Q3 2025 Vista Energy Earnings Call

We 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 grow star one one on your telephone you will then hear an automated message advising your hand is raised to withdraw your question. Please press star one.

Operator: At this time, all participants are in a listen-only mode. 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 one one on your telephone. You will then hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. 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's Strategic Planning and Investor Relations Officer. Please go ahead.

One one again, please be advised that today's conference is being recorded.

I'd now like to hand, the conference over to your speaker today, Alejandro chaired an alcove visa strategic planning and Investor Relations Officer. Please go ahead.

Good morning, everyone. We are happy to welcome you to reach the third quarter of 2025 results conference call I'm here with me.

Alejandro Cherñacov: Thanks. Good morning, everyone. We are happy to welcome you to Vista's Q3 2025 Results Conference Call. I'm 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 statements on slide 2. Please be advised that our remarks today, including the answer 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 the expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards, IFRS. During this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income.

As chairman and CEO.

There'll be some CFO CTO.

CPO unless you have waves.

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

Please be advised that our remarks today, including the answer 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 the expectations contemplated by these remarks.

All financial figures are stated in U S dollars and in accordance with international financial reporting standards.

Alright.

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

Adjusted net income.

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 Cherñacov: Reconciliation of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday. 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.

Our company is.

So if you don't only level starting the capital already organized under the laws of Mexico, where do you see there welcome if you kind of already in the New York Stock Exchange.

And there was something he got out of Autodesk and <unk> in the New York Stock Exchange I will now turn the call over to Neil.

Thanks, Kelly good morning, and welcome to this earnings call during the third quarter of 2025, we recorded strong performance across key operational and financial metrics.

Miguel Galuccio: Thanks, Ale. Good morning, and welcome to this earnings call. During the Q3 2025, we recorded a strong performance across key operational and financial metrics, especially on sequential basis, driven by a strong productivity in new well tie-ins in Bajada del Palo Este and La Amarga Chica. Total production was 127,000 BOEs per day, an increase of 74% year over year and 7% quarter on quarter. Oil production was 110,000 barrels per day, an interannual increase of 73% and 7% sequentially. Total revenues during the quarter were $706 million, 53% above the same quarter of last year and 16% above the previous quarter. Lifting cost was $4.4 per BOE, 6% below year over year.

Currently on sequential basis, driven by a comparable DVD, new world's diamonds in bajada del Palo Este.

Gotcha.

Total production was 127000 Boe's per day on <unk>.

<unk> of 74% year over year, and 7% quarter on quarter.

Oil production was 110000 barrels per day.

Ron one an increase of 73% and 7% sequentially.

Total revenues during the quarter were 706 million, 53% above the same quarter of last year and 16% above the previous quarter.

Lifting cost was $4 four rollout for the UAE.

6% below year over year.

Capital expenditure was $351 million driven by new well activity during the quarter.

Miguel Galuccio: Capital expenditure was $351 million, driven by new well activity during the quarter. adjusted EBITDA was $472 million, an interannual increase of 52% and a sequential increase of 70%. adjusted net income during the quarter was $155 million. Net income was $315 million, reflecting a non-recurring gain of $288 million from the Petronas E&P Argentina acquisition. Earnings per share was $3, and adjusted earnings per share was $1.5. Free cash flow in this quarter was almost neutral at -$29 million, driven by higher adjusted EBITDA and a decrease in working capital. Finally, our net leverage ratio at quarter end was 1.5x on pro forma basis.

Adjusted EBITDA was $473 million.

And in that annual increase of 52% on a sequential.

Sequential increase of 70%.

Adjusted net income during the quarter was $155 million.

Net income was $315 million.

Reflecting a non recurring gain of $288 million from the Petronas Centene acquisition.

Speaker #1: Good day, and thank you for standing by. Welcome to the Vista Energy, S.A.B. de C.V. Third Quarter 2025 Earnings Webcast Conference Call. At this time, all participants are in a listen-only mode.

Operator: Good day, and thank you for standing by. Welcome to the Vista Energy third quarter 2025 earnings webcast conference call. At this time, all participants are in a listen-only mode. 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. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Cheracov, Strategic Planning and Investor Relations Officer at Vista Energy. Please go ahead.

Earnings per share was $3 and adjusted earnings per share was $1 $5.

Free cash flow in this quarter was almost none.

Speaker #1: After the speakers presentation , there will be a question and answer session . To ask a question during the session , you will need to press star one .

At minus $29 million driven by higher adjusted EBITDA.

Speaker #1: One on your telephone . You will then hear an automated message advising your hand is raised . To withdraw your question , please press star one .

An increase in working capital.

Finally, our net leverage ratio at quarter end was one five times on pro forma basis.

Speaker #1: One again . Please be advised that today's conference is being recorded . I would now like to hand the conference over to your speaker today , Alejandro Vista Strategic Planning and Investor Relations Officer .

During Q3, we connected 24 was.

Miguel Galuccio: During Q3, we connected 24 wells, 11 in Bajada del Palo Este, 4 in Agua Federal, and 9 corresponding to our 50% working interest in La Amarga Chica. We recorded solid productivity in the latest well tie-ins, which boosted Q3 production by 7% compared to the previous quarter. Based on robust well performance, improvement in our oil realization prices, and financial flexibility award by the $500 million term loan closed in July, we have decided to accelerate new well activity in Q4. We are now planning between 12 and 16 tie-ins in the next quarter, leading to between 70 and 74 connections for the year. We are seeing Q4 production above 130,000 BOEs per day, which leaves us on track to overdeliver on production guidance for the year and the H2.

11 in Bajada Palo Este.

Four in <unk>.

Our nine corresponding to our 50% working interest in Chico's.

Speaker #1: Please go ahead .

Speaker #2: Thanks . Good morning , everyone . We are happy to welcome you to Vista's third quarter of 2025 results conference call . I am here with Miguel Galuccio Vista Chairman and CEO Pablo Pinto .

Alejandro Cheracov: Thanks. Good morning, everyone. We are happy to welcome you to Vista Energy's third quarter of 2025 results conference call. I'm here with Miguel Galuccio, Vista Energy's Chairman and CEO, Paulo Verapinto, Vista Energy's CFO, Juan Garovi, Vista Energy's CTO, and Matías Huesel, Vista Energy's COO. Before we begin, I would like to draw your attention to our cautionary statement on slide two. 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 the 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 and adjusted net income.

We recorded solid productivity in the latest well things, which boosted Q3 production by 7% compared to the previous quarter.

Speaker #2: Vista CFO Juan . Vista , CTO and Matias Vista CEO . Before we begin , I would like to draw your attention to our cautionary statement on slide two .

Based on our robust performance improvement in our organization prices.

Financial flexibility award by the $500 million term loan close in July we have decided to accelerate a new well activity in Q4.

Speaker #2: Please be advised that our remarks today , including the answer 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 the expectations contemplated by these remarks .

We are now planning between 12 and 16 times in the next quarter.

Leading to between 70 and 74 connections for the year.

Speaker #2: 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 and adjusted Net income .

We have seen Q4 production about 130000 Boe's per day.

Which leaves us on track to over deliver on production guidance for the year and the second semester.

Speaker #2: Reconciliations of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday . So please check our website for further information .

Alejandro Cheracov: Reconciliation of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday, so please check our website for further information. Our company is 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.

Total production in Q3 was $126 8000 Boe's per day.

Miguel Galuccio: Total production in Q3 was 126.8 thousand BOEs per day, an interannual increase of 74%. Oil production was 109.7 thousand barrels per day, 73% above year over year. On a sequential basis, both oil and total production increased 7%, reflecting solid execution of our drilling campaign and robust well productivity during Q3, especially in Bajada del Palo Este and La Amarga Chica. Bajada del Palo Este also drawn production in our operated block, which increased 50% compared to a year ago and 6% compared to a previous quarter. Gas production increased 87% on an interannual basis and 9% on a sequential basis. In Q3 2025, total revenues were $706 million, 53% above Q3 2024, driven by a strong increase in oil production, which more than offset lower oil prices.

And in the annual increase of 74%.

Speaker #2: Our company is a Sociedad Anonima Capital variable organized under the laws of Mexico , registered the Bolsa mexicana de Valores and the New York Stock Exchange .

Oil production was $109 7000 barrels per day 73 about year over year.

Speaker #2: Articles are vista in the Bolsa mexicana de Valores and Bist . In the New York Stock Exchange , I will now turn the call over to Miguel .

On a sequential basis, both oil and total production increased 7%.

Speaker #2: Thanks . Carl . Good morning and welcome to this earnings call . During the third quarter of 2025 , we recorded a strong performance across key operational and financial metrics , especially on sequential basis , driven by strong productivity in new wealth lines in Bajada del Palo Este and La Chica .

<unk> solid execution of our leading campaign.

Miguel Galuccio: Thanks, Ale. Good morning and welcome to this earnings call. During the third quarter of 2025, we recorded a strong performance across key operational and financial metrics, especially on a sequential basis, driven by strong productivity in Bajada del Palo Oeste and La Marga Chica. Total production was 127,000 BOEs per day, an increase of 74% year over year and 7% quarter on quarter. Oil production was 110,000 barrels per day, an interannual increase of 73% and 7% sequentially. Total revenues during the quarter were $706 million, 53% above the same quarter of last year and 16% above the previous quarter. Lifting costs were $4.4 per BOE, 6% below year over year. Capital expenditure was $351 million, driven by Bajada del Palo Oeste activity during the quarter. Adjusted EBITDA was $472 million, an interannual increase of 52% and a sequential increase of 70%.

Robust productivity during Q3.

Specially in Bajada del Palo Este on La <unk> Chica.

<unk> also strong production in our operated block, which increased 50% compared to a year ago and 6%.

<unk> compare to the previous quarter.

Speaker #2: Total production was 127,000 votes per day , an increase of 74% year over year , and 7% quarter on quarter . Oil production was 110,000 barrels per day and Interannual increase of 73% , and 7% sequentially .

Gas production increased 87% on an inter annual basis or 9% on a sequential basis.

In Q3, 2025 total revenues were $706 million.

53% above Q3 2024.

Speaker #2: Total revenues during the quarter were $706 million , 53% above the same quarter of last year , and 16% above the previous quarter .

Driven by a strong increase in oil production, which more than offset lower oil prices.

On a sequential basis total revenues increased 16% driven.

Miguel Galuccio: On a sequential basis, total revenues increased 16%, driven by 7% increase in total production and 4% higher oil prices. Oil export increased 84% year-over-year to 6.3 million barrels for the quarter. Realized oil prices were $64.6 per barrel on average, down 5% on interannual basis and up 4% on a sequential basis, in both cases driven by international prices. We capture higher Brent prices and lower discounts, which were around $1 per barrel during the quarter. During Q3, 100% of oil volumes were sold at export parity prices. In Q3, lifting cost was $4.4 per BOE, 6% lower compared to both the previous quarter and the same quarter of last year. This reflects our continuous focus on efficiency.

Speaker #2: Lifting costs was $4.4 per boe , 6% below year over year . Capital expenditure was $351 million , driven by new well activity during the quarter .

