Exhibit 1
Vista Oil & Gas Results of the Full Year 2019 and the
Fourth Quarter of 2019
February 26, 2020, Mexico City, Mexico
Vista Oil & Gas, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST in the New York Stock Exchange and BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results for the full year of 2019 and the fourth quarter (“Q4”) of 2019.
Full year 2019 and Q4 2019 highlights:
• | During 2019, total production was 29,112 barrels of oil equivalent per day (boe/d), composed of 18,244 barrels of oil per day, representing 63% of the total production, 1.62 million cubic meters per day (MMm3/d) of natural gas, representing 35% of the total production, and 700 boe/d of NGL, representing the remaining 2%. Total production in 2019 increased 19%vis-à-vis total production in 2018, which was 24,470 boe/d. |
• | Total proved reserves increased to 101.8 million barrels of oil equivalent (MMBOE) in 2019, a 77% increase compared to 2018, with an implied reserves replacement ratio of 516%. |
• | Adjusted EBITDA for 2019 was 170.9 million U.S. dollars ($MM), resulting in an Adjusted EBITDA margin of 41%. Compared to Adjusted EBITDA for 2018, this implies a 12% decrease, mainly driven by lower realized prices, which were partially offset by higher production and lower operating costs. |
• | In 2019 the Company further reduced lifting cost, reaching 10.8 U.S. dollars per barrel of oil equivalent ($/boe), a 22% reduction compared to 2018. |
• | During 2019, the average crude oil realized price was 53.0 U.S. dollars per barrel of oil ($/bbl), 21% lower than 2018. Natural gas realized price for 2019 was 3.3 U.S. dollars per million British thermal unit ($/MMBTU), 27% lower than 2018. |
• | Total 2019 CAPEX was 224.1 $MM, of which 117.7 $MM were invested in the Company’s shale oil operated projects, 49.0 $MM were invested in conventional projects and 57.4 $MM in facilities and other projects. During 2019 the Company drilled and completed 8 wells in the shale development in Bajada del Palo Oeste. In addition, 19 conventional wells were drilled and completed. |
• | In Q4 2019, our total production was 30,026 boe/d, 21.5% above Q4 2018. Average daily production was composed of: 18,720 barrels of oil per day (bbl/d), 29.4% above Q4 2018; 1.69 MMm3/d of natural gas, 11.5% above Q4 2018; and 675 boe/d of natural gas liquids (NGL). Total operated production represented 97% of total production in Q4 2019. |
• | During Q4 2019, our total shale production was 6,994 boe/d, representing 23% of our total production. |
• | Total conventional production was 23,032 boe/d in Q4 2019, decreasing 7%y-o-y. |
• | Net revenues in Q4 2019 were 96.4 $MM, 7.4% lower than the 104.1 $MM generated in Q4 2018, due to lower realized prices. |
• | In Q4 2019, the average crude oil realized price was 48.1 $/bbl, 26.6% lower than Q4 2018, mainly due to the impact of a Presidential Decree freezing the domestic crude oil price in Argentina in local currency. |
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• | Natural gas realized price for Q4 2019 was 2.2 $/MMBTU, a 45.0% decreasey-o-y, mainly due to an over-supplied market, impacting the realized sales prices of all segments. |
• | Average lifting cost in Q4 2019 was 9.3 $/boe, representing a 26.2% decrease compared to the average lifting cost in Q4 2018, which was 12.6 $/boe. |
• | Consolidated adjusted EBITDA for Q4 2019 reached 35.7 $MM, 12% below Q4 2018 and resulting in an adjusted EBITDA margin of 37%. |
• | In Q4 2019 CAPEX was 28.4 $MM, 12.1 $MM of which were invested in Vista’s Vaca Muerta development project in Bajada del Palo Oeste. The decrease in CAPEX compared to the previous quarter, when CAPEX was 56.1 $MM, was due to the temporary halt in drilling and completion activity, which was resumed in Q1 2020. |
• | End of quarter cash balance was 239.5 $MM(1), while gross debt totaled 451.4 $MM, resulting in a net debt of 211.9 $MM, and a net leverage ratio of 1.2 times last twelve months (LTM) adjusted EBITDA. |
• | Q4 2019 net loss was 44.2 $MM mainly driven by an increase in the value of warrants due to the rise in the Company´s stock price, and an increase in deferred income tax. |
(1) | Excludes 20 $MM of cash and cash equivalents held by Aleph Midstream S.A. |
Vista Oil & Gas Q4 2019 results
Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals, due to rounding up.
Production
Total average net daily production
Q4 2019 | Q3 2019 | Q4 2018 | D y.o.y. (%) | D q.o.q. (%) | ||||||||||||||||
Total (boed) | 30,026 | 31,637 | 24,718 | 21.5 | % | (5.1 | )% | |||||||||||||
Oil (bbld) | 18,720 | 20,281 | 14,468 | 29.4 | % | (7.7 | )% | |||||||||||||
Natural Gas (MMm3d) | 1.69 | 1.68 | 1.52 | 11.5 | % | 0.3 | % | |||||||||||||
NGL (bbld) | 675 | 761 | 716 | (5.7 | )% | (11.2 | )% |
y-o-y. (%): represents the percentage variation in Q4 2019 compared to Q4 2018.
q-o-q. (%): represents the percentage variation in Q4 2019 compared to Q3 2019.
Average daily production during Q4 2019 was 30,026 boe/d, comprised by 18,720 bbl/d of oil, representing 62.3% of total production, 1.69 MMm3/d of natural gas and 675 boe/d of natural gas liquids.
Total operated production during Q4 2019 was 29,266 boe/d, 97% of total production. Total shale production was 6,994 boe/d, including 6,687 boe/d of shale operated production in Bajada del Palo Oeste and 147 boe/d in Águila Mora and 159 boe/d of shalenon-operated production in Coirón Amargo Sur Oeste (CASO).
