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

Good day. And thank you for standing by. Welcome to Vista's third quarter, 2024 earnings webcast and conference call. At this time. All participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star '11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star '11 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 Chernacov.

再會。感謝您的支持。歡迎觀賞 Vista 2024 年第三季財報網路廣播與電話會議。此時。所有參與者都處於只聽模式。演講者演講結束後，將進行問答環節，在會議期間提出問題。您需要按電話上的星號「11」。然後，您將聽到一條自動訊息，建議您舉手撤回問題。請再按星號'11號。請注意，今天的會議正在錄製中。我現在想把會議交給今天的發言者。亞歷杭德羅·切爾納科夫。

Please go ahead.

請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's third 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. Two, please be advised that our remarks today including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in us dollars and in accordance with international financial reporting standards. IFRS.

謝謝。大家早安。我們很高興歡迎您參加 Vista 2024 年第三季業績電話會議。我和 Miguel Galuccio Vista 的董事長兼執行長、Pablo Vera Pinto Vista 的財務長和 Juan Garoby Vista 的營運長一起來到這裡。在開始之前，我想提請您注意投影片上的警告聲明。第二，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。我們的財務數據以美元表示，並符合國際財務報告標準。國際財務報告準則。

However, during this call, we may discuss certain non ires financial measures such as adjusted A BD A and adjusted net income reconciliations of these measures. To the closest I measure can be found in the earnings release that we issued yesterday. Please check our website for further information. Our company is a soda Noaa, the capital Barrile organized under the laws of Mexico registered in the Wasa Mexicana de valores and the New York Stock Exchange. Our tickets are Vista in the Wasa Mexicana de Valores and Vist in the New York Stock Exchange. I will now turn the call over to Miguel.

然而，在這次電話會議中，我們可能會討論某些非稅務財務指標，例如調整後的 A B D A 和這些指標的調整後淨收入調節表。最接近的衡量標準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。我們公司是一家蘇打Noaa公司，資本為Barrile，根據墨西哥法律組建，在Wasa Mexicana de valores和紐約證券交易所註冊。我們的門票是 Wasa Mexicana de Valores 的 Vista 和紐約證券交易所的 Vist。我現在會把電話轉給米格爾。

Thanks Ale, good morning, everyone and welcome to this earnings call.

謝謝 Ale，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 driven by new well activity in our development have ba ata.

2024 年第三季度，我們在巴塔開發案的新油井活動的推動下，實現了強勁的營運和財務業績。

Total production was 72.8 Mboe per day.

總產量為每天 72.8 Mboe。

An increase of 47% year over year and 12% quarter over quarter, oil production was 63.5 Mbbl per day.

石油產量為每天 63.5 Mbbl，年增 47%，季增 12%。

53% above the same quarter of last year and 11% up compared to the previous quarter.

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.

該季度的總收入為 4.62 億美元。與同季相比成長 53%。去年的。

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.

提升成本為每桶油當量 4.7 美元，年減 2% 資本支出為 3.69 億美元，主要由本季鑽探的 12 口新井和完工的 15 口井以及 6,300 萬美元的開發設施推動。

Adj. EBITDA was $310 million.

調整。 EBITDA 為 3.1 億美元。

37% of our year over year driven by robust revenue growth and lower lifting cost per boe. adjusted net income was $53 million implying a quarterly adjusted EPS of $0.6 per share.

強勁的營收成長和每桶油當量降低的提升成本推動了我們年增 37%。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, net liberal ratio at quarter end was a solid 0.65 times Adj. EBITDA. I will now deep dive into our main operation and financial metrics of the quarter total production during the quarter was 72.8000 per day. Our highest quarter ever on a sequential basis, production growth was 12% driven by the connection of '23 new world between May and September.

由於投資活動現金增加，本季自由現金流為負 7,400 萬美元，因為我們加大了開發中的資本支出以推動成長，季末的淨自由比率穩定為調整後的 0.65 倍。息稅折舊攤提前利潤。我現在將深入探討我們本季的主要營運和財務指標，該季度的總產量為每天 72.8000 個。受 5 月至 9 月 23 新世界連接的推動，產量增加了 12%，這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 TYK. Total production was 47% higher on interannual basis. Reflecting the ramp up of our new activity.

