Vista Energy SAB de CV (VIST) 2024 Q2 法說會逐字稿

Good day and thank you for standing by, and welcome to Vista's second quarter 2024 earnings webcast. (Operator Instructions) Once again, 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. Please go ahead.

美好的一天，感謝您的支持，歡迎收看 Vista 的 2024 年第二季財報網路廣播。 （操作員指示）再次提醒您，今天的會議正在錄製中。現在我想將會議交給今天的發言人亞歷杭德羅·切裡亞科夫。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's second 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.

謝謝。大家，早安。我們很高興歡迎您參加 Vista 2024 年第二季業績電話會議。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 to draw your attention to our cautionary statement on slide 2. Please be advised 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，我想提請您注意投影片 2 上的警示性聲明。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。

Our financial figures are stated in US dollars and in accordance with the 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 IFRS 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 speakers are VISTA 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社會資本變數公司，在墨西哥證券交易所和紐約證券交易所註冊。我們的發言人是墨西哥證券交易所的 VISTA 和紐約證券交易所的 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. The second quarter of 2024 was marked by strong interannual and sequential growth across key operational financial metrics, driven by new well activity in our development hub in Vaca Muerta. Total production was 65,300 BOEs per day, an increase of 40% year over year and 19% quarter over quarter. Oil production was 57,200 barrels per day, 46% above the same quarter of last year.

謝謝，艾爾。大家早安，歡迎參加本次財報電話會議。在瓦卡穆爾塔開發中心新油井活動的推動下，2024 年第二季關鍵營運財務指標實現了強勁的年際和環比成長。總產量為每天 65,300 個 BOE，年增 40%，季增 19%。石油產量為每天 57,200 桶，比去年同期成長 46%。

Total revenues during the quarter were $397 million, a 66% increase compared to the same quarter of last year. Lifting cost was $4.5 per BOE, 6% down year over year. Capital expenditure was $346 million, mainly driven by 14 wells drill and 14 wells completed during the quarter, reflecting the acceleration of capital deployment in new wells activity and $63 million in development facilities.

該季度總營收為 3.97 億美元，比去年同期成長 66%。每桶油箱的起重成本為 4.5 美元，年減 6%。資本支出為 3.46 億美元，主要由本季度鑽探的 14 口井和完成的 14 口井推動，反映了新井活動資本部署的加速以及開發設施的資本部署 6,300 萬美元。

Adjusted EBITDA was $288 million, 90% above year over year, driven by robust revenue growth and lower lifting cost per BOE. Adjusted net income was $72 million, implying a quarterly adjusted EPS of $0.7 per share. Free cash flow was $8 million during the quarter as higher cash flow in investing driven by increase in CapEx activity was financed with robust cash flow and operations, driven by the boost in adjusted EBITDA. Net leverage ratio at quarter end was a solid 0.56 times adjusted EBITDA.

受營收強勁成長和每桶油當量降低成本的推動，調整後 EBITDA 為 2.88 億美元，較去年同期成長 90%。調整後淨利潤為 7,200 萬美元，意味著季度調整後每股收益為 0.7 美元。本季自由現金流為 800 萬美元，因為資本支出活動增加推動投資現金流增加，而調整後 EBITDA 成長的推動下，強勁的現金流和營運為其提供了資金。季末淨槓桿率為調整後 EBITDA 的 0.56 倍。

I will now deep dive into our main operational financial metrics of the quarter. Total production during the quarter was 65,300 BOEs per day, our highest quarter ever. Production was 40% above on our interannual basis, reflecting the ramp-up of our new well activity. We've tied-in 48 new wells during the last 12 months. On a sequential basis, production growth was 19%, driven by the connection of four pads in Bajada del Palo Oeste and one pad in Bajada del Palo Este between the second half of Q1 and the first half of Q2.

我現在將深入探討本季的主要營運財務指標。本季的總產量為每天 65,300 個 BOE，這是我們有史以來最高的季度。我們的產量比年同期高出 40%，反映出我們新井活動的增加。在過去 12 個月裡，我們已經連接了 48 口新井。從第一季下半年到第二季上半年，在 Bajada del Palo Oeste 的四個焊場和 Bajada del Palo Este 的一個焊場連接的推動下，產量環比增長了 19%。

Oil production was 57,200 barrels of oil per day, an interannual growth of 46%, and a sequential growth of 21%, reflecting that the share of oil in our new wells is above that our base production. We expect this trend to continue going forward as we continue to drill in our oil-prone development hub, especially Bajada del Palo Este. Natural gas production increased 70% year over year, and 5% quarter over quarter. Based on our new well activity plan, our model shows that production is forecast to keep growing on a double-digit basis over the next two quarters, leaving us on track to deliver 85,000 BOEs per day in Q4.

