Vista Energy SAB de CV (VIST) 2024 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Vista's First Quarter 2024 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 2024 年第一季財報網路廣播電話會議。 （操作員指示）請注意，今天的會議正在錄製中。

I would now like to go ahead and turn it over to your speaker, Alejandro Cherñacov, Vista's Strategic Planning and IRO.

現在我想把它交給您的發言人，Vista 戰略規劃和 IRO 的 Alejandro Cheréacov。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's First Quarter of 2024 Results Conference Call. I am here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto, Vista's CFO; and Juan Garoby, Vista's COO. Before we begin, I would like to draw your attention to our cautionary statement on Slide 2.

謝謝。大家，早安。我們很高興歡迎您參加 Vista 2024 年第一季業績電話會議。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。在開始之前，我想提請您注意投影片 2 上的警告聲明。

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.

請注意，我們今天的言論，包括對您問題的回答，可能包含前瞻性陳述。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。

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 measure 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 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 A in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange.

我們公司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。我們的股票代號在墨西哥證券交易所 (Bolsa Mexicana de Valores) 為 VISTA A，在紐約證券交易所 (New York Stock Exchange) 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. During the first quarter of 2024, we made good progress towards delivering on annual guidance with solid operational and financial performance. Total production was 55,000 BOEs per day for the quarter, up 40% year-over-year on a pro forma basis.

謝謝，艾爾。大家早安，歡迎參加本次財報電話會議。 2024 年第一季度，我們在實現年度指引方面取得了良好進展，營運和財務表現穩健。本季總產量為每天 55,000 個 BOE，預計將年增 40%。

Oil production was 47,300 barrels per day, 15% above previous quarter also on a pro forma basis. Total revenue during the quarter were $317 million, flat year-over-year. We maintained lifting cost flat vis-a-vis the previous quarter at $4.3 per BOE, reflecting the full consolidation of our new operational model following the transfer of the conventional assets.

預計石油產量為 47,300 桶/日，較上一季成長 15%。該季度總營收為 3.17 億美元，與去年同期持平。我們將成本維持在每桶油當量 4.3 美元，與上一季持平，這反映出我們在傳統資產轉移後新營運模式的全面整合。

In Q1 2024, capital expenditure was $242 million, mainly driven by 12 wells drilled and 11 wells completed during the quarter. Adjusted EBITDA was $221 million, 8% above year-over-year, supported by lower lifting costs amidst stable revenues. Adjusted net income was $47 million, implying a quarterly adjusted EPS of $0.50 per share.

2024 年第一季度，資本支出為 2.42 億美元，主要由本季鑽探的 12 口井和完井的 11 口井推動。調整後 EBITDA 為 2.21 億美元，較去年同期成長 8%，這得益於穩定的收入和較低的提升成本。調整後淨利潤為 4,700 萬美元，意味著季度調整後每股收益為 0.50 美元。

Free cash flow was negative at $84 million during the quarter, driven by the ramp-up of our drilling and completion pace, which will boost production over the coming quarters. Net leverage ratio at quarter end was a solid 0.58x adjusted EBITDA. I will now deep dive into our main operational and financial metrics of the quarter.

由於鑽探和完井進度加快，本季自由現金流為負數 8,400 萬美元，將提高未來幾季的產量。季末淨槓桿率為調整後 EBITDA 的 0.58 倍。我現在將深入探討本季的主要營運和財務指標。

Total production during the quarter was 55,000 BOEs per day, a 14% increase compared to last year on a pro forma basis, adjusting by the production of the transfer conventional assets. Without such adjustments, total production grew 5% year-over-year, evidencing that we have fully offset the impact of that transaction.

本季的總產量為每天 55,000 個 BOE，以預期標準計算，與去年相比成長 14%（根據轉讓常規資產的產量進行調整）。如果不進行此類調整，總產量年增 5%，這證明我們已完全抵消了該交易的影響。

On a sequential basis, total production declined slightly as the wells connected during the quarter only started impacting production in late March. Oil production increased 15% year-over-year on a pro forma basis or 7% without such assessment. Natural gas production increased 8% compared to Q1 2023 on a pro forma basis.

從環比來看，總產量略有下降，因為本季連接的油井直到 3 月底才開始影響產量。按預計，石油產量年增 15%；如果沒有此類評估，石油產量年增 7%。預計天然氣產量較 2023 年第一季成長 8%。

In line with our annual work program, we tie in 11 new wells during the quarter, 3 in mid-February and 8 in March. This activity had little impact on Q1 production but will boost Q2 production. We are currently producing 62,000 BOEs per day and have tie-in a 3 well pad in Bajada Palo Oeste last week, the first part of Q2.

根據我們的年度工作計劃，我們在本季度連接了 11 口新井，其中 3 口在 2 月中旬，8 口在 3 月。這項活動對第一季的產量影響不大，但將提高第二季的產量。目前，我們每天生產 62,000 個 BOE，並在上週（第二季度的第一部分）在 Bajada Palo Oeste 綁定了 3 個井場。

We forecast a double-digit production growth on a sequential basis during Q2. We also reiterate our production guidance of 68,000 to 70,000 BOE per day for the year. I will now share exciting news. We recently signed an agreement to secure an import a third highest back rig to Argentina. This rig is scheduled to start operating in our development hub during the second semester, replacing an on-call high-spec (inaudible) currently working in our operation to frontload the 2024 drilling activity.