我們繼續看到穩定的生產力和符合我們 TYK 的新的良好表現。總產量年增 47%。反映了我們新活動的增加。

We are in 51 us during the last '12 months compared to the 31 during 2023. oil production was 63.5000 barrels per day, implying an interannual growth of 53% and a sequential growth of 11%. Natural gas production increased 16% year over year and 12% quarter. Over quarter growth was driven by associated guy stream coming from our Vaca Muerta was in the third quarter of 2024.

過去 12 個月的產量為 51 美國，而 2023 年為 31 美國。天然氣產量年增 16%，季增 12%。超過季度的成長是由來自我們 Vaca Muerta 的 2024 年第三季的相關人員流推動的。

We continue to make solid progress in the execution of our annual work program.

我們繼續紮實推進年度工作計畫的執行。

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

我們在第三季度連接了三個部分，其中兩個在巴哈達德爾帕洛埃斯特，一個在巴哈德爾帕洛埃斯特，總共 12 口新井。

We completed an additional pad in Baja Del Palo Este in late September which led to the tying of three wellls earlier this month.

我們在 9 月下旬在 Baja Del Palo Este 完成了一個額外的油田，並在本月初完成了三口井的結紮。

We therefore connected for us year to date, leaving us on track to deliver on our activity guidance, which is between 50 and 54 US for the year. Based on the execution of our new well activity plan. Our model shows that production is forecast to expand again by double digit in Q 4 to 85,000 boe per day.

因此，我們今年迄今一直保持聯繫，使我們能夠實現我們的活動指導，今年的活動指導在 50 到 54 US 之間。基於我們新的油井活動計劃的執行。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 to 70,000 BOE per day on average for the full year. Nothing that we will likely be on the upper end of this range.

我們也將全年平均每日產量指引定為 68 至 70,000 桶油當量。我們可能不會處於這個範圍的上限。

In Q 3 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. Rely on 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.

2024 年第三季總營收增至 4.62 億美元。在產量強勁成長的推動下，年增 53%，季增 70%。參考價格為每桶 68.4 美元。平均年增 1%，月增 1%，但由於國際價格疲軟，所有價格均下跌 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 prices were $68.9 per barrel.

出口價格為每桶 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 43.5 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4,350萬桶，較上年同期成長57%。

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

此外，還有100萬桶石油以出口價格在國內市場銷售。

There are combining the sales to international buyers and domestic buyers paying for 72% of our total oil sales were sold at prices.

向國際買家和國內買家的銷售合計占我們石油總銷量的 72%。

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。隨著我們繼續提高產量，我們的起重成本每年下降 2%，反映出固定成本的錯覺。

This effect was partially offset by the inflation in us dollars in a sequential basis. Lifting cost per boE increased 5%.

這種影響被美元環比通膨部分抵銷。每桶油的起重成本增加了 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 on a sequential basis, adjusted EBDITA increased by 8% not worthy is the fact that on ATM basis, adjusted EBDITA has so passed $1.1 billion.

本季調整後 EBDITA 為 3.1 億美元。年比穩健成長 37%，主要是由於油價穩定和每桶油當量成本環比提升，產量增長強勁，調整後 EBDITA 增長 8% 不值得的是，按 ATM 計算，調整後 EBDITA 已經如此過去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 print reflect a temporary increase in tracking expenses.

年際數據的疲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中扣除。

During the third quarter. We continue with top acceleration to support production ramp up operating activities. Cash flow was $255 million reflecting an increase in working capital of $52 million and advanced payments for the expansion of $20 million cash flow used in investing activities was $329 million reflecting a crude capex of $369 million partially upset by a $42 million decrease in capex related working capital.

第三季期間。我們持續全力加速支持生產擴大經營活動。現金流為2.55 億美元，反映出營運資本增加了5,200 萬美元，用於投資活動的2,000 萬美元現金流擴張的預付款為3.29 億美元，反映出粗資本支出為3.69 億美元，部分原因是資本支出相關營運支出減少了4,200 萬美元首都。

Cash flow from financing activities reflects proceeds from borrowing of $143 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。

The repurchase of shares for $50 million and the repayment of borrowings for $74 million.

回購股份 5,000 萬美元，償還借款 7,400 萬美元。

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 liberal ratio stood at a very healthy 0.65 times adjusted EBDITA at quarter end. During 2024 we have achieved three very significant milestones to deliver on our profitable growth plan.

