Vista Energy, S.A.B. de C.V. (VIST) 2026 Q2 法說會逐字稿

Good day, everyone, and thank you for standing by. Welcome to Vista's second-quarter 2026 earnings webcast. (Operator Instructions)

各位好，感謝各位稍候。歡迎收看 Vista 2026 年第二季財報網路直播。（接線員指示）

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

請注意，今天的會議將被錄音。

Now, it's my pleasure to hand the conference to Vista's Strategic Planning and Investor Relations Officer, Alejandro Cherñacov. Please proceed.

現在，我很榮幸將會議交給 Vista 策略規劃暨投資人關係主管 Alejandro Cherñacov。請開始。

Thanks. Good morning, everyone. We are happy to welcome you to Vista's second quarter of 2026 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。各位早安。我們很高興歡迎各位參加 Vista 2026 年第二季業績電話會議。我與 Vista 董事長兼執行長 Miguel Galuccio、Vista 財務長 Pablo Vera Pinto、Vista 技術長 Juan Garoby，以及 Vista 營運長 Matías Weissel 一同出席。

Before we begin, I would like to draw your attention to our cautionary statement on slide 2. Pleaser 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.

在開始之前，我想請各位注意投影片第 2 頁的警語聲明。請注意，我們今天的發言（包括對各位提問的回答）可能包含前瞻性陳述。這些前瞻性陳述受風險與不確定性影響，可能導致實際結果與上述發言所預期者存在重大差異。

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. Reconciliations of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information.

我們的財務數字以美元呈列，並依據國際財務報導準則（IFRS）編製。然而，在本次電話會議中，我們可能會討論某些非 IFRS 財務衡量指標，例如調整後 EBITDA 與調整後淨利。這些指標與最接近的 IFRS 指標之調節表，可在我們昨日發布的財報新聞稿中找到。更多資訊請參閱我們的網站。

My 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.

本公司為可變資本的上市股份公司（sociedad anónima bursátil de capital variable），依墨西哥法律設立，並於墨西哥證券交易所（Bolsa Mexicana de Valores）及紐約證券交易所掛牌。我們的股票代號為：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.

接下來我把電話交給 Miguel。

Thanks, Ale. Good morning and welcome to this evening call. The second quarter of 2026 was marked by the closing of the acquisition of ET North asset in Vaca Muerta. This milestone, in combination with the organic growth, took our company to a new scale, leaving us in an excellent position to capture the upside of higher oil prices. As a result, adjusted EBITDA and free cash flow generation record substantial interannual and sequential increases.

謝謝，Ale。各位早安，歡迎參加今晚的電話會議。2026 年第二季的重點是完成在 Vaca Muerta 的 ET North 資產收購交割。這一里程碑結合有機成長，使公司規模邁向新層級，讓我們處於極佳位置以掌握油價上漲帶來的上行空間。因此，調整後 EBITDA 與自由現金流創造在年增與季增方面均出現顯著提升。

Total production was 156,000 BOEs per day, 32% above the previous year. Oil production was 135,000 barrels per day, up 33% vis-a-vis the previous year. Total revenues during the quarter were $1.15 billion, an impressive growth of 89% compared to the same quarter of last year. Lifting cost was $4.5 per BOE, 4% below year over year.

總產量為每日 156,000 桶油當量（BOE），較去年同期高出 32%。原油產量為每日 135,000 桶，較去年同期增加 33%。本季總營收為 11.5 億美元，較去年同季大幅成長 89%。開採成本為每桶油當量 4.5 美元，年減 4%。

Capital expenditure was $467 million, driven by strong progress in new well activities during the quarter. Adjusted EBITDA was $805 million, an interannual increase of 99%. Net income was $322 million, an increase of 37% compared to the same quarter of last year and 199% versus the previous quarter.

資本支出為 4.67 億美元，主要受本季新井作業強勁進展所帶動。調整後 EBITDA 為 8.05 億美元，年增 99%。淨利為 3.22 億美元，較去年同季增加 37%，較上一季增加 199%。

Excluding the gain from La Amarga Chica acquisition in Q2 2025, net income expanded by more than 9 times year over year. We record earnings per share of $3 during the quarter. Net of Equinor acquisition payment, free cash flow was $491 million, reflecting a significant boost in adjusted EBITDA generation and a meaningful improvement in working capital.

