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. |
(1) | 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. |
(2) | Adjusted EPS (Earnings per share): Adjusted Net Profit/Loss divided by weighted average number of ordinary shares |
(3) | 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 | p y/y | p 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 (bbl/d) |
Natural Gas (MMm3/d) |
NGL (bbl/d) |
Total (boe/d) |
% Total daily 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 $MM | Q3-21 | Q2-21 | Q3-20 | p y/y | p q/q | |||||||||||||||
Total | 175.0 | 165.3 | 69.9 | 150 | % | 6 | % | |||||||||||||
Oil | 153.9 | 149.9 | 60.4 | 155 | % | 3 | % | |||||||||||||
Natural Gas | 19.7 | 14.5 | 8.6 | 129 | % | 36 | % | |||||||||||||
NGL | 1.41 | 0.93 | 0.8 | 73 | % | 52 | % |
Average Realized Prices
Product | Q3-21 | Q2-21 | Q3-20 | p y/y | p q/q | |||||||||||||||
Oil ($/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 $/ton.
Page 5
Lifting Cost
Q3-21 | Q2-21 | Q3-20 | p y/y | p q/q | ||||||||||||||||
Lifting Cost ($MM) | 27.2 | 26.5 | 23.0 | 18 | % | 3 | % | |||||||||||||
Lifting cost ($/boe) | 7.3 | 7.3 | 9.9 | (26 | )% | 1 | % |
Total lifting cost during Q3 2021 was 27.2 $MM, a 18% increase y-o-y, primarily driven by increasing oilfield activity and production. Lifting cost during Q3 2021 was 3% above q-o-q, primarily driven by the impact of the appreciation of the Argentine Peso in real terms on Peso-denominated operating contracts.
Lifting cost per boe was 7.3 $/boe, a 26% decrease compared to Q3 2020, positively impacted by the production increase in Bajada del Palo Oeste, which continues to absorb the fixed cost base. Sequentially, the Company maintained flat lifting cost per boe with stable production.
Adjusted EBITDA
Adjusted EBITDA reconciliation ($MM) | Q3-21 | Q2-21 | Q3-20 | p y/y | p q/q | |||||||||||||||
Net (loss) / profit for the period | 4.7 | 5.5 | (28.4 | ) | ||||||||||||||||
(+) Income tax (expense) / benefit | 35.3 | 26.9 | (5.6 | ) | ||||||||||||||||
(+) Financial results, net | 24.1 | 18.8 | 12.9 | |||||||||||||||||
Operating profit | 64.1 | 51.2 | (21.1 | ) | ||||||||||||||||
(+) Depreciation, depletion and amortization | 48.7 | 51.0 | 38.9 | |||||||||||||||||
(+) Restructuring and Reorganization expenses and others (3) | (9.8 | ) | 0.1 | 1.5 | ||||||||||||||||
(+) Impairment of long-lived assets | - | - | 5.0 | |||||||||||||||||
Adjusted EBITDA (1) | 102.9 | 102.3 | 24.2 | 325 | % | 1 | % | |||||||||||||
Adjusted EBITDA Margin (%) (2) | 59 | % | 62 | % | 35 | % | +24p.p. | (3 | )p.p. |
(1) | Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments |
(2) | Change expressed as a difference in percentage points. |
(3) | Q3 2021 includes: (i) 9.8 $MM related from the divestiture of the working interest in CASO; (ii) 0.2 related to the transfer of exploration assets in Mexico; and (iii) (0.1) $MM from restructuring expenses |
Adjusted EBITDA was 102.9 $MM in Q3 2021, a 325% increase compared to 24.2 $MM in Q3 2020, reflecting higher revenues amid stable costs. Adjusted EBITDA margin was 59%, 24p.p. above Q3 2020. Adjusted EBITDA in Q3 2021 stood flat vis-à-vis Q2 2021, even though Adjusted EBITDA in Q3 2021 does not include operating income generated by the Trafigura JV, which added 4.5 $MM in Q2 2021.
Page 6
Adjusted Net Profit / Loss
Adjusted Net Profit/Loss - in $MM | Q3-21 | Q2-21 | Q3-20 | p y/y | p q/q | |||||||||||||||
Net Profit/Loss | 4.7 | 5.5 | (28.4 | ) | 117 | % | (14 | )% | ||||||||||||
Adjustments: | ||||||||||||||||||||
Deferred Income tax | 6.0 | 10.7 | (5.5 | ) | 209 | % | (44 | )% | ||||||||||||
Changes in the fair value of Warrants | 7.9 | 1.3 | (1.8 | ) | 549 | % | 518 | % | ||||||||||||
Adjustments to Net Profit/Loss | 13.9 | 12.0 | (7.3 | ) | 292 | % | 16 | % | ||||||||||||
Adjusted Net Profit/Loss | 18.7 | 17.5 | (35.7 | ) | 152 | % | 7 | % | ||||||||||||
Adjusted EPS ($/share) | 0.21 | 0.20 | (0.41 | ) | 152 | % | 7 | % |
Adjusted net profit (1) in Q3 2021 was 18.7 $MM, compared to an Adjusted net loss of 35.7 $MM in Q3 2020 and an Adjusted net profit of $17.5 in Q2 2021. The change y-o-y was primarily driven by (a) higher Adjusted EBITDA (102.9 $MM in Q3 2021 compared to 24.2 $MM in Q3 2020), (b) Restructuring and reorganization expenses and others for an income of 9.8 $MM in Q3 2021, primarily related to the divestiture of the working interest in CASO, compared to a loss of 1.5 $MM in Q3 2020, (c) impairment of long-lived assets of 0.0 $MM in Q3 2021 compared to 5.0 $MM in Q3 2020; partially offset by (d) Income tax expense (net of deferred income tax) of 29.3 $MM in 3Q 2021 compared to an income tax benefit of 0.1 $MM in Q3 2020 (e) Depreciation, depletion and amortization for 48.7 $MM in 3Q 2021 compared to 38.9 $MM in Q3 2020, and (f) Financial results (net of changes in the fair value of the warrants) for a total loss of 16.1 $MM in 3Q 2021, compared to a loss 14.6 $MM in Q3 2020.
