Vista Energy, S.A.B. de C.V 6-K, filed Apr 27, 2022
Vista Energy, S.A.B. de C.V. (VIST)
About this 6-K
Vista Energy, S.A.B. de C.V filed this 6-K on April 27, 2022.
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER SECURITIES EXCHANGE ACT OF 1934
For the month of April 2022
Commission File No. 001-39000
Vista Energy, S.A.B. de C.V.
(Exact Name of the Registrant as Specified in the Charter)
N.A.
(Translation of Registrant’s Name into English)
Pedregal 24, Floor 4,
Colonia Molino del Rey, Alcaldía Miguel Hidalgo
Mexico City, 11040
Mexico
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
Contents of this Form 6-K
This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:
Exhibit 1: Vista Results of the First Quarter of 2022.
Forward-Looking Statements
Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s prospectus filed with the United States Securities and Exchange Commission (“SEC”) and other applicable filings with the SEC and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores).
Enquiries:
Investor Relations:
ir@vistaenergy.com
Argentina: +54 11 3754 8500
México: +52 55 4166 9000
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 27, 2022
| VISTA ENERGY, S.A.B. DE C.V. | ||
| By: | /s/ Alejandro Cherñacov | |
| Name: | Alejandro Cherñacov | |
| Title: | Strategic Planning and Investor Relations Officer | |
Exhibit 1
Vista Results of the First Quarter of 2022
April 27, 2022, Mexico City, Mexico
Vista Energy, 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, 2022.
Q1 2022 highlights:
| • | Q1 2022 total production was 43,900 boe/d, a 29% increase compared to Q1 2021. Oil production in Q1 2022 increased 35% y-o-y to 35,638 bbl/d, mainly driven by a solid well performance in Bajada del Palo Oeste. |
| • | In Q1 2022, production from shale oil wells was 29,661 boe/d, of which 97% corresponds to shale oil wells in Bajada del Palo Oeste. In this quarter, production was boosted by pads #9 and #10, which were tied-in in Q4 2021 and are producing in line with the Company’s type-curve. |
| • | Revenues in Q1 2022 were 207.9 $MM, 79% above the 115.9 $MM generated in Q1 2021, driven by an increase in oil and gas production and, higher realized prices. In Q1 2022, 33% of oil sales volumes were exported (988.2 Mbbl of oil and 77.1 $MM in revenues). |
| • | In Q1 2022, the average realized crude oil price was 64.1 $/bbl, a 6% increase compared to the average realized crude oil price of Q4 2021 and a 41% increase compared to Q1 2021. |
| • | Realized natural gas price for Q1 2022 was 3.0 $/MMBTU, a 48% increase y-o-y, driven by Plan Gas summer prices of 2.7 $/MMBTU and industrial prices 2.7 $/MMBTU. In addition, 10% of the Company’s gas volumes were sold to the export market for a realized price of 5.9 $/MMBTU. |
| • | Lifting cost in Q1 2022 was 7.8 $/boe, a 3% increase y-o-y, driven by the acquisition of Aguada Federal and Bandurria Norte, and partially offset by incremental production from Bajada del Palo Oeste, which continues to absorb the Company’s fixed cost base. In Q1 2022, lifting cost per boe decreased 3% compared to Q4 2021, driven by the execution of a lifting cost optimization program in Aguada Federal and Bandurria Norte. |
| • | Adjusted EBITDA for Q1 2022 was 127.1 $MM, an inter-annual increase of 118%, driven by strong revenue growth for stable lifting costs. Adjusted EBITDA margin was 61%, 11 p.p. above the Adjusted EBITDA margin of Q1 2021. |
| • | In Q1 2022, CAPEX was 80.6 $MM, reflecting the completion and tie-in of two-well pad #11, the Company’s first two wells in Bajada del Palo Este. This pad was tied-in in February, with 46 average completion stages per well and an average lateral length of 2,224 meters per well. Both wells were landed in La Cocina and average peak production was above 2,400 boe/d per well. |
| • | In Q1 2022, the Company recorded a positive free cash flow of 33.0 $MM (1). Cash flow generated by operating activities was 112.9 $MM, while cash flow used in investing activities, excluding the 90.0 $MM payment |
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| to Wintershall for the acquisition of Aguada Federal and Bandurria Norte, was 79.9 $MM. Cash flow used in financing activities totaled 50.1 $MM, mainly driven by the payment of 53 $MM of principal of the Company’s maturities. |
| • | Adjusted Net Income during Q1 2022 totaled 39.1 $MM, compared to 6.9 $MM during Q1 2021, mainly driven by a higher Adjusted EBITDA and partially offset by current income tax expense. Adjusted EPS was 0.44 $/share in Q1 2022, compared to 0.08 $/share in Q1 2021. |
| • | The Company is currently executing projects aimed at reducing GHG emissions (scope 1 and 2) intensity by 25% in 2022, compared to 2021. Additionally, Vista is making good progress in the execution of projects that are key to achieving its aspiration to become net zero in scope 1 and 2 GHG emissions in 2026, with carbon offsets from nature-based solutions. |
| (1) | Free cash flow is calculated as Cash flow generated by operating activities (112.9 $MM) minus Cash flow used in Investing activities (169.9 $MM) and adding back payment to Wintershall (90.0 $MM). |
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Vista Q1 2022 results
Production
Total average net daily production
| Q1-22 | Q4-21 | Q1-21 | p y/y | p q/q | ||||||||||||||||
| Total (boe/d) |
43,900 | 41,064 | 34,067 | 29 | % | 7 | % | |||||||||||||
| Oil (bbl/d) |
35,638 | 32,436 | 26,436 | 35 | % | 10 | % | |||||||||||||
| Natural Gas (MMm3/d) |
1.24 | 1.29 | 1.14 | 9 | % | (4 | )% | |||||||||||||
| NGL (boe/d) |
452 | 524 | 435 | 4 | % | (14 | )% | |||||||||||||
Average daily production during Q1 2022 was 43,900 boe/d, comprised of 35,638 bbl/d of oil, representing 81% of total production, 1.24 MMm3/d of natural gas and 452 boe/d of NGL. Total shale production was 29,661 boe/d, of which 97% corresponds to shale oil wells in Bajada del Palo Oeste.
