Vista Energy SAB de CV (VIST) 2024 Q3 法說會逐字稿

Good day.

再會。

And thank you for standing by.

感謝您的支持。

Welcome to Vista's third-quarter, 2024 earnings webcast and conference call.

歡迎觀賞 Vista 2024 年第三季財報網路廣播與電話會議。

(Operator Instructions)

（操作員說明）

Please be advised that today's conference is being recorded.

請注意，今天的會議正在錄製中。

I would now like to hand the conference over to your speaker today.

我現在想把會議交給今天的發言者。

Alejandro Chernacov.

亞歷杭德羅·切爾納科夫。

Please go ahead.

請繼續。

Thanks.

謝謝。

Good morning, everyone.

大家早安。

We are happy to welcome you to Vista's third quarter of 2024 results conference call.

我們很高興歡迎您參加 Vista 2024 年第三季業績電話會議。

I am here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto Vista's, CFO; and Juan Garoby, Vista's COO.

我和 Vista 董事長兼執行長 Miguel Galuccio 一起來到這裡。巴勃羅‧維拉‧平托‧維斯塔 (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.

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.

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。

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.

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 international financial reporting standards, IFRS.

我們的財務數據以美元表示，並符合國際財務報告標準 IFRS。

However, during this 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.

然而，在這次電話會議中，我們可能會討論某些非IFRS 財務指標，例如調整後的EBITDA 以及這些指標與最接近的IFRS 指標的調整後淨利潤調節表，這些指標可以在我們昨天發布的在收益報告中找到。

Please check our website for further information.

請查看我們的網站以獲取更多資訊。

Our company is a Vista 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.

我們公司是一家根據墨西哥法律組成的 Vista 社會資本公司，在墨西哥證券交易所和紐約證券交易所註冊。

Our speakers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange.

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.

謝謝，艾爾。

Good morning, everyone and welcome to this earnings call.

大家早安，歡迎參加本次財報電話會議。

The third quarter of 2024 was marked by strong operational and financial performance.

2024 年第三季的營運和財務業績強勁。

Driven by new well activity in our development hub in Vaca Muerta.

受到我們瓦卡穆爾塔開發中心新油井活動的推動。

Total production was 72,800 BOEs per day.

總產量為每天 72,800 個 BOE。

An increase of 47% year over year and 12% quarter over quarter.

年增47%，季增12%。

Oil production was 63,500 barrels per day. 53% above the same quarter of last year and 11% up compared to the previous quarter.

石油產量為每天 63,500 桶。比去年同期成長53%，比上一季成長11%。

Total revenues during the quarter were $462 million, a 53% increase compared to the same quarter of last year.

該季度總營收為 4.62 億美元，比去年同期成長 53%。

Lifting cost was $4.7 per BOE, 2% down year over year capital expenditure was $369 million mainly driven by 12 new wells drilled and 15 wells completed during the quarter plus $63 million in development facilities.

每桶油當量提升成本為 4.7 美元，年減 2%，資本支出為 3.69 億美元，主要是由於本季度鑽探的 12 口新井和完井的 15 口井以及 6,300 萬美元的開發設施所致。

Adjusted EBITDA was $310 million, 37% of our year over year driven by robust revenue growth and lower lifting cost per BOE.

調整後 EBITDA 為 3.1 億美元，較去年同期成長 37%，這得益於強勁的營收成長和每桶油當量降低的提升成本。

Adjusted net income was $53 million implying a quarterly adjusted EPS of $0.6 per share.

調整後淨利潤為 5300 萬美元，意味著季度調整後每股收益為 0.6 美元。

Free cash flow was $74 million negative during the quarter driven by higher cash in investing activities as we ramp up capital expenditure in our development to drive growth.

本季自由現金流為負 7,400 萬美元，原因是我們加大開發資本支出以推動成長，投資活動現金增加。

Net leverage ratio at quarter end was a solid 0.65 times adjusted EBITDA.

季末淨槓桿率為調整後 EBITDA 的 0.65 倍。

I will now deep dive into our main operation and financial metrics of the quarter.

我現在將深入探討我們本季的主要營運和財務指標。

Total production during the quarter was 72,800 BOEs per day.

本季總產量為每天 72,800 個 BOE。

Our highest quarter ever on a sequential basis, production growth was 12% driven by the connection of 23 new wells between May and September.

5 月至 9 月期間，由於 23 口新井的連接，產量增加了 12%，是我們歷史上連續最高的季度。

We continue to see solid productivity with new well performing in line with our type curve.

我們繼續看到穩健的生產力，新的良好表現符合我們的類型曲線。

Total production was 47% higher on interannual basis.

總產量年增 47%。

Reflecting the ramp up of our new activity.

反映了我們新活動的增加。

We tied in 51 us during the last 12 months compared to the 31 during 2023.

過去 12 個月，我們並列 51 美元，而 2023 年為 31 美元。

Oil production was 63,500 barrels per day, implying an interannual growth of 53% and a sequential growth of 11%.

石油產量為每天 63,500 桶，年際成長 53%，較上季成長 11%。

Natural gas production increased 16% year over year and 12% quarter over quarter.

天然氣產量年增 16%，季增 12%。

Growth was driven by associated guy stream coming from our Vaca Muerta shale oil wells.

成長是由來自我們 Vaca Muerta 頁岩油井的相關油流所推動的。

During the third quarter of 2024, we continue to make solid progress in the execution of our annual work program.

2024年第三季度，我們持續紮實推動年度工作計畫的執行。

We connected three parts during Q3, two in Bajada del Palo Oeste and one in Bajada del Palo Este for the total of 12 new wells.

我們在第三季度連接了三個部分，其中兩個位於 Bajada del Palo Oeste，一個位於 Bajada del Palo Este，總共 12 口新井。

We completed an additional pad in Bajada del Palo Oeste in late September which led to the tie in of three wells earlier this month.

我們在 9 月下旬在 Bajada del Palo Oeste 完成了一個額外的平台，這導致了本月初的三口井的連接。

We therefore connected 40 new wells year to date, leaving us on track to deliver on our activity guidance, which is between 50 and 54 new wells for the year.

因此，我們今年迄今已連接了 40 口新井，使我們有望實現今年的 50 至 54 口新井的活動指導。

Based on the execution of our new well activity plan.

