Vista Energy SAB de CV (VIST) 2025 Q1 法說會逐字稿

Good day, and thank you for standing by. Welcome to Vista first-quarter 2025 earnings webcast. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎收聽 Vista 2025 年第一季財報網路廣播。（操作員指示）請注意，今天的會議正在錄音。

I would now like to hand the conference over to your speaker today, Alejandro Cherñacov, Vista's Strategic Planning and Investor Relations Officer. Please go ahead.

現在，我想將會議交給今天的發言人，Vista 的策略規劃和投資者關係官 Alejandro Cherñacov。請繼續。

Thanks. Good morning, everyone. We're happy to welcome you to Vista's first quarter of 2025 results conference call. I am here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto, Vista's CFO; Juan Garoby, Vista's CTO; and Matías Weissel, Vista's COO.

謝謝。大家早安。我們很高興歡迎您參加 Vista 2025 年第一季業績電話會議。我和 Vista 董事長兼執行長 Miguel Galuccio 一起來到這裡。 Pablo Vera Pinto，Vista 財務長； Juan Garoby，Vista 技術長；以及 Vista 的營運長 Matás Weissel。

Before we begin, I would like to draw your attention to our cautionary statement on slide 2. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks.

在我們開始之前，我想提請您注意投影片 2 上的警告聲明。請注意，我們今天的評論（包括對您的問題的回答）可能包含前瞻性陳述。這些前瞻性陳述受風險和不確定性的影響，可能導致實際結果與這些言論所預期的結果有重大差異。

Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures, such as adjusted EBITDA. Reconciliation of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday, so 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)。不過，在本次電話會議中，我們可能會討論某些非國際財務報告準則的財務指標，例如調整後的 EBITDA。在我們昨天發布的收益報告中可以找到這些指標與最接近的 IFRS 指標的對帳情況，因此請訪問我們的網站以獲取更多資訊。

Our company is a Sociedad Anónima Bursátil de Capital Variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange.

我們公司是根據墨西哥法律成立的 Sociedad Anónima Bursátil de Capital Variable，在墨西哥證券交易所和紐約證券交易所註冊。我們的股票代號在墨西哥證券交易所為 VISTA，在紐約證券交易所為 VIST。

I will now turn the call over to Miguel.

現在我將把電話轉給米格爾。

Thanks, Ale. Good morning, everyone, and welcome to this earnings call. As you know, last week, we announced the acquisition of Petronas Argentina.

謝謝，Ale。大家早安，歡迎參加本次財報電話會議。如大家所知，上週我們宣布收購阿根廷國家石油公司。

I am personally thrilled by the consolidation of 50% of La Amarga Chica, a low-cost, high-return asset which is transformational for Vista, providing us with a significant large scale. The acquisition brings material flow in production and substantial EBITDA generation, which will strengthen our cash flow profile going forward.

我個人對 La Amarga Chica 50% 股份的合併感到非常高興，這是一項低成本、高回報的資產，對 Vista 來說具有變革意義，為我們提供了顯著的規模。此次收購帶來了生產中的物料流和大量的 EBITDA 產生，這將增強我們未來的現金流狀況。

Today, I will first go through the quarterly results, then into the details of the acquisition and its merits. And the last, I will do a Q&A session.

今天，我將首先介紹季度業績，然後介紹收購的細節及其優點。最後，我將進行問答環節。

During the first quarter of 2025, we continued to deliver robust growth year over year. We also recorded a major milestone with the inauguration of Oldelval Duplicar pipeline, reducing significantly our selling expenses as we scale down the use of truck to zero by the end of the third quarter.

2025 年第一季度，我們持續實現年比強勁成長。隨著 Oldelval Duplicar 管道的啟用，我們也取得了一個重要的里程碑，隨著我們在第三季末將卡車的使用量減少到零，銷售費用也大幅降低。

In Q1 2025, production was 80,900 BOE per day, an increase of 47% year over year. Oil production was 69,600 barrels per day, also 47% year over year.

2025年第一季度，產量為每天80,900桶油當量，年增47%。石油產量為每天 69,600 桶，年增 47%。

Total revenues during the quarter were $438 million, 38% above the same quarter of last year. Lifting cost was $4.7 per BOE, 8% above year over year. Capital expenditure was $268 million, driven by 16 wells drilled and 10 wells completed during the quarter, plus $49 million in development facilities.

本季總營收為 4.38 億美元，比去年同期成長 38%。採油成本為每桶油當量 4.7 美元，較去年同期成長 8%。資本支出為 2.68 億美元，主要由於本季度鑽探了 16 口井並完成了 10 口井，另外還花費了 4,900 萬美元用於開發設施。

Adjusted EBITDA was $275 million, an inter-annual increase of 25%. Net income was $83 million, implying a quarterly EPS of $0.9 per share. Free cash flow was minus $243 million during the quarter, as we initiated a year of very strong growth. And finally, net leverage ratio at quarter end remained strong at 0.84 times adjusted EBITDA.

調整後EBITDA為2.75億美元，較去年成長25%。淨收入為 8300 萬美元，意味著季度每股收益為 0.9 美元。本季度，我們迎來了非常強勁的成長年，自由現金流為負 2.43 億美元。最後，季度末的淨槓桿率仍保持強勁，為調整後 EBITDA 的 0.84 倍。

During Q1, we recorded another quarter of double-digit inter-annual production growth. This reflects a strong performance from our development hub, with 49 wells connected in the last 12 months. We tied in 10 wells in the quarter, backloading activity to make better use of oil development by land expansion and minimize tracking expenses.

第一季度，我們又實現了兩位數的年度間產量成長。這反映了我們開發中心的強勁表現，過去 12 個月內已連接 49 口油井。我們在本季度連接了 10 口井，並透過土地擴張來更好地利用石油開發並最大限度地減少追蹤費用。

Total production at 80,900 BOEs per day was 47% above the same quarter of last year and, as expected, 5% below Q4 2024. Oil production was 69,600 barrels of oil per day, 47% above year over year. And gas production increased 42% on inter-annual basis.