我們預計第二季產量將季增兩位數。我們也重申今年的產量指引為每天 68,000 至 70,000 桶油當量。我現在將分享令人興奮的消息。我們最近簽署了一項協議，確保向阿根廷進口第三高的背部鑽孔機。該鑽機計劃於第二學期在我們的開發中心開始運營，取代目前在我們運營中工作的待命高規格（聽不清楚）鑽機，以提前完成 2024 年的鑽探活動。

This will allow us to deliver 4 to 8 additional new well tie-ins during the 2024 in addition to the 46 wells in our current work program. We expect this to drive an improvement in our Q4 2024 production forecast to about 85,000 BOE per day. By adding one fully dedicated rig, we expect to provide an upward revision of both our activity and production guidance for 2025 once the rig is operational.

這將使我們能夠在 2024 年除了目前工作計畫中的 46 口井之外，再交付 4 到 8 口新的連接井。我們預計這將推動 2024 年第四季的產量預測提高至每天約 85,000 桶油當量。透過增加一台完全專用的鑽孔機，我們預計一旦鑽孔機投入運行，我們將向上修訂 2025 年的活動和生產指南。

During Q1 2024, we recorded a solid improvement in our organization prices, which were up 6% year-over-year for an average of $70.3 per barrel during the quarter. Fertilize oil prices were $69.3 per barrel to domestic customers. Realized oil prices from export market were $74 per barrel. Combining sales to international buyers and domestic buyers paying export parity, 57% of our total sales were sold at export parity.

2024 年第一季度，我們的組織價格大幅改善，該季度年增 6%，平均價格為每桶 70.3 美元。國內客戶的化肥油價為每桶 69.3 美元。出口市場實際油價為每桶 74 美元。結合對國際買家和支付出口平價的國內買家的銷售，我們總銷售額的 57% 是按出口平價出售的。

During the quarter, total revenues were stable year-over-year. This reflects a temporary buildup in our oil inventory compared to a reduction in Q1 2023. Lifting cost was $21.6 million for the quarter, a 28% decrease compared to the same quarter last year. Lifting costs per BOE was $4.30, a decrease of 33% compared to Q1 2023 and flat with respect to the previous quarter.

本季總營收年增。這反映出與 2023 年第一季的減少相比，我們的石油庫存暫時增加。每桶油當量的提升成本為 4.30 美元，比 2023 年第一季下降 33%，與上一季持平。

This reflects the consolidation of our new operating model, fully focused on our shale oil assets following the transfer of the conventional assets a year ago. Adjusted EBITDA during Q1 2024 was $221 million, an increase of 8% year-over-year, mainly driven by lower lifting costs amid flat revenues. During the quarter, we continued to deliver strong margins.

這反映了我們新營運模式的鞏固，在一年前轉讓常規資產後，我們完全專注於頁岩油資產。 2024 年第一季調整後 EBITDA 為 2.21 億美元，年增 8%，主要是因為營收持平而提升成本下降。本季度，我們持續實現強勁的利潤率。

Adjusted EBITDA margin was 68% during the quarter, an interannual increase of 4 percent points. Net back during the quarter was $44 per EOE, a 1% increase year-over-year. Adjusted EBITDA in Q1 2024 includes $7 million in gains from the repatriation of 20% of the export proceeds at the blue-chip swap. This was down from $81 million in the previous quarter, which reflected the large gap between the official FX and the blue-chip swap effect.

本季調整後 EBITDA 利潤率為 68%，年比成長 4 個百分點。本季每個 EOE 的淨收益為 44 美元，年增 1%。 2024 年第一季調整後 EBITDA 包括藍籌互換 20% 出口收益匯回的 700 萬美元收益。這低於上一季的 8,100 萬美元，反映了官方匯率與藍籌互換效應之間的巨大差距。

The sequential decrease in adjusted EBITDA and margin is largely explained by this effect. Free cash flow during the quarter was negative at $84 million. This was driven by 2 factors: firstly, lower cash on operating activities due to a temporary increase in working capital; secondly, payments of CapEx of $148 million as we ramp up drilling and completion activities during the quarter.

調整後 EBITDA 和利潤率的連續下降很大程度上是由這種效應造成的。該季度的自由現金流為負，為 8,400 萬美元。這是由兩個因素驅動的：首先，由於營運資金暫時增加，經營活動現金減少；其次，隨著我們在本季加強鑽井和完井活動，支付了 1.48 億美元的資本支出。

Cash at the period end was $152 million as cash from financing activities generated $22 million, reflecting proceeds from borrowings of $96 million and repayment of borrowings of $45 million. Net leverage ratio stood at a very healthy 0.58x adjusted EBITDA at quarter end. I will now summarize the key takeaways of today's presentation.

期末現金為 1.52 億美元，融資活動產生的現金為 2,200 萬美元，其中藉款收益為 9,600 萬美元，償還借款為 4,500 萬美元。季度末淨槓桿率處於非常健康的調整後 EBITDA 0.58 倍。現在我將總結今天演講的要點。

During Q1 2024, we delivered strong execution of drilling and completion activity. We tie in 11 new wells in line with our annual guidance. We recorded a 14% year-over-year production growth on a pro forma basis, driven by shale oil growth in our development hub. We forecast sequential double-digit growth, both in terms of production and EBITDA in the second quarter of this year, which leaves us on track to deliver on our production and adjusted EBITDA guidance for the year.

