Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2019shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2019 |
Entity Registrant Name | Vista Oil & Gas, S.A.B. de C.V. |
Entity Central Index Key | 0001762506 |
Document Fiscal Period Focus | FY |
Document Fiscal Year Focus | 2019 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Non-accelerated Filer |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Well-known Seasoned Issuer | No |
Current Fiscal Year End Date | --12-31 |
Document Annual Report | true |
Entity Shell Company | false |
Entity Address, Country | MX |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Common Stock, Shares Outstanding | 87,303,462 |
Series A Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | VIST |
Title of 12(b) Security | Series A Shares |
Security Exchange Name | NYSE |
ADS [Member] | |
Document Information [Line Items] | |
Trading Symbol | VIST |
Title of 12(b) Security | American Depositary Shares, each representing 1 Series A share, with no par value |
Security Exchange Name | NYSE |
Consolidated statement of profi
Consolidated statement of profit or loss and other comprehensive income - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Statement [Line Items] | ||||
Revenue from contract with customers | $ 44,463 | $ 331,336 | $ 415,976 | $ 198,075 |
Cost of sales: | ||||
Operating expenses | (18,367) | (86,245) | (114,431) | (77,461) |
Crude oil stock fluctuation | 733 | (1,241) | 310 | (7,566) |
Depreciation, depletion and amortization | (14,194) | (74,772) | (153,001) | (61,211) |
Royalties | (6,795) | (50,323) | (61,008) | (28,163) |
Gross profit | 5,840 | 118,755 | 87,846 | 23,674 |
Selling expenses | (3,091) | (21,341) | (27,138) | (13,264) |
General and administrative expenses | (1,466) | (24,202) | (42,400) | (6,774) |
Exploration expenses | (134) | (637) | (676) | (1,049) |
Other operating income | 1,240 | 2,699 | 3,165 | 17,802 |
Other operating expenses | (135) | (18,097) | (6,180) | (5,125) |
Impairment recovery of property, plant and equipment | 5,290 | |||
Operating profit | 2,254 | 57,177 | 14,617 | 20,554 |
Interest income | 239 | 2,532 | 3,770 | 166 |
Interest expense | (23) | (15,746) | (34,163) | (18) |
Other financial results | (1,159) | (22,920) | (715) | (436) |
Financial results, net | (943) | (36,134) | (31,108) | (288) |
(Loss)/ Profit before income tax | 1,311 | 21,043 | (16,491) | 20,266 |
Current income tax (expense) | (4,615) | (35,450) | (1,886) | (15,956) |
Deferred income tax (expense) benefit | (3,345) | (11,975) | (14,346) | 9,595 |
Income tax (expense) | (7,960) | (47,425) | (16,232) | (6,361) |
Net (loss) profit for the year/period | (6,649) | (26,382) | (32,723) | 13,905 |
Other comprehensive (loss) that will not be reclassified to profit or loss in subsequent periods | ||||
Remeasurements loss related to defined benefits plans | (89) | (3,565) | (1,577) | (355) |
Deferred income tax benefit | 22 | 891 | 394 | 124 |
Other comprehensive (loss) that will not be reclassified to profit or loss in subsequent periods | (67) | (2,674) | (1,183) | (231) |
Other comprehensive (loss) for the year/period, net of tax | (67) | (2,674) | (1,183) | (231) |
Total comprehensive (loss)/profit for the year/period | $ (6,716) | $ (29,056) | $ (33,906) | $ 13,674 |
(Losses)/Earnings per share attributable to equity holders of the parent | ||||
Basic and Diluted (In U.S. dollars per share): | $ (0.070) | $ (0.375) | $ (0.409) | $ 0.146 |
Consolidated statement of finan
Consolidated statement of financial position - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-current assets | |||
Property, plant and equipment | $ 917,066 | $ 820,722 | $ 259,229 |
Goodwill | 28,484 | 28,484 | 0 |
Other intangible assets | 34,029 | 31,600 | 1,021 |
Right-of-use-assets | 16,624 | ||
Trade and other receivables | 15,883 | 20,191 | 297 |
Deferred income tax | 476 | ||
Total non-current assets | 1,012,562 | 900,997 | 260,547 |
Current assets | |||
Inventories | 19,106 | 18,187 | 8,215 |
Trade and other receivables | 93,437 | 86,050 | 56,274 |
Cash, bank balances and other short-term investments | 260,028 | 80,908 | 36,835 |
Total current assets | 372,571 | 185,145 | 101,324 |
Total assets | 1,385,133 | 1,086,142 | 361,871 |
Shareholders' equity | |||
Share capital | 659,399 | 513,255 | 39,239 |
Share-based payment reserve | 15,842 | 4,021 | |
Legal Reserve | 7,523 | ||
Voluntary reserve | 385,033 | ||
Accumulated other comprehensive loss | (3,857) | (2,674) | (2,800) |
Accumulated loss | (67,668) | (34,945) | (148,694) |
Total shareholders' equity | 603,716 | 479,657 | 280,301 |
Non-current liabilities | |||
Deferred income tax liabilities | 147,019 | 133,757 | 28,840 |
Leases liabilities | 9,372 | ||
Provisions | 21,146 | 16,186 | 15,902 |
Borrowings | 389,096 | 294,415 | |
Warrants | 16,860 | 23,700 | |
Employee defined benefit plans obligation | 4,469 | 3,302 | 4,683 |
Other taxes and royalties payable | 2 | ||
Accounts payable and accrued liabilities | 419 | 1,007 | |
Total non-current liabilities | 588,381 | 472,367 | 49,427 |
Current liabilities | |||
Provisions | 3,423 | 4,140 | 925 |
Leases liabilities | 7,395 | ||
Borrowings | 62,317 | 10,352 | |
Salaries and social security payable | 12,553 | 6,348 | 2,540 |
Income tax payable | 3,039 | 22,429 | 1,401 |
Other taxes and royalties payable | 6,040 | 6,515 | 6,287 |
Accounts payable and accrued liabilities | 98,269 | 84,334 | 20,990 |
Total current liabilities | 193,036 | 134,118 | 32,143 |
Total liabilities | 781,417 | 606,485 | 81,570 |
Total shareholders' equity and liabilities | $ 1,385,133 | $ 1,086,142 | $ 361,871 |
Statements of changes in shareh
Statements of changes in shareholders' equity - USD ($) $ in Thousands | Total | Share Capital | Legal reserve | Voluntary reserve | Share-based payment reserve | Accumulated loss | Accumulated other comprehensive | Total attributable to the equity holders of the Successor | Non-controlling interests | ||
Beginning Balance at Dec. 31, 2016 | $ 273,360 | $ 39,239 | $ 7,523 | $ 349,248 | $ (120,081) | $ (2,569) | |||||
Profit (Loss) for the period | 13,905 | 13,905 | |||||||||
Other comprehensive (loss) for the year | (231) | (231) | |||||||||
Total comprehensive (loss)/profit for the year/period | 13,674 | 13,905 | (231) | ||||||||
Cash dividends distribution decided by Shareholders' Meetings held on May 19, 2017 a dividend of U.S. Dollars 0.07 per share was paid to holders of fully paid common shares | (6,733) | (6,733) | |||||||||
Constitution of voluntary reserve decided by Shareholders' Meeting held on May 19, 2017 | 35,785 | (35,785) | |||||||||
Ending Balance at Dec. 31, 2017 | 280,301 | 39,239 | 7,523 | 385,033 | (148,694) | (2,800) | |||||
Profit (Loss) for the period | (6,649) | (6,649) | |||||||||
Other comprehensive (loss) for the year | (67) | (67) | |||||||||
Total comprehensive (loss)/profit for the year/period | (6,716) | (6,649) | (67) | ||||||||
Ending Balance (Increase (decrease) due to changes in accounting policy [member]) at Apr. 03, 2018 | (8,539) | 25 | (8,563) | [1] | $ (8,539) | ||||||
Ending Balance at Apr. 03, 2018 | 273,585 | 39,239 | $ 7,523 | $ 385,033 | (155,343) | (2,867) | |||||
Profit (Loss) for the period | (26,382) | (26,382) | (26,382) | ||||||||
Other comprehensive (loss) for the year | (2,674) | (2,674) | (2,674) | ||||||||
Total comprehensive (loss)/profit for the year/period | (29,056) | (26,382) | (2,674) | (29,056) | |||||||
Proceeds from Series A shares net of issuance costs (Note 20.1) | 513,230 | 513,230 | 513,230 | ||||||||
Share-based payments | 4,021 | $ 4,021 | 4,021 | ||||||||
Non-controlling interest arising on business combination at Dec. 31, 2018 | 1,307 | $ 1,307 | |||||||||
Acquisition of non-controlling interest (Note 1.1) | (1,307) | (1,307) | |||||||||
Ending Balance at Dec. 31, 2018 | 479,657 | 513,255 | 4,021 | (34,945) | (2,674) | 479,656 | $ 0 | ||||
Profit (Loss) for the period | (32,723) | (32,723) | (32,723) | ||||||||
Other comprehensive (loss) for the year | (1,183) | (1,183) | (1,183) | ||||||||
Total comprehensive (loss)/profit for the year/period | (33,906) | (32,723) | (1,183) | (33,906) | |||||||
Proceeds from Series A shares net of issuance costs (Note 20.1) | 146,144 | 146,144 | 146,144 | ||||||||
Share-based payments | [2] | 11,821 | 11,821 | 11,821 | |||||||
Ending Balance at Dec. 31, 2019 | $ 603,716 | $ 659,399 | $ 15,842 | $ (67,668) | $ (3,857) | $ 603,716 | |||||
[1] | Includes the net loss of VISTA for the period beginning March 22, 2017 (inception) to April 3, 2018. | ||||||||||
[2] | Includes 10,655 of share-based payments and 1,166 of deferred income tax. |
Statements of changes in shar_2
Statements of changes in shareholders' equity (Parenthetical) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Statement of changes in equity [abstract] | ||||
Share-based payments | $ 4,021 | $ 10,655 | ||
Deferred income tax | $ 3,345 | $ 11,975 | $ 14,346 | $ (9,595) |
Consolidated statement of cash
Consolidated statement of cash flows - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | ||
Cash flows from operating activities | |||||
Net (loss) / Profit for the year/period | $ (6,649) | $ (26,382) | $ (32,723) | $ 13,905 | |
Non-cash ítems related with operating activities: | |||||
(Reversal in)/Allowances for expected credit losses | (111) | 539 | (118) | 478 | |
Foreign currency exchange difference, net | (3,268) | (3,005) | 2,991 | (2,230) | |
Unwinding of discount on asset retirement obligation | 233 | 897 | 1,723 | 815 | |
Increase of provisions, net | 2 | 2,533 | 2,210 | 2,566 | |
Interest expense leases | 1,561 | ||||
Effect of discount of assets and liabilities at present value | 2,743 | 10 | |||
Share-based payment expense | 4,021 | 10,655 | |||
Net cost for employee defined benefits obligation | 132 | 368 | 220 | 134 | |
Income tax | 7,960 | 47,425 | 16,232 | 6,361 | |
Non-cash ítems related with investing activities: | |||||
Depreciation and depletion | 14,513 | 73,975 | 151,483 | 62,522 | |
Impairment recovery of property, plant and equipment | 0 | (5,290) | |||
Amortization of intangible assets | 198 | 797 | 1,518 | 755 | |
Gain on sale or disposal of property, plant and equipment | (245) | 0 | (384) | ||
Interest income | (2,532) | (3,770) | |||
Changes in the fair value of financial assets | (69) | (1,415) | (873) | (1,885) | |
Decreases in property, plant and equipment | 1,529 | 0 | 3,700 | ||
Non-cash items related with financing activities: | |||||
Interest expense | (118) | 15,546 | 34,163 | (166) | |
Changes in the fair value of warrants | 8,860 | (6,840) | |||
Costs of early settlements of borrowings and amortized costs | 14,474 | 2,076 | |||
Changes in working capital: | |||||
Trade and other receivables | 9,738 | (32,945) | (2,065) | (15,970) | |
Inventories | 2,315 | (10,951) | (609) | 8,218 | |
Accounts payable and accrued liabilities | (966) | 33,760 | (22,113) | (4,041) | |
Contributions paid for employee defined benefits obligations | (57) | (727) | (631) | (48) | |
Salaries and social security payable | (707) | 3,659 | 5,406 | 153 | |
Other taxes and royalties payable | (825) | 9,973 | 2,377 | 75 | |
Provisions | (334) | 551 | (2,298) | (4,030) | |
Income tax paid | [1] | (992) | (16,642) | (26,327) | (19,771) |
Net cash flows generated by operating activities | 22,279 | 125,522 | 134,258 | 45,867 | |
Cash flows from investing activities | |||||
Business acquisitions, net of cash acquired | (725,174) | ||||
Payments for acquisition of property, plant and equipment | [2] | (12,476) | (117,837) | (240,315) | (31,421) |
Payments for acquisition of other intangible assets | (13) | (31,486) | (4,225) | (239) | |
Proceeds from sales of property, plant and equipment | 245 | 298 | |||
Payments for acquisition of other financial assets | (8,190) | (20,769) | |||
Proceeds from other financial assets | 11,377 | 16,680 | 5,761 | 4,007 | |
Proceeds from interest received | 114 | 567 | 3,770 | 1,554 | |
Net cash flows (used in) investing activities | (8,943) | (857,250) | (235,009) | (46,570) | |
Cash flows from financing activities | |||||
Payment for acquisition of non-controlling interests | (1,307) | ||||
Payment of redemption of Series A shares | (204,590) | ||||
Proceeds from private investment in public equity net of issue costs | 90,239 | ||||
Proceeds from capitalization of Serie A shares net of issue costs | 146,143 | ||||
Payment of issue costs from capitalization of Series A shares | (19,500) | ||||
Proceeds from borrowings | 560,000 | 234,728 | |||
Payment of cost of borrowings | (18,280) | (1,274) | |||
Payments of borrowings' principal | (260,000) | (90,233) | |||
Payments of borrowings' interests | (5,018) | (32,438) | |||
Payments of leases | (7,619) | ||||
Proceeds from other financial liabilities, net of restricted cash and cash equivalents | 16,994 | ||||
Payments of dividends | (6,733) | ||||
Net cash flows generated by / (used in) financing activities | 141,544 | 266,301 | (6,733) | ||
Net increase(decrease) in cash and cash equivalents | 13,336 | (590,184) | 165,550 | (7,436) | |
Cash and cash equivalents at the beginning of the year / period | 2,444 | 17,039 | 66,047 | 7,649 | |
Effects of exchange rate changes on cash and cash equivalents | 1,259 | (15,288) | 2,633 | 2,231 | |
Net increase / (decrease) in cash and cash equivalents | 13,336 | (590,184) | 165,550 | (7,436) | |
Cash and cash equivalents at the end of the year/period | 17,039 | 66,047 | 234,230 | 2,444 | |
Significant non-cash transactions | |||||
Acquisition of property, plant and equipment through increase in account payables | $ 4,245 | 24,939 | 23,943 | 8,672 | |
Changes in asset retirement obligation provision with corresponding changes in property, plant and equipment | 11,839 | $ 4,141 | $ 1,290 | ||
Capitalization of Series A Shares | 449,191 | ||||
Aguila Mora Swap agreement | $ 13,157 | ||||
[1] | Includes 13,087 related to income tax expense for the year ended December 31, 2018 | ||||
[2] | Includes 0 and 0 of acquisition net of property, plant and equipment, pending of payment for the year and three-month period ended December 31, 2019, respectively. |
Consolidated statement of cas_2
Consolidated statement of cash flows (Parenthetical) $ in Thousands | 12 Months Ended |
Dec. 31, 2018USD ($) | |
Statement of cash flows [abstract] | |
Cash and cash equivalents | $ 80,908 |
Income taxes paid (refund) | $ 13,087 |
Corporate and Company informati
Corporate and Company information | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Corporate and Company information | Note 1. Corporate and Company information 1.1 General information and Company structure and activities Vista Oil & Gas, S.A.B. de C.V. (“VISTA” or the “Company” or the “Group”) was organized in Mexico as a corporation with variable capital stock under the laws of the United Mexican States (“Mexico”) on March 22, 2017. The Company adopted the public corporation or “Sociedad Anónima Bursátil” The Company’s main purposes are to: (i) acquire, by any legal means, all kinds of assets, shares, equity interests or interest’s participation in any kind of commercial or civil companies, associations, firms, trust agreements or other entities within the energy sector or any other industry; (ii) participate as a partner, shareholder or investor in all businesses or entities, whether mercantile or civil, associations, trust agreements or any other nature; (iii) issue and place shares representative of its social capital, either through public or private offerings, in national or foreign stock exchange markets; (iv) issue or place warrants, either through public or private offerings, with respect to shares representing their capital stock or any other type of securities, in domestic or foreign stock exchange markets; and (v) issue or place negotiable instruments, debt instruments or any other security, either through public or private offerings, in domestic or foreign stock exchange markets. From its inception until April 4, 2018, all the Company’s activities have been related to its constitution, the Initial Public Offering (“IPO”), in the Mexican Stock Exchange (“BMV”), and the efforts aimed at identifying and consummating the Initial Business Combination. As of that date, the Company’s main activity is the exploration and production of oil and gas (Upstream) through its subsidiaries. The upstream operations owned by the Company are the following: Argentina In the Neuquén basin: i) 100% in the conventional concessions for exploitation 25 de Mayo-Medanito SE, Jagüel de los Machos, Entre Lomas Neuquen, Entre Lomas Rio Negro and Agua Amarga (as operator); ii) 100% in the unconventional operating concessions for exploitation Baja del Palo Oeste and Bajada del Palo Este (as operator); iii) 55% in the Coirón Amargo Norte (“CAN”) exploitation concessions (as operator); iv) 90% in the unconventional operating concessions for exploitation Aguila Mora (as operator); v) 10% in the unconventional operating concessions for exploitation Coirón Amargo Sur Oeste (“CASO”) (not operated); In the Golfo San Jorge basin: i) 16.9% in the concessions for exploitation Sur Río Deseado Este (“SRDE”) (not operated); and In the Northwest basin: i) 1.5% in the concession for exploitation in Acambuco (not operated). México i) 50% of blocks CS-01 ii) 50% of blocks A-10 iii) 50% of blocks TM-01 The address of the Company’s main office is located in Mexico City (Mexico), at Volcán 150, Floor 5, Lomas de Chapultepec, Miguel Hidalgo, Zip Code 11000. 1.2 Public Offering with New York Stock Exchange (“NYSE”) listing On July 25, 2019 the Company made a global offering on the New York Stock Exchange (“NYSE”) and began trading the following day under the ticker “VIST”. At the same day, the Company issued additional Serie A shares on the BMV. See Note 20. for more details. 1.3 Aleph Midstream S.A. As of December 31, 2018, Aleph Midstream, S.A. (“Aleph Midstream or Aleph”) was a subsidiary 100% controlled by Vista. On June 27, 2019 Vista signed an investment agreement with a Riverstone affiliate (related partied) and a Southern Cross affiliate Group (the “investors”), to invest in Aleph, a midstream company in Argentina. Under this agreement the investors committed to acquired 99.73% of Aleph’s capital. On December 27, 2019, the Company agreed to repurchase the shares acquired by investors. See Note 27 for more details. |
Basis of preparation and signif
Basis of preparation and significant accounting policies | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Basis of preparation and significant accounting policies | Note 2. Basis of preparation and significant accounting policies 2.1 Basis of preparation and presentation These consolidated financial statements as of December 31, 2019 and 2018 and for the year ended December 31, 2019 and for the period beginning April 4, 2018 through December 31, 2018 (Successor) and the financial statements as of December 31, 2017 and for the period beginning January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017 (Predecessor) (hereinafter referred to as the “financial statements”) have been prepared in accordance with International Financial Reporting Standards (“IFRS”) issued by the International Accounting Standards Board (“IASB”). The predecessor financial statements are the first set of financial statements prepared in accordance with IFRS as issued by the IASB. Note 2.5 present the effects of the adoption of IFRS by the predecessor Company. The consolidated financial statements have been prepared on a historical cost basis, except for certain financial assets and liabilities that have been measured at fair value. The financial statements are presented in U.S. Dollars (“US”) and all values are rounded to the nearest thousand (US. 000), except when otherwise indicated. These consolidated financial statements have been approved for issue by the Board of Directors on April 21, 2020 and considers subsequent events up to the date. The financial statements as of December 31, 2018 (Successor), December 31, 2017 (Predecessor) and for the period beginning April 4, 2018 through December 31, 2018 (Successor) and for the period beginning January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017 (Predecessor) considered the following: Successor presentation The consolidated statements of profit or loss and other comprehensive income, changes in shareholders equity and cash flows for the Successor Company are presented for the period from April 4, 2018 through December 31, 2018, which consists of: (i) the consolidated profit or loss and other comprehensive income of the Company for the period from April 4, 2018 (date of acquisition of PELSA; 25 de Mayo-Medanito, Jagüel de los Machos and APCO-Note 31 to December 31, 2018 and (ii) costs related to the acquisition of those business; (iii) the accumulated results of operation of VISTA from inception to April 3, 2018. The consolidated financial statements for the Successor Company include the assets and liabilities used in operating the Company’s business, including entities in which the Company has control according to Note 2.3. The Successor Company, as of the date of the completion of the Initial Business Combination, owned a 99.68% equity interest in PELSA; 3.85% direct participation in the oil and gas properties operated by PELSA; 100% of participation in the oil and gas properties 25 de Mayo-Medanito and Jagüel de los Machos and a 100% equity interest in APCO. All intercompany balances and transactions have been eliminated in consolidation. Predecessor presentation The statements of financial position are presented for the predecessor as of December 31, 2017. The statements of profit or loss and other comprehensive income, changes in shareholders’ equity and cash flows are presented for the predecessor period from January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017. These periods represent the results of operations of PELSA and its joint operations (Note 29.2) (referenced herein as the ‘‘Predecessor Company’’). These financial statements have been derived from the historical financial statements and accounting records of PELSA after giving effects to the adoption of IFRS presented in Note 2.5. 2.2 New accounting standards, amendments and interpretations issued by the IASB 2.2.1 New accounting standards, amendments and interpretations issued by the IASB, adopted by the Company The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The Company applies, for the first time, IFRS 16 Leases, As required by IAS 8, the nature and effect of the changes required by the standard are disclosed below. IFRS 16 Leases IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 SIC-27 on-balance The Company adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application on January 1, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company elected to use the exemptions applicable to the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. The effect of adoption IFRS 16 as at January 1, 2019 is as follows: Assets Right-of-use 12,103 Total assets 12,103 Liabilities Lease liabilities (12,103 ) Total liabilities (12,103 ) The lease liabilities as at January 1, 2019 can be reconciled to the operating lease commitments as of December 31, 2018 as follows: Operating lease commitments as at December 31, 2018 16,153 Weighted average incremental borrowing rate as at 1 January 2019 9.356 % Discounted operating lease commitments at January 1, 2019 13,608 Less: Commitments relating to short-term leases (1,401 ) Commitments relating to leases of low-value (104 ) Total liabilities as at January 1, 2019 12,103 a) Nature of the effect of adoption of IFRS 16 The Company has lease contracts for various items of buildings, office equipment and items of plant and machinery. Before the adoption of IFRS 16, the Company classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred substantially all the risks and rewards incidental to ownership of the leased asset to the Company; otherwise it was classified as an operating lease. Finance leases were capitalized at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. In an operating lease, the leased property was not capitalized, and the lease payments were recognized as rent expense in profit or loss on a straight-line basis over the lease term. Any prepaid rent and accrued rent were recognized under Trade and other receivables and Accounts payables and accrued liabilities, respectively. • The Company did not have leases previously classified as financial leases. • Leases previously accounted for as operating leases: the Company recognized right-of-use low-value right-of-use right-of-use The Company also applied the available practical expedients wherein it: i) Used a single discount rate to a portfolio of leases with reasonably similar characteristics ii) Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application iii) Used hindsight in determining the lease term where the contract contains options to extend or terminate the lease b) Summary of new accounting policies Set out below are the new accounting policies of the Company upon adoption of IFRS 16, which have been applied from the date of initial application: • Right-of-use The Company recognizes right-of-use Right-of-use right-of-use Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use Right-of-use non- • Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is a modification, a change in the lease term, a change in the in-substance • Short-term leases and leases of low-value The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value low-value • Significant judgement in determining the lease term of contracts with renewal options The Company determines the lease term as the non-cancellable The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). c) Amounts recognized in the statement of financial position and statement of profit or loss and other comprehensive loss Set out below, are the carrying amounts of the Company’s right-of-use Right –of –use assets Lease Buildings Plant and Total As of January 1, 2019 1,843 10,260 12,103 (12,103 ) Additions 873 9,478 10,351 (10,351 ) Depreciation (1) (656 ) (5,174 ) (5,830 ) — Payments — — — 7,619 Interest expense (2) — — — (1,932 ) As of December 31, 2019 2,060 14,564 16,624 (16,767 ) (1) Include depreciation associated to leases from drilling services incurred is capitalized as work in progress by 1,326. (2) Interest expenses of right of use associated to leases from drilling services incurred is capitalized as work in progress by 371. As of December 31, 2019, short-term and low-value leases and o IFRIC Interpretation 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: i) Whether an entity considers uncertain tax treatments separately; ii) The assumptions an entity makes about the examination of tax treatments by taxation authorities; iii) How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; iv) How an entity considers changes in facts and circumstances. An entity must determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. The Company applies significant judgement in identifying uncertainties over income tax treatments. Since the Company operates in a complex multinational environment, it assessed whether the Interpretation had an impact on its consolidated financial statements. The interpretation did not have an impact on the consolidated financial statements of the Company. Amendments to IFRS 9: Prepayment Features with Negative Compensation Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are “solely payments of principal and interest on the principal amount outstanding” (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. These amendments had no impact on the consolidated financial statements of the Company as it did not have prepayment Features with Negative Compensation during the period. Amendments to IAS 19: Plan Amendment, Curtailment or Settlement The amendments to IAS 19 address the accounting when a plan amendment, curtailment or settlement occurs during a reporting period. The amendments specify that when a plan amendment, curtailment or settlement occurs during the annual reporting period, an entity is required to determine the current service cost for the remainder of the period after the plan amendment, curtailment or settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event. An entity is also required to determine the net interest for the remainder of the period after the plan amendment, curtailment or settlement using the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event, and the discount rate used to remeasure that net defined benefit liability (asset). These amendments had no impact on the consolidated financial statements of the Company as it did not have any plan amendments, curtailments, or settlements during the period. Amendments to IAS 28: Long-term interests in associates and joint ventures The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarified that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments had no impact on the consolidated financial statements as the Company does not have long-term interests in its associate and joint venture. Annual Improvements 2015-2017 Cycle • IFRS 3 Business Combinations The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously held interest in the joint operation. An entity applies those amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2019, with early application permitted. These amendments had no impact on the consolidated financial statements of the Company as there is no transaction where a joint control is obtained during the year ended December 31, 2019. • IAS 12 Income Taxes The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognizes the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where it originally recognized those past transactions or events. An entity applies the amendments for annual reporting periods beginning on or after 1 January 2019, with early application permitted. When the entity first applies those amendments, it applies them to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period. Since the Company’s current practice is in line with these amendments, they had no impact on the consolidated financial statements of the Company. In addition, no dividends have been declared during the period. • IAS 23 Borrowing Costs The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all the activities necessary to prepare that asset for its intended use or sale are complete. The entity applies the amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies those amendments. An entity applies those amendments for annual reporting periods beginning on or after 1 January 2019, with early application permitted. Since the Company’s current practice is in line with these amendments, they had no impact on the consolidated financial statements of the Company. 2.2.2 New accounting standards, amendments and interpretations issued by the IASB, which are not yet effective and have not been early adopted by the Company Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform The London Interbank Offered Rate (“LIBOR”) is the most commonly used reference rate in the global financial market. However, concerns about the sustainability of LIBOR and other interbank offered rates (“IBORs”) globally has led to an effort to identify alternative reference rates. On 2017 the United Kingdom’s Financial Conduct Authority announcing that it would no longer persuade, or compel, banks to submit to LIBOR as of the end of 2021. This applies to LIBOR in all jurisdictions and in all currencies. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (“IBOR”) reform on financial reporting. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an “RFR”). • The amendments to IFRS 9 The amendments include a number of reliefs, which apply to all hedging relationships that are directly affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainties about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. The amendments are effective for annual periods beginning on or after 1 January 2020 and must be applied retrospectively. However, any hedge relationships that have previously been de-designated As of December 31, 2019, the Company has not initiated negotiations with the banks for those loans at LIBOR rates, the Company also do not expect any impact since they do not have hedging instruments. 2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. 2.3.1 Subsidiaries Subsidiaries are all entities over which the Company has control, and this happens if and only if it has: • Power over the entity; • Exposure or rights to variable returns from their involvement in the entity; and • The ability to use its power over the entity to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power including: • the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the Company, other vote holders or other parties; • rights arising from other contractual arrangements; and • any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. The relevant activities are those that significantly affect the performance of the subsidiary. The ability to approve the operating and capital budget of a subsidiary, as well as the power to appoint the key personnel of the management, are decisions that demonstrate that the Company has present rights to direct the relevant activities of a subsidiary. Subsidiaries are consolidated from the date when the Company acquires control over them until the date when such control ceases. Specifically, income and expenses of a subsidiary acquired or disposed during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. The acquisition method of accounting is used to account for business combinations by the Company (see Note 2.3.4 below). Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When necessary, adjustments are made to the consolidated financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling Non-controlling The equity interest in the subsidiaries held by the Company at the end of the period/year are set forth below: Nameof subsidiary Proportion of ownership interest and voting Place of incorporation and operation Main activity December 31, December 31, December 31, Vista Holding I, S.A. de C.V. 100 % 100 % — % (1) Mexico Holding Vista Holding II, S.A. de C.V. 100 % 100 % — % (1) Mexico Holding Vista Holding III, S.A. de C.V. (1) 100 % 100 % — % Mexico Holding Vista Holding IV, S.A. de C.V. (1) 100 % — % — % Mexico Holding Vista Complemento S.A. de C.V. (1) 100 % 100 % — % Mexico Holding Vista Oil & Gas Argentina S.A.U. (2) 100 % 100 % — % Argentina Upstream (3) APCO Oil & Gas S.A.U. (4) — % 100 % Argentina Upstream (3) APCO Argentina S.A. (4) — % 100 % Argentina Holding Aleph Midstream S.A. (1)(5) 0,27 % 100 % — % Argentina Services (6) Aluvional Infraestructura S.A. (1) 100 % 100 % — % Argentina Mining and Industry (1) Companies established after the Initial Business Combination was completed on April 4, 2018. (2) Onwards Vista Argentina (Previously known as Petrolera Entre Lomas S.A.) (3) Refers to the exploration and production of gas and oil. (4) Companies absorbed by Vista Argentina, product of a corporate reorganization process whose effective date was January 1,2019. (5) See Note 27. (6) Includes operations destined at the collection, treatment, transport and distribution of hydrocarbons and their derivatives. The participation of the company in the votes of the subsidiaries companies is the same participation as in the share capital. 2.3.2. Changes in ownership interests Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Company ceases to consolidate an equity account for an investment because of loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss and other comprehensive income. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss and other comprehensive income. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. 2.3.3. Joint arrangements Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures, depends on the contractual rights and obligations. The Company has joint operations but does not have any joint ventures. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement and have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When the Company entity undertakes its activities under joint operations, the Company as a joint operator recognizes in relation to its interest in a joint operation: i) Assets and liabilities held jointly; ii) Its revenue from the sale of its share of the output arising from the joint operation; iii) Its share of the revenue from the sale of the output by the joint operation; and iv) Its expenses, including its share of any expenses incurred jointly. The Company accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. Interest in joint operations and other agreements have been calculated based upon the latest available financial statements or financial information as of the end of each period/year, taking into consideration significant subsequent events and transactions as well as management information available. When necessary, adjustments are made to the financial statements or financial information to bring their accounting policies into line with the Company’s accounting policies. When the Comapny transacts with a joint operation in which an entity of the Company is a joint operator (such as a sale or contribution of assets), the Company is considered to be conducting the transaction with the other parties to the joint operation, and profits and losses resulting from the transactions are recognized in the Company’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When an entity of the Company transacts with a joint operation in which an entity of the Company is a joint operator (such as a purchase of assets), the Company does not recognize its share of the profits and losses until it resells those assets to a third party. The joint operations are described in Note 29. 2.3.4 Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisitions comprises: i) The fair value of the transferred assets; ii) The liabilities incurred to the former owners of the acquired business; iii) The equity interests issued by the Company; iv) The fair value of any asset or liability resulting from a contingent consideration arrangement; and v) The fair value of any pre-existing Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition-related costs are expensed as incurred. The value of the goodwill represents the excess of: i) The consideration transferred, ii) The amounts of any non-controlling iii) The acquisition-date fair value of any previous equity interest in the acquired entity, over the fair value of the net identifiable assets acquired is recorded as goodwill. If the fair value of the net identifiable assets of the business acquired exceeds those amounts, before recognizing a gain, the Company reassesses if it has correctly identified all the assets acquired and all liabilities assumed, reviewing the procedures used to measure the amounts that will be recognized at the acquisition date. If the evaluation still results in an excess of the fair value of the net assets acquired with respect to the total consideration transferred, the gain on bargain purchase is recognized directly in the statement of profit or loss and other comprehensive income. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Any contingent consideration will be recognized at their fair value at the acquisition date. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently re-measured re-measured, When the Company acquires a business, it evaluates the financial assets acquired and the liabilities assumed with respect to their proper classification and designation in accordance with the contractual terms, economic circumstances and conditions pertinent to the date of acquisition Those reserves and resources acquired that can be measured reliably are recognized separately at their fair value at the time of acquisition. Other possible reserves, resources and rights, whose fair values cannot be measured reliably, are not recognized separately, but are considered as part of goodwill. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the statement of profit or loss and other comprehensive income. The Company has up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not complete by the end of the year in which the business combination occurred, the Company reports provisional amounts. 2.4 Summary of significant accounting policies 2.4.1 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Management Committee (the “Committee” or “CODM”). The CODM is the highest decision-making authority, responsible for allocating resources and setting the performance of the entity’s operating segments and has been identified as the body that executes the Company’s strategic decisions. 2.4.2 Property, plant and equipment Property, plant and equipment is measured following the cost model where by, after initial recognition of the asset, the asset is recognized at cost less depreciation and less any subsequent accumulated impairment losses. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. The cost of work in progress whose construction will extend over time includes, if applicable, borrowing costs. Any income obtained from the sale of commercially valuable production during the construction period of the asset is re |
