Vista Energy SAB de CV (VIST) 2025 Q3 法說會逐字稿

Good day, and thank you for standing by. Welcome to the Vista's Third Quarter 2025 Earnings Webcast Conference Call. (Operator Instructions) Please be advised that today's conference is being recorded.

您好，感謝您的支持。歡迎參加 Vista 2025 年第三季財報網路廣播電話會議。（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 Chernacov, 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 Chernacov。請繼續。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's Third Quarter of 2025 Results Conference Call. I'm here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto, Vista's CFO; Juan Garoby, Vista's CTO; and Matias Weissel, Vista's COO.

謝謝。大家早安。我們很高興歡迎您參加 Vista 2025 年第三季業績電話會議。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 Matias Weissel。

Before we begin, I would like to draw your attention to our cautionary statements 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 the 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 and adjusted net income. Reconciliation of these measures to the closest IFRS measures 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)。但是，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 和調整後的淨收入。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。因此，請訪問我們的網站以獲取更多資訊。

Our company is sociedad anonima bursatil de capital variable organized under the laws of Mexico, registered with 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匿名資本可變公司，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, and welcome to this earnings call. During the third quarter of 2025, we recorded a strong performance across key operational and financial metrics, especially on a sequential basis, driven by strong productivity in new well tie-ins in Bajada del Palo Oeste and La Amarga Chica. Total production was 127,000 BOEs per day, an increase of 74% year-over-year and 7% quarter-on-quarter. Oil production was 110,000 barrels per day, an interannual increase of 73% and 7% sequentially.

謝謝，Ale。早安，歡迎參加本次財報電話會議。2025 年第三季度，我們在關鍵營運和財務指標方面均取得了強勁表現，尤其是環比增長，這得益於 Bajada del Palo Oeste 和 La Amarga Chica 新井連接的強勁生產力。總產量為12.7萬桶油當量/天，較去年同期成長74%，較上季成長7%。石油產量為11萬桶/日，年增73%，季增7%。

Total revenues during the quarter were $706 million, 53% above the same quarter of last year and 16% above the previous quarter. Lifting cost was $4.4 per BOE, 6% below year-over-year. Capital expenditure was $351 million, driven by new well activity during the quarter. Adjusted EBITDA was $472 million, an interannual increase of 52% and a sequential increase of 70%. Adjusted net income during the quarter was $155 million.

本季總營收為 7.06 億美元，比去年同期成長 53%，比上一季成長 16%。採油成本為每桶油當量 4.4 美元，年減 6%。資本支出為 3.51 億美元，主要受本季新井活動推動。調整後EBITDA為4.72億美元，年增52%，季增70%。本季調整後的淨收入為 1.55 億美元。

Net income was $315 million, reflecting a nonrecurring gain of $288 million from the Petronas Argentina acquisition. Earnings per share was $3 and adjusted earnings per share was $1.5. Free cash flow in this quarter was almost neutral at minus $29 million, driven by higher adjusted EBITDA and a decrease in working capital. Finally, our net leverage ratio at quarter end was 1.5x on a pro forma basis. During Q3, we connected 24 wells, 11 in Bajada del Palo Oeste, four in Aguada Federal, and nine corresponding to our 50% working interest in La Amarga Chica.

淨收入為 3.15 億美元，反映了收購阿根廷國家石油公司帶來的 2.88 億美元的非經常性收益。每股收益為3美元，調整後每股收益為1.5美元。本季自由現金流幾乎維持中性，為負2900萬美元，主要受調整後EBITDA成長和營運資本減少的影響。最後，我們季末的淨槓桿率為 1.5 倍（以備考基礎計算）。在第三季度，我們連接了 24 口井，其中 11 口位於 Bajada del Palo Oeste，4 口位於 Aguada Federal，另外 9 口對應於我們在 La Amarga Chica 的 50% 的工作權益。

We recorded solid productivity in the latest well tie-ins, which boosted Q3 production by 7% compared to the previous quarter. Based on robust well performance, improvement in our oil realization prices and financial flexibility award by the $500 million term loan closed in July. We have decided to accelerate new well activity in Q4. We are now planning between 12 and 16 tie-ins in the next quarter, leading to between 70 and 74 connections for the year. We are seeing Q4 production about 130,000 BOEs per day, which leaves us on track to over deliver on production guidance for the year and the second semester.

我們在最新的油井連接中記錄了穩健的生產效率，這使得第三季的產量與上一季相比提高了 7%。基於強勁的油井表現、石油實現價格的提高以及 7 月完成的 5 億美元定期貸款所授予的財務靈活性。我們決定在第四季加快新井活動。我們目前計劃在下一季建立 12 至 16 個連接，全年連接總數將達到 70 至 74 個。我們看到第四季的產量約為每天 13 萬桶油當量，這使我們能夠超額完成今年和第二學期的產量目標。

Total production in Q3 was 126,800 BOEs per day, an interannual increase of 74%. Oil production was 109,700 barrels per day, 73% above year-over-year. On a sequential basis, both oil and total production increased 7%, reflecting solid execution of our drilling campaign and robust well productivity during Q3, especially in Bajada del Palo Oeste and La Amarga Chica. Bajada del Palo Oeste also drawn production in our operated block, which increased 50% compared to a year ago and 6% compared to the previous quarter. Gas production increased 87% on an interannual basis and 9% on a sequential basis.