Adjusted EPS (2) was 0.21 $/share in Q3 2021, compared to 0.20 $/share in Q2 2021 and an (0.41) $/share in Q3 2020.
(1) | 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. Adjusted Net profit/loss adds back these two adjustments since they are non-cash items that do not reflect the fair net income generation of the company. Please refer to Annex "Historical Adjusted Net Profit / Loss" for further historical information. |
(2) | Adjusted EPS (Earnings per share): Adjusted Net Profit/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q3 2021, Q2 2021 and Q3 2020 were 88,418,735, 88,199,082 and 87,166,406, respectively. |
Capex
Capex during Q2 2021 was 74.1 $MM. The Company invested 54.0 $MM in Bajada del Palo Oeste, of which 46.7 $MM correspond to drilling and completion of wells and 7.3 $MM to development facilities and others. Additionally, capex in conventional assets was 13.9 $MM, of which 12.1 $MM correspond to drilling, completion and workover of wells (due to the execution of capex commitments with the Rio Negro Province) and 1.8 $MM to development facilities. Finally, capex in G&G studies, IT projects and other infrastructure was 6.2 $MM.
Financial overview
During Q3 2021, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 265.7 $MM. Cash flow generated by operating activities was 110.0 $MM, a 474% increase y-o-y. In addition, cash flow used in investing activities was 58.9 $MM, with capex at 74.1 $MM, as detailed above. Cash flow used in investing activities was positively impacted by 20.3 $MM generated by the A&D deals with ConocoPhillips and Shell (transaction was closed in Q2 2021 and payment was received in Q3 2021). This resulted in a positive free cash flow of 51.0 $MM for the quarter (1).
Page 7
In Q3 2021, cash flow used in financing activities totaled 22.0 $MM, primarily driven by interest payments of 25.5 $MM. Bank, bonds and other debt repayments totaled 112.1 $MM during Q3 2021. Finally, the Company raised 110 $MM in two-series bond issuances in the Argentine capital markets, as follows:
• | ON class XI: issued a 9.2 $MM bond, in Argentine Pesos, dollar-linked, 48 months bullet, with a 3.48% coupon paid quarterly. |
• | ON class XII: issued a 100.8 $MM bond, in Argentine Pesos, dollar-linked, amortizing (2), final maturity on 10 years, with a 5.85% coupon paid semiannually. |
Gross debt totaled 602.9 $MM as of quarter end, resulting in a net debt of 337.1 $MM. At the end of Q3 2021, Net leverage ratio decreased to 1.1x Adj. EBTIDA from 1.7x Adj. EBITDA at the end of Q2 2021, reflecting how cash flow from operations is driving organic deleveraging. Also, the average debt duration increased to 2.7 years at the end of Q3 2021 from 1.4 years at the end of Q2 2021.