石油產量為每天 57,200 桶石油，年際成長 46%，較上季成長 21%，反映出我們新井的石油份額高於我們的基礎產量。我們預計，隨著我們繼續在石油資源豐富的開發中心（尤其是巴哈達德爾帕洛埃斯特）進行鑽探，這一趨勢將繼續向前發展。天然氣產量年增70%，季增5%。根據我們新的油井活動計劃，我們的模型顯示，預計未來兩個季度產量將保持兩位數成長，這使我們預計在第四季度每天交付 85,000 桶油當量。

We also reiterate our guidance of 68,000 to 70,000 BOEs per day on average for the full year, noting that we will likely be on the upper end of this range. During the second quarter of 2024, we continue to make solid progress in the execution of our annual work program. We tie-in four well pads during Q2, two in Bajada del Palo Oeste, one in Bajada del Palo Este, and one in Aguada Federal for a total of 14 new wells.

我們也重申全年平均每天 68,000 至 70,000 個 BOE 的指導，並指出我們可能會處於該範圍的上限。 2024年第二季度，我們繼續紮實推進年度工作計畫的執行。我們在第二季度整合了 4 個井場，其中 2 個位於 Bajada del Palo Oeste，1 個位於 Bajada del Palo Este，1 個位於 Aguada Federal，總共 14 口新井。

We connected 25 new wells during the first six months of the year, leaving us on track to deliver our activity guidance, which is between 50 and 54 new wells for the year. We also achieved a major milestone in terms of production capacity expansion by signing a contract with SLB for the second frac set. We expect the set to be fully operational for us towards year end, adding capacity to the three highest spec drilling rigs and one frac set we are currently operate. This new contract will give us additional flexibility to potentially accelerate our activity as of 2025.

今年前 6 個月，我們連接了 25 口新井，這使我們有望實現全年 50 至 54 口新井的活動指導。我們還與SLB簽署了第二套壓裂裝置合同，在產能擴張方面實現了重要里程碑。我們預計該裝置將在年底全面投入使用，為我們目前運作的三個最高規格的鑽孔機和一個壓裂裝置增加產能。這份新合約將為我們提供額外的靈活性，並有可能在 2025 年加速我們的活動。

During Q2 2024, we have made solid progress in securing additional oil treatment and midstream capacity for our growth plan. Within each of our old treatment plant in Entre Lomas expanded to a total capacity of 85,000 barrels of oil per day. We also finalized the connection of our development hub to the Vaca Muerta Norte oil pipeline, doubling our capacity to export oil to Chile to a new total of 12,500 barrels of oil per day.

2024 年第二季度，我們在為我們的成長計畫確保額外的石油處理和中游產能方面取得了堅實進展。我們位於恩特雷洛馬斯的每個舊處理廠的總處理能力已擴大到每天 85,000 桶石油。我們還完成了開發中心與 Vaca Muerta Norte 石油管道的連接，使我們向智利出口石油的能力增加了一倍，達到每天 12,500 桶石油。

Finally, we initiated a project in our oil treatment plan to expand the trucking capacity from 22,000 to 37,000 barrels of oil per day. We expect these to be fully operational by the end of Q3. This would provide us with incremental takeaway capacity that is key while the pipeline system is being expanded. In Q2 of 2024, total revenues saw to $397 million, a 66% increase compared to Q2 2023, 25% above the previous quarter, driven by strong production growth as well as an increase in realization prices.

最後，我們在石油處理計劃中啟動了一個項目，將卡車運輸能力從每天 22,000 桶石油擴大到 37,000 桶石油。我們預計這些將在第三季末全面投入營運。這將為我們提供增量外送能力，這在管道系統擴建時至關重要。 2024 年第二季度，總營收達到 3.97 億美元，比 2023 年第二季成長 66%，比上一季成長 25%，這得益於強勁的產量成長以及變現價格上漲。

Realized oil prices was $71.8 per barrel on average, up 12% on interannual basis. Realized oil price in the domestic market was $73.7 per barrel, including 42% of domestic volumes sold at export parity link pricing. Net of trucking cost. Domestic realized oil prices were $68.9 per barrel. During Q2 2024, we track 23% of the volumes sold in the domestic market.

平均實現油價為每桶 71.8 美元，較去年同期上漲 12%。國內市場的成品油價格為每桶73.7美元，其中42%的國內產量以出口平價連結定價出售。扣除貨運成本。國內實現油價為每桶 68.9 美元。 2024 年第二季度，我們追蹤了國內市場銷量的 23%。

In the export market, our realization price was $76.6 per barrel. We exported 1.9 million barrels of oil, 22% above the previous year, capitalizing on the strong growth of our production. Combining sales to international buyers and domestic buyers paying export parity, 64% of our total sales were sold at export parity.

在出口市場，我們的實現價格為每桶 76.6 美元。由於產量的強勁成長，我們出口了 190 萬桶石油，比上年增長 22%。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 64% 是按出口平價出售的。

Lifting cost was $26.7 million for the quarter, implying a lifting cost per BOE of $4.5. The 31% increase in absolute level compared to the same quarter of last year was driven by higher cost in gathering, processing, compression and power generation to accommodate current production and future growth.

本季的吊掛成本為 2,670 萬美元，這意味著每桶油當量的吊運成本為 4.5 美元。與去年同期相比，絕對水準成長了 31%，這是由於為適應當前生產和未來成長而收集、加工、壓縮和發電的成本增加所致。

On a unit cost basis, our lifting cost was down 6% compared to the same quarter of last year, reflecting our low-cost operating model now fully focused on shale oil. We expect a dilution of the fixed component of this incremental cost as we continue to ramp up production. Based on our annual work program, our model shows we are on track to deliver on our guidance of $4.5 per barrel for the year.