第三季總產量為12.68萬桶油當量/天，較去年同期成長74%。石油產量為每天109,700桶，年增73％。與上一季相比，石油產量和總產量均成長了 7%，這反映了我們鑽探活動的穩健執行和第三季強勁的油井生產力，尤其是在 Bajada del Palo Oeste 和 La Amarga Chica。Bajada del Palo Oeste 也在我們營運的區塊中實現了產量成長，與去年同期相比成長了 50%，與上一季相比成長了 6%。天然氣產量較去年增加87%，較上季增加9%。

In Q3 2025, total revenues were $706 million, 53% above Q3 2024, driven by a strong increase in oil production, which more than offset lower oil prices. On a sequential basis, total revenues increased 16%, driven by 7% increase in total production and 4% higher oil prices. Oil exports increased 84% year-over-year to 6.3 million barrels for the quarter. Realized oil prices were $64.6 per barrel on average, down 5% on interannual basis and up 4% on a sequential basis, in both cases driven by international prices. We captured higher Brent prices and lower discounts, which were around $1 per barrel during the quarter.

2025 年第三季度，總營收為 7.06 億美元，比 2024 年第三季高出 53%，得益於石油產量的強勁成長，抵消了油價下跌的影響。與上一季相比，總收入增長了 16%，這得益於總產量增長了 7% 以及油價上漲了 4%。本季石油出口年增 84%，達到 630 萬桶。實際油價平均為每桶 64.6 美元，年減 5%，季增 4%，均受國際價格推動。我們捕捉了布蘭特原油價格上漲和折扣降低的情況，本季折扣約為每桶 1 美元。

During Q3, 100% of oil volumes were sold at export parity prices. In Q3, lifting cost was $4.4 per BOE, 6% lower compared to both the previous quarter and the same quarter of last year. This reflects our continuous focus on efficiency. Selling expenses per BOE were down 24% on an interannual basis, driven by the elimination of oil trucking services as of the start of the last quarter. Adjusted EBITDA during the quarter was $472 million, 52% higher on interannual basis, mainly driven by production growth, explained by the 15% in our operated production and the consolidation of 50% of La Amarga Chica.

第三季度，100%的石油均以出口平價出售。第三季度，採油成本為4.4美元/桶油當量，較上一季及去年同期均下降6%。這體現了我們對效率的持續關注。由於上個季度初取消了石油運輸服務，每桶油當量的銷售費用年減了 24%。本季調整後的 EBITDA 為 4.72 億美元，較去年同期成長 52%，主要由於產量成長，包括營運產量成長 15% 以及 La Amarga Chica 50% 的合併。

Compared to the previous quarter, adjusted EBITDA increased 17%, mainly driven by oil production growth. Adjusted EBITDA margin was 67%, up 2 percentage points compared to the same quarter of last year as production growth and the elimination of oil trucking offset lower oil prices. Netback was $40.5 per BOE, up 8% on a sequential basis. During Q3 2025, cash flow from operating activities was $304 million, reflecting income tax payments of $179 million, partially offset by a decrease in working capital of $43 million. Cash flow used in investing activities was $333 million, reflecting accrued CapEx of $351 million partially offset by a decrease in CapEx-related working capital of $17 million.

與上一季相比，調整後的 EBITDA 成長了 17%，主要得益於石油產量的成長。調整後的 EBITDA 利潤率為 67%，比去年同期上升了 2 個百分點，因為產量成長和石油卡車運輸的取消抵消了油價下跌的影響。淨回值為每桶油當量 40.5 美元，季增 8%。2025 年第三季度，營運活動現金流為 3.04 億美元，其中所得稅支付 1.79 億美元，但部分被營運資本減少 4,300 萬美元所抵銷。投資活動所用現金流為 3.33 億美元，反映應計資本支出 3.51 億美元，但部分被資本支出相關營運資本減少 1,700 萬美元所抵銷。

Free cash flow during the quarter was minus $29 million, reflecting higher adjusted EBITDA that drove cash from operations and a decrease of $59 million in working capital. Cash flow from financing activities was $195 million, driven by proceeds from borrowings of $500 million, partially offset by the repayment of borrowings' capital of $193 million and the repurchase of shares of $50 million. Finally, cash at period end was $320 million, our net leverage ratio on a pro forma basis reflecting the Petronas Argentina transaction stood at 1.5x adjusted EBITDA. To conclude this call and before we move to Q&A, I will make some closing remarks. During Q3, we recorded a robust well productivity in new well tie-ins, reflecting our high-quality asset base and peer-leading operating performance.

