2020
1stQuarter Results
Mexico City, April 28, 2020
NYSE: VIST
BMV: VISTA
Vista Oil & Gas, S.A.B. de C.V. ("Vista" or the "Company") (NYSE: VIST and BMV: VISTA),
a new generation publicly traded Latin-American oil & gas company.
Vista Oil & Gas Results of the First Quarter of 2020
April 28, 2020, Mexico City, Mexico
Vista Oil & Gas, 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 for the first quarter ("Q1") of 2020.
Q1 2020 highlights:
- TheCovid-19 pandemic is an unprecedented health crisis that is currently causing a significant impact on the global economy and financial markets, the oil and gas industry, and our operations in Argentina and Mexico.
- In order to safeguard our people, more than 75% of our employees are currently working from their homes, following our strict health protocol. To ensure business continuity, we are maintaining essential field operations, thus reducing our active workforce in the field by 65%. We have also opened aCovid-19 helpdesk for employee Q&A.
- In Q1 2020, our total production was 26,485 boe/d, 3.1% above Q1 2019. Average daily production was composed of: 16,991 barrels of oil per day (bbl/d), 12.6% above Q1 2019; 1.41 MMm3/d of natural gas, 11.4% below Q1 2019; and 645 boe/d of natural gas liquids (NGL). Total operated production represented 97% of total production in Q1 2020.
- In Q1 2020, our total shale production was 5,838 boe/d, representing 22% of our total production. Our 12 shale oil wells in Bajada del Palo Oeste wereshut-in on March 20 in response to falling crude oil demand.
- Net revenues in Q1 2020 were 73.3 $MM, 21.8% lower than the 93.7 $MM generated in Q1 2019, due to softer realized prices.
- In Q1 2020, the average crude oil realized price was 43.0 $/bbl, 24.2% lower than Q1 2019. In March, average realized oil price fell to 26.5 $/bbl, as theCovid-19 pandemic hit commodity prices, thus affecting our realized prices, which were linked to Brent in such month.
- Natural gas realized price for Q1 2020 was 2.2 $/MMBTU, a 40.5% decreasey-o-y, mainly driven by a decrease of 51% in industry segment prices and 35% in the power generation segment prices.
- Average lifting cost in Q1 2020 was 9.9 $/boe, representing a 17.5% decrease compared to the average lifting cost in Q1 2019, which was 12.0 $/boe.
- Consolidated adjusted EBITDA for Q1 2020 reached 25.3 $MM, 31.9% below Q1 2019 and resulting in an adjusted EBITDA margin of 34%.
- In Q1 2020, CAPEX was 71.7 $MM, 63.2 $MM of which were invested in Vista's Vaca Muerta development project in Bajada del Palo Oeste, where we completed andtied-in our 4-well pad n°3 and started drilling our 4-well pads n°4 and n°5.
- End of quarter cash balance was 205.3 $MM, while gross debt totaled 481.4 $MM, resulting in a net debt of 276.2 $MM, and a net leverage ratio of 1.7 times last twelve months (LTM) Adjusted EBITDA.
- Q1 2020 net loss was 21.3 $MM.
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Vista Oil & Gas Q1 2020 results
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.
Production
Total average net daily production
Q1 2020 | Q4 2019 | Q1 2019 | ▲ y.o.y. (%) | ▲ q.o.q. (%) | |
Total (boed) | 26,485 | 30,026 | 25,693 | 3.1% | (11.8)% |
Oil (bbld) | 16,991 | 18,720 | 15,087 | 12.6% | (9.2)% |
Natural Gas (MMm3d) | 1.41 | 1.69 | 1.59 | (11.4)% | (16.8)% |
NGL (bbld) | 645 | 675 | 623 | 3.5% | (4.4)% |
y-o-y. (%): represents the percentage variation in Q1 2020 compared to Q1 2019.
q-o-q. (%): represents the percentage variation in Q1 2020 compared to Q4 2019.
Average daily production during Q1 2020 was 26,485 boe/d, comprised by 16,991 bbl/d of oil, representing 64.2% of total production, 1.41 MMm3/d of natural gas and 645 boe/d of natural gas liquids.
Total operated production during Q1 2020 was 25,824 boe/d, 98% of total production. Total shale production was 5,838 boe/d, including 5,599 boe/d of shale operated production in Bajada del Palo Oeste and 197 boe/d in Águila Mora and 113 boe/d of shale non-operated production in Coirón Amargo Sur Oeste (CASO).
