Vista Energy SAB de CV (VIST) 2023 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vista's First Quarter 2023 Earnings Webcast Conference Call. (Operator Instructions)

美好的一天，謝謝你的支持。歡迎參加 Vista 2023 年第一季度收益網絡直播電話會議。 （操作員說明）

I would now like to hand the conference over to your speaker today, Alejandro Theracos, Strategic Planning and Investor Relations Officer.

我現在想把會議交給今天的演講者，戰略規劃和投資者關係官 Alejandro Theracos。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's first quarter 2023 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 2023 年第一季度業績電話會議。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.

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。

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 we issued yesterday. Please check our website for further information.

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 sociedad anonima bursatil de capital variable organized under the laws of Mexico, registered in Bolsa Mexicana de Valores and the New York Stock change. From this quarter onwards, you will only find the tickers of our stock as the warrants were canceled. Such tickers are VISTAA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange.

我們的公司 Vista 是一家根據墨西哥法律組建的 sociedad anonima bursatil de capital variable，在 Bolsa Mexicana de Valores 和紐約證券交易所註冊。從本季度開始，您將只能找到我們股票的代碼，因為認股權證已被取消。此類股票代碼是 Bolsa Mexicana de Valores 中的 VISTAA 和紐約證券交易所中的 VIST。

I will now turn the call over to Miguel.

我現在將把電話轉給 Miguel。

Thanks, Ale. Good morning, everyone, and welcome to this earnings call. I am pleased to share with you our results for the first quarter of 2023, during which we have continued to deliver a strong operational and financial performance. Total production averaged 52,200 BOE per day, a 19% increase year-over-year. Our production was up 24% on an interannual basis, boosted by the tie-in of 6 wells in our development hub.

謝謝，艾爾。大家早上好，歡迎來到這個財報電話會議。我很高興與您分享我們 2023 年第一季度的業績，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 52,200 桶油當量，同比增長 19%。我們的產量年際增長了 24%，這得益於我們開發中心的 6 口井的連接。

Total revenues in Q1 2023 were $303 million, a 46% increase year-over-year, driven by higher production and stronger realized oil prices. Lifting cost per BOE was $6.4 for the quarter, reflecting enhanced focus on our shale oil assets. Capital expenditure was $162 million, including the drilling of 9 wells and the completion of 8 wells during the quarter. Adjusted EBITDA came very strong at $204 million for the quarter, an interannual increase of 61%. We recorded positive free cash flow of $35 million for the quarter. Net leverage ratio at the quarter end was 0.37x adjusted EBITDA. Adjusted net income was a solid $72 million, implying an interannual increase of 84% and quarterly adjusted EPS of $0.80 per share.

2023 年第一季度的總收入為 3.03 億美元，同比增長 46%，這主要得益於更高的產量和更強勁的實際油價。本季度每桶油當量提升成本為 6.4 美元，反映出我們更加關注頁岩油資產。本季度資本支出為 1.62 億美元，包括鑽探 9 口井和完成 8 口井。本季度調整後的 EBITDA 非常強勁，達到 2.04 億美元，同比增長 61%。本季度我們錄得 3500 萬美元的正自由現金流。季度末的淨槓桿率為調整後 EBITDA 的 0.37 倍。調整後的淨收入為穩固的 7200 萬美元，意味著年際增長 84%，季度調整後的每股收益為 0.80 美元。

We will now deep dive into our main operational and financial metrics. Total production during Q1 2023 was 52,200 BOE per day, up 19% interannually. Oil production was 44,000 barrels of oil per day, up 24% year-over-year. Our double-digit production growth reflects the strong performance of our shale oil projects, which has offset the impact of the transaction to fully focus on shale operations, which became effective on March 1.

我們現在將深入探討我們的主要運營和財務指標。 2023 年第一季度的總產量為每天 52,200 桶油當量，年際增長 19%。石油產量為每天 44,000 桶石油，同比增長 24%。我們兩位數的產量增長反映了我們頁岩油項目的強勁表現，這抵消了交易的影響，以完全專注於頁岩業務，該交易於 3 月 1 日生效。

On a pro forma basis, we recorded a 7% sequential increase in both oil and total production. This was driven by a robust productivity of 6 wells tie-in during the quarter, 5 in Bajada del Palo Oeste-15, plus a well Bajada del Palo Este-2301 in our Bajada del Palo Este pilot. For additional details on our operated production and the production of the transferred asset, please refer to the earnings release published yesterday.

在備考基礎上，我們記錄了石油和總產量連續增長 7%。這是由本季度 6 口井的強勁生產力推動的，其中 5 口井位於 Bajada del Palo Oeste-15，加上我們的 Bajada del Palo Este 試點的 Bajada del Palo Este-2301 井。有關我們經營的生產和轉讓資產的生產的更多詳細信息，請參閱昨天發布的收益報告。

I will now share an update on our development hub. In Bajada del Palo Oeste, we continue to see strong productivity with average well performance 3% above our type curve for the first 360 days of production. In terms of new well activity, we finished drilling pad Bajada del Palo Oeste-16. This pad located in the south of the block contain 4 wells, 2 lands in La Cocina and 2 in Organico. We start drilling pad Bajada del Palo Oeste-17, which also contain 4 wells. Those pads will be completed and tied-in by early July.