Driven by 7% increase in total production of 40% higher oil prices.

Oh, yes, fourth increased 84% year over year to $6 3 million barrels for the quarter.

Speaker #2: Adjusted EBITDA was $472 million, an annual increase of 52% and a sequential increase of 70%. Adjusted net income during the quarter was $155 million.

Realized oil prices were $64 $6 per barrel on average down 5% on inkjet analog Ics.

4% on a sequential basis in both cases driven by international prices.

Miguel Galuccio: Adjusted net income during the quarter was $155 million. Net income was $315 million, reflecting a non-recurring gain of $288 million from the Petronas Argentina acquisition. Earnings per share was $3, and adjusted earnings per share was $1.5. Free cash flow in this quarter was almost neutral at minus $29 million, driven by higher adjusted EBITDA and a decrease in working capital. Finally, our net leverage ratio at quarter end was 1.5 times on a performance basis. During Q3, we connected 24 wells: 11 in Bajada del Palo Oeste, 4 in Aguada Federal, and 9 corresponding to our 50% working interest in La Marga Chica. We recorded solid productivity in the latest Bajada del Palo Oeste wells, which boosted Q3 production by 7% compared to the previous quarter.

Speaker #2: Net income was $315 million , reflecting a non-recurring gain of $288 million from the Petronas Argentina acquisition . Earnings per share was $3 and adjusted earnings per share was $1.5 .

We capture higher Brent prices and lower discounts.

Which were around $1 per barrel during the quarter.

During Q3 hundred percent of oil volumes were sold at export parity pricing.

In Q3 lifting cost was $4 $4 per unit.

Speaker #2: Free cash flow in this quarter was almost neutral at -$29 million, driven by higher adjusted EBITDA and a decrease in working capital. Finally, our net leverage ratio at quarter-end was 1.5 times on a pro forma basis.

6% lower compared to both the previous quarter and the same quarter of last year.

This reflects our continuous focus on efficiency.

Selling expenses.

We are down 24% on annual basis.

Miguel Galuccio: Selling expenses per BOE were down 24% on an interannual basis, driven by the elimination of oil trucking services as of the start of the last quarter. Adjusted EBITDA during the quarter was $472 million, 52% higher on interannual basis, mainly driven by production growth, explained by the 15% in our operated production and the consolidation of 50% of La Amarga Chica. Compared to the previous quarter, Adjusted EBITDA increased 70%, mainly driven by oil production growth. Adjusted EBITDA margin was 67%, up 2 percentage points compared to the same quarter of last year as production growth and the elimination of oil trucking offset lower oil prices. Netback was $40.5 per BOE, up 8% on a sequential basis.

Given by the elimination of all trucking services as of the start of the last quarter.

Speaker #2: During Q3 , we connected 24 wells , 11 in Baja del este , four in Aguada Federal , and nine corresponding to our 50% working interest in the Margarita .

Adjusted EBITDA during the quarter was $472 million 50.

52% higher on an annual basis, mainly driven by production growth explained by the 15% in our operated production and the consolidation of 50% of La <unk> Chica.

Speaker #2: We recorded solid productivity in the latest well times , which boosted Q3 production by 7% , compared to the previous quarter . Based on robust well performance improvement in our oil realization , prices and financial flexibility awarded by the $500 million term loan closed in July .

Compared to the previous quarter, adjusted EBITDA increased 70%, mainly driven by oil production growth.

Miguel Galuccio: Based on robust well performance, improvement in our oil realization prices, and financial flexibility awarded by the $500 million term loan closed in July, we have decided to accelerate Bajada del Palo Oeste activity in Q4. We are now planning between 12 and 16 wells in the next quarter, leading to between 70 and 74 connections for the year. We are seeing Q4 production about 130,000 BOEs per day, which leaves us on track to overdeliver on production guidance for the year and the second semester. Total production in Q3 was 126.8 thousand BOEs per day, an interannual increase of 74%. Oil production was 109.7 thousand barrels per day, 73% above year over year. On a sequential basis, both oil and total production increased 7%, reflecting solid execution of our drilling campaign and robust well productivity during Q3, especially Bajada del Palo Oeste and La Marga Chica.

Adjusted EBITDA margin was 67% up two percentage points compared to the same quarter of last year.

Speaker #2: We have decided to accelerate new well activity in Q4 . We are now planning between 12 and 16 times in the next quarter leading to between 70 and 74 connections for the year .

With production growth and elimination of all tracking offset lower oil prices.

Net back was $45 per unit.

Up 8% on a sequential basis.

Speaker #2: We are seeing Q4 production above 130,000 doses per day, which leaves us on track to overdeliver on production guidance for the year.

During Q3 2025 cash flow from operating activities was $304 million.

Miguel Galuccio: During Q3 2025, cash flow from operating activities was $304 million, reflecting in contact payments of $179 million, partially offset by a decrease in working capital of $43 million. Cash flow used in investing activities was $333 million, reflecting accrued CapEx of $351 million, partially offset by a decrease in CapEx-related working capital of $70 million. Free cash flow during the quarter was -$29 million, reflecting higher adjusted EBITDA that drawn cash from operation and a decrease of $59 millions in working capital. Cash flow for financing activities was $195 million, driven by proceeds from borrowings of $500 million, partially offset by the repayment of borrowings capital of $193 million, and the repurchase of shares of $50 million.

Reflecting income tax payments of $179 million.

Speaker #2: And the second semester . Total production in Q3 was 126.8 thousand dose per day . An annual increase of 74% . Oil production was 109.7 thousand barrels per day , 73 above year over year .

Partially offset by a decrease in working capital of $43 million.

Cash flow used in investing activities was $333 million.

Reflecting our group capex of $351 million, partially offset by a decrease in capex related working capital of $70 million.

Speaker #2: On a sequential basis . Both oil and total production increased 7% , reflecting solid execution of our drilling campaign . And robust well productivity .

Free cash flow during the quarter was minus $29 million.

Reflecting higher adjusted EBITDA.

Speaker #2: During Q3 , especially in Baja del este and La Amarga Chica , Bajada del este . Also drawn production in our operating block , which increased 50% compared to a year ago , and 6% compared to a previous quarter as production increased 87% on an annual basis and 9% on a sequential basis .

Drawn cash from operation and a decrease of $59 million in working capital.

Miguel Galuccio: Bajada del Palo Oeste also drove production in our operated block, which increased 50% compared to a year ago and 6% compared to the previous quarter. Gas production increased 87% on an interannual basis and 9% on a sequential basis. In Q3 2025, total revenues were $706 million, 53% above Q3 2024, driven by a strong increase in oil production, which more than offset lower oil prices. On a sequential basis, total revenues increased 16%, driven by a 7% increase in total production and 4% higher oil prices. Oil export increased 84% year over year to 6.3 million barrels for the quarter. Realized oil prices were $64.6 per barrel on average, down 5% on an interannual basis and up 4% on a sequential basis, in both cases driven by international prices. We captured higher Brent prices and lower discounts, which were around $1 per barrel during the quarter.

Cash flow from financing activities was $195 million.

Driven by proceeds from borrowings of 500 million, partially offset by the repayment of borrowings capital of $193 million on the repurchase of shares of $50 million.

Finally cash at period end was $320 million, our net leverage ratio on a pro forma basis, reflecting the Petronas, Argentina transaction astute at one five times adjusted EBITDA.

Speaker #2: In Q3 2025 . Total revenues were $706 million , 53% above Q3 2024 , driven by a strong increase in oil production , which more than offset lower oil prices .

Miguel Galuccio: Cash at period end was $320 million. Our net leverage ratio on a pro forma basis reflecting the Petronas E&P Argentina transaction stood at 1.5x adjusted EBITDA. To conclude this call, and before we move to Q&A, I will make some closing remarks. During Q3, we recorded robust well productivity in new well times, reflecting our high-quality asset base and peer-leading operating performance. This led to material increase in adjusted EBITDA both in a sequential and interannual basis, driven by production growth and continued focus on cost control. Q3 production was well within guidance range for H2. Production growth in Q4 on the back of solid productivity and more investment in our profitable ready-to-drill inventory leaves us on track to potentially over-deliver on our guidance.

To conclude this call and before we move to Q&A I will make some closing remarks.

Speaker #2: On a sequential basis, total revenues increased 16%, driven by a 7% increase in total production and 4% higher oil prices. Exports increased 84% year over year to 6.3 million barrels for the quarter.

During Q3, we recorded robust Webroot DVT, you well timing.

Reflecting our high quality asset base.

Beyond our leading operating performance.

This led to a material increase in adjusted EBITDA, both in our sequential uninterruptible basis, driven by production growth and continued focus on cost control.

Speaker #2: Relies . Oil prices were $64.6 per barrel on average , down 5% on interannual basis . And up 4% on a sequential basis .

Q3 production was well within guidance range for the second semester.

Speaker #2: In both cases , driven by international prices . We capture higher Brent prices and lower discounts , which were around $1 per barrel during the quarter .

Production growth in the fourth quarter on the back of solid productivity and more investment in our profitable ready to drill inventory.

Leave us on track to potentially over deliver on our guidance.

Speaker #2: During Q3 , 100% of all volumes were sold at export parity prices . In Q3 , lifting costs was $4.4 per day , 6% lower compared to both the previous quarter and the same quarter of last year .

Miguel Galuccio: During Q3, 100% of oil volumes were sold at export parity prices. In Q3, lifting costs were $4.4 per BOE, 6% lower compared to both the previous quarter and the same quarter of last year. This reflects our continuous focus on efficiency. Selling expenses per BOE were down 24% on an interannual basis, driven by the elimination of oil trucking services as of the start of the last quarter. Adjusted EBITDA during the quarter was $472 million, 52% higher on an interannual basis, mainly driven by production growth, explained by the 15% in our operated production and the consolidation of 50% of La Marga Chica. Compared to the previous quarter, adjusted EBITDA increased 70%, mainly driven by oil production growth. Adjusted EBITDA margin was 67%, up 2% points compared to the same quarter of last year, as production growth and the elimination of oil trucking offset lower oil prices.

I remind you that we will be hosting our third investor day on November 4th.

Miguel Galuccio: I remind you that we will be hosting our third Investor Day on 12 November. During this virtual event, we will present an updated strategic plan focusing on profitable growth, cost efficiency, and cash generation. Before we move to Q&A, I would like to thank everyone at Vista for delivering a remarkable quarter. Operator, we can now move to Q&A.

During this beautiful event, we will present, an updated strategic plan.

Focusing on profitable growth cost efficiency and cash generation.

We move to Q&A I would like to thank everyone at Vista for delivering a remarkable quarter.

Speaker #2: This reflects our continued focus on efficiency . Selling expenses per BOE were down 24% on an annual basis , driven by the elimination of oil tracking services .

Operator, we can now move to Q&A.

Yeah.

Thank you.

Binder to ask a question. Please press star one one on your telephone and wait for your name to be announced to withdraw. Your question. Please press star one one again, please standby, while we compile the Q&A roster.