2024 年第一季度，我們出色地執行了鑽井和完井活動。我們根據年度指引增建了 11 口新井。在我們開發中心頁岩油成長的推動下，預計產量將年增 14%。我們預計今年第二季的產量和 EBITDA 都將實現兩位數的環比增長，這使我們有望實現今年的產量和調整後的 EBITDA 指導。

We recorded a robust improvement in realized oil prices, exceeding the $70 mark on average, boosted by higher brent prices and by higher share of domestic sales at export parity. Combining sales to international buyers and domestic buyers paying export parity, 57% of our total sales were at export parity.

受布蘭特原油價格上漲和以出口平價計算的國內銷售份額提高的推動，我們的實際油價強勁上漲，平均突破 70 美元大關。結合對國際買家和支付出口平價的國內買家的銷售，我們總銷售額的 57% 是按出口平價計算的。

Supported by the contracted view we have on the dynamics of our industry, both globally and domestically and leaning into our conviction on our ability to deliver value to our shareholders, we contracted a third high-spec drilling rig. We forecast this will add 4 to 8 additional new wells incremental to our original guidance in the second half of this year.

在我們對全球和國內行業動態的看法的支持下，並堅信我們有能力為股東創造價值，我們簽訂了第三座高規格鑽機的合約。我們預計今年下半年將在我們最初的指導基礎上增加 4 至 8 口新井。

This is expected to boost Q4 2024 production about 85,000 BOE per day, leaving us well prepared to potentially increase our production guidance for 2025. Before we move to Q&A, I would like to thank our investors for their continued support. And also, I would like to thank the Vista team for their hard work during the quarter, which leaves us well prepared to achieve our annual targets.

這預計將使 2024 年第四季的產量增加約 85,000 桶油當量/天，使我們為可能提高 2025 年的產量指導做好充分準備。另外，我還要感謝 Vista 團隊在本季度的辛勤工作，這使我們為實現年度目標做好了充分準備。

Operator, please open the line for Q&A.

接線員，請開通問答線。

(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。

I wanted to explore the production and the cash flows. On production, very exciting news with the third rig coming in the second half of the year. So how should we think about the incremental number of pads or wells into 2025, assuming that the rig operates at the expected specifications.

我想探索生產和現金流。在生產方面，有非常令人興奮的消息，第三台鑽孔機將於今年下半年推出。那麼，假設鑽機按照預期規格運行，我們應該如何考慮 2025 年增加的鑽井平台或油井數量。

Is this pace of 4 to 8 additional wells per quarter sustainable? Or can it be higher? So any quarter you can give on the contribution of the rig on an ongoing basis would be super helpful. And then on cash flows, there was some noise on the cash flows for the first quarter on the back of the working capital situation.

每季新增 4 至 8 口井的速度是否可持續？或可以更高嗎？因此，您可以持續為鑽機貢獻的任何季度都會非常有幫助。然後在現金流方面，由於營運資金狀況的影響，第一季的現金流出現了一些噪音。

So if you could comment on the expectation of working capital release during the second quarter of 2024 and how to think about working capital for the full year? It would also be extremely helpful.

那麼您能否評論一下2024年第二季營運資金釋放的預期以及如何看待全年營運資金？這也會非常有幫助。

Thank you very much for your question. Look at -- I mean, starting from the production point of view. So we finished last year with 56% in Q4, and we designed the plan for this year to have around average 55,000 barrel per day in Q1 2024. That is what we get.

非常感謝您的提問。看看——我的意思是，從生產的角度來看。因此，我們去年第四季的產量為 56%，我們今年的計劃是在 2024 年第一季平均每天生產 55,000 桶左右。

In the plan, we said that we are going to have an average of 68 to 70 barrels oil per day for 2024. And that plan didn't consider adding a high-spec rig. How we see things today. So first of all, I will say we are ended in Q2 with a very good production starting point. If you take the production of April 23, that was the last one that I checked, we were producing 62,000 barrels oil per day.

在計畫中，我們說到2024年我們將平均每天生產68至70桶石油。我們今天如何看待事物。首先，我要說的是，我們在第二季結束時擁有一個非常好的生產起點。如果你看 4 月 23 日的產量，那是我檢查的最後一次，我們每天生產 62,000 桶石油。

And we expect to finish Q4 with an average of 85,000 barrels oil per day. So of course, we are not going to give guidance in Q2 and Q3, but you guys can make the number, okay? We are starting the Q2 with 62%, and we want to finish an average of 85% in Q4. This is factoring in the third rig that we are adding today.

我們預計第四季結束時平均每天生產 85,000 桶石油。當然，我們不會在第二季和第三季提供指導，但你們可以給出數字，好嗎？我們在第二季開始時的比率為 62%，我們希望在第四季結束時平均比率為 85%。這是我們今天新增的第三個裝備的因素。

When you look at starting this quarter with 62 and what we have coming in, in line based on the activity that we have, we have Bajada del Palo in '22. That is a very good part of 3 wells that yet have reached peak oil. We have Bajada del Palo '23 that also shows a very good production. It's a part of a well yet has reached peak oil.

當你看一下本季開始的 62 個項目以及我們的進展時，根據我們現有的活動，我們在 22 年有 Bajada del Palo。這是尚未達到石油高峰的 3 口井中的一個很好的部分。我們的 Bajada del Palo '23 也表現出了非常好的製作。它是油井的一部分，但石油已達到高峰。

We have had Bajada del Palo Oeste '24 that is in flow back, and we have had Bajada del Palo Oeste '25 that is going to be tied-in in May and probably will start to show some oil in (inaudible). So saying all that, I feel confident with the production that we are seeing and with the plan that we have. Of course, 2024 is a challenging year, okay? We are basically putting the bar in terms of gross production very high.

