Vista Energy SAB de CV (VIST) 2022 Q4 法說會逐字稿

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

美好的一天，謝謝你的支持。歡迎來到 Vista 的 2022 年第四季度收益和全年網絡直播電話會議。 （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.

我現在想把會議交給今天的發言人 Alejandro Chernacov。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's Fourth Quarter and Full Year 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.

謝謝。大家，早安。我們很高興歡迎您參加 Vista 的第四季度和 2022 年全年業績電話會議。我和 Vista 的董事長兼首席執行官 Miguel Galuccio 一起來到這裡； Vista 首席財務官 Pablo 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 statements 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 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 and adjusted net income. Reconciliation of these measures to the closest IFRS measure can be found in our earnings release that was issued yesterday. Please check our website for further information.

在我們開始之前，我想提請您注意我們在幻燈片 2 上的警告性聲明。請注意，我們今天的評論，包括對您問題的回答，可能包含前瞻性聲明。這些前瞻性陳述受到風險和不確定性的影響，這些風險和不確定性可能導致實際結果與這些言論所預期的預期存在重大差異。我們的財務數據以美元表示，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 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。

Our company, Vista is a (foreign language) capital variable organized under the laws of Mexico, registered in Bolsa Mexicana de Valores and the New York Stock change. The ticker of our common stock are VISTAA in the Bolsa Mexicana de Valores, VIST in the New York Stock Exchange. And the ticker of our warrant is VTW408A.

我們公司 Vista 是根據墨西哥法律組織的（外語）資本變量，在 Bolsa Mexicana de Valores 和紐約證券交易所註冊。我們普通股的代碼是 Bolsa Mexicana de Valores 的 VISTAA，紐約證券交易所的 VIST。我們的權證代碼是 VTW408A。

I will now turn the call over to Miguel.

我現在將把電話轉給 Miguel。

Thanks, Ale. Good morning, everyone. Today, I will share with you the fourth quarter and full year results of 2022 in which we have continued to deliver a strong operational and financial performance. First, I will present the fourth quarter results and then we later move on to full year results and 2023 guidance, and I will also comment on the transaction we closed and announced yesterday.

謝謝，艾爾。大家，早安。今天，我將與大家分享 2022 年第四季度和全年的業績，我們在這些業績中繼續提供強勁的運營和財務業績。首先，我將介紹第四季度業績，然後我們將介紹全年業績和 2023 年業績指引，我還將對我們昨天完成並宣布的交易發表評論。

During Q4, 2022, total production averaged [54,700] BOE per day, a 33% increase year-over-year. Oil production was up 41% year-over-year driven by the tie-in of 1 4-well pad in Bajada del Palo Oeste and another in Aguada Federal. Total revenues were $308 million for the quarter, an interannual increase of 57% driven by higher production and stronger realized oil price. Lifting costs per BOE was $7.2 for the quarter, reflecting our success in containing cost pressure through a number of efficiency measures as well as dilution in the fixed costs through incremental production volumes.

2022 年第四季度，總產量平均為每天 [54,700] 桶油當量，同比增長 33%。受 Bajada del Palo Oeste 的 1 個 4 井平台和 Aguada Federal 的另一個平台的捆綁，石油產量同比增長 41%。本季度總收入為 3.08 億美元，年際增長 57%，這主要得益於更高的產量和更強勁的實現油價。本季度每桶油當量的提升成本為 7.2 美元，反映出我們通過一系列效率措施成功地控制了成本壓力，並通過增加產量稀釋了固定成本。

Capital expenditure was $145 million including the drilling of 8 wells and the completion of 7 wells during the quarter. Adjusted EBITDA during Q4 2022 was $202 million, a 73% increase year-over-year, driven by higher production and realization prices and lower lifting costs per BOE. During Q4 2022, we record positive free cash flow of $57 million, driven by robust adjusted EBITDA generation. Net leverage ratio at quarter end was 0.4x adjusted EBITDA. Adjusted net income was a solid $171 million including and not recurring positive adjusted of $98 million of income tax, implying a quarterly adjusted EPS of $2 per share.

本季度資本支出為 1.45 億美元，包括鑽探 8 口井和完成 7 口井。 2022 年第四季度調整後的 EBITDA 為 2.02 億美元，同比增長 73%，這主要得益於較高的生產和實現價格以及較低的每桶油當量提升成本。在 2022 年第四季度，在強勁的調整後 EBITDA 生成的推動下，我們錄得 5700 萬美元的正自由現金流。季度末的淨槓桿率為調整後 EBITDA 的 0.4 倍。調整後的淨收入為穩固的 1.71 億美元，其中包括 9800 萬美元的所得稅，這意味著調整後的季度每股收益為 2 美元。

We will now deep dive into our main operation and financial metrics for the quarter. Total production during Q4 2022 was 54,700 BOEs per day, up 33% interannually and 8% sequentially. Oil production was up 41% year-over-year, mainly driven by the tie-in of pads Bajada del Palo Oeste-14 and Aguada Federal-3. Total shale oil production, which also includes Bajada del Palo Oeste increased to 36,200 barrels of oil per day, representing 79% of oil production.

我們現在將深入探討本季度的主要運營和財務指標。 2022 年第四季度的總產量為每天 54,700 桶油當量，年際增長 33%，環比增長 8%。石油產量同比增長 41%，主要是受 Bajada del Palo Oeste-14 和 Aguada Federal-3 油田的聯合推動。頁岩油總產量（其中還包括 Bajada del Palo Oeste）增至每天 36,200 桶石油，佔石油產量的 79%。

Moving to Slide 5. I will share some details on our projects in Vaca Muerta. In Bajada del Palo Oeste, we continued to report robust oil productivity. We have tie-in 60 wells today, from which 40 have exceeded 360 days of production and are producing on average 3% above our Bajada del Palo Oeste type curve. During Q4, we completed pad Bajada del Palo Oeste-15, which was tie-in late in the year. These pads has 5 wells, of which 3 were landed in La Cocina and 2 in the Organico. We are seeing very good productivity regions in these wells, which are performing above our type curve after 40 days on production. Also, we recently started to drill 4-well pad Bajada del Palo Oeste-16, which we plan to tie-in during Q2.

轉到幻燈片 5。我將分享我們在 Vaca Muerta 的項目的一些細節。在 Bajada del Palo Oeste，我們繼續報告強勁的石油生產率。我們今天有 60 口井，其中 40 口已經超過 360 天的生產，平均產量比我們的 Bajada del Palo Oeste 類型曲線高出 3%。在第四季度，我們完成了巴哈達德爾帕洛 Oeste-15 墊，這是在今年晚些時候搭配的。這些油田有 5 口井，其中 3 口位於 La Cocina，2 口位於 Organico。我們在這些井中看到了非常好的生產力區域，這些井在生產 40 天后的表現高於我們的類型曲線。此外，我們最近開始鑽探 4 井平台 Bajada del Palo Oeste-16，我們計劃在第二季度進行搭配。

In our Federal production increased to 5,800 BOE per day during Q4, 2022. The block contributed 14% of our total shale production boosted by pads Aguada Federal-2 and Aguada Federal-3. We have recently finished drilling 4-well pad Aguada Federal-4, landing 2 wells in La Cocina, 1 well in the Organico and 1 well in Middle Carbonate, which we have not tested in Aguada Federal so far. We plan to complete and tie-in this pad by the end of Q1.

2022 年第四季度，我們的聯邦產量增加到每天 5,800 桶油當量。該區塊占我們頁岩總產量的 14%，這得益於 Aguada Federal-2 和 Aguada Federal-3 油田。我們最近完成了 Aguada Federal-4 的 4 井平台鑽探，在 La Cocina 有 2 口井，在 Organico 有 1 口井，在 Middle Carbonate 有 1 口井，到目前為止我們還沒有在 Aguada Federal 進行測試。我們計劃在第一季度末完成並搭配此墊。

During Q4 2022, we made good progress in our pilot in Bajada del Palo Este. We drilled, complete and tie-in 1 well in Bajada del Palo Este-3, landed in La Cocina and eastern part of the block. We are currently drilling pad Bajada del Palo Este-2, which contains 2 wells La Cocina. We plan to tie-in these wells during April, after which we will have fulfilled our investment commitment in this block. In Aguila Mora, we completed our first 2-well pad in January. We landed 1 well in La Cocina and 1 well in Middle Carbonate. We are currently working on the temporary production facilities for the block, which is scheduled for completion in April. Our plan is to tie-in the wells after that event.