(1) | Free cash flow is calculated as Cash flows generated by operating activities plus Cash flows used in investing activities. |
(2) | Series XII repaid in 15 semi-annual installments, with a 3-year grace period. |
Outstanding bonds
Instrument | Issuer | Issue date | Maturity |
Gross | Type |
Interest | Currency | Market | ||||||||
ON class II | Vista Oil & Gas Argentina S.A.U. | 08/07/19 | 08/07/22 | 50 | Bullet at maturity | 8.50% | USD | BCBA Argentina | ||||||||
ON class III | Vista Oil & Gas Argentina S.A.U. | 02/21/20 | 02/21/24 | 50 | Bullet at maturity | 3.50% | USD | BCBA Argentina | ||||||||
ON class IV | Vista Oil & Gas Argentina S.A.U. | 08/07/20 | 02/07/22 | 10 | Bullet at maturity | BADLAR + 1.37% | ARS | BCBA Argentina | ||||||||
ON class V(1) | Vista Oil & Gas Argentina S.A.U. | 08/07/20 | 08/07/23 | 30 | Bullet at maturity | Zero coupon | ARS in USD-linked | BCBA Argentina | ||||||||
ON class VI | Vista Oil & Gas Argentina S.A.U. | 12/04/20 | 12/04/24 | 10 | Bullet at maturity | 3.24% | ARS in USD-linked | BCBA Argentina | ||||||||
ON class VII | Vista Oil & Gas Argentina S.A.U. | 03/10/21 | 03/10/24 | 42.4 | Bullet at maturity | 4.25% | ARS in USD-linked | BCBA Argentina | ||||||||
ON class VIII (2) | Vista Oil & Gas Argentina S.A.U. | 03/10/21 | 09/10/24 | 33.5 | Bullet at maturity | 2.73% | ARS | BCBA Argentina | ||||||||
ON class IX | Vista Oil & Gas Argentina S.A.U. | 06/18/21 | 06/18/23 | 38.8 | Bullet at maturity | 4.00% | ARS in USD-linked | BCBA Argentina | ||||||||
ON class X(3) | Vista Oil & Gas Argentina S.A.U. | 06/18/21 | 03/18/25 | 32.6 | Bullet at maturity | 4.00% | ARS | BCBA Argentina | ||||||||
ON class XI | Vista Oil & Gas Argentina S.A.U. | 08/27/21 | 08/27/25 | 9.2 | Bullet at maturity | 3.48% | ARS in USD-linked | BCBA Argentina | ||||||||
ON class XII | Vista Oil & Gas Argentina S.A.U. | 08/27/21 | 08/27/31 | 100.8 | Amortizing (4) | 5.85% | ARS in USD-linked | BCBA Argentina |
Page 8
(1) | 20 $MM were issued on August 7, 2020 at a price of $ 1.0000, while the remaining 10 $MM were issued on December 4, 2020 at a price of $ 0.9685 |
(2) | 7.2 $MM were issued on March 10, 2021, equivalent to 9,323,430 UVA at a price of 1.0000 Argentine Pesos per UVA, and 26.3 $MM were issued on March 26, 2021, equivalent to 33,966,570 UVA at a price of 0.9923 Argentine Pesos per UVA |
(3) | 32.6 $MM were issued on June 18, 2021, equivalent to 39,093,997 UVA at a price of 1.0000 Argentine Pesos per UVA |
(4) | Series XII repaid in 15 semi-annual installments, with a 3-year grace period. |
Environmental, Social and Governance (ESG)
During Q3 2021 Vista has continued to make progress to reduce our carbon footprint.
The Company is currently executing 3 projects aimed at reducing gas venting, which are expected to reduce GHG emissions by approximately 100,000 tons of CO2e on an annualized basis. The Company expects to reduce emissions intensity to approximately 29 kg CO2e per boe in 2021, implying a 30% reduction y-o-y.
In the meantime, Vista continues to work on long term GHG reduction goals. During Q3 2021 the Company has identified material projects in order to build our decarbonization plan. Vista is currently finalizing our detailed carbon abatement cost curve, which is the cornerstone of the multi-year action plan to reduce GHG emissions and set corporate reduction goals.
Page 9
Vista Oil & Gas S.A.B. de C.V.
Historical operational data
Average daily production by concession, totals and by product
Q3 2021 | Q2 2021 | Q1 2021 | Q4 2020 | Q3 2020 | ||||||||||||||||
Total production by field (boe/d) | 40,267 | 39,888 | 34,067 | 30,648 | 25,394 | |||||||||||||||
Entre Lomas | 5,839 | 5,014 | 4,846 | 5,224 | 5,629 | |||||||||||||||
Bajada del Palo Este | 897 | 876 | 885 | 896 | 830 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 2,610 | 2,244 | 2,546 | 3,135 | 3,327 | |||||||||||||||
Bajada del Palo Oeste (shale) | 24,103 | 24,662 | 18,794 | 14,488 | 8,320 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 439 | 458 | 486 | 488 | 373 | |||||||||||||||
25 de Mayo-Medanito | 2,599 | 2,769 | 2,591 | 2,460 | 2,663 | |||||||||||||||
Jagüel de los Machos | 3,065 | 3,098 | 3,144 | 3,123 | 3,313 | |||||||||||||||
Coirón Amargo Norte | 271 | 288 | 265 | 282 | 366 | |||||||||||||||
Águila Mora (shale) | 0 | 0.0 | 0 | 0 | 0 | |||||||||||||||
Acambuco | 152 | 157 | 163 | 174 | 173 | |||||||||||||||
Coirón Amargo Sur Oeste (shale) (1) | 0 | 0 | 72 | 76 | 88 | |||||||||||||||