Speaker #2: As of the start of the last quarter . Adjusted EBITDA during the quarter was $472 million , 52% higher on annual basis , mainly driven by production growth explained by the 15% in our operating production and the consolidation of 50% of La Chica compared to the previous quarter .

Operator: 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. Our first question comes from the line of Rodolfo Angele from J.P. Morgan.

Our first question comes from the line of Rodolfo on Jelly from J P. Morgan.

Hi, good morning, everyone. Thanks for the time to discuss the numbers presented yesterday.

Speaker #2: Adjusted EBITDA increased 17%, mainly driven by oil production growth. Adjusted EBITDA margin was 67%, up two percentage points compared to the same quarter of last year, as production growth and the elimination of oil tracking offset lower oil prices.

Rodolfo Angele: Hi. Good morning, everyone. Thanks for the time to discuss the numbers presented yesterday. I'm sure, you know, we would like, are looking forward to the Investor Day, where we're gonna revise the strategic numbers. For the time being, I think my question to you is on price realization. The numbers were pretty good and compared to our expectations here, one of the positive surprises came from a realization of prices pretty solid versus Brent. You know, can you expand a little bit on what drove this and what should we expect for the coming quarters? That's it from me. Thank you very much.

I'm sure.

We would like.

Forward to the Investor event.

We're going to revise the strategic numbers.

But for the time being.

My question.

To you is on price realization the numbers were pretty good.

Speaker #2: Netback was $40.5 per boe , up 8% . On a sequential basis during Q3 2025 . Cash flow from operating activities was $304 million , reflecting In-contact payments of $179 million , partially offset by a decrease in working capital of $43 million .

Miguel Galuccio: Netback was $40.5 per BOE, up 8% on a sequential basis. During Q3 2025, cash flow from operating activities was $304 million, reflecting in-contract payments of $179 million, partially offset by a decrease in working capital of $43 million. Cash flow used in investment activities was $333 million, reflecting accrued CAPEX of $351 million, partially offset by a decrease in CAPEX-related working capital of $70 million. Free cash flow during the quarter was minus $29 million, reflecting higher adjusted EBITDA that drove cash from operations and a decrease of $59 million in working capital. Cash flow from financing activities was $195 million, driven by proceeds from borrowings of $500 million, partially offset by the repayment of borrowing capital of $193 million and the repurchase of shares of $50 million. Finally, cash at period end was $320 million.

Compared to two hours.

Expectations here one of the positive surprises.

Came from a realization of prices pretty solid versus Brent.

Sure.

So can you.

Spend a little bit on what drove this and what should we expect.

For the coming quarters.

Perfect. Thank you very much.

Speaker #2: Cash flow used in investing activities was $333 million , reflecting a CapEx of 351 million . Partially offset by a decrease in CapEx related working capital of $70 million .

But going forward. Thank you very much for your question is a good one.

Miguel Galuccio: Hi, Rodolfo. Thank you very much for your question. It's a good one. There are basically two factors driving these good realization prices. With our export via the Atlantic, we have some flexibility regarding when we trigger the Brent price. This can potentially usually help us to capture some Brent price slightly above what you can see as a quarterly average. In Q3, the Brent average around 16.8.1, but the trigger Brent that we used to price the cargo was on average $1 higher. The average discount of Brent was around $1 per barrel during Q3. This is explained by three main factors. The first one is the high oil demand that we saw from West Coast US due to seasonal factor.

There are basically two factor driven.

These good realization prices.

With our reported.

The Atlantic we have some flexibility regarding when we clear dividend right.

Speaker #2: Free cash flow during the quarter was -$29 million , reflecting higher adjusted Oibda that drove cash from operations and decrease of 59 million in working capital .

Become potentially usually held us to capture somebody.

It's slightly below what you can see.

Quarterly quarterly EBITDAR.

In Q3 dividend.

Speaker #2: Cash flow from financing activities was $195 million , driven by proceeds from borrowings of 500 million , partially offset by the repayment of borrowings .

$68 one.

But it's really everything that we use to price the cargo was <unk> $1 higher.

Also evident with Cardinal brand was around $1 per barrel <unk>.

Speaker #2: Capital of 193 million and the repurchase of shares of $50 million . Finally , cash at period end was $320 million . Our net leverage ratio on a pro forma basis , reflecting the Petronas Argentina transaction , stood at 1.5 times adjusted EBITDA .

So it is explained by three main factors. The first one is the higher demand that we saw from West Coast U S. Due to seasonal factors.

Miguel Galuccio: Our net leverage ratio on a performance basis, reflecting the Petronas Argentina transaction, stood at 1.5 times adjusted EBITDA. To conclude this call and before we move to Q&A, I will make some closing remarks. During Q3, we recorded robust well productivity in New World Tains, reflecting our high-quality asset base and peer-leading operating performance. This led to a material increase in adjusted EBITDA, both on a sequential and interannual basis, driven by production growth and continued focus on cost control. Q3 production was well within guidance range for the second semester. Production growth in the fourth quarter on the back of solid productivity and more investment in our profitable, ready-to-drill inventory leaves us on track to potentially overdeliver on our guidance. I remind you that we will be hosting our third Investor Day on November 12.

The other one was.

They're very good demand that we have put into them.

Miguel Galuccio: The other one was the very good demand that we have for Medanito. The last factor was the lower availability of other type of crude oil that usually compete with us, like ANS and the Syrian crude. That mainly explain why we have some good realization pricing during the Q3.

On the last factor was the lower availability of other type of crude oil that usually competing with us right.

Speaker #2: To conclude this call , and before we move to Q&A , I will make some closing remarks . During Q3 , we recorded robust well productivity in new well time's , reflecting our high quality asset base and pure leading operating performance .

But on the CVR.

Crude.

So that's mainly as Blaine.

Why we have some good realization pricing during the Q3.

Speaker #2: This led to material increase in adjusted EBITDA , both in a sequential and interannual basis , driven by production growth and continue focus on cost control .

Great. Thank you very much.

You're very welcome.

Rodolfo Angele: Thank you very much.

Thank you one moment for our next question.

Miguel Galuccio: You're very welcome.

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

Our next question comes from the line of Leonardo Marchionne deaths from Bank of America.

Speaker #2: Q3 production was well within the guidance range for the second semester. Production growth in the fourth quarter is expected on the back of solid productivity and increased investment in our profitable ready-to-drill inventory.

Hi, everyone. Thank you for taking my question.

Leonardo Marcondes: Hi, everyone. Thank you for taking my question. My question is regarding the drilling completion and tying off the wells, since September's figures beat the market expectations, right? I would like to know if you could provide some color on the rationale of this significant increase in well tie-ins now, right? Also, some color on what can we expect on this team for the remainder of the year. I mean, should you keep the rhythm on October, November, December? Thank you very much.

So my question is regarding the drilling completion there well.

Speaker #2: Leave us on track to potentially overdeliver on our guidance . I remind you that we will be hosting our third Investor Day on November 12th .

Gross.

September sugars.

The market's expectations right.

So I would like Shneur, if you could provide some color on the rationale of this 60.

Speaker #2: During this virtual event . We will present an updated strategic plan focusing on profitable growth , cost efficiency and cash generation . Before we move to Q&A , I would like to thank everyone at risk for delivering a remarkable quarter .

Miguel Galuccio: During this virtual event, we will present an updated strategic plan focusing on profitable growth, cost efficiency, and cash generation. Before we move to Q&A, I would like to thank everyone at Vista for delivering a remarkable quarter. Operators, we can now move to Q&A.

Mr increasing in real times.

Now right and also some color on what can we expect from this team for the reminder of the year I mean should you.

Should you keep the read them on October November December Thank you very much.

Speaker #2: Operator . We can now move to Q&A .

Speaker #1: Thank you . As a reminder to ask a question , please press star one . One on your telephone and wait for your name to be announced .

Operator: 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. Our first question comes from the line of Rodolfo Angeli from JP Morgan.

Okay.

I know none of those <unk> for the question.

Miguel Galuccio: Hi, Leonardo. Thank you very much for the question. I will explain and give you a bit of context on the rationale on the increase of well tie-ins. I mean, as a recap, in April, we took on a bridge loan to finance the Petronas Argentina acquisition, as you know. In May, we successfully tapped to the international market and issue a bond of $500 million to take out the bridge loan. Also in July, a $500 million term loan to refinance all our short-term maturities, that basically give us or regain full financial flexibility. We also consolidate the new asset. We saw very good productivity and production growth, even I would say better than our original expectation. On the top of this, now there is less varied consensus regarding the oil price.

Blaine I'll give you a bit of context on the rational on the increase of all time.

Speaker #1: To withdraw your question , please press star one . One again . Please stand by while we compile the Q&A roster . Our first question comes from the line of Rodolfo Angele from JP Morgan .

So I mean.

February comp in April.

We took an average loan to finance, the Petro announced Argentina acquisition.

In May we successfully moved up to the international market and issue a bond of 500 million to take out the bridge loan.

Speaker #3: High . Good morning everyone . Thanks for the time to discuss the numbers presented yesterday . I'm sure you know , we we would like looking forward to the investor event .

[Analyst 1]: Hi. Good morning, everyone. Thanks for the time to discuss the numbers presented yesterday. I'm sure you know we are looking forward to the investor event where we're going to revise the strategic numbers. For the time being, I think my question to you is on price realization. The numbers were pretty good, and compared to our expectations here, one of the positive surprises came from a realization of prices pretty solid versus Brent. Can you expand a little bit on what drove this and what should we expect for the coming quarters? That's it for me. Thank you very much.

Announcing shoe line, if freight company in India.

Loan to refinance all of our short term maturities.

Speaker #3: We're going to revise the strategic numbers . But for the time being , I think my question to you is on price realization .

That basically gave us.

Regain full financial flexibility.

We also consolidated the new asset.

So really we brew DVT on production growth.

Speaker #3: The numbers were pretty good . And compared to to our expectations here . One of the positive surprises came from realization of prices .

Even we said better than our original expectation.

On the top of this now there is less various concerns regarding the oil price.

Speaker #3: Pretty solid versus Brent. So, can you expand a little bit on what drove this and what we should expect for the coming quarters?

So in summary of Youtube all the factor.

Miguel Galuccio: In summary, due to all these factors, we decide or we saw that we were in a position that we were more comfortable to basically accelerate CapEx. Regarding Q4, the short answer to your question, yes, you will see pretty much, I would say 11 to 14 wells. Regarding 2026, you have to bear with me. I mean, we have in few weeks, our Investor Day in 12 November, and I will probably wait to give you a full view of what we are going to do in 2026 and onward.

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We saw that we are aware of any position.

And I wish.

Speaker #3: That's it for me . Thank you very much .

We were more comfortable to basically offer that a capex.

Speaker #2: Rodolfo , thank you very much for your question . It's a good one . They are basically two factors driven this good realization prices with our export via the Atlantic .