我現在將分享我們開發中心的最新動態。在 Bajada del Palo Oeste，我們繼續看到強勁的生產力，在生產的前 360 天，平均油井性能比我們的類型曲線高出 3%。在新井活動方面，我們完成了 Bajada del Palo Oeste-16 鑽井台。這個位於地塊南部的墊子包含 4 口井，2 塊土地位於 La Cocina，2 塊位於 Organico。我們開始鑽探 Bajada del Palo Oeste-17 平台，其中也包含 4 口井。這些墊子將在 7 月初完成並係好。

In Aguada Federal, we recently completed and tied-in pad Aguada Federal-4 in the western part of the block. This is also for well pad. We landed 2 wells in La Cocina, 1 well in Organico and 1 well in the Middle Carbonate. This is the first well we have landed in the Middle Carbonate in Aguada Federal. In Bajada del Palo Este, we completed and tied-in the third well of the ongoing pilot. We are very excited by the production results we are seeing.

在 Aguada Federal，我們最近在該街區的西部完成並捆綁了 Aguada Federal-4。這也適用於井墊。我們在 La Cocina 鑽了 2 口井，在 Organico 鑽了 1 口井，在 Middle Carbonate 鑽了 1 口井。這是我們在 Aguada Federal 的 Middle Carbonate 登陸的第一口井。在 Bajada del Palo Este，我們完成並捆綁了正在進行的試點的第三口井。我們對所看到的生產結果感到非常興奮。

Cumulative production for the first 60 days was 75,000 BOE with a peak IP30 above 1,500 BOE per day. This proves the quality of our acreage in Bajada del Palo Oeste and the continuity of the play from our flagship block, Bajada del Palo Este. Based on these successful results, we have increased our estimated ready-to-drill inventory in the block from 50 to up to 150 wells. This takes our total inventory to up to 1,000 wells, of which we have only drilled and completed 74 wells to date. As a reminder, our entire inventory is located in 35-year concessions, 100% owned and operated by Vista.

前 60 天的累計產量為 75,000 桶油當量，峰值 IP30 每天超過 1,500 桶油當量。這證明了我們在 Bajada del Palo Oeste 的種植面積質量以及我們旗艦區塊 Bajada del Palo Este 的連續性。基於這些成功的結果，我們將該區塊的預估待鑽井庫存從 50 口增加到 150 口。這使我們的總庫存量達到 1,000 口井，其中我們迄今為止僅鑽探並完成了 74 口井。提醒一下，我們的全部庫存都位於 35 年的特許經營權中，100% 由 Vista 擁有和運營。

Total revenues in Q1 2023 were $303.2 million, which is 46% up compared to the same period last year, driven by oil production growth and improved realized oil prices. Realized oil price for the quarter averaged $66.6 per barrel, up 4% year-over-year. The average realized domestic price was $65.9 per barrel, while the realized price of the export market was $69.8 per barrel. We expect realized oil prices during Q2 to remain broadly in line with those of Q1.

2023 年第一季度的總收入為 3.032 億美元，與去年同期相比增長 46%，這主要受石油產量增長和實際油價改善的推動。本季度實現的油價平均為每桶 66.6 美元，同比上漲 4%。國內平均實現價格為每桶 65.9 美元，而出口市場的平均實現價格為每桶 69.8 美元。我們預計第二季度的實際油價將與第一季度大致保持一致。

Total sales volume was 2,500 barrels of oil per day higher than production. This volume was drawn from our inventory. Sales to export markets accounted for 58% of oil volume and 60% of oil revenues. We supported 5 cargoes during the quarter for 2.4 million barrels of oil in total. In line with our export-focused strategy, 55% of LTM revenues came from international markets.

每天的總銷量比產量高出 2,500 桶石油。該捲取自我們的庫存。對出口市場的銷售佔石油產量的 58% 和石油收入的 60%。我們在本季度支持了 5 批貨物，總計 240 萬桶石油。根據我們以出口為中心的戰略，55% 的 LTM 收入來自國際市場。

Realized gas prices increased 54% year-over-year to $4.7 per million BTU, mainly boosted by the export to Chile, accounting for 30% of our total gas volume at a price of $8.9 per million of BTU. Lifting cost for the quarter was $30.1 million, 2% down from the same period last year. Lifting costs per BOE was $6.4, a reduction of 18% on an interannual basis and 11% on a sequential basis. We are already capturing the benefits from the deal we signed in the previous quarter to fully focus on our Vaca Muerta operation. The deal is effective at March 1, so costs from the quarter reflect a full month having removed the transferred assets from our cost base. We estimate the lifting cost for the month of March was around $5 per BOE. Our model shows we are well on track to deliver on our $5.5 per BOE guidance for the full year.