Q1 2022 Average net daily production by asset
| Interest | Oil (bbl/d) |
Natural Gas (MMm3/d) |
NGL (bbl/d) |
Total (boe/d) |
% Total daily average |
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| Net production per concession |
35,638 | 1.24 | 452 | 43,900 | 100 | % | ||||||||||||||||||
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| Entre Lomas |
100 | % | 3,305 | 0.16 | 402 | 4,698 | 11 | % | ||||||||||||||||
| Bajada del Palo Este |
100 | % | 416 | 0.07 | 41 | 867 | 2 | % | ||||||||||||||||
| Bajada del Palo Oeste (conventional) |
100 | % | 596 | 0.20 | — | 1,849 | 4 | % | ||||||||||||||||
| Bajada del Palo Oeste (shale) |
100 | % | 24,972 | 0.60 | — | 28,746 | 65 | % | ||||||||||||||||
| Agua Amarga |
100 | % | 226 | 0.03 | 9 | 395 | 1 | % | ||||||||||||||||
| 25 de Mayo-Medanito |
100 | % | 2,325 | 0.03 | — | 2,503 | 6 | % | ||||||||||||||||
| Jagüel de los Machos |
100 | % | 2,363 | 0.12 | — | 3,109 | 7 | % | ||||||||||||||||
| Coirón Amargo Norte |
84.6 | % | 223 | 0.00 | — | 234 | 1 | % | ||||||||||||||||
| Águila Mora |
90 | % | — | 0.00 | — | — | 0 | % | ||||||||||||||||
| Acambuco (non-operated) |
1.5 | % | 17 | 0.02 | — | 148 | 0 | % | ||||||||||||||||
| Aguada Federal |
100 | % | 777 | 0.02 | — | 915 | 2 | % | ||||||||||||||||
| Bandurria Norte |
100 | % | — | — | — | — | — | |||||||||||||||||
| CS-01 (México) |
100 | % | 419 | 0.00 | — | 436 | 1 | % | ||||||||||||||||
Revenues
Total revenues per product
| Revenues per product - in $MM |
Q1-22 | Q4-21 | Q1-21 | p y/y | p q/q | |||||||||||||||
| Total |
207.9 | 196.0 | 115.9 | 79 | % | 6 | % | |||||||||||||
| Oil |
193.6 | 182.1 | 107.2 | 81 | % | 6 | % | |||||||||||||
| Export market |
77.1 | 70.5 | 52.7 | 46 | % | 9 | % | |||||||||||||
| Domestic market |
116.5 | 111.5 | 54.5 | 114 | % | 4 | % | |||||||||||||
| Natural Gas |
13.0 | 12.2 | 7.9 | 65 | % | 6 | % | |||||||||||||
| NGL |
1.27 | 1.67 | 0.82 | 56 | % | (24 | )% | |||||||||||||
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Average Realized Prices
| Product |
Q1-22 | Q4-21 | Q1-21 | p y/y | p q/q | |||||||||||||||
| Oil ($/bbl) |
64.1 | 60.6 | 45.5 | 41 | % | 6 | % | |||||||||||||
| Natural Gas ($/MMBTU) |
3.0 | 2.7 | 2.0 | 48 | % | 11 | % | |||||||||||||
| NGL ($/tn) |
367 | 407 | 244 | 50 | % | (10 | )% | |||||||||||||
During Q1 2022, total revenues were 207.9 $MM, 79% higher than Q1 2021 and 6% higher q-o-q, mostly driven by an increase in crude oil revenues.
Crude oil revenues in Q1 2022 totaled 193.6 $MM, representing 93% of total revenues, a 81% increase compared to Q1 2021, mainly driven by the boost in shale oil production from Bajada del Palo Oeste and higher realized oil prices. During Q1 2022, the Company exported 33% of crude oil sales volumes, while the remaining 67% was sold to domestic refineries in Argentina. Total oil sales volumes during Q1 2022 were 3,019 Mbbl. Average realized oil price was 64.1 $/bbl, 41% above Q1 2021 and 6% above Q4 2021.
Natural gas revenues in Q1 2022 were 13.0 $MM, representing 6% of total revenues. The average realized natural gas price for the quarter was 3.0 $/MMBTU, a 48% increase compared to Q1 2021. Plan Gas represented 69% of total natural gas sales volume, with an average realized price of 2.7 $/MMBTU. Sales to industrial clients represented 21% of natural gas sales volume at an average realized price of 2.7 $/MMBTU. The remaining 10% of natural gas sales volume were exported at an average realized price of 5.9 $/MMBTU.
NGL sales were 1.27 $MM during Q1 2022, representing 1% of total sales. NGL average price was 367 $/tn.
