Vista Energy, S.A.B. de C.V. (VIST) 27 Oct 212021 Q3 Earnings call transcript

Good day and thank you for standing by. Welcome to Vista’s Third Quarter 2021 Results Conference Call. At this time all participants are in a listen-only mode. [Operator Instructions] I would now like to hand the conference over to your speaker today Alejandro Cherñacov. Please go ahead.

Thanks. everyone. morning, Good

and to results happy Galuccio, to third Vista’s Vista’s Chairman COO. We call. welcome I XXXX CFO; Pinto, Vera conference CEO; Miguel Garoby, am quarter Vista’s and are Pablo you Juan here Vista’s with

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

Our financial accordance Standards. in figures and are in dollars International Reporting U.S. with Financial stated

Reconciliations we discuss the measures conference to website non-IFRS yesterday. be this closest IFRS call, during information. measure our check However, issued in for that may we these further release of the can Please earnings measures adjusted certain EBITDA. found financial such as

stock bursátil Stock Gas, warrant Bolsa Our common variable Mexicana to company, the York The & and the New Oil de in organized Stock Vista sociedad and Valores is tickers the the de VIST of of are registered York the de of The Miguel. under New the will VISTA in Mexicana our Bolsa our now I is Valores, over VTWXXXA. capital ticker laws Mexico, turn Exchange. Exchange. anónima a in call

and earning of which recorded delighted path call. flow. Thanks, Ale. the am this during, our of Good our morning quarter XXXX cash continue free we profitable I joining thank everyone, share for first with and positive to have you growth you results

was year-over-year, boe and for $XXX gas per were XXXX Oil Lifting prices. we our QX boosted Bajada by Palo $XX.X development Palo dilute in was the XX% was production cost tied-in oil wells marginal $X.X base. mostly EBITDA reduction boe/d, the quarter, a During increase where del execution in a QX year-over-year, a million, XXXX XX,XXX Adjusted expenditure year-over-year, reflecting production fourth line reflecting realize for low pad the of continue revenues XXXX, Total completion in to XX% up in already the Bajada oil new stronger driven Oeste. XX% by implying million Oeste, increase del XX our of in year-over-year. have with million XXX% the total of Bajada guidance adjusted cost production del increase year-to-date. and average the quarter XX%. solid $XXX.X was for and year a margin in our fixed EBITDA cost Palo Oeste Capital our

of at adjusted we QX generate by end implying free healthy our net During debt A&D and cash positive from the transactions. flow times or ratio EBITDA. leverage net XXXX, robust X.X $XXX was period Cash $XXX a million, the $XX flow stood at of million million driven operations

a We production QX the Oeste, development parts will was and first by up deep four continues XXXX driven of This We’d dive Production pads we now main half year. three to during flagship XX,XXX del tied-in the into nine in operational Bajada September. the financial XX% Palo be grew also in our late number in the Bajada metrics. grow where del oil per /d, annually. inter Total boe’s mix higher quarter. length Oeste year-over-year. La during the an increase rate, wells production meters production we the well. with of wells, in Cocina with stages XX two contribute see which of Even XX% wells and Orgánico and average that Palo not in did well, Note two landed in average per pad pad X,XXX a tied-in high this oil

markets oil CapEx in commitments. and a less driven and the in our $XX volumes sequential XXXX Entre exported prices year-over-year high oil signed $XXX per oil the X% by of oil for a contract gas barrel, with and our revenues our boost the the quarter million, quarter-over-quarter. annual driving discounts realized with Vaca was domestic average up a still for inter Sales capturing delivering XX% production Realized XX% market to We total $X Lomas see concession quarter The in QX for This prices also accounted increase accounted production sales small per plan approximately per Total a we the on formation. gas prices. $XX tied-in of XX% per $XX to around with than our strong were Brent well crude Brent prices in pricings growth trading of the export oil XXXX, During Muerta well sell targeting we winter in realization QX of oil with barrel. barrel. gas of barrel. is

to to continue revenues of execute early building We activities. a sale our lock-in book strategy investment fund and on

barrel. total export Our gas of have an around per boosted XX% QX entire volumes approximately wholesale $X.X/MMBTU our winter Realized to volumes. of average to year-over-year increase prices XX% lock-in by $X.X/MMBTU of gas approximately volumes with XX% $XX price already realized prices the of plan been at applicable

increase to Additionally $X/MMBTU year-over-year. from $X.X industry prices

Slide to Moving X.