Miguel Galuccio: Rodolfo, thank you very much for your question. It's a good one. There are basically two factors driving these good realization prices. With our spot export via the Atlantic, we have some flexibility regarding when we trigger the Brent price. This can potentially usually help us to capture some Brent price slightly above what you can see as a quarterly average. In Q3, the Brent averaged around $86.81. The trigger Brent that we used to price the cargo was on average $1 higher. Also, the average discount of Brent was around $1 per barrel during Q3. This is explained by three main factors. The first one is the high oil demand that we saw from West Coast U.S. due to the seasonal factor. The other one was the very good demand that we have for Medanito crude.

Regarding Q4.

Short answer to your question, Yes, you would see pretty much.

We said 11 to 14 was.

Speaker #2: We have some flexibility regarding when we trigger the price . This can potentially usually help us to capture some price slightly above what you can see as a quarterly average .

And regarding the reordering 26, you have to bear with me I mean, we have a few weeks.

Our Investor Day in November 12.

I will I will.

Probably wait to give you a full view of where we're going to do in 2020 CCAR Nomura.

Speaker #2: In Q3 , the brain average around 16 .8.1 , but the trigger brain that we use to price the cargo was , on average $1 higher .

That's very clear thank you.

Youre welcome.

Leonardo Marcondes: That's very clear. Thank you.

Thank you one moment for our next question.

Miguel Galuccio: You're welcome.

Speaker #2: Also , the average discount of brain was around $1 per barrel during Q3 . So this is explained by three main factors . The first one is the high oil demand that we saw from West Coast US .

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

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

Hi, Good morning, everybody. Thanks for taking my question I have a follow up question.

Speaker #2: Due to seasonal factor . The other one was the very good demand that we have for Magneto and the last factor was the lower availability of other type of crude oil that usually compete with us like ants on the and crude , so that mainly explains why we have some good realization price in during the Q3 .

Bruno Amorim: Hi, good morning, everybody. Thanks for taking my question. I have a follow-up question on the production outlook. It seems that you ended Q3 on a strong tone. You know, what does it mean for Q4, given you just mentioned you're gonna continue to drill and tie in a significant number of wells into Q4. Can you elaborate on, you know, where do your current expectations stand versus your guidance for the remainder of the year? Thank you very much.

The production outlook. It seems that you ended the third quarter on a strong phone so.

Miguel Galuccio: The last factor was the lower availability of other types of crude oil that usually compete with us, like ANS and Sokol crude. That mainly explains why we have some good realization pricing during Q3.

Is it me.

The fourth quarter given your transmission you are going to continue.

Sure drew anti an uptick in eastern some number of styles into the fourth quarter.

Can you elaborate on where.

Or do your current.

Current expectations versus your guidance that the remainder will be it. Thank you very much.

Hi, Bruno which you'll have you'll nicole.

Speaker #3: Thank you very much .

[Analyst 1]: Thank you very much.

Speaker #2: You're very welcome .

Miguel Galuccio: You're very welcome.

Miguel Galuccio: Hi, Bruno. Good to have you on the call. Yes, you can expect that the production for Q4 to be about the 130,000 barrels per day that we guide. As always, you will see the typical up and downs that we see month over month. As you know, the natural rhythm of how we tie in the wells sometimes is not quarterly, but it's changing month by month. On average, Q4 will be similar to September. This implies that we will likely be above guidance for the year. The guidance was between 112 and 114 thousand barrels per day.

Yes, you can expect that the production for Q4 to be about 130000 barrel per day.

Speaker #1: Thank you. One moment for our next question. Our next question comes from the line of Leonardo Marcondes from Bank of America.

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

But we guide.

As always you will see.

The typical up on those that we see months over months.

Speaker #4: Hi , everyone . Thank you for taking my question . So my question is regarding the drilling , completion and timing of the wells since September figures beat the market expectations , right ?

[Analyst 2]: Hi, everyone. Thank you for taking my question. My question is regarding the drilling, completion, and tying of the wells. Since September, figures beat the market expectations, right? I would like to know if you could provide some color on the rationale of this significant increase in well timings now, right? Also, some color on what can we expect from this team for the remainder of the year. I mean, should you keep the rhythm on October, November, and December? Thank you very much.

As even though the natural rhythm.

And it was.

Sometimes is not quarterly, but it's changing mine by mine by mine.

Speaker #4: So I would like to know if you could provide some color on the rationale of this significant increase in in real time now .

But what I would ask <unk> portal will be similar to September.

This implies that we will likely be above guidance for the year.

Speaker #4: Right . And also some color on what can we expect on this team for the remainder of the year ? I mean , should you should you keep the rhythm on October , November and December ?

Big item was between $112 114000 barrels per day.

No.

As we finished vehicle would be about the guidance for the second semester.

Miguel Galuccio: Also, as David reflected, we will be about the guidance for H2, which was, between 125 and 128 thousand barrels per day. Yes, you can probably look at Q4 about 130.

Speaker #4: Thank you very much .

Which was.

Between 125 mm 128000 barrels per day.

Speaker #2: Hi , Leonardo , thank you very much for the question . And I will explain and give you a bit of context on the rationale on the increase of well-timed .

Miguel Galuccio: Hi, Leonardo. Thank you very much for the question. I will explain and give you a bit of context on the rationale on the increase of well timing. As a recap, in April, we took on a bridge loan to finance the Petronas Argentina acquisition, as you know. In May, we successfully tapped the international market and issued a bond of $500 million to take out the bridge loan. Also, in July, a $500 million term loan to refinance all our short-term maturities. That basically gave us, or we regained, full financial flexibility. We also consolidated the new assets. We saw very good productivity and production growth, even, I would say, better than our original expectation. On top of this, now there is less very consensus regarding the oil price.

So yes, you can you can probably look at Q4 about 130.

Speaker #2: So , I mean , as a recap , in April , we took on a bridge loan to finance the Petronas Argentina acquisition .

Thank you one moment for our next question.

Speaker #2: As you know , in May , we successfully tapped to the international market and issue a bond of 500 million to take out the bridge loan .

Operator: Thank you. One moment for our next question. Our next question comes from the line of Alejandro Demichelis from Jefferies.

Yes.

Our next question comes from the line of Alejandro Demichelis from Jefferies.

Speaker #2: And also in July , a $500 million term loan to refinance all our short term maturities . And that basically give us we regain full financial flexibility .

Yes, good morning, everyone and thank you for taking my question and congratulations on the quarter.

Alejandro Demichelis: Yes, good morning, everyone. Thank you for taking my question, and congratulations on the quarter. Miguel, one quick question. Could you please indicate how you're seeing the evolution of drilling and completion costs over the next few quarters? We have seen a bit of volatility on the effects. We have seen kind of inflation kind of going up a little bit. Just some kind of direction on how you see those costs going, please.

Hey, guys. One quick question could you. Please indicate how you're seeing the evolution of drilling and completion costs over the next few quarters, we have seen a bit of volatility on the effects, we have seen kind of inflation kind of going up a little bit.

Speaker #2: We also consolidate the new asset we saw very good productivity and production growth . Even as we said , better than our original expectation .

Some kind of direction on how you see those costs go in place.

Speaker #2: And on the top of this , now there is less bearish consensus regarding the oil price . So in summary , due to all these factors , we decide or we saw that we are wearing a position that is , we were more comfortable to basically accelerate CapEx .

Miguel Galuccio: In summary, due to all these factors, we decide, or we saw, that we were in a position that we were more comfortable to basically accelerate CAPEX. Regarding Q4, the short answer to your question is yes. You will see pretty much, I would say, 11 to 14 wells. Regarding 2026, you have to bear with me. We have in a few weeks our Investor Day on November 12. I will probably wait to give you a full view of what we're going to do in 2026 and onward.

Okay.

MS speakers, please check your mute button.

Operator: Pardon me, speakers. Please check your mute button.

Yes, Hello can you hear.

Yes.

Alejandro Demichelis: Yes. Hello? Can you hear me?

Okay, Yes, sorry, thank you very much for taking my questions and congratulations on the quarter.

Operator: Yes.

Alejandro Demichelis: Okay. Yes, sorry. Thank you very much for taking my questions, and congratulations on the quarter. Miguel, one quick question. Could you please indicate how you're seeing the evolution of cost, of drilling and completion costs over the next few quarters, given the volatility on the effects, inflation, and so on?

Speaker #2: Regarding Q4 , the short answer to your question is yes . You will see pretty much I would say 11 to 14 wells and and regarding regarding 26 , you have to bear with me .

One quick question could you. Please indicate how you're seeing the evolution of cost of drilling and completion costs over the next few quarters, given the volatility on the FX inflation and so on.

Yes, Holly here again, I mean, we leased in the first one but same for the question. So.

Speaker #2: I mean , we have in few weeks , our investor day in November 12th and I will I will . Probably wait to give you a full view of what we are going to do in 2026 and onward .

Miguel Galuccio: Yes, Ale, here again. I mean, we listened the first one, but thanks for the question. We announced, I was saying in Q2, that our cost of the well was around $20.8 million. This is drilling and completion cost for well with a lateral length of approximately 2,800 meters and 47 stages. Today, we are slightly below this number, and we are seeing very good results from the initiatives that also we announced last quarter that we will implement it. We are currently working on further initiatives on the same two verticals that were contracts and technology. Which, basically we believe, and we feel very strongly that will lead to further savings.

We announced I will say in Q2.

But our cost of the way it was around $28 million.

This is drilling and completion cost per well with a lateral length of approximately 2000 800 million and 47 stages.

Speaker #4: That's very clear . Thank you .

[Analyst 2]: That's very clear. Thank you.

Speaker #2: You're welcome .

Miguel Galuccio: You're welcome.

Speaker #1: Thank you . One moment for our next question . Our next question comes from the line of Bruno Amorin from Goldman Sachs .

Today, we are slightly below this number.

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

And we are seeing very good results from the initiatives that also we announced last quarter that we will implement it.

We are currently working on further initiatives on the same <unk>, because that where contracts on technology.

Speaker #5: Hi . Good morning everybody . Thanks for taking my question . I have a follow up question on the production outlook . It seems that you end the third quarter on a strong tone .

[Analyst 3]: Hi. Good morning, everybody. Thanks for taking my question. I have a follow-up question on the production outlook. It seems that you ended the third quarter on a strong tone. What does it mean for the fourth quarter, given you just mentioned you're going to continue to drill and tie in a significant number of wells into the fourth quarter? Can you elaborate on where do your current expectations stand versus your guidance for the remainder of the year? Thank you very much.

So.

Which.

Basically we believe and we feel very strongly that will lead to further savings.

Speaker #5: So you know, what does it mean for the fourth quarter, given you just mentioned you're going to continue to drill and tie in a significant number of wells into the fourth quarter?

So <unk> to comment on to give a lot of color more color because we have very good news coming on that front.

Miguel Galuccio: The idea is to come in and to give a lot of color and more color because we have very good news coming on that front on Investor Day. I hope you take that answer now, and we will give you more detail when we see you in the field in 12 November.

On Investor Day.

Speaker #5: Can you elaborate on , you know , where do your current expectations time versus your guidance for the remainder of the year ? Thank you very much .

