Vista Energy, S.A.B. de C.V. (VIST) 28 Oct 222022 Q3 Earnings call transcript

Good day, and thank you for standing by. Welcome to Vista's Third Quarter 2022 Results Conference Call. [Operator Instructions]. I would now like to hand the conference over to your speaker today, Alejandro Chernacov, Vista Strategic Planning and IR. 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 by attention to from cause on include statement these These could we forward-looking actual subject materially to be begin, including the may Slide be contemplated to that expectations remarks remarks. today, results different

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

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

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

quarter, driven of averaged share del last with boosted which production results XX.X Total the $X.X production drilling were lifting incremental Oil to volumes. morning including in Palo welcome during by $XXX.X call. in QX during cost and million, costs production increase strong continued prices. dilution financial X increase pads our and reflecting BOEs the of to pressure the per Capital flat per than adjusted containing BOE as $XXX.X a XX% Bajada with higher X pleased Good as year-over-year, through for was XX% up a stronger X you Lifting quarter. day, everyone deliver performance. was oil XX% to $XXX.X relapsed EBITDA XXXX costs Ale. costs, and well amid the by million, the earnings of have Thanks, of third revenue Production for coupled our realization Oeste. boosted expenditure production in was success doubling completion this fixed year-over-year, the strong the the prices timing for quarter, to the wells year-over-year. we growth, million year-over-year. more XXXX, pads quarter Total and operational I'm of

we end flow EBITDA driven XXXX, X.x quarterly QX EPS record a cash solid ratio positive During free of was at leverage share. per $X.XX of adjusted Net implying net Adjusted quarter income adjusted was EBITDA. million, by $XX.X million, adjusted $XX.X a generation. robust

pads operation our we We per now main mainly interannually. BOE deep benefited the production another pad XX,XXX del [relation]. will during from was put into metrics. Oil financial where in Oeste, Bajada and X-well day, XX% year-over-year, quarter flagship was Palo in up during our Total production XXXX development by tie our driven X in XX% on production dive QX up and

XX Oeste, and Bajada wells BOE including date. quarter. del some flagship will Palo development BOE Bajada deliver to guidance our XX% on oil curve now wells production, In Our Palo in production of ceroid on Aguada than produce tie-in total more of our I our the to an average details well type to more X% continue projects. represented these of Total of during track each of our year. share with average day, is per production Federal the XX,XXX year-to-date day on XX,XXX production del for Oeste per

Oeste. del XX. Palo completed During tie-in we del Bajada Palo pads XX Bajada QX, and Oeste and

QX, completed X Bajada In wells final line We Palo and tie lead our seeing of we operators becoming the tie XX, wells particular, late XX first in Palo we in This are currently productivity which In new [Manson], in in del reading Oeste. will for are in in to this block. the have with in we del well December. to XX% the well above in tie-in delivered Oeste Oeste-type after plan on of year The this and normalized block. X,XXX we a been I'm del day into Palo is very currently an have excited a Federal. in assets we Aguada At are our successfully Cocina IP-XX BOEs end ago in curve year XXX acquired were our production the by integrated the La results core landed days seeing per and development. Bajada basis. Bajada producing

Aguada X, We Federal this in was X month. also well early in tie which pads completed

[new] on and tie-in in inventory the as These tie-in total average Palo Oeste initial of connected Oeste, wells results to confirm [federal del X under the tie-in XX well our to del is Palo is operating. normal del our including the Oeste In Palo the results. pilot lifting leading ongoing top integration Federal. our as a this Board block, we XXX adding wells, blocks for well days, up Bajada currently wells Palo late X] western del a of milestone understanding is to Oeste of of Bajada footprint. basis. production costs of above program XXX part quality and After This Finally, Aguada the environmental Bajada Bajada February continue our future major the type show reducing curve

to next produced an the increase XX,XXX leading we have wells oil to half to to XX,XXX planning in treatment processing capacity acreage to crude this a further the first oil day. to barrels the to XX,XXX capacity oil this of from in increase day plant plant this barrels during We is cluster, oil per of The are of QX. Also X of per the finalized modular step drill upgrade XXXX. block, recently to in this part eastern derisk additional in in treat block