Aguada Federal | 0 | |||||||||||||||||||
CS-01 | 269 | 155 | 100 | 127 | 140 | |||||||||||||||
A-10 | 17 | 151 | 168 | 174 | 173 | |||||||||||||||
TM-01 | 5 | 17 | 6 | 0 | 0 | |||||||||||||||
Crude oil production by field (boe/d)(2) | 30,954 | 31,539 | 26,436 | 23,056 | 17,534 | |||||||||||||||
Entre Lomas | 3,605 | 3,361 | 3,315 | 3,434 | 3,415 | |||||||||||||||
Bajada del Palo Este | 429 | 419 | 385 | 369 | 353 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 579 | 642 | 672 | 866 | 819 | |||||||||||||||
Bajada del Palo Oeste (shale) | 20,890 | 21,553 | 16,613 | 13,022 | 7,251 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 228 | 254 | 249 | 230 | 119 | |||||||||||||||
25 de Mayo-Medanito | 2,345 | 2,492 | 2,432 | 2,308 | 2,507 | |||||||||||||||
Jagüel de los Machos | 2,328 | 2,346 | 2,318 | 2,344 | 2,505 | |||||||||||||||
Coirón Amargo Norte | 268 | 283 | 261 | 266 | 326 | |||||||||||||||
Águila Mora (shale) | 0.0 | 0 | 0 | 0 | 0 | |||||||||||||||
Acambuco | 17 | 18 | 22 | 23 | 23 | |||||||||||||||
Coirón Amargo Sur Oeste (shale) (1) | 0 | 0 | 67 | 70 | 80 | |||||||||||||||
Aguada Federal | 0 | |||||||||||||||||||
CS-01 | 260 | 153 | 98 | 124 | 137 | |||||||||||||||
A-10 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
TM-01 | 5 | 17 | 6 | 0 | 0 | |||||||||||||||
Natural Gas production by field (boe/d)(3) | 8,793 | 7,930 | 7,196 | 7,073 | 7,273 | |||||||||||||||
Entre Lomas | 1,766 | 1,288 | 1,166 | 1,345 | 1,685 | |||||||||||||||
Bajada del Palo Este | 424 | 412 | 442 | 468 | 430 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 2,031 | 1,601 | 1,874 | 2,269 | 2,508 | |||||||||||||||
Bajada del Palo Oeste (shale) | 3,213 | 3,109 | 2,181 | 1,466 | 1,069 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 204 | 194 | 225 | 245 | 244 | |||||||||||||||
25 de Mayo-Medanito | 254 | 277 | 159 | 151 | 156 | |||||||||||||||
Jagüel de los Machos | 737 | 752 | 826 | 779 | 807 | |||||||||||||||
Coirón Amargo Norte | 3 | 4 | 4 | 16 | 40 | |||||||||||||||
Águila Mora (shale) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Acambuco | 135 | 140 | 141 | 151 | 150 | |||||||||||||||
Coirón Amargo Sur Oeste (shale) (1) | 0 | 0 | 6 | 6 | 7 |
Page 10
Aguada Federal | 0 | |||||||||||||||||||
CS-01 | 9 | 3 | 2 | 3 | 3 | |||||||||||||||
A-10 | 17 | 151 | 168 | 174 | 173 | |||||||||||||||
TM-01 | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
NGL production by field (boe/d) | 519 | 419 | 435 | 518 | 587 | |||||||||||||||
Entre Lomas | 467 | 365 | 366 | 445 | 529 | |||||||||||||||
Bajada del Palo Este | 45 | 45 | 57 | 60 | 48 | |||||||||||||||
Bajada del Palo Oeste (conventional) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Bajada del Palo Oeste (shale) | 0 | 0 | 0 | 0 | 0 | |||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 7 | 9 | 12 | 13 | 10 |
Notes:
(1) | On June 24, the Province of Neuquén approved the addendum to the JV agreement reflecting the sale for our remaining 10% working interest in Coirón Amargo Sur Oeste concession to Shell Argentina. This transaction has retroactive effects to April 1, 2021. |
(2) | Acambuco includes condensate. |
(3) | Excludes natural gas consumption, flared or reinjected natural gas. |
Concession summary
Oil and Gas concessions | WI (%) |
Operated / Non-Operated | Target | Basin | Country | |||||
Entre Lomas Neuquén | 100% | Operated | Conventional | Neuquina | Argentina | |||||
Entre Lomas Río Negro | 100% | Operated | Conventional | Neuquina | Argentina | |||||
Bajada del Palo Oeste | 100% | Operated | Shale / Conventional | Neuquina | Argentina | |||||
Bajada del Palo Este | 100% | Operated | Shale / Conventional | Neuquina | Argentina | |||||
Agua Amarga | 100% | Operated | Con ventional | Neuquina | Argentina | |||||
25 de Mayo-Medanito | 100% | Operated | Conventional | Neuquina | Argentina | |||||
Jagüel de los Machos | 100% | Operated | Conventional | Neuquina | Argentina | |||||
Coirón Amargo Norte | 84.6% | Operated | Conventional | Neuquina | Argentina | |||||
Águila Mora | 90% | Operated | Shale | Neuquina | Argentina | |||||
Aguada Federal | 50% | Non-operated | Shale | Neuquina | Argentina | |||||
Bandurria Norte | 50% | Non-operated | Shale | Neuquina | Argentina | |||||
Acambuco | 1.5% | Non-operated | Conventional | Noroeste | Argentina | |||||
CS-01 | 100% | Operated | Conventional | Del Sureste | México |
Page 11
Vista Oil & Gas S.A.B. de C.V.
