Q1 2025 Vista Energy SAB de CV Earnings Call

Operator: Good day and thank you for standing by. Welcome to Vista First Quarter 2025 Earnings Webcast. At this time, all participants are in a listen-only mode.

Operator: Good day, and thank you for standing by. Welcome to Vista Q1 2025 Earnings Webcast. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov, Vista Strategic Planning and Investor Relations Officer. Please go ahead.

Good day and thank you for standing by welcome to Vista first quarter 2025 earnings webcast.

At this time all participants are in a listen only mode. After the speaker's presentation. There will be a question answer session to ask a question. During the session you will need to press star one one on your telephone you will then hear an automated message advising your hand is range to withdraw your question. Please.

Operator: After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star 11 on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star 11 again.

Press Star one one again.

Operator: Please be advised that today's conference is being recorded.

Please be advised that today's conference is being recorded.

Alejandro Chernakov: I would now like to hand the conference over to your speaker today, Alejandro Chernakov, Vista Strategic Planning and Investor Relations Officer. Please go ahead. Thanks. Good morning, everyone.

Speaker Change: I would now like to hand, the conference over to your speaker today, Alejandro chaired Nichols Vicente strategic planning and Investor Relations Officer. Please go ahead.

Alejandro Cherñacov: Thanks. Good morning, everyone. We are happy to welcome you to Vista's Q1 2025 Results Conference Call. I am here with Miguel Galuccio, Vista's Chairman and CEO, Pablo Vera Pinto, Vista's CFO, Juan Garoby, Vista's CTO, and Matías Weissel, Vista's COO. Before we begin, I would like to draw your attention to our cautionary statement on slide 2. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA.

Speaker Change: Good morning, everyone. We are happy to welcome you to be the first quarter of 2025 results conference call.

Alejandro Chernakov: We are happy to welcome you to Vista's first quarter of 2025 results conference. I am here with Miguel Galuccio, Vista's Chairman and CEO, Pablo Verapinto, Vista's CFO, Juan Garobi, Vista's CTO, and Matias Huesel, Vista's COO.

Speaker Change: Here with me.

Speaker Change: As chairman and CEO, Bobby to light up in Dolby.

Speaker Change: One that <unk>, CTO and Matt Young wasteful discussed before.

Alejandro Chernakov: Before we begin, I would like to draw your attention to our cautionary statement on slides. Please be advised that our remarks today, including the answers to your questions, may include overlooking These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by experts. Financial figures are stated in US dollars and in accordance with international financial reporting standards. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA. Reconciliation of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday, so please check our website for further information.

Speaker Change: Before we begin I would like to draw your attention to our cautionary statement on slide two.

Speaker Change: Please be advised that our remarks today, including the answers to your questions may include forward looking statements.

Speaker Change: These forward looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks.

Speaker Change: Our financial figures are stated in U S dollars and in accordance with international financial reporting standards.

Speaker Change: However, during this conference call, we may discuss certain non <unk> financial measures such as adjusted EBITDA.

Alejandro Cherñacov: Reconciliation of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday, so please check our website for further information. Our company is a sociedad anónima bursátil de capital variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel.

Speaker Change: Reconciliations of these measures to the closest <unk> measure can be found in the earnings release that we issued yesterday. So please check our website for further information.

Alejandro Chernakov: Our company is the Sociedad Anónima Bursátil de Capital Variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York. Our tickets are Vista in the Bolsa Mexicana de Valores and BISD in the New York.

Speaker Change: Our company is a soft January and our February capital outlay organized under the laws of Mexico registering there what's that make you kind of evaluate it and the New York stock exchange.

Speaker Change: Okay.

Speaker Change: In the box that make you kind of evaluate <unk> in the New York Stock Exchange I will now turn the call over to Miguel.

Miguel Galuccio: I will now turn the call over to... Thanks, Ale. Good morning, everyone, and welcome to the internal call.

Miguel Galuccio: Thanks, Ale. Good morning, everyone, and welcome to the earnings call. As you know, last week, we announced the acquisition of Petronas Argentina. I am personally thrilled by the consolidation of 50% of La Amarga Chica, a low-cost, high-return asset, which is transformational for Vista, providing us with a significant large scale. The acquisition brings material flowing production and substantial EBITDA generation, which will strengthen our cash flow profile going forward. Today, I will first go through the quarterly results, then into the details of the acquisition and its merit, the last, I will do a Q&A session. During Q1 2025, we continued to deliver robust growth year-over-year.

Miguel: Thanks Ali good morning, everyone and welcome to returning coil.

Miguel Galuccio: As you know, last week we announced the acquisition of Petronas Argentina. I am personally thrilled by the consolidation of 50% of La Marga Chica, a low-cost, high-retain asset, which is transformational for Vista, providing us with a significant large scale. The acquisition brings material flow in production and substantial evidence generation, which will strengthen our gas flow profile going forward.

Miguel: As you know last week, we announced the acquisition of Petro announced Argentina.

Miguel: I am personally leading.

Miguel: By the consolidation of 50% of La <unk> Chica and low cost.

Miguel: Asset, which is transformational for beta providing us with a significant largest kate.

Miguel: Acquisition brings material flowing production.

Miguel: Substantially the destination, which will strengthen our cash flow profile going forward.

Miguel Galuccio: Today, I will first go through the quarterly results. Then, into the details of the acquisition and its merits.

Miguel: Today I will first go through our reported results.

Miguel: Then each of the details of the acquisition of <unk> and I.

Miguel Galuccio: And the last, I will do a Q&A. During the first quarter of 2025, we continue to deliver robust growth year over year. We also recorded a major mass toll with the inauguration of Old El Val Duplicar Pailano. reducing significantly our selling expenses as we scale down the use of track to zero by the end of the third quarter. In Q1 2025, production was 80.9 billion per day. an increase of 47% year-over-year. Oil production was 69.6 thousand barrels per day, also 47% year-over-year. Total revenues during the quarter were $438 million, 38% above the same quarter of last year.

Miguel: We'll do a Q&A session.

Miguel: During the first quarter of 2025, we continue to deliver robust growth year over year.

Miguel Galuccio: We also recorded a major milestone with the inauguration of Oldelval Duplicar pipeline, reducing significantly our selling expenses as we scale down the use of truck to zero by the end of Q3. In Q1 2025, production was 80.9 thousand BOE per day, an increase of 47% year over year. Oil production was 69.6 thousand barrels per day, also 47% year over year. Total revenues during the quarter were $438 million, 38% above the same quarter of last year. Lifting cost was $4.7 per BOE, 8% above year over year. Capital expenditure was $258 million, driven by 16 wells drilled and 10 wells completed during the quarter, plus $49 million in development facilities. Adjusted EBITDA was $275 million, an interannual increase of 25%. Net income was $83 million, implying a quarterly EPS of $0.9 per share.

Miguel: We also recorded a major milestones in our nation on the environment.

Miguel: Right.

Miguel: Reducing significantly our selling expenses up with scaled down the use truck to settle by the end of the first quarter.

Miguel: In Q1 2025.

Miguel: <unk> was 89000 Boe's per day.

Miguel: An increase of 47% yet already yet.

Miguel: Oil production was 69 6000 barrels per day also 47% year over year.

Miguel: Total revenues during the quarter were $438 million.

Miguel: 88% above the same quarter of last year.

Miguel Galuccio: Lifting cost was $4.7 per VOE, 8% above year-over-year. Capital expenditure was $268 million, driven by 16 wells drilled and 10 wells completed during the quarter, plus $49 million in development facilities. Ajax's GDP was $275 million, an inter-annual increase of 25%. Net income was $83 million, implying a quarterly EPF of $0.9 per share. free cash flow was minus $243 million during the quarter, and we initiated a year of a very strong growth. And finally, net leverage ratio at quarter end remaining strong at 0.84 times HSDB VDA. During Q1, we recorded another quarter of WDG in their annual production growth.

Miguel: <unk> cost was $4 $7 eight.

Miguel: <unk> both year over year.

Miguel: Capital expenditure was $268 million.

Miguel: And even by 16 with drilling and thing was completed during the quarter.

Miguel: $49 million in development facility.

Miguel: Adjusted EBITDA was $275 million.

Miguel: The annual increase of 25%.

Miguel: Net income was $83 million.

Miguel: Implying a quarterly EPS of Cedar point $9 per share.

Miguel Galuccio: Free cash flow was -$243 million during the quarter, as we initiated a year of a very strong growth. Finally, net leverage ratio at quarter end remained strong at 0.84x adjusted EBITDA. During Q1, we recorded another quarter of double-digit interannual production growth. This reflects a strong performance from our development CapEx, with 49 wells connected in the last 12 months. We tied in 10 wells in the quarter, backloading activity to make better use of Oldelval pipeline expansion and minimize trucking expenses. Total production at 80.9 thousand BOEs per day was 47% above the same quarter of last year, and as expected, 5% below Q4 2024. Oil production was 69.6 thousand barrels of oil per day, 47% above year over year. Gas production increased 42% on interannual basis.

Miguel: Free cash flow was minus $243 million during the quarter, we initiated a year off of very strong growth.

Miguel: And finally net to EBITDA ratio at quarter end remained strong at Cedar point 84 times adjusted EBITDA.

Miguel: During Q1, we recorded another quarter of double digit in their annual production growth.

Miguel Galuccio: This reflects strong performance from our development hub, with 49 wells connected in the last 12 months. We tie in 10 wells in the quarter, backloading activity to make better use of all the pipeline expansion and minimize tracking expenses. Total production at 80.9 thousand VOE per day was 47% above the same quarter of last year and, as expected, 5% below Q4 2024. Oil production was 69.6 thousand barrels of oil per day, 47% above year-over-year. and gas production increased 42% on inter-annual basis. In Q1 2025, total revenue were $438 million, 38% higher year-over-year, driven by the strong increase in oil production.

Miguel: These reflect a strong performance from our development up with 49 wells connected in the last 12 months.

Miguel: <unk> was in the quarter.

Miguel: Loading activity to make better use of OIBDA dynamic function are minimized driving expenses.

Miguel: Production at 49, <unk> per day with 47% above the same quarter of last year.

Miguel: As expected, 5% below Q4 2024.

Miguel: Oil production was 69 6000 barrel of oil per day, 47% of our year over year.

Miguel: And that production increased 42% on you did annual rate.

Miguel Galuccio: In Q1 2025, total revenue were $438 million, 38% higher year over year, driven by the strong increase in oil production. On sequential basis, the relatively lower increase in total revenues compared to the 47% increase in oil production reflect an inventory build-up of 360,000 barrels of oil, which will be reflected in the sales of Q2. Realized oil price was $68.6 per barrel on average, down 2% on an interannual basis, mainly driven by the lower international prices. Export realization prices were $68 per barrel. We exported 3.2 million barrels of oil during the quarter, twice as much as during the same quarter of 2024. Domestic realization prices were $69.4 per barrel, including volume sold at export parity. We continue to increase the domestic volume sold at export parity pricing. During Q1, 78% of our domestic volumes and 90% of our total volumes were sold at export parity.

