Q3 2024 Vista Energy SAB de CV Earnings Call Transcript
Key Points
- Vista Energy SAB de CV (VIST) reported a strong operational and financial performance in Q3 2024, with total production reaching 72.8 Mboe per day, marking a 47% increase year over year.
- Oil production increased by 53% compared to the same quarter last year, reaching 63.5 Mbbl per day.
- Total revenues for the quarter were $462 million, a 53% increase year over year, driven by strong production growth.
- Adjusted EBITDA was $310 million, reflecting a 37% increase year over year, supported by robust revenue growth and lower lifting costs.
- The company has secured additional capacity for future growth, including a third rig and a second frac set, which provides flexibility for further expansion in 2025.
- Free cash flow was negative $74 million during the quarter, primarily due to higher cash used in investing activities as capital expenditures ramped up.
- Lifting costs per BOE increased by 5% sequentially, driven by higher costs in gathering, processing, gas compression, and power generation.
- The company is withdrawing its 2026 guidance, indicating uncertainty in long-term planning.
- Despite strong operational performance, the adjusted net income was relatively modest at $53 million, implying an adjusted EPS of $0.6 per share.
- The company faces challenges in managing oil price volatility, as current regulations do not allow for a hedging strategy.
Good day. And thank you for standing by. Welcome to Vista's third quarter, 2024 earnings webcast and conference call. At this time. All participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session to ask a question during the session. You will need to press star '11 on your telephone. You will then hear an automated message advising your hand is raised to withdraw your question. Please press star '11 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 Chernacov.
Please go ahead.
Thanks. Good morning, everyone. We are happy to welcome you to Vista's third 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. Two, please be advised that our remarks
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