UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER SECURITIES EXCHANGE ACT OF 1934
For the month of February 2024
Commission File No. 001-39000
Vista Energy, S.A.B. de C.V.
(Exact Name of the Registrant as Specified in the Charter)
N.A.
(Translation of Registrant’s Name into English)
Pedregal 24, Floor 4,
Colonia Molino del Rey, Alcaldía Miguel Hidalgo
Mexico City, 11040
Mexico
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
Contents of this Form 6-K
This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:
Exhibit 1: 2023 Full Year and 4th Quarter Results.
Forward-Looking Statements
Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s annual report filed with the United States Securities and Exchange Commission (“SEC”) on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.
Enquiries:
Investor Relations:
ir@vistaenergy.com
Argentina: +54 11 3754 8500
Mexico: +52 55 8647 0128
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: February 20, 2024
VISTA ENERGY, S.A.B. DE C.V. | ||
By: | /s/ Alejandro Cherñacov | |
Name: | Alejandro Cherñacov | |
Title: | Strategic Planning and Investor Relations Officer |
Exhibit 1
2023 Full Year and 4th Quarter Results Mexico City, February 20, 2024 NYSE: VIST BMV: VISTA
Vista fourth quarter and full year 2023 results
February 20, 2024, Mexico City, Mexico
Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results corresponding to Q4 2023 and full year 2023.
Q4 2023 highlights:
• | Total production in Q4 2023 was 56,353 boe/d, a 14% increase q-o-q and a 3% increase compared to Q4 2022. On a pro forma basis, adjusting by the production of the transferred conventional assets as of March 1, 2023 (1), production increased 16% y-o-y. Oil production in Q4 2023 was 48,469 bbl/d, a 17% sequential increase, mainly driven by tie-in of 11 new wells in Bajada del Palo Oeste, and a 6% increase y-o-y (18% on a pro forma basis). Gas production in Q4 2023 was 1.19 MMm3/d, a 12% decrease y-o-y (3% increase on a pro forma basis) and a 2% sequential decrease, mainly driven by the tie-in of two pads in the Northeast of Bajada del Palo Oeste, which has lower gas-to-oil ratio than other parts of the Company’s development hub. |
• | In Q4 2023, the average realized crude oil price was 67.8 $/bbl, stable compared to the average realized crude oil price of Q3 2023, and a 2% decrease compared to Q4 2022. |
• | The realized natural gas price for Q4 2023 was 2.2 $/MMBtu, a 50% decrease y-o-y, mainly driven by a 58% decrease in industrial gas prices and a 14% decrease in exported gas prices. |
• | Total revenues in Q4 2023 were 309.2 $MM, 2% above Q3 2023, mainly driven by oil production growth amid stable realized oil prices, and 3% below Q4 2022. Net gas revenues decreased 27% compared to Q3 2023 and 43% compared to Q4 2022 mainly driven by lower prices. During Q4 2023, net revenues from oil and gas exports were 154.7 $MM and represented 52% of total net revenues, which were 296.8 $MM (see Revenues section below for further detail on the allocation of export duties in our Financial Statements). Net oil export revenues in Q4 2023 were 150.8 $MM and represented 53% of net oil revenues. |
• | Lifting cost in Q4 2023 was 4.3 $/boe, representing a 40% decrease compared to Q4 2022, reflecting the Company’s new operating model fully focused on shale oil operations, following the Conventional Assets Transaction. Additionally, lifting cost per boe in Q4 2023 decreased 11% compared to Q3 2023, as the ramp-up of production volumes continued to dilute fixed costs. |
• | Adjusted EBITDA for Q4 2023 was 288.1 $MM, a 43% increase y-o-y, mainly driven by stable revenues amid lower lifting costs. Additionally, Q4 2023 Adj. EBITDA includes 81 $MM, accounted for as Other operating income, corresponding to the repatriation of 27% of export proceeds at the blue-chip swap exchange rate (net of costs). Adjusted EBITDA margin was 73%, 7 p.p. above Q4 2022 and 5 p.p. below Q3 2023. See Adj. EBITDA section below for commentary on repatriation of export proceeds at the blue-chip swap exchange rate and the corresponding adjustment to the Adjusted EBITDA margin definition. |
Page 2
• | Adjusted Net Income during Q4 2023 totaled 239.6 $MM, compared to 171.0 $MM during Q4 2022, mainly driven by a higher Adjusted EBITDA and partially offset by higher depreciation, depletion and amortization and a lower Current Income tax benefit. Adjusted EPS was 2.5 $/share in Q4 2023, compared to 2.0 $/share in Q4 2022. |
• | Capex during Q4 2023 was 212.1 $MM. The Company invested 157.7 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 11 wells and the completion of 7 wells in Bajada del Palo Oeste), 40.9 $MM in development facilities, and 13.5 $MM in G&G studies, IT and other projects. |
• | In Q4 2023, the Company recorded a positive free cash flow of 106.5 $MM. Cash flow generated by operating activities was 346.7 $MM, positively impacted by the normalization of working capital, as sales collections increased by 49.2 $MM. Cash flow used in investing activities reached 240.2 $MM for the quarter, mainly driven by 212.1 $MM of capex and 16.8 $MM increase in capex-related working capital. Cash flow used in financing activities totaled 67.1 $MM (2), mainly driven by payment of borrowings principal of 141.2 $MM, partially offset by proceeds from borrowings of 99.7 $MM. |
Full year 2023 highlights:
• | During 2023, the Company completed and tied-in 31 shale oil wells. Six pads were completed and tied-in in Bajada del Palo Oeste (BPO-16 to BPO-21), which added 23 new wells on production. Additionally, the company completed and tied-in 4 wells in Aguada Federal, 2 wells in Bajada del Palo Este, and its first 2 wells in Águila Mora. Total shale production averaged 43,339 boe/d in 2023. The total number of shale wells on production increased to 83 in Bajada del Palo Oeste, 10 in Aguada Federal, 4 in Bajada del Palo Este, and 2 in Águila Mora, for a total of 99 wells in Vaca Muerta by year-end. |
• | Total proved reserves as of December 31, 2023, totaled 318.5 MMboe, a 27% increase compared to 251.6 MMboe as of December 31, 2022. The increase was mainly driven by increased drilling and completion activity and strong well performance in the Vaca Muerta development hub. The implied reserves replacement ratio was 458%, while the oil reserves replacement ratio was 485%. |
• | During 2023, total production was 51,149 boe/d, composed of 43,313 bbl/d of oil, representing 84.7% of the total production, 1.18 MMm3/d of natural gas, representing 14.5% of the total production, and 418 boe/d of NGL, representing the remaining 0.8%. Total production in 2023 increased 5% vis-à-vis 2022, and 18% on a pro forma basis, adjusting by the production of the assets transferred as of March 1st, 2023 (1). Vista exported 8.2 MMbbl of oil, which represented 52% of oil sales volumes, a 26% increase y-o-y. |
Page 3
• | During 2023, the average realized crude oil price was 66.7 $/bbl, an 8% decrease compared to 2022. The average realized natural gas price during 2023 was 3.5 $/MMBtu, 13% lower than 2022. |
• | Total revenues during 2023 were 1,168.8 $MM, a 2% decrease compared to 1,187.7 $MM during 2022, mainly driven by lower realized oil prices and partially offset by oil production growth. Total net revenues (net of export duties) during 2023 were 1,120.7 $MM (see Revenues section below for further detail on the allocation of export duties in the Financial Statements). Net revenues from oil and gas exports were 614.4 $MM in 2023. |
• | Lifting cost in 2023 was 5.1 $/boe, down from 7.5 $/boe in 2022, driven by the savings generated by the Conventional Assets Transaction to fully-focus on shale oil operations as of March 1, 2023 (1), economies of scale driven by production volume growth, and focus on cost efficiency. |
• | During 2023, the Company reduced scope 1 and 2 GHG emissions intensity by 13%, from 18.1 kg CO2e/boe to 15.6 kg CO2e/boe. |
• | Adjusted EBITDA for 2023 was 870.7 $MM, resulting in an Adjusted EBITDA margin of 69%, and a 14% increase compared to an Adjusted EBITDA of 764.5 $MM during 2022. |
• | Adjusted Net Income during 2023 totaled 491.4 $MM, compared to 371.8 $MM during 2022, driven by a higher Adjusted EBITDA and a lower Current income tax expense, partially offset by higher depreciation, depletion and amortization and higher negative Financial results (Net of Changes in the fair value of Warrants). Adjusted EPS was 5.2 $/share in 2023, compared to 4.2 $/share in 2022. |
• | Total CAPEX for 2023 was 734.3 $MM, of which 501.9 $MM were invested in the Company’s shale oil wells, 168.7 $MM in development facilities, 20.1 $MM in the Vaca Muerta Norte pipeline and 43.6 $MM in G&G studies, IT and other projects. |
• | In 2023, the Company recorded a positive free cash flow of 12.7 $MM. Cash flow generated by operating activities was 712.0 $MM (including advanced payments for the Oldelval pipeline expansion of 34.7 $MM), while cash flow used in investing activities reached 699.3 $MM for the year. Cash flow used in financing activities totaled 43.8 $MM (3), mainly driven by proceeds from borrowings of 318.2 $MM, partially offset by payment of borrowings principal of 211.5 $MM. |
• | Cash at the end of 2023 was 213.3 $MM. Gross debt totaled 616.1 $MM as of year-end, resulting in a net debt of 402.8 $MM and a net leverage ratio of 0.46x Adjusted EBTIDA. |
(1) | Transaction by which the Company transferred certain conventional assets which are operated by Petrolera Aconcagua effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
(2) | Q4 2023 Cash flow used in financing activities is the sum of: (i) cash flow used in financing activities for 69.9 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for 2.0 $MM; and (iii) the variation in Government bonds for 0.8 $MM. |
(3) | 2023 Cash flow used in financing activities is the sum of: (i) cash flow generated by financing activities for 19.6 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -64.7 $MM; and (iii) the variation in Government bonds for 1.3 $MM. |
Page 4
Vista FY 2023 and Q4 2023 results
P1 Reserves
Proved (“P1”) reserves as of December 31, 2023, were 318.5 MMboe, a 27% increase y-o-y. P1 reserves additions totaled 85.5 MMboe, implying a reserves replacement ratio of 458%. The proved oil and gas reserves in Vista’s flagship Bajada del Palo Oeste project were estimated at 221.8 MMboe.