若排除 2025 年第二季 La Amarga Chica 收購所帶來的收益，淨利年增超過 9 倍。本季每股盈餘為 3 美元。扣除對 Equinor 的收購付款後，自由現金流為 4.91 億美元，反映調整後 EBITDA 產生能力顯著提升，以及營運資金的明顯改善。

Finally, our net debt ratio at quarter end was 1.41 times adjusted EBITDA on a pro forma basis, reflecting last 12 months' figures for the acquired asset. The ratio was 1.25 times adjusted EBITDA, marking a significant reduction year on year and reflecting a very strong balance sheet.

最後，以備考（pro forma）基礎計算，季末淨負債比率為調整後 EBITDA 的 1.41 倍，反映所收購資產過去 12 個月的數據。該比率為調整後 EBITDA 的 1.25 倍，較去年同期大幅下降，並反映非常強健的資產負債表。

Total production during Q2 averaged 156,100 BOEs per day. This represents an interannual increase of 32% and a sequential increase of 16%. There are two drivers behind this boost. The first is organic growth. We connected 19 new wells in the last 12 months with very solid productivity, generating a 20% production growth compared to Q2 last year.

第二季總產量平均為每日 156,100 桶油當量。這代表年增 32%，季增 16%。此一提升有兩項驅動因素。第一是有機成長。過去 12 個月我們連接了 19 口新井，生產力非常穩健，使產量較去年第二季成長 20%。

On top of this, the consolidation of our working interest in Bandurria Sur and Bajo del Toro as of May 1 added 14,200 barrels of oil equivalent per day on average for the quarter. This reflects a run rate of about 21,000 BOEs per day, which will impact fully in the third quarter. Our total production in May and June was on average 161,600 BOEs per day.

此外，自 5 月 1 日起，我們在 Bandurria Sur 與 Bajo del Toro 的作業權益併表，使本季平均每日增加 14,200 桶油當量。這反映約每日 21,000 桶油當量的運行水準（run rate），其影響將在第三季完整反映。我們在 5 月與 6 月的總產量平均為每日 161,600 桶油當量。

Quarterly average oil production was 135,400 barrels per day, 33% higher year over year and 16% above the previous quarter. Gas production increased 30% on an interannual basis and 15% sequentially.

本季平均原油產量為每日 135,400 桶，較去年同期高 33%，較上一季高 16%。天然氣產量年增 30%，季增 15%。

Total revenues during the Q2 were $1.15 billion and material growth of 89% compared to the previous year and 66% versus the previous quarter, driven by a solid increase in oil production and higher oil prices. Oil exports increased 54% year over year, reaching 8.6 million barrels in the quarter, representing 72% of our oil sales volume.

第二季總營收為 11.5 億美元，較去年同期成長 89%，較上一季成長 66%，主要受原油產量穩健增加與油價上漲所帶動。原油出口量年增 54%，本季達 860 萬桶，占我們原油銷售量的 72%。

Realized oil prices in Q2 was $89.4 per barrel, 44% above the previous year, and 49% above the previous quarter, in both cases driven by higher Brrent and an improvement in differentials. We sold 100% of our oil volumes at export parity prices, both domestically and internationally.

第二季實現原油價格為每桶 89.4 美元，較去年同期高 44%，較上一季高 49%；兩者皆受 Brent 價格走高及價差改善所帶動。我們在國內與國際市場的原油銷售，100% 皆以出口平價（export parity）價格成交。

In Q2, lifting cost was $4.5 per BOE, an interannual reduction of 4%, reflecting our low-cost asset base and fixed cost dilution as we continue to gain scale. On a sequential basis, lifting costs increased, driven by the impact of inflation on peso-denominated goods and services amid flat FX rates. Selling expenses were $4.1 per BOE, an 8% increase year over year, mainly driven by higher oil prices impacting turnover tax.

第二季開採成本為每桶油當量 4.5 美元，年減 4%，反映我們低成本的資產基礎，以及隨著規模擴大帶來的固定成本攤薄。就季比而言，開採成本上升，主要因在匯率持平的情況下，通膨推升以披索計價的商品與服務成本。銷售費用為每桶油當量 4.1 美元，年增 8%，主要因油價上漲推升營業額稅所致。

Adjusted EBITDA during the quarter was $805 million, 99% higher interannually and 79% higher sequentially, driven by a material expansion of revenues amid flat unit cost. Similarly, adjusted EBITDA margin was 70%, an expansion of 3 percentage points compared to the same quarter of last year and 5 percentage points above the previous quarter. Netback increased 51% year over year to $57 per BOE.

本季調整後 EBITDA 為 8.05 億美元，年增 99%，季增 79%，主要受營收大幅擴張且單位成本持平所帶動。同樣地，調整後 EBITDA 利潤率為 70%，較去年同季擴張 3 個百分點，較上一季高 5 個百分點。每桶油當量淨回收（netback）年增 51% 至 57 美元。

In Q2 2026, cash flow from operating activities was $985 million, reflecting a decrease in working capital of $274 million, mostly driven by the full normalization of the working capital position of our trading subsidiary Beisa. We also made an income tax payment of $53 million.

