Vista Energy SAB de CV (VIST) 2025 Q2 法說會逐字稿

Good day, and thank you for standing by. Welcome to Vista second quarter 2025 earnings webcast. (Operator Instruction) Please note, this event is being recorded. Now it's my pleasure to turn the call over to Vista Strategic Planning and IRO, Alejandro Chernacov. Please proceed.

您好，感謝您的收看。歡迎收聽Vista 2025年第二季財報網路直播。 （操作員指示）請注意，本次活動正在錄製中。現在，我很高興將電話轉給Vista策略規劃和IRO的Alejandro Chernacov。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's second quarter of 2025 results Conference Call. I am here with Miguel Galuccio, Vista's Chairman and CEO; and Pablo Vera Pinto, Vista's CFO; Juan Garoby, Vista's CTO; and Matias Weissel, Vista's COO. Before we begin, I would like to draw your attention to our cautionary statement on slide 2.

謝謝。大家早安。我們很高興歡迎大家參加Vista 2025年第二季業績電話會議。今天與我一起出席的還有Vista董事長兼執行長Miguel Galuccio、財務長Pablo Vera Pinto、首席技術長Juan Garoby以及營運長Matias Weissel。在開始之前，我想請大家注意幻燈片2上的警示聲明。

Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards, IFRS.

請注意，我們今天的發言，包括您問題的解答，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陳述所預期的結果有重大差異。我們的財務數據以美元列示，並符合國際財務報告準則 (IFRS)。

However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA. Reconciliations of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday. Please check our website for further information. Our company is sociedad anonima bursatil de capital variable organized under the laws of Mexico, registered in 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.

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 (IFRS) 的財務指標，例如調整後的息稅折舊攤銷前利潤 (EBITDA)。這些指標與最接近的國際財務報告準則 (IFRS) 指標的對帳表，請參閱我們昨天發布的收益報告。更多信息，請訪問我們的網站。本公司是一家根據墨西哥法律成立的匿名可變資本公司 (sociedad anonima bursatil de capitalvariety)，在墨西哥證券交易所和紐約證券交易所註冊。我們在墨西哥證券交易所的股票代號為 VISTA，在紐約證券交易所的股票代號為 VIST。

As explained in our earnings release yesterday afternoon, please be advised that the operating and financial metrics shown in this presentation reflect the effects of consolidating the acquisition of Petronas Argentina as of April 1, 2025.

正如我們昨天下午的收益報告中所解釋的那樣，請注意，本簡報中顯示的營運和財務指標反映了截至 2025 年 4 月 1 日合併收購阿根廷國家石油公司的影響。

Finally, note that as of this webcast, we have moved all definitions which were previously at the bottom of each slide to an appendix at the end of the presentation. I will now turn the call over to Miguel.

最後，請注意，從本次網路直播開始，我們已將先前位於每張投影片底部的所有定義移至簡報結尾的附錄。現在，我將發言權交給 Miguel。

Thanks, Ale. Good morning, everyone, and welcome to this earnings call. Q2 2025 was transformational for our company as we completed the acquisition of 50% stake in La Amarga Chica, the second largest oil production block in Vaca Muerta. This transaction has turned Vista into a significantly larger company, boosted by this acquisition total production was 118,000 BOEs per day, an increase of 81% year-over-year. Oil production was 102,000 barrels per day 79% year-over-year.

謝謝，Ale。大家早安，歡迎參加本次財報電話會議。 2025年第二季對我們公司來說意義重大，因為我們完成了對瓦卡穆埃爾塔地區第二大石油生產區塊La Amarga Chica 50%股份的收購。此次收購使Vista公司規模大幅擴大，受此收購的推動，公司總產量達到每日11.8萬桶油當量，較去年同期成長81%。石油產量達到每日10.2萬桶，年增79%。

Vista is now the largest independent oil producer and the largest oil exporter in Argentina. Total revenues during the quarter were $611million, 54% above the same quarter of last year. Lifting cost was $4.7 per BOE, 4% above year-over-year. Capital expenditure was $356 million, driven by the ramp-up in new well activity during the quarter, both in this operated block and in La Amarga Chica. Adjusted EBITDA was $405 million, an interannual increase of 40%.

Vista目前是阿根廷最大的獨立石油生產商和最大的石油出口商。本季總營收為6.11億美元，年增54%。採油成本為每桶油當量4.7美元，較去年同期成長4%。資本支出為3.56億美元，這得益於本季在該營運區塊和La Amarga Chica區塊新井活動的增加。調整後EBITDA為4.05億美元，較去年成長40%。

Net income was $235 million, including $102 million related to one-off mainly related to the Petronas Argentina acquisition. Earnings per share were $2.3 Free cash flow outflow in this quarter was $1.4 billion, mostly reflected the from cash payment of the Petronas Argentina acquisition.

淨利為2.35億美元，其中包括1.02億美元一次性支出，主要與收購阿根廷國家石油公司有關。每股收益為2.3美元。本季自由現金流出為14億美元，主要反映了收購阿根廷國家石油公司的現金支付。

Finally, net leverage ratio at the quarter end was 1.38 times on a pro forma basis, reflecting the new debt raise to finance this cash payment. During Q2, we made solid progress on the operational front. We will activity pick up sequentially with 24 wells connected during the quarter, 8 in Bajada del Palo Este for in Bajada Palo Este and 12 corresponding to our 50% working interest in La Amarga Chica.

最後，本季末的淨槓桿率為1.38倍（以備考口徑計算），反映了為支付這筆現金而新增的債務。第二季度，我們在營運方面取得了紮實的進展。我們的活動將持續成長，本季共連接了24口井，其中8口位於Bajada del Palo Este，12口位於La Amarga Chica，相當於我們擁有的50%的營運權益。

We continue to see the result of our strong focus on cost efficiency. We may decisive progress in reducing new costs, capturing savings through innovation and efficiency, changes to our contract strategy and contract renegotiations for specific consumables and services.

我們持續關注成本效率，並取得了顯著成效。我們預計在降低新增成本、透過創新和效率實現成本節約、調整合約策略以及針對特定耗材和服務的合約重新談判方面取得決定性進展。

This has led to a new drilling and completion cost of $12.8 million per well, representing a saving of $1.4 million per well or 10%, which will be reflected in our cost of a new well starting in Q3 2025. Following inauguration of oval duplicate pipeline in March, we eliminated all tracking as of April 1. This led to a $41 million saving compared to Q4 2024, substantially improving our margins.

這導致每口井新的鑽井和完井成本為 1,280 萬美元，每口井節省 140 萬美元，即節省 10%，這將反映在我們從 2025 年第三季開始的新井成本中。繼 3 月橢圓形重複管道啟用後，我們從 4 月 1 日起取消了所有追蹤。與 2024 年第四季相比，這節省了 4,100 萬美元，大幅提高了我們的利潤率。

Total production was 118,000 BOEs per day, a sequential increase of 46% and interannual increase of 81%. This reflects the solid execution of our new well campaign, as we connected 47 new wells in the last 12 months and the consolidation of La Amarga Chica production as of April 1. Oil production was 12,200 barrels oil per day, 79% above year-over-year and 47% above Q1.