總產量為每天 80,900 桶油當量，比去年同期高出 47%，並且如預期的那樣，比 2024 年第四季低 5%。石油產量為每天69,600桶，年增47％。其中天然氣產量年增42%。

In Q1 2025, total revenue were $438 million, 38% higher year over year, driven by the strong increase in oil production. On sequential basis, the relatively lower increase in total revenues compared to the 47% increase in oil production reflect an inventory buildup of 360,000 barrels of oil, which will be reflected in the sales of Q2.

2025 年第一季度，總營收為 4.38 億美元，年成長 38%，這得益於石油產量的強勁成長。以環比計算，與石油產量 47% 的增幅相比，總收入的增幅相對較低，這反映了 360,000 桶石油庫存的增加，這將反映在第二季度的銷售額中。

Realized oil price was $68.6 per barrel on average, down 2% on inter-annual basis, mainly driven by the lower international prices. Export realization prices were $68 per barrel. We exported 3.2 million barrels of oil during the quarter, twice as much as during the same quarter of 2024.

實現油價平均為每桶68.6美元，年減2%，主要受國際油價下跌影響。出口實現價格為每桶68美元。本季我們出口了 320 萬桶石油，是 2024 年同期的兩倍。

Domestic realization prices were $69.4 per barrel, including volume sold at export parity. We continued to increase the domestic volume sold at export parity prices. During Q1, 78% of our domestic volume and 90% of our total volumes were sold at export parity.

國內實現價格為每桶 69.4 美元，其中銷量以出口平價計算。我們持續增加以出口平價銷售的國內銷售量。第一季度，我們 78% 的國內銷量和 90% 的總銷量均以出口價銷售。

Lifting cost during Q1 was $4.7 per BOE, flat on sequential basis, reflecting successful cost control despite the lower volumes and the underlying USD cost inflation. Selling expenses per BOE came down 19% on sequential basis, driven by saving in truck costs with total $27.7 million, $13.7 million below Q4 2024. The connection of Oldelval Duplicar pipeline during the quarter enabled us to gradually reduce trucking volumes.

第一季的採油成本為每桶油當量 4.7 美元，與上一季持平，這反映出儘管採油量較低且美元成本上漲，但成本控制仍然成功。每桶油當量的銷售費用較上季下降 19%，原因是卡車成本節省，總計 2,770 萬美元，比 2024 年第四季低 1,370 萬美元。本季 Oldelval Duplicar 管道的連通使我們能夠逐步減少卡車運輸量。

Importantly, expansion capacity is now fully available. We have incorporated 31,500 barrels of oil per day of pipeline capacity, and we forecast no trucking in Q2.

重要的是，擴展容量現已完全可用。我們已將每天 31,500 桶石油的管道輸送能力納入其中，我們預測第二季度不會有卡車運輸。

Adjusted EBITDA during the quarter was $275 million, 25% higher on an inter-annual basis and flat compared with Q4 2024. Adjusted EBITDA margin expanded 5 percentage points on a sequential basis, driven by higher oil prices and lower selling expenses. Driven by the same factors, our netback expanded 9% during the quarter to $37.8 per BOE.

本季調整後的 EBITDA 為 2.75 億美元，年成長 25%，與 2024 年第四季持平。受油價上漲和銷售費用下降的推動，調整後 EBITDA 利潤率環比擴大 5 個百分點。受相同因素的推動，我們的淨回值在本季擴大了 9%，達到每桶油當量 37.8 美元。

During Q1 2025, cash flow from operating activities was $66 million, reflecting an increase in working capital of $59 million and advanced payment for midstream expansion of $36 million. Cash flow used in investing activities was $310 million, reflecting accrued CapEx of $268 million, an increase of $18 million in working capital, and an investment in Vaca Muerta Sur of $29 million.

2025 年第一季度，營運活動現金流為 6,600 萬美元，其中營運資金增加 5,900 萬美元，中游擴張預付款增加 3,600 萬美元。投資活動所用現金流為 3.1 億美元，其中應計資本支出 2.68 億美元，營運資本增加 1,800 萬美元，對 Vaca Muerta Sur 的投資為 2,900 萬美元。

Free cash flow during the quarter was therefore minus $243 million. Cash flow from financing activities was $219 million, reflecting proceeds from borrowing of $341 million and partially offset by the repayment of borrowings of $99 million.

因此，本季的自由現金流為負 2.43 億美元。融資活動產生的現金流為 2.19 億美元，其中反映出 3.41 億美元的借款收益，但部分被 9,900 萬美元的借款償還所抵銷。

Finally, cash at period end was $740 million, and our net leverage ratio stood at 0.84 times adjusted EBITDA. We will now deep dive into the acquisition of Petronas Argentina, which we announced last week.

最後，期末現金為 7.4 億美元，我們的淨槓桿比率為調整後 EBITDA 的 0.84 倍。我們現在將深入探討上周宣布的對阿根廷國家石油公司的收購。

The purchase price was composed of $900 million in cash, a deferred cash payment of $300 million at zero interest, and 7.3 million Vista shares. This payment equates to an NPD of approximately $1.3 billion, leading to a highly accretive acquisition multiples.

收購價格包括 9 億美元現金、3 億美元零利率延期現金支付以及 730 萬股 Vista 股票。這筆款項相當於約 13 億美元的新產品開發 (NPD)，從而帶來高度增值的收購倍數。

With this transaction we closed last week, we started the consolidation of 50% of La Amarga Chica at April 15, a material addition to our portfolio. La Amarga Chica spans 46,000 acres in the core of Vaca Muerta and is right next to Bajada del Palo Oeste and Aguada Federal.

隨著我們上週完成的這筆交易，我們於 4 月 15 日開始在合併 La Amarga Chica 的 50% 股份，這對我們的投資組合來說是一個重大補充。La Amarga Chica 佔地 46,000 英畝，位於 Vaca Muerta 的核心地帶，緊鄰 Bajada del Palo Oeste 和 Aguada Federal。

At our share, we estimate it has an inventory of 200 wells to be drilled, increasing and enhancing Vista's inventory. At our 50% P1 Reserve were 140 million BOE, as (inaudible) as PRN 2023, a significant addition to the 375 million BOEs of P1 Reserve booked by Vista.