以單位成本計算，我們的提升成本比去年同期下降了 6%，反映出我們現在完全專注於頁岩油的低成本營運模式。隨著我們繼續提高產量，我們預計增量成本的固定部分將會被稀釋。根據我們的年度工作計劃，我們的模型顯示我們預計將實現今年每桶 4.5 美元的指導目標。

Adjusted EBITDA during Q2 2024 was $288 million, an increase of 90% year over year, mainly driven by strong revenue growth. On a sequential basis, adjusted EBITDA increased by 31%. Adjusted EBITDA margin was 70% during the quarter, an interannual increase of 7 percentage points, reflecting the benefit of the economy of scale, and will deliver robust revenue growth whilst decreasing lifting cost per BOE.

2024 年第二季調整後 EBITDA 為 2.88 億美元，年增 90%，主要受到強勁營收成長的推動。調整後 EBITDA 較上季成長 31%。本季調整後 EBITDA 利潤率為 70%，年成長 7 個百分點，反映了規模經濟的效益，並將帶來強勁的收入成長，同時降低每桶油當量的提升成本。

Netback was $48.5 per BOE, a 35% increase year over year, reflecting the higher prices and the increase in oil-to-gas ratio for our sales. Free cash flow during the quarter was $8 million, even as we accelerate CapEx as strong adjusted EBITDA generation boosted cash from operating activities.

淨收益為每桶油當量 48.5 美元，年增 35%，反映出價格上漲和我們銷售的油氣比率增加。本季的自由現金流為 800 萬美元，儘管我們加速了資本支出，因為強勁的調整後 EBITDA 產生增加了營運活動的現金。

Operating activities cash flow was $281 million, in line with adjusted EBITDA as advanced payments for midstream expansion of $36 million were funded by a decrease in working capital of $33 million. Cash flow used in investing activities was $273 million, reflecting CapEx of $346 million for the quarter, partially offset by the $74 million decrease in CapEx related to working capital. Cash at period end was $328 million as cash from financing activities generated $168 million. Net leverage ratio stood at a very healthy 0.56 times adjusted EBITDA at quarter end.

營運活動現金流為 2.81 億美元，與調整後的 EBITDA 一致，因為中游擴張的預付款 3,600 萬美元是透過減少 3,300 萬美元的營運資金來提供資金的。投資活動使用的現金流量為 2.73 億美元，反映本季資本支出為 3.46 億美元，部分被與營運資本相關的資本支出減少 7,400 萬美元所抵銷。期末現金為 3.28 億美元，其中融資活動產生的現金為 1.68 億美元。季度末淨槓桿率為調整後 EBITDA 的 0.56 倍，非常健康。

I will now summarize the key takeaways of today's presentation. During Q2 2024, we continue delivering strong execution of our drilling and completion plan. We tied-in 14 new wells in line with our annual guidance for a total of 25 during the first semester of the year. This generated a robust production increase in Q2, both on an interannual and a sequential basis. A strong revenue generation driven by robust well productivity and improved realized oil prices, certainly with the focus on cost efficiency boosted adjusted EBITDA, which is in the 12 months, surpassed $1 billion for the first time in our company's history.

現在我將總結今天演講的要點。 2024 年第二季度，我們繼續強有力地執行我們的鑽井和完井計畫。今年第一季度，我們按照年度指導方針併網了 14 口新井，總數達到 25 口。這使得第二季的產量實現了年際和季際的強勁成長。強勁的油井產能和提高的實際油價推動了強勁的收入成長，當然，對成本效率的關注也提高了調整後的 EBITDA，在 12 個月內，我們公司歷史上首次超過 10 億美元。

We also achieved a major milestone in preparing our company for future growth, expanding our ultimate capacity and connecting our operation to the Vaca Muerta Norte pipeline. We also secured a second frac set, which adds flexibility to potentially accelerate our short-cycle, high-return capital program as of 2025. This reflects the contractive view we have on the dynamics of our industry, both globally and domestically and is underpinned by our strong conviction on our ability to deliver value to our shareholders. The first semester has ended on a high note for us and put us on track to deliver on our annual guidance.

我們還在為公司未來發展做好準備、擴大我們的最終產能以及將我們的業務與 Vaca Muerta Norte 管道連接方面實現了一個重要的里程碑。我們也獲得了第二套壓裂裝置，這增加了靈活性，有可能加速我們截至 2025 年的短週期、高回報資本計劃。堅信我們有能力為股東創造價值。第一學期對我們來說已經圓滿結束，並使我們走上了實現年度指導的軌道。

Before we move to Q&A, I would like to thank our shareholders for their continued support and congratulate the entire Vista team for their outstanding performance. Operator, please open the line for Q&A.

在進入問答環節之前，我要感謝我們的股東一直以來的支持，並祝賀整個 Vista 團隊的出色表現。接線員，請開通問答線。

Thank you. And at this time, we'll conduct the question-and-answer session. (Operator Instructions)

謝謝。這個時候，我們將進行問答環節。 （操作員說明）

Vicente Falanga, Bradesco BBI.