Significant accounting judgemen
Significant accounting judgements, estimates and assumptions | 12 Months Ended |
Dec. 31, 2019 | |
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Significant accounting judgements, estimates and assumptions | Note 3. Significant accounting judgements estimates and assumptions The preparation of financial statements requires the Company’s Management to make future estimates and assessments, to apply critical judgment and to establish assumptions affecting the application of accounting policies and the amounts of disclosed assets and liabilities, income and expenses. The estimates and accounting judgments used in the preparation of these financial statements are evaluated on a continuous basis and are based on past experiences and other reasonable factors under the existing circumstances. Actual future results might differ from the estimates and evaluations made at the date of preparation of these financial statements. 3.1 Critical judgements in applying accounting policies The following are the critical judgements, apart from those involving estimations (see Note 3.2), that th e 3.1.1 Contingencies The Company is subject to various claims, lawsuits and other legal proceedings that arise during the ordinary course of its business. The Company’s liabilities with respect to such claims, lawsuits and other legal proceedings cannot be estimated with certainty. Periodically, the Company reviews the status of each contingency and assesses potential financial liability, applying the criteria indicated in Note 21.3, for which elaborates the estimates mainly with the assistance of legal advisors, based on information available to the Management at financial statements date, and taking into account the Company’s litigation and resolution/settlement strategies. Contingencies include outstanding lawsuits or claims for possible damages to third parties in the ordinary course of the Company’s business, as well as third party claims arising from disputes concerning the interpretation of legislation. The Company evaluates whether there would be additional expenses directly associated to the ultimate resolution of each contingency, which will be included in the provision if they may be reasonably estimated. 3.1.2 Environmental remediation The costs incurred to limit, neutralize or prevent environmental pollution are only capitalized if at least one of the following conditions is met: (i) such costs relate to improvements in safety; (ii) the risk of environmental pollution is prevented or limited; or (iii) the costs are incurred to prepare the assets for sale and the book value (which considers those costs) of such assets does not exceed their respective recoverable value. Liabilities related to future remediation costs are recorded when, based on environmental assessments, such liabilities are probable to materialize, and costs can be reasonably estimated. The actual recognition and amount of these provisions are generally based on the Company’s commitment to an action plan, such as an approved remediation plan or the sale or disposal of an asset. The provision is recognized on the basis that a future remediation commitment will be required. The Company measures liabilities based on its best estimation of present value of future costs, using currently available technology and applying current environmental laws and regulations as well as the Company’s own internal environmental policies. 3.1.3 Business Combinations The acquisition method involves the measurement at fair value of the identifiable assets acquired and the liabilities assumed in the business combination at the acquisition date. For the purpose to determine the fair value of identifiable assets, the Company uses the valuation approach considered the most representative for each asset. These include the (i) income approach, through indirect cash flows (net present value of expected future cash flows) or through the multi-period excess earnings method, (ii) cost approach (replacement value of the good adjusted for loss due to physical deterioration, functional and economic obsolescence) and (iii) market approach through comparable transactions method. Likewise, in order to determine the fair value of liabilities assumed, the Company’s considers the probability of cash outflows that will be required for each contingency, and elaborates the estimates with assistance of legal advisors, based on the information available and taking into account the strategy of litigation and resolution / liquidation. Management´s critical judgment is required in selecting the approach to be used and estimating future cash flows. Actual cash flows and values may differ significantly from the expected future cash flows and related values obtained through the mentioned valuation techniques. 3.1.4 Joint arrangements Judgement is required to determine when the Company has joint control over an arrangement, that requires an assessment of the relevant activities and when the decisions in relation to those activities require unanimous consent. The Company has determined that the relevant activities for its joint arrangements are those relating to the operating and capital decisions of the arrangement, including the approval of the annual capital and operating expenditure work programmed and budget for the joint arrangement, and the approval of chosen service providers for any major capital expenditure as required by the joint operating agreements applicable to the entity’s joint arrangements. The considerations made in determining joint control are similar to those necessary to determine control over subsidiaries, as set out in Note 2.3.3. Judgement is also required to classify a joint arrangement. Classifying the arrangement requires the Company to assess their rights and obligations arising from the arrangement. Specifically, the Company considers: • The structure of the joint arrangement-whether it is structured through a separate vehicle. • When the arrangement is structured through a separate vehicle, the Company also considers the rights and obligations arising from: (i)The legal form of the separate vehicle; (ii) The terms of the contractual arrangement; and (iii) Other facts and circumstances considered on a case-by-case This assessment often requires significant judgement. A different conclusion about both joint control and whether the arrangement is a joint operation or a joint venture, may materially affect the accounting, as set out in Note 2.3.3. 3.1.5 Functional currency The functional currency for the parent entity and each of its subsidiaries is the currency of the primary economic environment in which the entity operates. The functional currency of each entity in the Company is the US. Determination of functional currency may involve certain judgements to identify the primary economic environment. The Company reconsiders the functional currency of its entities if there is a change in events and conditions, which determined the primary economic environment. 3.2 Key sources of estimation uncertainty The estimates, which have a significant risk of producing adjustments on the amounts of the assets and liabilities of the Company during the following year, are detailed below: 3.2.1 Impairment of Goodwill Goodwill is reviewed for impairment annually or more frequently, if events or changes in circumstances indicate the recoverable amount of the Group of CGUs to which the Goodwill relates should be assessed. In assessing whether goodwill has been impaired, the carrying amount of the Group of CGUs to which Goodwill has been allocated is compared with its recoverable amount. Where the recoverable amount of the Group of CGUs is less than the carrying amount (including goodwill), an impairment is recognized. The Company carries a Goodwill of 28,484 on its statement of financial position as of December 31, 2019 and 2018, and nil and nil as of December 31, 2017 (Note 14), respectively, principally relating to the Initial Business Combination (Note 31). For impairment testing purposes, the goodwill generated through the PELSA and APCO business combinations (Notes 31.1 and 31.3) has been allocated to the CGU unconventional oil and gas operated in Argentina, while the goodwill generated through the JDM / Medanito business combination (Note 31.2) has been allocated to CGU conventional oil and gas operated in Argentina. Determination as to whether a CGU or Group of CGUs containing Goodwill is impaired involves management estimates on highly uncertain matters including determining the appropriate Grouping of CGUs for Goodwill impairment testing purposes. The Company monitors Goodwill for internal management purposes based on its single business segment. In testing goodwill for impairment, the Group uses the approach described Note 3.2.2 As of December 31,2019, and 2018 no impairment losses were recognized. 3.2.2 Impairment of non-financial Non-financial non-operating non-operating non-operating In order to evaluate if there is evidence that a CGU could be impaired, both external and internal sources of information are analyzed, whenever events or changes in circumstances indicate that the carrying amount of an asset or CGU may not be recoverable. Examples of these events are: changes in the Group’s business plans, changes in the Group’s assumptions about commodity prices and discount rates, evidence of physical damage or, for oil and gas assets, significant downward revisions of estimated reserves or increases in estimated future development expenditure or decommissioning costs, the cost of raw materials, the regulatory framework, the projected capital investments and the evolution of the demand. If any such indication of impairment exists, the Group makes an estimate of the asset’s or CGU’s recoverable amount. The recoverable amount of a CGU is the greater between: (i) its fair value less costs of disposal or disposal by other means and; (ii) its value in use. When the carrying amount of a CGU exceeds its recoverable amount, the CGU is considered impaired and is reduced to its recoverable amount. Given the nature of the Company’s activities, information on fair value less costs of disposing of an asset or CGU is often difficult to obtain unless negotiations are being conducted with potential buyers or similar operations. Consequently, unless otherwise indicated, the recoverable amount used in the impairment assessment is the value in use. The recoverable amount of each CGU is estimated through two method: (i) present value of future net cash flows that these CGUs will generate and; (ii) comparable market. The business plans for each CGU, which are approved on an annual for the Company are the primary source of information for the determination of value in use. As an initial step in the preparation of these plans, the Company sets various assumptions regarding market conditions, such as oil prices, natural gas prices, foreign currency exchange and inflation rates. These assumptions take into account existing prices, global supply-demand equilibrium for oil and natural gas, other macroeconomic factors and historical trends and variability. In assessing value in use, the estimated future cash flows are adjusted for the risks specific to the asset Group and are discounted to their present value using a post-tax At each reporting date as to whether there is any indication that previously recognized impairment losses may no longer exist or may have decreased. If such an indication exists, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if there has been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was recognized. After a reversal, the depreciation charge is adjusted in future periods to allocate the asset’s revised carrying amount, less any residual value, on a systematic basis over its remaining useful life. Determination as to whether, and by how much, an asset or CGU is impaired involves management estimates on highly uncertain matters such as the effects of inflation and deflation on operating expenses, discount rates, production profiles, reserves and resources, and future commodity prices, including the outlook for global or regional market supply-and-demand Key assumptions used The calculation of value in use made by the Company CGU’s is more sensitive to the following assumptions: Successor Successor Predecessor Predecessor Discount rates (post-tax) 12.6 % 11.90 % 11.25 % 10.10 % Crude oil, NGL and Natural Gas prices Crude oil-Brent 2018 — — 64.5 64.5 2019 — 70.0 65.0 65.0 2020 60.0 71.3 66.0 66.0 2021 60.4 69.6 65.9 65.9 Natural Gas-Local 2018 — — 4.60 4.60 2019 — 4.60 4.50 4.50 Onwards 3.5 4.60 4.50 4.50 NGL-Local Onwards 300 430 439 439 Discount rates: post-tax The cost of equity is derived from the expected return on investment by the Company’s investors that arise from the Capital Asset Pricing Model. The cost of debt is derived from the cost of Comparable’ corporate bonds. Crude oil, Natural Gas and NGL prices: For crude oil prices, the Company considered discounts or premium depending on the quality of the crude oil or natural gas produced in each of the CGUs. The evolution of Brent prices was estimated with the median projections of analysts from different banks on the Brent Price. In order to forecast the local price of natural gas at 9.300 kcal/m 3 The Company’s long-term assumption for oil prices is similar to the recent market prices reflecting the judgement that recent prices are consistent with the market being able to produce sufficient oil to meet global demand sustainably in the longer term. Production and reserves volumes value-in-use Sensitivity to changes in assumptions With regard to the assessment of value in use as of December 31, 2019 and 2018, management believes that there are no reasonably possible changes in any of the above key assumptions that would cause the carrying value of the any CGU to materially exceed its recoverable amount. With regard to the assessment of value in use as of December 31, 2017, the sensitivity analyses below have been determined based on reasonably possible changes of the respective assumptions occurring at the end of the reporting period, while holding all other assumptions constant. Sucessor As of December 31, Sucessor As of December 31, Predecessor As of December 31, Discount rate +/- 100 basis points +/- 100 basis points +/- 100 basis points Carrying amount - / - - / - (0,100) / 0,900 Expected crude oil, natural gas and NGL prices +/- 10% +/- 10% +/- 10% Carrying amount - / - - / (9,707) 4,000 / (3,100) The sensitivity analysis presented above may not be representative of the actual change in the carrying amount as it is unlikely that the change in assumptions would occur in isolation of one another as some of the assumptions may be correlated. As of December 31, 2019, December 31, 2018 and December 31, 2017, the net book value of Property, Plant and Equipment and Intangible Assets are shown in Note 13 and 14, respectively. No impairment losses or recoveries were recognized during the period beginning April 4, 2018 through December 31, 2018 and for the year ended December 31, 2019 (Successor). During the period beginning January 1, 2018 through April 3, 2018, and for the year ended December 31, 2017, total (recovery)/ impairment loss of nil and (5,290) were recognized in respect of producing oil and gas properties mainly corresponding to Agua Amarga and Entre Lomas CGUs (Predecessor). The triggers for the impairment tests of the CGUs were primarily the effect of variability of prices, the macroeconomic situation of Argentina during those periods and variability of the discount rate. The recoverable amount was based on management’s estimate of the value in use (“VIU”) as of December 31, 2019, December 31, 2018, April 3, 2018 and December 31, 2017. 3.2.3 Current and deferred Income tax/ Minimum presumed income tax The Company Management has to assess regularly the positions stated in the tax returns as regards those situations where the applicable tax regulations are subject to interpretation and, if necessary, establish provisions according to the estimated amount that the Company will have to pay to the tax authorities. When the final tax result of these items differs from the amounts initially recognized, those differences will have an effect on the income tax and on the deferred tax provisions in the fiscal year when such determination is made. There are many transactions and calculations for which the ultimate tax determination is uncertain. The Company recognizes liabilities for eventual tax claims based on estimates of whether additional taxes will be due in the future. Deferred tax assets are reviewed at each reporting date and reduced in accordance with the probability that the sufficient taxable base will be available to allow for the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. In assessing the realization of deferred tax assets, Management considers that it is likely that a portion or all of the deferred tax assets will not be realized. The ultimate realization of deferred tax assets depends on the generation of future taxable income in the periods in which these temporary differences become deductible. To make this assessment, Management takes into consideration the scheduled reversal of deferred tax liabilities, the projections of future taxable profits and tax planning strategies. Assumptions about the generation of future taxable profits depend on Management’s estimates of future cash flows. These estimates of future taxable profits are based on forecast cash flows from operations (which are impacted by production and sales volumes, oil and gas prices, reserves, operating costs, decommissioning costs, capital expenditure, dividends and other capital management transactions) and judgement about the application of existing tax laws in each jurisdiction. To the extent that future cash flows and taxable income differ significantly from estimates, the ability of the Company to realize the net deferred tax assets recorded at the reporting date could be impacted. In addition, future changes in tax laws in the jurisdictions in which the Company operates could limit the ability of the Comapany to obtain tax deductions in future periods. 3.2.4 Asset retirement obligations Asset retirement obligations after completion of operations require the Company’s Management to estimate the number of wells, long-term well abandonment costs and the time remaining until abandonment. Technology, costs, political, environmental and safety considerations constantly change and may result in differences between actual future costs and estimates. Asset retirement obligations estimates are adjusted by the Company when it is justified by changes in the evaluation criteria or at least once a year. The carrying amount as of December 31, 2019, December 31, 2018, and December 31, 2017 of the Asset retirement obligation is 21,748, 16,253, and 15,642, respectively. (See Note 21.1) 3.2.5 Oil and gas reserves Oil and gas properties are depreciated using the units of production (“UOP”) method over total proved developed hydrocarbon reserves. Reserves mean oil and gas volumes that are economically producible, in the areas where the Company operates or has a (direct or indirect) interest and over which the Company has exploitation rights, including oil and gas volumes related to those service agreements under which the Company has no ownership rights on the reserves or the hydrocarbons obtained and those estimated to be produced for the contracting company under service contracts. The life of each item of property, plant and equipment, which is assessed at least annually, has regard to both its physical life limitations and present assessments of economically recoverable reserves of the field at which the asset is located. There are numerous uncertainties in estimating proved reserves and future production profiles, development costs and prices, including several factors beyond the producer’s control. Reserve engineering is a subjective process of estimating underground accumulations involving a certain degree of uncertainty. Reserves estimates depend on the quality of the available engineering and geological data as of the estimation date and on the interpretation and judgment thereof. Reserve estimates are adjusted when is justified by changes in the evaluation criteria or at least once a year. These reserve estimates are based on the reports of oil and gas consulting professionals. The Company uses the information obtained from the calculation of reserves in the determination of depreciation of assets used in the areas of oil and gas, as well as assessing the recoverability of these assets (Note 3.2.1, Note 3.2.2, Note 13 and Note 35). 3.2.6 Share-based payments Estimating fair value for share-based payment transactions requires determination of the most appropriate valuation model, which depends on the terms and conditions of the grant. This estimate also requires determination of the most appropriate inputs to the valuation model including the expected life of the share option, volatility and dividend yield and making assumptions about them. For the measurement of the fair value of SOP with employees at the grant date, the Company uses a Black & Sholes model. The carrying amount, assumptions and models used for estimating fair value for share-based payment transactions are disclosed in Note 33. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2019 | |
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Segment information | Note 4. Segment information The CODM which is responsible for the allocation of resources and evaluating the performance of the operating segment. The Committee monitors the operating results and performance indicators of its oil and gas properties on an aggregated basis, consistent with, due to the purpose of making decisions about the allocation of the resources, global negotiation with suppliers and the way agreements are managed with customers. The Committee considers the business as one single segment, the E&P of natural gas, NGL and crude oil (includes all upstream business activities), through its own activities, subsidiaries and share holdings in joint operations, and based on the business nature, customer portfolio and risks involved. The Company did not aggregate any segment, as it has only one. As of December 31, 2018, all revenues are derived from Argentine external customers. For the year ended December 31, 2019, the Company generated 99% of its revenues from external customers in Argentina and 1% in Mexico. For the period beginning April 4, 2018 through December 31, 2018, January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017, all its revenues and operations are derived from external Argentine customers, the depreciation of oil and gas properties and property, plant and equipment is fully associated with Argentina. The subsidiaries’ accounting policies to measure results, assets and liabilities of the segment are consistent with that used in this condensed financial statement. The following table summarizes non-current Consolidated Consolidated Predecessor through Predecessor Argentina 982,397 871,313 260,547 288,676 Mexico 30,165 29,684 — — Total non-current 1,012,562 900,997 260,547 288,676 |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2019 | |
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Revenue from contracts with customers | Note 5. Revenue from contracts with customers Consolidated Consolidated Predecessor through Predecessor Sales of goods 415,976 331,336 44,463 198,075 Revenue from contracts with customers 415,976 331,336 44,463 198,075 The Company’s transactions and the main revenues steams are described in Note 2.4.7. The Company’s revenues are derived from contracts with customers. 5.1 Disaggregated revenue information Types of goods Consolidated Consolidated Predecessor through Predecessor Revenue from crude oil 338,272 260,079 31,501 146,635 Revenue from natural gas 71,524 65,164 11,418 45,947 Revenue from NGL 6,180 6,093 1,544 5,477 Revenue from other goods and services — — — 16 Revenue from contracts with customers 415,976 331,336 44,463 198,075 Sales Channel Consolidated Consolidated Predecessor through Predecessor Refineries 338,272 260,079 31,501 146,635 Industries 39,279 51,240 8,729 26,680 Retail distributors of natural gas 26,452 10,254 — 893 Commercialization of NGL 6,180 6,093 1,544 5,477 Natural gas for electricity generation 5,793 3,670 2,689 18,374 Other sales channels — — — 16 Revenue from contracts with customers 415,976 331,336 44,463 198,075 5.2 Performance obligations The Company’s performance obligations relate to transfer goods to their customers. The Company’s upstream business carries out all activities relating to the exploration, development and production of oil and natural gas. Revenue from customers is generated mainly from the sale of produced oil, natural gas and NGL to third parties at a point in time. |
Operating expenses and crude oi
Operating expenses and crude oil stock fluctuation | 12 Months Ended |
Dec. 31, 2019 | |
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Operating expenses and crude oil stock fluctuation | Note 6. Operating expenses and crude oil stock fluctuation Note 6.1 Operating expenses Consolidated Consolidated Predecessor Predecessor Fees and compensation for services 67,209 55,813 10,956 47,371 Consumption of materials and repairs 17,062 9,694 4,028 15,416 Salaries and social security charges 10,943 7,353 1,515 7,714 Easements and canons 9,632 7,147 1,329 4,082 Transportation 2,914 2,204 113 531 Employee benefits 2,836 1,421 270 1,240 General expenses 3,835 2,613 156 1,107 Total operating expenses 114,431 86,245 18,367 77,461 Note 6.2 Crude oil stock fluctuation Consolidated Consolidated Predecessor Predecessor Inventories of crude oil at the beginning of the period/year (Note 18) 2,722 2,201 (1) 1,468 9,034 Plus: Charges for the period/year Incorporation of inventories for acquisition of companies (2) 1,762 — — Less: Inventories of crude oil at the end of the period/year (Note 18) (3,032 ) (2,722 ) (2,201 ) (1,468 ) Total crude oil stock fluctuation (310 ) 1,241 (733 ) 7,566 (1) The inventory of crude oil acquired from PELSA for an amount of 2,201 are included in the inventories at the beginning of the period held by the Successor entity. (2) This amount includes the inventory of crude oil acquired from APCO and acquired from the 3.85%. There was no inventory acquired from JdM nor Medanito. |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2019 | |
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Selling expenses | Note 7. Selling expenses Consolidated Consolidated Predecessor Predecessor Taxes, rates and contributions 13,115 10,349 1,506 6,739 Transportation 9,596 5,878 787 3,593 Tax on bank transactions 4,495 4,390 648 2,367 (Reversal) /Allowances for expected credit losses (Note 16) (118 ) 539 49 — Fees and compensation for services 50 158 101 542 Others — 27 — 23 Total selling expenses 27,138 21,341 3,091 13,264 |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2019 | |
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General and administrative expenses | Note 8. General and administrative expenses Consolidated Consolidated Predecessor Predecessor Salaries and social security 10,958 6,493 375 2,913 Share-based payments 10,655 4,021 — — Fees and compensation for services 9,603 9,067 67 293 Employee benefits 6,055 2,366 253 639 Taxes, rates and contributions 1,718 951 18 27 Institutional advertising and promotion 1,179 272 — — Depreciation of property, plant and equipment — — 518 2,066 Others 2,232 1,032 235 836 Total general and administrative expenses 42,400 24,202 1,466 6,774 |
Exploration expenses
Exploration expenses | 12 Months Ended |
Dec. 31, 2019 | |
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Exploration expenses | Note 9. Exploration expenses Consolidated Consolidated Predecessor Predecessor Geological and geophysical expenses 676 637 44 320 Salaries and social security charges — — 74 642 Employee benefits — — 16 87 Total exploration expenses 676 637 134 1,049 |
Other operating income and expe
Other operating income and expenses | 12 Months Ended |
Dec. 31, 2019 | |
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Other operating income and expenses | Note 10. Other operating income and expenses Note 10.1 Other operating income Consolidated Consolidated Predecessor Predecessor Services to third parties (1) 3,165 2,699 763 412 Surplus Gas Injection Compensation (SGIC) — — 291 16,938 Gain on sale of property, plant and equipment — — — 384 Reversal of allowance for expected credit losses — — — 13 Other — — 186 55 Total other operating income 3,165 2,699 1,240 17,802 (1) Includes services provided to customers that does not correspond to the main activity of the Company. 10.2 Other operating expenses Consolidated Consolidated Predecessor Predecessor Restructuring expenses (1) (3,244 ) (12,018 ) — — Allowance for materials and spare parts (2) (972 ) (1,125 ) — (491 ) Provision for environmental remediation (Note 21.2) (816 ) (1,168 ) — — Provision for contingencies (Note 21.3) (422 ) (240 ) (2 ) (2,566 ) Consolidated Consolidated Predecessor Predecessor Transaction cost related to the business combinations (Note 31) — (2,380 ) — — Extraordinary tariff on SGIC — — (133 ) (1,711 ) Others (726 ) (1,166 ) — (357 ) Total other operating expenses (6,180 ) (18,097 ) (135 ) (5,125 ) (1) The Company recorded restructuring expenses that includes payments and other related fees, such charges relates principally to the reorganization of the Group structure and to the creation of a new midstream business mention in Note 27. (2) Includes 360 related to current materials and spare parts, and 612 related to non-current |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2019 | |
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Financial results | Note 11. Financial results 11.1 Interest income Consolidated Consolidated Predecessor Predecessor Financial interests 1,328 2,125 — — Interests on government notes at amortized costs 2,442 407 239 166 Total interest income 3,770 2,532 239 166 11.2 Interest expense Consolidated Consolidated Predecessor Predecessor Borrowings interest (Note 17.2) (34,159 ) (15,546 ) — — Other interest (4 ) (200 ) (23 ) (18 ) Total interest expense (34,163 ) (15,746 ) (23 ) (18 ) 11.3 Other financial results Consolidated Consolidated Predecessor Predecessor Costs of early settlements of borrowings and amortized costs (Note 17.4) (2,076 ) (14,474 ) — — Changes in the fair value of Warrants (Note 17.5.1) 6,840 (8,860 ) — — Foreign currency exchange difference, net (2,991 ) 3,005 (995 ) (1,506 ) Effect of discount of assets and liabilities at present value (10 ) (2,743 ) — — Changes in the fair value of the financial assets 873 1,415 69 1,885 Interest expense leases (Note 2.2) (1,561 ) — — — Unwinding of discount on asset retirement obligation (Note 21.1) (1,723 ) (897 ) (233 ) (815 ) Others (67 ) (366 ) — — Total other financial results (715 ) (22,920 ) (1,159 ) (436 ) |
Profit_Loss per share
Profit/Loss per share | 12 Months Ended |
Dec. 31, 2019 | |