Miguel: In Q1, 2025 total revenues were $438 million.

Miguel: 38% higher year over year, driven by the strong increase in oil production.

Miguel Galuccio: On sequential basis, the relatively lower increase in total revenues compared to the 47% increase in oil production reflect an inventory build-up of 350,000 barrel oil, which will be reflected in the sales of Q2. Realizable price was $68.6 per barrel on average, down 2% on an interannual basis, mainly driven by the lower international price. Export realization prices were $68 per barrel. We exported 3.2 million barrels of oil during the quarter, twice as much as during the same quarter of 2024. Domestic realization prices were $59.40 per barrel, including volume sold at export parity. We continue to increase the domestic volume sold at export parity pricing.

Miguel: On sequential basis, the relatively lower increase in total revenues compared to the 47% increase in loan production conflict and inventory buildup of 3300 60000 barrels of oil.

Miguel: Which would be reflected in the sales of Q2.

Miguel: Realized oil price was $68 $6, providing an average us down 2% on annual basis, mainly driven by the low international prices.

Miguel: Export limitations prices were $68 provided with $43 2 million batteries for during the quarter twice as much during the same quarter of 2024.

Miguel: Domestic realization prices were $69 $4 per barrel, including volumes sold at this property.

Miguel: We continue to impede the domestic volumes, so I think for parity pricing during Q1, 38% of our domestic volume and 90% of our total volumes were sold at the property.

Miguel Galuccio: During Q1, 78% of our domestic volume and 90% of our total volumes were sold at export parity. Lifting cost during Q1 was $4.7 per VOE, flat on sequential basis, reflecting successful cost control despite the lower volumes and the underlying USD cost inflation. Selling expenses per BOE came down 19% on sequential basis, driven by saving in track costs, with total $27.7 million, $13.7 million below Q4 2024. The connection of all the LVAD duplicated pipelines during the quarter enabled us to gradually reduce tracking volumes. Importantly, expansion capacity is now fully available. We have incorporated 31.5 thousand barrels of oil per day of pipeline capacity and we forecast no tracking in the future.

Miguel Galuccio: Lifting cost during Q1 was $4.7 per BOE, flat on sequential basis, reflecting successful cost control despite the lower volumes and the underlying USD cost inflation. Selling expenses per BOE came down 19% on sequential basis, driven by saving in truck costs, with total $27.7 million, $13.7 million below Q4 2024. The connection of Oldelval Duplicar pipeline during the quarter enabled us to gradually reduce trucking volumes. Importantly, expansion capacity is now fully available. We have incorporated 31.5 thousand barrels of oil per day of pipeline capacity, and we forecast no trucking in Q2. Adjusted EBITDA during the quarter was $275 million, 25% higher on an interannual basis, and flat compared with Q4 2024. Adjusted EBITDA margin expanded five percentage points on a sequential basis, driven by higher oil prices and lower selling expenses.

Miguel: This included in Q1 was $4 $7, but flat on sequential basis, reflecting some cyclical cost control. Despite the lower volumes and then the line USD cost inflation.

Miguel: Turning to expenses <unk> came down 19% on sequential basis, driven by savings in that cost with totaled $27 7 million.

Miguel: $17 $7 million below Q4 2024.

Miguel: The connection of ordinary duplicated by line during the quarter enable us to gradually reduce trucking volumes.

Miguel: Importantly, the functional capacity is now fully available we have incorporated 31 5000 barrels of oil per day of by line capacity and we forecast no trucking in future.

Miguel Galuccio: Ashanti's EVDA during the quarter was $275 million, 25% higher on an inter-annual basis, and flat compared with Q4 2024. Adjusted EVA margin expanded 5 percentage points on a sequential basis, driven by higher oil prices and lower selling expenses. Driven by the same factors, our net back expanded 9% during the quarter to $37.8 per billion. During Q1 2025, cash flow from operating activities was $66 million, reflecting an increase in working capital of $59 million and an investment for metering expansion of $36 million. Cash flow used in investing activities was $310 million. reflecting a crude capex of $268 million, an increase of $18 million in working capital, and an investment in Vaca Muerta Sur of $29 million.

Miguel: Adjusted EBITDA during the quarter was $275 million, 25% higher on an annual basis and flat compared with Q4 2024.

Miguel: EBITDA margin expanded $5.

Miguel: Since that point on a sequential basis, driven by higher oil prices and lower selling expenses.

Miguel Galuccio: Driven by the same factors, our net debt expanded 9% during the quarter to $37.8 per BOE. During Q1 2025, cash flow from operating activities was $66 million, reflecting an increase in working capital of $59 million and a back payment for meeting expansion of $36 million. Cash flow used in investing activities was $310 million, reflecting accrued CapEx of $268 million, an increase of $18 million in working capital, and an investment in Vaca Muerta Sur of $29 million. Free cash flow during the quarter was therefore -$243 million. Cash flow from financing activities was $219 million, reflecting proceeds from borrowing of $341 million, and partially offset by the repayment of borrowings of $99 million. Finally, cash at period end was $740 million, and our net leverage ratio stood at 0.84 times adjusted EBITDA. We will now deep dive into the acquisition of Petronas Argentina, which we announced last week.

Miguel: Driven by the same factors, our netback expanded 9% during the quarter to $37 $8 per unit.

Miguel: During Q1 2025 cash flow from operating activities was $66 million.

Miguel: Selecting an increase in working capital of $69 million.

Miguel: Statement for me to be an expansion of $36 million.

Miguel: Cash flow used in investing activities was $310 million.

Miguel: Reflecting that <unk> capex of $268 million.

Miguel: An increase of $18 million in working capital.

Miguel: On an investment in <unk> of $29 million.

Miguel Galuccio: Free cash flow during the quarter was therefore minus $243 million. Cash flow from financing activities was $219 million, reflecting proceeds from borrowing of $341 million and partially offset by the repayment of borrowings of $99 million.

Miguel: Free cash flow during the quarter was minor.

Miguel: Minus $243 million.

Miguel: Cash flow from financing activities was $219 million.

Miguel: Reflecting proceeds from borrowings.

Miguel: $341 million.

Miguel: Partially offset by the repayment of borrowings of $99 million.

Miguel Galuccio: Finally, cash at period end was $740 million, and our net leverage ratio stood at 0.84 times a share to the VDA.

Miguel: Finally cash at period end was $748 million and our net leverage ratio stood at Cedar point 84 times adjusted EBITDA.

Miguel Galuccio: We will now deep dive into the acquisition of Petronas Argentina, which we announced last week. The purchase price was composed of $900 million in cash. and the Fair Cash Payment of $300 million at Ciro Interest. and 7.3 million Vista Ships. This payment equates to an NPD of approximately 1.3 billion dollars. leading to a highly creative acquisition model.

Miguel: We will now deep dive into the application of Petronas, Argentina, which we announced last week.

Miguel Galuccio: The purchase price was composed of $900 million in cash, a deferred cash payment of $300 million at zero interest, and 7.3 million Vista shares. This payment equates to an NPV of approximately $1.3 billion, leading to a highly accretive acquisition multiples. With this transaction we closed last week, we started the consolidation of 50% of La Amarga Chica as of 15 April, a material addition to our portfolio. La Amarga Chica spans 46,000 acreage in the core of Vaca Muerta, is right next to Bajada del Palo Este and Aguada Federal. At our share, we estimate it has an inventory of 200 wells to be drilled, increasing and enhancing Vista's inventory. At our 50%, P1 reserves were 140 million BOE, as filed at ERM 2023, a significant addition to the 375 million BOEs of P1 reserves booked by Vista.

Miguel: The purchase price was composed of $900 million in cash.

Miguel: A deferred cash payment of $300 million.

Miguel: Auto Internet.

Miguel: And $7 3 million visa shares.

Miguel: This payment equate to an NPV of approximately $1 $3 billion.

Miguel: Leading to a tiny acquisition multiples.

Miguel Galuccio: With this transaction, we close that week. We started the consolidation of 50% of La Marga Chica as April 15. a material addition to our portfolio. La Marga Chica spans 46,000 acres in the core of Vaca Muerta and is right next to Bajada del Palo Este and Aguada Federal. At our share, we estimate it has an inventory of 200 wells to be drilled, increasing and enhancing Vista's inventory. At our 50%, P1 Reserve were 140 million BOEs. A five at PRM 2023, a significant addition to the 375 million BOEs of P1 Reserve booked by Vista. With the 247 wells on production at ERM 2024, La Amarga Chica has a solid history of robust well productivity and low lifting costs, very comparable to our development hub.

Miguel: With this transaction we closed last week, we started the consolidation of 50% of La <unk> Chica <unk> 50.

Miguel: A material addition to our portfolio.

Miguel: Now Margaret kicked up spun 40.

Miguel: <unk> 46000 acreage in the core of <unk> and <unk>.

Miguel: Right next to <unk>.

Miguel: Our share we estimate cost of inventory of two company with to be Green.

Miguel: And enhancing this DUC inventory.

Miguel: At our 50% B, what I said were $140 million.

Miguel: Our fight yet in 2023, a significant addition to the 375 million viewers of be wanted to extend a book by Vista.

Miguel Galuccio: With the 247 wells on production at ERM 2024, La Amarga Chica has a solid history of robust well productivity and low lifting costs, very comparable to our development hub. It is also the second largest producing block in Vaca Muerta. Production was 79.5 thousand BOEs per day in Q4 2024, implying that our 50%, we have consolidated 39.8 thousand BOEs per day. This leads to a pro forma production of 125,000 BOEs per day for such a period, of which 109,000 are oil. Petronas Argentina has secured a material amount of transportation and dispatch capacity in the Midstream sector. Combining the Vaca Muerta Norte and the Oldelval pipeline, we are adding 57,000 barrels of oil per day of paid transportation, 19,000 in Oldelval open access, 17,000 in Duplicar, and 21,000 in Vaca Muerta Norte.

Miguel: With a 240 70 with on production at year end 2024.

Miguel: I might have got Chykatka, a solid history of robot with DVT and low lifting costs very comparable to our development hub.

Miguel Galuccio: It is also the second largest producing block in Bacamorta. Production was 79.5,000 VOEs per day in Q4 2024, implying that our 50%, we have consolidated 39.8,000 VOEs per day. This leads to a pro forma production of 125,000 VOEs per day for such a period of which 109,000 are oil. Petronas Argentina has secured a material amount of transportation and dispatch capacity in the Minton sector. Combining the Vaca Muerta Norte and the Old El Val pipeline, we are adding 57,000 barrels of oil per day of field transportation. 19,000 in Old El Valle Open Access, 70,000 in Duplicar, and 21,000 in Bacamorta North.

Miguel: Also the second largest reducing blocking back amortize production.

