VISTA ENERGY, S.A.B. DE C.V. Vista first quarter 2024 results
April 24, 2024, Mexico City, Mexico
Vista Energy, S.A.B. de C.V. ("Vista" or the "Company") (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results corresponding to Q1 2024.
Q1 2024 highlights:
| • | Total production in Q1 2024 was 55,046 boe/d, a 5% increase compared to Q1 2023. On a pro forma basis, adjusting by the production of the Transferred Conventional Assets (as defined below) as of March 1, 2023 (1), production increased 14% y-o-y. Oil production in Q1 2024 was 47,299 bbl/d, a 7% increase y-o-y, or 15% on a pro forma basis (1). In Q1 2024, total production and oil production were both 2% below the previous quarter. |
| • | During Q1 2024, the average realized crude oil price was 70.3 $/bbl, 4% above the average realized crude oil price of Q4 2023, and a 6% increase compared to Q1 2023. In Q1 2024, 57% of oil sales volumes, combining international and domestic markets, were at export parity prices, compared to 58% in Q1 2023. |
| • | The realized natural gas price for Q1 2024 was 2.8 $/MMBtu, a 40% decrease y-o-y, mainly driven by a 61% decrease in industrial gas prices. |
| • | Total revenues in Q1 2024 were 317.4 $MM, stable y-o-y, mainly driven by higher oil realized prices and partially offset by changes to oil inventory. During Q1 2024, net revenues from oil and gas exports were 126.1 $MM and represented 41% of total net revenues, which were 307.8 $MM. Net oil export revenues in Q1 2024 were 119.1 $MM and represented 41% of net oil revenues. |
| • | Lifting cost in Q1 2024 was 4.3 $/boe, a 33% decrease compared to Q1 2023, reflecting the consolidation of our new operating model, fully focused on our shale oil assets, following the Transferred Conventional Assets (as defined below) as of March 1, 2023 (1). |
| • | Adjusted EBITDA for Q1 2024 was 220.6 $MM, an 8% increase y-o-y, mainly driven by lower lifting costs and stable revenues. Adjusted EBITDA margin was 68%, 4 p.p. above Q1 2023. |
| • | Adjusted Net Income during Q1 2024 totaled 47.4 $MM, compared to 72.0 $MM during Q1 2023, mainly driven by higher Current income tax expense and Depreciation, depletion and amortization, and partially offset by a higher Adjusted EBITDA. Adjusted EPS was 0.5 $/share in Q1 2024, compared to 0.8 $/share in Q1 2023. |
| • | Capex during Q1 2024 was 242.2 $MM. The Company invested 195.5 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 12 wells and the completion of 11 wells in Bajada del Palo Oeste), 38.1 $MM in development facilities, and 8.5 $MM in G&G studies, IT and other projects. |
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| • | In Q1 2024, Free cash flow was negative at 83.8 $MM. Cash flow generated by operating activities was 53.2 $MM, impacted by a temporary increase of working capital and advanced payments for midstream expansions. Cash flow used in investing activities reached 137.1 $MM for the quarter, reflecting 242.2 $MM of capex and 94.5 $MM decrease in capex-related working capital. Cash flow from financing activities totaled 22.2 $MM (2), mainly driven by proceeds from borrowings of 95.9 $MM and partially offset by the repayment of borrowings of 45.0 $MM. |
| (1) | Transaction by which the Company transferred certain conventional assets that are operated by Petrolera Aconcagua effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets. |
| (2) | Q1 2024 Cash flow from financing activities is the sum of: (i) Cash flow from financing activities for 32.9 $MM; (ii) Effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -13.8 $MM; and (iii) the variation in Government bonds for 3.2 $MM. |
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Production
Total average net daily production
| Q1-24 | Q4-23 | Q1-23 |
Q1-23 proforma (1) |
p y/y proforma (1) | p y/y | p q/q | ||||||||||||||||||||||
Total (boe/d) | 55,046 | 56,353 | 52,207 | 48,492 | 14 | % | 5 | % | (2 | )% | ||||||||||||||||||
Oil (bbl/d) | 47,299 | 48,469 | 44,048 | 41,107 | 15 | % | 7 | % | (2 | )% | ||||||||||||||||||
Natural Gas (MMm3/d) | 1.20 | 1.19 | 1.23 | 1.11 | 8 | % | (3 | )% | 1 | % | ||||||||||||||||||
NGL (boe/d) | 212 | 409 | 407 | 407 | (48 | )% | (48 | )% | (48 | )% |
| (1) | Adjusted by the Conventional Asset Transaction (shows production as if the transaction had occurred on March 1, 2022). These values were revised after being published in the Company's Forms 6-K furnished on July 13, 2023, and October 24, 2023. |
Average daily production during Q1 2024 was 55,046 boe/d, a 14% increase y-o-y on a proforma basis, adjusting by the Conventional Assets Transaction, driven by solid performance in Vaca Muerta, and a 2% decrease q-o-q. Oil production was 47,299 bbl/d during Q1 2024, an interannual increase of 15% on a pro forma basis, and a 2% decrease compared to Q4 2023. Natural gas production in Q1 2024 was 1.20 MMm3/d, an 8% increase y-o-y on a pro forma basis and a 1% increase compared to Q4 2023. NGL production in Q1 2024 was 212 boe/d, a 48% decrease y-o-y, and 48% decrease q-o-q.
Q1 2024 Average net daily production by asset
| Interest |
Oil (bbl/d) |
Natural Gas (MMm3/d) |
NGL (boe/d) |
Total (boe/d) |
% Total daily average | |||||||||||||||||||
Total WI production per concession | 47,299 | 1.20 | 212 | 55,046 | 100 | % | ||||||||||||||||||
Bajada del Palo Oeste | 100 | % | 35,928 | 0.74 | - | 40,573 | 74 | % | ||||||||||||||||
Aguada Federal | 100 | % | 3,033 | 0.04 | 2 | 3,308 | 6 | % | ||||||||||||||||
Bajada del Palo Este | 100 | % | 3,306 | 0.03 | 4 | 3,478 | 6 | % | ||||||||||||||||
Águila Mora | 90 | % | 901 | 0.06 | - | 1,263 | 2 | % | ||||||||||||||||
Bandurria Norte | 100 | % | - | 0.00 | - | - | - | |||||||||||||||||
Bajada del Palo Oeste | 100 | % | 230 | 0.10 | - | 882 | 2 | % | ||||||||||||||||
Bajada del Palo Este | 100 | % | 122 | 0.02 | 10 | 280 | 1 | % | ||||||||||||||||
Coirón Amargo Norte | 84.6 | % | 119 | 0.00 | - | 148 | 0 | % | ||||||||||||||||
CS-01 (México) | 100 | % | 732 | 0.00 | - | 756 | 1 | % | ||||||||||||||||
Total operated production | 44,371 | 1.00 | 17 | 50,688 | 92 | % | ||||||||||||||||||
Entre Lomas (1) | - | 1,329 | 0.12 | 188 | 2,284 | 4 | % | |||||||||||||||||
Jagüel de los Machos (1) | - | 740 | 0.04 | - | 969 | 2 | % | |||||||||||||||||
25 de Mayo-Medanito (1) | - | 763 | 0.01 | - | 816 | 1 | % | |||||||||||||||||
Agua Amarga (1) | - | 80 | 0.01 | 7 | 131 | 0 | % | |||||||||||||||||
Acambuco | 1.5 | % | 17 | 0.02 | - | 158 | 0 | % | ||||||||||||||||
Total non-operated production | 2,928 | 0.20 | 195 | 4,358 | 8 | % | ||||||||||||||||||
Total shale production | 43,167 | 0.87 | 6 | 48,622 | 88 | % | ||||||||||||||||||