2026 年第二季，營運活動產生的現金流為 9.85 億美元，反映營運資金減少 2.74 億美元，主要由於我們貿易子公司 Beisa 的營運資金部位已完全回歸正常化。我們亦支付了 5,300 萬美元的所得稅。

Cash flow used in investing activities was $886 million, reflecting accrued CapEx of $467 million, the $392 million payment related to the Equinor acquisition, and an increase in CapEx-related working capital of $21 million.

投資活動使用的現金流為 8.86 億美元，反映應計資本支出（CapEx）4.67 億美元、與收購 Equinor 相關的 3.92 億美元付款，以及與資本支出相關的營運資金增加 2,100 萬美元。

Net of Equinor acquisition, free cash flow was $491 million during the quarter, leaving us well-placed to deliver on our annual guidance. Cash flow from financing activities was negative $110 million, driven by the repayment of borrowings for $810 million and interest payments of $88 million, partially offset by proceeds from borrowings for $856 million.

扣除 Equinor 收購影響後，本季自由現金流為 4.91 億美元，使我們處於有利位置以達成全年指引。籌資活動現金流為負 1.10 億美元，主要由償還借款 8.10 億美元及支付利息 8,800 萬美元所致，部分由新增借款所得 8.56 億美元抵銷。

Finally, our cash position remains very strong, standing at $605 million at the end of Q2, our net leverage ratio stood at 1.41 times adjusted EBITDA or 1.25 on a pro forma basis considering the last 12 months of adjusted EBITDA for the acquired assets.

最後，我們的現金部位仍然非常強勁，第二季末為 6.05 億美元；我們的淨槓桿比率為調整後 EBITDA 的 1.41 倍，若以形式上（pro forma）並考量收購資產過去 12 個月的調整後 EBITDA，則為 1.25 倍。

To conclude this call and before we move to Q&A, I will make some closing remarks. During Q2, we materially increased the scale of our company on the back of a solid organic growth and the successful closing of the acquisition of our interest in the Bandurria Sur and Bajo del Toro in Vaca Muerta. This allows us to capture the benefit of the oil price spike in Q2, leading to a substantial boost to adjusted EBITDA and free cash flow generation.

在結束本次電話會議並進入問答之前，我將做一些結語。第二季，在穩健的內生成長以及成功完成收購我們在 Vaca Muerta 的 Bandurria Sur 與 Bajo del Toro 權益的帶動下，我們大幅擴大了公司的規模。這使我們得以掌握第二季油價飆升的效益，進而大幅提升調整後 EBITDA 與自由現金流的創造。

In line with our capital allocation framework, we plan to use part of the free cash flow to reduce our net leverage ratio to our target of around 1 times by the end of the year. We made very good progress on our annual work program and are well on track to deliver our 2026 guidance.

依循我們的資本配置框架，我們計畫運用部分自由現金流，將淨槓桿比率在年底前降至約 1 倍的目標水準。我們在年度工作計畫上取得非常良好的進展，並正按計畫推進以達成 2026 年指引。

We are maintaining our $3 billion adjusted EBITDA guidance at $85 per barrel as of now, but I want to provide a sensitivity due to the prevailing volatility in oil prices. For every $10 per barrel change in the second semester, adjusted EBITDA changes approximately $200 million.

目前我們維持在每桶 85 美元假設下、30 億美元的調整後 EBITDA 指引，但鑑於油價仍具波動性，我想提供敏感度說明。下半年油價每變動每桶 10 美元，調整後 EBITDA 約變動 2 億美元。

Before we move to Q&A, I would like to thank all Vista employees for their hard work during the quarter, as well as our investor for their continued support.

在進入問答之前，我想感謝所有 Vista 員工在本季的辛勤付出，也感謝我們的投資人持續的支持。

Operator, we can now move to Q&A.

接線員，我們現在可以進入問答。

(Operator Instructions) Alejandro Demichelis, Jefferies.

（接線員指示）Alejandro Demichelis，Jefferies。

Miguel, one question, please. You just have consolidated share from Bandurria Sur and Bajo del Toro. Could you please provide some kind of color of how that is going and how you are seeing the development of these assets going forward, please?