Miguel: Production was 795000 Boe's per day in Q4, 2024, implying that our 50% we have consolidated 39 8000 barrels per day.

Miguel: This leads to a pro forma production of one company 25000, Boe's per day for such a period of which 190 <unk> our own.

Miguel: Okay Fair enough, Argentina secured a material amount of transportation on the factory capacity in the midstream sector.

Miguel: Combining <unk> and <unk>.

Miguel: Thailand, we are adding 57000 barrels of oil per day of transportation.

Miguel: 19000 in order to buy the open access.

Miguel: 70, <unk> loop recorder and 21000 in back of mortality.

Miguel Galuccio: Based on Q4 2024 production data, more than 20,000 barrels per day or around 40% of this capacity was either providing ample room for growth and synergies with our development With this strategic transaction, we are doubling down on Bacamuerta, increasing our exposure to short-cycle low-break-even shell action. This deal improves our short and medium-term cash flow profile, as well as our long-term value proposition for shareholders. This constitutes a highly accredited transaction for our shareholders. A debit to EBITDA of 2x, EB per flowing barrel of $33,000, and price to earnings of 3.8x. the transaction multiples comparable very positively to Vista's own trading metrics.

Miguel Galuccio: Based on Q4 2024 production data, more than 20,000 barrels per day or around 40% of this capacity was idle, providing ample room for growth and synergies with our development hub. With this strategic transaction, we are doubling down on Vaca Muerta, increasing our exposure to short cycle, low breakeven shale assets. This will improve our short and medium-term cash flow profile, as well as our long-term value proposition for shareholders. This constitutes a highly accretive transaction for our shareholders. At a net traded out 2x, EBITDA flowing barrel of $33,000, and price to earnings of 3.8x, the transaction multiples comparable very positively to Vista's own trading metrics. We have consolidated a low-cost, high-margin, cash-generating asset. La Amarga Chica lifting cost was $4.1 per BOE in 2024, reflecting a robust operating model and solid well productivity.

Miguel: Based on Q4, 'twenty 'twenty four production data more than 20000 barrels per day or around 40% of this capacity.

Miguel: Providing ample room for growth on peanuts.

Miguel: What are the aluminum Cup.

Miguel: With this strategic transaction, we are doubling down on <unk>, increasing our exposure to short cycle low breakeven shale assets.

Miguel: <unk> did improve our short and medium term cash flow profile as well as our long term value proposition for shareholders.

Miguel: This constitutes a highly accretive transaction for our shareholders.

Miguel: <unk> two times EBIT growing burn of $33000.

Frank: Frank two out of three eight times.

Frank: In fact, your multiples comparable very positively to beat that one <unk>.

Miguel Galuccio: We have consolidated a low-cost, high-margin, cash-generating asset. La Marga Chica lifting cost was $4.1 per DOE in 2024, reflecting a robust operating model and solid oil productivity. On performance basis for 2024, the acquired company improved our adjusted EVDA by 61 percent. strengthening our cash flow profile. on the same basis as activity margin improves by 3% at points from 65% to 68%. The transaction also increases our scale and enhances our portfolio. On a performance basis, our total production for Q4 2024 will be 125,000 DOE per day, an increase of 47%. As discussed earlier, P1 Reserve and Akrish are also significantly involved.

Frank: We have consolidated in a low cost high margin cashing at 18 asset.

Frank: Now Margaret Keegan lifting cost was $4 one dollar per year in 2024, reflecting a robust operating model and solid work through television.

Miguel Galuccio: On pro forma basis for 2024, the acquired company improved our adjusted EBITDA by 61%, strengthening our cash flow profile. On the same basis, adjusted EBITDA margin improved by 3 percentage points from 65% to 68%. The transaction also increases our scale and enhances our portfolio. On a pro forma basis, our total production for Q4 2024 will be 125,000 BOE per day, an increase of 47%. As discussed earlier, P1 reserves and acreage are also significantly enlarged. As per our estimation, La Amarga Chica has an inventory of 200 wells to be drilled at our 50% working interest.

Frank: On pro forma basis for 2024, that's quiet a company improve our adjusted EBITDA by 61%.

Frank: Strengthening our cash flow profile.

Frank: On the same basis, adjusted EBITDA margin improved by three percentage points from 65% to 68%.

Frank: The transaction also increases our scale and enhance our portfolio.

Frank: On a pro forma basis, our total production for Q4 of 2020 product will be 125000 Boe per day.

Frank: An increase of 47%.

Speaker Change: I think Scott earlier, B, one et cetera.

Frank: Apis are also significantly and guards.

Miguel Galuccio: But our estimation, La Amarga Chica has an inventory of 200 wells to be drilled at our 50% working interest. We are, therefore, increasing our inventory by 20%, adding wealth located in a premium area of Bacamuerta, around Bajada del Palo Este, a region we know extremely well and which has consistently delivered extraordinary value to our people. Based on the Amarga Chica proximity to our development hub. Our analysis shows there are very clear signatures we can capture related to sharing facilities. optimizing well placement close to the limit between the blocks. Streamlining new well designs and potentially sharing general services.

Frank: But our estimation Latin America Chica has an inventory of two company ways to be redeemed at our 50% working interest.

Miguel Galuccio: We are therefore increasing our inventory by 20%, adding wells located in a premium area of Vaca Muerta around Bajada del Palo Este, a region we know extremely well and which has consistently delivered extraordinary value to our company. Based on La Amarga Chica proximity to our development hub, our analysis shows there are very clear synergies we can capture related to sharing facilities, optimizing well placement close to the limit between the blocks, streamlining new well designs, and potentially sharing general services. Importantly, the acquired company holds material oil metering capacity. By adding 57,000 barrels of oil per day of contracted pipeline capacity, we have reached almost 200,000 barrels of oil per day capacity on a pro forma basis, excluding trucks. We are thrilled to be consolidating a high margin, low-risk given asset with very clear synergies with our ongoing operation.

Frank: We out of that 40, increasing our inventory by 20%, adding was located in our premium area of a commodity item, but helped by the way.

Frank: In addition, we know extremely well and which has consistently delivered.

Frank: They need a value to our company.

Frank: Based on La <unk> chica proximity to already available.

Frank: Analysis shows they are a very key finishes, we can capture related to sharing facilities.

Frank: Optimized well placement close to the limit between the blocks.

Frank: Streamlining, new well designs and potentially shedding chain hotels.

Miguel Galuccio: Importantly, that coir company holds material oil mixing capacity. By adding 57,000 barrels of oil per day of contracted pipeline capacity, we have reached almost 200,000 barrels of oil per day capacity on a performance basis, excluding trucks. We are thrilled to be consolidating a high-margin, low-rate, human asset with very clear synergies with our ongoing operation.

Frank: Importantly that acquire company called Smart PDL OLED capacity.

Frank: By adding 57000 barrels of oil per day of contracted by NAND capacity. We have reached almost 200000 bottles sold per day capacity on a pro forma basis.

Frank: Including trucks.

Frank: We are pleased to be consolidated in our high margin low breakeven asset with very key initiatives with our ongoing operation.

Miguel Galuccio: Based on the scale and importance of this consolidation, we are currently working on a revised version of our 2025 plan. We are therefore removing our 2025 market guidance and we will present an update guidance in our Q2 and in Q3.

Miguel Galuccio: Based on the scale and importance of this consolidation, we are currently working on a revised version of our 2025 plan. We are therefore removing our 2025 market guidance, and we will present an update guidance in our Q2 earnings call. I will make some closing remarks before we move on to Q&A. On the operational front, we have made solid progress during the quarter. Production increased 47% year-over-year, driven by 49 new wells drilled and connected in the last 12 months. We reached a major milestone as the Duplicar pipeline came online, adding 31,500 barrels of oil per day of oil transportation capacity, materially reducing our selling expenses quarter-on-quarter and fully eliminating trucking volumes as of quarter-end. Yet, the most important achievement was on the M&A front, with execution of a transformational deal for our company.

Frank: Based on the scale and importance of this consolidation. We are currently working on a revised version of our 2020 pipeline.

Frank: We are therefore, removing our 2025 market guidance and we will present, an update guidance in our Q2 earnings call.

Miguel Galuccio: I will make some closing remarks before we move on to Q&A. On the operational front, we have made solid progress during the quarter. Production increased 47% year-over-year, driven by 49 new wells drilled and connected in the last 12 months. We reached a measured milestone as the duplicate pipeline came online, adding 31.5 thousand barrels of oil per day of oil transportation capacity. materially reducing our selling expenses quarter-on-quarter and fully eliminating tracking volumes of a quarter-day.

Frank: I will make some closing remarks before we move on to Q&A.

Frank: On the operational front, we have made solid progress during the quarter production increased 47% year over year, driven by 49, new with Green and connected in the last 12 months.

Frank: We reached a major milestone as the duplicate nine came online, adding 31 5000 barrels of oil per day of oil transportation capacity.

Frank: EW, reducing our selling expenses quarter on quarter and full year in the making directing volumes are supported.

Miguel Galuccio: Yet, the most important achievement was on the M&A front with the execution of a transformational deal for our company. Our track record shows that we are a company that can add value to its operating operations. as well through business development. With Acquired Assets, we incorporate flow in production, material evidence, and cash flow generation. premium new oil inventory, fuel metering capacity, and potential synergies as accredited acquisition multiparty. Following this M&A transaction, Vista emerged with an improved cash flow profile and higher margins. which is very relevant in the backdrop of a high market volatility and I think more importantly reflects our constructive long-term vision on Vaca Muerta and long-term global oil price fundamentals.

Frank: Yet the most important achievement was on the M&A front with the execution of a transformational deal for our company.

Miguel Galuccio: Our track record shows that we are a company that can add value through its upstream operations, as well as through business development. With acquired assets, we incorporate flowing production, material EBITDA and cash flow generation, premium new well inventory, free oil metering capacity, and potential synergies at accretive acquisition multiples. Following this M&A transaction, Vista emerged with an improved cash flow profile and higher margins, which is very relevant in the backdrop of a high market volatility, and I think more importantly, reflects our constructive long-term vision on Vaca Muerta and long-term global oil price fundamentals. Before we move to Q&A, I would like to thank the entire Vista team for their hard work in this quarter, and specifically, I would like to thank the M&A team for the outstanding transaction they just concluded. Operator, we can now move to Q&A.

Frank: Our track record shows that we are a company that can add value to its optimum operation.

Frank: Through business development.

Frank: We've had quite an asset we could put a flowing production material EBITDA and cash flow generation.

Frank: Premium you would even 30 feet on metering capacity and potential synergies as a creative acquisition multiples.

Frank: Following this M&A transaction Vista immersed with our improved cash flow profile and higher margin.

Frank: Which is very relevant in the backdrop of heightened market volatility.

Frank: And more importantly.

Frank: Flex our contracted long term vision on bulk commodity.

Frank: Long term global oil price fundamentals.

