Vista Energy SAB de CV (VIST) 2023 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Vista's Second Quarter 2023 Earnings Webcast Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

美好的一天，感謝您的支持。歡迎參加 Vista 2023 年第二季度收益網絡廣播電話會議。 （操作員指示）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 Cherñacov, Strategic Planning and IRO. Please go ahead.

現在，我想將會議交給今天的發言人、戰略規劃和 IRO 的 Alejandro Cheriacov。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's Second 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 年第二季度業績電話會議。我和 Vista 董事長兼首席執行官 Miguel Galuccio 一起來到這裡。 Pablo Vera Pinto，Vista 首席財務官；以及 Vista 的首席運營官 Juan Garoby。

Before we begin, I would like to draw your attention to our cautionary statement on Slide 2. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are 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，我們今天的言論，包括對您問題的回答，可能包含前瞻性聲明。這些前瞻性陳述存在風險和不確定性，可能導致實際結果與這些言論所設想的預期存在重大差異。

Our financial figures are stated in U.S. dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income. Reconciliations of these measures to the closest IFRS measures can be found in the 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。然而，在本次電話會議期間，我們可能會討論某些非國際財務報告準則財務指標，例如調整後的 EBITDA 和調整後的淨利潤。這些措施與最接近的國際財務報告準則措施的調節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 anónima bursátil de capital variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange.

我們公司 Vista 是一家根據墨西哥法律組建的資本可變公司，在墨西哥證券交易所和紐約證券交易所註冊。我們的股票代碼在墨西哥證券交易所為 VISTA，在紐約證券交易所為 VIST。

I will now turn the call over to Miguel.

我現在將把電話轉給米格爾。

Thanks, Ale. Good morning, everyone, and welcome to this earnings call. I am pleased to share with you our results for the second quarter of 2023, during which we have made substantial progress in the delivery of our strategic pillars.

謝謝，艾爾。大家早上好，歡迎參加本次財報電話會議。我很高興與大家分享我們 2023 年第二季度的業績，在此期間，我們在實現戰略支柱方面取得了實質性進展。

We significantly increased our well inventory, secured enough evacuation capacity to deliver on our 2026 strategic plan and strengthened our balance sheet. This leaves us well prepared for a strong profitable growth in the second half of the year and in the coming years.

我們大幅增加了油井庫存，確保了足夠的疏散能力，以實現我們的 2026 年戰略計劃，並加強了我們的資產負債表。這使我們為下半年和未來幾年的強勁盈利增長做好了充分準備。

During the first half of 2023, we focused our drilling and completion effort in finalizing the pilot in Bajada

2023 年上半年，我們的鑽探和完井工作重點是完成巴哈達試點項目

Del Palo Este and Aguila Mora, leading to fewer tie-ins during the Q2. Still, total production increased 4% year-over-year for a total of 46,600 BOE per day during the quarter. Oil production was up 6% on interannual basis and 22% above pro forma basis, adjusting from the divestiture of the conventional assets.

Del Palo Este 和 Aguila Mora，導致第二季度的搭配減少。儘管如此，本季度總產量仍同比增長 4%，達到每天 46,600 桶油當量。根據常規資產剝離的調整，石油產量同比增長 6%，比預計增長 22%。

Total revenues in Q2 2023 were $231 million, a 22% decrease year-over-year driven by oil inventory buildup, which we'll explain in the following slide, and softer oil realization prices.

2023 年第二季度的總收入為 2.31 億美元，同比下降 22%，原因是石油庫存增加（我們將在下一張幻燈片中對此進行解釋）以及石油變現價格疲軟。

Lifting cost was $4.8 per BOE for the quarter, reflecting our successful strategy to fully focus on our higher-margin shale oil assets. Capital expenditure was $179 million, including the drilling of 10 wells and the completion of 5 wells during the quarter as well as the execution of our key facilities project.

本季度每桶油當量的提升成本為 4.8 美元，反映出我們完全專注於利潤率較高的頁岩油資產的成功戰略。資本支出為 1.79 億美元，包括本季度鑽探 10 口井和完井 5 口井以及執行我們的關鍵設施項目。

In Q2 2023, adjusted EBITDA was $152 million. We recorded negative free cash flow of $85 million, driven by the acceleration of CapEx and lower cash from operating activities. The leverage ratio at the quarter end was a solid 0.5x adjusted EBITDA. Adjusted net income was $57 million, implying a quarterly adjusted EPS of $0.6 per share.

2023 年第二季度，調整後 EBITDA 為 1.52 億美元。由於資本支出加速和經營活動現金減少，我們的自由現金流為負 8500 萬美元。季度末的槓桿率為調整後 EBITDA 的 0.5 倍。調整後淨利潤為 5700 萬美元，意味著季度調整後每股收益為 0.6 美元。

We will now deep dive into our main operational and financial metrics. Total production during Q2 2023 was 46,600 BOE per day, up 4% interannually, driven by strong production from our shale assets. Oil production was 39,200 barrels of oil per day, up 6% year-over-year. On a pro forma basis, adjusting from the transfer of conventional assets, total production grew 20% year-over-year, and oil production grew 22% year-over-year.

我們現在將深入探討我們的主要運營和財務指標。受我們頁岩資產強勁產量的推動，2023 年第二季度的總產量為每天 46,600 桶油當量，年際增長 4%。石油產量為每天39,200桶石油，同比增長6%。預計，經常規資產轉讓調整後，總產量同比增長20%，石油產量同比增長22%。

Sequentially, we recorded a slight decrease in production driven by 3 factors. Firstly, the transfer of conventional asset means a loss of 5,500 barrels of oil equivalent per day. Secondly, evacuation capacity limited our production growth, although this has been unlocked since June as we started exporting oil via pipeline to Chile. Thirdly, as we focus on our pilot in Aguila Mora and Bajada del Palo Este, we tied in less wells than on our average quarter. The 3 drivers we factored into 2023 plan and guidance so we'll expect to meet our production guidance of 55,000 barrels of oil per day for the year.