截至季末，自由比率處於非常健康的調整後 EBDITA 的 0.65 倍。 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 BOE s 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 年加快了成長速度，加大了新世界活動的力度，預計第四季度平均每天生產 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. We forecast total production between 95 and 100,000 barrel per day implying an interannual production growth of more than 40%.

根據這些里程碑，我們正在更新 2025 年指南。我們預測總產量為每天 95 至 100,000 桶，這意味著年際產量將成長超過 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 pipeline and export terminal.

這還不包括對 Vaca Muerta Sur 管道和出口碼頭的潛在投資。

We forecast an Adjusted EDBITA of between $1.5 and $1.65 billion also implying an interannual growth of more than 40%.

我們預測調整後的 EDBITA 為 150 至 16.5 億美元，這也意味著年際成長率將超過 40%。

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

我們的實際油價假設為每桶 67 至 72 美元，這意味著每桶油價為 75 至 80 美元。

This plan is in line with capital allocation priorities disclosed in our last investor day based on the depth of our short cycle high return inventory. We are accelerating our profitable growth plan.

該計劃符合我們在上一個投資者日根據我們的短週期高回報庫存深度披露的資本配置優先順序。我們正在加快我們的獲利成長計劃。

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

我們將繼續評估更新後的指導對 2026 年預測的影響，因此我們將撤回 2026 年指導，並正在製定一項新的長期計劃，以便在 2025 年期間向投資者提交。

I will now summarize the key takeaways of today's presentation. During Q 3 2024, we record a strong operational and financial performance.

現在我將總結今天演講的要點。 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. Capital growth was driven by the sharp execution of our annual work program. We have connected '12 wells in the quarter and 40 wells year-to-date alongside with solid well productivity. This has boosted production revenues and net profit 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 as to the D A during Q3, we have also made focus on return to shareholders. We executed the second tranche of our share buyback plan for $50 million.

我們繼續以業界領先的回報實現成長。年度工作計劃的迅速執行推動了資本增長。我們在本季已連接 12 口井，今年迄今已連接 40 口井，油井產能穩定。基於本季的紮實進展，這提高了生產收入和淨利潤。我可以確認，我們正在順利實現 2024 年活動生產、提升成本和第三季 D A 的指導，我們也專注於股東回報。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，並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 年指南。

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 operator. Please open the line for Q&A.

在我們進行問答之前，我要感謝我們的股東一直以來的支持，並祝賀整個 Vista 團隊的出色營運表現。請打開問答線路。

Thank you as a reminder to ask a question. Please press star '11 on your telephone and wait for your name to be announced to withdraw your question. Please press star '11 again.

謝謝你提醒我問一個問題。請按電話上的星號“11”並等待您的名字被宣布以撤回您的問題。請再按星號'11號。

Please stand by while we compile the Q&A roster.

我們正在整理問答名單，請稍候。

Our first question comes from the line of Vicente Falanga from Bradesco BBI.

我們的第一個問題來自 Bradesco BBI 的 Vicente Falanga。

Hi, good morning, everyone. Thank you, Vlu. Thank you, Ali. Thank you, Juan. My question is the following. Vista had a similar level of a similar level of well drillings in completions in the third quarter versus the second quarter of 2024. But we saw, you know, quite a sharp rise in the topics. Can we assume that you're drilling a longer laterals with, with more fact stages?

嗨，大家早安。謝謝你，維魯。謝謝你，阿里。謝謝你，胡安。我的問題如下。 Vista 在第三季的鑽井完井數量與 2024 年第二季的鑽井數量相似。我們可以假設您正在鑽更長的支管，並且有更多的事實階段嗎？

And if, yes, you know, what, 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? Thank you very much

如果，是的，你知道，與之前鑽探的井相比，你在第三季度鑽探的此類井的預期峰值產量是多少？非常感謝

So. Yes, you, you're right. I mean, when you look at the total cap in Q3 was $369 million compared with 346 in Q2 with similar numbers of what tying.

所以。是的，你，你說得對。我的意思是，當你看到第三季的總上限為 3.69 億美元時，第二季的總上限為 346 美元，並列數量相似。

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，你會發現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. So we drill yes longer laterals between 3,200 m compared with 2,800 m. Cost of those wealth go from 14.5 in the 2,800 to a range of '16 to '17. And depending on the length, it is 3,200 m and the main difference doesn't come from the drilling itself. It comes from the number of stages of completion. We usually move from 47 in the 2,800 to 50 to 55 in the 3,000 or 3,000 plus lateral link.

