Vista Energy SAB de CV (VIST) 2023 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vista's Third Quarter 2023 Earnings Webcast. (Operator Instructions). Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov's Strategic Planning and Investor Relations Officer. Please go ahead.

美好的一天，感謝您的支持。歡迎收看 Vista 2023 年第三季財報網路廣播。 （操作員說明）。請注意，今天的會議正在錄製中。我現在想將會議交給今天的發言人，亞歷杭德羅·切拉科夫 (Alejandro Cherang) 的策略規劃和投資者關係官員。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's Third 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 年第三季業績電話會議。我和 Vista 董事長兼執行長 Miguel Galuccio 一起來到這裡。 Pablo Vera Pinto，Vista 財務長；以及 Vista 的營運長 Juan Garoby。

Before we begin, I would like you 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. Our financial figures are stated in U.S. dollars and in accordance with International Financial Reporting Standards, IFRS.

在我們開始之前，我希望您注意我們在投影片 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有重大差異。我們的財務數據以美元表示，並符合國際財務報告準則 IFRS。

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 measure can be found in the earnings release that we issued yesterday. Please check our website for further information.

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。這些指標與最接近的國際財務報告準則指標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資訊。

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 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成的資本可變公司，在墨西哥證券交易所和紐約證券交易所註冊。我們在墨西哥證券交易所的股票代號為 VISTAA，在紐約證券交易所的股票代號為 VIST。

I will now turn the call over to Miguel.

我現在會把電話轉給米格爾。

Thanks, Ale. Good morning, everyone, and welcome to this earnings call. Today, I'm pleased to present our results for the third quarter of 2023 during which we record a strong growth on a sequential basis.

謝謝，艾爾。大家早安，歡迎參加本次財報電話會議。今天，我很高興公佈 2023 年第三季的業績，在此期間我們實現了環比強勁增長。

During Q3, we focused on drilling and completion activity in Bajada del Palo Oeste. This led to a sequential growth in both oil and total production that allow us to largely replace the production from the conventional assets with (inaudible) Q1 2023.

第三季度，我們將重點放在 Bajada del Palo Oeste 的鑽井和完井活動。這導致石油和總產量持續成長，使我們能夠在 2023 年第一季（聽不清楚）很大程度上取代傳統資產的產量。

Total production reached 49,500 BOEs per day during the third quarter, which was 6% above Q2. Oil production was 41,500 barrels per day, 6% above Q2. Total revenues during the quarter were $290 million, 25% above the previous quarter. Lifting cost was $4.8 per BOE, reflecting our successful strategy to fully focus on our higher-margin, lower carbon and short-cycle shale oil assets.

第三季總產量達到每天 49,500 個 BOE，比第二季成長 6%。石油產量為每天 41,500 桶，比第二季增加 6%。該季度總營收為 2.9 億美元，比上一季成長 25%。每桶油的提升成本為 4.8 美元，反映出我們完全專注於利潤率更高、碳排放更低和短週期頁岩油資產的成功策略。

Capital expenditure was $181 million, mainly driven by 11 well drilled and 12 wells completed during the quarter. In Q3 2023 adjusted EBITDA was $226 million, a sequential increase of 49% on the back of revenue growth and flat lifting costs. Adjusted net income was $123 million, implying a quarterly adjusted EPS of $1.30 per share.

資本支出為 1.81 億美元，主要由本季鑽探的 11 口井和完井的 12 口井推動。 2023 年第三季度，調整後 EBITDA 為 2.26 億美元，由於營收成長和成本持平，季增 49%。調整後淨利潤為 1.23 億美元，意味著季度調整後每股收益為 1.30 美元。

We recorded negative free cash flow of $43 million during the quarter. This was mainly driven by a temporary increase in working capital that impacted cash flow from operation activities. Finally, the net leverage ratio at quarter end was a solid 0.7x adjusted EBITDA. I will now deep dive into our main operational and financial metrics.