實現的天然氣價格同比上漲 54% 至每百萬 BTU 4.7 美元，主要受出口到智利的推動，占我們天然氣總量的 30%，價格為每百萬 BTU 8.9 美元。本季度起重成本為 3010 萬美元，比去年同期下降 2%。每桶油當量提升成本為 6.4 美元，年際下降 18%，環比下降 11%。我們已經從上一季度簽署的交易中獲益，完全專注於我們的 Vaca Muerta 業務。該交易於 3 月 1 日生效，因此本季度的成本反映了從我們的成本基礎中刪除轉移資產後的整整一個月。我們估計 3 月份的提升成本約為每桶油當量 5 美元。我們的模型顯示，我們有望在全年實現每桶 BOE 5.5 美元的指導。

Adjusted EBITDA for the quarter was $204.4 million, implying an interannual growth of 61%. This reflects a strong revenue growth and lower lifting costs as described previously. Adjusted EBITDA margin was a robust 67% during the quarter, an improvement of 6 percentage points year-over-year. Netback was $43.5 per BOE, a 35% interannual increase. Both metrics have increased sequentially, reflecting improved margin driven by the transaction to fully focus on our Vaca Muerta assets.

本季度調整後的 EBITDA 為 2.044 億美元，意味著年際增長率為 61%。如前所述，這反映了強勁的收入增長和較低的起重成本。本季度調整後的 EBITDA 利潤率為 67%，同比增長 6 個百分點。淨回值為每桶油當量 43.5 美元，年際增長 35%。這兩個指標都連續增加，反映出交易推動利潤率提高，以完全專注於我們的 Vaca Muerta 資產。

During Q1 2023, we recorded $34.7 million of free cash flow. Cash from operating activities was $158.8 million. This includes $60 million of upfront payment to Oldelval for the reservation of capacity in the oil pipeline expansion and a decrease of $5 million in account payables. Cash flow used in investment activities was $124 million. This is $38 million lower than the accrued CapEx mainly due to $24 million in account payables and $10 million received from Aconcagua as an upfront payment for the transferred assets.

2023 年第一季度，我們錄得 3470 萬美元的自由現金流。來自經營活動的現金為 1.588 億美元。這包括向 Oldelval 支付 6000 萬美元的預付款，用於保留輸油管道擴建的產能，以及減少 500 萬美元的應付賬款。用於投資活動的現金流為 1.24 億美元。這比應計資本支出低 3800 萬美元，主要原因是 2400 萬美元的應付賬款和從阿空加瓜收到的 1000 萬美元作為轉讓資產的預付款。

Cash flow from financing activities was $71.1 million, mainly driven by debt issuance of $135 million. We successfully issued dollar-linked bonds with a 0% coupon for a 4-year maturity and 1% coupon for a 5-year maturity. This was partially offset by the debt repayment of $22.5 million and interest payments of $7.9 million. Gross debt stood at $659.6 million at end of Q1. Cash at the end of the period was $350.2 million. This led to a slight reduction in the net leverage ratio to 0.37x adjusted EBITDA at quarter end.

融資活動產生的現金流量為 7110 萬美元，主要受 1.35 億美元債務發行的推動。我們成功發行了 4 年期票息為 0%、5 年期票息為 1% 的美元掛鉤債券。這部分被 2250 萬美元的債務償還和 790 萬美元的利息支付所抵消。第一季度末的總債務為 6.596 億美元。期末現金為 3.502 億美元。這導致季度末淨槓桿率略微下降至調整後 EBITDA 的 0.37 倍。

To conclude this call, I will recap on today's key messages. During Q1 2023, we made good progress in our development hub, which continues to drive production growth. The successful results in our pilot in Bajada del Palo Oeste have proven the quality of our assets and contributed to the addition of 100 wells to our ready-to-drill inventory. We are already seeing the benefits of the transaction we announced early this year to fully focus on our shale oil assets. Our lifting costs, EBITDA margins and netbacks have all improved sequentially. As the deal is effective at March 1, we only captured the effect partially and expect further upside in the coming quarters.

在結束本次電話會議時，我將回顧一下今天的關鍵信息。 2023 年第一季度，我們的開發中心取得了良好進展，繼續推動產量增長。我們在 Bajada del Palo Oeste 試點的成功結果證明了我們的資產質量，並為我們的待鑽井庫存增加了 100 口井。我們已經看到我們今年早些時候宣布的完全專注於我們的頁岩油資產的交易的好處。我們的提升成本、EBITDA 利潤率和淨回值都環比有所改善。由於該交易於 3 月 1 日生效，我們僅捕捉到了部分影響，並預計未來幾個季度將進一步上漲。

During this quarter, we have once again delivered a very solid operational and financial results. This includes good progress in our decarbonization and nature-based solution projects to meet our ambition to reach Scope 1 and 2 net zero by 2026. We are well on track to deliver on our 2023 guidance across operational and financial metrics. Early this week, our shareholders approved an addition to our current share buyback plan from $20 million to $50 million. To wrap up and before we open the call for questions, I want to thank our employees and shareholders for their continued support.