lifting costs for We quarter will performance. $XX.X have Total a the was lifting look cost at million. our

Lifting Bajada absorb We have $X.X to virtually at incremental base. Oeste Sequentially down $XXX.X as stable costs cost del fixed QX we year-over-year production. in a maintain per boe XXXX with lifting from our FX Palo special production continues EBITDA managed flat stood appreciation to real cost for despite per maintain quarter-over-quarter Adjusted costs XX% million. flat boe lifting pesos times. was

Adjusted stood it generated million in income though We adjusted EBITDA in even the not added which vis-à-vis lifting has $X a approximately inter XXXX. quarter, previous does with and Trafigura, include revenues JV the annually, operating is have quadruple boost by reflecting QX flat cost. stable in the EBITDA

and strong the adjusted per netback in Our boe respectively. XX% and March $XX.X EBITDA has remained quarter at in

X, I financial review Moving situation. Slide our to will

million XX million $XX.X in interest million a financing for of Cash syndicate interest loan including date and and [indiscernible] full of $XX.X was levels of of was and pay another activities quarter. acquisition total $XX cash times $XXX similar Shell QX activities divestiture million, the received investing for offset net in used the were Cash Cash have million flow a operating of higher loans During to cost activities and during million. six a the by Argentina was to repay we free stood that the In in $XX.X flow through million, a the in from positive $XXX.X partially XXXX, we we recorded than flow quarter. cash $XX for denominated for ConocoPhillips cash quarter, canceled and QX, XXXX. a bonds. the operation, used QX of that flow semi-annual flow our payment total

in issuance years raised debt value We flow X.X of the the quarter operation leverage duration Series $X XXXX is adjusted with These with a X.XX%. QX, an Series the in X.XX%. XX have end at coupon was the QX, at of deleveraging. EBITDA the in years X.X XXXX end also million, million QX $XXX maturities. a four lean years the previous X.X of X.X bonds. $X.X decreased key step $XXX.X adjusted amortizing in of increased of coupon from pre-finance to million to market times Argentinean EBITDA constitute was XII the bullet during due average robust XI cash capital end Also at from times from driven end Net ratio the Reflecting years of how to XXXX. organic has at XXXX.

has of the that September acquired the interest and of due to Norte Aguada Moving Vista no cash $X.X working assume control concessions Wintershall the XX% million front, in investment XX% $XX with development the operating to business block. Federal carry entity acquire ConocoPhillips. be partner via in of and on we’ve payment made Bandurria understanding the from XX, upfront million

million acre credit per for plus development line well M&A Vaca our XX transaction strategy. The the a well, X%. new months at asset portfolio five-year wells With to fit for is We XXX development recent compared perfectly $XX strong, the transactions. adding also available Muerta obtain price of from approximately is locations. expand Rationality our low seller into of this this we this of bullet of $X,XXX LIBOR

Vaca our to cost and expertise capital cost Muerta low [indiscernible]. We to operating expect contribute the

Aguada development portfolio terms the grow Bajada Palo to transaction, contributing acreage creation. the We to this stressing showed core in shareholders’ important Oeste Finally and could our balance synergies our proximity contractors, logistics. potential added without particularly Federal asset our value to and purchase to have in of strongly facilities we del and of lead sheet

During QX XXXX, we ESG also make good progress front. on the

equivalent executing currently an are three basis. of We aim projects, analyze reducing XXX,XXX tons at COX on

reduction gas kilos our In intensity us continue achieve emission reduction XX in approximately boe the COX good on to long-term will continue our We to during reducing we leaves XXXX. expect emissions equivalent work to of starting intensity point This in per in greenhouse a a XXXX. meantime, to XX% goals.