Total conventional production | 4,132 | 0.33 | 205 | 6,424 | 12 | % | ||||||||||||||||||
| (1) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
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Revenues
Total revenues per product
Revenues per product - in $MM | Q1-24 | Q4-23 | Q1-23 | p y/y | p q/q | |||||||||||||||
Revenues | 317.4 | 309.2 | 317.2 | 0 | % | 3 | % | |||||||||||||
Export Duties | (9.6 | ) | (12.4 | ) | (14.0 | ) | (32 | )% | (23 | )% | ||||||||||
Net Revenues | 307.8 | 296.8 | 303.2 | 1 | % | 4 | % | |||||||||||||
Oil | 293.1 | 283.8 | 280.0 | 5 | % | 3 | % | |||||||||||||
Export market | 119.1 | 150.8 | 169.0 | (30 | )% | (21 | )% | |||||||||||||
Domestic market | 174.0 | 133.1 | 110.9 | 57 | % | 31 | % | |||||||||||||
Domestic market at export parity | 58.6 | 37.4 | - | - | 56 | % | ||||||||||||||
Natural Gas | 14.5 | 12.0 | 21.9 | (34 | )% | 21 | % | |||||||||||||
Export market | 7.0 | 3.9 | 12.7 | (45 | )% | 80 | % | |||||||||||||
Domestic market | 7.5 | 8.1 | 9.1 | (18 | )% | (7 | )% | |||||||||||||
NGL | 0.2 | 1.0 | 1.4 | (86 | )% | (79 | )% |
Average realized prices per product
Product | Q1-24 | Q4-23 | Q1-23 | p y/y | p q/q | |||||||||||||||
Oil ($/bbl) | 70.3 | 67.8 | 66.6 | 6 | % | 4 | % | |||||||||||||
Export market | 74.0 | 74.2 | 69.8 | 6 | % | (0 | )% | |||||||||||||
Domestic market | 68.0 | 61.8 | 62.2 | 9 | % | 10 | % | |||||||||||||
Domestic market at export parity | 76.5 | 78.0 | - | - | (2 | )% | ||||||||||||||
Natural Gas ($/MMBTU) | 2.8 | 2.2 | 4.7 | (40 | )% | 25 | % | |||||||||||||
Export market | 6.9 | 7.6 | 8.9 | (22 | )% | (9 | )% | |||||||||||||
Domestic market | 1.8 | 1.7 | 2.8 | (37 | )% | 8 | % | |||||||||||||
NGL ($/tn) | 236 | 271 | 351 | (33 | )% | (13 | )% |
Total sales volumes per product
Product | Q1-24 | Q4-23 | Q1-23 | p y/y | p q/q | |||||||||||||||
Oil (MMbbl) | 4.17 | (1) | 4.19 | 4.20 | (1 | )% | (0 | )% | ||||||||||||
Export market | 1.61 | 2.03 | 2.42 | (34 | )% | (21 | )% | |||||||||||||
Domestic market | 2.56 | 2.15 | 1.78 | 44 | % | 19 | % | |||||||||||||
Domestic market at export parity | 0.77 | 0.48 | - | - | 60 | % | ||||||||||||||
Natural Gas (MMBTU) | 5.22 | 5.41 | 4.69 | 11 | % | (4 | )% | |||||||||||||
Export market | 1.01 | 0.51 | 1.43 | (30 | )% | 98 | % | |||||||||||||
Domestic market | 4.21 | 4.90 | 3.25 | 30 | % | (14 | )% | |||||||||||||
NGL (Mtn) | 0.85 | 3.57 | 4.01 | (79 | )% | (76 | )% |
| (1) | Inventory build-up of 0.14 MMbbl, resulting from a production of 4.30 MMbbl and sales of 4.17 MMbbl. |
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During Q1 2024, total revenues were 317.4 $MM, stable compared to Q1 2023. In Q1 2024, Net revenues from oil and gas exports were 126.1 $MM, representing 41% of Total net revenues, which were 307.8 $MM.
Crude oil net revenues in Q1 2024 totaled 293.1 $MM, representing 95.2% of total net revenues, a 5% increase compared to Q1 2023, driven by higher realized oil prices. Average realized oil price during the quarter was 70.3 $/bbl, 6% higher than Q1 2023. During Q1 2024, the Company exported 39% of crude oil sales volumes at a realized price of 74.0 $/bbl. Net revenues from the oil export market accounted for 41% of net oil revenues, reaching 119.1 $MM. During Q1 2024, 61% of volumes were sold to the domestic market at a price of 69.3 $/bbl, 5% above Q1 2023, or 68.0 $/bbl net of trucking transportation costs. During Q1 2024, 57% of oil sales volumes were sold at export parity prices.
Natural gas net revenues in Q1 2024 were 14.5 $MM, representing 4.7% of total net revenues. The average realized natural gas price for the quarter was 2.8 $/MMBtu, a 40% decrease compared to Q1 2023. Plan Gas represented 32% of total natural gas sales volume, with an average realized price of 2.7 $/MMBtu during the quarter. Sales to industrial clients represented 49% of total natural gas sales volume at an average realized price of 1.2 $/MMBtu. The remaining 19% of total natural gas sales volume was exported at an average realized price of 6.9 $/MMBtu.
NGL net revenues were 0.2 $MM during Q1 2024, representing 0.1% of total net revenues. NGL average price was 236 $/tn.
Lifting Cost
| Q1-24 | Q4-23 | Q1-23 | p y/y | p q/q | ||||||||||||||||
Lifting Cost ($MM) | 21.6 | 22.3 | 30.1 | (28 | )% | (3 | )% | |||||||||||||
Lifting cost ($/boe) | 4.3 | 4.3 | 6.4 | (33 | )% | 0 | % |
Lifting cost during Q1 2024 was 21.6 $MM, a 28% decrease y-o-y. Lifting cost in Q1 2024 was 4.3 $/boe, a 33% decrease y-o-y, reflecting the consolidation of our new operating model, fully focused on our shale oil assets, following the Conventional Assets Transaction as of March 1, 2023.
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Adjusted EBITDA
Adjusted EBITDA reconciliation ($MM) | Q1-24 | Q4-23 | Q1-23 | p y | p q | |||||||||||||||
Profit for the year, net | 78.7 | 132.9 | 128.7 | (50.1 | ) | (54.3 | ) | |||||||||||||
(+) Income tax expense / (benefit) | 23.4 | 34.5 | 77.3 | (53.9 | ) | (11.1 | ) | |||||||||||||
(+) Financial income (expense), net | 27.0 | 9.1 | 20.2 | 6.9 | 18.0 | |||||||||||||||
Operating profit | 129.1 | 176.5 | 226.1 | (97.1 | ) | (47.4 | ) | |||||||||||||
(+) Depreciation, depletion and amortization | 82.4 | 79.0 | 64.4 | 18.0 | 3.4 | |||||||||||||||
(+) Restructuring and reorganization expenses | - | - | 0.3 | (0.3 | ) | (0.0 | ) | |||||||||||||
(+) Impairment (reversal) of long-lived assets | - | 24.6 | - | 0.0 | (24.6 | ) | ||||||||||||||
(+) Gain related to the transfer of conventional assets | - | - | (89.7 | ) | 89.7 | 0.0 | ||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets | 9.1 | 8.0 | 3.2 | 5.9 | 1.1 | |||||||||||||||
Adjusted EBITDA (1) | 220.6 | 288.1 | 204.4 | 16.2 | (67.5 | ) | ||||||||||||||
Adjusted EBITDA Margin (%) (2) | 68% | 73% | 64% | +4p.p. | (5)p.p. |
| (1) | Adj. EBITDA = Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets. |
| (2) | Adj. EBITDA Margin = Adj. EBITDA / (Total revenues + Gain from Exports Increase Program). Adj. EBITDA Margin for Q1-24 (68%) = Adj. EBITDA (221 $MM) / (Total revenues (317 $MM) + Gain from Exports Increase Program (5 $MM)). |
Adjusted EBITDA was 220.6 $MM in Q1 2024, an 8% increase compared to Q1 2023, mainly driven by lower lifting costs and stable revenues. Other operating income includes 7.4 $MM (net of costs) (3) in Q1-24, compared to 81.2 $MM in Q4-23, related to the repatriation of export proceeds of the quarter at the blue-chip swap exchange rate, as per the corresponding resolutions published by the Ministry of Economy, superseded on December 13th, 2023 by Presidential Decree 28/2023, which set the share of exports to be repatriated at the blue-chip swap exchange rate at 20% (the "Exports Increase Program").