Our 12 shale oil wells in Bajada del Palo Oeste produced approximately 11,500 boe/d before they were shut-in on March 20, anticipating a decrease in demand and storage restrictions and in order to protect our conventional production, as shale reservoirs provide efficient storage solutions.
Q1 2020 Average net daily production by asset
Oil | Natural | NGL | Total | % Total | ||||||
Interest | Gas | daily | ||||||||
(bbl/d) | (bbl/d) | (boe/d) | ||||||||
(MMm3/d) | average | |||||||||
Fields total at working interest | 16,991 | 1.41 | 645 | 26,485 | 100% | |||||
Entre Lomas | 100% | 4,043 | 0.35 | 582 | 6,804 | 26% | ||||
Bajada del Palo Este | 100% | 553 | 0.08 | 47 | 1,122 | 4% | ||||
Bajada del Palo Oeste (conventional) | 100% | 1,051 | 0.57 | - | 4,661 | 18% | ||||
Bajada del Palo Oeste (shale) | 100% | 4,900 | 0.11 | - | 5,599 | 21% | ||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 100% | 242 | 0.05 | 17 | 596 | 2% | ||||
25 de Mayo-Medanito | 100% | 2,701 | 0.03 | - | 2,879 | 11% | ||||
Jagüel de los Machos | 100% | 2,775 | 0.15 | - | 3,705 | 14% | ||||
Coirón Amargo Norte | 55% | 218 | 0.01 | - | 260 | 1% | ||||
Águila Mora (shale) | 90% | 197 | 0.00 | - | 197 | 1% | ||||
Acambuco (non-operated) | 1.5% | 24 | 0.02 | - | 180 | 1% | ||||
Coirón Amargo Sur Oeste (shale / non-operated) | 10% | 96 | 0.00 | - | 113 | 0% | ||||
Blocks CS-01,A-10 and TM-01 (Mexico) | 50% | 192 | 0.03 | - | 368 | 1% |
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During Q1 2020, Entre Lomas (including Entre Lomas Neuquén and Entre Lomas Río Negro) block represented 26% of total production, 25 de Mayo-Medanito and Jagüel de los Machos blocks represented 25%, Bajada del Palo Oeste represented 39%, Bajada del Palo Este block represented 4%, Agua Amarga (Jarrilla Quemada and Charco del Palenque concessions) represented 2%, and Coirón Amargo Norte represented 1% of the quarterly total production. The production from our blocks in Mexico represented 1% of our total average daily production and the remaining less than 2% is production from Acambuco and CASO, non-operated blocks in Argentina, and Águila Mora, an operated unconventional concession. For further detailed information on production, please see Annex "Historical operational data".
Revenues
Revenues per product - in $MM | Q1 2020 | Q4 2019 | Q1 2019 | ▲ y.o.y. (%) | ▲ q.o.q. (%) |
Total | 73.3 | 96.4 | 93.7 | -21.8% | -24.0% |
Oil | 62.0 | 82.8 | 73.3 | -15.4% | -25.1% |
Natural Gas | 10.1 | 13.1 | 19.1 | -47.1% | -22.9% |
NGL and others | 1.2 | 0.5 | 1.4 | -14.3% | 140.0% |
Average Realized Prices
Product | Q1 2020 | Q4 2019 | Q1 2019 | ▲ y.o.y. (%) | ▲ q.o.q. (%) |
Oil ($/bbl) | 43.0 | 48.1 | 56.7 | -24.2% | -10.6% |
Natural Gas ($/MMBTU) | 2.2 | 2.2 | 3.7 | -40.5% | 0.0% |
NGL ($/tn) | 245 | 234 | 276 | -11.1% | 4.9% |
During Q1 2020, total revenues were 73.3 $MM, 21.8% lower than Q1 2019. Oil revenues decreased 15.4% and natural gas revenues decreased 47.1% y-o-y.
Crude oil revenues in Q1 2020 totaled 62.0 $MM, 15.4% below Q1 2019, as the increase in volumes sold was offset by a reduction of 24.2% in the average realized price to 43.0 $/bbl. Average sales price was 55.7 $/bbl in January and 48.2 $/bbl in February, but fell to 26.5 $/bbl in March, as the Covid-19 pandemic hit commodity prices, thus affecting our realized prices, which were linked to Brent in March. Crude oil was sold to domestic refineries, primarily to Raízen and Trafigura.