have we in material de-carbonization order projects build QX, our During to identified plan.

greenhouse which carbon corporate our finalizing the emissions our action is cornerstone to curve, currently of are reduce and multi-year reduction gas goals. We set cost abatement plan

Moving our guidance compared back an guidance Slide the the quarter, that original against will which guidance XX, execution this on for issued a to the in the slide is I the year, prices. was of Note XXXX. guidelines improved higher revised from compared and update to has realization which improvement present strong previous of the

that drilling we a rig additional year We has by we wells moved with be to new and the is of on and of a year for this four pad track location year deliver have to are already of fifth tied-in and to year, start by drilled expected the the in the will November. the completion and year during uncomplete six wells The tied-in total part which XX wells to end. the finished part drill XX end,

of and our of forecast to a to the rig we surface will drilling have intermediate acceleration brought activity, XXXX activity in As production We impact XXXX the of campaign. inspire three part sections decision plan. positive this in parts an accelerate drill

of boe/d. production year We and the XX,XXX QX recently production the revised fourth the tied-in to boe/d the of higher we pad XX,XXX are production confirming range XX.XXXX to production from is drive expect in our to levels. guidance Year-to-date

boe. of year, per metric in this cost seen QX. $X.X to in boe confirming best Despite for by also We lifting remain cost forecast our time QX. appreciation pressure we in approximately this are in year-to-year $X.XX range have was cost on and the lifting real per We

the focus comparison discipline our on bottom Reinforcing from EBITDA we higher onwards cost our lower increasing increase million are capital free million. capital to $XXX $XXX our allocating $XXX prices to of are shows, upwards screen $XXX million at QX per the additional activity positively are additional and not quick guidance in Oeste been expenditure. entire lifting generation. the and capital flow graphs by Bajada impacted has we from our on production, A del EBITDA guidance by boe. realization cash Adjusted from We EBITDA adjusted revising Palo to adjusted of Based million.

our X.X improving deliver are net pre-financing times by generation. adjusted These the the year-end. EBITDA the leverage we from our ratio to Finally, by well driven during year, cash operating guidance as reflects organic X successful flow times effort action as

this of debt $XXX tenure solid QX in Bajada extending million increase new attractive competitive pre-financing XXXX an As metrics, pad well to cash, of on $XXX we deliver wells which free guidance continues duration QX recurring task a to track from In performance the in years, XXXX, call, We XX million results. reflecting XXXX have pre-finance maturities. four term issue to at year headlines. the strong at tied-ins year-to-date, finalize show today’s in operational from a across end, del our new X.X recap for bond successful all to debt us Palo $XX XXXX a accelerating In issuance million a to rate, QX flow. bonds XX leads maturities. XXXX I financial To successfully XXXX program. year average seen Oeste at $XXX million our cash year, key will we and world tied-in

Muerta XX,XXX On Vaca core to approximately well new net locations XXX adding development our acquire portfolio. we the business front, in acreage

on Finally, as year-to-date XXXX shown back updated the we in slide, of previous performance. our the strong guidance a

the the in we initiate formal Today, for XXXX. I this December for we executive call the this or a buyback meeting to that we Day, team. approval In Investor dividend to would announce announcing to like to take scheduled potential we place Before by payment Vista’s December Q&A, for process schedule meeting, on early hosted X shareholders share XX. seek program are and will move

open And and the will our we moment I investors interest line target. all people for event, please present this operator, update support our their and the During talented Vista and that their Year to our for company. a that story term thanks work thank special for commitment our a at strategy with New extraordinary continued to now to take Q&A. in will

[Operator first line the Instructions] question Chiarvesio from Our Santander. Walter comes of from

now is line Your open.