本季我們的自由現金流為負 4,300 萬美元。這主要是因為營運資金暫時增加影響了經營活動現金流。最後，季末的淨槓桿率為調整後 EBITDA 的 0.7 倍。我現在將深入探討我們的主要營運和財務指標。

Total production during Q3 2023 was 49,500 BOEs per day, down 2% on an interannual basis. This is explained by 2 factors. First, the transfer of the conventional assets reduced our production by almost 6,000 BOEs per day. On a pro forma basis, adjusting for the Trumper asset, total production grew 12% year-over-year. Second, transportation capacity limited our production growth during the first semester. This has been unlocked in soon as we started exporting oil via pipeline to Chile. Our development plan during 2023 was therefore backloaded in terms of new wealth connections.

2023 年第三季的總產量為每天 49,500 個 BOE，年減 2%。這可以透過兩個因素來解釋。首先，常規資產的轉移使我們每天的產量減少了近6,000桶油當量。根據預計，對 Trumper 資產進行調整後，總產量年增 12%。二是運輸能力限制了上半年生產成長。當我們開始透過管道向智利出口石油時，這一點就被解鎖了。因此，我們2023年的發展計畫在新的財富連結方面有所延遲。

The tie-in of 12 new wells in Bajada del Palo Este during the third quarter led to a sequential growth of 6% in total production. Moreover, the monthly breakdown reflects a solid ramp up during the quarter with 53,000 BOEs per day of total production during September 2023.

第三季巴哈達德爾帕洛埃斯特的 12 口新井的併網導致總產量環比增長 6%。此外，每月細分反映出該季度的穩定成長，2023 年 9 月期間每天的總產量為 53,000 個 BOE。

Production ramp-up started in August as the tie-in of Bajada del Palo Este 16 and Bajada del Palo Este 17, coresponding to the cube development pilot we were running in Bajada del Palo Este was delayed to late July.

由於 Bajada del Palo Este 16 和 Bajada del Palo Este 17（與我們在 Bajada del Palo Este 運行的立方體開發試點相對應）的搭配被推遲到 7 月下旬，產量於 8 月開始增加。

During the third quarter of 2023, we made solid progress in Bajada del Palo Este , where we focus the activity of our 2 drilling rigs after finalizing the pilots in Aguila Mora and Bajada Palo Este in Q2. This led to 12 new wells connected during the quarter passed by Bajada Palo Este 16, 17 and 18. Additionally, 4 well Bajada Palo Este 19, which was completed in September, was tie-in October and is showing very solid productivity.

2023 年第三季度，我們在 Bajada del Palo Este 取得了紮實進展，在第二季度完成了 Aguila Mora 和 Bajada Palo Este 的試點工作後，我們重點關注了 2 個鑽機的活動。這使得本季連接了 12 口新井，包括 Bajada Palo Este 16、17 和 18。此外，9 月完工的 4 口 Bajada Palo Este 19 井已於 10 月並網，並顯示出非常穩定的生產力。

We also finished drilling Bajada Palo Este 20, a 3-well pad with all the wells targeting La Cocina. This path is currently under completion and is scheduled to be tie-in during November.

我們還完成了 Bajada Palo Este 20 的鑽探，這是一個 3 井平台，所有井都瞄準 La Cocina。這條道路目前正在竣工，計劃於 11 月投入使用。

Finally, we are currently drilling 4-well pad in Bajada Palo Este 21, which we plan to complete and connect before year-end. We expect to tie in a total of 23 new wells during the second semester, driving further production growth. We forecast total production of Q4 2023 at 60,000 BOEs per day with an exit rate of 65,000 BOEs per day.

最後，我們目前正在 Bajada Palo Este 21 鑽探 4 井平台，計劃在年底前完成並連接。我們預計第二季將共投產23口新井，推動產量進一步成長。我們預計 2023 年第四季的總產量為每天 60,000 桶油當量，退出率為每天 65,000 桶油當量。

The tie-in of 23 new wells during the second semester is in line with our activity guidance for the year and true well above the original guidance. On an annualized basis, this is an activity target we set for 2024 during our last Investor Day, reflecting our capability to deliver 46 new wells per year.