基於我們新的油井活動計劃的執行。

Our model shows that production is forecast to expand again by double digit in Q4 to 85,000 BOE per day.

我們的模型顯示，預計第四季產量將再次以兩位數成長，達到每天 85,000 桶油當量。

We also rated our guidance of 68,000 to 70,000 BOEs per day on average for the full year.

我們還將全年平均每天 68,000 至 70,000 個 BOE 的指導定為。

Nothing that we will likely be on the upper end of this range.

我們可能不會處於這個範圍的上限。

In Q3 2024 total revenues were boosted to $462 million, a 53% increase year over year and 70% above the previous quarter, driven by strong production growth.

在產量強勁成長的推動下，2024 年第三季總營收增至 4.62 億美元，年增 53%，季增 70%。

Realized oil prices were $68.4 per barrel on average up 1% on the annual basis and on a sequential basis, all prices were 5% lower, driven by softer international prices.

實際油價為每桶 68.4 美元，年均上漲 1%，受國際價格疲軟推動，所有價格季均下跌 5%。

Domestic realization prices were $67.8 per barrel net of tracking costs and including volume sold for parity.

扣除追蹤成本並包括以平價出售的數量，國內實現價格為每桶 67.8 美元。

Eport realization prices were $68.9 per barrel.

出口實現價格為每桶 68.9 美元。

During Q3, we continue to execute our export oriented strategy with an increase in amount of oil sold in the international market driven by the production growth with 3.5 million barrels of oil during the quarter, 57% above the previous year.

第三季度，我們持續執行出口導向策略，在產量成長的帶動下，國際市場石油銷售量增加，本季石油產量為350萬桶，較上年同期成長57%。

Additionally, 1 million barrels of oil were sold in the domestic market at export parity prices.

此外，還有100萬桶石油以出口平價在國內市場銷售。

Therefore, combining the sales to international buyers and domestic buyers paying export parity, 72% of our total oil sales were sold at export parity prices.

因此，將向國際買家和支付出口平價的國內買家的銷售結合起來，我們石油總銷量的72%是以出口平價出售的。

Lifting cost was $31.6 million during the quarter implying a lifting cost per BOE of $4.7. On a unit cost basis, our lifting costs were down 2% inter annually reflecting the illusion of fixed costs as we continue to ramp up production.

本季的吊掛成本為 3,160 萬美元，這意味著每桶油當量的吊運成本為 4.7 美元。以單位成本為基礎，我們的起重成本每年下降 2%，反映出隨著我們持續提高產量，固定成本的錯覺。

This effect was partially offset by the inflation in US dollars in a sequential basis lifting cost per NOEE increased 5%.

這一影響被美元通膨所部分抵消，以環比計算，每 NOEE 成本提高了 5%。

This was driven by higher costs in gathering processing gas compression and power generation to accommodate current production and future growth.

這是由於收集加工氣體壓縮和發電以適應當前生產和未來成長的成本較高。

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.

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 EBDITA during the quarter was $310 million, a solid increase of 37% year over year mainly driven by strong production growth amid stable oil prices and lifting cost per BOE.

本季調整後 EBDITA 為 3.1 億美元，較去年同期穩健成長 37%，主要是由於油價穩定和每桶油當量成本上升導致產量強勁成長。

On a sequential basis, adjusted EBDITA increased by 8% not worthy is the fact that on L TM basis, adjusted EBDITA has so passed $1.1 billion.

以環比計算，調整後 EBDITA 成長了 8%，但不值得的是，以 L TM 計算，調整後 EBDITA 已超過 11 億美元。

Adjusted EBDITA margin was 65% during the quarter.

本季調整後 EBDITA 利潤率為 65%。

The softer interannual price reflect a temporary increase in tracking expenses.

年際價格走軟反映了追蹤費用的暫時增加。

During Q3, we track 12,000 barrels of oil per day for a total cost of $23 million of which $16 million were allocated to selling expenses in our income statement and $7 million were deducted from our revenue line.

在第三季度，我們每天追蹤 12,000 桶石油，總成本為 2,300 萬美元，其中 1,600 萬美元分配給我們損益表中的銷售費用，700 萬美元從我們的收入項目中扣除。

During the third quarter, we continue with CapEx acceleration to support production ramp up.

在第三季度，我們繼續加速資本支出以支持產量成長。

Operating activities cash flow was $255 million reflecting an increase in working capital of $52 million and advanced payments for the midstream expansion of $20 million.

經營活動現金流為 2.55 億美元，反映出營運資金增加 5,200 萬美元以及中游擴張預付款 2,000 萬美元。

Cash flow used in investing activities was $329 million reflecting a crude CapeEx of $369 million partially upset by a $42 million decrease in CapEx related working capital.

投資活動使用的現金流量為 3.29 億美元，反映了 3.69 億美元的原始資本支出，部分原因是資本支出相關營運資本減少了 4,200 萬美元。

Cash flow from financing activities reflects proceeds from borrowing of $143 million, the repurchase of shares for $50 million and the repayment of borrowings for $74 million.

融資活動產生的現金流量反映了 1.43 億美元的借款收益、5,000 萬美元的股票回購收益以及 7,400 萬美元的借款償還收益。

A result free cash flow during the quarter was $74 million negative and cash at the end was $256 million.

結果本季自由現金流為負 7,400 萬美元，期末現金為 2.56 億美元。

The net leverage ratio stood at a very healthy 0.65 times adjusted EBDITA at quarter end.

季度末淨槓桿率處於非常健康的調整後 EBDITA 的 0.65 倍。

During 2024, we have achieved three very significant milestones to deliver on our profitable growth plan.

2024 年，我們實現了三個非常重要的里程碑，以實現我們的獲利成長計劃。

Firstly, we have accelerated growth in 2024, ramping up new world activities and leading to a forecast of 85,000 BOEs per day on average in Q4, this will imply more than a 50% increase year over year in that quarter.

首先，我們在 2024 年加速成長，增加新世界活動，預計第四季平均每天有 85,000 個 BOE，這意味著該季度同比增長超過 50%。

Additionally, we secure all maintaining capacity of 124,000 barrels of oil per day by year end in 2025.