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Profit/Loss per share | Note 12. Profit/Loss per share a) Basic Basic profit (loss) per share are calculated by dividing the results attributable to the Company’s and its Predecessor’s equity interest holders, respectively, by the weighted average of outstanding common shares during the period / year of the Company and its Predecessor, respectively. b) Diluted Diluted profit (loss) per share are by dividing the net (loss) / earnings by the weighted average number of common shares of the Company and its Predecessor, respectively, outstanding during the period, plus the weighted average number of common shares with dilution potential. Potential common shares will be deemed dilutive only when their conversion into common shares may reduce the earnings per share or increase losses per share of the continuing business. Potential common shares will be deemed anti-dilutive when their conversion into common shares may result in an increase in the earnings per share or a decrease in the losses per share of the continuing operations. The calculation of diluted earnings (loss) per share does not entail a conversion, the exercise or another issuance of shares which may have an anti-dilutive effect on the losses per share, or where the option exercise price is higher than the average price of common shares during the period, no dilutive effect is recorded, being the diluted profit (loss) per share equal to the basic. As of April 3, 2018, and December 31, 2017, the Predecessor Company does not hold any potential dilutive shares nor any antidilutive potential share; therefore, there are no differences with the basic earnings (loss) per share. Predecessor For the period from April 3, 2018 Predecessor Net (loss)/profit for the period/year (6,649 ) 13,905 Weighted average number of outstanding common shares (number of shares) 95,443,572 95,443,572 Basic and diluted (losses) earnings per common share (US per share) (0.070 ) 0.146 As of December 31, 2018, and 2019, the Successor Company has shares that can potentially be dilutive. Consolidated Successor For the year ended December 31, 2019 Consolidated Successor For the period from April 4, 2018 through December 31, 2018 Net (loss)/profit for the period/year (32,723 ) (26,382 ) Weighted average number of outstanding common shares (number of shares) 80,068,287 70,409,317 Basic and diluted (loss) earnings per common share (US per share) (0.409 ) (0.375 ) A (i) 21,666,667 Series A shares related to the 65,000,000 to the Series A Warrants (See Note 20.1), (ii) 9,893,333 related to the 29,680,000 Warrants (Note 20.1), (iii) 1,666,667 related to the 5,000,000 Forward Purchase Agreement (“FPA”) (See Note 20.1), (iv) 500,000 Series A shares, related to a certain private subscription agreement (See Note 20.1), and (v) 8,750,000 related to the share-based payments granted to employee (See Note 33). As of December 31, 2019, the Successor Company has the following potential common shares that are anti-dilutive and are therefore excluded from the weighted average number of common shares for the purpose of diluted (loss) / profit per share: (i) 21,666,667 Series A shares related to the 65,000,000 to the Series A Warrants (See Note 20.1); (ii) 9,893,333 related to the 29,680,000 related to the Sponsor Warrants (See Note 20.1); (iii) 1,666,667 related to the 5,000,000 Forward Purchase Agreement (“FPA”) (See Note 20.1); (iv) 8,432,068 Series A shares to be used pursuant to the LTIP for employee and for which has not been granted as part of LTIP. Due to the anti-dilutive nature of the potential common shares disclosed above there are no differences with the basic loss per share. There have been no other transactions involving common shares or potential common shares between the reporting date and the date of authorization of these consolidated financial statements. |
Property, plant and equipment
Property, plant and equipment | 12 Months Ended |
Dec. 31, 2019 | |
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Property, plant and equipment | Note 13. Property, plant and equipment Changes in property, plant and equipment for the year ended December 31, 2019 and for the periods from April 4, 2018 through December 31, 2018, for the period from January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017 are as follows: Cost Land and Vehicles, machinery, Oil and gas Wells and production (3) Work in Materials Total As of January 1, 2017 351 15,898 61,991 967,931 5,508 1,796 1,053,475 Additions — 1,189 — 1,290 28,354 3,093 33,926 Transfers — — — 29,951 (29,951 ) — — Disposals — (91 ) — — — (3,614 ) (3,705 ) As of December 31, 2017 351 16,996 61,991 999,172 3,911 1,275 1,083,696 Additions — — — — 3,999 4,564 8,563 Transfers — 644 — 2,995 (3,639 ) — — Disposals — — — (288 ) — (1,241 ) (1,529 ) As of April 3, 2018 351 17,640 61,991 1,001,879 4,271 4,598 1,090,730 Accumulated depreciation from business combination of PELSA to arrive to net book value (69 ) (10,698 ) (50,152 ) (778,061 ) — — (838,980 ) Additions from PELSA’s acquisition (Note 31.1) 14 409 47,725 12,588 225 17 60,978 Additions from business combination of JdM and Medanito (Note 31.2) 1,818 1,726 — 78,298 4,254 — 86,096 Additions from business combination of APCO (Note 31.3) 89 2,188 300,997 73,275 1,675 2,162 380,386 Additions 18 1,116 9,000 4,732 117,348 (2) 18,085 150,299 Transfers — 3,459 — 44,090 (32,178 ) (15,371 ) — Disposals — (175 ) (18,255 ) (1) (11,839 ) (4,902 ) — (35,171 ) As of December 31, 2018 2,221 15,665 351,306 424,962 90,693 9,491 894,338 Additions 224 83 261 4,596 142,791 96,624 244,579 Transfers — 4,697 1,509 229,244 (157,959 ) (77,491 ) — Disposals — (34 ) — (112 ) — (1,170 ) (1,316 ) As of December 31, 2019 2,445 20,411 353,076 658,690 75,525 27,454 1,137,601 Accumulated depreciation and impairment Land and Vehicles, machinery, Oil and gas Wells and production Work in Materials Total As of January 1, 2017 (62 ) (9,165 ) (54,666 ) (703,433 ) — — (767,326 ) Depreciation and depletion charge for the year (6 ) (1,305 ) (1,417 ) (59,794 ) — — (62,522 ) Impairment loss (recovery) — — 6,467 (1,777 ) — — 5,290 Eliminated on disposals — 91 — — — — 91 As of December 31, 2017 (68 ) (10,379 ) (49,616 ) (764,404 ) — — (824,467 ) Depreciation and depletion charge for the period (1 ) (319 ) (536 ) (13,657 ) — — (14,513 ) As of April 3, 2018 (69 ) (10,698 ) (50,152 ) (778,061 ) — — (838,980 ) Reversal of Accumulated depreciation from business combination of PELSA 69 10,698 50,152 778,061 — — 838,980 Depreciation and depletion charge for the period (14 ) (1,529 ) (1,426 ) (71,006 ) — — (73,975 ) Eliminated on disposals — 175 — 184 — — 359 As of December 31, 2018 (14 ) (1,354 ) (1,426 ) (70,822 ) — — (73,616 ) Depreciation and depletion charge for the year (75 ) (2,518 ) (18,063 ) (126,323 ) — — (146,979 ) Disposals — 34 — 26 — — 60 As of December 31, 2019 (89 ) (3,838 ) (19,489 ) (197,119 ) — — (220,535 ) Net book value As of December 31, 2019 2,356 16,573 333,587 461,571 75,525 27,454 917,066 As of December 31, 2018 2,207 14,311 349,880 354,140 90,693 9,491 820,722 As of December 31, 2017 283 6,617 12,375 234,768 3,911 1,275 259,229 (1) Disposals of Oil and Gas properties of the year 2018 are related to CASO-Aguila Mora swap agreement. This transaction did not generate cash flow (2) Additions of work in progress of year 2018 includes wells related to Águila Mora oil and gas property for 13,157. This transaction did not generate cash flows (Note 29.3.5). (3) Additions of wells and production facilities of the year 2019 includes 4,141 related to the reestimations of assets retirement obligation. Please refer to Note 3.2.2 for the details on impairment testing of oil and gas properties. |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2019 | |
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Goodwill and other intangible assets | Note 14. Goodwill and other intangible assets Changes in goodwill and other intangible assets for the year ended December 31, 2019 and for the periods from April 4, 2018 through December 31, 2018, for the period from January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017 are as follows: Other intangible assets Cost Goodwill Software licenses Exploration Total As of January 1, 2017 — 5,042 — 5,042 Additions — 240 — 240 As of December 31, 2017 — 5,282 — 5,282 Additions — 13 — 13 As of April 3, 2018 — 5,295 — 5,295 Additions — 1,805 29,681 31,486 Additions from business combinations (Note 31) 28,484 75 — 75 Accumulated depreciation from business combination of PELSA to arrive to net book value — (4,459 ) — (4,459 ) As of December 31, 2018 28,484 2,716 29,681 32,397 Additions — 4,225 — 4,225 Disposals — — (278 ) (278 ) As of December 31, 2019 28,484 6,941 29,403 36,344 Accumulated amortization As of January 1, 2017 — (3,506 ) — (3,506 ) Amortization charge for the year — (755 ) — (755 ) As of December 31, 2017 — (4,261 ) — (4,261 ) Amortization charge for the period — (198 ) — (198 ) As of April 3, 2018 — (4,459 ) — (4,459 ) Reversal of accumulated depreciation from business combination of PELSA — 4,459 — 4,459 Amortization charge for the period — (797 ) — (797 ) As of December 31, 2018 — (797 ) — (797 ) Amortization charge for the period — (1,518 ) — (1,518 ) As of December 31, 2019 — (2,315 ) — (2,315 ) Net book value As of December 31, 2019 28,484 4,626 29,403 34,029 As of December 31, 2018 28,484 1,919 29,681 31,600 As of December 31, 2017 — 1,021 — 1,021 Goodwill arises from the business combinations (see Note 31) principally because the Company’s ability to capture unique synergies that can be realized from managing a portfolio of the acquired oil and gas fields Software licenses are being amortized over the estimated useful economic life of three years. For impairment testing purposes, the goodwill generated through the PELSA and APCO business combinations (Notes 31.1 and 31.3) has been allocated to the CGU unconventional oil and gas operated in Argentina, while the goodwill generated through the JDM / Medanito business combination (Note 31.2) has been allocated to the CGU conventional oil and gas operated in Argentina. Exploration rights relates to the acquisition of 50% working interest in three oil and gas properties in which Jaguar Exploration and Production of Hydrocarbons S.A.P.I. de C.V. (“Jaguar”) and Pantera Exploración y Producción, S.A.P.I. de C.V. (“Pantera”) were licensees (Note 29.3.10). |
Deferred income tax assets and
Deferred income tax assets and liabilities and income tax expense | 12 Months Ended |
Dec. 31, 2019 | |
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Deferred income tax assets and liabilities and income tax expense | Note 15. Deferred income tax assets and liabilities and income tax expense The composition of the deferred tax assets and liabilities is as follows: Successor Profit (loss) Other equity Other Successor Short-term investments — 523 — — 523 Trade and other receivables 1,776 (619 ) — — 1,157 Employee defined benefit plans 598 635 — 394 1,627 Share-based payment reserve — — 1,166 — 1,166 Unused tax loss — 7,345 — — 7,345 Provisions 5,610 1,250 — — 6,860 Right-of-use — 65 — — 65 Deferred income tax assets 7,984 9,199 1,166 394 18,743 Property, plant and equipment (140,236 ) 2,168 — — (138,068 ) Borrowings’ transaction costs (1,351 ) (249 ) — — (1,600 ) Intangible assets (55 ) (716 ) — — (771 ) Inventory (40 ) (1,311 ) — — (1,351 ) Other (59 ) 56 — — (3 ) Inflationary adjustment — (23,493 ) — — (23,493 ) Deferred income tax liabilities (141,741 ) (23,545 ) — — (165,286 ) Net deferred income tax liabilities (133,757 ) (14,346 ) 1,166 394 (146,543 ) Predecessor April 3, 2018 Change due to Profit (loss) Other Successor Trade and other receivables 479 44 1,253 — 1,776 Employee defined benefit plans 1,403 438 (2,134 ) 891 598 Provisions 4,046 1,300 264 — 5,610 Deferred income tax assets 5,928 1,782 (617 ) 891 7,984 Property, plant and equipment (37,618 ) (92,289 ) (10,329 ) — (140,236 ) Borrowings’ transaction costs — — (1,351 ) — (1,351 ) Intangible assets (74 ) — 19 — (55 ) Financial assets at FVTPL — (1 ) 1 — — Inventory — — (40 ) — (40 ) Other (401 ) — 342 — (59 ) Deferred income tax liabilities (38,093 ) (92,290 ) (11,358 ) — (141,741 ) Net deferred income tax liabilities (32,165 ) (90,508 ) (11,975 ) 891 (133,757 ) Predecessor Profit (loss) Other comprehensive Predecessor April 3, 2018 Trade and other receivables 263 216 — 479 Employee defined benefit plans 956 425 22 1,403 Inventory 288 (288 ) — — Provisions 4,593 (547 ) — 4,046 Deferred income tax assets 6,100 (194 ) 22 5,928 Property, plant and equipment (34,550 ) (3,068 ) — (37,618 ) Intangible assets (83 ) 9 — (74 ) Financial assets at FVTPL (76 ) 76 — — Other (231 ) (170 ) — (401 ) Deferred income tax liabilities (34,940 ) (3,153 ) — (38,093 ) Net deferred income tax liabilities (28,840 ) (3,347 ) 22 (32,165 ) Predecessor January 1, 2017 Profit (loss) Other comprehensive Predecessor December 31, 2017 Trade and other receivables 2,145 (1,882 ) — 263 Employee defined benefit plans 1,175 (343 ) 124 956 Inventory 232 56 — 288 Provisions 5,203 (610 ) — 4,593 Other 160 (160 ) — — Deferred income tax assets 8,915 (2,939 ) 124 6,100 Property, plant and equipment (47,353 ) 12,803 — (34,550 ) Intangible assets (114 ) 31 — (83 ) Financial assets at FVTPL (6 ) (70 ) — (76 ) Other (1 ) (230 ) — (231 ) Deferred income tax liabilities (47,474 ) 12,534 — (34,940 ) Net deferred income tax liabilities (38,559 ) 9,595 124 (28,840 ) Deferred tax assets and liabilities are offset in the following cases: (i) when there is a legally enforceable right to offset tax assets and liabilities; and (ii) when deferred income tax charges are associated with the same fiscal authority. The following amounts, determined after their offset, are disclosed in the statement of financial position: Successor December 31, 2019 Sucessor December 31, 2018 Predecessor December 31, 2017 Deferred income tax asset, net 476 — — Deferred income tax liabilities, net (147,019 ) (133,757 ) (28,840 ) The breakdown of income tax charge is as follows: Successor Successor Predecessor Predecessor Current income tax Current income tax income / (charge) (3,032 ) (35,450 ) (4,214 ) (16,117 ) Difference in the estimate of previous fiscal year income tax and the income return 1,146 — (401 ) 161 Deferred income tax Relating to origination and reversal of temporary differences (14,346 ) (11,975 ) (3,345 ) 9,595 Income tax (expense) / benefit reported in the statement of profit or loss (16,232 ) (47,425 ) (7,960 ) (6,361 ) Deferred tax charged to OCI 394 891 22 124 Total income tax charge (15,838 ) (46,534 ) (7,938 ) (6,237 ) Below is a reconciliation between income tax (expense) and the amount resulting from application of the tax rate on the (loss) profit before income taxes: Successor Successor Predecessor Predecessor Profit /(loss) before income tax (16,491 ) 21,043 1,311 20,266 Current statutory income tax rate 30 % 30 % 30 % 35 % Income tax at the statutory income tax rate 4,947 (6,313 ) (393 ) (7,093 ) Items that adjust the income tax (expense) / benefit: Non-deductible (1,782 ) (5,824 ) (3 ) (17 ) Non- — — — (661 ) Inflation adjustment (Note 32.1) (31,796 ) — Effect of the measurement of monetary and non-monetary 15,395 (39,187 ) (7,163 ) (10,976 ) Effect of statutory income tax rate change in deferred income tax (Note 32) — 21,491 — 10,372 Unrecognized tax losses and other assets (7,285 ) (23,176 ) — — Difference in the estimate of previous fiscal year income tax and the income tax statement 1,146 — (401 ) 161 Inflation update unrecognized tax losses 1,675 — — Effect related to statutory income tax rate change 2,721 — — Effect of the impairment recovery of property, plant and equipment — — — 1,851 Issuance expenses — 5,651 — — Other (1,253 ) (67 ) — — Total income tax expense (16,232 ) (47,425 ) (7,960 ) (6,361 ) Some subsidiaries in Mexico have tax loss carryforwards. Unused tax loss carryforwards, for which a deferred income tax asset has been recognized, may be recovered provided certain requirements are fulfilled. The tax losses carryforwards for which deferred tax asset has been recorded and their corresponding years of expiration are as follows: Successor Successor Predecessor December 31, 2027 7,607 7,110 — 2028 61,979 56,891 — 2029 Onward 23,059 — — Total tax loss 92,645 64,001 — Breakdown of the income tax liability: Successor Successor Predecessor December 31, Current Income tax, net of withholdings and advances 3,039 22,429 1,401 Total current 3,039 22,429 1,401 |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Trade and other receivables | Note 16. Trade and other receivables Successor Successor Predecessor December 31, Non-current Other receivables: Prepayments, tax receivables and others: Prepaid expenses and other receivables 9,594 10,646 90 Minimum presumed income tax 1,462 — — Turnover tax credit 455 496 — 11,511 11,142 90 Financial assets: Natural gas surplus injection stimulus program (1) 3,600 9,049 — Advances and loans to employees 772 — — Mandatory save credit — — 207 4,372 9,049 207 Total non-current 15,883 20,191 297 Successor Successor Predecessor December 31, Current Trade: Receivables from oil and gas sales (net) 52,676 55,032 3,898 Related parties (Note 26) — — 26,720 Checks to be deposited 3 883 8,321 Trade receivables 52,679 55,915 38,939 Other receivables Prepayments, tax receivables and others: Income tax credit 16,274 3,826 — Value Added Tax (“VAT”) 3,953 10,127 — Prepaid expenses 1,861 572 83 Turnover tax credit 1,158 1,938 — 23,246 16,463 83 Financial assets: Natural gas surplus injection stimulus program (1) 7,797 6,899 14,366 Loans to third parties 1,241 — — Receivables from services to third parties 3,797 2,850 1,252 Price stability program of NGL 480 151 218 Director’s advances and loans to employees 284 1,818 22 Grants on propane credit — 982 753 Related parties (Note 26) 3,169 186 575 Balances with joint operations 14 — 38 Other 730 786 26 17,512 13,672 17,250 Other receivables 40,758 30,135 17,333 Total current trade and other receivables 93,437 86,050 56,274 (1) Corresponds to balances pending collection for compensations under the IR Program (Note 2. 5 Due to the short-term nature of the current trade and other receivables, their carrying amount is considered to be similar to its fair value. For the non-current Trade receivables are generally on terms of 30 days for crude oil revenues and 65 days for natural gas and NGL revenues The Company writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings. None of the trade receivables that have been written off is subject to enforcement activities. As of December 31, 2017, the allowance for expected credit losses of trade receivables recognized by PELSA corresponds mainly to the amount of the credit included in the reorganization proceeding initiated by Oil Combustibles S.A. The Company has recognized a loss allowance of 100% against all receivables over 90 days past due because historical experience has indicated that these receivables are generally not recoverable. As of December 31, 2019, December 31, 2018 and December 31, 2017 trade receivables and other receivables under 90 days past due amounted to 6,189, 11,798 and 6,839, respectively, however no allowance for expected credit losses of trade receivables was recorded. Furthermore, it was recognized as a provision for expected credit losses in trade receivable and other receivables of 100, 257 and 6,161, respectively. The movements in the allowance for the expected credit losses of trade receivables and other receivables are as follows: Successor Successor through Predecessor From January 1, Predecessor At the beginning of period / year (257 ) — 6,161 6,294 (Reversal)/ Allowance for expected credit losses (Note 7) 118 (539 ) 49 — Decreases — — — (13 ) Exchange difference 39 282 (49 ) (120 ) At the end of the period/year (100 ) (257 ) 6,161 6,161 As of the date of these financial statements, the maximum exposure to credit risk corresponds to the carrying amount of each class of receivables. |
Financial assets and financial
Financial assets and financial liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Financial assets and financial liabilities | Note 17. Financial Assets and financial liabilities 17.1 Borrowings: Successor Successor Predecessor Non-Current Borrowings 389,096 294,415 — Total non-current 389,096 294,415 — Current Borrowings 62,317 10,352 — Total current 62,317 10,352 — Total Borrowings 451,413 304,767 — The maturities of the Company’s borrowings (excluding lease liabilities) and its exposure to interest rates are as follow: Successor Successor Predecessor Fixed rate Less than one year 43,370 4,841 — One to two years 200,172 14,721 — Three to five years 44,932 132,486 — 288,474 152,048 — Floating rates Less than one year 18,947 5,5111 — One to two years 99,060 14,721 — Three to five years 44,932 132,487 — 162,939 152,719 — See Note 17.5 for information regarding the fair value of the borrowings. The following table details the carrying amount of borrowings as of December 31, 2019: Subsidiary (1) Bank Subscription date Currency Amount of Interest Rate Expiration Carrying Vista Argentina Banco Galicia, Banco Itáu Unibanco, Banco Santander Rio y Citibank NA (1) July, 2018 US 150,000 Floating Libor + 4,5% July, 2023 306,199 150,000 Fixed 8% Vista Argentina Banco de la Ciudad de Buenos Aires March, 2019 US 7,000 Fixed 7% March, 2020 7,007 Vista Argentina Banco BBVA Argentina S.A. July, 2019 US 15,000 Fixed 9.4% July, 2022 15,236 Vista Argentina Banco BBVA Argentina S.A. December 2019 ARS 725,000 Fixed 62% March, 2020 12,496 Vista Argentina Banco de Galicia y Buenos Aires S.A. December 2019 ARS 600,000 Floating Badlar + 8.25% March, 2021 10,289 (1) During the term of the loan, the Company through its subsidiaries Vita Argentina, Vista Holding I and Vista Holding II, must comply with the following restrictions, according to the parameters defined in the loan contract. (i) The ratio of consolidated net debt to EBITDA (“Earnings Before Interest, Tax, Depreciation and Amortization”) consolidated. (ii) The Consolidated Interest Coverage Index as of the last day of any fiscal quarter, beginning with the quarter ending September 30,2018. “Consolidated Interest Coverage Ratio” shall mean, for any date of determination, the ratio of (a) Consolidated EBITDA for the test period ended on such date to (b) Consolidated Interest Expense of Vista and its Restricted Subsidiaries for such period. (iii) Adjusted Consolidated Net Debt to Adjusted Consolidated EBITDA Ratio of Vista Holding I. This credit facility includes covenants restricting, but not prohibiting, among other things, Vista Argentina, Vista Holding I and Vista Holding II and the Company’s ability to: (i) incur or guarantee additional debt; (ii) create liens on its assets to secure debt; (iii) dispose of assets (iv) merge or consolidate with another person or sell or otherwise dispose of all or substantially all of its assets; (v) change their existing line of business (vi) declare or pay any dividends or return any capital, other than certain limited payments; (vii) make investments; (viii) enter into transactions with affiliates; (ix) and change their existing accounting practices. As of December 31, 2019, and 2018, there was no non-compliance Additionally, Vista Argentina issued a simple non-convertible Subsidiary Documents Subscription Currency Amount of Interest Rate Expiration Carrying Vista Argentina Negotiable Obligations July 2019 US 50,000 Fixed 7.88% July 2021 50,109 Vista Argentina Negotiable Obligations August 2019 US 50,000 Fixed 8.5% August 2022 50,077 Under the aforementioned Program of Notes, the Company may publicly offer and issue debt securities in Argentina for a total capital amount of up to 800,000 or its equivalent in other currencies at any time. 17.1.1 Loan Agreement with OPIC On September 11, 2019, the Board of Directors of the Overseas Private Investment Corporation (“OPIC”) has approved a credit line up to 300,000 in financing to Vista Argentina and 150,000 to Aleph, with a term of up to ten years, which are subject to the conclusion of the final documents. As of the date of these consolidated financial statements no funds related to this loan were received 17.2 Changes in liabilities arising from financing activities The movements in the borrowings are as follows: Consolidated Consolidated Predecessor Predecessor Balance at the beginning of the periods/year 304,767 — — — Balance of financial liability as of April 4, 2018 of VISTA related to Series A shares — 647,083 — — Proceeds from the bridge loan (1) — 260,000 — — Payment of bridge loan transaction costs — (11,904 ) — — Payment of bridge loan (1) — (260,000 ) — — Proceeds from loans 234,728 300,000 — — Payment of loans transaction costs (1,274 ) (8,333 ) — — Payment of redemption of Series A shares (Note 20.1) — (204,590 ) — — Capitalization of liability related to Series A shares (2) — (442,491 ) — — Interes expense (2) 34,159 15,546 — — Payment of borrowings’ interests (32,438 ) (5,018 ) — — Payment of borrowings’ principal (90,233 ) — — — Costs of early settlements of borrowings and amortized cost (Note 11.3) 2,076 14,474 — — Foreing currency exchange difference (372 ) At the end of the period/year 451,413 304,767 — — (1) On April 4, 2018, the Company subscribed a bridge loan agreement with Citibank, NA, Credit Suisse AG and Morgan Stanley Senior Funding, Inc., as co-lenders, This loan was prepaid on July 19, 2018, when a new financing was obtained through its Argentine subsidiary as explained in item 2). Consequently, the collateral in favor of the lenders was released. As of that date, the remaining amount of deferred expenses related to this loan for 11,904 were recognized in profit or loss. (2) Non-cash 17.3 Warrants Along with the issuance of the Serie A common shares at the IPO, the Company placed 65,000,000 warrants to purchase one-third 30-trading 10-day Substantially at the same time, the Company’s sponsors purchased a total of 29,680,000 warrants to purchase one-third On February 12, 2019, the Company completed the sale of 5,000,000 of warrants to purchase one-third On August 15, 2018, the exercise period of the aforementioned Warrants commenced. As of December 31, 2019, and 2018 warrant’s holders have not exercised our right. The liability associated with the warrant will eventually be converted to the Company’s equity (Serie A common shares) when the warrants are exercised or will be extinguished upon the expiry of the outstanding warrants and will not result in the payment of any cash by the Company. In accordance with IFRS, a contract to issue a variable number of shares should be classified as a financial liability and measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss and comprehensive income. Successor Successor Predecessor Non-Current Warrants 16,860 23,700 — Total non-current 16,860 23,700 — 17.4 Financial instruments by category The following chart presents financial instruments by category: As of December 31, 2019 Financial Financial Total financial Assets American government bonds (Note 22) 7,882 — 7,882 Natural gas surplus injection stimulus program (Note 16) 3,600 — 3,600 Advances and loans to employees (Note 16) 772 — 772 Total non-current 12,254 — 12,254 Cash and banks (Note 19) 139,931 — 139,931 Short term investments (Note 19) 111,314 8,783 120,097 Receivables from oil and gas sales (Note 16) 52,676 — 52,676 Natural gas surplus injection stimulus program (Note 16) 7,797 — 7,797 Receivables to third parties (Note 16) 3,797 — 3,797 Related parties (Note 16) 3,169 — 3,169 Loans to third parties (Note 16) 1,241 — 1,241 Price stability program of NGL (Note 16) 480 — 480 Director’s advances and loans to employees (Note 16) 284 — 284 Balances with joint operations (Note 16) 14 — 14 Checks to be deposited (Note 16) 3 — 3 Others (Note 16) 730 — 730 Total current financial assets 321,436 8,783 330,219 Liabilities Borrowings (Note 17.1) 389,096 — 389,096 Warrants (Note 17.3) — 16,860 16,860 Leases liabilities (Note 2.2) 9,372 — 9,372 Accounts payable and accrued liabilities (Note 25) 419 — 419 Total non-current 398,887 16,860 415,747 Accounts payable and accrued liabilities (Note 25) 98,269 — 98,269 Borrowings (Note 17.1) 62,317 — 62,317 Leases liabilities (Note 2.2) 7,395 — 7,395 Total current financial liabilities 167,981 — 167,981 As of December 31, 2018 Financial Financial Total financial Assets Natural gas surplus injection stimulus program credit (Note 16) 9,049 — 9,049 Total non-current 9,049 — 9,049 Cash and bank (Note 19) 13,254 — 13,254 Short term investments (Note 19) 38,862 28,792 67,654 Receivables from oil and gas sales, net (Note 16) 55,032 — 55,032 Checks to be deposited (Note 16) 883 — 883 Natural gas surplus injection stimulus program (Note 16) 6,899 — 6,899 Receivables to third parties (Note 16) 2,850 — 2,850 Director’s advances and loans to employees (Note 16) 1,818 — 1,818 Grants on propane credit (Note 16) 982 — 982 Related parties (Note 16) 186 — 186 Price stability program of NGL (Note 16) 151 — 151 Others (Note 16) 786 — 786 Total current financial assets 121,703 28,792 150,495 Liabilities Accounts payable and accrued liabilities (Note 25) 1,007 — 1,007 Financial Liabilities (Note 17.1) 294,415 — 294,415 Warrants (Note 17.3) — 23,700 23,700 Total non-current 295,422 23,700 319,122 Accounts payable and accrued liabilities (Note 25) 84,334 — 84,334 Financial Liabilities (Note 17.1) 10,352 — 10,352 Warrants (Note 17.3) — — — Total current financial liabilities 94,686 — 94,686 As of December 31, 2017 Financial Financial Total financial Assets Natural gas surplus injection stimulus program (Note 16) — — — Mandatory save credit (Note 16) 207 — 207 Total non-current 207 — 207 Cash and bank (Note 19) 184 — 184 Short term investments (Note 19) 17,180 19,471 36,651 Receivables from oil and gas sales, net (Note 16) 3,898 — 3,898 Checks to be deposited (Note 16) 8,323 — 8,323 Natural gas surplus injection stimulus program (Note 16) 14,366 — 14,366 Receivables to third parties (Note 16) 1,252 — 1,252 Director’s advances and loans to employees (Note 16) 22 — 22 Grants on propane credit (Note 16) 753 — 753 Related parties (Note 16) 27,295 — 27,295 Price stability program of NGL (Note 16) 218 — 218 Balance with joint operations (Note 16) 38 — 38 Others (Note 16) 26 — 26 Total current financial assets 73,555 19,471 93,026 Liabilities Accounts payable and accrued liabilities (Note 25) 20,990 — 20,990 Financial Liabilities (Note 17.1) — — — Warrants (Note 17.3) — — — Total current financial liabilities 20,990 — 20,990 The income, expenses, gains and losses derived from each of the financial instrument categories are indicated below: For the year ended December 31, 2019: Financial Financial Total Interest income (Note 11.1) 3,770 — 3,770 Interest expense (Note 11.2) (34,163 ) — (34,163 ) Cost of early settlements of borrowings and amortized cost (Note 11.3) (2,076 ) — (2,076 ) Changes in the fair value of Warrants (Note 11.3) — 6,840 6,840 Foreign currency exchange difference, net (Note 11.3) (2,991 ) — (2,991 ) Effect on discount on assets and liabilities at present value (Note 11.3) (10 ) — (10 ) Changes in the fair value of the financial assets (Nota 11.3) — 873 873 Interest expense leases (Note 11.3) (1,561 ) — (1,561 ) Unwinding of discount on asset retirement obligation (Note 11.3) (1,723 ) — (1,723 ) Other financial results (Note 11.3) (67 ) — (67 ) Total (38,821 ) 7,713 (31,108 ) For the period from April 4, 2018 through December 31, 2018: Financial Financial Total Interest income (Note 11.1) 2,532 — 2,532 Interest expense (Note 11.2) (15,746 ) — (15,746 ) Foreign currency exchange difference, net (Note 11.3) 3,005 — 3,005 Changes in the fair value of Warrants (Note 11.3) — (8,860 ) (8,860 ) Changes in the fair value of government bonds and mutual funds (Note 11.3) Cost of early settlements of borrowings and amortized cost (Note 11.3) (14,474 ) — (14,474 ) Effect on discount on assets and liabilities at present value (Note 11.3) (2,743 ) — (2,743 ) Unwinding of discount on asset retirement obligation (Note 11.3) (897 ) — (897 ) Other (366 ) — (366 ) Total (28,689 ) (8,860 ) (36,630 ) For the period from January 1, 2018 through April 3, 2018: Financial Financial Total Interest income (Note 11.1) 239 — 239 Interest expense (Note 11.2) (23 ) — (23 ) Foreign currency exchange difference, net (Note 11.3) (995 ) — (995 ) Results from financial instruments at fair value (Note 11.3) — 69 69 Changes in the fair value of government bonds and mutual funds (Note 11.3) — — — Cost of early settlements of borrowings and amortized cost (Note 11.3) — — — Effect on discount on assets and liabilities at present value (Note 11.3) — — — Unwinding of discount on asset retirement obligation (Note 11.3) (233 ) — (233 ) Total (1,012 ) 69 (943 ) For the year ended December 31, 2017: Financial Financial Total Interest income (Note 11.1) 166 — 166 Interest expense (Note 11.2) (18 ) — (18 ) Foreign currency exchange difference, net (Note 11.3) (1,506 ) — (1,506 ) Results from financial instruments at fair value (Note 11.3) — 1,206 1,206 Changes in the fair value of government bonds and mutual funds (Note 11.3) — — — Cost of early settlements of borrowings and amortized cost (Note 11.3) — — — Effect on discount on assets and liabilities at present value (Note 11.3) — — — Unwinding of discount on asset retirement obligation (Note 11.3) (815 ) — (815 ) Other (Note 11.3) 679 — 679 Total (1,494 ) 1,206 (288 ) 17.5 Fair values This note provides information about how the Company determines fair values of various financial assets and financial liabilities. 17.5.1 Fair value of the Group’s financial assets and financial liabilities that are measured at fair value on a recurring basis The Company classifies the fair value measurements of financial instruments using a fair value hierarchy, which reflects the relevance of the variables used to perform those measurements. The fair value hierarchy has the following levels: • Level 1: quoted prices (not adjusted) for identical assets or liabilities in active markets. • Level 2: data different from the quoted prices included in Level 1 observable for the asset or liability, either directly (i.e. prices) or indirectly (i.e. derived from prices). • Level 3: Asset or liability data based on information that cannot be observed in the market (i.e., unobservable data). The following table shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2019, December 31, 2018, and December 31, 2017: As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Financial assets at FVTPL Government bonds and mutual funds 8,783 — — 8,783 Total assets 8,783 — — 8,783 As of December 31, 2019 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at FVTPL Warrants — — 16,860 16,860 Total liabilities — — 16,860 16,860 As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets Financial assets at FVTPL Government bonds and mutual funds 28,792 — — 28,792 Total assets 28,792 — — 28,792 As of December 31, 2018 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at FVTPL Warrants — — 23,700 23,700 Total liabilities — — 23,700 23,700 As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets Financial assets at FVTPL Government bonds and notes 17,349 — — 17,349 Mutual funds 2,122 2,122 Total assets 19,471 — — 19,471 The value of the financial instruments negotiated in active markets is based on the market quoted prices as of the date of these financial statements. A market is considered active when the quoted prices are regularly available through a stock exchange, broker, sector-specific institution or regulatory body, and those prices reflect regular and current market transactions between parties that act in conditions of mutual independence. The market quotation price used for the financial assets held by the Company is the current offer price. These instruments are included in Level 1. The fair value of financial instruments that are not negotiated in active markets is determined using valuation techniques. These valuation techniques maximize the use of market observable information, when available, and rely as little as possible on specific estimates of the Company. If all significant variables to establish the fair value of a financial instrument can be observed, the instrument is included in Level 2. If one or more variables used to determine the fair value could not be observed in the market, the financial instrument is included in Level 3. There were no transfers between Level 1 and Level 2 during the year ended December 31, 2019, the period from April 4, 2018 through December 31, 2018, the period from January 1, 2018 through April 3, 2018 and during the year ended December 31, 2017. The fair value of Warrants is determined using the Black & Scholes warrant pricing model by taking into consideration the expected volatility of the Company’s common shares in estimating the Company’s future stock price volatility. The risk-free interest rate for the expected life of the Warrants is based on the yield available on government benchmark bonds with an approximate equivalent remaining term at the time of the grant. The expected life is based upon the contractual term. The following weighted average assumptions were used to estimate the fair value of the warrant liability as of December 31, 2019 and December 31, 2018: As of As of Annualized volatility 22.941 % 26.675 % Domestic risk-free interest rate 6.562 % 8.575 % Foreign risk-free interest rate 1.697 % 2.537 % Expected life of warrants in years 3.31 years 4.27 years This is a Level 3 recurring fair value measurement. The key level 3 inputs used by management to determine the fair value are the market price and the expected volatility. If the market price were to increase by 0.10 this would increase the obligation by approximately 901 as of December 31, 2019. If the market price were to decrease 0.10 this would decrease the obligation by approximately 878. If the volatility were to increase by 50 basis points this would increase the obligation by approximately 506. If the volatility were to decrease by 50 basis point, this would decrease the obligation by approximately 519 as of December 31, 2019. If the market price were to increase by 0.10 this would increase the obligation by approximately 820 as of December 31, 2018. If the market price were to decrease 0.10 this would decrease the obligation by approximately 828. If the volatility were to increase by 50 basis points this would increase the obligation by approximately 245 as of December 31, 2018. If the volatility were to decrease by 50 basis point, this would decrease the obligation by approximately 259 as of December 31, 2018. Reconciliation of Level 3 fair value measurements As of As of As of Balance of warrant liability as of the beginning of the year 23,700 14,840 — Total change in fair value of warrants: (loss) or profit (Note 11.3) (6,840 ) 8,860 — Closing balance (Note 17.3) 16,860 23,700 — 17.5.2 Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required) Except as detailed in the following table, the Company consider that the carrying amounts of financial assets and financial liabilities recognized in the consolidated financial statements approximate their fair values as explained in the correspondent notes. As of December 31, 2019 Carrying Fair Level Liabilities Borrowings 451,413 416,845 2 Total liabilities 451,413 416,845 As of December 31, 2018 Carrying Fair Level Liabilities Borrowings 304,767 286,734 2 Total liabilities 304,767 286,734 17.6 Financial instruments risk management objectives and policies 17.6.1 Financial Risk Factors The Company’s activities are subject to several financial risks: market risk (including the exchange rate risk, the interest rate risk and the price risk), credit risk and liquidity risk. Financial risk management is encompassed within the Company’s global policies, there is an integrated risk management methodology focused on monitoring risks affecting the whole Company. The Company’s risk management strategy seeks to achieve a balance between profitability targets and risk exposure levels. Financial risks are those derived from financial instruments the Company and PELSA is exposed to during or at the closing of each period/year. As of December 31, 2019, the Company celebrated some derivative financial instruments to mitigate associated exchange rate risks and the impact in the results of the year is recognized in “Other financial results”. Financial risk management is controlled by the Company’s Financial Department, which identifies, evaluates and covers financial risks. Risk management systems and policies are reviewed on a regular basis to reflect changes in market conditions and the Company’s activities. This section includes a description of the main risks and uncertainties, which may adversely affect the Company’s strategy, performance, operational results and financial position. 