2022 年第四季度，我們在 Bajada del Palo Este 的試點取得了良好進展。我們在Bajada del Palo Este-3鑽完井並配套1口井，在La Cocina和區塊東部登陸。我們目前正在鑽探 Bajada del Palo Este-2 平台，其中包含 2 口 La Cocina 井。我們計劃在4月份完成這些井的串聯，之後我們就已經完成了我們在這個區塊的投資承諾。在 Aguila Mora，我們在 1 月份完成了第一個 2 井平台。我們在 La Cocina 鑽了 1 口井，在 Middle Carbonate 鑽了 1 口井。我們目前正在為該區塊建設臨時生產設施，計劃於 4 月完工。我們的計劃是在那次事件後接井。

Total revenues in Q4 2022 were $308.1 million, a 57% increase year-over-year driven by production growth and stronger registration prices. During the quarter we normalized our inventory with a buildup of 238,000 barrels. Realized oil price for the quarter averaged $68.9 per barrel and interannual increase of 14%. The average realized domestic price was $67.2 per barrel. This figure does not include trucking transportation cost from sales point to refinery, including such cost, the domestic realized oil prices was $63.3 per barrel. The average realized price of the export market was $74.1 per barrel, reflecting softer brands and higher shipping costs.

2022 年第四季度的總收入為 3.081 億美元，在產量增長和註冊價格上漲的推動下同比增長 57%。在本季度，我們將庫存正常化，增加了 238,000 桶。本季度實現的油價平均為每桶 68.9 美元，年際漲幅為 14%。平均實現的國內價格為每桶 67.2 美元。這個數字不包括從銷售點到煉油廠的卡車運輸成本，包括這些成本，國內實際油價為每桶 63.3 美元。出口市場的平均實現價格為每桶 74.1 美元，反映出品牌疲軟和運輸成本上升。

For the second straight quarter more than 50% of our total revenue came from the export market. Sales to international market accounted for 52% of oil volumes and 56% of oil revenues. We exported 4.5 cargoes during the quarter or 2.2 million barrels of oil in total. We expect to maintain this level of export during the coming quarter as well. Realized gas prices were $4.5 per million BTU, an increase of 65% year-over-year, mainly boosted by sales to our industrial customers at $3 per million BTU applicable to 44% of our sales volumes, and export to Chile at $8.8 per million BTU applicable to 26% of our sales volumes.

連續第二個季度，我們總收入的 50% 以上來自出口市場。對國際市場的銷售佔石油產量的 52% 和石油收入的 56%。我們在本季度出口了 4.5 批貨物，總計 220 萬桶石油。我們預計下一季度也將保持這一出口水平。實現的天然氣價格為每百萬 BTU 4.5 美元，同比增長 65%，這主要是由於我們以每百萬 BTU 3 美元的價格向我們的工業客戶銷售，適用於我們 44% 的銷量，以及以每百萬 BTU 8.8 美元的價格出口到智利BTU 適用於我們 26% 的銷量。

Total lifting cost for the quarter was $36.1 million. We have successfully implemented cost saving initiatives mainly the pipeline from Aguada Federal to Bajada del Palo Oeste, which reduced oil transportation costs. Additionally, the boost in production volume continues to dilute fixed costs, leading to an 11% reduction in lifting cost per BOE year-over-year. Adjusted EBITDA in Q4 2022 was $201.7 million, implying a 73% growth year-over-year. This reflects strong revenue growth and the reduction in lifting costs, I mentioned previously. Adjusted EBITDA margin was 65% during the quarter, an interannual improvement of 6 percentage points. Netback was $40.1 per BOE, a 30% increase year-over-year, driven by higher oil prices and lower lifting cost per BOE.

本季度的總起重成本為 3610 萬美元。我們成功實施了成本節約舉措，主要是從 Aguada Federal 到 Bajada del Palo Oeste 的管道，降低了石油運輸成本。此外，產量的增加繼續稀釋固定成本，導致每桶油當量的提升成本同比下降 11%。 2022 年第四季度調整後的 EBITDA 為 2.017 億美元，同比增長 73%。這反映了強勁的收入增長和提升成本的降低，我之前提到過。本季度調整後的 EBITDA 利潤率為 65%，同比提高 6 個百分點。淨回值為每桶油當量 40.1 美元，同比增長 30%，這是受油價上漲和每桶油當量提貨成本降低的推動。

During Q4 2022, we continue to generate positive free cash flow for a total of $57.2 million. Cash from operation activities during the quarter increased 55% interannually to $215.4 million. Cash flow used in investment activities was $158.2 million. Capital expenditure was $145.2 million on actual accrual basis, of which $98 million were invested in new wells in our Vaca Muerta project, USD31 million in facilities and USD16 million in other minor projects. Cash flow generated by financing activities stood at $8.8 million during the quarter. We successfully refinanced $108.5 million of 2023 maturity, of which USD45 million are now due in 2025 and USD63.5 million in 2026. We also refinanced $40.5 million of 2024 maturities, which due in 2025. This extended the average life of our debt from 2.4 years to 2.8 years and reduce average debt cost from 6% to 4.4%.

2022 年第四季度，我們繼續產生總計 5720 萬美元的正自由現金流。本季度經營活動產生的現金同比增長 55% 至 2.154 億美元。用於投資活動的現金流量為 1.582 億美元。按實際權責發生製計算，資本支出為 1.452 億美元，其中 9800 萬美元投資於我們 Vaca Muerta 項目的新井，3100 萬美元用於設施，1600 萬美元用於其他小型項目。本季度融資活動產生的現金流量為 880 萬美元。我們成功地為 2023 年到期的 1.085 億美元再融資，其中 4500 萬美元將於 2025 年到期，6350 萬美元為 2026 年到期。我們還為 2024 年到期的 4050 萬美元再融資，這些到期將於 2025 年到期。這將我們債務的平均壽命從 2.4 年延長。年減至 2.8 年，並將平均債務成本從 6% 降至 4.4%。

Gross debt stood at $549.3 million at the end of Q4 2022. The slight increase compared with Q3 2022 was driven by debt issuance to repay $22.5 million installment of our term loan in January. After this payment, gross debt has stood at $526.8 million. After this debt repayment and due to our successful refinancing effort at the end of the last year, we only have $45 million debt maturities remaining in 2023. Net leverage ratio stood at a very healthy 0.4x adjusted EBITDA at quarter end.

截至 2022 年第四季度末，總債務為 5.493 億美元。與 2022 年第三季度相比略有增加，這是由於發行債券以償還我們 1 月份分期支付的 2250 萬美元定期貸款。這筆付款後，總債務為 5.268 億美元。償還債務後，由於我們在去年年底成功進行了再融資，到 2023 年我們只剩下 4500 萬美元的債務到期。淨槓桿率在季度末處於非常健康的 0.4 倍調整後 EBITDA。

I will now move to our full year results. During 2022, we have continued to deliver on our superior shareholder return proposition. We also achieved robust performance vis-a-vis our 2022 guidance. We further expanded our external reserve base. Our P1 reserves increased to 251.6 million BOE year-end, implying reserve replacement ratio of 495%. The acquisition of Aguada Federal and Bandurria Norte led to the addition of 300 new wells to our inventory. Also our successful results in the first 2 wells in Bajada del Palo Este, led to an addition of 50 new wells, increasing our inventory in Vaca Muerta to 900 wells in total.

我現在將轉向我們的全年業績。 2022 年，我們繼續實現卓越的股東回報主張。相對於我們的 2022 年指南，我們還取得了強勁的業績。對外儲備基礎進一步擴大。我們的 P1 儲量年末增至 2.516 億桶當量，意味著儲量替代率為 495%。收購 Aguada Federal 和 Bandurria Norte 使我們的庫存增加了 300 口新井。此外，我們在 Bajada del Palo Este 的前 2 口井取得了成功，導致增加了 50 口新井，使我們在 Vaca Muerta 的庫存總數增加到 900 口。

In 2022, we delivered solid operational performance. Production for the year was 48,600 BOE per day, a 25% increase year-over-year and well above our 47,000 BOE per day guidance. Oil increased 32% year-over-year, driven by higher oil content in our shale oil. We exported 44% of our oil sales volumes, which generate 52% of total oil sales, driven by higher realization prices in the export market. We reduced lifting costs from $7.6 to $7.5 per BOE year-over-year, reflecting our export to control costs in a challenging FX environment and delivering on our guidance.

2022 年，我們實現了穩健的運營業績。全年產量為每天 48,600 桶油當量，同比增長 25%，遠高於我們每天 47,000 桶油當量的指引。受頁岩油含油量增加的推動，石油價格同比增長 32%。在出口市場實現價格上漲的推動下，我們出口了 44% 的石油銷量，佔石油總銷量的 52%。我們將提升成本從每桶油當量 7.6 美元同比降低至 7.5 美元，反映出我們在充滿挑戰的外匯環境中控製成本的出口並實現了我們的指導。

During 2022, we also made good progress in our sustainability program. We continue to invest in decarbonizing our operations. This has led to a 2% drop in absolute emissions in the year during which production increased 25%, therefore, reducing emissions intensity from 24 to 18 kilos of CO2 equivalent per BOE. Concurrently, we have initiated the first 4 projects on our nature-based solution portfolio. I will deep dive into this matter later during the presentation.