在本季度，我們再次交付了非常穩健的運營和財務業績。這包括我們的脫碳和基於自然的解決方案項目取得良好進展，以實現我們到 2026 年實現範圍 1 和範圍 2 淨零排放的雄心。我們有望在運營和財務指標方面實現 2023 年的指導方針。本周初，我們的股東批准了將我們目前的股票回購計劃從 2000 萬美元增加到 5000 萬美元。最後，在我們開始提問之前，我要感謝我們的員工和股東一直以來的支持。

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 [Thiago Casciaro] from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的[Thiago Casciaro]。

I have 2 questions here, perhaps linked to each other. The first question is about the infrastructure, the bottleneck taking place in Vaca Muerta. Can you give us an update on the projects being implemented to increase the oil evacuation capacity, including the timeline in (inaudible) access to pipeline we'll be able to get in the next 12 to 24 months? And what about longer term developments? Are there any plans already in the making to the company's knowledge?

我在這裡有 2 個問題，也許是相互關聯的。第一個問題是關於基礎設施，瓶頸發生在瓦卡穆爾塔。您能否向我們提供有關為提高石油疏散能力而正在實施的項目的最新信息，包括我們將在未來 12 到 24 個月內獲得（聽不清）進入管道的時間表？那麼長期發展呢？據公司所知，是否已經制定了任何計劃？

And the second question is about the company's drilling plan. Your execution has been very consistent and Vista is generating positive free cash flows. Can you talk about the company's decision-making process related to the potential revision and acceleration of the CapEx drilling plan? And how should we think about the equipment and infrastructure availability in that case?

第二個問題是關於公司的鑽探計劃。您的執行非常一致，Vista 正在產生正的自由現金流。您能否談談公司與資本支出鑽探計劃的潛在修訂和加速相關的決策過程？在這種情況下，我們應該如何考慮設備和基礎設施的可用性？

So I probably will start for the second part of your question related to the production program, potential acceleration and decision-making process and then I will move to infrastructure. So first of all, let me give you a bit of visibility of what we are doing this year and how the production is going to come in based on the timing, because there's 2 things that are related to the drilling program and the completion program of this year that are different to the ones that we did last year.

因此，我可能會開始回答與生產計劃、潛在加速和決策過程相關的問題的第二部分，然後我將轉向基礎設施。所以首先，讓我給你一些關於我們今年所做的事情的可見性，以及根據時間安排的生產將如何進行，因為有兩件事與鑽井計劃和完井計劃有關今年與我們去年所做的不同。

Well, first of all, we have at the beginning of the year in Q1, a net effect of the transaction with Aconcagua that was 6,000 barrels per day that basically impact in 2 months of our Q1 number. And the second thing that we have in our program that I think is different to since that we have done in the past is the fact that we are drilling and completing 2 pads based on our [cube] methodology or cube technology. That means that we are drilling and completing 2 pads together to avoid basically interference between them, but of course, delay in production.

嗯，首先，我們在第一季度的年初，與阿空加瓜交易的淨影響是每天 6,000 桶，這基本上影響了我們第一季度數字的兩個月。我認為我們計劃中的第二件事與我們過去所做的不同的是，我們正在根據我們的[立方體]方法或立方體技術鑽探和完成 2 個墊。這意味著我們正在一起鑽孔和完成 2 個墊板，以避免它們之間的基本干擾，但當然會延遲生產。

So when you look at the drilling program and the completion program, the way that the production will come in is a bit different than what we have done in the past. So we are closing Q1 with an average of 52,200 in terms of production. We expect that Q1 -- sorry, we expect Q2 to be probably slightly lower than that number since we are going to tie-in. So in the first quarter we tied-in 5 wells. In the second quarter, we will tie-in 7 wells. Then we will see an important increase in production start in Q3 where we're going to be tying-in 12 wells. And then on Q4, again, we'll come back to 5 wells. So Q3 really is where we have this Bajada del Palo 16 and 17 coming in since we are going to complete those 2 back-to-back. So that is basically make the production growth this year a bit different to the ones that we have shown previously.

因此，當您查看鑽井計劃和完井計劃時，生產的方式與我們過去所做的有所不同。所以我們在第一季度結束時平均產量為 52,200。我們預計第一季度——抱歉，我們預計第二季度可能會略低於該數字，因為我們要搭配。所以在第一季度我們捆綁了5口井。第二季度，我們將搭配7口井。然後我們將看到第三季度開始生產的重要增長，我們將在那裡接管 12 口井。然後在第四季度，我們將再次回到 5 口井。所以第三季度真的是我們有這個 Bajada del Palo 16 和 17 進來的地方，因為我們將背靠背完成這兩個。所以這基本上使今年的產量增長與我們之前展示的有所不同。

Now when you look at the drilling program of the year, we will finish in drilling for the pad that we have today in the drilling at the end of September. So the third probably decision in terms of acceleration that we will have is the decision of probably adding 2 pads at the end of the year in Q4. 2 pads that we can drill. Of course, we cannot complete. It will be completed in 2024. That is not a decision that we have made already, but it's something that we can do just basically moving on with a normal drilling plan and same equipment.