17.6.1.1 Market risks Foreign exchange risk The Company’s financial situation and the results of its operations are sensitive to variations in the exchange rate between the US and ARS and other currencies. During the years ended on December 31, 2018 and 2017, the Company or PELSA did not use derivative financial instruments to mitigate associated exchange rate risks in the periods/year presented. As of December 31, 2019, the Company celebrated some derivative financial instruments to mitigate associated exchange rate risks and the impact in the results of the year is recognized in “Other financial results”. The majority of the Company’s and PELSA’s sales are directly denominated in dollars or the evolution of its price follows the evolution of the quotation of this currency. The Company and PELSA collect a significant portion of its revenues in ARS pursuant to prices which are indexed to the U.S. dollar, mainly revenues resulting from the sale of gas and crude oil. During the year ended December 31, 2019 the Argentine Peso depreciated by approximately 59%. During the period from April 4, 2018 through December 31, 2018, the period from January 1, 2018 through April 3, 2018 and during the year ended December 31, 2017, the Argentine Peso depreciated by approximately 105%, 8% and 17%. The following tables demonstrate the sensitivity to a reasonably possible change in ARS exchange rates against US, with all other variables held constant. The impact on the Company’s profit before tax is due to changes in the fair value of monetary assets and monetary liabilities denominated in currencies other that the US, the functional currency of the Company. As of December 31, 2019, December 31, 2018, December 31, 2017 and January 1, 2018, there is no additional impact on PELSA’s or the Company’s pre’tax equity because it does not have any item that directly affects equity. The Company’s exposure to foreign currency changes for all other currencies is not material. Consolidated Successor As of December 31, Consolidated Successor As of December 31, Predecessor As of April 3, Predecessor As of December 31, Change in Argentine Peso Rate +/- 33% +/ -28% +/ -30% +/ -17% Effect in profit before tax (20,350)/20,350 (12,697)/12,697 (10,381)/10,381 (5,617)/ Effect in pre-tax (20,350)/20,350 (12,697)/12,697 (10,381)/10,381 (5,617)/ Argentine inflationary environment Inflation in Argentina has been high for several years, but consumer price inflation (“IPC”) was not reported consistently. Given the differences in geographical coverage, weights, sampling, and methodology of various inflation series, the average IPC inflation for 2014, 2015, and 2016, and end-of-period 3-year In the year ended December 31, 2019 and 2018 the ARS devalued approximately 59% and 100%, respectively. The annual interest rates during the years 2019 and 2018 were raised in excess of 65% and 60% and wholesale price inflation accelerated considerably. As of December 31, 2019, and 2018 the 3-year Price risk The Company’s financial instruments are not significantly exposed to hydrocarbon international price risks because of the current regulatory, economic, governmental and other policies in force, gas domestic prices are not directly affected in the short-term due to variations in the international market. Additionally, the Company’s investments in financial assets classified as “at fair value through profit or loss” are sensitive to the risk of changes in the market prices resulting from uncertainties as to the future value of such financial assets. The Company estimates that provided all other variables remain constant, a revaluation/(devaluation) of each market price detailed below would generate the following increase/(decrease) in the fiscal year’s income/(loss) in relation to financial assets at fair value through profit or loss detailed in Note 17.1 to these financial statements: Consolidated Consolidated Predecessor Predecessor Change in Government bonds +/ -10 % +/ -10 % +/ -10 % +/ -10 % Effect in profit before tax 530 1,329 1,213 1,513 Change in Mutual funds +/ -10 % +/ -10 % +/ -10 % +/ -10 % Effect in profit before tax 366 5,096 1,587 212 Cash flow and fair value interest rate risk The management of the interest rate risk seeks to minimize financial costs and limit the Company’s exposure to interest rate increases. Indebtedness at variable rates exposes the Company to the interest rate risk on its cash flows due to the possible volatility they may experience. Indebtedness at fixed rates exposes the Company to the interest rate risk on the fair value of its liabilities, since they may be considerably higher than variable rates. As of December 31, 2019, December 31, 2018, approximately 36% and 50% of the indebtedness was subject to variable interest rates, at Libor and Badlar rate plus an applicable margin. As of December 31, 2019, December 31, 2018, the variable interest rate was 6.67% and 8.06% for the loans denominated in US and 59.90% and 0% for the loans denominated in ARS, respectively. As of December 31, 2017, the Company does not have any borrowings. The Company seeks to mitigate its interest-rate risk exposure through the analysis and evaluation of (i) the different liquidity sources available in the financial and capital market, both domestic and (if available) international; (ii) interest rates alternatives (fixed or variable), currencies and terms available for companies in a similar sector, industry and risk than the Company; (iii) the availability, access and cost of interest-rate hedge agreements. On doing this, the Company evaluates the impact on profits or losses resulting from each strategy over the obligations representing the main interest-bearing positions. In the case of fixed rates and in view of the market’s current conditions, the Company considers that the risk of a significant decrease in interest rates is low and, therefore, does not foresee a substantial risk in its indebtedness at fixed rates. In the year ended December 31, 2019, the period from April 4, 2018 through December 31, 2018, the period from January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017, the Company did not use derivative financial instruments to mitigate risks associated with fluctuations in interest rates. 17.6.1.2 Credit risk The Company establishes individual credit limits according to the limits defined by the Commercial Department based on internal or external ratings. The Company makes constant credit assessments on its customers’ financial capacity, which minimizes the potential risk for bad debt losses. Customer credit risk is managed centrally subject to the Company’s established policy, procedures and controls relating to customer credit risk management. Outstanding customer receivables are regularly monitored. The credit risk represents the exposure to possible losses resulting from the breach by commercial or financial counterparties of their obligations taken on with the Company. This risk stems mainly from economic and financial factors. The Company has established an allowance for expected credit losses. This allowance represents the best estimate by the Company of possible losses associated with trade receivables and other receivables. The Company has the following credit risk concentration regarding its participation on all trade receivables as of and on revenues for the periods/year: Successor- Successor- Predecessor- Percentages on total trade receivables: Customers Raizen Argentina S.A. (previously Shell Cía. Argentina de Petróleo S.A) 34 % 31 % — Trafigura Argentina S.A. 31 % 35 % — Camuzzi Gas Pampeana, S.A. 16 % 8 % Pampa Energía S.A. — % — % 52 % Pampa Comercializadora S.A. — % — % 16 % Successor- Successor- Predecessor- Percentages on revenues from contracts with customers by product: Oil Market Raizen Argentina S.A. (previusly Shell Cía. Argentina de Petróleo S.A) 53 % 40 % — % Successor- Successor- Predecessor- Trafigura Argentina S.A. 45 % 34 % — % Pampa Energía S.A. — % 13 % 100 % YPF S.A. — % 12 % — % Natural Gas Rafael G. Albanesi S.A. 22 % 26 % — % Camuzzi Gas Pampena S.A. 22 % 6 % — % Metroenergía S.A. 14 % 3 % — % Cía. Inversora de Energía S.A. 7 % 13 % — % San Atanasio Energía S.A. 2 % 10 % — % Pampa Comercializadora S.A. — % — % 23 % Pampa Energía S.A. — % — % 66 % Total Gas Marketing Cono Sur S.A. — % — % 11 % No other single client has a participation on the total amount of these receivables or revenues exceeding 10% in each of the periods presented. An impairment analysis is performed at each reporting date on a case-by-case The Company does not hold collateral as security. The Cmpany evaluates the concentration of risk with respect to trade receivables as high, as its customers are concentrated as detailed above. Set out below is the information about the credit risk exposure on the Company ’s trade receivables: Successor-December 31, 2019 Current <90 days 90–365 days >365 days Total Estimated total gross carrying amount at default 46,490 6,189 100 — 52,779 Expected credit loss — — (100 ) — (100 ) 52,679 Successor-December 31, 2018 Current <90 days 90–365 days >365 days Total Estimated total gross carrying amount at default 44,374 7,965 3,833 — 56,172 Expected credit loss — — (257 ) — (257 ) 55,915 Predecessor-December 31, 2017 Current <90 days 90–365 days >365 days Total Estimated total gross carrying amount at default 38,261 678 — 6,161 45,100 Expected credit loss — — — 6,161 6,161 51,261 The credit risk of liquid funds and other financial investments is limited since the counterparties are high credit quality banking institutions. If there are no independent risk ratings, the risk control area evaluates the customer’s creditworthiness, based on past experiences and other factors. 17.6.1.3 Liquidity risk The liquidity risk is associated with the Company’s capacity to finance its commitments and conduct its business plans with stable financial sources, as well as with the indebtedness level and the financial debt maturities profile. The cash flow projection is made by the Financial Department. The Company management supervises updated projections on liquidity requirements to guarantee the sufficiency of cash and liquid financial instruments to meet operating needs. In this way, the aim is that the Company does not breach indebtedness levels or the Covenants, if applicable, of any credit facility. Those projections take into consideration the Company’s debt financing plans, the compliance of the covenants and, if applicable, the external regulatory or legal requirements such as, for example, restrictions on the use of foreign currency. Excess cash and balances above working capital management requirements are managed by the Company’s Treasury Department, which invests them in term deposits, money market funds, mutual funds, selecting instruments having proper currencies and maturities, and an adequate credit quality and liquidity to provide a sufficient margin as determined in the previously mentioned projections. The Company keeps its sources of financing diversified between banks and the capital market, and it is exposed to the refinancing risk at maturity. The determination of the Company’s liquidity index as of December 31, 2019, December 31, 2018 and December 31, 2017 is detailed below: Successor- Successor- Predecessor - Current assets 372,571 185,145 101,324 Current liabilities 193,036 134,118 32,143 Liquidity Index 1.930 1.380 3.152 The following table includes an analysis of the Company financial liabilities, grouped according to their maturity dates and considering the period remaining until their contractual maturity date from the date of the financial statements. The amou |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Inventories | Note 18. Inventories Successor- Successor- Predecessor- Materials and spare parts 16,074 15,465 6,747 Crude oil stock 3,032 2,722 1,468 Total 19,106 18,187 8,215 |
Cash, bank balances and short t
Cash, bank balances and short term investments | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Cash, bank balances and short term investments | Note 19. Cash, bank balances and short-term investments Successor- Successor- Predecessor- Cash — — 1 Banks 139,931 13,254 183 Money market funds 107,041 — — Mutual funds 7,756 52,793 2,122 Government bonds 5,300 11,457 34,391 Treasury notes — 3,404 — Time deposits — — 138 Total 260,028 80,908 36,835 For the purposes of the statement of cash flows, cash and cash equivalents include the resource available in cash and investments with a maturity less than three month. The following chart shows a reconciliation of the movements between cash, banks and short-term investments and cash and cash equivalents: Successor- Successor- Predecessor- Cash, banks and short-term investments 260,028 80,908 36,835 Less Government Bonds and treasury notes (5,300 ) (14,861 ) (34,391 ) Restricted cash and cash equivalets (1) (20,498 ) — — Cash and cash equivalents 234,230 66,047 2,444 (1) Corresponds to cash and cash equivalents from Aleph that can be only used for the purpose explained in Note 27. |
Share capital and capital risk
Share capital and capital risk management | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Share capital and capital risk management | Note 20. Share Capital and Capital Risk Management 20.1 Share capital The following chart shows a reconciliation of the movements in equity of the Company from April 4, 2018 through December 31, 2018 and for the year ended December 31, 2019: Serie A- traded shares Serie A- Private Offering Serie B Serie C Total Balances as of April 4, 2018 — — 25 — 25 Number of shares — — 16,250,000 2 16,250,002 Net value of Series A shares on April 4, 2018 627,582 90,238 — — 717,820 Number of shares 65,000,000 9,500,000 — — 74,500,000 Net value of Series A shares redeemed on April 4, 2018 (204,590 ) — — — (204,590 ) Number of shares (20,340,685 ) — — — (20,340,685 ) Net value of Series B shares converted into Series A shares on April 4, 2018 25 — (25 ) — — Number of shares 16,250,000 — (16,250,000 ) — — Balance as of December 31, 2018 423,017 90,238 — — 513,255 Number of shares 60,909,315 9,500,000 — 2 70,409,317 Net value of Series A shares on February 13, 2019 55,000 — — — 55,000 Number of shares 5,500,000 — — — 5,500,000 Net value of Series A shares on July 25, 2019 91,143 — — — 91,143 Number of shares 10,906,257 — — — 10,906,257 Series A shares granted for the LTIP — 1 — — 1 Number of shares — 317,932 — — 317,932 Balance as of December 31, 2019 569,160 90,239 — — 659,399 Number of shares 77,315,572 9,817,932 — 2 87,133,506 1) Series A Publicly Traded Shares On August 15, 2017, the Company concluded its IPO in the BMV, and as a result of this IPO, the Company issued on that date 65,000,000 Series A common shares for an amount of 650,017 minus the offering fees of 9,988. This Series A common shares were redeemable during the first 24 months of the IPO or at the shareholders election once the Initial Business Combination were approved. The funds received were invested in a security deposit account located in the United Kingdom (the “Escrow Account”) with Citibank N.A. London branch acting as depository. The Company used those amounts in connection with the Initial Business Combination or for reimbursements to Series A shareholders that exercised their redemption rights. After the initial recognition, the funds received from the Series A shares, net of offer expenses, were measured subsequently at their amortized cost using the effective interest rate method. Profits and losses were recognized in profit or loss when the liabilities are written off, as well as through the amortization process through the method of the effective interest rate. On April 4, 2018, the Company consummated its Initial Business Combination for an amount of 653,781 minus the offering fees of 26,199, the funds accumulated in the Escrow Account. About 31.29% of the holders of the Series A redeemable common shares exercised their redemption rights aforementioned; as a result, 20,340,685 shares were redeemed for an amount of 204,590. The resources came from the cash held in the Escrow Account. The holders of remaining Series A redeemable common shares decided not to exercise their redemption right and, as a result, an amount of 442,491 net of offering expenses paid for an amount of 6,700, was capitalized on that date. In addition, on the same date the Company paid deferred offering expenses at IPO for 19,500. The capitalization of 442,491 did not generate cash flow, while the payment of offering expenses was made using the proceeds held in the Escrow Account. On February 13, 2019 the Company completed the sale of 5,500,000 of series A shares and 5,000,000 of warrants to purchase series A shares for an aggregate amount of 55,000 to Kensington Investments B.V., pursuant to a Forward Purchase Agreement and certain subscription commitment. On July 25, 2019, the Company made a global offering in Mexico and United States, as a result of both transactions the Company issued a total of 10,906,257 new Series A shares. The global offering consisted of: (i) an international offering in the United States and other countries outside of Mexico of 10,091,257 American Depositary Shares (“ADS”), each one representing one Series A share, at a price of 9.25 US/ADS. The ADS are listed on the NYSE under the ticker “VIST”; and (ii) a concurrent public offering in Mexico of 815,000 Series A shares at a price equivalent to US 9.25 in Mexican pesos per Series A share. For the global offering, the Company obtained net resources of offering expenses for 91,143. 2) Series A Private Offering On December 18, 2017, the shareholders’ meeting approved an increase in the variable capital stock for an amount of 1,000,000 through the subscription of 100,000,000 Series A common shares as a result of a potential Initial Business Combination disclosed in Note 31. On April 4, 2018 9,500,000 Series A common shares were fully paid and subscribed for an amount of 95,000 through a shares’ subscription process approved by the shareholders. In addition, 500,000 Series A common shares amounting for 5,000,000 were also committed as part of the same subscription process. Aggregate costs associated with the shares’ subscription process amount for 4,073. As disclosed in Note 33, on March 22, 2018, the Company shareholders’ meeting approved 8,750,000 common shares to be held in treasury to be used to implement the LTIP, at the discretion of the Administrator of the Plan, based on the opinion of independent experts. The remaining Series A common shares issued on December 18, 2017 not used for purposes of completing the shares’ subscription process described above or for the LTIP, were cancelled on April 4, 2018 pursuant to the terms approved by the shareholders on December 18, 2017. As part of the LTIP, the Company will enter into a trust agreement (the “Administrative Trust”) to deposit the Series A shares to be used thereunder. As of the issuance date of these financial statements, the Company is in the process to execute such Administrative Trust. As of December 31, 2019, the Company granted 317,932 Serie A shares that were in treasury to be used to implement the LTIP. 3) Series B Prior to the Company’s initial global offering, by means of unanimous shareholders’ resolutions dated May 30, 2017, the shareholders of the Company, among other matters, resolved to increase the variable portion of the capital stock of the Company in the amount of 25,000, through the issuance of common, nominative, shares, with no expression of their nominal par value. As of December 31, 2019, and 2018, the Company’s variable share capital consists of 87,133,504 and 70,409,315 Series A common shares with no face value each, respectively, and each granting the right to one vote, issued and fully paid. As of December 31, 2019, and 2018, the authorized common capital of the Company includes 41,658,735 and 47,476,667 Series A common shares in its treasury; which can be used in connection with the Warrants, the Forward Purchase Agreements and LTIP. 4) Series C The variable portion of the Company’s capital stock is of unlimited amount pursuant to the bylaws and the applicable laws, whereas, the fixed portion of the Company’s capital stock is divided into 2 class C shares. 20.2 Capital risk management On managing capital, the Company aims to safeguard its capacity to continue operating as an on-going The Company to maintain or adjust the capital structure, may adjust the dividend payment to shareholders, return capital to shareholders or issue new shares, conduct stock purchase programs or sell assets to reduce its debt. The Company monitors its capital based on the leverage ratio. This ratio is calculated by dividing: (i) the net debt (the borrowings and leases liabilities minus cash, bank balances and short-term investments) by, (ii) the total capital corresponds to owners (the shareholders’ equity as shown in the consolidated statement of financial position including all reserve). Financial leverage ratios as at December 31, 2019 and 2018, is as follows: Sucessor- December 31, 2019 Sucessor- December 31, 2018 Total borrowings and leases liabilities 468,180 304,767 Less: cash, bank balances and short-term investments (260,028 ) (80,908 ) Net debt 208,152 223,859 Total shareholders’ equity 603,716 479,657 Leverage ratio 34.00 % 47.00 % No changes were made in the objectives, policies or processes for managing capital during the year ended December 31, 2019 and for the period from April 4, 2018 through December 31, 2018. This ratio was not calculated for PELSA as of December 31, 2017, as PELSA did not have any indebtness as of those dates. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Provisions | Note 21. Provisions Successor- Successor- Predecessor- Non-Current Asset retirement obligation 20,987 15,430 15,642 Environmental remediation 159 756 260 Total non-current 21,146 16,186 15,902 Successor- Successor- Predecessor- Current Asset retirement obligation 761 823 — Environmental remediation 2,340 2,968 852 Contingencies 322 349 55 Total current 3,423 4,140 925 21.1 Provision for asset retirement obligation In accordance with the regulations applicable in the countries where the Company (directly or indirectly through subsidiaries) performs oil and gas E&P activities, the Company must incur costs associated with asset retirement obligation. The Company has not pledged any assets for settling such obligations. The asset retirement obligation provision represents the present value of decommissioning costs relating to oil and gas properties, which are expected to be incurred up to the end of each concession, when the producing oil and gas wells are expected to cease operations. These provisions have been created based on the Company’s internal estimates or Operator’s estimates, as applicable. Assumptions based on the current economic environment have been made, which management believes form a reasonable basis upon which to estimate the future liability. These estimates are reviewed regularly to take into account any material changes to the assumptions. However, actual asset retirement obligation costs will ultimately depend upon future market prices for the necessary asset retirement obligation works required that will reflect market conditions at the relevant time. Furthermore, the timing of asset retirement obligation is likely to depend on when the fields cease to produce at economically viable rates. This, in turn, will depend upon future oil and gas prices, which are inherently uncertain. The discount rate used in the calculation of the provision as of December 31, 2019, December 31, 2018 and December 31, 2017 equaled to 10.59%, 10.03% and 4.83%, respectively. The Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not have a significant impact on the Company’s assets retirement obligation provision. Movements of the period/year on the provision for asset retirement obligation: Consolidated- year ended December 31, 2019 Consolidated- through Predecessor for Predecessor At the beginning of the period/year 16,253 15,587 15,642 13,740 Increases for business combination (Note 31) — 11,201 — — Unwinding of discount on asset retirement obligation (Note 11.3) 1,723 897 233 815 Reclassification — — — 73 Increase / (Decrease) from change in estimates capitalized 4,141 (11,432 ) (288 ) 1,235 Amounts incurred due to utilization (369 ) — — (221 ) At the end of the period/year 21,748 16,253 15,587 15,642 21.2 Provision for environmental remediation The Company undertakes environmental impact studies for new projects and investments and, to date, environmental requirements and restrictions imposed on these new projects have not had any material adverse impact on the Company’s business. The Company has performed a sensitivity analysis relating to the discount rate. The 1% increase or decrease in the discount rate would not have a significant impact on the Company’s results of operations. Movements of the period/year on the provision for environmental remediation: Consolidated- year ended December 31, 2019 Consolidated- Predecessor for Predecessor At the beginning of the period/year 3,724 1,002 1,112 1,691 Increases for business combinations (Note 31) — 4,044 — — Increases (Note 10.2) 816 1,168 12 — Reclassification — — — (571 ) Decreases (*) (2,041 ) (2,490 ) (122 ) (8 ) At the end of the period/ year 2,499 3,724 1,002 1,112 (*) Includes exchange differences 21.3 Provision for contingencies The Company (directly or indirectly through subsidiaries) is a party to several civil, commercial, tax and labor proceedings and claims that arise in the ordinary course of its business. In determining a proper level of provision to estimate the amounts and probability of occurrence, the Company has considered its best estimate with the assistance of legal and tax advisors. The determination of estimates may change in the future due to new developments or unknown facts at the time of evaluation of the provision. Consequently, the adverse resolution of the evaluated proceedings and claims could exceed the established provision. As of December 31, 2019, December 31, 2018 and December 31, 2017, the Group and the Predecessor Company are involved in various claims and legal actions arising in the ordinary course of business. Out of the total claims and legal actions in the aggregate claimed amount of 469, 391 and 22,373, respectively as of such date management has estimated a probable loss of 322, 349 and 55, respectively. In addition, certain proceedings are considered to be contingent liabilities related to labor, civil, commercial and other actions which, as of December 31, 2019, December 31, 2018 and December 31, 2017, amount to a total of 147, 42 and 22, respectively, and which the Company has not recognized them as it is not probable that an outflow of resources embodying economic benefits will be required to settle the obligation. See Note 28 for additional details on the main contingent assets as of December 31, 2019, December 31, 2018 and December 31, 2017. The Company, bearing in mind the opinion of the Company’s legal counsel, considers that the amount of the provision is sufficient to afford the contingencies that may occur. There are no individual claims or other matters, that individually or in the aggregate, have not been provisioned or disclosed by the Company, which amounts are material to the financial statements. Movements of the period/year on the provision for contingencies: Consolidated- year ended December 31, 2019 Consolidated- through Predecessor for Predecessor At the beginning of the period/year 349 51 55 375 Increases for business combinations (Note 31) — 151 — — Increases (Note 10.2) 422 240 2 2,566 Amounts incurred due to payments/utilization (63 ) (9 ) (6 ) (2,886 ) Exchange differences (386 ) (84 ) At the end of the period/year 322 349 51 55 |
Employee defined benefits plans
Employee defined benefits plans obligation | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Employee defined benefits plans obligation | Note 22. Employee defined benefits plans obligation The main characteristics of benefit plans granted only to certain employees from the Entre Lomas joint operation are detailed below. • Benefit plan whereby Company employees meeting certain conditions, who have participated in the defined benefit plan in an uninterrupted manner and who, having joined the Company before May 31, 1995, have the required number of years of service, are eligible to receive upon retirement a certain amount according to the provisions of the plan. • The benefit is based on the last computable salary and the number of years working for the Company after deducting the benefits from the Argentine pension system managed by Administración Nacional de Seguridad Social (“ANSES”). • At the time of retirement, employees are entitled to receive a monthly payment at constant value, which is updated at the end of each year by the Consumer Price Index (CPI) published by the Institute of National Statistics and Census (Instituto Nacional de Estadísticas y Censos or “INDEC”) of Argentina. In case that during a certain year the variation of it exceeds 10%, the payment is adjusted provisionally once this percentage has been exceeded. • This plan requires the Company to contribute to a trust fund. The plan calls for a contribution to a fund exclusively funded by the Company and without any contribution by the employees. The assets of the fund are contributed to a trust fund and invested in US denominated money market instruments or fixed term deposits in order to preserve the accumulated capital and obtain a return in line with a moderate risk profile. The funds are mainly invested in U.S. government bonds, U.S. treasury notes and quality commercial papers. • The Bank of New York Mellon is the trustee and Willis Towers Watson is the managing agent. In case there is an excess (duly certified by an independent actuary) of the funds to be used to settle the benefits granted by the plan, the Company may have the option to use such excess, in which case it may have to notify the trustee thereof.. As of December 31, 2019, the funds of the plan were invested in American goverments bonds and the Company cannot dispose of such funds. The following tables summarize the components of the net expense and the long-term employment benefits liability recognized in the financial statement: Successor – As of December 31, 2019 Successor – As of December 31, 2018 Predecessor – As of Abril 4, Predecessor – As of December 31, 2017 Cost of the current services (68 ) (99 ) (38 ) (161 ) Cost of interest (152 ) (446 ) (126 ) (484 ) Reductions — 177 — — Return on plan assets — — 56 38 Total (220 ) (368 ) (108 ) (607 ) Successor – December 31, 2019 Present value of the Fair value of plan Net liability at the Balances at the beginning of year (11,014 ) 7.712 (3,302 ) Items classified in profit or loss Current services cost (68 ) — (68 ) Cost for interest (541 ) 389 (152 ) Items classified in other comprehensive income Actuarial (losses) gains (1,358 ) (219 ) (1,577 ) Benefit payments 630 (630 ) — Contributions paid — 630 630 At the end of the year (12,351 ) 7,882 (4,469 ) Successor – December 31, 2018 Present value of the Fair value of plan Net liability at the Balances at the beginning of year (10,481 ) 5,656 (4,825 ) Increase for business combination (3,847 ) 2,076 (1,771 ) Items classified in profit or loss Current services cost (99 ) — (99 ) Cost for interest (446 ) (20 ) (466 ) Reductions 177 — 177 Exchange differences on translation gain (loss) 257 — 257 Items classified in other comprehensive income Actuarial (losses) gains 2,698 — 2,698 Benefit payments 727 (727 ) — Contributions paid — 727 727 At the end of the year (11,014 ) 7,712 (3,302 ) Predecessor-April 3, 2018 Present value of the Fair value of plan Net liability at the Balances at the beginning of period (10,317 ) 5,634 (4,683 ) Items classified in profit or loss Current services cost (38 ) — (38 ) Cost for interest (126 ) — (126 ) Reductions — 56 56 Exchange differences on translation (57 ) (34 ) (91 ) Items classified in other comprehensive income Actuarial (losses) gains (89 ) — (89 ) Benefit payments 146 (146 ) — Contributions paid — 146 146 At the end of the period (10,481 ) 5,656 (4,825 ) Predecessor – December 31, 2017 Present value of the Fair value of plan Net liability at the Balances at the beginning of year (9,962 ) 5,596 (4,366 ) Items classified in profit or loss Current services cost (161 ) — (161 ) Cost for interest (484 ) — (484 ) Return on plan assets — 38 38 Exchange differences on translation 243 — 243 Items classified in other comprehensive income Actuarial (losses) gains (355 ) — (355 ) Benefit payments 402 (402 ) — Contributions paid — 402 402 At the end of the year (10,317 ) 5,634 (4,683 ) The fair value of the plan assets at the end of each reporting period by category, are as follows: Successor- Successor- Predecessor- Cash and cash equivalents — 7,712 69 Debt instruments categorized by issuers’ credit rating: - AAA (U.S. Treasury notes) 7,882 — 5,565 Total 7,882 7,712 5,634 Estimated expected benefits payments for the next ten (10) years are shown below. The amounts in the table represent the undiscounted cash flows and therefore do not reconcile to the obligations recorded at the end of the year. Successor- Successor- Predecessor- Less than one year 871 743 507 One to two years 851 825 516 Two to three years 836 811 635 Three to four years 856 800 669 Four to five years 839 783 666 Six to ten years 4,554 3,869 3,678 Significant actuarial assumptions used were as follows: Successor- Successor- Predecessor- Discount rate 5 % 5 % 5 % Assets return rate 5 % — 5 % Salaries increase Up to 35 years old 1 % 1 % 1 % From 36 to 49 years old 1 % 1 % 1 % More than 50 years old 1 % 1 % 1 % The following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount. If the discount rate would be 100 basis points higher (lower), the defined benefit obligation would decrease by 1,156 (increase by 1,379) as of December 31, 2019, decrease by 1,011 (increase by 1,203) as of December 31, 2018, decrease by 1,011 (increase by 1,203) as of December 31, 2017. If the expected salary growth increases (decreases) by 1%, the defined benefit obligation would increase by 179 (decrease by 198) as of December 31, 2019, increase by 197 (decrease by 183) as of December 31, 2018, increase by 197 (decrease by 183) as of December 31, 2017. The sensitivity analyses above have been determined based on reasonably possible changes of the respective assumptions occurring at the end of each reporting period, based on a change in an assumption while holding all other assumptions constant. In practice, this is unlikely to occur, and changes in some of the assumptions may be correlated. Therefore, the presented analysis may not be representative of the actual change in the defined benefit obligation. The methods and types of assumptions used in preparing the sensitivity analysis did not change compared to the prior period. Furthermore, in presenting the above sensitivity analysis, the present value of the defined benefit obligation has been calculated using the projected unit credit method at the end of each reporting period, which is the same as that applied in calculating the defined benefit obligation liability recognized in the statement of financial position. There was no change in the methods and assumptions used in preparing the sensitivity analysis from prior years. |