Lifting Cost
| Q1-22 | Q4-21 | Q1-21 | p y/y | p q/q | ||||||||||||||||
| Lifting Cost ($MM) |
30.8 | 30.3 | 23.1 | 33 | % | 2 | % | |||||||||||||
| Lifting cost ($/boe) |
7.8 | 8.0 | 7.5 | 3 | % | (3 | )% | |||||||||||||
Lifting cost during Q1 2022 was 30.8 $MM, a 33% increase y-o-y. The Company maintained a stable lifting cost q-o-q despite Argentine Peso FX appreciation in real terms.
Lifting cost in Q1 2022 was 7.8 $/boe, a 3% increase y-o-y, driven by the acquisition of Aguada Federal and Bandurria Norte, and partially offset by incremental production from Bajada del Palo Oeste, which continues to absorb the Company’s fixed cost base. In Q1 2022, lifting cost per boe decreased 3% compared to Q4 2021, driven by a lifting cost optimization program in Aguada Federal and Bandurria Norte. The Company has achieved a 58% sequential cost reduction in such blocks, from 2.4 $MM at 50% working interest in Q4 2021, to 2.0 $MM at 100% working interest in Q1 2022.
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Adjusted EBITDA
| Adjusted EBITDA reconciliation ($MM) |
Q1-22 | Q4-21 | Q1-21 | p y | p q | |||||||||||||||
| Net profit for the period |
15.5 | 35.6 | 4.9 | 10.7 | (20.0 | ) | ||||||||||||||
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| (+) Income tax expense |
27.3 | 36.2 | 3.8 | 23.6 | (8.9 | ) | ||||||||||||||
| (+) Financial results, net |
37.2 | 10.3 | 4.6 | 32.6 | 26.8 | |||||||||||||||
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| Operating profit |
80.0 | 82.0 | 13.2 | 66.8 | (2.0 | ) | ||||||||||||||
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| (+) Depreciation, depletion and amortization |
46.8 | 46.9 | 44.7 | 2.1 | (0.1 | ) | ||||||||||||||
| (+) Restructuring and Reorganization expenses and others |
0.3 | 1.6 | 0.4 | (0.1 | ) | (1.3 | ) | |||||||||||||
| (+) Impairment of long-lived assets |
— | (14.0 | ) | — | 0.0 | 14.0 | ||||||||||||||
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| Adjusted EBITDA(1) |
127.1 | 116.5 | 58.3 | 68.8 | 10.6 | |||||||||||||||
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| Adjusted EBITDA Margin (%)(2) |
61 | % | 59 | % | 50 | % | +11p.p. | +2p.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. |
Adjusted EBITDA was 127.1 $MM in Q1 2022, a 118% increase compared to Q1 2021. Adjusted EBITDA was boosted by higher revenues amid stable lifting cost. Adjusted EBITDA improved 9% q-o-q, even though Q4 2021 included 4.5 $MM of operating income generated by the JV with Trafigura. Adjusted EBITDA margin was 61%, improving 11 p.p. vis-à-vis Q1 2021.
Adjusted Net Income
| Adjusted Net Income | ||||||||||||||||||||
| reconciliation - in $MM |
Q1-22 | Q4-21 | Q1-21 | p y | p q | |||||||||||||||
| Net Profit |
15.5 | 35.6 | 4.9 | 10.7 | (20.0 | ) | ||||||||||||||
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| Adjustments: |
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| (+) Deferred Income tax |
0.8 | 21.0 | 2.0 | (1.3 | ) | (20.3 | ) | |||||||||||||
| (+) Changes in the fair value of Warrants |
22.8 | (7.1 | ) | 0.1 | 22.7 | 29.9 | ||||||||||||||
| (+) Impairment |
0.0 | (14.0 | ) | 0.0 | 0.0 | 14.0 | ||||||||||||||
| Adjustments to Net Income |
23.5 | (0.1 | ) | 2.1 | 21.4 | 23.7 | ||||||||||||||
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| Adjusted Net Income |
39.1 | 35.4 | 6.9 | 32.1 | 3.6 | |||||||||||||||
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| Adjusted EPS ($/share) (3) |
0.44 | 0.40 | 0.08 | 0.36 | 0.04 | |||||||||||||||
Adjusted Net Income (1) in Q1 2022 was 39.1 $MM, compared to 6.9 $MM in Q1 2021. The y-o-y change was primarily driven by higher Adjusted EBITDA
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(127.1 $MM in Q1 2022 compared to 58.3 $MM in Q1 2021), mainly offset by (a) Income tax expense (net of deferred income tax) of 26.6 $MM in Q1 2022 compared to 1.7 $MM in Q1 2021, (b) Depreciation, depletion and amortization for 46.8 $MM in Q1 2022 compared to 44.7 $MM in Q1 2021, and (c) Financial results (net of changes in the fair value of the warrants) for a total loss of 14.4 $MM in Q1 2022, compared to a loss of 4.5 $MM in Q1 2021 (2).