第二學期的23口新井的搭配符合我們今年的活動指導，並且遠高於最初的指導。按年計算，這是我們在上一次投資者日期間為 2024 年設定的活動目標，反映了我們每年交付 46 口新井的能力。

During Q3, we also made solid progress to increase midstream capacity. We completed the upgrade of our crude oil treatment plan, leading to a total capacity of 70,000 barrels of oil per day. Stage 1 of Oldelval expansion is well advanced with 7,500 barrels of oil per day of trunk pipeline capacity already available for Vista and another 5,000 barrels per day planned for mid-2024.

第三季度，我們在增加中游產能方面也取得了紮實進展。完成原油處理方案升級，總處理能力達7萬桶/日。 Oldelval 擴建的第一階段進展順利，Vista 幹線管道產能已達到每天 7,500 桶石油，並計劃在 2024 年中期再提供 5,000 桶石油。

The Vaca Muerta Norte pipeline is on track to be commissioned before year-end. This is expected to add another 12,500 barrels of oil per day of strong pipeline capacity for Vista. Expansions to our oil treatment capacity and transportation capacity constitute key inhibitors through our updated strategic plan, which has a production target of 70,000 BOEs per day for 2024 and 100,000 BOEs per day for 2026.

Vaca Muerta Norte 管道預計將在年底前投入使用。預計這將為 Vista 的強大管道輸送能力再增加 12,500 桶/日石油。透過我們更新的策略計劃，我們的石油處理能力和運輸能力的擴張構成了關鍵的抑制因素，該計劃的產量目標是2024年每天7萬桶油當量和2026年每天10萬桶油當量。

Total revenues in Q3 2023 were $290 million, 13% down year-over-year and 25% above Q2 2023 on the back of higher export volumes and oil realization prices. Rallied oil price for the quarter averaged $67.6 per barrel, down 12% year-over-year and 5% above the previous quarter. The average realized domestic price was $61.70 per barrel, while the realized export price was $74.9 per barrel.

由於出口量和石油變現價格增加，2023 年第三季的總營收為 2.9 億美元，年減 13%，較 2023 年第二季成長 25%。本季油價上漲，平均每桶 67.6 美元，年減 12%，季減 5%。國內平均實現價格為每桶 61.70 美元，而出口實現價格為每桶 74.9 美元。

Domestic crude oil prices were impacted by the drop in prices to $56 per barrel again following the devaluation of the Argentinian peso from August 14 until the end of October. This led to approximately $5 million of lower adjusted EBITDA during Q3 2023.

8月14日至10月底，阿根廷比索貶值，國內原油價格再次跌至56美元/桶。這導致 2023 年第三季調整後 EBITDA 減少約 500 萬美元。

Sales to export markets accounted for 55% of our volume and 61% of oil revenues. We supported 2.2 million barrels of oil composed by 4 cargoes through the Atlantic, including the cargo deferred from Q2 and 0.4 million barrels by pipeline to Chile. Realized gas prices decreased 24% interannually to $3.3 per million of BTU mainly driven by lower price paid by clients in industrial segment. The sequential decline in realized gas prices was driven by lower gas export volumes.

出口市場的銷售占我們銷售的 55% 和石油收入的 61%。我們支持了由四批貨物組成的220萬桶石油通過大西洋，包括第二季推遲的貨物和通過管道運往智利的40萬桶石油。實際天然氣價格年減 24% 至每百萬 BTU 3.3 美元，主要是由於工業領域客戶支付的價格較低。天然氣實際價格連續下降是由於天然氣出口量下降所致。

Lifting cost was $21.9 million for the quarter, a 37% decrease vis-a-vis Q3 2022. Lifting costs per BOE was $4.80, 35% below the same quarter of last year. These results continue to reflect the positive impact of our new operating model, fully focused on our shale assets following the transfer of the conventional asset in the first quarter of the year. We expect a similar lifting cost performance during Q4.

本季的吊掛成本為 2,190 萬美元，較 2022 年第三季下降 37%。每個 BOE 的吊掛成本為 4.80 美元，比去年同期下降 35%。這些結果繼續反映了我們新營運模式的正面影響，在今年第一季轉讓常規資產後，我們完全專注於頁岩資產。我們預期第四季的成本效益會出現類似的提升。

On this basis, we are on track to outperform our full year lifting cost guidance by around 5% with a forecast of approximately $5.2 per BOE for the year. Adjusted EBITDA for the quarter was $226 million, a slight decline of 3% year-over-year. The interannual decrease in revenues was almost fully offset by the lower lifting costs and $20 million of other income generated by the JV with Trafigura.