Salaries and social security pa
Salaries and social security payable | 12 Months Ended |
Dec. 31, 2019 | |
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Salaries and social security payable | Note 23. Salaries and social security payable Successor- Successor- Predecessor- Current Salaries and social security contributions 3,467 925 249 Short-term employee benefits — — 681 Provision for gratifications and bonus 9,086 5,423 1,610 Total current 12,553 6,348 2,540 |
Other taxes and royalties payab
Other taxes and royalties payable | 12 Months Ended |
Dec. 31, 2019 | |
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Other taxes and royalties payable | Note 24. Other taxes and royalties payable Successor Successor Predecessor Non-current Payment plans — — 2 Total non-current — — 2 Successor Successor Predecessor Current Royalties 4,539 5,467 2,452 Tax withholdings payable 866 909 974 Value added tax 597 — 486 Extraordinary canon (Note 10.2) — — 2,251 Turnover tax — 139 124 Other 38 — — Total current 6,040 6,515 6,287 |
Accounts payable and accrued li
Accounts payable and accrued liabilities | 12 Months Ended |
Dec. 31, 2019 | |
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Accounts payable and accrued liabilities | Note 25. Accounts payable and accrued liabilities Successor Successor Predecessor Non-Current Accrued liabilities: Extraordinary canon on SGIC 419 1,007 — Total non-current 419 1,007 — Current Accounts payable: Suppliers 59,264 73,609 19,764 Related parties (Note 26) — — 1,226 Total current accounts payable 59,264 73,609 20,990 Successor Successor Predecessor Accrued liabilities: Related parties (Note 26 and 27) 24,839 — — Sundry debtors- Put option (Note 27) 12,661 — — Extraordinary canon on SGIC 1,436 769 — Balances with joint operations 69 1,023 — Concession extension bonus Bajada del Palo payable (Note 29.3.2) — 7,899 — Directors’ fees — 1,034 — Total current accrued liabilities 39,005 10,725 — Total current accounts payable and accrued liabilities 98,269 84,334 20,990 Due to the short-term nature of the current payables and other payables, their carrying amount is considered to be the same as their fair value. The carrying amount of the non-current |
Related parties transactions an
Related parties transactions and balances | 12 Months Ended |
Dec. 31, 2019 | |
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Related parties transactions and balances | Note 26. Related parties transactions and balances Note 2.3 provides information about the Company’s structure, including details of the subsidiaries, the holding company (Successor) and the Predecessor Company. The following table provides the total amount of transactions that have been entered into with related parties for the period/year. Successor for the year ended 2019 Successor for the Predecessor for Predecessor Revenue from crude oil Pampa Energía S.A. (former Parent of PELSA) — — 31,501 114,564 Revenue from natural gas Pampa Energía S.A. (former Parent of PELSA) — — 2,647 8,832 Transportadora Gas del Sur S.A. (Subsidiary of the former Parent of PELSA) — — — 684 Central Térmica Güemes S.A. (Subsidiary of the former Parent of PELSA) — — — 455 Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — 7,726 18,886 Exploitation services Veta Escondida y Rincón de Aranda U.T.E. (Joint operation in which the former parent of PELSA participate) — — 32 412 Purchases of goods and services SHM S. de R.L. de C.V. (affiliate of Riverstone Holdings, LLC -Shareholder of VISTA) — 186 — — Pampa Energía S.A. (former Parent of PELSA) — — (546 ) (1,767 ) Selling expenses Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — (91 ) (364 ) Oleoductos del Valle S.A. (Subsidiary of the former Parent of PELSA) — — (610 ) (2,962 ) Key management personnel remuneration The amounts recognized in the consolidated statement of profit or loss and other comprehensive income, related to the company’s key personnel are detailed below: Successor for year ended December 31, 2019 Successor for the Predecessor for Predecessor for Short-term employee benefits 9,080 5,368 235 2,417 Termination benefits — — — 1,167 Share-based payments 9,175 3,533 — — Total 18,255 8,901 235 3,584 As disclosed in Note 20.1, on May 30, 2017, VISTA entered into a private placement agreement with VISTA’s independent directors and former independent director for the purposes of selling them 132,000 series B shares that were later converted into and as of December 31, 2018 are in the form of 132,000 series A shares representing VISTA’s capital stock. Finally, as disclosed in Note 20.1, on August 1, 2017 Vista’s Sponsor, comprised by Vista Sponsor Holdings, L.P. and the Management Team, purchased of 29,680,000 warrants. Vista Sponsor Holdings, L.P., a limited partnership organized under the laws of Ontario, Canada, is controlled by senior professionals of Riverstone Investment Group LLC (“Riverstone”), a Delaware limited liability company, together with its affiliates and affiliated funds. Balances with related parties: Successor- Successor- Predecessor- Trade receivables Pampa Energía S.A. (former Parent of PELSA) — — 20,331 Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — 6,389 Total — — 26,720 Other receivables Pampa Energía S.A. (former Parent of PELSA) — — 20 Veta Escondida y Rincón de Aranda U.T.E. (Joint operation in which the former parent of PELSA participate) — — 303 APCO Oil and Gas International Inc. Suc.Arg. (Entity with significant influence over the Group) — — 69 APCO Oil and Gas International Inc. (Entity with significant influence over the Group) — — 183 Riverstone Vista Capital Partners L.P. — 186 — REL Amsterdam (1) 2,355 — — Aleph Midstream Holding L.P (1) 814 — — Total 3,169 186 575 Trade payable and accrued liabilities Pampa Energía S.A. (former Parent of PELSA) — — 674 Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — 32 Oleoductos del Valle S.A. (Subsidiary of the former Parent of PELSA) — — 266 APCO Oil and Gas International Inc. Suc. Arg. — — 254 REL Amsterdam (2) 24,032 — — Aleph Midstream Holding L.P (2) 807 — — Total 24,839 — 1,226 (1) Corresponds to loans granted to Aleph investors, detailed in Note 27. (2) Includes other accrued liabilities related to the investment agreement with Aleph, connected with the Put-Option. Outstanding balances at the period-end/year-end year-end Term Purchase Contract As disclosed in Note 20.1.2, in August 2017, the Company entered into the FPA, pursuant to which RVCP agreed to purchase a total of up to 5,000,000 shares of the common capital of Series A of the Company, plus a total of up to 5,000,000 optional warrants to purchase one-third of a Series A share at a strike price of 11.5 U.S. Dollar per share (“FPA Warrants”), for a total purchase price of up to 50,000 or 10 U.S. Dollars per unit (as a whole, the “Units of the Term Purchase”) in exchange for an advance payment of RCVP as consideration for the execution of the FPA. Each of the FPA Warrants has the same terms as each one of the Sponsor Warrants. There are no other related party transactions. |
Aleph Midstream
Aleph Midstream | 12 Months Ended |
Dec. 31, 2019 | |
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Aleph Midstream | Note 27. Aleph Midstream As of December 31, 2018, Aleph Midstream S.A. (“Aleph Midstream or Aleph”) was a subsidiary 100% controlled by Vista. On June 27, 2019, Vista signed an investment agreement with an affiliate of Riverstone (a related party), an affiliate of Southern Cross Group and FeederCo (“Financial Sponsors”) to invest in Aleph, a midstream company in Argentina. As part of the investment agreement the Company agreed to spin-off On July 17 and 18, 2019, the Boards of Directors of Vista and Aleph, respectively, resolved to initiate the procedures leading to the execution of a split-merger in accordance with the following guidelines: (i) the spin-off From the date of the spin-off spined-off off-merger As of December 31, 2019, the Company has obtained only one of the transportation concessions (See Note 30) and has not fulfilled all the conditions precedents to closing of the investment agreement with the Investors. The said agreement establishes that if the Company does not obtain all the concession titles by the earlier of, the investors having contributed 75,000 in Aleph or 11 months from the investment agreement effective date; the Investors will have the right to exercise a Put-Option Hence, 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. |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2019 | |
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Commitments and contingencies | Note 28. Commitments and contingencies For a description of the Company’s investment commitments regarding their oil and gas properties. (See Note 29.4). 28.1 Producers and Refiners Agreement In January 2003, the Argentine Executive branch required oil producers and refiners to sign an agreement to set the price of West Texas Intermediate (WTI), which is used as a basis to determine PELSA’s oil sales prices at 28 US/bbl through April 30 of 2004, the date on which the agreement ended. According to the provisions of the agreement, the differences that were generated between the price of the WTI and the reference limit of 28.50 US/bbl would be paid at the time that the WTI was below 28.50 US/bbl guaranteed that the Company will continue charging at least the reference value mentioned above. As of December 31, 2019, December 31, 2018, and December 31, 2017, the cumulative differences between the actual WTI prices and the reference limit of $28.50 was deemed as a contingent asset for the Company of approximately 12,013, 11,608, and 11,210, respectively, thus it has not been recorded since its collection has been assessed as not virtually certain. 28.2 Asociación de Superficiarios de la Patagonia (“ASSUPA”) On July 1, 2004, PELSA was notified about a complaint filed against it. In August 2003, ASSUPA sued 18 companies operating exploitation concessions and exploration permits in the Neuquén Basin, PELSA being one of them. ASSUPA claiming the remediation of the general environmental damage purportedly caused in the execution of such activities, in addition to the establishment of an environmental restoration fund, and the implementation of measures to prevent environmental damages in the future. The plaintiff requested that the Argentine Government, the Federal Environmental Council (“ Consejo Federal de Medio Ambiente” On December 30, 2014, the CSJN issued two interlocutory judgments. The one related to PELSA supported the claim of the Provinces of Neuquén and La Pampa and declared that all environmental damages related to local and provincial situations were outside the scope of its original jurisdiction, and that only “interjurisdictional situations” (such as the basin of the Colorado River basin) would fall under its jurisdiction. The CSJN also rejected precautionary measures and other proceedings related to such request. Vista Argentina, considering the opinion of the legal counsel, concluded that it is not probable that an outflow of resources embodying economic benefits will be required to settle this obligation. On the date of issuance of these financial statements, the CSJN ordered Vista Argentina to submit the documentary corresponding to the demand response to confer transfer to the plaintiff. 28.3 Leases commitment The Company has leases that have not yet begun as of December 31, 2019. Future payments for these leases are 1,117 for 2020 and 5,180 for 2021 and 2022. |
Operations in hydrocarbon conso
Operations in hydrocarbon consortiums | 12 Months Ended |
Dec. 31, 2019 | |
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Operations in hydrocarbon consortiums | Note 29. Operations in hydrocarbon consortiums 29.1 General considerations The hydrocarbon areas are operated by granting exploration permits or exploitation concessions by the national or provincial government on the basis of the free availability of the hydrocarbons that are produced. 29.2 Oil and gas properties and participation in joint-operations As of December 31, 2019, and 2018 the Company through its subsidiaries is the owner and is part of the joint operations and consortia for the exploration and production of oil and gas as indicated below: Name Location Working interest Operator Duration Direct Indirect Argentina 25 de Mayo - Medanito S.E. Río Negro — 100 % Vista Argentina 2026 Jagüel de los Machos Río Negro — 100 % Vista Argentina 2025 Bajada del Palo Este Neuquén — 100 % Vista Argentina 2053 Bajada del Palo Oeste Neuquén — 100 % Vista Argentina 2053 Entre Lomas Río Negro — 100 % Vista Argentina 2026 Entre Lomas Neuquén — 100 % Vista Argentina 2026 Agua Amarga - “Charco del Palenque” Río Negro — 100 % Vista Argentina 2034 Agua Amarga - “Jarilla Quemada” Río Negro — 100 % Vista Argentina 2040 Coirón Amargo Sur Oeste Neuquén — 10 % O&G Development Ltd. S.A. 2053 Coirón Amargo Norte Neuquén — 55 % Vista Argentina 2036 Acambuco - “San Pedrito” Salta — 1.5 % Pan American Energy 2036 Acambuco - “Macueca” Salta — 1.5 % Pan American Energy 2040 Sur Río Deseado Este Santa Cruz — 16.9 % Alianza Petrolera Argentina S.A. 2021 Águila Mora Neuquén — 90 % Vista Argentina 2054 México Bloque CS-01 Tabasco — 50 % Jaguar 2047 Bloque A-10 Tabasco — 50 % Jaguar 2047 Bloque TM-01 Tabasco — 50 % Jaguar 2047 As of December 31, 2017, PELSA is part of the joint operations and consortia for the exploration and production of oil and gas as indicated below: Name Location Working interest Operator Duration Direct Indirect Argentina Bajada del Palo Neuquén 73.15 % — PELSA 2025 Entre Lomas Río Negro and Neuquén 73.15 % — PELSA 2026 Agua Amarga Río Negro 73.15 % — PELSA 2034/2040 Summarized financial information in respect of the Company’s material joint operations which assets, liabilities, revenues and expenses are not accounted for at 100% in the Company’s financial statements is set out below. The summarized financial information below represents amounts prepared in accordance with IFRSs at their respective working interests, adjusted by the Company for accounting purposes. Successor 2019 Successor 2018 Predecessor 2017 Assets Non-current 8,221 14,950 257,009 Current assets 3,026 1,488 12,626 Liabilities Non-current 918 483 8,151 Current liabilities 3,374 3,307 28,757 Successor for the year ended December 31, 2019 Successor for April 4, Predecessor for the Predecessor for the Cost of sales (9,103 ) (12,120 ) (40,846 ) (195,200 ) Selling expenses (106 ) (46 ) (5,304 ) (23,439 ) General and administrative expenses (1,488 ) (230 ) (1,494 ) (6,949 ) Exploration expenses (667 ) (2 ) (134 ) (1,049 ) Other operating income and expenses, net (74 ) (390 ) 51 5,943 Financial results, net (961 ) 988 1,706 2,078 Total costs and expenses for the period/year (12,399 ) (11,800 ) (46,021 ) (218,616 ) 29.3 Concession and changes in working interest oil and gas properties 29.3.1 Entre Lomas area Vista Argentina (previously “PELSA”) is the operator and holder of 100% of the concessions for the exploitation of hydrocarbons in the Entre Lomas area (“Elo”), located in the Province of Río Negro and Neuquén. The concession contracts, renegotiated in 1991 and 1994, respectively granted the free availability of crude oil and natural gas produced, and determined the term of the concessions until January 21, 2016. On December 9, 2014, Vista Argentina reached a renegotiation agreement with the Province of Río Negro for the concession of the Elo area, approved by Provincial Decree No. 1,706 / 2014. Through this agreement agreed to extend the concession of the Elo Area for the term of ten (10) years until January 2026, committing, among other conditions, to the payment of a fixed bond and a contribution to social development and institutional strengthening, a complementary contribution equivalent to 3% of oil and natural gas production and an important development and exploration plan for reserves and resources, and environmental remediation. Likewise, the provincial government of Neuquén agreed to extend the concession contract of Elo corresponding to the Province of Neuquén for a period of ten (10) years until January 2026. In accordance with the extension agreement, Vista Argentina agreed to invest all ARS 237 million in future exploitation and exploration activities to be carried out in the aforementioned exploitation concession. Royalties increased from the previous rate from 12% to 15% and could increase to a maximum of 18%, depending on future increases in sales prices of the hydrocarbons produced. 29.3.2 Bajada del Palo area On December 21, 2018, the Province of Neuquén approved Decree No. 2,357/18 about the transformation of the exploitation concession in the Bajada del Palo area, operated by Vista Argentina, into two CENCH, Bajada del Palo Oeste and Bajada del Palo Este. The two concessions are for a term of 35 years, include the payment of fixed royalties of 12% for new production from the shale (shale rock) formations, and this permission replace the concession of conventional exploitation of this area. The Company committed to pay the Province of Neuquén the following concepts in the framework of the granting of unconventional exploitation concessions for both areas: (i) exploitation bonus for a total of approximately 1,168, (ii) Infrastructure Bond for a total of approximately 2,796; (iii) Corporate Social Responsibility for an amount of approximately 3,935; (iv) an important plan for the development and exploration of reserves. Likewise, Vista paid the amount of approximately 1,102 as stamp tax at the closing of the transaction. See Note 29.4 for more information about investment agreement. 29.3.3 Agua Amarga Area Vista Argentina is the owner and operator of the operating lots called Charco del Palenque and Jarilla Quemada in the Agua Amarga area, located in the Province of Rio Negro. In 2007, Vista Argentina obtained the exploration permit in the Agua Amarga area located in the Province of Río Negro. Provincial Decree No. 557/07 and the signing of the respective contract on May 17 of the same year formalized the agreement. Based on the results of the exploration carried out in the Agua Amarga area, the Province of Río Negro granted the Concession of Exploitation of the Charco del Palenque fiel, on October 28, 2009, by means of the Provincial Decree No. 874 and its rectification No. 922, dated November 13, 2009, for exploitation for a term of 25 years. The enforcement authority of the Province of Río Negro accepted the inclusion of the “Meseta Filosa” sector to the concession previously granted by Charco del Palenque, through Provincial Decree No. 1,665 of November 8, 2011, published in Official Gazette No 4,991 dated December 1, 2011. Subsequently, the enforcement authority of the Province of Río Negro approved the inclusion of the Charco del Palenque Sur sector to the previously granted concession of Charco del Palenque, by means of Provincial Decree No. 1,199 dated August 6, 2015. In addition, on the same date, the Provincial Decree No. 1,207 gave Vista Argentina the exploitation concession for the Jarilla Quemada Field. The exploitation concession Charco del Palenque is effective until 2034 and the exploitation concession Jarilla Quemada is effective until 2040. 29.3.4 Coirón Amargo Norte y Coirón Amargo Sur Oeste Originally, the join operation Coirón Amargo Joint arrangement had an exploitation concession in the North Area (“Coirón Amargo Norte”) and an evaluation field in the South Area (“Coirón Amargo Sur”), effective until the year 2036 and 2017, respectively. On July 11, 2016, the joint operators entered into an agreement for assignment of participating interest, through which the area was divided into three oil and gas properties: Coirón Amargo Norte (“CAN”), CASO and Coirón Amargo Sur Este (“CASE”). CAN join operators are APCO SAU (actually Vista Argentina) with a 55% working interest, Madalena Energy Argentina S.R.L. (“Madalena”) with 35% working interest and Gas y Petróleo de Neuquén S.A. (“G&P”) with the remaining 10%. Vista Argentina is the operator since that date. The expiration date of the exploitation concession remains in 2036. On December 28, 2017, the partners in the joint CAN agreement signed an Operational Committee Act approving the implementation of the “Carry Petrolero”, as a result of the foregoing, the partners agreed that Contributions made and to be made in the future will be recognized as greater assets and / or expenses, as appropriate, in terms of the amounts actually disbursed by them, regardless of the percentages of contractual participation. Since that date Vista Argentina recognize the participation in this joint operation as 61.11%, which is comprised of its contractual share of 55% plus the incremental participation acquired from G&P, of 6.11%. With respect to CASO joint operation was established and the joint operators were APCO SAU (actually Vista Argentina) with a 45% participation in the joint operation; O&G Development Ltd S.A. (“O&G”) with a 45% and G&P with the rest of 10%. On August 22, 2018, Vista Argentina assignment to O&G a 35% non-operated Joint operators of CASO are actually Vista Argentina, O&G and G&P with working interests of 10%, 80% y 10% respectively, being O&G the designated operator. On September 25, 2018 though Decree No. 1,578/18, the evaluation lot of CASO became in an CENCH for a term of 35 years, expiring accordingly in the year 2053. As in the CAN area, the CASO joint operators maintain a “Carry Petrolero” agreement for the participation of G&P, accounting Vista Argentina its participation in this joint operation for 11.11%. 29.3.5 Águila Mora On August 22, 2018, APCO SAU (actually Vista Argentina) entered into a cross assignment of rights agreement (“the Aguila Mora Swap Agreement”), whereby: (i) Vista Argentina assigned to O&G (a subsidiary of Royal Dutch Shell plc.), a 35% non-operated Vista Argentina was notified of Decree No. 2,597 granted by the Governor of the Province of Neuquén by which the concession of unconventional exploitation over the “Águila Mora” area is granted in favor of the G&P company for a period of 35 years from the November 29, 2019 (renewable, when due and subject to certain conditions, for successive periods of 10 years), replacing the previously unconventional exploration permit granted. Vista Argentina maintains a “Carry Petrolero” for the participation of G&P, accounting its participation in this joint operation for 100%. See Note 29.4 for more details on investment agreement. 29.3.6. Jagüel de los Machos Jagüel de los Machos is an exploitation concession located in the province of Rio Negro. Decree No. 1,769/90 granted an exploitation concession for 25 years over the “Jagüel de los Machos” area to Naviera Perez Companc S.A.C.F.I.M.F.A (actually, Pampa Energía S.A.). Subsequently, by means of Decree No. 1,708/08 of the Province of Rio Negro, the exploitation concession was extended for ten (10) years, expiring accordingly on September 6, 2025. On April 4, 2018, Pampa Energía S.A. to Vista Argentina ceded 100% of its participation in the “Jagüel de los Machos” operating concession. On July 11, 2019, Decree No. 806/19 of the Province of Rio Negro was issued, through which the Secretary of State for Energy of the Province of Rio Negro approved this assignment. 29.3.7. 25 de Mayo – Medanito S.E. 25 de Mayo – Medanito S.E. is an exploitation concession located in the province of Rio Negro Decree No 2,164/91 reconverted the existing contract to that date on the area “25 de Mayo-Medanito S.E.” in an exploitation concession for 25 years. Subsequently, by means of Decree 1,708/08 of the Province of Rio Negro, the exploitation concession was extended for ten (10) years, expiring accordingly on October 28, 2026. On April 4, 2018 Pampa Energía SA to Vista Argentina ceded 100% of its participation in the “25 de Mayo—Medanito SE” operating concession. On July 11, 2019, Decree No. 806/19 of the Province of Rio Negro was issued, through which the Secretary of State for Energy of the Province of Rio Negro approved this assignment. 29.3.8. Acambuco The Company holds a 1.5% participation for the exploitation concession for Acambuco in the Northwest basin located in the Province of Salta. The operator of this assessment oil and gas property is Pan American Energy LLC (Argentina Branch) which holds a 52% participation. The remaining interests are held by three other partners, YPF which holds 22.5% interest, Shell Argentina S.A. with a 22.5% participation and Northwest Argentina Corporation, which holds the remaining 1.5% interest. On February 14, 2001, the concession holders requested the Declaration of Commerciality of an exploitation lot called “San Pedrito”, which expires in 2036. Additionally, on February 16, 2005, the concession holders requested the Declaration of Commerciality of an exploitation lot called “Macueta”, which expires in 2040. 29.3.9. Sur Rio Deseado Este The Company hold a 16.95% participation interest for the exploitation concession for Sur Rio Deseado Este in the Golfo San Jorge basin located in the Province of Santa Cruz. The operator of this assessment oil and gas property is Alianza Petrolera Argentina S.A. hold a 54.14% participation. The remaining concessionaires are: Petrolera El Trébol S.A., which has a 24.91% and SECRA S.A., which has a 4%. The concession expires on April 27, 2021 and there are no outstanding capital commitments. Additionally, the Company has a 44% interest in an exploration agreement in a portion of the Sur Rio Deseado concession, being the operator of this agreement is Quintana E&P Argentina S.R.L. 29.3.10 Mexico oil and gas properties On October 29, 2018, the Company through its Mexican subsidiary Vista Holding II S.A. (“Vista II”) completed the acquisition, of 50% working interest in the following oil and gas properties: (i) Bloque CS-01 (ii) Bloque A-10 (iii) Bloque TM -10 As of the date of these consolidated financial statements the addendum to the license agreements of the three oil and gas properties between CNH, Jaguar, Pantera and the Company was executed. The concessions expires in 2047. 29.4 Investment Commitment As of December 31, 2019, the Company was committed with the Province of Río Negro to drill and complete until 2022: (i) 10 development wells, 4 step-out step-out In addition, the Company was committed to perform until 2022: (i) 11 well workovers and abandon 21 wells, in 25 de Mayo – Medanito S.E and Jagüel de los Machos concessions for an estimated cost of 7,400; and (ii) 9 well workovers and abandon 3 wells, in the Entre Lomas Río Negro concession, for an estimated cost of 5,300. Additionally, the Company was committed with the province of Neuquén to: (i) drill 5 horizontal wells with its associated facilities for an estimated cost of 51,800 until 2021 in the Bajada del Palo Este concession, in consideration for the concession; and (ii) put into production 3 existing wells and drill 2 new horizontal wells with its associated facilities for an estimated cost of 32,000 in the Águila Mora concession until 2021, in consideration for the concession. With respect to our operations in Mexico, as of December 31, 2019 the pending capital commitments were: (i) approximately 6,300, corresponding to an estimated amount of 15,549 Unidades de Trabajo (“UTs”) in CS-01; A-10; TM-01. 29.5 Exploratory well costs There are no balances nor activity for exploratory well costs during the year ended December 31, 2019, the period beginning April 4, 2018 through December 31, 2018, for the period beginning January 1, 2018 through April 3, 2018 and for year ended December 31, 2017. 29.6 Regularization regime (moratorium) Between the 29 and the 31 of March 2017, PELSA adhered to the regularization regime (moratorium) provided for Law No. 27,260 in relation to certain tax claims and provisions. PELSA related liabilities were mainly attributable to contingencies identified including interpretation differences with the Argentine tax authority regarding the time of recording well abandonment expenses for income tax purposes and the exemption from the Tax on Personal Assets as Substitute Taxpayer for a shareholder in Spain. As of December 31, 2017, the carrying amount of the matters that were included in the moratorium amounted to 7 and 2 were disclosed as “Non-current Although the adhesion to the regularization regime established benefits of releasing tax fines and reducing compensatory interests, PELSA did not recognize any gain for the year ended December 31, 2017. |
Transportation concessions
Transportation concessions | 12 Months Ended |
Dec. 31, 2019 | |
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Transportation concessions | Note 30. Transportation Concessions 30.1 General considerations The article 28 of the Federal Hydrocarbons Law (“LFH”) provides that every holder of an exploitation concession has the right to obtain a concession for the transportation of their hydrocarbons. In accordance with the provisions of Article 6 of Decree No. 115/19, the transport concessions that are granted after the issuance of this Decree will have complete independence and autonomy with respect to the exploitation concession that gives rise to it, so that the exploitation concession does not affect in any way the validity of the transport concession. The holder of a transport concession will be entitled to freely conclude the capacity reserve contracts in the terms provided in the Decree. These contracts may be freely negotiated as to their method of allocation, prices and volumes between the holder of a transport concession and the respective shippers. 30.2 Federal Transportation Concession On November 22, 2019, the Secretariat of Energy Government issued Resolution No. 753/19 through which it granted Vista Argentina a concession to transport crude oil for the pipeline that will be extended from Borde Montuoso (in the Bajada de Palo Oeste area – Province of Neuquén) to the La Escondida pumping station (corresponding to the Allen—Puerto Rosales pipeline – Province of Río Negro), operated by Oleoductos del Valle Sociedad Anónima. In the same date Vista Argentina assigned the concession mentioned to Aleph, as part of the agreement mentioned in Note 27. The Concession of Federal Transportation was granted until December 19, 2053. This concession federal transportation will transport production coming not only from the Bajada de Palo Oeste Area, but also from the Bajada del Palo Este; Coirón Amargo Norte; Charco del Palenque; Entre Lomas located in Province of Neuquén and Río Negro. 30.3 Transport Concession Entre Lomas Crude On December 6, 2019, the Province of Río Negro issued Decree No. 1,821/19 through which it granted Vista Argentina a hydrocarbon transport concession associated with the Entre Lomas Area, on the oil pipeline that connects the crude treatment plant located in Charco Bayo in the Entre Lomas Area (the “PTC Elo”) until its interconnection with the trunk crude transport system in “La Escondida” operated by Oleoductos del Valle S.A. in the Province of Río Negro, including within the transport concession to the PTC ELo. The Concession of Transportation was granted until January 21, 2026; the remaining term of validity of the concession of exploitation of the Entre Lomas Area. This concession will transport production not only from the Entre Lomas Area, but also from the Bajada del Palo Oeste; Bajada del Palo Este; Coirón Amargo Norte and Charco del Palenque. 30.4 Transport Concession 25 de Mayo—Medanito SE On December 6, 2019, the Province of Río Negro issued Decree No. 1,822/19 by which it granted Vista Argentina a hydrocarbon transport concession associated with Area 25 de Mayo—Medanito SE, located in the Province of Río Negro on the pipeline that connects the Crude Treatment Plant located in Area 25 de Mayo-Medanito SE (Rio Negro) (“PTC MED”), until its interconnection with the trunk system of transport of crude in “Medanito” operated by Oleoductos del Valle S.A. in the province of Río Negro including within the transport concession to the PTC MED. The concession was granted until October 26, 2026; the remaining term of validity of the exploitation concession of 25 de Mayo—Medanito Area. This concession will transport production coming not only from Area 25 de Mayo – Medanito SE, but also from the Jagüel de los Machos Area. 30.5 Transport Concession Entre Lomas Gas On December 6, 2019, the Province of Rio Negro issued Decree No. 1,823/19 through which it granted Vista Argentina a hydrocarbon transport concession associated with the Entre Lomas Area, on the gas pipeline that connects the gas treatment plant located in the Charco Bayo deposit in the Entre Lomas Area (“PTG ELo”) to the point that it interconnects with the trunk gas transport system operated by Transportadora del Gas S.A. (“TGS”) in the province of Río Negro including within said transport concession to the PTG ELo. The Concession of Transportation was granted until January 21, 2026; the remaining term of validity of the concession of exploitation of the Entre Lomas Area. This concession will transport production not only from the Entre Lomas Area, but also from the Bajada del Palo Oeste; Bajada del Palo Este; Coirón Amargo Norte and Charco del Palenque |
Business Combinations
Business Combinations | 12 Months Ended |
Dec. 31, 2019 | |