Miguel Galuccio: Before we move to Q&A, I would like to thank the entire Vista team for their hard work in this quarter. And specifically, I would like to thank the M&A team for the outstanding transaction they just concluded.

Frank: Before we move to Q&A.

Frank: To thank the entire beat that team for their hard work in this quarter.

Frank: Specifically I would like to send the M&A team for the understanding transaction with subsequent gluten offer.

Operator: Operator, we can now move to Q&A. Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster.

Frank: The data we can now move to Q&A.

Operator: Thank you. Our first question comes from the line of Alejandro Demichelis from Jefferies.

Frank: Thank you Sir.

Speaker Change: Minder to ask a question. Please press star one to one on your telephone.

Speaker Change: Wait for your name to be announced to withdraw your question. Please press star one one again.

Speaker Change: Please standby, while we compile the Q&A roster.

Alejandro DeMichelis: Our first question comes from the line of Alejandro Demichelis from Jeffreys. Yes, good morning guys. First, congratulations on the deal to the whole team.

Speaker Change: Our first question comes from the line of Alejandro Demichelis from Jefferies.

Alejandro Demichelis: Yes. Good morning, guys. First, congratulations on the deal to the whole team. Miguel, maybe you can deep dive a little bit more on those synergies that you're talking about in terms of how long do you think it's going to take you to achieve those? How are the discussions with the operator to get access to that kind of extra capacity, the sharing of some services as you mentioned, and how you see that kind of, say, more of a portfolio development going forward?

Alejandro DeMichelis: Yes, good morning, guys.

Speaker Change: Congratulations on the deal to the whole team.

Miguel Galuccio: Miguel, maybe you can dive a little bit more on those synergies that you're talking about in terms of how long do you think it's going to take you to achieve those? How are the discussions with the operator to get access to that kind of extra capacity, the sharing of some services, as you mentioned, and how you see that kind of, say, more of a portfolio development going forward?

Alejandro DeMichelis: Maybe you can.

Alejandro DeMichelis: Deep dive a little bit more on those soon as you thought you were talking about in terms of.

Alejandro DeMichelis: How long do you think it's going to take you to two to achieve those.

Alejandro DeMichelis: The discussions with the operator 222 to get access to that kind of extra capacity.

Alejandro DeMichelis: The sharing of some service cost you mentioned.

Alejandro DeMichelis: How you see that kind of say more of our portfolio development going forward.

Miguel Galuccio: Hi, Ale, and thank you for the question. Well, synergies are super important, as you know, in any acquisition. We run a very solid diligent process, and we have a very good engagement with YPF in the last days. I think both teams, we are super concentrated and excited of working together. I would say the first synergy that we perceive and we see is total transportation capacity. that clearly will bring more flexibility to our operating system. The total capacity is 57,000 barrels per day. That is compared with the current oil production that is around 20,000, leave us with 20,000 barrels per day or a fair capacity.

Miguel Galuccio: Hi, Ale, thank you for the question. Synergies are super important, as you know, in any acquisition. We run a very solid diligence process, and we have a very good engagement with YPF in the last days. I think both teams, we are super concentrated and excited of working together. I would say the first synergy that we perceive and we see is total transportation capacity. That clearly will bring more flexibility to our operated hub. The total capacity is 57,000 barrel oil per day. That is compared with the current oil production that leave us with 20,000 barrel oil per day of spare capacity. We also see potential upside in sharing oil treatment facilities. La Amarga Chica have 2 oil treatment plants. Each one of them have 80,000 barrel oil per day capacity.

Hi, Elliot Thank you for the question.

Alejandro DeMichelis: While seniors is a super important that you know in India.

Alejandro DeMichelis: At precision we.

Alejandro DeMichelis: We run a very solid diligent process and we have a very good engagement with <unk> in the last days.

Alejandro DeMichelis: I think both teams we are super concentrated and exciting award each with it.

Alejandro DeMichelis: I would have said the first synergy that we see.

Alejandro DeMichelis: But we see is total transportation capacity.

Alejandro DeMichelis: That clearly will bring more flexibility to our operated cup.

Alejandro DeMichelis: Capacity is 50, 50 57000 barrels per day.

Alejandro DeMichelis: This compared with their current production there is around 20000.

Alejandro DeMichelis: You bought back with 20000 barrels of oil.

Miguel Galuccio: We also see potential upside in sharing oil treatment facilities. Las Margas Chicas have two oil treatment plants. Each one of them have 80,000 barrels per day capacity. that if you compare with the total production of the block, clearly there is spare capacity that is available to us. and, really, we'll save costs. The other thing that we believe that we can optimize is the drilling of the longer lateral growth to the border of the two blocks. Now that we... Somehow, we have ownership in both blocks. Clearly, we can optimize the work placement, doing probably longer laterals.

Alejandro DeMichelis: Capacity, we also see potential upside sharing all treatment facilities.

Alejandro DeMichelis: Latin America <unk> got off to a treatment plan.

Alejandro DeMichelis: Each one of them 80000 barrel capacity.

Miguel Galuccio: That, if you compare with the total production of the block, clearly, there is a spare capacity that is available to us and really will save costs. The other thing that we believe that we can optimize is the drilling of the longer laterals close to the border of the two blocks. Now that we somehow have ownership in both blocks, clearly we can optimize the work placement, doing probably longer laterals. Sometimes we come short on the borders. That, from the subsurface point of view, is also an upside. Last but not least, and probably more important than everything else, we know that we share, and I share with Horacio, the important, I would say, target of reducing well construction costs, both on drilling side and on the completion side.

Alejandro DeMichelis: That if you compare with a total production of the block.

Alejandro DeMichelis: They are.

Alejandro DeMichelis: Their capacity that is available to us on a.

Alejandro DeMichelis: And really we save cost.

Alejandro DeMichelis: The other thing that.

Alejandro DeMichelis: We believe that we can optimize it.

Alejandro DeMichelis: The reading of the longer lateral.

Alejandro DeMichelis: Kudos to the border of two of the two blocks.

Alejandro DeMichelis: Now that we are.

Joe: Thanks, Joe.

Joe: We have ownership in both look at PDL D. We can optimize their work placement doing probably longer than that.

Miguel Galuccio: before sometimes we come short on the borders. So that, from the subsurface point of view, is also an upside. And last, but not least, and probably more important than everything else, We know that we share, and I share with Horacio, the important, I would say, target of reducing well contraction costs, both on drilling side and on the completion side. That's a lot of things that we can do together in terms of reducing cost of goods, cost of services, and also sharing best practice of how we drill and complete those wells. So the last one, I think, is super important, and particularly in the new environment that we have in the oil prices volatility.

Joe: Before we sometimes we come short term on the board of it so that this upset at the point of view is also an upside.

Joe: And last but not least and probably more important than everything is.

Joe: We know that we are.

Speaker Change: Sure and I shared with <unk>.

Joe: Sure.

Joe: The imports.

Joe: I would say target of reducing contraction because both.

Joe: Both the ingredient side.

Joe: On the completion side.

Miguel Galuccio: There's a lot of things that we can do together in terms of reducing cost of goods, cost of services, and also sharing best practices of how we drill and complete those wells. The last one I think is super important, and particularly in the new environment that we have in the oil price volatility.

Joe: That's the lowest theme that we can do together in depth.

Joe: In terms of reducing coastal route with cost of services are no associated practice okay.

Joe: Complete those ways.

Joe: The last one I think is super important and particularly in the new environment that we have intermodal prices volatility.

Alejandro Demichelis: That's very useful. Thank you.

Yes.

Alejandro DeMichelis: That's very useful. Thank you.

Joe: Very useful thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Bruno Montanari from Morgan Stanley.

Joe: Thank you one moment for our next question.

Operator: One moment for our next question.

Bruno Montanari: Our next question comes from the line of Bruno Montanari from Morgan Stanley. Hi, Miguel, Ale, thanks for taking my question and very good to see this great acquisition. I understand it's too soon to provide guidance for 2025 in the long term, which we eagerly wait for. But if you can talk about what we expect in the very short term, what are you seeing now for the second quarter? In other words, what is Vista's initial reaction to activity and CAPEX and to manage the workflow right after the acquisition? That'd be great. Thank you very much.

Bruno: Our next question comes from the line of Bruno <unk> from Morgan Stanley.

Bruno Montanari: Hi, Miguel, Ale. Thanks for taking my question, and very good to see this great acquisition. I understand it is too soon to provide guidance for 2025 in the long term, which we eagerly wait for. If you can talk about what we expect in the very short term, what are you seeing now for Q2? In other words, what is Vista's initial reaction to activity and CapEx and how to manage the workflow right after the acquisition? That would be great. Thank you very much.

Bruno: Hi.

Bruno: Thanks for taking my question and very good to see this great acquisition.

Bruno: It's too soon to provide guidance for 2025, and the long term, which we eagerly wait for it but.

Bruno: But if you can talk about what we expect in the very short term work.

Bruno: Are you seeing now for the second quarter.

Bruno: Other words, what is the initial reaction talk pvt, and topics and how to manage the workflow right. After the acquisition that'd be great. Thank you very much.

Miguel Galuccio: I will have one of your questions. I think in Q2, you will see a sharp growth in production as we consolidate La Amarga Chica. We finished Q1 almost at 81,000 barrels per day, and I think we should see north of, I will say, 110,000 barrels per day in Q2. Since the important of the takeoff of our part of Bajada del Palo Oeste, it will come in, the important production will come in in Q3. So I will say you should consider north of Can Rian 10 for Q2. And then in Q2, we are not planning in changing any drilling and completion activity plan or CAPEX at the moment.

Miguel Galuccio: Thanks, Bruno, for your question. I think in Q2, you will see a sharp growth in production as we consolidate La Amarga Chica. We finished Q1 almost at 81,000 barrels per day, and I think we should see north of, I would say, 110,000 barrels per day in Q2. Since the importance of the take off of our part of Bajada del Palo Este, the important production will come in in Q3. I will say you should consider north of 110 for Q2. In Q2, we are not planning in changing any drilling or completion activity plan or CapEx at the moment. Yeah, 110, Q2. Of course, we will continue growing in Q3. Most of our activity when you see where the loads of production and completion come in, it will be in Q3.

Bruno: Thank you Bruno for the question.

Speaker Change: I think in Q2, you would see a sharp growth in production as we consolidate.

Bruno: Got chica.

Bruno: We finished Q1 almost up to 81000 barrels per day.

Bruno: I think we should see north of.

Bruno: We have said.

Bruno: 10000 barrel oil per day in Q2.

Bruno: Hugh.

Bruno:

Bruno: Importantly, the takeoff of our part of them by the way.

Bruno: If we come in.

Bruno: The important production coming in Q3. So we've said you should see that nodal currently intent.

Bruno: For Q2.

Bruno: And then in Q2, we are not planning any change in any drilling and completion activity planning capex at the moment.