on congratulations Thank during call I you the the performance quick for have results good questions. quarter. and and morning. three year good for the Hello, the

the in would average The my in or export basically, first more in between is local dynamics order That say you’re you question. one would the oil the of regarding I export you the Argentina particular, first sales, why or and receiving? why to that price is increase couldn’t

what you question is price, we part that four the evaluation That not XXXX. planning one would dollar. is price you completed, case question. the last that, is, the what is, local the completed especially price, the that first next year, And second the be first I oil with Is the quarter wells to oil currently drill are The my correct? will the the the have saw of of but in is of of new expect in the in in discrete increase if in

my those you. are Thank So questions. three

and Hi, thank questions. Walter, your you for

the start is a to that first more big question. me Let of with exportation related pricing picture probably

with from prices, step we very is are So, Argentina, local as a a that in two the of – in will the with whether Argentina an the the price the receiving overview combination would export big we of and price export. say I picture volume happen prices a

to years the Today think or Now, much it thing important I at understand here probably we Argentina different Argentina overall that volume think were that depends I how seven on eight ago. is export, produce.

fulfill of up. the demand net local a have capacity of at in you the of being exporter. no year-over-year, becoming of We look problem are top you having a pad bit and market, the more a in clear When the the refineries situation

excess, is new capacity are in we and Therefore to in refinery country produce not that everything future. market. produce top for the our any the gasoline to go and So, we the in the we Argentina, building export near demand

in Now, here conventional that and fields XXXX, be From increased to produce declined when production excess in you have from come we can X%. Muerta XX% production, look at our what have we X% X%. Vaca

So situation equal market. domestic a saying have in in a And we Argentina all is to single the import scarcity to barrel that we on fulfilled. that we top today saying be we where I’m is, every of not used what when market that, are export is produce to the oil

live local the Now of going market, today around price XX. first price been export has to we the all, what our

we last We not up. seen years. prices have have seen – increased prices pricing but international the seen during year, few we not we seen have increased going the have during And

us we correction. see from aligned after we what So we we fully we today, on export of the election are And we our basically look and no you revenue with at XXXX pricing. tackling the seen really for matter the the an year have government that transfer been you we the couple today XXXX, XX%, very the discount we pump. realizing we issue movement did export, prices with export in you a export this represent on When a the an coming elections, we to tax come XX% the that we that we’ve the a are have is the And years, with of that we authority have time have XX% to believe, where and the export issue. one. we production that year. the discount In as cargo than Brent and And that is pricing the integrated last additional successful, on believe that then always will have market. know at was discount quality to should I and give portion charge, of and less have that in have for that we a the country. is When the players the see the delayed reduction pricing know,

export have to allocated XX% So means the market. production of year production we the that of our

So question. that’s your first

go in to plan the QX. drilling related Let question to me second

you that We of thing. We drilling December. at starting QX we what finished our year, length call to for is X,XXX be guys now fifth is meters. plan know in well completion. we maps our of you pad this see or likely Currently So, a the most allotted will in tied-in what

the the is a We to moving location are then reach back that new year. six of

pad and of or our year, the well end. six So to is that uncomplete deliver expected drill and by additional year

Okay.

be to that three sections And more in and activity farther that’s So and related our pad to surface intermediate a where it’s and for today XXXX. to in that XXXX. have our the an we production Also, brought of XXXX. sure, positive campaign, parts to drilling is the we for of that starting drill idea in already first to on going completed campaign is accelerate that impact is the plan drill

when the our been come impact your I a benefit and side. top-line, development impact pump. it recovery in last the the the related The that’s, I clearly or mean, see price a Brent, to moment same hit seen cost few going senior our transfer effect instantaneously at the it’s we top-line we have difficult our before evaluation we a and of the to impact. our question see top-line if in evaluation usually spike foreign is the evaluation, into And dilute the months impact pricing Going drop need an lifting and that to on CapEx, take because to us on recover. cost to evaluation for lifting dollars basically in positive through of on on we cause an that a to we’ve pesos because impact Well, positive a have negative before. in usually Argentina, the historically evaluation that have both

your question. Walter, So answered I hope have

That very much. you perfect. Thank was Yes.