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Business combinations | Note 31. Business Combinations On April 4, 2018, the Company completed its Initial Business Combination that was recorded using the acquisition accounting method. The results of the operations acquired have been included in the consolidated financial statements since the date on which the Company obtained control of the respective businesses, as disclosed below. 31.1 Acquisition of PELSA (currently known as Vista Argentina) and the 3.85% direct interest in the oil and gas properties operated by PELSA from Pampa Energía S.A. On January 16, 2018, Pampa Energía S.A. (“PAMPA”) agreed to sell VISTA its direct interest in PELSA and its direct interests in the Entre Lomas, Bajada del Palo and Agua Amarga oil and gas properties. On April 4, 2018, PAMPA and the Company, through its Mexican subsidiary Vista I, executed a share purchase agreement (the “Share Purchase Agreement PELSA”), for the acquisition of Pampa’s direct interest of: i) 58.88% in PELSA, an Argentine company that holds a 73.15% direct operating interest in the Entre Lomas (“EL”), Bajada del Palo (“BP”), and Agua Amarga (“AA”) oil exploitation concessions in the Neuquina Basin in the provinces of Neuquén and Río Negro, Argentina (the “EL-AA-BP ii) 3.85% direct interest in the EL-AA-BP On the same date, Vista assigned all the rights and obligations of the Purchase Agreement related to the acquisition of the 3.85% direct interest in the EL-AA-BP The main purpose of the business combination was to acquire an upstream business, which became the main activity of the Company after these business combinations, since the Company was established as a special purpose entity until this date (See Note 1). 31.1.1 Consideration transferred This business combination was performed in exchange for a total consideration of 297,588 in cash at the closing date. The costs related to the transaction of 967 were recognized in profit or loss by the Company as they were incurred and were recorded as “other operating expenses” in the accompanying consolidated statements of profit or loss and other comprehensive income. The operating results of the acquired business have been included in the consolidated operating results of the Company as of the date of acquisition. 31.1.2 Assets acquired, and liabilities assumed as of April 4, 2018 As a result of the business combination, the Company identified a goodwill amounting to 11,999, attributable to the future synergies of the Company and PELSA combined business and assembled workforce. The Goodwill has been fully allocated to the Company’s single business segment, since is the only one which the Company operates, as described above. As of December 31, 2019, and 2018, goodwill is not deductible in Mexico, consequently if these circumstances do not change, it is not expected that there will be tax deductions in the future. The following table details the fair value of the transferred consideration, the fair values of the acquired assets, the assumed liabilities and the non-controlling Notes Total Assets Property, plant and equipment [A] 312,728 Other intangible assets 494 Trade and other receivables [B] 27,857 Other financial assets 19,712 Inventories 3,952 Cash and cash equivalents 10,216 Total assets acquired 374,959 Notes Total Liabilities Deferred income tax liabilities 56,396 Provisions [C] 11,085 Employee defined benefits plan obligation 2,856 Salaries and social security payable 1,178 Income tax payable 2,914 Other taxes and royalties payable 3,394 Accounts payable and accrued liabilities 10,240 Total liabilities assumed 88,063 Net assets acquired 286,896 Goodwill 11,999 Non-controlling (1,307 ) Total consideration 297,588 [A] Property, plant and equipment: • Oil and gas Property: The Company has valued its interests in proved reserves (both developed and to be developed) and probable reserves in different acquired oil and gas properties. To estimate the future level of reserves, a report audited by external engineers was used adjusting by the temporality of the activity (e.g. drilling new wells and workovers) to adapt to Vista’s plans. These assumptions reflect all reserves and resources that management believe a market participant would consider when valuing the asset. In all cases, the approach used to determine the oil and gas property’s fair value was a combination of the income-based approach through the Indirect Cash Flow method and a valuation methodology for comparable transactions using the multiple US/acre. The projection period was determined based on the termination of the respective concession contracts. For each type of reserve or resource, management used a risk factor between 100% and 30% of success from their estimated full potential value. An 11.25% discount rate has been used, which was estimated taking the WACC rate in US as a parameter. The other main assumptions used to project cash flows were associated with crude oil, natural gas and NGL prices, foreign exchange and inflation rates, which were based on market participant assumptions. [B] Acquired Receivables: [C] Contingent liabilities, provision for environmental remediation and asset retirement obligation: 31.1.3 Non-controlling The non-controlling 31.1.4 Net cash outflow on acquisition of subsidiaries In the consolidated statement of cash flows: Cash consideration transferred 297,588 Cash and cash equivalents acquired (10,216 ) Net cash outflow on acquisition of subsidiaries (*) 287,372 (*) In the statement of cash flows 297,458 have been presented as Net cash outflow on acquisition of subsidiaries and 10,086 are included in the ‘‘Cash and cash equivalents at the beginning of the period’’ held by the Successor entity. 31.1.5 Effect of acquisitions on the results of the Company Included in the loss for the period there is a loss of 36,816 attributable to the additional business generated by PELSA. Revenue for the period includes 86,941 attributable to the additional revenues generated by the ownership interest acquired in PELSA. Had these business combinations been effected at January 1, 2018, the revenue of the Group for the year would have been 360,026 and the loss for the year would have been 28,835. The directors consider these ‘pro-forma’ In determining the ‘pro-forma’ pre-acquisition 31.2 Acquisition of oil and gas properties Jagüel de los Machos and 25 de Mayo-Medanito SE, by PELSA from Pampa Energía S.A. On January 16, 2018, Pampa Energía S.A. agreed to sell Vista its direct interest in 25 de Mayo-Medanito and Jagüel de los Machos oil and gas properties, in the Neuquina Basin in the Province of Río Negro, Argentina. On April 4, 2018, PAMPA and the Company, through its Mexican subsidiary Vista I, executed a purchase agreement (the “Purchase Agreement Oil and Gas Properties”), for the acquisition of the following (the “Oil and gas properties Transaction”): i) 100% interest in the 25 de Mayo-Medanito oil exploitation concession area; and ii) 100% interest in the Jagüel de los Machos oil exploitation concession area. On the same date, Vista assigned all the rights and obligations of the Purchase Agreement oil and gas properties to PELSA in order for such subsidiary to perform the purchase. The main purpose of the business combination was to acquire an upstream business, which became the main activity of the Company, after these two business combinations, since the Company was established as a special purpose entity until this date (See Note 1). 31.2.1 Consideration transferred This business combination was performed in exchange for a total consideration of 85,435 in cash. The costs related to the transaction of 277 were recognized in profit or loss by the Company as they were incurred and were recorded as “other operating expenses” in the accompanying consolidated statements of profit or loss and other comprehensive income. The operating results of the acquired business have been included in the consolidated operating results of the Company as of the date of acquisition. 31.2.2 Assets acquired and liabilities assumed as of April 4, 2018 As a result of the business combination, the Company has identified a goodwill for an amount of 5,542 related to this transaction. As of December 31, 2019, and 2018, goodwill is not deductible in Argentina, consequently any change in the recognition of the business combination, and if these circumstances do not change, it is not expected that there will be tax deductions in the future. The following table details the fair value of the transferred consideration, the fair values of the acquired assets and the assumed liabilities corresponding to Oil and gas properties’ acquisitions as of April 4, 2018: Notes Total Assets Property, plant and equipment [A] 86,096 Deferred income tax asset 1,226 Total assets acquired 87,322 Notes Total Liabilities Provisions [B] 6,406 Salaries and social security payable 1,023 Total liabilities assumed 7,429 Net assets acquired 79,893 Goodwill 5,542 Total consideration 85,435 [A] Property, plant and equipment: • Oil and gas property: The Company has valued its interests in proved reserves (both developed and to be developed) and probable reserves in different acquired oil and gas properties. To estimate the future level of reserve, a report audited by external engineers was used adjusting by the temporality of the activity (e.g. drilling new wells and workovers) to adapt to the Vista’s plans. These assumptions reflect all reserves and resources that management believe a market participant would consider when valuing the asset. In all cases, the approach used to determine the Oil and gas property’s fair value was a combination of the income-based approach through the Indirect Cash Flow method. The projection period was determined based on the termination of the respective concession contracts. For each type of reserve or resource, management used a risk factor between 100% and 30% of success from their estimated full potential value. An 11.25% discount rate has been used, which was estimated taking the WACC rate in US as a parameter. The other main assumptions used to project cash flows were associated with Crude oil, natural gas and NGL prices, foreign exchange and inflation rates, which were based on market participant assumptions. [B] Provision for Environmental remediation and asset retirement obligation: 31.2.3 Net cash outflow on acquisition of subsidiaries In the consolidated statement of cash flows: Cash consideration transferred 85,435 Cash and cash equivalents acquired — Net cash outflow on acquisition of subsidiaries 85,435 31.2.4 Effect of acquisitions on the results of the Company Included in the loss for the period there is a profit of 69,016 attributable to the additional business generated by the acquisition of Jagüel de los Machos and 25 de Mayo – Medanito SE. Revenues for the period include 130,015 attributable to the additional revenues generated by Jagüel de los Machos and 25 de Mayo – Medanito SE. Had this business combination been effected at January 1, 2018, the revenue of the Group for the year would have been 371,132 and the loss for the year would have been 10,090. The directors consider these ‘pro-forma’ In determining the ‘pro-forma’ pre-acquisition 31.3 Acquisition of APCO from Pluspetrol On April 4, 2018, Pluspetrol Resources Corporation established in Cayman Island (“Pluspetrol”) and the Company, through its mexican subsidiary Vista I, executed a share purchase agreement (the “Share Purchase Agreement APCO”), for the acquisition of 100% of APCO Oil & Gas International, Inc. (“APCO O&G”) and 5% of APCO Argentina S.A. (“APCO Argentina”) (together “APCO Transaction”). APCO O&G holds (a) 39.22% of the capital stock of PELSA; (b) 95% of the capital stock of APCO Argentina, which holds a 1.58% direct equity interest in PELSA; and (c) 100% of the capital stock of APCO Oil & Gas International Inc. Argentina Branch (“APCO Argentina Branch”). Through APCO Argentina Branch, APCO O&G indirectly holds: (a) a 23% interest in the EL-AA-BP non-operating non-operating non-operating non-operating As of the date of this business combination, Vista directly and indirectly holds 99.68% of PELSA. The 0.32% remaining equity interest was directly acquired by the Company from PELSA’s minority shareholders, to account for 100% of the capital stock of PELSA on April 25, 2018. The main purpose of the business combination was to acquire an upstream business, which became the main activity of the Company, after these two business combinations, since the Company was established as a special purpose entity until this date. 31.3.1 Consideration transferred This business combination was performed in exchange for a total cash consideration of 349,761. The costs related to the transaction of 1,136 were recognized in profit or loss by the Company as incurred and were recorded as “other operating expenses” in the accompanying consolidated statements of profit or loss and other comprehensive income. The results of operations of APCO and APCO Argentina have been included in the consolidated operating results of the Company as of the date of acquisition. In connection with this transaction, as described in Note 17.2, the Company obtained a bank loan in the amount of 260,000 net of the transaction costs of 11,904. 31.3.2 Assets acquired and liabilities assumed as of April 4, 2018 As a result of the business combination, the Company has identified a goodwill for an amount of 10,943 related to this transaction. As of December 31, 2019, and 2018, goodwill is not deductible in Mexico, consequently, even any change in the recognition of the business combination, and if these circumstances do not change, it is not expected that there will be tax deductions in the future. The following table details the fair value of the transferred consideration, the fair values of the acquired assets, the assumed liabilities and the non-controlling Notes Total Assets Property, plant and equipment [A] 380,386 Other intangible assets 417 Trade and other receivables [B] 34,076 Other financial assets 13,579 Inventories 4,409 Cash and cash equivalents 14,432 Total assets acquired 447,299 Notes Total Liabilities Deferred income tax liabilities 67,503 Provisions [C] 12,881 Employee defined benefits plan obligation 3,483 Other taxes and royalties payable 3,349 Salaries and social security payable 1,312 Income tax payable 6,458 Accounts payable and accrued liabilities 13,495 Total liabilities assumed 108,481 Net assets acquired (1) 338,818 Goodwill 10,943 Total consideration 349,761 (1) The remaining total net assets acquired from APCO Oil & Gas International, Inc., after consolidation process and purchase price allocation corresponds to an amount of 851 of total assets related to cash and cash equivalents and receivables, and no liabilities. [A] Property, plant and equipment: • Oil and gas property: The Company has valued its interests in proved reserves (both developed and to be developed) and probable reserves in different acquired oil and gas properties. To estimate the future level of reserves, a report audited by external engineers was used adjusting by the temporality of the activity (e.g. drilling new wells and workovers) to adapt to the Vista’s plans. These assumptions reflect all reserves and resources that management believe a market participant would consider when valuing the asset. In all cases, the approach used to determine the Oil and gas property’s fair value was a combination of the income-based approach through the Indirect Cash Flow method and a valuation methodology for comparable transactions using the multiple US/acre. The projection period was determined based on the termination of the respective concession contracts. For each type of reserve or resource, management used a risk factor between 100% and 30% of success from their estimated full potential value. An 11.25% discount rate has been used, which was estimated taking the WACC rate in US as a parameter. The other main assumptions used to project cash flows were associated with Crude oil, natural gas and NGL prices, foreign exchange and inflation rates, which were based on market participant assumptions. [B] Acquired Receivables: [C] Contingent liabilities, provision for environmental remediation and asset retirement obligation: 31.3.3 Net cash outflow on acquisition of subsidiaries In the consolidated statement of cash flows: Cash consideration transferred 349,761 Cash and cash equivalents acquired (14,432 ) Net cash outflow on acquisition of subsidiaries (*) 335,329 (*) In the statement of cash flows have been presented 342,281 as net cash outflow on acquisition of subsidiaries and 6,952 are included in the ‘‘Cash and cash equivalents at the beginning of the period’’ held by the Successor entity line. 31.3.4 Effect of acquisitions on the results of the Company Included in the loss for the period there is a loss of 32,546 attributable to the additional business generated by APCO and APCO Argentina-. Revenue for the period includes 114,380 attributable to the additional revenues generated by APCO Argentina Branch. During the successor period APCO Oil & Gas International Inc, did not generate any revenue. Had this business combination been effected at January 1, 2018, the revenue of the Group for the year would have been 367,167 and the loss for the year would have been 25,505. The directors consider these ‘pro-forma’ In determining the ‘pro-forma’ i) depreciation of plant and equipment acquired on the basis of the fair values arising in the initial accounting for the business combination rather than the carrying amounts recognized in the pre-acquisition ii) borrowing costs on the funding levels, credit ratings and debt/equity position of the Group after the business combination. 31.4 Effect of all acquisitions on the cash flow, Goodwill and results of the Company If all business combinations (Note 31.1, 31.2 and 31.3) were made as of January 1, 2018, the Company’s consolidated revenues for the period would have increased to 435,653 and the loss for the period would have been 11,666. In the consolidated statement of cash flows: Cash consideration transferred 732,784 Cash and cash equivalents acquired (24,648 ) Net cash outflow on acquisition of subsidiaries (*) 708,136 (*) In the statement of cash flows have been presented 725,174 as net cash outflow on business acquisitions and 17,038 are included in the ‘‘Cash and cash equivalents at the beginning of the period’’ held by the Successor entity line. The Composition of Goodwill is PELSA 11,999 JDM and Medanito 5,542 APCO 10,943 Total Goodwill 28,484 |
Regulatory tax
Regulatory tax | 12 Months Ended |
Dec. 31, 2019 | |
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Regulatory tax | Note 32. Regulatory Tax A-Argentina On December 10, 2019, the New Administration of Argentina took office, with the main objective of implementing measures to remedy and order the economic situation of the country. On December 23, 2019, the “Public Emergency Law on Social Solidarity and Production Reactivation” Law No. 27,541 and Presidential Decree No. 58/2019 were published in the Official Gazette and become in force in such date. The reforms introduced are aimed at reactivating the economic, financial, tax, administrative, social security, rate, energy, health and social sectors and empowering the Executive Branch to carry out the necessary proceedings and actions to recover and ensure Argentina’s public debt sustainability. The main measures included in the law and its administrative order are as follows: 32.1 Income tax Law No. 27,430 had established that the corporate income tax rate would be reduced from 35% to 30% for fiscal years beginning as of January 1, 2018 through December 31, 2019 and to 25% for fiscal years beginning as of January 1, 2020. Tax on dividends or profit distributed by, among others, Argentine companies or permanent establishments to individuals, undivided properties or beneficiaries residing abroad are distributed based on the following considerations: (i) dividends resulting from the profit accrued during the fiscal years beginning January 1, 2018 through December 31, 2019, will be subject to a 7% withholding tax; and (ii) dividends resulting from profit accrued during the fiscal years beginning on January 1, 2020 will be subject to a withholding tax of 13%. The reform introduced by the Law No. 27,541, suspended these tax reductions and maintains the originals 30% for income tax and 7% for tax on dividends until fiscal years beginning as of January 1, 2021, inclusive. Law No. 27,468 had established that for the first three fiscal years beginning as of January 1, 2019, the positive or negative effect of the inflation adjustment provided by the Income Tax Law should be distributed in one third of the in the tax return of the fiscal year in which the adjustment was assessed, and the remaining two thirds, in equal parts, in the two immediately subsequent fiscal years. The abovementioned reform amended such distribution and established that one sixth of the positive or negative adjustment for the first and second fiscal years beginning as from January 1, 2019, should be allocated to the tax return of the year in which the adjustments are assessed, and the remaining balance, to the immediately following five fiscal years. However, for fiscal years beginning as of January 1, 2021, 100% of the adjustment may be deducted/taxed in the fiscal year in which the effect is determined. 32.2 Employer contributions (i) The progressive reduction in employer contributions is eliminated, and as from December 2019, rates are 20.40% for private sector employers in the Services or Commerce sectors and the remaining private sector employers are subject to a 18% rate. (ii) The regulation establishes fixed amounts which may be deducted from the calculation base, but it does not include a future adjustment provision. (iii) From the contributions effectively paid, the amount resulting from applying the percentage points established for each particular jurisdiction to the tax bases may be computed as VAT credit. 32.3 Statistical rate An increase from 2.5% to 3% in the statistical rate is established; it is applicable to definitive imports for consumption as from January 1, 2020 through December 31, 2020. In the case of capital goods imports to be used in investments aimed at producing oil and gas arising from unconventional fields, the application of the 0% rate is extended until December 31, 2020. 32.4 Tax for an inclusive and solidary Argentina (“PAIS”) A 30% tax is established for a five tax-year The tax amount may not be computed as payment on account of any taxes and reaches the following operations: (i) purchases of foreign currency bills for hoarding; (ii) foreign currency exchange transactions to be used for payments related to acquisitions of goods or service provisions made abroad, whichever the payment method used to settle them; (iii) acquisition of services abroad through Argentine travel and tourism agencies; (iv) acquisition of passenger transportation services abroad. 32.5 Export duties The Executive branch is empowered to increase export duties 15% in the case of goods exports not subject to export duties or which were subject to a 0% rate as of September 2, 2018. Before approving Law No. 27,541, the federal government published Presidential Decree No. 37/2019 (Official Gazette dated December 14, 2019), in which the 4 ARS/US cap established by the previous administration in 2018, was suppressed. 32.6 Energy system The law empowers the executive Branch to: (i) Maintain electric power and natural gas rates under federal jurisdiction and initiate a comprehensive review of current rates, or to initiate an extraordinary review as from the effective date of this law and for a 180-day (ii) Carry out a state-mandated audit at the ENRE (Argentine energy regulatory agency) and the ENARGAS (Argentine gas regulatory agency) for a term of one (1) year. In exercise of its delegated powers, the government announced the suspension of any adjustment in connection with electric power and gas rates for a 180 day-term In line with the abovementioned energy rate adjustments, the government also requested YPF’s (Yacimientos Petrolíferos Fiscales, the largest Oil & Gas Company in Argentina) to maintain fuel prices without any adjustments. The other oil companies including Vista, initially agreed not to adjust their prices if YPF does not, either. B- Mexico On January 1, 2019, the Mexican government eliminated the right to offset any tax credit against any payable tax (general offset or compensation universal). As of such date, the right to offset any tax credit will be against taxes of the same nature and payable by the same person (not being able to offset tax credits against taxes payable by third parties). Additionally, by Executive Decree, certain tax benefits related to the value-added tax and income tax were provided to businesses located in the northern border of Mexico. 32.7 Value-added tax A procedure is established for the reimbursement of tax credits originated in investments in property, plant and equipment, which, after 6 months as from their assessment, have not been absorbed by tax debits generated by the activity. 32.8 Fuel tax Certain modifications are introduced to the fuel tax, incorporating a tax on the emission of carbon dioxide. The reform simplifies the fuel taxation structure, keeping the same tax burden effective prior to the reform. 32.9 Income tax Additionally, on October 30, 2019, the Mexican government approved fiscal reform 2020, which is effective as of January 1, 2020, among other aspects this reform includes: The reform established a limitation on the deduction of the net interest for the year, equivalent to the amount resulting from multiplying the taxpayer’s adjusted fiscal profit by 30%. There is an exception with a limit of 20 million Mexican pesos for deductible interest at the group level in Mexico. The Fiscal Code of the Federation (“CFF”) was modified to add new circumstances to attribute joint and several liability to partners, shareholders, directors, managers or any other responsible for the management of the business. These new circumstances are applicable when operating with companies or individuals included in the black list of taxpayers who issue electronic invoices considered non-existent Likewise, the Management evaluated the impact of the reform on the financial statements as of December 31, 2019 and concluded that there are no significant impacts on it. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Share-based payments | Note 33. Share-based payments As of December 31, 2017, PELSA did not have any share-based payment scheme. On March 22, 2018 the Shareholders of the Company authorized the existence of a LTIP to retain key employees and vested the Board of Directors with authority to administer such plan. On the same Shareholder’s Meeting the Shareholders resolved to reserve 8,750,000 out of 100,000,000 Series A shares issued in December 18, 2017 to be used thereunder. As per the LTIP approved by the Board, such plan started on April 4, 2018. As part of the LTIP the Company will enter into the Administrative Trust to deposit the Series A shares to be used thereunder. The plan has the following benefits paid to certain executives and employees that are considered share-based payments: 33.1 Stock Options (Equity Settled) The stock option gives the participant the right to buy a quantity of shares over certain period of time at a defined strike price. Stock options will be vested as follows: (i) 33% the first year; (ii) 33% the second year; and (iii) 34% the third year with respect to the date to which the stock options are provided to the participants. Stock Options are exercisable up to 5 years from the date they are granted. The plan establishes that the number of options to be granted will be determined using a Black & Sholes Model. 33.1.1 Movements during the year of Series A share s The following table illustrates the number of Series A shares and weighted average exercise prices (“WAEP”) of, and movements in, share options during the year: Consolidated-Successor for the year Consolidated-Successor for the December 31, 2018 Number of rights to buy WAEP Number of rights WAEP Outstanding as of beginning of the year 1,330,541 10.0 — — Granted during the year 2,704,003 6.7 1,330,541 10.0 Paid during the year (40,540 ) 10.0 — — At the end of the year 3,994,004 7.8 1,330,541 10.0 The following table list the inputs to the models used for the plan for the periods/years: Consolidated-Successor for the year ended December 31, 2019 Consolidated-Successor for the December 31, 2018 Dividend yield (%) 0.0 % 0.0 % Expected volatility (%) 40 % 40 % Risk–free interest rate (%) 2.5 % 1.5 % Expected life of share options (years) 5 5 Weighted average exercise price (US) 6.7 10.0 Model used Black-Scholes-Merton Black-Scholes-Merton The expected life of the share options is based on historical data and current expectations and is not necessarily indicative of exercise patterns that may occur. The expected volatility reflects the assumption that the historical volatility over a period similar to the life of the options is indicative of future trends, which may not necessarily be the actual outcome. The weighted average fair value of options granted during the year ended December 31, 2019 and during the period beginning April 4, 2018 through December 31, 2018 was 2.6 and 3.7, respectively. In accordance with IFRS 2, the share purchase plans are classified as equity-settled transactions on the grant date. This valuation is the result of multiplying the total number of Series A shares that will be deposited in the Administrative Trust and the price per share. For the year ended December 31, 2019 and for period from April 4 to December 31, 2018, the compensation expense recorded in the consolidated statement of operations amounted to 3,529 and 1,238, respectively. 33.2 Restricted Stock (Equity Settled) One or more shares that are given to the participants of the plan for free or a minimum value once the conditions are achieved. Restricted Stock is vested as follows (i) 33% the first year, (ii) 33% the second year and (iii) 34% the third year with respect to the date to which the Restricted Stock are granted to the participants. 33.2.1 Movements during the period The following table illustrates the number and WAEP of, and movements share during the successor period: Consolidated-Successor for the year ended December 31, 2019 Consolidated-Successor for the period from April 4, 2018 through Number of Series A WAEP Number of Series A WAEP Outstanding as of beginning of year 854,750 10.0 — — Granted during the period/year 1,356,762 6.7 854,750 10.0 Paid during the year (4,500 ) 10.0 — — At the end of the year 2,207,012 7.8 854,750 10.0 In accordance with IFRS 2, the share purchase plans are classified as equity-settled transactions on the grant date. This valuation is the result of multiplying the total number of Series A shares that will be deposited in the Administrative Trust and the price per share. For the year ended December 31, 2019 and for the period from April 4 to December 31, 2018, the compensation expense recorded in the consolidated statement of profit or loss and other comprehensive income amounted to 7,126 and 2,783, respectively. The restricted Series A shares issued in the exercise are revealed in Note 20. All shares are considered outstanding for both basic and diluted (loss) earnings per share purposes, since the shares are entitled to dividend if and when declared by the Company. |
Events after the reporting peri
Events after the reporting period | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Events after the reporting period | Note 34. Events after the reporting period The Company has evaluated subsequent events as of December 31, 2019 to assess the need for potential recognition or disclosure in these financial statements. The Company assessed such events until April 2 9 i) On January 15, 2020, Vista Argentina signed a loan agreement with Banco Macro S.A. for an amount of 30,000 with an annual interest rate of 5.25%, and expiration date as of July 15, 2020. ii) On January 16, 2020, the National Hydrocarbons Commission (“CNH”) notified the authorization of the transfer of control of block CS-01 iii) On January 21, 2020, Vista Argentina paid the first capital quote of the Syndicated Term Loan for an amount of 15,000, together with the third payment of interest for an amount of 11,190. iv) On February 21, 2020, Vista Argentina issued a simple non-convertible v) On February 26, 2020, the Company announced that its Board of Directors approved changes to the participation of the Company in the capital structure of Aleph. 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, at an aggregate purchase price of 37,500 (equivalent to the entire equity effectively contributed to Aleph Midstream by the Financial Sponsors). For more details, please refer to Note 27. On March 30, 2020, the Company paid the purchase price mentioned and adquired 100% of Aleph’s capital. vi) During March 2020, Vista Argentina canceled the loans with Banco de Galicia y Buenos Aires S.A., Banco BBVA Argentina S.A and Banco de la Ciudad de Buenos Aires for an amount of ARS 681,178, ARS 845,865 and US 7,110, respectively. vii) On April 1, 2020, Vista Argentina signed a loan agreement with Banco BBVA Argentina S.A. for an amount of ARS 725,000 (equivalent US 11,235) at an annual floating interest rate equal to Base Rate plus an applicable margin of 6%, and expiration date as of April 1, 2021. viii) On April 27, 2020, Vista Argentina signed a loan agreement with Bolsas y Mercados Argentinos S.A. for an amount of ARS 95,000 (equivalent US 1,428) at an annual interest rate of 18.62% and for a period of 30 days, g uaranteed ix) The 2019 coronavirus (“COVID-19”) COVID-19 Consequently, the Group is facing a new oil market scenario with increased oil supply mainly led by Saudi Arabia and significant demand reduction due to extreme COVID-19 COVID-19 If the lower oil price scenario continues for a longer period of time and the Group is not able to further adjust the investments and operating costs structures to optimize its cash flows, the Group might have to recognize impairment charges of some assets which could include accounts receivables, deferred income tax assets, goodwill and property, plant and equipment in the future. The Group will keep continuous attention on the situation of the COVID-19 There are no other events or operations that occurred between the closing date of the period and the date of issuance of the consolidated financial statements that could significantly affect the equity situation or the Company’s results as of the closing date. |
Supplementary Information On Oi
Supplementary Information On Oil And Gas Activities (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Supplementary Information On Oil And Gas Activities (Unaudited) | Note 35. SUPPLEMENTARY INFORMATION ON OIL AND GAS ACTIVITIES (UNAUDITED) The following information on oil and gas activities has been prepared in accordance with the methodology prescribed by ASC No. 932 “Extractive Activities - Oil and Gas”, as amended by ASU 2010 - 03 “Oil and Gas Reserves, Estimation and Disclosures”, issued by Financial Accounting Standard Board (“FASB”) in January 2010 in order to align the current estimation and disclosure requirements with the requirements set in the Security and Exchange Commision (“SEC”) final rules and interpretations, published on December 31, 2008. This information includes the Company’s oil and gas production activities carried out in Argentina and Mexico. Costs incurred The following table presents those costs capitalized as well as expensed that were incurred during the year ended December 31, 2019 and for the period from April 4 to December 31, 2018 (Successor) and from January 1, 2018 to April 3, 2018 and year ended as of December 31, 2017 (Predecessor). The acquisition of properties includes the cost of acquisition of proved or unproved oil and gas properties. Exploration costs include costs necessary for retaining undeveloped properties, seismic acquisition cost, seismic data interpretation, geological modeling, exploration well drilling costs and testing of drilled wells. Development costs include drilling costs and equipment for development wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed technical volumes. Successor For the year ended December 31, Successor For the period from April 4 Predecessor For the period Predecessor For the year Argentina Mexico Argentina Mexico Argentina Argentina Acquisition of properties Proved — — (555,944 ) — — — Unproved — 278 — (29,681 ) — — Total property acquisition — 278 (555,944 ) (29,681 ) — — Exploration (9 ) (667 ) (637 ) — (134 ) (1,049 ) Development (146,935 ) (601 ) (131,080 ) — (3,999 ) (29,543 ) Total costs incurred (146,944 ) (990 ) (687,661 ) (29,681 ) (4,133 ) (30,592 ) There are no Vista’s nor Vista Argentina’s share in equity method investees’s costs incurred during the periods/years above mentioned. There are not costs incurred directly associated with oil and gas producing activities in Mexico during the predecessors’ periods. Capitalized cost The following table presents the capitalized costs as of December 31, 2019, 2018 and 2017, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Successor December 31, 2019 Successor December 31, 2018 Predecessor December 31, 2017 Argentina Mexico Argentina Mexico Argentina Proved properties (1) Machinery, installations and software licenses 29,757 40 20,602 — 16,996 Oil and gas properties and wells 1,040,250 — 804,752 — 1,061,163 Other uncompleted projects 74,924 601 77,536 — 3,911 Unproved properties — 29,403 13,157 29,681 — Gross capitalized costs 1,144,931 30,044 916,047 29,681 1,082,070 Accumulated depreciation (222,847 ) (3 ) (74,413 ) — (824,399 ) Total net capitalized costs 922,084 30,041 841,634 29,681 257,671 (1) Includes capitalized amounts related to assets retirement obligations and impairment loss / recovery. There are no Vista’s nor Vista Argentina’s share in equity method investees’s capitalized costs during the periods/years above mentioned. There are not capitalize costs directly associated with oil and gas producing activities in Mexico during the predecessors’ periods. Results of operations The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the year ended December 31, 2019 and for the periods from April 4 to December 31, 2018 (Successor) and from January 1, 2018 to April 3, 2018 and for the year ended December 31, 2017 (Predecessor). Income tax for the periods presented was calculated utilizing the statutory tax rates. Successor year ended December 31, 2019 Successor FromApril 4 to December 31, Predecessor Predecessor Revenue from contract with customers 415,976 331,336 44,463 198,075 Surplus Gas Injection Compensation — — 291 16,938 Revenue and other income 415,976 331,336 44,754 215,013 Production costs, excluding depreciation Operating costs and others (114,431 ) (86,245 ) (18,367 ) (77,461 ) Royalties (61,008 ) (50,323 ) (6,795 ) (28,163 ) Total production costs (175,439 ) (136,568 ) (25,162 ) (105,624 ) Exploration expenses (676 ) (637 ) (134 ) (1,049 ) Impairment recovery of Property, Plant and equipment — — — 5,290 Accreation expenses (1,723 ) (897 ) (233 ) (815 ) Depreciation, depletion and amortization (153,001 ) (74,772 ) (14,194 ) (61,211 ) Results of operations before income tax 85,137 118,462 5,031 51,604 Income tax (25,541 ) (35,539 ) (1,509 ) (18,061 ) Results of oil and gas operations 59,596 82,923 3,522 33,543 There is no Vista’s nor Vista Argentina’s share in equity method investee ’s results of operations during the periods/year abovementioned . There are no operations directly associated with oil and gas producing activities in Mexico during the periods/year abovementioned . Estimated oil and gas reserves Before April 4, 2018 Vista had no ownership in the oil and gas fields that are subject of this information. Technical volumes as of December 31, 2017 are predecessor’s net (at working interest) reserves volumes, and those volumes are not reserves to the interest of Vista before that date. However, Gaffney, Cline & Associates did carry out a reserves audit at the same properties for Pampa and APCO according to the SEC regulations, and it is those volumes, adjusted to 100% working interest, that are discussed