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。因此，我們在 3,200 m 之間鑽探比 2,800 m 更長的支管。這些財富的成本從 2,800 人的 14.5 上升到 '16 到 '17 的範圍。根據長度的不同，長度為 3,200 m，主要差異並非來自鑽孔本身。它來自完成階段的數量。我們通常從 2,800 公尺的 47 移動到 3,000 公尺或 3,000 公尺以上的橫向連結中的 50 到 55。

The decision of this is is is super based on a sub surface. So it's sub surface driven and, and of course, s of this, we are different, we move from 1.5 million barrel of total ur to around probably 1.8. So that is the main difference. And, and yes, I mean, when you look at MPB wise every time that we have a chance to go a bit longer on the lateral MPBY payoff. So that's, 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.

這個決定是超級基於子表面的。所以它是地下驅動的，當然，我們是不同的，我們的總產量從 150 萬桶增加到大約 1.8 桶。這就是主要的區別。是的，我的意思是，每當我們有機會在橫向 MPBY 回報上走得更長一點時，你就會明智地看待 MPB。這就是您所看到的第三季和第二季之間的環環和完工資本支出差異為 2000 萬美元或 2,300 萬美元的主要原因。

Great. That, that's, that's very clear. Thank you very much.

偉大的。那，那，那是非常清楚的。非常感謝。

You're welcome.

不客氣。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes on the line of Tasso Vasconcellos with UBS.

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

Hi, Miguel. Hi, everyone. Thanks for taking my question here. 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. And the guidance ahead is a little bit above that, that figures. 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? And what would be the main bottlenecks and the main risks for such accelerated development plan. That's my question. Thank you

嗨，米格爾。大家好。感謝您在這裡提出我的問題。 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。數字顯示，未來的指導方針略高於此。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？這種加速發展計畫的主要瓶頸和主要風險是什麼？這就是我的問題。謝謝

Thank you Tasso for your question, it's a very good question. So, maybe the best way to look at this is if we look at 2024 when you look at 2024 we will end up tying in between 50 and 54 wells. 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. That is a new drilling rig. When you look at, we, we have been drilling with 3d rig full year and one frac set full year. And then we use an Spotrx set I believe twice a year. So with that, we will achieve between 50 maybe 54 times.

謝謝塔索的提問，這是一個很好的問題。因此，也許看待這個問題的最佳方式是，如果我們著眼於 2024 年，當你著眼於 2024 年時，我們最終將有 50 到 54 口井。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。那是一個新的鑽孔機。當你看時，我們全年都在使用 3D 鑽機和一套壓裂裝置進行鑽井。然後我們使用 Spotrx 套件，我相信每年兩次。這樣一來，我們將實現 50 到 54 次。

When you look at what we got for 2025 we got between 52 and 60 new times 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 至 60 台新三鑽機，主要區別在於我們將能夠獲得全年的全套破碎設備。

So when you talk about potential, really what this set give us is the full potential to, to go beyond this 52 or 60 world. It's a way to notice here that if you want to add another drilling rig, a four rig, because the conditions are there the context allow us to do so. Getting a new rig in the country or getting access to a rig within the country is not, is not difficult. 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. In case we want to go further to the safety of 52 where we have guide. So that Frac said back to your question is really what give us flexibility optionality and potential?

所以當你談論潛力時，這個系列真正給我們的是超越這個 52 或 60 世界的全部潛力。這裡要注意的是，如果您想添加另一個鑽孔機，即四台鑽機，因為條件已經存在，上下文允許我們這樣做。在國內取得新的鑽孔機或在國內使用鑽孔機並不困難。獲得新的壓裂提要，隨時在該國閱讀該選項，這就是困難所在，也是我們將要掌握的。如果我們想進一步前往安全的52，那裡有我們的嚮導。那麼弗拉克回答你的問題時說的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。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Bruno Montanari from Morgan Stanley.

我們的下一個問題來自摩根士丹利的布魯諾·蒙塔納裡。

Good morning, Miguel and team. Thanks for taking my question. So when we think about your secured evacuation capacity, which I believe you, you mentioned 124,000 barrel per day into next year. 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. Thank you very much.