隨後，我們記錄了由三個因素驅動的產量略有下降。首先，常規資產的轉移意味著每天損失5500桶油當量。其次，疏散能力限制了我們的產量增長，儘管自 6 月份我們開始通過管道向智利出口石油以來，這一能力已得到釋放。第三，由於我們專注於阿吉拉莫拉和巴哈達德爾帕洛埃斯特的試點，我們的平井數量少於平均水平。我們將 3 個驅動因素納入 2023 年計劃和指導，因此我們預計今年將達到每天 55,000 桶石油的產量指導。

In the following slide, we will deep dive into our shale oil developments and we'll explain how we have shifted back to Bajada del Palo Este and how that will drive growth in the coming quarters. I will start with some details on our successful result in Aguila Mora and Bajada del Palo Este pilot. In Aguila Mora, we tied in 2 wells in pad Aguila Mora-1, landing one well in La Cocina and one well in Middle Carbonate. Cumulative production of the pad was performing 4% about our Bajada del Palo Este type curve after 60 days of production. These are the first 2 wells we drilled in this block located in the north of Vaca Muerta. Based on these successful results, we added up to 100 wells to our inventory.

在下面的幻燈片中，我們將深入探討我們的頁岩油開發，並將解釋我們如何回到巴哈達德爾帕洛埃斯特以及這將如何推動未來幾個季度的增長。我將首先介紹我們在 Aguila Mora 和 Bajada del Palo Este 試點中取得的成功結果的一些細節。在Aguila Mora，我們在Aguila Mora-1 平台連接了2 口井，其中1 口井位於La Cocina，1 口井位於中碳酸鹽岩。生產 60 天后，墊的累計產量在我們的 Bajada del Palo Este 類型曲線上表現出 4%。這是我們在位於 Vaca Muerta 北部的區塊中鑽探的前 2 口井。基於這些成功的結果，我們在庫存中增加了 100 口井。

In Bajada del Palo Este, we tied in one well in the pad Bajada del Palo Este-2, which is currently showing robust production, with cumulative production performing 72% above our Bajada del Palo Este type curve after 80 days on production. This is the 4 wells we drilled in this block and reconfirmed our 150-well inventory in Bajada del Palo Este. The 2 wells in pad 1 on the western side of the block and the single well in pad 3 on the eastern part of the block continued delivering solid production performance, as shown on the chart on the right.

在 Bajada del Palo Este，我們在 Bajada del Palo Este-2 油田扎了一口井，該井目前產量強勁，在生產 80 天后，累計產量比我們的 Bajada del Palo Este 類型曲線高出 72%。這是我們在該區塊鑽探的 4 口井，並再次確認了我們在 Bajada del Palo Este 的 150 口井庫存。區塊西側1號區塊的2口井和區塊東側3號區塊的單井繼續保持穩定的生產表現，如右圖所示。

Successful result in Bajada del Palo Este pilot enabled us to extend our model into Coirón Amargo Norte, the neighboring block to the south. This is a concession where we hold 85% working interest, with the remaining 15% held by Gas y Petroleo del Neuquén, the oil and gas company owned by the Neuquén province. We estimate an inventory of up to 50 wells in this block.

Bajada del Palo Este 試點的成功結果使我們能夠將我們的模型擴展到 Coirón Amargo Norte（南部的鄰近街區）。在該特許權中，我們持有 85% 的工作權益，其餘 15% 則由內烏肯省擁有的石油和天然氣公司 Gas y Petroleo del Neuquén 持有。我們估計該區塊的庫存量最多為 50 口井。

The successful activity in Bajada del Palo Este and Aguila Mora pilot lead to the addition of 300 wells to our inventory for a total of 1,150 wells across all Vaca Muerta assets. As I will explain later during the presentation, this is just one of the key factors that leave us well prepared for a profitable growth acceleration beyond our current strategic plan.

Bajada del Palo Este 和 Aguila Mora 試點的成功活動使我們的庫存增加了 300 口井，使所有 Vaca Muerta 資產的總井數達到 1,150 口。正如我稍後將在演講中解釋的那樣，這只是讓我們為超越當前戰略計劃的盈利增長加速做好充分準備的關鍵因素之一。

After concluding the pilots, we moved back to Bajada del Palo Oeste, where we have made solid progress in new well drilling. During Q2 2023, we finished drilling and completed pad Bajada del Palo Oeste-16 and also drilled Bajada del Palo Oeste-17, which is currently under completion. The 2 pads consists of 4 wells each, are being developed as a cube in a pilot we are running, seeking to optimize well productivity. This means we will tie in both pads simultaneously during the coming week, which also resulted in lower production in Q2 2023.

試點結束後，我們回到巴哈達德爾帕洛西斯特，在那裡我們在新井鑽探方面取得了紮實的進展。 2023 年第二季度，我們完成了鑽探並完成了 Bajada del Palo Oeste-16 平台，還鑽探了 Bajada del Palo Oeste-17，目前正在完成。這 2 個墊各由 4 個井組成，在我們正在運行的試點中被開發為立方體，旨在優化油井產能。這意味著我們將在未來一周同時綁紮兩個墊，這也導致 2023 年第二季度的產量下降。

We are currently drilling 4 well pads in Bajada del Palo Oeste-18 and Bajada del Palo Oeste-19. Bajada del Palo Oeste-18 is expected to be completed and tied in by the end of Q3, and Bajada del Palo Oeste-19 in Q4, leaving us well on track to tie in 20 wells in the second semester of 2023 as per guidance. We are on track to upgrade our oil treatment plant by the end of Q3 2023. This will increase our treatment capacity to 70,000 barrels of oil per day, in line with the requirements of our production plan through 2026.