Miguel，我有一個問題。你們剛把 Bandurria Sur 和 Bajo del Toro 的持股併入合併報表。可否請你提供一些補充說明，談談目前進展如何，以及你們如何看待這些資產未來的開發？

Hi, Ale. Thank you very much for the question. Yeah, we took over our share in the asset in May and everything, I have to say, is moving along as we expected. Our share was consolidated approximately 19,000 BOE per day in Bandurria Sur and 2,000 BOE per day in Bajo del Toro.

嗨，Ale。非常感謝你的提問。是的，我們在 5 月接手了我們在該資產中的持份；我必須說，一切都如我們預期般推進。我們併入的持份約為 Bandurria Sur 每日 19,000 桶油當量（BOE），以及 Bajo del Toro 每日 2,000 桶油當量。

In Bandurria Sur, actually, we have three rigs running, so you can expect production to remain relatively flat or maybe it can grow slightly toward the end of the year. We are also starting the discussion in our -- with our partner, YPF regarding the plan for 2027.

在 Bandurria Sur，實際上我們有三座鑽機在運轉，因此你可以預期產量將大致持平，或在年底前略有成長。我們也正與合作夥伴 YPF 展開關於 2027 年計畫的討論。

Bajo del Toro, as you know, is an appraisal block. The plan we are analyzing with YPF is to file RIGI application this year. And over the next two years, we will then drill some pilot well to de-risk some of the areas and land this zone and start to contract the facilities based on what we believe could be the production of the block. And we will then, as we said, plan to move to full development and contract and put some dedicated rig to develop Bajo del Toro.

如你所知，Bajo del Toro 是一個評估區塊（appraisal block）。我們與 YPF 正在分析的計畫是今年提交 RIGI 申請。接下來兩年，我們將鑽一些先導井（pilot well），以降低部分區域風險、圈定該區域，並依據我們認為該區塊可能達到的產量來開始簽約相關設施。之後，如我們所說，我們計畫進入全面開發，並簽約、配置專用鑽機來開發 Bajo del Toro。

Daniel Guardiola, BTG Pactual.

Daniel Guardiola，BTG Pactual。

I have a question on the production outlook for the company. Could you provide us the expected quarterly production trajectory through 2026, including the contribution from Bajo del Toro and Bandurria Sur?

我有一個關於公司產量展望的問題。你能否提供到 2026 年為止、各季度預期的產量走勢，包括 Bajo del Toro 與 Bandurria Sur 的貢獻？

And another question on production outlook is, I would like to know if, for 2027 and 2028 where you expect significant organic growth, is there a specific brand price threshold at which you would rather to prioritize free cash flow generation over production growth? And if so, how should investors think about the trade-off between growth, shareholder distributions, and maintaining leverage within your target range?

另外一個關於產量展望的問題是：對於 2027 與 2028 年你們預期將有顯著的內生成長，是否存在某個特定的布蘭特油價門檻，使你們會更傾向優先自由現金流的創造而非產量成長？若是如此，投資人應如何看待成長、股東回饋，以及將槓桿維持在目標區間之間的取捨？

Good question. So starting with the first part, the consolidation of Bandurria Sur and Bajo del Toro took us about 160,000 barrels per day. Month today in July, we are at 162,000. We forecast Q3 at 160,000, and Q4 at 170,000. And we are confident in reaching our guidance that we provide that is 158,000 barrels of oil per day equivalent for the year. I am personally probably a bit more optimistic that we can even go a bit about these numbers.

好問題。先從第一部分開始，Bandurria Sur 與 Bajo del Toro 的併表使我們的產量約達每日 160,000 桶。截至 7 月目前，我們在每日 162,000 桶。我們預估第三季為 160,000 桶，第四季為 170,000 桶。我們有信心達成我們所提供的指引，也就是全年每日 158,000 桶油當量。我個人可能更樂觀一些，認為我們甚至可以略高於這些數字。

Related to your second part of the question, I mean, we make our plan at [$65]. That's happened, yeah, in November last year. So I always said you should consider that we are not going to revise any [single] number at the moment. And of course, at some point of time, we need to re-guide, we will do it. But for the moment, that's are the numbers.

關於你問題的第二部分，我的意思是，我們是在每桶 65 美元的假設下制定計畫的，那是在去年 11 月發生的。所以我一直說，你應該理解我們目前不會修訂任何（單一）數字。當然，在某個時間點我們需要重新提供指引時，我們會這麼做。但就目前而言，數字就是這些。

Tasso Vasconcellos, UBS.

Tasso Vasconcellos，UBS。

Miguel, I think I might have some kind of follow-up question on this capital allocation alternatives. If you look at the production outlook that you have released for 2026 and 2027 and assume a brand at something close to $70 per barrel. We view here that Vista could end 2027, close or even below 1 time net debt to EBITDA. You still haven't paid any dividends, but you were quite successful in doing some very accretive M&As.