you. Thank

Regis Cardoso Suisse. line Credit next question of comes Our from from the

open. line is now Your

Congratulations questions morning, side. Miguel. Alejandro. Hi, Good the good results. on from morning, Two my

is How mean, dividends one you, very presentation, do of assets. about Palo capital buybacks. additional the that I talk substantial either for acquired del Muerta envisage on of and distributions regarding, you that a do in allocation left how accelerating development First form Bajada you given the Vaca you light wells have between where or still the you, inventory in

on. existing very, and in do, undervalued same been the of the have time, you assets. your shares of to very plenty have in so rate course, discount result as high a So, very At Argentina

sense So of make would course, also the buyback that from perspective.

So foreign do capital the is assets. generation additional, restrictions capital need marginal cash that cash dollars you given balance you really the the you the how you some that reinvesting might my location, view capital from aside set what the balance not you you and how use? servicing between the Argentina? or, have access and for get because you capital restrictions, that, to that question some is, will if distributions flow restrictions do So Do to because money in existing resources you comment on of could are, balance where as debt,

mean, Is that Brent will an export actually can mostly oil you hydrocarbon So, briefly, it think something the very that more it oil? when still you spread you you it between already there of open? market that through? go in second that’s able Brent Is just develop but discussions on, could change the that spread the believe pass you we reduce and the touched with prices? whether between the of it’s think the do for of prices I dynamics Argentina. oil one are the that your of one What Thanks. refineries price questions ahead and Is I’ll realized are are something still level anything realized to prices spread?

really helped briefly a for your question our that. discussion good touch we the probably Day up to December. that stage Regis question. in in me very are have detail Thank third for the And question in you, set to it’s me going and Investor your is But let on

are to way plus to our most to performance, in development that, I completion, important and have the take of of of and down that placement cube also, the from And well. the operation strategy the costs that of thing, our continue costs all, in the cost the very managed are performance between all at lifting and positive have first operation things of seeing positive forward, say okay this we operation, performance pretty have the basically that XX, terms the in generate all plan to of we ambition constraints that How stage. is that utilization cash XX our And we So, plan as that reservoir our that consistently. operation terms operation that the, important, probably we that, going of with But we said flow. important now the results we you our the of flow of positive free strategy the high of as the we’re an of have intensity and due all will well. environment seven and fracking first for is the growing. the lifting were also we development And

Okay.

not We are digit double growing company will EBITDA. rate a and a we profit continue in importantly production, but more and in only growing

that priority. main our So is

Now, address, And have. we at that that the we to will to do will pace flow plan mean, you I than normal the cash with see deliver that, thing flow is I say company. that that free we we use will believe the second cash we the that. can more have as that to

debt And not at EBITDA net probably we problem of a of will or today leverage probably have versus Okay. one it’s year ratio the we lower. that up end

But it’s a for think Okay? I us. policy good

about having Now, company. we is think shareholders. deliberation the the the we that we total see cash second way distribution, And the asset, the return a continue on distribution, that to are to

in can shareholders on two Okay? be the And forms. return total

a it that have a could to dividend second, to shares sense. time a back buy one of very point could policy. be make probably we of could a come lot is, Okay plan And

of results new and to that made a one not a is QX from form be of why to part We have holding our distribute this made are we positive in preparing on that, decision cash able receive decision onwards that to company have we flow generating. our those but free are we

Okay.