Adjusted EPS (3) was 0.44 $/share in Q1 2022, compared to 0.40 $/share in Q4 2021 and an 0.08 $/share in Q1 2021.
| (1) | The Company has defined Adjusted Net Income as net income plus deferred income taxes, changes in fair value of warrants and impairment loss/recoveries. Deferred income taxes was excluded as it relates to recognition of temporary differences between the tax bases of assets and liabilities and the carrying amounts in the financial statement using the liability method. Changes in the fair value of warrants was excluded because it corresponds to an adjustment valuation of financial liabilities assumed by the Company, likewise impairment (recovery) of long-lived assets was excluded from the determination of the Company’s adjusted net income because it corresponds to an adjustment to the valuation of the Company’s long-lived assets. The Company’s management believes that excluding such items will allow investors to facilitate the comparison performance from period to period by removing these identified non-cash items that are mainly driven by external factors and that affect (benefit) the Company’s net income. Please refer to Annex “Historical Adjusted Net Income / Loss” for further historical information. |
| (2) | In Q1 2022, Financial results, net were (37.2) $MM, minus Changes in the fair value of Warrants of (22.8) $MM, result in (14.4) $MM. |
| (3) | Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q1 2022, Q4 2021 and Q1 2021 were 88,813,607, 88,473,206 and 87,870,909, respectively. |
Capex
Capex during Q1 2022 was 80.6 $MM. The Company invested 49.8 $MM in drilling and completion of Vaca Muerta wells, 4.9 $MM in drilling, completion and workover of wells in conventional assets, 19.4 $MM in development facilities, and 6.5 $MM in G&G studies, IT projects, and other infrastructure.
Financial overview
During Q1 2022, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 207.9 $MM. Cash flow generated by operating activities was 112.9 $MM, a 208% increase y-o-y. In addition, cash flow used in investing activities, excluding the 90.0 $MM payment to Wintershall for the acquisition of Aguada Federal and Bandurria Norte, was 79.9 $MM. This resulted in a positive free cash flow of 33.0 $MM for the quarter (1).
In Q1 2022, cash flow used in financing activities totaled 50.1 $MM (2), driven by the payment of 45.0 $MM of principal of Vista’s syndicated loan, 8.0 $MM of Vista’s bond series IV, 15.2 $MM of interest and 6.9 $MM of other minor items; and partially offset by proceeds from borrowings under the credit agreement with ConocoPhillips for 25.0 $MM.
Gross debt totaled 576.2 $MM as of quarter end, resulting in a net debt of 368.3 $MM. At the end of Q1 2022, net leverage ratio decreased to 0.8x Adj. EBTIDA from 3.0x Adj. EBITDA at the end of Q1 2021.
| (1) | Free cash flow is calculated as Cash flow generated by operating activities (112.9 $MM) minus Cash flow used in Investing activities (169.9 $MM) and adding back payment to Wintershall (90.0 $MM). |
| (2) | Cash flow generated by financing activities is the sum of: (i) cash flow generated by financing activities for (47.8) $MM; (ii) effects of exchange rate changes on the balance of cash held in foreign currencies for (2.0) $MM; and (iii) the variation in Government bonds for (0.2) $MM. |
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Outstanding bonds
| Instrument |
Issuer |
Issue date |
Maturity | Gross proceeds ($MM) |
Type |
Interest rate (%) |
Currency |
Market | ||||||||||||||||
| ON class II |
Vista Energy Argentina S.A.U. | 08/07/19 | 08/07/22 | 50 | Bullet at maturity | 8.50 | % | USD | BCBA Argentina | |||||||||||||||
| ON class III |
Vista Energy Argentina S.A.U. | 02/21/20 | 02/21/24 | 50 | Bullet at maturity | 3.50 | % | USD | BCBA Argentina | |||||||||||||||
| ON class V (1) |
Vista Energy Argentina S.A.U. | 08/07/20 | 08/07/23 | 30 | Bullet at maturity | |
Zero coupon |
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ARS in USD-linked | BCBA Argentina | ||||||||||||||
| ON class VI |
Vista Energy 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 Energy 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 Energy Argentina S.A.U. | 03/10/21 | 09/10/24 | 33.5 | Bullet at maturity | 2.73 | % | ARS | BCBA Argentina | |||||||||||||||
| ON class IX |
Vista Energy 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 Energy Argentina S.A.U. | 06/18/21 | 03/18/25 | 32.6 | Bullet at maturity | 4.00 | % | ARS | BCBA Argentina | |||||||||||||||
| ON class XI |
Vista Energy 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 Energy Argentina S.A.U. | 08/27/21 | 08/27/31 | 100.8 | Amortizing (4) | 5.85 | % | ARS in USD-linked | BCBA Argentina | |||||||||||||||
| (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 to be repaid in 15 semi-annual installments, with a 3-year grace period. |
Environmental, Social and Governance (ESG)
The Company is currently executing projects to reduce GHG emissions (scope 1 and 2) intensity by 25% in 2022, compared to 2021. Additionally, Vista is making good progress in the execution of projects that are key to achieving its aspiration to become net zero in scope 1 and 2 GHG emissions in 2026, with carbon offsets from nature-based solutions (NBS).
The 2021 Sustainability Report is scheduled to be published in May 2022. Such report will include disclosure aligned with the Task Force on Climate-related Financial Disclosures (TCFD), in addition to Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB). The Company believes TCFD reporting will add transparency regarding its governance, strategy and risks related to climate change.
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Vista Energy S.A.B. de C.V.
