Q2 2024 Vista Energy SAB de CV Earnings Call Transcript
Key Points
- Total production reached 65,300 BOEs per day, marking a 40% year-over-year increase and a 19% quarter-over-quarter increase.
- Oil production was 57,200 barrels per day, a 46% increase compared to the same quarter last year.
- Total revenues for the quarter were $397 million, a 66% increase compared to the same quarter last year.
- Adjusted EBITDA was $288 million, a 90% increase year-over-year, driven by robust revenue growth and lower lifting costs.
- Net leverage ratio at quarter-end was a solid 0.56 times adjusted EBITDA, indicating strong financial health.
- Free cash flow was only $8 million during the quarter, impacted by higher capital expenditures.
- Lifting costs increased in absolute terms by 31% compared to the same quarter last year due to higher costs in gathering, processing, compression, and power generation.
- Trucking costs are high, at approximately $15 per barrel, with significant volumes being transported by truck due to pipeline capacity constraints.
- There is uncertainty regarding the applicability of the RIGI chapter to upstream projects, which could impact future investments.
- Potential delays in the Oldelval pipeline project could necessitate further reliance on costly trucking for oil transportation.
Good day and thank you for standing by, and welcome to Vista's second quarter 2024 earnings webcast. (Operator Instructions) Once again, please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov. Please go ahead.
Thanks. Good morning, everyone. We are happy to welcome you to Vista's second quarter of 2024 results conference call. I am here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto, Vista's CFO; and Juan Garoby, Vista's COO.
Before we begin, I would like to draw your attention to our cautionary statement on slide 2. Please be advised our remarks today, including the answers to your questions may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks.
Our financial figures are
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