本季自由現金流為負 2,900 萬美元，反映出調整後的 EBITDA 增加，推動了經營現金流的增加，以及營運資本減少 5,900 萬美元。融資活動產生的現金流為 1.95 億美元，主要來自 5 億美元的借款收益，但部分被 1.93 億美元的借款本金償還和 5,000 萬美元的股票回購所抵銷。最後，期末現金為 3.2 億美元，反映 Petronas Argentina 交易的備考淨槓桿率為調整後 EBITDA 的 1.5 倍。為了結束本次通話，在我們進入問答環節之前，我將做一些結束語。在第三季度，我們在新井連接方面取得了強勁的產能，反映了我們高品質的資產基礎和同業領先的營運業績。

This led to a material increase in adjusted EBITDA, both in a sequential and interannual basis, driven by production growth and continued focus on cost control. Q3 production was well within guidance range for the second semester. Production growth in the fourth quarter on the back of solid productivity and more investment in our profitable ready-to-drill inventory leaves us on track to potentially over-deliver on our guidance.

這導致調整後的 EBITDA 無論是按季度還是按年均大幅增加，這得益於產量的增長和對成本控制的持續關注。Q3 產量完全符合第二學期的指導範圍。在穩固的生產能力和對盈利性即鑽庫存的更多投資的推動下，第四季度產量增長使我們有望超額完成預期目標。

I remind you that we will be hosting our third Investor Day on November 12. During this virtual event, we will present an updated strategic plan, focusing on profitable growth, cost efficiency and cash generation. Before we move to Q&A, I would like to thank everyone at Vista for delivering a remarkable quarter.

我提醒您，我們將於 11 月 12 日舉辦第三屆投資者日。在本次虛擬活動中，我們將提出更新的策略計劃，重點是獲利成長、成本效率和現金創造。在我們進入問答環節之前，我想感謝 Vista 的所有人，感謝他們帶來瞭如此出色的季度業績。

Operator, we can now move to Q&A.

接線員，我們現在可以進入問答環節。

(Operator Instructions) Rodolfo Angele, J.P. Morgan.

（操作員指示）Rodolfo Angele，J.P. Morgan。

Thanks for the time to discuss the numbers presented yesterday. I'm sure we would like -- looking forward to the investor event where you're going to revise the strategic numbers. But for the time being, I think my question to you is on price realization. The numbers were pretty good. And compared to our expectations here, one of the positive surprises came from a realization of prices pretty solid versus Brent. So can you expand a little bit on what drove this? And what should we expect for the coming quarters? That's it for me.

感謝您抽出時間討論昨天提供的數字。我確信我們會期待您修改策略數據的投資人活動。但就目前而言，我認為我要問您的問題是關於價格實現的。這些數字相當不錯。與我們的預期相比，其中一個積極的驚喜是，原油價格相對於布蘭特原油價格相當堅挺。那麼，您能否稍微解釋一下造成這種情況的原因？那我們對未來幾季應該有何期待呢？對我來說就是這樣。

Rodolfo, thank you very much for your question. It's a good one. There are basically two factors driving this good realization prices. With our spot export via the Atlantic, we have some flexibility regarding when we trigger the Brent price. This can potentially usually help us to capture some Brent price slightly above what you can see as a quarterly average.

羅道夫，非常感謝您的提問。這是個好主意。推動這良好實現價格的因素主要有兩個。透過大西洋進行現貨出口，我們在觸發布蘭特原油價格方面具有一定的彈性。這通常可以幫助我們獲得略高於季度平均的布蘭特原油價格。

In Q3, the Brent averaged around (inaudible), but the trigger Brent that we use to price the cargo was on average $1 higher. Also, the average discount of Brent was around $1 per barrel during Q3. So this is explained by three main factors. The first one is the high oil demand that we saw from West Coast US due to seasonal factor.

第三季度，布蘭特原油平均價格約為（聽不清楚），但我們用來為貨物定價的布蘭特原油觸發價格平均高出 1 美元。此外，第三季布蘭特原油平均折扣約為每桶 1 美元。這可以透過三個主要因素來解釋。第一個是我們看到由於季節性因素，美國西海岸的石油需求很高。

The other one was the very good demand that we have for Medanito. And the last factor was the lower availability of other type of crude oil that usually compete with us like (inaudible) crude. So that mainly explains why we have some good realization pricing during the Q3.

另一個原因是我們對 Medanito 的需求非常好。最後一個因素是通常與我們競爭的其他類型原油的供應量較低，例如（聽不清楚）原油。這主要解釋了為什麼我們在第三季有一些良好的實現定價。

Leonardo Marcondes, Bank of America.