我們有 Bajada del Palo Oeste '24 正在回流，我們有 Bajada del Palo Oeste '25 將於五月併入，可能會開始出現一些石油（聽不清楚）。綜上所述，我對我們所看到的製作和我們的計劃充滿信心。當然，2024 年是充滿挑戰的一年，好嗎？我們基本上把總產量的標準定得很高。

But it's nothing that we have done before, and we have a track record of delivering and we will deliver this year as well. The question will be probably for 2025. I mean we signaled that we are going to have 85,000 average for 2025. Probably in the future, we should look at that guidance now that we are adding that rate.

但這是我們以前從未做過的，我們有交付的記錄，今年我們也將交付。問題可能是關於 2025 年的。

Going to cash flow. So 2023, we spent $760 million of CapEx, and we end up the year with a cash flow of around $30 million and with a realized price of $66.7 per barrel. Our 2024 plan was of a CapEx of $900 million, we expect a cash flow of $100 million, and we guide pricing between 65% and 70%.

走向現金流。因此，到 2023 年，我們花費了 7.6 億美元的資本支出，最終我們的現金流約為 3,000 萬美元，實現價格為每桶 66.7 美元。我們 2024 年的計畫是資本支出為 9 億美元，預計現金流為 1 億美元，指導定價在 65% 至 70% 之間。

We have finished the Q1 with more activity, $240 million of CapEx, a negative cash flow of $84 million that, as you mentioned, have the effect of the export cargo that came lane and that effect is an effect of $42 million, and we have realized prices of $70 million. With the plan of adding a third rig, we will have an additional CapEx between $150 million and $200 million.

我們在第一季完成了更多的活動，資本支出為2.4 億美元，負現金流為8400 萬美元，正如您所提到的，這受到了出口貨物的影響，而這種影響是4200 萬美元的影響，我們有實現價格為 7000 萬美元。根據增加第三台鑽孔機的計劃，我們將有 1.5 億至 2 億美元的額外資本支出。

So we expect or why I am expecting, and that also will depend on the prices that we get to have probably negative cash flow for the first semester, and we will probably recover positive cash flow for the second semester toward the end of the year. This is our current view. I hope I have answered your question, Bruno.

因此，我們期望或為什麼我期望，這也將取決於我們在第一學期可能出現負現金流的價格，並且我們可能會在年底前第二學期恢復正現金流。這是我們目前的看法。我希望我已經回答了你的問題，布魯諾。

One moment for our next question. Our next question comes from the line of Daniel Guardiola from BTG Pactual.

請稍等一下我們的下一個問題。我們的下一個問題來自 BTG Pactual 的 Daniel Guardiola。

I have a couple of questions. So my first one is related to production. I still have this goal to basically increase production by the Q4 by roughly 30,000 barrels of oil per day. And I wanted to ask Miguel, I mean, this is by far the most aggressive internal growth in production that this company has experienced or even experienced so far.

我有一些問題。所以我的第一個跟生產有關。我仍然有一個目標，即到第四季度基本上每天增加約 30,000 桶石油的產量。我想問米格爾，我的意思是，這是該公司迄今為止經歷過甚至經歷過的最積極的內部生產成長。

Which ones do you think are the main challenges that you're going to have trying to reach this new level? And in connection with production, if I'm not mistaken, you are expecting additional pipeline capacity towards the second half of the year. But I think it's not going to be enough for you to actually evacuate 100% of this incremental production through pipeline.

您認為哪些是您在嘗試達到這個新水平時將面臨的主要挑戰？在生產方面，如果我沒記錯的話，您預計下半年管道產能將會增加。但我認為，透過管道實際 100% 撤離增量生產還不夠。

So I guess you're going to increase the usage of trucking. And in that sense, I wanted to know the split that you expect between trucking and pipelines and the potential effects on cost of increasing trucking evacuation capacity? So that's in terms of production. And if I may just squeeze another one and is related to the exports.

所以我猜你會增加卡車運輸的使用。從這個意義上說，我想知道您期望卡車運輸和管道之間的區別以及增加卡車運輸疏散能力對成本的潛在影響？這是在生產方面。如果我可以再擠壓一個與出口相關的。

We saw during the Q a significant decline in exports as a percentage of total volumes sold. So I wanted to know if you can share with us what happened during the Q? And what are your expectations for the upcoming quarters?

我們在第一季看到出口占銷售總量的百分比大幅下降。所以我想知道您是否可以與我們分享 Q 期間發生了什麼？您對未來幾季的期望是什麼？

Thank you, Daniel, for your question. And yes, I will agree with you that we have a challenging a challenging year ahead in term of production. Nevertheless, I will restate what I said to Bruno, I feel very comfortable entering with 62,000 barrels oil per day aiming for 85,000 and seeing the first results of the pad that we have drilled are still super confident.

謝謝丹尼爾的提問。是的，我同意你的觀點，我們在生產方面將面臨充滿挑戰的一年。儘管如此，我還是要重申我對布魯諾說過的話，我對每天 62,000 桶石油的產量感到非常滿意，目標是 85,000 桶，看到我們鑽探的第一批結果仍然非常有信心。

And also, you have to factor in that the 62,000 barrels per day today that we produce come fully from unconventional wells. So that means that in the last 4 to 3 years, the Vista team have managed to develop and to produce 62,000 barrels per day. So for us, aiming to add another 20,000, it's not much different than we have done before.