Adjusted EBITDA Margin was 68%, improving 4 p.p. vis-à-vis Q1 2023. The Company has adjusted the definition of Adjusted EBITDA Margin to add the Gains from the Exports Increase Program, as noted in the table above.
| (3) | Gain from Exports Increase Program was 5.3 $MM and 7.4 $MM net of cost. |
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Adjusted Net Income
Adjusted Net Income reconciliation ($MM) | Q1-24 | Q4-23 | Q1-23 | p y | p q | |||||||||||||||
Profit for the period, net | 78.7 | 132.9 | 128.7 | (50.1 | ) | (54.3 | ) | |||||||||||||
Adjustments: | ||||||||||||||||||||
(+) Deferred Income tax | (40.4 | ) | 74.1 | 29.7 | (70.1 | ) | (114.5 | ) | ||||||||||||
(+) Changes in the fair value of Warrants | - | - | - | - | - | |||||||||||||||
(+) Impairment (reversal) of long-lived assets | - | 24.6 | - | - | (24.6 | ) | ||||||||||||||
(+) Gain related to the transfer of conventional assets | - | - | (89.7 | ) | 89.7 | - | ||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets | 9.1 | 8.0 | 3.2 | 5.9 | 1.1 | |||||||||||||||
Adjustments to Net Income | (31.3 | ) | 106.6 | (56.7 | ) | 25.4 | (137.9 | ) | ||||||||||||
Adjusted Net Income | 47.4 | 239.6 | 72.0 | (24.6 | ) | (192.2 | ) | |||||||||||||
Adjusted EPS ($/share) (1) | 0.49 | 2.52 | 0.80 | (0.3 | ) | (2.0 | ) |
Adjusted Net Income in Q1 2024 was 47.4 $MM, compared to 72.0 $MM in Q1 2023. The y-o-y change was primarily driven by (a) a higher Current income tax expense of 63.8 $MM in Q1 2024 compared to 47.6 $MM in Q1 2023, (b) higher Depreciation, depletion and amortization for 82.4 $MM in Q1 2024 compared to 64.4 $MM in Q1 2023, and (c) Financial results for a total loss of 27.0 $MM in Q1 2024, compared to a loss of 20.2 $MM in Q1 2023; and partially offset by (d) higher Adjusted EBITDA of 220.6 $MM in Q1 2024 compared to 204.4 $MM in Q1 2023.
Adjusted EPS (1) was 0.49 $/share in Q1 2024, compared to 0.80 $/share in Q1 2023 and 2.52 $/share in Q4 2023.
| (1) | Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q1 2024, Q4 2023, and Q1 2023 were 95,976,064, 95,218,119, and 89,937,525, respectively. |
Capex
Capex during Q1 2024 was 242.2 $MM. The Company invested 195.5 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 12 wells and the completion of 11 wells in Bajada del Palo Oeste), 38.1 $MM in development facilities, and 8.5 $MM in G&G studies, IT and other projects.
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Financial overview
During Q1 2024, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 151.7 $MM. Cash flow generated by operating activities was 53.2 $MM, impacted by an increase of working capital of 73.7 $MM, mainly driven by a temporary impact of 42.1 $MM from a cargo exported in March and collected the first week of April, and advanced payments for midstream expansions of 24.2 $MM. Cash flow used in investing activities reached 137.1 $MM for the quarter, mostly driven by drilling and completion activity in Vaca Muerta (see Capex section above), reflecting 242.2 $MM of capex and a 94.5 $MM decrease in capex-related working capital. In Q1 2024, Free cash flow was negative at 83.8 $MM.
In Q1 2024, cash flow from financing activities totaled 22.2 $MM (1), mainly driven by proceeds from borrowings of 95.9 $MM, partially offset by repayment of borrowings of 45.0 $MM.
Gross debt totaled 666.1 $MM as of quarter end, resulting in a net debt of 514.4 $MM. At the end of Q1 2024, net leverage ratio decreased to 0.58x Adj. EBTIDA.
| (1) | Q1 2024 Cash flow from financing activities is the sum of: (i) Cash flow from financing activities for 32.9 $MM; (ii) Effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -13.8 $MM; and (iii) the variation in Government bonds for 3.2 $MM. |
Financial debt maturity schedule
In $MM | 2024 | 2025 | 2026 | 2027 | 2028 | 2029 | 2030 | 2031 | ||||||||||||||||||||||||
Cross border | 43.5 | 63.4 | 39.7 | 40.0 | - | - | - | - | ||||||||||||||||||||||||
Local | 23.7 | 19.3 | 153.4 | 128.6 | 96.5 | 15.1 | 20.2 | 20.2 | ||||||||||||||||||||||||
Total | 67.2 | 82.7 | 193.1 | 168.6 | 96.5 | 15.1 | 20.2 | 20.2 |
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Outstanding bonds
Instrument(1) | Issue date | Maturity |
Gross proceeds ($MM) | Type | Interest rate (%) | Currency | ||||||
ON class VI | 12/04/20 | 12/04/24 | 10.0 | Bullet at maturity |
3.24% paid quarterly | ARS in USD-linked | ||||||
ON class XI | 08/27/21 | 08/27/25 | 9.2 | Bullet at maturity |
3.48% paid quarterly | ARS in USD-linked | ||||||
ON class XII | 08/27/21 | 08/27/31 | 100.8 | Amortizing (2) |
5.85% paid bi-annually | ARS in USD-linked | ||||||
ON class XIII | 06/16/22 | 08/08/24 | 43.5 | Bullet at maturity |
6% paid quarterly | USD | ||||||
ON class XIV | 11/10/22 | 11/10/25 | 40.5 | Bullet at maturity |
6.25% paid bi-annually | USD | ||||||
ON class XV | 12/06/22 | 01/20/25 | 13.5 | Bullet at maturity |
4% paid quarterly | USD | ||||||
ON class XVI (3) | 12/06/22 | 06/06/26 | 104.2 | Bullet at maturity | 0.00% | ARS in USD-linked | ||||||
ON class XVII | 12/06/22 | 12/06/26 | 39.1 | Bullet at maturity | 0.00% | ARS in USD-linked | ||||||
ON class XVIII | 03/03/23 | 03/03/27 | 118.5 | Bullet at maturity | 0.00% | ARS in USD-linked | ||||||
ON class XIX | 03/03/23 | 03/03/28 | 16.5 | Bullet at maturity | 1% paid quarterly | ARS in USD-linked | ||||||
ON class XX | 06/05/23 | 07/20/25 | 13.5 | Bullet at maturity | 4.5% paid quarterly | USD | ||||||
ON class XXI | 08/11/23 | 08/11/28 | 70.0 | Bullet at maturity | 0.99% paid quarterly | ARS in USD-linked | ||||||
ON class XXII | 12/05/23 | 06/05/26 | 14.7 | Bullet at maturity | 5% paid bi-annually | USD | ||||||
ON class XXIII | 03/06/24 | 03/06/27 | 60.0 | Bullet at maturity | 6.5% paid bi-annually | USD |
| (1) | All instruments issued by Vista Energy Argentina S.A.U. in the BCBA Argentina market. |
| (2) | Class XII to be repaid in 15 semi-annual installments, with a three-year grace period. |
| (3) | 63.5 $MM were issued on December 6, 2022, and 40.8 $MM were issued on May 29, 2023. |
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Vista Energy S.A.B. de C.V.
