Vista Energy(VIST)

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Vista Energy(VIST) - 2024 Q4 - Earnings Call Presentation
2025-02-27 20:31
This presentation does not contain all of 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. Some ofthe amounts contained herein are unaudited. Earnings Webcast February 27, 2025 About projections and forward-looking statements Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable or ...
Vista Energy(VIST) - 2024 Q4 - Earnings Call Transcript
2025-02-27 20:30
Vista Energy, S.A.B. de C.V. (NYSE:VIST) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants Alejandro Chernacov - Co-Founder, Strategic Planning and Investor Relations Officer Miguel Galuccio - Chairman and Chief Executive Officer Conference Call Participants Bruno Montanari - Morgan Stanley Andres Cardona - Citi Tasso Vasconcellos - UBS Alejandro Demichelis - Jefferies Bruno Amorim - Goldman Sachs Walter Chiarvesio - Santander Leonardo Marcondes - Bank of America Marina Mert ...
Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR (VIST) Misses Q4 Earnings and Revenue Estimates
ZACKS· 2025-02-27 01:05
Group 1 - Vista Oil & Gas reported quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.90 per share, and down from $2.52 per share a year ago, representing an earnings surprise of -74.44% [1] - The company posted revenues of $471.32 million for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.04%, and up from $309.2 million year-over-year [2] - Over the last four quarters, Vista Oil & Gas has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] Group 2 - The stock has lost about 4.8% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's earnings outlook is mixed, with current consensus EPS estimates of $1.17 on $506.45 million in revenues for the coming quarter and $6.40 on $2.2 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank for Oil and Gas - Integrated - International is currently in the top 30% of over 250 Zacks industries, indicating a favorable industry outlook [8]
Vista Energy(VIST) - 2024 Q4 - Annual Report
2025-04-09 20:59
[Financial Statements](index=3&type=section&id=Financial%20Statements) The company's 2024 financial statements reflect substantial growth in revenue and assets, alongside a significant increase in liabilities to fund expansion [Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income](index=3&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) The company reported a 41% revenue increase to $1.65 billion, with net profit rising 20% to $477.5 million in 2024 Consolidated Statement of Profit or Loss (Year Ended Dec 31) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers | 1,647,768 | 1,168,774 | +41.0% | | Gross profit | 817,743 | 591,249 | +38.3% | | Operating profit | 625,390 | 631,487 | -1.0% | | Profit before income tax | 590,827 | 545,359 | +8.3% | | Profit for the year, net | 477,521 | 396,955 | +20.3% | | Basic earnings per share (USD) | 4.979 | 4.237 | +17.5% | | Diluted earnings per share (USD) | 4.633 | 4.000 | +15.8% | [Unaudited interim condensed consolidated statements of financial position](index=4&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20financial%20position) Total assets grew 63% to $4.23 billion, funded by a 93% increase in total liabilities to $2.61 billion Consolidated Statement of Financial Position (As of Dec 31) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total noncurrent assets | 3,180,101 | 2,172,099 | +46.4% | | Total current assets | 1,052,271 | 425,904 | +147.1% | | **Total assets** | **4,232,372** | **2,598,003** | **+62.9%** | | Total equity | 1,621,213 | 1,247,015 | +30.0% | | Total noncurrent liabilities | 1,553,405 | 991,602 | +56.7% | | Total current liabilities | 1,057,754 | 359,386 | +194.3% | | **Total liabilities** | **2,611,159** | **1,350,988** | **+93.3%** | | **Total equity and liabilities** | **4,232,372** | **2,598,003** | **+62.9%** | [Unaudited interim condensed consolidated statement of changes in equity](index=5&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statement%20of%20changes%20in%20equity) Total equity increased by 30% to $1.62 billion, driven by net profit and partially offset by share repurchases Changes in Equity for the Year Ended Dec 31, 2024 | Description | Amount (in thousands USD) | | :--- | :--- | | Equity as of Dec 31, 2023 | 1,247,015 | | Profit for the year, net | 477,521 | | Other comprehensive income | (6,630) | | Share repurchase | (99,846) | | **Equity as of Dec 31, 2024** | **1,621,213** | - In 2024, the company reduced its capital