in the following sections. Proved reserves as of December 31, 2018, are Vista’s net proved reserves including PELSA’s predecessor net proved reserves and additional acquisitions and developments. Proved reserves as of December 31, 2019, are Vista’s net proved reserves audited by DeGolyer and MacNaughton. Proved oil and gas reserves are those quantities of oil and gas, which, by analysis of geoscience and engineering data, can be estimated with reasonable certainty to be economically producible, from a given date forward, from known reservoirs, and under existing economic conditions, operating methods, and government regulations, prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation. The project to extract the hydrocarbons must have commenced or the operator must be reasonably certain that it will commence the project within a reasonable time. In some cases, substantial investments in new wells and related facilities may be required to recover proved reserves. The Company believes that its estimates of remaining proved recoverable oil and gas reserve volumes are reasonable and such estimates have been prepared in accordance with the SEC rules and ASC 932, as amended. Accordingly, crude oil prices used to determine proved reserves were the average price during the 12-month first-day-of-the-month The Company’s and its predecessor’s proved reserves and technical volumes estimation as of December 31, 2018 and 2017 was audited by Gaffney, Cline & Associates, an independent petroleum engineering consulting firm, while the Company’s proved reserves as of December 31, 2019 was audited by DeGolyer and MacNaughton. The independent audit covered 100% of the estimated reserves located in areas operated and non-operated 4-10 S-X, Reserves estimations, as well as future production profiles, are often different from the quantities of hydrocarbons which are finally recovered. Theaccuracy of such estimations depends, in general, on the assumptions on which they are based. Royalties payable to Provinces have not been deducted from reported proved reserves/technical volumes. Gas includes Gas Sales and Consumption. Hydrocarbon liquid volumes represent crude oil, condensate, gasoline and LPG to be recovered in field separation and plant processing and are reported in millions of stock tank barrels (MMBbl). Natural gas volumes represent expected gas sales and field’s fuel usage and are reported in billion (109) standard cubic feet (Bcf) at standard condition of 14.7 psia and 60°F. Gas volumes result from field separation and processing, being reduced by injection, flare and shrinkage, and include the volume of gas consumed at the field for production operations. The following tables sets forth the estimated oil (including crude oil, condensate and natural gas liquids) and natural gas proved reserves and technical volumes as of December 31, 2019, 2018 and 2017 to the working interest of Vista in the concessions: Proved Reserves as of December 31, 2019 Argentina Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels of PROVED Developed 30.2 108.0 19.2 PROVED Undeveloped 40.6 64.0 11.4 Total proved reserves 70.8 172.0 30.6 Proved Reserves as of December 31, 2019 Mexico Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels PROVED Developed 0.1 0.7 0.2 PROVED Undeveloped 0.1 0.1 0.0 Total proved reserves 0.2 0.8 0.2 Proved Reserves as of December 31, 2018 Argentina Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels PROVED Developed 27.1 103.4 18.4 PROVED Undeveloped 7.1 28.2 5.0 Total proved reserves 34.2 131.6 23.4 Proved Reserves as of December 31, 2017 Argentina Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels PROVED Developed 12.0 51.0 9.1 PROVED Undeveloped 2.4 17.6 3.1 Total proved reserves 14.4 68.6 12.2 There are no proved developed and undeveloped reserves in the oil and gas property in Mexico as at December 31, 2018 and 2017. The following table sets forth the reconciliation of the Company’s reserves data between December 31, 2018 and December 31,2019: Crude oil, Consumption plus (5) Consumption plus Argentina (millions of barrels) (billion cubic feet) (millions of barrels Proved reserves Reserves as of December 31, 2018 34.2 131.6 23.4 Increase (decrease) attributable to: Revisions of previous estimates (1) 2.4 17.8 3.2 Extension and discoveries (2) 41.0 43.0 7.6 Purchases of proved reserves in place (3) — — — Production for the year (4) (6.8 ) (20.4 ) (3.6 ) Reserves as of December 31,2019 70.8 172.0 30.6 (1) Revisions of previous estimates are mainly driven by a revision of the decline curve of proved developed reserves in Entre Lomas, Jagüel de los Machos and 25 de mayo-Medanito. (2) Includes addition of unconventional Bajada del Palo Oeste in Vaca Muerta. (3) Without changes. (4) Considers Vista Argentina production at WI, except for Aguila Mora production (oil production of 35 bbl./d). (5) Natural gas consumption represented 30.1% of consumption plus natural gas sale reported reserves volumes as of December 31, 2018, and 14.1% as of December 31, 2019. Crude oil, Consumption plus Consumption plus Mexico (millions of barrels) (billion cubic feet) (millions of barrels Proved reserves Reserves as of December 31, 2018 — — — Increase (decrease) attributable to: Revisions of previous estimates — — — Extension and discoveries 0.2 0.8 0.2 Purchases of proved reserves in place — — — Production for the year — — — Reserves as of December 31,2019 0.2 0.8 0.2 The following table sets forth the reconciliation of the Company’s reserves data between January 1, 2018 and December 31, 2018: Crude oil, Consumption plus (5) Consumption plus Argentina (millions of barrels) (billion cubic feet) (millions of barrels Proved reserves Consolidated Entities Reserves as of January 1, 2018 (*) 14.4 68.6 12.2 Increase (decrease) attributable to: Revisions of previous estimates (1) (0.6 ) 7.5 1.3 Extension and discoveries (2) 4.0 34.2 6.1 Purchases of proved reserves in place (3) 21.1 41.3 7.3 Production for the year (4) (4.8 ) (20.0 ) (3.6 ) Reserves as of December 31, 2018 (*) 34.2 131.6 23.4 Equity-accounted entities Reserves as of January 1, 2018 — — — Increase (decrease) attributable to: — — — Revisions of previous estimates — — — Extension and discoveries — — — Purchases of proved reserves in place — — — Production for the year — — — Reserves as of December 31, 2018 — — — (*) Includes proved developed reserves: As of January 1, 2018 12.0 51.0 9.1 As of December 31, 2018 27.1 103.4 18.4 (1) Revisions of previous estimates are mainly driven by a reduction of well performance of proved undeveloped oil-prone gas-prone (2) Includes proved reserves from successor’s developments in unconventional concessions Coirón Amargo Sur Oeste and the unconventional development in Bajada del Palo Oeste. Includes conventional natural gas reserves in Lotena formation in Bajada del Palo Oeste (“BDPO”). Extensions include BDPO and Bajada del Palo Este (“BDPE”) concession extension additional reserves of Crude oil, condensate and natural gas from September 2025 to November 2053. (3) Includes proved reserves from successor’s purchases of additional working interest in Agua Amarga concession (Charco del Palenque and Jarrilla Quemada fields), Bajada del Palo (subsequently in November 2018 splitted into two concessions BDPO and BDPO), and Entre Lomas (Rio Negro and Neuquén concession), 55% interest in Coirón Amargo Norte, and 1.5% in Acambuco field. (4) Considers predecessor PELSA’s production plus production from the rest of the fields since its acquisition on April 4, 2018. (5) Natural gas consumption represented 30.1% of consumption plus natural gas sale reported reserves volumes as of January 1, 2018, and 16.9% as of December 31, 2018. The following table sets forth the reconciliation of the Company’s reserves data between January 1, 2017 and December 31, 2017: Crude oil, gas liquids Consumption plus (1) Consumption plus Argentina (millions of barrels) (billion cubic feet) (millions of barrels Technical volumes / Proved reserves Consolidated entities Technical volumes as of January 1, 2017 18.4 64.7 11.5 Increase (decrease) attributable to: Revisions of previous estimates (2) (2.1 ) 14.4 2.6 Extension and discoveries — — — Purchases of proved reserves in place — — — Production for the year (1.8 ) (10.3 ) (1.8 ) Technical volumes as of December 31, 2017 14.5 68.6 12.2 Equity-accounted entities Reserves as of January 1, 2017 — — — Increase (decrease) attributable to: — — — Revisions of previous estimates — — — Extension and discoveries — — — Purchases of proved reserves in place — — — Production for the year — — — Reserves as of December 31, 2017 — — — (*) Includes proved developed reserves: As of January 1, 2017 15.0 53.2 9.5 As of December 31, 2017 12.0 51.0 9.1 (1) Natural gas consumption represented 35.4% of consumption plus natural gas sale reported reserves volumes as of January 1, 2017, and 30.1% as of December 31, 2017. (2) Revisions of previous estimates are mainly driven by a reduction of well performance of proved undeveloped oil-prone gas-prone Standardized measure of discounted future net cash flows The following table discloses estimated future cash flows from future production of proved developed and undeveloped reserves of crude oil, condensate, natural gas liquids and natural gas. As prescribed by SEC Modernization of Oil and Gas Reporting rules and ASC 932 of the FASB Accounting Standards Codification (“ASC”) relating to Extractive Activities—Oil and Gas (formerly SFAS No. 69 Disclosures about Oil and Gas Producing Activities), such future net cash flows were estimated using the twelve-month average of the first-day-of-the-month This standardized measure is not intended to be and should not be interpreted as an estimate of the market value of the Company’s reserves. The purpose of this information is to give standardized data to help the users of the financial statements to compare different companies and make certain projections. It is important to point out that this information does not include, among other items, the effect of future changes in prices costs and tax rates, which past experience indicates that are likely to occur, as well as the effect of future cash flows from reserves which have not yet been classified as proved reserves, of a discount factor more representative of the value of money over the lapse of time and of the risks inherent to the production of oil and gas. These future changes may have a significant impact on the future net cash flows disclosed bellow. For all these reasons, this information does not necessarily indicate the perception the Company has on the discounted future net cash flows from the reserve of hydrocarbons. Successor- Successor- Predecessor- Future cash inflows 4,457 2,714 982 Future production costs (1,927 ) (1,338 ) (711 ) Future development and abandonment costs (748 ) (258 ) (94 ) Future income tax (410 ) (267 ) (20 ) Undiscounted future net cash flows 1,372 851 157 10% annual discount (597 ) (243 ) (40 ) Standardized measure of discounted future net cash flows 775 608 116 There is no Vista’s nor Vista Argentina’s share in equity method investees ’ standardized measure of discounted future net cash flows during the year ended December 31, 2018, 2017. There are not estimated cash flows directly associated with oil and gas producing activities in Mexico during the periods/years abovementioned . Changes in the standardized measure of discounted future net cash flows The following table discloses the changes in the standardized measure of discounted future net cash flows for the year ended December 31, 2019 and for the period from April 4 to December 31, 2018 (Successor) and for the period from January 1, 2018 to April 3, 2018 and from January 1, 2017 to December 31, 2017 (Predecessor): Successor ended December 31, Successor Predecessor Predecessor Standardized measure of discounted future net cash flows at beginning of year 608 124 116 200 Net change in sales prices and production costs related to future production (1) (103 ) 188 — (148 ) Net change in estimated future development costs (2) (525 ) (145 ) — 36 Net change due to revisions in quantity estimates (3) (1 ) 35 — 17 Net change due to extensions, discoveries and improved recovery (4) 306 16 — — Accretion of discount 352 10 3 24 Net Change due to purchases and sales of minerals in place (5) — 385 — — Other 58 20 1 10 Sales of crude oil, NGLs and natural gas produced, net of production costs 6 (67 ) (6 ) (109 ) Previously estimated development costs incurred 151 99 10 30 Net change in income tax (6) (77 ) (57 ) 1 56 Change in Standardized measure of discounted future net cash flows of the year 167 484 8 (84 ) Standardized measure of discounted future net cash flows at end of year 775 608 124 116 (1) Mainly driven by a decrease in prevailing oil prices from 65.40 US/bbl. by December 31, 2018 to 55.86 US/bbl by December 2019 partially offset by a reduction in average production costs of 25.1%. Mainly driven by an increase in prevailing oil prices from 54.55 US$/bbl by April 4, 2018 to 60.20 US$/bbl by December 31, 2018 and a reduction in production costs. During such period, average production costs went from 27 US$/bbl to 21 US$/bbl. Mainly driven by a decrease in prevailing oil prices from 64.2 US$/bbl by year end 2016 to 54.5 US$/bbl by year end 2017. (2) Due to incorporation of a development plan for unconventional developed reserves BDPO. Due to an increase in future activity Charco del Palenque (addition of two new locations), Entre Lomas Río Negro (recategorization of two probable gas workovers to prove developed) and BDPO targeting Vaca Muerta formation (start of development) for the period from April 4 to December 31, 2018. Due to a reduction in future activity because of the above-mentioned decrease in prevailing prices for the period from January 1, 2017 to December 31, 2017 (Predecessor). (3) Due to a decrease in proved undeveloped conventional reserves compensated by an increase in proved developed reserves from December 31, 2018 to December 31, 2019. Due to an increase in conventional reserves in Bajada del Palo for the period from April 4 to December 31, 2018. Due to an increase in gas well types for the period from January 1, 2017 to December 31, 2017 (Predecessor). (4) Due to the unconventional development in BDPO in 2019, where 8 wells were completed and put into production during the year 2019, that enabled the certification of proved reserves. Due to the initiation of the development of Vaca Muerta formation in BDPO and the extension of the concession. (5) Due to the acquisition of: APCO, the non-controlling Medanito-25 (6) Due to an increase of the expected cash inflows for the period from December 31, 2018 to December 31, 2019. Due to a change in income tax rate which was introduced by the above-mentioned tax reform and a reduction of expected cash inflows for the period from December 31, 2018 to December 31, 2019. Due to an increase of the expected cash inflows for the period from April 4 to December 31, 2018. . Due to a change in income tax rate which was introduced by the above-mentioned tax reform and a reduction of expected cash inflows for the period from January 1, 2017 to December 31, 2017 (Predecessor). |
Basis of preparation and sign_2
Basis of preparation and significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
New accounting standards, amendments and interpretations issued by the IASB, adopted by the Company | 2.2 New accounting standards, amendments and interpretations issued by the IASB 2.2.1 New accounting standards, amendments and interpretations issued by the IASB, adopted by the Company The Company has not early adopted any other standard, interpretation or amendment that has been issued but is not yet effective. The Company applies, for the first time, IFRS 16 Leases, As required by IAS 8, the nature and effect of the changes required by the standard are disclosed below. IFRS 16 Leases IFRS 16 supersedes IAS 17 Leases, IFRIC 4 Determining whether an Arrangement contains a Lease, SIC-15 SIC-27 on-balance The Company adopted IFRS 16 using the modified retrospective method of adoption with the date of initial application on January 1, 2019. Under this method, the standard is applied retrospectively with the cumulative effect of initially applying the standard recognized at the date of initial application. The Company elected to use the exemptions applicable to the standard on lease contracts for which the lease terms ends within 12 months as of the date of initial application, and lease contracts for which the underlying asset is of low value. The effect of adoption IFRS 16 as at January 1, 2019 is as follows: Assets Right-of-use 12,103 Total assets 12,103 Liabilities Lease liabilities (12,103 ) Total liabilities (12,103 ) The lease liabilities as at January 1, 2019 can be reconciled to the operating lease commitments as of December 31, 2018 as follows: Operating lease commitments as at December 31, 2018 16,153 Weighted average incremental borrowing rate as at 1 January 2019 9.356 % Discounted operating lease commitments at January 1, 2019 13,608 Less: Commitments relating to short-term leases (1,401 ) Commitments relating to leases of low-value (104 ) Total liabilities as at January 1, 2019 12,103 a) Nature of the effect of adoption of IFRS 16 The Company has lease contracts for various items of buildings, office equipment and items of plant and machinery. Before the adoption of IFRS 16, the Company classified each of its leases (as lessee) at the inception date as either a finance lease or an operating lease. A lease was classified as a finance lease if it transferred substantially all the risks and rewards incidental to ownership of the leased asset to the Company; otherwise it was classified as an operating lease. Finance leases were capitalized at the commencement of the lease at the inception date fair value of the leased property or, if lower, at the present value of the minimum lease payments. In an operating lease, the leased property was not capitalized, and the lease payments were recognized as rent expense in profit or loss on a straight-line basis over the lease term. Any prepaid rent and accrued rent were recognized under Trade and other receivables and Accounts payables and accrued liabilities, respectively. • The Company did not have leases previously classified as financial leases. • Leases previously accounted for as operating leases: the Company recognized right-of-use low-value right-of-use right-of-use The Company also applied the available practical expedients wherein it: i) Used a single discount rate to a portfolio of leases with reasonably similar characteristics ii) Applied the short-term leases exemptions to leases with lease term that ends within 12 months at the date of initial application iii) Used hindsight in determining the lease term where the contract contains options to extend or terminate the lease b) Summary of new accounting policies Set out below are the new accounting policies of the Company upon adoption of IFRS 16, which have been applied from the date of initial application: • Right-of-use The Company recognizes right-of-use Right-of-use right-of-use Unless the Company is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognized right-of-use Right-of-use non- • Lease liabilities At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance In calculating the present value of lease payments, the Company uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is a modification, a change in the lease term, a change in the in-substance • Short-term leases and leases of low-value The Company applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value low-value • Significant judgement in determining the lease term of contracts with renewal options The Company determines the lease term as the non-cancellable The Company applies judgement in evaluating whether it is reasonably certain to exercise the option to renew. That is, it considers all relevant factors that create an economic incentive for it to exercise the renewal. After the commencement date, the Company reassesses the lease term if there is a significant event or change in circumstances that is within its control and affects its ability to exercise (or not to exercise) the option to renew (e.g., a change in business strategy). c) Amounts recognized in the statement of financial position and statement of profit or loss and other comprehensive loss Set out below, are the carrying amounts of the Company’s right-of-use Right –of –use assets Lease Buildings Plant and Total As of January 1, 2019 1,843 10,260 12,103 (12,103 ) Additions 873 9,478 10,351 (10,351 ) Depreciation (1) (656 ) (5,174 ) (5,830 ) — Payments — — — 7,619 Interest expense (2) — — — (1,932 ) As of December 31, 2019 2,060 14,564 16,624 (16,767 ) (1) Include depreciation associated to leases from drilling services incurred is capitalized as work in progress by 1,326. (2) Interest expenses of right of use associated to leases from drilling services incurred is capitalized as work in progress by 371. As of December 31, 2019, short-term and low-value leases and o IFRIC Interpretation 23 Uncertainty over Income Tax Treatment The Interpretation addresses the accounting for income taxes when tax treatments involve uncertainty that affects the application of IAS 12 Income Taxes. It does not apply to taxes or levies outside the scope of IAS 12, nor does it specifically include requirements relating to interest and penalties associated with uncertain tax treatments. The Interpretation specifically addresses the following: i) Whether an entity considers uncertain tax treatments separately; ii) The assumptions an entity makes about the examination of tax treatments by taxation authorities; iii) How an entity determines taxable profit (tax loss), tax bases, unused tax losses, unused tax credits and tax rates; iv) How an entity considers changes in facts and circumstances. An entity must determine whether to consider each uncertain tax treatment separately or together with one or more other uncertain tax treatments. The approach that better predicts the resolution of the uncertainty needs to be followed. The Company applies significant judgement in identifying uncertainties over income tax treatments. Since the Company operates in a complex multinational environment, it assessed whether the Interpretation had an impact on its consolidated financial statements. The interpretation did not have an impact on the consolidated financial statements of the Company. Amendments to IFRS 9: Prepayment Features with Negative Compensation Under IFRS 9, a debt instrument can be measured at amortized cost or at fair value through other comprehensive income, provided that the contractual cash flows are “solely payments of principal and interest on the principal amount outstanding” (the SPPI criterion) and the instrument is held within the appropriate business model for that classification. The amendments to IFRS 9 clarify that a financial asset passes the SPPI criterion regardless of an event or circumstance that causes the early termination of the contract and irrespective of which party pays or receives reasonable compensation for the early termination of the contract. These amendments had no impact on the consolidated financial statements of the Company as it did not have prepayment Features with Negative Compensation during the period. Amendments to IAS 19: Plan Amendment, Curtailment or Settlement The amendments to IAS 19 address the accounting when a plan amendment, curtailment or settlement occurs during a reporting period. The amendments specify that when a plan amendment, curtailment or settlement occurs during the annual reporting period, an entity is required to determine the current service cost for the remainder of the period after the plan amendment, curtailment or settlement, using the actuarial assumptions used to remeasure the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event. An entity is also required to determine the net interest for the remainder of the period after the plan amendment, curtailment or settlement using the net defined benefit liability (asset) reflecting the benefits offered under the plan and the plan assets after that event, and the discount rate used to remeasure that net defined benefit liability (asset). These amendments had no impact on the consolidated financial statements of the Company as it did not have any plan amendments, curtailments, or settlements during the period. Amendments to IAS 28: Long-term interests in associates and joint ventures The amendments clarify that an entity applies IFRS 9 to long-term interests in an associate or joint venture to which the equity method is not applied but that, in substance, form part of the net investment in the associate or joint venture (long-term interests). This clarification is relevant because it implies that the expected credit loss model in IFRS 9 applies to such long-term interests. The amendments also clarified that, in applying IFRS 9, an entity does not take account of any losses of the associate or joint venture, or any impairment losses on the net investment, recognized as adjustments to the net investment in the associate or joint venture that arise from applying IAS 28 Investments in Associates and Joint Ventures. These amendments had no impact on the consolidated financial statements as the Company does not have long-term interests in its associate and joint venture. Annual Improvements 2015-2017 Cycle • IFRS 3 Business Combinations The amendments clarify that, when an entity obtains control of a business that is a joint operation, it applies the requirements for a business combination achieved in stages, including remeasuring previously held interests in the assets and liabilities of the joint operation at fair value. In doing so, the acquirer remeasures its entire previously held interest in the joint operation. An entity applies those amendments to business combinations for which the acquisition date is on or after the beginning of the first annual reporting period beginning on or after 1 January 2019, with early application permitted. These amendments had no impact on the consolidated financial statements of the Company as there is no transaction where a joint control is obtained during the year ended December 31, 2019. • IAS 12 Income Taxes The amendments clarify that the income tax consequences of dividends are linked more directly to past transactions or events that generated distributable profits than to distributions to owners. Therefore, an entity recognizes the income tax consequences of dividends in profit or loss, other comprehensive income or equity according to where it originally recognized those past transactions or events. An entity applies the amendments for annual reporting periods beginning on or after 1 January 2019, with early application permitted. When the entity first applies those amendments, it applies them to the income tax consequences of dividends recognized on or after the beginning of the earliest comparative period. Since the Company’s current practice is in line with these amendments, they had no impact on the consolidated financial statements of the Company. In addition, no dividends have been declared during the period. • IAS 23 Borrowing Costs The amendments clarify that an entity treats as part of general borrowings any borrowing originally made to develop a qualifying asset when substantially all the activities necessary to prepare that asset for its intended use or sale are complete. The entity applies the amendments to borrowing costs incurred on or after the beginning of the annual reporting period in which the entity first applies those amendments. An entity applies those amendments for annual reporting periods beginning on or after 1 January 2019, with early application permitted. Since the Company’s current practice is in line with these amendments, they had no impact on the consolidated financial statements of the Company. 2.2.2 New accounting standards, amendments and interpretations issued by the IASB, which are not yet effective and have not been early adopted by the Company Amendments to IFRS 9, IAS 39 and IFRS 7: Interest Rate Benchmark Reform The London Interbank Offered Rate (“LIBOR”) is the most commonly used reference rate in the global financial market. However, concerns about the sustainability of LIBOR and other interbank offered rates (“IBORs”) globally has led to an effort to identify alternative reference rates. On 2017 the United Kingdom’s Financial Conduct Authority announcing that it would no longer persuade, or compel, banks to submit to LIBOR as of the end of 2021. This applies to LIBOR in all jurisdictions and in all currencies. In September 2019, the IASB issued amendments to IFRS 9, IAS 39 and IFRS 7 Financial Instruments: Disclosures, which concludes phase one of its work to respond to the effects of Interbank Offered Rates (“IBOR”) reform on financial reporting. The amendments provide temporary reliefs which enable hedge accounting to continue during the period of uncertainty before the replacement of an existing interest rate benchmark with an alternative nearly risk-free interest rate (an “RFR”). • The amendments to IFRS 9 The amendments include a number of reliefs, which apply to all hedging relationships that are directly affected by the interest rate benchmark reform. A hedging relationship is affected if the reform gives rise to uncertainties about the timing and/or amount of benchmark-based cash flows of the hedged item or the hedging instrument. The amendments are effective for annual periods beginning on or after 1 January 2020 and must be applied retrospectively. However, any hedge relationships that have previously been de-designated As of December 31, 2019, the Company has not initiated negotiations with the banks for those loans at LIBOR rates, the Company also do not expect any impact since they do not have hedging instruments. |
Basis of consolidation | 2.3 Basis of consolidation The consolidated financial statements incorporate the financial statements of the Company and its subsidiaries. 2.3.1 Subsidiaries Subsidiaries are all entities over which the Company has control, and this happens if and only if it has: • Power over the entity; • Exposure or rights to variable returns from their involvement in the entity; and • The ability to use its power over the entity to affect its returns. The Company reassesses whether or not it controls an investee if facts and circumstances indicate that there are changes to one or more of the three elements of control listed above. When the Company has less than a majority of the voting rights of an investee, it has power over the investee when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power including: • the size of the Company’s holding of voting rights relative to the size and dispersion of holdings of the other vote holders; • potential voting rights held by the Company, other vote holders or other parties; • rights arising from other contractual arrangements; and • any additional facts and circumstances that indicate that the Company has, or does not have, the current ability to direct the relevant activities at the time that decisions need to be made, including voting patterns at previous shareholders’ meetings. The relevant activities are those that significantly affect the performance of the subsidiary. The ability to approve the operating and capital budget of a subsidiary, as well as the power to appoint the key personnel of the management, are decisions that demonstrate that the Company has present rights to direct the relevant activities of a subsidiary. Subsidiaries are consolidated from the date when the Company acquires control over them until the date when such control ceases. Specifically, income and expenses of a subsidiary acquired or disposed during the year are included in the consolidated statement of profit or loss and other comprehensive income from the date the Company gains control until the date when the Company ceases to control the subsidiary. The acquisition method of accounting is used to account for business combinations by the Company (see Note 2.3.4 below). Intercompany transactions, balances and unrealized gains on transactions between Group companies are eliminated. Unrealized losses are also eliminated unless the transaction provides evidence of an impairment of the transferred asset. When necessary, adjustments are made to the consolidated financial statements of subsidiaries to bring their accounting policies into line with the Company’s accounting policies. Profit or loss and each component of other comprehensive income are attributed to the owners of the Company and to the non-controlling non-controlling non-controlling Non-controlling The equity interest in the subsidiaries held by the Company at the end of the period/year are set forth below: Nameof subsidiary Proportion of ownership interest and voting Place of incorporation and operation Main activity December 31, December 31, December 31, Vista Holding I, S.A. de C.V. 100 % 100 % — % (1) Mexico Holding Vista Holding II, S.A. de C.V. 100 % 100 % — % (1) Mexico Holding Vista Holding III, S.A. de C.V. (1) 100 % 100 % — % Mexico Holding Vista Holding IV, S.A. de C.V. (1) 100 % — % — % Mexico Holding Vista Complemento S.A. de C.V. (1) 100 % 100 % — % Mexico Holding Vista Oil & Gas Argentina S.A.U. (2) 100 % 100 % — % Argentina Upstream (3) APCO Oil & Gas S.A.U. (4) — % 100 % Argentina Upstream (3) APCO Argentina S.A. (4) — % 100 % Argentina Holding Aleph Midstream S.A. (1)(5) 0,27 % 100 % — % Argentina Services (6) Aluvional Infraestructura S.A. (1) 100 % 100 % — % Argentina Mining and Industry (1) Companies established after the Initial Business Combination was completed on April 4, 2018. (2) Onwards Vista Argentina (Previously known as Petrolera Entre Lomas S.A.) (3) Refers to the exploration and production of gas and oil. (4) Companies absorbed by Vista Argentina, product of a corporate reorganization process whose effective date was January 1,2019. (5) See Note 27. (6) Includes operations destined at the collection, treatment, transport and distribution of hydrocarbons and their derivatives. The participation of the company in the votes of the subsidiaries companies is the same participation as in the share capital. 2.3.2. Changes in ownership interests Changes in the Group’s ownership interests in subsidiaries that do not result in the Group losing control over the subsidiaries are accounted for as equity transactions. The carrying amounts of the Group’s interests and the non-controlling non-controlling When the Company ceases to consolidate an equity account for an investment because of loss of control, joint control or significant influence, any retained interest in the entity is remeasured to its fair value with the change in carrying amount recognized in profit or loss and other comprehensive income. This fair value becomes the initial carrying amount for the purposes of subsequently accounting for the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognized in other comprehensive income in respect of that entity are accounted for as if the Group had directly disposed of the related assets or liabilities. This may mean that amounts previously recognized in other comprehensive income are reclassified to profit or loss and other comprehensive income. If the ownership interest in a joint venture or an associate is reduced but joint control or significant influence is retained, only a proportionate share of the amounts previously recognized in other comprehensive income are reclassified to profit or loss where appropriate. 2.3.3. Joint arrangements Under IFRS 11 Joint Arrangements, investments in joint arrangements are classified as either joint operations or joint ventures, depends on the contractual rights and obligations. The Company has joint operations but does not have any joint ventures. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement and have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control is the contractually agreed sharing of control of an arrangement, which exists only when decisions about the relevant activities require unanimous consent of the parties sharing control. When the Company entity undertakes its activities under joint operations, the Company as a joint operator recognizes in relation to its interest in a joint operation: i) Assets and liabilities held jointly; ii) Its revenue from the sale of its share of the output arising from the joint operation; iii) Its share of the revenue from the sale of the output by the joint operation; and iv) Its expenses, including its share of any expenses incurred jointly. The Company accounts for the assets, liabilities, revenues and expenses relating to its interest in a joint operation in accordance with the IFRSs applicable to the particular assets, liabilities, revenues and expenses. These have been incorporated in the financial statements under the appropriate headings. Interest in joint operations and other agreements have been calculated based upon the latest available financial statements or financial information as of the end of each period/year, taking into consideration significant subsequent events and transactions as well as management information available. When necessary, adjustments are made to the financial statements or financial information to bring their accounting policies into line with the Company’s accounting policies. When the Comapny transacts with a joint operation in which an entity of the Company is a joint operator (such as a sale or contribution of assets), the Company is considered to be conducting the transaction with the other parties to the joint operation, and profits and losses resulting from the transactions are recognized in the Company’s consolidated financial statements only to the extent of other parties’ interests in the joint operation. When an entity of the Company transacts with a joint operation in which an entity of the Company is a joint operator (such as a purchase of assets), the Company does not recognize its share of the profits and losses until it resells those assets to a third party. The joint operations are described in Note 29. 2.3.4 Business combinations The acquisition method of accounting is used to account for all business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for the acquisitions comprises: i) The fair value of the transferred assets; ii) The liabilities incurred to the former owners of the acquired business; iii) The equity interests issued by the Company; iv) The fair value of any asset or liability resulting from a contingent consideration arrangement; and v) The fair value of any pre-existing Identifiable assets acquired and liabilities and contingent liabilities assumed in a business combination are measured initially at their fair values at the acquisition date. The Company recognizes any non-controlling acquisition-by-acquisition non-controlling Acquisition-related costs are expensed as incurred. The value of the goodwill represents the excess of: i) The consideration transferred, ii) The amounts of any non-controlling iii) The acquisition-date fair value of any previous equity interest in the acquired entity, over the fair value of the net identifiable assets acquired is recorded as goodwill. If the fair value of the net identifiable assets of the business acquired exceeds those amounts, before recognizing a gain, the Company reassesses if it has correctly identified all the assets acquired and all liabilities assumed, reviewing the procedures used to measure the amounts that will be recognized at the acquisition date. If the evaluation still results in an excess of the fair value of the net assets acquired with respect to the total consideration transferred, the gain on bargain purchase is recognized directly in the statement of profit or loss and other comprehensive income. Where settlement of any part of cash consideration is deferred, the amounts payable in the future are discounted to their present value as at the date of exchange. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained from an independent financier under comparable terms and conditions. Any contingent consideration will be recognized at their fair value at the acquisition date. Contingent consideration is classified either as equity or as a financial liability. Amounts classified as a financial liability are subsequently re-measured re-measured, When the Company acquires a business, it evaluates the financial assets acquired and the liabilities assumed with respect to their proper classification and designation in accordance with the contractual terms, economic circumstances and conditions pertinent to the date of acquisition Those reserves and resources acquired that can be measured reliably are recognized separately at their fair value at the time of acquisition. Other possible reserves, resources and rights, whose fair values cannot be measured reliably, are not recognized separately, but are considered as part of goodwill. If the business combination is achieved in stages, the acquisition date carrying value of the acquirer’s previously held equity interest in the acquiree is remeasured to fair value at the acquisition date. Any gains or losses arising from such remeasurement are recognized in the statement of profit or loss and other comprehensive income. The Company has up to 12 months to finalize the accounting for a business combination. Where the accounting for a business combination is not complete by the end of the year in which the business combination occurred, the Company reports provisional amounts. |