Miguel，我想我有一個關於資本配置選項的追問。如果看你們對 2026 與 2027 年所發布的產量展望，並假設布蘭特油價接近每桶 70 美元。我們認為 Vista 到 2027 年底時，淨負債對 EBITDA 可能接近甚至低於 1 倍。你們仍未支付任何股利，但在進行一些非常具增益性的併購（M&A）方面相當成功。

From now on, what's the best capital allocation alternatives that you see for Vista? Do you still view some additional M&As on the radar as an alternative here or dividends should become a high priority for Vista?

從現在開始，你認為 Vista 最佳的資本配置選項是什麼？你是否仍將進一步的併購視為一個可行選項，或是股利應該成為 Vista 的高度優先事項？

Thank you, Tasso, for your question. Yes, look at us, as I always have stated growth, it has been and remain our priority within our capital allocation strategy.

謝謝你，Tasso，提出問題。是的，如同我一直所說，成長一直是、也仍將是我們資本配置策略中的優先事項。

With the additional cash that we generate, we will still keep full flexibility. Within the capital allocation metric that we have shown many times, that means continue seeking M&A, additional CapEx now for the RIGI projects that create a new opportunity for us in the future and buyback in the short-term and potentially refinement return to shareholder policy that we have discussed before, and I think we are not at the stage to do it today, but it's something that we will consider in the future.

隨著我們產生的額外現金，我們仍將保持充分的彈性。在我們多次展示的資本配置框架下，這意味著我們會持續尋求併購（M&A）、為RIGI專案增加資本支出（CapEx），以在未來為我們創造新的機會；並在短期內進行庫藏股回購，以及可能對我們先前討論過的股東回饋政策進行更精細的調整。我認為我們今天還不到要做的階段，但這是我們未來會考慮的方向。

Now in the medium term, the focus is to delever the company and as we state in this call to close 2026, very close to our aiming that is 1 time [net debt to EBITDA] ratio, if it's possible with the cash that we have generated, we believe that is possible to achieve. So our capital allocation mindset today is around all those dimensions.

至於中期，我們的重點是降低公司槓桿；正如我們在本次電話會議所述，到2026年底，我們希望非常接近我們的目標，也就是[淨負債／EBITDA]為1倍的比率；若以我們所產生的現金來看，我們相信是有可能達成的。因此，我們目前的資本配置思維就是圍繞這些面向。

Leonardo Marcondes, Bank of America.

Leonardo Marcondes，美國銀行。

So my question is regarding the drilling and completion CapEx for the wells, right, to me. Given the strong pickup [activity] and the significant decline year to date in Argentina's country risk, do you see room to renegotiate lower fees with the oil service companies being -- that are putting their rigs and equipment in Argentina?

我的問題是關於油井的鑽井與完井資本支出（CapEx）。鑑於活動明顯回升，以及阿根廷國家風險年初至今大幅下降，你們是否看到空間可以與油田服務公司重新談判、降低費率——那些把鑽機與設備帶進阿根廷的公司？

Thank you, Leonardo, for the question and a good one. So as Argentina macroeconomy continue its normalization process, price of oil services became for me more a function of scale, volume and -- I mean, scale and volume is the same thing, and competition.

謝謝你，Leonardo，這是個很好的問題。我認為，隨著阿根廷總體經濟持續正常化，油田服務價格將更取決於規模、量——我的意思是，規模與量其實是一回事——以及競爭。

Nevertheless, as we said, Vista have demonstrated once again that innovation continue to play an important role in reducing the energy costs. An example of this are the latest project that we did in cost reduction within the completion process. As an example, we moved sand supply from 1,000 kilometers away to -- in basin of Vaca Muerta mining supply and lately to Bajada del Palo, but basically, I mean, tens of kilometers away from where we operate.

儘管如此，正如我們所說，Vista再次證明創新在降低能源成本方面持續扮演重要角色。其中一個例子是我們最近在完井流程中所做的降本專案。例如，我們把砂源從1,000公里外移到——在Vaca Muerta盆地的礦區供應，最近又移到Bajada del Palo，基本上也就是距離我們作業地點只有幾十公里。

We're engineering the completion process to move to wet sand that also cut a lot of the cost or supply sand, and now we are switching from our frac pump from gasoline to gas pump that also is reducing costs.

我們也在工程化調整完井流程，改用濕砂（wet sand），這同樣大幅降低了供砂成本；此外，我們正把壓裂泵從汽油驅動切換為天然氣驅動，也在降低成本。

So I will say today, I mean, with the macroeconomic situation of Argentina, again, I would say competition, scale, and I will not discount innovation, particularly after what we have demonstrated. Of course, as the macroeconomic continue improving, that is all good news and it does help definitely.