Vaca Muerta operational data
Shale oil wells detail
Bajada del Palo Oeste
Well name | Pad number | Landing zone | Lateral length (mts) |
Total frac stages | ||||
2013 | #1 | Organic | 2,483 | 33 | ||||
2014 | #1 | La Cocina | 2,633 | 35 | ||||
2015 | #1 | Organic | 2,558 | 34 | ||||
2016 | #1 | La Cocina | 2,483 | 34 | ||||
2029 | #2 | Organic | 2,189 | 37 | ||||
2030 | #2 | La Cocina | 2,248 | 38 | ||||
2032 | #2 | Organic | 2,047 | 35 | ||||
2033 | #2 | La Cocina | 1,984 | 33 | ||||
2061 | #3 | La Cocina | 2,723 | 46 | ||||
2062 | #3 | Organic | 2,624 | 44 | ||||
2063 | #3 | La Cocina | 3,025 | 51 | ||||
2064 | #3 | Organic | 1,427 | 36 | ||||
2025 | #4 | Lower Carbonate | 2,186 | 26 | ||||
2026 | #4 | La Cocina | 2,177 | 44 | ||||
2027 | #4 | Lower Carbonate | 2,551 | 31 | ||||
2028 | #4 | La Cocina | 2,554 | 51 | ||||
2501 | #5 | La Cocina | 2,538 | 52 | ||||
2502 | #5 | Organic | 2,436 | 50 | ||||
2503 | #5 | La Cocina | 2,468 | 50 | ||||
2504 | #5 | Organic | 2,332 | 44 | ||||
2391 | #6 | La Cocina | 2,715 | 56 | ||||
2392 | #6 | Organic | 2,804 | 54 | ||||
2393 | #6 | La Cocina | 2,732 | 56 | ||||
2394 | #6 | Organic | 2,739 | 57 | ||||
2261 | #7 | La Cocina | 2,710 | 46 | ||||
2262 | #7 | Organic | 2,581 | 45 | ||||
2263 | #7 | La Cocina | 2,609 | 45 | ||||
2264 | #7 | Organic | 2,604 | 46 | ||||
2211 | #8 | Organic | 2,596 | 53 | ||||
2212 | #8 | La Cocina | 2,576 | 53 | ||||
2213 | #8 | Organic | 2,608 | 54 | ||||
2214 | #8 | La Cocina | 2,662 | 54 | ||||
2351 | #9 | La Cocina | 3,115 | 63 | ||||
2352 | #9 | Organic | 3,218 | 62 | ||||
2353 | #9 | La Cocina | 3,171 | 61 | ||||
2354 | #9 | Organic | 2,808 | 56 |
Page 12
Aguada Federal
Well name | Landing zone | Lateral length (mts) | Total frac stages | |||
WIN.Nq.AF-3(h) | Lower Orgánico/ Regresivo | 1,000 | 10 | |||
WIN.Nq.AF-4(h) | Upper Carbonate | 1,000 | 10 | |||
WIN.Nq.AF-5(h) | La Cocina | 2,500 | 35 | |||
WIN.Nq.AF-6(h) | La Cocina/Regresivo | 2,500 | 35 | |||
WIN.Nq.AF-7(h) | Upper Carbonate | 1,028 | 10 | |||
WIN.Nq.AF-9(h) | Upper Carbonate | 1,000 | 10 |
Bandurria Norte
Well name | Landing zone | Lateral length (mts) | Total frac stages | |||
WIN.Nq.BN-3(h) |
Lower Orgánico/ Regresivo | 1,000 | 10 | |||
WIN.Nq.BN-2(h) | Upper Carbonate | 1,000 | 10 | |||
WIN.Nq.BN-1(h) | La Cocina | 2,500 | 35 | |||
YPF.Nq.LCav.x-11(h) | La Cocina/Regresivo | 2,500 | 35 |
Page 13
Vista Oil & Gas S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
Key Results - in $M | Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | |||||||||||||||
Total Revenues | 175,005 | 165,277 | 115,901 | 79,536 | 69,863 | |||||||||||||||
Oil | 153,908 | 149,862 | 107,202 | 72,461 | 60,438 | |||||||||||||||
Natural Gas | 19,687 | 14,486 | 7,884 | 6,213 | 8,609 | |||||||||||||||
NGL and others | 1,410 | 929 | 815 | 862 | 816 | |||||||||||||||
Cost of Sales | (97,845 | ) | (97,464 | ) | (85,856 | ) | (73,952 | ) | (70,934 | ) | ||||||||||
Operating expenses | (27,204 | ) | (26,468 | ) | (23,140 | ) | (22,589 | ) | (23,032 | ) | ||||||||||
Stock fluctuation | 1,797 | 1,760 | (3,100 | ) | 5,529 | 598 | ||||||||||||||
Depreciation, depletion and amortization | (48,681 | ) | (51,016 | ) | (44,730 | ) | (44,883 | ) | (38,876 | ) | ||||||||||
Royalties | (23,757 | ) | (21,740 | ) | (14,886 | ) | (12,009 | ) | (9,624 | ) | ||||||||||
Gross profit | 77,160 | 67,813 | 30,045 | 5,584 | (1,071 | ) | ||||||||||||||
Selling expenses | (12,481 | ) | (10,990 | ) | (7,412 | ) | (6,137 | ) | (5,434 | ) | ||||||||||
General and administrative expenses | (11,173 | ) | (11,070 | ) | (8,851 | ) | (7,259 | ) | (9,063 | ) | ||||||||||
Exploration expenses | (153 | ) | (125 | ) | (159 | ) | (106 | ) | (241 | ) | ||||||||||
Other operating income | 11,294 | 5,865 | 649 | 342 | 1,380 | |||||||||||||||
Other operating expenses | (554 | ) | (294 | ) | (1,049 | ) | (761 | ) | (1,690 | ) | ||||||||||
Impairment of long-lived assets | - | - | - | (9,484 | ) | (4,954 | ) | |||||||||||||
Operating profit (loss) | 64,093 | 51,199 | 13,223 | (17,821 | ) | (21,073 | ) | |||||||||||||
Adjusted EBITDA Reconciliation ($M) | Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | |||||||||||||||
Net (loss) / profit for the period | 4,732 | 5,505 | 4,858 | (13,812 | ) | (28,402 | ) | |||||||||||||
(+) Income tax | 35,290 | 26,903 | 3,758 | (17,435 | ) | (5,552 | ) | |||||||||||||
(+) Financial results, net | 24,071 | 18,791 | 4,607 | 13,426 | 12,881 | |||||||||||||||
Operating profit (loss) | 64,093 | 51,199 | 13,223 | (17,821 | ) | (21,073 | ) | |||||||||||||