The Company has booked 297 proved well locations, of which 105 are booked as Proved developed and 192 are booked as Proved undeveloped. The table below shows the certified P1 reserves breakdown:
Proved reserves breakdown by type (MMboe) |
2023 | 2022 | p y/y (MMboe) | p y/y (%) | ||||||||||||
Proved developed reserves |
88.7 | 86.2 | 2.5 | 3 | % | |||||||||||
Oil |
72.7 | 68.5 | 4.2 | 6 | % | |||||||||||
Natural Gas |
16.0 | 17.7 | (1.7 | ) | (9 | )% | ||||||||||
Proved undeveloped reserves |
229.7 | 165.4 | 64.3 | 39 | % | |||||||||||
Oil |
196.8 | 139.5 | 57.3 | 41 | % | |||||||||||
Natural Gas |
32.9 | 25.9 | 7.0 | 27 | % | |||||||||||
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Total proved reserves |
318.5 | 251.6 | 66.8 | 27 | % | |||||||||||
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Considering a total production of 18.7 MMboe for 2023, the implied P1 reserves life was 17.1 years, as shown below:
Reserves replacement ratio |
Oil (MMbbl) | Natural Gas (MMboe) | Total (MMboe) | |||||||||
Proved reserves YE 2022 |
208.0 | 43.6 | 251.6 | |||||||||
(-) Production |
(16.0 | ) | (2.7 | ) | (18.7 | ) | ||||||
(+) Additions |
77.5 | 8.0 | 85.5 | |||||||||
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Proved reserves YE 2023 |
269.6 | 48.9 | 318.5 | |||||||||
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Reserves replacement ratio |
485 | % | 296 | % | 458 | % | ||||||
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Reserves life (years) |
16.9 | 18.1 | 17.1 | |||||||||
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Page 5
The table below shows the certified P1 reserves breakdown by concession:
Proved net reserves by concession |
Oil (MMbbl) (1) | Natural Gas (MMboe) | Total (MMboe) | |||||||||
Bajada del Palo Oeste |
188.0 | 33.9 | 221.8 | |||||||||
Bajada del Palo Este |
36.7 | 3.5 | 40.1 | |||||||||
Aguada Federal |
33.7 | 5.6 | 39.3 | |||||||||
CS-01 |
7.3 | 2.8 | 10.1 | |||||||||
Entre Lomas Rio Negro |
0.9 | 1.5 | 2.4 | |||||||||
Aguila Mora |
1.1 | 0.2 | 1.3 | |||||||||
25 de Mayo–Medanito SE |
0.8 | 0.2 | 1.0 | |||||||||
Jagüel de los Machos |
0.5 | 0.3 | 0.8 | |||||||||
Acambuco |
0.1 | 0.5 | 0.6 | |||||||||
Entre Lomas Neuquén |
0.3 | 0.2 | 0.5 | |||||||||
Coirón Amargo Norte |
0.2 | 0.0 | 0.3 | |||||||||
Charco del Palenque |
0.1 | 0.1 | 0.2 | |||||||||
Jarilla Quemada |
0.0 | 0.1 | 0.1 | |||||||||
Bandurria Norte |
0.0 | 0.0 | 0.0 | |||||||||
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Total |
269.6 | 48.9 | 318.5 | |||||||||
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(1) | Oil includes crude oil and condensate and NGL; NGLs represent less than 1% of total reserves of the Company |
Bajada del Palo Oeste
The certified P1 oil and gas reserves in Bajada del Palo Oeste were 221.8 MMboe as of December 31, 2023, a 19% increase with respect to year-end 2022. The increase was mainly driven by new well activity and strong results in well productivity, as the Company tied-in 23 new wells during 2023. This led to the addition of 40 P1 shale oil well locations in the block, resulting in a total of 206 booked P1 locations. Proved additions in the block totaled 47.8 MMboe.
Bajada del Palo Este
The certified P1 oil and gas reserves in Bajada del Palo Este were 40.1 MMboe as of December 31, 2023, which quadrupled from 8.5 MMboe in 2022. The increase was mainly driven by new well activity and strong results in well productivity, as the Company tied-in 2 new wells during 2023, which led to the addition of 26 P1 shale oil well locations in the block, resulting in a total of 30 booked P1 locations. Proved additions in the block totaled 33.4 MMboe.
Transfer of conventional assets
Based on the terms of the Conventional Assets Transaction, the Company has estimated that 5.9 MMboe of P1 reserves that had been booked on December 31, 2022, have been divested as part of such transaction.
Page 6
P1 reserves valuation
The estimated certified future net cash flows attributable to Vista’s interests in the P1 reserves as of December 31, 2023, evaluated using the regulations established by the United States Securities and Exchange Commission (“SEC”) and discounted at 10% per annum, were 3,336 $MM.
In accordance with the regulations set forth by the SEC, future net cash flows were calculated by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date reported, less the estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves. Future net cash flows were then discounted using a factor of 10% per annum.
For the Argentina assets, the proved reserves as of December 31, 2023, were calculated using a price of 66.5 $/bbl for oil, 25.4 $/boe for LPG and 3.8 $/MMbtu for natural gas, in accordance with SEC regulations. For CS-01 block, in Mexico, the proved reserves as of December 31, 2023, were calculated using a price of 68.7 $/bbl for oil, and 2.7 $/MMbtu for natural gas, in accordance with SEC regulations.
The estimated certified future net cash flows attributable to Vista’s interests in the P1 reserves, as of December 31, 2023, are summarized below:
Future net cash flows (Cumulative $MM) |
Undiscounted | Discounted at 10% p.a. | ||||||
Argentina, proved developed |
2,154 | 1,425 | ||||||
Argentina, proved undeveloped |
4,262 | 1,867 | ||||||
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Argentina, total proved |
6,416 | 3,292 | ||||||
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Mexico, proved developed |
29 | 21 | ||||||
Mexico, proved undeveloped |
69 | 24 | ||||||
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Mexico, total proved |
98 | 44 | ||||||
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Total proved |
6,515 | 3,336 | ||||||
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The information included regarding estimated quantities of proved reserves is derived from estimates of the proved reserves as of December 31, 2023, from the reports dated February 7, 2024, prepared by DeGolyer and MacNaughton for Vista’s concessions located in Argentina and Mexico.
Page 7
Production
Total average net daily production
Q4-23 | Q3-23 | Q4-22 | Q4-22 proforma (1) |
p
y/y proforma (1) |
p y/y | p q/q | ||||||||||||||||||||||
Total (boe/d) |
56,353 | 49,450 | 54,718 | 48,709 | 16 | % | 3 | % | 14 | % | ||||||||||||||||||
Oil (bbl/d) |
48,469 | 41,490 | 45,745 | 41,019 | 18 | % | 6 | % | 17 | % | ||||||||||||||||||
Natural Gas (MMm3/d) |
1.19 | 1.22 | 1.35 | 1.15 | 3 | % | (12 | )% | (2 | )% | ||||||||||||||||||
NGL (boe/d) |
409 | 304 | 460 | 460 | (11 | )% | (11 | )% | 34 | % |
2023 | 2022 | 2022 proforma (1) (2) |
p
y/y proforma (1) (2) |
py/y | ||||||||||||||||
Total (boe/d) |
51,149 | 48,560 | 43,442 | 18 | % | 5 | % | |||||||||||||
Oil (bbl/d) |
43,313 | 40,078 | 36,067 | 20 | % | 8 | % | |||||||||||||
Natural Gas (MMm3/d) |
1.18 | 1.28 | 1.10 | 7 | % | (8 | )% | |||||||||||||
NGL (boe/d) |
418 | 450 | 450 | (7 | )% | (7 | )% |
(1) | Adjusted by the Conventional Asset Transaction (shows production as if the transaction had occurred on March 1, 2022) |
(2) | These values were amended after being published in the Company’s Form 6-K furnished on February 15, 2024 |
Average daily production during Q4 2023 was 56,353 boe/d, a 16% increase year-over-year on a proforma basis, adjusting by the Conventional Assets Transaction, and 14% quarter-over-quarter, driven by the tie-in of 11 new wells in Bajada del Palo Oeste during the quarter. Oil production was 48,469 bbl/d during Q4 2023, an interannual increase of 18% on a pro forma basis, or 17% on a sequential basis. Natural gas production in Q4 2023 was 1.19 MMm3/d, a 3% increase y-o-y on a pro forma basis, and 2% below the previous quarter, mainly driven by the fact that the Company tied-in 7 of the 11 wells of the quarter in the Northeast section of Bajada del Palo Oeste, which has a lower gas-to-oil ratio than other sectors of the Company’s development hub.
Page 8
Q4 2023 Average net daily production by asset
Interest | Oil (bbl/d) |
Natural Gas (MMm3/d) |
NGL (boe/d) |
Total (boe/d) |
% Total daily average |
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Total WI production per concession |
48,469 | 1.19 | 409 | 56,353 | 100 | % | ||||||||||||||||||
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Bajada del Palo Oeste |
100 | % | 34,872 | 0.76 | 7 | 39,649 | 70 | % | ||||||||||||||||
Aguada Federal |
100 | % | 3,914 | 0.09 | 4 | 4,507 | 8 | % | ||||||||||||||||
Bajada del Palo Este |
100 | % | 3,905 | 0.01 | 25 | 4,018 | 7 | % | ||||||||||||||||
Águila Mora |
90 | % | 1,411 | 0.03 | — | 1,589 | 3 | % | ||||||||||||||||
Bandurria Norte |
100 | % | — | 0.00 | — | — | — | |||||||||||||||||
Bajada del Palo Oeste |
100 | % | 284 | 0.08 | — | 763 | 1 | % | ||||||||||||||||
Bajada del Palo Este |
100 | % | 159 | 0.03 | 28 | 357 | 1 | % | ||||||||||||||||
Coirón Amargo Norte |
84.6 | % | 139 | 0.00 | — | 162 | 0 | % | ||||||||||||||||
CS-01 (México) |
100 | % | 860 | 0.00 | — | 886 | 2 | % | ||||||||||||||||
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Total operated production |
45,544 | 1.00 | 64 | 51,929 | 92 | % | ||||||||||||||||||
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Entre Lomas (1) |
— | 1,271 | 0.11 | 338 | 2,274 | 4 | % | |||||||||||||||||
Jagüel de los Machos (1) |
— | 776 | 0.04 | — | 1,005 | 2 | % | |||||||||||||||||
25 de Mayo-Medanito (1) |
— | 775 | 0.01 | — | 839 | 1 | % | |||||||||||||||||
Agua Amarga (1) |
— | 85 | 0.01 | 7 | 150 | 0 | % | |||||||||||||||||
Acambuco |
1.5 | % | 17 | 0.02 | — | 157 | 0 | % | ||||||||||||||||
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Total non-operated production |
2,925 | 0.18 | 345 | 4,425 | 8 | % | ||||||||||||||||||
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Total shale production |
44,102 | 0.89 | 36 | 49,762 | 88 | % | ||||||||||||||||||
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Total conventional production |
4,367 | 0.29 | 373 | 6,591 | 12 | % | ||||||||||||||||||
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(1) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
Revenues
As of Q4 2023, “Export Duties” are included in the “Royalties and others” line and added to the “Revenues” line. Previously, the “Revenues” line was presented net of export duties. Historical values were adjusted accordingly in the tables shown in this document. This adjustment has no effect on Adjusted EBITDA nor Net profit/loss.