萊昂納多·馬孔德斯，美國銀行。

So my question is regarding the drilling completion and tie-in of the wells since September's figures beat the market expectations, right? So I would like to know if you could provide some color on the rationale of this significant increase in well tie-ins now, right? And also some color on what can we expect from this team for the remainder of the year? I mean, should you keep the rhythm on October, November, December?

所以我的問題是關於鑽井完成和井的連接情況，因為九月的數據超過了市場預期，對嗎？所以我想知道您是否可以解釋一下現在井接頭數量大幅增加的原因，對嗎？另外，我們還能對這支球隊在今年剩餘時間的表現有何期待？我的意思是，你該保持十月、十一月、十二月的節奏嗎？

Leonardo, thank you very much for the question. And I will explain and give you a bit of context on the rationale on the increase of well tie-ins. So I mean, as a recap, in April, we took on a bridge loan to finance the Petronas Argentina acquisition, as you know. In May, we successfully tapped to the international market and issued a bond of $500 million to take out the bridge loan. And also in July, a $500 million term loan to refinance all our short-term maturities, and that basically give us or regain full financial flexibility.

萊昂納多，非常感謝你的提問。我將向您解釋並介紹增加井連接的基本原理。所以我的意思是，回顧一下，正如你所知，四月我們承擔了一筆過橋貸款來為收購阿根廷國家石油公司提供資金。5月份，我們成功進入國際市場，發行了5億美元債券，用於償還過橋貸款。此外，7 月我們還獲得了一筆 5 億美元的定期貸款，用於為所有短期債務進行再融資，這基本上使我們重新獲得了完全的財務靈活性。

We also consolidate the new assets. We saw very good productivity and production growth, even, I would say, better than our original expectation. And on the top of this, now there is less bearish consensus regarding the oil price. So in summary, due to all these factors, we decide -- we saw that we are aware in a position that we were more comfortable to basically accelerate CapEx.

我們也整合了新資產。我們看到了非常好的生產力和產量成長，甚至比我們最初的預期還要好。除此之外，現在對油價的悲觀看法已經減少。總而言之，由於所有這些因素，我們決定——我們看到我們意識到，我們更願意從根本上加速資本支出。

Regarding Q4, the short answer to your question is yes. You will see pretty much, I would say, 11 to 14 wells. And regarding '26, you have to bear with me, I mean we have in a few weeks at our Investor Day in November 12, and I will probably wait to give you a full view of what we're going to do in 2026 and onwards.

關於問題 4，對你的問題的簡短答案是肯定的。我想說，你會看到大約 11 到 14 口井。關於 26 年，你必須耐心等待，我的意思是，我們將在幾週後的 11 月 12 日的投資者日上，我可能會等到向你全面介紹我們在 2026 年及以後要做的事情。

Bruno Amorim, Goldman Sachs.

高盛的布魯諾·阿莫林。

I have a follow-up question on the production outlook. It seems that you ended third quarter on a strong tone. So what does it mean for the fourth quarter, given you just mentioned you're going to continue to drill and tie-in a significant number of wells into the fourth quarter. Can you elaborate on where do your current expectations stand versus your guidance for the remainder of the year?

我有一個關於生產前景的後續問題。看來你以強勁的基調結束了第三季。那麼，鑑於您剛才提到您將在第四季度繼續鑽探和連接大量油井，這對第四季度意味著什麼？您能否詳細說明您目前的預期與今年剩餘時間的指導相比如何？

Bruno. Yes, you can expect that the production for Q4 to be about the 130,000 barrels oil per day that we guide. As always, you will see the typical up and downs that we see month-over-month. As you know, the natural rhythm of how we tie-in the wells sometimes it's not quarterly, but it's changing month-by-month. But on average, Q4 will be similar to September.

布魯諾。是的，您可以預期第四季的產量將達到我們預測的每天 13 萬桶石油。像往常一樣，您會看到我們逐月出現的典型上升和下降。如您所知，我們連接油井的自然節奏有時不是按季度變化的，而是按月變化的。但平均而言，第四季的情況將與九月類似。

So this implies that we will likely be above guidance for the year. The guidance was between 112,000 and 114,000 barrels oil per day. And also (inaudible) we will be about the guidance for the second semester, which was between 125,000 and 128,000 barrels oil per day. So yes, you can probably look at Q4 about 130,000.

因此，這意味著我們今年的業績可能會高於預期。指導產量為每天 112,000 至 114,000 桶石油。而且（聽不清楚）我們將討論第二學期的指導，即每天 125,000 至 128,000 桶石油。是的，您可能可以看到第四季度約為 130,000。

Alejandro Demichelis, Jefferies.

亞歷杭德羅·德米凱利斯，傑富瑞。

Congratulations on the quarter. Miguel, one quick question. Could you please indicate how you're seeing the evolution of drilling and completion costs over the next few quarters? We have seen a bit of volatility on the FX. We have seen kind of inflation kind of going up a little bit. So just some kind of direction on how you see those costs go on, please?