(+) Depreciation, depletion and amortization | 48,681 | 51,016 | 44,730 | 44,883 | 38,876 | |||||||||||||||
(+) Restructuring and Reorganization expenses and others | (9,849 | ) | 128 | 387 | (636 | ) | 1,465 | |||||||||||||
(+) Impairment of long-lived assets | - | - | - | 9,484 | 4,954 | |||||||||||||||
Adjusted EBITDA | 102,925 | 102,343 | 58,340 | 35,910 | 24,222 | |||||||||||||||
Adjusted EBITDA Margin (%) | 59 | % | 62 | % | 50 | % | 45 | % | 35 | % | ||||||||||
Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | ||||||||||||||||
Lifting Cost ($MM) | 27.2 | 26.5 | 23.1 | 22.6 | 23.0 | |||||||||||||||
Lifting cost ($/boe) | 7.3 | 7.3 | 7.5 | 8.0 | 9.9 |
Page 14
Vista Oil & Gas S.A.B. de C.V.
Historical Adjusted Net Profit / Loss
(Amounts expressed in thousand U.S. dollars)
Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | Q2-20 | Q1-20 | Q4-19 | Q3-19 | Q2-19 | Q1-19 | Q4-18 | Q3-18 | Q2-18 | |||||||||||||||||||||||||||||||||||||||||||
Net Profit/Loss | 4,732 | 5,505 | 4,858 | (13,812 | ) | (28,402 | ) | (39,203 | ) | (21,332 | ) | (44,249 | ) | 21,502 | 3,702 | (13,678 | ) | 42,379 | (27,887 | ) | (40,876 | ) | ||||||||||||||||||||||||||||||||||
Adjustments: | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Income tax | 6,005 | 10,679 | 2,010 | (17,410 | ) | (5,490 | ) | 8,032 | 4,571 | 14,324 | (911 | ) | (1,703 | ) | 2,636 | (18,224 | ) | 14,915 | 15,291 | |||||||||||||||||||||||||||||||||||||
Changes in the fair value of Warrants | 7,927 | 1,283 | 69 | 107 | (1,765 | ) | (4,071 | ) | (10,769 | ) | 14,278 | (33,145 | ) | (4,057 | ) | 16,084 | 5,787 | 3,073 | 0 | |||||||||||||||||||||||||||||||||||||
Adjustments to Net Profit/Loss | 13,932 | 11,962 | 2,079 | (17,303 | ) | (7,255 | ) | 3,961 | (6,198 | ) | 28,602 | (34,056 | ) | (5,760 | ) | 18,720 | (12,437 | ) | 17,988 | 15,291 | ||||||||||||||||||||||||||||||||||||
Adjusted Net Profit/Loss | 18,664 | 17,467 | 6,937 | (31,115 | ) | (35,657 | ) | (35,242 | ) | (27,530 | ) | (15,647 | ) | (12,554 | ) | (2,058 | ) | 5,042 | 29,942 | (9,899 | ) | (25,585 | ) | |||||||||||||||||||||||||||||||||
Page 15
Vista Oil & Gas S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
As of September 30, 2021 | As of December 31, 2020 | |||||||
Property, plant and equipment | 1,140,182 | 1,002,258 | ||||||
Goodwill | 28,450 | 28,484 | ||||||
Other intangible assets | 20,218 | 21,081 | ||||||
Investments in subsidiaries | 2,077 | - | ||||||
Right-of-use assets | 19,471 | 22,578 | ||||||
Trade and other receivables | 22,122 | 29,810 | ||||||
Deferred income tax assets | - | 565 | ||||||
Total non-current assets | 1,232,520 | 1,104,776 | ||||||
Inventories | 17,451 | 13,870 | ||||||
Trade and other receivables | 71,160 | 51,019 | ||||||
Cash, bank balances and other short-term investments | 265,730 | 202,947 | ||||||
Total current assets | 354,341 | 267,836 | ||||||
Total assets | 1,586,861 | 1,372,612 | ||||||
Deferred income tax liabilities | 152,160 | 135,567 | ||||||
Lease liabilities | 14,036 | 17,498 | ||||||
Provisions | 26,080 | 23,909 | ||||||
Borrowings | 443,209 | 349,559 | ||||||
Warrants | 9,640 | 362 | ||||||
Employee benefits | 6,339 | 3,461 | ||||||
Accounts payable and accrued liabilities | 51,839 | - | ||||||
Total non-current liabilities | 703,303 | 530,356 | ||||||
Provisions | 1,957 | 2,084 | ||||||
Lease liabilities | 6,548 | 6,183 | ||||||
Borrowings | 159,666 | 190,227 | ||||||
Salaries and social security payable | 12,350 | 11,508 | ||||||
Income tax liability | 31,504 | - | ||||||
Other taxes and royalties payable | 8,174 | 5,117 | ||||||
Accounts payable and accrued liabilities | 134,727 | 118,619 | ||||||
Total current liabilities | 354,926 | 333,738 | ||||||
Total liabilities | 1,058,229 | 864,094 | ||||||
Total shareholders' equity | 528,632 | 508,518 | ||||||
Total shareholders' equity and liabilities | 1,586,861 | 1,372,612 | ||||||
Page 16
Vista Oil & Gas S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
For the period from July 1st to September 30, 2021 |
For the period from July 1st to September 30, 2020 | |||||||
Revenues from contract with customers | 175,005 | 69,863 | ||||||
Revenues from crude oil sales | 153,908 | 60,438 | ||||||
Revenues from natural gas sales | 19,687 | 8,609 | ||||||
Revenues from LPG sales | 1,410 | 816 | ||||||
Cost of sales | (97,845 | ) | (70,934 | ) | ||||
Operating costs | (27,204 | ) | (23,032 | ) | ||||
Crude oil stock fluctuation | 1,797 | 598 | ||||||
Depreciation, depletion and amortization | (48,681 | ) | (38,876 | ) | ||||
Royalties | (23,757 | ) | (9,624 | ) | ||||
Gross profit/(loss) | 77,160 | (1,071 | ) | |||||