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Q4 2019 Average net daily production by asset
Interest | Oil (bbl/d) | Natural Gas (MMm3/d) | NGL (bbl/d) | Total (boe/d) | % Total daily average | |||||||||||||||||||
Fields total at working interest | 18,720 | 1.69 | 675 | 30,026 | 100 | % | ||||||||||||||||||
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Entre Lomas | 100 | % | 4,244 | 0.44 | 606 | 7,648 | 25 | % | ||||||||||||||||
Bajada del Palo Este | 100 | % | 554 | 0.11 | 53 | 1,281 | 4 | % | ||||||||||||||||
Bajada del Palo Oeste conventional | 100 | % | 1,111 | 0.70 | — | 5,499 | 18 | % | ||||||||||||||||
Bajada del Palo Oeste shale | 100 | % | 5,862 | 0.13 | — | 6,687 | 22 | % | ||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 100 | % | 268 | 0.05 | 16 | 621 | 2 | % | ||||||||||||||||
25 de Mayo-Medanito | 100 | % | 2,965 | 0.03 | — | 3,177 | 11 | % | ||||||||||||||||
Jagüel de los Machos | 100 | % | 3,014 | 0.16 | — | 3,991 | 13 | % | ||||||||||||||||
Coirón Amargo Norte | 55 | % | 184 | 0.00 | — | 214 | 1 | % | ||||||||||||||||
Coirón Amargo Sur Oeste(non-operated) | 10 | % | 141 | 0.00 | — | 159 | 1 | % | ||||||||||||||||
Aguila Mora | 90 | % | 147 | 0.00 | — | 147 | 0 | % | ||||||||||||||||
Acambuco(non-operated) | 1.5 | % | 22 | 0.03 | — | 182 | 1 | % | ||||||||||||||||
BlocksCS-01,A-10 andTM-01 (Mexico) | 50 | % | 209 | 0.03 | — | 418 | 1 | % |
During Q4 2019, Entre Lomas (including Entre Lomas Neuquén and Entre Lomas Río Negro) block represented 25% of total production, 25 de Mayo-Medanito and Jagüel de los Machos blocks represented 24%, Bajada del Palo Oeste represented 41%, Bajada del Palo Este block represented 4%, Agua Amarga (Jarrilla Quemada and Charco del Palenque concessions) represented 2%, and Coirón Amargo Norte represented 1% of the quarterly total production. The production from our blocks in Mexico represented 1% of our total average daily production and the remaining less than 2% comes from Acambuco and CASO,non-operated blocks in Argentina. For further detailed information on production, please see Annex “Historical operational data”.
Reserves
Year-end proved (“P1”) reserves increased to 101.8 MMboe in 2019, a 77% increase compared to the 57.6 MMboe booked atyear-end 2018, as certified by the Company’s independent qualified reserves auditor, DeGolyer and MacNaughton. The increase was mainly driven by our shale oil development in Bajada del Palo Oeste, which added 49.2 MMboe. The implied reserves replacement ratio at YE 2019 was 516%, resulting from a reserves replacement ratio of 633% in oil reserves and 298% in gas reserves.
Proved reserves - in MMboe | Oil(1) | Natural gas | Total | |||||||||
Total proved reserves | ||||||||||||
YE 2018 | 34.2 | 23.4 | 57.6 | |||||||||
(-) Production | (6.9 | ) | (3.7 | ) | (10.6 | ) | ||||||
(+) Additions | 43.8 | 11.1 | 54.8 | |||||||||
YE 2019 | 71.0 | 30.8 | 101.8 | |||||||||
ChangeYE-2018 toYE-2019 | 36.8 | 7.4 | 44.2 | |||||||||
Reserves replacement ratio | 633 | % | 298 | % | 516 | % |
(1) | For the reserves replacement ratio, oil includes crude oil, condensate and NGL; NGLs represent less than 2% of total reserves |
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As stated above, shale reserves were the driver of reserves growth. During 2019 Vista proved the quality of its Vaca Muerta acreage with the drilling and completion of its first 8 wells, which were, on average, 28% above the Company’s type curve for the first 180 days of cumulative production. Such increase totaled 49.2 MMboe, as a result of an increase of 41.4 MMboe in oil reserves and the remaining 7.8 MMboe from gas reserves. The type curves for the Bajada del Palo Oeste wells supporting the 2019 reserves report accumulates between 0.9 and 1.1 MMboe per well, assuming a lateral length of 2,450 meters and 40 frac stages per well (spacing of 60 meters between stages).
The 2019 reserves were calculated with a price of 55.26 $/bbl for oil, 22.76 $/boe for NGL and 3.72 $/Mft3.