accounted enable period and and rate than realized a expect as a revenues efforts overall costs. QX is washing barrel, was Realized prices substantial X% year-over-year. and of achieved $XXX,XXX while but years. XXXX which to less saving QX, of of is is in completion designed During drilling X.X of over half than the our we currently tracking. and per price $XX.X by our is CapEx X,XXX realized inventories per X to XXX%, to estimate Bajada surpassed We and own The quarter million in sand XX% oil during so cost-saving XX,XXX XX% current of barrels significant was of oil as plan well our oil X barrel day, soar the cargoes forecasted The year. Muerta X,XXX during market or run to sun average. more which at $XXX.X improvement the million, and producing were we barrels production project total. Sales requirements plant by contribution completion oil driven development producing unrealized X. the Total during of total drilling this price domestic of from Vista of from started mine roughly quarter located up year-over-year, achieved kilometers be oil export production This was million, $XX Crude exported of roughly oil XX% first increase on XXX barrel, volumes growth tonnes XX% in per can for month, a payback $XX.X sand of to the export approximately the is our for XX% The Vaca plant per it almost producing our we to is the Palo savings measure volumes next average, prices. plant. per of quarter related sold a we mature market The $XX.X Este, kilometers of revenues. per

well. We volumes level expect this coming as quarter to of the maintain during export

we prices around million to mainly to for price sales quarter expect was $XX.X applicable our levels XX% $X.X Regarding Total increased XX% The X% per were total customers cost Realized X% BTU volumes. of below $X.X million. million Chile. prices, of sales of our the to BTU, sales $X.X applicable to a current was with Plan by volumes per realized per average to rent BTU exported remaining lifting million industrial Gas volumes. prices of boosted oil were the for at gas QX. year-over-year QX,

services implemented We of have in associated treatment all tactical materials, pulling in successfully in line increases pesos all the chemicals by cost-saving impacting reuse and depreciation to click driven initiative services, in assets, real of that our the in offset cost water-falling materials, and terms. conventional projects plans

for our cost. the X%. continues reduce We of growth volumes This BOE the of XXX% strong of boost $X.X a for successful to maintain reflects BOE was quarter Therefore, costs growth listing reiterate per EBITDA revenue stable implying guidance Adjusted million, effort our on sequential sequential in $XXX.X costs. interannual an Additionally, and full dilute by to per will production the growth XX%. basis lifting fee a and year.

Our adjusted EBITDA $XXX is year-to-date million.

driven line we investing flow our to Cash $XX positioned and points million leading the included used by Palo free total while used during was cash to Federal. cash advanced financing the on to $XXX.X to percentage million leading paid previous the million. to our full So year-to-date flow Free million. $XX million, by activities interannual per a of the positive in in Cash X. margin of core Gross In year-over-year. completion of impacted $XXX.X XXXX, del including quarter flow during syndicated for payments million Oeste with debt debt. for basis. Interest $XX.X treatment bond CapEx robust guidance improvement the activities driven $XXX.X million, Adjusted activities free of accrual $XX.X at QX. Aguada million activities $XX.X of tax of of evacuation quarter. robust, a gross $XXX XX% debt by $XXX and million million, quarter repayment $XXX.X and our Series an flow generate of in quarter, million, and XX% end during million, Other our the surpass and million. continue million BOE, $XXX investments facilities, $XXX.X was a principal amounted Bajada year. flow $XX well the stood in EBITDA cash operating gathering, $XX.X was was XX of projects, at from development reducing in mainly loan stood are our increase we QX mostly was an also income grinding Cash an Netback at

maintain guidance. at such year-end, latest EBITDA a plan at end. level healthy X.Xx around in adjusted quarter line with the stood Our by our Net ratio very leverage is to a

we financial performance. During XXXX, delivered a operational QX strong and

recorded EBITDA Adjusted year-to-date. net was XX% year-over-year. As million day EPS per $XXX.X our the share during on $XXX $XX.X million production performance, increase for income continue year-to-date drive the a was year. the currently quarter. BOE Adjusted for XX.XX per quarter are we was million Muerta quarter. Adjusted the to projects for growth, Vaca the Based reiterating and is we for the $X.XX guidance our quarter,

progress good to make vis-a-vis reduction to per our in projects XXXX. BOE, continue reduce XX emissions to forecast XX% We to emissions intensity We footprint reduce a kilos operation. of