Total revenues per product
Revenues per product - in $MM |
Q4-23 | Q3-23 | Q4-22 | p y/y | p q/q | 2023 | 2022 | p y/y | ||||||||||||||||||||||||
Revenues |
309.2 | 302.8 | 320.3 | (3 | )% | 2 | % | 1,168.8 | 1,187.7 | (2 | )% | |||||||||||||||||||||
Export Duties |
(12.4 | ) | (13.1 | ) | (12.2 | ) | 2 | % | (5 | )% | (48.1 | ) | (43.8 | ) | 10 | % | ||||||||||||||||
Net Revenues |
296.8 | 289.7 | 308.1 | (4 | )% | 2 | % | 1,120.7 | 1,143.8 | (2 | )% | |||||||||||||||||||||
Oil |
283.8 | 272.6 | 285.4 | (1 | )% | 4 | % | 1,049.0 | 1,068.0 | (2 | )% | |||||||||||||||||||||
Export market |
150.8 | 165.4 | 159.9 | (6 | )% | (9 | )% | 593.8 | 559.6 | 6 | % | |||||||||||||||||||||
Domestic market |
133.1 | 107.2 | 125.5 | 6 | % | 24 | % | 455.2 | 508.4 | (10 | )% | |||||||||||||||||||||
Natural Gas |
12.0 | 16.4 | 21.2 | (43 | )% | (27 | )% | 67.5 | 70.2 | (4 | )% | |||||||||||||||||||||
Export market |
3.9 | 0.5 | 10.8 | (64 | )% | 634 | % | 20.6 | 15.2 | 36 | % | |||||||||||||||||||||
Domestic market |
8.1 | 15.9 | 10.3 | (21 | )% | (49 | )% | 46.9 | 55.1 | (15 | )% | |||||||||||||||||||||
NGL |
1.0 | 0.7 | 1.6 | (38 | )% | 32 | % | 4.2 | 5.6 | (25 | )% |
Page 9
Average realized prices per product
Product |
Q4-23 | Q3-23 | Q4-22 | p y/y | p q/q | 2023 | 2022 | p y/y | ||||||||||||||||||||||||
Oil ($/bbl) |
67.8 | 67.6 | 68.9 | (2 | )% | 0 | % | 66.7 | 72.3 | (8 | )% | |||||||||||||||||||||
Export market |
74.2 | 74.9 | 74.1 | 0 | % | (1 | )% | 72.0 | 85.2 | (15 | )% | |||||||||||||||||||||
Domestic market |
61.8 | 58.8 | 63.3 | (2 | )% | 5 | % | 60.8 | 62.0 | (2 | )% | |||||||||||||||||||||
Natural Gas ($/MMBTU) |
2.2 | 3.3 | 4.5 | (50 | )% | (33 | )% | 3.5 | 4.0 | (13 | )% | |||||||||||||||||||||
Export market |
7.6 | 9.3 | 8.8 | (14 | )% | (19 | )% | 8.4 | 8.0 | 4 | % | |||||||||||||||||||||
Domestic market |
1.7 | 3.3 | 3.0 | (44 | )% | (49 | )% | 2.8 | 3.5 | (21 | )% | |||||||||||||||||||||
NGL ($/tn) |
271 | 233 | 354 | (23 | )% | 16 | % | 351 | 377 | (7 | )% |
Total sales volumes per product
Product |
Q4-23 | Q3-23 | Q4-22 | p y/y | p q/q | 2023 | 2022 | p y/y | ||||||||||||||||||||||||
Oil (MMbbl) |
4.19 | (1) | 4.03 | 4.14 | 1 | % | 4 | % | 15.72 | 14.76 | 7 | % | ||||||||||||||||||||
Export market |
2.03 | 2.21 | 2.16 | (6 | )% | (8 | )% | 8.24 | 6.57 | 26 | % | |||||||||||||||||||||
Domestic market |
2.15 | 1.82 | 1.98 | 9 | % | 18 | % | 7.48 | 8.20 | (9 | )% | |||||||||||||||||||||
Natural Gas (MMBtu) |
5.41 | 4.90 | 4.73 | 14 | % | 10 | % | 19.42 | 17.68 | 10 | % | |||||||||||||||||||||
Export market |
0.51 | 0.06 | 1.23 | (58 | )% | 803 | % | 2.46 | 1.90 | 30 | % | |||||||||||||||||||||
Domestic market |
4.90 | 4.84 | 3.51 | 40 | % | 1 | % | 16.95 | 15.78 | 7 | % | |||||||||||||||||||||
NGL (Mtn) |
3.57 | 3.15 | 4.43 | (19 | )% | 14 | % | 13.69 | 14.83 | (8 | )% |
(1) | Inventory build-up of 0.27 MMbbl, resulting from a production of 4.46 MMbbl and sales of 4.19 MMbbl. |
During Q4 2023, total revenues were 309.2 $MM, 3% lower than Q4 2022 and 2% higher than Q3 2023. In Q4 2023, net revenues from oil and gas exports were 154.7 $MM, representing 52% of total net revenues, which were 296.8 $MM.
Crude oil net revenues in Q4 2023 totaled 283.8 $MM, representing 95.6% of total net revenues, a 1% decrease compared to Q4 2022, as oil production growth partially offset lower realized oil prices. Average realized oil price during the quarter was 67.8 $/bbl, flat on a sequential basis and 2% below Q4 2022. During Q4 2023, the Company exported 49% of crude oil sales volumes at a realized price of 74.2 $/bbl. Net revenues from the oil export market accounted for 53% of net oil revenues, reaching 150.8 $MM. During Q4 2023, 51% of volumes were sold to the domestic market at a price of 63.7 $/bbl, or 61.8 $/bbl net of trucking transportation costs, 2% below Q4 2022 and 5% above Q3 2023.
Natural gas net revenues in Q4 2023 were 12.0 $MM, representing 4.0% of total net revenues. The average realized natural gas price for the quarter was 2.2 $/MMBtu, a 50% decrease compared to Q4 2022. Plan Gas represented 30% of total natural gas sales volume, with an average realized price of 2.5 $/MMBtu during the quarter. Sales to industrial clients represented 60% of total natural gas sales volume at an average realized price of 1.3 $/MMBtu. The remaining 10% of total natural gas sales volume was exported at an average realized price of 7.6 $/MMBtu.
Page 10
NGL net revenues were 1.0 $MM during Q4 2023, representing 0.3% of total net revenues. NGL average price was 271 $/tn.
Lifting Cost
Q4-23 | Q3-23 | Q4-22 | p y/y | p q/q | 2023 | 2022 | p y/y | |||||||||||||||||||||||||
Lifting Cost ($MM) |
22.3 | 21.9 | 36.1 | (38 | )% | 2 | % | 94.7 | 133.4 | (29 | )% | |||||||||||||||||||||
Lifting cost ($/boe) |
4.3 | 4.8 | 7.2 | (40 | )% | (11 | )% | 5.1 | 7.5 | (33 | )% |
Lifting cost during Q4 2023 was 22.3 $MM, a 38% decrease y-o-y. Lifting cost in Q4 2023 was 4.3 $/boe, a 40% decrease y-o-y, mainly driven by the cost savings generated by the Conventional Assets Transaction. On a sequential basis, lifting cost was reduced by 11%, reflecting the dilution of fixed costs through incremental production volumes, and the positive impact during the second half of December 2023 of the devaluation of the Argentine Peso, which reduced its value from 385 Argentine Pesos per U.S. dollar on December 9, 2023 to 808 Argentine Pesos per U.S. dollar on December 31, 2023.
Adjusted EBITDA
Adjusted EBITDA reconciliation ($MM) |
Q4-23 | Q3-23 | Q4-22 | p y | p q | 2023 | 2022 | p y | ||||||||||||||||||||||||
Net profit for the period |
132.9 | 83.1 | 75.5 | 57.4 | 49.8 | 397.0 | 269.5 | 127 | ||||||||||||||||||||||||
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(+) Income tax expense / (benefit) |
34.5 | 30.6 | 33.2 | 1.3 | 3.9 | 148.4 | 164.0 | (16 | ) | |||||||||||||||||||||||
(+) Financial results, net |
9.1 | 31.9 | 29.8 | (20.8 | ) | (22.9 | ) | 86.1 | 95.6 | (10 | ) | |||||||||||||||||||||
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Operating profit |
176.5 | 145.6 | 138.5 | 38.0 | 30.9 | 631.5 | 529.1 | 102 | ||||||||||||||||||||||||
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(+) Depreciation, depletion and amortization |
79.0 | 70.6 | 63.1 | 15.9 | 8.4 | 276.4 | 234.9 | 42 | ||||||||||||||||||||||||
(+) Restructuring and Reorganization expenses and other adjustments |
0.0 | — | — | 0.0 | 0.0 | 0.3 | 0.5 | (0 | ) | |||||||||||||||||||||||
(+) Impairment of long-lived assets |
24.6 | — | — | 24.6 | 24.6 | 24.6 | — | 25 | ||||||||||||||||||||||||
(+) Gain related to the transfer of conventional assets |
— | — | — | 0.0 | 0.0 | (89.7 | ) | — | (90 | ) | ||||||||||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets |
8.0 | 10.2 | — | 8.0 | (2.2 | ) | 27.5 | — | 28 | |||||||||||||||||||||||
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Adjusted EBITDA (1) |
288.1 | 226.4 | 201.7 | 86.4 | 61.7 | 870.7 | 764.5 | 106 | ||||||||||||||||||||||||
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Adjusted EBITDA Margin (%) (2) |
73 | % | 78 | % | 65 | % | +7p.p. | (5 | )p.p. | 69 | % | 67 | % | +3p.p. |
(1) | Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long-lived assets + other adjustments |
(2) | Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Exports Increase program). Adj. EBITDA Margin for Q4-23 (73%) = Adj. EBITDA (288 $MM) / (Total Revenues (309 $MM) + Gain from Exports Increase program (86 $MM)). |
Page 11
Adjusted EBITDA was 288.1 $MM in Q4 2023, a 43% increase compared to Q4 2022, driven by stable oil revenues, higher other operating income, and lower lifting cost.Other operating income includes 81.2 $MM (net of costs) in Q4-23 related to the repatriation of 27% of the export proceeds of the quarter at the blue-chip swap exchange rate, as per the corresponding resolutions published by the Ministry of Economy, superseded on December 13th, 2023 by Presidential Decree 28/2023, which set the share of exports to be repatriated at the blue-chip swap exchange rate at 20% (the “Exports Increase Program”).