for back Brent question. will it your is of first the question depend mean be will is in a as to depend, Walter bucket, prices ability that and for is production to needed as the country, have for moving continue they needed a To it industry excess industry growing the because as I are think it to continue industry again, our more to base, So growing export. I as country it’s to to of this previous well. an rely our afford –

able I and we we border, more country name think prices. what and are investment, was of distribution base, be don’t because game to for investment of I carbon we have, that I a would cross we is this the that say to in the the production the low other think Argentina. of today cross visitors constraint Negro is hand, originated And touching pad move you [ph] we that in It mentioned continue need average Argentina. border continue to proceed needing that, border, Is company more exporting. the local need grow that on to our coming order to

think of origin that that that investment. a I the the was So, idea having incentivize of low

are are today than on I I four that, more average think we for the country. winning discussing low you don’t something low that think the we need if articles

bit a much it’s that think I okay. No needed. too

investment, country, four legal to in of in four and be a carbon that law create low. to framework a become serious does. government that, work that has of need potential, it the country thing have that in is we it incentivize law term good exporter the real articles low address this will for to a What and grow that that XXXX have we extremely if been that articles we well the We production, with the to passed working with in those a

very for Miguel. the Very Thank clear, complete answer. you much

you. Thank

the of Stanley. next from from line [indiscernible] Morgan question Our comes

line now Your open. is

Hi, everyone. actually taking My from my much the thank are questions good for ConocoPhillips. to And newly questions. acquired morning related acreage very you

areas. investments the we in blocks operated new and of how you coming How to are you just So, much. Palo drilling Oeste? the those think these seen have we up those about productivity ramp areas should could Wintershall? those that about very years at I operator understand on campaign comment del at does comparing attractiveness also, if and wanted And into Thank with expected the Bajada the by production think what

Thank to fulfilled concessions said of for block the you your at, Norte question. us at all was good that those that very a acquisition the time We extremely look process know for Bandurria of were we kind areas. Well it both both in first that well.

very the asset to particularly levels us, we I our asset it’s and at from know us, was a make for operational I investment with that all, assets The also carrier level to have very all very a The have in we fact managed operation nothing and Wintershall for we have good top. So new. strategic that deal. value it it’s that transaction, there, assuming fits company our our will and are payment first that even have on a the would relation understanding of quality – think perfectly high strategy, because are not set enable Wintershall only the good also

the I technical that and discussed cannot cooperate we collaborate Clear lot idea we teach studying started saying for already. the have is the what, basin. in and you is between on the program XXXX. course, most of the of today, JV, structured in for the have operation needed Mario, XXXX. with We is discuss the a as discussion. to the plan? have rank discussion on not for therefore, What that it’s plan we guys an and We efficient And that country we is new are way operators for that technical of course, the are

agree going we what that to exactly we program So, have implement. that together, to we are

that a year. we So, yet think clear discussion. we next I are on program for don’t have

you. Thank

question… next Our

or – question question have other that I was you that. not, answer because another I thought sorry, The mean, I

Thank you.

Our the from next Citigroup. from question comes line Andrés of Cardona

is line open. Your now

you can comment also morning, but Good questions my still about of the Most and if have Miguel, you of you very your the results. the I have realization been pad keep in Miguel, last if Alejandro, for the X it cost some advance, quarters. quarter, two. guidance fourth over Yes. maybe visibility of good couple congratulations for strategy have prices has been selling about asked, have of if because

side. will results. be again, congratulations And my that the on So from

question. yes, X. about you, for me pad Andrés your tell first And let you Thank

September. So, we and in tied-in complete by X

we learn in two to place lateral X,XXX We properly if The Orgánico. close and average remember Cocina and La ways Okay. two meters you per length, in well. ways was stages average XX

mean, of and is the days XXXX go even the quarter we did it. well, I do. is track And went we and would used day the have effect cement pad than in and we our that and we What that used technical the to also running we production. fully in we the part XX operationally, This to again one XX is, farther we were small stages recover that was was casing. issues, and well pad the place we then of that basically operation and not without average issues, have around drill managed was we basically the pushing sidetrack is for one, a did we have we what three run due we sidetrack to We barrel plan. that to Yes, So one we clean. wells side today of to to casing so per of basically

XX from days overran October. an cleaning we that September to have particular It well, was still pushed cost. Also up. in So

In additional. drilling well today, normal So this around a we million well, all basis those we million. $XX $X have are

complete for the that impact the one sidetrack So was of in full pad. the well

Okay.