總產量為118,000桶油當量/日，季增46%，年增幅達81%。這反映了我們新井建設的紮實執行，過去12個月我們成功併網了47口新井，並且截至4月1日，La Amarga Chica油田的產量已完成整合。石油產量為12,200桶/日，較去年同期成長79%，較上季成長47%。

Cash production increased 93% on an interannual basis and 44% on a sequential basis. In Q2 2025, total revenues were $611 million, 50% higher year-over-year, driven by the strong increase in oil production which more than offset lower oil prices. Oil exports tripled year-over-year to 5.6 million barrels for the quarter, boosted by the production growth and the acquisition of La Amarga Chica. Realized oil price was $62.2 per barrel on average, down 13% on interannual basis, mainly driven by the lower international prices.

現金產量較去年同期上漲93%，較上季上漲44%。 2025年第二季度，總營收達6.11億美元，年增50%，這得益於石油產量的強勁成長，抵銷了油價下跌的影響。受產量成長和收購La Amarga Chica的推動，本季石油出口年增兩倍，達到560萬桶。實際油價平均為每桶62.2美元，較去年同期下跌13%，主要原因是國際油價下跌。

During Q2, 100% of all volumes sold were at export parity prices. Lifting costs during Q2 was $4.7 per BOE sequentially flat, reflecting our continued focus on cost control. Selling expenses per BOE came down 41% quarter-over-quarter, reflecting the elimination of oil tracking as of April 1. This led to a saving of $28 million vis-a-vis Q1 and $41 million vis-a-vis Q4 2024, the quarter during which tracking volumes peaked.

第二季度，所有銷售量均以出口平價銷售。第二季採油成本為每桶油當量4.7美元，較上季持平，反映我們持續注重成本控制。每桶油當量銷售費用較上季下降41%，反映了我們自4月1日起取消石油追蹤服務。這導致與第一季相比節省了2800萬美元，與2024年第四季（追蹤量達到高峰的季度）相比節省了4,100萬美元。

Adjusted EBITDA during the quarter was $405 million, 40% higher on an interannual basis, driven by the production increase in our operating blocks and the consolidation of 50% working interest in La Amarga Chica. On a sequential basis, adjusted EBITDA margin increased 4-percentage-points and netback remained flat as the elimination of oil tracking offset lower oil prices.

本季調整後EBITDA為4.05億美元，年增40%，這得益於我們各營運區塊產量的提升以及La Amarga Chica 50%權益的合併。調整後EBITDA利潤率季增4個百分點，淨回值維持平穩，因為取消石油追蹤抵銷了油價下跌的影響。

During Q2 2025, cash flow from operating activities was minus $9 million, reflecting income tax payment of $250 million, a $59 million increase in working capital and payments for maintenance expansions of $8 million. Cash flow used in investing activities was $1,347 million, reflecting accrued CapEx of $356 million an increase of $140 million in working capital and the acquisition of Petronas Argentina for $842 million net.

2025年第二季度，營運活動現金流為負900萬美元，其中所得稅支出2.5億美元，營運資本增加5,900萬美元，以及維護擴建支出800萬美元。投資活動現金流為13.47億美元，其中應計資本支出3.56億美元，營運資本增加1.4億美元，以淨價8.42億美元收購阿根廷國家石油公司。

The free cash outflow during the quarter was $1.4 billion, mostly reflecting the upfront payment of Petronas Argentina. Cash flow from financing activities was $770 million, reflecting the proceeds from borrowings of $1,379 million and partially offset by the repayment of borrowings of $514 million. After quarter end, we have signed three term loans with local and international bank for a total of $500 million to cancel all understanding maturities in the second half of 2025 and early 2026.

本季自由現金流出為14億美元，主要反映了Petronas Argentina的預付款。融資活動產生的現金流為7.7億美元，反映了13.79億美元的借款收益，部分被5.14億美元的借款償還所抵銷。季度結束後，我們與本地和國際銀行簽署了三筆總額為5億美元的定期貸款，以取消2025年下半年和2026年初所有到期的諒解協議。

Finally, cash at Pelon was $154 million. Net leverage ratio on a pro forma basis reflecting the Petronas transaction stood at 1.38 times adjusted EBITDA. Our updated annual guidance reflects that following the acquisition of La Amarga Chica, we have emerged as a company with larger scale and a stronger cash flow generation. Total production in 2025 is forecast between 112,000 and 114,000 BOEs per day.

最後，Pelon 的現金為 1.54 億美元。反映 Petronas 交易的備考淨槓桿率為調整後息稅折舊攤提前利潤 (EBITDA) 的 1.38 倍。我們更新的年度指引反映，收購 La Amarga Chica 後，我們已成為一家規模更大、現金流量產生能力更強的公司。預計 2025 年總產量將在 11.2 萬至 11.4 萬桶油當量/天之間。

Based on the planned well times we forecast between 125,000 and 128,000 BOE per day for the second semester, which leaves us well positioned for a greater start in 2026. Adjusted EBITDA forecast between $1.5 billion and $1.6 billion for the year, assuming $65 Brent for the second semester, equivalent to $60 per barrel of realized price -- a change in $5 per barrel of realized oil price in the second half of the year result in a change in adjusted EBITDA of $80 million.

根據計劃的鑽井時間，我們預測第二學期的日產量將在 125,000 至 128,000 桶油當量之間，這為我們在 2026 年取得更好的開局做好了準備。調整後的 EBITDA 預計在 15 億美元至 16 億美元之間，假設第二學期布蘭特原油價格為 65 美元，相當於每桶實現價格 60 美元——下半年每桶實現油價變化 5 美元將導致調整後的 EBITDA 變化 8000 萬美元。

During the second semester, we forecast $825 million to $925 million of adjusted EBITDA or $1.65 billion to $1.85 billion on an annualized run rate basis. To deliver this plan, we forecast to connect 59 new during the year, of which 34 were connected in the first semester combining our operating block with our working intense in La Amarga Chica.

我們預測第二季的調整後息稅折舊攤銷前利潤 (EBITDA) 為 8.25 億至 9.25 億美元，按年化運行率計算為 16.5 億至 18.5 億美元。為了實現這項計劃，我們預計今年將新增 59 個輸電線路，其中 34 個已在第一季完成連接，將我們的營運區塊與 La Amarga Chica 的營運區塊合併。

CapEx in this plan is forecast at $1.2 billion for the year. This reflects our new drilling and completion costs and $60 million of savings in facilities compared to the original 2025 guidance. Our new 2025 plan represents an improvement to the original plan. A $60 realized oil price, we are forecasting a neutral free cash flow during the second half of the year, composed of negative free cash flow in Q3 and positive free cash flow in Q4, evidencing a strong capital discipline in the context of high oil price volatility.

該計劃預計全年資本支出為12億美元。這反映了我們新增的鑽井和完井成本，以及與原2025年指引相比6000萬美元的設施成本節省。我們新的2025年計劃是原計劃的改進。鑑於實際油價為60美元，我們預測下半年自由現金流將保持中性，其中第三季為負自由現金流，第四季為正自由現金流，這反映了我們在油價高波動環境下的嚴格資本紀律。

Compared to the original guidance for the year, we are now forecasting to deliver 16% more production and 70% more adjusted EBITDA at $65 Brent, while maintaining the same CapEx level. The projected growth for 2025 compared to 2024 is 62% for production and 41% for adjusted EBITDA. To conclude this call and before we move to Q&A, I would like to make some closing remarks.