此外，到 2025 年底，我們將確保每日 124,000 桶石油的所有維持產能。

And finally, we secure a third rig and a second track set under term contracts which give us capacity to grow further during 2025.

最後，我們根據定期合約獲得了第三台鑽機和第二套跑道，這使我們有能力在 2025 年進一步發展。

Based on these milestones, we are updating our 2025 guidance.

根據這些里程碑，我們正在更新 2025 年指南。

We forecast total production between 95,000 and 100,000 barrel per day implying an interannual production growth of more than 40%.

我們預計總產量將在每天 95,000 至 100,000 桶之間，這意味著年際產量成長將超過 40%。

This plan is based on 52 to 60 new wells during the year and $1.1 to $1.3 billion of CapEx.

該計劃基於年內新增 52 至 60 口井以及 110 至 13 億美元的資本支出。

This excludes potential investment in Vaca Muerta Sur oil pipeline and export terminal.

這不包括對瓦卡穆爾塔蘇爾石油管道和出口碼頭的潛在投資。

We forecast and adjusted EDBITA of between $1.5 billion and $1.65 billion.

我們預測並調整後的 EDBITA 為 15 億至 16.5 億美元。

Also implying an interannual growth of more than 40%.

也意味著年際成長率超過40%。

Our realized oil price assumption is between $67 and $72 per barrel implying a brent of $75 to $80 per barrel.

我們的實際油價假設為每桶 67 至 72 美元，這意味著布蘭特原油價格為每桶 75 至 80 美元。

This plan is in line with capital allocation priorities disclosed in our last investor day.

該計劃與我們在上一個投資者日披露的資本配置優先順序一致。

Based on the depth of our short cycle, high return well inventory, we are accelerating our profitable growth plan.

基於我們的短週期、高回報油井庫存的深度，我們正在加快我們的獲利成長計畫。

We continue to assess the impact that this updated guidance we have on our 2026 forecast.

我們將繼續評估此更新指南對 2026 年預測的影響。

As a result, we are withdrawing our 2026 guidance, and we are working on a new long term plan to be presented to our investors during 2025.

因此，我們將撤回 2026 年指導，並正在製定一項新的長期計劃，將在 2025 年期間提交給投資者。

I will now summarize the key takeaways of today's presentation.

現在我將總結今天演講的要點。

During Q3 2024, we record a strong operational and financial performance.

2024 年第三季度，我們取得了強勁的營運和財務表現。

We continue to deliver growth with industry leading return on capital.

我們繼續以行業領先的資本回報率實現成長。

Growth was driven by the sharp execution of our annual work program.

成長是由我們年度工作計劃的迅速執行所推動的。

We have connected 12 wells in the quarter and 40 wells year-to-date.

本季我們已連接 12 口井，今年迄今已連接 40 口井。

Alongside with solid well productivity.

伴隨著穩定的油井生產力。

This has boosted production, revenues, and net profit.

這提高了產量、收入和淨利潤。

Based on solid progress during the quarter, I can confirm we are well on track to deliver on our 2024 guidance for activity, production, lifting costs and adjusted EBITDA.

基於本季的紮實進展，我可以確認我們正在順利實現 2024 年活動、生產、提升成本和調整後 EBITDA 的指導。

During Q3, we have also made focus on return to shareholders.

第三季度，我們也專注於股東回報。

We executed the second tranche of our share buyback plan for $50 million.

我們執行了第二筆 5000 萬美元的股票回購計畫。

This adds up to $100 million of buybacks during the year.

這使得年內的回購總額達到 1 億美元。

Finally, based on our CapEx acceleration during the year and having secured additional capacity in drilling completion and all infrastructure to continue our growth, we have updated our 2025 guidance.

最後，基於我們今年資本支出的加速，以及確保了鑽井完井和所有基礎設施的額外產能以繼續我們的成長，我們更新了 2025 年指引。

Our plan is forecast to yield more than 40% growth in production and adjusted EDBITA compared to 2024.

與 2024 年相比，我們的計劃預計產量和調整後的 EDBITA 將成長 40% 以上。

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.

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。

Operator please open the line for Q&A.

接線生請開通問答線。

(Operator Instruictions)

（操作員說明）

Vicente Falanga, Bradesco BBI.

文森法蘭加 (Vicente Falanga)，布拉德斯科 BBI。

Hi, good morning, everyone.

嗨，大家早安。

Thank you, Galuccio.

謝謝你，加盧喬。

Thank you, Ale.

謝謝你，艾爾。

Thank you, Juan.

謝謝你，胡安。

My question is the following.

我的問題如下。

Vista had a similar level of well drillings in completions in the third quarter versus the second quarter of 2024.

Vista 第三季的鑽井完井數量與 2024 年第二季相似。

But we saw, you know, quite a sharp rise in the topics.

但我們看到，你知道，這些話題的數量急劇上升。

Can we assume that you're drilling a longer laterals with more fact stages?

我們可以假設您正在鑽更長的支管並具有更多的事實階段嗎？

And if, yes, you know, what is the expected peak production for these kind of wells that you drilled in the third quarter versus the ones that you were drilling before?

如果，是的，您知道，與您之前鑽探的井相比，您在第三季度鑽探的此類井的預期峰值產量是多少？

Thank you very much

非常感謝

So.

所以。

Yes, you, you're right.

是的，你，你說得對。

I mean, when you look at the total CapEx in Q3 was $369 million compared with $346 in Q2 with similar numbers of wells tie in.

我的意思是，如果你看看第三季的總資本支出為 3.69 億美元，而第二季的資本支出為 346 美元，而油井數量相似。

When you look at the breakdown, $280 million were drilling and completion in Q3 compared with Q2 of $267.

當你查看細分市場時，第三季的鑽探和完井費用為 2.8 億美元，而第二季為 267 美元。

And as you pointed out, the main different cap came from the lateral length of our horizontal wells.

正如您所指出的，主要的不同上限來自於我們水平井的橫向長度。

So we drill yes longer laterals between 3,200 meters compared with 2,800 meter.

因此，我們在 3,200 公尺之間鑽探比 2,800 公尺更長的支管。

Cost of those wealth go from 14.5 in the 2,800 to a range of 16 to 17.