文森法蘭加 (Vicente Falanga)，布拉德斯科 BBI。

Thank you very much. Good morning, everyone. Miguel, Pablo, Juan and Alejandro, congratulations on the great execution. I had two questions. The first one, could you please comment on your exit production for the second quarter and how your third quarter should look like in terms of outputs? And then my second question, could you also please provide more details on the reason for the hiring of a second frac crew from Schlumberger? Where should this frac crew will go first and could that speed up drilling in Aguila Mora. Thank you very much.

非常感謝。大家，早安。米格爾、巴布羅、胡安和亞歷杭德羅，祝賀你們出色的執行力。我有兩個問題。第一個問題，您能否評論一下第二季的退出產量以及第三季的產出？然後我的第二個問題，您能否提供更多有關從斯倫貝謝僱用第二名壓裂人員的原因的詳細資訊？這些壓裂人員應該先去哪裡，這是否可以加快阿吉拉莫拉的鑽探速度。非常感謝。

Hello, Vincente. Thank you very much for your question. So starting with the first one, Q2 exit on production. The ramp-up of Q2 was mainly driven by the 11 wells in the three pads that we connect in Bajada del Palo Este during the second half of Q1. On average, we see two of those pads performing within the type curve, and one pad at the north, even performing better than the type curve.

你好，文森特。非常感謝您的提問。因此，從第一個開始，第二季退出生產。第二季的成長主要是由第一季下半年我們在 Bajada del Palo Este 連接的三個焊盤中的 11 口井推動的。平均而言，我們看到其中兩個焊盤在類型曲線內表現，一個焊盤在北側，甚至比類型曲線表現更好。

When you look at the average per month of Q2, we had 65.3 barrels of oil per day as a monthly breakdown. We record 60.6 in April, 16.5 in May and almost 70 in June. So if you have to look at the Q3, I will probably go for a double-digit growth again, not less than 10%. This is what I will recommend for your model.

當你查看第二季的月平均值時，我們每天有 65.3 桶石油作為每月細分。 4 月為 60.6，5 月為 16.5，6 月接近 70。因此，如果你必須看第三季度，我可能會再次追求兩位數的成長，不少於 10%。這就是我將為您推薦的模型。

Regarding your second question about the second frac set. The second frac set is going to be incorporated -- first of all, I mean, there was a very good movement from our people in bringing the second frac set, and also taking advantage of, I would say a special relationship we have with our service provider, in this case Schlumberger.

關於第二個壓裂組的第二個問題。第二套壓裂裝置將被合併——首先，我的意思是，我們的員工在帶來第二套壓裂裝置方面採取了非常好的行動，並且還利用了我們與我們的特殊關係。提供者，在本例中為斯倫貝謝。

The second frac set is going to arrive in the country in Q4 of this year. I will not impact 2024 plan. The second frac spread was thought about gaining optionality and flexibility to accelerate and deliver our 2025 plan. So that is what we have for the second frac set in mind. So in terms of additional production for 2024, it will not be impacted. But of course, it will give us some room to accelerate to remote production during 2025.

第二套壓裂裝置將於今年第四季抵達該國。我不會影響2024年的計畫。第二次壓裂價差旨在獲得選擇性和靈活性，以加速和實現我們的 2025 年計畫。這就是我們為第二次壓裂所考慮的。所以就2024年的額外產量而言，不會受到影響。當然，這將為我們在 2025 年加速遠端生產提供一些空間。

Great. Thank you very much for the answers.

偉大的。非常感謝您的回答。

Thank you, Vicente.

謝謝你，維森特。

Daniel Guardiola Fernandez, BTG Pactual.

丹尼爾·瓜迪奧拉·費爾南德斯，BTG Pactual。

Thank you. Hi, good morning, guys. And, yeah, congrats for the great results on the impeccable execution. I have two questions from my end. The first one is related to the approval of the omnibus law. That was a recent history that the government claimed in Congress. And I want to know if you can share with us the main positive for potential effects for Vista related to the approval of this deal. And more specifically, if you can comment the applicability of the RIGI chapter, especially to upstream projects or to potential acquisitions of companies or acreage in this sector. So that will be my first question.

謝謝。嗨，早上好，夥計們。是的，祝賀完美執行所取得的巨大成果。我最後有兩個問題。第一個與綜合法的批准有關。這是政府在國會聲稱的近代歷史。我想知道您是否可以與我們分享與此交易的批准有關的 Vista 潛在影響的主要積極因素。更具體地說，您是否可以評論 RIGI 章節的適用性，特別是對於上游項目或該行業的公司或面積的潛在收購。這是我的第一個問題。

My second question, I saw during the presentations that you guys significantly increased your trucking capacity to 37,000 per day. I wanted to know, Miguel, and maybe you can share with us, what is -- what are your expectations in terms of tracking towards the end of the year? How do you see that evolving in 2025 once we know that while we expected additional pipeline capacity comes online. And what are the cost difference between trucking and using oil pipelines?