現在，當您查看當年的鑽井計劃時，我們將在 9 月底的鑽井中完成我們今天的鑽井平台的鑽井。因此，就加速而言，我們將做出的第三個可能決定是可能在年底的第四季度添加 2 個墊的決定。我們可以鑽孔的 2 個墊子。當然，我們無法完成。它將在 2024 年完成。這不是我們已經做出的決定，但我們可以做的只是基本上按照正常的鑽探計劃和相同的設備繼續進行。

More longer term, I would say, 2024 and beyond, we are evaluating different growth scenarios from 2024 and onwards. That scenario is that we're evaluating it due to the strong performance that we have. And since also we have a very strong platform that could allow us to scale basically with the same core people that we have, with the super strong inventory that we have, I mean, we are talking about 1,000 wells, we have drilled only 70 of those, the access to equipment due to the long-term relationship we have with our service provider, and of course, because we have a solid financial situation in some. So we are evaluating different scenarios. We are not guiding for that, but I mean, I want you to have in mind that we are doing that. In terms of equipment, I mean, I think it will be possible. Again, due to the relationship we have with the service provider, I believe we -- in case we go for a scenario that is more aggressive, we will have the option to bring more equipment and also to use the same equipment that we have more efficiently.

從更長期來看，我想說，2024 年及以後，我們正在評估 2024 年及以後的不同增長情景。這種情況是我們正在評估它，因為我們擁有強大的表現。而且由於我們還有一個非常強大的平台，可以讓我們基本上與我們擁有的相同核心人員一起擴大規模，憑藉我們擁有的超強庫存，我的意思是，我們談論的是 1,000 口井，我們只鑽了 70 口井那些，由於我們與服務提供商的長期關係而獲得設備，當然，因為我們在某些方面擁有穩固的財務狀況。所以我們正在評估不同的場景。我們不是為此提供指導，但我的意思是，我希望您記住我們正在這樣做。在設備方面，我的意思是，我認為這是可能的。同樣，由於我們與服務提供商的關係，我相信我們 - 如果我們選擇更具侵略性的方案，我們將可以選擇攜帶更多設備，也可以使用我們擁有更多設備的相同設備有效率的。

Coming to infrastructure, so let me give you a bit of overall view. I think you know what we are drilling and tracking. We have been very strong in terms of what we are doing with Oldelval. So Oldelval, we're expecting, again Q1 2024, 40% of the Oldelval additional capacity that is around 300,000 barrels per day coming into play. And then in Q1 2025, the whole project should be complete. In line with Oldelval, OTE port facilities expansion will be coming in. And I think the new thing that we are doing is the export to Chile through Otasa. This is a pipeline that already exists. It was put in place. It's been testing as we speak. And the offtake of that production will be up. That is starting now Q2 2023. And you can expect that we will participate on that with between 4,000 and 5,000 barrels of oil per day. That will allow us to reduce a bit tracking. But basically, this is what we are adding. Vaca Muerta Norte will come later. We are expecting that for Q3 2023. And that basically could replace Otasa.

談到基礎設施，讓我給你一個整體的看法。我想你知道我們在鑽探和追踪什麼。就我們與 Oldelval 所做的事情而言，我們一直非常強大。所以 Oldelval，我們預計，2024 年第一季度，Oldelval 的 40% 額外產能將發揮作用，即每天約 300,000 桶。然後在 2025 年第一季度，整個項目應該會完成。與 Oldelval 一致，OTE 港口設施擴建將進行。我認為我們正在做的新事情是通過 Otasa 出口到智利。這是一條已經存在的管道。它被放置到位。我們說話的時候一直在測試。該產品的承購量將會增加。這是從現在開始的 2023 年第二季度。你可以預期我們將參與其中，每天生產 4,000 至 5,000 桶石油。這將使我們能夠減少位跟踪。但基本上，這就是我們要添加的內容。 Vaca Muerta Norte 稍後會來。我們預計 2023 年第三季度會出現這種情況。這基本上可以取代 Otasa。

So that Thiago I think is -- I have completed all your questions.

所以我認為蒂亞戈是——我已經回答了你所有的問題。

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。

A follow-up on the (inaudible) pipeline, recommencing operations. Can we expect higher prices to reduce discounts for these sales?

對（聽不清）管道的後續行動，重新開始運營。我們能否期望更高的價格來減少這些銷售的折扣？

So again, I mean, the Chile first stage of Vaca Muerta Norte, we will export between 4,000 and 5,000 barrels per day, as I mentioned before. We expect the pricing netback for Vista to be very similar to the one that we'll get when we export through Bahia Blanca. So we don't see any change on that. As I mentioned before, that we have also an effect on tracking for us. We don't expect any immediate impact, but we are tracking today probably 2,500 barrels per day. We could reach 6,000. If we would not have Otasa, we could reach probably 10,000 barrel per day in terms of tracking. So clearly, this new route of export to Chile is helping both on export and also on cost.