So I hope you take that out.

Uncertain now.

Now we will give you more detail when we see you in the field in November to us.

Speaker #2: Hi , Bruno , good to have you on the call . Yes , you can expect that the production for Q4 to be about the 130,000 barrels per day that we guide .

Miguel Galuccio: Hi, Bruno. Good to have you on the call. Yes, you can expect that the production for Q4 to be about the 130,000 barrels per day that we guide. As always, you will see the typical ups and downs that we see month over month. As you know, the natural rhythm of how we tie in the wells sometimes is not quarterly, but it's changing month by month. On average, Q4 will be similar to September. This implies that we will likely be above guidance for the year. The guidance was between 112,000 and 114,000 barrels per day. Also, we will be above the guidance for the second semester, which was between 125,000 and 128,000 barrels per day. Yes, you can probably look at Q4 above 130,000.

Thank you.

Alejandro Demichelis: That's fantastic. Thank you.

Thank you one moment for our next question.

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

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

Speaker #2: As always , you will see the typical up and downs that we see month over month . As you know , the natural rhythm of how we tie in the wells sometimes is not quarterly , but is changing month by month , by month , but on average , Q4 will be similar to September .

Hey, good morning, thank them again, and thank you Ali and congratulations on the results. My question here is regarding la <unk> Chica, it's been about six months since you acquired the.

Tiago Casqueiro: Hey, good morning. Thank you, Miguel, and thank you, Ale, and congratulations on the results. My question here is regarding La Amarga Chica. It's been about 6 months since you acquired the stake in the assets. Looking back on this initial learning period, what would you say are the key challenges and opportunities you have identified in the assets so far? Thank you.

The steak <unk> assets. So looking back on these initial learning period, what would you say are the key challenges and opportunities youre, having to fight in the assets. So far thank you.

Speaker #2: So this implies that we will likely be above guidance for the year . The guidance was between 112 and 114,000 barrels per day , and also we will be about the guidance for the second semester , which was between 125 and 128,000 barrels per day .

Hi, Joe things thing for the question.

Miguel Galuccio: Hi, Tiago. Thanks for the question. I mean, we have a very open and constructive relationship with YPF, I will say, at all levels. At my level, with Horacio and at the level of Matías in the field and everybody. As you imagine, they have been for many years coworker of us. Very good relationship, very good collaboration. We are collaborating in many fronts. First, I would say sharing technical learnings. We regard ourselves as lead operator. We have learned a lot. YPF have a very extensive experience in unconventional. The sharing of practices has been very rich. Second, in opportunities on services and also in infrastructure. Very collaborative and very open discussion also in those both fronts.

Look I mean, we have a very open on contracting relationship would be as we've said on all levels my level.

We don't ask you on <unk>.

The level of <unk> in the field on everybody.

You mentioned this has been for many years co worker robust so.

Speaker #2: So yes , you can you can probably look at at Q4 , about 130 .

So very good relationship very good collaboration we are collaborating in many fronts.

First Oh.

We said shedding technical learnings.

We with regard to our surplus lead operator, do we have learned a lot.

Speaker #1: Thank you . One moment for our next question . Our next question comes from the line of Alejandro De Michelis from Jefferies .

Operator: Thank you. One moment for our next question. Our next question comes from the line of Alejandro Demichelis from Jefferies.

Why pick up the various things.

Experience in unconventional so.

Speaker #6: Yes . Good morning everyone . Thank you for taking my question and congratulations on the quarter . Miguel , one quick question . Could you please indicate how you're seeing the evolution of drilling and completion costs over the next few quarters ?

[Analyst 4]: Yes. Good morning, everyone. Thank you for taking my question and congratulations on the quarter. Miguel, one quick question. Could you please indicate how you're seeing the evolution of drilling and completion costs over the next few quarters? We have seen a bit of volatility on the FX. We have seen inflation going up a little bit. Just some direction on how you see those costs going, please.

The sharing of practices being very reach.

Second in opportunities.

<unk> services on all screens infrastructure.

Speaker #6: We have seen a bit of volatility on the effects . We have seen kind of inflation kind of going up a little bit .

Very collaborative and very open discussion also in those both firms.

Speaker #6: So just some kind of direction on how you see those costs going . Please .

But if I'm wrong over the production on the cost efficiency. This quarter was very good I have to say it very good. So we are now focusing in discussing the 2056.

Miguel Galuccio: The performance of the production and the cost efficiency this quarter was very good, I have to say, very good. We are now focusing and discussing the 2026 CapEx plan and the budget for that. Overall it's going very well.

On the on the budget for that.

But the overall is going very well.

Speaker #1: Pardon me . Speakers please check your mute button .

Operator: Pardon me, speakers. Please check your mute button.

Thank you Mikael.

Welcome.

Speaker #6: Yes . Hello . Can you hear me .

Alejandro Cheracov: Yes. Hello, can you hear me?

Tiago Casqueiro: Thank you, Miguel.

Thank you one moment for our next question.

Speaker #7: Yes .

Miguel Galuccio: You're very welcome.

Operator: Yes.

Speaker #6: Hey . Yes . Sorry . Thank you very much for taking my questions and congratulations on the quarter . Miguel . One quick question .

[Analyst 4]: Hey. Yes. Sorry. Thank you very much for taking my questions and congratulations on the quarter. Miguel, one quick question. Could you please indicate how you're seeing the evolution of cost of drilling and completion costs over the next few quarters, given the volatility on the FX, inflation, and so on?

Operator: Thank you. One moment for our next question. Our next question comes from the line of Mateus Tosti from Citi.

Our next question comes from the line of Mondale's Dusty from Citi.

Speaker #6: Could you please indicate how you're seeing the evolution of cost of drilling and completion costs over the next few quarters ? Given the volatility on the effects , inflation and so on .

Okay.

Hi, good morning to all and thanks for taking over and congratulations on results as well.

Mateus Tosti: Hi, good morning to all, and thanks for taking my question, and congratulations on the result as well. I was wondering what you may comment on M&A. I mean, I remember last quarter we asked on this, and you said maybe there was still appetite for M&A. Has this appetite continued? Is it something that has maybe weighed down a bit? What can you comment on this? Thank you.

I was wondering.

Speaker #2: Yes . Here again , I mean , we listened the first one , but thanks for the question . So we announced I was saying in Q2 that our cost of the well was around $20.8 million .

Miguel Galuccio: Yes, Ale, here again. I mean, we listened to the first one, but thanks for the question. We announced, I was saying, in Q2 that our cost of the well was around $20.8 million. This is drilling and completion costs for a well with a lateral length of approximately 2,800 meters and 47 stages. Today, we are slightly below this number. We are seeing very good results from the initiative that also we announced last quarter that we will implement. We are currently working on further initiatives on the same two verticals that were contracts and technology, which basically we believe and we feel very strongly that will lead to further savings. The idea is to comment and to give a lot of color and more color because we have very good news coming on that front on the Investor Day.

What you may comment on M&A, I mean, I remember last quarter.

On this and we you said, maybe there was still appetite for M&A.

Has this appetite continuing something that.

Maybe weighed down a bit what can you comment on this thank you.

Speaker #2: This is drilling and completion costs for well with the lateral length of approximately 2800m and 47 stages . Today , we are slightly below this number as we are seeing very good results from the initiatives that also we announced last quarter that we will implement it .

Okay materials.

The short answer is the appetite is intact.

Miguel Galuccio: Hi, Mateus. Well, the short answer is the appetite is intact. We have a proven track record, as I said before, creating value through M&A. We are not only good operators, we have been very good M&A-wise, all the way up to here. The best example of that probably is the Petronas acquisition early this year. That is part of our strategic approach, as Vista. Given also that we are increasing our scale and our customer profile, going forward, we will continue assessing opportunities. The only thing I will say that you have to take in consideration that we have a very high buy in term of value accretion and also in term of a strategic fit.

We have a proven track record as I said before creating value through M&A. So we are not only good operators.

Speaker #2: We are currently working on further initiatives on the same two verticals that we are contracts and technology . So which basically we we believe and we feel very strongly that we live to further savings .

Have been very good M&A wise.

The way up to here.

The basic sample of that probably is a bit of an asset acquisition earlier this year.

So that is part of our strategic approach.

Mr. So given also that we are increasing our scale on our cash profile.

Speaker #2: So the idea is to comment and to give a lot of color and more color, because we have very good news coming on that front.

Going forward, we will continue assessing opportunities.

Speaker #2: On the Investor day . So I hope you take that , that , that answer now and , and we will give you more , more detail when we see you in the field in November 12th .

Miguel Galuccio: I hope you take that answer now, and we will give you more detail when we see you in the field on November 12.

The only thing we said that you got to take negotiation that.

We have very very high value in term of value accretion and also in the market strategic fit.

But yes, the short answer is yes.

Speaker #6: Fantastic . Thank you .

[Analyst 4]: That's fantastic. Thank you.

Miguel Galuccio: Yes, the short answer is the appetite to M&A is intact for us, and we will continue looking to opportunities as they come.

<unk> died two M&A is intact for us and we will continue looking to.

Speaker #1: Thank you. One moment for our next question. Our next question comes from the line of Thiago Cachero from Morgan Stanley.

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

<unk> opportunities come.

<unk>.

Thank you.

Yeah.

Mateus Tosti: Thank you.

If I may add if I may add a quick follow up are there any open processes today.

Miguel Galuccio: Therefore.

Speaker #8: Hey good morning . Thank you , Miguel , and thank you , Ali and congratulations on the results . My question here is regarding la Chica .

Alejandro Cheracov: Hey. Good morning. Thank you, Miguel, and thank you, Ale, and congratulations on the results. My question here is regarding La Marga Chica. It's been about six months since you acquired the stake in the assets. Looking back on this initial learning period, what would you say are the key challenges and opportunities you have identified in the assets so far? Thank you.

Mateus Tosti: If I may add a quick follow-up, are there any open processes today? Maybe the opportunities to engage with other companies. Are there any open processes, any assets available that you're looking into? Has this temperature cooled on that front too?

The opportunities to engage with other companies are there any open to US, yes, thats available that you're looking into or has the.

Speaker #8: It's been about six months since you acquired the the stake in the assets . So looking back on this initial learning period , what would you say are the key challenges and opportunities you have identified in the asset so far ?

This temperature record on that front too.

No I don't think I mean.

I always said.

Miguel Galuccio: No, I don't think I mean, I would say, in a formal process, I don't see any formal process that we are participating. We are having, yes, several discussions as always have. You know, the interest in Argentina have renewed a lot during the last year. Also we see new players coming into the country, I would say exploring opportunities. Yes, we are maintaining discussion with all of them. I will not say that we are participating in any formal process at the moment.

In a formal process I don't see any form of proceeds that we're participating we're having yes several discussions although we have.

Speaker #8: Thank you .

Speaker #2: Hi . Thanks . Thanks for the question . Look at I mean , we have a very open and contracted relationship with YPF .