早安，米格爾和團隊。感謝您提出我的問題。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。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。非常感謝。

Hi, Bruno. And thanks for your question. Yeah, we will finish this year with an average of 85,000 barrel per day in Q4. And we are guiding for 2025, 95 to 100. So, I mean, it's a, it's a super incremental increase as we outlined in our presentation, 40% increase in production, 40% increase in EBDITA.

嗨，布魯諾。謝謝你的提問。是的，今年第四季我們的產量將達到平均每天 85,000 桶。我們的目標是 2025 年從 95 增加到 100。

When you if we want to basically finish between 95 and 100 for next year, that means that we will have an ex year 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 至 100 之間，這意味著 2025 年我們的除年度產量肯定約為每天 100,000 桶。

We will have evacuation capacity in 2025 for 124,000, barrels per day. That will be composed of 75,000 on the val 44 that we already have plus the +31 that we will add Vaca Muerta in Chile and OTAs, it will be 12,000. So that give you 87,000 and we have big capacity tracking capacity for 30,000 barrel per day. So that make our 124,000 total capacity that we have in hand for 2025.

到 2025 年，我們的疏散能力將達到每天 124,000 桶。這將由我們已經擁有的 val 44 上的 75,000 人加上我們將在智利和 OTA 中添加的 +31 人組成，這將是 12,000 人。因此，這就是 87,000 桶，我們擁有每天 30,000 桶的大產能追蹤能力。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 fair capacity in all the well. 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. So even though we, we, we, we talk about 35-37,000 barrels per day on tracking, I think it's unlikely that we will use that full capacity in 2025.

事實上，我相信所有井都會有公平的容量。我的意思是，除了我們將使用的 31,000 個容量之外，當你查看第一季將要到位的容量時，我們可以為我使用，他們很可能會準備容量。因此，儘管我們、我們、我們、我們談論每天的追蹤產量為 35-37,000 桶，但我認為我們不太可能在 2025 年使用全部產能。

That's clear. Thank you.

很清楚。謝謝。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question goes to the line of Marina Martens from Latin Securities.

我們的下一個問題是來自拉丁證券公司的瑪麗娜馬丁斯 (Marina Martens)。

Hi, good morning. Thanks for taking my questions. So in the third quarter, rent prices declined and local prices remain quite stable. So the GAAP between domestic and international prices narrowed significantly. 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?

嗨，早安。感謝您回答我的問題。所以在第三季度，租金價格有所下降，而當地價格則保持相當穩定。因此，國內和國際價格之間的公認會計原則顯著縮小。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. I mean, when you look at brand prices, Q2 was around 85, Q3 78. And and we are thinking that Q4 would be in similar range or to what we have in Q3. When you do the rli price of our export with 78,000 or $78 per barrel, it was 60.8. And when you look at, when you see the pricing of local in Q3 was 68. So very similar.

是的，你說得對。我的意思是，當你查看品牌價格時，第二季約為 85，第三季約為 78。當你計算我們出口的 RLI 價格為每桶 78,000 美元或 78 美元時，它是 60.8。當你看時，你會發現第三季本地的定價是 68。

We feel that we should see we should not see a change in that dynamic going forward that we will look at the same dynamic. And that is based in the new law that calls for no pricing intervention. So we are optimistic that the recommendation of this new law will support that conversion between local pricing to international prices. So we believe that same demand will continue to flow. We don't see a major change.

我們認為我們應該看到我們不應該看到這種動態的變化，我們將看到同樣的動態。這是基於要求不進行定價幹預的新法律。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。因此，我們相信同樣的需求將繼續流動。我們沒有看到重大變化。

Okay. Thank you very much.

好的。非常感謝。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Daniel Guardiola from BTG Pactual.

我們的下一個問題來自 BTG Pactual 的 Daniel Guardiola。

Hi, good morning.

嗨，早安。

Miguel and Alejandro. First of all, congrats for the results, I would like to touch on inorganic growth. And in that sense, I wanted to know if you could share with us an update on the sale process of Exxon. My understanding according to local media is that this process is now a three horse race. 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.

米格爾和亞歷杭德羅。首先，恭喜我們所取得的成果，我想談談無機成長。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。根據當地媒體的說法，我的理解是，這個過程現在是一場三匹馬的比賽。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. Thank you for the question that I cannot answer, but I will try to do my best to give you some color. So, first of all, yes, we continue engage in in Exxon that as I said, the previous quarter was a competitive process that we we were keen in participate and we continue to be in the race. And of course, as I said, also in the last quarter, we, we will do whatever makes business sense. And if you come to us, I mean, it will be welcome 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, Exxon assets are good assets. I mean, that's why we are, we are there. It give us, probably beyond, I mean, we have today 200,000 acres.