在此基礎上，我們預計全年成本提升指導將超出 5% 左右，預計今年每桶油當量約為 5.2 美元。該季度調整後 EBITDA 為 2.26 億美元，年比小幅下降 3%。收入的年際下降幾乎完全被吊裝成本的降低以及與托克合資企業產生的 2000 萬美元其他收入所抵消。

We connected the last 12 wells under the JV during the quarter. During Q3 2023, we recorded a strong sequential expansion of margins. Adjusted EBITDA margin was 78%, an increase of 12 percentage points vis-a-vis Q2. Additionally, we recorded a netback of $49.8 per BOE, 39% above the previous quarter. These results were mainly driven by savings in lifting costs, additional sales volumes and other income from the JV with Trafigura.

本季我們連接了合資公司的最後 12 口井。 2023 年第三季度，我們的利潤率連續強勁擴張。調整後 EBITDA 利潤率為 78%，較第二季增加 12 個百分點。此外，我們記錄了每桶油當量的淨回值 49.8 美元，比上一季高出 39%。這些業績主要得益於提升成本的節省、銷售量的增加以及與托克合資企業的其他收入。

We expect adjusted EBITDA to be between $215 million and $230 million in Q4, noting that Q4 will not include income from the JV with Trafigura. Also that there is uncertainty around the realized oil prices, both on the domestic Medanito and international benchmark.

我們預計第四季度調整後的 EBITDA 將在 2.15 億美元至 2.3 億美元之間，並指出第四季度將不包括與托克合資企業的收入。此外，國內 Medanito 和國際基準的實際油價都存在不確定性。

During Q3 2023, cash from operating activities was $170 million, reflecting income tax payments of $22 million and a temporary increase in working capital of $66 million. Cash flow used in investing activities was $161 million, in line with the capital expenditures of $181 million for the quarter.

2023 年第三季度，經營活動產生的現金為 1.7 億美元，其中所得稅繳納 2,200 萬美元，營運資本暫時增加 6,600 萬美元。用於投資活動的現金流量為 1.61 億美元，與本季 1.81 億美元的資本支出一致。

During Q3 2023, we recorded negative free cash flow of $43 million. We issued a dollar-linked bond for $70 million at a very competitive term, 5-year bullet maturity and 0.99 coupons. We also repaid $22.5 million corresponding to the final installment of our SDK loan, further reducing the share of our cross-border U.S. dollar debt. Net leverage ratio stood at 0.7x adjusted EBITDA at quarter end. Finally, cash at the end of the period was $174 million.

2023 年第三季度，我們的自由現金流為負 4,300 萬美元。我們發行了 7000 萬美元的美元掛鉤債券，期限非常有競爭力，期限為 5 年，票息為 0.99。我們還償還了 SDK 貸款最後一期的 2,250 萬美元，進一步減少了我們跨境美元債務的份額。季度末淨槓桿率為調整後 EBITDA 的 0.7 倍。最後，期末現金為 1.74 億美元。

To conclude this call, I will summarize today's key messages. During Q3 2023, we made robust progress in Bajada del Palo Este. The tie-in of 12 new wells leave us well on track to deliver 31 tie-ins for the year. This activity increase has led to a substantial production ramp-up during the quarter.

為了結束這次電話會議，我將總結今天的關鍵訊息。 2023 年第三季度，我們在 Bajada del Palo Este 取得了強勁進展。 12 口新井的連接使我們有望在今年交付 31 口連接井。這一活動的增加導致本季產量大幅增加。

Considering that another 11 wells tie in are scheduled for Q4, we are forecasting 60,000 BOEs per day of total production during such quarter. This could leave us well placed to achieve our 70,000 BOEs per day target during 2024.

