VISTA ENERGY, S.A.B. DE C.V. 2021
1st Quarter Results
Mexico City, April 27, 2021
NYSE: VIST
BMV: VISTA
Vista Oil & Gas Results of the First Quarter of 2021
April 27, 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 March 31, 2021.
Q1 2021 highlights:
- Q1 2021 total production was 34,067 boe/d, a 11% increase q-o-q and a 29% increase compared to Q1 2020 total production, and our highest production in a single quarter. Oil production in Q1 2021 increased 15% q-o-q, mainly driven by the early tie-in of 4-well pads #6 and #7.
- In Q1 2021, our shale production was 18,866 boe/d, out of which 18,794 boe/d correspond to shale oil wells in Bajada del Palo Oeste.
- Revenues in Q1 2021 were 115.9 $MM, a 46% increase compared to the 79.5 $MM generated in Q4 2020 and a 58% increase compared to the 73.3 $MM generated in Q1 2020, mainly driven by the aforementioned oil production increase and by an increase in the average realized oil prices. In Q1 2021, we exported 46% of our oil volumes.
- In Q1 2021, the average realized crude oil price was 45.5 $/bbl, a 13% increase compared to Q4 2020 and a 6% increase compared to the average realized crude oil price of Q1 2020.
- Realized natural gas price for Q1 2021 was 2.0 $/MMBTU, resulting in a 9% decrease y-o-y, mainly driven by lower realized prices in the industrial segment. This decrease was partially offset by the Plan Gas summer price of 2.7 $/MMBTU, which impacted 64% of our natural gas sales volumes.
- Total lifting cost during Q1 2021 was 23.1 $MM, a 3% decrease y-o-y, and a 2% increase q-o-q. Lifting cost per boe was 7.5 $/boe in Q1 2021, representing a 24% decrease compared to the average lifting cost per boe in Q1 2020 and a 6% decrease compared to the average lifting cost per boe during the previous quarter, reflecting lower incremental costs in Bajada del Palo Oeste, which diluted our fixed cost base.
- Adjusted EBITDA for Q1 2021 was 58.3 $MM, a 62% increase q-o-q and a 131% increase compared to Q1 2020, driven by an increase in revenues amid stable lifting costs. During Q1 2021, we delivered an Adjusted EBITDA margin of 50%, 16p.p. and 5p.p. above Q1 2020 and Q4 2020, respectively.
- During Q1 2021, we tied-in pads #6 and #7 in Bajada del Palo Oeste, driven by the acceleration of drilling activity with 2 rigs during Q4 2020. In February 2021, we tied-in our 4-well pad #6. We completed this pad with a total of 223 stages, with a cost per stage of 120 $M, compared to 220 $M per stage in pad #1. The drilling and completion cost in pad #6 was 9.9 $MM per well, resulting in savings of 43% compared to 17.4 $MM in pad #1 (in both cases, normalized to a 2,800-meter and 47 frac stages well). In late March 2021, we tied-in our 4-well pad #7 in Bajada del Palo Oeste. We
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completed this pad with a total of 181 stages, with a cost per stage of 111 $M, compared to 220 $M per stage in pad #1. The drilling and completion cost in pad #7 was 9.5 $MM per well, resulting in savings of 45% compared to 17.4 $MM in pad #1 (in both cases, normalized to a 2,800-meter and
47 frac stages well).
- In Q1 2021, capex was 78.1 $MM, mainly driven by the drilling and completion activity in Bajada del Palo Oeste, having completed and tied-in two 4-well pads.
- In Q1 2021 we maintained a solid financial position with cash at period end of 163.4 $MM. We achieved a positive cash flow from operations of 36.6 $MM. In addition, cash flow used in investing activities reached 80.0 $MM. Financing activities totaled a cash inflow of 3.8 $MM, which includes effects of exchange rate changes on the balance of cash held in foreign currencies for 6.2 $MM and the variation in Government bonds for (1.5) $MM. The resulting total cash outflow during Q1 2021 was 39.5 $MM. Gross debt totaled 549.8 $MM as of quarter end, resulting in a net debt of 386.5 $MM. During the quarter we raised 75.9 $MM in the Argentine debt capital market.
- Q1 2021 net profit was 4.9 $MM, impacted by: (a) higher Adjusted EBITDA as discussed above, (b) financial results for a total loss of 4.6 $MM, compared to a loss of 7.3 $MM in Q1 2020, and (c) an increase in Depreciation, depletion and amortization to 44.7 $MM compared to 33.5 $MM in Q1 2020.
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We published our inaugural Sustainability Report for the year 2020, a key milestone for a broader integration of ESG criteria in the Company's strategic planning. We are committed to building the
Company's disclosure against these standards over time.
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Vista Oil & Gas Q1 2021 results
Production
Total average net daily production
Q1-21 | Q4-20 | Q1-20 | ▲ y/y | ▲ q/q | |
Total (boe/d) | 34,067 | 30,648 | 26,485 | 29% | 11% |
Oil (bbl/d) | 26,436 | 23,056 | 16,991 | 56% | 15% |
Natural Gas (MMm3/d) | 1.14 | 1.12 | 1.41 | (19)% | 2% |
NGL (bbl/d) | 435 | 518 | 645 | (33)% | (16)% |
Average daily production during Q1 2021 was 34,067 boe/d, comprised of 26,436 bbl/d of oil, representing 78% of total production, 1.14 MMm3/d of natural gas and 435 boe/d of NGL.
