出，它建立交易的方式。

Okay. That's great. And then the second question is more technical, if you want. So Part 15, you're drilling with 5 wells. Is that right?

好的。那太棒了。如果您願意，第二個問題更具技術性。所以第 15 部分，你正在鑽 5 口井。那正確嗎？

That’s correct.

這是正確的。

So is that the way you think you're going to develop Bajada del Palo Oeste going forward?

那麼這就是你認為你要開發 Bajada del Palo Oeste 的方式嗎？

No, necessary. We have -- we keep the flexibility to the pad between 4 and 6 wells. We are using, I will say, the technology process called Cube that if we won at some point of time, Alejandro, Juan or any of our guys can introduce to you to what we are doing. Cube is aimed to avoid any interference between wells. And therefore, depend of the [biography] that we have to be developed in a particular area where that pad is and how our engineers and (inaudible) look at the possible interference between wells is how we decide if we will do a part of 4 or we could do a part of 6.

不，必須的。我們有——我們在 4 到 6 口井之間保持墊的靈活性。我會說，我們正在使用稱為 Cube 的技術流程，如果我們在某個時間點獲勝，Alejandro、Juan 或我們的任何人都可以向您介紹我們正在做的事情。 Cube 旨在避免孔之間的任何干擾。因此，取決於我們必須在該墊所在的特定區域開發的[傳記]，以及我們的工程師和（聽不清）如何看待井之間可能存在的干擾，這是我們決定是否要做 4 部分的方式或者我們可以做 6 的一部分。

Of course, there's also the economic part of that and the delay of production in putting production in and our production target that play a role. But usually, the main, I will say, the main factor that is taking in consideration on the decision of the number of pad is a reserve management. It's managing the reservoir, the very way possible. So the answer is no. We will not develop with Part 5. But you can see that we can do but 4, 5 or 6 dependently of what our technical people see the best way to develop the reservoir.

當然，這也有經濟部分和投產延遲以及我們的生產目標發揮作用。但通常，我會說，在決定墊子數量時考慮的主要因素是儲備管理。它正在管理水庫，這是可能的方式。所以答案是否定的。我們不會使用第 5 部分進行開發。但是您可以看到，我們只能做 4、5 或 6 項，這取決於我們的技術人員認為開發儲層的最佳方式。

Okay. But then can we see like we are seeing in, say, the U.S. [spacing]? But if you reduce the well spacing , we start seeing much better economics and efficiencies in the field.

好的。但是，我們能像在美國看到的那樣看到[間距]嗎？但是，如果您減小井間距，我們開始看到該領域的經濟性和效率要好得多。

We are always looking and recalculating the models in terms of the sweet spot, in terms of productivity and also reserve development. So we are always looking at that we are always challenging ourselves with the line of well with the distance between the wells with the positions of the world, how many we do a casino, how many we do with (inaudible) this is an ongoing discussion. So telling you that we will change the distance between well today. I don't want to say. I mean we are okay with what we will have today. But it's not unthinkable that we changed one of those parameters in the future. If we -- our reservoir model set that is a better way to develop. And we've been changing. We're changing land, we will change in [struct] design, we're changing intensity of proppant that we put in the formation. So all that variables go together. So today, we are super comfortable with what we are doing, the work that we are doing it, but we are open to change all the time.

我們一直在尋找和重新計算模型的最佳位置、生產力和儲備開發。所以我們一直在看，我們總是在用井線挑戰自己，用井之間的距離和世界的位置，我們有多少賭場，我們有多少（聽不清）這是一個持續的討論.所以告訴你，我們今天將改變井之間的距離。我不想說。我的意思是我們對今天將要擁有的一切都很好。但是，我們將來更改其中一個參數並非不可想像。如果我們——我們的儲層模型集是一種更好的開發方式。而我們一直在改變。我們正在改變土地，我們將改變 [struct] 設計，我們正在改變我們在地層中放置的支撐劑的強度。所以所有這些變量都在一起。所以今天，我們對我們正在做的事情，我們正在做的工作感到非常滿意，但我們隨時都願意改變。

(Operator Instructions). It comes from the line of Ezequiel Fernández with Balanz.

（操作員說明）。它來自 Ezequiel Fernández 和 Balanz 的系列。

Hi. Good morning, everybody. This is Ezequiel Fernández from Balanz. Thank you for the materials, very complete. As always, and congratulations on the Aguada Federal results. I have 3 questions. I would like to go one by one, if you do not mind. The first one is related to Águila Mora. I don't know if with the positive results in your new hub [Aguada Federal] and the different zones in Bajada, are you cutting maybe (inaudible) on the back burner? Or if you will continue to work on that next year?

你好。大家早上好。這是Balanz的Ezequiel Fernández。謝謝你的材料，很齊全。一如既往，祝賀 Aguada Federal 的成績。我有 3 個問題。如果您不介意，我想一一進行。第一個與Ãguila Mora有關。我不知道您的新樞紐 [Aguada Federal] 和 Bajada 的不同區域是否取得了積極成果，您是否可能（聽不清）在次要位置？或者你是否會在明年繼續工作？

So again, that is no at all. I mean, we are planning to do 2 wells in Águila Mora between the end of the year and beginning of next year. So nothing we go ahead with the plan of continue derisking that block.