這些財富的成本從 2,800 人的 14.5 到 16 到 17 不等。

And depending on the length, it is 3,200 meter and the main difference doesn't come from the drilling itself.

根據長度的不同，它是 3,200 米，主要區別並不來自鑽孔本身。

It comes from the number of stages of completion.

它來自完成階段的數量。

We usually move from 47 in the 2,800 to 50 to 55 in the 3,000 or 3,000 plus lateral length.

我們通常從 2,800 的 47 移動到 3,000 或 3,000 加上橫向長度的 50 到 55。

The decision of this is is is super based on a sub surface.

這個決定是超級基於子表面的。

So it's sub surface driven and of course, EORs of this, we are different, we move from 1.5 million barrel of total EOR to around probably 1.8 million.

所以它是地下驅動的，當然，我們是不同的，我們的 EOR 總量從 150 萬桶增加到大約 180 萬桶。

So that is the main difference.

這就是主要的區別。

And yes, I mean, when you look at NPV wise every time that we have a chance to go a bit longer on the lateral NPV payoff.

是的，我的意思是，每當我們有機會在橫向 NPV 回報上走得更長一點時，你就會明智地看待 NPV。

So that's the main reason of what you have seen the $20 million or $23 million of CapEx difference between ring and completion between Q3 and Q2.

因此，這就是您看到第三季和第二季的環環和完成之間資本支出差異為 2000 萬美元或 2300 萬美元的主要原因。

Great.

偉大的。

That, that's very clear.

那，那是非常清楚的。

Thank you very much.

非常感謝。

You're welcome.

不客氣。

Tasso Vasconcellos, UBS.

塔索·瓦斯康塞洛斯，瑞銀集團。

Hi, Miguel.

嗨，米格爾。

Hi, everyone.

大家好。

Thanks for taking my question here.

感謝您在這裡提出我的問題。

Miguel, you said that the company delivered 51 new wells in the past 12 months and that's actually prior to the full usage of the new equipment set.

Miguel，您說該公司在過去 12 個月內交付了 51 口新井，這實際上是在新設備完全使用之前。

And the guidance ahead is a little bit above that figures.

未來的指導略高於該數字。

But I think the question is what would be the full potential, looking ahead of how many wells can the company deliver maybe on a best case scenario?

但我認為問題是，在最好的情況下，展望公司可以交付多少口井，其全部潛力是什麼？

And what would be the main bottlenecks and the main risks for such accelerated development plan.

這種加速發展計畫的主要瓶頸和主要風險是什麼？

That's my question.

這就是我的問題。

Thank you

謝謝

Thank you, Tasso for your question, it's a very good question.

謝謝塔索的提問，這是一個非常好的問題。

So maybe the best way to look at this is if we look at 2024.

因此，也許看待這個問題的最佳方式是展望 2024 年。

When you look at 2024 we will end up tying in between 50 and 54 wells.

展望 2024 年，我們最終將連接 50 至 54 口井。

And that execution, it will be done with three drilling rigs for the full year independently that we are replacing one rig with now a rig that they have a right.

該執行將在全年使用三台鑽機獨立完成，我們將用現在他們擁有權利的一台鑽機替換一台鑽機。

That is a new drilling rig.

那是一個新的鑽孔機。

When you look at, we have been drilling with three drilling rigs full year and one frac set full year.

你看，我們全年使用三台鑽孔機和一套壓裂裝置進行鑽井。

And then we use an export frac set, I believe, twice a year.

然後我們每年使用兩次出口壓裂裝置。

So with that, we will achieve between 50 maybe 54 tie-ins.

這樣，我們將實現 50 到 54 種搭配。

When you look at what we got for 2025 we got between 52 and 60 new tie-ins three drilling rigs and the main difference is that we will have access to a full frag set for the full year.

當你看到我們在 2025 年獲得的成果時，我們獲得了 52 到 60 台新的配套三台鑽機，主要區別在於我們將能夠獲得全年的完整破碎裝置。

So when you talk about potential, really what this frac set give us is the full potential to go beyond this 52 or 60 well tie-ins.

因此，當您談論潛力時，這套壓裂裝置真正為我們帶來的是超越 52 或 60 口井搭配的全部潛力。

As well to notice here that if you want to add another drilling rig, a fourth drilling rig, because the conditions are there the context allow us to do so.

這裡也要注意，如果你想再增加一個鑽孔機，第四個鑽孔機，因為條件已經存在，上下文允許我們這樣做。

Getting a new rig in the country or getting access to a rig within the country is not difficult.

在國內購買新鑽孔機或在國內使用鑽孔機並不困難。

Getting a new frac feed, having that optionality read in the country any moment, that is what is difficult and is what we will have in hand.

獲得新的壓裂原料，隨時在國內閱讀這種選擇，這就是困難所在，也是我們將要掌握的。

In case we want to go further to the safety of 52 where we have guide.

如果我們想進一步前往安全的52，那裡有我們的嚮導。

So that frac said back to your question is really what give us flexibility optionality and potential?

那麼，壓裂回答了你的問題，到底是什麼給了我們靈活性、選擇性和潛力？

Thank you.

謝謝。

Thank you.

謝謝。

Bruno Montanari, Morgan Stanley.

布魯諾蒙塔納裡，摩根士丹利。

Good morning, Miguel, Ali, and team.

早安，米格爾、阿里和團隊。

Thanks for taking my question.

感謝您提出我的問題。

So when we think about your secured evacuation capacity, which I believe you, you mentioned 124,000 barrel per day into next year.

因此，當我們考慮您的安全疏散能力時（我相信您），您提到明年的每日疏散能力為 124,000 桶。

Can you give us a sense of how we should expect your production to evolve quarterly into 2025 and perhaps getting closer to that level of of around 120,000 barrels per day.

您能否讓我們了解一下，到 2025 年，我們應該如何預期您的產量將按季度發展，並可能更接近每天約 120,000 桶的水平。

Thank you very much.

非常感謝。

Hi, Bruno, and thanks for your question.

你好，布魯諾，謝謝你的問題。

Yeah, we will finish this year with an average of 85,000 barrel per day in Q4.

是的，今年第四季我們的產量將達到平均每天 85,000 桶。

And we are guiding for 2025, 95,000 to 100,000.