The breakdown of reserves per product and concession as ofyear-end 2019 is the following:
Proved reserves - in MMboe | Oil | Natural gas | Total | |||||||||
Concession | ||||||||||||
Bajada del Palo Oeste | 45.3 | 17.4 | 62.7 | |||||||||
Bajada del Palo Oeste Conventional | 2.3 | 9.5 | 11.7 | |||||||||
Bajada del Palo Oeste Vaca Muerta | 43.0 | 7.9 | 50.9 | |||||||||
Bajada del Palo Este | 1.5 | 1.5 | 2.9 | |||||||||
Coirón Amargo Norte | 0.3 | 0.1 | 0.4 | |||||||||
Agua Amarga(1) | 0.8 | 0.2 | 0.9 | |||||||||
Entre Lomas Río Negro | 8.0 | 8.1 | 16.2 | |||||||||
Entre Lomas Neuquén | 1.9 | 0.9 | 2.8 | |||||||||
Jaguel de los Machos | 5.2 | 1.5 | 6.7 | |||||||||
25 de Mayo-Medanito SE | 6.3 | 0.3 | 6.7 | |||||||||
Coirón Amargo Suroeste | 1.4 | 0.2 | 1.6 | |||||||||
Acambuco | 0.0 | 0.5 | 0.6 | |||||||||
BlocksCS-01,A-10 andTM-01 | 0.2 | 0.1 | 0.3 | |||||||||
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Total | 71.0 | 30.8 | 101.8 |
(1) | Includes Jarilla Quemada and Charco del Palenque |
Revenues
Revenues per product - in $MM | Q4 2019 | Q3 2019 | Q4 2018 | D y.o.y. (%) | D q.o.q. (%) | |||||||||||||||
Total | 96.4 | 105.4 | 104.1 | -7.4 | % | -8.5 | % | |||||||||||||
Oil | 82.8 | 84.7 | 82.9 | -0.1 | % | -2.2 | % | |||||||||||||
Natural Gas | 13.1 | 19.2 | 19.2 | -31.8 | % | -31.8 | % | |||||||||||||
NGL and others | 0.5 | 1.6 | 2.0 | -75.0 | % | -68.8 | % |
Average Realized Prices
Product | Q4 2019 | Q3 2019 | Q4 2018 | D y.o.y. (%) | D q.o.q. (%) | |||||||||||||||
Oil ($/bbl) | 48.1 | 48.7 | 65.5 | -26.6 | % | -1.2 | % | |||||||||||||
Natural gas ($/MMBTU) | 2.2 | 3.5 | 4.0 | -45.0 | % | -37.1 | % | |||||||||||||
NGL ($/tn) | 234 | 262 | 314 | -25.4 | % | -10.6 | % |
During Q4 2019, total revenues were 96.4 $MM, 7.4% lower than Q4 2018. While oil revenues were stable due to the increase in oil production, natural gas revenues decreased 31.8%y-o-y.
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Crude oil revenues in Q4 2019 totaled 82.8 $MM, 0.1% below Q4 2018, as the increase in volumes sold was offset by a reduction of 26.6% in realized crude oil price to an average of 48.1 $/bbl. The decrease was mainly due to the Presidential Decree that froze the Argentine domestic crude oil price in local currency. Crude oil was mainly sold to domestic refineries, primarily to Raízen and Trafigura.
Natural gas revenues represented 13.6% of total revenues. During Q4 2019, sales were made to a diversified portfolio of industrial clients, representing 53% of total natural gas volumes, at an average realized price of 2.1 $/MMBTU; 33% to distribution companies and CNG clients, at an average price of 3.0 $/MMBTU; whereas the remaining sales were made to the power generation segment at an average price of 2.0 $/MMBTU. The total average price of natural gas sales for the quarter was 2.2 $/MMBTU, 45.0% below Q4 2018, impacted by a lower average realized price in all segments due to an oversupplied domestic market.
Natural gas liquids sales were 0.5 $MM during Q4 2019, representing 0.6% of total sales. NGL volumes were allocated to the Argentine market at an average price of 234 U.S. dollars per ton ($/tn).
Operating Expenses
Q4 2019 | Q3 2019 | Q4 2018 | D y.o.y. (%) | |||||||||||||
Operating Expenses ($MM) | 25.7 | 28.4 | 28.6 | -10.1 | % | |||||||||||
Lifting cost ($/boe) | 9.3 | 9.8 | 12.6 | -26.2 | % |
During Q4 2019, operational expenses were 25.7 $MM, a 10.1% decreasey-o-y, whereas the average lifting cost in Q4 2019 was 9.3 $/boe, a 26.2% decrease compared to Q4 2018. This decrease was mainly the result of theramp-up in shale production with minimal incremental cost.
Adjusted EBITDA
Adjusted EBITDA reconciliation ($MM) | Q4 2019 | Q3 2019 | Q4 2018 | D y.o.y. (%) | ||||||||||||
Net (loss) / profit for the period | (44.2 | ) | 21.5 | 42.4 | ||||||||||||
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(+) Income tax (expense) / benefit | 17.8 | (6.0 | ) | (12.2 | ) | |||||||||||
(+) Financial results, net | 21.2 | (14.8 | ) | (2.6 | ) | |||||||||||
(+) Investments results | 0.1 | (0.1 | ) | — | ||||||||||||
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Operating profit | (5.2 | ) | 0.6 | 27.5 | ||||||||||||
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(+) Depreciation | 38.4 | 45.9 | 11.5 | |||||||||||||
(+) Restructuring expenses | 2.5 | 0.0 | 1.3 | |||||||||||||
(+) Other adjustments | — | — | — | |||||||||||||
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Adjusted EBITDA(1) | 35.7 | 46.6 | 40.4 | -11.5 | % | |||||||||||
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Adjusted EBITDA Margin (%)(2) | 37 | % | 44 | % | 39 | % | -2% | p.p. |
(1) | Adjusted EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments. |
(2) | Change expressed as a difference in percentage points. |
Note: amounts may not sum due to rounding
Adjusted EBITDA was 35.7 $MM in Q4 2019, 11.5% below Q4 2018, including (1.36) $MM EBITDA from the consolidation of Aleph Midstream, and resulting in an adjusted EBITDA margin of 37% for Q4 2019.
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Net Profit / Loss
Vista recorded a net loss of 44.2 $MM in Q4 2019,mainly driven by an increase in the value of warrants due to the rise in the Company´s stock price, and an increase in deferred taxes.
Operational Update
Vista’s total capital expenditures (CAPEX) in Q4 2019 was 28.4 $MM. The Company invested 7.3 $MM in drilling and completion of conventional activity, mainly to drill 1 well and complete 2 wells in Bajada del Palo Oeste and 1 well workover inCS-01 block in Mexico.
CAPEX in shale activity was 7.6 $MM, of which 5.6 $MM were invested in Vista’s Vaca Muerta development project in Bajada del Palo Oeste and 2.0 $MM in the bonus payment to the Province of Neuquén for the conversion of the Aguila Mora block to an unconventional exploitation concession.
Additionally, CAPEX in facilities and others was 13.5 $MM in the Q4 2019.