所以，我的意思是，正如我之前提到的，智利 Vaca Muerta Norte 的第一階段，我們每天將出口 4,000 到 5,000 桶。我們預計 Vista 的定價淨回值與我們通過 Bahia Blanca 出口時獲得的淨回值非常相似。所以我們沒有看到任何變化。正如我之前提到的，我們也會對我們的跟踪產生影響。我們預計不會立即產生任何影響，但我們今天追踪的數據可能是每天 2,500 桶。我們可以達到 6,000。如果我們沒有 Otasa，就跟踪而言，我們每天可能達到 10,000 桶。很明顯，這條向智利出口的新路線對出口和成本都有幫助。

And then another quick one. So you recently announced the world progress in Bajada del Palo Oeste, which would be increasing your inventory. Given that your current capital allocation priorities for Bajada del Palo Oeste, I mean, would you contemplate into entering a joint venture or any other things to expedite the development of Bajada del Palo Oeste?

然後是另一個快速的。所以你最近宣布了 Bajada del Palo Oeste 的世界進步，這將增加你的庫存。鑑於您目前對 Bajada del Palo Oeste 的資本分配優先事項，我的意思是，您是否會考慮成立合資企業或任何其他事情來加快 Bajada del Palo Oeste 的發展？

No, Rodrigo, we are not contemplating any joint venture as we speak in Bajada del Palo Oeste. Bajada del Palo Oeste, Aguada Federal and Bajada del Palo Este are our core show in terms of development. If at some point of time, we retain doing something, probably it will be more related to the blocks that we have in the north. But no, at the moment, we are not expecting -- as I said, we have a solid financial position. So there's no need.

不，羅德里戈，我們在 Bajada del Palo Oeste 發言時並未考慮任何合資企業。 Bajada del Palo Oeste、Aguada Federal 和 Bajada del Palo Este 是我們發展方面的核心展會。如果在某個時間點，我們繼續做某事，可能與我們在北方的街區更相關。但不，目前，我們並不期待——正如我所說，我們擁有穩固的財務狀況。所以沒有必要。

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

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

Congratulations on the results. A couple of questions. First one, given the economic situation in Argentina, acceleration of inflation and so on, Miguel, could you please give us some kind of view of how you're seeing the development of the domestic pricing if we can see a situation where domestic prices come down in this environment? And then related to this, how you see the evolution of your own costs, both on the listing side, but also on the CapEx?

祝賀結果。幾個問題。第一個，考慮到阿根廷的經濟形勢、通貨膨脹加速等等，Miguel，如果我們能看到國內價格上漲的情況，你能給我們一些關於你如何看待國內定價發展的看法嗎？在這種環境下？然後與此相關，您如何看待上市方面和資本支出方面的自身成本的演變？

I will start with the second part, lifting, probably give you a bit of filling on drilling as well. So Q1, we finished with a lifting cost of $6.4 per barrel. This lifting cost was composed due to the Aconcagua transaction or 2 months where we have that conventional production with us. The lifting cost for those 2 months was around 7.5%. And then March, we saw lifting costs coming below $5. And of course, the 6.4% is the composition of all that. We will see how lifting costs behave in the following quarters. But we believe -- I mean, we will establish a lifting cost that will be around $5. So you should expect that.

我將從第二部分開始，提升，可能也會給你一些關於鑽孔的填充。所以第一季度，我們以每桶 6.4 美元的提升成本結束。該提升成本是由於 Aconcagua 交易或我們與我們進行常規生產的 2 個月組成的。這兩個月的提升成本約為 7.5%。然後在 3 月，我們看到提升成本低於 5 美元。當然，6.4% 是所有這些的組成部分。我們將看到提升成本在接下來幾個季度的表現。但我們相信——我的意思是，我們將確定一個大約 5 美元的提升成本。所以你應該預料到這一點。

In terms of drilling, we finished the year with the drilling costs of around $12.7 million for our normal wells. And today, we are seeing that drilling costs between 13 and $13.5 million and this was due to the appreciation of pesos. And related to the gasoline price increase, we see -- so first of all, Q1, the prices of the plant increased 11% in local currency, but decreased 5% in U.S. dollars due to basically same higher appreciation of pesos. Q2, I mean, what we are seeing in terms of dollar terms, we will see even more pressure on the appreciation of pesos. But also, I mean, we expect that -- we expect basically that export prices for us will be flat and local prices, we said, probably also we expect that will be around the same level that we are today.

在鑽井方面，我們在年底為普通油井鑽井成本約為 1270 萬美元。今天，我們看到鑽井成本在 13 到 1350 萬美元之間，這是由於比索升值。與汽油價格上漲相關，我們看到 - 首先，第一季度，工廠價格以當地貨幣計算上漲 11%，但由於比索升值基本相同，以美元計算下跌 5%。第二季度，我的意思是，就美元而言，我們將看到比索升值的更大壓力。但是，我的意思是，我們預計 - 我們預計我們的出口價格基本上將持平，我們說，我們可能還預計我們的本地價格將與今天的水平大致相同。

So the main question is what happens in the second half of the year then, yeah? If gasoline prices do not increase or do not follow inflation, then we may see domestic crude oil prices coming down.