此外，您還必須考慮到我們今天每天生產的 62,000 桶石油完全來自非常規油井。因此，這意味著在過去的 4 到 3 年裡，Vista 團隊每天已成功開發和生產 62,000 桶。所以對我們來說，目標是再增加 20,000 人，這與我們之前所做的沒有太大不同。

It's going to be a challenging year, but we have the equipment and the operational capacity and the talent to make it happen. Back to your second and third question. Yes, tracking, as you said, is something that we are going to use this year. As you know, we knew that all deal was going to be late. It was scheduled for Q1 2024 and will be delivering on Q4.

這將是充滿挑戰的一年，但我們擁有實現這一目標的設備、營運能力和人才。回到你的第二個問題和第三個問題。是的，正如你所說，追蹤是我們今年將使用的東西。如您所知，我們知道所有交易都會遲到。它原定於 2024 年第一季交付，並將於第四季度交付。

So we factor it in, in our guidance, in our plan expenses to cover that. So we treat tracking plan that basically call for a cost between $10 and $12 per barrel. Of course, Q1, we were probably tracking around 2,000 barrel per day. Q2, we've seen that number will be probably closer to 9%. And Q3, it will be up to 12,000 barrels per day.

因此，我們在我們的指導中，在我們的計劃支出中考慮了這一點。因此，我們對待追蹤計劃的成本基本上為每桶 10 至 12 美元。當然，第一季度，我們可能會追蹤每天 2,000 桶左右。第二季度，我們看到這個數字可能會接近 9%。第三季度，將達到每天12,000桶。

In the guidance, we factored in $25 million expenses related to those costs of tracking. Your third question, if I remember properly was for volume. Export volume in Q1, we have 41% of volume that were directly to export, and we have a new market dynamic in the domestic market, where 60% of the domestic volume were sold at export parity -- so we sold basically 57% of our volume to export parity.

在指南中，我們考慮了與追蹤成本相關的 2500 萬美元費用。如果我沒記錯的話，你的第三個問題是關於音量的。第一季的出口量，我們有41% 的量直接用於出口，而且我們在國內市場有一個新的市場動態，其中60% 的國內量是按出口平價銷售的——所以我們基本上銷售了57% 的量。

Q2, we believe that 50% will be directly volume going to be export. And probably the domestic volumes we are basically forecasting that could be around 10%. So 60% of the -- of our volume will be sold at export parity. This is what we are forecasting.

第二季度，我們認為 50% 將直接出口。我們基本上預測國內銷量可能會在 10% 左右。因此，我們 60% 的銷售量將以出口平價出售。這就是我們的預測。

Our next question comes from the line of Tasso Vasconcellos from UBS.

我們的下一個問題來自瑞銀集團 (UBS) 的 Tasso Vasconcellos。

I think I have one here on my side. We have seen an increased competition in the past years seen in Brazil coming from the assets sold by Petrobras, which led several independent players to increase its footprint in the industry and of course, requiring additional equipment, services employees and all of that led to a higher competition in the industry, right?

我想我身邊也有一個人。過去幾年，我們看到巴西國家石油公司出售的資產導致競爭加劇，這導致一些獨立參與者擴大了在該行業的足跡，當然，需要額外的設備、服務員工，所有這些都導致​​了行業競爭更激烈吧？

What are the Vista's expectations for this divestment process that we're seeing from YPF and probably from some other players. Do you believe we could see a higher competition in the industry in Argentina, either this year or in the upcoming months? How do you see this environment growing in Argentina? This is my question.

我們從 YPF 以及其他一些參與者那裡看到，Vista 對此次撤資過程有何期望。您認為今年或未來幾個月，阿根廷的產業競爭會更加激烈嗎？您如何看待阿根廷這種環境的發展？這是我的問題。

Thank you, Tasso, for the question. So the short answer, probably, yes. First of all, I think the rationalization of the portfolio that YPF is going through. And basically, we went through the same rationalization of portfolio, knowing that the conventional opportunities, the main opportunity for us where the scale is and where the margin is, I believe, it's a very rational decision and it's a good path that YPF is taking in that direction and applaud them for that.

謝謝塔索的提問。所以簡短的回答可能是，是的。首先，我認為YPF正在經歷投資組合的合理化。基本上，我們經歷了同樣的投資組合合理化，知道傳統的機會，我們的主要機會在規模和利潤在哪裡，我相信，這是一個非常理性的決定，也是 YPF 正在走的一條好路。方向努力，並為此為他們鼓掌。

And yes, I think that will create more activity in the basin. It will probably attract more investment toward conventional fees that today for the one that holds both in their portfolio cannot compete for capital allocation. And if you're referring to the fact that we get within the service sector, yes, I think it will be more demand for services.

是的，我認為這將在該盆地創造更多的活動。它可能會吸引更多對傳統費用的投資，而如今，對於在其投資組合中同時持有這兩種費用的人來說，無法競爭資本配置。如果你指的是我們進入服務業的事實，是的，我認為對服務的需求將會增加。

And I will add to what you said that the other effect that you will have is that Vaca Muerta is growing. We see more activities. We see basically more people asking for rig and frac fleet and so on. In that sense, I believe we have a competitive advents compared with the rest. We have, from day 1, adopt a model called One Team, where we have made our main service provider partners.