與原定的年度指引相比，我們目前預測，在維持相同資本支出水準的情況下，產量將增加16%，調整後EBITDA（以布蘭特原油價格65美元計算）將增加70%。預計2025年產量將較2024年成長62%，調整後EBITDA將成長41%。在結束本次電話會議並進入問答環節之前，我想做幾點總結。

This has been a transformational quarter for Vista. The acquisition of 50% working interest in La Amarga Chica materially boosted production and adjusted EBITDA. Our company has emerged as the largest independent oil producer and the largest oil exporting in Argentina.

本季對Vista而言意義非凡。收購La Amarga Chica 50%的營運權益，顯著提升了產量和調整後息稅折舊攤銷前利潤（EBITDA）。 Vista已成為阿根廷最大的獨立石油生產商和最大的石油出口商。

On the operational front, we significantly reduced selling expenses by eliminating old tracking, which expanded adjusted EBITDA margin even though oil prices dropped during the quarter. We have made a change to our D&C contracting model, capturing savings through innovation and renegotiating rates with service providers leading to a 10% lower well cost, capturing significant value through a highly competitive development cost.

在營運方面，我們透過取消舊有的追蹤系統大幅降低了銷售費用，儘管本季油價下跌，但調整後的EBITDA利潤率仍然有所提升。我們調整了鑽井與施工承包模式，透過創新節省成本，並與服務提供者重新協商費率，最終將鑽井成本降低了10%，並透過極具競爭力的開發成本獲得了顯著價值。

Finally, the revised annual guidance following the acquisition of La Amarga Chica implies material production and adjusted EBITDA growth while significantly improving our free cash flow profile. Before we move to Q&A, I would like to thank everyone at Vista for their outstanding work this quarter. Operator, we can now move to Q&A.

最後，收購 La Amarga Chica 後修訂的年度業績指引表明，產量和調整後 EBITDA 均有所增長，同時我們的自由現金流狀況也顯著改善。在進入問答環節之前，我想感謝 Vista 全體員工在本季的出色工作。接線員，我們現在可以進入問答環節了。

(Operator Instructions) Bruno Montanari, Morgan Stanley.

（操作員指示）摩根士丹利的 Bruno Montanari。

Thanks for the detail on the guidance. I have one question about La Amarga Chica, based on the available data, it seems that the well costs are a bit higher than those while the ERs are a bit lower. So could you shed some light on why those differences exist and if you could somehow contribute to improve the performance of those wells, even if you do not operate the area. And also perhaps on the rationale of investing more on that side of the fence compared to adding more wells at BPO.

感謝您提供詳細的指導。我有一個關於La Amarga Chica的問題。根據現有數據，似乎油井成本略高於其他油井，而ER略低。您能否解釋為什麼存在這些差異，以及即使您不經營該地區，您是否可以以某種方式幫助提高這些油井的性能？或許還可以解釋一下，與在BPO增加油井相比，在該地區投入更多資金的理由是什麼。

Bruno, thank you very much for your question. Well, let me touch with first probably on the rock. La Amarga Chica is on the best neighborhood of Acamorta. It's right next to our block, as you know, but Partial -- we have studied this area for a long time before we can treat and now in Vista. And definitely, we understand that the geological continuity there. So we have the same rock quality. If you look at the average well through activity, the performance of La Amarga Chica is very robust, is comparable 100% to the block that we operate.

布魯諾，非常感謝您的提問。好吧，我先來談談岩石。 La Amarga Chica 位於阿卡莫塔最好的地區。如你所知，它就在我們區塊旁邊，但部分——我們在能夠處理之前已經對這個區域進行了很長時間的研究，現在在 Vista 也進行了處理。我們當然了解那裡的地質連續性。所以我們的岩石質量相同。如果你觀察平均油井的開採活動，La Amarga Chica 的表現非常強勁，與我們營運的區塊 100% 相當。

From the production standpoint, now when we look at what we have and what was delivered for Q1 and Q2, La Amarga Chica came in Q1, as we said with a lower growth quarter, I think Q2, it has been back to the level that we had in Q4. And for us, that reflects the quality of what we forecast, the quality of the rock that we saw, and that is confirming basically we were acquired in PEPASA.

從產量角度來看，現在我們回顧一下我們擁有的產量以及第一季度和第二季度的交付情況，La Amarga Chica 礦在第一季度的產量有所增長，正如我們之前所說，這是一個增長較低的季度，但我認為第二季度的產量已經恢復到了第四季度的水平。對我們來說，這反映了我們預測的質量，以及我們所見礦石的質量，這基本上證實了我們收購 PEPASA 的初衷。

If we focus, particularly in Q2, we saw a very solid ramp-up driven by 24 wells connected at 100% working figures net of 12 well for Vista and the production of large ramp-up was 23% from 35,000 barrels per day in April to 43,000 barrels of oil per day issue. We have, as you probably come (technical difficulty).

如果我們關註一下，尤其是在第二季度，我們看到產量穩步增長，Vista油田有24口井（除12口井外）已全部投入使用，產量大幅增長了23%，從4月份的3.5萬桶/日增至4.3萬桶/日。正如您可能想到的（技術難題），我們已經實現了產量成長。

We have had several discussions with IPF. We are working very well with them. we have exchanged a lot of technical information that has been valuable for us and valuable for them. And we are trying to progressively start to exchange and put some of that conclusion that we have together in actions. So I would say, to be fair, for what we see clearly that the fact that we will -- they are operating, but we are working together, will create synergies, and we will create various costs of better productivity, but not only in large, I will say also Post we are compared not well cost.

我們與IPF進行了多次討論。我們合作得非常好。我們交換了大量技術訊息，這些資訊對我們雙方都很有價值。我們正在努力逐步開展交流，並將我們共同得出的一些結論付諸行動。因此，我想說，公平地說，我們清楚地看到，我們——他們仍在運營，但我們的合作將產生協同效應，我們將在各個方面提高生產力，但這不僅體現在總體上，而且在成本方面，我想說，我們在成本方面的比較也並不理想。

We are compared what we are doing in term of performance, where we compare what we are paying for services. We are comparing core technology, we are comparing how we work with some from one side or the other of the fence. We are looking at what we do on the borders and how we can optimize well from one side, and from the other side is for sure is going to bring value for both sides before, for example just to give you an example, before we were they were thinking a large to drill 3,000 or 3,200 meter wells.

我們比較彼此在績效方面的工作，比較我們為服務所支付的費用。我們比較核心技術，比較我們如何與來自不同領域的公司合作。我們研究如何在邊界上進行工作，以及如何從一方面進行最佳化，以及從另一方面確保為雙方帶來價值。例如，之前他們正在考慮大規模鑽探 3,000 或 3,200 公尺的井。

That is not needed as far as we have an agreement on what will happen in the border of the tub. So there are plenty of synergies that basically will improve the performance of the two blocks.