我們目前正在 Bajada del Palo Oeste-18 和 Bajada del Palo Oeste-19 鑽探 4 個井場。 Bajada del Palo Oeste-18 預計將在第三季度末完成並並網，Bajada del Palo Oeste-19 將在第四季度完成並並網，這使我們有望按照指導在 2023 年第二季度完成 20 口井的並網。我們有望在 2023 年第三季度末對石油處理廠進行升級。這將使我們的處理能力提高到每天 70,000 桶石油，符合我們到 2026 年生產計劃的要求。

During Q2, we secured enough midstream and evacuation capacity to meet our production targets through 2026. At the end of May, we started exporting oil to Chile through the OTASA-OTC pipeline that started operating after more than a decade being shut. To do this, we reverted the pipeline flow from La Escondida Northwest through the Oldelval system. Current flow to Chile is 4,700 barrels oil per day and could increase up to 5,700 barrels of oil per day over the following months. In Q2, we secured our participation in the Vaca Muerta Norte pipeline, with an 8% working interest. This will give us access to increase evacuation capacity to Chile to 12,500 barrels of oil per day, including the current flow. We expect the Vaca Muerta Norte pipeline to be operational in Q4 2023. At that time, we plan to revert the existing Oldelval pipeline from La Escondida back to the original direction of flow.

第二季度，我們獲得了足夠的中游和疏散能力，以實現 2026 年之前的生產目標。5 月底，我們開始通過 OTASA-OTC 管道向智利出口石油，該管道在關閉十多年後開始運營。為此，我們恢復了從 La Escondida Northwest 通過 Oldelval 系統的管道流量。目前流入智利的石油量為每天 4,700 桶石油，未來幾個月可能會增加至每天 5,700 桶石油。第二季度，我們獲得了 Vaca Muerta Norte 管道的參與權，並獲得了 8% 的工作權益。這將使我們能夠將向智利的石油疏散能力提高到每天 12,500 桶石油，包括目前的流量。我們預計 Vaca Muerta Norte 管道將於 2023 年第四季度投入運營。屆時，我們計劃將現有的 Oldelval 管道從 La Escondida 恢復到原來的流動方向。

Adding to our existing capacity in Oldelval, the new Vaca Muerta Norte capacity means that by year-end 2023, we forecast to have 57,000 of oil per day of pipeline capacity. This can be complemented by up to 11,000 barrels of oil per day of trucking capacity. If we consider the capacity already contracted in Oldelval expansion to Puerto Rosales, we forecast to have 89,000 barrels of oil per day by year-end 2025 or 100,000 barrels of oil per day if trucking is included. This means we have already secured the necessary evacuation capacity to deliver on our 2026 production target with room for further acceleration. I cannot stress enough the importance of this significant milestone and its contribution to support our growth plans.

除了我們在 Oldelval 的現有產能之外，新的 Vaca Muerta Norte 產能意味著到 2023 年底，我們預計管道產能將達到每天 57,000 桶石油。每天最多 11,000 桶石油的卡車運輸能力可以補充這一點。如果我們考慮到 Oldelval 擴建至羅薩萊斯港時已經收縮的產能，我們預計到 2025 年底，每天的石油產量將達到 89,000 桶，如果包括卡車運輸，則每天的石油產量將達到 100,000 桶。這意味著我們已經獲得了實現 2026 年生產目標所需的疏散能力，並且還有進一步加速的空間。我無法充分強調這一重要里程碑的重要性及其對支持我們增長計劃的貢獻。

Total revenues in Q2 2023 were $231 million, which is 22% below the same period last year. This decrease was a result of 2 factors: firstly, the normalization of our crude oil stock from lows in previous quarter, which combined with the production being rerouted to Chile led to less volumes available in the terminal for exports through the Atlantic. This delayed our last cargo of the quarter from late June to the first week of July. And therefore, we supported 3 cargos during the quarter instead of 4 we originally expected. Secondly, oil realization prices softened during the quarter. Realized oil price for the quarter averaged $64.3 per barrel, down 18% year-over-year and 3% sequentially. The average realized domestic price was $63.1 per barrel while the realized price of the export market was $68.6 per barrel.

2023 年第二季度總收入為 2.31 億美元，比去年同期下降 22%。這一下降是由兩個因素造成的：首先，我們的原油庫存從上一季度的低點恢復正常，再加上生產轉移到智利，導致碼頭可通過大西洋出口的數量減少。這使得我們本季度的最後一批貨物從六月底推遲到了七月的第一周。因此，我們在本季度支持了 3 批貨物，而不是我們最初預期的 4 批。其次，本季度石油實現價格走軟。本季度實現油價平均為每桶 64.3 美元，同比下降 18%，環比下降 3%。國內平均實現價格為每桶 63.1 美元，而出口市場平均實現價格為每桶 68.6 美元。

Sales to export market accounted for 48% of the oil volumes and 51% of oil revenues. We exported 1.6 million barrels of oil composed by 3 cargoes through the Atlantic and 152,000 barrels by pipeline to Chile. We remain focused on our export-driven strategy by 55% of last 12 months of revenue coming from the international markets. We expect to increase this to about 60% in Q3 2023.

出口市場的銷售佔石油量的48%和石油收入的51%。我們通過大西洋出口了由3批貨物組成的160萬桶石油，並通過管道向智利出口了152,000桶石油。我們仍然專注於出口驅動戰略，過去 12 個月的收入中有 55% 來自國際市場。我們預計到 2023 年第三季度將這一比例提高到 60% 左右。

Realized gas prices decreased 16% sequentially to $3.9 per million BTU, mainly driven by lower export volumes to Chile, accounting for 10% of our total gas volume at a price of $7.60 per million BTU.

已實現天然氣價格環比下降 16%，至每百萬 BTU 3.9 美元，主要是由於對智利的出口量下降，占我們天然氣總量的 10%，價格為每百萬 BTU 7.60 美元。

We have very good news on the cost side. After a quarter of operating only our shale oil assets, lifting cost dropped to $4.8 per BOE, a reduction of 38% on interannual basis and 25% on sequential basis. This reflects the cost benefit of the transaction we announced in the previous quarter. We remain well on track to deliver on our $5.5 per BOE guidance for the full year.

