Vista Energy, S.A.B. de C.V. (NYSE:VIST) Q1 2024 Earnings Call Transcript

Miguel Galuccio: Oriana, yes. It’s what I mentioned before. So you should consider that with the third rig, we will upgrade the $900 million of CapEx that we have in $150 to $200 million additional due to the new rig. And of course, that increased production. So we are now aiming to an average of 85,000 barrels of oil per day for the fourth quarter.

Oriana Covault: Maybe just following up on the delays that you are seeing in Oldelval, can you remind us what is Vista’s current evacuation capacity and how do you expect that these delays from Oldelval impact your production guidance that you provide in the earnings presentation? It seems that it continues to ramp up gradually towards above 85 million barrels of oil equivalent by the end of the year, but just how should we think of current evacuation capacity and the increased Oldelval by year-end?

Miguel Galuccio: First of all, just to clarify, have no impact. We have enough evacuation capacity for the year, so we will not have any negative impact in our production plan due to the evacuation. Our actual evacuation is 50,000 barrels of oil per day. We have trucking capacity. That means we can truck 20,000 barrels of oil per day, and we use that based on what is needed. And Oldelval, with that, another 15,000 barrels of oil per day toward the end of the year is aimed for October. 2025, we will have the second phase of Oldelval that for us will mean another 15,000 barrels of oil per day of additional capacity. So 50,000 plus 20,000 plus 15,000, you have there, right there, 85,000 that we have for 2024.

Oriana Covault: And just one last one. Seeing the pricing evolution in the local market and your ability to sell volumes at export parity prices, should we think of or expect any meaningful deviation from the export mix targets, seeing that you’ve actually been able to place some of these volumes at export parity locally?

Miguel Galuccio: Really, we are seeing, as I mentioned Q2, 50% of our volume will go to export. We are building up on that already. And we are forecasting 10% of our local volumes to go to export parity. So you should work around that 60% number.

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

Miguel Galuccio: Thank you very much for participating. Thank you for the support and for the continued interest in Vista. Have all a good day.

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