嗨丹尼爾。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。因此，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。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。我的意思是，如果您來到我們這裡，如果您不喜歡繼續前進，我們也歡迎您，並且我們手中有足夠的土地來繼續開發我們的計劃。我們未來的計畫是，埃克森資產是好資產。我的意思是，這就是我們存在的原因，我們在那裡。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 121 130 of those. 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. So that is probably the strategic view beyond be behind that. Now, again, I mean, is building optionality for the future. Is, is, is we have enough upside in our own portfolio today to continue with our world plan. Having a having a development, having the North. Yeah, we'll add something to vista.

如您所知，我們在全球約 1,300 個地點鑽探了其中 121,130 個地點。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。這可能就是背後的戰略觀點。現在，我的意思是，正在為未來建立選擇性。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。有發展，就有北。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 that's, that's very good. Thank you, Miguel.

不，就是這樣，那太好了。謝謝你，米格爾。

You're welcome, Daniel.

不客氣，丹尼爾。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Leonardo Marcondes from Bank of America.

我們的下一個問題來自美國銀行的萊昂納多·馬孔德斯。

Well, hi, everyone. Thanks for picking my question here. Well, there's a very interesting exhibit in our corporate presentation that I would like to explore, explore a little more corporate presentation. Okay. Not the one from this quarter on the slide '11. There's an exhibit showcasing potential upside for different landing zones in different blocks, right? The message I get from this exhibit is that there could be an upside in terms of well inventory, right? 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 BP. Any color here or, or on your expectation would be great. Thank you.

嗯，大家好。感謝您在這裡提出我的問題。嗯，我們的企業演示中有一個非常有趣的展覽，我想探索一下，探索更多的企業演示。好的。不是投影片「11」本季的內容。有一個展覽展示了不同街區的不同著陸區的潛在優勢，對吧？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？所以我的問題是，你們預計什麼時候勘探或嘗試開發BPO的中碳酸鹽岩透鏡體帶、BPO和Aguada Federal的下碳酸鹽岩帶以及BP的有機透鏡體帶。這裡的任何顏色或您期望的任何顏色都會很棒。謝謝。

Hi, Leonardo. Thank you for the technical question. I would love to have my chief geologist next to me now to answer properly, but I, I will do my best. So yes, as you pointed out, we have been testing different zones in different fields. So in BP O, for example, we test the lower carbonate, we have not tested yet the middle carbonate in A, in a, we take the middle carbonate in BP, we have a presence of organic. So also, I mean, it's something that we will test. So we have an upside for the future. But this line, the corporate presentation does it show is the area distribution of all those Zones.

嗨，萊昂納多。謝謝您提出技術問題。我希望我的首席地質學家現在就在我身邊正確地回答，但是我，我會盡力而為。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。例如，在BP O中，我們測試了低級碳酸鹽，我們還沒有測試A中的中碳酸鹽，在a中，我們取BP中的中碳酸鹽，我們有有機物的存在。我的意思是，這也是我們將要測試的東西。所以我們對未來有一個正面的一面。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 BP the organic is not present in the full block. 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. And as, as you, as we see in the, in the corporate presentation, we have started to test those zones little by little.

例如，當您查看 BP 時，有機物並不存在於整個區塊中。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。正如您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. This is one of the main things that set us apart. And 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.

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非常技術的人交談時，他們將瓦卡莫爾塔的岩石與二疊紀進行比較。這是我們與眾不同的主要因素之一。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. 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, in the next year. 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.

綜上所述，2025 年對我們來說仍然是全面發展的一年。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。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 all very clear.

謝謝大家說的很清楚。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Ignacio Saber from Itau BBA.

我們的下一個問題來自 Itau BBA 的 Ignacio Saber。

Hi, everyone. Good morning. Congratulations on the, on the results and on the updates. No, my, my question was about mid straight capacity but maybe could you give us any color on the long term contracted capacity? I mean, 2030 goals are above the current capacity and I would like to, to understand a bit better. This thanks.

大家好。早安.恭喜您的成果和更新。不，我的問題是關於中直容量，但也許您能給我們提供有關長期合約容量的任何資訊嗎？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。在此謝過。

Okay, Ignacio. Yeah, thank you for your question.