stock by **$19.9 million** to absorb accumulated losses and repurchased shares worth **$99.8 million**[13](index=13&type=chunk) [Unaudited interim condensed consolidated statements of cash flows](index=7&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20cash%20flows) Net cash from operations increased to $959.0 million, while significant investments were funded by new borrowings Consolidated Statement of Cash Flows (Year Ended Dec 31) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Net cash flows provided by operating activities | 959,026 | 712,033 | | Net cash flows used in investing activities | (1,051,876) | (699,313) | | Net cash flow provided by financing activities | 641,211 | 19,556 | | **Net increase in cash and cash equivalents** | **548,361** | **32,276** | | Cash and cash equivalents at end of year | 755,610 | 209,516 | [Notes to the unaudited interim condensed consolidated financial statements](index=9&type=section&id=Notes%20to%20the%20unaudited%20interim%20condensed%20consolidated%20financial%20statements) These notes provide detailed disclosures on accounting policies, segment information, and specific financial statement line items [Note 1. Group information](index=9&type=section&id=Note%201.%20Group%20information) This note details the company's oil and gas operations and highlights significant 2024 transactions, including bond issuances and pipeline projects - On December 10, 2024, the company's subsidiary, Vista Argentina, issued a corporate bond (ON XXVII) for **$600 million** with an average 10-year term and a **7.625% annual interest rate**[29](index=29&type=chunk) - An agreement was signed with Trafigura on December 16, 2024, for Vista to reacquire Trafigura's interest in farmout agreements I and II in the Bajada del Palo Oeste area, effective January 1, 2025, for which Vista will pay Trafigura **$128 million** in 48 monthly installments[32](index=32&type=chunk)[33](index=33&type=chunk) - The company joined the Vaca Muerta Sur (VMOS) pipeline project with a **14.1% initial minority interest** and secured transportation capacity in the Vaca Muerta Center (VMOC) pipeline[37](index=37&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 2. Basis of preparation and material accounting policies](index=10&type=section&id=Note%202.%20Basis%20of%20preparation%20and%20material%20accounting%20policies) The company recorded a $4.2 million impairment reversal for its Mexico assets in 2024, contrasting with a $24.6 million impairment in 2023 - For the year ended December 31, 2024, the company recorded a reversal of impairment of **$4,207 thousand** related to its conventional oil and gas concessions in Mexico[54](index=54&type=chunk) - In contrast, for the year ended December 31, 2023, the company recorded an impairment of **$22,906 thousand** for its Mexico CGU and **$1,679 thousand** for its non-operating conventional CGU in Argentina[56](index=56&type=chunk) Key Assumptions for Impairment Testing (After-tax Discount Rates) | Region | 2024 | 2023 | | :--- | :--- | :--- | | Argentina | 9.9% | 12.9% | | Mexico | 7.4% | 6.0% | [Note 3. Segment information](index=14&type=section&id=Note%203.%20Segment%20information) The company operates as a single reportable segment in oil and gas E&P, with 99% of 2024 revenues generated from assets in Argentina - The company considers its exploration and production activities as a **single operating segment**[78](index=78&type=chunk) Noncurrent Assets by Geographical Area | Geography | As of Dec 31, 2024 (in thousands USD) | As of Dec 31, 2023 (in thousands USD) | | :--- | :--- | :--- | | Argentina | 3,128,742 | 2,122,735 | | Mexico | 51,359 | 49,364 | | **Total** | **3,180,101** | **2,172,099** | [Note 4. Revenue from contracts with customers](index=15&type=section&id=Note%204.%20Revenue%20from%20contracts%20with%20customers) Total revenue reached $1.65 billion in 2024, a 41% increase driven primarily by a 43% rise in crude oil sales Revenue by Product Type (Year Ended Dec 31) | Product | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Crude oil sales | 1,573,069 | 1,097,316 | | Natural gas sales | 71,756 | 67,290 | | LPG sales | 2,943 | 4,168 | | **Total** | **1,647,768** | **1,168,774** | Revenue by Distribution Channel (Year Ended Dec 31) | Channel | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Exports of crude oil | 807,526 | 642,155 | | Local crude oil | 765,543 | 455,161 | | Natural gas (Local & Export) | 71,756 | 67,290 | | LPG sales | 2,943 | 4,168 | | **Total** | **1,647,768** | **1,168,774** | [Note 5. Cost of sales](index=15&type=section&id=Note%205.