考慮到第四季計畫再投產 11 口井，我們預計該季度每天的總產量為 60,000 BOE。這將使我們能夠在 2024 年實現每天 70,000 個 BOE 的目標。

We have made solid progress in increasing treatment and transportation capacity, which are key pillars of our growth plan. Our oil treatment plant has recently been upgraded to 70,000 barrels oil per day. The Oldelval expansion has recently added 7,500 barrels of trunk pipeline capacity for Vista, which will be increased further by the Baca Amargo Norte project and the completion of the second part of Stage 1 of Oldelval expansion.

我們在增加處理和運輸能力方面取得了紮實進展，這是我們成長計畫的關鍵支柱。我們的石油處理廠最近已升級至每天處理 70,000 桶石油。 Oldelval 擴建項目最近為 Vista 增加了 7,500 桶幹線管道容量，Baca Amargo Norte 項目和 Oldelval 擴建項目第一階段第二部分的完成將進一步增加這一容量。

Finally, we recorded strong financial metrics reflected by earnings per share of $1.30 and adjusted EBITDA margin of 78%. To wrap up and before we open the call for questions, I wish to thank our employees for their hard work and commitment during the quarter. I also thank our stockholders for their continued trust in our company. We will now move to Q&A. Operator, please open the line.

最後，我們記錄了強勁的財務指標，每股盈餘為 1.30 美元，調整後 EBITDA 利潤率為 78%。最後，在我們開始提問之前，我要感謝我們的員工在本季的辛勤工作和奉獻精神。我還要感謝我們的股東對我們公司的持續信任。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 Rodrigo Nistor from Latin Securities.

（操作員說明）。我們的第一個問題來自拉丁證券公司的羅德里戈·尼斯特（Rodrigo Nistor）。

Congrats on the results. So I have 2 questions. Here Argentina's current political and microgaming landscape, how do you anticipate the trajectory of domestic prices? And then also, what are your expectations regarding discounts on export prices and how you're positioning to optimize profitability in these conditions.

祝賀結果。所以我有兩個問題。鑑於阿根廷當前的政治和微型博彩格局，您如何預測國內價格的趨勢？此外，您對出口價格折扣的期望是什麼，以及您如何定位以在這些條件下優化獲利能力。

Rod, thank you for your question. Look at pricing going forward, we are seeing first pool important we are seeing port pricing with upside at least of $2 or $3 more than Q2 as a consequence of higher brand. And also, we believe the discount of our export pricing will be probably for Q4 below probably $2 to $3.

羅德，謝謝你的提問。看看未來的定價，我們看到第一個池很重要，由於品牌更高，我們看到港口定價比第二季度上漲至少 2 或 3 美元。此外，我們認為第四季度的出口定價折扣可能會低於 2 至 3 美元。

In terms of local prices, October, we are still selling at $56 per barrel. November and December, we are under negotiation with the refineries. The gap today between export parity and domestic prices is around 40% therefore, the local market needs to start to normalize. Definitely, the normalization, it will be very important to drive investment in Banca Morta and generate more volumes for the country. So I expect that November and December, there should be a push for normalization in the local market.

就當地價格而言，10 月我們仍以每桶 56 美元的價格出售。 11月和12月，我們正在與煉油廠進行談判。目前出口平價與國內價格之間的差距約為 40%，因此，當地市場需要開始正常化。當然，正常化對於推動 Banca Morta 的投資並為該國創造更多的交易量非常重要。因此，我預計 11 月和 12 月應該會推動當地市場的正常化。

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）。

Congratulations for the results. My question is regarding the differential FX scheme that the government has introduced for the oil and gas companies. What is the impact for the fourth quarter? And what do you think this could evolve actually for the fourth quarter because you have the elections in the middle and if you think that this could continue in the first quarter or second quarter next year, what are your view about it?

祝賀結果。我的問題是關於政府為石油和天然氣公司推出的差價外匯計劃。對第四季有何影響？您認為這種情況在第四季度實際上會發生什麼變化，因為中間有選舉，如果您認為這種情況可能會在明年第一季或第二季繼續下去，您對此有何看法？

Walter, thank you for your question. Yes, this program that we call on oil and gas dollar. We include in the program export for an equivalent of $135 million, which we liquidate 75% through the Central Bank and 25% through the blue-chip swap. That will generate for us an additional revenues of around $55 million. And our calculation in financial income, we expect around a net income impact between $10 million and $30 million.