Adjusted EBITDA margin was 73%, improving 7 p.p. vis-à-vis Q4 2022. The Company has adjusted the definition of Adjusted EBITDA Margin to add the Gains from the Exports Increase Program, as noted in the table above.
Adjusted Net Income / Loss
Adjusted Net Income reconciliation ($MM) |
Q4-23 | Q3-23 | Q4-22 | p y | p q | 2023 | 2022 | p y | ||||||||||||||||||||||||
Net profit for the period |
132.9 | 83.1 | 75.5 | 57.4 | 49.8 | 397.0 | 269.5 | 127.4 | ||||||||||||||||||||||||
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Adjustments: |
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(+) Deferred Income tax |
74.1 | 29.3 | 87.7 | (13.6 | ) | 44.8 | 132.0 | 71.9 | 60.1 | |||||||||||||||||||||||
(+) Changes in the fair value of Warrants |
— | — | 7.8 | (7.8 | ) | — | 0.0 | 30.4 | (30.4 | ) | ||||||||||||||||||||||
(+) Impairment |
24.6 | — | — | 24.6 | 24.6 | 24.6 | 0.0 | 24.6 | ||||||||||||||||||||||||
(+) Gain related to the transfer of conventional assets |
— | — | — | — | — | (89.7 | ) | 0.0 | (89.7 | ) | ||||||||||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets |
8.0 | 10.2 | — | 8.0 | (2.2 | ) | 27.5 | 0.0 | 27.5 | |||||||||||||||||||||||
Adjustments to Net Income |
106.6 | 39.4 | 95.5 | 11.1 | 67.2 | 94.5 | 102.2 | (7.8 | ) | |||||||||||||||||||||||
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Adjusted Net Income |
239.6 | 122.5 | 171.0 | 68.6 | 117.1 | 491.4 | 371.8 | 119.7 | ||||||||||||||||||||||||
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Adjusted EPS ($/share) (1) |
2.52 | 1.29 | 1.95 | 0.6 | 1.2 | 5.25 | 4.23 | 1.0 |
Adjusted Net Income in Q4 2023 was 239.6 $MM, compared to an Adjusted Net Income of 171.0 $MM in Q4 2022. The y-o-y change was primarily driven by higher Adjusted EBITDA (288.1 $MM in Q4 2023 compared to 201.7 $MM in Q4 2022), partially offset by (a) a lower Current income tax benefit of 39.6 $MM in Q4 2023 compared to 54.6 $MM in Q4 2022, (b) higher Depreciation, depletion and amortization for 79.0 $MM in Q4 2023 compared to 63.1 $MM in Q4 2022, and (c) Financial results (net of changes in the fair value of warrants) for a total loss of 9.1 $MM in Q4 2023, compared to a loss of 22.1 $MM in Q4 2022.
Adjusted EPS (1) was 2.52 $/share in Q4 2023, compared to 1.95 $/share in Q4 2022 and 1.29 $/share in Q3 2023.
(1) | Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q4 2023, Q3 2023, Q4 2022, 2023 and 2022 were 95,218,119, 95,066,657, 87,664,094, 93,679,904 and 87,862,531 respectively. |
Page 12
Capex
Capex during Q4 2023 was 212.1 $MM. The Company invested 157.7 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 11 wells and the completion of 7 wells in Bajada del Palo Oeste), 40.9 $MM in development facilities, and 13.5 $MM in G&G studies, IT and other projects.
Financial overview
During Q4 2023, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 213.3 $MM. Cash flow generated by operating activities was 346.7 $MM, positively impacted by the normalization of working capital, as sales collections increased 49.2 $MM. Cash flow used in investing activities reached 240.2 $MM for the quarter, mostly driven by drilling and completion activity in Vaca Muerta (see Capex above), and 16.8 $MM increase in capex-related working capital. In Q4 2023, the Company recorded a positive free cash flow of 106.5 $MM.
In Q4 2023, cash flow used in financing activities totaled 67.1 $MM (1), mainly driven by the prepayment of Argentine peso-inflation-adjusted bonds series VIII and X, for an equivalent of 46.7 $MM, the prepayment of bond series III for 9.5 $MM, and the issuance of bond series XXII for 14.7 $MM.
Gross debt totaled 616.1 $MM as of quarter end, resulting in a net debt of 402.8 $MM. At the end of Q4 2023, net leverage ratio decreased to 0.46x Adj. EBTIDA.
(1) | Cash flow used in financing activities is the sum of: (i) cash flow used in financing activities for 69.9 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for 2.0 $MM; and (iii) the variation in Government bonds for 0.8 $MM. |
Financial debt maturity schedule
In $MM |
2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | ||||||||||||||||||||||||
ARS in USD-linked |
15.0 | 19.3 | 153.4 | 128.6 | 96.5 | 15.1 | 20.2 | 20.2 | ||||||||||||||||||||||||
USD |
43.5 | 63.4 | 39.7 | — | — | — | — | — | ||||||||||||||||||||||||
Total |
58.5 | 82.7 | 193.1 | 128.6 | 96.5 | 15.1 | 20.2 | 20.2 |
Page 13
Outstanding bonds
Instrument (1) |
Issue date | Maturity | Gross proceeds ($MM) |
Type |
Interest rate (%) |
Currency |
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ON class VI |
12/04/20 | 12/04/24 | 10.0 | Bullet at maturity | 3.24% paid quarterly | ARS in USD-linked | ||||||
ON class XI |
08/27/21 | 08/27/25 | 9.2 | Bullet at maturity | 3.48% paid quarterly | ARS in USD-linked | ||||||
ON class XII |
08/27/21 | 08/27/31 | 100.8 | Amortizing (2) | 5.85% paid bi-annually | ARS in USD-linked | ||||||
ON class XIII |
06/16/22 | 08/08/24 | 43.5 | Bullet at maturity | 6% paid quarterly | USD | ||||||
ON class XIV |
11/10/22 | 11/10/25 | 40.5 | Bullet at maturity | 6.25% paid bi-annually | USD | ||||||
ON class XV |
12/06/22 | 01/20/25 | 13.5 | Bullet at maturity | 4% paid quarterly | USD | ||||||
ON class XVI (3) |
12/06/22 | 06/06/26 | 104.2 | Bullet at maturity | 0.00% | ARS in USD-linked | ||||||
ON class XVII |
12/06/22 | 06/06/26 | 39.1 | Bullet at maturity | 0.00% | ARS in USD-linked | ||||||
ON class XVIII |
03/03/23 | 03/03/27 | 118.5 | Bullet at maturity | 0.00% | ARS in USD-linked | ||||||
ON class XIX |
03/03/23 | 03/03/28 | 16.5 | Bullet at maturity | 1% paid quarterly | ARS in USD-linked | ||||||
ON class XX |
06/05/23 | 07/20/25 | 13.5 | Bullet at maturity | 4.5% paid quarterly | USD | ||||||
ON class XXI |
08/11/23 | 08/11/28 | 70.0 | Bullet at maturity | 0.99% paid quarterly | ARS in USD-linked | ||||||
ON class XXII |
12/05/23 | 06/05/26 | 14.7 | Bullet at maturity | 5% paid bi-annually | USD |
(1) | All instruments issued by Vista Energy Argentina S.A.U. in the BCBA Argentina market. |
(2) | Class XII to be repaid in 15 semi-annual installments, with a three-year grace period. |
(3) | 63.5 $MM were issued on December 6, 2022, and 40.8 $MM were issued on May 29, 2023. |
Page 14
Vista Energy S.A.B. de C.V.
Historical operational data
Average daily production by concession, totals and by product
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | 2023 | 2022 | ||||||||||||||||||||||
Total production by field (boe/d) |
56,353 | 49,450 | 46,557 | 52,207 | 54,718 | 51,149 | 48,560 | |||||||||||||||||||||
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Entre Lomas (3) |
2,274 | 1,940 | 1,939 | 3,826 | 5,081 | 2,458 | 4,968 | |||||||||||||||||||||
Bajada del Palo Este (conventional) |
357 | 516 | 660 | 844 | 731 | 594 | 786 | |||||||||||||||||||||
Bajada del Palo Oeste (conventional) |
763 | 1,235 | 1,570 | 1,258 | 1,326 | 1,205 | 1,642 | |||||||||||||||||||||
Bajada del Palo Este (shale) |
4,018 | 5,291 | 4,705 | 2,971 | 2,263 | 4,251 | 2,154 | |||||||||||||||||||||
Bajada del Palo Oeste (shale) |
39,649 | 29,000 | 28,283 | 33,249 | 33,368 | 32,588 | 29,730 | |||||||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3) |
150 | 203 | 219 | 198 | 247 | 193 | 275 | |||||||||||||||||||||
25 de Mayo-Medanito (3) |
839 | 882 | 924 | 1,783 | 2,385 | 1,106 | 2,474 | |||||||||||||||||||||
Jagüel de los Machos (3) |
1,005 | 952 | 1,040 | 2,067 | 2,738 | 1,255 | 2,909 | |||||||||||||||||||||
Coirón Amargo Norte |
162 | 133 | 205 | 191 | 167 | 173 | 219 | |||||||||||||||||||||
Águila Mora (shale) |
1,589 | 2,623 | 1,003 | 0 | 0 | 1,313 | 0 | |||||||||||||||||||||
Acambuco |
157 | 163 | 170 | 174 | 137 | 166 | 143 | |||||||||||||||||||||
Aguada Federal (shale) |
4,507 | 5,736 | 5,258 | 5,279 | 5,847 | 5,187 | 2,787 | |||||||||||||||||||||
CS-01 |
886 | 777 | 583 | 365 | 428 | 661 | 473 | |||||||||||||||||||||
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Crude oil production by field (bbl/d)(1) |
48,469 | 41,490 | 39,217 | 44,048 | 45,745 | 43,313 | 40,078 | |||||||||||||||||||||
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Entre Lomas (3) |
1,271 | 1,160 | 1,137 | 2,527 | 3,339 | 1,511 | 3,328 | |||||||||||||||||||||
Bajada del Palo Este (conventional) |
159 | 281 | 367 | 560 | 510 | 342 | 436 | |||||||||||||||||||||
Bajada del Palo Oeste (conventional) |
284 | 363 | 508 | 552 | 530 | 426 | 575 | |||||||||||||||||||||
Bajada del Palo Este (shale) |
3,905 | 5,034 | 4,491 | 2,790 | 2,187 | 4,061 | 2,075 | |||||||||||||||||||||
Bajada del Palo Oeste (shale) |
34,872 | 24,792 | 24,430 | 29,141 | 28,890 | 28,313 | 25,812 | |||||||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3) |
85 | 97 | 98 | 175 | 222 | 113 | 208 | |||||||||||||||||||||
25 de Mayo-Medanito (3) |
775 | 806 | 861 | 1,669 | 2,213 | 1,024 | 2,272 | |||||||||||||||||||||