%20Cost%20of%20sales) Operating costs and royalties increased in 2024, with royalties and related costs rising to $244.0 million due to higher export duties Operating Costs (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Fees and compensation for services | 62,006 | 48,729 | | Salaries and payroll taxes | 27,310 | 21,072 | | Other | 27,210 | 24,884 | | **Total** | **116,526** | **94,685** | Royalties and Others (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Royalties | 184,441 | 128,723 | | Export duties | 59,509 | 48,090 | | **Total** | **243,950** | **176,813** | [Note 6. Selling expenses](index=17&type=section&id=Note%206.%20Selling%20expenses) Selling expenses more than doubled to $140.3 million in 2024, driven by a significant rise in transport costs Selling Expenses (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Transport | 88,257 | 33,006 | | Taxes, rates and contributions | 24,960 | 14,908 | | Other | 27,117 | 20,878 | | **Total** | **140,334** | **68,792** | [Note 7. General and administrative expenses](index=17&type=section&id=Note%207.%20General%20and%20administrative%20expenses) General and administrative expenses increased to $109.0 million in 2024, primarily due to higher salaries and share-based payments General and Administrative Expenses (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Salaries and payroll taxes | 37,587 | 23,300 | | Share-based payments | 34,923 | 23,133 | | Fees and compensation for services | 13,377 | 11,764 | | Taxes, rates and contributions | 9,687 | 1,884 | | Other | 13,380 | 10,402 | | **Total** | **108,954** | **70,483** | [Note 8. Other operating income and expenses](index=17&type=section&id=Note%208.%20Other%20operating%20income%20and%20expenses) Other operating income decreased to $54.1 million in 2024, as one-time gains from asset transfers in 2023 were not repeated Other Operating Income (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Gain from Exports Increase Program | 45,201 | 81,232 | | Gain related to the transfer of conventional assets | — | 89,659 | | Gain from farmout agreement | — | 24,429 | | Other income | 8,926 | 8,492 | | **Total** | **54,127** | **203,812** | [Note 9. Financial income (expense), net](index=18&type=section&id=Note%209.%20Financial%20income%20(expense)%2C%20net) Net financial expense decreased significantly to $34.6 million in 2024 from $86.1 million in 2023, despite higher interest expense Net Financial Income (Expense) (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Interest income | 4,535 | 1,235 | | Interest expense | (62,499) | (21,879) | | Other financial income (expense) | 23,401 | (65,484) | | **Total** | **(34,563)** | **(86,128)** | [Note 10. Earnings per share](index=19&type=section&id=Note%2010.%20Earnings%20per%20share) Reflecting higher net profit, basic EPS rose to $4.979 and diluted EPS increased to $4.633 in 2024 Earnings Per Share (Year Ended Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Profit for the year, net (thousands USD) | 477,521 | 396,955 | | Weighted average ordinary shares (Basic) | 95,906,449 | 93,679,904 | | **Basic EPS (USD)** | **4.979** | **4.237** | | Weighted average ordinary shares (Diluted) | 103,077,629 | 99,232,919 | | **Diluted EPS (USD)** | **4.633** | **4.000** | [Note 11. Property, plant and equipment](index=20&type=section&id=Note%2011.%20Property%2C%20plant%20and%20equipment) The net value of PP&E increased by 45.5% to $2.81 billion, driven by additions of $1.30 billion in works in progress and production facilities PP&E Movement for Year Ended Dec 31, 2024 | Description | Amount (in thousands USD) | | :--- | :--- | | Net Value as of Dec 31, 2023 | 1,927,759 | | Additions | 1,296,764 | | Depreciation | (422,526) | | Reversal of impairment | 4,207 | | Disposals & Other | (234) | | **Net Value as of Dec 31, 2024** | **2,805,983** | [Note 12. Goodwill and other intangible assets](index=21&type=section&id=Note%2012.%20Goodwill%20and%20other%20intangible%20assets) Goodwill remained unchanged at $22.6 million, while other intangible assets increased to $15.4 million due to new additions Goodwill and Other Intangible Assets (As of Dec 31) | Asset | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Goodwill | 22,576 | 22,576 | | Other intangible assets | 15,443 | 10,026 | [Note 13. Right-of-use assets and lease liabilities](index=21&type=section&id=Note%2013.