Financial overview
During Q4 2019, in a context of low realized oil prices and volatile exchange rate, the Company maintained a solid balance sheet. Cash and cash equivalents position as of December 31, 2019 was 239.5 $MM(1), while the financial debt totaled 451.4 $MM, resulting in a net debt of 211.9 $MM. The implied net leverage ratio was 1.2 times LTM Adjusted EBITDA. During Q4 2019, cash flow from operations was 50.9 $MM(2).
(1) | Excludes 20 $MM of cash and cash equivalents held by Aleph Midstream S.A. |
(2) | Excludes 4.3 $MM cash flow from operations of Aleph Midstream S.A. |
Outstanding bonds
Instrument | Issuer | Issue date | Maturity | Gross proceeds ($MM) | Type | Interest rate (%) | Currency | Market | ||||||||||||||||||||||||
ON clase I | | Vista Oil & Gas Argentina S.A.U. | | 7/31/2019 | 7/31/2021 | 50 | Bullet at maturity | 7.88 | % | USD | | BCBA Argentina | | |||||||||||||||||||
ON clase II | | Vista Oil & Gas Argentina S.A.U. | | 8/7/2019 | 8/7/2022 | 50 | Bullet at maturity | 8.50 | % | USD | | BCBA Argentina | | |||||||||||||||||||
ON clase III(1) | | Vista Oil & Gas Argentina S.A.U. | | 2/21/2020 | 2/21/2024 | 50 | Bullet at maturity | 3.50 | % | USD | | BCBA Argentina | |
(3) | ON clase III was issued during Q1 2020 |
Aleph Midstream Update
As of December 31, 2019, Vista is exposed to risk or variable returns from its involvement with the entity, so the Company has assessed it has the control of Aleph and consolidates the financial information of said subsidiary as of December 31, 2019. For further detailed information on the considered figures, please see Annex “Aleph Midstream”.
On February 26, 2020 Vista’s Board of Directors approved changes to the participation of the Company in the capital structure of Aleph Midstream. The Company has reached an agreement with affiliates of Riverstone and Southern Cross Group (the “Financial Sponsors”) to purchase all of the issued and outstanding equity interests of each of the Financial Sponsors in Aleph Midstream, at an aggregate purchase price of $37.5 million (equivalent to the entire equity effectively contributed to Aleph Midstream by the Financial Sponsors).
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As a result of such transaction, Aleph Midstream, the first midstream player focused on providing gathering, processing and evacuation services for oil and gas production in the Neuquina Basin, will become a wholly owned subsidiary of Vista, run by a dedicated and experienced management team, with a multi-client approach to pursue the growing business opportunities in the Vaca Muerta play.
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Vista Oil & Gas S.A.B. de C.V.
Historical operational data
Average daily production by field, totals and by product
Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | ||||||||||||||||
Total production by field(Mboe/d) | 30,026 | 31,637 | 29,016 | 25,693 | 24,718 | |||||||||||||||
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Entre Lomas | 7,648 | 8,618 | 8,644 | 8,855 | 8,253 | |||||||||||||||
Bajada del Palo Este(1) | 1,281 | 1,349 | 1,439 | 1,443 | 1,439 | |||||||||||||||
Bajada del Palo Oeste conventional(1) | 5,499 | 4,944 | 4,076 | 4,786 | 4,962 | |||||||||||||||
Bajada del Palo Oeste shale | 6,687 | 7,501 | 4,823 | 582 | ||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 621 | 657 | 671 | 748 | 845 | |||||||||||||||
25 de Mayo-Medanito | 3,177 | 3,370 | 3,701 | 3,899 | 4,433 | |||||||||||||||
Jagüel de los Machos | 3,991 | 4,224 | 4,551 | 4,463 | 4,230 | |||||||||||||||
Coirón Amargo Norte | 214 | 236 | 313 | 266 | 279 | |||||||||||||||
Acambuco | 182 | 186 | 198 | 200 | 63 | |||||||||||||||
Águila Mora | 147 | — | — | — | — | |||||||||||||||
Coirón Amargo Sur Oeste | 159 | 165 | 308 | 69 | 213 | |||||||||||||||
BlocksCS-01,A-10 andTM-01 | 418 | 388 | 293 | 382 | ||||||||||||||||
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Crude oil production by field(Mboe/d)(2) | 18,720 | 20,281 | 18,825 | 15,087 | 14,468 | |||||||||||||||
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Entre Lomas | 4,244 | 4,715 | 4,773 | 4,973 | 4,771 | |||||||||||||||
Bajada del Palo Este(1) | 554 | 574 | 618 | 586 | 610 | |||||||||||||||
Bajada del Palo Oeste conventional(1) | 1,111 | 988 | 1,011 | 1,121 | 1,184 | |||||||||||||||
Bajada del Palo Oeste shale | 5,862 | 6,733 | 4,425 | 507 | ||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 268 | 303 | 336 | 376 | 407 | |||||||||||||||
25 de Mayo-Medanito | 2,965 | 3,213 | 3,509 | 3,671 | 3,942 | |||||||||||||||
Jagüel de los Machos | 3,014 | 3,176 | 3,443 | 3,380 | 3,212 | |||||||||||||||
Coirón Amargo Norte | 184 | 217 | 264 | 226 | 264 | |||||||||||||||
Acambuco | 22 | 22 | 27 | 23 | 56 | |||||||||||||||
Águila Mora | 147 | — | — | — | — | |||||||||||||||
Coirón Amargo Sur Oeste | 141 | 147 | 274 | 61 | 22 | |||||||||||||||
BlocksCS-01,A-10 andTM-01 | 209 | 194 | 144 | 162 | ||||||||||||||||