2022 年，我們的可持續發展計劃也取得了良好進展。我們繼續投資於使我們的運營脫碳。這導致產量增加 25% 的那一年的絕對排放量下降了 2%，因此，排放強度從每桶當量 24 千克二氧化碳當量減少到 18 千克二氧化碳當量。同時，我們啟動了基於自然的解決方案組合的前 4 個項目。我將在稍後的演講中深入探討這個問題。

Regarding shareholder returns, we have a record year. We adjusted EBITDA at $765 million exceeding our guidance. Return on capital average employee came very strong at 40% for the year and so was our bottom line with an EPS of $4.2 per share, a free cash flow of $197 million. We have applied part of this cash to reduce gross debt by $84 million during the year. We have also repurchased 3.2 million shares for a total of $29 million, driven by execution of our strategic plan and in a contracted context for international commodity prices, our share price [tripled] during 2022.

關於股東回報，我們有創紀錄的一年。我們將 EBITDA 調整為 7.65 億美元，超出我們的指導。平均員工資本回報率非常強勁，全年達到 40%，我們的底線也是如此，每股收益為 4.2 美元，自由現金流為 1.97 億美元。我們已使用部分現金在這一年中將總債務減少 8400 萬美元。我們還回購了 320 萬股股票，總計 2900 萬美元，這是在執行我們的戰略計劃的推動下，在國際大宗商品價格收縮的背景下，我們的股價在 2022 年期間上漲了 [兩倍]。

Proved reserves increased 39% vis-a-vis 2021 for a total of 251.6 million BOE estimated at the year-end 2022. This implies a total reserves replacement ratio of 495% and 515% for oil. Proved reserve life increased to 14.2 years. This growth reflects the quality of our quarterback commodity acreage and our ability to generate organic and profitable growth. Net additions were 87.8 million BOE, driven by activity in Aguada Federal where we added 40 new wells locations. Bajada del Palo Oeste, where we added 32 new well locations and Bajada del Palo Este where we added 4 well locations. This resulted in a total of 210 booked well locations in our P1 reserves. The certified present value at 10% discount rate attributable to Vista's interest in proved reserve of $3.2 billion, using a price assumption of $72 per barrel for oil and [$3.5] per million BTU for gas, according to SEC guidelines.

與 2021 年相比，探明儲量增加了 39%，到 2022 年底估計總儲量為 2.516 億桶油當量。這意味著石油的總儲量替代率為 495% 和 515%。探明儲量壽命增加到 14.2 年。這種增長反映了我們四分衛商品種植面積的質量以及我們產生有機和盈利增長的能力。淨增加量為 8780 萬桶油當量，這主要是受 Aguada Federal 活動的推動，我們在那里新增了 40 個井位。 Bajada del Palo Oeste，我們在那裡增加了 32 個新井位和 Bajada del Palo Este，我們在那裡增加了 4 個井位。這導致我們的 P1 儲量中共有 210 個預訂井位。根據美國證券交易委員會的指導方針，使用石油每桶 72 美元和天然氣每百萬 BTU [3.5 美元] 的價格假設，Vista 在探明儲量中的權益以 10% 的貼現率計算的認證現值為 32 億美元。

During 2022, we made significant achievements on the operational front. The execution of our [work program] led to the tie-in of 28 new shale oil wells during the year. Therefore, total wells and production increased from 40 to 68 wells, driven an increase of 25% in total production and 49% in shale oil production year-over-year. 20 of the new wells were in Bajada del Palo Oeste. In addition, with tie-in sequels in Aguada Federal, which we incorporated into our core development area by connecting through a pipeline to Bajada del Palo cluster. We also initiated a pilot in Bajada del Palo Oeste, where we tie-in the first 2 wells in Q1 2022, showing robust productivity results.

2022 年，我們在運營方面取得了重大成就。我們的 [工作計劃] 的執行促成了這一年 28 口新頁岩油井的連接。因此，總井數和產量從40口增加到68口，帶動總產量同比增長25%，頁岩油產量同比增長49%。其中 20 口新井位於 Bajada del Palo Oeste。此外，在 Aguada Federal 的搭配續集，我們通過管道連接到 Bajada del Palo 集群，將其納入我們的核心開發區域。我們還在 Bajada del Palo Oeste 啟動了一個試點，我們在 2022 年第一季度將前 2 口井連接起來，顯示出強勁的生產率結果。

In July, we started operating our own sand mine and sand washing plant, improving sand logistics and cost. The plant is already supplying Vista wells and is designed to serve 100% of our sand needs at full capacity, which is forecasted to be reached by mid-year. We have also made good progress in expanding our oil treatment capacity. We finalized our upgrade of the oil treatment plant, where we flow they Bajada del Palo cluster production, increasing its capacity to 57,000 barrels per day. We are actively working on another upgrade, which will further increase the capacity of the plant to 69,000 barrels per day by the third quarter of this year.

7 月，我們開始運營自己的砂礦和洗砂廠，改善砂物流和成本。該工廠已經在供應 Vista 井，旨在滿負荷滿足我們 100% 的沙子需求，預計將在年中實現。我們在擴大石油處理能力方面也取得了良好進展。我們完成了對石油處理廠的升級，我們將 Bajada del Palo 集群生產輸送到那裡，將其產能提高到每天 57,000 桶。我們正在積極進行另一項升級，到今年第三季度，該工廠的產能將進一步提高到每天 69,000 桶。

Finally, we achieved 2 major milestones related to oil evacuation projects. In OldelVal, the pipeline linking Vaca Muerta to Puerto Rosales we have been awarded 31,500 barrels of oil per day capacity in that expansion project. In addition to 42,700, we already have in the existing pipeline. We were also awarded 37,400 barrels of oil per day of throughput capacity in OTE port expansion in Puerto Rosales. Our capacity in these 2 projects will give us increased access to exporting through the (inaudible). We have agreed to prepay 100% of our capacity in OldelVal and 50% of our capacity in OTE, which means an estimated investment in the form of prepayment to suppliers of USD77 million in 2023 and USD60 million in 2024 and USD11 million in 2025. The agreements we have signed for these 2 projects, constitute a major milestone for our growth plan. We combined secured term potential capacity, including our current capacity in OldelVal, we leased 74,300 barrels of oil per day, which is more than is needed to deliver our 2026 production target and has further upside, due to other ongoing process.

最後，我們實現了與石油疏散項目相關的 2 個主要里程碑。在 OldelVal，連接 Vaca Muerta 和 Puerto Rosales 的管道，我們在該擴建項目中獲得了每天 31,500 桶石油的產能。除了 42,700，我們已經在現有的管道中。我們還在羅薩萊斯港的 OTE 港口擴建中獲得了每天 37,400 桶石油的吞吐能力。我們在這 2 個項目中的能力將使我們有更多機會通過（聽不清）進行出口。我們已同意預付我們在 OldelVal 的 100% 產能和我們在 OTE 的 50% 產能，這意味著以預付款形式向供應商預付的投資預計在 2023 年為 7700 萬美元，2024 年為 6000 萬美元，2025 年為 1100 萬美元。我們為這兩個項目簽署的協議構成了我們發展計劃的一個重要里程碑。我們結合了有保障的潛在產能，包括我們目前在 OldelVal 的產能，我們每天租賃 74,300 桶石油，這超過了我們實現 2026 年生產目標所需的數量，並且由於其他正在進行的過程，還有進一步的上升空間。

We are currently working with other upstream player to develop an additional pipeline capacity from the core area of Vaca Muerta, where we can lean into our facilities to the north of the basin connecting with existing (inaudible) to Chile. We think this could also generate an evacuation route for [exports to the Pacific]. During 2022, we have made solid progress on all our ESG plants. As discussed earlier, the execution of our decarbonization projects drove a reduction of our carbon intensity from 24 to 18 kilos of CO2 equivalent per BOE year-over-year. Crucially, during Q4 2022, we have recorded an intensity of 14 kilos, as the impact of the project implemented during the year materializing full, leaving us at a very solid starting point for 2023. We also signed a long-term power purchase agreement with a leading provider of electricity from renewable sources. We plan to cover approximately 20% of our power needs from renewables in 2023 and gradually increase this year in coming years. This will contribute significantly to reducing our Scope 2 emissions.