Selling expenses | (12,481 | ) | (5,434 | ) | ||||
General and administrative expenses | (11,173 | ) | (9,063 | ) | ||||
Exploration expenses | (153 | ) | (241 | ) | ||||
Other operating income | 11,294 | 1,380 | ||||||
Other operating expenses | (554 | ) | (1,690 | ) | ||||
Impairment of long- lived assets | - | (4,954 | ) | |||||
Operating profit/(loss) | 64,093 | (21,073 | ) | |||||
Interest income | 34 | 37 | ||||||
Interest expenses | (12,173 | ) | (12,979 | ) | ||||
Other financial results | (11,932 | ) | 61 | |||||
Financial results, net | (24,071 | ) | (12,881 | ) | ||||
Profit/(Loss) before income tax | 40,022 | (33,954 | ) | |||||
Current income tax (expenses)/benefit | (29,285 | ) | 62 | |||||
Deferred income tax (expenses)/benefit | (6,005 | ) | 5,490 | |||||
Income tax (expenses)/benefit | (35,290 | ) | 5,552 | |||||
Net profit/(loss) for the period | 4,732 | (28,402 | ) | |||||
Other comprehensive income | (279 | ) | 503 | |||||
Total comprehensive profit/(loss) for the period | 4,453 | (27,899 | ) | |||||
Page 17
Vista Oil & Gas S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
For the period from July 1st to September 30, 2021 |
For the period from July 1st to September 30, 2020 | |||||||
Net profit/(loss) for the period | 4,732 | (28,402 | ) | |||||
Adjustments to reconcile net cash flows | ||||||||
Items related to operating activities: | ||||||||
(Reversal) for expected credit losses | (29 | ) | (8 | ) | ||||
Net changes in foreign exchange rate | (1,926 | ) | (2,229 | ) | ||||
Unwinding of discount on asset retirement obligation | 634 | 573 | ||||||
Net increase in provisions | 417 | 225 | ||||||
Interest expense on lease liabilities | 221 | 312 | ||||||
Discount of assets and liabilities at present value | 57 | 1,055 | ||||||
Share-based payments | 2,457 | 2,713 | ||||||
Gain on disposal of oil and gas properties | (9,986 | ) | - | |||||
Employee benefits | 77 | 61 | ||||||
Income tax expenses/(benefit) | 35,290 | (5,552 | ) | |||||
Items related to investing activities: | ||||||||
Depreciation and depletion | 47,651 | 38,194 | ||||||
Amortization of intangible assets | 1,030 | 682 | ||||||
Impairment of long-lived assets | - | 4,954 | ||||||
Interest income | (34 | ) | (37 | ) | ||||
Changes in the fair value of financial assets | 956 | (363 | ) | |||||
Items related to financing activities: | ||||||||
Interest expenses | 12,173 | 12,979 | ||||||
Changes in the fair value of Warrants | 7,926 | (1,765 | ) | |||||
Amortized costs | 611 | 774 | ||||||
Remeasurements in borrowing | 6,452 | - | ||||||
Changes in working capital: | ||||||||
Trade and other receivables | (7,067 | ) | (4,875 | ) | ||||
Inventories | (1,796 | ) | (598 | ) | ||||
Accounts payable and accrued liabilities | 7,804 | 213 | ||||||
Payments of employee benefits | (55 | ) | (197 | ) | ||||
Salaries and social security payable | 3,642 | 2,695 | ||||||
Other taxes and royalties payable | (1,027 | ) | (72 | ) | ||||
Provisions | 386 | (445 | ) | |||||
Income tax payment | (642 | ) | (1,745 | ) | ||||
Net cash flows generated by operating activities | 109,954 | 19,142 | ||||||
Cash flows from investing activities: | ||||||||
Payments for acquisitions of property, plant and equipment | (76,876 | ) | (21,727 | ) | ||||
Payments for acquisitions of other intangible assets | (348 | ) | (1,579 | ) | ||||
Payments for investments in associates | (2,077 | ) | - | |||||
Proceeds from disposal of oil and gas properties | 14,150 | - | ||||||
Cash received by AFBN assets acquisition | 6,203 | - |
Page 18
Proceeds from interest received | 34 | 37 | ||||||
Net cash flows (used in) investing activities | (58,914 | ) | (23,269 | ) | ||||
Cash flows from financing activities: | ||||||||
Proceeds from borrowing | 158,395 | 77,137 | ||||||
Payment of borrowing´s costs | (615 | ) | (1,480 | ) | ||||
Payment of borrowing´s principal | (153,609 | ) | (47,737 | ) | ||||
Payment of borrowing´s interests | (25,496 | ) | (16,331 | ) | ||||
Payment of lease | (2,133 | ) | (1,684 | ) | ||||
Net cash flows generated (used in) by financing activities | (23,458 | ) | 9,905 | |||||
For the period from July 1st to September 30, 2021 |
For the period from July 1st to September 30, 2020 | |||||||
Net increase in cash and cash equivalents | 27,582 | 5,778 | ||||||
Cash and cash equivalents at beginning of period | 236,510 | 218,316 | ||||||
Effect of exposure to changes in the foreign currency rate of cash and cash equivalents | (2,668 | ) | (1,729 | ) | ||||
Net increase in cash and cash equivalents | 27,582 | 5,778 | ||||||