按照我們的份額，我們估計該公司有 200 口井可供鑽探，這將增加並增強 Vista 的庫存。我們的 50% P1 儲量為 1.4 億桶油當量，截至 PRN 2023 年（聽不清楚），這對於 Vista 預訂的 3.75 億桶油當量的 P1 儲量來說是一個顯著的補充。

With the 247 wells in production at PRN 2024, La Amarga Chica has a solid history of robust well productivity and low lifting costs, very comparable to our development hub. It is also the second largest producing block in Vaca Muerta.

La Amarga Chica 在 PRN 2024 上擁有 247 口生產井，擁有強勁的井產量和較低的提升成本的良好歷史，與我們的開發中心非常相似。這也是瓦卡穆埃爾塔 (Vaca Muerta) 第二大生產區塊。

Production was 79,500 BOEs per day in Q4 2024, implying that our 50%, we have consolidated 39,800 BOEs per day. This leads to a pro forma production of 125,000 BOEs per day for such a period of which 109,000 are owed.

2024 年第四季的產量為每天 79,500 桶油當量，這意味著我們的 50% 產量已達到每天 39,800 桶油當量。這導致該期間的預計產量為每天 125,000 桶油當量，其中實際產量為 109,000 桶油當量。

Petronas Argentina has secured a material amount of transportation and dispatch capacity in the midstream sector. Combining the Vaca Muerta Norte and the Oldelval pipeline, we are adding 57,000 barrels of oil per day of field transportation, 19,000 in Oldelval open access 17,000 in Duplicar, and 21,000 in Vaca Muerta Norte.

阿根廷國家石油公司已在中游領域獲得了大量的運輸和調度能力。結合 Vaca Muerta Norte 和 Oldelval 管道，我們每天將增加 57,000 桶石油的現場運輸量，其中 Oldelval 開放式管道增加 19,000 桶，Duplicar 管道增加 17,000 桶，Vaca Muerta Norte 管道增加 21,000 桶。

Based on Q4 2024 production data, more than 20,000 barrels per day, or around 40% of this capacity, was idle, providing ample room for growth and synergies with our development hub. With this strategic transaction, we are doubling down on Vaca Muerta, increasing our exposure to short cycle, low break-even shell assets.

根據 2024 年第四季的生產數據，每天有超過 20,000 桶（約佔該產能的 40%）處於閒置狀態，為我們的發展中心提供了充足的成長空間和協同效應。透過此策略交易，我們將加倍投資瓦卡穆埃爾塔，增加對短週期、低損益平衡空殼資產的投資。

This deal improves our short and medium-term cash flow profile, as well as our long-term value proposition for shareholders. This constitutes a highly accelerated transaction for our shareholders.

這筆交易改善了我們的短期和中期現金流狀況，以及我們對股東的長期價值主張。對我們的股東來說，這是一筆高度加速的交易。

At EV to EBITDA of 2 times, EV per flowing barrel of $33,000, and price-to-earning of 3.8 times, this transaction multiple is comparable very positively to Vista's own trading metrics. We have consolidated a low-cost, high-margin cash-generating asset.

企業價值與 EBITDA 比率為 2 倍，每個流動桶的企業價值為 33,000 美元，市盈率為 3.8 倍，這筆交易倍數與 Vista 自己的交易指標非常吻合。我們整合了低成本、高利潤的現金產生資產。

La Amarga Chica lifting cost was $4.1 per BOE in 2024, reflecting a robust operating model and solid world productivity. On pro forma basis for 2024, the acquired company improved our adjusted EBITDA by 61%, strengthening our cash flow profile. On the same basis, adjusted EBITDA margin improved by 3 percentage points from 65% to 68%.

2024 年 La Amarga Chica 的開採成本為每桶油當量 4.1 美元，反映出強勁的營運模式和穩固的全球生產力。根據 2024 年的預測，被收購公司使我們的調整後 EBITDA 提高了 61%，增強了我們的現金流狀況。在相同基礎上，調整後的 EBITDA 利潤率提高了 3 個百分點，從 65% 提高到 68%。

The transaction also increases our scale and enhance our portfolio. On a pro forma basis, our total production for Q4 2024 will be 125,000 BOE per day, an increase of 47%. As discussed earlier, P1 reserve and average are also significantly enlarged.

此次交易還擴大了我們的規模並增強了我們的產品組合。根據預測，我們 2024 年第四季的總產量將達到每天 125,000 桶油當量，成長 47%。如前所述，P1 儲備和平均值也顯著增大。

After our estimation, La Amarga Chica has an inventory of 200 wells to be drilled at our 50% working interest. We are therefore increasing our inventory by 20%, adding wells located in a premium area of Vaca Muerta, around Bajada del Palo Este, a region we know extremely well and which has consistently delivered extraordinary value to our company.

根據我們的估計，La Amarga Chica 擁有 200 口井可供鑽探，我們的權益為 50%。因此，我們將庫存增加 20%，增加位於巴哈達德爾帕洛東區 (Bajada del Palo Este) 附近瓦卡穆埃爾塔 (Vaca Muerta) 優質區域的油井，我們對該地區非常了解，並且一直為我們公司帶來非凡的價值。

Based on La Amarga Chica proximity to our development hub, our analysis shows there are very clear signatures we can capture related to sharing facilities, optimizing well placement close to the limit between the blocks, streamlining new well designs, and potentially sharing general services.

根據 La Amarga Chica 與我們開發中心的距離，我們的分析表明，我們可以捕捉到與共享設施、優化靠近區塊邊界的井位、簡化新井設計以及潛在共享一般服務相關的非常清晰的訊號。

Importantly, the acquired company holds material oil-mixing capacity. By adding 57,000 barrels of oil per day of contracted pipeline capacity, we have reached almost 200,000 barrels of oil per day capacity on a pro forma basis, excluding trucks.

重要的是，被收購的公司擁有原料油混合能力。透過增加每天 57,000 桶石油的合約管道容量，我們在備考基礎上已達到每天近 20 萬桶石油的容量（不包括卡車）。

We are thrilled to be consolidating a high-margin, low-break-even asset with very clear synergies with our ongoing operation. Based on the scale and importance of this consolidation, we are currently working on a revised version of our 2025 plan. We are therefore removing our 2025 market guidance, and we will present an updated guidance in our Q2 earnings call.