我們的目標是到 2025 年，數量為 95,000 至 100,000。

So I mean, it's a super incremental increase as we outlined in our presentation, 40% increase in production, 40% increase in EBDITA.

所以我的意思是，正如我們在演示中概述的那樣，這是一個超級增量增長，產量增加了 40%，EBDITA 增加了 40%。

When you -- if we want to basically finish between 95,000 and 100,000 for next year, that means that we will have an exit rate in 2025 about 100,000 barrels per day for sure.

如果我們希望明年的產量基本上在 95,000 至 100,000 桶之間，這意味著 2025 年我們的退出率肯定約為每天 100,000 桶。

We will have evacuation capacity in 2025 for 124,000 barrels per day.

到 2025 年，我們的疏散能力將達到每天 124,000 桶。

That will be composed of 75,000 Oldelval, 44,000 that we already have plus the 31,000 that we will add.

這將包括 75,000 名 Oldelval、我們已有的 44,000 名以及我們將增加的 31,000 名。

Vaca Muerta North, I mean, in Chile and OTASA, it will be 12,000.

Vaca Muerta North，我的意思是，在智利和 OTASA，這個數字將是 12,000。

So that give you 87,000 and we have big capacity -- tracking capacity for 30,000 barrel per day.

因此，這就是 87,000 桶，我們擁有很大的產能——每天追蹤 30,000 桶的產能。

So that make our 124,000 total capacity that we have in hand for 2025.

這樣一來，我們到 2025 年的總產能就達到了 124,000 輛。

The reality, I believe there's going to be a spare capacity in Oldelval.

事實上，我相信奧爾德爾瓦爾會有閒置產能。

I mean, beyond the 31,000 that we have -- that we will use and we have access to for me, when you look at the capacity that's going to be put in place in Q1, they most likely will prepare a capacity.

我的意思是，除了我們將使用並且可以為我使用的 31,000 個容量之外，當你查看第一季度將到位的容量時，他們很可能會準備容量。

So even though we talk about 35,000, 37,000 barrels per day on tracking, I think it's unlikely that we will use that full capacity in 2025.

因此，儘管我們談論的追蹤產量為每天 35,000 至 37,000 桶，但我認為我們不太可能在 2025 年使用全部產能。

That's clear.

很清楚。

Thank you.

謝謝。

Marina Martens, Latin Securities.

Marina Martens，拉丁證券。

Hi, good morning.

嗨，早安。

Thanks for taking my questions.

感謝您回答我的問題。

So in the third quarter, brent prices declined and local prices remain quite stable.

因此第三季布蘭特原油價格下降，而當地價格則維持相當穩定。

So the gap between domestic and international prices narrowed significantly.

因此國內外價格差距明顯縮小。

How do you foresee these dynamics evolving, and in particular, what is your outlook for the price of the local barrel compared to export parties in the upcoming quarters?

您如何預測這些動態的演變，特別是，與未來幾季的出口方相比，您對本地桶價格的前景如何？

Yes, you're right.

是的，你說得對。

I mean, when you look at brent prices, Q2 was around $85, Q3 $78.

我的意思是，當你查看布蘭特原油價格時，第二季約為 85 美元，第三季約為 78 美元。

And and we are thinking that Q4 would be in similar range or to what we have in Q3.

我們認為第四季的範圍將與第三季的範圍相似。

When you do the realized price of our export with 78,000 -- $78 per barrel, it was $60.8. And when you look at -- when you see the prices of local in Q3, was $68.

當你計算我們出口的實際價格為每桶 78,000 美元（即 78 美元）時，結果是 60.8 美元。當你看到第三季當地的價格時，是 68 美元。

So very similar.

非常相似。

We feel that we should see -- we should not see a change in that dynamic going forward.

我們認為我們應該看到——我們不應該看到這種動態的變化。

Now, we will look at the same dynamic and that is based in the new law that calls for no pricing intervention.

現在，我們將研究同樣的動態，它基於要求不進行定價幹預的新法律。

So we are optimistic that the recommendation of this new law will support that conversion between local pricing to international prices.

因此，我們樂觀地認為，這項新法律的建議將支持本地定價與國際價格之間的轉換。

So we believe that same demand will continue to Q4.

因此我們相信同樣的需求將持續到第四季。

We don't see a major change.

我們沒有看到重大變化。

Okay.

好的。

Thank you very much.

非常感謝。

Daniel Guardiola, BTG Pactual.

丹尼爾·瓜迪奧拉，BTG Pactual。

Hi, good morning.

嗨，早安。

Miguel and Alejandro.

米格爾和亞歷杭德羅。

First of all, congrats for the results, I would like to touch on inorganic growth.

首先，恭喜我們所取得的成果，我想談談無機成長。

And in that sense, I wanted to know if you could share with us an update on the sale process of Exxon.

從這個意義上說，我想知道您是否可以與我們分享埃克森美孚出售流程的最新情況。

My understanding according to local media is that this process is now a three horse race.

根據當地媒體的說法，我的理解是，這個過程現在是一場三馬賽跑。

And I wanted to know if you're in this race or if you decided to opt out and if you're still in this race, Miguel, I would like to know if you can share with us, what are the main merits you have identified from Exxon assets in Argentina.

我想知道你是否參加這場比賽，或者你是否決定退出，如果你仍然參加這場比賽，米格爾，我想知道你是否可以與我們分享，你的主要優點是什麼從埃克森美孚在阿根廷的資產中識別出來。

Hi Daniel.

嗨丹尼爾。

Thank you for the question that I cannot answer, but I will try to do my best to give you some color.

謝謝你提出這個我無法回答的問題，但我會盡力給你一些顏色。

So first of all, yes, we continue engage in Exxon that -- as I said, the previous quarter was a competitive process that we were keen in participate and we continue to be in the race.

首先，是的，我們繼續參與埃克森美孚——正如我所說，上一季是一個競爭過程，我們熱衷於參與，我們將繼續參與競爭。

And of course, as I said, also in the last quarter, we will do whatever makes business sense.

當然，正如我所說，也是在上個季度，我們將做任何對商業有意義的事情。

And if you come to us, I mean, it will be welcomed if you not like move on and we have enough acreage in our hands to continue with the development of our plans -- our future plan.