只要我們就浴缸邊緣的處理方式達成一致，那就沒必要這麼做。因此，存在大量的協同效應，基本上可以提升兩個區塊的效能。

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑富瑞。

The question is, Miguel, maybe you can double click on how you see these kind of well cost developments and potential further reductions going forward? And also, if you can kind of compare those well costs in La Amarga Chica versus what you have in BPO or BPE, please?

Miguel，請問您能不能談談您如何看待這類油井成本的演變，以及未來可能進一步降低的成本？另外，您能否比較La Amarga Chica油井的成本與BPO或BPE油井的成本？

Thank you, Ale for the question. Yes, for sure, I can double click technically in what we are doing because we are putting a lot of focus on well costs today. I would say there are three main verticals that drive our initiative of well cost reduction.

謝謝Ale的提問。是的，當然，從技術層面上講，我可以肯定地說，我們正在做的事情非常有說服力，因為我們目前非常關注油井成本。我認為有三個主要垂直領域推動我們降低油井成本的措施。

The first vertical is technology and innovation. And I will give you some example of that, that I think will give you a picture of what we're doing today. The third example would be the use of Vista in our operation. We piled that technology last year. And now we have taken the decision to roll out the use of Vista for the full operation.

第一個垂直領域是技術和創新。我舉幾個例子，希望大家能大致了解我們目前的工作。第三個例子是Vista系統在我們營運中的應用。我們去年累積了這項技術。現在，我們決定全面推廣Vista系統。

That will bring a low savings, immediate savings, and future savings. We recently introduced a technology that is called a smart light with improved the dividend efficiency when we are doing the care section, basically using a motor, and then leaving the route receivable to just to drill and navigate the horizontal section. This approach has reduced manual integration and result in time saving of around 16 hours per well.

這將帶來短期、短期和長期的節約。我們最近引入了一項名為「智慧燈」的技術，提高了維護段的分紅效率，基本上使用電機，然後只留下可接收的路線進行鑽進和導航水平段。這種方法減少了人工集成，每口井節省了約16小時的時間。

Another example is what we are implementing with our frac plan and real-time monitoring system. We modify our pumping schedule on the fly from the remote operation center in order to optimize the frac size that have basically is a function -- is a direct function of the cost and also to avoid the runway fracs, the fracs that basically are not increasing the area of contact of the reservoir, but they are running a way through microfracture or because they find a fall or because they find a line of microfracture to a different well.

另一個例子是我們正在實施的壓裂計劃和即時監控系統。我們透過遠端操作中心即時調整泵送計劃，以優化壓裂規模。壓裂規模基本上與成本直接相關，同時也是為了避免「跑道壓裂」。這種壓裂本質上並沒有增加與油藏的接觸面積，而是透過微裂縫，或者因為發現了落差，或者因為發現了一條通往其他油井的微裂縫線而「跑道」壓裂。

The second driver is cost reduction through negotiation of specific consumables of service, like gasoline, gas oil, water, Trumper services, drilling fluids and others. The third driver is related to the change of our contract strategy. We've been reviewing for the last six years, our contract strategy and our contract strategy has been very useful for us starting up and running EBITDA all the way to here.

第二個驅動因素是透過協商特定的服務消耗品（例如汽油、柴油、水、Trumper服務、鑽井液等）來降低成本。第三個驅動因素與我們合約策略的改變有關。過去六年，我們一直在回顧我們的合約策略，而我們的合約策略對於我們啟動和運行EBITDA（息稅折舊攤提前利潤）一直到現在都非常有用。

Now we are right to a moment where integration basically was not bringing the amount of value that basically we'll take our cost performance reduction forward. Also, when we were doing comparison in a volatile odorized scenario with US, we didn't so that the prices of the service were dropping the way they were dropping in US. So we basically decided to unbundle the services of the drilling rig into individual contracts. We did a few other things that it will take you long for me to explain, and we basically obtained savings to our overall costs.

現在我們正處於一個關鍵時刻，整合基本上沒有帶來足夠的價值，因此我們基本上會進一步降低成本。此外，當我們在揮發性加臭氣體的場景下與美國進行比較時，我們沒有做到，因此服務價格並沒有像美國那樣下降。所以我們決定將鑽井平台的服務拆分成單獨的合約。我們還做了一些其他的事情，我可能需要很長時間才能解釋清楚，我們基本上節省了總成本。

The savings already captured on our drilling and completion cost per well have taken the well cost from $40.2 million to $12.8 million, so it's a 10% reduction. And you should assume that going forward, we will see more short-term reductions and also which you should expect that we'll see also midterm and long reductions. Some of them are not related to contract renegotiation but are more related to the innovation and technology changes that are coming from the changes that we are doing in the process.

我們每口井鑽井和完井成本的節省已經使每口井成本從4,020萬美元降至1,280萬美元，降幅達10%。您可以預見，未來我們將看到更多短期成本的降低，中期和長期成本的降低也同樣值得期待。其中一些成本的降低與合約重新談判無關，而更多地與我們在流程中實施的變革所帶來的創新和技術變革有關。

I'm back to Bruno question. What we saw in La Amarga Chica in terms of where we were both compound when we start to operate, so taking all this out of consideration. We have with YPF similar costs on that block on what happened in La Amarga Chica and what happened in Bajada del Palo Este. Hope I answered your question, Ale?

我回到布魯諾的問題。我們在拉阿瑪加奇卡（La Amarga Chica）的情況，就我們開始營運時雙方所在的區域而言，所以把這些因素都排除在外了。我們和YPF在拉阿瑪加奇卡（La Amarga Chica）和巴哈達德爾帕洛東（Bajada del Palo Este）的那個地塊的成本差不多。希望我回答了你的問題，阿萊？

That's Perfect.

那很完美。

Daniel Guardiola, BTG Pactual.

丹尼爾·瓜迪奧拉，BTG Pactual。

Thank you very much for the presentation. My question is on free cash flow. And the second, we saw a large negative FCF in part driven by the acquisition of Petronas, but also due to a deterioration in working capital. And I wanted to ask, Miguel, if you could elaborate on the deterioration of your working capital and what we should expect going forward.

非常感謝您的演講。我的問題是關於自由現金流的。第二個問題，我們看到自由現金流出現了大幅負成長，部分原因是收購了馬來西亞國家石油公司（Petronas），但也是由於營運資本的惡化。我想問一下，Miguel，您能否詳細說明一下營運資本惡化的情況，以及我們對未來的預期。

And also considering the uncertain environment of oil prices, what is the company's mindset in terms of free cash flow generation for 2026 and onwards. Would you feel comfortable operating at negative levels or you're expecting to reach a more neutral level in 2026?

考慮到油價的不確定性，公司對2026年及以後自由現金流的產生有何打算？您是否願意在負值水準下運營，還是預計2026年會達到更中性的水準？

Thank you, Daniel, for your question. So if you consider the EBITDA generation and the CapEx for the quarter, just to put your question in context, EBITDA is higher by around USD60 million. But this particular quarter, we have a lot of one-off, as you know which led to the negative free cash flow that you are pointing out. The most obvious is the past acquisition, which required roughly $42 million of net outflow.