所以我會說，就目前而言，在阿根廷的總體經濟情勢下，我仍會把重點放在競爭、規模；同時我也不會低估創新，尤其是在我們已經證明其成效之後。當然，隨著總體經濟持續改善，這都是好消息，也確實會帶來幫助。

Thanks for the question, Leo.

謝謝你的提問，Leo。

Guilherme Martins, Goldman Sachs.

Guilherme Martins，高盛。

I have a quick one for my side here. It was a multiple pipeline. Could you please explain to us or provide the development of pipeline? And also if you could comment, do you see any risks of having to use trucking again, particularly when considering the (technical difficulty) second half of the year?

我這邊有個簡短問題。這涉及多條管線。你們能否向我們說明或提供管線開發的進展？另外也請評論一下：你們是否看到需要再次改用卡車運輸的任何風險，特別是考量到今年下半年（技術難度）？

Hi, Guilherme. Thank you for the question. The project contraction of VMOS is basically progressing very well. Overall, the project execution today is 65%, the pipeline is at 82%. Onshore storage, I was reported, is at 38%, and the offshore terminal at 73%. So we forecast that the full project completion date will be by the middle of 2027.

嗨，Guilherme。謝謝你的問題。VMOS的專案建設基本上進展非常順利。整體而言，目前專案執行進度為65%，管線部分為82%。陸上儲存（如先前所報告）為38%，離岸終端為73%。因此我們預估整體專案將在2027年年中完成。

Having said that, and I think Horacio comment, the shipment of very specific component like the mooring buoy is being affected by the Strait of Hormuz closure and the VMOS team is basically analyzing different alternatives to solve that issue. But the project remain on schedule and so far, we don't expect any changes in our plan of evacuation, neither the need of adding tracking capacity. So I mean, we are positive with the progress overall.

話雖如此，正如我想Horacio提到的，某些非常特定的零組件（例如係泊浮標）的運送正受到荷姆茲海峽封鎖的影響，而VMOS團隊正在評估不同替代方案以解決該問題。但專案仍按計畫進行；截至目前，我們不預期會改變我們的外運（evacuation）計畫，也不需要增加卡車運輸能力。總體而言，我們對進度保持正面看法。

Andrés Cardona, Citi.

Andrés Cardona，花旗。

I have a question about [money], right? We are seeing interest from Permian players in entering Vaca Muerta. Would you consider any opportunity to farm in areas such as Aguila Mora or Bajo del Toro to try to maximize the value and production profile. And on the other hand, you mentioned growth remains a key pillar of the investment case. And I wonder if you see any opportunity over the short term or you are evaluating any opportunity as of now.

我有一個關於[資金]的問題。我們看到一些Permian的業者有興趣進入Vaca Muerta。你們是否會考慮在Aguila Mora或Bajo del Toro等區塊引入farm-in，以嘗試最大化價值與產量曲線？另一方面，你們提到成長仍是投資主軸的關鍵支柱。我想了解你們是否看到任何短期機會，或目前是否正在評估任何機會？

Hi, Andrés. Thanks for the question. So I will say that, as we not only have been very successful operating Vaca Muerta asset, but also we have been very successful creating value through M&A. Our track record in the last few years is the acquisition of Aguada Federal and Bandurria Norte with ConocoPhillips and Wintershall, 2021 and 2022; La Amarga Chica last year from Petronas; and most recently, Bandurria Sur and Baja del Toro from Equinor.

嗨，Andrés。謝謝你的問題。我會說，我們不僅在營運Vaca Muerta資產方面非常成功，也在透過併購（M&A）創造價值方面非常成功。我們過去幾年的紀錄包括：2021與2022年與ConocoPhillips及Wintershall共同收購Aguada Federal與Bandurria Norte；去年自Petronas收購La Amarga Chica；以及最近自Equinor收購Bandurria Sur與Baja del Toro。

So needless to say that with the strategy that we have today, we are always using our full creativity to continue consolidating core acreage in Vaca Muerta shale oil asset but continue to be our focus and we continue looking and being very creative in anything that we can add to what we have.

因此不必多說，依照我們目前的策略，我們會持續運用最大的創造力，繼續整合Vaca Muerta頁岩油核心區塊（core acreage），這仍將是我們的重點；我們也會持續尋找並以創意方式評估任何能為現有資產組合加分的機會。

Respect to our acreage position in the North, we at the moment, we are not looking to dilute ourselves, particularly in the current market condition and one with a strong balance sheet that we have at the moment. So it's not something that we are thinking of today. Of course, conditions can change and the strategy can change and we can do something different in the future. But no, at the moment, that's not the way that we look at that area.