好的，伊格納西奧。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, and, and we expect to, to, to have is all the function. So we expect that full capacity of the vista share to be in place between February and April of 2025. These are will be additional 31,000 barrel of oil per day, 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, in that in that concept or in the building of that pipeline. Today, we are working in the commercial financing shareholders agreement of how that will come into place. I think a lot of work has been done in that front. And we are confident that this project will take place. We have not yet defined our working interest on that one. But I think, I mean, I can probably say that it will not be less than 10% for the stage one and the stage one full capacity, you have to think this around 400,000 barrels per day. So that is what we are working and we are looking and we are engaging in the in long term capacity. But for now, of course, our eyes are on the in the ball and the ball is all the value function that we expect to have a Q1 next year.

因此，當涉及額外的容量時，我的意思是，我們正在努力的第一件事以及我們期望擁有的所有功能。因此，我們預計 vista 份額的全部產能將在 2025 年 2 月至 4 月之間到位。我們正在積極參與該流域的概念或管道的建設。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。我認為這方面已經做了很多工作。我們對這個計畫的實施充滿信心。我們還沒有明確我們對此的工作興趣。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。這就是我們正在努力、正在尋找、正在從事長期能力的工作。但現在，當然，我們的目光集中在球上，球是我們預計明年第一季的所有價值函數。

Sure, thanks. Have a nice one.

當然，謝謝。祝你過得愉快。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

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)。

Hi, good morning, Miguel Paulo .

嗨，早上好，米格爾·保羅。

Congratulations on the results.

祝賀結果。

I have a more short term question about the trucking activity for the fourth quarter. If you have any estimate guidance that you can provide, it would be very helpful. Thank you.

我有一個關於第四季度貨運活動的更短期問題。如果您可以提供任何估算指導，那將會非常有幫助。謝謝。

Hi, Andre. Tracking. So yeah, look at, let me look at the number. So in terms of volume tracking, we will, we will finish Q3 with a total volume of around 12,000.3 barrel hold per day.

嗨，安德烈。追踪。所以，是的，讓我看看這個數字。因此，在交易量追蹤方面，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. So we are thinking that we will track tracking around 23,000 barrel per day average in Q4.

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。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, depend depending on when exactly all the buy coming to in line. But you, I mean, you could expect that Q1 will be between the middle of what we did in Q3 and Q4 in terms of tracking.

當然，這個數字將在 2025 年第一季下降。但我的意思是，您可以預期第一季的追蹤情況將介於第三季和第四季的中間。

Thank you, Miguel.

謝謝你，米格爾。

You're welcome, Andres.

不客氣，安德烈斯。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Andre Cunha from JP Morgan.

我們的下一個問題來自摩根大通的安德烈·庫尼亞 (Andre Cunha)。

Hi. Thank you. A lot of my questions were already asked. So a more one here listing costs increased in the quarter despite the relevant production ramp up.

你好。謝謝。我的很多問題已經被問到了。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? How should the, how should the company manage this, this increase?

那麼，對未來駕駛者的期望是什麼呢？公司應該如何、公司該如何管理這個、這個成長呢？

Yeah. Thank you, Andre for your question. 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 generate power generation to to accommodate the production growth and the future production growth. 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.

是的。謝謝你，安德烈的提問。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。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. And going forward with the increase of production and having lifting costs, a main component of the cost. I mean, we are, we are very positive with a number going forward and, and we see room for even improving that 4.5 that we, that we have. So no, no concern on the lifting cost.

因此，就 2024 年的平均提升成本而言，我們繼續維持今年每桶 4.5 美元的指導。我的意思是，我們對未來的數字非常樂觀，我們看到甚至有改進 4.5 的空間。所以不，不用擔心起重成本。

Okay. Thank you.

好的。謝謝。

You're welcome.

不客氣。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

Our next question comes from the line of Matthias (inaudible) from ACAP Securities.

我們的下一個問題來自 ACAP 證券公司的 Matthias（聽不清楚）。

Good morning Mr Team. Congratulations on your three numbers on the updated guidance. My question goes in the line of recent all price volatility. 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?

早安團隊先生。恭喜您獲得更新指南中的三個數字。我的問題與最近的所有價格波動有關。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, Matia. Thanks for the question. Yes.