I pad the performance already nothing, we been exceptional. So drill have have mean, XX

we investigate, on. prove running and it’s we course, part do, of we Of an But operation. so

impact measure seen impact the well choke do. the likely production is today pad around, looking no And there what in we is It’s program So, from looking type. good.

So that first is your question.

was I Your prices on question related to, will second QX. look for

mentioned of in revenues. have as So, the call, QX, Okay? we already I our looked XXX% in

enough. to same XX. means December around sold total QX prices that October XX% another what have prices good was to realized in to manage our October in and That manage was place prices We Okay? to an cargo of XX, two basically have we around we X in volume be We in cargos.

Okay. We XX. was Brent time of XX. at that managed realize to prices around

basically domestic to placed And [indiscernible] Okay. others. volume and were

already looking that So what we QX. have for is,

around average So Andrés? our expect –when the thing, you basket. should Hope look prices you whole will for per answered your questions, you $XX that at be barrel sale the

Yes. Thanks a lot.

Thank you.

Our line comes the from next Ezequiel question Balanz. Fernandez of from

Your now line is open.

Ezequiel the if questions. complete go don’t would always. good from materials Thank the Balanz. Fernandez to all by to morning. one, three is taking for as call I you I This the Hi, one mind. do and have time like you

quarter? talking first bit was don’t in per that, pricing. the during know, the moment. for The also Argentina the your two can little to sell was and $XX third recently some Brent if such to back is asking. at the one has and going I barrel confirm internal oil one parts crude what what had for It articles export price Vista about news you the sales lighter relating discount as a that on is We the versus just Andrés going Cardona of

Okay. question, very much Well, Ezequiel. for you thank your

per question $XX your the those to in market. we reality local simply related first the in the local seen The barrel prices not on market. is, Okay, have

Okay.

with to prices depend know, numbers, but around the of $XX those number as the mean, more should I those probably mainly seen local is will the congratulations numbers. negotiation to We $XX. getting pan you many them, I price one the and my anybody’s go think of If refinery. things, And we the today

Okay.

prices not previously, export. term exactly discounts to in we okay? export. is XX% in You what And What see $XX of blindly. said of around So, seen the of I have second short

to probably today of see we the basically that can quality. $XX $X.X place You

successful depend see of a the But been range we’ve very and no we tender, price ago that and was around $X. Okay. long that

$X, $X. today Okay, and are about tax $X. of that, $X.X, I mean another other the the is portion the which export they talking part And around

variance quality. is So and is in quality story. positive of the that And the the a straightforward. only export discount the a Vaca of quality is is are that the Muerta super we recognition, Vaca Muerta getting And very

volumes mean back more to This for more no we’ve create everybody. previous key the us, industry, order the win-win key have key invest have in volumes situation support. the Argentina to dashboard. a I to the when for is So to going the to for more difficulties for question, to Again, is

you’re pays any has start budgeting next related be sense given pay second are question you is taxes Vista a paying year? income get mistaken, investment the up that some taxes, to My you. income years, Thank to not I’m been past Great. during going your or if if not to wanted now, thinking I to

Yes. Ezequiel, that’s correct.

forecasting should in current see in we what that that the everything of balance our Vista, is next the basically taxes are we during we can pay call statement year. You

this of bit Okay, my carbon it’s, for so you a question a And your tell little and final if and bit year? next if early could me lower initiatives great. ESG be might to ask, comment little

are this And XXX,XXX are basin. Yes. COX presentation. the that think doing is Well, basically, thank of I you in bit reducing answer for annualized in present of that. a We around ton we we we And in equivalent XXXX. what

and we we reaction year, on we December strategy, in exactly next expect a will X what do. Day our present will further For Investor

super are we the about excited that have. We plan

low plant, former term Our we of low I cap a already are assigned to operator. in cost, low operator And carbon that. carbon becoming a think our

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concludes for you This today’s Thank call. conference participating.

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