如果你來找我們，我的意思是，如果你不喜歡繼續前進，我們會歡迎你，而且我們手中有足夠的土地來繼續制定我們的計劃——我們的未來計劃。

Exxon assets are good assets.

埃克森美孚的資產是好資產。

I mean, that's why we are there.

我的意思是，這就是我們在那裡的原因。

It give us, probably beyond, I mean, we have today 200,000 acreagge.

我的意思是，它為我們帶來的可能超出了我們今天擁有的 20 萬英畝土地。

As you know, we have around 1,300 world location from which we have drilled 120, 130 of those.

如您所知，我們在全球約有 1,300 個地點，已鑽探其中 120 個、130 個地點。

But also we have assets in the North and that will probably allow us to create a new development hub in the North with more materiality to the one that we have today.

但我們在北方也擁有資產，這可能會讓我們在北方建立一個新的發展中心，其重要性比我們今天所擁有的更重要。

So that is probably the strategic view beyond be behind that.

這可能就是背後的戰略觀點。

Now, again, I mean, is building optionality for the future is we have enough upside in our own portfolio today to continue with our world plan.

現在，我的意思是，我們今天的投資組合有足夠的優勢來繼續我們的世界計劃，所以我們正在為未來建立選擇性。

Having a development, having the North.

有發展，就有北。

Yeah, we'll add something to Vista.

是的，我們會在 Vista 中加入一些東西。

Hope I give you some color and I cannot say much more than that.

希望我能給你一些顏色，我不能說更多。

No, that's very good.

不，那很好。

Thank you, Miguel.

謝謝你，米格爾。

You're welcome, Daniel.

不客氣，丹尼爾。

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

Well, hi, everyone.

嗯，大家好。

Thanks for picking my question here.

感謝您在這裡提出我的問題。

Well, there's a very interesting exhibit in our corporate presentation that I would like to explore a little more.

嗯，我們的公司演示中有一個非常有趣的展覽，我想進一步探討。

Corporate presentation, okay, not the one from this quarter on the slide 11.

公司演示，好吧，不是幻燈片 11 上本季的演示。

There's an exhibit showcasing potential upside for different landing zones in different blocks, right?

有一個展覽展示了不同街區的不同著陸區的潛在優勢，對嗎？

The message I get from this exhibit is that there could be an upside in terms of well inventory, right?

我從這次展覽中得到的訊息是，油井庫存可能會有好處，對嗎？

So my question is, when do you guys expect to explore or try to develop the middle carbonate lens zone of BPO, the lower carbonate of BPO and Aguada Federal and also the organic lens zone of BPE.

所以我的問題是，你們預計什麼時候勘探或嘗試開發BPO的中碳酸鹽透鏡體區、BPO和Aguada Federal的下碳酸鹽區以及BPE的有機透鏡體區。

Any color here or, or on your expectation would be great.

這裡的任何顏色或您期望的任何顏色都會很棒。

Thank you.

謝謝。

Hi, Leonardo.

嗨，萊昂納多。

Thank you for the technical question.

謝謝您提出技術問題。

I would love to have my chief geologist next to me now to answer properly, but I will do my best.

我希望我的首席地質學家現在就在我身邊正確回答，但我會盡力而為。

So yes, as you pointed out, we have been testing different zones in different fields.

所以，是的，正如您所指出的，我們一直在不同領域的不同區域進行測試。

So in BPO, for example, we test the lower carbonate, we have not tested yet the middle carbonate, In Aguada Federal, we tested the middle carbonate in BPE, we have a presence of organic.

例如，在 BPO 中，我們測試了低級碳酸鹽，我們尚未測試中級碳酸鹽，在 Aguada Federal 中，我們測試了 BPE 中的中級碳酸鹽，我們有有機物。

So also -- I mean, it's something that we will test or we have an upside for the future.

所以，我的意思是，這是我們將要測試的東西，或者我們對未來有好處。

But this line, the corporate presentation does it show is the area distribution of all those zones.

但公司介紹中顯示的這條線是所有這些區域的面積分佈。

For example, when you look at BPE the organic is not present in the full block.

例如，當您查看 BPE 時，有機物並不存在於整個區塊中。

So they are beside testing the productivity of the zone in some of those, we need to test where those zones are really are and where are the borders.

因此，除了測試其中一些區域的生產力之外，我們還需要測試這些區域的實際位置以及邊界在哪裡。

And as we see in the corporate presentation, we have started to test those zones little by little.

正如我們在公司演示中看到的那樣，我們已經開始一點一點地測試這些區域。

And this what you just pointed out, I mean, when you talk to independence American companies and very technical people that compare the rock of Vaca Meurta with Permian.

這就是你剛才指出的，我的意思是，當你與獨立的美國公司和技術人員交談時，他們將瓦卡莫爾塔的岩石與二疊紀進行比較。

This is one of the main things that set us apart.

這是我們與眾不同的主要因素之一。

And for many of them is one of the things that may think that Vaca Muerta, even though they have better productivity than Permian have even more upside potential.

對於他們中的許多人來說，可能認為瓦卡穆爾塔（Vaca Muerta）的生產力比二疊紀盆地更好，但具有更大的上升潛力。

Now saying all that 2025 for us continue to be a year of full development.

綜上所述，2025 年對我們來說仍然是全面發展的一年。

So you will see that we will test when we have an opportunity some of those zones, but we will not come with a plan on how to develop those zones in a different way in the next year.

因此，您會看到，當我們有機會時，我們將測試其中一些區域，但我們不會制定明年如何以不同方式開發這些區域的計劃。

But yes, as you pointed out, we will continue assessing those zones because we believe that that will add a future reserve to our future development.

但是，是的，正如您所指出的，我們將繼續評估這些區域，因為我們相信這將為我們未來的發展增加未來的儲備。

Thank you.

謝謝。

Very clear.

非常清楚。

Ignacio Sabelle, Itau BBA.

伊格納西奧·薩貝爾 (Ignacio Sabelle)，伊塔烏 BBA。

Hi, everyone.

大家好。

Good morning.

早安.

Congratulations on the results and on the updates.

祝賀結果和更新。

My question was about mid straight capacity but maybe could you give us any color on the long term contracted capacity?

我的問題是關於中段產能，但也許您能給我們提供有關長期合約產能的任何資訊嗎？

I mean, 2030 goals are above the current capacity and I would like to understand a bit better this.