我們在成本方面有好消息。僅運營頁岩油資產一個季度後，提升成本降至每桶油當量 4.8 美元，同比下降 38%，環比下降 25%。這反映了我們上季度宣布的交易的成本效益。我們仍然有望實現全年每桶油當量 5.5 美元的指導。

Adjusted EBITDA for the quarter was $151.8 million. Adjusted EBITDA margin was a robust 66% during the quarter. On an interannual basis, this is a drop of only 3 percentage points despite an 18% decrease in realized oil prices, which was possible given our rebased cost structure following the transaction to fully focus on shale assets. The decrease in adjusted EBITDA reflects softer prices, the focus on drilling pilot during the first semester and the inventory buildup I just mentioned. Additionally, in this quarter, we have no tie-ins under the JV with Trafigura, which generated $10 million of other income in Q2 2022.

本季度調整後 EBITDA 為 1.518 億美元。本季度調整後 EBITDA 利潤率為 66%。從年際來看，儘管實際油價下降了 18%，但這一數字僅下降了 3 個百分點，考慮到我們在交易後重新調整成本結構以完全專注於頁岩資產，這是可能的。調整後 EBITDA 的下降反映了價格疲軟、第一季度對鑽探試點的關注以及我剛才提到的庫存積累。此外，在本季度，我們與托克的合資企業沒有任何搭售，該合資企業在 2022 年第二季度產生了 1000 萬美元的其他收入。

We expect strong results in the second semester. The drilling and the completion pace have already picked up and will allow us to tie in 12 Bajada del Palo Este wells in Q3, boosting oil production and revenues. Having normalized inventories and flow to Chile, we plan to explore volumes equivalent to 5 cargos, including export to Chile in Q3.

我們預計第二學期將取得強勁成果。鑽探和完井步伐已經加快，這將使我們能夠在第三季度投入 12 口 Bajada del Palo Este 井，從而提高石油產量和收入。在庫存和智利流量正常化後，我們計劃探索相當於 5 批貨物的數量，包括第三季度向智利的出口。

Finally, we plan to tie in 3 pads under the Trafigura JV, which will generate $90 million of other income in Q3 2023.

最後，我們計劃將 3 個基地納入托克合資企業旗下，這將在 2023 年第三季度產生 9000 萬美元的其他收入。

During Q2 2023, cash from operating activities was $89.3 million, reflecting the payment of annual income tax of $36 million, a change in working capital of $17 million and advanced payments for transport infrastructure of $5 million. Cash flow used in investing activities was $174 million in line with CapEx of $179 million for the quarter. This acceleration in capital deployment sets the stage for growth in the coming quarters.

2023 年第二季度，經營活動產生的現金為 8930 萬美元，其中支付了 3600 萬美元的年度所得稅、1700 萬美元的營運資金變動以及 500 萬美元的交通基礎設施預付款。用於投資活動的現金流量為 1.74 億美元，與本季度資本支出 1.79 億美元一致。資本部署的加速為未來幾個季度的增長奠定了基礎。

During Q2 2023, we recorded negative free cash flow of $85 million. We issued a bond for $13.5 million and repaid $22.5 million corresponding to an installment of our syndicated loan. We also refinanced $40.8 million maturity in 2024 to 2026. In Q3, we plan to repay the last installment of our syndicated loan on July 20. After this event, we will have no remaining debt maturities in 2023.

2023 年第二季度，我們的自由現金流為負 8500 萬美元。我們發行了 1,350 萬美元的債券，並償還了 2,250 萬美元，相當於銀團貸款的分期付款。我們還為 2024 年至 2026 年到期的 4080 萬美元進行了再融資。在第三季度，我們計劃於 7 月 20 日償還最後一筆銀團貸款。在此事件之後，我們將在 2023 年沒有剩餘債務到期。

Cash at the end of the period was $223 million. The reduction vis-a-vis the end of the previous quarter reflects our tactical decision to prefinance our investment plan with liquidity available at a very competitive cost in the local bond market.

期末現金為 2.23 億美元。與上一季度末相比的減少反映了我們的戰術決定，即以當地債券市場上極具競爭力的成本提供流動性，為我們的投資計劃預先融資。

During Q2 2023, we have continued to strengthen our balance sheet. Gross debt currently stands at $651 million. Over the past quarters, we have tactically accessed the local debt market in Argentina at a very competitive interest rate. This has not only allowed us to prefinance our CapEx acceleration, but it has also reduced our average cost of debt, which as at quarter end was 3%. Our financing strategy is focused on reducing cross-border debt, which we have successfully reduced from 54% of our total debt in 2020 to 22% of our total debt at quarter end. The average life of our debt is 3 years. Our gross leverage ratio is a very healthy 0.8x adjusted EBITDA. Our solid financial status leave us in a good position for an acceleration in growth going forward.

2023 年第二季度，我們繼續強化資產負債表。目前總債務為 6.51 億美元。在過去的幾個季度中，我們以極具競爭力的利率策略性地進入了阿根廷當地債務市場。這不僅使我們能夠為資本支出加速進行預融資，而且還降低了我們的平均債務成本（截至季度末為 3%）。我們的融資策略側重於減少跨境債務，我們已成功將跨境債務從 2020 年佔總債務的 54% 減少到季度末佔總債務的 22%。我們債務的平均期限是三年。我們的總槓桿率是非常健康的 0.8 倍調整後 EBITDA。我們穩健的財務狀況使我們處於有利地位，可以加速未來的增長。

To conclude this call, I will recap on today's key messages and announce our upcoming Investor Day, where we will provide an update to our strategic plan. During Q2 2023, we made robust progress in Bajada del Palo Oeste. Considering our progress in drilling and completion activity, we are on schedule to tie in 12 wells during Q3. This will boost production and drive an increase in adjusted EBITDA in the second semester, in line with our annual work program. We are well on track to meet 2023 production and cost guidance.

在結束本次電話會議時，我將回顧一下今天的關鍵信息，並宣布即將舉行的投資者日，屆時我們將提供戰略計劃的最新信息。 2023 年第二季度，我們在 Bajada del Palo Oeste 取得了強勁進展。考慮到我們在鑽探和完井活動方面的進展，我們計劃在第三季度打 12 口井。這將提高產量並推動第二學期調整後 EBITDA 的增長，符合我們的年度工作計劃。我們正在順利實現 2023 年的生產和成本指導。

Successful results in our pilot in Bajada del Palo Este and Aguila Mora has led us to extend drilling inventory to 1,150 ready-to-drill wells. This provides significant upside potential through our existing strategic plan, which was designed at that time when our inventory was less than half of that site.