我們目前正在與其他上游參與者合作，從 Vaca Muerta 的核心區域開發額外的管道容量，在那裡我們可以將我們的設施傾斜到盆地北部，與現有的（聽不清）連接到智利。我們認為這也可以為[出口到太平洋]開闢一條疏散路線。 2022 年，我們所有 ESG 工廠都取得了穩步進展。如前所述，我們脫碳項目的實施推動我們的碳強度從 24 千克二氧化碳當量/ BOE 逐年降低至 18 千克二氧化碳當量。至關重要的是，在 2022 年第四季度，我們記錄了 14 公斤的強度，因為這一年實施的項目的影響已完全實現，這使我們在 2023 年有了一個非常堅實的起點。我們還與領先的可再生能源電力供應商。我們計劃在 2023 年通過可再生能源滿足約 20% 的電力需求，並在未來幾年逐步增加。這將大大有助於減少我們的範圍 2 排放量。

During 2022, we made headway in the development of our nature-based solution portfolio. We set up Aike, a Vista subsidiary to design, manage and execute our carbon offset projects. Aike a set up with leading local expert and focus on the development of a mixed forestry, forest conservation and soil capture through sustainable agriculture and livestock practices in Argentina. In its first year of operation, Aike purchased land in the (technical difficulty) where we planted 1,080 hectares, singed a binding commitment to purchase 5,000 hectares for the forest conservation projects in the province of Salta and signed sustainable farming and livestock agreement covering a total of [3,800] hectares in the Province of Cordoba, Santa Fe, Buenos Aires and Rio Negro. Considering our solid progress in decarbonization and NBS projects, we are well on track to fulfill our Scope 1 & 2 Net Zero ambition by 2026.

2022 年，我們在開發基於自然的解決方案組合方面取得了進展。我們成立了 Vista 子公司愛科來設計、管理和執行我們的碳抵消項目。 Aike 與當地領先的專家一起成立，專注於通過阿根廷的可持續農業和畜牧業實踐發展混合林業、森林保護和土壤捕獲。在運營的第一年，愛科在（技術難度）土地上購買了 1,080 公頃的土地，簽署了購買 5,000 公頃薩爾塔省森林保護項目的約束性承諾，並簽署了可持續農業和畜牧業協議，涵蓋總面積在科爾多瓦省、聖達菲省、布宜諾斯艾利斯省和里奧內格羅省佔地 [3,800] 公頃。考慮到我們在脫碳和 NBS 項目方面取得的紮實進展，我們有望在 2026 年之前實現我們的範圍 1 和範圍 2 淨零目標。

On the social front, we achieved total safety results recording a total recordable incident rate below 1 for the third year in a row. We have made good progress in our gender initiatives through hiring and developing female talent, issuing new policies and running workshops to increase employee awareness. We also set up a Social Management System, a framework to support and develop social projects with our local communities, externally audited and following IFC standards. Finally, we have continued to strengthen our governance, issuing new policies related to business ethics and implementing a public grievance mechanism on our website.

在社會方面，我們取得了總體安全成果，連續第三年記錄的總可記錄事故率低於 1。通過僱用和培養女性人才、發布新政策和舉辦研討會以提高員工意識，我們在性別平等倡議方面取得了良好進展。我們還建立了一個社會管理系統，這是一個支持和發展與當地社區的社會項目的框架，經過外部審計並遵循國際金融公司的標準。最後，我們繼續加強治理，發布與商業道德相關的新政策，並在我們的網站上實施公眾申訴機制。

I believe this slide conveys how our stronger performance give way to a robust total shareholder return in 2022. Our strong profitable production [drove] cash generation and led to positive free cash flow, reaching almost $200 million in 2022. This has enabled us to further deleverage our company, reducing gross debt by $84 million. This translated in a very solid net leverage ratio of 0.4x EBITDA at year-end 2022. In terms of the quality of our results, return on average capital employee very quickly reached 40% and adjusted EPS increased by 4x year-over-year. We have also allocated $50 million to the first 2 stages of our share buyback program. These significant achievements were positively reflected by our share price performance was tripled in 2022.

我相信這張幻燈片傳達了我們更強勁的業績如何讓位於 2022 年強勁的股東總回報。我們強勁的盈利生產 [drive] 現金產生並導致正的自由現金流，到 2022 年達到近 2 億美元。這使我們能夠進一步去槓桿化我們公司，將總債務減少 8400 萬美元。這轉化為 2022 年底 0.4 倍 EBITDA 的非常穩健的淨槓桿率。就我們的業績質量而言，員工平均資本回報率很快達到 40%，調整後每股收益同比增長 4 倍。我們還為股票回購計劃的前兩個階段分配了 5000 萬美元。我們的股價表現在 2022 年翻了兩倍，積極反映了這些重大成就。

Moving to Slide 15, yesterday, we announced a transaction that will allow us to become fully focused on Vaca Muerta shale oil development. The transaction is structured as an innovative 2-phased agreement with Petrolera Aconcagua, covered the conventional concession shows engaged in grey on the map. As of March 1, 2023, Aconcagua will become the operator and pay 100% of the OpEx, CapEx, royalties and taxes of such assets. Vista will remain concession title holder until final closing date, which will be no later on February 28, 2027. At this time, 100% ownership will be transferred to Aconcagua subject to provisional approval.

轉到幻燈片 15，昨天，我們宣布了一項交易，這將使我們能夠完全專注於 Vaca Muerta 頁岩油開發。該交易的結構是與 Petrolera Aconcagua 的一項創新的兩階段協議，涵蓋了地圖上灰色部分的傳統特許經營權。自 2023 年 3 月 1 日起，Aconcagua 將成為運營商並支付 100% 的運營支出、資本支出、特許權使用費和此類資產的稅費。 Vista 將一直是特許權持有人，直到最終截止日期為止，最晚將是 2027 年 2 月 28 日。此時，100% 的所有權將在臨時批准的情況下轉讓給阿空加瓜。

Vista will receive the consideration composed of 3 items: First, a payment of $26.5 million in installments. Second 40% of oil and gas produced by the block for the next 4 years; and 100% of the LPG and condensate clear of full cost, tax and royalties. The consideration payable in oil and gas volume has the minimum warranty volume of 4 million barrels of oil and 3 million cubic meters of gas. Third, the right to purchase Aconcagua's 60% share of gas production at $1 per million MBTU. For such gas, we will be making a margin of around $3.5 per million BTU at current price. Importantly, the oil treatment plant geographically located in Entre Lomas with a capacity of 57,000 barrels of oil per day is not included in this transaction. Also Vista retain the right to develop the Vaca Muerta play in all the concessions.

Vista 將收到由 3 項組成的對價：第一，分期付款 2650 萬美元。未來4年該區塊生產的石油和天然氣的第二部分40%； 100% 的液化石油氣和凝析油不含全部成本、稅收和特許權使用費。應付油氣量對價的最低保證量為400萬桶石油和300萬立方米天然氣。第三，有權以每百萬 MBTU 1 美元的價格購買阿空加瓜 60% 的天然氣生產份額。對於此類天然氣，按當前價格計算，我們每百萬 BTU 的利潤約為 3.5 美元。重要的是，該交易不包括位於 Entre Lomas 的日處理能力為 57,000 桶石油的石油處理廠。 Vista 還保留在所有特許權中開發 Vaca Muerta 遊戲的權利。

According to our estimated and realized prices of USD65 per barrel of oil and USD4.5 per million BTU of gas, the total value to Vista with the transaction could reach a nominal value of approximately $400 million. This will allow Vista to fully focus on the development of Vaca Muerta, while streamlining our portfolio and boosting our financial and operating metrics. The transaction will have immediate benefit on our metrics. In 2023, we forecast reduction in lifting costs per BOE of 25% as well as an increase in adjusted EBITDA margin by 5 percentage points to 71%, despite the fact that we will be consolidating [50%] of the production from these conventional assets, estimated at 5,000 BOE per day. The EBITDA impact is neutralized by the [full recovery of our] operating expenses and royalties.

根據我們估計和實現的每桶石油 65 美元和每百萬 BTU 天然氣 4.5 美元的價格，此次交易對 Vista 的總價值可能達到約 4 億美元的名義價值。這將使 Vista 能夠完全專注於 Vaca Muerta 的開發，同時精簡我們的產品組合併提高我們的財務和運營指標。該交易將對我們的指標產生立竿見影的好處。到 2023 年，我們預測每桶油當量的提升成本將減少 25%，調整後的 EBITDA 利潤率將增加 5 個百分點至 71%，儘管我們將整合這些傳統資產的 [50%] 產量，估計每天 5,000 桶油當量。 EBITDA 的影響被[完全收回]運營費用和特許權使用費所抵消。

When taking into consideration the CapEx carry and the working capital effect, these transactions generate $30 million in incremental free cash flow for Vista, which will be invested in expanding crude oil transport infrastructure to increase exports. That will also improve our ability to deliver on our 2026 target through additional free cash flow. We've forecast an additional net cash generated of approximately $100 million between 2023 and 2026 as a result of the transaction. Our portfolio will be stronger with investments direct to higher IRR shale oil project, leading to higher corporate return on capital employee, and adjusted EBITDA margins.