我想補充你所說的，你將產生的另一個影響是瓦卡·穆爾塔正在成長。我們看到更多的活動。我們看到基本上有更多的人要求購買鑽孔機和壓裂船隊等。從這個意義上說，我相信與其他國家相比，我們具有競爭力。從第一天起，我們就採用了一種稱為「One Team」的模型，在該模型中我們將主要服務提供者作為合作夥伴。

Partners mean that they've been working with us nonstop since day 1 where we basically give 100% of the activity to them. So that gives us a preferential relationship with those people. We have no problem to add equipment during the good time and during the bad time. And I think this is a clear example of that is the highest per rig that we are adding with [neighbor] basically this year. So yes, I think we'll be more pressure, but I think we will be okay.

合作夥伴意味著他們從第一天起就一直與我們不間斷地合作，我們基本上將 100% 的活動交給他們。這讓我們與這些人建立了優先關係。我們在景氣時和景氣時添加設備都沒有問題。我認為這是一個明顯的例子，基本上今年我們與[鄰居]添加的每台鑽機最高。所以，是的，我認為我們會承受更大的壓力，但我認為我們會沒事的。

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安德烈斯‧卡多納 (Andres Cardona)。

I have 2 questions. Coming back to the free cash flow concern that Bruno expressed before. There was a second item, at least for us, it was surprising the balance payment for midstream expansion. So could you please give us some context about the outlook for these potential expenses? How will be deployed over the coming quarters?

我有 2 個問題。回到布魯諾之前表達的自由現金流擔憂。還有第二項，至少對我們來說，是令人驚訝的中游擴張的餘額支付。那麼您能否向我們介紹一下這些潛在費用的前景？未來幾季將如何部署？

I understand there is a commitment of close to $150 million, out of which close to $60 million have been deployed. So I wanted to understand what should we expect on this front used to be more accurate on the free cash flow forecast. The second point I wanted to understand is with Brent at $88 per barrel, and we have seen the weak effort the industry has done to improve the domestic prices, [domesticalization] prices.

據我所知，有近 1.5 億美元的承諾，其中近 6000 萬美元已經部署。所以我想了解我們在這方面應該期望什麼才能更準確地預測自由現金流。我想了解的第二點是布蘭特原油價格為每桶 88 美元，我們看到該行業在提高國內價格（國內化）價格方面所做的努力微弱。

What are you seeing in the second quarter? What should we expect going forward? Do you expect any slowdown on this following trend that we have seen in the first quarter? And perhaps the last question is going back to the third rig point, what should we expect for 2025? Will be hired for the full year is yet to decide? Just trying to get some color about what to expect for the next year.

您對第二季有何看法？未來我們該期待什麼？您預計我們在第一季看到的趨勢是否會放緩？也許最後一個問題回到第三個鑽孔機點，我們對 2025 年應該期待什麼？是否會全年聘用尚未決定？只是想了解明年的預期。

Andres, thank you for your question. One, again, first of all, starting from the free cash flow. So I don't think Bruno said that he have a concern. We don't have a concern either. We can -- we basically -- we've been growing with our own cash flow generation. And we can continue growing towards the third rig using our own cash flow.

安德烈斯，謝謝你的問題。再一次，首先，從自由現金流開始。所以我不認為布魯諾說他有擔憂。我們也沒有什麼顧慮。我們可以——基本上——我們一直在依靠自己的現金流來成長。我們可以利用自己的現金流繼續往第三台鑽孔機發展。

So I mean, we are, in that sense, privilege compared with other developers of unconventional resources. As I said before, first semester, of course, because due to the activity, how it picked up during Q2 and Q3, we will have a negative cash flow, and we will have posited toward the end of the year also next year and probably I take advantage of answering your question on the third rig.

所以我的意思是，從這個意義上說，與其他非常規資源開發人員相比，我們有特權。正如我之前所說，當然，第一學期，因為由於活動，以及第二季度和第三季度的增長，我們將出現負現金流，我們將在明年年底甚至可能我利用在第三台設備上回答你的問題的機會。

I think you can factor it in that we're going to have that rig fully during 2025. Back to the question from midstream, I'm probably putting in context of the bulk capacity, the addition of bulk capacity that was tendered was 315,000 barrels per day from which we secure 31,000 of those and not from also the same volume we secured 37,000 barrels per day.

我認為你可以考慮到我們將在 2025 年完全擁有該鑽井平台。的數量中我們每天獲得37,000 桶。

We prepaid $58 million for both. And in Q2, Q3 and Q4, we should have additional cash cost expenditures of around $70 million. $40 million, $20 million, and 10 million, if I remember properly. Related to your -- related to your question about domestic pricing. So Q1 2024, we saw a domestic price of $66. The export parity was around $79 with a Brent of $80 per barrel.

我們為兩者預付了 5800 萬美元。在第二季、第三季和第四季度，我們應該會有大約 7,000 萬美元的額外現金成本支出。如果我沒記錯的話，4000萬美元、2000萬美元和1000萬美元。與您有關國內定價的問題有關。因此，2024 年第一季度，我們看到國內價格為 66 美元。出口平價約為 79 美元，布蘭特原油價格為每桶 80 美元。

Going forward, we are assuming that (inaudible) should be the floor. (inaudible) upgrade prices toward export parity since there no regulation in Argentina today to maintain the domestic price fixed. Refineries also, as I mentioned before, have a new dynamic. The consumption -- the local consumption is -- has dropped and they are starting to export refined products.