我們在巴哈達德爾帕洛埃斯特和阿吉拉莫拉的試點取得了成功，使我們將鑽井庫存擴大到 1,150 口待鑽井。這通過我們現有的戰略計劃提供了巨大的上升潛力，該計劃是在我們的庫存還不到該地點一半的時候設計的。

To grow beyond our current strategic plan, we need more evacuation capacity, which we have achieved this quarter. We have secured midstream and export evacuation capacity to deliver well above our 2026 production target. Based on our current capacity and the contract we have in place, we forecast to have 100,000 barrels of oil per day of prem evacuation capacity by the end of 2025. Finally, we have a solid balance sheet, with a very healthy leverage ratios, manageable debt maturities at a very competitive cost and relatively low share of cross-border debt.

為了超越我們當前的戰略計劃，我們需要更多的疏散能力，我們在本季度已經實現了這一目標。我們已確保中游和出口疏散能力，以遠高於 2026 年的生產目標。根據我們目前的產能和現有的合同，我們預計到 2025 年底將擁有每天 100,000 桶石油的預疏散能力。最後，我們擁有穩健的資產負債表，槓桿率非常健康，易於管理債務到期日成本極具競爭力，且跨境債務比例相對較低。

On the basis of our strong position, I am extending an invitation to a virtual Investor Day hosted by myself and the rest of Vista's executive team. During this event, which will take place on September 26, we will provide an update on our strategic plan and set new targets for 2026. We will provide further information on the event through our usual Investor Relations channel.

基於我們的強勢地位，我邀請您參加由我和 Vista 執行團隊其他成員主辦的虛擬投資者日活動。此次活動將於 9 月 26 日舉行，在此期間，我們將提供有關戰略計劃的最新信息，並設定 2026 年的新目標。我們將通過我們慣用的投資者關係渠道提供有關該活動的更多信息。

To wrap up and before we open the call to questions, I want to thank our employees for their relentless work during the quarter and also thank our investors for their continued support. We will now move to Q&A. Operator, please open the line.

最後，在我們開始提問之前，我要感謝我們的員工在本季度的不懈工作，並感謝我們的投資者的持續支持。我們現在進入問答環節。接線員，請開通線路。

(Operator Instructions) Our first question comes from the line of Bruno Montanari from Morgan Stanley.

（操作員說明）我們的第一個問題來自摩根士丹利的 Bruno Montanari。

So 2 questions on my end. One, just to confirm, so today, you have no more restrictions to export more to Chile. Is that correct, with the new evacuation capacity that was achieved? And wanted to know also if you have faced any problems with the rain. We have been reading that there has been some restrictions because of the rain. So just wondering if that affects your production and exports now at the beginning of the quarter.

我最後有兩個問題。第一，我想確認一下，今天，向智利出口更多產品不再受到限制。考慮到新的疏散能力，這是正確的嗎？還想知道您是否遇到過下雨的問題。我們了解到，由於下雨，出現了一些限制。因此，我想知道這是否會影響您在本季度初的生產和出口。

And then my second question is about the acceleration. It's very clear, Miguel, based on the presentation that you are in a very good position to potentially accelerate the growth, especially in the coming few years. So 2 items there. One, is there anything you can do already in 2023 that would perhaps make you and above -- a little bit above the 55,000 barrels per day target? And two, would you say the acceleration would come more on adding new equipment or doing things more efficiently and being able to drill and complete and tie in the pads faster than what you were doing today?

然後我的第二個問題是關於加速度。很明顯，米格爾，根據您的演示，您處於非常有利的位置，有可能加速增長，特別是在未來幾年。那裡有 2 件物品。第一，在 2023 年，您是否可以做一些事情，讓您略高於每天 55,000 桶的目標？第二，您是否認為加速會更多地來自於添加新設備或更高效地做事，以及能夠比您今天所做的更快地鑽孔、完成和綁紮墊片？

Bruno, thank you very much for the question. And starting with the first one, you're correct. I mean we don't have any restriction with the pipeline at Chile at the moment. The pipeline to Chile was shut down for 70 days. That pipeline passed below a river and the river bed moved, and the pipeline was a bit of surface that, therefore, they decided to have a check on the pipeline. And up at the moment, it's very -- I mean, it's very happy with the quality of the crude oil that we are sending. So I'm sure we will play some catch-up during the year, but that doesn't change the plan that we have for the year. And basically, we don't depend only from Chile. We have our exit through the Atlantic. So I don't see any issue with the slight problem that we have for Chile.

布魯諾，非常感謝你的提問。從第一個開始，你是對的。我的意思是，目前我們對智利的管道沒有任何限制。通往智利的管道被關閉70天。該管道經過河流下方，河床發生了移動，管道有點露出水面，因此他們決定對管道進行檢查。目前，我的意思是，它對我們發送的原油質量非常滿意。因此，我確信我們會在這一年中進行一些追趕，但這不會改變我們今年的計劃。基本上，我們不僅僅依賴智利。我們有穿過大西洋的出口。因此，我認為智利遇到的小問題沒有任何問題。

In terms of the acceleration for the CapEx of 2023, our current plan leave us with spare drilling and fracking capacity for Q4. We have done also our homework in terms of evacuation and streaming capacity. So we will have a fair treatment and evacuation capacity. But at the moment, we are not going to announce anything. So leave me the news to announce in September in the Investor Day. But thank you anyway for the question.