沃特，謝謝你的提問。是的，這個計劃我們稱之為石油和天然氣美元。我們將相當於 1.35 億美元的出口納入計畫中，其中 75% 透過中央銀行清算，25% 透過藍籌互換清算。這將為我們帶來約 5500 萬美元的額外收入。根據我們對財務收入的計算，我們預計淨利潤影響約為 1000 萬至 3000 萬美元。

Regarding the continuation of this program after elections, to be honest with you, I don't know. It will all depend more on the macroeconomical program that the next president put in place.

關於選舉後該計劃是否繼續，說實話，我不知道。這將更取決於下一任總統實施的宏觀經濟計劃。

And a follow-up question, if I may, is how this dynamic is impacting your production cost vis-a-vis higher revenues due to the differentiated currency. In terms of margin, looking for, what I mean. I guess that for the fourth quarter, the pressure on cost of notes may be higher, I guess.

如果可以的話，接下來的問題是，相對於差異化貨幣帶來的更高收入，這種動態如何影響您的生產成本。就保證金而言，尋找，我的意思是。我猜第四季票據成本的壓力可能會更大。

No, Walter. I don't think it will impact our margins, not at all. I think this will be more related to financial income, but not the margin per se.

不，沃特。我認為這不會影響我們的利潤率，一點也不。我認為這將更多地與財務收入相關，但與利潤率本身無關。

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 have 3. If we could go one by one, that would be great. The first one is just a follow-up on the expected volumes for the fourth quarter. Recalling the guidance that you have set for 2023, 55,000 barrels per day, it seems that you might be running a tad behind with 60,000 barrels per day expected for the fourth quarter. So I just wanted to understand if we should perhaps expect a lower production number for the full year? And what could additional drivers be there for increased volumes . That would be the first one.

這是奧莉安娜·科沃特和巴蘭茲。我有3個。如果我們能一一去，那就太好了。第一個只是第四季預期銷售的後續。回想一下你們為 2023 年設定的指導方針，即每天 55,000 桶，似乎你們可能有點落後於第四季度每天 60,000 桶的預期。所以我只是想知道我們是否應該預期全年產量會降低？增加銷量的額外驅動因素是什麼？那將是第一個。

Thank you, Oriana for your question. Look so let me first target recap of Q3. So Q3 production in barrel of oil equivalent was 49,500 barrels of oil equivalent per day. It was pretty much flat with last year and quarter-on-quarter, were 6% increase. In terms of oil production was 41.5%. So that was driven by the timing of the 2 wells, as I explained in the call from Bajada del Palo Este, and we have the delay of the timing of the cube to (inaudible) is supposed to be tie-in early July, and that was basically the delay that we are having and the shortage that we're having on production.

謝謝奧麗安娜的提問。讓我先對第三季進行目標回顧。因此，第三季產量（以桶油當量計算）為每天 49,500 桶油當量。與去年基本持平，季增 6%。石油產量佔41.5%。因此，這是由 2 口井的時間驅動的，正如我在 Bajada del Palo Este 的電話中解釋的那樣，我們將立方體的時間延遲到（聽不清）應該是在 7 月初，並且這基本上是我們遇到的延誤和生產短缺的問題。

On a pro forma basis, and this is basically after the transfer of conventional assets, the production increased year-on-year 12%. And if you look at the monthly breakdown in July, we were 45.6% barrels of oil per day, 49,000 barrels per day in August and 53,000 barrel oil per day in September.

按預計，這基本上是常規資產轉讓後的產量年增12%。如果你看一下 7 月份的月度細分，你會發現每天的石油產量為 45.6%，8 月份為每天 49,000 桶，9 月份為每天 53,000 桶石油。

So in Q4, we will connect additional 11 wells, which we expect to be more or less a 60,000 barrel oil per day by Q4 average. So our exit rate in order to be 60 average, you can assume that it will be probably around 65 barrel oil per day equivalent. This will leave us well on track to deliver our 70,000 barrel of oil equival in per day average for the next -- of the next year '24 as we have defined a target.