我們很高興能夠整合高利潤、低損益平衡的資產，並與我們正在進行的業務產生非常明顯的綜效。基於此次合併的規模和重要性，我們目前正在製定 2025 年計畫的修訂版本。因此，我們將取消 2025 年的市場指導，並將在第二季財報電話會議上提供更新後的指導。

I will make some closing remarks before we move on to Q&A. On the operational front, we have made solid progress during the quarter. Production increased 47% year over year, driven by 49 new wells drilled and connected in the last 12 months.

在我們進入問答環節之前，我將做一些總結發言。在營運方面，我們在本季取得了堅實的進展。產量年增 47%，這得益於過去 12 個月內鑽探和連接的 49 口新井。

We reached a major milestone as the Duplicar pipeline came online, adding 31,500 barrels of oil per day of oil transportation capacity, materially reducing our selling expenses quarter on quarter and fully eliminating trucking volumes at quarter end.

隨著 Duplicar 管道投入使用，我們達到了一個重要的里程碑，增加了每天 31,500 桶石油的石油運輸能力，使我們的銷售費用環比大幅減少，並在季度末完全消除了卡車運輸量。

Yet, the most important achievement was on the M&A front, with execution of a transformational deal for our company. Our track record shows that we are a company that can add value to its upstream operations, as well to business development.

然而，最重要的成就是在併購方面，為我們公司執行了一項轉型交易。我們的業績記錄表明，我們是一家能夠為上游業務以及業務發展增值的公司。

With acquired assets, we incorporate flowing production, material EBITDA and cash flow generation, premium new well inventory, feed-on metering capacity, and potential synergies at accredited acquisition multiples.

透過收購資產，我們整合了流動生產、材料 EBITDA 和現金流生成、優質新井庫存、饋電計量能力以及經認可的收購倍數的潛在協同效應。

Following this M&A transaction, Vista emerged with an improved cash flow profile and higher margins, which is very relevant in the backdrop of a high market volatility and, I think, more importantly, reflects our constructive long-term vision on Vaca Muerta and long-term global oil price fundamentals.

在此次併購交易之後，Vista 的現金流狀況得到改善，利潤率也更高，這在市場波動較大的背景下非常重要，而且我認為更重要的是，這反映了我們對瓦卡穆埃爾塔和長期全球油價基本面的建設性長期願景。

Before we move to Q&A, I would like to thank the entire Vista team for their hard work in this quarter. And specifically, I would like to thank the M&A team for the understanding transaction they just concluded. Operator, we can now move to Q&A.

在進入問答環節之前，我想感謝整個 Vista 團隊在本季的辛勤工作。具體來說，我要感謝併購團隊剛完成的諒解交易。接線員，我們現在可以進入問答環節。

(Operator Instructions) Alejandro Demichelis, Jefferies.

（操作員指示） Alejandro Demichelis，Jefferies。

First, congratulations on the deal to the whole team. Miguel, maybe you can deep dive a little bit more on those synergies that you're talking about in terms of how long do you think it's going to take you to achieve those. How are the discussions with the operator to get access to that extra capacity, the sharing of some services, as you mentioned, and how you see that, say, more of a portfolio development going forward?

首先，恭喜整個團隊達成這筆交易。米格爾，也許您可以更深入地探討您所說的協同效應，以及您認為需要多長時間才能實現這些協同效應。正如您所說，與營運商討論如何獲得額外容量、共享某些服務，以及您如何看待未來的投資組合開發？

Those synergies are super important, as you know, in any acquisition. We run a very solid decision process, and we have a very good engagement with YPF in the last days. I think both teams, we are super concentrated and excited of working together.

如您所知，在任何收購中，這些協同效應都非常重要。我們的決策過程非常穩健，最近幾天我們與 YPF 進行了非常良好的合作。我認為兩個團隊都非常專注並且對合作感到興奮。

I would say the first synergy that we perceive and we see is total transportation capacity. That clearly will bring more flexibility to our operating hub. The total capacity is 57,000 barrels per day. That is compared with the current oil production that is around 20,000 -- leave us with 20,000 barrels oil per day or spare capacity.

我想說，我們感知到和看到的第一個協同作用是總運輸能力。這顯然將為我們的營運中心帶來更多的靈活性。總產能為每天57,000桶。相較之下，目前的石油產量約為 20,000 桶——我們每天還有 20,000 桶石油或剩餘產能。

We also see potential upside in sharing oil treatment facilities. La Amarga Chica has two oil treatment plants. Each one of them have 80,000 barrels oil per day capacity. That, if you compare with the total production of the block, clearly, there is a spare capacity that is available to us and really will save costs.

我們也看到了共享石油處理設施的潛在優勢。La Amarga Chica 有兩座石油處理廠。每個油田的日產量為8萬桶石油。如果與整個區塊的總產量進行比較，顯然，我們有剩餘產能，這確實可以節省成本。

The other thing that we believe that we can optimize is the drilling of the longer lateral close to the border of the two blocks. Now that we somehow have ownership in both blocks, clearly, we can optimize the work placement doing probably longer laterals before, sometime, we come short on the border. So that, from the subsurface point of view, is also an upside.

我們認為可以優化的另一件事是在兩個區塊邊界附近鑽探較長的水平井。現在，我們以某種方式擁有了這兩個區塊的所有權，顯然，我們可以優化工作安排，在邊界出現短缺之前，進行可能更長的橫向作業。因此，從地下的角度來看，這也是一個好處。

And last, but not least, and probably more important than everything else, we know that we share -- and I share with Horacio the important, I would say, target of reducing well contraction costs, both on the drilling side and on the completion side.

最後，但並非最不重要的一點，可能比其他一切都更重要的是，我們知道我們有著共同的目標——我想說，我和 Horacio 有著共同的重要目標，那就是降低鑽井和完井的井收縮成本。

There's a lot of things that we can do together in terms of reducing cost of goods, cost of services, and also sharing best practice of how we drill and complete those wells. The last one, I think, is super important, and particularly in the new environment that we have in terms of oil prices volatility.