我的第二個問題，我在演示中看到你們的貨運能力顯著提高到每天 37,000 輛。我想知道，米格爾，也許你可以與我們分享，你對年底追蹤的期望是什麼？一旦我們知道，儘管我們預計會有額外的管道容量上線，您如何看待 2025 年的發展？卡車運輸和使用石油管道運輸的成本有何差異？

Thank you, Daniel, for your question. So starting with the first one, the lay buses on the RIGI. The lay buses, as you know, I mean, we have two main statements that are important to our industry. One is one is the principle of no price intervention by the government in pricing of crude oil and products. And the second one is the principle of freedom of exports for crude oil and products as well.

謝謝丹尼爾的提問。那麼從第一個開始，RIGI 上的普通巴士。正如你所知，外行巴士，我的意思是，我們有兩個對我們行業很重要的主要聲明。一是一是政府不干預原油及成品油定價的原則。第二個是原油及成品油出口自由原則。

I would say these are two very important and good principles that are in the low. And now we will have to wait until the fine print is worked out and how the regulation end up. Of course, it's going to be a matter of execution in the sense that how fast that principle can be transmitted in real prices in the reality.

我想說，這是兩個非常重要、很好的底層原則。現在我們必須等待細則的製定以及監管的最終結果。當然，這將是一個執行問題，即該原則在現實中以實際價格傳遞的速度有多快。

Of course, we are positive. The spirit of these principles are good. Now all the players we have to push and apply it and of course, the final printing of the regulation is key. So I guess the Security of Energy will be focused on that. The second related to the RIGI, I will say, in my view, is unclear yet. And again, the RIGI have not been regulated yet. The regulation has to be written and it's unclear for me, the applicability of the RIGI to the upstream business overall. It's probably more clear, real rigorous infrastructure, but it's unclear for the upstream.

當然，我們是積極的。這些原則的精神是好的。現在我們必須向所有參與者推動並應用它，當然，該規定的最終印刷是關鍵。所以我想能源安全將集中於此。第二個與 RIGI 有關，我想說，在我看來，目前還不清楚。再說一遍，RIGI 尚未受到監管。該法規必須寫入，但我不清楚 RIGI 對整個上游業務的適用性。它可能是更清晰的、真正嚴格的基礎設施，但對於上游來說還不清楚。

Nevertheless, I would like you say that for Argentina and with the potential that Vaca Muerta have, actually we have 30 rigs in the country and the same volume of resources that you have in US with 500 rigs using the RIGI to accelerate Vaca Muerta is clearly a no-brainer for me, for the country.

儘管如此，我希望您說，對於阿根廷來說，鑑於Vaca Muerta 的潛力，實際上我們在該國擁有30 台鑽機，而美國擁有500 台鑽機，使用RIGI 來加速Vaca Muerta 的資源量顯然是相同的。

Now I cannot comment on the application since yet it's not clear to me. How it's regulated is going to be key. Your second question is regard the volumes of truck and cost. So the cost of trucking for us is approximately in the range of $15 per barrel. In Q1, we truck around 2,000 barrels. In Q2, we truck around 8,000 barrels. This have an impact or a cost of $11 million.

現在我無法對該申請發表評論，因為我還不清楚。如何監管將是關鍵。你的第二個問題是關於卡車的數量和成本。因此，我們的卡車運輸成本約為每桶 15 美元。第一季度，我們運送了大約 2,000 桶。第二季度，我們運送了大約 8,000 桶。這會產生 1100 萬美元的影響或成本。

Yes, 8,000 barrels per day. And in Q3, we plan to transport by truck around 13,000 barrels of oil per day. So again, impacting cost is around $20 million. Q4 will really depend of the starting of Oldelval. So when starting Q4, Oldelval is going to basically make a difference of how much we truck in Q4. I will say -- I will assume around 20,000 barrels oil per day, this is Q4. And 2025, you should see the trucking is loading down and disappear as Oldelval get full speed and also in the second half of 2025, we should have this current stage of Oldelval coming into place.

是的，每天 8,000 桶。第三季度，我們計劃每天透過卡車運輸約 13,000 桶石油。同樣，影響成本約為 2000 萬美元。第四季度實際上取決於奧爾德爾瓦爾的首發。因此，從第四季度開始，奧爾德爾瓦爾基本上會對我們在第四季度的卡車運輸量產生影響。我會說 - 我假設每天大約 20,000 桶石油，這是第四季度。到 2025 年，您應該會看到隨著 Oldelval 全速前進，卡車運輸正在減少並消失，而且在 2025 年下半年，我們應該讓 Oldelval 的當前階段到位。

Thank you, Miguel, for your answer.

謝謝米格爾的回答。

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑弗里斯。

Yes. Good morning, gentlemen. Congratulations on the quarter. Couple of questions, if I may, please. The first one is, could you please give us how you're viewing the local pricing evolving from here? Now you're saying you have about 64% of total volumes sold at export parity. How do you see that evolving? That's the first question.

是的。早安，先生們。恭喜本季。如果可以的話，請問幾個問題。第一個是，您能否告訴我們您如何看待當地定價的演變？現在您說您大約有 64% 的總銷量以出口平價出售。您如何看待這種演變？這是第一個問題。

And then in terms of the second question, how do you see the export volumes also evolving? And Miguel, you mentioned it will depend a little bit how you see Oldelval. But what's your best guess today in terms of the Oldelval situation?