%20Right-of-use%20assets%20and%20lease%20liabilities) Right-of-use assets increased to $105.3 million due to new additions, with corresponding lease liabilities growing to $95.7 million Right-of-Use Assets and Lease Liabilities (As of Dec 31) | Item | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Right-of-use assets | 105,333 | 61,025 | | Lease liabilities | (95,660) | (70,468) | [Note 14. Income tax](index=21&type=section&id=Note%2014.%20Income%20tax) The company's effective tax rate was 19% in 2024, lower than the 27% rate in 2023 due to inflation adjustments in Argentina Income Tax Expense (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Current income tax | (426,288) | (16,393) | | Deferred income tax | 312,982 | (132,011) | | **Total Expense in P&L** | **(113,306)** | **(148,404)** | - The company's effective tax rate was **19% in 2024**, compared to **27% in 2023**[116](index=116&type=chunk) [Note 15. Trade and other receivables](index=22&type=section&id=Note%2015.%20Trade%20and%20other%20receivables) Total trade and other receivables increased to $486.8 million, driven by advance payments for transportation and higher VAT credits Trade and Other Receivables (As of Dec 31) | Category | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Noncurrent | 205,268 | 136,351 | | Current | 281,495 | 205,102 | | **Total** | **486,763** | **341,453** | [Note 16. Financial assets and liabilities](index=23&type=section&id=Note%2016.%20Financial%20assets%20and%20liabilities) Total borrowings more than doubled to $1.45 billion due to new corporate bond issuances, while the company remained in covenant compliance Total Borrowings (As of Dec 31) | Category | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Noncurrent | 1,402,343 | 554,832 | | Current | 46,224 | 61,223 | | **Total** | **1,448,567** | **616,055** | - Vista Argentina issued multiple new corporate bonds (ONs) in 2024, including ON XXIII, XXIV, XXV, XXVI, and XXVII, **significantly increasing its long-term debt**[128](index=128&type=chunk) - The company is subject to financial covenants, including a **Net Leverage Ratio below 3.50** and an **Interest Coverage ratio above 2.00**, and was in compliance as of December 31, 2024[131](index=131&type=chunk)[133](index=133&type=chunk) [Note 17. Inventories](index=30&type=section&id=Note%2017.%20Inventories) Total inventories decreased slightly to $6.5 million, with a reduction in materials and spare parts offsetting an increase in crude oil stock Inventories (As of Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Crude oil stock | 4,384 | 2,664 | | Materials and spare parts | 2,082 | 4,651 | | Assigned crude oil stock | 3 | 234 | | **Total** | **6,469** | **7,549** | [Note 18. Cash, bank balances and other short-term investments](index=30&type=section&id=Note%2018.%20Cash%2C%20bank%20balances%20and%20other%20short-term%20investments) The company's cash and cash equivalents position strengthened significantly, increasing to $755.6 million at year-end 2024 Cash and Equivalents (As of Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Cash in banks | 520,401 | 21,798 | | Money market funds | 119,841 | 35,292 | | Mutual funds | 115,368 | 152,426 | | **Total Cash & Short-term Investments** | **764,307** | **213,253** | | **Cash and cash equivalents** | **755,610** | **209,516** | [Note 19. Equity](index=30&type=section&id=Note%2019.%20Equity) Capital stock decreased due to a $99.8 million share repurchase and a $20.0 million capital reduction, while the repurchase reserve increased - The Board of Directors approved a reduction of the variable portion of the capital stock by **$19,965 thousand** to absorb accumulated losses on the company's nonconsolidated financial statements[172](index=172&type=chunk) - The company repurchased **2,081,198 shares** for a total of **$99,846 thousand** during 2024[171](index=171&type=chunk) - On August 6, 2024, shareholders approved a **$50,000 thousand increase** to the share repurchase reserve, bringing the total to **$129,324 thousand**[177](index=177&type=chunk) [Note 20. Provisions](index=31&type=section&id=Note%2020.%20Provisions) Total provisions increased to $37.0 million, primarily due to a rise in noncurrent provisions for well plugging and abandonment Provisions (As of Dec 31) | Category | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Noncurrent | 33,058 | 12,339 | | Current | 3,910 | 4,133 | | **Total** | **36,968** | **16,472** | [Note 21-23. Other Current Liabilities](index=31&type=section&id=Note%2021-23.