Jagüel de los Machos (3) |
776 | 733 | 799 | 1,577 | 2,102 | 965 | 2,222 | |||||||||||||||||||||
Coirón Amargo Norte |
139 | 128 | 205 | 191 | 167 | 166 | 211 | |||||||||||||||||||||
Águila Mora (shale) |
1,411 | 2,245 | 1,003 | 0 | 0 | 1,173 | 0 | |||||||||||||||||||||
Acambuco |
17 | 17 | 18 | 18 | 16 | 18 | 16 | |||||||||||||||||||||
Aguada Federal (shale) |
3,914 | 5,119 | 4,763 | 4,496 | 5,155 | 4,579 | 2,464 | |||||||||||||||||||||
CS-01 |
860 | 714 | 537 | 353 | 413 | 623 | 458 | |||||||||||||||||||||
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Natural Gas production by field (boe/d)(2) |
7,476 | 7,656 | 6,787 | 7,752 | 8,513 | 7,418 | 8,032 | |||||||||||||||||||||
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Entre Lomas (3) |
664 | 619 | 325 | 938 | 1,312 | 618 | 1,229 | |||||||||||||||||||||
Bajada del Palo Este (conventional) |
169 | 207 | 256 | 244 | 198 | 218 | 318 | |||||||||||||||||||||
Bajada del Palo Oeste (conventional) |
479 | 871 | 1,062 | 706 | 796 | 779 | 1,066 | |||||||||||||||||||||
Bajada del Palo Este (shale) |
88 | 245 | 211 | 173 | 76 | 179 | 79 | |||||||||||||||||||||
Bajada del Palo Oeste (shale) |
4,770 | 4,121 | 3,832 | 4,116 | 4,478 | 4,243 | 3,918 | |||||||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3) |
58 | 98 | 113 | 17 | 19 | 73 | 60 | |||||||||||||||||||||
25 de Mayo-Medanito (3) |
63 | 76 | 62 | 115 | 171 | 81 | 202 | |||||||||||||||||||||
Jagüel de los Machos (3) |
229 | 219 | 241 | 489 | 637 | 290 | 687 | |||||||||||||||||||||
Coirón Amargo Norte |
23 | 5 | 0 | 0 | 0 | 7 | 8 | |||||||||||||||||||||
Águila Mora (shale) |
178 | 378 | 0 | 0 | 0 | 140 | 0 | |||||||||||||||||||||
Acambuco |
140 | 145 | 152 | 156 | 121 | 148 | 126 | |||||||||||||||||||||
Aguada Federal (shale) |
589 | 609 | 487 | 784 | 692 | 602 | 323 | |||||||||||||||||||||
CS-01 |
26 | 63 | 45 | 13 | 15 | 38 | 15 | |||||||||||||||||||||
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Page 15
NGL production by field (boe/d) |
409 | 304 | 553 | 407 | 460 | 418 | 450 | |||||||||||||||||||||
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Entre Lomas (3) |
338 | 162 | 477 | 361 | 430 | 328 | 411 | |||||||||||||||||||||
Bajada del Palo Este (conventional) |
28 | 28 | 37 | 40 | 24 | 33 | 32 | |||||||||||||||||||||
Bajada del Palo Oeste (conventional) |
0 | 0 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||||||||
Bajada del Palo Este (shale) |
25 | 11 | 3 | 0 | 0 | 12 | 0 | |||||||||||||||||||||
Bajada del Palo Oeste (shale) |
7 | 88 | 21 | 0 | 0 | 32 | 0 | |||||||||||||||||||||
Aguada Federal (shale) |
4 | 8 | 7 | 0 | 0 | 6 | 0 | |||||||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3) |
7 | 8 | 8 | 6 | 6 | 7 | 7 |
(1) | Acambuco includes condensate. |
(2) | Excludes natural gas consumption, flared or reinjected natural gas. |
(3) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
Vista Energy S.A.B. de C.V.
Oil and gas concessions
Concessions |
WI (%) | Operated / Non-operated |
Expiration year | Target | Basin | Country | ||||||||
Entre Lomas Neuquén (1) |
— | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||||
Entre Lomas Río Negro (1) |
— | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||||
Bajada del Palo Oeste |
100 | % | Operated | 2053 | Shale / Conventional | Neuquina | Argentina | |||||||
Bajada del Palo Este |
100 | % | Operated | 2053 | Shale / Conventional | Neuquina | Argentina | |||||||
Charco del Palenque (1) |
— | Non-operated | 2034 | Conventional | Neuquina | Argentina | ||||||||
Jarilla Quemada (1) |
— | Non-operated | 2040 | Conventional | Neuquina | Argentina | ||||||||
25 de Mayo-Medanito (1) |
— | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||||
Jagüel de los Machos (1) |
— | Non-operated | 2025 | Conventional | Neuquina | Argentina | ||||||||
Coirón Amargo Norte |
84.60 | % | Operated | 2037 | Conventional | Neuquina | Argentina | |||||||
Águila Mora |
90 | % | Operated | 2054 | Shale | Neuquina | Argentina | |||||||
Aguada Federal |
100 | % | Operated | 2050 | Shale | Neuquina | Argentina | |||||||
Bandurria Norte |
100 | % | Operated | 2050 | Shale | Neuquina | Argentina | |||||||
Acambuco |
1.50 | % | Non-operated | 2036 / 2040 | Conventional | Noroeste | Argentina | |||||||
CS-01 |
100 | % | Operated | 2047 | Conventional | Del Sureste | Mexico |
(1) | Concessions divested, effective March 1st, 2023. |
Page 16
Vista Energy S.A.B. de C.V.
Historical oil and gas export volumes and revenues
Oil exports |
Q4-23 | Q3-23 | Q2-23 | Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | ||||||||||||||||||||||||||||||||||||
Sales volume (Mbbl) |
2,033.2 | 2,207.8 | 1,583.3 | 2,420.5 | 2,156.6 | 1,946.9 | 1,475.7 | 988.2 | 995.6 | 498.1 | 472.0 | 1,088.7 | ||||||||||||||||||||||||||||||||||||
Revenues ($MM) |
150.8 | 165.4 | 108.6 | 169.0 | 159.9 | 175.6 | 147.0 | 77.1 | 70.5 | 32.2 | 26.8 | 52.7 | ||||||||||||||||||||||||||||||||||||
Gas exports |
Q4-23 | Q3-23 | Q2-23 | Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | ||||||||||||||||||||||||||||||||||||
Sales volume (MMm3) |
13.8 | 1.5 | 12.6 | 38.8 | 33.2 | 3.0 | 3.9 | 11.2 | 1.0 | — | — | — | ||||||||||||||||||||||||||||||||||||
Revenues ($MM) |
3.9 | 0.5 | 3.5 | 12.7 | 10.8 | 1.1 | 0.9 | 2.4 | 0.2 | — | — | — |
Vista Energy S.A.B. de C.V.
Vaca Muerta operational data
Shale oil wells detail
Bajada del Palo Oeste
Well name |
Pad number (1) |
Landing zone |
Lateral length (mts) | Total frac stages | ||||
2013 |
BPO-1 | Organic | 2,483 | 33 | ||||
2014 |
BPO-1 | La Cocina | 2,633 | 35 | ||||
2015 |
BPO-1 | Organic | 2,558 | 34 | ||||
2016 |
BPO-1 | La Cocina | 2,483 | 34 | ||||
2029 |
BPO-2 | Organic | 2,189 | 37 | ||||
2030 |
BPO-2 | La Cocina | 2,248 | 38 | ||||
2032 |
BPO-2 | Organic | 2,047 | 35 | ||||
2033 |
BPO-2 | La Cocina | 1,984 | 33 | ||||
2061 |
BPO-3 | La Cocina | 2,723 | 46 | ||||
2062 |
BPO-3 | Organic | 2,624 | 44 | ||||
2063 |
BPO-3 | La Cocina | 3,025 | 51 | ||||
2064 |
BPO-3 | Organic | 1,427 | 36 | ||||
2025 |
BPO-4 | Lower Carbonate | 2,186 | 26 | ||||
2026 |
BPO-4 | La Cocina | 2,177 | 44 | ||||
2027 |
BPO-4 | Lower Carbonate | 2,551 | 31 | ||||
2028 |
BPO-4 | La Cocina | 2,554 | 51 | ||||
2501 |
BPO-5 | La Cocina | 2,538 | 52 | ||||
2502 |
BPO-5 | Organic | 2,436 | 50 | ||||
2503 |
BPO-5 | La Cocina | 2,468 | 50 | ||||
2504 |
BPO-5 | Organic | 2,332 | 44 | ||||
2391 |
BPO-6 | La Cocina | 2,715 | 56 | ||||
2392 |
BPO-6 | Organic | 2,804 | 54 | ||||
2393 |
BPO-6 | La Cocina | 2,732 | 56 | ||||
2394 |
BPO-6 | Organic | 2,739 | 57 | ||||
2261 |
BPO-7 | La Cocina | 2,710 | 46 | ||||
2262 |
BPO-7 | Organic | 2,581 | 45 |
Page 17
2263 |
BPO-7 | La Cocina | 2,609 | 45 | ||||
2264 |
BPO-7 | Organic | 2,604 | 46 | ||||
2211 |
BPO-8 | Organic | 2,596 | 53 | ||||
2212 |
BPO-8 | La Cocina | 2,576 | 53 | ||||
2213 |
BPO-8 | Organic | 2,608 | 54 | ||||
2214 |
BPO-8 | La Cocina | 2,662 | 54 | ||||
2351 (2) |
BPO-9 | La Cocina | 3,115 | 63 | ||||
2352 (2) |
BPO-9 | Organic | 3,218 | 62 | ||||
2353 (2) |
BPO-9 | La Cocina | 3,171 | 61 | ||||
2354 (2) |
BPO-9 | Organic | 2,808 | 56 | ||||
2441 (2) |
BPO-10 | La Cocina | 3,094 | 63 | ||||
2442 (2) |
BPO-10 | Organic | 2,883 | 50 | ||||
2443 (2) |
BPO-10 | La Cocina | 2,816 | 57 | ||||
2444 (2) |
BPO-10 | Organic | 2,625 | 45 | ||||
2081 (2) |
BPO-11 | La Cocina | 2,785 | 49 | ||||
2082 (2) |
BPO-11 | Organic | 2,662 | 41 | ||||
2083 (2) |
BPO-11 | La Cocina | 2,365 | 37 | ||||
2084 (2) |
BPO-11 | Organic | 2,378 | 35 | ||||
2311 (2) |
BPO-12 | La Cocina | 3,104 | 54 | ||||
2312 (2) |
BPO-12 | Organic | 3,161 | 55 | ||||
2313 (2) |
BPO-12 | La Cocina | 3,259 | 55 | ||||
2481 (2) |
BPO-13 | La Cocina | 2,950 | 61 | ||||
2482 (2) |
BPO-13 | Organic | 2,826 | 57 | ||||
2483 (2) |
BPO-13 | La Cocina | 2,738 | 56 | ||||
2484 (2) |
BPO-13 | Organic | 2,576 | 52 | ||||
2601 (2) |
BPO-14 | La Cocina | 2,935 | 38 | ||||
2602 (2) |
BPO-14 | Organic | 2,968 | 51 | ||||
2603 (2) |
BPO-14 | La Cocina | 2,878 | 49 | ||||
2604 (2) |
BPO-14 | Organic | 2,508 | 43 | ||||
2411 (2) |
BPO-15 | La Cocina | 2,319 | 39 | ||||
2412 (2) |
BPO-15 | Organic | 3,181 | 54 | ||||
2413 (2) |
BPO-15 | La Cocina | 3,199 | 53 | ||||
2414 (2) |
BPO-15 | Organic | 3,192 | 55 | ||||
2415 (2) |
BPO-15 | La Cocina | 3,190 | 53 | ||||
2341 (3) |
BPO-16 | La Cocina | 3,128 | 54 | ||||
2342 (3) |
BPO-16 | Organic | 3,101 | 54 | ||||
2343 (3) |
BPO-16 | La Cocina | 1,969 | 34 | ||||
2344 (3) |
BPO-16 | Organic | 3,101 | 54 | ||||
2321 (3) |
BPO-17 | La Cocina | 2,722 | 47 | ||||
2322 (3) |
BPO-17 | Organic | 2,813 | 49 | ||||
2323 (3) |
BPO-17 | La Cocina | 2,490 | 43 | ||||
2324 (3) |
BPO-17 | Organic | 2,526 | 44 | ||||
2007 |
BPO-18 | La Cocina | 2,026 | 35 | ||||
2008 |
BPO-18 | Organic | 1,893 | 33 | ||||
2009 |
BPO-18 | La Cocina | 1,968 | 34 | ||||
2010 |
BPO-18 | Organic | 2,066 | 36 |