Miguel Galuccio: So Yeah, Henry and them, choo-choo. And, of course, we'll continue growing in Q3. Most of our activity, when you see where the load of production and completion come in, it will be in Q3. And Q2, you have to consider that Q2 is going to be just 75 days of this transaction. So that is what I'm accounting in the current. Thank you very much. You're welcome. Thank you. One moment for our next question.

Bruno: So.

Bruno: Yeah.

Bruno: Tim future.

Bruno: Of course, we will continue growing in Q3 us.

Bruno: Most of our activity when you see where the load of production.

Bruno: On completion I mean.

Bruno: It would be EQT and <unk> you.

Miguel Galuccio: Q2, you have to consider that Q2 is going to be just 75 days of the transaction. That is what I'm accounting in the current day.

Bruno: You have to consider like Q2 is going to be <unk> 75 days of the transaction.

Bruno: So that is.

Bruno: Accounting and the currency.

Bruno Montanari: Super. Thank you very much.

Bruno: Thank you very much.

Miguel Galuccio: You're welcome.

Bruno:

Operator: Thank you. One moment for our next question. Our next question comes from the line of Daniel Guardiola from BTG Pactual.

Bruno: Thank you one moment for our next question.

Daniel Guardiola: Our next question comes from the line of Daniel Guardiola from BTG Pactual. Hi, good morning, and thank you for the presentation.

Bruno: Our next question comes from the line of Danielle Guadiana from BTG backed one.

Daniel Guardiola: Hi, good morning, and thank you for the presentation. Miguel, Ale, congrats for the transaction. I guess my question is on two fronts. One, can you share with us what is the expected leverage deterioration following this acquisition? Regarding the free cash flow generation, can you please elaborate on what happened during the Q, and what are your expectations for 2025 and 2026, please?

Danielle Guadiana: Hi, good morning, and thank you for the presentation.

Miguel Galuccio: Miguel Alev, congrats for the transaction. I guess my question is on two fronts. One, can you share with us what is the expected leverage deterioration following this acquisition? And regarding the free cash flow generation, can you please elaborate on what happened during the queue and what are your expectations for 2025 and 2026, please? Thank you, Daniel.

Danielle Guadiana: Congrats for the transaction I guess my question is on two fronts. One can you share with US what is your expected leverage deterioration following this acquisition.

Danielle Guadiana: Regarding DSP free cash flow generation can you. Please elaborate on what happened during the Q and what are your expectations for 2025 and 2026. Please.

Miguel Galuccio: Thank you, Daniel. First of all, probably to say that PEPASA has no debt at the time of the acquisition, and a very small amount of cash for working capital purpose. With acquisition, we have incorporated USD 300 million of financial debt, and we pay USD 900 million at front. After this acquisition, on pro forma basis in LTM, our net debt ratio is around 1 time adjusted EBITDA. You should see or should assume, or you should expect that the net debt ratio to be below 1.5. This, I would say, assuming a Brent of USD 65 during the year. If we have a different Brent, we should adjust at 1.5. This means we will require some additional financing during the year. That is obvious.

Speaker Change: Thanks Julien.

Miguel Galuccio: So first of all, Brody. to say that PEPASA has no data at the time of the acquisition and a very small amount of cash for wonky capital purpose. With acquisitions, we have incorporated $300 million of financial debt and we pay $900 million at front. So after the acquisition on performance-based in LPM, our net leverage ratio is around one time adjusted EVDA. You should see, or you should assume, or you should expect, that the net labor ratio to be below 1.5. And this, I would say, assuming a brand of $65 during the year. If we have a different brand, we should adjust at 1.5.

Danielle Guadiana: So first of all broadly.

Danielle Guadiana: To say that the bus are.

Danielle Guadiana: No data the Diamond Foods acquisition.

Danielle Guadiana: Very small amount of cash for the warranty capital protocols.

Danielle Guadiana: With the acquisition, we have been incorporating $300 million of financial debt.

Danielle Guadiana: And we paid 900 million donuts.

Danielle Guadiana: So after that acquisition and pro forma basis in STM.

Danielle Guadiana: Our net leverage ratio is around one time adjusted EBITDA.

Danielle Guadiana: You should see or should we assume just big then.

Danielle Guadiana: The ratio.

Danielle Guadiana: Below one five.

Danielle Guadiana: This.

Danielle Guadiana: We set up assuming dividend of $65.

Danielle Guadiana: During the year.

Danielle Guadiana: Have a different brand, which was actually asked that one five.

Miguel Galuccio: This means we will require some additional financing during the year, that is obvious. In terms of cash flow, the negative cash flow that you see is related to capex acceleration and this was basically designed in our guidance. Before the Petronas acquisition, we have between minus 400 and minus 500 free cash flow based on the growth capex and our equity in Vaca Muerta, Sur Paila. As we said, additionally, Q1, usually we have a negative working capital related to the payment activities that we executed last year. So going forward, you should know that Petronas acquisition will strain our gas flow profile because we consolidate material generation that's coming from that block.

Speaker Change: This means we will require some additional financing during the year.

Danielle Guadiana: You saw us.

Miguel Galuccio: In terms of cash flow, the -cash flow that you see is related to CapEx acceleration. This was basically designed in our guidance. Before the Petronas acquisition, we have between -$400 and -$500 free cash flow based on the growth CapEx and our equity in Vaca Muerta supply line. I would say that additionally, Q1, usually we have a -working capital relative to the payment activities that we execute last year. Going forward, you should know that Petronas acquisition will strain our cash flow profile because we consolidate materially the generation that is coming from that block. We are reassessing our plan following the consolidation of this block. We will issue new guidance, as we mentioned before, in Q2. Also, we will show you a new long-term plan sometime in H2 of this year. Hope I have answered your question.

Speaker Change: In terms of cash flow.

Speaker Change: The negative cash flow that you see as related you got big acceleration and this was basically designed in our guidance.

Speaker Change: Before the pattern that we.

Speaker Change: He has shown.

Speaker Change: Between minus four countries that <unk> free cash flow.

Speaker Change: Based on the growth Capex.

Speaker Change: Our equity book Armada swamped by line.

Speaker Change: I would say the addition in Q1, usually we have a negative working capital related to the big lean activities that we executed last year.

Speaker Change: So going forward.

Speaker Change: You should note that the Corona acquisition will sustain our cash flow profile, because we consolidate material EBITDA generation, that's coming from that block.

Miguel Galuccio: And we are reassessing our plan following the consolidation of this block and we will issue new guidance as we mentioned before in Q2 and then also we will show you a new long-term plan sometime in the second half of this year. Go back, I've answered your question. Thank you.

Speaker Change: We already see.

Speaker Change: In our plan.

Speaker Change: Following the consolidation of this look.

Speaker Change: We'll issue a new guidance.

Speaker Change: We mentioned before.

Speaker Change: In Q2, and then also we will.

Speaker Change: Show you a new long term plan.

Speaker Change: Some time in the cycle in the second half of this year.

Speaker Change: Hope I can kind of answer your question.

Daniel Guardiola: Thank you, Miguel.

Speaker Change: Thank you again.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Bruno Amorim from Goldman Sachs. Bruno Amorim, your line is now open. Please proceed with your question. One moment for our next question. Our next question comes from the line of Andres Cardona from Citi.

Speaker Change: Thank you one moment for our next question.

Operator: One moment for our next question.

Bruno Amorim: Our next question comes from the line of Bruno Amuri from Goldman Sachs.

Bruno <unk>: Our next question comes from the line of Bruno <unk> from Goldman Sachs.

Operator: Bruno Amuri, your line is now open. Please proceed with your question. One moment for our next question.

Bruno <unk>: Bruno <unk>. Your line is now open. Please proceed with your question.

Bruno <unk>: One moment for our next question.

Andres Cardona: Our next question comes from the line of Andres Cardona from Citi.

Speaker Change: Our next question comes from the line of Andres Cardona from Citi.

Miguel Galuccio: Hi, good morning, everyone, Miguel, Pablo, Ale, congratulations on the expected deal, very interesting. Talking about La Marga Chica, when looking at the first quarter, production numbers, there seems to be a decline versus the fourth quarter, so versus the fourth quarter adverse. Can you give us some color on that? What do you expect in particular for La Marga Chica in the second quarter and for the remainder of the year, if you have any color? Thank you, Andres. Yes, you're right. I mean, at our 50% share, Q4 was around 39,000 barrels per day. There was a lower new oil activity in Q1, leading to an average of 34,000 barrels per day.

Andres Cardona: Hi, good morning, everyone. Miguel, Pablo, Ale, congratulations on this expectedly very interesting. Talking of La Amarga Chica, when looking at the Q1 production numbers, there seems to be a decline versus the Q4 average. Can you give us some color on that? What do you expect in particular for La Amarga Chica in the Q2 and for the remainder of the year? Do you have any color there?

Andres Cardona: Hi, good morning, everyone.

Speaker Change: 102 installations of these.

Speaker Change: The embedded base in.

Speaker Change: So we don't have landmark that cheap.

Speaker Change: Looking at the first quarter were up some.

Speaker Change: Number three.

Speaker Change: Nine.

Fourth quarter so.

Speaker Change: So can you give us some quarter one.

Speaker Change: When do you expect in particular for La <unk> Chica.

Speaker Change: In the second quarter with a reminder of the yet.

Speaker Change: Any color there.

Miguel Galuccio: Thank you, Andres. Yes, you're right. At our 50% share, Q4 was around 39,000 barrel per day. There was a lower new well activity in Q1, leading to an average of 34,000 barrel per day. Today, I look at the production, yesterday was 35,000 barrel per day. We expect a pickup in production in Q2. As for where we are tying in March, 14 in April, and they're planning 10 new well tie-ins in May and June. When you look at Q1, we'll be completed with 10 tie-ins. Q2, I would say you should assume between 20 and 24 tie-ins, and for the full year, around 50 tie-ins. Yeah, you should see a good pickup coming up that you will see in our production in Q2.

Speaker Change: Thank you Chris.

Speaker Change: Yes, Youre right.

Speaker Change: Our 50% share of Q4 was RMB 39000 barrels per day.

Speaker Change: There was a lower new well activity in Q1.

Speaker Change: Leading to an average of 34000 barrels per day.

Miguel Galuccio: Today, I look at the production. Yesterday was 35,000 barrels per day. So we expect a big gap in production in Q2. At Fort Well, we are tying in March 14 in April. And they're planning 10 new well tie-ins in May and June. So when you look at Q1, we'll be completed with 10 tie-ins. And Q2, I would say, you should assume between 20 and 24 tie-ins. And for the full year, around 50 tie-ins. So yeah, you should see a pickup coming up, a good pickup coming up that you will see in our production in Q2.

Speaker Change: <unk> I look at the production, yes, it was 35000 barrels per day.

Speaker Change: So we expect a pickup in production in Q2.

Speaker Change: The way we are.

Speaker Change: We're tied in March.

Speaker Change: 14 in April under planning, then you will tie ins in May and June.

Speaker Change: So when you look at Q1 will be completed within days.