to agreement front, This or This the improve On to the midteen capital cash range reduced after distribute record and the between marking approved is approximately share in XX.X our company, investment per a X, of we through beyond development warrants dilution projects. warrant limiting and $XX,XXX significant laid shares the on structure, $XXX,XXX our by shaving which Trafigura, basin, flow of evaluation shareholder in contributes correct Further the out prices million buyback objectives on free to Vista immediate understanding our are Vaca of group holders particularly price of X-year the shareholders the our milestone accelerated depending Vista with the in dividends On ventures center Muerta, shares amendment second and meeting A&D acreage increase favoring of Vaca formation providing acreage. to debt, exercised. plan. should the generation in XXX proposed closed how a international value capital for number the infrastructure Muerta shares. evolve the warrants October

to with deliver X second our scheduled to I share and is to morning, to this approve in sterilize another step vote take for important our for our $XX.X million. for This line and understanding to have team to great meeting strategy program I please opportunity continued on proposal the And open Q&A. partially hard called for and that, their will new place for their take a return shareholder work, exercise. Vista the December buyback shares at thank linked in shareholders investors support operator, Finally, passion commitment. warrants our this the

[Operator Instructions].

of line Andres from the Citi. comes Cardona question first with The

I developments. recent the X and results on Congratulations have questions. the

The and first you early it one The Federal Or conservative? think Bajada about do it? production at day, Palo now over seem to is, should one it how has we -- per Oeste XX,XXX to think despite with target with be Does and now the it? Aguada how very XXXX second results about del since encouraging. barrels

there continue the like you focus a was strategy partners Oeste? slowdown for to a basis, two on the sole about think on derisk CapEx, a you to these So it what strategy think or maybe is do on How carrying] Palo do these fields, [farming emerging assets? Bajada develop that del rest seek

we see very much XXXX a the that at we first Starting XXXX good target XX,XXX, been we've around XX,XXX oil how so and questions. good the rate XXXX far. similar for per and part we today. growing barrels very they and growing you a question Thank And finished really on the having XXXX, with very congratulations Andres. your your are -- day. are realistic Well, Hello, of

to So that said XX% your is XX% for assume year-over-year. should growth volumes as statement will continue you we growing to And production we be you calculate, right. in around

find the number that XXXX you be per day. the -- will we that probably proposed the of should average in If that at that Day barrel you do about Investor XX,XXX calculation, was end

coming So we that the And should will continue if way think are do that that. growing grow, higher. we we I not yes, it don't why definitely,

to operational develop. Oeste will and that Federal target. model Aguada used a Related and higher to we We the Bajada and del business have Palo model

reality have Trafigura basically need that consider with add in I to Palo CapEx but to continue integrated in basis. we But more excellent. it's going that to an we think performing The it's [apparel] is that will considered we the to is when ourselves. The integrated deal on we have states have about The our what worked develop to at in pretty have well. and be are by plan pipeline. be will we to something do you going -- wells already economic

Oeste have a We side that have X, is del del Bajada the Oeste Palo to proved portion block. that Palo number Oeste. part Oeste the and of Palo pretty Bajada we we And result east same Palo del good, of Oeste cannot Palo [quite] our del nice del Bajada also Bajada has probably Bajada

one view, for field that operations So point from you operational have all consider setup. that, to the of one is us and

more making -- So as strong performance. is our have, strong. we accretion are will we and that we develop, because our as that XXXX much adding acreage is position to of more the very quality in nothing more but very we encounter the portfolio our course, And challenge, robust plan of we have

Chiarvesio question Walter comes next line Our with Santander. of from the

projects medium company. for the But Hello. mostly. the Congratulations the there And do quarter. that the My this for was for some the regarding [miss you question in from released very in over do important in comes front added mean, projects, integration see companies. is infrastructure hear country, being private private et you having] from you that strong to those OldelVal my publicly time long-term ask how by information you would And growth side. the and I see some evolving how cetera? I it like sector, and That's those

yes, all Thank in you, answer is that. of And Walter, question. your are for we participating the

the Norte. del potential OldelVal, with in other participate using And to is optionality basically evacuation. OldelVal. [Bajada actively expansion order considering the of Our are Oeste], options Palo and and the Vaca Starting to maximize in Muerta, strategy project we of also,

that we OldelVal. around as oil And today per XXXX have is expansion is oil transporting capacity. it's beginning you of project and day OldelVal aimed per main of early XXXX. an full XXX,XXX XX,XXX currently publicly there's in barrels the barrels add pipeline the that of or As know, day said day you Vista XXX,XXX that at per barrels capacity to

on a We have it. We participate for week. place last expansion that public tender took