在降低商品成本、服務成本以及分享鑽井和完井的最佳實踐方面，我們可以共同做很多事情。我認為最後一點非常重要，特別是在我們面臨的油價波動的新環境下。

Bruno Montanari, Morgan Stanley.

摩根士丹利的布魯諾蒙塔納裡。

Thanks for taking my question, and very good to see this great acquisition. I understand it's too soon to provide guidance for 2025 in the long term, which we eagerly wait for. But if you can talk about what we expect in the very short term, what are you seeing now for the second quarter?

感謝您回答我的問題，很高興看到這項偉大的收購。我知道現在就為我們熱切期待的 2025 年提供長期指導還為時過早。但是如果您能談談我們對短期的預期，您現在對第二季的預期是什麼？

In other words, what is Vista's initial reaction to activity and CapEx and how to manage the workflow right after the acquisition? That'd be great.

換句話說，Vista 對活動和資本支出的最初反應是什麼，以及如何管理收購後的工作流程？那太好了。

I think in Q2, you will see a sharp growth in production as we consolidate La Amarga Chica. We finished Q1 almost at 81,000 barrels per day. I think we should see north of, I will say, 110,000 barrels per day in Q2.

我認為，隨著我們整合 La Amarga Chica，在第二季度，您將看到產量急劇增長。第一季結束時，我們的產量幾乎達到了每天 81,000 桶。我認為我們應該看到第二季的產量超過每天 110,000 桶。

Since the important of the takeoff of our part of Bajada del Palo Oeste, it will come in -- the important production will come in in Q3. So I will say you should consider north of 110,000 for Q2.

由於我們 Bajada del Palo Oeste 部分業務的起飛非常重要，因此重要的生產將在第三季度開始。所以我認為你應該考慮第二季的 11 萬以上。

And then in Q2, we are not planning in changing any drilling and completion activity plan or CapEx at the moment. So yeah, 110,000, Q2. And, of course, we will continue growing in Q3.

然後在第二季度，我們目前不打算改變任何鑽井和完井活動計劃或資本支出。是的，110,000，第二季。當然，我們將在第三季繼續成長。

Most of our activity, when you see where the load of production and completion come in, it will be in Q3. And Q2, you have to consider that Q2 is going to be just 75 days of the transaction. So that is what I'm accounting in the current day.

我們的大部分活動，當你看到生產和完成的負荷時，它將發生在第三季。至於第二季度，你必須考慮到第二季度只是 75 天的交易。這就是我今天所要記帳的。

Daniel Guardiola, BTG Pactual.

丹尼爾·瓜迪奧拉，BTG Pactual。

Miguel, Ale, congrats for the transaction. I guess my question is on two fronts. One, can you share with us what is the expected leverage deterioration following this acquisition?

Miguel，Ale，祝賀交易成功。我想我的問題涉及兩個方面。第一，您能否與我們分享一下此次收購後預期的槓桿率惡化？

And regarding the free cash flow generation, can you please elaborate on what happened during the Q and what are your expectations for 2025 and 2026, please?

關於自由現金流的產生，您能否詳細說明 Q 期間發生的情況以及您對 2025 年和 2026 年的預期？

So first of all, probably, to say that PEPASA has no data at the time of the acquisition and a very small amount of cash for one key capital purpose. With the acquisition, we have incorporated $300 million of financial debt, and we pay $900 million as loan.

首先，可能要說的是，PEPASA 在收購時沒有任何數據，而且用於一項關鍵資本用途的現金非常少。透過此次收購，我們承擔了 3 億美元的財務債務，並且我們支付了 9 億美元的貸款。

So after the acquisition on pro forma base in LTM, our net leverage ratio is around 1 time adjusted EBITDA. You should see or should assume or you should expect that the net leverage ratio should be below 1.5; and this, I would say, assuming a brand of $65 during the year.

因此，在 LTM 的備考基礎上進行收購後，我們的淨槓桿率約為調整後 EBITDA 的 1 倍。您應該看到或應該假設或您應該預期淨槓桿率應該低於 1.5；我想說的是，假設該年品牌價值為 65 美元。

If we have a different brand, we should adjust at 1.5. This means we will require some additional financing during the year. That is obvious.

如果我們更換品牌，則應該調整到1.5。這意味著我們今年將需要一些額外的融資。這是顯而易見的。

In terms of cash flow, the negative cash flow that you see is related to CapEx acceleration, and this was basically designed in our guidance. Before the Petronas acquisition, we have between minus $400 and minus $500 free cash flow, based on the growth CapEx and our equity in Vaca Muerta-Surpay line.

就現金流而言，您看到的負現金流與資本支出加速有關，這基本上是在我們的指導中設計的。在收購 Petronas 之前，根據成長資本支出和我們在 Vaca Muerta-Surpay 線路的權益，我們的自由現金流在負 400 美元到負 500 美元之間。

I will say that additionally, Q1, usually, we have a negative working capital related to the payment activities that we executed last year. So going forward, you should know that Petronas acquisition will strain our cash flow profile because we consolidate material generation that's coming from that block.

另外我要說的是，第一季度，我們通常會出現與去年執行的支付活動相關的負營運資本。因此，展望未來，您應該知道，收購 Petronas 將給我們的現金流量狀況帶來壓力，因為我們將整合來自該區塊的材料產量。

And we are reassessing our plan following the consolidation of this block, and we will issue new guidance, as we mentioned before, in Q2. And then also, we will show you a new long-term plan sometime in the second half of this year. Hope I have answered your question.

我們正在重新評估這項區塊合併後的計劃，正如我們之前提到的，我們將在第二季發布新的指導。此外，我們還將在今年下半年向您展示一個新的長期計劃。希望我已經回答你的問題了。

Bruno Amuri, Goldman Sachs. Andres Cardona, Citi.

高盛的布魯諾·阿穆里。花旗銀行的安德烈斯‧卡多納 (Andres Cardona)。

Miguel, Pablo, Ale, congratulations on the unexpected deal. Very interesting. Talking about La Amarga Chica, looking at the first quarter production numbers, there seems to be a decline versus the fourth quarter. So versus the fourth quarter address. Can you give us some color on that? What do you expect in particular for La Amarga Chica in the second quarter and for the remainder of the year? Any color there?