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Natural Gas production by field(Mboe/d)(3) | 10,631 | 10,594 | 9,450 | 9,983 | 9,534 | |||||||||||||||
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Entre Lomas | 2,799 | 3,221 | 3,207 | 3,318 | 2,841 | |||||||||||||||
Bajada del Palo Este(1) | 673 | 715 | 762 | 808 | 819 | |||||||||||||||
Bajada del Palo Oeste conventional(1) | 4,388 | 3,956 | 3,066 | 3,665 | 3,730 | |||||||||||||||
Bajada del Palo Oeste shale | 825 | 768 | 397 | 75 | ||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 336 | 334 | 317 | 360 | 421 | |||||||||||||||
25 de Mayo-Medanito | 212 | 157 | 192 | 227 | 492 | |||||||||||||||
Jagüel de los Machos | 978 | 1,048 | 1,108 | 1,084 | 1,018 | |||||||||||||||
Coirón Amargo Norte | 31 | 20 | 49 | 40 | 15 | |||||||||||||||
Acambuco | 161 | 164 | 171 | 177 | 7 | |||||||||||||||
Águila Mora | — | — | — | — | — | |||||||||||||||
Coirón Amargo Sur Oeste | 19 | 18 | 33 | 8 | 191 | |||||||||||||||
BlocksCS-01,A-10 andTM-01 | 210 | 194 | 148 | 220 | ||||||||||||||||
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NGL production by field(boe/d) | 675 | 761 | 741 | 623 | 716 | |||||||||||||||
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Entre Lomas | 606 | 682 | 665 | 564 | 641 | |||||||||||||||
Bajada del Palo Este | 53 | 59 | 59 | 48 | 10 | |||||||||||||||
Bajada del Palo Oeste conventional | — | — | — | — | 47 | |||||||||||||||
Bajada del Palo Oeste shale | — | — | — | — | ||||||||||||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 16 | 20 | 18 | 12 | 18 |
Notes:
(1) | Until 2018, Bajada del Palo was one single concession. |
(2) | Acambuco includes condensate |
(3) | Excludes natural gas consumption, flared or reinjected natural gas. |
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Oil and Gas concessions | WI (%) | Operated / Non-Operated | Target | Basin | Country | |||||||
Entre Lomas Neuquén | 100 | % | Operated | Conventional | Neuquina | Argentina | ||||||
Entre Lomas Río Negro | 100 | % | Operated | Conventional | Neuquina | Argentina | ||||||
Bajada del Palo Oeste / Este | 100 | % | Operated | Conventional | Neuquina | Argentina | ||||||
Bajada del Palo Oeste shale | 100 | % | Operated | Shale | Neuquina | Argentina | ||||||
Agua Amarga (Jarilla Quemada, Charco del Palenque) | 100 | % | Operated | Conventional | Neuquina | Argentina | ||||||
25 de Mayo-Medanito | 100 | % | Operated | Conventional | Neuquina | Argentina | ||||||
Jagüel de los Machos | 100 | % | Operated | Conventional | Neuquina | Argentina | ||||||
Coirón Amargo Norte | 55 | % | Operated | Conventional | Neuquina | Argentina | ||||||
Coirón Amargo Sur Oeste | 10 | % | Non-operated | Shale | Neuquina | Argentina | ||||||
Águila Mora | 90 | % | Operated | Shale | Neuquina | Argentina | ||||||
Acambuco | 1.5 | % | Non-operated | Conventional | Noroeste | Argentina | ||||||
BlockCS-01 | 50 | % | Non-operated | Conventional | Del Sureste | México | ||||||
BlockA-10 | 50 | % | Non-operated | Conventional | Del Sureste | México |
Note: Not showing blocks without production, Bajada del Palo Este unconventional, Sur Rio Deseado Este andTM-01
Page 10
Vista Oil & Gas S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
Key Results - in $M | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | |||||||||||||||
Total Revenues | 96,445 | 105,443 | 120,361 | 93,727 | 104,103 | |||||||||||||||
Oil | 82,833 | 84,668 | 97,500 | 73,271 | 82,910 | |||||||||||||||
Natural Gas | 13,078 | 19,200 | 20,171 | 19,075 | 19,176 | |||||||||||||||
NGL and others | 534 | 1,575 | 2,690 | 1,381 | 2,017 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Cost of Sales | -78,064 | -91,415 | -92,938 | -65,713 | -57,623 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating expenses | -25,716 | -28,427 | -32,519 | -27,769 | -28,556 | |||||||||||||||
Stock fluctuation | -698 | -2,365 | 2,047 | 1,326 | (1,241 | ) | ||||||||||||||
Depreciation | -38,361 | -45,895 | -44,274 | -24,471 | -11,473 | |||||||||||||||
Royalties | -13,289 | -14,728 | -18,192 | -14,799 | -16,353 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Gross profit | 18,381 | 14,028 | 27,423 | 28,014 | 46,480 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Selling expenses | -6,745 | -6,851 | -7,847 | -5,695 | -8,133 | |||||||||||||||
General and administrative expenses | -13,248 | -8,278 | -12,169 | -8,705 | -7,492 | |||||||||||||||
Exploration expenses | -65 | 333 | -818 | -126 | -457 | |||||||||||||||
Other operating income | 907 | 948 | 1,123 | 627 | (238 | ) | ||||||||||||||
Other operating expenses, net | -4,426 | 455 | -531 | -2,118 | -2,615 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating profit (loss) | -5,196 | 635 | 7,181 | 11,997 | 27,545 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA Reconciliation ($M) | Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | |||||||||||||||
Net (loss) / profit for the period | (44,248 | ) | 21,499 | 3,702 | (13,678 | ) | 42,379 | |||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(+) Income tax (expense) / benefit | 17,797 | (5,961 | ) | (1,305 | ) | 5,705 | (12,198 | ) | ||||||||||||
