VISTA ENERGY, S.A.B. DE C.V. 2021
3rd Quarter Results
Mexico City, October 26, 2021
NYSE: VIST
BMV: VISTA
Vista Oil & Gas Results of the Third Quarter of 2021
October 26, 2021, Mexico City, Mexico
Vista Oil & Gas, S.A.B. de C.V. ("Vista" or the "Company") (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results for the three-month period ended September 30, 2021.
Q3 2021 highlights:
- Q3 2021 total production was 40,267 boe/d, a 59% increase compared to Q3 2020 total production. Oil production in Q3 2021 increased 77% y-o-y to 30,954 bbl/d, mainly driven by production growth in the Bajada del Palo development.
- In Q3 2021, our shale production was 24,103 boe/d, which corresponds entirely to shale oil wells in Bajada del Palo Oeste, where the Company tied-in 16 new wells in 4 pads in the first three quarters of the year.
- Revenues in Q3 2021 were 175.0 $MM, a 150% increase y-o-y, mainly driven by the increase in oil production and crude oil prices. During Q3 2021, 18% of oil sales volumes were exported.
- In Q3 2021, the average realized crude oil price was 57.0 $/bbl, a 46% increase compared to the average realized crude oil price of Q3 2020.
- Realized natural gas price for Q3 2021 was 4.1 $/MMBTU, resulting in 89% increase y-o-y, mainly driven by Plan Gas winter price of 4.1 $/MMBTU and higher prices to industrial customers of 4.3 $/MMBTU.
- Lifting cost in Q3 2021 was 7.3 $/boe, representing a 26% decrease compared to the average lifting cost per boe of Q3 2020, mainly driven by the increase in total production, which continues to absorb our fixed cost base.
- Adjusted EBITDA in Q3 2021 was 102.9 $MM, a 325% increase compared to $24.2 $MM in Q3 2020, driven by the increase in revenues amid flat lifting costs. During Q3 2021, Vista recorded an Adjusted EBITDA margin of 59%, 24p.p. above Q3 2020.
- In Q3 2021, capex was 74.1$MM, reflecting the completion of our fourth pad for the year in Bajada del Palo Oeste (pad #9). This pad was tied-in in late September, with 61 average completion stages per well and an average lateral length of 3,078 mts per well.
- In Q3 2021, we achieved positive free cash flow of 51.0 $MM. Cash flow generated by operating activities was 110.0 $MM, while cash flow used in investing activities reached 58.9 $MM for the quarter. Cash flow used in financing activities totaled 22.0 $MM, primarily driven by interest payments of 25.5 $MM.
Page 2
- Cash at the end of Q3 2021 was 265.7 $MM. Gross debt totaled 602.9 $MM as of quarter end, resulting in a net debt of 337.1 $MM and a net leverage ratio of 1.1x Adj. EBTIDA.
- Adjusted net profit (1) in Q3 2021 was 18.7 $MM, compared to an Adjusted net loss of 35.7 $MM in Q3 2020, mainly driven by a higher Adjusted EBITDA and partially offset by Income tax expense (net of deferred income tax) of 29.3 $MM compared to an income tax benefit of 0.1 $MM in Q3 2020. Adjusted EPS (2) was 0.21 $/share in Q3 2021, compared to (0.41) $/share in Q3 2020.
- On September 16, 2021, Vista acquired a 50% non-operating working interest in the Aguada Federal and Bandurria Norte concessions, located in Vaca Muerta, from ConocoPhillips (3). Vista made no upfront payment, the purchased entity had 6.2 $MM in consolidated cash and assumed the outstanding carry consideration of 77 $MM. Additionally, the Company obtained an unsecured line of credit of 25 $MM for 24 months, at LIBOR +2%, due in 5 years bullet. The acquisition implies an addition of 25,231 net acres to our Vaca Muerta portfolio, for a total of 157,853 acres, as well as an addition of ~150 net new well locations, for a total of up to 700 identified new well locations.
- The Company has defined Adjusted net profit/loss as Net profit/loss plus Deferred Income Tax plus Changes in the fair value of the warrants. Please refer to the "Adjusted Net Profit/Loss" section in this document for further information.
- Adjusted EPS (Earnings per share): Adjusted Net Profit/Loss divided by weighted average number of ordinary shares.
- The metrics included in this document do not consolidate Aguada Federal and Bandurria Norte, which were acquired by the Company on September 16, 2021, as the impact is considered non-material. Aguada Federal and Bandurria Norte will be consolidated in Q4 2021.
Page 3
Vista Oil & Gas Q3 2021 results
Production
Total average net daily production
Q3-21 | Q2-21 | Q3-20 | ▲ y/y | ▲ q/q | |
Total (boe/d) | 40,267 | 39,888 | 25,394 | 59% | 1% |
Oil (bbl/d) | 30,954 | 31,539 | 17,534 | 77% | (2)% |
Natural Gas (MMm3/d) | 1.40 | 1.26 | 1.16 | 21% | 11% |
NGL (bbl/d) | 519 | 419 | 587 | (11)% | 24% |
Average daily production during Q3 2021 was 40,267 boe/d, comprised of 30,954 bbl/d of oil, representing 77% of total production, 1.40 MMm3/d of natural gas and 519 boe/d of NGL. Total shale production was 24,103 boe/d, which corresponds entirely to shale oil wells in Bajada del Palo Oeste.