我的意思是，2030 年的目標超出了當前的能力，我想更好地理解這一點。

Thanks.

謝謝。

Okay, Ignacio.

好的，伊格納西奧。

Yeah, thank you for your question.

是的，謝謝你的提問。

So when it comes to additional capacity, I mean, the first thing that we are working on and we expect to have is all the function.

因此，當涉及額外的容量時，我的意思是，我們正在努力並期望擁有的第一件事就是所有功能。

So we expect that full capacity of the Vista share to be in place between February and April of 2025.

因此，我們預計 Vista 份額的全部產能將在 2025 年 2 月至 4 月期間到位。

These are will be additional 31,000 barrel of oil per day.

這些將是每天額外的 31,000 桶石油。

More long term is Vaca Muerta sur this is a process with YPF and other reproducing of the basin where we are actively participating with equity in that concept or in the building of that pipeline.

更長遠的是，Vaca Muerta sur 這是一個與 YPF 和其他盆地複製的過程，我們正在積極參與該概念或該管道建設的股權。

Today, we are working in the commercial financing shareholders agreement of how that will come into place.

今天，我們正在製定商業融資股東協議，以了解如何實現這一目標。

I think a lot of work has been done in that front.

我認為這方面已經做了很多工作。

And we are confident that this project will take place.

我們對這個計畫的實施充滿信心。

We have not yet defined our working interest on that one.

我們還沒有明確我們對此的工作興趣。

But I think, I mean, I can probably say that it will not be less than 10% for the stage 1 and the stage 1 full capacity, you have to think this around 400,000 barrels per day.

但我認為，我的意思是，我可以說，第一階段和第一階段滿載生產不會低於 10%，你必須想到每天大約 40 萬桶。

So that is what we are working and we are looking and we are engaging in long term capacity.

這就是我們正在努力、正在尋找、正在從事長期能力的工作。

But for now, of course, our eyes are on the in the ball and the ball is Oldelval expansion that we expect to have a Q1 next year.

但現在，當然，我們的目光集中在球上，球是奧德爾瓦爾的擴張，我們預計明年會有第一季。

Sure, thanks.

當然，謝謝。

Andres Cardona, Citi.

安德烈斯·卡多納，花旗銀行。

Hi, good morning, Miguel Paulo, Ale

嗨，早安，米格爾·保羅，艾爾

.

。

Congratulations on the results.

祝賀結果。

I have a more short term question about the trucking activity for the fourth quarter.

我有一個關於第四季度貨運活動的更短期問題。

If you have any estimate guidance that you can provide, it would be very helpful.

如果您可以提供任何估算指導，那將會非常有幫助。

Thank you.

謝謝。

Hi, Andre.

嗨，安德烈。

Tracking.

追踪。

So yeah, look at -- let me look at the number.

所以，是的，讓我看看這個數字。

So in terms of volume tracking, we will finish Q3 with a total volume of around [12,000.3] barrel hold per day.

因此，就交易量追蹤而言，我們將在第三季結束時保持每天約 [12,000.3] 桶的總交易量。

When you look at going forward, what we are forecasting for Q4, of course is an increase, but we will increase volumes, but all the value will not be online.

當你展望未來時，我們對第四季的預測當然是成長，但我們會增加銷量，但所有價值都不會在線。

So we are thinking that we will track tracking around 23,000 barrel per day average in Q4.

因此，我們認為第四季度我們將追蹤 23,000 桶/日的平均產量。

Of course, that number will come down in Q1 2025, depending on when exactly all the buy coming to in line.

當然，這個數字將在 2025 年第一季下降，具體取決於所有購買何時到位。

But you could expect that Q1 will be between the middle of what we did in Q3 and Q4 in terms of tracking.

但您可以預期，就追蹤而言，第一季將介於我們在第三季和第四季所做的中間。

Thank you, Miguel.

謝謝你，米格爾。

You're welcome, Andres.

不客氣，安德烈斯。

Henrique Cunha, JP Morgan.

恩里克‧庫尼亞 (Henrique Cunha)，摩根大通。

Hi.

你好。

Thank you.

謝謝。

A lot of my questions were already asked.

我的很多問題已經被問到了。

So a more one here listing costs increased in the quarter despite the relevant production ramp up.

因此，儘管相關產量有所增加，但本季的上市成本仍然增加。

So what is the expectations like in drivers going forward?

那麼，對未來駕駛者的期望是什麼呢？

How should the -- how should the company manage this, this increase?

公司應該如何管理這個成長？

Yeah.

是的。

Thank you, Henrique for your question.

謝謝恩里克的提問。

Yes, I mean lifting costs increase few cents during the Q3 and that basically increase is the continued investment that we are doing in gathering and processing in compression in power generation to accommodate the production growth and the future production growth.

是的，我的意思是第三季提升成本增加了幾美分，而這種增加基本上是我們在發電壓縮收集和處理方面進行的持續投資，以適應產量成長和未來產量成長。

So when it comes to accommodate production growth and future production grow, even though the main [T united] is CapEx, we also have to accommodate OpEx somehow.

因此，當涉及到適應生產成長和未來生產成長時，即使主要的[T United]是資本支出，我們也必須以某種方式適應營運支出。

So we continue with our guidance of $4.5 per barrel for the year in terms of the average lifting cost for 2024.

因此，就 2024 年平均提升成本而言，我們繼續維持今年每桶 4.5 美元的指引。

And going forward with the increase of production and having lifting costs, a main component of the cost.

隨著產量的增加，成本的主要組成部分也會隨之增加。

I mean, we are very positive with a number going forward and we see room for even improving that $4.5 that we have.

我的意思是，我們對未來的數字非常樂觀，我們甚至看到了提高 4.5 美元的空間。

So concern on the lifting cost.

所以關心吊掛成本。

Okay.

好的。

Thank you.

謝謝。

You're welcome.

不客氣。

Matias Cattaruzzi, AdCap Securities.

Matias Cattaruzzi，AdCap 證券。

Good morning Vista team.

早上好，Vista 團隊。

Congratulations on Q3 numbers on the updated guidance.

恭喜第三季發布的更新指南。

My question goes in the line of recent all price volatility.