Miguel Galuccio: Hi, Tiago. Thanks for the question. Look, I mean, we have a very open and contracted relationship with YPF, I would say, at all levels. At my level with Horacio and at the level of Matías in the field and everybody. I imagine they have been for many years coworkers of us. Very good relationship, very good collaboration. We are collaborating on many fronts. First, I would say sharing technical learnings. We regard ourselves as lead operators. We have learned a lot. YPF has a very extensive experience in unconventional, so the sharing of practices has been very rich. Second, in opportunities on services and also in infrastructure. Very collaborative and very open discussion also in those both fronts. The performance of the production and the cost efficiency this quarter was very good, I have to say, very good.

You know the inkjet is in Argentina have renew a lot.

Speaker #2: I will say at all levels and my level , we are and the level of Matias in the field and everybody , I imagine they they have been for many years , co-worker of us .

During the last.

Really the last year and also we see new players coming into the country.

We said exploring opportunities.

Opportunities.

So yes, we are.

We are maintaining discussion with all of them, but I will not say that we are participating in any format process at the moment.

Speaker #2: So very good relationship , very good collaboration . We are collaborating in many fronts . First , I will say sharing technical learnings .

Thank you very much welcome.

Speaker #2: We we regard ourselves as lead operator . We have learned a lot . YPF has a very intense experience in Unconventionals , so the sharing of practices has been very rich .

Mateus Tosti: Thank you very much.

Thank you one moment for our next question.

Miguel Galuccio: You're welcome.

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

Our next question comes from the line of docile Vasconcelos from UBS.

Hi, Ron Thanks for taking my question here.

Speaker #2: Second , in opportunities on services and also in infrastructure , very collaborative and very open discussion . Also in those both fronts , the performance of the production and the cost efficiency this quarter was very good .

Tasso Vasconcelos: Hi, everyone. Thanks for taking my question here.

Pardon me thoughts so please check your mute button, we cannot hear you.

Operator: Pardon me, Tasso. Please check your mute button. We cannot hear you. Pardon me, Tasso, your line is now open.

Pardon me docile your line is now open.

Okay.

Speaker #2: I have to say, very good. So we are now focusing on discussing the 2026 work plan and the budget for that.

Great. Thanks for taking my question.

Miguel Galuccio: We are now focusing on discussing the 2026 work plan and the budget for that. Overall, it's going very well.

Maybe a follow up question on the discussion on topics and production levels.

Tasso Vasconcelos: Great. Thanks for taking my question. Miguel, maybe a follow-up question on the discussion on CapEx and production levels. If Vista were to only maintain current level of production stable without much growth, what would be the level of CapEx required? In this, same sense here, what would be the maintenance CapEx to maintain production stable closer to 150,000 barrels a day? That's my question. Thank you.

Mr Ward two only maintain current levels production stable without much growth what would be the level of capex required.

Speaker #2: But overall it's going very well .

Speaker #8: Thank you Miguel .

Alejandro Cheracov: Thank you, Miguel.

Speaker #2: You're very welcome .

Miguel Galuccio: You're very welcome.

Speaker #1: Thank you . One moment for our next question . Our next question comes from the line of Mateos Tosti from Citi .

Operator: Thank you. One moment for our next question. Our next question comes from the line of Mateus Tosti from Citi.

This same stance here what would be the montana's topics two months' production stable closer to 150000 barrels a day. That's my question. Thank you.

Speaker #9: Hi . Good morning to all . And thanks for taking my question and congratulations on result as well . I was wondering what you may comment on M&A .

[Analyst 3]: Hi. Good morning to all, and thanks for taking my question and congratulations on the results as well. I was wondering what you may comment on M&A. I mean, I remember last quarter we touched on this, and you said maybe there was still appetite for M&A. Has this appetite continued? Is it something that has maybe weighed down a bit? What can you comment on this? Thank you.

Thank you Dr. So for the question.

There are a number that usually when we see.

Miguel Galuccio: Thank you, Tasso, for the question. Yes, these are numbers that usually when we simulate our plans, we look into. I would say, using 100,000 barrels per day of production as a reference, we will need around $700 million of CapEx to keep the production flat going forward. That will imply probably between 50 and 55 wells. If instead of 130,000 with a 150,000 barrels per day, I think that we should have $100 million CapEx, around $800 million. The number of well would be between 55 and 60 wells. That would be around numbers. Of course, that could change also depending of the context.

Simulate our plans we're looking to.

Speaker #9: I mean , I remember last quarter last on this , and we you said maybe there was still appetite for M&A and has this appetite continue is something that has maybe waved down a bit .

I always said using 100000 barrel per day of production.

And then we will need that on.

700 million dollar of Capex.

Speaker #9: What can you comment on this . Thank you .

Keith.

Give the production flat going forward.

Speaker #2: Hi, Mathias. Well, the short answer is the appetite is intact. So we have a proven track record, as I said before.

Miguel Galuccio: Hi, Mateus. The short answer is the appetite is intact. We have a proven track record, as I said before, creating value through M&A. We are not only good operators. We have been very good M&A-wise all the way up to here. The best example of that probably is the Petronas Argentina acquisition early this year. That is part of our strategic approach as Vista Energy. Given also that we are increasing our scale and our cash profile going forward, we will continue assessing opportunities. The only thing I would say that you have to take into consideration is that we have a very high bar in terms of value acquisition and also in terms of a strategic fit. Yes, the short answer is the appetite to M&A is intact for us, and we will continue looking to opportunities as they come.

And that will imply probably between 50 and 55 was.

Speaker #2: Creating value through M&A . So we are not only good operators , we have been very good M&A wise all the way up to here .

If we instead of 130000 with a 150000 barrel per day.

I think that we should add one topic around 800 million.

Speaker #2: And the best example of that probably is the Petronas acquisition earlier this year . So that is part of our strategic approach as Vista .

And then the number of what it would be between $55 60 was.

So that would be our own numbers of course.

Speaker #2: So given also that we are increasing our scale and our cash profile going forward , we will continue assessing opportunities . The only thing I will say that you have to take into consideration that we have a very high buy in term of value accretion and also in terms of strategic fit .

But reaching also depending of the context.

Okay, great. Thank you.

Thank you one moment for our next question.

Tasso Vasconcelos: Okay. Very clear. Thank you.

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

Our next question comes from the line of Michael Ferro from Pickering Energy partners.

Speaker #2: But yes , the short answer is the appetite to M&A is intact for us and we will continue looking to opportunities as they come .

Hello, and good morning, Thanks for taking my question.

So there's been a lot of attention on the upcoming midterm election.

Michael Furrow: Hello, and good morning. Thanks for taking my question. There's been a lot of attention on the upcoming midterm election, and for good reason, as you know, the outcome could have meaningful implications to the country. Now, that said, the Vaca Muerta is an extremely valuable natural resource, and it seems to us that regardless of the outcome, this resource will continue to be developed. I was hoping that you can maybe take some time to discuss your thoughts on the matter and if you see any outcomes from this weekend's election that would have a material impact on Vista's operations. Thank you.

For good reason as you know the outcome could have meaningful implications to the country now that said the marker margin is extremely valuable natural resource and it seems to us that regardless of the outcome. This resource will continue to be developed so I was hoping that you could maybe take some time to discuss your thoughts on the matter and if you see any outcomes from this weekend's election that would have a material impact on <unk>.

Speaker #2: Thank you . Thank you .

Alejandro Cheracov: Thank you, Andre, for clarifying.

Speaker #9: If I may add if I may add a quick follow up . Are there any open processes today . Maybe the the opportunities to engage with other companies .

Miguel Galuccio: Thank you, Ale.

[Analyst 2]: If I may add a quick follow-up, are there any open processes today? Maybe the opportunities to engage with other companies, are there any open processes and assets available that you're looking into, or has this temperature cooled on that front too?

Speaker #9: Are there any open processing assets available that you're looking into , or has the the temperature cooled on that front to .

This was operations. Thank you.

Yes. Thank you Michael for the question, it's a recurring question and a good question.

Speaker #2: No , I don't think I mean , I we've said in a formal process , I don't see any formal process that we are participating .

Miguel Galuccio: No, I don't think. I mean, I would say in a formal process, I don't see any formal process that we are participating in. We are having, yes, several discussions as all we have. As you know, the interest in Argentina has renewed a lot during the last year. We see new players coming into the country, I would say, exploring opportunities. Yes, we are maintaining discussion with all of them. I will not say that we are participating in any formal process at the moment.

Miguel Galuccio: Yes. thank you, Michael, for the question. It's a recurring question and a good question. In short, the election do not change our plan. We've been growing Vista from scratch to where we are today, participating in 4 different administration. Even before that, most of us came back to the country in 2012. We said, we were part of making Argentina an structural net exporter today, and being part of the solution of the country. The fact that we are holding an Investor Day 2 week after the election, is a full reflection of what we feel and about the business.

In short the election do not change our plan.

Speaker #2: We are having . Yes , several discussions , although we have , as you know , the interest in Argentina , have renewed a lot during the last few during the last year and also we see new players coming into the country .

We've been we've been growing beef from scratch to where we are today participating in Florida for them administration and even before that.

Most of us in much of the country in 2012 on a we said.

Speaker #2: I will say the exploring opportunities . So yes , we are . We , we are maintaining discussion with all of them . But I will not say that we are participating in any formal process at the moment .

We.

We were a part of making Argentina unstructured a net exporter today.

And being part of the solution.

<unk> of the country.

So.

Speaker #9: Thank you very much .

[Analyst 2]: Thank you very much.

The fact that we are holding an investor day two week after the election.

Speaker #2: Welcome .

Miguel Galuccio: You're welcome.

Speaker #1: Thank you . One moment for our next question . Our next question comes from the line of Tasso Vasconcellos from UBS .

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

It's a full reflection.

Of what we feel.

About about their business.

Our business model is solid is dollarized.

Miguel Galuccio: Our business model is solid, is dollarized, and we are increasing, as we grow the amount of sales to the export market. Also, I will said that we have secured the funding to continue growing, and we will discuss that in 12 November. We don't have any large financial debt maturity in the coming years. We'd also have secured the services, the rigs, the completions, the frac set, with flexible contract going forward. No, Michael, I don't think, I mean, the elections will affect multiples and other things or, or the perception of Argentina, but will not affect Vaca Muerta. It doesn't affect our ability to continue growing and to execute our plan.

And we are increasing.

Speaker #10: I thank you for taking my question here .

[Analyst 3]: Hi, everyone. Thanks for taking my question here.

As we grow the amount of sales to the export market.

So.

So we said.

Speaker #1: Pardon me . Thought so . Please check your mute button . We cannot hear you . Pardon me . Tasso , your line is now open .

Operator: Pardon me, Tasso. Please check your mute button. We cannot hear you. Pardon me, Tasso. Your line is now open.

We have secured the funding to continue growing and we will discuss that in November.

And we don't have any large financial the maturity in the coming years.

Speaker #10: Great . Thanks for taking my question , Miguel . Maybe a follow up question on this discussion on CapEx and production levels . If Vista were to only maintain current level of production , stable without much growth , what would be the level of CapEx required and this same sense here , what would be the maintenance CapEx to maintain production stable , closer to 150,000 barrels a day ?