考慮到資本支出和營運資金的影響，這些交易為 Vista 帶來了 3000 萬美元的增量自由現金流，這些資金將投資於擴大原油運輸基礎設施以增加出口。這也將提高我們通過額外的自由現金流實現 2026 年目標的能力。我們預測，該交易將在 2023 年至 2026 年間額外產生約 1 億美元的淨現金。我們的投資組合將更加強大，直接投資於內部收益率更高的頁岩油項目，從而導致更高的企業員工資本回報率和調整後的 EBITDA 利潤率。

I will now present our 2023 guidance, reflecting double-digit growth in production and adjusted EBITDA. This plan coupled with our robust delivery during 2022, leave us well on track to deliver on our 2026 target. Our development strategy is to fully focus on developing our core areas and finalize the pilot in Aguila Mora and Palo Este to reach such blocks. During 2023, we plan to tie-in 29 wells, 16 in Bajada del Palo Oeste, 8 in Aguada Federal, 3 in Bajada del Palo Este and 2 in Aguila Mora. These tie-ins are forecasted to deliver 55,000 BOE per day, a 13% increase year-over-year. Exit rate is forecast at around 60,000 BOE per day. This is planned to occur, even as we deconsolidate 50% of the production of our conventional assets as of March 1, which will remove approximately 5,000 BOE per day on our production base. Lifting cost is forecasted to drop 27% year-over-year to $5.5 per BOE, mainly driven by the deconsolidation of the conventional assets.

我現在將介紹我們的 2023 年指導方針，反映生產和調整後 EBITDA 的兩位數增長。該計劃加上我們在 2022 年的強勁交付，使我們能夠順利實現 2026 年的目標。我們的發展戰略是完全專注於發展我們的核心區域，並最終確定在 Aguila Mora 和 Palo Este 的試點以達到這些區塊。 2023 年期間，我們計劃整合 29 口井，其中 16 口位於 Bajada del Palo Oeste，8 口位於 Aguada Federal，3 口位於 Bajada del Palo Este，2 口位於 Aguila Mora。預計這些搭售每天可提供 55,000 桶油當量，同比增長 13%。預計退出率約為每天 60,000 桶油當量。這是計劃發生的，即使我們從 3 月 1 日開始拆分 50% 的常規資產生產，這將在我們的生產基地每天減少約 5,000 BOE。預計提升成本將同比下降 27% 至每桶油當量 5.5 美元，這主要是受傳統資產拆分的推動。

Adjusted EBITDA is estimated in $850 million to $900 million range, based on a realization price between USD65 and USD68 per barrel. This implies an interannual growth of 11% to 18%. Our planned CapEx is $600 million, driven by slightly higher drilling and completion activities and upfront investment in treatment facilities to increase capacity for the hardware growth. Greenhouse gas emission intensity is forecasted to reduce from 18 to less than 10 kilos of CO2 equivalent per BOE. This reduction captures the full year impact of the projects executed in 2022 as well as partial impact of the 2023 projects. Overall, we are very confident that Vista is well on track to deliver on the long-term target percentage at our Investor Day in December 2021. Moreover, we see potential for overdeliver in our production, efficiency metrics and free cash flow targets.

根據每桶 65 美元至 68 美元的實現價格，調整後的 EBITDA 估計在 8.5 億美元至 9 億美元之間。這意味著年際增長率為 11% 至 18%。我們計劃的資本支出為 6 億美元，這是由於鑽井和完井活動略有增加以及對處理設施進行前期投資以增加硬件增長能力的推動。溫室氣體排放強度預計將從每桶當量 18 千克二氧化碳當量減少到不到 10 千克二氧化碳當量。這種減少反映了 2022 年執行的項目的全年影響以及 2023 年項目的部分影響。總體而言，我們非常有信心 Vista 有望在 2021 年 12 月的投資者日實現長期目標百分比。此外，我們認為我們的生產、效率指標和自由現金流目標有可能超額完成。

We will now go through the key takeaways of today's presentation. 2022 was a year of robust operational and financial performance. We have delivered our positively revised 2022 guidance and made good progress towards our 2023 target. We also delivered on our superior total shareholder proposition. We reduced gross debt, repurchased 3.2 million shares and approved the warrants exchange last October. This led to a peer-leading stock performing during 2022. We signed an innovative deal that will transform Vista into fully focused Vaca Muerta company, with improved operational and financial metrics. Finally, we have issued guidance for 2023 portraying double-digit growth in production and adjusted EBITDA with higher margins.

我們現在將回顧今天演講的要點。 2022 年是運營和財務業績強勁的一年。我們已經發布了經過積極修訂的 2022 年指南，並在實現 2023 年目標方面取得了良好進展。我們還實現了卓越的總股東提議。我們減少了總債務，回購了 320 萬股股票，並於去年 10 月批准了認股權證交換。這導致一隻股票在 2022 年表現領先。我們簽署了一項創新協議，將 Vista 轉變為完全專注於 Vaca Muerta 的公司，並改善運營和財務指標。最後，我們發布了 2023 年的指導方針，描繪了產量的兩位數增長和調整後的 EBITDA，利潤率更高。

Before we move to Q&A, I would like to thank our investors for their continued support and all the team at Vista for their commitment and hard work, which were key in generating this on the standalone results.

在我們開始問答環節之前，我要感謝我們的投資者一直以來的支持，以及 Vista 的所有團隊的承諾和辛勤工作，這是在獨立結果上產生這一結果的關鍵。

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

那麼，接線員，請打開問答熱線。

(Operator Instructions) Our first question comes from the line of Alejandro Demichelis from Nau Securities.

（操作員說明）我們的第一個問題來自 Nau Securities 的 Alejandro Demichelis。

Congratulations on the deal. Miguel, quick question. You just mentioned that you see potential to overdeliver on the 2026 target. So could you kind of walk us how you are seeing those targets now because you're lowering your cash cost, you're reducing your emissions significantly through the sale, you're having more money in the bank, you're having evacuation capacity. So how much more can you overdeliver? Or can you bring those targets forward rapidly?

祝賀這筆交易。米格爾，快速提問。您剛剛提到您認為有可能超額完成 2026 年的目標。那麼你能不能告訴我們你現在是如何看待這些目標的，因為你降低了現金成本，你通過出售顯著減少了排放，你在銀行有更多的錢，你有疏散能力.那麼您還可以超額交付多少？或者您能否迅速實現這些目標？

Yes, I mean we -- if you remember, for 2026, we basically guide that we were going to be around 80,000 barrel per day and USD1.1 billion of EBITDA, and we are well on track. And as I said in the presentation, we believe that we will surpass that objective that we put ourselves. When you look at 2023, our guidance already in term of EBITDA is between USD850 million and USD900 million. So with that, I think we will be well ahead. Other thing to consider on the plan that we present December 2021. We -- our commodity price at that time was at [$60] and today we are running with higher commodity price. So that also will help.

是的，我的意思是我們——如果你還記得的話，到 2026 年，我們基本上指導我們將達到每天 80,000 桶左右和 11 億美元的 EBITDA，而且我們正在步入正軌。正如我在演講中所說，我們相信我們將超越我們為自己設定的目標。展望 2023 年，我們對 EBITDA 的指導已經在 8.5 億美元至 9 億美元之間。因此，我認為我們會遙遙領先。我們在 2021 年 12 月提出的計劃中需要考慮的其他事情。當時我們的商品價格為 [60 美元]，而今天我們的商品價格更高。所以這也會有所幫助。

Regard activity, of course, I mean this year, our plan is to fully utilize the capacity that we have. We will be running with [1.5 rig] with a CapEx of around $600 million, part of that CapEx. So important part of that CapEx is going to be dedicated to facilities. In 2024, of course, also we can shift some of that CapEx to having additional activity in term of more drilling. We could move from [1.5 drilling rig to 2 drilling rig]. You see the contact is still the 1 that we have today, that we believe that could be the case. So cutting the long story short, I think we are well ahead to deliver what we set for 2026, and you should expect that we will surpass our production and also the EBITDA target that we put in the investor call.

關於活動，當然，我的意思是今年，我們的計劃是充分利用我們擁有的能力。我們將使用 [1.5 鑽機] 運行，資本支出約為 6 億美元，是該資本支出的一部分。資本支出的重要部分將用於設施。當然，在 2024 年，我們也可以將部分資本支出轉移到更多鑽探活動中。我們可以從 [1.5 台鑽機到 2 台鑽機]。您看到聯繫人仍然是我們今天擁有的 1，我們相信情況可能如此。因此，長話短說，我認為我們可以很好地實現我們為 2026 年設定的目標，你應該期待我們將超過我們的產量以及我們在投資者電話會議中設定的 EBITDA 目標。

That's great. And as a small follow-up, how are you thinking about those cash returns that you mentioned to shareholders with a new setup?