Page 18
2681 (3) |
BPO-19 | La Cocina | 3,012 | 52 | ||||
2682 (3) |
BPO-19 | Organic | 2,986 | 52 | ||||
2683 (3) |
BPO-19 | La Cocina | 2,780 | 48 | ||||
2684 (3) |
BPO-19 | Organic | 2,756 | 48 | ||||
2942 |
BPO-20 | La Cocina | 2,490 | 43 | ||||
2943 |
BPO-20 | Organic | 2,698 | 47 | ||||
2944 |
BPO-20 | La Cocina | 2,664 | 46 | ||||
2251 |
BPO-21 | La Cocina | 2,931 | 51 | ||||
2252 |
BPO-21 | Organic | 2,920 | 51 | ||||
2253 |
BPO-21 | La Cocina | 2,884 | 51 | ||||
2254 |
BPO-21 | Organic | 2,889 | 51 |
(1) | BPO-11 formerly pad #12, BPO-12 formerly pad #13, BPO-13 formerly pad #14. |
(2) | Well included in JV with Trafigura. Vista WI 80%. |
(3) | Well included in JV with Trafigura. Vista WI 75% |
Bajada del Palo Este
Well name |
Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||
2101 |
BPE-1 | La Cocina | 2,372 | 49 | ||||
2103 |
BPE-1 | La Cocina | 2,081 | 43 | ||||
2301 |
BPE-3 | La Cocina | 2,818 | 48 | ||||
2202 |
BPE-2 | La Cocina | 2,722 | 47 |
Aguada Federal
Well name |
Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||
WIN.Nq.AF-3(h) |
AF-1 | Organic | 1,000 | 10 | ||||
WIN.Nq.AF-4(h) |
AF-1 | Upper Carbonate | 1,000 | 10 | ||||
WIN.Nq.AF-7(h) |
AF-1 | Upper Carbonate | 1,028 | 10 | ||||
WIN.Nq.AF-9(h) |
AF-1 | Upper Carbonate | 1,000 | 10 | ||||
WIN.Nq.AF-5(h) |
AF-2 | La Cocina | 2,500 | 35 | ||||
WIN.Nq.AF-6(h) |
AF-2 | La Cocina | 2,500 | 35 | ||||
AF-102(h) |
AF-2 | La Cocina | 2,884 | 57 | ||||
AF-202(h) |
AF-2 | Organic | 2,559 | 51 | ||||
AF-303 |
AF-3 | La Cocina | 2,555 | 40 | ||||
AF-403 |
AF-3 | Organic | 2,554 | 33 | ||||
AF-1103 |
AF-3 | La Cocina | 2,800 | 44 | ||||
AF-1203 |
AF-3 | Organic | 2,839 | 43 | ||||
AF-1101 |
AF-4 | La Cocina | 2,855 | 48 | ||||
AF-1102 |
AF-4 | Organic | 2,858 | 49 | ||||
AF-1104 |
AF-4 | La Cocina | 2,876 | 49 | ||||
AF-1105 |
AF-4 | Middle Carbonate | 2,901 | 47 |
Page 19
Bandurria Norte
Well name |
Landing zone | Lateral length (mts) | Total frac stages | |||
WIN.Nq.BN-3(h) |
Lower Orgánico / Regresivo | 1,000 | 10 | |||
WIN.Nq.BN-2(h) |
Upper Carbonate | 1,000 | 10 | |||
WIN.Nq.BN-1(h) |
La Cocina | 2,500 | 35 | |||
YPF.Nq.LCav.x-11(h) |
La Cocina / Regresivo | 2,500 | 35 |
Aguila Mora
Well name |
Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||
AM-1011h |
AM-1 | La Cocina | 2,548 | 44 | ||||
AM-1012h |
AM-1 | Middle Carbonate | 2,468 | 43 |
Page 20
Vista Energy S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
Key Results - in $M |
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | 2023 | 2022 | |||||||||||||||||||||
Total Revenues (1) |
309,196 | 302,760 | 239,628 | 317,190 | 320,296 | 1,168,774 | 1,187,660 | |||||||||||||||||||||
Oil |
296,180 | 285,639 | 221,584 | 293,913 | 298,540 | 1,061,317 | 1,113,411 | |||||||||||||||||||||
Natural Gas |
12,048 | 16,388 | 16,987 | 21,867 | 20,187 | 67,585 | 68,663 | |||||||||||||||||||||
NGL and others |
968 | 733 | 1,057 | 1,410 | 1,569 | 4,168 | 5,586 | |||||||||||||||||||||
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Cost of Sales |
(154,103 | ) | (148,557 | ) | (123,422 | ) | (151,443 | ) | (146,140 | ) | 577,525 | ) | (557,424 | ) | ||||||||||||||
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Operating expenses |
(22,270 | ) | (21,924 | ) | (20,347 | ) | (30,144 | ) | (36,113 | ) | (94,685 | ) | (133,385 | ) | ||||||||||||||
Stock fluctuation |
1,743 | (1,209 | ) | 2,130 | (4,722 | ) | 4,722 | (2,058 | ) | (500 | ) | |||||||||||||||||
Depreciation, depletion and amortization |
(79,011 | ) | (70,600 | ) | (62,447 | ) | (64,372 | ) | (63,148 | ) | (276,430 | ) | (234,862 | ) | ||||||||||||||
Royalties and others (1) |
(46,593 | ) | (44,655 | ) | (36,593 | ) | (48,972 | ) | (51,601 | ) | (176,813 | ) | (188,677 | ) | ||||||||||||||
Other non-cash costs related to the transfer of conventional assets |
(7,972 | ) | (10,169 | ) | (6,165 | ) | (3,233 | ) | — | (27,539 | ) | |||||||||||||||||
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Gross profit |
155,093 | 154,203 | 116,206 | 165,747 | 174,156 | 591,249 | 630,236 | |||||||||||||||||||||
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Selling expenses |
(19,170 | ) | (17,673 | ) | (15,232 | ) | (16,717 | ) | (18,847 | ) | (68,792 | ) | (59,904 | ) | ||||||||||||||
General and administrative expenses |
(18,665 | ) | (15,031 | ) | (19,776 | ) | (17,011 | ) | (19,615 | ) | (70,483 | ) | (63,826 | ) | ||||||||||||||
Exploration expenses |
352 | 148 | (294 | ) | (222 | ) | (169 | ) | (16 | ) | (736 | ) | ||||||||||||||||
Other operating income |
83,639 | 23,849 | 2,268 | 95,315 | 3,715 | 203,812 | 26,698 | |||||||||||||||||||||
Other operating expenses |
(143 | ) | 153 | (4 | ) | (963 | ) | (715 | ) | 302 | (3,321 | ) | ||||||||||||||||
Impairment of long-lived assets |
(24,585 | ) | — | — | — | — | (24,585 | ) | — | |||||||||||||||||||
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Operating profit (loss) |
176,521 | 145,649 | 83,168 | 226,149 | 138,525 | 631,487 | 529,147 | |||||||||||||||||||||
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Interest income |
433 | 299 | 216 | 287 | 425 | 1,235 | 809 | |||||||||||||||||||||
Interest expense |
(5,674 | ) | (4,842 | ) | (5,226 | ) | (6,137 | ) | (6,545 | ) | (21,879 | ) | (28,886 | ) | ||||||||||||||
Other financial results |
(3,827 | ) | (27,376 | ) | (19,967 | ) | (14,315 | ) | (23,729 | ) | (65,484 | ) | (67,556 | ) | ||||||||||||||
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Financial results, net |
(9,068 | ) | (31,919 | ) | (24,977 | ) | (20,165 | ) | (29,849 | ) | (86,128 | ) | (95,633 | ) | ||||||||||||||
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Profit/(Loss) before income tax |
167,453 | 113,730 | 58,191 | 205,984 | 108,676 | 545,359 | 433,514 | |||||||||||||||||||||
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Current income tax (expense)/benefit |
39,570 | (1,378 | ) | (7,017 | ) | (47,568 | ) | 54,560 | (16,393 | ) | (92,089 | ) | ||||||||||||||||
Deferred income tax (expense)/benefit |
(74,085 | ) | (29,251 | ) | 1,007 | (29,682 | ) | (87,732 | ) | (132,011 | ) | (71,890 | ) | |||||||||||||||
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Income tax (expense)/benefit |
(34,515 | ) | (30,629 | ) | (6,010 | ) | (77,250 | ) | (33,172 | ) | (148,404 | ) | (163,979 | ) | ||||||||||||||
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Profit/(loss) for the period, net |
132,938 | 83,101 | 52,181 | 128,734 | 75,504 | 396,955 | 269,535 | |||||||||||||||||||||
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Adjusted EBITDA Reconciliation ($M) |
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | 2023 | 2022 | |||||||||||||||||||||
Net (loss) / profit for the period |
132,938 | 83,101 | 52,181 | 128,734 | 75,504 | 396,955 | 269,535 | |||||||||||||||||||||
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(+) Income tax |
34,515 | 30,629 | 6,010 | 77,250 | 33,172 | 148,404 | 163,979 | |||||||||||||||||||||
(+) Financial results, net |
9,068 | 31,919 | 24,977 | 20,165 | 29,849 | 86,128 | 95,633 | |||||||||||||||||||||
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Operating profit (loss) |
176,521 | 145,649 | 83,168 | 226,149 | 138,525 | 631,487 | 529,147 | |||||||||||||||||||||
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(+) Depreciation, depletion and amortization |
79,011 | 70,600 | 62,447 | 64,372 | 63,148 | 276,430 | 234,862 | |||||||||||||||||||||
(+) Restructuring and Reorganization expenses and others |
0 | — | 5 | 271 | — | 276 | 531 | |||||||||||||||||||||
(+) Impairment of long-lived assets |
24,585 | — | — | — | — | 24,585 | — | |||||||||||||||||||||
(+) Gain related to the transfer of conventional assets |
— | — | — | (89,659 | ) | — | (89,659 | ) | — | |||||||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets |
7,972 | 10,169 | 6,165 | 3,233 | — | 27,539 | — | |||||||||||||||||||||
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Adjusted EBITDA |
288,088 | 226,420 | 151,785 | 204,365 | 201,673 | 870,657 | 764,540 | |||||||||||||||||||||
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Adjusted EBITDA Margin (%) |
73 | % | 78 | % | 66 | % | 67 | % | 65 | % | 69 | % | 67 | % |
Page 21
Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | Q4 2022 | 2023 | 2022 | ||||||||||||||||||||||
Lifting Cost ($MM) |
22.3 | 21.9 | 20.3 | 30.1 | 36.1 | 94.7 | 133.4 | |||||||||||||||||||||
Lifting cost ($/boe) |
4.3 | 4.8 | 4.8 | 6.4 | 7.2 | 5.1 | 7.5 |
(1) | As of this quarter, “Export Duties” will be included in the “Royalties and others” line and added to “Revenues” line. Previously, “Revenues” line was presented net of export duties. Historical values were adjusted accordingly in the tables shown in this document. This adjustment had no effect on Adjusted EBITDA nor Net profit/loss. |
Vista Energy S.A.B. de C.V.