米格爾、巴布羅、阿萊，恭喜你們達成了這筆意外的交易。非常有趣。說到 La Amarga Chica，從第一季的產量數據來看，與第四季相比似乎有所下降。與第四季的講話相比。您能給我們講講這個嗎？您對 La Amarga Chica 在第二季以及今年剩餘時間的表現有何特別的期待？有顏色嗎？

Yes, you're right. I mean, at our 50% share, Q4 was around 39,000 barrels per day. There was a lower new well activity in Q1, leading to an average of 34,000 barrels per day. Today, I look at the production yesterday, it was 35,000 barrels per day. So we expect a pickup in production in Q2.

是的，你說得對。我的意思是，按照我們 50% 的份額，第四季度的產量約為每天 39,000 桶。第一季新井產量較低，平均每天產量為 34,000 桶。今天，我查看了昨天的產量，每天 35,000 桶。因此我們預計第二季產量將會回升。

For well, we're tying in March, 14 in April; and they're planning 10 new well tie-ins in May and June. So when you look at Q1, we'll be completed with 10 tie-ins. And Q2, I would say, you should assume between 20 and 24 tie-ins. And for the full year, around 50 tie-ins. So yeah, you should see a pickup coming up -- a good pickup coming up that you will see in our production in Q2.

至於油井，我們在 3 月打了 1 口，4 月打了 14 口；他們計劃在 5 月和 6 月打 10 口新油井。因此，當您查看第一季時，我們將完成 10 個搭配。而 Q2，我想說，你應該假設有 20 到 24 個搭配。全年約有 50 個搭配。是的，您應該會看到一個回升——一個良好的回升，您將在第二季的生產中看到它。

Rodolfo Angele, JPMorgan.

摩根大通的 Rodolfo Angele。

First of all, congrats for the acquisition. My question is on -- have you on peak production looking forward? Before the acquisition, the plans were of reaching 150,000 barrels a day by 2030. And I understand there's no guidance yet. But could you comment on what do you see potential volumes for Vista in the long term? That's my question.

首先，祝賀此次收購。我的問題是──您是否期待達到生產高峰？在收購之前，該計劃是到 2030 年達到每天 15 萬桶。我知道目前還沒有指導。但是您能否評論一下您認為 Vista 的長期潛在銷售是多少？這就是我的問題。

As I mentioned, we are planning to hold an Investor Day second half of the year. Clearly, our new plan will accelerate our ambition to reach 150,000 barrels per day in 2030. So our new strategic objective, you should assume that we'll be aiming to new heights, will be about 150,000 barrels per day. And really, part of this acquisition was to accelerate this 150,000 that now is around the corner.

正如我所提到的，我們計劃在今年下半年舉辦投資者日。顯然，我們的新計劃將加速實現我們在 2030 年達到每天 15 萬桶的目標。因此，我們的新戰略目標（你應該假設我們將瞄準新的高度）將是每天約 150,000 桶。事實上，此次收購的部分目的就是加速即將實現的 15 萬輛目標。

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

I would like to know if you guys continue to explore other M&A opportunities post the La Amarga Chica acquisition. So we know that there are other opportunities in the market. It would be good to know if you continue assessing these opportunities.

我想知道你們在收購 La Amarga Chica 之後是否會繼續探索其他併購機會。所以我們知道市場上還有其他機會。如果您繼續評估這些機會，那就太好了。

Yeah. As you know, I mean, we have a good track record of creating value through M&A. So we are not only a good operator. We have a top-notch BD team at Vista.

是的。如您所知，我們在透過併購創造價值方面有著良好的記錄。因此，我們不僅僅是一個優秀的運營商。Vista 擁有一流的 BD 團隊。

It is part of our strategic approach. I mean, we will continue doing that. And as we increase our scale and our cash flow profile, we will continue assessing opportunities as they come or as we see them.

這是我們策略方針的一部分。我的意思是，我們將繼續這樣做。隨著我們規模和現金流狀況的擴大，我們將繼續評估出現的或我們看到的機會。

But of course, we will continue setting very high value in terms of value accretion and strategic fit. So the short answer is yes, we are and we will continue assessing new opportunities. And we will not change our strategy.

但當然，我們將繼續在價值增值和策略契合度方面設定非常高的價值。所以簡短的回答是肯定的，我們正在並且將繼續評估新的機會。我們不會改變我們的戰略。

So you will expect something that comes out of what we do. And yes, the key will be that we maintain our discipline of that acquisition to be accretive to our shareholders and to our story.

因此，您會期待我們所做的事情能夠取得一些成果。是的，關鍵在於我們要堅持收購紀律，為股東和我們的故事創造價值。

Vicente Falanga Neto, Bradesco BBI.

文森特法蘭加內托 (Vicente Falanga Neto)，布拉德斯科 BBI。

I wanted to understand a little bit more what are the key operational advantages and disadvantages that La Amarga Chica has over Baja de Palo Oeste.

我想進一步了解 La Amarga Chica 相對於 Baja de Palo Oeste 的主要營運優勢和劣勢是什麼。

Miguel, you also commented that you could potentially drill new well designs. Could you provide more details on that to some extent? How much longer laterals could La Amarga Chica wells have, more frac stages? And can you get the La Amarga Chica type curves closer to Baja de Palo Oeste?

米格爾，您也評論說，您可能會鑽探新的井設計。您能否提供更多有關該問題的細節？La Amarga Chica 井的水平段可以有多長，壓裂階段可以有多少？您能讓 La Amarga Chica 類型的曲線更接近 Baja de Palo Oeste 嗎？

Look, first of all, these two assets are great assets, okay? They are in the core prime area of Vaca Muerta. The raw quality in both cases, we know then, is they are very good. I think best in class within Vaca Muerta.

你看，首先，這兩項資產都是優質資產，好嗎？它們位於 Vaca Muerta 的核心黃金地段。我們知道，這兩種情況的原始品質都非常好。我認為這是 Vaca Muerta 最好的。

The brook, as you know, they are actually next to each other. We have studied them very well. And definitely, our geologists see geological continuity.