(+) Financial results, net | 21,172 | (14,819 | ) | 4,784 | 19,970 | (2,636 | ) | |||||||||||||
(+) Investments results | 84 | (84 | ) | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Operating profit (loss) | (5,196 | ) | 635 | 7,181 | 11,997 | 27,545 | ||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
(+) Depreciation | 38,361 | 45,895 | 44,274 | 24,471 | 11,473 | |||||||||||||||
(+) Restructuring expenses | 2,542 | 35 | — | 667 | 1,336 | |||||||||||||||
(+) Other adjustments(2) | — | — | — | — | ||||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA | 35,707 | 46,565 | 51,455 | 37,135 | 40,354 | |||||||||||||||
|
|
|
|
|
|
|
|
|
| |||||||||||
Adjusted EBITDA Margin (%) | 37 | % | 44 | % | 43 | % | 40 | % | 39 | % | ||||||||||
Q4 2019 | Q3 2019 | Q2 2019 | Q1 2019 | Q4 2018 | ||||||||||||||||
Operating Expenses ($MM) | 25.7 | 28.4 | 32.5 | 27.8 | 28.6 | |||||||||||||||
Lifting cost ($/boe) | 9.3 | 9.8 | 12.3 | 12.0 | 12.6 |
Page 11
Vista Oil & Gas S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
As of December 31, 2019 | As of December 31, 2018 | |||||||
Property, plant and equipment | 917,066 | 820,722 | ||||||
Goodwill | 28,484 | 28,484 | ||||||
Other intangible assets | 34,029 | 31,600 | ||||||
Right-of-use assets | 16,624 | — | ||||||
Trade and other receivables | 15,883 | 20,191 | ||||||
Deferred income tax | 476 | — | ||||||
Totalnon-current assets | 1,012,562 | 900,997 | ||||||
Inventories | 19,106 | 18,187 | ||||||
Trade and other receivables | 93,437 | 86,050 | ||||||
Cash, bank balances and other short-term investments | 260,028 | 80,908 | ||||||
Total current assets | 372,571 | 185,145 | ||||||
|
|
|
| |||||
Total assets | 1,385,133 | 1,086,142 | ||||||
|
|
|
| |||||
Deferred income tax liabilities | 147,019 | 133,757 | ||||||
Leases liabilities | 9,372 | — | ||||||
Provisions | 21,146 | 16,186 | ||||||
Borrowings | 389,096 | 294,415 | ||||||
Warrants | 16,860 | 23,700 | ||||||
Employee defined benefit plans obligation | 4,469 | 3,302 | ||||||
Accounts payable and accrued liabilities | 419 | 1,007 | ||||||
Totalnon-current liabilities | 588,381 | 472,367 | ||||||
Provisions | 3,423 | 4,140 | ||||||
Leases liabilities | 7,395 | — | ||||||
Borrowings | 62,317 | 10,352 | ||||||
Salaries and social security payable | 12,553 | 6,348 | ||||||
Income tax payable | 3,039 | 22,429 | ||||||
Other taxes and royalties payable | 6,040 | 6,515 | ||||||
Accounts payable and accrued liabilities | 98,269 | 84,334 | ||||||
Total current liabilities | 193,036 | 134,118 | ||||||
|
|
|
| |||||
Total liabilities | 781,417 | 606,485 | ||||||
|
|
|
| |||||
Total equity | 603,716 | 479,657 | ||||||
|
|
|
| |||||
Total liabilities and equity | 1,385,133 | 1,086,142 | ||||||
|
|
|
|
Page 12
Vista Oil & Gas S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
For the period from October 1st to December 31, 2019 | For the period from October 1st to December 31, 2018 | |||||||
Revenue from contract with customers | 96,445 | 104,103 | ||||||
Revenues from crude oil sales | 82,833 | 82,910 | ||||||
Revenues from natural gas sales | 13,078 | 19,175 | ||||||
Revenues from NGL | 534 | 2,018 | ||||||
Cost of sales | (78,064 | ) | (57,623 | ) | ||||
Operating expenses | (25,716 | ) | (28,556 | ) | ||||
Crude oil stock fluctuation | (698 | ) | (1,241 | ) | ||||
Depreciation, depletion and amortization | (38,361 | ) | (11,473 | ) | ||||
Royalties | (13,289 | ) | (16,353 | ) | ||||
|
|
|
| |||||
Gross profit | 18,381 | 46,480 | ||||||
|
|
|
| |||||
Selling expenses | (6,745 | ) | (8,133 | ) | ||||
General and administrative expenses | (13,248 | ) | (7,492 | ) | ||||
Exploration expenses | (65 | ) | (457 | ) | ||||
Other operating income | 907 | (238 | ) | |||||
Other operating expenses | (4,426 | ) | (2,615 | ) | ||||
|
|
|
| |||||
Operating profit (loss) | (5,196 | ) | 27,545 | |||||
|
|
|
| |||||
Investments in associates | (84 | ) | — | |||||
|
|
|
| |||||
Interest income | 3,073 | 2,151 | ||||||
Interest expense | (13,854 | ) | (4,622 | ) | ||||
Other financial results | (10,391 | ) | 5,107 | |||||
|
|
|
| |||||
Financial results, net | (21,172 | ) | 2,636 | |||||
|
|
|
| |||||
(Loss) Profit before income taxes | (26,452 | ) | 30,181 | |||||
|
|
|
| |||||
Current income tax (expense) | (3,473 | ) | (6,026 | ) | ||||
Deferred income tax (expense)/ benefit | (14,324 | ) | 18,224 | |||||
|
|
|
| |||||
Income tax expense | (17,797 | ) | 12,198 | |||||
|
|
|
| |||||
Net (loss) profit for the year/ period | (44,249 | ) | 42,379 | |||||
|
|
|
| |||||
Other comprehensive loss | (1,163 | ) | (4,412 | ) | ||||
|
|
|
| |||||
Total comprehensive (loss) profit for the period | (45,412 | ) | 37,967 | |||||
|
|
|
|
Page 13
Vista Oil & Gas S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
For the period from October 1st to December 31, 2019 | For the period from October 1st to December 31, 2018 | |||||||
Net profit / (loss) for the period | (44,249 | ) | 42,379 | |||||