然後就第二個問題而言，您如何看待出口量的變化？米格爾，你提到這將取決於你如何看待奧爾德爾瓦爾。但您今天對奧爾德爾瓦爾的情況最好的猜測是什麼？

Thank you, Alejandro for your question. So in terms of pricing, we mentioned in the presentation, EBITDA average realized oil price was around $72 in Q2 2024. This was 12% above year on year and we were 2% above the last quarter. That was mainly driven by the 14% year-on-year increase in domestic prices. We went from $60 per barrel, and in Q2 we were $68. So that taking into consideration in general for the realized price of around $85, we have a discount of $2.5, so we have a sell price of $82.5 and that give us a realized price of $76.6 with a net of 8% of export tax.

謝謝亞歷杭德羅的提問。因此，在定價方面，我們在演示中提到，2024 年第二季 EBITDA 平均實現油價約為 72 美元。這主要是受國內價格年增14%的推動。我們從每桶 60 美元上漲到第二季的 68 美元。因此，考慮到一般實現價格約為 85 美元，我們有 2.5 美元的折扣，因此我們的售價為 82.5 美元，扣除 8% 的出口稅後，實現價格為 76.6 美元。

Regarding the evolution of that, our total export this quarter was 38% of the total volume and the export parity total was 64% of the total volume. If we assume that the Q3, our export will move from 38%, let's say, towards 50% of the volume, I think we should expect that the export parity over the total will be in Q3 around 70%. So of course, the key will be, and I think for the volumes that we are putting in production and we are expecting to put in production in Q3, achieving 50% of our volume going to export I think is feasible. And I think I answered your two questions, Alejandro.

從變動情況來看，本季我們的出口總額佔總量的38%，出口平價總額佔總量的64%。如果我們假設第三季我們的出口將從總量的 38% 上升到 50%，我認為我們應該預期第三季的出口平價將在 70% 左右。當然，關鍵是，我認為就我們正在投入生產的數量以及我們預計在第三季度投入生產的數量而言，實現 50% 的出口量我認為是可行的。我想我回答了你的兩個問題，亞歷杭德羅。

Okay. That's great. And Miguel now you have better visibility going at least into the first half of 2025. How you see that 2025 evolving? Obviously, there are lots of moving parts there.

好的。那太棒了。米格爾現在至少對 2025 年上半年有更好的了解。顯然，那裡有很多活動部件。

2025, I mean, we clearly -- our guidance for 2025, if we exceed this year at 89,000 barrel per day is basically outdated already. Therefore, you need to expect that at some point this year, we will review that guidance. And also, if you are going to model now, we have today no reason to reduce activity since everything is going well. We will end up this year with 54 wells. So I will take at least same CapEx to drill another 54 wells for next year.

2025 年，我的意思是，我們很清楚 - 如果我們超過今年的 89,000 桶/日，我們對 2025 年的指導基本上已經過時了。因此，您需要預料到，我們將在今年的某個時候審查該指南。而且，如果你現在要建模，我們今天沒有理由減少活動，因為一切都很順利。今年我們將擁有 54 口井。因此，明年我將至少花費相同的資本支出再鑽探 54 口井。

Okay. Yeah, that's very clear. Thank you very much.

好的。是的，這很清楚。非常感謝。

Tasso Vasconcellos, UBS.

塔索·瓦斯康塞洛斯，瑞銀集團。

Hi. Good morning, everyone. Thanks for taking my question and good to see the great execution from the company. Miguel, maybe a follow-up question here on the next year's guidance, we know that it might be updated since you last released it in September last year.

你好。大家，早安。感謝您提出我的問題，很高興看到公司的出色執行力。 Miguel，也許是關於明年指南的後續問題，我們知道自您去年 9 月上次發布以來它可能會進行更新。

But if you could please provide your expectations in terms of the exit rate for this year, what might be the exit rate in terms of production for next year? Because based on the new equipment set and around 55 barrels per year, we do have a view here that you might fully anticipate at 2026 guidance for 2025 at some extent. So it would be great to hear your thoughts on maybe how much of production could you guys give at the beginning of the year and by the end of the year of 2025.

但如果您能提供您對今年退出率的預期，那麼明年產量退出率可能會是多少？因為根據新設備組和每年約 55 桶的產量，我們確實有一個觀點，您可能會在某種程度上完全預期 2026 年對 20​​25 年的指導。因此，很高興聽到你們對於今年年初和 2025 年底之前可以提供多少產量的想法。

My second question is on the potential M&As for Vista. We know that Exxon is selling some of the assets and using the media report that you guys and other players are bidding this process. So if you could also provide some updates on this divestment process from Exxon and maybe other M&A opportunity, I would appreciate that. Those are my questions. Thank you.