至於我們在北部的礦權部位，目前我們不打算稀釋自身權益，特別是在當前市場環境下，以及我們目前擁有強健資產負債表的情況之下。所以這不是我們今天正在思考的方向。當然，條件可能改變、策略也可能改變，未來我們也可能採取不同作法。但不，目前我們不是以那樣的方式看待該區域。

Michael Furrow, Pickering Energy Partners.

Michael Furrow，Pickering Energy Partners。

Given the strong start to the year with 50 net tie-ins already completed by the end of the quarter, the 100 to 110 annual guide appears achievable to us. So if efficiency gains continue and provide the company with the opportunity to drill and complete more wells this year than originally planned, how would you think about the trade-off between staying within the current activity and CapEx budget versus capitalizing on these efficiency gains by adding a few more wells this year, but potentially spending a bit more than the current plan?

鑑於今年開局強勁，截至本季末已完成50口淨接管（net tie-ins），我們認為全年100到110口的指引看起來可達成。因此，如果效率提升持續，讓公司有機會在今年鑽更多井並完成更多完井、超出原先規劃，你們會如何權衡：一方面維持在目前的作業活動與資本支出（CapEx）預算內，另一方面利用這些效率提升在今年多增加幾口井，但可能使支出略高於現行計畫？

Hi, Michael. Yeah, interesting way of looking at this. So I think we should probably look to different elements of that question. I think as the basin continue gaining scale and competition, I believe, I'm convinced. I believe that there is room to gain costs, efficiencies in our operation and Vaca Muerta overall. As you know, when we compare complete Permian, we're still having a gap in terms of cost.

嗨，Michael。是的，這是一個很有意思的看法。所以我認為我們可能需要從這個問題的不同面向來看。我認為隨著該盆地持續擴大規模並且競爭加劇，我相信——我很確信。我相信在我們的營運以及整體 Vaca Muerta 仍有空間降低成本、提升效率。如你所知，當我們與完整的 Permian 相比，在成本方面我們仍然存在差距。

But I believe there is less room to improve operational efficiency, for example, drilling time or number of frac stations per day. When you compare where we are today, I mean, we are very efficient what we do so far. So therefore, there's limited upside to increase activity in the very short term with the current oil service equipment and drilling rig that we have in the country.

但我相信在提升營運效率方面的空間較小，例如鑽井時間或每日壓裂站數。當你比較我們目前的狀況，我的意思是，到目前為止我們所做的已經非常有效率。因此，在短期內，以我們國內現有的油田服務設備與鑽機配置，要提高活動量的上行空間有限。

Of course, if the service companies bring more equipment to the country, I think in mid-term or long term, we can do better. But in the short-term, I don't think the efficiency gap that we have on particular Vista could allow to do really more with the same with the same equipment. Yes, we're still having that for cost saving.

當然，如果服務公司把更多設備帶進國內，我認為在中期或長期我們可以做得更好。但在短期內，我不認為我們在 Vista 特定項目上的效率差距，能讓我們在相同設備下做到更多——用同樣的設備。是的，我們在成本節省方面仍然有空間。

Thiago Casqueiro, Morgan Stanley.

Thiago Casqueiro，Morgan Stanley。

I think most of my questions were already addressed here. So Miguel, over the past few months, we have seen some projects across the industry being submitted to the RIGI's framework. So I would like to better understand here how has been the process for Vista so far in terms of timeline.

我想我的大多數問題在這裡都已經被回答了。所以 Miguel，過去幾個月我們看到產業內有一些專案被提交到 RIGI 的框架下。因此我想更了解一下，到目前為止 Vista 在時程方面的流程進展如何。

You mentioned in the first question the plan to add Bajo del Toro in the framework, but should we still think of Aguila Mora and Bandurria Norte as other projects most likely to be included? Or has your thinking about the scope of the submission changes?

你在第一個問題中提到計畫把 Bajo del Toro 納入該框架，但我們是否仍應該認為 Aguila Mora 和 Bandurria Norte 也是最有可能被納入的其他專案？或者你對提交範圍的想法已經改變了？

Hi, Thiago. Thanks. So yes, we are currently finalizing the documentation to file the application of RIGI for Bandurria Norte which will probably take place in the coming weeks.

嗨，Thiago。謝謝。是的，我們目前正在完成文件，準備就 Bandurria Norte 提交 RIGI 申請，這可能會在接下來幾週內進行。

We are also working on other projects, Aguila Mora, Coirón Amargo Norte, and Bajada del Toro with YPF. Now that should go to the Secretary of Energy. He has a team where he analyzes all the information before approval. And what we are seeing is that process, it will take a few months.