Q3 2021 Average net daily production by asset
Interest | Oil | Natural Gas | NGL | Total | % Total daily | |
(bbl/d) | (MMm3/d) | (bbl/d) | (boe/d) | average | ||
Net production per concession | 30,954 | 1.40 | 519 | 40,267 | 100% | |
Entre Lomas | 100% | 3,605 | 0.28 | 467 | 5,839 | 15% |
Bajada del Palo Este | 100% | 429 | 0.07 | 45 | 897 | 2% |
Bajada del Palo Oeste (conventional) | 100% | 579 | 0.32 | - | 2,610 | 6% |
Bajada del Palo Oeste (shale) | 100% | 20,890 | 0.51 | - | 24,103 | 60% |
Agua Amarga | 100% | 228 | 0.03 | 7 | 439 | 1% |
25 de Mayo-Medanito | 100% | 2,345 | 0.04 | - | 2,599 | 6% |
Jagüel de los Machos | 100% | 2,328 | 0.12 | - | 3,065 | 8% |
Coirón Amargo Norte | 84.6% | 268 | 0.00 | - | 271 | 1% |
Águila Mora (shale) | 90% | - | 0.00 | - | - | 0% |
Acambuco (non-operated) | 1.5% | 17 | 0.02 | - | 152 | 0% |
Concessions CS-01,A-10 and TM-01 (México) | 100% | 265 | 0.00 | - | 291 | 1% |
During Q3 2021, Bajada del Palo Oeste concession represented 66% of total production, Entre Lomas (including Entre Lomas Neuquén and Entre Lomas Río Negro) concessions represented 15%, 25 de Mayo- Medanito and Jagüel de los Machos concessions represented 14%, Bajada del Palo Este represented 2%, Agua Amarga (Jarilla Quemada and Charco del Palenque concessions) represented 1%, and Coirón Amargo Norte represented 1% of the quarterly total production. The production from the concessions in Mexico represented 1% of total average daily production. The remaining production came from Acambuco, a non-operated concession in Argentina. For further information on production, please see Annex "Historical operational data".
Page 4
Revenues
Total Revenues
Revenues per product - in $MM | Q3-21 | Q2-21 | Q3-20 | ▲ y/y | ▲ q/q |
Total | 175.0 | 165.3 | 69.9 | 150% | 6% |
Oil | 153.9 | 149.9 | 60.4 | 155% | 3% |
Natural Gas | 19.7 | 14.5 | 8.6 | 129% | 36% |
NGL | 1.41 | 0.93 | 0.8 | 73% | 52% |
Average Realized Prices
Product | Q3-21 | Q2-21 | Q3-20 | ▲ y/y | ▲ q/q |
Oil ($/bbl) | 57.0 | 54.9 | 39.1 | 46% | 4% |
Natural Gas ($/MMBTU) | 4.1 | 3.5 | 2.2 | 89% | 19% |
NGL ($/tn) | 341 | 314 | 177 | 92% | 9% |
During Q3 2021, total revenues were 175.0 $MM, 6% higher q-o-q and 150% higher than Q3 2020, driven by the increase in crude oil production and average oil realized prices.
Crude oil revenues in Q3 2021 totaled 153.9 $MM, representing 88% of total revenues, a 3% increase compared to Q2 2021, and a 155% increase compared to Q3 2020, mainly driven by the boost in shale oil production from Bajada del Palo Oeste and higher average oil realized prices. During Q3 2021, the Company exported 18% of crude oil sales volumes, while the remaining 82% was sold to domestic refineries in Argentina. Total oil sales volumes during Q3 2021 were 2,701 Mbbl. Average realized oil price was 57.0 $/bbl, 46% above Q3 2020 and 4% above Q2 2021.
Natural gas revenues in Q3 2021 were 19.7 $MM, representing 11% of total revenues. The average realized natural gas price for the quarter was 4.1 $/MMBTU, an 89% increase compared to Q3 2020, boosted by the Plan Gas winter price of 4.1 $/MMBTU: sales to distribution companies and CNG clients represented 40% of total natural gas sales, with an average price of 4.0 $/MMBTU, while sales to power generation segment represented 26% of natural gas sales, at an average price of 4.1 $/MMBTU. The remaining 34% of natural gas sales were made to industrial clients at an average realized price of 4.3 $/MMBTU, a 116% increase compared to Q3 2020.
NGL sales were 1.41 $MM during Q3 2021, representing 1% of total sales. NGL volumes were sold in the Argentine market at an average price of 341 $/ton.
Page 5
This is an excerpt of the original content. To continue reading it, access the original document here.
Attachments
- Original document
- Permalink
Disclaimer
Vista Oil & Gas SA de CV published this content on 26 October 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 26 October 2021 21:57:03 UTC.