Historical operational data
Average daily production by concession, totals and by product
| Q1 2022 | Q4 2021 | Q3 2021 | Q2 2021 | Q1 2021 | ||||||||||||||||
| Total production by field (boe/d) |
43,900 | 41,064 | 40,267 | 39,888 | 34,067 | |||||||||||||||
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| Entre Lomas |
4,698 | 5,214 | 5,839 | 5,014 | 4,846 | |||||||||||||||
| Bajada del Palo Este |
867 | 967 | 897 | 876 | 885 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
1,849 | 2,115 | 2,610 | 2,244 | 2,546 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
28,746 | 25,262 | 24,103 | 24,662 | 18,794 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque) |
395 | 458 | 439 | 458 | 486 | |||||||||||||||
| 25 de Mayo-Medanito |
2,503 | 2,540 | 2,599 | 2,769 | 2,591 | |||||||||||||||
| Jagüel de los Machos |
3,109 | 3,151 | 3,065 | 3,098 | 3,144 | |||||||||||||||
| Coirón Amargo Norte |
234 | 232 | 271 | 288 | 265 | |||||||||||||||
| Águila Mora |
0 | 0 | 0 | 0.0 | 0 | |||||||||||||||
| Acambuco |
148 | 151 | 152 | 157 | 163 | |||||||||||||||
| Coirón Amargo Sur Oeste (1) |
0 | 0 | 0 | 0 | 72 | |||||||||||||||
| Aguada Federal |
915 | 436 | 0 | |||||||||||||||||
| CS-01 |
436 | 538 | 269 | 155 | 100 | |||||||||||||||
| A-10 |
0 | 0 | 17 | 151 | 168 | |||||||||||||||
| TM-01 |
0 | 0 | 5 | 17 | 6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Crude oil production by field (boe/d)(2) |
35,638 | 32,436 | 30,954 | 31,539 | 26,436 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas |
3,305 | 3,448 | 3,605 | 3,361 | 3,315 | |||||||||||||||
| Bajada del Palo Este |
416 | 437 | 429 | 419 | 385 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
596 | 620 | 579 | 642 | 672 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
24,972 | 21,756 | 20,890 | 21,553 | 16,613 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque) |
226 | 243 | 228 | 254 | 249 | |||||||||||||||
| 25 de Mayo-Medanito |
2,325 | 2,372 | 2,345 | 2,492 | 2,432 | |||||||||||||||
| Jagüel de los Machos |
2,363 | 2,400 | 2,328 | 2,346 | 2,318 | |||||||||||||||
| Coirón Amargo Norte |
223 | 231 | 268 | 283 | 261 | |||||||||||||||
| Águila Mora |
0 | 0 | 0.0 | 0 | 0 | |||||||||||||||
| Acambuco |
17 | 17 | 17 | 18 | 22 | |||||||||||||||
| Coirón Amargo Sur Oeste (1) |
0 | 0 | 0 | 0 | 67 | |||||||||||||||
| Aguada Federal |
777 | 391 | 0 | |||||||||||||||||
| CS-01 |
419 | 523 | 260 | 153 | 98 | |||||||||||||||
| A-10 |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| TM-01 |
0 | 0 | 5 | 17 | 6 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Natural Gas production by field (boe/d)(3) |
7,811 | 8,103 | 8,793 | 7,930 | 7,196 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas |
991 | 1,313 | 1,766 | 1,288 | 1,166 | |||||||||||||||
| Bajada del Palo Este |
410 | 471 | 424 | 412 | 442 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
1,253 | 1,496 | 2,031 | 1,601 | 1,874 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
3,774 | 3,506 | 3,213 | 3,109 | 2,181 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque) |
161 | 203 | 204 | 194 | 225 | |||||||||||||||
| 25 de Mayo-Medanito |
177 | 168 | 254 | 277 | 159 | |||||||||||||||
| Jagüel de los Machos |
746 | 751 | 737 | 752 | 826 | |||||||||||||||
| Coirón Amargo Norte |
11 | 1 | 3 | 4 | 4 | |||||||||||||||
| Águila Mora |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Acambuco |
132 | 134 | 135 | 140 | 141 | |||||||||||||||
Page 9
| Coirón Amargo Sur Oeste (1) |
0 | 0 | 0 | 0 | 6 | |||||||||||||||
| Aguada Federal |
139 | 45 | 0 | |||||||||||||||||
| CS-01 |
17 | 15 | 9 | 3 | 2 | |||||||||||||||
| A-10 |
0 | 0 | 17 | 151 | 168 | |||||||||||||||
| TM-01 |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| NGL production by field (boe/d) |
452 | 524 | 519 | 419 | 435 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas |
402 | 454 | 467 | 365 | 366 | |||||||||||||||
| Bajada del Palo Este |
41 | 59 | 45 | 45 | 57 | |||||||||||||||
| 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) |
9 | 12 | 7 | 9 | 12 |
Notes:
| (1) | Acambuco includes condensate. |
| (2) | Excludes natural gas consumption, flared or reinjected natural gas. |
| Oil and Gas concessions |
WI (%) | 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 | Conventional | 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 |
100 | % | Operated | Shale | Neuquina | Argentina | ||||||
| Bandurria Norte |
100 | % | Operated | Shale | Neuquina | Argentina | ||||||
| Acambuco |
1.5 | % | Non-operated | Conventional | Noroeste | Argentina | ||||||
| CS-01 |
100 | % | Operated | Conventional | Del Sureste | México | ||||||
Vista Energy S.A.B. de C.V.