OldelVal analyzing we aim and was more that offer there of capacity a to the of that capacity. to clear ambition of to a at increase even probably saw above bid One is and option And even production look those larger market results participants expansion what now consider allocate of how is a is basically the expecting. most that the of the clear

allocation. something super So confident we as trucking. we doing is remain well in Meanwhile, that that are

of part a relationship our set So we day. barrel with up X,XXX around Trafigura, oil trucking have per way of

We are using around XX trucks.

a So big it's not truck. of common

super call at, and are in One we is profitable is us Of we the this using consideration to And facilities costly. looking working term is are use the taking of for to having we also, is Blanca, to export This existing on. consortium, basically optionality we There's option that rerouting of in Bahia that an with But that course, sending additional to are reversal something we option. looking that are netback Chile. and through a [LaCocina]. OldelVal the [Indiscernible].

So we on are active super evacuation.

as an XXXX. current behind. we I bit our plans compromising see industry, are that we don't Nevertheless, towards a think

We optionality. will have

and promised. optionality numbers We will we deliver we and are yes, that building the

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

bring results. Alejandro of the between Congratulations discuss exports. your topics the remuneration. would One and balance level to on you. Miguel or maybe CapEx, reinvestment Two is excellent shareholder And pace I like that that and the so discussion with to

questions of it be of do a to operations if to So do continue from cash same and -- higher return tie-ins? terms growing reinvest production, from have you you as point your -- more required of your pace of mean you to there, you you and to plan Would the of -- operations are expected say. have increasing you lower share like are your we to, linked are locate say, well for do prices? on I assets do redirect Likewise, more midstream. you your Or is hurdles to more shareholder logistics of to exports dividends? international what in you or continue driver your production, discussed next And more in cash let's as buybacks at previous let's therefore, Do either will and any remuneration, capital revenue as generate this that CapEx?

do and a shareholder particular, you it of cash? investments of more those points overall, exports in generate in question, more on of a midstream? do additional discussion pace it's redirect wells to How between touching and but remuneration, So and expect requirements than specific of share you

Thank you very much for your question.

So exports barrel straightforward had single that we probably is look every that related to goes at the most one, the to export.

in If of we in I the you said -- probably was production XX,XXX an of volume that of that per at oil have XX% that a arriving mean, time remember our Day, mix will local average the market. that Investor we we XX% of calculated [fporan], we have day considering XXXX. barrel calculate there that in

Today, So more higher that seen airport. and today, production, the if see than have additional any are XX-XX supplied. mine-by-month, if we the as the could it adding That's adding under market incremental you barrel bit to percentage XX%. cargoes export reality. as the industry be we you goes we how rest, more the more the And fully follow local have quarter-by-quarter. the quarter-by-quarter, in It industry market exportation

more of of will cash flow, we In terms production. course, have yes,

that that correctly. remember we cash on XXXX Day we cash. we billion signal the we We the toward if will think have have better prices of -- one Therefore, flow I that that around and generation XX. towards plan, calculate I you Therefore, have think there, Investor was additional XXXX, than when $X.X

are the cash Now generating, course, of care, today, that are we taking CapEx. of we the

want And with in we that have are programs. XX% buyback XX%, it in around for meet of the rest, line We of have that terms rate we production. and we is a it's using infrastructure also that to growth

front-end moment are Of that we infrastructure to to at meet course, we have that plan. the

shareholders. we first the After be XXXX, case infrastructure the So an expansion going CapEx there we to that OldelVal. XXXX, best we probably or is to continue retribute plan. We will now will means main dedicated component. really that, have that to X our to aim dividends only is is or have don't -- of years, not have be The reducing the West, using buyback have in will have we another to but XXXX, to whatever debt, will

have additional I based order XXXX this prices, than a we course, always on up to will performance signaled yes. decision one will with will market. based can in And we come consider is oil with have the we that plan be and CapEx higher to But say something on growth that Of the that onward.