嗨，馬蒂亞。謝謝你的提問。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 2 $2 for hedging. We see ourselves as a low cost operator and we, we are very unleveraged. We no measure the maturity in front of us. So we, we like to think that our investors today can hedge themselves more efficiently than we can do in the current conditions. So again, I mean, we, we don't have a hedging program. It's very unlikely that we will have in the next few year, a hedging program. If, if the conditions change at some point of time. And that makes sense. I mean, we will do something, but it's not something that we have today in our plan and we are looking at.

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，因為我們無法獲得 2 美元 2 的對沖資金。我們認為自己是一家低成本營運商，而且我們的槓桿率非常低。我們無法衡量眼前的成熟度。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。再說一遍，我的意思是，我們沒有對沖計劃。未來幾年我們不太可能推出對沖計畫。如果，如果條件在某個時間點發生變化。這是有道理的。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. Thank you so much.

好的。太感謝了。

Thank you one moment for our next question.

謝謝您提出我們的下一個問題。

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

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

Yes. Good morning guys. Thank you very much for taking my question. Actually, I would like to understand a bit better your guidance for 2025 and how much flexibility you have in that? So you said Miguel that you should have the expansion there by April. So that means you should have like $124,000 a day of capacity for at least half of the year. So if it, if there's any spare capacity in the pipeline, how quickly can you access that? And, and do you have enough flexibility in your work program to, to, to further expand your production,

是的。早安，夥計們。非常感謝您回答我的問題。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？所以你說米格爾你應該在四月之前在那裡進行擴張。因此，這意味著您至少在半年的時間裡每天應該有 124,000 美元的容量。那麼，如果有的話，如果管道中有任何閒置產能，您能多快獲得這些閒置產能？並且，您的工作計劃是否有足夠的靈活性來進一步擴大您的生產，

All things? I mean, yeah, definitely. I mean, you pointed out we will have a different to what we experienced in 2023. We will go to 2025. Most likely having most likely we will have a spare capacity, even tracking of spare capacity in all the expansion, the capacity will be there.

所有的東西？我的意思是，是的，絕對是。我的意思是，你指出我們將有一個與我們在 2023 年經歷的不同的情況。

The other thing that we have and that we have proved this year and and, and we will continue growing, I think going into Q4 is the ability that we have to ramp up and execute. I mean, we are today quietly discuss it. 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. And and I think that is another very important point going forward. Also, we will have a second frac set in hand. 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. And this second track is very important. If we want to go beyond what we have a guide in 2025 we will need probably an, an additional drilling rig, a four drilling rig. Now saying all that that will all depend on the context that the 2025 green, particularly pricing of of of oil internationally. So if we, the price is better or equal to the one that we plan, yes, we have flexibility to grow. We said that in the next three years, we will have generated around $1 billion of cash. We are using this cash this year partially to boost that growth. And 2025 we will do exactly the same thing. But of course, the content has to be there. So price of oil will play a role and for that, we have the rest.

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。我的意思是，我們今天正在悄悄地討論這個問題。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。我認為這是未來另一個非常重要的一點。此外，我們還將擁有第二套壓裂裝置。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。第二條軌道非常重要。如果我們想要超越 2025 年的指導，我們可能需要一台額外的鑽孔機，一台四鑽機。現在說這一切都將取決於 2025 年綠色環保的背景，特別是國際石油的定價。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。我們說，未來三年，我們將產生約10億美元的現金。今年我們將部分使用這筆現金來促進成長。 2025 年我們將做同樣的事情。但當然，內容必須在那裡。因此，石油價格將發揮作用，為此，我們還有剩下的。

That's great. Thank

那太棒了。感謝

You're welcome.

不客氣。

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

謝謝。現在我想請米格爾·加盧喬（Miguel Galuccio）致閉幕詞。

Well, thank you very guys. Thank you very much guys for the support for the question for the continuous interest in vista. And again, I would like to thank you the people in the field that have made that quarter possible. This plan internally called Moonshot for us, It reflect or, or, or, or shows how difficult we saw was to go through this ramp up of production. So all credit to them. Thank you very much and have a very good day.

嗯，非常感謝你們。非常感謝大家對vista持續關注的問題的支持。再次，我要感謝該領域的人們，是他們使本季成為可能。這個計劃在我們內部被稱為登月計劃，它反映了我們看到的提高產量是多麼困難。所以這一切都歸功於他們。非常感謝您，祝您有美好的一天。

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。