Historical operational data
Average daily production by concession, totals and by product
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | ||||||||||||||||
Total production by field (boe/d) | 55,046 | 56,353 | 49,450 | 46,557 | 52,207 | |||||||||||||||
Entre Lomas (3) | 2,284 | 2,274 | 1,940 | 1,939 | 3,826 | |||||||||||||||
Bajada del Palo Este (conventional) | 280 | 357 | 516 | 660 | 844 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 882 | 763 | 1,235 | 1,570 | 1,258 | |||||||||||||||
Bajada del Palo Este (shale) | 3,478 | 4,018 | 5,291 | 4,705 | 2,971 | |||||||||||||||
Bajada del Palo Oeste (shale) | 40,573 | 39,649 | 29,000 | 28,283 | 33,249 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) | 131 | 150 | 203 | 219 | 198 | |||||||||||||||
25 de Mayo-Medanito (3) | 816 | 839 | 882 | 924 | 1,783 | |||||||||||||||
Jagüel de los Machos (3) | 969 | 1,005 | 952 | 1,040 | 2,067 | |||||||||||||||
Coirón Amargo Norte | 148 | 162 | 133 | 205 | 191 | |||||||||||||||
Águila Mora (shale) | 1,263 | 1,589 | 2,623 | 1,003 | 0 | |||||||||||||||
Acambuco | 158 | 157 | 163 | 170 | 174 | |||||||||||||||
Aguada Federal (shale) | 3,308 | 4,507 | 5,736 | 5,258 | 5,279 | |||||||||||||||
CS-01 | 756 | 886 | 777 | 583 | 365 | |||||||||||||||
Crude oil production by field (bbl/d)(1) | 47,299 | 48,469 | 41,490 | 39,217 | 44,048 | |||||||||||||||
Entre Lomas (3) | 1,329 | 1,271 | 1,160 | 1,137 | 2,527 | |||||||||||||||
Bajada del Palo Este (conventional) | 122 | 159 | 281 | 367 | 560 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 230 | 284 | 363 | 508 | 552 | |||||||||||||||
Bajada del Palo Este (shale) | 3,306 | 3,905 | 5,034 | 4,491 | 2,790 | |||||||||||||||
Bajada del Palo Oeste (shale) | 35,928 | 34,872 | 24,792 | 24,430 | 29,141 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) | 80 | 85 | 97 | 98 | 175 | |||||||||||||||
25 de Mayo-Medanito (3) | 763 | 775 | 806 | 861 | 1,669 | |||||||||||||||
Jagüel de los Machos (3) | 740 | 776 | 733 | 799 | 1,577 | |||||||||||||||
Coirón Amargo Norte | 119 | 139 | 128 | 205 | 191 | |||||||||||||||
Águila Mora (shale) | 901 | 1,411 | 2,245 | 1,003 | 0 | |||||||||||||||
Acambuco | 17 | 17 | 17 | 18 | 18 | |||||||||||||||
Aguada Federal (shale) | 3,033 | 3,914 | 5,119 | 4,763 | 4,496 | |||||||||||||||
CS-01 | 732 | 860 | 714 | 537 | 353 | |||||||||||||||
Natural Gas production by field (boe/d)(2) | 7,535 | 7,476 | 7,656 | 6,787 | 7,752 | |||||||||||||||
Entre Lomas (3) | 768 | 664 | 619 | 325 | 938 | |||||||||||||||
Bajada del Palo Este (conventional) | 148 | 169 | 207 | 256 | 244 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 652 | 479 | 871 | 1,062 | 706 | |||||||||||||||
Bajada del Palo Este (shale) | 167 | 88 | 245 | 211 | 173 | |||||||||||||||
Bajada del Palo Oeste (shale) | 4,645 | 4,770 | 4,121 | 3,832 | 4,116 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) | 44 | 58 | 98 | 113 | 17 | |||||||||||||||
25 de Mayo-Medanito (3) | 53 | 63 | 76 | 62 | 115 | |||||||||||||||
Jagüel de los Machos (3) | 229 | 229 | 219 | 241 | 489 | |||||||||||||||
Coirón Amargo Norte | 29 | 23 | 5 | 0 | 0 | |||||||||||||||
Águila Mora (shale) | 362 | 178 | 378 | 0 | 0 | |||||||||||||||
Acambuco | 141 | 140 | 145 | 152 | 156 | |||||||||||||||
Aguada Federal (shale) | 274 | 589 | 609 | 487 | 784 | |||||||||||||||
CS-01 | 23 | 26 | 63 | 45 | 13 |
Page 11
NGL production by field (boe/d) | 212 | 409 | 304 | 553 | 407 | |||||||||||||||
Entre Lomas (3) | 188 | 338 | 162 | 477 | 361 | |||||||||||||||
Bajada del Palo Este (conventional) | 10 | 28 | 28 | 37 | 40 | |||||||||||||||
Bajada del Palo Oeste (conventional) | - | 0 | 0 | 0 | 0 | |||||||||||||||
Bajada del Palo Este (shale) | 4 | 25 | 11 | 3 | 0 | |||||||||||||||
Bajada del Palo Oeste (shale) | - | 7 | 88 | 21 | 0 | |||||||||||||||
Aguada Federal (shale) | 2 | 4 | 8 | 7 | 0 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) | 7 | 7 | 8 | 8 | 6 |
| (1) | Acambuco includes condensate. |
| (2) | Excludes natural gas consumption, flared or reinjected natural gas. |
| (3) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
Page 12
Vista Energy S.A.B. de C.V.
Oil and gas concessions
Concessions | WI (%) |
Operated / Non-operated |
Expiration year | Target | Basin | Country | ||||||
Entre Lomas Neuquén (1) | - | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||
Entre Lomas Río Negro (1) | - | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||
Bajada del Palo Oeste | 100% | Operated | 2053 | Shale / Conventional | Neuquina | Argentina | ||||||
Bajada del Palo Este | 100% | Operated | 2053 | Shale / Conventional | Neuquina | Argentina | ||||||
Charco del Palenque (1) | - | Non-operated | 2034 | Conventional | Neuquina | Argentina | ||||||
Jarilla Quemada (1) | - | Non-operated | 2040 | Conventional | Neuquina | Argentina | ||||||
25 de Mayo-Medanito (1) | - | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||
Jagüel de los Machos (1) | - | Non-operated | 2025 | Conventional | Neuquina | Argentina | ||||||
Coirón Amargo Norte | 84.60% | Operated | 2037 | Conventional | Neuquina | Argentina | ||||||
Águila Mora | 90% | Operated | 2054 | Shale | Neuquina | Argentina | ||||||
Aguada Federal | 100% | Operated | 2050 | Shale | Neuquina | Argentina | ||||||
Bandurria Norte | 100% | Operated | 2050 | Shale | Neuquina | Argentina | ||||||
Acambuco | 1.50% | Non-operated | 2036 / 2040 | Conventional | Noroeste | Argentina | ||||||
CS-01 | 100% | Operated | 2047 | Conventional | Del Sureste | Mexico |
| (1) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
Vista Energy S.A.B. de C.V.
Historical oil and gas export volumes and revenues
Oil exports | Q1-24 | Q4-23 | Q3-23 | Q2-23 | Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | |||||||||||||||||||||||||||
Sales volume (Mbbl) | 1,608.1 | 2,033.2 | 2,207.8 | 1,583.3 | 2,420.5 | 2,156.6 | 1,946.9 | 1,475.7 | 988.2 | |||||||||||||||||||||||||||
Revenues ($MM) | 119.1 | 150.8 | 165.4 | 108.6 | 169.0 | 159.9 | 175.6 | 147.0 | 77.1 |
Gas exports | Q1-24 | Q4-23 | Q3-23 | Q2-23 | Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | |||||||||||||||||||||||||||
Sales volume (MMm3) | 27.3 | 13.8 | 1.5 | 12.6 | 38.8 | 33.2 | 3.0 | 3.9 | 11.2 | |||||||||||||||||||||||||||
Revenues ($MM) | 7.0 | 3.9 | 0.5 | 3.5 | 12.7 | 10.8 | 1.1 | 0.9 | 2.4 |
Page 13
Vista Energy S.A.B. de C.V.