%20Other%20Current%20Liabilities) Current liabilities for salaries, taxes, and trade payables increased significantly, reflecting the company's expanded operations Selected Current Liabilities (As of Dec 31) | Liability | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Salaries and payroll taxes | 32,656 | 17,555 | | Other taxes and royalties | 47,715 | 36,549 | | Trade and other payables | 487,186 | 205,055 | [Note 24. Employee benefits](index=32&type=section&id=Note%2024.%20Employee%20benefits) Net liabilities for long-term employee benefits increased to $16.0 million, mainly due to a $10.2 million loss from actuarial remeasurement Employee Benefits Net Liability Movement (Year Ended Dec 31, 2024) | Description | Amount (in thousands USD) | | :--- | :--- | | Net Liability at beginning of year | (5,703) | | P&L Items (Cost of interest/services) | (489) | | OCI Items (Actuarial remeasurement) | (10,200) | | Payment of contributions | 424 | | **Net Liability at end of year** | **(15,968)** | [Note 25. Related parties' transactions and balances](index=32&type=section&id=Note%2025.%20Related%20parties'%20transactions%20and%20balances) A new related party transaction in 2024 resulted in a $4.7 million advance to VMOS S.A. for the Vaca Muerta Sur pipeline project - As of December 31, 2024, the Company has an outstanding advance of **$4,741 thousand** to VMOS S.A. related to the Vaca Muerta Sur pipeline project[185](index=185&type=chunk) [Note 26. Commitments and contingencies](index=33&type=section&id=Note%2026.%20Commitments%20and%20contingencies) The company committed to pay $26.4 million for a 10-year extension of conventional exploitation concessions in the Province of Río Negro - The Province of Río Negro approved a **10-year extension** for conventional exploitation concessions for Vista Argentina in the Entre Lomas, 25 de Mayo - Medanito S.E., and Jagüel de los Machos areas[188](index=188&type=chunk) - The extension requires Vista Argentina to pay the province **$22.0 million** for the extension and a **$4.4 million** contribution, which will be reimbursed by the operator, Aconcagua[189](index=189&type=chunk)[190](index=190&type=chunk) [Note 27. Tax regulations](index=33&type=section&id=Note%2027.%20Tax%20regulations) No significant changes in the tax regulations of Argentina and Mexico occurred during the year ended December 31, 2024 - No other significant changes in tax regulations occurred in Argentina or Mexico during the year, beyond what was disclosed in other notes[193](index=193&type=chunk) [Note 28. Subsequent events](index=33&type=section&id=Note%2028.%20Subsequent%20events) Post year-end, the company engaged in significant financing activities, including new loans over $200 million and payments for pipeline projects - In January 2025, Vista Argentina made payments of **$16.7 million** to VMOS S.A. and **$16.7 million** to YPF for the VMOS and VMOC pipeline projects, respectively[194](index=194&type=chunk) - The company signed multiple new loan agreements in January and February 2025 with various banks, including Banco de la Nacion Argentina, Banco de Galicia, and Citibank, for **significant short-term financing**[194](index=194&type=chunk)[197](index=197&type=chunk)
Earnings Preview: Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR (VIST) Q4 Earnings Expected to Decline
ZACKS· 2025-02-11 16:06
Core Viewpoint - The market anticipates a year-over-year decline in earnings for Vista Oil & Gas, despite an expected increase in revenues, which may significantly impact the stock price depending on the actual results compared to estimates [1][3]. Earnings Expectations - The upcoming earnings report is projected to show earnings of $0.90 per share, reflecting a decline of 64.3% year-over-year, while revenues are expected to reach $468.13 million, an increase of 51.4% from the previous year [3]. Estimate Revisions - The consensus EPS estimate has been revised down by 9.3% over the last 30 days, indicating a reassessment by analysts of the company's performance [4]. Earnings Surprise Prediction - The Zacks Earnings ESP model suggests that the Most Accurate Estimate aligns with the Zacks Consensus Estimate, resulting in an Earnings ESP of 0%, which complicates predictions of an earnings beat [10][11]. Historical Performance - In the last reported quarter, Vista Oil & Gas was expected to earn $1.36 per share but only achieved $0.55, leading to a surprise of -59.56%. Over the past four quarters, the company has only beaten consensus EPS estimates once [12][13]. Conclusion - Vista Oil & Gas does not currently appear to be a strong candidate for an earnings beat, and investors should consider additional factors when evaluating the stock ahead of the earnings release [16].