恭喜本季。米格爾，一個簡單的問題。您能否說明一下您如何看待未來幾季鑽井和完井成本的變化？我們看到外匯出現了一些波動。我們看到通貨膨脹率略有上升。那麼，您能否就這些成本的走向給予一些指引？

(Operator Instructions)

（操作員指示）

Congratulations on the quarter. Miguel, one quick question. Could you please indicate how you're seeing the evolution of cost of drilling and completion costs over the next few quarters given the volatility on the FX, inflation and so on.

恭喜本季。米格爾，一個簡單的問題。考慮到外匯、通貨膨脹等因素的波動，您能否說明未來幾季鑽井成本和完井成本的變化？

Yes, Ale here again. I mean we listened the first one, but thanks for the question. So we announced, I was saying in Q2 that our cost of the well was around $12.8 million. This is drilling and completion cost for well with a lateral length of approximately 2,800 meters and 47 stages. Today, we are slightly below this number and we are seeing very good results from the initiatives that also we announced last quarter that we will implement it.

是的，Ale 又來了。我的意思是我們聽了第一個，但還是感謝您的提問。所以我們宣布，我在第二季說過，我們的油井成本約為 1280 萬美元。這是水平長度約 2,800 公尺、共 47 個階段的井的鑽井和完井成本。如今，我們的數字略低於這個水平，而且我們上個季度宣布將實施的措施也取得了非常好的成果。

We are currently working on further initiatives on the same two verticals that were contracts and technology, so -- which basically, we believe and we feel very strongly that will lead to further savings. So the idea is to comment and to give a lot of color and more color because we have very good news coming on that front on the Investor Day. So I hope you take that answer now, and we will give you more detail when we see you in the [field] on November 12.

我們目前正在合約和技術這兩個垂直領域開展進一步的舉措，因此，我們基本上相信並且強烈認為這將帶來進一步的節約。因此，我們的想法是發表評論，並給出更多的細節，因為我們在投資者日這方面有非常好的消息。所以我希望你現在就能接受這個答案，當我們在 11 月 12 日的[現場]見到你時，我們會給你更多細節。

Thiago Casqueiro, Morgan Stanley.

蒂亞戈·卡斯奎羅，摩根士丹利。

Congratulations on the results. My question here is regarding La Amarga Chica. It's been about six months since you acquired the stake in the assets. So looking back on this initial learning period, what would you say are the key challenges and opportunities you have identified in the assets so far?

恭喜你取得這樣的成績。我的問題是關於 La Amarga Chica 的。自您收購該資產股份以來已有大約六個月的時間。那麼回顧最初的學習階段，您認為迄今為止您在資產中發現的主要挑戰和機會是什麼？

Thiago, thanks for the question. Look, I mean, we have a very open and contractive relationship with YPF, I will say, at all levels. At my level, CEO and at the level of Matias in the field and everybody. You imagine they have been for many years, co-worker of us. So very good relationship, very good collaboration.

蒂亞戈，謝謝你的提問。你看，我的意思是，我想說，我們與 YPF 有著非常開放和緊密的關係，在各個層面上都是如此。在我的層面上，執行長和馬蒂亞斯在該領域的水平以及每個人。您可以想像，他們多年來一直是我們的同事。關係非常好，合作非常好。

We are collaborating in many fronts. First, I would say, sharing technical learnings. We regard ourselves as lead operator. We have learned a lot. YPF has a very extensive experience in unconventional. So the sharing of practices has been very rich.

我們在許多方面開展合作。首先，我想說的是分享技術學習。我們視自己為主導營運商。我們學到了很多。YPF 在非常規領域擁有非常豐富的經驗。所以實踐的分享非常豐富。

Second, in opportunities on services and also in infrastructure, very collaborative and very open discussion also in those both fronts. The performance of the production and the cost efficiency this quarter was very good, I have to say, very good. So we are now focusing and discussing the 2026 (inaudible) and the budget for that. But overall, it's going very well.

其次，在服務和基礎設施的機會方面，我們在這兩個方面也進行了非常合作和非常開放的討論。本季的生產表現和成本效率非常好，我必須說，非常好。因此，我們現在重點討論 2026 年（聽不清楚）及其預算。但整體來說，一切進展順利。

[Matteus Tosti], Citi.

[Matteus Tosti]，花旗銀行。

Congratulations on results as well. I was wondering while you may comment on M&A. I mean I remember last quarter, you touched on this, and we -- you said maybe there was still appetite for M&A. And has this appetite continued? Is something that has maybe weighed down a bit? What can you comment on this?