that are way what we and So that doing. is basically thinking the are we

have today. growth as in to So buybacks to you have the to that to will of have continue story XXXX, do infrastructure, from think now we terms have on equity we we think cash enough XXXX that what CapEx, onward, of XXXX, and

Palo still Very be majority will clear. Oeste And that the necessarily others. not I would Bajada of assume the in and activity in del

del start the to that one is Federal Palo need part to Bajada del Oeste Aguada west Oeste, You on Palo Bajada us. think of for operation

will the we yes, the to that and our is start operation. unify that of But So main core that develop operation. --

on far. the so Congratulations results Understood.

Latin with Nistor Rodrigo From Securities.

you Congratulations normalize? wondering been exports pricing for on comment do strong domestic when also expect see in grow if to and benchmarks And recently for you it? international so, I the discount driving if on to for it market a quarter. And could you if dynamics Medanito. what's increase was Argentina's

XX% for local we of Yes. in see -- QX. We you range. QX very question the prices have and your between thank in Rodrigo, similar the report. the in for something we XX%, QX, also to local market, terms

will expect should numbers. you around those think I that QX be

In have so you have QX. -- export we in to plan X know, terms all, of export, as of we cargoes first

lower holiday the the cost that cure oversupply the higher the saw refineries West was the the discounts gold we in U.S. U.S. and maintenance to some have schedule last was demand the know, September because Coast And in all October. know in as due you that impact in we and we season. As of the

have where on have somehow effect. of One Argentina, overlap happening. the change I a of think also, word we and we bit local with we Energy, that a Argentina the in also the permit. delay that create and was was And ongoing Secretary a things in some that refineries some have maintenance of coupled compound

discounts of per we So you barrel $XX normal. now know, we see that coming back September. in as And to saw

the come July see and from August. December in October, in X.X% probably normalizing we we discount. level around $X, So and one probably XX%, see $X in we XX% Remember, at

So we normal continue through should going going and discount. a

So back discounts [brand] X October, half to consider take we in which QX, cargoes $XX. we XX that is the the there. as cargo first to have December see an discount would of we have last in average of you in to I prices, -- prices, And range $XX said oil

have we -- QX rent we So will that in have the price with softening we bit in believe compared QX. will a

with from comes Our Securities. question next Alejandro Demichelis Nau

on is, said please? year, the growth clarification results. What couple CapEx for The you first for question. actually one of production. A Miguel, XX%, That's assume next clarification, should XX% growth the year, we questions, for of one next on level Congratulations that question. exact then

Yes.

correct. that's yes, So

exercise. are CapEx see should around number, in we the CapEx year the we in right now year exactly CapEx I the I total. this doing we be think growth production range. million think budget XX% spent are the CapEx XX%, line working that we with you now will this consider that But the the €XXX and And on was

bit a consider million could you or €XXX So higher.

the €XXX the OldelVal all million and rest, So yes? includes

normal is that CapEx. No,

for Okay. and then infrastructure. And OldelVal the all

if But yes, to goes. that. it's additional have Yes. a OldelVal, how going we it OldelVal, be to bit we to see need

is... second And then question the great. That's Okay.

it's that deal. and have we need you up set weather structure consider the way the this really deal, way but the to deals OldelVal One it's structure not that advisement, that thing cash some the the CapEx,

more question technical, Okay. That's second you then if the And want. great. is

drilling with So Part you're that Is wells. XX, right? X

correct. That’s

the you Palo you're going that think Oeste forward? del Bajada develop way going is So to

No, necessary.

We X have pad flexibility X wells. keep between -- and the we the to

where Cube time, avoid the We are our we the what do if how can depend a therefore, at to or to of part engineers some that Juan [biography] that is that to process you introduce of the at aimed have any in our doing. do wells of we any of say, technology of called And interference possible a if developed or I interference and and we using, is Alejandro, decide between area guys how are we won will X. we look to is point be a X [Indiscernible] part wells. could particular between we will Cube pad

and is course, number that of also and production of way the decision consideration economic of that Of I in delay the our the taking on in reserve target will production say, role. the play the main, possible. reservoir, the of part factor there's But main very in production management. managing that is a putting usually, the a pad It's the

answer the is So no.