我的問題與最近的所有價格波動有關。

Is the company considering implementing a hedging strategy for real all prices if regulation allows it or how would you manage this in the future?

如果監管允許，公司是否正在考慮對所有實際價格實施對沖策略，或者您將來將如何管理？

Thanks.

謝謝。

Hi, Matias.

嗨，馬蒂亞斯。

Thanks for the question.

謝謝你的提問。

Yes.

是的。

First of all, as you know, I mean, regulation does not allow today to have a hedging policy or hedging program since we cannot access to roll out for hedging.

首先，如你所知，我的意思是，監管不允許今天制定對沖政策或對沖計劃，因為我們無法推出對沖。

We see ourselves as a low cost operator and we are very unleveraged.

我們認為自己是一家低成本營運商，而且槓桿率很低。

We no measure the maturity in front of us.

我們無法衡量眼前的成熟度。

So we like to think that our investors today can hedge themselves more efficiently than we can do in the current conditions.

因此，我們認為今天的投資者可以比我們在當前條件下更有效地對沖自己。

So again, I mean, we, we don't have a hedging program.

再說一遍，我的意思是，我們沒有對沖計劃。

It's very unlikely that we will have in the next few year, a hedging program.

未來幾年我們不太可能推出對沖計畫。

If, if the conditions change at some point of time.

如果，如果條件在某個時間點發生變化。

And that makes sense.

這是有道理的。

I mean, we will do something, but it's not something that we have today in our plan and we are looking at.

我的意思是，我們會做一些事情，但這不是我們今天的計劃和我們正在考慮的事情。

All right.

好的。

Thank you so much.

太感謝了。

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑弗里斯。

Yes.

是的。

Good morning guys.

早安，夥計們。

Thank you very much for taking my question.

非常感謝您回答我的問題。

Actually, I would like to understand a bit better your guidance for 2025 and how much flexibility you have in that?

實際上，我想更好地了解您對 2025 年的指導以及您在這方面有多少靈活性？

So you said, Miguel that you should have the expansion there by April.

所以你說，米格爾，你應該在四月之前在那裡進行擴張。

So that means you should have like 124,000 barrels a day of capacity for at least half of the year.

因此，這意味著您至少在半年的時間裡每天應該有 124,000 桶的產能。

So if there's any spare capacity in the pipeline, how quickly can you access that?

那麼，如果管線中有任何閒置產能，您能多快獲得這些閒置產能？

And do you have enough flexibility in your work program to further expand your production?

您的工作計劃是否有足夠的彈性來進一步擴大生產？

Well thanks, Ale.x I mean, yeah, definitely.

好吧，謝謝，Ale.x，我的意思是，是的，絕對是。

I mean, you pointed out we will have a different to what we experienced in 2023.

我的意思是，您指出我們將經歷與 2023 年不同的情況。

We will go to 2025.

我們將走到2025年。

Most likely having we will have a spare capacity, even tracking of spare capacity in all the expansion, the capacity will be there.

最有可能的是，我們會有閒置產能，即使在所有擴張中追蹤閒置產能，產能也會存在。

The other thing that we have and that we have proved this year and we will continue growing, I think going into Q4 is the ability that we have to ramp up and execute.

我們今年已經證明的另一件事是，我們將繼續成長，我認為進入第四季是我們必須提高和執行的能力。

I mean, we are today quietly discuss it.

我的意思是，我們今天正在悄悄地討論這個問題。

The increase of production that we just have in Q3, but that has been amazing achievement and something that we have proved to ourselves, that we are capable to do.

我們在第三季的產量有所增加，但這是一項令人驚嘆的成就，我們已經向自己證明了我們有能力做到這一點。

And I think that is another very important point.

我認為這是另一個非常重要的一點。

Going forward also, we will have a second frac set in hand.

展望未來，我們還將擁有第二套壓裂裝置。

And as I said before, that give us optionality to grow because when the opportunity come, you have to have the tools to make it happen.

正如我之前所說，這給了我們成長的選擇，因為當機會來臨時，你必須擁有實現它的工具。

And this second track is very important.

第二條軌道非常重要。

If we want to go beyond what we have a guide in 2025 we will need probably an additional drilling rig, a fourth drilling rig.

如果我們想在 2025 年超越我們的指導，我們可能需要一台額外的鑽孔機，第四台鑽孔機。

Now saying all that, that will all depend on the context that the 2025 green, particularly pricing of of oil internationally.

話雖如此，這一切都取決於 2025 年綠色環保的背景，特別是國際石油定價。

So if we, the price is better or equal to the one that we plan, yes, we have flexibility to grow.

因此，如果我們的價格更好或等於我們計劃的價格，是的，我們就有成長的靈活性。

We said that in the next three years, we will have generated around $1 billion of cash.

我們說，未來三年，我們將產生約10億美元的現金。

We are using this cash this year partially to boost that growth.

今年我們將部分使用這筆現金來促進成長。

And 2025 we will do exactly the same thing.

2025 年我們將做同樣的事情。

But of course, the content has to be there.

但當然，內容必須在那裡。

So price of oil will play a role and for that, we have the rest.

因此，石油價格將發揮作用，為此，我們還有剩下的。

That's great.

那太棒了。

Thank you.

謝謝。

You're welcome.

不客氣。

Thank you.

謝謝。

I would now like to turn the conference back to Miguel Galuccio for closing remarks.

現在我想請米格爾·加盧喬（Miguel Galuccio）致閉幕詞。

Well, thank you very guys for the support for the question for the continuous interest in Vista.

好吧，非常感謝你們對這個問題的支持以及對 Vista 的持續關注。

And again, I would like to thank you the people in the field that have made that quarter possible.

再次，我要感謝該領域的人們，是他們使本季成為可能。

This plan internally called Moonshot for us.

這個計劃在我們內部被稱為「Moonshot」。

It reflect or shows how difficult we saw was to go through this ramp up of production.

它反映或顯示了我們看到的產量增加是多麼困難。

So all credit to them.

所以這一切都歸功於他們。

Thank you very much and have a very good day.

非常感謝您，祝您有美好的一天。

This concludes today's conference call.

今天的電話會議到此結束。

Thank you for participating.

感謝您的參與。

You may now disconnect.

您現在可以斷開連線。