丹尼爾，謝謝你的提問。如果你考慮本季的EBITDA和資本支出，那麼EBITDA應該會高出約6000萬美元。但正如你所知，本季我們有很多一次性支出，這導致了你提到的負自由現金流。最明顯的是先前的收購，這導致了約4200萬美元的淨現金流出。

We also have income tax payment of $250 million, an increase of $45 million in VAT credit which both, I would say, should be reverted in the coming quarter because when you compare what we do in quarter good quarter, it's for you clear to expect that part of that is going to be reversed. We also have an increase in CapEx working capital of USD140 million. That was related to a normalization of CapEx working capital and $50 million of new cash cost from large that was considered as part of the acquisition.

我們還有2.5億美元的所得稅支出，增值稅抵免額增加了4500萬美元，我想這兩項都應該在下一季度被抵消，因為當你比較我們上一季和上一季的表現時，很明顯可以預見其中一部分會被抵消。我們的資本支出營運資本也增加了1.4億美元。這與資本支出營運資本的正常化以及從大型企業獲得的5000萬美元新現金成本有關，這筆資金被視為收購的一部分。

Part of this change was also driven by the additional liquidity we have after issuing the international where at the same time that we were negotiating new tariffs with our service provider. We decide to use part of the gas to cancel some of the basically services and DSO that we have in hand in order to also put different continental the negotiation that we were having.

這項變更的部分原因在於，我們在發行國際協議後獲得了額外的流動性，同時，我們正在與服務提供者就新的關稅進行談判。我們決定使用部分天然氣來取消一些現有的基本服務和DSO，以便將不同的洲際協議納入我們正在進行的談判中。

So basically, based on the updated plan that we present today, we are forecasting a neutral free cash flow on the second semester. This is assuming $65 Brent unrealized oil prices of $50. This will be composed of a negative free cash flow in Q3 and a positive cash flow in Q4. We are not giving guidance of 2026 onwards, but in terms of free cash flow, you basically have just two things. One that in 2026 will continue growing -- and second, the 2023-2026 onward in our model is a positive free cash flow outcome.

因此，根據我們今天提交的最新計劃，我們預測第二季的自由現金流將保持中性。這是假設布蘭特原油未實現價格為每桶65美元，即每桶50美元。這將包括第三季的負自由現金流和第四季的正自由現金流。我們不提供2026年及以後的指引，但就自由現金流而言，基本上只有兩點。第一，2026年將持續成長；第二，在我們的模型中，2023年至2026年及以後的自由現金流將為正值。

Hope I have answered your question, Daniel.

希望我已經回答了你的問題，丹尼爾。

Yes. Thank you, Miguel for the detailed answer.

是的。謝謝Miguel的詳細解答。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

So my question is related to the potential growth between now and the end of next year. So considering the maximum capacity that you have in the pipeline systems, what's the maximum production that Vista could deliver by the end of next year?

我的問題是關於從現在到明年年底的潛在成長。考慮到你們管道系統的最大產能，Vista 明年年底能達到的最大產量是多少？

Thank you, Bruno. Thank you for the question. It's a good question. So we haven't, as I said, as I said to Guardiola, we haven't yet communicated 2026 numbers, we are planning to hold and I will take the advantage of your question an Investor Day in Q4 2025 to provide long-term guidance and loan rate forecast.

謝謝布魯諾。謝謝你的提問。這是個好問題。正如我之前對瓜迪奧拉說的，我們還沒有公佈2026年的數據，我們計劃保留。我會利用你的提問，在2025年第四季的投資者日上提供長期指引和貸款利率預測。

But based on our transportation capacity, we could produce up to 144,000 barrels per day has today and if we include our share of Vaca Muerta Sur capacity we can go up to 200 a barrel per day. Of course, this is mid-27 when PMOs is it will be delivered. So that is the full capacity that we have in our hub to grow production.

但根據我們目前的運輸能力，我們目前每天最多可以生產14.4萬桶原油，如果算上我們在瓦卡穆埃爾塔蘇爾（Vaca Muerta Sur）的產能份額，每天可以增加到200桶。當然，這是27年中期，屆時PMO（採購辦公室）會安排出貨。所以，這就是我們樞紐為提高產量所擁有的全部產能。

Leonardo Marcondes, Bank of America. Vicente Falanga, Bradesco BBI.

萊昂納多·馬孔德斯，美國銀行。文森法蘭加 (Vicente Falanga)，布拉德斯科 BBI。

Thank you, Miguel, Ale, and Vista's team. We appreciate the guidance and the company's willingness to slow down operations to preserve the balance sheet. When we look towards the second half of the year, it seems like the global oil markets should be even more oversupplied. The question is, if oil prices move towards the $50 per barrel and stays there for a while, would Vista be willing to slow down growth even further and continue to prioritize the balance sheet.

謝謝Miguel、Ale和Vista的團隊。我們感謝你們的績效指引，以及公司為了維護資產負債表而放緩營運的意願。展望下半年，全球石油市場似乎供應過剩的情況會更加嚴重。問題是，如果油價逼近每桶50美元並維持一段時間，Vista是否願意進一步放緩成長，並繼續優先考慮維護資產負債表？

Thank you, Vicente, for your question. Good question. So we have two drivers to gas from lower prices. I would say the first one is our low cash cost base. Let me expand a bit on that one. If you adopt the lifting cost, that's seen expenses on the G&A, this equates roughly to $11 per barrel, an increase all the way up to $20 per barrel.

謝謝 Vicente 的提問。好問題。所以，低油價推動天然氣價格上漲有兩個因素。我想說，第一個因素是我們較低的現金成本基礎。讓我稍微解釋一下這一點。如果採用提升成本，也就是一般及行政費用，這大約相當於每桶 11 美元，一路上漲到每桶 20 美元。

If you add to that 11, the royalties and the gross rate tax, this one will be assuming a realized price of $60 per barrel. So $20 per barrel is our cash cost base. And that protects us a lot on the low oil price environment. The second is the flexibility in our drilling and completion contracts that not only come from the contract come from the fact that we have a very short capital filing cycle.

如果加上這11%、特許權使用費和毛稅率，這個假設的實際價格是每桶60美元。所以每桶20美元就是我們的現金成本基礎。這在低油價環境下對我們有很大的保護。其次是我們鑽井和完井合約的彈性，這不僅源自於合約本身，也源自於我們資本申報週期非常短。

And the fact also that we have 30 years concession with no pending capital commitment also add to that flexibility. So this enabled us to reduce CapEx burn rate at a very low cost. And we have proved that. I mean, we proved that during COVID-19 pandemic, it was probably the best example of us testing all the way to the limited our agility and capacity to stop and to restart. So if even were to fall consistently, we have the full flexibility to protect our balance sheet by reducing activity.

此外，我們擁有30年的特許經營權，且無需任何待定資本承諾，這也增加了靈活性。這使我們能夠以非常低的成本降低資本支出的消耗率。我們已經證明了這一點。我的意思是，我們在新冠疫情期間證明了這一點，這可能是我們一路測試自身靈活性和停止和重啟能力的最佳例子。因此，即使業務持續下滑，我們也能透過減少活動來充分且靈活地保護我們的資產負債表。

Now just to take one potential scenario. Let's say that the Brent fall consistently below 55%. We could probably cut new CapEx from the plan and grow less and protect our balance sheet almost immediately. And remember also that we can do that gradually. So we don't need to wait until the oil price is 55%.