Vista Energy: A Growth Play In Vaca Muerta
Seeking Alpha· 2025-01-22 10:32
Company Overview - Vista Energy (NYSE: VIST) is involved in the exploration, extraction, production, and marketing of oil in Latin America, primarily based in Mexico with significant assets in the Argentine Vaca Muerta basin located in the province of Neuquen [1] Investment Focus - The company is appealing to investors looking for value in the commodities sector, particularly in oil and gas, metals, and mining, especially in emerging markets [1] - It emphasizes sustained free cash flows, low leverage, and sustainable debt levels, targeting companies in distress with high recovery potential [1] Shareholder Value - Vista Energy is noted for its pro-shareholder attitude, maintaining solid and sustained buyback programs and dividend distributions over time [1]
Vista Energy: Strong Growth, Big Potential, Fair Value
Seeking Alpha· 2024-12-17 15:34
Group 1 - Vista Energy is a leading oil and gas company operating in Argentina's Vaca Muerta basin, having been publicly listed for just over five years [1] - The company's stock price has experienced significant growth, indicating a strong performance in the market [1] Group 2 - Nabeel Bukhari, a law graduate with expertise in financial analysis, provides insights into business dynamics by combining legal knowledge with financial perspectives [1] - His work has been published on respected platforms and featured in well-known publications, enhancing the credibility of his analyses [1]
Vista Energy: Attractive Valuation, Superior Growth Profile For This LATAM Oil Stock
Seeking Alpha· 2024-11-20 02:45
Core Viewpoint - Vista Energy (NYSE: VIST) is highlighted as the best oil stock in Latin America due to its growth profile, execution track record, and valuation [1]. Group 1: Company Analysis - The article emphasizes the growth potential of Vista Energy, suggesting it has a strong execution track record and favorable valuation metrics [1]. - The analyst has updated estimates for Vista Energy and increased the price target, indicating a positive outlook for the company's stock performance [1]. Group 2: Analyst Experience - The analyst brings over 30 years of experience in critically analyzing various industries, including airlines, oil, retail, mining, fintech, and e-commerce, which adds credibility to the analysis [1]. - The analyst's background includes navigating multiple crises and entrepreneurial ventures, providing a diverse foundation for understanding market dynamics [1].
Vista Energy's Shares Gain 10% Despite Q3 Earnings Miss
ZACKS· 2024-10-28 14:05
Core Viewpoint - Vista Energy S.A.B. de CV (VIST) experienced a 10.2% increase in stock price despite reporting weak Q3 2024 earnings, likely driven by expectations of higher production levels [1] Group 1: Q3 Earnings & Revenues - VIST reported adjusted earnings per share of 55 cents for Q3, missing the Zacks Consensus Estimate of $1.36 and down from $1.29 in the prior-year quarter [2] - Quarterly revenues reached $462.4 million, up from $302.8 million year-over-year, and exceeded the Zacks Consensus Estimate of $442.5 million [2] Group 2: Production and Costs - Total production averaged 72,825 barrels of oil equivalent per day (Boe/d), a 47% increase from 49,450 Boe/d in the year-ago quarter, with 87.2% being crude oil [4] - Crude oil production rose to 63,499 barrels per day (Bbls/d) from 41,490 Bbls/d year-over-year, while natural gas liquids production increased by 36% and natural gas output by 16% [4] - Lifting expenses for Q3 were $31.6 million, a 44% increase from $21.9 million year-over-year, but lifting costs per Boe declined by 2% to $4.7 [6] Group 3: Realized Prices - The average realized crude oil price was $68.4 per barrel, up from $67.6 year-over-year, while the average realized natural gas price increased to $3.8 per million Btu from $3.3 [5] - Realized natural gas liquids price rose to $315 per metric ton from $233 [5] Group 4: Financial Position - As of September 30, 2024, VIST had $256.03 million in cash and short-term investments, with long-term debt of $725.2 million and short-term debt of $249.9 million [7] - Capital expenditure totaled $368.5 million, with net cash provided by operating activities amounting to $254.9 million [7] Group 5: Guidance and Projections - VIST aims for production of 85 MBoE/d in Q4 2024, with an annual target of 68 to 70 MBoE/d for 2024, and anticipates growth to 95 to 100 MBoE/d in 2025 [8] - Projected adjusted EBITDA for 2024 is between $1,000 million and $1,150 million, expected to rise to $1,500 million to $1,650 million in 2025, with planned capital expenditures of $1.1 billion to $1.3 billion for 2025 [9]