Natural gas revenues represented 13.8% of total revenues. During Q1 2020, sales were made to a diversified portfolio of industrial clients, representing 60% of total natural gas volumes, at an average realized price of 2.0 $/MMBTU, 33% to distribution companies and CNG clients at an average price of
2.9 $/MMBTU, and the 7% remaining sales were made to the power generation segment at an average price of 1.8 $/MMBTU. The total average price of natural gas sales for the quarter was 2.2 $/MMBTU, 40.5% below Q1 2019, mainly driven by a decrease of 51% in industry segment prices and 33% in the power generation segment prices.
Natural gas liquids sales were 1.2 $MM during Q1 2020, representing 1.7% of total sales. NGL volumes were allocated to the Argentine market at an average price of 245 U.S. dollars per ton ($/tn).
Operating Expenses
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Q1 2020 | Q4 2019 | Q1 2019 | ▲ y.o.y. (%) | |
Operating Expenses ($MM) | 23.8 | 25.7 | 27.8 | -14.4% |
Lifting cost ($/boe) | 9.9 | 9.3 | 12.0 | -17.5% |
During Q1 2020, operational expenses were 23.8 $MM, a 14.4% decrease y-o-y, reflecting the impact of the cost reduction initiatives conducted during 2019 and cost-cutting measures implemented after the decline in domestic oil demand in March. The average lifting cost in Q1 2020 was 9.9 $/boe, a 17.5% decrease compared to Q1 2019. This decrease was mainly the result of optimized field operations and absorbed fixed cost base with incremental ramp-up in shale production.
Adjusted EBITDA
Adjusted EBITDA reconciliation ($MM) | Q1 2020 | Q4 2019 | Q1 2019 | ▲ y.o.y. (%) |
Net (loss) / profit for the period | (21.3) | (44.2) | (13.7) | |
(+) Income tax (expense) / benefit | 4.6 | 17.8 | 5.7 | |
(+) Financial results, net | 7.3 | 21.2 | 20.0 | |
(+) Investments results | - | 0.1 | - | |
Operating profit | (9.4) | (5.2) | 12.0 | |
(+) Depreciation | 33.5 | 38.4 | 24.5 | |
(+) Restructuring expenses | 1.2 | 2.5 | 0.7 | |
Adjusted EBITDA(1) | 25.3 | 35.7 | 37.1 | -31.9% |
Adjusted EBITDA Margin (%)(2) | 34% | 37% | 40% | -6% p.p. |
- Adjusted EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments.
- Change expressed as a difference in percentage points.
Note: amounts may not sum due to rounding
Adjusted EBITDA was 25.3 $MM in Q1 2020, 31.8% below Q1 2019. During January and February 2020, with no production restrictions and with approximately 52 $/bbl of average realized price, Adjusted EBITDA margin was above 40%. In March 2020, a combination of partial production shut in and a 26 $/bbl average realized price drove Adjusted EBITDA margin for the quarter down to 34%.
Net Profit / Loss
Vista recorded a net loss of 21.3 $MM compared to a net loss of 13.7 $MM during Q1 2019, mainly impacted by an increase in depreciations to 33.5 $MM.
Operational Update
Total capital expenditures ("CAPEX") in shale activity was 63.2 $MM, of which more than 99% were invested in Vista's Vaca Muerta development project in Bajada del Palo Oeste. During the quarter, we completed and tied-in our 4-well pad n°3 and drilled four additional wells in pads n°4 and pad n°5.
The Company invested 0.4 $MM in conventional activity, mainly impacted by the scale down of capital expenditure activities due to a softened realized price. Additionally, CAPEX in facilities and others was 8.1 $MM in the Q1 2020.
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Therefore, Vista's CAPEX during Q1 2020 was 71.7 $MM, on an accrual basis. Cash flow from investing activities, which reflects effective cash outflows to CAPEX, was 52.1 $MM during Q1 2020.
Financial overview
During Q1 2020, in a context of low realized oil prices, the Company maintained a solid balance sheet. Cash and cash equivalents position as of March 31, 2020 was 205.3 $MM, while the financial debt totaled 481.4 $MM, resulting in a net debt of 276.2 $MM. The implied net leverage ratio was 1.7 times LTM Adjusted EBITDA. During Q1 2020, cash flow from operations was 21.0 $MM.