Total operated production during Q1 2021 was 33,658 boe/d, which amounts to 99% of total production. Total shale production was 18,866 boe/d, including 18,794 boe/d of shale operated production in Bajada del Palo Oeste and 72 boe/d of shale non-operated production in Coirón Amargo Sur Oeste.
Q1 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 | 26,436 | 1.14 | 435 | 34,067 | 100% | |
Entre Lomas | 100% | 3,315 | 0.19 | 366 | 4,846 | 14% |
Bajada del Palo Este | 100% | 385 | 0.07 | 57 | 885 | 3% |
Bajada del Palo Oeste (conventional) | 100% | 672 | 0.30 | - | 2,546 | 7% |
Bajada del Palo Oeste (shale) | 100% | 16,613 | 0.35 | - | 18,794 | 55% |
Agua Amarga | 100% | 249 | 0.04 | 12 | 486 | 1% |
25 de Mayo-Medanito | 100% | 2,432 | 0.03 | - | 2,591 | 8% |
Jagüel de los Machos | 100% | 2,318 | 0.13 | - | 3,144 | 9% |
Coirón Amargo Norte | 84.6% | 261 | 0.00 | - | 265 | 1% |
Águila Mora (shale) | 90% | - | 0.00 | - | - | 0% |
Acambuco (non-operated) | 1.5% | 22 | 0.02 | - | 163 | 0% |
Coirón Amargo Sur Oeste (shale / non-operated) | 10% | 67 | 0.00 | - | 72 | 0% |
Concessions CS-01,A-10 and TM-01 (Mexico) | 50% | 103 | 0.03 | - | 274 | 1% |
During Q1 2021, Entre Lomas (including Entre Lomas Neuquén and Entre Lomas Río Negro) concessions represented 14% of total production, 25 de Mayo-Medanito and Jagüel de los Machos concessions represented 17%, Bajada del Palo Oeste represented 63%, Bajada del Palo Este represented 3%, Agua Amarga (Jarrilla Quemada and Charco del Palenque concessions) represented 1%, and Coirón Amargo Norte represented 1% of the quarterly total production. The production from concessions in Mexico represented 1%
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of total average daily production. The remaining 1% was production from Acambuco and CASO, non-operated concessions in Argentina. For further information on production, please see Annex "Historical operational data".
Revenues
Revenues per product - in $MM | Q1-21 | Q4-20 | Q1-20 | ▲ y/y | ▲ q/q |
Total | 115.9 | 79.5 | 73.3 | 58% | 46% |
Oil | 107.2 | 72.5 | 62.0 | 73% | 48% |
Natural Gas | 7.9 | 6.2 | 10.1 | (22)% | 27% |
NGL | 0.8 | 0.9 | 1.2 | (33)% | (5)% |
Average Realized Prices
Product | Q1-21 | Q4-20 | Q1-20 | ▲ y/y | ▲ q/q |
Oil ($/bbl) | 45.5 | 40.1 | 43.0 | 6% | 13% |
Natural Gas ($/MMBTU) | 2.0 | 1.6 | 2.2 | (9)% | 25% |
NGL ($/tn) | 244 | 212 | 245 | (0)% | 15% |
During Q1 2021, total revenues were 115.9 $MM, 58% higher than Q1 2020 and 46% higher q-o-q, driven by the increase in crude oil revenues.
Crude oil revenues in Q1 2021 totaled 107.2 $MM, representing 92% of total revenues, a 73% increase compared to Q1 2020 and a 48% increase compared to Q4 2020, in both cases mainly driven by the boost in shale oil production from Bajada del Palo Oeste. During Q1 2021, we exported 46% of crude oil volumes, while the balance was sold to domestic refineries in Argentina. Total oil sales volumes during Q1 2021 were 2,357 Mbbl. Our average realized oil price was 45.5 $/bbl, 6% above Q1 2020 and 13% above Q4 2020, driven by recovery of crude oil demand both in the international and domestic markets.
Natural gas revenues represented 7% of total revenues. During Q1 2021, sales were made to industrial clients, representing 25% of total natural gas sales, at an average realized price of 1.2 $/MMBTU, 25% to distribution companies and CNG clients at an average price of 2.4 $/MMBTU, while the remaining 50% of sales were made to the power generation segment at an average price of 2.6 $/MMBTU. The average realized natural gas price for the quarter was 2.0 $/MMBTU, a 9% decrease compared to Q1 2020, mainly driven by lower realized prices in the industrial segment. This was partially offset by the Plan Gas summer price of 2.7 $/MMBTU, which positively impacted 64% of our natural gas volumes.
NGL sales were 0.8 $MM during Q1 2021, representing 1% of total sales. NGL volumes were allocated to the Argentine market at an average price of 244 $/ton.
Lifting Cost
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Vista Oil & Gas SA de CV published this content on 27 April 2021 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 27 April 2021 20:22:06 UTC.