Vista Energy(VIST) - 2024 Q3 - Earnings Call Transcript
2024-10-24 19:22
Financial Data and Key Metrics Changes - Total production reached 72,800 BOEs per day, a 47% increase year-over-year and a 12% increase quarter-over-quarter [4][6] - Oil production was 63,500 barrels per day, reflecting a 53% year-over-year increase and an 11% quarter-over-quarter increase [4][6] - Total revenues for the quarter were $462 million, a 53% increase compared to the same quarter last year [4][7] - Adjusted EBITDA was $310 million, a 37% increase year-over-year, with an adjusted net income of $53 million, resulting in an adjusted EPS of $0.60 per share [5][9] - Free cash flow was negative at $74 million due to increased capital expenditures [11] Business Line Data and Key Metrics Changes - The company connected 12 new wells in Q3, totaling 40 new wells year-to-date, on track to meet the annual guidance of 50 to 54 new wells [6][13] - Lifting costs were $4.7 per BOE, down 2% year-over-year but up 5% sequentially due to increased costs in gathering and processing [9][10] Market Data and Key Metrics Changes - Realized oil prices averaged $68.4 per barrel, a 1% increase year-over-year but a 5% decrease quarter-over-quarter [7][8] - The company exported 3.5 million barrels of oil during the quarter, a 57% increase from the previous year [8] Company Strategy and Development Direction - The company is focused on an export-oriented strategy, increasing oil sales in international markets [8] - The 2025 guidance was updated to forecast production between 95,000 and 100,000 barrels per day, indicating over 40% growth year-over-year [12][14] - The company plans to secure additional midstream capacity and has already secured a third drilling rig and a second frac set under term contracts [11][12] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in achieving production targets and highlighted the successful execution of the annual growth program [13] - The company is optimistic about maintaining the current pricing dynamics between domestic and international oil prices due to new regulations [31] Other Important Information - The company executed a $50 million share buyback plan, totaling $100 million for the year [14] - Management indicated that they are still engaged in the competitive process for Exxon's assets in Argentina, viewing them as valuable for future growth [35][36] Q&A Session Summary Question: CapEx increase despite similar well activity - Management confirmed that the increase in CapEx was due to drilling longer laterals and more frac stages, leading to higher expected peak production [17][18] Question: Future well delivery potential - Management indicated that with the new frac set, there is potential to exceed the guidance of 52 to 60 new wells in 2025 [21][22] Question: Production evolution into 2025 - Management projected an average production of 95,000 to 100,000 barrels per day in 2025, with an exit rate above 100,000 barrels per day [26][27] Question: Local vs. export pricing dynamics - Management expects the pricing dynamics to remain stable, with local prices aligning closely with export prices [31] Question: Update on Exxon sale process - Management confirmed continued engagement in the sale process for Exxon's assets, viewing them as strategically beneficial [35][36] Question: Midstream capacity and long-term goals - Management discussed ongoing expansion plans for midstream capacity, particularly the Oldelval expansion expected in early 2025 [44] Question: Trucking activity guidance for Q4 - Management forecasted trucking volumes to average around 23,000 barrels per day in Q4 [48] Question: Lifting costs expectations - Management maintained guidance of $4.5 per barrel for lifting costs, indicating confidence in managing costs despite recent increases [50] Question: Hedging strategy for oil prices - Management stated that current regulations do not allow for a hedging program, and they do not plan to implement one in the near future [54] Question: Flexibility in 2025 guidance - Management confirmed that they have flexibility in their work program to expand production if market conditions allow [56]