那太棒了。作為一個小的跟進，你如何看待你在新設置中向股東提到的那些現金回報？

The cash return still in place is something that we keep into mind. This year will be a particular year because we will invest in a lot in facilities for the future growth. Now 2024 from the cash point of view, it could be -- I mean, by plan, it look to be a very good year. And returning cash to shareholder or returning to shareholder is something that we keep in mind. Remember, we have a buyback program that we are executing that was approved last December. We have $20 million to execute of that buyback program that for us is one of the way of returning to shareholders that continue in place and we will continue executing that.

我們牢記現金回報仍然存在。今年將是特別的一年，因為我們將在設施方面進行大量投資以實現未來的增長。從現金的角度來看，現在 2024 年可能——我的意思是，按計劃，這看起來是非常好的一年。將現金返還給股東或返還給股東是我們牢記的事情。請記住，我們正在執行一項去年 12 月批准的回購計劃。我們有 2000 萬美元來執行該回購計劃，對我們來說，這是回報股東的一種方式，我們將繼續執行該計劃。

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

我們的下一個問題來自瑞士信貸的 Regis Cardoso。

Miguel, Alejandro, congratulations on the deals on the very strong results. My question really is a discussion on, connects very well with the previous question. Now with the good results you've had, but still with the constrained capital flow restrictions in Argentina, I wanted to get a sense of what you think is necessary or what would be a good arrangement that Argentina could implement to foster the investments and to allow the oil companies to remunerate their shareholders? I mean, in the past, we've talked about retaining some of the dollar from exports, for example. So I'm asking this now, Miguel basically because you've now again, divested an asset looks at very attractive valuation, but it looks like you're generating a lot of liquidity in the company, right? So the question really is what can be done with that liquidity?

Miguel，Alejandro，祝賀交易取得了非常強勁的結果。我的問題確實是一個討論，與上一個問題聯繫得很好。現在你們已經取得了良好的結果，但阿根廷的資本流動限制仍然有限，我想了解一下你們認為什麼是必要的，或者阿根廷可以實施什麼樣的良好安排來促進投資並允許石油公司向股東支付報酬？我的意思是，在過去，例如，我們討論過從出口中保留一些美元。所以我現在問這個問題，Miguel 基本上是因為你現在又一次剝離資產看起來非常有吸引力的估值，但看起來你在公司中產生了大量的流動性，對吧？所以真正的問題是可以用這種流動性做什麼？

Yes, you're completely right, and we have the same target. Let me set first, I mean, one of things that we have in hand today is the decree to [7.7]. I think our main objective is that this decree that was put in place and was fully regulated by the government. So that means that they have fulfilled all the process that they have to -- they will have to put in place in order for the decree to be operational. It's already fulfilled from the government side. It's also fulfilled from our side. We have presented everything and basically today, we have a first claim of $36 million that is in place and we are waiting for the Minister of Energy, basically to release the certificate of that claim that we have done, okay. So I will say that is what we have to keep pushing. And if a decree that was put in place, that basically is good for the industry, and I think good for the country, since all that money today is result of investment. And it's the first thing we need to focus on.

是的，你完全正確，我們有相同的目標。讓我首先設定，我的意思是，我們今天手頭的事情之一是 [7.7] 的法令。我認為我們的主要目標是該法令已到位並由政府全面監管。因此，這意味著他們已經完成了他們必須完成的所有流程——他們必須落實到位，以使該法令生效。它已經從政府方面實現了。我們這邊也應驗了。我們已經提交了所有內容，基本上今天，我們已經有了 3600 萬美元的首次索賠，我們正在等待能源部長，基本上是發布我們已經完成的索賠證明，好的。所以我會說這是我們必須繼續推動的。如果頒布了一項法令，那基本上對行業有利，我認為對國家也有利，因為今天所有的錢都是投資的結果。這是我們需要關注的第一件事。

Second, I would like to comment, in terms of CapEx. The 2023 is a year where most of the CapEx -- most of the cash that we generate, it will be translated to CapEx, because we need to invest in facilities because it's a moment that we have to upgrade our capacity in order to fulfill the plan that we have to 2026. 2024 is a year where we have a strong cash generation and not that investment in facilities. Therefore, for that to have that decree and probably other things that could come, I expect it will come from a new economic regime due to the election that we will have this year, I think will be in place.

其次，我想就資本支出發表評論。 2023 年是大部分資本支出的一年——我們產生的大部分現金將轉化為資本支出，因為我們需要投資設施，因為這是我們必須升級我們的能力以實現計劃我們必須到 2026 年。2024 年是我們產生大量現金而不是設施投資的一年。因此，為了獲得該法令以及可能出現的其他事情，我預計它將來自一個新的經濟制度，因為我們今年將舉行選舉，我認為將會到位。

Between most of the parties, some politicians today, besides -- I mean, in comparison where we have probably 4 or 5 years ago, Vaca Muerta is the key for the country to access to U.S. dollar and to access to that U.S. dollar, we need to continue investing and we need to continue growing the production in order to create more export volume. I think this is very clear across the board. So I'm positive that whatever happened after the election, that will be part of something that will be very high in the agenda in the new government, okay? So I don't think I can tell you more than that. Concrete the decree to 7.7 . And then of course we are hopefully that we can do even better than that.

大多數政黨，今天的一些政治家，此外 - 我的意思是，與我們可能在 4 或 5 年前相比，Vaca Muerta 是該國獲得美元和獲得美元的關鍵，我們需要繼續投資，我們需要繼續增加產量以創造更多的出口量。我認為這是非常清楚的。所以我很肯定，無論選舉後發生什麼，都將成為新政府議程中非常重要的事情的一部分，好嗎？所以我認為我不能告訴你更多。將法令具體化至7.7。然後我們當然希望我們能做得更好。

Our next question comes from the line of Andres Cardona from Citi.

我們的下一個問題來自花旗銀行的 Andres Cardona。

Congratulations on the very strong results in 2022, not only on the financial front, but also on the reserves and even on the [locking] value strategies. Let me start from that last idea. You have been very active on the M&A front. Do you see more room to do something else in 2023, maybe farm out some working interest at Vaca Muerta (inaudible) to accelerate development or something else?

祝賀 2022 年取得非常強勁的成果，不僅在金融方面，而且在儲備方面，甚至在 [鎖定] 價值策略方面。讓我從最後一個想法開始。你在併購方面一直非常活躍。您是否認為 2023 年有更多空間可以做其他事情，也許可以將 Vaca Muerta（聽不清）的一些工作興趣外包出去以加速開發或其他事情？

And the second question is with such a low leverage and strong cash flow, what is holding you back to accelerate the development of the projects? Is it something about, I don't know if facilities. It's our company policy to work on a new trial cash flow basis. So just wanted to understand what is holding you back from accelerate on the production front?

第二個問題，這麼低的槓桿率和強勁的現金流，是什麼阻礙了你們加快項目的發展？是不是什麼東西，不知道有沒有設施。我們公司的政策是在新的試用現金流量基礎上工作。所以只是想了解是什麼阻礙了您在生產方面的加速？

And I will start from the second question. As you know, today, in 2023, we have a plan that basically is same to fulfill the old capacity that we have. And that old capacity, we are going to fulfill it because we are going to be exiting 2023 with 60,000 BOEs, okay, that will allow us to use every single piece of capacity that we have in our facilities and also in the main pipeline that connects with export port in Bahia Blanca. Going forward, as I mentioned before, I mean what we see is that 40% of the capacity that Bahia is going to create, is going to be deliver in 2024 and the rest 60% of that additional capacity is going to be released in 2025. That will allow us to grow further.

我將從第二個問題開始。如您所知，今天，在 2023 年，我們有一個基本上相同的計劃來完成我們擁有的舊產能。那個舊容量，我們將實現它，因為我們將在 2023 年退出 60,000 個 BOE，好吧，這將使我們能夠使用我們設施中以及連接的主要管道中的每一個容量在巴伊亞布蘭卡設有出口港。展望未來，正如我之前提到的，我的意思是我們看到巴伊亞將要創造的產能的 40% 將在 2024 年交付，其餘 60% 的額外產能將在 2025 年釋放. 這將使我們進一步發展。

And to grow further, I mean, in 2024, what today we can think of, is to probably [add 0.5-rig]. So to go to a 2-rig program that will take us from 30 wells primarily to 40 wells. But keeping in mind that we always have been in our program, the cash flow generation. This is something that we are always looking at. We basically are aiming to generate cash and to return part of that to our shareholders. And again, I mean when we don't have additional capacity, the dynamics as we present in our Investor Day, it will be related to how much cash we generate, how much we want to pump into additional activity, and how much we want to return to our shareholders. And of course you see because you run the numbers, that cash generation is going to be so reached that we also have the freedom to continue looking an M&A transactions.