再說一遍，那根本不是。我的意思是，我們計劃在今年年底和明年年初之間在 guila Mora 打 2 口井。因此，我們沒有繼續執行繼續取消該區塊的計劃。

Okay. Great. I would like to go back, sorry for the assistance maybe to some of the topics that Walter, Regis, and Alejandro mentioned on OldelVal and the expansion of the coastal terminals. Securing that capacity or at least a portion of that capacity for Vista, you mentioned that you should not face significant equity investment upfront for that. So should we conclude that it should be mostly about signing long-term take-or-pay contracts for securing that capacity?

好的。偉大的。我想回去，很抱歉可能對 Walter、Regis 和 Alejandro 在 OldelVal 和沿海碼頭擴建中提到的一些主題提供幫助。為了確保 Vista 的容量或至少部分容量，您提到您不應該為此面臨大量的股權投資。那麼我們是否應該得出結論，它應該主要是關於簽署長期照付不議的合同以確保這種能力？

Yes, it's an advancement. It's not CapEx, but we have Pablo Vera (technical difficulty) the CFO online and seeing following that tender. I don't know, Pablo, if you want to add something to that?

是的，這是一個進步。這不是資本支出，但我們在網上找到了首席財務官 Pablo Vera（技術難度），並看到了該招標。我不知道，Pablo，如果你想添加一些東西呢？

Sure. In terms of financially what it means, this would be under the structure contemplated by OldelVal advanced payments. So they would not be recognized as CapEx, but there would be a cash outflow towards the end of this year and in the course of next year. That process is still open, and they're being -- we're having discussions with OldelVal and other producers to accommodate our needs with the capacity that OldelVal can offer. And obviously, we think there is more capacity to be offered than what they have tendered so far. Our preliminary assessment is that we should not have issues accommodating the production ramp-up that we have presented in the Investor Day presentation.

當然。就財務意義而言，這將屬於 OldelVal 預付款所設想的結構。因此，它們不會被視為資本支出，但在今年年底和明年會有現金流出。這個過程仍然是開放的，他們正在——我們正在與 OldelVal 和其他生產商進行討論，以用 OldelVal 可以提供的能力滿足我們的需求。顯然，我們認為提供的容量比他們迄今為止所提供的容量要多。我們的初步評估是，我們不應該有適應我們在投資者日演講中提出的產量增加的問題。

Okay. That's great. My final question is related to the OldelVal expansion, it's a little bit more than 200,000 barrels per day. And that would mean 1/3 of the current nationwide production in Argentina. So could we expect the pipe expansion to be filled maybe in 3, 4 years, and maybe all those barrels go to the export market considering that there are no refinery expansions planned in Argentina? Or would that be too optimistic?

好的。那太棒了。我的最後一個問題與 OldelVal 擴張有關，它每天超過 200,000 桶。這意味著阿根廷目前全國產量的 1/3。那麼，考慮到阿根廷沒有計劃擴建煉油廠，我們是否可以預期管道擴建可能會在 3、4 年內完成，並且可能所有這些桶都流向出口市場？還是太樂觀了？

We model the production in Argentina. And of course, we have a view for that. The reality is, I think all the -- so first of all, what we saw in the bet was that basically everybody has probably greater ambitions to -- for their plan to grow in the next few years. And on OldelVal is a piece of that. As I mentioned before, we are looking to other options. OldelVal is an important one, and it will add a low capacity, but the reversal of the [Convida Vaca Muerta] to Chile, a potential Vaca Muerta South pipeline that there are discussions about that. I think you will see all those projects as we move along coming together. Are we a bit late today? Yes, I think we are a bit late as an industry in having the second pipeline of OldelVal. And another thing will happen is that OldelVal considered to have a [pain that has] capacity to the one that was offered. I mean all the discussions are today ongoing.

我們在阿根廷模擬生產。當然，我們對此有看法。現實是，我認為所有——首先，我們在賭注中看到的是，基本上每個人都可能有更大的野心——他們計劃在未來幾年內實現增長。而在 OldelVal 上就是其中的一部分。正如我之前提到的，我們正在尋找其他選擇。 OldelVal 是一個重要的管道，它將增加一個低容量，但將 [Convida Vaca Muerta] 逆轉到智利，這是一條潛在的 Vaca Muerta South 管道，對此進行了討論。我想隨著我們一起前進，你會看到所有這些項目。我們今天是不是有點晚了？是的，我認為我們作為一個行業在擁有第二條 OldelVal 管道方面有點晚了。另一件事將發生是，OldelVal 認為對所提供的痛苦具有 [痛苦] 能力。我的意思是，今天所有的討論都在進行中。

And I'm not showing any further questions in the queue, sir. I'll pass it back to management for any final remarks.

先生，我沒有在隊列中顯示任何進一步的問題。我會將其傳回給管理層，以供最後評論。

All right. Once again, I mean, thank you very much for your support for the questions for the report. I take the opportunity to thank the Vista team also for the hard work and for the understanding results that we have this quarter. And with that, we close the line. All of you, have a good day.

好的。再次，我的意思是，非常感謝您對報告問題的支持。我也藉此機會感謝 Vista 團隊的辛勤工作以及我們本季度取得的理解成果。就這樣，我們關閉了這條線。大家，祝你有美好的一天。

Thank you for participating in today's program. This concludes the Q&A and the presentation. You may now disconnect.

感謝您參加今天的節目。問答和演示到此結束。您現在可以斷開連接。