Cash and cash equivalents at end of period | 261,424 | 222,365 | ||||||
Page 19
Glossary, currency and definitions:
• | Note: Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals due to rounding up. |
• | Conversion metrics |
• | 1 cubic meter of oil = 6.2898 barrels of oil |
• | 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent |
• | p q/q: Represents the percentage variation quarter on quarter |
• | p y/y: Represents the percentage variation year on year |
• | $MM: Million US Dollars |
• | $M: Thousand US Dollars |
• | $/bbl: US Dollars per barrel of oil |
• | $/boe: US Dollars per barrel of oil equivalent |
• | $/MMBTU: US Dollars per million British thermal unit |
• | $/ton: US Dollars per metric ton |
• | Adj. EBITDA / Adjusted EBITDA: Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments |
• | Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues |
• | Adjusted EPS (Earnings per share): Adjusted Net Profit/Loss divided by weighted average number of ordinary shares |
• | Adjusted Net Profit/Loss: Net profit /loss for the period + Deferred Income Tax + Changes in the fair value of the warrants |
• | boe: barrels of oil equivalent (see conversion metrics above) |
• | boe/d: Barrels of oil equivalent per day |
• | bbl/d: Barrels of oil per day |
• | CNG: Compressed natural gas |
• | CO2e: Carbon dioxide equivalent |
• | ESG: Environmental, Social and Governance |
• | GHG: Greenhouse gases |
• | Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow |
• | Mts: meters |
• | Lifting cost: Includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration and G&A costs. |
• | MMboe: Million barrels of oil equivalent |
• | MMm3/d: Million cubic meters per day |
• | Plan Gas: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86 MMm3/d volume over a total of 67.4 MMm3/d at an average annual price of 3.29 $/MMBTU for a four-year term as of January 1, 2021. |
• | TED: Total effective days - days in which shale oil wells were producing |
• | TRIR: Total Recordable Incident Rate |
Page 20
• | Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year |
• | q-o-q: Quarter on quarter |
• | UVA: Acquisitive value units |
• | y-o-y: Year on year |
Page 21
DISCLAIMER
Additional information about Vista Oil & Gas, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the "Company" or "Vista") can be found in the "Investors" section on the website at www.vistaoilandgas.com.
This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission ("SEC"), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission ("CNBV") or an exemption from such registrations.
This presentation does not contain all the Company's financial information. As a result, investors should read this presentation in conjunction with the Company's consolidated financial statements and other financial information available on the Company's website. All the amounts contained herein are unaudited.
Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.
This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company's performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, "Affiliates"), members, directors, officers or employees or any other person (the "Related Parties") as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.
This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
This presentation includes "forward-looking statements" concerning the future. The words such as "believes," "thinks," "forecasts," "expects," "anticipates," "intends," "should," "seeks," "estimates," "future" or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.
There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions
Page 22
including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; uncertainties relating to the effects of the Covid-19 outbreak; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions.
Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista's business can be found in Vista's public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).
Page 23
You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.
Other Information
Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaoilandgas.com. From time to time, Vista may use its website as a channel of distribution of material information.
Accordingly, investors should monitor Vista's Investor Relations website, in addition to following Vista's press releases, SEC filings, public conference calls and webcasts.
INVESTORS CONTACT:
ir@vistaoilandgas.com
Phone in Argentina: +54.11.3754.8500
Phone in Mexico: +52.55.4166.9000
Page 24
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 20:57:05 UTC.