Outstanding bonds
Issue | Gross | Interest | ||||||||||||||||||
Instrument | Issuer | Maturity | proceeds | Type | Currency | Market | ||||||||||||||
date | rate (%) | |||||||||||||||||||
($MM) | ||||||||||||||||||||
ON clase I | Vista Oil & Gas | 7/31/2019 | 7/31/2021 | 50 | Bullet at maturity | 7.88% | USD | BCBA | ||||||||||||
Argentina S.A.U. | Argentina | |||||||||||||||||||
ON clase II | Vista Oil & Gas | 8/7/2019 | 8/7/2022 | 50 | Bullet at maturity | 8.50% | USD | BCBA | ||||||||||||
Argentina S.A.U. | Argentina | |||||||||||||||||||
ON clase III | Vista Oil & Gas | 2/21/2020 | 2/21/2024 | 50 | Bullet at maturity | 3.50% | USD | BCBA | ||||||||||||
Argentina S.A.U. | Argentina | |||||||||||||||||||
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Vista Oil & Gas S.A.B. de C.V.
Historical operational data
Average daily production by concession, totals and by product
Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | ||
Total production by field (Mboe/d) | 26,485 | 30,026 | 31,637 | 29,016 | 25,693 | |
Entre Lomas | 6,804 | 7,648 | 8,618 | 8,644 | 8,855 | |
Bajada del Palo Este | 1,122 | 1,281 | 1,349 | 1,439 | 1,443 | |
Bajada del Palo Oeste (conventional) | 4,661 | 5,499 | 4,944 | 4,076 | 4,786 | |
Bajada del Palo Oeste (shale) | 5,599 | 6,687 | 7,501 | 4,823 | 582 | |
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 596 | 621 | 657 | 671 | 748 | |
25 de Mayo-Medanito | 2,879 | 3,177 | 3,370 | 3,701 | 3,899 | |
Jagüel de los Machos | 3,705 | 3,991 | 4,224 | 4,551 | 4,463 | |
Coirón Amargo Norte | 260 | 214 | 236 | 313 | 266 | |
Águila Mora (shale) | 197 | 147 | - | - | - | |
Acambuco | 180 | 182 | 186 | 198 | 200 | |
Coirón Amargo Sur Oeste (shale) | 113 | 159 | 165 | 308 | 69 | |
Blocks CS-01,A-10 and TM-01 | 368 | 418 | 388 | 293 | 382 | |
Crude oil production by field (Mboe/d)(1) | 16,991 | 18,720 | 20,281 | 18,825 | 15,087 | |
Entre Lomas | 4,043 | 4,244 | 4,715 | 4,773 | 4,973 | |
Bajada del Palo Este | 553 | 554 | 574 | 618 | 586 | |
Bajada del Palo Oeste (conventional) | 1,051 | 1,111 | 988 | 1,011 | 1,121 | |
Bajada del Palo Oeste (shale) | 4,900 | 5,862 | 6,733 | 4,425 | 507 | |
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 242 | 268 | 303 | 336 | 376 | |
25 de Mayo-Medanito | 2,701 | 2,965 | 3,213 | 3,509 | 3,671 | |
Jagüel de los Machos | 2,775 | 3,014 | 3,176 | 3,443 | 3,380 | |
Coirón Amargo Norte | 218 | 184 | 217 | 264 | 226 | |
Águila Mora (shale) | 197 | 147 | - | - | - | |
Acambuco | 24 | 22 | 22 | 27 | 23 | |
Coirón Amargo Sur Oeste (shale) | 96 | 141 | 147 | 274 | 61 | |
Blocks CS-01,A-10 and TM-01 | 192 | 209 | 194 | 144 | 162 | |
Natural Gas production by field (Mboe/d)(2) | 8,848 | 10,631 | 10,594 | 9,450 | 9,983 | |
Entre Lomas | 2,180 | 2,799 | 3,221 | 3,207 | 3,318 | |
Bajada del Palo Este | 522 | 673 | 715 | 762 | 808 | |
Bajada del Palo Oeste (conventional) | 3,610 | 4,388 | 3,956 | 3,066 | 3,665 | |
Bajada del Palo Oeste (shale) | 699 | 825 | 768 | 397 | 75 | |
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 337 | 336 | 334 | 317 | 360 | |
25 de Mayo-Medanito | 178 | 212 | 157 | 192 | 227 | |
Jagüel de los Machos | 930 | 978 | 1,048 | 1,108 | 1,084 | |
Coirón Amargo Norte | 42 | 31 | 20 | 49 | 40 | |
Águila Mora (shale) | - | - | - | - | - | |
Acambuco | 156 | 161 | 164 | 171 | 177 | |
Coirón Amargo Sur Oeste (shale) | 17 | 19 | 18 | 33 | 8 | |
Blocks CS-01,A-10 and TM-01 | 177 | 210 | 194 | 148 | 220 | |
NGL production by field (boe/d) | 645 | 675 | 761 | 741 | 623 | |
Entre Lomas | 582 | 606 | 682 | 665 | 564 | |
Bajada del Palo Este | 47 | 53 | 59 | 59 | 48 |
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Bajada del Palo Oeste (conventional) | - | - | - | - | - |
Bajada del Palo Oeste (shale) | - | - | - | - | - |
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 17 | 16 | 20 | 18 | 12 |
Notes:
- Acambuco includes condensate
- Excludes natural gas consumption, flared or reinjected natural gas.