Vaca Muerta operational data
Shale oil wells detail
Bajada del Palo Oeste
Well name | Pad number (1) | Landing zone | Lateral length (mts) | Total frac stages | ||||
| 2013 | BPO-1 | Organic | 2,483 | 33 | ||||
| 2014 | BPO-1 | La Cocina | 2,633 | 35 | ||||
| 2015 | BPO-1 | Organic | 2,558 | 34 | ||||
| 2016 | BPO-1 | La Cocina | 2,483 | 34 | ||||
| 2029 | BPO-2 | Organic | 2,189 | 37 | ||||
| 2030 | BPO-2 | La Cocina | 2,248 | 38 | ||||
| 2032 | BPO-2 | Organic | 2,047 | 35 | ||||
| 2033 | BPO-2 | La Cocina | 1,984 | 33 | ||||
| 2061 | BPO-3 | La Cocina | 2,723 | 46 | ||||
| 2062 | BPO-3 | Organic | 2,624 | 44 | ||||
| 2063 | BPO-3 | La Cocina | 3,025 | 51 | ||||
| 2064 | BPO-3 | Organic | 1,427 | 36 | ||||
| 2025 | BPO-4 | Lower Carbonate | 2,186 | 26 | ||||
| 2026 | BPO-4 | La Cocina | 2,177 | 44 | ||||
| 2027 | BPO-4 | Lower Carbonate | 2,551 | 31 | ||||
| 2028 | BPO-4 | La Cocina | 2,554 | 51 | ||||
| 2501 | BPO-5 | La Cocina | 2,538 | 52 | ||||
| 2502 | BPO-5 | Organic | 2,436 | 50 | ||||
| 2503 | BPO-5 | La Cocina | 2,468 | 50 | ||||
| 2504 | BPO-5 | Organic | 2,332 | 44 | ||||
| 2391 | BPO-6 | La Cocina | 2,715 | 56 | ||||
| 2392 | BPO-6 | Organic | 2,804 | 54 | ||||
| 2393 | BPO-6 | La Cocina | 2,732 | 56 | ||||
| 2394 | BPO-6 | Organic | 2,739 | 57 | ||||
| 2261 | BPO-7 | La Cocina | 2,710 | 46 | ||||
| 2262 | BPO-7 | Organic | 2,581 | 45 | ||||
| 2263 | BPO-7 | La Cocina | 2,609 | 45 | ||||
| 2264 | BPO-7 | Organic | 2,604 | 46 | ||||
| 2211 | BPO-8 | Organic | 2,596 | 53 | ||||
| 2212 | BPO-8 | La Cocina | 2,576 | 53 | ||||
| 2213 | BPO-8 | Organic | 2,608 | 54 | ||||
| 2214 | BPO-8 | La Cocina | 2,662 | 54 | ||||
| 2351 (2) | BPO-9 | La Cocina | 3,115 | 63 | ||||
| 2352 (2) | BPO-9 | Organic | 3,218 | 62 | ||||
| 2353 (2) | BPO-9 | La Cocina | 3,171 | 61 | ||||
| 2354 (2) | BPO-9 | Organic | 2,808 | 56 | ||||
| 2441 (2) | BPO-10 | La Cocina | 3,094 | 63 | ||||
| 2442 (2) | BPO-10 | Organic | 2,883 | 50 | ||||
| 2443 (2) | BPO-10 | La Cocina | 2,816 | 57 | ||||
| 2444 (2) | BPO-10 | Organic | 2,625 | 45 | ||||
| 2081 (2) | BPO-11 | La Cocina | 2,785 | 49 |
Page 14
| 2082 (2) | BPO-11 | Organic | 2,662 | 41 | ||||
| 2083 (2) | BPO-11 | La Cocina | 2,365 | 37 | ||||
| 2084 (2) | BPO-11 | Organic | 2,378 | 35 | ||||
| 2311 (2) | BPO-12 | La Cocina | 3,104 | 54 | ||||
| 2312 (2) | BPO-12 | Organic | 3,161 | 55 | ||||
| 2313 (2) | BPO-12 | La Cocina | 3,259 | 55 | ||||
| 2481 (2) | BPO-13 | La Cocina | 2,950 | 61 | ||||
| 2482 (2) | BPO-13 | Organic | 2,826 | 57 | ||||
| 2483 (2) | BPO-13 | La Cocina | 2,738 | 56 | ||||
| 2484 (2) | BPO-13 | Organic | 2,576 | 52 | ||||
| 2601 (2) | BPO-14 | La Cocina | 2,935 | 38 | ||||
| 2602 (2) | BPO-14 | Organic | 2,968 | 51 | ||||
| 2603 (2) | BPO-14 | La Cocina | 2,878 | 49 | ||||
| 2604 (2) | BPO-14 | Organic | 2,508 | 43 | ||||
| 2411 (2) | BPO-15 | La Cocina | 2,319 | 39 | ||||
| 2412 (2) | BPO-15 | Organic | 3,181 | 54 | ||||
| 2413 (2) | BPO-15 | La Cocina | 3,199 | 53 | ||||
| 2414 (2) | BPO-15 | Organic | 3,192 | 55 | ||||
| 2415 (2) | BPO-15 | La Cocina | 3,190 | 53 | ||||
| 2341 (3) | BPO-16 | La Cocina | 3,128 | 54 | ||||
| 2342 (3) | BPO-16 | Organic | 3,101 | 54 | ||||
| 2343 (3) | BPO-16 | La Cocina | 1,969 | 34 | ||||
| 2344 (3) | BPO-16 | Organic | 3,101 | 54 | ||||
| 2321 (3) | BPO-17 | La Cocina | 2,722 | 47 | ||||
| 2322 (3) | BPO-17 | Organic | 2,813 | 49 | ||||
| 2323 (3) | BPO-17 | La Cocina | 2,490 | 43 | ||||
| 2324 (3) | BPO-17 | Organic | 2,526 | 44 | ||||
| 2007 | BPO-18 | La Cocina | 2,026 | 35 | ||||
| 2008 | BPO-18 | Organic | 1,893 | 33 | ||||
| 2009 | BPO-18 | La Cocina | 1,968 | 34 | ||||
| 2010 | BPO-18 | Organic | 2,066 | 36 | ||||
| 2681 (3) | BPO-19 | La Cocina | 3,012 | 52 | ||||
| 2682 (3) | BPO-19 | Organic | 2,986 | 52 | ||||
| 2683 (3) | BPO-19 | La Cocina | 2,780 | 48 | ||||
| 2684 (3) | BPO-19 | Organic | 2,756 | 48 | ||||
| 2942 | BPO-20 | La Cocina | 2,490 | 43 | ||||
| 2943 | BPO-20 | Organic | 2,698 | 47 | ||||
| 2944 | BPO-20 | La Cocina | 2,664 | 46 | ||||
| 2251 | BPO-21 | La Cocina | 2,931 | 51 | ||||
| 2252 | BPO-21 | Organic | 2,920 | 51 | ||||
| 2253 | BPO-21 | La Cocina | 2,884 | 51 | ||||
| 2254 | BPO-21 | Organic | 2,889 | 51 | ||||
| 2801 | BPO-22 | Organic | 1,112 | 24 | ||||
| 2802 | BPO-22 | La Cocina | 3,243 | 56 | ||||
| 2804 | BPO-22 | La Cocina | 3,244 | 56 | ||||
| 2051 | BPO-23 | Organic | 2,641 | 46 |
Page 15
| 2052 | BPO-23 | La Cocina | 2,606 | 45 | ||||
| 2053 | BPO-23 | Lower Carbonate | 2,641 | 46 | ||||
| 2054 | BPO-23 | La Cocina | 2,664 | 46 | ||||
| 2055 | BPO-23 | Lower Carbonate | 2,698 | 47 | ||||
| 2531 | BPO-24 | La Cocina | 571 | 10 | ||||
| 2532 | BPO-24 | Organic | 2,928 | 51 | ||||
| 2533 | BPO-24 | La Cocina | 2,664 | 46 |
| (1) | BPO-11 formerly pad #12, BPO-12 formerly pad #13, BPO-13 formerly pad #14. |
| (2) | Well included in JV with Trafigura. Vista WI 80%. |
| (3) | Well included in JV with Trafigura. Vista WI 75% |
Bajada del Palo Este
Well name | Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||
| 2101 | BPE-1 | La Cocina | 2,372 | 49 | ||||
| 2103 | BPE-1 | La Cocina | 2,081 | 43 | ||||
| 2301 | BPE-3 | La Cocina | 2,818 | 48 | ||||
| 2202 | BPE-2 | La Cocina | 2,722 | 47 |
Aguada Federal
Well name | Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||
| WIN.Nq.AF-3(h) | AF-1 | Organic | 1,000 | 10 | ||||