[Analyst 3]: Great. Thanks for taking my question. Miguel, maybe a follow-up question on this discussion on CAPEX and production levels. If Vista were to only maintain the current level of production stable without much growth, what would be the level of CAPEX required? In this same sense here, what would be the maintenance CAPEX to maintain production stable closer to 150,000 barrels a day? That's my question. Thank you.

We also have secured the services that leaks the completion the frac fit.

With predictable contracting going forward.

So.

Mike I don't think I mean the law.

<unk> will affect.

Uh huh.

More depots and other fees.

The prescription margin Dana, but we're not afraid Michael Morris.

It doesn't affect our ability to to continue growing on the.

Speaker #10: That's my question. Thank you.

To execute our plan.

Speaker #2: Thank you , for the question . Yes . These are numbers that usually when we simulate our plans , we look into . I will say using 100,000 barrels per day of production as a reference .

Miguel Galuccio: Thank you, Tasso, for the question. Yes, these are numbers that usually when we simulate our plans, we look into. I would say using 100,000 barrels per day of production as a reference, we will need around $700 million of CAPEX to keep the production flat going forward. That will imply probably between 50 and 55 wells. If you enter for 130,000 with 150,000 barrels per day, I think that we should have a maintenance CAPEX around $800 million. The number of wells would be between 55 and 60 wells. That would be around numbers. Of course, that could change also depending on the context. No.

Thank you that's great I appreciate it such a comprehensive answer.

Michael Furrow: Thank you. That's great. Appreciate such a comprehensive answer.

Yeah.

Youre welcome.

Thank you one moment for our next question.

Miguel Galuccio: Yeah. You're welcome.

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

Our next question comes from the line of George Cashed out from <unk> Securities.

Speaker #2: We will need around $700 million of CapEx to to keep the production flat going forward . And and that will imply probably between 50 and 55 wells .

Hi, Good morning, and thank you for taking my question.

George Gastout: Hi. Good morning, and thank you for taking my question. Brent has remained pretty volatile again this quarter, and I was wondering what your EBITDA sensitivity to oil prices was now in Q4.

Brendan has remained pretty volatile again this quarter and I was wondering what your EBITDA sensitivity to oil prices was now in <unk>.

Speaker #2: If we endeavor of 130,000 with a 150,000 barrels per day , then I think we should have one CapEx , around 800 million .

Thanks, Sean for the question.

Sure.

Miguel Galuccio: Thanks, George, for the question. Yes, there is a sensitivity. Using 130,000 barrel per day production as a reference, you should think that for every dollar per barrel of change in realized oil prices, the adjusted EBITDA in the full quarter will change approximately between $8 and $9 million. That more or less will be the impact.

Yes, there is a sensitivity you're.

<unk> seen one countries 30000 barrel per day production as a precedent.

Speaker #2: And then the number would be between 55 and 60 wells . So that would be around numbers . Of course , that that could change .

You should think that.

For every dollar per barrel.

Changing in realized oil prices.

The adjusted EBITDA in the full quarter, we have changed approximately.

Speaker #2: Also depend of of the context . No .

Between eight and $9 million.

Speaker #10: Okay . Very clear . Thank you .

[Analyst 3]: Okay. Very clear. Thank you.

That's more or less will be the impact.

Speaker #1: Thank you . One moment for our next question . Our next question comes from the line of Michael Ferro from Pickering Energy Partners .

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

Great. Thank you, that's very clear and congratulations on the quarter.

George Gastout: Great. Thank you. That's very clear. Congratulations on the quarter.

George.

Speaker #11: Hello and good morning . Thanks for taking my question . So there's been a lot of attention on the upcoming midterm election . And for good reason .

Thank you one moment for our next question.

[Analyst 5]: Hello, and good morning. Thanks for taking my question. There's been a lot of attention on the upcoming midterm election, and for good reason, as you know, the outcome could have meaningful implications to the country. That said, the Vaca Muerta is an extremely valuable natural resource, and it seems to us that regardless of the outcome, this resource will continue to be developed. I was hoping that you could maybe take some time to discuss your thoughts on the matter and if you see any outcomes from this weekend's election that would have a material impact on Vista Energy's operations. Thank you.

Miguel Galuccio: Thank you, George.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Juan Jose Muniz from BTG.

Our next question comes from the line of Juan Jose Munis from BTG.

Speaker #11: As you know , the outcome could have meaningful implications to the country . Now , that said , the march is extremely valuable , natural resource , and it seems to us that regardless of the outcome , this resource will continue to be developed .

Hi, Thank you. Thank you. Thank you for the presentation.

Juan Jose Muniz: Hi, team, and thank you. Thank you for the presentation. Regarding La Amarga Chica, could you provide more color about the production of Q3? I understand that you finish on a strong note. Also regarding the outlook that you have for La Amarga Chica and Q4. Thank you.

And regarding the amount of <unk> chica.

Could you provide more color about the the production of the <unk>.

Speaker #11: So I was hoping that you could maybe take some time to discuss your thoughts on the matter . And if you see any outcomes from this weekend's election , that would have a material impact on Vista's operations .

I understand that you finished on a strong note.

Speaker #11: Thank you .

So regarding the outlook that you have for preliminary that chicken in the last quarter of the year.

Speaker #2: Yeah . Thank you . Michael , for the question . It's a recurrent question and a good question . In short , the election do not change our plan .

Miguel Galuccio: Yes. Thank you, Michael, for the question. It's a recurring question and a good question. In short, the elections do not change our plan. We've been growing Vista from scratch to where we are today, participating in four different administrations. Even before that, most of us came back to the country in 2012. We said we were part of making Argentina a structural net exporter today and being part of the solution of the country. The fact that we are holding an Investor Day two weeks after the election is a full reflection of what we feel about the business. Our business model is solid, is dollarized, and we are increasing as we grow the amount of sales to the export market. We said that we have secured the funding to continue growing, and we will discuss that in November 12.

Thank you.

Thanks for the question so in the amount of Arctic, Let me do a bit of a recap for.

Speaker #2: We've been we've been growing Vista from the scratch to where we are today , participating in four different administrations and even before that , most of us came back to the country in 2012 .

Miguel Galuccio: Thanks, Juan Jose, for the question. In La Amarga Chica, let me do a bit of a recap of La Amarga Chica. In La Amarga Chica, we connect around 18 wells, and we have 50% of that working interest, so YPF connect 18. This well correspond to 4 pads, pad 120, pad 67. This pads, if I'm not mistaken, are on the south triangle of the block. Also the pad 105 and the pad 83 that are in the center of the block. All the 4 pads are producing above budget. The well performance of La Amarga Chica was good, and the production was for Q2, 38.7. They took it from 38.7 to 43.5 in Q3.

I'm going to actually eliminate that Chico week Kodak.

<unk> 18 was.

And we got 50% of.

Water could in theory, so wide.

<unk> connect.

Speaker #2: And we said we we were part of of making Argentina a structural net exporter . Today . And being part of the solution of of the country .

This would correspond to four but by the one country in 'twenty.

But 67.

This spot.

Let me take it on the south triangle of the block.

And also they buy the one company owned by <unk> 83.

Speaker #2: So the fact that we are holding an Investor Day two weeks after the election is a full reflection of of what we feel and about about the business , our business model is solid , is dollarized and and we are increasing as we grow .

In the center of the block.

All the four but are producing above budget.

The web performance overall America Chico was boots under production was.

For Q2 cities $38 seven.

They took it from $38 70 243.

Speaker #2: The amount of sales to the export market . So also we said that we have secured the funding to continue growing and we will discuss that in November 12th .

Five.

In Q3.

So very good performance for Q3.

Miguel Galuccio: Very good performance for Q3. We are expecting, I cannot give you a number, but we are expecting a very strong performance also in Q4. Hope that give you a feeling of how we are looking at La Amarga Chica.

And we are expecting cannot give you a number but we are expecting a very strong performer and also in Q4.

Speaker #2: And we don't have any large financial debt maturity in the coming years . We also have secured the services . The risks , the completions , the frac set with flexible contract going forward .

Miguel Galuccio: We don't have any large financial debt maturity in the coming years. We also have secured the services, the rigs, the completions, the frac set with flexible contracts going forward. No, Michael, I don't think, I mean, the elections could affect multiples and other things or the perception of Argentina, but will not affect Vaca Muerta. It doesn't affect our ability to continue growing and to execute our plan.

So hope that gives you a feeling of how we are looking at the Morgan Keegan.

Thank you one moment for our next question.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Francisco Cascaro from Dawn Capital.

Speaker #2: So no , Michael , I don't think I mean . The elections could affect multiples and other things or the perception of Argentina , but will not affect Vaca muerta .

Our next question comes from the line of Brian Sisko, Scott Scotto from Don capital.

Hi, Thank you for taking my question.

Francisco Cascaro: Hi. Thank you for taking my question. My question is, what caused the decline in operating production during the first two months of the quarter? If you are looking to accelerate that production going forward like we saw in September?

I wish him well.

Speaker #2: Is doesn't affect our ability to to continue growing and to execute our plan .

My question is what caused the decline in our branded production during the first two months of the quarter.

And if you are looking to accelerate that prevent them from going forward like we saw in September.

Speaker #11: Thank you . That's great . Appreciate such a comprehensive answer .

[Analyst 5]: Thank you. That's great. Appreciate such a comprehensive answer.

Speaker #7: Yes .

Miguel Galuccio: You're welcome.

Speaker #2: You're welcome .

Speaker #1: Thank you . One moment for our next question . Our next question comes from the line of Jorge Gostout from Latin Securities .

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

Thank you Francisco.

So yes, we saw a very good productivity in there was that we connect during the quarter.

Miguel Galuccio: Thank you, Francisco. Yes, we saw a very good productivity in the wells that we connect during the quarter, specifically Bajada del Palo Este, where we connect 11 wells that correspond to 3 different parts. Bajada del Palo 35 was connected in July. That's 5 wells of around 3,400 meters lateral length and 57 completion stages on average. We connect Bajada del Palo Este 36 that have 4 wells, lateral of 3,300 meters on average, I think, around 50 stages. That last one was connected in August. We connect Bajada del Palo Este 37 that has only 2 wells, 2,800 meters length and 48 stages on average. That was connected in September.

Specifically about <unk> by the way, we connect 11 west.

Speaker #12: Hi . Good morning and thank you for taking my question . Brent has remained pretty volatile . Again this quarter , and I was wondering what your EBITDA sensitivity to oil prices was now in full .

Alejandro Cheracov: Hi. Good morning, and thanks for taking my question. Brent has remained pretty volatile again this quarter. I was wondering what your EBITDA sensitivity to oil prices was now in four Qs.

That correspond to three different but.

<unk> below 35 was Canadian July thus.

About <unk> of around 3400 meter lateral length.

Speaker #12: Q .

Speaker #2: Thanks for the question . Yes , David has sensitivity using 130,000 barrels oil per day production as a reference . You should think that for every dollar per barrel of changing in realized prices , the adjusted EBITDA in the full quarter will change approximately between eight and 9 million USD .