因此，在第四季度，我們將額外連接 11 口油井，我們預計到第四季平均每天將生產 60,000 桶石油。因此，我們的退出率要達到平均 60，您可以假設它可能約為每天 65 桶石油當量。這將使我們能夠在明年 24 年平均每天交付 70,000 桶石油當量，因為我們已經確定了目標。

So I think this is pretty much what explained. And the only delay that we have in production was, as explained, coming from Q.

所以我認為這已經解釋得差不多了。正如所解釋的，我們生產中唯一的延遲來自 Q。

Yes. That's great. Just another one, an understanding the natural gas businesses is rather marginal to test. But just I would notice this decrease in prices for the industrial segment. So is there any color that you can share on this regard vis-a-vis the plan gas prices that they were very differentiated.

是的。那太棒了。另一個問題是，對天然氣業務的了解是相當微不足道的。但我會注意到工業領域價格的下降。那麼，在這方面，您可以分享一下與計劃汽油價格差異很大的情況嗎？

Yes, no additional color as to everything that you know, I mean, commercial gas prices were lower due to the Argentina current situation and the valuation and so on, no more to read into.

是的，就你所知道的一切而言，沒有額外的色彩，我的意思是，由於阿根廷目前的情況和估值等原因，商業天然氣價格較低，無需更多解讀。

Okay. And just one last one. Regarding the working capital drag for your free cash flow generation and any impact in terms of the increase in receivables that we saw quarter-over-quarter. Is this normalizing already through early fourth quarter?

好的。還有最後一張。關於營運資金對自由現金流產生的拖累以及我們看到的季度環比應收帳款增加的任何影響。第四季初這種情況是否已經正常化？

It normalized. As you know, I mean, this is the effort that basically was delayed the collection from September to October and is normalized.

它正常化了。如你所知，我的意思是，這是基本上將收集從 9 月推遲到 10 月並正常化的努力。

Our next question comes from the line of Matias Tostes from Citi.

我們的下一個問題來自花旗銀行的 Matias Tostes。

Congratulations for the results. I'd just like to hear some of your thoughts regarding the devaluation after the peso and how is that playing vis-a-vis your lifting costs? And how do you think that that could move forward, especially after the elections, if there's another devaluation to.

祝賀結果。我只是想聽聽您對比索貶值的一些想法，以及相對於您的提升成本而言，這種貶值有何影響？您認為如果貨幣再次貶值，這種情況會如何發展，特別是在選舉之後。

Mateos, thank you for your question. Look a devaluation could help to reduce lifting costs marshall. And we always -- after the devaluation, we have an impact on expenditures and particular lifting costs that, of course, in the different cycles of Argentina start to catch up again. And I think you can assume that in a period of a year, usually have a neutral effect. But the main impact on listing cost reduction will come from production increase as we have seen and demonstrated many times in the past, and we will start to see partially that impact in Q4. So if you have to basically put an impact in lifting costs, you should look at a production increase. That is what you're going to derive the lifting cost down.

馬特奧斯，謝謝你的提問。看起來貨幣貶值可能有助於降低馬歇爾的舉升成本。在貶值之後，我們總是對支出和特別是提升成本產生影響，當然，在阿根廷的不同周期中，這些影響又開始再次迎頭趕上。我認為你可以假設在一年的時間內，通常會產生中性影響。但上市成本降低的主要影響將來自產量的增加，正如我們過去多次看到和證明的那樣，我們將在第四季度開始部分看到這種影響。因此，如果您必須從根本上對提升成本產生影響，那麼您應該考慮增加產量。這就是您將降低提升成本的原因。

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

謝謝。現在我想將電話轉回給米格爾·加盧喬（Miguel Galuccio），讓其致閉幕詞。

Well, thank you very much. It was a good quarter. I would like to continue thanking you for the support and the participation on those calls and looking forward to see you in Q4. Have a very good day.

好的，謝謝。這是一個美好的季度。我想繼續感謝您對這些電話會議的支持和參與，並期待在第四季度見到您。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。您現在可以斷開連線。