就 2023 年資本支出的加速而言，我們目前的計劃為我們在第四季度留下了備用鑽井和水力壓裂產能。我們在疏散和疏散能力方面也做了功課。這樣我們就會有公平的治療和疏散能力。但目前，我們不打算宣布任何事情。因此，請將九月投資者日宣布的消息留給我。但無論如何還是謝謝你的提問。

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

我們的下一個問題來自拉丁證券公司的羅德里戈·尼斯特（Rodrigo Nistor）。

I got 2 questions for you. So the first one, given the strategic capital expenditures initiatives we have outlined, what are the expectations for cash flow generation over the upcoming quarters?

我有 2 個問題要問你。因此，第一個問題，考慮到我們概述的戰略資本支出計劃，未來幾個季度現金流產生的預期是什麼？

And then another one on Aguila Mora. I mean following the successful results from the pilot project, are you planning to invest in the necessary infrastructure to connect the block and if you have an estimate on the required CapEx for that?

然後是阿吉拉·莫拉的另一件事。我的意思是，在試點項目取得成功之後，您是否計劃投資必要的基礎設施來連接該區塊，以及您是否對此所需的資本支出有估計？

Rodrigo, thank you very much for your question. Regarding the free cash flow for the second half, first, cash at the end of Q2 was close to $233 million. We're still seeing CapEx above cash generation in Q3, basically to the high drilling and completion activity and also the investment on upgrading facilities. In Q4, under the current plan, free cash flow, it will be positive again, okay? So that's related with your first question.

羅德里戈，非常感謝你的提問。關於下半年的自由現金流，首先，第二季度末的現金接近2.33億美元。我們仍然看到第三季度的資本支出高於現金生成，主要是由於大量的鑽探和完井活動以及升級設施的投資。第四季度，按照目前的計劃，自由現金流，會再次為正數，好嗎？這與你的第一個問題有關。

Related to Aguila Mora, first, let me tell you that we are super happy with the path that we put to complete 2 wells that we're landing in La Cocina and the other one in Middle Carbonate. Both of them were average wells of 2,500 meters and 44 stages. And they were tie-in, and they're performing 4% above Bajada del Palo Este type curve, and they've been producing for 60 days. So super happy with the news.

與 Aguila Mora 相關，首先，讓我告訴您，我們對完成位於 La Cocina 的 2 口井和位於中碳酸鹽岩的另一口井的路線非常滿意。兩口井均為平均井長2500米、44級。他們是搭配的，他們的表現比 Bajada del Palo Este 型曲線高出 4%，而且他們已經生產了 60 天。對這個消息非常高興。

Regarding evacuation, I think we are evacuating today through a neighbor operator. And it will be too early to give you an answer on what exactly we will do in terms of infrastructure for evacuation. But we are, at the moment, evaluating the result. We will continue monitoring those wells after the first 60 days, but it's very encouraging. I'm sure we will come with a plan soon.

關於疏散，我想我們今天是通過鄰居運營商疏散的。現在就我們將在疏散基礎設施方面具體做什麼工作給出答案還為時過早。但我們目前正在評估結果。我們將在前 60 天后繼續監測這些油井，但這是非常令人鼓舞的。我確信我們很快就會制定計劃。

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沃爾特·基亞維西奧（Walter Chiarvesio）。

We are seeing an encouraging improvement in productivity in oil production in Bajada del Palo Este. And I want -- I would like if you could develop a little bit more of that, what explains the improvement in productivity, just the geological characteristic of the block or change in techniques, drilling and completions, whatever, and if that implies that the productivity curve is changing the outlook for the whole company in terms of EUR per well and productivity looking forward. And linked to that, if the CapEx were focused on those other blocks rather than Bajada del Palo Este would be part of the acceleration program of the company in the near future. That's it for me.

我們看到 Bajada del Palo Este 的石油生產生產力取得了令人鼓舞的進步。我想——我希望你們能多開發一點，什麼可以解釋生產力的提高，只是區塊的地質特徵或技術、鑽井和完井的變化，等等，如果這意味著生產率曲線正在改變整個公司在每井歐元和未來生產率方面的前景。與此相關的是，如果資本支出專注於其他區塊而不是 Bajada del Palo Este，則將成為該公司在不久的將來加速計劃的一部分。對我來說就是這樣。

Thank you very much, Walter, for your question, and I love that question because probably Bajada del Palo Este results are the best news that we have during this year. I mean the result of Bajada del Palo Este compared with our original expectation are outstanding.

非常感謝沃爾特提出的問題，我喜歡這個問題，因為巴哈達德爾帕洛埃斯特的結果可能是我們今年最好的消息。我的意思是，與我們最初的預期相比，Bajada del Palo Este 的結果非常出色。

Just to give you, first, recap for everybody in Bajada del Palo Este. As you remember in Bajada del Palo Este, we drilled our first 2 wells to La Cocina more or less a year ago. Those 2 wells are performing 30% above Bajada del Palo Oeste type curve. Then we drilled Bajada del Palo Este-3 pad 1 well on the very eastern side of the block, 1 single well that lands in La Cocina, really looking for the limit of that block and we end up having a well. A very good economical well today that is performing 7% below Bajada del Palo Oeste type curve after 90 days of production.

首先，我想為大家回顧一下 Bajada del Palo Este 的情況。正如您所記得的，大約一年前，我們在巴哈達德爾帕洛埃斯特 (Bajada del Palo Este) 鑽探了第一批通往 La Cocina 的兩口井。這 2 口井的表現比 Bajada del Palo Oeste 型曲線高出 30%。然後我們在該區塊的最東側鑽了 Bajada del Palo Este-3 pad 1 井，這 1 口單井位於 La Cocina，真正尋找該區塊的極限，最終我們得到了一口井。今天是一口非常好的經濟井，在生產 90 天后，其表現比 Bajada del Palo Oeste 型曲線低 7%。

And probably the biggest and more important news related to this quarter is Bajada del Palo Este-2, 1 well on the center of Bajada del Palo Este block land in La Cocina, a length of 2,800 meters, only 47 stages was tied in April and is producing 70% about Bajada del Palo Oeste type curve after 80 days. This is a super well. It's producing 3,000 barrels oil per day of IP30. So I mean it will be probably ranked between the best wells that we have drilled in the area.