Adjustments to reconcile net cash flows provided by (used in) operating activities: | ||||||||
Non-cash items related with operating activities: | ||||||||
(Reversal in)/Allowances for expected credit losses | 284 | 536 | ||||||
Foreign currency exchange difference, net | 1,600 | (15,630 | ) | |||||
Unwinding of discount on asset retirement obligation | 514 | 394 | ||||||
Increase of provisions, net | 718 | 1,270 | ||||||
Interest expense leases | 821 | — | ||||||
Effect of discount of assets and liabilities at present value | (849 | ) | 2,743 | |||||
Share-based payment expense | 3,123 | 1,471 | ||||||
Employee defined benefits obligation | (345 | ) | — | |||||
Income tax | 17,797 | (12,198 | ) | |||||
Non-cash items related with investing activities: | ||||||||
Depreciation and depletion | 37,798 | 11,074 | ||||||
Amortization of intangible assets | 563 | 399 | ||||||
Interest income | (3,073 | ) | (2,151 | ) | ||||
Change in the fair value of financial assets | (6,131 | ) | 17 | |||||
Investment in associate | 84 | |||||||
Non-cash items related with financing activities: | ||||||||
Interest expense | 13,854 | 4,622 | ||||||
Changes in the fair value of Warrants | 14,278 | 5,787 | ||||||
Costs of early settlements of borrowings and amortized costs | 607 | 1,216 | ||||||
Changes in working capital: | ||||||||
Trade and other receivables | 12,834 | (13,038 | ) | |||||
Inventories | 277 | 364 | ||||||
Accounts payable and other payables | (6,073 | ) | 27,398 | |||||
Employee defined benefits obligations | (181 | ) | (368 | ) | ||||
Salaries and social security payable | 4,660 | 1,238 | ||||||
Other taxes and royalties payable | (703 | ) | 7,015 | |||||
Provisions | (429 | ) | (3,266 | ) | ||||
Income taxes paid (1) | (1,235 | ) | (6,573 | ) | ||||
|
|
|
| |||||
Net cash flows generated by operating activities | 46,544 | 54,699 | ||||||
|
|
|
| |||||
Cash flows from investing activities: | ||||||||
Payments for acquisition of property, plant and equipment | (49,968 | ) | (64,476 | ) | ||||
Payments for acquisition of other intangible assets | (1,156 | ) | (31,562 | ) | ||||
Proceeds from other financial assets | 1,073 | — | ||||||
Proceeds from interest received | 3,073 | — |
Page 14
Net cash flows (used in) investing activities | (46,978 | ) | (96,038 | ) | ||||
Cash flows from financing activities | ||||||||
Proceeds from capitalization of Serie A shares net of issue costs | (760 | ) | (688 | ) | ||||
Proceeds from borrowings | 59,729 | — | ||||||
Payments of cost of borrowings | — | — | ||||||
Payments of borrowings’ principal | (62,233 | ) | — | |||||
Payments of borrowings’ interests | (8,319 | ) | — | |||||
Payments of leases | (7,619 | ) | — | |||||
Proceeds from other financial liabilities, net of restricted cash and cash equivalents | 16,993 | — | ||||||
|
|
|
| |||||
Net cash flows generated by financing activities | (2,209 | ) | (688 | ) | ||||
|
|
|
| |||||
For the period from October 1st to December 31, 2019 | For the period from October 1st to December 31, 2018 | |||||||
Net (decrease) in cash and cash equivalents | (2,643 | ) | (42,027 | ) | ||||
|
|
|
| |||||
Cash and cash equivalents at the beginning of the period | 236,367 | 105,523 | ||||||
Effects of exchange rate changes on cash and cash equivalents | 506 | 2,551 | ||||||
Net (decrease) in cash and cash equivalents | (2,643 | ) | (42,027 | ) | ||||
|
|
|
| |||||
Cash and cash equivalents at the end of the period | 234,230 | 66,047 | ||||||
|
|
|
|
(1) | Includes 13,087 related to income tax expense for the year ended December 31, 2018. |
(2) | Includes 14,347 and 4,243 of acquisition net of property, plant and equipment, pending of payment for the nine and three-month period ended September 30, 2019, respectively. |
Page 15
Aleph Midstream S.A.
Balance Sheet
(Amounts expressed in thousand U.S. dollars)
As of December 31, 2019 | ||||
Property, plant and equipment | 10,192 | |||
Goodwill | — | |||
Other intangible assets | 98 | |||
Right-of-use assets | 463 | |||
Trade and other receivables | 18 | |||
Deferred income tax | 374 | |||
Totalnon-current assets | 11,145 | |||
Inventories | — | |||
Trade and other receivables | 8,049 | |||
Cash, bank balances and other short-term investments | 20,498 | |||
Total current assets | 28,547 | |||
|
| |||
Total assets | 39,692 | |||
|
| |||
Deferred income tax liabilities | — | |||
Leases liabilities | 338 | |||
Provisions | — | |||
Borrowings | — | |||
Warrants | — | |||
Employee defined benefit plans obligation | — | |||
Accounts payable and accrued liabilities | 1 | |||
Totalnon-current liabilities | 339 | |||
Provisions | — | |||
Leases liabilities | 119 | |||
Borrowings | — | |||
Salaries and social security payable | 402 | |||
Income tax payable | 2,876 | |||
Other taxes and royalties payable | 226 | |||
Accounts payable and accrued liabilities | 38,605 | |||
Total current liabilities | 42,228 | |||
|
| |||
Total liabilities | 42,567 | |||
|
| |||
Total equity | 2,875 | |||
|
| |||
Total liabilities and equity | 39,692 | |||
|
|
Page 16
Aleph Midstream S.A.
