Vista Energy SAB de CV Q3 FY2024 earnings call

• Strong operational and financial performance in Q3 2024, driven by new well activity in Vaca Muerta. Total production was the highest ever, with 72,800 BOEs per day. - Production growth of 12% Q/Q due to 23 new wells connected between May and September. - Adjusted EBITDA was $310 million, up 37% Y/Y, with adjusted EBITDA margin 65%. - Achieved milestones in 2024: accelerated growth, secured oil midstream capacity of 124,000 bbls/day by end-2025, and secured drilling rig and frac set term contracts. - Updated 2025 guidance: production 95,000-100,000 bbls/day oil, CapEx $1.1B-$1.3B, adjusted EBITDA $1.5B-$1.65B, realized oil price $67-$72/bbl.

Total production during the third quarter was 72,800 BOEs per day, the highest ever, with a 47% year-over-year increase and 12% quarter-over-quarter growth. Oil production was 63,500 barrels per day, up 53% Y/Y and 11% Q/Q. Natural gas production increased 16% Y/Y and 12% Q/Q. Total revenues were $462 million, a 53% increase Y/Y. Lifting cost was $4.7 per BOE, 2% down Y/Y. Capital expenditure was $369 million. Adjusted EBITDA was $310 million, up 37% Y/Y. Adjusted net income was $53 million, EPS $0.60 per share. Free cash flow was $74 million negative. Net leverage ratio was 0.65 times adjusted EBITDA.

• 2024 guidance: on track to deliver activity, production, lifting costs, and adjusted EBITDA guidance. - 2025 guidance: production between 95,000 and 100,000 bbls/day oil, CapEx $1.1 billion to $1.3 billion, adjusted EBITDA $1.50 billion to $1.65 billion, realized oil price between $67 and $72 per barrel.

• Risks related to oil price volatility. - Operational bottlenecks such as availability of frac sets and drilling rigs. - Regulatory changes affecting pricing dynamics between domestic and international oil prices.

Q: Estimate for trucking activity in Q4?

A: Trucking volume expected to be around 23,000 bbls/day in Q4, with Oldelval not online yet. Q1 2025 trucking volume expected to be between Q3 and Q4 levels.

Q: Consideration of hedging strategy for oil prices?

A: No current hedging program as regulation doesn't allow it, and company sees investors can hedge more efficiently. Unlikely to have hedging in next few years unless conditions change.