你知道，這條小溪其實是彼此相鄰的。我們對它們進行了非常深入的研究。毫無疑問，我們的地質學家看到了地質的連續性。

If you look at the productivity per well, they are also very comparable. Maybe BPO on average is slightly better today, okay. But La Amarga Chica started before, so I believe they are very close.

如果你看一下每口井的生產力，它們也非常具有可比性。也許今天的 BPO 平均水平稍微好一些，好吧。但 La Amarga Chica 之前就開始營業了，所以我相信他們關係很親密。

BPO is in the early stage of development. We have less well drilled, less landing zone tested. Therefore, there is more upside in terms of inventory and production growth.

BPO正處於發展的早期階段。我們鑽的井較少，測試的著陸區也較少。因此，庫存和產量成長還有更大的上行空間。

You mentioned well design. Well design, I think, whatever we do next, we are always looking to what we can do differently in order to be more efficient in the placement and development of the reserve. Also, we are looking always and we are looking now on how we can reduce our CapEx in terms of well cost, achieving similar productivity.

您提到了良好的設計。設計得很好，我認為，無論我們下一步做什麼，我們總是在尋找可以做哪些不同的事情，以便更有效地安置和開發儲備。此外，我們一直在尋找並且現在正在尋找如何降低油井成本的資本支出，以實現類似的生產力。

I would say whatever we do or whatever recipe we find, it will be applicable to La Amarga Chica. As I mentioned before in one of the previous questions, part of the key is working also with YPF and sharing the learning from both sides, okay?

我想說，無論我們做什麼或找到什麼食譜，它都適用於 La Amarga Chica。正如我之前在其中一個問題中提到的，關鍵部分還在於與 YPF 合作並分享雙方的經驗，好嗎？

YPF people are technical people that we know very well, as you know. We consider them co-workers. So what we can do in using the strength of Vista and the strength of YPF to make the best of both blocks is part of the key to continue progressing. And we will have that level of cooperation between the two companies.

如您所知，YPF 人員都是我們非常了解的技術人員。我們將他們視為同事。因此，我們可以利用 Vista 和 YPF 的優勢，充分利用這兩個區塊，這是繼續進步的關鍵。我們將在兩家公司之間進行這種程度的合作。

At the end, we have both the same objective, that is try to create value from the development of the well. And as I mentioned before as well, as we come in a market with more uncertainty in terms of oil prices, whatever we do to reduce cost of service, goods, capital, and applying best practice, it will be key.

最終，我們的目標是一致的，那就是努力從油井開發中創造價值。正如我之前提到的，隨著我們進入一個石油價格不確定性更大的市場，無論我們採取什麼措施來降低服務、商品、資本成本並應用最佳實踐，這都是關鍵。

So I cannot comment on anything specific today. Probably when we show our Q2 plan, we will go through something specific on what we are doing on that front. Thanks for your question.

所以我今天無法對任何具體的事情發表評論。或許當我們展示第二季計畫時，我們會具體介紹一下我們在這方面所做的工作。謝謝你的提問。

Kevin MacCurdy, Pickering Energy Partners.

麥柯迪（Kevin MacCurdy），皮克林能源合夥公司（Pickering Energy Partners）。

My question is on your outlook for Brent oil prices and the impact on your long-term plan. Oil prices have receded over the past several weeks. Do you have an internal view on mid-cycle Brent prices? And have you considered how your long-term plans might be impacted by lower prices?

我的問題是關於您對布倫特油價的展望以及這對您的長期計劃的影響。過去幾週，油價有所回落。您對中期布蘭特原油價格有何內部看法？您是否考慮過您的長期計劃會因價格下跌而受到怎樣的影響？

I'm happy to have you on board covering Vista. Thank you for that. So looking to oil prices, today we are below Q1 levels. That is a fact.

我很高興你能加入並負責 Vista 事務。謝謝你。因此，從油價來看，目前油價低於第一季的水平。這是事實。

Q1 was $75 on average. In April, demand to date average is $67; and today is $65. So we are obviously going through a period of increasing volatility. Especially since the start of April, we have seen that.

Q1 平均為 75 美元。四月迄今的平均需求為 67 美元；而今天的需求為 65 美元。因此，我們顯然正在經歷一個波動性不斷增加的時期。特別是自四月初以來，我們已經看到了這一點。

However, when you look at the last days, we have seen, I would say, positive corrections to the negative announcement that led to the increase in volatility. Okay.

然而，回顧過去幾天，我想說，我們已經看到了對導致波動性增加的負面聲明的正面修正。好的。

In the long term, I have no doubt about the strength of the fundamentals of oil and gas sector. We continue to see a strong long-term oil demand. And also, we still see some uncertainties in terms of long-term supply and where that supply will come from.

從長遠來看，我對石油和天然氣產業基本面的強度毫不懷疑。我們繼續看到長期強勁的石油需求。此外，我們在長期供應以及供應來源方面仍存在一些不確定性。

So I have no doubt that the fundamentals for the long term are there. We have to manage to drive through the times of volatility. And with that -- I think for that, I think we have the right team, the right company, and the right asset because our assets are short cycle assets. We have proved that during the COVID-19 years. And also, Vista has the agility and the contractual arrangement to accelerate and also to stop or reuse when we have to do that.

因此我毫不懷疑長期的基本面是存在的。我們必須設法度過動盪時期。有了這一點——我認為，我們擁有合適的團隊、合適的公司和合適的資產，因為我們的資產是短週期資產。我們在新冠疫情期間已經證明了這一點。此外，Vista 還具有靈活性和合約安排，可以在我們需要時加速、停止或重複使用。

So I cannot probably put more color to your question. I think in Q2, we will give you a new guidance. And with that new guidance, we will adjust activity and oil prices view. So if you hold and wait for us for Q2, I will give you more precision on your question. And thank you again. Good to have you on board.

所以我可能無法更詳細地解釋你的問題。我認為在第二季度，我們會給你一個新的指導。根據這項新指導，我們將調整活動和油價觀點。因此，如果您耐心等待我們第二季的進展，我會更精確地回​​答您的問題。再次感謝您。很高興您能加入我們。

George Gasztowtt, Latin Securities.