Speaker Change: Q2, I would say you should assume between 2020 four.

Speaker Change: For the full year.

Speaker Change: 50 values.

Speaker Change: So you should see a pickup.

Speaker Change: Coming coming up it would pick up coming up that you would see in our production in Q2.

Andres Cardona: Thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Rodolfo Angele from J.P. Morgan.

Speaker Change: Thank you.

Operator: One moment for our next question.

Speaker Change: One moment for our next question.

Rodolfo Angel: Our next question comes from the line of Rodolfo Angel from JP Morgan. Hi, good morning. First of all, congrats for the acquisition. My question is on, you know, if you want peak production looking forward, before the acquisition, the plans were of reaching 150,000 barrels a day by 2030. And I understand there's no guidance yet, but, um... comment on what do you see potential volumes for Vista in the long term? That's my question. Thank you very much.

Speaker Change: Our next question comes from the line Ara Doleful, Zhang from J P. Morgan.

Rodolfo Angele: Hi, good morning. First of all, congrats for the acquisition. My question is on a view on peak production looking forward. Before the acquisition, the plans were of reaching 150,000 barrels a day by 2030. I understand there's no guidance yet, but could you comment on what do you see potential volumes for Vista in the long term? That's my question. Thank you very much.

Speaker Change: Hi, good morning.

Speaker Change: First of all congrats for the acquisition.

Speaker Change: My question is on.

Speaker Change: If you want to pick production looking forward.

Speaker Change: Before the acquisition the plans were.

Speaker Change: Reaching 150000 barrels a day by 2030.

Speaker Change: And I understand Theres no guidance, yet but.

Speaker Change: Could you comment on what do you see potential volumes for Vista.

Speaker Change: And the long term. That's my question. Thank you very much.

Miguel Galuccio: Thank you, Rodolfo, for your question. As I mentioned, we are planning to hold an Investor's Day second half of the year. Clearly, our new plan will accelerate our ambition to reach 150,000 barrels per day in 2030. So, our new strategic objective... You should assume that we'll be aiming to a new high, will be about 150,000 barrels per day. And really, part of this acquisition was to accelerate this 150, that now is around the corner.

Miguel Galuccio: Thanks, Rodolfo, for your question. As I mentioned, we are planning to call an investor day H2 of the year. Clearly, our new plan will accelerate our ambition to reach 150,000 barrels per day in 2030. Our new strategic objective, you should assume that we'll be aiming to new height, will be about 150,000 barrels per day. Really, part of this acquisition was to accelerate this 150 that now is around the corner. Thank you, Rodolfo, for the question.

Speaker Change: Central part of your question if I may.

Speaker Change: We are planning to hold an investor day second half of the year.

Speaker Change: Clearly, our new plan will accelerate our ambition to reach 150000 barrels per day in.

Speaker Change: In 2013.

Speaker Change: So our newer strategic objective.

Speaker Change: You should assume that we'd be aiming to new height will be about 150000 barrel per day.

Speaker Change: And really part of this acquisition.

Speaker Change: To accelerate this one country 50, but now it's <unk>.

Speaker Change: He sat on the government no.

Miguel Galuccio: Thank you, Rodolfo, for the question. Thank you.

Robert: Thank you Robert for the question.

Rodolfo Angele: Thank you.

Speaker Change: Thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Leonardo Marcondes from Bank of America.

Speaker Change: Thank you one moment for our next question.

Operator: One moment for our next question.

Leonardo Marcondes: Our next question comes from the line of Leonardo Marcondes from Bank of America. Hi everyone. Good morning for picking my question.

Speaker Change: Our next question comes from the line of no notable Mark Goldberg from Bank of America.

Leonardo Marcondes: Hi, everyone. Good morning for taking my question. I would like to know if you guys continue to explore other M&A opportunities post the La Amarga Chica acquisition. We know that there are other opportunities in the market. It would be good to know if you continue assessing these opportunities. Thank you very much.

Speaker Change: Hi, everyone.

Speaker Change: Pardon for taking my question.

Miguel Galuccio: I would like to know if you guys continue to explore other M&A opportunities post the La Marga Chica acquisition. So we know that there are other opportunities in the market. It would be good to know if you continue assessing these opportunities. Thank you very much.

Speaker Change: I would like to know if you guys could junior to explore.

Speaker Change: Are there M&A opportunities.

Speaker Change: Margaret Truecar acquisition.

So we know that there are other opportunities in the market.

Speaker Change: It would be good church you go through.

Speaker Change: Youre assessing continuous testing as a person that is thank you very much.

Miguel Galuccio: Thank you, Leo, for the question. Yeah, as you know, I mean, we have a good track record of creating value through M&A. So we are not only a good operator, we have a top-notch BV team at Vista. It is part of our strategic approach. I mean, we will continue doing that. And as we increase our scale and our cash flow profile, we will continue assessing opportunities as they come or as we see them. So but of course, we will continue setting very high value in terms of value accretion and strategic fit. So the short answer is yes.

Miguel Galuccio: Thank you, Leo, for the question. As you know, we have a good track record of creating value through M&A. We are not only a good operator, we have a top-notch BD team at Vista. It is part of our strategic approach, and we will continue doing that. As we increase our scale and our cash flow profile, we will continue assessing opportunities as they come or as we see them. Of course, we will continue setting very high value in terms of value accretion and strategic fit. The short answer is yes, we are, and we will continue assessing new opportunities, and we will not change our strategy. You will expect something that come out of what we do. Yes, the key will be that we maintain our discipline of that acquisition to be accretive to our shareholders and to our story.

Speaker Change: Thank you for the question.

Speaker Change: Yeah.

Speaker Change: As you know we have a good.

Speaker Change: A good track record of creating value through M&A. So we're not only a good operator, we have it top notch.

Speaker Change: The team at Bicester.

Speaker Change: It is part of our strategic approach and we'll continue doing that and we are.

Speaker Change: How do we increase our scale and our cash flow profile, we will continue assessing the opportunity side of it they come or will we see that.

Speaker Change: So.

Speaker Change: But of course, we will continue setting very high value and demo value accretion any strategic fit.

Speaker Change: So the short answer is yes.

Operator: We are and we will continue assessing new opportunities and we will not change our strategy. So you will expect something that comes out of what we do. And yes, the key will be that we maintain our discipline of data acquisition to be accretive to our shareholders and to our story. That's very clear, thank you. Thank you. One moment for next question.

Speaker Change: We are and we will continue assessing new opportunities.

Speaker Change: We will not change our strategy.

Speaker Change: And that's baked something that come out of what we do.

Speaker Change: Due on.

Speaker Change: And yet the key would be that we maintain our discipline.

Speaker Change: That acquisition to be accretive accretive our shareholders onto our story.

Leonardo Marcondes: That is very clear. Thank you.

Speaker Change: That's very clear thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Vicente Falanga from Bradesco BBI.

Speaker Change: Thank you one moment for our next question.

Vicente Falanga Neto: Our next question comes from the line of Vicente Falanga Neto from Bradesco BBI. Good morning. Thank you, Miguel, Alejandro, Juan.

Speaker Change: No.

Speaker Change: Our next question comes from the line of Vicente Falanga Neto from Bradesco BVI.

Speaker Change: Good morning.

Vicente Falanga: Good morning. Thank you, Miguel, Alejandro, Juan. I wanted to understand a little bit more what are the key operational advantages and disadvantages that La Amarga Chica has over Bajada del Palo Este. Miguel, you also commented that you could potentially drill new well designs. Could you provide more details on that to some extent? How much longer laterals could La Amarga Chica wells have, more frack stages? Can you get the La Amarga Chica type curves closer to Bajada del Palo Este? Thank you.

Speaker Change: Good morning, Thank you Miguel on the 101.

Miguel Galuccio: I wanted to understand a little bit more, what are the key operational advantages and disadvantages that La Marga Chica has over Baja del Palo Oeste? Miguel, you also commented that you could potentially drill new well designs. Could you provide more details on that to some extent? How much longer laterals could La Marga Chica wells have, more frac stages, and can you get the La Marga Chica type curves closer to Baja del Palo Oeste? Thank you. Vicente, for the question... Look, first of all, these two assets are great assets, OK? They are in the core prime area of Bacamorta.

Speaker Change: I wanted to understand a little bit more what are the key operational advantages.

Speaker Change: Disadvantages Lamarca Chico has over bajada del Palo Este.

Speaker Change: You also commented that you could potentially drill a new well designs could you provide more details on that to some extent.

Speaker Change: How much longer laterals could moderate kiko wells have more frac stages and.

Speaker Change: And can you get it a lot of contracts you've got type curves closer to bajada del Palo Este. Thank you.

Speaker Change: Yes.

Miguel Galuccio: Vicente, for the question. Look, first of all, these 2 assets are great assets, okay? They are in the core prime area of Vaca Muerta. The raw quality in both cases, we know then, is they are very good. I think best in class within Vaca Muerta. The blocks, as you know, they are actually next to each other. We have studied them very well. Definitely our geologists see geological continuity. If you look to the productivity per well, they are also very comparable. Maybe BPE in average is slightly better today. Okay? La Amarga Chica started before. I believe they are very close. BPE is in early stage of development. We have less wells drilled, less landing zone tested. Therefore, there's more upside in terms of inventory and production growth. You mentioned well design.

Speaker Change: The center for the question.

Speaker Change: Look at the first of all.

Speaker Change: This to us is that a good eight asset okay.

Speaker Change: They are in the in the core prime area of a commodity.

Miguel Galuccio: The raw quality in both cases, we know then, is they are very good, I think best in class within Bacamorta. The brokers, you know, they are actually next to each other. We have studied them very well and definitely our geologists see geological continuity. If you look at the productivity per well, they are also very comparable. Maybe BPO on average is slightly better today, okay, but La Marga Chica started before, so I believe they are very close. BPO is in an early stage of development. We have less weld drill, less landing zone tested. Therefore, there's more upside in terms of inventory and production growth.

Speaker Change: The rock quality in both cases, we know Daniel.

Speaker Change: Very good in best in class within within Bucca Morita.

Speaker Change: <unk> as you know that actually next to each other.

Speaker Change: We have a study then very well.

Speaker Change: I mean definitely.

Speaker Change: <unk>.

Speaker Change: C Solutia continuity.

Speaker Change: If you look at up to the productivity per well.

Speaker Change: They are also very compatible.

Speaker Change: Maybe it <unk> is a slide you've added to date okay.

Speaker Change: But.

Speaker Change: I'm going to go to get that before so.

Speaker Change: I believe they are rare.

Speaker Change: Pretty close.

Speaker Change: <unk> always seen early stage of development.

Speaker Change: List, let's drill less lending.

Speaker Change: Good.

Speaker Change: That afforded that have more upside in term of inventory and production growth.

Speaker Change: <unk>.