也祝賀你所取得的成果。我想知道您是否會對併購發表評論。我的意思是，我記得上個季度您談到了這一點，您說也許人們仍然對併購感興趣。這種胃口還持續嗎？是不是有什麼東西可能有點沉重？您對此有何評論？

Matteus, well, the short answer is the appetite is intact. So we have a proven track record, as I said before, creating value through M&A. So we are not only good operators, we have been very good M&A wise all the way up to here. And the best example of that probably the Petronas acquisition earlier this year. So that is part of our strategic approach as Vista. So given also that we are increasing our scale and our cash profile going forward, we will continue assessing opportunities.

馬特烏斯，嗯，簡而言之，胃口完好無損。正如我之前所說，我們擁有透過併購創造價值的良好記錄。因此，我們不僅是優秀的營運商，而且到目前為止，我們在併購方面也非常出色。最好的例子可能是今年稍早對馬來西亞國家石油公司的收購。這是我們 Vista 策略方針的一部分。因此，考慮到我們正在擴大規模和增加現金狀況，我們將繼續評估機會。

The only thing I will say that you have to take in consideration that we have a very high value in terms of value accretion and also in terms of strategic fit. But yes, the short answer is the appetite to M&A is intact for us, and we will continue looking to opportunities as they come.

我唯一要說的是，你必須考慮到我們在價值增值和策略契合度方面具有非常高的價值。但簡而言之，我們對併購的興趣依然存在，我們將繼續尋找機會。

If I may add a quick follow-up. Are there any open processes today, maybe the opportunities to engage with other companies? Are there any open process, any assets available that you're looking into? Or has the temperature cooled on that front, too?

如果我可以補充一點後續內容。今天是否有任何開放的流程，也許有機會與其他公司合作？是否有任何開放的流程，以及您正在研究的任何可用資產？或者說，那方面的溫度也下降了？

No, I don't think -- I mean, as we said in a formal process, I don't see any formal process that we are participating. We are having, yes, several discussions as always we have. As you know, the interest in Argentina have renewed a lot during the last few -- during the last year. And also, we see new players coming into the country, I would say, exploring opportunities. So yes, we are maintaining discussion with all of them. But I will not say that we are participating in any formal process at the moment.

不，我不認為——我的意思是，正如我們在正式流程中所說的那樣，我沒有看到我們正在參與任何正式流程。是的，我們正在進行幾次討論，就像往常一樣。如你所知，過去幾年來，人們對阿根廷的興趣大大增加。而且，我想說，我們也看到有新的參與者進入這個國家，探索機會。是的，我們正在與他們所有人保持討論。但我不會說我們目前正在參與任何正式過程。

Tasso Vasconcellos, UBS.

瑞銀集團的 Tasso Vasconcellos。

Great. Miguel, maybe a follow-up question on the discussion on CapEx and production levels. If Vista were to only maintain current level of production is stable without much growth, what would be the level of CapEx required? And in this same sense here, what would be the maintenance CapEx to maintain production stable closer to 150,000 barrels a day. That's my question.

偉大的。米格爾，也許關於資本支出和生產水準的討論有一個後續問題。如果 Vista 僅維持目前的生產水準穩定而沒有太大的成長，那麼所需的資本支出水準是多少？從同樣的意義上來說，需要多少維護資本支出才能將產量穩定在接近每天 15 萬桶的水平？這就是我的問題。

Thank you, Tasso for the question. Yes, these are numbers that usually when we simulate our plans, we look into. I will say using 100,000 barrel per day of production as a reference, we will need around $700 million of CapEx to keep the production flat going forward. And that will imply probably between 50 and 55 wells. If we in (inaudible) of 130,000 with 150,000 barrel per day, then I think that we should add one rounding the CapEx around $800 million and then the number of wells would be between 55 and 60 wells. So that will be around numbers. Of course, that could change also depend of the context now.

謝謝 Tasso 提出的問題。是的，這些是我們在模擬計劃時通常會研究的數字。我想說的是，以每天 10 萬桶的產量為參考，我們將需要大約 7 億美元的資本支出來維持未來的產量穩定。這可能意味著需要 50 到 55 口井。如果我們（聽不清楚）在 13 萬桶中，每天有 15 萬桶，那麼我認為我們應該增加一個，將資本支出四捨五入到 8 億美元左右，然後油井數量將在 55 到 60 口之間。所以這將與數字有關。當然，這也可能會根據現在的情況而改變。

Michael Furrow, Pickering Energy Partners.

皮克林能源合夥公司的麥可‧弗羅 (Michael Furrow)。

So there's been a lot of attention on the upcoming midterm election. And for good reason, the outcome could have meaningful implications to the country. Now that said, the Vaca Muerta is an extremely valuable natural resource, and it seems to us that regardless of the outcome, this resource will continue to be developed. So I was hoping that you could maybe take some time to discuss your thoughts on the matter and if you see any outcomes from this weekend's election that would have a material impact on Vista's operations.