Historical Oil sales export volumes
(Amounts expressed in thousand barrels)
| Oil sales volumes - in Mbbl |
Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | Q2-20 | Q1-20 | |||||||||||||||||||||||||||
| Exports (Mbbl) |
988.2 | 995.6 | 498.1 | 472.0 | 1088.7 | 300.4 | 1382.0 | 1108.2 | — | |||||||||||||||||||||||||||
| Exports ($MM) |
77.1 | 70.5 | 32.2 | 26.8 | 52.7 | 11.8 | 55.0 | 28.1 | — | |||||||||||||||||||||||||||
Page 10
Vista Energy 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 | ||||||||
| 2441 |
#10 | La Cocina | 3,094 | 63 | ||||||||
| 2442 |
#10 | Organic | 2,883 | 50 | ||||||||
| 2443 |
#10 | La Cocina | 2,816 | 57 | ||||||||
| 2444 |
#10 | Organic | 2,625 | 45 | ||||||||
Bajada del Palo Este
| Well name |
Pad number | Landing zone | Lateral length (mts) |
Total frac stages |
||||||||
| 2101 |
#11 | La Cocina | 2,372 | 49 | ||||||||
| 2103 |
#11 | La Cocina | 2,081 | 43 | ||||||||
Page 11
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 12
Vista Energy S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
| Key Results - in $M |
Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | |||||||||||||||
| Total Revenues |
207,920 | 196,004 | 175,005 | 165,277 | 115,901 | |||||||||||||||
| Oil |
193,629 | 182,088 | 153,908 | 149,862 | 107,202 | |||||||||||||||
| Natural Gas |
13,020 | 12,244 | 19,687 | 14,486 | 7,884 | |||||||||||||||
| NGL and others |
1,271 | 1,672 | 1,410 | 929 | 815 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Cost of Sales |
(104,183 | ) | (104,417 | ) | (97,845 | ) | (97,464 | ) | (85,856 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating costs |
(30,839 | ) | (30,311 | ) | (27,204 | ) | (26,468 | ) | (23,140 | ) | ||||||||||
| Stock fluctuation |
2,655 | (1,362 | ) | 1,797 | 1,760 | (3,100 | ) | |||||||||||||
| Depreciation, depletion and amortization |
(46,822 | ) | (46,886 | ) | (48,681 | ) | (51,016 | ) | (44,730 | ) | ||||||||||
| Royalties |
(29,177 | ) | (25,858 | ) | (23,757 | ) | (21,740 | ) | (14,886 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross profit |
103,737 | 91,587 | 77,160 | 67,813 | 30,045 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Selling expenses |
(12,566 | ) | (11,865 | ) | (12,481 | ) | (10,990 | ) | (7,412 | ) | ||||||||||
| General and administrative expenses |
(12,463 | ) | (14,764 | ) | (11,173 | ) | (11,070 | ) | (8,851 | ) | ||||||||||
| Exploration expenses |
(205 | ) | (124 | ) | (153 | ) | (125 | ) | (159 | ) | ||||||||||
| Other operating income |
2,765 | 5,477 | 11,294 | 5,865 | 649 | |||||||||||||||
| Other operating expenses |
(1,260 | ) | (2,317 | ) | (554 | ) | (294 | ) | (1,049 | ) | ||||||||||
| Impairment of long-lived assets |
— | 14,044 | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating profit |
80,008 | 82,038 | 64,093 | 51,199 | 13,223 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest income |
16 | 23 | 34 | 4 | 4 | |||||||||||||||
| Interest expense |
(8,232 | ) | (9,330 | ) | (12,173 | ) | (11,759 | ) | (17,398 | ) | ||||||||||
| Other financial results |
(28,949 | ) | (1,013 | ) | (11,931 | ) | (7,036 | ) | 12,787 | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Financial results, net |
(37,165 | ) | (10,320 | ) | (24,070 | ) | (18,791 | ) | (4,607 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Profit before income tax |
42,843 | 71,718 | 40,023 | 32,408 | 8,616 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Current income tax (expense) |
(26,559 | ) | (15,162 | ) | (29,285 | ) | (16,224 | ) | (1,748 | ) | ||||||||||
| Deferred income tax (expense) |
(750 | ) | (21,001 | ) | (6,005 | ) | (10,679 | ) | (2,010 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income tax (expense) |
(27,309 | ) | (36,163 | ) | (35,290 | ) | (26,903 | ) | (3,758 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Profit for the period, net |
15,534 | 35,555 | 4,733 | 5,505 | 4,858 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA Reconciliation ($M) |
Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | |||||||||||||||
| Net profit for the period |
15,534 | 35,555 | 4,733 | 5,505 | 4,858 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (+) Income tax |
27,309 | 36,163 | 35,290 | 26,903 | 3,758 | |||||||||||||||
| Profit before income tax |
||||||||||||||||||||
| (+) Financial results, net |
37,165 | 10,320 | 24,070 | 18,791 | 4,607 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating profit (loss) |
80,008 | 82,038 | 64,093 | 51,199 | 13,223 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (+) Depreciation, depletion and amortization |
46,822 | 46,886 | 48,681 | 51,016 | 44,730 | |||||||||||||||
| (+) Restructuring and Reorganization expenses and others |
272 | 1,619 | (9,849 | ) | 128 | 387 | ||||||||||||||
| (+) Impairment of long-lived assets |
— | (14,044 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA |
127,102 | 116,497 | 102,925 | 102,343 | 58,340 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA Margin (%) |
61 | % | 59 | % | 59 | % | 62 | % | 50 | % | ||||||||||
| Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | ||||||||||||||||
| Lifting Cost ($MM) |
30.8 | 30.3 | 27.2 | 26.5 | 23.1 | |||||||||||||||
| Lifting cost ($/boe) |
7.8 | 8.0 | 7.3 | 7.3 | 7.5 | |||||||||||||||
Page 13
Vista Energy S.A.B. de C.V.