Miguel Galuccio: You mentioned well-designed. I mean, well-designed, I think, whatever we do next, and we are always looking to what we can do differently in order to. be more efficient in the placement and the development of the reserve. But also, we are looking always, and we are looking now, on how we can reduce our capex in terms of oil costs, achieving similar productivity. And I will say, whatever we do, or whatever recipe we find, it will be applicable to La Marga Chica. And as I mentioned before in one of the previous questions, part of the key is working also with YPF and sharing the learning from both sides.

Speaker Change: You mentioned will be signed I mean, we'll be financing.

Miguel Galuccio: Well, design, I think, whatever we do next, we are always looking to what we can do differently in order to be more efficient in the placement and the development of the reserve. Also, we are looking always, we are looking now on how we can reduce our CapEx in terms of well cost, achieving similar productivities. I would say whatever we do or whatever recipe we find, it will be applicable to La Amarga Chica. As I mentioned before in one of the previous questions, part of the key is working also with YPF and sharing the learning from both sides. Okay? YPF people are technical people that we know very well. As you know, we consider them coworkers.

Speaker Change: Whatever we do next.

Speaker Change: We're always looking.

Speaker Change: What we can do differently.

Speaker Change: In order to.

Speaker Change: Getting more efficient.

Speaker Change: In the placement.

Speaker Change: The development of the reserve.

Speaker Change: But also we are looking always and we are looking now.

Speaker Change: We can.

Speaker Change: We use our capex in them with cost.

Speaker Change: Achieving similar productivity.

Speaker Change: We said whatever we do whatever recipe we find it.

Speaker Change: It would be applicable.

Speaker Change: Two <unk> chica.

Speaker Change: And as I mentioned before.

Speaker Change: One of the previous question.

Speaker Change: But the key is working on so we wait.

Speaker Change: On shedding.

Speaker Change: The learning from both site okay.

Miguel Galuccio: YPF people are technical people that we know very well, as you know. We consider them. co-workers. So what we can do in using the strength of Vista and the strength of YPS to make the best of both blocks is part of the key to continue progressing. And we will have that level of cooperation between the two companies. At the end, we have both the same objective, that is, try to create value from the development of the well. And as I mentioned before as well, I will be coming In a market with more uncertainty in terms of oil prices, whatever we do to reduce cost of service, goods, capital, and apply best practice, it will be key.

Speaker Change: If people are technical people that we know very well.

Speaker Change: We consider then.

Speaker Change: Okay.

Miguel Galuccio: What we can do in using the strength of Vista and the strength of YPF to make the best of whole block is part of the key to continue progressing. We will have that level of cooperation between the two companies. At the end, we have both the same objective, that is try to create value from the development of the well. As I mentioned before as well, are we coming in a market with more uncertainty in terms of oil prices? Whatever we do to reduce cost of service, goods, capital, and applying best practice, it will be key. I cannot comment on anything specific today. Probably when we show our Q2 plan, we will go through something specific on what we are doing on that front. Thanks for your question.

Speaker Change: So what we can do in in using the trend of <unk> to make the best of both block is is part of the is part of the key.

Speaker Change: To continue progressing.

Speaker Change: On.

Speaker Change: We will have that level of cooperation between the two companies at the end we got both the same objective that is that <unk> value from the development.

Speaker Change: And as I mentioned before as well.

Speaker Change: And we come in.

Speaker Change: Sure.

Speaker Change: In a market with more uncertainty demo hog prices.

Speaker Change: Whatever we do to reduce cost of <unk> capital.

Speaker Change: And applying best practice.

Operator: So I cannot comment on anything specific today. Probably when we show our Q2 plan, we will go through something specific on what we are doing on that front. Thanks for your question. Thank you very much. Thank you. One moment for our next question.

Speaker Change: So I cannot comment on anything specific today, probably when we.

Speaker Change: When we show our Q2 plan.

Speaker Change: We'll go through some specifics on what we are doing on that on that from St. For your question.

Vicente Falanga: Thank you very much.

Speaker Change: Thank you very much.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Kevin McCurdy from Pickering Energy Partners.

Speaker Change: Thank you one moment for our next question.

Kevin McCurdy: Our next question comes from the line of Kevin McCurdy from Pickering Energy Partners. Hey, good morning, and I appreciate you taking my question. My question is on your outlook for Brent oil prices and the impact on your long term plan. Oil prices have retreated over the past several weeks. Do you have an internal view on mid cycle Brent prices? And have you considered how your long term plans might be impacted by lower price?

Speaker Change: Our next question comes from the line of Kevin Mccurdy from Pickering Energy partners.

Kevin McCurdy: Hey, good morning. I appreciate you taking my question. My question is on your outlook for Brent oil prices and the impact on your long-term plan. Oil prices have changed over the past several weeks. Do you have an internal view on mid-cycle Brent prices? Have you considered how your long-term plans might be impacted by lower prices? Thank you.

Kevin McCurdy: Hey, good morning, and I appreciate you taking my question Mike.

Kevin McCurdy: My question is on your outlook for Brent oil prices and the impact on your long term plan oil prices ever changes over the past several weeks do you have an internal view on mid cycle prices and have you considered how your long term plans might be impacted by lower prices.

Kevin McCurdy: <unk>.

Miguel Galuccio: Hi Kevin, I'm happy to have you on board covering Vista, thank you for that. So looking toward prices. Today, we are below Q1 levels. That is a fact. Q1 was 75 on average. In April, demand to date average is 67, and today is 65. So we are obviously going through a period of increasing volatility, especially since the start of April. We have seen that. However, when you look at the last days, we have seen, I would say, positive correction to the negative announcement that led to the increase in volatility. OK. In the long term, I have no doubt about the strength of the fundamental oil and gas sector.

Miguel Galuccio: Hi, Kevin. Happy to have you on board covering Vista. Thank you for that. Looking to oil prices, today we are below Q1 levels. That is a fact. Q1 was $75 on average. In April, the month to date average is $67, and today is $65. We are obviously going through a period of increasing volatility, especially since the start of April. Okay, we have seen that. However, when you look at the last days, we have seen, I would say, positive correction to the negative announcement that led to the increase in volatility. Okay. In the long term, I have no doubt about the trend of the fundamental oil and gas sector. We continue to see a strong long-term oil demand, and also we're still seeing some uncertainties in terms of long-term supply, and where that supply will come from.

Kevin McCurdy: Given our company to have you on board.

Kevin McCurdy: Thank you for that.

Kevin McCurdy: So looking to oil prices.

Kevin McCurdy: Today, we are below Q1 levels that these effects.

Kevin McCurdy: Q1 was 75 whenever it is.

Kevin McCurdy: In April the <unk>.

Kevin McCurdy: To date <unk> 67.

Kevin McCurdy: Today 65.

Kevin McCurdy: So we are obviously going through a period of increasing volatility.

Kevin McCurdy: Especially since the start of April we have seen that however, when you look at the last days we have seen.

Kevin McCurdy: We said positive correction to the negative announcement that led to the increase in volatility okay.

Kevin McCurdy: <unk>.

Kevin McCurdy: In the long term I have no doubt about the trend of the fundamental if oil and gas sector. We continue to see a strong long term oil demand.

Miguel Galuccio: We continue to see a strong long-term oil demand. And also, we're still seeing some uncertainties where in terms of long-term supply and where that supply will come from. So I have no doubt that the fundamentals for the long term are there. We have to manage to drive through the times of volatility. And with that, I think for that, I think we have the right team, the right company, and the right asset. Because our assets are short cycle assets. We have proved that during the COVID-19. years, and also Vista has the agility and the contractual arrangement to accelerate and also to stop or reuse when we have to do that.

Kevin McCurdy: Also we are still.

Kevin McCurdy: <unk> seen some uncertainties.

Kevin McCurdy: In terms of long term supply.

Kevin McCurdy: And where that supply will come through.

Miguel Galuccio: I have no doubt that the fundamentals for the long term are there. We have to manage to drive through the times of volatility. For that, I think we have the right team, the right company, and the right asset, because our assets are short cycle assets, and we have proved that during the COVID-19 years. Also, Vista have the agility and the contractual arrangement to accelerate and also to stop or reuse when we have to do that. I cannot probably put more color to your question. I think in Q2, we will give you a new guidance, and with that new guidance, we will assess activity, and oil prices view. If you hold and wait for us for Q2, I will give you more precision on your question. Thank you again. Good to have you on board.

Kevin McCurdy: So.

Kevin McCurdy: No doubt.

Kevin McCurdy: That does.

Kevin McCurdy: <unk> for the long term out of there.

Kevin McCurdy: We have to manage too.

Kevin McCurdy: Drive through the times of volatility.

Kevin McCurdy: With that I think for that I think we have.

Kevin McCurdy: The right team the right company under a REIT asset because our assets are.

Kevin McCurdy: Short cycle asset we have.

Kevin McCurdy: Drew babin.

Kevin McCurdy: During the COVID-19.

Kevin McCurdy: Yes, I know.

Kevin McCurdy: So the.

Kevin McCurdy: The GDP.

Kevin McCurdy: On the contractual arrangement to accelerate and also to adult use when we have to do that.

Miguel Galuccio: So.

Kevin McCurdy: So.

Operator: I cannot probably put more color to your question. I think in 2.2, we will give you a new guidance. And with that new guidance, we will adjust activity and oil prices view. So if you hold and wait for us for 2.2, I will give you more precision on your question. And thank you again. Good to have you on board. Thank you.

Kevin McCurdy: I cannot probably put more common move quarter to your question I think in Q2, we will.

Kevin McCurdy: <unk> you.

Kevin McCurdy: Our new guidance.

Kevin McCurdy: With that new guidance, we will adjust.

Kevin McCurdy: Pvt.

Kevin McCurdy: <unk> view.

Kevin McCurdy: So if you wait.

Kevin McCurdy: A way for us for Q2.

Kevin McCurdy: I'll give you more precision on your question and thank you again good to have you onboard.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Bruno Gustowski from Latin Securities.

Speaker Change: Thank you one moment for our next question.

Operator: One moment for our next question.

George Gasto: Our next question comes from the line of George Gasto from Latin Security. Hi, good morning, and thank you for taking my question. Prior to the incorporation of the new assets, trucking was expected to pick up slightly in 2026 before Vaca Muerta Sur comes online. With the addition of its new midstream capacity, should we now expect trucking to be fully phased out?

Speaker Change: Our next question comes from the line of George Gusto from Latin Securities.

Bruno Gustowski: Hi, good morning, and thank you for taking my question. Prior to the incorporation of the new assets, trucking was expected to pick up slightly in 2026 before Vaca Muerta Sur comes online. With the addition of its new midstream capacity, should we now expect trucking to be fully phased out?

George Gusto: Hi, Good morning, and thank you for taking my question prior to the incorporation of the new assets trucking with expected to pick up slightly in 2026 before that comes online with the addition of <unk> midstream capacity should we not expect traffic to be fully phased out.