因此，即將到來的中期選舉受到了廣泛關注。有充分理由相信，這項結果將對國家產生重大影響。話雖如此，瓦卡穆埃爾塔是一種極其寶貴的自然資源，在我們看來，無論結果如何，這種資源都將繼續開發。所以我希望您能花點時間討論一下您對此事的看法，以及您是否認為本週末選舉的結果會對 Vista 的運營產生重大影響。

Thank you, Michael, for the question. It's a recurring question and a good question. In short, the elections do not change our plan. We've been growing Vista from the scratch to where we are today, participating in four different administrations.

謝謝邁克爾提出的問題。這是一個反覆出現的問題，也是一個好問題。簡而言之，選舉不會改變我們的計劃。我們從零開始發展 Vista，直至今天，參與了四個不同的管理。

And even before that, most of us came back to the country in 2012. And as we said, we were part of making Argentina a structural net exporter today and being part of the solution of the country. So the fact that we are holding an Investor Day two weeks after the elections is a full reflection of what we feel about the business. Our business model is solid, is dollarized, and we are increasing as we grow the amount of sales to the export market.

甚至在此之前，我們大多數人就在 2012 年回國了。正如我們所說，我們今天致力於使阿根廷成為結構性淨出口國，並成為該國解決方案的一部分。因此，我們在選舉兩週後舉辦投資者日，充分反映了我們對業務的感受。我們的商業模式是穩固的、美元化的，隨著我們向出口市場銷售量的增加，我們的利潤也在成長。

So also, we said that we have secured the funding to continue growing, and we will discuss that in November 12. And we don't have any large financial debt maturity in the coming years. We also have secured the services, the rigs, the completions, the frac set with flexible contracts going forward.

因此，我們也表示，我們已經獲得了繼續發展的資金，我們將在 11 月 12 日討論此事。而且未來幾年我們不會有任何大額金融債務到期。我們也確保了服務、鑽孔機、完井裝置和壓裂裝置的未來靈活合約。

So no, Michael, I don't think, I mean, the elections will affect multiples and other things or the perception of Argentina, but will not affect Vaca Muerta. It doesn't affect our ability to continue growing and to execute our plan.

所以，邁克爾，我不認為，我的意思是，選舉會影響倍​​數和其他事情或對阿根廷的看法，但不會影響瓦卡穆埃爾塔。它不會影響我們繼續發展和執行計劃的能力。

That's great. I appreciate such a comprehensive answer.

那太棒了。我很欣賞如此全面的答案。

George Gasztowtt, Latin Securities.

喬治·加斯托特（George Gasztowtt），拉丁證券公司。

Brent has remained pretty volatile again this quarter. And I was wondering what your EBITDA sensitivity to oil prices was now in 4Q.

本季布蘭特原油價格再次保持相當波動。我想知道您第四季的 EBITDA 對油價的敏感度是多少。

Thanks, for the question. Yes, there is a sensitivity. Using 130,000 barrel oil per day production as a reference, you should think that for every dollar per barrel of changing in realized oil prices, the adjusted EBITDA in the fourth quarter will change approximately between USD8 million and USD9 million. That's more or less will be the impact.

謝謝您的提問。是的，存在敏感性。以每天 13 萬桶石油的產量為參考，您應該認為，每桶實際油價每變動 1 美元，第四季度調整後的 EBITDA 就會在 800 萬美元到 900 萬美元之間變動。這或多或少都會有影響。

Juan Jose Munoz, BTG.

胡安·何塞·穆尼奧斯，BTG。

Regarding La Amarga Chica, could you provide more color about the production of the 3Q? I understand that you finished on a strong note and also regarding the outlook that you have for La Amarga Chica in the last quarter of the year.

關於《La Amarga Chica》，您能否提供更多有關 3Q 製作的詳細資訊？我了解到您以強勁的業績結束了演出，並且您對今年最後一個季度的 La Amarga Chica 前景也十分看好。

Thank you, Juan Jose, for the question. So in La Amarga Chica, let me do a bit of a recap of La Amarga Chica. In La Amarga Chica, we connect around 18 wells. And we have 50% of that work (inaudible), so YPF connect 18. This well correspond to four parts, Pad 120, Pad 67, and these pads, if I'm not mistaken, in the south triangle of the block and also the Pad 105 and the Pad 83 that are in the center of the block. All the four pads are producing above budget.

謝謝胡安·何塞提出的問題。因此，在《La Amarga Chica》中，讓我對《La Amarga Chica》做一點回顧。在 La Amarga Chica，我們連接了大約 18 口井。我們有 50% 的工作（聽不清楚），因此 YPF 連線 18。這口井對應四個部分，即 120 號鑽台、67 號鑽台，如果我沒記錯的話，這些鑽台位於區塊的南三角區，還有位於區塊中心的 105 號鑽台和 83 號鑽台。所有四個發射台的產量均超出預算。

The well performance of La Amarga Chica was good and the production was for Q2, 38.7 and they took it from 38.7 to 43.5 in Q3. So very good performance for Q3. And we are expecting -- I cannot give you a number, but we are expecting a very strong performance also in Q4. So I hope that gives you a feeling of how we are looking at La Amarga Chica.