Oil and Gas concessions | WI (%) | Operated / | Target | Basin | Country | ||||||||
Non-Operated | |||||||||||||
Entre Lomas Neuquén | 100% | Operated | Conventional | Neuquina | Argentina | ||||||||
Entre Lomas Río Negro | 100% | Operated | Conventional | Neuquina | Argentina | ||||||||
Bajada del Palo Oeste / Este | 100% | Operated | Conventional | Neuquina | Argentina | ||||||||
Bajada del Palo Oeste | 100% | Operated | Shale | Neuquina | Argentina | ||||||||
Agua Amarga (Jarilla Quemada, | |||||||||||||
Charco del Palenque) | 100% | Operated | Conventional | Neuquina | Argentina | ||||||||
25 de Mayo-Medanito | 100% | Operated | Conventional | Neuquina | Argentina | ||||||||
Jagüel de los Machos | 100% | Operated | Conventional | Neuquina | Argentina | ||||||||
Coirón Amargo Norte | 55% | Operated | Conventional | Neuquina | Argentina | ||||||||
Coirón Amargo Sur Oeste | 10% | Non-operated | Shale | Neuquina | Argentina | ||||||||
Águila Mora | 90% | Operated | Shale | Neuquina | Argentina | ||||||||
Acambuco | 1.5% | Non-operated | Conventional | Golfo San Jorge | Argentina | ||||||||
Block CS-01 | 50% | Non-operated | Conventional | Del Sureste | México | ||||||||
Block A-10 | 50% | Non-operated | Conventional | Del Sureste | México |
Note: Not showing blocks without production, Bajada del Palo Este (shale), Sur Rio Deseado Este and TM-01
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Vista Oil & Gas S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
Key Results - in $M | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | |||||||||
Total Revenues | 73,320 | 96,445 | 105,443 | 120,361 | 93,727 | |||||||||
Oil | 61,985 | 82,833 | 84,668 | 97,500 | 73,271 | |||||||||
Natural Gas | 10,113 | 13,078 | 19,200 | 20,171 | 19,075 | |||||||||
NGL and others | 1,222 | 534 | 1,575 | 2,690 | 1,381 | |||||||||
Cost of Sales | (67,996) | (78,064) | (91,415) | (92,938) | (65,713) | |||||||||
Operating expenses | (23,833) | (25,716) | (28,427) | (32,519) | (27,769) | |||||||||
Stock fluctuation | 449 | (698) | (2,365) | 2,047 | 1,326 | |||||||||
Depreciation | (33,467) | (38,361) | (45,895) | (44,274) | (24,471) | |||||||||
Royalties | (11,145) | (13,289) | (14,728) | (18,192) | (14,799) | |||||||||
Gross profit | 5,324 | 18,381 | 14,028 | 27,423 | 28,014 | |||||||||
Selling expenses | (6,152) | (6,745) | (6,851) | (7,847) | (5,695) | |||||||||
General and administrative expenses | (9,367) | (13,248) | (8,278) | (12,169) | (8,705) | |||||||||
Exploration expenses | (131) | (65) | 333 | (818) | (126) | |||||||||
Other operating income | 2,153 | 907 | 948 | 1,123 | 627 | |||||||||
Other operating expenses, net | (1,253) | (4,426) | 455 | (531) | (2,118) | |||||||||
Operating profit (loss) | (9,426) | (5,196) | 635 | 7,181 | 11,997 | |||||||||
Adjusted EBITDA Reconciliation ($M) | Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | |||||||||
Net (loss) / profit for the period | (21,332) | (44,248) | 21,499 | 3,702 | (13,678) | |||||||||
(+) Income tax (expense) / benefit | 4,571 | 17,797 | (5,961) | (1,305) | 5,705 | |||||||||
(+) Financial results, net | 7,335 | 21,172 | (14,819) | 4,784 | 19,970 | |||||||||
(+) Investments results | - | 84 | (84) | - | - | |||||||||
Operating profit (loss) | (9,426) | (5,196) | 635 | 7,181 | 11,997 | |||||||||
(+) Depreciation | 33,467 | 38,361 | 45,895 | 44,274 | 24,471 | |||||||||
(+) Restructuring expenses | 1,244 | 2,542 | 35 | - | 667 | |||||||||
Adjusted EBITDA | 25,285 | 35,707 | 46,565 | 51,455 | 37,135 | |||||||||
Adjusted EBITDA Margin (%) | 34% | 37% | 44% | 43% | 40% | |||||||||
Q1 2020 | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | ||||||||||
Operating Expenses ($MM) | 23.8 | 25.7 | 28.4 | 32.5 | 27.8 | |||||||||
Lifting cost ($/boe) | 9.9 | 9.3 | 9.8 | 12.3 | 12.0 |
Page 9
Vista Oil & Gas S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