所以主要問題是今年下半年會發生什麼，是嗎？如果汽油價格不上漲或不跟隨通脹，那麼我們可能會看到國內原油價格回落。

Yeah, it's a possibility, definitely. Of course, I mean, if the export prices or the brand is strong, that will be intention to the market, and we always fight for our crude oil prices. But yes, you could have in the second half due to the actual conditions and also due to the election more pressure on the local market, definitely. That pressure goes more to the refineries and to the people that have integrated operation than us.

是的，這絕對是一種可能性。當然，我的意思是，如果出口價格或品牌強勢，那將是市場的意圖，我們總是為我們的原油價格而戰。但是，是的，由於實際情況以及選舉，您肯定會在下半年對當地市場施加更大的壓力。與我們相比，這種壓力更多地落在了煉油廠和進行一體化運營的人身上。

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。

Just have a question, and I would like to understand how is the decree to access the dollar market working so far? If you can provide an update, it would be very appreciated.

只是有一個問題，我想了解到目前為止，進入美元市場的法令是如何運作的？如果您能提供更新，將不勝感激。

Yeah. I mean, we've been giving updates on the decree that in October 20 of 2022, the Central Bank basically established. As I said before, that was followed, but a few formalities from the Secretary of Energy in beginning of January and also Vista that adhere to that regime end of January. What happened after that, we filed several requests due to basically the decree based on the incremental production that we have in Q3 2022, incremental production that we have in Q4 and in Q1 2023. So we are expecting to receive the certificate. That is to access around $66 million in foreign currency. This was for $14 million, 22 and $30 million respectively for the 3 quarters that I mentioned before. Of course, there's still some uncertainty around when we will receive those certificate. But I mean, we are filing based on the decree and based on incremental production that we are seeing coming in.

是的。我的意思是，我們一直在更新 2022 年 10 月 20 日中央銀行基本成立的法令。正如我之前所說的那樣，緊隨其後的是能源部長在 1 月初和 Vista 在 1 月底遵守該制度的一些手續。在那之後發生了什麼，我們提出了幾個請求，因為基本上是基於我們在 2022 年第三季度的增量生產、我們在第四季度和 2023 年第一季度的增量生產的法令。所以我們期待收到證書。那就是獲得大約 6600 萬美元的外幣。我之前提到的三個季度分別為 1400 萬美元、22 萬美元和 3000 萬美元。當然，我們何時會收到這些證書仍然存在一些不確定性。但我的意思是，我們正在根據法令和我們看到的增量生產進行備案。

Our next question comes from the line of Oriana Covault from Balanz.

我們的下一個問題來自 Balanz 的 Oriana Covault。

This is Oriana Covault with Balanz. I had 3 questions. If I may go one by one, that would be great. The first one is a follow-up with regards to the Otasa pipeline and exports to Chile. Just to understand maybe if you have more information on will this be carried out under firm contracts or sold at spot? And if so, if you have any information also about fees that the owners of the pie will charge for its usage?

我是 Balanz 的 Oriana Covault。我有 3 個問題。如果我可以一一去，那就太好了。第一個是關於 Otasa 管道和出口到智利的後續行動。只是想了解一下，如果您有更多信息，這將根據確定的合同進行還是在現場出售？如果是這樣，您是否還有關於餡餅所有者將收取的費用的任何信息？

Oriana, the Otasa -- I mean, adding to what I said, that is still in negotiation, but you should expect a firm contract.

Oriana，Otasa——我的意思是，補充一下我所說的，這仍在談判中，但你應該期待一份確定的合同。

And maybe just moving on to the Oldelval pipeline, can you comment about what levels are you currently operating? You're close to your limits based on the current capacity like taking aside the expansion. And do you see like this current limits in capacity would potentially command a slowdown in the drilling program towards late 2023 or 2024 just before the expansion comes through?

也許只是轉向 Oldelval 管道，您能評論一下您目前正在運行的級別嗎？根據當前容量，您已接近極限，例如不考慮擴展。你是否認為目前的產能限制可能會導致鑽探計劃在擴建完成之前放緩至 2023 年底或 2024 年？

Oriana, today, we are at current capacity, basically, we are top up. And our plan the way that's being built is to take advantage of everything that comes from Oldelval as the 2 stages are coming in and particularly for this year. So I mean, our plan is in line with the capacity that we can access from Oldelval.

奧麗安娜，今天，我們以目前的產能，基本上，我們已經滿了。我們計劃正在構建的方式是利用來自 Oldelval 的一切，因為 2 個階段即將到來，尤其是今年。所以我的意思是，我們的計劃符合我們可以從 Oldelval 獲得的容量。

And maybe just one final one. Just with the macro deterioration and like poor expectations for the harvest and subsequent hard dollar inflows, do you see any potential impact in terms of access to imports and just taking of infrastructure needs or equipment? How are you observing this?

也許只是最後一個。就在宏觀經濟惡化以及對收成和隨後的硬美元流入的預期不佳的情況下，您是否認為在獲得進口和僅接受基礎設施需求或設備方面有任何潛在影響？你是怎麼觀察這個的？

Oriana, I mean, we have not had any issues in import equipment. We have done a few importations. I mean, we have all the equipment in place today and the service companies that we are using are ones that basically have quite a bit of stock in the country. But in the few cases that we have to access to imports, I mean, we will be -- we have been able to bring the equipment that is required so far.