為了進一步發展，我的意思是，到 2024 年，我們今天能想到的，可能是 [增加 0.5 個鑽井平台]。因此，要進行 2 鑽井計劃，這將使我們從 30 口井主要增加到 40 口井。但請記住，我們一直在我們的計劃中，即產生現金流。這是我們一直在關注的事情。我們的目標基本上是產生現金並將部分現金返還給我們的股東。再一次，我的意思是，當我們沒有額外產能時，我們在投資者日展示的動態，將與我們產生多少現金、我們想投入多少額外活動以及我們想要多少有關回報我們的股東。當然，你會看到，因為你運行了這些數字，現金產生量將會達到，我們也可以自由地繼續尋找併購交易。

So far, what we have done has been very focused on increasing acreage in Vaca Muerta, where we have done very well with the acquisition of Aguada Federal, not only from the economical point of view because we bought core acreage at a very good rate. But also as the business development team execute this quarter and the transaction that helps us to be a pure player in Vaca Muerta with a very focused organization, reducing our lifting costs and increasing our margins, okay. So again, nothing that you should expect from the M&A point of view, but we always -- we did so far looking to how we can improve our numbers and our returns in our margins.

到目前為止，我們所做的一直非常專注於增加 Vaca Muerta 的種植面積，我們在收購 Aguada Federal 方面做得非常好，不僅是從經濟的角度來看，因為我們以非常優惠的價格購買了核心種植面積。但隨著業務開發團隊執行本季度和交易，幫助我們成為 Vaca Muerta 的純粹參與者，擁有一個非常專注的組織，降低我們的提升成本並增加我們的利潤，好吧。再次重申，從併購的角度來看，你不應該期待什麼，但我們一直——到目前為止，我們一直在研究如何提高我們的數量和我們的利潤率回報。

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

我們的下一個問題來自桑坦德銀行的 Walter Chiarvesio。

Congratulations for the results. I would like to ask you if you have a more specific breakdown on the CapEx, specifically, the $600 million CapEx, especially between what is facilities this year, what is the direct investment in production (technical difficulty). That is my first question. And the second, to make clear is, you are investing in the OldelVal expansion and you're awarded 31,500 barrels per day with this new expansion. But you mentioned in the presentation that you have a total capacity of 34,300 barrels per day. The difference between this 31,000 and the 34,000 is already (technical difficulty) something that you have secured? Or is it something that is down year-over-year? Those are my questions.

祝賀結果。我想問你是否對資本支出有更具體的細分，具體來說，6 億美元的資本支出，特別是今年的設施，生產的直接投資是多少（技術難度）。這是我的第一個問題。第二，要明確的是，您正在投資 OldelVal 擴建項目，並且通過這個新的擴建項目，您每天可以獲得 31,500 桶。但是您在演示文稿中提到，您每天的總產能為 34,300 桶。這31000和34000的差價已經（技術難度）你搞定了？或者它是同比下降的東西？這些是我的問題。

So let me give you first a breakdown of the CapEx and hopefully that became more clear to you. So just to give you the breakdown first of 2022 as a baseline to compare with ['22 and '23]. We basically, in 2022, we spent $360 million in Vaca Muerta wells, around $100 million in facilities, there was around USD60 million in others and USD5 million in Mexico. We spent around $540 million in total CapEx. This CapEx is increasing to $600 million in 2023, mainly due to facilities. So when you look at the CapEx in 2023, it's going to be $380 million in Vaca Muerta wells, the 20 new wells that we put in our plan. Now facilities are from around $100 million to $140 million, that basically includes an upgrade of the 3 main facilities, gathering facilities,compression facilities.

因此，讓我首先向您詳細介紹資本支出，希望您對此更加清楚。因此，首先向您提供 2022 年的細目分類作為與 ['22 和 '23] 進行比較的基準。基本上，到 2022 年，我們在 Vaca Muerta 油井上花費了 3.6 億美元，在設施上花費了大約 1 億美元，在其他方面花費了大約 6000 萬美元，在墨西哥花費了 500 萬美元。我們的資本支出總額約為 5.4 億美元。到 2023 年，該資本支出將增加到 6 億美元，這主要是由於設施。因此，當您查看 2023 年的資本支出時，Vaca Muerta 油井的資本支出將達到 3.8 億美元，這是我們計劃中的 20 口新油井。現在設施從1億美元到1.4億美元不等，基本上包括3個主要設施、收集設施、壓縮設施的升級。

So everything that we need to increase our capacity to basically everything that we need to deliver a plan that we put together for 2026. So our capacity in Entre Lomas for example is going to go all the way up to 80,000 barrels of oil per day. So that is a big update. The rest on -- is still the same. And we will see -- we also will see because we will increase the activity in Mexico. In Mexico last year we invested $5 million. This year, we will drill few wells, so that go to $80 million. But main increase in CapEx is related to facilities, and in order to be ready to be prepared for 80,000 BOE that we have in the Investor Day.

因此，我們需要增加產能的一切，基本上是交付我們為 2026 年制定的計劃所需的一切。因此，例如，我們在 Entre Lomas 的產能將一路上升到每天 80,000 桶石油。所以這是一個很大的更新。其餘的--仍然是一樣的。我們會看到——我們也會看到，因為我們將增加在墨西哥的活動。去年我們在墨西哥投資了 500 萬美元。今年，我們將鑽幾口井，達到 8000 萬美元。但資本支出的主要增加與設施有關，以便為我們在投資者日擁有的 80,000 桶油當量做好準備。

The other question was related to OldelVal. So OldelVal project is a project that will add capacity to the industry of 350,000 barrel oil per day of evacuation capacity on the top that we have today. It's a project that it would require a CapEx of $1.1 billion. And Vista was awarded 10% of that capacity, okay. That project for us in term of CapEx required an investment of $118 million, that is going to pay in 3 installments of $54 million in 2023, $10 million in 2024 -- no, USD54 million in 2024 and USD10 million in 2025. And I have -- I know and in tariffs of $0.6 per barrel. So what you should expect in terms of capacity -- additional capacity for us is 31,000 barrels of oil per day.

另一個問題與 OldelVal 有關。所以 OldelVal 項目是一個項目，將在我們今天擁有的頂部增加每天 350,000 桶石油的疏散能力。這是一個需要 11 億美元資本支出的項目。好吧，Vista 獲得了該容量的 10%。就資本支出而言，我們的這個項目需要投資 1.18 億美元，這將分 3 期支付，2023 年支付 5400 萬美元，2024 年支付 1000 萬美元——不，2024 年支付 5400 萬美元，2025 年支付 1000 萬美元。我有-- 我知道，每桶 0.6 美元的關稅。所以你應該期望在產能方面——我們的額外產能是每天 31,000 桶石油。

All right. But the total contracted capacity is 34,000, okay. Is that correct?

好的。但是合同總容量是34000，好吧。那是對的嗎？

Today, it's 42,000 and we will add 31,500.

今天是 42,000，我們將增加 31,500。

Okay. Perfect. Understood.

好的。完美的。明白了。

So with that we will be -- we will have enough capacity to execute our plan basically.

因此，我們將 - 我們將有足夠的能力基本上執行我們的計劃。

Perfect. And the follow-up question. If -- how we should see -- you mentioned that the CapEx (technical difficulty) be reduced in 2024, because you are not investing much in facilities. What would be the number that we should model -- in our model?

完美的。以及後續問題。如果——我們應該如何看待——你提到 2024 年資本支出（技術難度）會減少，因為你沒有在設施上投入太多。在我們的模型中，我們應該建模的數字是多少？

You cut off, could you repeat the question?

你打斷了，你能重複這個問題嗎？

I mean, you mentioned that 2023 is going to be like a high CapEx year $600 million, but in 2024 CapEx, especially facilities should be lower. So how much would be the CapEx for 2024? Or assuming [that you'd have similar] numbers of wells, et cetera? I mean, it should be lower.

我的意思是，你提到 2023 年的資本支出將達到 6 億美元，但在 2024 年，尤其是設施方面的資本支出應該會更低。那麼 2024 年的資本支出是多少？或者假設[你會有相似]數量的井，等等？我的意思是，它應該更低。

Yes, if I was you, I would play. So clearly facility is going to go down from today, it's $140 million, $150 million to more close to $100 million, 2024 and further down in 2025, we said $50 million, $60 million. Now then you have to play with the fact that what we doing to in terms of acceleration of drilling activity, it is possible that we accelerate as I said before to move from 1.5 rig to 2 rigs. And that it could bring a bit of extra CapEx to the development side of the CapEx.