As of March 31, 2020 | As of December 31, 2019 | |
Property, plant and equipment | 953,608 | 917,066 |
Goodwill | 28,484 | 28,484 |
Other intangible assets | 34,437 | 34,029 |
Right-of-use assets | 16,047 | 16,624 |
Trade and other receivables | 14,375 | 15,883 |
Deferred income tax | 357 | 476 |
Total non-current assets | 1,047,308 | 1,012,562 |
Inventories
Trade and other receivables
Cash, bank balances and other short-term investments
14,754 | 19,106 |
79,841 | 93,437 |
205,257 | 260,028 |
Total current assets | 299,852 | 372,571 |
Total assets | 1,347,160 | 1,385,133 |
Deferred income tax liabilities | 151,511 | 147,019 |
Leases liabilities | 9,766 | 9,372 |
Provisions | 18,557 | 21,146 |
Borrowings | 382,467 | 389,096 |
Warrants | 6,091 | 16,860 |
Employee defined benefit plans obligation | 4,325 | 4,469 |
Accounts payable and accrued liabilities | 213 | 419 |
Total non-current liabilities | 572,930 | 588,381 |
Provisions | 3,023 | 3,423 |
Leases liabilities | 5,117 | 7,395 |
Borrowings | 98,981 | 62,317 |
Salaries and social security payable | 4,362 | 12,553 |
Income tax payable | 2,908 | 3,039 |
Other taxes and royalties payable | 3,354 | 6,040 |
Accounts payable and accrued liabilities | 72,722 | 98,269 |
Total current liabilities | 190,467 | 193,036 |
Total liabilities | 763,397 | 781,417 |
Total equity | 583,763 | 603,716 |
Total liabilities and equity | 1,347,160 | 1,385,133 |
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Vista Oil & Gas S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
For the period from | For the period from |
January 1st to March | January 1st to March |
31, 2020 | 31, 2019 |
Revenue from contract with customers
Revenues from crude oil sales Revenues from natural gas sales Revenues from NGL
Cost of sales
Operating expenses Crude oil stock fluctuation Depreciation, depletion and amortization Royalties
73,32093,727
61,98573,271
10,11319,075
1,2221,381
(67,996)(65,713)
(23,833)(27,769)
4491,326
(33,467)(24,471)
(11,145)(14,799)
Gross profit | 5,324 | 28,014 |
Selling expenses | (6,152) | (5,695) |
General and administrative expenses | (9,367) | (8,705) |
Exploration expenses | (131) | (126) |
Other operating income | 2,153 | 627 |
Other operating expenses | (1,253) | (2,118) |
Operating profit (loss) | (9,426) | 11,997 |
Investments in associates | - | - |
Interest income | 624 | 75 |
Interest expense | (11,151) | (5,817) |
Other financial results | 3,192 | (14,228) |
Financial results, net | (7,335) | (19,970) |
(Loss) Profit before income taxes | (16,761) | (7,973) |
Current income tax (expense) | - | (3,069) |
Deferred income tax (expense)/ benefit | (4,571) | (2,636) |
Income tax expense | (4,571) | (5,705) |
Net (loss) profit for the year/ period | (21,332) | (13,678) |
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Vista Oil & Gas S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
For the period from | For the period from | |
January 1st to March | January 1st to March | |
31, 2020 | 31, 2019 | |
Net profit / (loss) for the period | (21,332) | (13,678) |
Adjustments to reconcile net cash flows provided by (used in) operating | ||
activities: | ||
Non-cash items related with operating activities: | ||
(Reversal in)/Allowances for expected credit losses | 22 | (257) |
Foreign currency exchange difference, net | 611 | (2,712) |
Unwinding of discount on asset retirement obligation | 579 | 398 |
Increase of provisions, net | 7 | 1,448 |
Interest expense leases | 442 | 330 |
Effect of discount of assets and liabilities at present value | (194) | 232 |
Share-based payment expense | 2,566 | 1,244 |
Employee defined benefits obligation | 53 | 233 |
Income tax | 4,571 | 5,705 |
Non-cash items related with investing activities: | ||
Depreciation and depletion | 32,890 | 24,215 |