Historical Adjusted Net Income / Loss
(Amounts expressed in thousand U.S. dollars)
Adj. Net Income reconciliation - in $M |
Q4-23 | Q3-23 | Q2-23 | Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | ||||||||||||||||||||||||
Net Profit/Loss |
132,938 | 83,101 | 52,181 | 128,734 | 75,504 | 76,661 | 101,836 | 15,534 | ||||||||||||||||||||||||
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Adjustments: |
||||||||||||||||||||||||||||||||
(+) Deferred Income tax |
74,085 | 29,251 | (1,007 | ) | 29,682 | 87,732 | (14,258 | ) | (2,334 | ) | 750 | |||||||||||||||||||||
(+) Changes in the fair value of Warrants |
— | — | — | — | 7,762 | 16,999 | (17,188 | ) | 22,777 | |||||||||||||||||||||||
(+) Impairment |
24,585 | — | — | — | — | — | — | — | ||||||||||||||||||||||||
(+) Gain related to the transfer of convention |
— | — | — | (89,659 | ) | — | — | — | — | |||||||||||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets |
7,972 | 10,169 | 6,165 | 3,233 | — | — | — | — | ||||||||||||||||||||||||
Adjustments to Net Income/Loss |
106,642 | 39,420 | 5,158 | (56,744 | ) | 95,494 | 2,741 | (19,522 | ) | 23,527 | ||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adjusted Net Income/Loss |
239,580 | 122,521 | 57,339 | 71,990 | 170,998 | 79,402 | 82,314 | 39,061 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
Adj. Net Income reconciliation - in $M |
Q4-21 | Q3-21 | Q2-21 | Q1-21 | ||||||||||||||||||||||||||||
Net Profit/Loss |
35,555 | 4,732 | 5,505 | 4,858 | ||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Adjustments: |
||||||||||||||||||||||||||||||||
(+) Deferred Income tax |
21,001 | 6,005 | 10,679 | 2,010 | ||||||||||||||||||||||||||||
(+) Changes in the fair value of Warrants |
(7,096 | ) | 7,927 | 1,283 | 69 | |||||||||||||||||||||||||||
(+) Impairment |
(14,044 | ) | — | — | — | |||||||||||||||||||||||||||
(+) Gain related to the transfer of convention |
— | — | — | — | ||||||||||||||||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets |
— | — | — | — | ||||||||||||||||||||||||||||
Adjustments to Net Income/Loss |
(139 | ) | 13,932 | 11,962 | 2,079 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
Adjusted Net Income/Loss |
35,416 | 18,664 | 17,467 | 6,937 | ||||||||||||||||||||||||||||
|
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Page 22
Vista Energy S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
As of December 31, 2023 | As of December 31, 2022 | |||||||
Property, plant and equipment |
1,927,759 | 1,606,339 | ||||||
Goodwill |
22,576 | 28,288 | ||||||
Other intangible assets |
10,026 | 6,792 | ||||||
Right-of-use assets |
61,025 | 26,228 | ||||||
Investments in associates |
8,619 | 6,443 | ||||||
Trade and other receivables |
136,351 | 15,864 | ||||||
Deferred income tax assets |
5,743 | 335 | ||||||
Total noncurrent assets |
2,172,099 | 1,690,289 | ||||||
Inventories |
7,549 | 12,899 | ||||||
Trade and other receivables |
205,102 | 90,406 | ||||||
Cash, bank balances and other short-term investments |
213,253 | 244,385 | ||||||
Total current assets |
425,904 | 347,690 | ||||||
Total assets |
2,598,003 | 2,037,979 | ||||||
|
|
|
|
|||||
Deferred income tax liabilities |
383,128 | 243,411 | ||||||
Lease liabilities |
35,600 | 20,644 | ||||||
Provisions |
12,339 | 31,668 | ||||||
Borrowings |
554,832 | 477,601 | ||||||
Employee benefits |
5,703 | 12,251 | ||||||
Total noncurrent liabilities |
991,602 | 785,575 | ||||||
Provisions |
4,133 | 2,848 | ||||||
Lease liabilities |
34,868 | 8,550 | ||||||
Borrowings |
61,223 | 71,731 | ||||||
Salaries and payroll taxes |
17,555 | 25,120 | ||||||
Income tax liability |
3 | 58,770 | ||||||
Other taxes and royalties |
36,549 | 20,312 | ||||||
Trade and other payables |
205,055 | 221,013 | ||||||
Total current liabilities |
359,386 | 408,344 | ||||||
Total liabilities |
1,350,988 | 1,193,919 | ||||||
Total Equity |
1,247,015 | 844,060 | ||||||
|
|
|
|
|||||
Total equity and liabilities |
2,598,003 | 2,037,979 | ||||||
|
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|
|
Page 23
Vista Energy S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
For the period from October 1st to December 31, 2023 |
For the period from October 1st to December 31, 2022 |
For the year 2023 | For the year 2022 | |||||||||||||
Revenue from contracts with customers |
309,196 | 308,105 | 1,168,774 | 1,143,820 | ||||||||||||
Revenues from crude oil sales |
296,180 | 285,365 | 1,097,316 | 1,067,997 | ||||||||||||
Revenues from natural gas sales |
12,048 | 21,171 | 67,290 | 70,237 | ||||||||||||
Revenues from LPG sales |
968 | 1,569 | 4,168 | 5,586 | ||||||||||||
Cost of sales |
(154,103 | ) | (133,949 | ) | (577,525 | ) | (513,584 | ) | ||||||||
Operating costs |
(22,270 | ) | (36,113 | ) | (94,685 | ) | (133,385 | ) | ||||||||
Crude oil stock fluctuation |
1,743 | 4,722 | (2,058 | ) | (500 | ) | ||||||||||
Depreciation, depletion and amortization |
(79,011 | ) | (63,148 | ) | (276,430 | ) | (234,862 | ) | ||||||||
Royalties and others |
(46,593 | ) | (39,410 | ) | (176,813 | ) | (144,837 | ) | ||||||||
Other non-cash costs related to the transfer of conventional assets |
(7,972 | ) | — | (27,539 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Gross profit |
155,093 | 174,156 | 591,249 | 630,236 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Selling expenses |
(19,170 | ) | (18,847 | ) | (68,792 | ) | (59,904 | ) | ||||||||
General and administrative expenses |
(18,665 | ) | (19,615 | ) | (70,483 | ) | (63,826 | ) | ||||||||
Exploration expenses |
352 | (169 | ) | (16 | ) | (736 | ) | |||||||||
Other operating income |
83,639 | 3,715 | 203,812 | 26,698 | ||||||||||||
Other operating expenses |
(143 | ) | (715 | ) | 302 | (3,321 | ) | |||||||||
Impairment of long- lived assets |
(24,585 | ) | — | (24,585 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Operating profit |
176,521 | 138,525 | 631,487 | 529,147 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Interest income |
433 | 425 | 1,235 | 809 | ||||||||||||
Interest expense |
(5,674 | ) | (6,545 | ) | (21,879 | ) | (28,886 | ) | ||||||||
Other financial income (expense) |
(3,827 | ) | (23,729 | ) | (65,484 | ) | (67,556 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Financial income (expense), net |
(9,068 | ) | (29,849 | ) | (86,128 | ) | (95,633 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Profit before income tax |
167,453 | 108,676 | 545,359 | 433,514 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Current income tax (expense) benefit |
39,570 | 54,560 | (16,393 | ) | (92,089 | ) | ||||||||||
Deferred income tax (expense) |
(74,085 | ) | (87,732 | ) | (132,011 | ) | (71,890 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Income tax (expense) |
(34,515 | ) | (33,172 | ) | (148,404 | ) | (163,979 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Profit for the period, net |
132,938 | 75,504 | 396,955 | 269,535 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Other comprehensive income |
4,909 | (633 | ) | 4,267 | 177,446 | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Total comprehensive profit for the period |
137,847 | 74,871 | 401,222 | 105,556 | ||||||||||||
|
|
|
|
|
|
|
|
Page 24
Vista Energy S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
For the period from October 1st to December 31, 2023 |
For the period from October 1st to December 31, 2022 |
For the year 2023 | For the year 2022 | |||||||||||||
Cash flows from operating activities |
||||||||||||||||
Profit for the period / year, net |
132,938 | 75,504 | 396,955 | 269,535 | ||||||||||||
Adjustments to reconcile net cash flows |
||||||||||||||||
Items related to operating activities: |
||||||||||||||||
Other non-cash costs related to the transfer of conventional assets |
7,972 | — | 27,539 | — | ||||||||||||
(Reversal of) allowance for expected credit losses |
— | — | — | (36 | ) | |||||||||||
Share-based payments |
5,858 | 4,800 | 23,133 | 16,576 | ||||||||||||
Net (decrease) increase in provisions |
143 | 715 | (578 | ) | 2,790 | |||||||||||
Net changes in foreign exchange rate |
(7,927 | ) | 6,597 | (18,458 | ) | (33,263 | ) | |||||||||
Discount for well plugging and abandonment |
599 | 619 | 2,387 | 2,444 | ||||||||||||
Interest expense on lease liabilities |
757 | 360 | 2,894 | 1,925 | ||||||||||||
Discount of assets and liabilities at present value |
806 | (2,229 | ) | (2,137 | ) | 2,561 | ||||||||||
Income tax expense |
34,515 | 33,172 | 148,404 | 163,979 | ||||||||||||
Employee benefits |
176 | 143 | 300 | 502 | ||||||||||||
Items related to investing activities: |
||||||||||||||||
Gain related to the transfer of conventional assets |
— | — | (89,659 | ) | — | |||||||||||
Impairment of long-lived assets |
24,585 | — | 24,585 | — | ||||||||||||
Gain from farmout agreement |
— | — | (24,429 | ) | (18,218 | ) | ||||||||||
Interest income |
(433 | ) | (425 | ) | (1,235 | ) | (809 | ) | ||||||||
Changes in the fair value of financial assets |
(31,659 | ) | (528 | ) | (19,437 | ) | 17,599 | |||||||||
Depreciation and depletion |
77,894 | 62,376 | 272,371 | 231,746 | ||||||||||||
Amortization of intangible assets |
1,117 | 772 | 4,059 | 3,116 | ||||||||||||
Items related to financing activities: |
||||||||||||||||
Interest expense |
5,674 | 6,545 | 21,879 | 28,886 | ||||||||||||
Changes in the fair value of Warrants |
— | 7,762 | — | 30,350 | ||||||||||||
Amortized cost |
525 | 827 | 1,810 | 2,365 | ||||||||||||
Remeasurement in borrowings |