Historical Adjusted Net Income / Loss
(Amounts expressed in thousand U.S. dollars)
| Adj. Net Income - in $MM |
Q1-22 | Q4-21 | 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 | Q1-18 | |||||||||||||||||||||||||||||||||||||||||||||||||||
| Net Profit/Loss |
15,534 | 35,555 | 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 | ) | (3,466 | ) | ||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| (+) Deferred Income tax |
750 | 21,001 | 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 | (7 | ) | |||||||||||||||||||||||||||||||||||||||||||||
| (+) Changes in the fair value of Warrants |
22,777 | (7,096 | ) | 7,927 | 1,283 | 69 | 107 | (1,765 | ) | (4,071 | ) | (10,769 | ) | 14,278 | (33,145 | ) | (4,057 | ) | 16,084 | 5,787 | 3,073 | — | — | |||||||||||||||||||||||||||||||||||||||||||||
| (+) Impairment of long-lived assets |
(14,044 | ) | 9,484 | 4,954 | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Adjustments to Net Income/Loss |
23,527 | (139 | ) | 13,932 | 11,962 | 2,079 | (7,819 | ) | (2,301 | ) | 3,961 | (6,198 | ) | 28,602 | (34,056 | ) | (5,760 | ) | 18,720 | (12,437 | ) | 17,988 | 15,291 | (7 | ) | |||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
| Adjusted Net Income/Loss |
39,061 | 35,416 | 18,664 | 17,467 | 6,937 | (21,631 | ) | (30,703 | ) | (35,242 | ) | (27,530 | ) | (15,647 | ) | (12,554 | ) | (2,058 | ) | 5,042 | 29,942 | (9,899 | ) | (25,585 | ) | (3,473 | ) | |||||||||||||||||||||||||||||||||||||||||
|
|
|
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|
|||||||||||||||||||||||||||||||||||
Page 14
Vista Energy S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
| As of March 31, 2022 |
As of December 31, 2021 |
|||||||
| Property, plant and equipment |
1,326,731 | 1,223,982 | ||||||
| Goodwill |
28,416 | 28,416 | ||||||
| Other intangible assets |
4,049 | 3,878 | ||||||
| Right-of-use assets |
27,847 | 26,454 | ||||||
| Investments in associates |
3,747 | 2,977 | ||||||
| Trade and other receivables |
19,025 | 20,210 | ||||||
| Deferred income tax assets |
4,029 | 2,771 | ||||||
| Total noncurrent assets |
1,413,844 | 1,308,688 | ||||||
| Inventories |
18,262 | 13,961 | ||||||
| Trade and other receivables |
48,947 | 46,096 | ||||||
| Cash, bank balances and other short-term investments |
207,889 | 315,013 | ||||||
| Total current assets |
275,098 | 375,070 | ||||||
|
|
|
|
|
|||||
| Total assets |
1,688,942 | 1,683,758 | ||||||
|
|
|
|
|
|||||
| Deferred income tax liabilities |
177,382 | 175,420 | ||||||
| Lease liabilities |
18,569 | 19,408 | ||||||
| Provisions |
27,879 | 29,657 | ||||||
| Borrowings |
430,744 | 447,751 | ||||||
| Warrants |
25,321 | 2,544 | ||||||
| Employee benefits |
7,998 | 7,822 | ||||||
| Trade and other payables |
22,857 | 50,159 | ||||||
| Total noncurrent liabilities |
710,750 | 732,761 | ||||||
| Provisions |
2,895 | 2,880 | ||||||
| Lease liabilities |
9,762 | 7,666 | ||||||
| Borrowings |
145,487 | 163,222 | ||||||
| Salaries and payroll taxes |
8,842 | 17,491 | ||||||
| Income tax liability |
68,156 | 44,625 | ||||||
| Other taxes and royalties |
14,985 | 11,372 | ||||||
| Trade and other payables |
147,583 | 138,482 | ||||||
| Total current liabilities |
397,710 | 385,738 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,108,460 | 1,118,499 | ||||||
|
|
|
|
|
|||||
| Total Equity |
580,482 | 565,259 | ||||||
|
|
|
|
|
|||||
| Total equity and liabilities |
1,688,942 | 1,683,758 | ||||||
|
|
|
|
|
|||||
Page 15
Vista Energy S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
| For the period from January 1, to March 31, 2022 |
For the period from January 1st to March 31, 2021 |
|||||||
| Revenue from contracts with customers |
207,920 | 115,901 | ||||||
| Revenues from crude oil sales |
193,629 | 107,202 | ||||||
| Revenues from natural gas sales |
13,020 | 7,884 | ||||||
| Revenues from LPG sales |
1,271 | 815 | ||||||
| Cost of sales |
(104,183 | ) | (85,856 | ) | ||||
| Operating costs |
(30,839 | ) | (23,140 | ) | ||||
| Crude oil stock fluctuation |
2,655 | (3,100 | ) | |||||
| Depreciation, depletion and amortization |
(46,822 | ) | (44,730 | ) | ||||
| Royalties |
(29,177 | ) | (14,886 | ) | ||||
|
|
|
|
|
|||||
| Gross profit |
103,737 | 30,045 | ||||||
|
|
|
|
|
|||||
| Selling expenses |
(12,566 | ) | (7,412 | ) | ||||
| General and administrative expenses |
(12,463 | ) | (8,851 | ) | ||||
| Exploration expenses |
(205 | ) | (159 | ) | ||||
| Other operating income |
2,765 | 649 | ||||||
| Other operating expenses |
(1,260 | ) | (1,049 | ) | ||||
|
|
|
|
|
|||||
| Operating profit |
80,008 | 13,223 | ||||||
|
|
|
|
|
|||||
| Interest income |
16 | 4 | ||||||
| Interest expense |
(8,232 | ) | (16,758 | ) | ||||
| Other financial results |
(28,949 | ) | 12,147 | |||||
|
|
|
|
|
|||||
| Financial results, net |
(37,165 | ) | (4,607 | ) | ||||
|
|
|
|
|
|||||
| Profit before income tax |
42,843 | 8,616 | ||||||
|
|
|
|
|
|||||
| Current income tax (expense) |
(26,559 | ) | (1,748 | ) | ||||
| Deferred income tax (expense) |
(750 | ) | (2,010 | ) | ||||