我的第二個問題是關於 Vista 潛在的併購。我們知道埃克森美孚正在出售一些資產，並利用媒體報告你們和其他參與者正在競標這一過程。因此，如果您也能提供有關埃克森美孚撤資流程以及其他併購機會的一些最新信息，我將不勝感激。這些都是我的問題。謝謝。

Thank you, Tasso for your question. And look -- starting with 2025 forecast, as I mentioned before, again, I mean, you should expect that before the end of the year, we guide you again since our current forecast seem to be shy compared with the results that we are having. Nevertheless, you have to look at 2025, but we are starting already with three rigs and three new rigs, because we will have the two that we [we have seized] and we will change one of the one we have today in October with a new state-of-the-art drilling rig that is coming in. And we will have a second frac fleet, I mean to execute 54 wells this year with one frac fleet, we were on the limit.

謝謝塔索的提問。看——從2025 年的預測開始，正如我之前提到的，我的意思是，你應該期望在今年年底之前，我們會再次為你提供指導，因為與我們目前的結果相比，我們當前的預測似乎有些不足。儘管如此，你必須著眼於 2025 年，但我們已經從三台鑽機和三台新鑽機開始，因為我們將擁有我們[我們已經扣押]的兩台，我們將在 10 月份更換我們今天擁有的一台。新的最先進的鑽井平台即將投入使用。

So we will have, as I said before, we will build additional optionality and capabilities to accelerate with a second frac set. Therefore -- and we will exceed this year probably if everything goes well and third quarter is key at around 89,000, 90,000 barrels per day. Therefore, you already know that 2025 number that we put in the guidance is obsolete. So I will assume in term of activities at least as I said before 54 wells, that is what we're going to deliver in 2024.

因此，正如我之前所說，我們將建立額外的可選性和能力來加速第二套壓裂。因此，如果一切順利的話，我們可能會超過今年，第三季是關鍵，產量約為每天 89,000 至 90,000 桶。因此，您已經知道我們在指南中放入的 2025 年數字已經過時。因此，我將假設至少正如我在 54 口井之前所說的那樣，這就是我們將在 2024 年交付的活動。

And I cannot comment on production, but I'm sure we will update that as soon as possible. And this is related to 2025. Related to Exxon, as I said before and I cannot comment much on that and I'm sure you understand because it's a process where confidentiality is important, we see that we are participating in the process. I think we are a competitive bidder. It's a very competitive process. And again, I mean, it's not going to change the future of Vista at all. As I said before, it's nice to have, and we will compete hard to see what is the result.

我無法對製作發表評論，但我相信我們會盡快更新。這與2025 年有關。該過程。我認為我們是一個有競爭力的投標者。這是一個競爭非常激烈的過程。我再說一遍，它根本不會改變 Vista 的未來。正如我之前所說，有這樣的感覺真是太好了，我們會努力競爭，看看結果如何。

That's clear. Thank you.

很清楚。謝謝。

Thank you, Tasso.

謝謝你，塔索。

Marina Mertens, Latin Securities.

Marina Mertens，拉丁證券。

Hi. Good morning. Thanks for taking my questions. I have two questions. The first one, regarding your recent equipment update, you mentioned that the new frac set will arrive by the end of the year. But could you provide an update on the current status of the new drilling rig? Is it already operational? Or if not, when do you expect to begin impacting your operations?

你好。早安.感謝您回答我的問題。我有兩個問題。第一個，關於您最近的設備更新，您提到新的壓裂裝置將在今年年底到達。但您能否提供有關新鑽機當前狀態的最新資訊？已經投入營運了嗎？或者如果沒有，您預計什麼時候開始影響您的營運？

And the second one, over the last quarters you've been increasing your trucking transportation while Oldelval project is underway. If there are any delays or any additional delays in the Oldelval project or eventually in the Vaca Muerta tool project? To what extent could trucking capacity be expanded?

第二個，在過去的幾個季度中，當 Oldelval 項目正在進行時，您一直在增加卡車運輸。 Oldelval 專案或最終 Vaca Muerta 工具專案是否有任何延遲或任何額外延遲？貨運能力可以擴大到什麼程度？

Thanks, Marina. Good question. Look at -- in terms of the equipment and in terms of the third rig, we are drilling with the third rig since Q1 this year. The only thing that you will see that in the third quarter, most likely in October, we will change one of the rigs with a new rigs that is in a state-of-the-art rig coming from Houston. So it should not impact our ability to deliver what we have to deliver, which has exchange rigs, and the frac set will probably come toward the end of the year.

謝謝，瑪麗娜。好問題。看看——就設備而言，就第三台鑽機而言，自今年第一季以來，我們正在使用第三台鑽機進行鑽井。您會看到的唯一一件事是，在第三季度，很可能是在十月，我們將用來自休士頓的最先進的鑽機更換其中一台鑽機。因此，這不會影響我們交付我們必須交付的產品的能力，我們有交換鑽機，而且壓裂裝置可能會在今年年底推出。

In terms of a potential delay of Oldelval, well look at -- I think we are -- first of all I will say that we are not expecting a delay. As we get closer to the date of finalization, we have better visibility when Oldelval is going to be delivered. Nevertheless, when you look at our capacity today with Oldelval, it's around 92,000 barrels of oil per day. This is the capacity that we have to evacuate. This is composed of 43,000 that we have from the existing pipeline of Oldelval.