57 completion stages whenever it is.

Miguel Galuccio: Thanks, George, for the question. Yes, EBITDA sensitivity. Using 130,000 barrels per day production as a reference, you should think that for every dollar per barrel of change in realized oil prices, the adjusted EBITDA in the full quarter will change approximately between $8 million and $9 million. That's more or less the impact.

Then we're gonna neighborhood below the 36 that have always loved.

<unk> of Citi.

<unk> 3300 meters, an ominous I think around 50 stages.

And then.

That was the last one was connected in all of those and then we're going to behave borrowers 37 only.

Only towards 2800 meters length, and 48 stages and others.

That was connected in September.

Speaker #2: That's more or less will be the impact .

So what are you seeing any of the solid productivity of this 11 well is the result of the boost production that use Oklahoma evaluated that went from $56 four.

Speaker #12: Great . Thank you . That's very clear and congratulations on on the quarter .

Alejandro Cheracov: Great. Thank you. That's very clear. Congratulations on the quarter.

Miguel Galuccio: What you're seeing is the solid productivity of these 11 wells is the result of the boost production that you saw from Bajada del Palo Este that went from 56.4 barrels of oil per day in Q2 to 60.2 thousand barrels per day in Q3. That are the parts that, somehow, result in the boosted production. You will see that also continuing in Q4.

Speaker #2: Thank you George .

Miguel Galuccio: Thank you, George.

Speaker #1: Thank you. One moment for our next question. Our next question comes from the line of Juan Jose Nunez from BTG.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Juan José Munez from BTG.

La Jolla per day in Q2 to 62000 barrels per day in Q3.

So that's out of the bus.

Speaker #13: I think , and you thank you for the presentation regarding the Chica . A could you provide more color about the the production of the three ?

Miguel Galuccio: Hi, team, and thank you. Thank you for the presentation. Regarding La Marga Chica, could you provide more color about the production of the three Qs? I understand that you finished on a strong note. Also, regarding the outlook that you have for La Marga Chica in the last quarter of the year. Thank you. Thank you. Thanks, Juan José, for the question. In La Marga Chica, let me do a bit of a recap of La Marga Chica. In La Marga Chica, we connect around 18 wells, and we have 50% of that working interest, so YPF connects 18. This well corresponds to four pads: pad 120 and pad 67. These pads, if I'm not mistaken, are in the south triangle of the block. Also, the pad 105 and the pad 83 that are in the center of the block. All the four pads are producing above budget.

Somehow resold in the boosted production.

You will see that also continued in Q4.

Speaker #13: Q I understand that you . Finish on a strong note and also regarding the outlook that you have for the chica . And in the last quarter of the year .

Thank you one moment for our next question.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Matías Cattaruzzi from AdCap Securities.

Yes.

Our next question comes from the line of Matteo Scott that russi from at <unk> Securities.

Speaker #13: Thank you .

Thank you Miguel Alejandro my.

Speaker #2: Thank you for the question. So, in La, let me do a bit of a recap of La Marca Chica. We connect around 18 wells, and we have 50% of that working interest.

My question goes on the regards the Capex guidance.

Matías Cattaruzzi: Thank you, Miguel and Alejandro. My question goes on the regard of CapEx guidance. Given the current activity levels, and the pulse of the pace of well tie-ins, do you see a possibility of this year CapEx ending above the $1.2 billion guidance close, closer to $1.3 billion or over that number, as recent trends in activity suggest?

Given the current activity levels on the pulse of the pace of well tie ins.

See a possibility of the CRE capex and.

Speaker #2: So YPF connect 18 is will correspond to four parts . Part 120 , part 67 . This part , if I'm not mistaken , on the South triangle of the block and also the part 105 and the part 83 that are in the center of the block , all the four parts are producing about the well performance of La Chica was booked and the production was for Q2 3030 8.7 and they took it from 38.7 to 43.5 .

Bob.

One 2 billion guidance.

And closer to one three are over that number.

Recent trends.

And activity such as.

Bye bye.

Thanks for the question.

Miguel Galuccio: Hi, Matías. Yeah, thanks for the question. Yes. I mean, we guide 59 wells, and we will be end up drilling between 70 and 74 wells. You should add 11 to 15 wells to our original guidance. Of course, that will involve more CapEx or some additional CapEx. You should think that we are at $1.2 billion, you should think that we will be end up between $1.2 and 1.3 billion for total CapEx for the year and Q4, a little over $300 million. That is how you look, you should look to the actual CapEx numbers.

Yes, I mean, we guide to 50, <unk> was and we will be in that drilling between 70 and 74 was so.

Miguel Galuccio: The well performance of La Marga Chica was good, and the production was for Q2 38.7. They took it from 38.7 to 43.5 in Q3. Very good performance for Q3. We are expecting, I cannot give you a number, but we are expecting a very strong performance also in Q4. I hope that gives you a feeling of how we are looking at La Marga Chica.

Sure.

11% to 15 was to our analytics.

Guidance.

Of course that will involve more capex or some additional capex. So you should think that.

Speaker #2: In Q3 . So very good performance for Q3 and we are expecting . I cannot give you a number , but we are expecting a very strong performance also in Q4 .

One two so you should think that we will be end up between $1 to a $1 $3 billion.

For total capex for the year.

Q4 ended at over $300 million.

Speaker #2: So, I hope that gives you a feeling of how we are looking at La Chica.

So that is our usual.

You should look to the actual capex number.

Speaker #1: Thank you . One moment for our next question , our next question comes from the line of Francisco Casquero from Dawn capital .

Operator: Thank you. One moment for our next question. Our next question comes from the line of Francisco Cascaron from Dawn Capital.

Okay. Thank you so much.

Youre very welcome.

Matías Cattaruzzi: Okay. Thank you so much.

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

Miguel Galuccio: You're very welcome.

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

Speaker #14: Hi . Thank you for taking my question . My question goes . My question is what caused the decline ? Operator . Production .

[Analyst 6]: Hi. Thank you for taking my question. My question is, what caused the decline in operating production during the first two months of the quarter? If you are looking to accelerate that production going forward, like we saw in September.

Well, thank you very much of any value for the participation.

Miguel Galuccio: Well, thank you very much, everybody, for the participation. Of course, we are super happy with the quarter, a fantastic quarter for us, and I'm looking forward to see you all in 12 November in Argentina. Thank you very much, and have a good day.

Of course, we are super happy with the quarter, a fantastic quarter for us.

Speaker #14: During the first two months of the quarter, and if you are looking to accelerate that production going forward, like we saw in September.

Im looking forward to see you all in November in Argentina since.

You very much and have a good day.

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 #2: Thank you . Francisco . So yes , we saw a very good productivity in the West that we connect during the quarter , specifically El Palo , where we connect 11 West that correspond to three different paths .

Miguel Galuccio: Thank you, Francisco. Yes, we saw very good productivity in the wells that we connect during the quarter, specifically Bajada del Palo Oeste, where we connect 11 wells that correspond to three different pads. Bajada del Palo 35 was connected in July, has five wells of around 3,400 meters lateral length and 57 completion stages on average. We connect Bajada del Palo Oeste 36 that has four wells, lateral of 3,300 meters, and average, I think, around 50 stages. That last one was connected in August. We connect Bajada del Palo Oeste 37 that has only two wells, 2,800 meters length and 48 stages on average that was connected in September.

Speaker #2: In July, we connected well 35, which has five whorls of around 3,400 meters, a lateral length, and 57 completion stages on average. Then we connect Baja del 36, which has forward laterals of 3,300 meters on average.

Speaker #2: I think around 50 stages . And then we that was that last one was connected in August . And then we connect Baja del 37 .

Speaker #2: That has only two wells , 2800m length and 48 stages on average , that was connected in September . So what you're seeing is the solid productivity of this .

Miguel Galuccio: What you're seeing is the solid productivity of these 11 wells is the result of the boost production that you saw from Bajada del Palo Oeste that went from 56.4 thousand barrels of oil per day in Q2 to 60.2 thousand barrels per day in Q3. That's the path that somehow resulted in the boosted production. You will see that also continuing in Q4.

Speaker #2: 11 . Well , is the result of the boost production that you saw from Baja del este that went from 56.4 barrels of oil per day in Q2 to 60.2 thousand barrels per day in Q3 .

Speaker #2: So that's are the paths that somehow result in the boosted production . You will see that also continuing in Q4 .

Speaker #1: Thank you. One moment for our next question. Our next question comes from the line of Matteo Cattarossi from Add Cap Securities.

Operator: Thank you. One moment for our next question. Our next question comes from the line of Mateus Catarusi from Adcap Securities.

Speaker #15: Thank you . Miguel and Alejandro , my question goes on the regard of CapEx guidance . Given the current activity levels and the pulse of the pace of world times , do you see a possibility of this year ?

Alejandro Cheracov: Thank you, Miguel and Alejandro. My question goes on the regard of CAPEX guidance. Given the current activity levels and the pace of well timings, do you see a possibility of this year CAPEX ending above the $1.2 billion guidance, closer to $1.3 billion or over that number as recent trends in activity suggest?

Speaker #15: CapEx ended above the $1.2 billion guidance, closer to $1.3 billion or over that number, as recent trends in activities such as...

Speaker #2: Privateers . Yeah . Thanks for the question . Yes . I mean , we guide 59 wells and we will be in up drilling between 70 and 74 wells .

Miguel Galuccio: Hi, Mateus. Yeah, thanks for the question. Yes, I mean, we guide 59 wells, and we will be in depth drilling between 70 and 74 wells. You should add 11 to 15 wells to our original guidance. Of course, that will involve more CAPEX or some additional CAPEX. You should think that we guide $1.2 billion. You should think that we will be in that between $1.2 and $1.3 billion for total CAPEX for the year. Q4, a little over $300 million. That is how you should look to the actual CAPEX numbers.

Speaker #2: So you should add 11 to 15 wells to our original guidance . Of course , that will involve more CapEx or some additional CapEx .

Speaker #2: So you should think that we with 1.2 . So you should think that we will be end up between 1.2 and $1.3 billion .

Speaker #2: For total CapEx for the year and Q4 . A little over 300 million . So that is how it should look . You should look to the actual CapEx numbers .

Speaker #15: Okay . Thank you so much .

Alejandro Cheracov: Okay, thank you so much.

Speaker #2: You're very welcome .

Miguel Galuccio: You're very welcome.

Speaker #1: Thank you . At this time , I would now like to turn the conference back over to Miguel Galuccio for closing remarks .

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

Speaker #2: Well , thank you very much , everybody , for the participation . Of course , we are super happy with the quarter . A fantastic quarter for us .

Miguel Galuccio: Thank you very much, everybody, for the participation. Of course, we are super happy with the quarter. A fantastic quarter for us. I'm looking forward to seeing you all on November 12 in Argentina. Thank you very much, and have a good day.

Speaker #2: And I'm looking forward to see you all in November . 12 in Argentina . Thank you very much and have a good day .

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