展望未來，我們假設（聽不清楚）應該是發言權。 （聽不清楚）將價格提高到出口平價，因為阿根廷目前沒有任何法規來維持國內價格固定。正如我之前提到的，煉油廠也出現了新的動態。消費——當地消費——已經下降，他們開始出口成品油。

And therefore, they are willing to pay for that additional volume export parities. 1/3 of our local volume was recognized at export parity. So I believe we should see local prices coming up. I don't remember if you have an additional question. I think there were 3 of them answer.

因此，他們願意為額外的出口平價買單。我們本地產量的 1/3 按出口平價確認。所以我相信我們應該會看到當地價格上漲。我不記得你是否還有其他問題。我想他們中有 3 個回答。

No, no. Those were the question, Miguel. Thank you for the answers.

不，不。這就是問題所在，米格爾。謝謝您的回答。

Thank you, Andres.

謝謝你，安德烈斯。

Our next question comes from the line of Marina Mertens from Latin Securities.

我們的下一個問題來自拉丁證券公司的瑪麗娜·默滕斯 (Marina Mertens)。

So during the quarter, we saw inflation coming up by 56%, while FX went up by only 7%. However, listing costs remain mostly unchanged. Are you seeing any pressure on the cost side due to these dynamics? And what are you expecting for the remainder of the year?

因此，在本季度，我們看到通膨上升了 56%，而外匯僅上漲了 7%。然而，上市成本基本上保持不變。您是否認為這些動態對成本方面帶來了壓力？您對今年剩餘時間有何期待？

Thank you, Marina, for your question. Yes, I mean, what you're asking mainly have a dynamic or an impact in our lifting cost. So from the devaluation, we saw a positive impact in our lifting costs that have an impact that we captured in December, you saw our $4.3 per barrel lifting cost.

謝謝瑪麗娜的提問。是的，我的意思是，您所問的主要對我們的起重成本有動態或影響。因此，從貶值來看，我們看到了我們的提升成本的正面影響，這對我們在 12 月捕捉到的影響，你看到了我們每桶 4.3 美元的提升成本。

And in Q4, we're already reflecting that saving in Q1 -- we basically -- when -- in Q4, we got only 1 month of effect of that devaluation, we captured that in the full quarter during Q1 2024. That allow us to have the number that we have today that is 4.3%. So part of those savings really were offset by higher activity.

在第四季度，我們已經反映了第一季度的節省——我們基本上——當——在第四季度，我們只得到了貶值1 個月的影響，我們在2024 年第一季的整個季度中都捕捉到了這一點。因此，這些節省的一部分確實被更高的活動所抵消。

We have a slightly lower production than in Q4 2023 and a bit of cost inflection during the quarter. So if you look at our lifting costs going forward, I think you should go back to the guidance that we have that is $4.5 for the year. We will continue having effects of the inflation with a flat effect. Nevertheless, we plan to almost double the production that we have at the beginning of the year.

我們的產量略低於 2023 年第四季度，本季的成本略有變化。因此，如果你看看我們未來的提升成本，我認為你應該回到我們今年的指導價 4.5 美元。我們將繼續受到通貨膨脹的影響，但效果持平。儘管如此，我們計劃將年初的產量幾乎增加一倍。

So that will dilute lifting cost. So if I have to take a guess, I will probably, with up and downs moved closer to the $4.5 per barrel per BOE that we have forecasted and guide.

這樣會攤薄起重成本。因此，如果我必須做出猜測，我可能會猜測，隨著價格的上漲和下跌接近我們預測和指導的每桶 4.5 美元。

Our next question comes from the line of Alejandro Demichelis from Jefferies.

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

Yes. I have 2 questions, if I may, please. The first one is on that extra rig capacity that you mentioned, Miguel. How are you thinking about splitting the rig capacity between the different fields? Is this kind of going to be focused entirely into the BPO or BPE kind of have? Or should we expect something into the less developed areas?

是的。如果可以的話，我有兩個問題。第一個是你提到的額外的鑽孔機容量，米格爾。您如何考慮在不同油田之間分配鑽機容量？這種類型是否會完全專注於 BPO 或 BPE 類型？或者我們應該期待欠發達地區有所發展？

That's the first question. And then the second question is, last quarter, you mentioned about potential M&A activity or at least that you were looking at some of the assets in Argentina. So how are you thinking about that today?

這是第一個問題。第二個問題是，上個季度，您提到了潛在的併購活動，或者至少您正在關注阿根廷的一些資產。那麼你今天對此有何看法？

Thank you very much for your question. So the M&A activity continued to be focused on the development hub that is (inaudible) Palo Oeste. Those 3 blocks continue to be the main target of our development. Related to an additional rig, we just brought a new one. As you know, we are ambition.

非常感謝您的提問。因此，併購活動繼續集中在開發中心（聽不清楚）Palo Oeste。這三個區塊仍然是我們發展的主要目標。與額外的鑽機相關，我們剛剛帶來了一個新的。如您所知，我們有野心。

So I will not discount at some point of time with adding more. But for the moment, I think we should consider that we will run full speed with 3 rigs and '25, we consolidate that activity right from the beginning. So it will be another year of growth. Related to M&A activity, as you know, we are participating in the Exxon tender.