喬治·加斯托特（George Gasztowtt），拉丁證券。

Prior to the incorporation of the new assets, trucking was expected to pick up slightly in 2026 before Vaca Muerta Sur comes online. With the addition of its new midstream capacity, should we now expect trucking to be fully phased out?

在新資產納入之前，預計卡車運輸量將在 2026 年 Vaca Muerta Sur 投產前略有回升。隨著新的中游運力的增加，我們現在是否應該預期卡車運輸將被徹底淘汰？

So first of all, since April 1, we are not trucking oil, okay? We are happy for that, and it's saving us a lot of cost.

首先，從 4 月 1 日起，我們就不再運送石油了，好嗎？我們對此感到高興，這為我們節省了許多成本。

The new acquisition, as we mentioned, brings 57,000 barrels of new midstream capacity. With that, the full capacity of Vista is taken to a total of 144 barrels, if I'm calculating well.

正如我們所提到的，此次收購帶來了 57,000 桶新的中游產能。這樣，如果我沒算錯的話，Vista 的總容量就達到了 144 桶。

Now we are working on a new plan. I mentioned that we accelerated 150 and we will have a new ambition. And for that, we will require new capacity.

現在我們正在製定一個新計劃。我提到我們加速了150，我們將有一個新的雄心。為此，我們需要新的產能。

Again, in the new guidance, we will show you what we are planning to do. And depending on that, we may need a bit of trucking capacity. We have that infrastructure in place or we will not. But clearly, if we need it, it's going to be very little.

再次，在新指南中，我們將向您展示我們計劃要做的事情。根據這一點，我們可能需要一些卡車運輸能力。我們必須建立這樣的基礎設施，否則就不會建立。但顯然，如果我們需要它，它將會非常少。

Victor Modanese, UBS.

瑞銀的 Victor Modanese。

Most of my questions have already been answered, so I would just like to confirm one final point regarding the acquisition of La Amarga Chica. Can you confirm if the transaction is now complete and the acquired stake is fully incorporated into Vista? Or are there any regulatory approvals and precedent conditions pending?

我的大部分問題都已經得到解答了，所以最後我想確認一下關於收購 La Amarga Chica 的最後一點。您能否確認交易是否已完成，且收購的股票是否已完全併入 Vista？或者是否還有任何監管部門的批准和先決條件尚未確定？

And it's a good question. We'll look into that. So the short answer is the transaction is completed. And we are basically currently consolidating PEPASA as [I315], which includes 50% of La Amarga Chica.

這是個好問題。我們會調查此事。所以簡短的回答是交易已完成。目前，我們基本上將 PEPASA 合併為 [I315]，其中包括 La Amarga Chica 50% 的股份。

We are formally filing the transaction with the antitrust agency. And we do not foresee any competition issues based on the precedent cases that we have in Argentina within the oil and gas industry. So there are no other regulatory approvals pending, and there are no condition precedents. So the short answer is this deal is completely closed.

我們正在向反壟斷機構正式提交該交易的申請。根據阿根廷石油和天然氣產業的先例，我們預計不會有任何競爭問題。因此，沒有其他監管部門的批准待決，也沒有任何先決條件。所以簡短的回答是這筆交易已經完全完成。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

So I just have a follow-up question on the recent acquisition that you have made. So the acquisition of Petronas, does it change to some extent your plans for the current assets? Or should we think about the existing operation and the new asset as independent operations?

所以我只想問一個關於您最近進行的收購的後續問題。那麼收購馬來西亞國家石油公司是否會在某種程度上改變您對現有資產的計劃？或者我們應該將現有營運和新資產視為獨立營運？

Yeah, Bruno. So given the consolidation of La Amarga Chica, we have removed the guidance of 2025 from the market. And we are already working on the revised plans as we speak. But we are incorporating the activity of the acquired housing, and we are focused on protecting, basically, balance sheet; maintaining a healthy level ratio, as I mentioned, in a very volatile environment.

是的，布魯諾。因此，考慮到 La Amarga Chica 的合併，我們已從市場上撤下了 2025 年的指導。我們現在就正在製定修改後的計畫。但我們正在整合收購住房的活動，我們主要專注於保護資產負債表；正如我所提到的，在非常動盪的環境中保持健康的水平比率。

And we are reassessing the CapEx plan, making a new plan that considers both the operating and non-operating CapEx. We believe the new plan will be much more solid to the one that we have today due to the new production that is coming in and the adjusted EBITDA that we are consolidating.

我們正在重新評估資本支出計劃，制定一個同時考慮營運和非營運資本支出的新計劃。我們相信，由於即將推出的新產品和我們正在合併的調整後 EBITDA，新計劃將比我們今天的計劃更加穩健。

And of course, more importantly probably for this year, it will be that we will have a stronger free cash flow. And with that free cash flow, we will have more flexibility. So again, as I said before, if you bear with us, we will issue that new guidance in Q2 during the earning quarter. And thanks for the question.

當然，對於今年來說，更重要的是我們將擁有更強大的自由現金流。有了自由現金流，我們將擁有更大的靈活性。所以，正如我之前所說，如果您耐心等待，我們將在第二季的收益季度發布新的指導。感謝您的提問。

Thank you. At this time, I would now like to turn the conference back over to Miguel Galuccio for closing remarks.

謝謝。現在，我想將會議交還給 Miguel Galuccio 作結束語。

So thank you very much, everybody, for participating. [Neither of you said] that we at Vista, we are super happy with this acquisition. It takes the company to a different level of scale, different level of strength, and of course, different level of flexibility because now we have a bigger playground to play.

非常感謝各位的參與。 [你們都沒說]我們Vista對這次收購非常滿意。它將公司規模提升到不同的水平，實力提升到不同的水平，當然，靈活性也提升到不同的水平，因為現在我們擁有了更大的發揮空間。

Again, thank you for the report and thank you for the support. Have a good day.

再次感謝您的報告，感謝您的支持。祝你有美好的一天。

This concludes today's conference call. Thank you for participating. You may now disconnect.

今天的電話會議到此結束。感謝您的參與。您現在可以斷開連線。