就奧爾德爾瓦爾的潛在延遲而言，我們看看——我認為我們是——首先我會說我們預計不會延遲。隨著最終確定日期的臨近，我們可以更好地了解 Oldelval 何時交付。然而，如果您看看我們今天 Oldelval 的產能，您會發現每天的石油產量約為 92,000 桶。這就是我們必須疏散的能力。這由我們從 Oldelval 現有管道中獲得的 43,000 個組成。

We are exporting today 7,200 barrels of oil per day to Chile, but that can be expanded in Q3 probably to 9,000 and the total capacity is 12,000. And our, I would say, our new trucking capacity is 30,000 barrel of oil per day from which, as I mentioned before in Q3, we probably used 37,000 of that. So with additional trucking capacity, we are in good shape. In case we have a delay on Oldelval in Q4, we will manage to offload our production.

今天，我們每天向智利出口 7,200 桶石油，但第三季可能會擴大到 9,000 桶，總產能為 12,000 桶。我想說，我們的新卡車運輸能力是每天 30,000 桶石油，正如我之前在第三季度提到的，我們可能使用了其中的 37,000 桶石油。因此，憑藉額外的貨運能力，我們的狀況良好。如果我們在第四季度 Oldelval 專案出現延誤，我們將設法卸載我們的生產。

Thank you very much.

非常感謝。

You're welcome, Marina.

不客氣，瑪麗娜。

Andres Cardona, Citi.

安德烈斯·卡多納，花旗銀行。

Hi. Good morning, everyone. Congratulations on the execution of the program. I have two questions. The very first one is given the new capacity that you have on drilling and fracking, how do you imagine the time allocation of this capacity into the different asset blocks that you have? And the second one is there was an increase of some $0.20 on the lifting cost. I know it's in line with the guidance, but just wanted to understand what drive the delta between the first and the second quarter. Thank you.

你好。大家，早安。恭喜程式執行完畢。我有兩個問題。第一個是給定您在鑽井和水力壓裂方面擁有的新能力，您如何想像將此能力分配到您擁有的不同資產區塊中的時間？第二個是吊裝成本增加了約 0.20 美元。我知道這符合指導意見，但只是想了解是什麼推動了第一季和第二季之間的增量。謝謝。

Thank you, Andres for your question. So I mean in terms of priorities on the development, the new equipment are still the same is our development hub is Bajada del Palo Oeste, Bajada del Palo Este as well as Aguada Federal. This is where we are going to concentrate our activity. As you know, we have a deep portfolio there of 1,000 wells. We have drilled plenty of those. So plenty of room for us and we will continue allocating our activity there. When it comes to lifting costs, Q2 will record $4.5 and basically, I would say two reasons of the $4.5.

謝謝你，安德烈斯的問題。所以我的意思是，就開發優先事項而言，新設備仍然是相同的，我們的開發中心是 Bajada del Palo Oeste、Bajada del Palo Este 以及 Aguada Federal。這是我們將集中活動的地方。如您所知，我們在那裡擁有 1,000 口井的深度投資組合。我們已經鑽了很多這樣的孔。我們有足夠的空間，我們將繼續在那裡分配我們的活動。當談到提升成本時，第二季將達到 4.5 美元，基本上，我想說 4.5 美元的兩個原因。

One, we spend, as we have to spend money in gathering, processing, compression, power generation to accommodate the current production and the future production growth. We have to be ahead. Usually, all those projects you have to frontload it in order to accommodate the production growth. The second part of the lifting cost was cost pressure driven by flat effects and peso inflation. We are seeing a bit of a headwind in OpEx. The peso appreciation was 12% in real term between Q1 and Q2. That is approximately $2 million of sequential lifting cost increase that basically came from that trend. No much reading or lifting cost. We continue doing a very good job and we are not going to change our guidance for this year.

第一，我們花錢，因為我們必須在收集、加工、壓縮、發電方面花錢，以適應當前的生產和未來的生產成長。我們必須領先。通常，所有這些項目都必須預先加載才能適應生產成長。提升成本的第二部分是扁平效應和比索通膨帶來的成本壓力。我們在營運支出方面看到了一些阻力。第一季至第二季比索實際升值 12%。大約 200 萬美元的連續起重成本增加主要來自於此趨勢。沒有太多的閱讀或提升成本。我們繼續做得很好，我們不會改變今年的指導。

Thank you, Miguel.

謝謝你，米格爾。

Thank you. And I'm not showing any further questions in the queue. I would now like to turn call back over to Miguel Galuccio for any closing remarks.

謝謝。我不會在隊列中顯示任何其他問題。現在我想將電話轉回給米格爾·加盧喬，請其發表結束語。

Well, guys and ladies, thank you very much for the questions. It has been a very good quarter to us. We expect to continue delivering on the promise. Thank you very much for your participation and have a good day.

好的，先生們，女士們，非常感謝你們提出的問題。對我們來說，這是一個非常好的季度。我們期望繼續兌現承諾。非常感謝您的參與，祝您有美好的一天。

Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone have a great day.

感謝您參加今天的會議。這確實結束了該程式。您現在可以斷開連線。每個人都度過了愉快的一天。