Miguel Galuccio: By short, thanks for the question. So first of all, since they prefer, we are not tracking oil, OK? We are happy for that. And it's saving us a lot of costs. This new acquisition, as we mentioned, brings 57,000 barrels of new, midstream capacity. With that, the full capacity of Vista is taken to a total of 144 barrels, if I'm calculating well. Now we are working on a new plan. I mentioned that we accelerated 150 and we will have a new ambition and for that we will require new capacity. Again, in the new guidance we will show you what we are planning to do and depending on that we may need a bit of tracking capacity.

Miguel Galuccio: Hi, sure. Thanks for the question. First of all, since 1 April, we are not trucking oil. Okay. We are happy for that and it's saving us a lot of cost. This new acquisition, as we mentioned, brings 57,000 barrels of new midstream capacity. With that, the full capacity of Vista, it takes to a total of 144 barrels, if I'm calculating well. We are working on a new plan. I mentioned that we accelerated 150, and we will have a new ambition, and for that, we will require new capacity. Again, in the new guidance, we will show you what we are planning to do, and depending on that, we may need a bit of trucking capacity. We have that infrastructure in place, or we will not. Clearly, if we need, it's going to be very little.

George Gusto: Hi, Thanks for the question.

Speaker Change: So first of all as CSA preferred we are not that IQ noise. Okay.

Speaker Change: We are happy for that is saving us a lower cost.

Speaker Change: In Europe, we see.

Speaker Change: We mentioned <unk> 50, <unk> Butler for new midstream capacity.

Speaker Change: With that.

Speaker Change: The full capacity of beef.

Speaker Change: Take two adult Ilo 144 about Rs.

Speaker Change: Relating with.

Speaker Change: Now we are working in the new plan I mention that.

Speaker Change: We accelerated 150 that we will have a new ambition.

Speaker Change: What about who we recruit.

Speaker Change: Why a new capacity.

Speaker Change: Again.

Speaker Change: New guidance.

Speaker Change: We will show you what we are planning to do.

Speaker Change: Depending on that we may need to be.

Speaker Change: Of trucking capacity, we have that infrastructure in place.

Miguel Galuccio: We have that infrastructure in place or we will not. But clearly, if we need it, it's going to be better. Thank you. That's very good. Thank you.

Speaker Change: We will not.

Speaker Change: But clearly.

Speaker Change: If you would need is going to be better.

Bruno Gustowski: Thank you. That's very clear.

Speaker Change: Thank you.

Speaker Change: Yes.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Victor Modenese from UBS.

Speaker Change: Thank you.

Operator: One moment for our next question.

Speaker Change: One moment for our next question.

Victor Modenes: Our next question comes from the line of Victor Modenes from UBS. Good morning, Miguel, Alejandro, Juan. Most of my questions have already been answered, so I would just like to confirm one final point regarding the acquisition of La Marga Chica. Can you confirm if the transaction is now complete and the acquired stake is fully incorporated into Vista? Or are there any regulatory approvals and precedent conditions pending? Thank you.

Our next question comes from the line of Victor more the NASA from UBS.

Speaker Change: Okay.

Victor Modenese: Good morning, Miguel, Alejandro, Juan. Most of my questions have already been answered, so I would just like to confirm one final point regarding the acquisition of La Amarga Chica. Can you confirm if the transaction is now complete and the acquired stake is fully incorporated into Vista? Are there any regulatory approvals and precedent conditions pending? Thank you.

Speaker Change: Good morning, Miguel Alejandro <unk> most of my questions have already been answered. So I would just like to confirm one final point regarding the acquisition of La <unk> Chica.

Speaker Change: Can you confirm if that transaction is now complete and the acquired stake is fully incorporated into the Easter or are there any regulatory approvals and precedented condition spending. Thank you.

Miguel Galuccio: Thank you, Victor. And it's a good question. We'll look into that. So the short answer is the transaction is completed. We are basically currently consolidating PEPASA as I315, which includes 50% of La Marga Chica. We are formally filing the transaction with the Antitrust Agency and we do not foresee any competition issues based on the precedent cases that we have in Argentina within the oil and gas industry. So there are no other regulation approvals pending and there are no condition precedents. And the short answer is this deal is completely closed. Okay, that's all clear. Thank you.

Miguel Galuccio: Thank you, Victor, and it's a good question. We'll look into that. The short answer is the transaction is completed, and we are basically currently consolidating PEPASA as at 15 April, which includes 50% of La Amarga Chica. We are formally filing the transaction with the antitrust agency, and we do not foresee any competition issues based on the precedent cases that we have in Argentina within the oil and gas industry. There are no other regulatory approval pending, and there are no condition precedent. The short answer is this deal is completely closed.

Speaker Change: Thank you Victor and it's a good question.

Speaker Change: As we look into that.

Speaker Change: So the short answer is the transaction is completed.

Speaker Change: We are basically currently consolidating the bus are say 315.

Speaker Change: Which includes 50% of America Chica.

Speaker Change: We are formally filing the transaction when we don't need the efficiency on the well.

Speaker Change: Do not foresee any competition issues based on the precedent cases.

Speaker Change: Regarding Argentina, we didn't do oil and gas activity. So there are no other regulatory approvals pending.

Speaker Change: No condition prescient so.

Speaker Change: <unk>.

Speaker Change: The short answer is.

Speaker Change: Is completely close.

Victor Modenese: Okay, that's very clear. Thank you.

Speaker Change: Okay, that's very clear thank you.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Bruno Amorim from Goldman Sachs.

Speaker Change: Thank you one moment for our next question.

Operator: One moment for our next question.

Bruno Amorim: Our next question comes from the line of Bruno Amorim from Goldman Sachs. Yes. Hi. Good morning. Can you hear me? Yeah, we can hear you. Okay, thank you. So I just have a follow-up question on the recent acquisition that you have made. So the acquisition of Petronas, does it change...

Bruno Onboarding: Our next question comes from the line of Bruno Onboarding from Goldman Sachs.

Bruno Amorim: Yes. Hi, good morning. Can you hear me? Hello, can you hear me?

Bruno Onboarding: Yes, Hi, good morning can you hear me.

Speaker Change: Hello can you hear me, yes, we can hear you.

Miguel Galuccio: Yeah, we can hear you.

Bruno Amorim: Okay. Thank you. I just have a follow-up question on the recent acquisition that you have made. The acquisition of Petronas, does it change, to some extent, your plans for the current asset, or should we think about the existing operation and the new asset as independent operations? Thank you.

Speaker Change: Okay. Thank you. So I just have a follow up question on the recent acquisition that you made so that position us better on that change.

Miguel Galuccio: To some extent, your plans for the current asset or should we think about the existing operation and the new asset as independent operations? Yeah, Bruno. So given the consolidation of La Marga Chica, we have removed the guidance of 2025 from the market and we are already working on the revised plans as we speak. But we are incorporating the activity of the acquired arsene and we are focused on protecting basically balance sheets, maintaining a healthy liberal ratio, as I mentioned, in a very volatile environment. And we are reassessing the CAPEX plan. and making a new plan that consider both the operating and non-operating capital.

Speaker Change: That makes tendency our plans for the current assets or should we think about the existing operation in the new asset as.

Speaker Change: As independent.

Speaker Change: Operations. Thank you.

Miguel Galuccio: Yeah, Bruno. Given the consolidation of La Amarga Chica, we have removed the guidance of 2025 from the market, and we're already working on the revised plans as we speak. We are incorporating the activity of the acquired Arcenero, and we are focused on protecting basically balance sheet, maintaining a healthy leverage ratio, as I mentioned, in a very volatile environment. We are reassessing the CapEx plan, making a new plan that consider both the operating and non-operating CapEx. We believe the new plan will be much more solid to the one that we have today due to the new production that is coming in and the adjusted EBITDA that we are consolidating. Of course, more importantly, probably for this year, it will be that we will have a stronger free cash flow, and with that free cash flow, we will have more flexibility.

Speaker Change: Yes Bruno.

Bruno: So given the consolidation of Amerigas Teco, we have removed the guidance of 2025 from the market and we are already working in the revised plans as we speak.

Bruno: But we are incorporating the activity of <unk> and we are focused on protecting basically balance sheet maintaining a.

Bruno: <unk> delivered a ratio.

Bruno: As I mentioned in a very volatile.

Bruno: <unk>.

Bruno: We are reassessing the Capex plan.

Bruno: Making a new plan that can see that both the operating and nonoperating capex.

Miguel Galuccio: We really thank you very much. I believe the new plant will be much more solid to the one that we have today due to the new production that is coming in and the adjusted EVDA that we are consolidating. And of course, more importantly, probably for this year, it will be that we will have a stronger free-cut flow. And with that free-cut flow, we will have more flexibility.

Bruno: We believe.

Bruno: We believe the new blend would be much more solid to the one that we have to date.

Bruno: Due to the new production that is coming in and the adjusted EBITDA that we are consolidated and of course more importantly, probably for this year.

Bruno: It will be that we will have a stronger free cash flow and we've got free cash flow, we will have more flexibility.

Miguel Galuccio: So again, as I said before, if you bear with us, we will issue that new guideline in Q2 during the learning course. Thanks for the question. Thank you.

Miguel Galuccio: Again, as I said before, if you bear with us, we will issue that new guidance in Q2 during the earning call. Thanks for the question.

Bruno: So again as I said before if you if you bear with US we will issue new guidance in Q2.

Bruno: During the quarter.

Bruno: Thanks for the question.

Bruno Amorim: Thank you.

Bruno: Thank you.

Operator: Thank you. At this time, I would now like to turn the conference back over to Miguel Galuccio for closing remarks.

Miguel Galuccio: At this time, I would now like to turn the conference back over to Miguel Galuccio for closing remarks. So thank you very much, everybody, for participating. Neither of you said that we at Vista, we are super happy with this acquisition. We take the company to a different level of scale, different level of strength, and of course, different level of flexibility because now we have a bigger playground to play. Again, thank you for the report and thank you for the support. Have a good day.

Speaker Change: Thank you at this time I would now like to turn the conference back over to Miguel Carload Shaw for closing remarks.

Miguel Galuccio: Thank you very much everybody for participating. Needless to say that we at Vista are super happy with this acquisition. It takes the company to a different level of scale, different level of strength, and of course, a different level of flexibility because now we have a bigger playground to play. Again, thank you for the report and thank you for the support. Have a good day.

Speaker Change: So thank you very much everybody for participating neither too said.

Speaker Change: We are.

Speaker Change: We are Super happy with this acquisition we think.

Speaker Change: The company to a different level of SK definitive level or trend.

Speaker Change: And of course, deepen our level of flexibility TV both now.

Speaker Change: Bigger play to play.

Speaker Change: Again, thank you for the report and thank you for the support.

Speaker Change: Have a good day.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Operator: This concludes today's conference call. Thank you for participating. You may now disconnect.

Speaker Change: This concludes today's conference call. Thank you for participating you may now disconnect.

Speaker Change: [music].