Oriana，我的意思是，我們在進口設備方面沒有任何問題。我們做了一些進口。我的意思是，我們今天擁有所有設備，我們使用的服務公司基本上在國內有相當多的存貨。但在少數情況下，我們必須獲得進口，我的意思是，我們將 - 我們已經能夠帶來迄今為止所需的設備。

(Operator Instructions) Our next question comes from the line of Regis Cardoso from Credit Suisse.

（操作員說明）我們的下一個問題來自瑞士信貸的 Regis Cardoso 系列。

Miguel, Alejandro, congratulations on the results. Two quick topics I wanted to follow-up with. One is on the well (technical difficulty) I mean, you have substantial room potentially to either grow further your inventory or to develop the inventory you already have? So this is a recurring question. How do you see now the balance between CapEx, buyback, deleveraging, particularly, I guess, with the recent backdrop from the macro front? I mean from one hand, you have Argentina growing exports and a clear case for the exporters gaining access to the dollars and eventually using that to remunerate shareholders versus continue re-investing in your existing portfolio. So that's question on just broadly on well inventory and capital allocation.

Miguel，Alejandro，祝賀結果。我想跟進兩個快速主題。一個在井上（技術困難）我的意思是，你有很大的空間可以進一步增加你的庫存或開發你已經擁有的庫存？所以這是一個反復出現的問題。您現在如何看待資本支出、回購、去槓桿化之間的平衡，尤其是，我想，在最近的宏觀背景下？我的意思是，一方面，阿根廷的出口不斷增長，出口商有明確的理由獲得美元並最終用它來回報股東，而不是繼續對現有投資組合進行再投資。所以這是關於油井庫存和資本配置的廣泛問題。

And then I guess the second question would be on lifting cost. If I remember correctly, you did $6.4 and the guidance for the year is $5.5. So what do you think is between those 2 numbers? And if you can still reach the guidance for the year?

然後我想第二個問題是關於提升成本。如果我沒記錯的話，你做了 6.4 美元，當年的指導價是 5.5 美元。那麼您認為這兩個數字之間是什麼？如果您仍然可以達到當年的指導？

I mean, starting with the first part, definitely, when we look -- I mean, what we can do in terms of continue creating value, the main things that basically we can do and we are analyzing and evaluating, as I mentioned before, due to the strong performance that we have and due to the platform that we have to scale, as I said, because we have the people, we have the equipment, we have a solid financial performance is to accelerate or to further grow in terms of drilling and completion and basically accelerating the use of the 1,000 well portfolio that we have in hand. I think this is the main driver to add additional value to our stock and to Vista.

我的意思是，從第一部分開始，當然，當我們看 - 我的意思是，我們可以在繼續創造價值方面做些什麼，基本上我們可以做的主要事情，我們正在分析和評估，正如我之前提到的，由於我們擁有的強大性能以及我們必須擴展的平台，正如我所說，因為我們擁有人員，我們擁有設備，我們擁有穩健的財務業績，我們將在以下方面加速或進一步增長鑽井和完井，並從根本上加快我們手頭 1,000 口井組合的使用。我認為這是為我們的股票和 Vista 增加附加值的主要驅動力。

Nevertheless, again, when you look at going forward, our ability to generate EBITDA and cash, we can continue doing our buyback program and we can continue -- and also we plan to continue to deleveraging in the company as it makes sense. So three of them are not exclusive. I think the first one is probably the more important part because in the current context with our current inventory and with our current performance, it's clearly the best way that we can create value.

然而，再次，當你展望未來，我們產生 EBITDA 和現金的能力時，我們可以繼續執行我們的回購計劃，我們可以繼續 - 我們還計劃繼續在公司中進行去槓桿化，因為這是有意義的。所以其中三個不是排他性的。我認為第一個可能是更重要的部分，因為在我們當前的庫存和我們當前的表現的當前背景下，這顯然是我們創造價值的最佳方式。

In terms of the lifting costs, as I mentioned before, I mean, we closed the quarter with $6.4. And the last month, we really start to see the effect of our pure conventional production lifting cost. And we see that number today close to $5. So we guide for $5.5. I think you should see the number probably more close to $5 than close to $5.5.

就提升成本而言，正如我之前提到的，我的意思是，我們以 6.4 美元結束了本季度。上個月，我們真正開始看到純傳統生產提升成本的影響。我們今天看到這個數字接近 5 美元。所以我們指導價為 5.5 美元。我認為你應該看到這個數字可能更接近 5 美元而不是接近 5.5 美元。

At this time, I would now like to turn the conference back over to Miguel Galuccio for closing remarks.

現在，我想將會議轉回給 Miguel Galuccio 作閉幕詞。

Well, thank you very much for your interest, report and continued support, and looking forward to see you in the quarter. Have a good day, everybody.

好吧，非常感謝您的關注、報告和持續支持，並期待在本季度見到您。祝大家有美好的一天。

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

謝謝。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。