Amortization of intangible assets | 577 | 256 |
Interest income | (624) | (75) |
Change in the fair value of financial assets | 2,165 | (447) |
Non-cash items related with financing activities: | ||
Interest expense | 11,151 | 5,817 |
Changes in the fair value of Warrants | (10,769) | 16,084 |
Amortized costs | 593 | 451 |
Impairment of financial assets | 4,839 | - |
Changes in working capital: | ||
Trade and other receivables | 8,329 | (8,924) |
Inventories | (1,084) | (1,257) |
Accounts payable and other payables | (2,187) | (6,582) |
Employee defined benefits obligations | (197) | - |
Salaries and social security payable | (9,377) | (1,903) |
Other taxes and royalties payable | (1,692) | 5 |
Provisions | (235) | (598) |
Income taxes paid | (707) | - |
Net cash flows generated by operating activities | 20,997 | 19,985 |
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment Payments for acquisition of other intangible assets Proceeds from other financial assets
(51,714) | (91,941) |
(985) | (1,132) |
- | 433 |
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Proceeds from interest received | 624 | 75 |
Net cash flows (used in) investing activities | (52,075) | (92,565) |
Cash flows from financing activities | ||
Proceeds from capitalization of Serie A shares net of issue costs | - | 54,391 |
Proceeds from borrowings | 80,000 | 35,000 |
Payments of cost of borrowings | (580) | - |
Payments of borrowings´ principal | (42,635) | - |
Payments of borrowings´ interests | (16,936) | (10,809) |
Payments of leases | (3,565) | - |
Proceeds from other financial liabilities, net of restricted cash and cash | ||
equivalents | (16,993) | - |
Net cash flows generated by financing activities | (709) | 78,582 |
For the period from | For the period from | |
January 1st to March | January 1st to March | |
31, 2020 | 31, 2019 | |
Net (decrease) in cash and cash equivalents | (31,787) | 6,002 |
Cash and cash equivalents at the beginning of the period | 234,230 | 66,047 |
Effects of exchange rate changes on cash and cash equivalents | (321) | 539 |
Net (decrease) in cash and cash equivalents | (31,787) | 6,002 |
Cash and cash equivalents at the end of the period | 202,122 | 72,588 |
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DISCLAIMER
Additional information about Vista Oil & Gas, 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.vistaoilandgas.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. 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 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. 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 Affiliates, members, directors, officers or employees or any other person 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 of 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. 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. 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
Page 14
conditions in Argentina, Mexico and in other countries in which we operate; uncertainties relating to future election results in Argentina and Mexico; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, 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; uncertainties relating to the effects of the Covid-19 outbreak; 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; changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; 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; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions.
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.vistaoilandgas.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:
Phone in Argentina +54.11.3754.8532
Phone in Mexico +52.55.1167.8250
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Vista Oil & Gas SA de CV published this content on 28 April 2020 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 29 April 2020 07:57:10 UTC