|
|
|
|
|
|||||
| Income tax (expense) |
(27,309 | ) | (3,758 | ) | ||||
|
|
|
|
|
|||||
| Profit for the period, net |
15,534 | 4,858 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income |
(84 | ) | (73 | ) | ||||
|
|
|
|
|
|||||
| Total comprehensive profit for the period |
15,450 | 4,785 | ||||||
|
|
|
|
|
|||||
Page 16
Vista Energy S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
| For the period from January 1, to March 31, 2022 |
For the period from January 1 to March 31, 2021 |
|||||||
| Cash flows from operating activities |
||||||||
| Profit for the period, net |
15,534 | 4,858 | ||||||
| Adjustments to reconcile net cash flows |
||||||||
| Items related to operating activities: |
||||||||
| (Reversal) of the expected credit loss |
(36 | ) | — | |||||
| Net changes in foreign exchange rate |
(6,696 | ) | (7,404 | ) | ||||
| Discount for well plugging and abandonment |
652 | 561 | ||||||
| Net increase in provisions |
988 | 662 | ||||||
| Interest expense on lease liabilities |
547 | 300 | ||||||
| Discount of assets and liabilities at present value |
681 | (3,105 | ) | |||||
| Share-based payments |
2,341 | 3,014 | ||||||
| Employee benefits |
104 | 43 | ||||||
| Income tax expense |
27,309 | 3,758 | ||||||
| Items related to investing activities: |
||||||||
| Depreciation and depletion |
46,066 | 43,944 | ||||||
| Amortization of intangible assets |
756 | 786 | ||||||
| Interest income |
(16 | ) | (4 | ) | ||||
| Changes in the fair value of financial assets |
581 | (7,074 | ) | |||||
| Items related to financing activities: |
||||||||
| Interest expense |
8,232 | 16,758 | ||||||
| Changes in the fair value of Warrants |
22,777 | 69 | ||||||
| Amortized cost |
533 | 2,218 | ||||||
| Remeasurements in borrowings |
8,679 | 640 | ||||||
| Changes in working capital: |
||||||||
| Trade and other receivables |
(4,818 | ) | (30,343 | ) | ||||
| Inventories |
(2,655 | ) | 3,105 | |||||
| Trade and other payables |
2,551 | 7,736 | ||||||
| Payments of employee benefits |
(57 | ) | (212 | ) | ||||
| Salaries and payroll taxes |
(11,031 | ) | (5,722 | ) | ||||
| Other taxes and royalties |
3,731 | 3,273 | ||||||
| Provisions |
(741 | ) | (114 | ) | ||||
| Income tax payment |
(3,147 | ) | (1,146 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows provided by operating activities |
112,865 | 36,601 | ||||||
|
|
|
|
|
|||||
Page 17
| Cash flows from investing activities: |
||||||||
| Payments for acquisitions of property, plant and equipment |
(78,190 | ) | (79,856 | ) | ||||
| Payments for acquisitions of other intangible assets |
(927 | ) | (111 | ) | ||||
| Payments for acquisitions of investments in associates |
(770 | ) | — | |||||
| Payments for the acquisition of AFBN assets |
(90,000 | ) | — | |||||
| Interest received |
16 | 4 | ||||||
|
|
|
|
|
|||||
| Net cash flows (used in) investing activities |
(169,871 | ) | (79,963 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities: |
||||||||
| Proceeds from borrowings |
32,670 | 121,444 | ||||||
| Payment of borrowings cost |
(54 | ) | (1,964 | ) | ||||
| Payment of borrowings principal |
(62,552 | ) | (98,937 | ) | ||||
| Payment of borrowings interest |
(15,213 | ) | (19,558 | ) | ||||
| Payment of lease |
(2,676 | ) | (1,852 | ) | ||||
|
|
|
|
|
|||||
| Net cash flow (used in) financing activities |
(47,825 | ) | (867 | ) | ||||
|
|
|
|
|
|||||
| For the period from January 1, to March 31, 2022 |
For the period from January 1 to March 31, 2021 |
|||||||
| Net (decrease) in cash and cash equivalents |
(104,831 | ) | (44,229 | ) | ||||
|
|
|
|
|
|||||
| Cash and cash equivalents at beginning of period |
311,217 | 201,314 | ||||||
| Effect of exposure to changes in the foreign currency rate of cash and cash equivalents |
(2,014 | ) | 6,152 | |||||
| Net (decrease) in cash and cash equivalents |
(104,831 | ) | (44,229 | ) | ||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
204,372 | 163,237 | ||||||
|
|
|
|
|
|||||
Page 18
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 |
| • | p q: Represents the variation in million USD Dollars quarter on quarter |
| • | p y: Represents the variation in million USD Dollars 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 Income/Loss divided by weighted average number of ordinary shares |
| • | Adjusted Net Income/Loss: Net profit /loss for the period + Deferred Income Tax + Changes in the fair value of the warrants + Impairment of long-lived assets |
| • | 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 |
| • | 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
| • | 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 19
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.vistaenergy.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 20
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 21
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.vistaenergy.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@vistaenergy.com
Phone in Argentina: +54.11.3754.8500
Phone in Mexico: +52.55.4166.9000
Page 22