But to the reservoir. see X, technical do We of we way will that not but you develop develop with can X X Part X. best or dependently can the what our people see

are say, and But we reduce the we then [spacing]? the seeing much start see But field. well in spacing in, can U.S. efficiencies like the if seeing Okay. , economics we you better

terms models of also always in terms the recalculating are in and looking development. reserve of the We productivity spot, and sweet

with line between the we we do of wells an ongoing do the distance looking So positions ourselves how challenging are this the are with always well the with casino, of we with we world, always a discussion. that many how at [Indiscernible] many the is

changing set parameters develop. formation. say. been better you proppant design, a reservoir changing that we to what not will have between that If distance we telling want to [struct] future. way in the one unthinkable of intensity of mean that in will today. today. changing. those we our I model we -- And well we've We're I land, put we is the change we But we it's we're okay change are changed that don't in will the So with

all variables that go together. So

all but super work it, with change to doing, today, are are that the we So doing time. are we what we we are comfortable the open

It Instructions]. of comes [Operator Fernandez the Ezequiel with line from Balanz.

Hi. is Thank for Good very you This morning, everybody. materials, the Ezequiel complete. from Fernandez Balanz.

do and I one X mind. not if Federal to like have go results. I you would always, the by on congratulations questions. As Aguada one,

with the Federal] burner? will The on Ãguila to I first Bajada, [Aguada your different you Or new cutting positive results are back don't if one is if Mora. the hub in know zones maybe continue [Indiscernible] that to in year? on next and related the you work

do that next we wells beginning I Ãguila year are between all. planning at the the again, is of end Mora year. to and in So no X of mean,

plan the So nothing derisking we ahead go that block. with continue of

mentioned Okay. Securing a maybe of to you investment mentioned coastal I on go you the sorry for capacity least face not should like of and for back, or and expansion at that terminals. Vista, equity Walter, that portion that the for topics that would Regis, upfront Great. to some that. Alejandro significant assistance the of capacity OldelVal the

be for securing we conclude should signing should mostly take-or-pay long-term that So capacity? that it about contracts

an that but it's we and Difficulty] if It's CFO not add something seeing [Technical have following you want Vera Pablo, Yes, to online don't tender. the Pablo advancement. CapEx, to that? I know,

Sure.

this terms be In under the it financially means, by of would contemplated advanced what structure payments. OldelVal

of they're recognized next but outflow open, So end not they be That process that than year far. and other and OldelVal there being more OldelVal -- of And would offered towards the and so would in we the the year. CapEx, have be we're capacity producers can this is still our there obviously, with needs they discussions a cash capacity as be think course with offer. to to having is tendered what accommodate

production not that in have ramp-up we that Day assessment is issues presentation. have the preliminary Our the accommodating we presented Investor should

current than My Okay. Argentina. OldelVal to great. little a in that mean nationwide XXX,XXX question of the it's barrels expansion, is X/X final related And would per day. bit more production the That's

and refinery those to barrels Argentina? in considering be no years, we maybe all the export are in Or maybe to X, could So be expansions expansion the X would expect planned too optimistic? market that filled there go pipe that

We of ambitions everybody a of basically model in And we all Argentina. that the the think production few a has to OldelVal saw course, plan bet next the for The we piece -- And so in I -- reality the grow on their greater view is all, is, to years. have was in what that. of that. for first probably

an potential important is that reversal are OldelVal but to a of it about the options. one, Muerta other to that. looking a Muerta] will and are we discussions [Convida pipeline add before, mentioned the Chile, Vaca South Vaca low there I capacity, As

of pipeline second see today? are to I happen all late bit a is OldelVal mean we projects an have OldelVal. today in discussions having thing the think are will all late has considered together. we I along capacity that as will as pain a the offered. we think move you And I bit that industry those was Yes, Are ongoing. another one that the to a coming

questions remarks. showing not it queue, I'm for sir. the any in I'll to final back management pass any And further

the right. again, opportunity much for and mean, questions All the with line. the thank this I the Once thank team to And your the report. work hard I take close very for the Vista we for quarter. that understanding for the results that, also you support for we have

you, have day. of a good All

you and for today's concludes presentation. program. Thank participating the the in Q&A This

disconnect. You may now