現在我們來設想一種可能的情況。假設布蘭特原油價格持續跌破55%。我們或許可以削減計畫中的新增資本支出，減少成長，幾乎可以立即保護我們的資產負債表。另外，記住，我們可以逐步做到這一點。所以我們不需要等到油價跌到55%。

And also, I also want to highlight that the reverse situation also applies to this. We can easily increase activity in case that we see our selling Q4 in a very good price or in a better oil price scenario. We know we are going to leave volatility, and we have decided to be prepared for both scenarios. The low case scenario and also a more positive scenario that we are facing today.

另外，我還想強調的是，相反的情況也同樣適用。如果我們看到第四季度的銷售價格非常優惠，或者油價上漲，我們可以輕鬆增加銷售活動。我們知道我們將擺脫波動，並且我們決定為這兩種情況做好準備。低迷的情況和我們今天面臨的更積極的情況。

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

So my question is regarding the productivity here. What is the initial production rate, I mean, the IP 30 that you assume for La Amarga Chica, Bajada del Palo Este your guidance. And I'm not sure if I heard correctly the answer for Bruno's question, do you see any further room to improve a La Amarga chica productivity by working together with Whitestar.

我的問題是關於這裡的生產力。初始生產率是多少？我的意思是，您假設La Amarga Chica、Bajada del Palo Este的初始生產力是多少？我不確定我是否聽對了Bruno的問題，您認為與Whitestar合作後，La Amarga Chica的生產力還有進一步提升的空間嗎？

Thank you for your question. I will get a bit technical on this one. And we have basically shared that question before from other analysts on the on the P30 of La Amarga Chica. And we said, La Margachicaico on average well is slightly lower than our operated block. But we don't think that it's related to the rock or we don't think that that's related to the word than other we don't think that well has been operated in a fashion that is different to ours. We believe that each operator has different strategies to manage the oil.

感謝您的提問。關於這個問題，我想稍微談談技術層面的。我們之前也和其他分析師就La Amarga Chica P30區塊的油井討論過這個問題。我們當時說，La Margachicaico油井的平均油位略低於我們營運的區塊。但我們認為這與岩石狀況無關，或與其他油井的油井運作方式無關。我們認為這些油井的運作方式與我們並無不同。我們相信，每個業者都有不同的石油管理策略。

And basically, that come from usually choke management. And we may have a slightly different strategy than the one that IPF has. But we believe that this is not a reflection of the role. So , we have a long-term view regarding the reservoir management that focus in the UR of the well. For us, EUR, so the ultimate recovery of the well is more relevant than the peak oil.

基本上，這些通常來自節流管理。我們的策略可能與IPF略有不同。但我們認為，這並非我們角色的體現。因此，我們對油藏管理有著長遠的眼光，重點放在油井的產量恢復（UR）。對我們來說，產量恢復（EUR），因此油井的最終採收率比石油高峰更重要。

And on this basis, our model showed that the La Amarga Chica is as good as Baja del Paoeste. In regard to the second part of your question, yes, we touched on that on Bruno question. And the short answer is YPF people are top-notch operators, and they are doing a good job in La Amarga Chica.

在此基礎上，我們的模型顯示，La Amarga Chica 和 Baja del Paoeste 一樣好。關於您問題的第二部分，是的，我們在 Bruno 的問題上提到過這個問題。簡而言之，YPF 的員工都是一流的營運人員，他們在 La Amarga Chica 做得很好。

What has changed, as we said, is that the fact that we have that opening and between the two teams to review a lot of technical processes and details and technology that we use in a very open many and a very open fashion that is the period from both sides and give credit also to the management of YPF on that.

正如我們所說，變化的是，我們雙方以非常開放的方式在兩個團隊之間審查了許多技術流程、細節和技術，這是雙方共同的時期，我們也對 YPF 的管理層表示讚賞。

We are finding areas of opportunities for most where we probably you will see that from that discussion, we will apply some of those in La Amarga Chica and why not also in Bajada del Palo Este. So the discussions are going very well. And there are a few seasons that we have differences. And we will see what are the best practices to be applied Egosite at the end of the day, with both are 10 value to our shareholders.

我們正在為大多數人尋找機會，從討論中你或許會看到，我們會將其中一些機會應用到La Amarga Chica，為什麼不也應用到Bajada del Palo Este呢？所以討論進展非常順利。我們也有一些季度存在分歧。最終，我們將看看哪些最佳實踐可以應用於Egosite，因為兩者都能為我們的股東帶來10%的價值。

Kevin MacCurdy, Pickering Energy Partners.

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

The margin improvement is one of the highlights of the release, which appears structural and related to the older ball expansion fully online. I believe the next midstream update for Vista is the VMOS pipeline. I was wondering if you could give an update on the progress of that project and if there's any key milestones that we should be looking for.

利潤率的提升是本次發布的一大亮點，它看起來是結構性的，並且與之前完全上線的球形擴展包息息相關。我相信Vista的下一個中游更新是VMOS管道。我想知道您能否介紹一下該專案的進度，以及有哪些關鍵的里程碑值得我們關注。

Kevin, thank you for your question. Yes, we are seeing very good progress. The contractual start in May in all the fronts byline pumping station, storage terminal also the offshore terminal. We expect the first stage of the project with a capacity of around 550,000 barrel per day to be ready mid '27. Last week, in terms of financing, the team, the full team closed a syndicated five-year term loan of $2 billion at an interim rates of software 5.5.

凱文，謝謝你的提問。是的，我們看到了非常好的進展。所有前線的輸油泵站、儲油碼頭以及海上終端的合約將於5月啟動。我們預計本計畫一期日產量約55萬桶，將於2027年中期完工。上週，在融資方面，團隊（全體成員）完成了一筆20億美元的五年期銀團貸款，中期利率為軟體利率5.5%。

This is obviously a very good news in terms of security financing of 70% of the project cost. Financing was obtained also from five different international banks, Citi, Deutsche, Itau, Shipping Morgan, I think Santander was the other one. But for me, reflect somehow investor confidence in Vaca Muerta and in the old project of Vaca Muerta well. So I would say, good progress and very good news with this financing finally being closed, yes. Now we have to -- the whole thing have to execute.

就專案成本70%的擔保融資而言，這顯然是個好消息。融資也來自五家不同的國際銀行：花旗銀行、德意志銀行、伊塔烏銀行、摩根大通航運銀行，我想桑坦德銀行也是其中之一。但對我來說，這在某種程度上反映了投資者對瓦卡穆埃爾塔項目以及瓦卡穆埃爾塔舊項目的信心。所以，我想說，這筆融資終於完成了，進展得很好，是個好消息。現在我們必須——整個專案必須執行了。

Andres Cardona, Citi.

花旗銀行的安德烈斯‧卡多納 (Andres Cardona)。

I just have a question about how much appetite do you have today for potential money. And if you -- and if you can share if the costs are advancing because in the media, we are seeing less headlines about the matter.

我只是想問一下，您現在對潛在資金有多大興趣？能否分享一下成本是否在上漲，因為媒體上關於此事的報導越來越少了。

Thank you, Andres, for your question. Yes, we are always hungry for the right opportunity. So we are always looking is part of our strategic approach. And we have demonstrated that we are as good business development as operators. So I think given the increase of scale and our cash flow profile, we will actively continue assessing opportunities.