Income Statement
(Amounts expressed in thousand U.S. dollars)
For the period from October 1st to December 31, 2019 | ||||
Revenue from contract with customers | — | |||
Revenues from crude oil sales | — | |||
Revenues from natural gas sales | — | |||
Revenues from NGL | — | |||
Cost of sales | (165 | ) | ||
Operating expenses | — | |||
Crude oil stock fluctuation | — | |||
Depreciation, depletion and amortization | (165 | ) | ||
Royalties | — | |||
|
| |||
Gross profit | (165 | ) | ||
|
| |||
Selling expenses | — | |||
General and administrative expenses | (1,359 | ) | ||
Exploration expenses | — | |||
Other operating income | — | |||
Other operating expenses | (1,178 | ) | ||
|
| |||
Operating profit (loss) | (2,702 | ) | ||
|
| |||
Investments in associates | — | |||
|
| |||
Interest income | 2,314 | |||
Interest expense | — | |||
Other financial results | 15 | |||
|
| |||
Financial results, net | 2,329 | |||
|
| |||
(Loss) Profit before income taxes | (373 | ) | ||
|
| |||
Current income tax (expense) | (2,876 | ) | ||
Deferred income tax (expense)/ benefit | 374 | |||
|
| |||
Income tax expense | (2,502 | ) | ||
|
| |||
Net (loss) profit for the year/ period | (2,875 | ) | ||
|
| |||
Other comprehensive loss | — | |||
|
| |||
Total comprehensive (loss) profit for the period | (2,875 | ) | ||
|
|
Page 17
Aleph Midstream S.A.
Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
For the period from October 1st to December 31, 2019 | ||||
Net profit / (loss) for the period | (2,875 | ) | ||
Adjustments to reconcile net cash flows provided by (used in) operating activities: | ||||
Non-cash items related with operating activities: | ||||
(Reversal in)/Allowances for expected credit losses | — | |||
Foreign currency exchange difference, net | (28 | ) | ||
Unwinding of discount on asset retirement obligation | — | |||
Increase of provisions, net | — | |||
Interest expense leases | 13 | |||
Effect of discount of assets and liabilities at present value | — | |||
Share-based payment expense | — | |||
Employee defined benefits obligation | — | |||
Income tax | 2,502 | |||
Non-cash items related with investing activities: | ||||
Depreciation and depletion | 165 | |||
Amortization of intangible assets | — | |||
Interest income | (2,314 | ) | ||
Change in the fair value of financial assets | — | |||
Investment in associate | — | |||
Non-cash items related with financing activities: | ||||
Interest expense | — | |||
Changes in the fair value of Warrants | — | |||
Costs of early settlements of borrowings and amortized costs | — | |||
Changes in working capital: | ||||
Trade and other receivables | (2,317 | ) | ||
Inventories | — | |||
Accounts payable and other payables | 730 | |||
Employee defined benefits obligations | — | |||
Salaries and social security payable | (434 | ) | ||
Other taxes and royalties payable | 226 | |||
Provisions | — | |||
Income taxes paid (1) | — | |||
Net cash flows generated by operating activities | (4,333 | ) | ||
|
| |||
Cash flows from investing activities: | ||||
Payments for acquisition of property, plant and equipment | (10,192 | ) | ||
Payments for acquisition of other intangible assets | (98 | ) | ||
Proceeds from other financial assets | (4,687 | ) | ||
Proceeds from interest received | 2,314 | |||
|
| |||
Net cash flows (used in) investing activities | (12,663 | ) | ||
|
| |||
Cash flows from financing activities | ||||
Proceeds from capitalization of Serie A shares net of issue costs | — | |||
Proceeds from borrowings | — | |||
Payments of cost of borrowings | — | |||
Payments of borrowings’ principal | — | |||
Payments of borrowings’ interests | — | |||
Payments of leases | — | |||
Proceeds from other financial liabilities, net of restricted cash and cash equivalents | 16,996 | |||
|
| |||
Net cash flows generated by financing activities | 16,996 | |||
|
|
Page 18
For the period from October 1st to December 31, 2019 | ||||
Net (decrease) in cash and cash equivalents | — | |||
|
| |||
Cash and cash equivalents at the beginning of the period | — | |||
Effects of exchange rate changes on cash and cash equivalents | — | |||
Net (decrease) in cash and cash equivalents | — | |||
|
| |||
Cash and cash equivalents at the end of the period | — | |||
|
|
(1) | Includes 13,087 related to income tax expense for the year ended December 31, 2018. |
(2) | Includes 14,347 and 4,243 of acquisition net of property, plant and equipment, pending of payment for the nine and three-month period ended September 30, 2019, respectively. |
Page 19
DISCLAIMER
Additional information about Vista Oil & Gas, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaoilandgas.com.
This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission (“CNBV”) or an exemption from such registrations.
This presentation does not contain all 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.
Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.
This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.
No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Affiliates, members, directors, officers or employees or any other person in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.
This presentation also includes certainnon-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period.
The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
This presentation includes “forward-looking statements” concerning the future. The words such as “believes,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included with the intention of identifying statements about the future. We have based these forward-looking statements on numerous assumptions, including our current beliefs, expectations and projections about present and future events and financial trends affecting our business. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; uncertainties relating to future election results in Argentina and Mexico, particularly presidential elections in Argentina and congressional elections in Mexico; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for
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energy; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions.
Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this prospectus presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).
This presentation also includes certain financial estimates which have not been subject to a financial audit for any period. The financial estimates set forth in this presentation are based on assumptions made, and information available to us, at the time they were prepared. We do not know whether such assumptions will prove to be correct. If one or more of these assumptions prove inaccurate or if future results differ from expected results, then our actual future results could be less favorable, and could be materially less favorable, than the above-referred projections. Any or all of such estimates may not necessarily be realized. Such estimates can be adversely affected by inaccurate assumptions or by known or unknown risks and uncertainties, many of which are beyond our control. Many factors will be important in determining our future results. As a result of these contingencies, actual future results may vary materially from our estimates. In view of these uncertainties, the inclusion of our financial estimates in this presentation is not and should not be viewed as a representation that the projected results will be achieved.
You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute, and should not be construed as investment advice.
Other Information
Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaoilandgas.com. From time to time, Vista may use its website as a channel of distribution of material information. Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.
Additional information about Vista oil and gas can be found in the “Investor Information” section on the website at www.vistaoilandgas.com.
INVESTORS CONTACT:
Phone in Argentina +54.11.3754.8532
Phone in Mexico +52.55.1167.8250
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