與本季度相關的最大、更重要的新聞可能是 Bajada del Palo Este-2，位於 La Cocina Bajada del Palo Este 區塊中心的 1 口井，長 2,800 米，4 月份僅 47 個賽段並列， 80 天后產生大約 Bajada del Palo Oeste 型曲線的 70%。這是一口超級井。它每天生產 3,000 桶石油，IP30。所以我的意思是，它可能會排在我們在該地區鑽探的最好的井之間。

So back to your question, Bajada del Palo Este, Bajada del Palo Oeste and [Oldelval] for us, represents today one development block. So of course, anything that is related to acceleration naturally will be done in those 3 blocks. As you know, I mean, with the treatment capacity connections between these 2 blocks is seamless for us because it's just internal pipeline that we have to lay. So yes, the focus of any acceleration program will include Bajada del Palo Este on it. So that is the answer.

回到你的問題，Bajada del Palo Este、Bajada del Palo Oeste 和 [Oldelval] 對我們來說代表了今天的一個開發區塊。當然，任何與加速相關的事情自然都會在這 3 個模塊中完成。如您所知，我的意思是，憑藉處理能力，這兩個區塊之間的連接對我們來說是無縫的，因為這只是我們必須鋪設的內部管道。所以，是的，任何加速計劃的重點都將包括 Bajada del Palo Este。這就是答案。

Walter, I don't know if I'm missing anything.

沃爾特，我不知道我是否遺漏了什麼。

No, it's just that the follow-up is -- would imply a lower lifting cost or -- sorry, drilling and transportation cost per barrel, taking this higher productivity curves in the future.

不，只是後續行動——將意味著更低的提升成本，或者——抱歉，每桶的鑽井和運輸成本，在未來採用更高的生產率曲線。

We are not updating our type curve. I mean this is -- as you know, we have -- our places have a statistical nature. So therefore, we continue having the same type curve for all this block. So we are not planning to do any upgrade of the type curve for the moment. Even though, yes, I mean, there are a few good wells.

我們不會更新我們的類型曲線。我的意思是，正如你所知，我們的地方具有統計性質。因此，我們繼續為所有該塊使用相同類型的曲線。所以我們暫時不打算對類型曲線進行任何升級。儘管如此，是的，我的意思是，有一些好井。

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銀行的瑞吉斯·卡多佐（Regis Cardoso）。

A couple of topics I wanted to touch on. A quick one first is, how do you compare guidance with the actual production and EBITDA so far in the first half of this year? I mean it appears you're probably lagging behind that guidance. Most likely, your production and EBITDA will increase in the upcoming quarters. But is it still the case that you believe the guide is in place? That's the first question.

我想談幾個話題。首先，您如何將今年上半年的指導與實際產量和 EBITDA 進行比較？我的意思是，看來您可能落後於該指導。最有可能的是，您的產量和 EBITDA 將在未來幾個季度增加。但您仍然相信該指南已經到位嗎？這是第一個問題。

The second question would be going back to the previous one, you just answered, Miguel, about the order of the development of the assets. You said you're thinking about everything around the Bajada del Palo as one field, right, one cluster. But does it imply -- I mean, where are the better opportunities? Is it in any specific window, in any specific fields that you prioritize? I mean, say, start with La Cocina in Bajada del Palo Oeste and then going to the others? Or can you do different targets simultaneously? So that will be the second question.

第二個問題回到上一個問題，米格爾，你剛才回答了關於資產開發順序的問題。你說過你正在將巴哈達德爾帕洛周圍的一切視為一個領域，對吧，一個集群。但這是否意味著——我的意思是，更好的機會在哪裡？是在您優先考慮的任何特定窗口、任何特定字段中嗎？我的意思是，從 Bajada del Palo Oeste 的 La Cocina 開始，然後再去其他地方？或者你可以同時做不同的目標嗎？這是第二個問題。

And then maybe if I may, just a quick third one. How do you expect the share of exports to grow in your sales? And how do you think that will affect your realization price in the future? I mean do you think Vista would capture more of the oil price upside, say, if Brent prices were to go up again? And is exporting still a preferred route, say, if oil prices were to come down, just to understand how do you balance realization prices with the growing share of exports?

如果可以的話，也許我可以快速講第三個。您預計出口在您的銷售額中所佔的份額將如何增長？您認為這將如何影響您未來的變現價格？我的意思是，如果布倫特原油價格再次上漲，您認為 Vista 是否會從油價上漲中獲益更多？比如說，如果油價下跌，出口仍然是首選途徑嗎？只是為了了解如何平衡變現價格與不斷增長的出口份額？

Regis, thank you for your question. Regarding the first part of your question, regarding guidance, we are coming in line with guidance on a realized price of $60 per barrel. And when you look at currently, our realized price also was around $65 per barrel. Of course, the cargo that we basically couldn't fit in, in Q2, it will be accounted in Q3 with higher Brent prices. So I mean for the whole year, that will have a positive impact in our P&L.

瑞吉斯，謝謝你的提問。關於你問題的第一部分，關於指導，我們將遵循每桶 60 美元的實際價格指導。目前來看，我們的實際價格也在每桶 65 美元左右。當然，我們在第二季度基本上裝不下的貨物，將在布倫特價格較高的第三季度進行核算。所以我的意思是，對於全年來說，這將對我們的損益產生積極影響。

Regarding development, again, I mean, just restating what I said before, Bajada del Palo Este, Bajada del Palo Oeste for us will be one development cluster and the main development cluster. As soon as we have -- I mean, with the new result of Bajada del Palo Este-2, I will say we should expect that Coirón Amargo Norte also will be coming part of that cluster as well. Bajada del Palo Este, we are developing La Cocina and Orgánico, when in Bajada del Palo Este, we are just focused in La Cocina for the moment. So this will be the main horizon that we will be developing in an acceleration plan.