La Amarga Chica 的表現非常出色，Q2 的產量為 38.7，而 Q3 的產量從 38.7 提高到了 43.5。因此第三季的表現非常好。我們預計—我無法給出一個具體數字，但我們預計第四季度的表現也會非常強勁。所以我希望這能讓你了解我們如何看待 La Amarga Chica。

Francisco Cascaron, DON Capital.

弗朗西斯科·卡斯卡隆 (Francisco Cascaron)，DON 資本。

My question is what caused the decline in operated production during the first two months of the quarter? And if you are looking to accelerate that production going forward like we saw in September?

我的問題是，是什麼原因導致本季前兩個月營運產量下降？您是否希望像我們在九月看到的那樣加速生產？

Thank you, Francisco. So yes, we saw a very good productivity in the wells that we connect during the quarter, specifically Bajada del Palo Oeste where we connect 11 wells that correspond to three different pads. Bajada del Palo 35 was connected in July, has five wells of around 3,400 meters in lateral length and 57 completion stages on average. Then we connect Bajada del Palo Oeste 36 that has four wells, lateral of 3,300 meters. On average, I think, around 50 stages.

謝謝你，弗朗西斯科。是的，我們看到本季所連接的油井的產量非常好，特別是在 Bajada del Palo Oeste，我們在那裡連接了 11 口油井，分別對應三個不同的平台。Bajada del Palo 35 於 7 月併網，共有 5 口井，水平長度約 3,400 米，平均完井階段 57 個。然後我們連接 Bajada del Palo Oeste 36，它有四口井，水平井長 3,300 公尺。我認為平均大約有 50 個階段。

And then we -- that was -- the last one was connected in August. And then we connect Bajada del Palo Oeste 37 that has only two wells, 2,800 meters length and 48 stages on average that was connected in September. So what you're seeing is the solid productivity of this 11 wells is the result of the boost production that you saw from Bajada del Palo Oeste that went from 56,400 barrels of oil per day in Q2 to 60,200 barrels oil per day in Q3. So that are the pads that somehow result in the boosted production. You will see that also continuing in Q4.

然後我們——那是——最後一個是在八月連接的。然後我們連接 Bajada del Palo Oeste 37，它只有兩口井，長度為 2,800 米，平均 48 個階段，於 9 月連接。因此，您看到的是這 11 口油井的穩定生產力，這是 Bajada del Palo Oeste 產量提升的結果，其產量從第二季度的每天 56,400 桶石油增加到第三季度的每天 60,200 桶石油。所以這些墊子在某種程度上可以提高產量。您會看到這種情況在第四季還會持續。

Matias Cattaruzzi, Adcap Securities.

Matias Cattaruzzi，Adcap 證券。

Miguel and Alejandro, my question goes on the regard of CapEx guidance. Given the current activity levels and the pulse of -- the pace of well tie-ins, do you see a possibility of this year CapEx ending above the $1.2 billion guidance closer to $1.3 billion or over that number as recent trends in activity suggest?

米格爾和亞歷杭德羅，我的問題是關於資本支出指導。考慮到目前的活動水準和油井連接的速度，您是否認為今年的資本支出有可能超過 12 億美元的指導值，接近 13 億美元，或者像最近的活動趨勢所表明的那樣超過這個數字？

Matias, yes, thanks for the question. Yes, I mean, we guide 59 wells, and we will be end up drilling between 70 and 74 wells. So you should add 11 to 15 wells to our original guidance. Of course, that will involve more CapEx or some additional CapEx. So you should think that (inaudible) $1.2 billion. So you should think that we will end up between $1.2 billion and $1.3 billion for total CapEx for the year and Q4, a little over $300 million. So that is how you should look to the actual CapEx numbers.

馬蒂亞斯，是的，謝謝你的提問。是的，我的意思是，我們引導了 59 口井，最終將鑽探 70 到 74 口井。因此，您應該在我們原來的指導基礎上增加 11 到 15 口井。當然，這將涉及更多的資本支出或一些額外的資本支出。所以你應該認為（聽不清楚）12億美元。因此，您應該認為，我們今年的總資本支出最終將在 12 億美元至 13 億美元之間，而第四季度則略高於 3 億美元。這就是您應該查看實際資本支出數字的方式。

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 作閉幕發言。

Well, thank you very much, everybody, for the participation. Of course, we are super happy with the quarter, a fantastic quarter for us. And I'm looking forward to see you all on November 12 in Argentina. Thank you very much, and have a good day.

好吧，非常感謝大家的參與。當然，我們對本季感到非常滿意，這對我們來說是一個非常棒的季度。我期待著 11 月 12 日在阿根廷見到你們。非常感謝，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。