我們也在推進其他專案，包括 Aguila Mora、Coirón Amargo Norte，以及與 YPF 合作的 Bajada del Toro。接下來這些都需要送交能源部秘書處。秘書有一個團隊會在核准前分析所有資訊。而我們看到的情況是，這個流程將需要幾個月。

So the short question, yes, we are going to file those projects, one, very soon, and then we'll have to take a few months to get the result from the Security of Energy. But yes, I mean, we are very happy with what the government did in terms of the RIGI, and that clearly has helped us to push forward some of the projects that we have in our plan.

所以簡短回答是：是的，我們會提交這些專案，其中一個很快就會提交，然後我們需要幾個月才能從能源部秘書處得到結果。但我想說，我們對政府在 RIGI 方面所做的事情非常滿意，這顯然也幫助我們推動計畫中的一些專案向前進。

Vicente Falanga, Bradesco BBI.

Vicente Falanga，Bradesco BBI。

We noticed that Bajada del Palo Este production dropped from March to May. Wanted to know if there's anything particular going on there or just a cyclical process of tying up wells? And if you could share with us what was your exit output for Bajada del Palo Este in the quarter.

我們注意到 Bajada del Palo Este 的產量從 3 月到 5 月有所下降。想了解那裡是否有任何特別情況，還是只是井口接管（tie-in）的一個週期性流程？另外你是否可以和我們分享，本季 Bajada del Palo Este 的期末（exit）產量是多少？

Hi, Vicente. Thanks for the question. So let me probably put your question in context or let's look at the big picture of development. The rationale of our development plan and activity is based in many elements. So one is, of course, production. The other is delineation and derisking of the future areas where we are looking for development or to drill, facility capacities, minimizing frac hit.

嗨，Vicente。謝謝你的問題。我先把你的問題放在脈絡中，或是從開發的大局來看。我們的開發計畫與活動的邏輯是基於多個要素。其中之一當然是產量。另一個是邊界界定（delineation）以及對未來區域的去風險（derisking），也就是我們正在尋求開發或鑽探的區域；還包括設施產能、以及將壓裂干擾（frac hit）降到最低。

So there are many things that we look at. And all those elements we look at within the full core development hub. Which include Bajada del Palo Este, Aguada Federal, and Coirón Amargo Norte. So there's nothing specific that is going on today in Bajada del Palo Este and the overall production in the operative core development hub grew 10% from Q2 -- from Q1 to Q2. Basically, when, if I remember properly, from 83,000, I think, to north of 90,000 barrels per day equivalent.

所以我們會看很多事情。而所有這些要素，我們都會在整個核心開發樞紐（core development hub）的範圍內評估。其中包括 Bajada del Palo Este、Aguada Federal 和 Coirón Amargo Norte。所以目前 Bajada del Palo Este 沒有任何特別狀況；整體核心開發樞紐的產量從 Q1 到 Q2 成長了 10%。基本上，如果我沒記錯，是從 83,000 左右提升到超過 90,000 桶油當量/日。

So then, of course, if you look at field by field, that you can see changes, so you can see a field dropping and another field coming up. But the rationale is not based on those field names. We take the full development hub, the full core development hub as one, and we allocate capital activity based on the elements that I said before.

當然，如果你按油田逐一來看，你會看到變化——你可能會看到某個油田下降、另一個油田上升。但我們的邏輯並不是以這些油田名稱為基礎。我們把整個開發樞紐、整個核心開發樞紐視為一體，並根據我先前提到的要素來配置資本活動。

Good luck on Sunday.

祝你週日好運。

Thank you. And this will conclude our Q&A session, and I will turn the call back to Miguel Galuccio for closing comments.

謝謝。以上將結束我們的問答環節，我會把電話交回 Miguel Galuccio 作結語。

Well, very strong quarter, guys. Thank you very much for the support. Once again, thank you to all the Vista's employees, co-workers, friends that have make us to come to the point that we are today. A very strong company and we're looking forward to continue performing and delivering. Thank you very much and have a good day.

各位，本季表現非常強勁。非常感謝大家的支持。再次感謝所有 Vista 的員工、同事、朋友，正是你們讓我們走到今天這一步。我們是一家非常強大的公司，我們也期待持續展現績效並交付成果。非常感謝，祝各位有美好的一天。

And this concludes our conference. Thank you for participating, and you may now disconnect.

本次電話會議到此結束。感謝各位參與，現在可以掛線。