| WIN.Nq.AF-4(h) | AF-1 | Upper Carbonate | 1,000 | 10 | ||||
| WIN.Nq.AF-7(h) | AF-1 | Upper Carbonate | 1,028 | 10 | ||||
| WIN.Nq.AF-9(h) | AF-1 | Upper Carbonate | 1,000 | 10 | ||||
| WIN.Nq.AF-5(h) | AF-2 | La Cocina | 2,500 | 35 | ||||
| WIN.Nq.AF-6(h) | AF-2 | La Cocina | 2,500 | 35 | ||||
| AF-102(h) | AF-2 | La Cocina | 2,884 | 57 | ||||
| AF-202(h) | AF-2 | Organic | 2,559 | 51 | ||||
| AF-303 | AF-3 | La Cocina | 2,555 | 40 | ||||
| AF-403 | AF-3 | Organic | 2,554 | 33 | ||||
| AF-1103 | AF-3 | La Cocina | 2,800 | 44 | ||||
| AF-1203 | AF-3 | Organic | 2,839 | 43 | ||||
| AF-1101 | AF-4 | La Cocina | 2,855 | 48 | ||||
| AF-1102 | AF-4 | Organic | 2,858 | 49 | ||||
| AF-1104 | AF-4 | La Cocina | 2,876 | 49 | ||||
| AF-1105 | AF-4 | Middle Carbonate | 2,901 | 47 |
Bandurria Norte
Well name | Landing zone | Lateral length (mts) | Total frac stages | |||
| WIN.Nq.BN-3(h) | Organic | 1,000 | 10 | |||
| WIN.Nq.BN-2(h) | Upper Carbonate | 1,000 | 10 | |||
| WIN.Nq.BN-1(h) | La Cocina | 2,500 | 35 | |||
| YPF.Nq.LCav.x-11(h) | La Cocina | 2,500 | 35 |
Page 16
Aguila Mora |
Well name | Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||
| AM-1011h | AM-1 | La Cocina | 2,548 | 44 | ||||
| AM-1012h | AM-1 | Middle Carbonate | 2,468 | 43 |
Page 17
Vista Energy S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
Key Results - in $M | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||||||
Total Revenues | 317,352 | 309,196 | 302,760 | 239,628 | 317,190 | |||||||||||||||
Oil | 302,465 | 296,180 | 285,639 | 221,584 | 293,913 | |||||||||||||||
Natural Gas | 14,666 | 12,048 | 16,388 | 16,987 | 21,867 | |||||||||||||||
NGL and others | 221 | 968 | 733 | 1,057 | 1,410 | |||||||||||||||
Cost of Sales | (156,669 | ) | (154,103 | ) | (148,557 | ) | (123,422 | ) | (151,443 | ) | ||||||||||
Operating expenses | (21,618 | ) | (22,270 | ) | (21,924 | ) | (20,347 | ) | (30,144 | ) | ||||||||||
Stock fluctuation | 1,209 | 1,743 | (1,209 | ) | 2,130 | (4,722 | ) | |||||||||||||
Depreciation, depletion and amortization | (82,373 | ) | (79,011 | ) | (70,600 | ) | (62,447 | ) | (64,372 | ) | ||||||||||
Royalties and others | (44,782 | ) | (46,593 | ) | (44,655 | ) | (36,593 | ) | (48,972 | ) | ||||||||||
Other non-cash costs related to the transfer of conventional assets | (9,105 | ) | (7,972 | ) | (10,169 | ) | (6,165 | ) | (3,233 | ) | ||||||||||
Gross profit | 160,683 | 155,093 | 154,203 | 116,206 | 165,747 | |||||||||||||||
Selling expenses | (18,839 | ) | (19,170 | ) | (17,673 | ) | (15,232 | ) | (16,717 | ) | ||||||||||
General and administrative expenses | (22,110 | ) | (18,665 | ) | (15,031 | ) | (19,776 | ) | (17,011 | ) | ||||||||||
Exploration expenses | (31 | ) | 352 | 148 | (294 | ) | (222 | ) | ||||||||||||
Other operating income | 9,497 | 83,639 | 23,849 | 2,268 | 95,315 | |||||||||||||||
Other operating expenses | (115 | ) | (143 | ) | 153 | (4 | ) | (963 | ) | |||||||||||
Impairment (reversal) of long-lived assets | - | (24,585 | ) | - | - | - | ||||||||||||||
Operating profit | 129,085 | 176,521 | 145,649 | 83,168 | 226,149 | |||||||||||||||
Interest income | 481 | 433 | 299 | 216 | 287 | |||||||||||||||
Interest expense | (4,897 | ) | (5,674 | ) | (4,842 | ) | (5,226 | ) | (6,137 | ) | ||||||||||
Other financial results | (22,630 | ) | (3,827 | ) | (27,376 | ) | (19,967 | ) | (14,315 | ) | ||||||||||
Financial results, net | (27,046 | ) | (9,068 | ) | (31,919 | ) | (24,977 | ) | (20,165 | ) | ||||||||||
Profit before income tax | 102,039 | 167,453 | 113,730 | 58,191 | 205,984 | |||||||||||||||
Current income tax (expense)/benefit | (63,789 | ) | 39,570 | (1,378 | ) | (7,017 | ) | (47,568 | ) | |||||||||||
Deferred income tax (expense)/benefit | 40,401 | (74,085 | ) | (29,251 | ) | 1,007 | (29,682 | ) | ||||||||||||
Income tax (expense)/benefit | (23,388 | ) | (34,515 | ) | (30,629 | ) | (6,010 | ) | (77,250 | ) | ||||||||||
Profit for the period, net | 78,651 | 132,938 | 83,101 | 52,181 | 128,734 | |||||||||||||||
Adjusted EBITDA Reconciliation ($M) | Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | |||||||||||||||
Profit for the period, net | 78,651 | 132,938 | 83,101 | 52,181 | 128,734 | |||||||||||||||
(+) Income tax | 23,388 | 34,515 | 30,629 | 6,010 | 77,250 | |||||||||||||||
(+) Financial results, net | 27,046 | 9,068 | 31,919 | 24,977 | 20,165 | |||||||||||||||
Operating profit | 129,085 | 176,521 | 145,649 | 83,168 | 226,149 | |||||||||||||||
(+) Depreciation, depletion and amortization | 82,373 | 79,011 | 70,600 | 62,447 | 64,372 | |||||||||||||||
(+) Restructuring and Reorganization expenses and others | - | - | - | 5 | 271 | |||||||||||||||
(+)Impairment (reversal) of long-lived assets | - | 24,585 | - | - | - | |||||||||||||||
(+) Gain related to the transfer of conventional assets | - | - | - | - | (89,659 | ) | ||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets | 9,105 | 7,972 | 10,169 | 6,165 | 3,233 | |||||||||||||||
Adjusted EBITDA | 220,563 | 288,088 | 226,420 | 151,785 | 204,365 | |||||||||||||||
Adjusted EBITDA Margin (%) | 68 | % | 73 | % | 75 | % | 63 | % | 64 | % |
Page 18
| Q1 2024 | Q4 2023 | Q3 2023 | Q2 2023 | Q1 2023 | ||||||||||||||||
Lifting Cost ($MM) | 21.6 | 22.3 | 21.9 | 20.3 | 30.1 | |||||||||||||||
Lifting cost ($/boe) | 4.3 | 4.3 | 4.8 | 4.8 | 6.4 |
Page 19
Vista Energy S.A.B. de C.V.