是的，如果我是你，我會玩。很明顯，設施將從今天開始下降，到 2024 年是 1.4 億美元、1.5 億美元到接近 1 億美元，2025 年進一步下降，我們說是 5000 萬、6000 萬美元。現在你必須考慮這樣一個事實，即我們在加速鑽井活動方面所做的事情，我們有可能像我之前所說的那樣加速從 1.5 個鑽井平台移動到 2 個鑽井平台。而且它可以為資本支出的開發方面帶來一些額外的資本支出。

So for example, it's not unthinkable that in 2024, even though we spent $40 million or $50 million less on facilities, we transfer that CapEx into wells, because we want to accelerate our program. If the commodity prices still are the way that it is today and with the performance that we are having, with the portfolio that we have and with the development cost and lifting costs that we have, it could be reasonable that we want to accelerate.

因此，例如，在 2024 年，儘管我們在設施上的支出減少了 4000 萬或 5000 萬美元，但我們將資本支出轉移到油井中並不是不可想像的，因為我們想加快我們的計劃。如果大宗商品價格仍然像今天這樣，以我們目前的表現、我們擁有的產品組合以及我們擁有的開發成本和提升成本，我們想要加速是合理的。

Our next question comes from the line of Rodrigo Nistor from Latin Securities.

我們的下一個問題來自 Latin Securities 的 Rodrigo Nistor。

Congratulations on the strong resources quarter. I'm curious about the potential impact of the upcoming election here on domestic prices and how Vista plans to navigate any potential fluctuations? And then additionally, I noticed that there have been some recent discounts in export prices. And I'm wondering if you could provide some insight into what is driving this trend and what can we expect going forward in terms of pricing for exports?

祝賀強大的資源季度。我很好奇這裡即將舉行的選舉對國內價格的潛在影響，以及 Vista 計劃如何應對任何潛在的波動？此外，我注意到最近出口價格出現了一些折扣。我想知道您能否就推動這一趨勢的因素提供一些見解，以及我們在出口定價方面可以期待什麼？

Well, look, I think first of all as a general comment, I will say for us the best way of mitigating local pricing dynamic is to export more, and that is what we plan to do. I mean we have reached today 55% of our volumes are exported and that today represents 65% of our revenue, and we plan to continue growing that export volumes and also the export revenue. And you see already today, the mitigation of any fluctuation when we [decouple of the export parity] that today, nothing have the impact they used to have for us in our balance sheet. And I think this is the way to continue mitigating the local market dynamic.

好吧，我認為首先作為一般性評論，我會為我們說減輕當地定價動態的最好方法是出口更多，這就是我們計劃做的。我的意思是，我們今天已經達到 55% 的出口量，占我們收入的 65%，我們計劃繼續增加出口量和出口收入。你今天已經看到，當我們 [脫鉤出口平價] 時，任何波動都會減輕，而今天，它們對我們資產負債表的影響已不再像過去那樣。我認為這是繼續緩解當地市場動態的方式。

Related to what it will happen this year for anybody that have operated in Argentina is clearly that it will be a difficult year in terms of dynamics of local prices because what you mentioned is an election year. Nevertheless, the dynamic always show that basically freezing prices of gasoline and pesos is not a good deal for the country. Today, it's clear that we need to continue being coupled with the international market and any big decoupling with international market end up not being good for the country, not being good for the provinces that have lived from royalties of the oilfield and neither for us that -- or for the industry that end up catching investment. That is what is not what Argentina need today. So we're being conservative, as we said in our plan in terms of local pricing, local pricing, probably more conservative that we should be. So that is factoring in our plan. But yes, the dynamic is going to be tough this year.

對於在阿根廷經營的任何人來說，與今年將發生的事情相關的是，就當地價格動態而言，這將是艱難的一年，因為你提到的是選舉年。儘管如此，動態總是表明，基本上凍結汽油和比索的價格對國家來說並不是一件好事。今天，很明顯，我們需要繼續與國際市場掛鉤，與國際市場的任何大脫鉤最終都對國家不利，對依靠油田特許權使用費生活的省份不利，對我們也不利- 或最終吸引投資的行業。這不是今天阿根廷所需要的。所以我們是保守的，正如我們在本地定價計劃中所說的那樣，本地定價可能比我們應該的更保守。所以這是我們計劃中的一個因素。但是，是的，今年的動態將很艱難。

Related to discount -- commercial discount on exports, as we mentioned, I mean, we were at 8%, last quarter. For us, this is a high discount and we see that discount coming down to more 6% and 7% for the Q1. And the reason of our commercial team is that, that discount is going to continue going down during the year. So we expect it to be much lower than for the year. The reason of that, as far as you know, we use cargoes of 0.5 million barrels. Those cargoes has been in high demand due to Russia cut off production. But we believe that even though Russia is still complicated, it will not be that much in place, and we seek to see that in Q1. So I will say you should consider that probably that there was a high number and we should be more close to 6% or 5% this year.

與折扣相關——出口的商業折扣，正如我們提到的，我的意思是，上個季度我們的折扣率為 8%。對我們來說，這是一個很高的折扣，我們看到第一季度的折扣下降到 6% 和 7%。我們的商業團隊的原因是，折扣將在這一年繼續下降。所以我們預計它會比今年低得多。其原因，據你所知，我們使用了 50 萬桶的貨物。由於俄羅斯減產，這些貨物的需求量很大。但我們相信，儘管俄羅斯仍然很複雜，但它不會那麼到位，我們希望在第一季度看到這一點。所以我會說你應該考慮這個數字可能很高，今年我們應該更接近 6% 或 5%。

It was really clear. And then a quick follow-up on the CapEx for next year. What are the key factors that Vista would consider to accelerate its investment plan, it's a matter of pricing, it's a matter of capital restrictions easing, how would you think -- how is your thinking process to decide or not to ramp up investments?

真的很清楚。然後快速跟進明年的資本支出。 Vista 會考慮加速其投資計劃的關鍵因素是什麼，這是一個定價問題，這是一個放寬資本限制的問題，你會怎麼想 - 你的思維過程是如何決定或不增加投資的？

For us, I mean, again, as I mentioned before, for 2023, the main thing, it's a year where we are going to fulfill the full capacity that we have and the industry have, leaving the year with very high matter of 60,000 barrels oil per day, and that is as much as we can do. Then 2024 is different because with OldelVal delivering 40% of the capacity, that is -- that they are executing today, it will be more of playing how much cash we will generate and how much CapEx of that cash we want to pump in traditional activity. As I said before it's not unthinkable that we increase activity to 2 rigs that is going from 30 wells to 40 wells. And then we will have less [CapEx] to invest in facilities. So if you want to model, you can continue model in a medium case that we will still having a CapEx of around $600 million, but with more activity. Of course, we can go further than that. It's not in the plan today, it's not something that today we can say that we will do.

對我們來說，我的意思是，正如我之前提到的，對於 2023 年，最主要的是，這一年我們將實現我們和行業的全部產能，讓這一年的產量達到 60,000 桶。油每天，這是我們所能做的。然後 2024 年是不同的，因為 OldelVal 提供了 40% 的產能，也就是說 - 他們今天正在執行，更多的是玩我們將產生多少現金以及我們希望在傳統活動中註入多少現金的資本支出.正如我之前所說，我們將活動增加到 2 個鑽井平台，從 30 口井增加到 40 口井，這並非不可想像。然後我們將有更少的 [CapEx] 用於設施投資。因此，如果你想建模，你可以在中型案例中繼續建模，我們仍然會有大約 6 億美元的資本支出，但活動更多。當然，我們可以走得更遠。這不在今天的計劃中，這不是我們今天可以說我們會做的事情。

Thank you. I would now like to turn the conference back to Miguel Galuccio for closing remarks.

謝謝。我現在想把會議轉回 Miguel Galuccio 作閉幕詞。

[Luca], thank you very much for your participation. We are closing a very good 2022 and starting [2021] with a great M&A transaction that put Vista in a better place in terms of being fully unconventional player with better numbers, with better lifting costs, with better margins. And we are looking forward to execute and deliver on our promise also in this 2023. So, thank you very much for participating and looking forward to see you again next quarter.

[Luca]，非常感謝您的參與。我們正在結束一個非常好的 2022 年，並以一項偉大的併購交易開始 [2021]，這使 Vista 在成為完全非常規的參與者方面處於更好的位置，擁有更好的數量、更好的提升成本和更高的利潤率。我們也期待在 2023 年執行並兌現我們的承諾。非常感謝您的參與，期待下個季度再次見到您。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連接。