23,077 | 15,148 | 72,044 | 52,817 | ||||||||||||
Other financial income (expense) |
17,649 | 2,515 | 26,381 | 2,515 | ||||||||||||
Changes in working capital: |
||||||||||||||||
Trade and other receivables |
35,460 | 9,696 | (81,260 | ) | (46,272 | ) | ||||||||||
Inventories |
(1,743 | ) | (4,722 | ) | 2,058 | 500 | ||||||||||
Trade and other payables |
28,593 | 18,978 | 61,230 | 40,183 | ||||||||||||
Payments of employee benefits |
(74 | ) | (68 | ) | (283 | ) | (254 | ) | ||||||||
Salaries and payroll taxes |
(253 | ) | 5,289 | (26,441 | ) | 2,877 | ||||||||||
Other taxes and royalties |
(2,673 | ) | (15,569 | ) | (43,507 | ) | (8,024 | ) | ||||||||
Provisions |
(89 | ) | (510 | ) | (1,359 | ) | (2,265 | ) | ||||||||
Income tax payment |
(6,782 | ) | (12,397 | ) | (67,213 | ) | (74,354 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash flows provided by operating activities |
346,705 | 215,370 | 712,033 | 689,771 | ||||||||||||
|
|
|
|
|
|
|
|
Page 25
Cash flows from investing activities: |
||||||||||||||||
Payments for acquisitions of property, plant and equipment |
(228,910 | ) | (148,613 | ) | (688,437 | ) | (479,361 | ) | ||||||||
Payments for the acquisition of AFBN assets |
(6,250 | ) | (6,250 | ) | (25,000 | ) | (115,000 | ) | ||||||||
Payments for acquisitions of other intangible assets |
(3,757 | ) | (3,374 | ) | (7,293 | ) | (6,030 | ) | ||||||||
Payments for acquisitions of investments in associates |
(1,544 | ) | — | (2,176 | ) | 20,000 | ||||||||||
Prepayment of leases |
(131 | ) | — | (14,292 | ) | — | ||||||||||
Payments received from farmout agreement |
— | (744 | ) | 26,650 | (3,466 | ) | ||||||||||
Proceeds from the transfer of conventional assets |
— | — | 10,000 | — | ||||||||||||
Payments for other assets |
— | 336 | — | 336 | ||||||||||||
Interest received |
433 | 425 | 1,235 | 809 | ||||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash flows (used in) investing activities |
(240,159 | ) | (158,220 | ) | (699,313 | ) | (582,712 | ) | ||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash flows from financing activities: |
||||||||||||||||
Proceeds from borrowings |
99,669 | 52,618 | 318,169 | 128,788 | ||||||||||||
Payment of borrowings cost |
(80 | ) | (1,086 | ) | (1,779 | ) | (1,670 | ) | ||||||||
Payment of borrowings principal |
(141,225 | ) | (30,096 | ) | (211,499 | ) | (195,091 | ) | ||||||||
Payment of borrowings interest |
(4,239 | ) | (4,238 | ) | (22,993 | ) | (34,430 | ) | ||||||||
Payment of lease |
(6,343 | ) | (2,892 | ) | (36,780 | ) | (11,494 | ) | ||||||||
Share repurchase |
— | (5,500 | ) | (29,304 | ) | |||||||||||
Payments of other financial cost |
(17,649 | ) | — | (25,562 | ) | — | ||||||||||
|
|
|
|
|
|
|
|
|||||||||
Net cash flow provided by (used in) financing activities |
(69,867 | ) | 8,806 | 19,556 | (143,201 | ) | ||||||||||
|
|
|
|
|
|
|
|
For the period from October 1st to December 31, 2023 |
For the period from October 1st to December 31, 2022 |
2023 | 2022 | |||||||||||||
Net increase (decrease) in cash and cash equivalents |
36,679 | 65,956 | 32,276 | (36,142 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents at beginning of period |
170,846 | 180,793 | 241,956 | 311,217 | ||||||||||||
Effect of exposure to changes in the foreign currency rate of cash and cash equivalents |
1,991 | (4,793 | ) | (64,716 | ) | (33,119 | ) | |||||||||
Net increase (decrease) in cash and cash equivalents |
36,679 | 65,956 | 32,276 | (36,142 | ) | |||||||||||
|
|
|
|
|
|
|
|
|||||||||
Cash and cash equivalents at end of period |
209,516 | 241,956 | 209,516 | 241,956 | ||||||||||||
|
|
|
|
|
|
|
|
Page 26
Glossary, currency and definitions:
• | Note: Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals due to rounding up. |
• | Conversion metrics |
• | 1 cubic meter of oil = 6.2898 barrels of oil |
• | 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent |
• | 1 million British thermal units = 27.096 cubic meters of gas |
• | p q/q: Represents the percentage variation quarter on quarter |
• | p y/y: Represents the percentage variation year on year |
• | p q: Represents the variation in million U.S. dollars quarter on quarter |
• | p y: Represents the variation in million U.S. dollars year on year |
• | $MM: Million U.S. dollars |
• | $M: Thousand U.S. dollars |
• | $/bbl: U.S. dollars per barrel of oil |
• | $/boe: U.S. dollars per barrel of oil equivalent |
• | $/MMBtu: U.S. dollars per million British thermal unit |
• | $/ton: U.S. dollars per metric ton |
• | Adj. EBITDA / Adjusted EBITDA: Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long-lived assets + other adjustments |
• | Adjusted EBITDA margin: = Adjusted EBITDA divided by Total Revenues plus Gain from Exports Increase program |
• | Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares |
• | Adjusted Net Income/Loss: Net profit /loss for the period + Deferred Income Tax + Changes in the fair value of the warrants + Impairment of long-lived assets |
• | boe: barrels of oil equivalent (see conversion metrics above) |
• | boe/d: Barrels of oil equivalent per day |
• | bbl/d: Barrels of oil per day |
• | Conventional Assets Transaction: assets transferred to Aconcagua, effective on March 1st, 2023. After such date Vista remains entitled to 40% of crude oil and natural gas production, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
• | CNG: Compressed natural gas |
• | CO2e: Carbon dioxide equivalent |
• | FY 2023: Full (calendar) year 2023 |
• | Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow |
• | Lifting cost: production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration and G&A costs. |
Page 27
• | MMboe: Million barrels of oil equivalent |
• | MMm3/d: Million cubic meters per day |
• | Mts: meters |
• | Plan Gas: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86 MMm3/d volume over a total of 67.4 MMm3/d at an average annual price of 3.29 $/MMBtu for a four-year term ending of December 31, 2025 |
• | Proved reserves: the information included regarding estimated quantities of proved reserves is derived from estimates of the proved reserves as of December 31, 2023. The proved reserves estimates are derived from the reports dated February 7, 2024, prepared by DeGolyer and MacNaughton (“D&M”), for Vista’s concessions located in Argentina and Mexico. D&M is an independent reserves engineering consultant. The 2023 Reserves Reports prepared by D&M are based on information provided by Vista and presents an appraisal as of December 31, 2023 of oil and gas reserves located in the Entre Lomas Río Negro, Entre Lomas Neuquén, Bajada del Palo Oeste, Bajada del Palo Este, Charco del Palenque, Jarilla Quemada, Coirón Amargo Norte, Acambuco, Jagüel de los Machos, 25 de Mayo-Medanito, Aguada Federal and Bandurria Norte blocks in Argentina, and CS-01 block in Mexico. |
• | Reserves life ratio: calculated as the proved reserves divided by the annual production |
• | Reserves replacement ratio: calculated as the proved reserves additions divided by the annual production |
• | TED: Total effective days – days in which shale oil wells were producing |
• | Transferred Conventional Assets: Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada, Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos concessions operated by Aconcagua, effective as of March 1, 2023. |
• | Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year |
• | q-o-q: Quarter on quarter |
• | y-o-y: Year on year |
Page 28
DISCLAIMER
Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaenergy.com.
This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission (“CNBV”) or an exemption from such registrations.
This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on the Company’s website. All the amounts contained herein are unaudited.
Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.
This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.
This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
This presentation includes “forward-looking statements” concerning the future. The words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.
There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties.
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The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the newly elected government in Argentina; significant economic or political developments in Mexico and the United States; uncertainties relating to the upcoming Mexican presidential and congressional elections in June 2024; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; the effects of pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves; increased market competition in the energy sectors in Argentina and Mexico; potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions; environmental regulations and internal policies to achieve global climate targets; the ongoing conflict involving Russia and Ukraine; and more recently, the Israel-Hamas conflict.
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Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).
You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.
Other Information
Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel of distribution of material information.
Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.
INVESTORS CONTACT:
ir@vistaenergy.com
Phone in Argentina: +54.11.3754.8500
Phone in Mexico: +52.55.8647.0128
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