關於發展，我的意思是，重申一下我之前所說的，Bajada del Palo Este、Bajada del Palo Oeste 對我們來說將是一個發展集群，也是主要的發展集群。一旦我們有了——我的意思是，隨著 Bajada del Palo Este-2 的新結果，我會說我們應該期望 Coirón Amargo Norte 也將成為該星團的一部分。 Bajada del Palo Este，我們正在開發 La Cocina 和 Orgánico，在 Bajada del Palo Este，我們目前只專注於 La Cocina。因此，這將是我們在加速計劃中開發的主要視野。

You have other questions. The other question was related to exports and percent. So when you look at Q2, we have -- our export percentage of our production was around 49%, and the realized price of export was around $68 per barrel. You should expect that this 49% going up to 55% or 60% since the fact that we are going to have -- we are going to be moving 1 cargo from Q2 to Q3. As you know, the Brent is performing better, and our discounts are lower. I mean we moved from a discount of $6. We expect Q3 to be around $5. We already saw $5 in this quarter. So I mean we are planning with prices for export around the similar level that we have last quarter. But yes, if the Brent perform better, it could be better. It could be slightly better. So this is what we are seeing.

您還有其他問題。另一個問題與出口和百分比有關。因此，當你看第二季度時，我們的產量中的出口比例約為 49%，出口的實現價格約為每桶 68 美元。你應該預計這個 49% 會上升到 55% 或 60%，因為我們將把 1 批貨物從第二季度轉移到第三季度。如您所知，布倫特原油表現更好，我們的折扣也更低。我的意思是我們取消了 6 美元的折扣。我們預計第三季度的價格約為 5 美元。本季度我們已經看到了 5 美元。所以我的意思是，我們計劃將出口價格設定為與上季度相似的水平。但是，是的，如果布倫特原油表現更好，情況可能會更好。可能會好一點。這就是我們所看到的。

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。

I have 2 questions. Maybe the first one has to do with lifting costs. You have been guiding lifting costs even below the current $5 per barrel for a time now, and it was great to see that happening this quarter. So just to understand if this acceleration over the last couple of quarters beyond the transfer of the assets to [Petrocon Cagua] if there something else that is explained in the accelerated reduction in lifting costs? That's the first question.

我有 2 個問題。也許第一個與提升成本有關。一段時間以來，你們一直在指導成本甚至低於當前每桶 5 美元，很高興看到本季度發生這種情況。因此，想了解過去幾個季度的加速是否超出了將資產轉移到 [Petrocon Cagua] 的範圍，是否還有其他原因可以解釋提升成本的加速降低？這是第一個問題。

Oriana, thank you for the question. Regarding lifting costs, yes, we come in from a running rate of $7.5 per barrel, and that was before this investment of our conventional assets. We saw $6.4 in Q1, and we are seeing $4.8 now. Of course, this $4.8 is taking full impact of the transfers of the conventional assets. As we continue increasing unconventional production, yes, we still see some potential and some upside that will be more related to the production growth that really reducing the OpEx side. But at the moment, we are keeping the guidance as it is. But yes, very encouraging result on the lifting cost side.

奧麗安娜，謝謝你的提問。關於提升成本，是的，我們的運行價格為每桶 7.5 美元，而且這是在我們的常規資產投資之前。第一季度我們看到的是 6.4 美元，現在我們看到的是 4.8 美元。當然，這4.8美元完全是傳統資產轉移的影響。是的，隨著我們繼續增加非常規產量，我們仍然看到一些潛力和一些上行空間，這些潛力和上行空間將與真正減少運營支出的生產增長更相關。但目前，我們仍保持原樣。但是，是的，在提升成本方面取得了非常令人鼓舞的結果。

That's very clear. And one last one. I noticed in your presentation that you would be transferring some of the capacity that you're currently using through Oldelval, the OTASA for the exports to Chile to the Vaca Muerta Norte instead of keeping the 2 alternative routes. So just perhaps to understand the rationale, if there's -- do you see any upside potential for keeping the 2 out open? Or if there's any -- what is driving the decision of moving volumes from one area to the other? Is it pricing-wise in terms of contracts? Any additional color on that end would be very much appreciated.

這非常清楚。還有最後一張。我在您的演示中註意到，您將把目前通過 Oldelval（用於向智利出口的 OTASA）使用的部分運力轉移到 Vaca Muerta Norte，而不是保留 2 條替代路線。因此，也許只是為了了解其基本原理，如果有的話，您是否認為保持 2 開放有任何上行潛力？或者，如果有的話，是什麼推動了將交易量從一個區域轉移到另一個區域的決定？合同方面的定價是否明智？如果有任何額外的顏色，我們將非常感激。

Thanks, Oriana. No, there's no competition between the 2 demands. The demand of Chile will be covered through Vaca Muerta Norte. One Vaca Muerta Norte is in line, and is recovering now through the rerouting that we did for La Escondida. So there's no competition between the 2 volumes. And basically, it outlined that we have -- the outlook that we have in terms of export is the one that we have mentioned. So no one of them is going to jeopardize the volume that we have one to other. And of course, I mean, importing to the pipeline is always more efficient. And we saw an impact in this quarter on Chile, reducing the trucking that we have towards the end of the quarter. That has also a positive impact.

謝謝，奧麗安娜。不，這兩個需求之間不存在競爭。智利的需求將通過 Vaca Muerta Norte 滿足。一艘 Vaca Muerta Norte 正在排隊，現在正在通過我們為 La Escondida 所做的改道而恢復。因此，兩卷之間不存在競爭。基本上，它概述了我們在出口方面的前景就是我們所提到的。因此，他們中的任何一個都不會危及我們彼此之間的數量。當然，我的意思是，導入到管道總是更高效。我們在本季度看到了對智利的影響，減少了我們在本季度末的貨運量。這也有積極的影響。

Great. That's very clear. And congratulations for these key milestones in midstream capacity.

偉大的。這非常清楚。祝賀中游產能取得這些關鍵里程碑。

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

現在，我想將會議轉回米格爾·加盧喬（Miguel Galuccio）做閉幕致辭。

Well, thank you very much, everybody, and looking forward to see you also on the 26th on the Investor call. Have a good day.

好的，非常感謝大家，也期待在 26 日的投資者電話會議上見到你們。祝你有美好的一天。

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。