Historical Adjusted Net Income
(Amounts expressed in thousand U.S. dollars)
Adj. Net Income reconciliation - in $M | Q1-24 | Q4-23 | Q3-23 | Q2-23 | Q1-23 | |||||||||||||||
Net Profit | 78,651 | 132,938 | 83,101 | 52,181 | 128,734 | |||||||||||||||
Adjustments: | ||||||||||||||||||||
(+) Deferred Income tax | (40,401 | ) | 74,085 | 29,251 | (1,007 | ) | 29,682 | |||||||||||||
(+) Changes in the fair value of Warrants | - | - | - | - | - | |||||||||||||||
(+) Impairment of long-lived assets | - | 24,585 | - | - | - | |||||||||||||||
(+) Gain related to the transfer of conventional assets | - | - | - | - | (89,659 | ) | ||||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets | 9,105 | 7,972 | 10,169 | 6,165 | 3,233 | |||||||||||||||
Adjustments to Net Income/Loss | (31,296 | ) | 106,642 | 39,420 | 5,158 | (56,744 | ) | |||||||||||||
Adjusted Net Income | 47,355 | 239,580 | 122,521 | 57,339 | 71,990 | |||||||||||||||
Adj. Net Income reconciliation - in $M | Q4-22 | Q3-22 | Q2-22 | Q1-22 | ||||||||||||
Net Profit | 75,504 | 76,661 | 101,836 | 15,534 | ||||||||||||
Adjustments: | ||||||||||||||||
(+) Deferred Income tax | 87,732 | (14,258 | ) | (2,334 | ) | 750 | ||||||||||
(+) Changes in the fair value of Warrants | 7,762 | 16,999 | (17,188 | ) | 22,777 | |||||||||||
(+) Impairment of long-lived assets | - | - | - | - | ||||||||||||
(+) Gain related to the transfer of conventional assets | - | - | - | - | ||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets | - | - | - | - | ||||||||||||
Adjustments to Net Income/Loss | 95,494 | 2,741 | (19,522 | ) | 23,527 | |||||||||||
Adjusted Net Income | 170,998 | 79,402 | 82,314 | 39,061 | ||||||||||||
Adj. Net Income reconciliation - in $M | Q4-21 | Q3-21 | Q2-21 | Q1-21 | ||||||||||||
Net Profit | 35,555 | 4,732 | 5,505 | 4,858 | ||||||||||||
Adjustments: | ||||||||||||||||
(+) Deferred Income tax | 21,001 | 6,005 | 10,679 | 2,010 | ||||||||||||
(+) Changes in the fair value of Warrants | (7,096 | ) | 7,927 | 1,283 | 69 | |||||||||||
(+) Impairment of long-lived assets | (14,044 | ) | - | - | - | |||||||||||
(+) Gain related to the transfer of conventional assets | - | - | - | - | ||||||||||||
(+) Other non-cash costs related to the transfer of conventional assets | - | - | - | - | ||||||||||||
Adjustments to Net Income/Loss | (139 | ) | 13,932 | 11,962 | 2,079 | |||||||||||
Adjusted Net Income | 35,416 | 18,664 | 17,467 | 6,937 | ||||||||||||
Page 20
Vista Energy S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
| As of March 31, 2024 | As of December 31, 2023 | |||||||
Property, plant and equipment | 2,091,011 | 1,927,759 | ||||||
Goodwill | 22,576 | 22,576 | ||||||
Other intangible assets | 9,487 | 10,026 | ||||||
Right-of-use assets | 55,336 | 61,025 | ||||||
Investments in associates | 8,491 | 8,619 | ||||||
Trade and other receivables | 143,129 | 136,351 | ||||||
Deferred income tax assets | 5,743 | 5,743 | ||||||
Total noncurrent assets | 2,335,773 | 2,172,099 | ||||||
Inventories | 5,404 | 7,549 | ||||||
Trade and other receivables | 302,849 | 205,102 | ||||||
Cash, bank balances and other short-term investments | 151,653 | 213,253 | ||||||
Total current assets | 459,906 | 425,904 | ||||||
Total assets | 2,795,679 | 2,598,003 | ||||||
Deferred income tax liabilities | 342,744 | 383,128 | ||||||
Lease liabilities | 33,655 | 35,600 | ||||||
Provisions | 13,796 | 12,339 | ||||||
Borrowings | 576,282 | 554,832 | ||||||
Employee benefits | 5,678 | 5,703 | ||||||
Total noncurrent liabilities | 972,155 | 991,602 | ||||||
Provisions | 4,118 | 4,133 | ||||||
Lease liabilities | 30,194 | 34,868 | ||||||
Borrowings | 89,774 | 61,223 | ||||||
Salaries and payroll taxes | 10,123 | 17,555 | ||||||
Income tax liability | 51,451 | 3 | ||||||
Other taxes and royalties | 35,433 | 36,549 | ||||||
Trade and other payables | 297,635 | 205,055 | ||||||
Total current liabilities | 518,728 | 359,386 | ||||||
Total liabilities | 1,490,883 | 1,350,988 | ||||||
Total Equity | 1,304,796 | 1,247,015 | ||||||
Total equity and liabilities | 2,795,679 | 2,598,003 | ||||||
Page 21
Vista Energy S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
| For the period from January 1st to March 31, 2024 |
For the period from January 1st to March 31, 2023 | |||||||
Revenue from contracts with customers | 317,352 | 317,190 | ||||||
Revenues from crude oil sales | 302,485 | 293,913 | ||||||
Revenues from natural gas sales | 14,666 | 21,867 | ||||||
Revenues from LPG sales | 201 | 1,410 | ||||||
Cost of sales | (156,669 | ) | (137,466 | ) | ||||
Operating costs | (21,618 | ) | (30,144 | ) | ||||
Crude oil stock fluctuation | 1,209 | (4,722 | ) | |||||
Depreciation, depletion and amortization | (82,373 | ) | (64,372 | ) | ||||
Royalties and others | (44,782 | ) | (48,972 | ) | ||||
Other non-cash costs related to the transfer of conventional assets | (9,105 | ) | (3,233 | ) | ||||
Gross profit | 160,683 | 165,747 | ||||||
Selling expenses | (18,839 | ) | (16,717 | ) | ||||
General and administrative expenses | (22,110 | ) | (17,011 | ) | ||||
Exploration expenses | (31 | ) | (222 | ) | ||||
Other operating income | 9,497 | 95,315 | ||||||
Other operating expenses | (115 | ) | (963 | ) | ||||
Operating profit | 129,085 | 226,149 | ||||||
Interest income | 481 | 287 | ||||||
Interest expense | (4,897 | ) | (6,137 | ) | ||||
Other financial income (expense) | (22,630 | ) | (14,315 | ) | ||||
Financial income (expense), net | (27,046 | ) | (20,165 | ) | ||||
Profit before income tax | 102,039 | 205,984 | ||||||
Current income tax expense | (63,789 | ) | (47,568 | ) | ||||
Deferred income tax (expense) benefit | 40,401 | (29,682 | ) | |||||
Income tax (expense) | (23,388 | ) | (77,250 | ) | ||||
Profit for the period, net | 78,651 | 128,734 | ||||||
Other comprehensive income | 32 | 71 | ||||||
Total comprehensive profit for the period | 78,683 | 128,805 | ||||||
Page 22
Vista Energy S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
| For the period from January 1st to March 31, 2024 |
For the period from January 1st to March 31, 2023 | |||||||
Cash flows from operating activities | ||||||||
Profit for the period, net | 78,651 | 128,734 | ||||||
Adjustments to reconcile net cash flows | ||||||||
Items related to operating activities: | ||||||||
Other non-cash costs related to the transfer of conventional assets | 9,105 | 3,233 | ||||||
Share-based payments | 6,643 | 5,039 | ||||||
Net (increase) decrease in provisions | 115 | (567 | ) | |||||
Net changes in foreign exchange rate | 12,288 | (6,570 | ) | |||||
Discount for well plugging and abandonment | 254 | 499 | ||||||
Interest expense on lease liabilities | 858 | 388 | ||||||
Discount of assets and liabilities at present value | (371 | ) | 709 | |||||
Income tax expense | 23,388 | 77,250 | ||||||
Employee benefits | 81 | 153 | ||||||
Items related to investing activities: | ||||||||
Gain related to the transfer of conventional assets | - | (89,659 | ) | |||||
Gain from farmout agreement | - | (5,656 | ) | |||||
Interest income | (481 | ) | (287 | ) | ||||
Changes in the fair value of financial assets | 8,635 | 3,202 | ||||||
Depreciation and depletion | 81,085 | 63,434 | ||||||
Amortization of intangible assets | 1,288 | 938 | ||||||
Items related to financing activities: | ||||||||
Interest expense | 4,897 | 6,137 | ||||||
Amortized cost | 317 | 364 | ||||||
Remeasurement in borrowings | - | 13,690 | ||||||
Other financial income (expense) | 649 | 2,033 | ||||||
Changes in working capital: | ||||||||
Trade and other receivables | (116,534 | ) | (12,854 | ) | ||||
Inventories | (1,209 | ) | 4,722 | |||||