安德烈斯，謝謝你的提問。是的，我們一直渴望找到合適的機會。因此，我們始終將「尋找」作為策略方針的一部分。我們已經證明，我們的業務發展能力與營運商一樣出色。因此，鑑於規模的成長和現金流狀況，我認為我們將繼續積極評估機會。

I would say the only difference is that we have set a high value in terms of value accretion and also a strategic fit. So the short answer is yes, you will continue to see us active on all the process and (technical difficulty) things that are not part of the processes. Why you should expect in terms of value accretion for our shareholders and in strategic fit, we continue to be as disciplined as we have been so far.

我想說，唯一的區別在於，我們在價值增值和策略契合度方面都設定了很高的價值觀。所以簡而言之，答案是肯定的，你將繼續看到我們積極處理所有流程以及流程之外的（技術難題）問題。為什麼你應該期待我們為股東增值，以及在策略契合度方面，我們一如既往地嚴謹。

Tasso Vasconcellos, UBS.

瑞銀的 Tasso Vasconcellos。

The discussion we have the most with investors related to this capacity to start generating more solid and stable cash flow -- the fact that you didn't actually increase the number of wells to be true this year. It is now 59% while before, it was between $50 million to $60 million. Does it mean you are already seeking to reduce the growth speed and start generating more cash flow as from now? I know we already discussed this a little bit in the previous questions.

我們與投資者討論最多的是，如何開始產生更穩健的現金流——事實上，今年你們並沒有真正增加油井數量。現在的油井數量是59%，而之前是5000萬到6000萬美元之間。這是否意味著你們從現在開始就已經開始尋求降低成長速度，並開始產生更多現金流？我知道我們在之前的問題中已經討論過這個問題了。

You mentioned the expectation of pretty much neutral cash flow in the second half of this year, maybe an improvement afterwards. So can you please detail the breakdown of production growth and while drilling both higher cash generation as from 2026?

您提到預計今年下半年現金流基本持平，之後可能會有所改善。能否詳細說明從2026年起產量成長和鑽井時現金流成長的具體情況？

Thank you very much for your question. First of all, I think for -- we basically -- we continue -- we want to maintain a strong balance sheet. And I mean talking about 2020 -- talking about this year, 2025, where we see it towards the end of the year, a more volatile brand and macro scenario. So basically, we continue to give a clear signal for me what we have just set of capital discipline.

非常感謝您的提問。首先，我認為——我們基本上——我們會繼續——保持強勁的資產負債表。我指的是2020年──也就是今年，也就是2025年，到年底，我們會看到品牌和宏觀經濟情勢更加動盪。所以基本上，我們繼續向我發出明確的信號，表明我們剛剛制定了資本紀律。

We have issued new debt following the acquisition of La Amarga Chica, we have increased our leverage ratio. The ratio of still super healthy, but we have to calibrate capital spend. So we are free cash flow neutral. So we have to calibrate that to be cash flow neutral in the second half of the year.

收購La Amarga Chica後，我們發行了新債，提高了槓桿。槓桿率仍然非常健康，但我們必須調整資本支出。因此，我們的自由現金流是中性的。因此，我們必須進行調整，以確保下半年的現金流保持中性。

And for that, we have to also think that next year, we need to start to reduce that ratio. So you should expect that you will have a negative free cash flow in Q3 and a positive negative cash flow that basically will give you the cash flow line toward the second half of the year.

為此，我們還必須考慮明年開始降低這一比率。所以，你應該預期第三季的自由現金流為負，而下半年的現金流為正，基本上會構成下半年的現金流。

Tasso does that answer your question?

Tasso 這回答了你的問題嗎？

Give me a second. We are prepared for a potential ramp-up of activity in the case that we see a better scenario of oil prices. And for that, that is also you can put in account that in Q4, if we don't see that scenario also we could use something that we have done in the past, and we can drill some [that ways], for example.

稍等一下。如果油價上漲，我們做好了可能增加開採活動的準備。為此，你也可以考慮到，如果第四季油價上漲，我們也可以藉鏡過去的經驗，例如可以進行一些鑽探。

So we will look at what is exactly the price scenario, and we will not be shy or modifying what we are presenting today if we have to do it because the context is more positive or more negative. And that is the way that you should look at 2025.

因此，我們將審視油價的具體走勢。如果情況是利好還是利空，我們不會迴避或修改我們今天提出的預測。這才是展望2025年該採取的方式。

Now 2026 onwards with the price scenario of [$7765] you should look at as cash flow positive and continue growing. That has not changed at all. We are so far a growing story, and we will continue being a growth story.

從現在開始，2026年的價格預測是[7,765美元]，你應該把現金流視為正值，並且繼續成長。這一點一點也沒有改變。到目前為止，我們仍在成長，而且我們將繼續保持成長勢頭。

George Gastaut, Latin Securities.

拉丁證券公司的喬治·加斯托（George Gastaut）。

I was wondering how much flexibility Vista has to take advantage of stronger local pricing, specifically, is there room to sell more barrels into the local market if the premium over export parity holds?

我想知道 Vista 在利用更強勁的當地定價方面有多大的靈活性，具體來說，如果溢價高於出口平價，是否有空間向當地市場銷售更多桶石油？

Thank you for your question. I go on -- so look, I mean, our strategy has been from day one with a put in place during COVID 19 is to gradually increase our export volumes. Something that when you follow a story of Vista, we have achieved and today continue to be in the same. Also we said clearly to the people that manage to pass the base low.

謝謝你的提問。我繼續說——所以，我的意思是，從第一天起，我們的策略就是在新冠疫情期間逐步增加出口量。如果你回顧Vista的發展歷程，你會發現我們已經達成了這個目標，而且今天仍在繼續。我們也明確地告訴了那些成功通過低基數的人。

And today, they are running the Secretary of Energy, we have seen that the lot of the red tape that was basically making exportation of oil in a country that clearly was in a and structural net exporter way. And therefore, today is much more seamless to get export volume when we continue serving the local market.

今天，他們正在任命能源部長，我們看到大量的繁文縟節，這些繁文縟節基本上阻礙了石油出口，而這個國家顯然是一個結構性的淨出口國。因此，如果我們繼續服務本地市場，那麼獲得出口量就會更加順暢。

So the scenario that you are basically constructive contracting is a scenario of, for me, one that we have lived of Paririolio, where you have local prices above international oil prices that we have lived with that for a short while. So if it does happen, first of all, the answer to your question is no. It's a simple answer.

所以，在我看來，你基本上是在進行建設性承包，就像我們在帕里裡奧利奧地區經歷過的那樣，當時當地油價高於國際油價，我們曾經短暫地經歷過這種情況。所以，如果真的發生了這種情況，首先，你的問題的答案是否定的。答案很簡單。

If it does happen, what will be doing most of the operators. We will be serving the local market with the same volume that we are seeing in the local market today. Historically, each operator has served a couple of refineries and we continue doing so. Even though when the export parity, export prices are higher than the local prices. So if that reverse, we will continue with the same percentage, with the same volumes, okay? percentage are growing because we are producing more and exporting more. So the short answer is no George.