所以我不會在某個時間點打折增加更多。但目前，我認為我們應該考慮我們將用 3 台鑽機全速運行，25 年，我們從一開始就鞏固了這項活動。因此，這將是另一個成長的一年。與併購活動相關，如您所知，我們正在參與埃克森美孚的招標。

As I said before, it's a very competitive tender. It's not that we are separated for more resources, but we are participating and we see what happened from there. We have a hub of further development in the north, that is not in our plan yet. But at some point of time, we come to realization. So that is the view I can give you so far.

正如我之前所說，這是一場競爭非常激烈的招標。這並不是說我們分開是為了獲得更多資源，而是我們正在參與，我們可以看到從那裡發生的事情。我們在北部有一個進一步發展的中心，但這不在我們的計劃中。但在某個時候，我們會意識到。這就是到目前為止我可以給你的觀點。

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 maybe one brief clarification and a follow-up. So the first one, with regards to the contracted third rig that is expected for the second half. Just to clarify, are you expecting any CapEx revisions due to this increased activity? And -- or was this already contemplated in your annual budget? And I'm sorry if you already mentioned that, but I think I missed it.

這是奧莉安娜·科沃特和巴蘭茲。我可能有一個簡短的澄清和後續行動。第一個是關於預計下半年簽約的第三台鑽孔機。澄清一下，您是否預期會因活動增加而調整資本支出？或者說您的年度預算中已經考慮到了這一點嗎？如果你已經提到了這一點，我很抱歉，但我想我錯過了。

So, Oriana, yes. I mean the -- is what I mentioned before. So you should consider that with the third week, we will upgrade the $900 million of CapEx that we have in $150 million to $200 million additional due to the new rig. And of course, that increased production. So we are now aiming to an average of 85,000 barrels oil per day for the fourth quarter.

所以，奧莉安娜，是的。我的意思是──就是我之前提到的。因此，您應該考慮到，在第三週，我們將因新鑽機而將 9 億美元的資本支出升級為 1.5 億美元至 2 億美元。當然，這增加了產量。因此，我們現在的目標是第四季平均每天生產 85,000 桶石油。

Understood. And maybe just following up on the delays that you are seeing in Oldelval. Can you remind us what is this current evacuation capacity? And how do you expect that these delays from Oldelval impact your production guidance that you provided in the earnings presentation?

明白了。也許只是跟進您在奧爾德爾瓦爾看到的延誤情況。您能否提醒我們目前的疏散能力是多少？您預計 Oldelval 的這些延誤會如何影響您在收益報告中提供的生產指導？

It seems that it continues to ramp up gradually towards about 85 million barrels of oil equivalent by the end of the year. But just how should we think of current evacuation capacity and the increase on Oldelval by year-end?

到今年年底，它似乎繼續逐步增加到約 8500 萬桶油當量。但我們該如何看待目前的疏散能力以及奧爾德爾瓦爾到年底的增加能力呢？

Yes, Oriana, thank you for the question. So first of all, I mean, just to clarify, have no impact. I mean, we have enough evacuation capacity for the year. So we will not have any negative impact in our production plan due to the evacuation. Our actual evacuation is 50,000 barrels oil per day.

是的，奧麗安娜，謝謝你的提問。首先，我的意思是，只是為了澄清，沒有任何影響。我的意思是，我們今年有足夠的疏散能力。因此，我們的生產計劃不會因為疏散而受到任何負面影響。我們實際疏散的是每天 5 萬桶石油。

We have tracking capacity that means we can track 20,000 barrels oil per day, and we use that based on what is needed. And Oldelval, we add another 15,000 barrels oil per day towards the end of the year is aimed for October. 2025, we will have the second phase of Oldelval that for us will mean another 15,000 barrel oils per day of additional capacity. So 50,000 plus 20,000 plus 15,000, you have there right there, 85,000 that we have for 2024.

我們擁有追蹤能力，這意味著我們每天可以追蹤 20,000 桶石油，並且我們根據需要使用它。 Oldelval 表示，我們的目標是在年底前每天增加 15,000 桶石油，目標是 10 月。到 2025 年，我們將擁有 Oldelval 的第二階段，這對我們來說意味著每天額外增加 15,000 桶石油的產能。所以 50,000 加上 20,000 加上 15,000，你就在那裡，我們 2024 年有 85,000。

Perfect. That's very clear. And just one last one, seeing the pricing evolution in the local market and your ability to sell volumes at export parity prices, should we think of or expect any meaningful deviation from the export mix target seeing that you're actually being able to place some of these volumes at export parity locally?

完美的。這非常清楚。最後一點，看到當地市場的定價演變以及您以出口平價價格銷售數量的能力，我們是否應該考慮或預期與出口組合目標有任何有意義的偏差，因為您實際上能夠放置一些這些數量中的多少以當地出口平價計算？

Really, I mean, we are seeing, as I mentioned, Q2, 50% of our volume will go to export. We are building up on that already. And we are forecasting 10% of our local volumes to go to export parity. So you should work around that 60% number.

真的，我的意思是，正如我所提到的，我們在第二季度看到，我們 50% 的產量將用於出口。我們已經在此基礎上有所發展。我們預計 10% 的本地產量將達到出口平價。所以你應該圍繞 60% 的數字進行工作。

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）做閉幕致詞。

All right. Thank you very much for participating. Thank you for the support and for the continued interest in Vista. Have all a good day.

好的。非常感謝您的參與。感謝您的支持以及對 Vista 的持續關注。祝大家有美好的一天。

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。