Trade and other payables | (3,854 | ) | 4,082 | |||||
Payments of employee benefits | (57 | ) | (75 | ) | ||||
Salaries and payroll taxes | (34,899 | ) | (25,892 | ) | ||||
Other taxes and royalties | (8,747 | ) | (12,018 | ) | ||||
Provisions | (94 | ) | (529 | ) | ||||
Income tax payment | (8,763 | ) | (1,737 | ) | ||||
Net cash flows provided by operating activities | 53,245 | 158,763 | ||||||
Cash flows from investing activities: | ||||||||
Payments for acquisitions of property, plant and equipment | (147,654 | ) | (132,948 | ) | ||||
Payments for the acquisition of AFBN assets | - | (6,250 | ) | |||||
Payments for acquisitions of other intangible assets | (749 | ) | (840 | ) | ||||
Payments for acquisitions of investments in associates | 128 | (532 | ) | |||||
Payments received from farmout agreement | - | 6,250 |
Page 23
Proceeds from the transfer of conventional assets | 10,734 | 10,000 | ||||||
Interest received | 481 | 287 | ||||||
Net cash flows (used in) investing activities | (137,060 | ) | (124,033 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from borrowings | 95,876 | 135,000 | ||||||
Payment of borrowings cost | (357 | ) | (728 | ) | ||||
Payment of borrowings principal | (45,000 | ) | (22,500 | ) | ||||
Payment of borrowings interest | (5,678 | ) | (7,877 | ) | ||||
Payment of lease | (11,011 | ) | (9,894 | ) | ||||
Payments of other financial cost | (933 | ) | (2,033 | ) | ||||
Net cash flow provided by financing activities | 32,897 | 91,968 | ||||||
|
For the period from January 1st to March 31, 2024 |
For the period from January 1st to March 31, 2023 | |||||||
Net increase (decrease) increase in cash and cash equivalents | (50,918 | ) | 126,698 | |||||
Cash and cash equivalents at beginning of period | 209,516 | 241,956 | ||||||
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents | (13,836 | ) | (20,989 | ) | ||||
Net increase (decrease) increase in cash and cash equivalents | (50,918 | ) | 126,698 | |||||
Cash and cash equivalents at end of period | 144,762 | 347,665 | ||||||
Page 24
Glossary, currency and definitions:
| • | Note: Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals due to rounding up. |
| • | Conversion metrics |
| • | 1 cubic meter of oil = 6.2898 barrels of oil |
| • | 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent |
| • | 1 million British thermal units = 27.096 cubic meters of gas |
| • | p q/q: Represents the percentage variation quarter on quarter |
| • | p y/y: Represents the percentage variation year on year |
| • | p q: Represents the variation in million U.S. dollars quarter on quarter |
| • | p y: Represents the variation in million U.S. dollars year on year |
| • | $MM: Million U.S. dollars |
| • | $M: Thousand U.S. dollars |
| • | $/bbl: U.S. dollars per barrel of oil |
| • | $/boe: U.S. dollars per barrel of oil equivalent |
| • | $/MMBtu: U.S. dollars per million British thermal unit |
| • | $/ton: U.S. dollars per metric ton |
| • | Adj. EBITDA / Adjusted EBITDA: Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets |
| • | Adjusted EBITDA margin: Adjusted EBITDA divided by Total Revenues plus Gain from Exports Increase Program |
| • | Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares |
| • | Adjusted Net Income/Loss: Profit for the year, net + Deferred Income Tax (expense) + Changes in the fair value of the warrants + Impairment (reversal) of long-lived assets + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets |
| • | boe: barrels of oil equivalent (see conversion metrics above) |
| • | boe/d: Barrels of oil equivalent per day |
| • | bbl/d: Barrels of oil per day |
| • | Conventional Assets Transaction: assets transferred to Aconcagua, effective on March 1st, 2023. After such date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production, of the Transferred Conventional Assets. |
| • | CNG: Compressed natural gas |
| • | Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow |
| • | Lifting cost includes production, transportation, treatment and field support services; excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses and Other non-cash costs related to the transfer of conventional assets |
Page 25
| • | MMboe: Million barrels of oil equivalent |
| • | MMm3/d: Million cubic meters per day |
| • | Mts: meters |
| • | Plan Gas: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86 MMm3/d volume over a total of 67.4 MMm3/d at an average annual price of 3.29 $/MMBtu for a four-year term ending of December 31, 2025 |
| • | Transferred Conventional Assets: Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada, Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos concessions operated by Aconcagua, effective as of March 1, 2023 |
| • | Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year |
| • | q-o-q: Quarter on quarter |
| • | y-o-y: Year on year |
Page 26
DISCLAIMER
Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the "Company" or "Vista") can be found in the "Investors" section on the website at www.vistaenergy.com.
This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission ("SEC"), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission ("CNBV") or an exemption from such registrations.
This presentation does not contain all the Company's financial information. As a result, investors should read this presentation in conjunction with the Company's consolidated financial statements and other financial information available on the Company's website. All the amounts contained herein are unaudited.
Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.
This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, "Affiliates"), members, directors, officers or employees or any other person (the "Related Parties") as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.
This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
This presentation includes "forward-looking statements" concerning the future. The words such as "believes," "thinks," "forecasts," "expects," "anticipates," "intends," "should," "seeks," "estimates," "future" or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.
Page 27
There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the newly elected government in Argentina; significant economic or political developments in Mexico and the United States; uncertainties relating to the upcoming Mexican presidential and congressional elections in June 2024; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; the effects of pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves; increased market competition in the energy sectors in Argentina and Mexico; potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions; environmental regulations and internal policies to achieve global climate targets; the ongoing conflict involving Russia and Ukraine; and more recently, the Israel-Hamas conflict.
Page 28
Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista's business can be found in Vista's public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).
You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.
Other Information
Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel of distribution of material information. Accordingly, investors should monitor Vista's Investor Relations website, in addition to following Vista's press releases, SEC filings, public conference calls and webcasts.
INVESTORS CONTACT:
ir@vistaenergy.com
Phone in Argentina: +54.11.3754.8500
Phone in Mexico: +52.55.8647.0128
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Vista Energy SAB de CV published this content on 24 April 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 24 April 2024 20:23:18 UTC.
