Marco
Misc

OPERATIONS
VISTA KEY VALUE DRIVERS
Deep, ready-to-drill, short-cycle well inventory
Up to ~1,200 ready-to-drill locations in Vaca Muerta and 273 wells on production (149 drilled as an operator and 124 through our WI in La Amarga Chica)
Productivity of shale oil wells among best-in-basin
375.2 MMboe of proved reserves (86% oil) at YE 2024
Crude oil treatment capacity of 90 Mbbl/d in our development hub plants (excludes la Amarga Chica)
Peer-leading operating performance(1)
Q4-24 total production was 85.3 Mboe/d (125 Mboe/d pro forma)
Exported 56% of oil sales volumes during Q4-24, with 73% of total volumes sold at export parity
4.6 $/boe lifting cost in 2024 (4.1 $/boe pro forma), down 67% since 2018 (2)
Flat and agile organization, led by an experienced oil & gas management team
Robust balance sheet & financial performance(1)
Sound balance sheet with 764 $MM in cash, and a net leverage ratio of 0.6x, as of YE-24 (1.0x pro forma)
Adj. EBITDA was 1,092 in 2024 (1,759 pro forma), resulting in an Adj. EBITDA margin of 65% at 69.2$/bbl realized oil price (68% pro forma)(3)
Sustainability focused culture
Aspiring to become net zero in 2026(4), by combining strong reduction of operational carbon footprint with own portfolio of Nature Based Solutions to remove remaining emissions

(1) Pro forma values calculated as if Petronas E&P Argentina S.A. was acquired on January 1, 2024
(2) Lifting cost includes production, transportation, treatment and field support services; excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses, other operating income, other operating expense and other non-cash costs related to the transfer of conventional assets
(3) Adj. EBITDA = Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets. Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Export Increase Program)
(4) Scope 1 & 2 GHG emissions from our operated assets at 100% working interest
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ARGENTINA
Unique 'pure-play' public investment opportunity in Vaca Muerta.
ARGENTINA ASSETSArrow
P1 Reserves at YE 2024: 375.2 MMboe (99% operated, 86% oil)
Production Q4-24: 84.8 Mboe/d (95% operated, 86% oil) and 124.5 Mboe/d on a pro forma basis(1)

• ~229,000 net acres in the Vaca Muerta formation
• Identified up to 1,474 new well locations, of which 550 are in Bajada del Palo Oeste, 150 in Aguada Federal, 150 in Bajada del Palo Este, 150 in Bandurria Norte, 100 in Águila Mora, 50 in Coirón Amargo Norte and 324 en La Amarga Chica
• Potential upside by de-risking additional landing zones
• Crude oil treatment capacity of 90 Mbbl/d in our development hub plant (excludes La Amarga Chica)
• Shale oil concessions expiring in 2050
(1) Pro forma values calculated as if Petronas E&P Argentina S.A. was acquired on January 1, 2024
Mapa
Águila Mora
• Net acres: 21,128 (90% WI)
• License term: 2054
• Operator: Vista
• Commitment: capital expenditure of 32 $MM
Bajada del Palo Este
• Net acres: 48,853 (100% WI)
• License term: 2053
• Operator: Vista
• Commitment: capital expenditure of 52 $MM
• Inventory: Identified up to 150 well locations
• Production: 3.0 Mboe/d in Q1-23
Bajada del Palo Oeste
• Net acres: 62,641 (100% WI)
• License term: 2053
• Operator: Vista
• Idetified up to 550 well locations having tested 3 landing zones
• Production: 33.2 Mboe/d in Q1-23
Bandurria Norte
• Net acres: 26,404 (100% WI)
• License term: 2050
• Operator: Vista
• Inventory: Identified up to 150 well locations
Aguada Federal
• Net acres: 24,058 (100% WI)
• License term: 2050
• Operator: Vista
• Inventory: Identified up to 150 well locations
• Production: : 5.3 Mboe/d in Q1-23

MEXICO
Mexico assetsArrow
P1 Reserves at YE 2024: 9.8 MMboe
Q4-24 production: 0.5 Mboe/d

cs-01
We hold 100% operating working interest in the contract for block CS-01 in the Macuspana basin
Incremental production through different activities to produce undeveloped reserves at upper Zargazal and Amate formations, which have original pressure and hydrocarbon saturation
Future upside will come from field developments, infrastructure upgrades and exploration of untested deeper formations
Mapa