如果真的發生了，大多數運營商會怎麼做？我們將以與目前本地市場相同的產量服務於本地市場。從歷史上看，每個運營商都服務過幾家煉油廠，我們將繼續這樣做。即使在出口平價的情況下，出口價格也高於本地價格。所以，如果情況逆轉，我們將繼續保持相同的比例，相同的產量，好嗎？比例正在成長，因為我們的產量增加了，出口也增加了。所以，簡而言之，答案是不會，喬治。

Oriana Covault, Balanz.

奧莉安娜·科沃特（Oriana Covault），巴蘭茲（Balanz）。

This is Oriana Covault with Balanz. I have a question on your free cash flow generation precisely. And how should we think in the tax burden in the upcoming quarters following the $250 million income tax payments that you made this quarter, are there any remaining cash payment -- tax payments in the remainder of the year? And how should we think of this as a component in your cash buildup in the medium term?

我是 Balanz 的 Oriana Covault。我有一個關於貴公司自由現金流產生的具體問題。您在本季度繳納了 2.5 億美元的所得稅後，接下來幾季的稅負應該如何考慮？今年剩餘時間還有剩餘的現金支出──也就是稅金支出嗎？我們該如何將其視為中期現金累積的一部分？

Thank you, Oriana, for the question. So going forward, I think you should think of 35% income tax. Specifically, more specific for this year, we still have pending cash outflow that are related to advanced tax payment of approximately $200 million to $300 million and that is included in our free cash flow guidance of this year. So for your model, you should see in that way.

謝謝你，Oriana。所以，展望未來，我認為你應該考慮35%的所得稅。具體來說，今年我們仍有大約2億到3億美元的預付稅款相關的待處理現金流出，這筆錢已經包含在我們今年的自由現金流預測中了。所以，從你的模型來看，你應該是這麼看的。

Matthias Cataruzi, Adcap Securities.

Adcap 證券的 Matthias Cataruzi。

Miguel, can you hear me?

米格爾，你聽得到我說話嗎？

Yes, Matias, I can hear you.

是的，馬蒂亞斯，我聽得到你的聲音。

Okay. Great. I want to ask about the recent easing in FX restrictions here in Argentina -- do you see a greater flexibility or opportunities to implement crude oil hedging program, protect cash flows may be current or what you see at the end of the year. A more volatile market or will you keep with direct exposure to brands as some investors one?

好的。太好了。我想問一下阿根廷最近放鬆外匯管制的情況——您是否認為實施原油對沖計劃會有更大的靈活性或機會，以保護現金流，這可能是當前情況，也可能是年底的情況。市場波動性更大，還是您會像一些投資者一樣，繼續直接投資品牌？

Thank you, Matias. Yes, this question has come several times in the history of Vista. So our operation is -- we'll like to say, natural hedge against lower oil price. The etch, I mean the way that we thinking come from three different drivers. One, I mentioned already is the low cash cost I mentioned in a previous question that is around $20 per barrel.

謝謝，Matias。是的，這個問題在Vista歷史上出現過好幾次。所以我們的運作方式——我們想說，是對低油價的自然對沖。我們思考的方式來自三個不同的驅動因素。首先，我已經提過，就是我在上一個問題中提到的低現金成本，大約每桶20美元。

The second is the flexibility to reduce CapEx spend because our short-cycle CapEx, so we really well in 14 days, 15 days, and we complete that well in another 15, 20 days. And third, the fact that we don't have new capital or regulatory commitment pending differentiates the one that you have in US. So given these three drivers, we can protect our balance sheet by reducing CapEx in a lower oil price scenario.

第二，由於我們的資本支出週期較短，因此可以靈活地減少資本支出，例如，我們在14天、15天內就能完成一口井，然後在15天、20天內就能完成。第三，我們沒有新的資本或監管承諾待定，這與美國的情況不同。因此，考慮到這三個驅動因素，我們可以在低油價的情況下透過減少資本支出來保護我們的資產負債表。

Having said this, I think the financial hedges is not easy to implement in the light of existing capital environment of Argentina, the capital control, the previous one, and we said yes, today, we don't have a path forward. And it will be quite expensive for us if you want to basically hedge our production today. So every time that we have go through the discussion to the sale process. So even we have engaged in an ex hedge, the outcome has been that it never makes sense for us to implement it.

話雖如此，我認為鑑於阿根廷現有的資本環境、先前的資本管制，金融對沖並不容易實施。我們當時就說過，是的，今天我們沒有前進的道路。而且，如果現在想對我們的產量進行對沖，對我們來說成本會相當高。所以每次我們都要討論，直到銷售流程結束。即使我們參與了對沖，結果也是，我們實施它毫無意義。

(Operator Instructions) Francisco Casaro, Dome Capital.

（操作員指示）Francisco Casaro，Dome Capital。

Miguel. My question is related to the CapEx. How you are how are you looking at your maintenance CapEx moving forward? Now that you added the La Amarga Chica into your portfolio?

米格爾。我的問題是關於資本支出的。您如何看待未來的維護資本支出？現在您已經把La Amarga Chica納入了投資組合？

Yes. Thank you, Fransico for the question, and welcome to this call. Assuming basically a production rate that we have guided for the second semester, let's say, 125,000 BOE per day. Our calculation is that we need around 50 wells next to Vista to keep the production flat going forward. And when you take 50 wells and you made a simple math that equates approximately to $700 million, $750 million of CapEx.

是的。謝謝 Fransico 的提問，歡迎參加本次電話會議。假設我們第二季的產量預測基本上是每天 12.5 萬桶油當量。我們的計算是，我們需要在 Vista 附近大約 50 口井來保持未來產量穩定。如果算上 50 口井，簡單計算一下，大約相當於 7 億到 7.5 億美元的資本支出。

So that is what you should think in if we ever come to that scenario. Hope, I have answered your question, Francisco?

所以，如果我們真的遇到這種情況，你應該這麼想。希望我已經回答了你的問題，弗朗西斯科？

Yes. Perfect.

是的，完美。

And this ends our Q&A session for today. I will pass it back to Miguel for final remarks.

今天的問答環節到此結束。我會把發言交給米格爾做最後的發言。

Well, gentlemen and ladies, thank you very much for joining and for supporting us and for continued covering Vista. Needless to say that we -- the full team of Vista, we are super excited about this acquisition and also I mean, to see on those numbers on this call, this quarter, and the quarters to come, the scale that we have to take with the acquisition of La Amarga Chica. So thank you very much for the comments, the coverage on the questions. Have a very good day.

先生們，女士們，非常感謝你們的收看和支持，以及對Vista的持續報導。毋庸置疑，我們——Vista的全體團隊——都對此次收購感到非常興奮，而且，我想看看本次電話會議、本季度以及未來幾季度的數據，以及我們收購La Amarga Chica的規模。非常感謝你們的評論和對問題的報導。祝大家有美好的一天。

Thank you, ladies, and gentlemen, and this concludes our program for today. You may all disconnect. Have a great day, everyone.

謝謝各位，女士們，先生們，今天的節目到此結束。各位可以斷開連接了。祝大家有愉快的一天。