Segment reporting | 2.4 Summary of significant accounting policies 2.4.1 Segment reporting Operating segments are reported in a manner consistent with the internal reporting provided to the Executive Management Committee (the “Committee” or “CODM”). The CODM is the highest decision-making authority, responsible for allocating resources and setting the performance of the entity’s operating segments and has been identified as the body that executes the Company’s strategic decisions. |
Property, plant and equipment | 2.4.2 Property, plant and equipment Property, plant and equipment is measured following the cost model where by, after initial recognition of the asset, the asset is recognized at cost less depreciation and less any subsequent accumulated impairment losses. Subsequent costs are included in the asset’s carrying amount or recognized as a separate asset, as appropriate, only when it is probable that future economic benefits associated with the item will flow to the Company and the cost of the item can be measured reliably. All other repairs and maintenance are charged to profit or loss during the reporting period in which they are incurred. The cost of work in progress whose construction will extend over time includes, if applicable, borrowing costs. Any income obtained from the sale of commercially valuable production during the construction period of the asset is recognized reducing the cost of the work in progress. Works in progress are valued according to their degree of progress and are recorded at cost, less any loss due to impairment, if applicable. Profit and losses on disposals are determined by comparing the proceeds with the carrying amount. 2.4.2.1 Depreciation methods and useful lives The estimated useful lives, residual values and depreciation method are reviewed at the end of each reporting period, with the effect of any changes in estimate is recognized on a prospective basis. An asset carrying amount is written down immediately to its recoverable amount if the asset’s carrying amount is greater than its estimated recoverable amount. The Company depreciates drilling costs applicable to productive wells and to developmental dry holes, productive wells, machinery and installations in the oil and gas production areas according to the units of production method, by applying the ratio of oil and gas produced to estimated proved developed oil and gas reserves. The acquisition cost of property with proved reserves, including oil and gas properties, is depreciated by applying the ratio of oil and gas produced to estimated total proved oil and gas reserves. Acquisition costs related to properties with unproved reserves and unconventional resources are valued at cost with recoverability periodically assessed based on geological and engineering estimates of reserves and resources that are expected to be proved over the life of each concession and are not depreciated. The capitalized costs related to the acquisition of property and the extension of concessions with proved reserves have been depreciated by field on a unit-of-production Production facilities (including any significant identifiable component) are depreciated under the unit of production method considering proved develop reserves. The Company’s remaining items of property, plant and equipment (including any significant identifiable component) are depreciated by the straight-line method based on estimated useful lives, as detailed below: Buildings 50 years Vehicles 5 years Machinery and installations 10 years Computer equipment 3 years Equipment and furniture 10 years Land is not depreciated. 2.4.2.2 Assets for oil and gas exploration The Company uses the successful efforts method of accounting for its oil and gas exploration and production activities (“E&P”). This method involves the capitalization of: (i) the cost of acquiring properties in oil and gas E&P areas; (ii) the cost of drilling and equipping exploratory wells that result in the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping development wells, and (iv) the estimated asset retirement obligations. The exploration and evaluation activity involve the search for hydrocarbon resources, the determination of its technical feasibility and the evaluation of the commercial viability of an identified resource. According to the successful efforts method of accounting, exploration costs, such as Geological and Geophysical (“G&G”) costs, excluding exploratory well costs and seismic 3D on exploitation concessions, are expensed during the period in which they are incurred. Once the legal right to explore has been acquired, the costs directly associated with an exploration well are capitalized as intangible exploration and evaluation assets until the well is completed and the results evaluated. These costs include compensation to directly attributable employees, materials and fuel used, drilling costs, as well as payments made to contractors. Drilling costs of exploratory wells are capitalized until it is determined that proved reserves exists and they justify the commercial development. If reserves are not found, such drilling costs are expensed as an unproductive well. Occasionally, an exploratory well may determine the existence of oil and gas reserves but they cannot be classified as proved when drilling is complete, subject to an additional appraisal activity (for example, the drilling of additional wells) but it is probable that they can be developed commercially. In those cases, such costs continue to be capitalized insofar as the well has allowed determining the existence of sufficient reserves to warrant its completion as a production well and the Company is making sufficient progress in evaluating the economic and operating feasibility of the project. All these capitalized costs are subject to a technical, commercial and administrative review, as well as a review of impairment indicators at least once a year, which serves to confirm the continuous intention to develop or otherwise extract value from the discovery. When this is no longer the case, costs are expensed. When proven oil and gas reserves are identified and the management approves the start-up, The initial estimated asset retirement obligations in hydrocarbons areas, discounted at a risk adjusted rate, are capitalized in the cost of the assets and depreciated using the units of production method. Additionally, a liability at the estimated value of the discounted amounts payable is recognized. Changes in the measurement of asset retirement obligations that result from changes in the estimated timing, amount of the outflow of resources required to settle the obligation, or the discount rate, are added to, or deducted from, the cost of the related asset. For exchanges/swaps or parts of exchange/swaps that involve unproved oil and gas properties, the carrying value is accounted for at the fair value of the asset given up and no gain or loss is recognized. |
Rights and Concessions | 2.4.2.3 Rights and Concessions The rights and concessions are recorded as part of property, plant and equipment and depleted based on production units over the total of the developed and undeveloped proved reserves of the corresponding area. The calculation of the rate of production units for the depreciation / amortization of field development costs takes into account expenditures incurred to date, together with the authorized future development expenditures. |
Intangible assets | 2.4.3 Intangible assets 2.4.3.1 Goodwill Goodwill is the result of the acquisition of subsidiaries and represents the excess of the acquisition cost over the fair value of the net identifiable assets acquired at the date of acquisition. After initial recognition, Goodwill is measured at cost less accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is allocated from the acquisition date to each of the acquirer’s cash-generating units (“CGU”), each unit represents the lowest level within the entity at which the goodwill is monitored for internal management purposes. When the goodwill is part of CGU and part of the operation within that unit is disposed of, the goodwill associated with the disposed operation is included in the carrying amount of the operation when the gain or loss is determined. |
Impairment of non-financial assets | 2.4.4 Impairment of non-financial Other non-financial For the purpose of assessing impairment, assets are grouped at the lowest levels for which there are separately identifiable cash flows, which are largely independent of the cash inflows from other assets or Groups of assets CGUs. Non-financial |
Foreign currency translation | 2.4.5 Foreign currency translation 2.4.5.1 Functional and presentation currency The functional currency for the Company and each of its current subsidiaries and the Predecessor is the currency of the primary economic environment in which each entity operates. The functional currency of each of the entities is the US. Determination of functional currency may involve certain judgements to identify the primary economic environment and the parent entity reconsiders the functional currency of its entities if there is a change in events and conditions, which determined the primary economic environment. 2.4.5.2 Transaction and balances Transactions in currencies other than the functional currency (“foreign currency”) are translated into the functional currency using the exchange rates as of at the date of the transaction. Foreign exchange profit and loss resulting from the settlement of any transaction and from the translation at year-end The exchange rates used at the end of each reporting period are: (i) for the assets, the buyer exchange rate at closing and (ii) for the liabilities, the seller exchange rate at closing. |
Financial instruments | 2.4.6 Financial instruments 2.4.6.1 Other financial assets 2.4.6.1.1 Classification 2.4.6.1.1.1 Financial assets at amortized cost Financial assets are classified and measured at amortized cost only if the following criteria have been met: i) The objective of the Company’s business model is to hold the asset to collect the contractual cash flows; ii) The contractual terms, on specified dates, have cash flows that are solely payments of principal and interest on the outstanding principal. 2.4.6.1.1.2 Financial assets at fair value If any of the above-mentioned criteria have not been met, the financial asset is classified and measured at fair value (“FVTPL”) through profit or loss and other comprehensive income. All investments in equity instruments are measured at fair value. For equity investments that are not held for trading, the Company can choose at the moment of the initial recognition to present changes in fair value through other comprehensive income. As of December 31, 2019, and 2018, the Company does not have any equity investment. As of December 31, 2017, PELSA did not have any equity instruments. 2.4.6.1.2 Recognition and measurement At initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset not at fair value through profit or loss, transaction costs that are directly attributable to the acquisition of the financial asset. A profit or loss on a debt investment that is subsequently measured at fair value and is not part of a hedging relationship is recognized in profit or loss and other comprehensive income. A gain or loss on a debt investment that is subsequently measured at amortized cost and is not part of a hedging relationship is recognized in profit or loss and other comprehensive income when the financial asset is derecognized or impaired and through the amortization process using the effective interest rate method. The Company reclassifies financial assets if and only if its business model to manage financial assets is changed. Trade receivables and other receivables are recognized at fair value and subsequently measured at amortized cost, using the effective interest method, less allowance for expected credit losses, if applicable. Likewise, the trade receivables arising from services rendered and/or hydrocarbons delivered, but unbilled at the closing date of each reporting period are recognized at fair value and subsequently measured at amortized cost using the effective interest rate method. 2.4.6.1.3 Impairment of financial assets The Company recognizes an allowance for Expected Credit Losses (“ECL”) for all debt instruments not held at fair value through profit or loss. ECLs are based on the difference between the contractual cash flows due in accordance with the contract and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade receivables and other receivables, the Company applies a simplified approach in calculating ECL. Therefore, the Company does not track changes in credit risk, but instead recognizes a loss allowance based on ECLs at each reporting date. The Company analyzes each of its clients considering its historical credit loss experience, adjusted for forward-looking factors specific to the debtor and the economic environment. The Company always measures the loss allowance for trade receivables at an amount equal to ECL. The expected credit losses on trade receivables are estimated on a case by case basis by reference to past default experience of the debtor and an analysis of the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date. The Company considers a financial asset in default when contractual payments are more than 90 days past due or when internal or external information indicates that the Company is unlikely to receive the outstanding contractual amounts. A financial asset is written off when there is no reasonable expectation of recovering the contractual cash flows. ECLs, when applicable, are provided for credit losses that result from default events that are possible within the next 12-months 12-month 2.4.6.1.4 Offsetting of financial instruments Financial assets and financial liabilities are presented gross in the consolidated statement of financial position unless both of the following criteria are met: (i) the Company currently has a legally enforceable right to set off the recognized amounts; (ii) and the Company intends to either settle on a net basis or realize the asset and settle the liability simultaneously. A right of set off is the Company’s legal right to settle an amount payable to a creditor by applying against it an amount receivable from the same counterparty. The relevant legal jurisdiction and laws applicable to the relationships between the parties are considered when assessing whether a current legally enforceable right to set off exists. 2.4.6.2 Financial liabilities and equity instruments 2.4.6.2.1 Classification as debt or equity Debt and equity instruments issued by an entity of the Company are classified either as financial liabilities or as equity in accordance with the substance of the contractual and the definitions of a financial liability and an equity instrument. A contractual agreement to issue a variable number of shares is classified as a financial liability and measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss and other comprehensive income. 2.4.6.2.2 Equity instruments An equity instrument is any contract that evidences a residual interest in the assets of an entity, and recognized at the proceeds received, net of direct issue costs. 2.4.6.2.3 Compound instruments The component parts of compound instruments (negotiable obligations) issued by the Company are classified separately as financial liabilities and equity in accordance with the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. A conversion option that will be settled by the exchange of a fixed amount of cash or another financial asset for a fixed number of the Company’s own equity instruments is an equity instrument. The fair value of the liability component, if any, is estimated using the prevailing market interest rate for similar non-convertible A conversion option classified as equity is determined by deducting the amount of the liability component from the fair value of the compound instrument as a whole. This is recognized and included in equity, net of income tax effects, and is not subsequently re-measured. Transaction costs that relate to the issue of the negotiable obligations are allocated to the liability and equity components in proportion to the allocation of the gross proceeds. Transaction costs relating to the equity component are recognized directly in equity. Transaction costs relating to the liability component are included in the carrying amount of the liability component and are amortized over the lives of the negotiable obligations using the effective interest method. Reimbursable Series A Shares After the initial recognition, the funds received from the Serie A shares, net of offer expenses, are measured subsequently at their amortized cost using the effective interest rate method. Profits and losses are recognized in the consolidated statements of profit or loss and other comprehensive income when the liabilities are written off. The amortized cost is calculated taking into account any discount or premium in the acquisition, as well as the commissions or costs that are an integral part of the effective interest rate method. Amortization based on the effective interest rate method is included within financial results. 2.4.6.2.4 Financial liabilities All financial liabilities are recognized initially at fair value and are subsequently measured at amortized cost using the effective interest method or at FVTPL. Borrowings are recognized initially at fair value, net of transaction costs incurred. Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination, (ii) held-for PELSA did not have any financial liability measured at FVTPL as of December 31, 2017. The effective interest method is a method of calculating the amortized cost of a financial liability and of allocating interest expense over the relevant period. The effective interest rate is the rate that exactly discounts estimated future cash payments (including all fees and points paid or received that form an integral part of the effective interest rate, transaction costs and other premiums or discounts) through the expected life of the financial liability, or (where appropriate) a shorter period, to the amortized cost of a financial liability. The loans are classified as current and non-current 2.4.6.2.5 De-recognition The Company derecognizes financial liabilities when their obligations are discharged, cancelled or they expire. The difference between the carrying amount of the financial liability derecognized and the consideration paid is recognized in profit or loss and other comprehensive income. When an existing financial liability is replaced with another from the same lender in substantially different terms, or the terms of an existing liability are significantly modified, such exchange or modification is treated as a de-recognition liability. The difference in the respective book values is recognized in profit or loss and other comprehensive income. |
Revenue from contracts with customers and other income recognition | 2.4.7 Revenue from contracts with customers and other income recognition 2.4.7.1 Revenue from contracts with customers Revenue from contracts with customers arising from sale of crude oil, natural gas and Liquefied Petroleum Gas (“NGL”) is recognized at a point in time when control of the goods are transferred to the customer generally on delivery of the inventory. Revenue from contract with customers are recognized at an amount that reflects the consideration to which the Company expects to be entitled in exchange for those goods. Trade receivables are non-interest Revenues from the production of oil and natural from the joint agreements in the Company participate, are recognized when sales are made to customers and production costs will be accrued or deferred to reflect differences between volumes taken and sold to customers and the percentage of contractual participation resulting from joint arrangement. Based on the revenue analysis carried out by the Company’s Management, Note 5 has been broken down by (i) type of good and (ii) sales channels. All the revenues of the Company are recognized at a point in time. 2.4.7.2 Contract balances Contract assets A contract asset is the right to consideration in exchange for goods or services transferred to the customer. If the Company performs by transferring goods or services to a customer before the customer pays consideration or before payment is due, a contract asset is recognized for the earned consideration that is conditional. As of December 31, 2019, and 2018, December 31, 2017, the Company nor the Predecessor has any contract assets. Trade and other receivables A trade receivable represents the Company’s right to an amount of consideration that is unconditional i.e., only the passage of time is required before payment of the consideration is due. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration from the customer. If a customer pays consideration before the Company transfers goods or services to the customer, a contract liability is recognized. Contract liabilities are recognized as revenue when the Company performs under the contract. As of December 31, 2019, and 2018, December 31, 2017, the Company nor the Predecessor has any contract liability. Other income Other operating income corresponds to sales of services to third parties The Company recognizes revenue from services rendered over time, using an input method to measure progress towards complete satisfaction of the service, because the customer simultaneously receives and consumes the benefits provided by the Company. 2.4.7.3 Other operating income/expenses-Government grants-Recognition of compensation for injection of surplus gas and extraordinary tariff Grants from the Government are recognized at their fair value where there is a reasonable assurance that the grant will be received and the Company will comply with all attached conditions. There are no unfulfilled conditions or other contingencies attaching to the following grants. The recognition of income for the injection of surplus gas is under the scope of IAS 20 since it involves a compensation as a result of the production increase committed. This item has been disclosed under Surplus Gas Injection Compensation, under Other operating income, in the statement of profit or loss and other comprehensive income. Furthermore, tax payments related to the program has been disclosed under Extraordinary tariff, under Other operating expenses, in the statement of profit or loss and other comprehensive income. The Group did not benefit directly from any other forms of government assistance. Interest income Interest income is recognized using the effective interest method. When a receivable is impaired, the Company reduces the carrying amount to its recoverable amount, being the estimated future cash flow discounted at the original effective interest rate of the instrument and continues unwinding the discount as interest income. Interest income on impaired loans is recognized using the original effective interest rate. |
Inventories | 2.4.8 Inventories Inventories are comprised of crude oil stock, raw materials and materials and spare parts, as describe below. Inventories are stated at the lower of cost or net realizable value. The cost of inventories includes expenditures incurred in the production and other necessary costs to bring them to their existing location and condition. The materials and spare parts cost are determined using the Weighted Average Price Method. The net realizable value is the estimated selling price in the ordinary course of business less the estimated direct costs to make the sale. The assessment of the recoverable value of these assets is made at each reporting date, and the resulting loss is recognized in the statement of profit or loss and other comprehensive income when the inventories are overstated. The portion of materials and spare parts and the existing permanent equipment that the Company expects to use for more than a period, as well as those that could only be used in relation to an item of property, plant and equipment are included in the session of “Property, plant and equipment”. |
Cash and cash equivalents | 2.4.9 Cash and cash equivalents For the purpose of presentation in the statement of cash flows, cash and cash equivalents includes cash on hand, deposits held at call with financial institutions, other short-term, highly liquid investments with original maturities of three months or less that are readily convertible to known amounts of cash and which are subject to an insignificant risk of changes in value. If any, bank overdrafts are shown within borrowings in current liabilities in the statement of financial position and there are not disclosed under Cash and cash equivalents in the statement of cash flows since they are not part of the Company’s cash management. |
Shareholders' equity | 2.4.10 Shareholders’ equity Equity’s movements have been accounted for in accordance with the decisions of shareholders’ meetings and legal or regulatory standards. a. Share capital Share capital represents the share capital issued, composed of the contributions that were committed and or made by the shareholders. Is represented by shares that comprise outstanding shares at nominal value. Common shares are classified as equity. b. Legal reserve In accordance with the Mexican Commercial Companies Law, at least 5% of the net profit for the year must be allocated by the Company to increase the legal reserve until it reaches 20% of the share capital. As of December 31, 2019, and 2018, the Company has not created this reserve. For VISTA, the successor Company, in accordance with the Mexican Commercial Companies Act, at least 5% of the net profit for the year must be allocated by the Company to increase the legal reserve until it reaches 20% of the share capital. As of December 31, 2017, as of December 31, 2018, the Company has not created this reserve. For PELSA, the predecessor Company, in accordance with the Argentine Companies Law No. 19,550, at least 5% of the net profit for the year, prior years’ adjustments, the amounts transferred from other comprehensive income and prior years’ accumulated losses in Argentina Pesos (“ARS”) and according to Argentine generally accepted accounting principles (“AR GAAP”), must be appropriated to a legal reserve until such reserve reaches 20% of PELSA’s outstanding capital. When for any reason, the amount appropriated to this reserve is smaller than 5%, dividends may not be distributed, until such amount is appropriated. As of December 31, 2017, the Predecessor Company had 7,523 regarding this reserve. c. Voluntary reserve This reserve results from an allocation made by the Shareholders’ Meeting, whereby a specific amount is set aside to cover for the funding needs of projects and situations associated with Company policies. For PELSA, in accordance with the provisions of the General Resolution N° 7/2015 and its amendments of the Superintendence of Corporation of the City of Buenos Aires (“IGJ”), the Ordinary General Shareholders’ Meeting held on May 19, 2017 resolved to assign specific allocation to the retained earnings as of January 1, 2017. d. Accumulated results Retained earnings comprise accumulated profits or losses without a specific appropriation. Retained earnings can be distributed by the decision of the Shareholders’ meeting as dividends, as long as they are not subject to legal restrictions. These retained earnings / (accumulated losses) comprise prior years’ earnings that were not distributed or losses, the amounts transferred from other comprehensive income and prior years’ adjustments. For the Company, similarly, to the effects of capital reductions, these distributions will be subject to the determination of income taxes according to the applicable income tax rate, except for the re-measured The accumulated deficit shown in the Successor entity’s statement of changes in shareholders’ equity as of April 4, 2018 includes the net loss of VISTA for the period beginning March 22, 2017 (inception) to April 3, 2018 mainly relating to administrative expenses and expenses relating to the IPO made in the Mexican Stock Exchange. For the Argentine subsidiaries, including PELSA, in accordance with Law No. 25,063, dividends distributed in cash or in kind, in excess of the accumulated tax profits at the close of the fiscal year immediately prior to the date of payment or distribution, were subject to a 35% withholding tax as a sole and definitive payment. The sanction of Law No. 27,430, published on December 29, 2017 (See Note 32), removed this withholding tax on dividends for new profits generated from fiscal years beginning on or after January 1, 2018. That law replaces it with a withholding of 7% for fiscal years 2018 and 2019 and 13% for subsequent fiscal years, on dividends distributed by corporations in favor of their shareholders, when they are individuals or undivided inheritances with residency in Argentina or beneficiary residing abroad of Argentina. e. Other comprehensive income It includes gains and losses from the actuarial gains and losses for defined benefit plans and the related income tax effect. f. Dividends distribution Dividend distribution to Company shareholders is recognized as a liability in the financial statements in the year in which the dividends are approved by the Shareholders’ Meeting. The distribution of dividends is made based on the Company’s stand-alone financial statements. The Company will not be able to pay dividends until (i) future profits absorb the retained losses and (ii) the restrictions imposed by the credit facility agreement are released, as stated in Note 17.1. |
Employee benefits | 2.4.11 Employee benefits 2.4.11.1 Short-term obligations Liabilities for contributions and salaries that are expected to be settled wholly within 12 months after the end of the period are recognized the amounts expected to be paid when the liabilities are settled and are presented as “salaries and other social security contributions” in the consolidated statement of financial position. The costs related to compensated absences, such as vacation, are recognized as they are accrued. In Mexico, participation in the Company’s benefits is paid to its qualified employees; which is calculated using the same taxable income as for income tax, except for the following: (i) Neither tax losses from prior years nor the employee profit sharing paid during year are deductible. (ii) Tax-exempt 2.4.11.2 Defined benefit plans Labor costs liabilities are accrued in the periods in which the employees provide the services that trigger the consideration. The cost of defined contribution plans is periodically recognized in accordance with the contributions made by the Company. Additionally, the Company and its Predecessor have a defined benefit plan described in Note 22. Defined benefit plans define an amount of pension benefit that an employee will receive on retirement, depending on one or more factors, such as age, years of service and compensation. In accordance with conditions established in each plan, the benefit may consist in a single payment, or in making complementary payments to those made by the pension system. The defined benefit liability recognized in the statement of financial position, at the end of the reporting period, is the present value of the defined benefit obligation net of the fair value of the plan assets, when applicable. The defined benefit obligation is calculated at least annually by independent actuaries using the projected unit credit method. The present value of the defined benefit obligation is determined by discounting the estimated future cash outflows using future actuarial assumptions about demographic and financial variables that affect the determination of the amount of such benefits. Actuarial profit and losses from experience adjustments and changes in actuarial assumptions are recognized in other comprehensive income (loss) in the period in which they arise, and past service costs are recognized immediately in the statement of profit or loss and other comprehensive income. |
Borrowing costs | 2.4.12 Borrowing costs General and specific borrowing costs which are directly attributable to the acquisition, construction or production of a qualifying asset are capitalized during the period of time that is required to complete and prepare the asset for its intended use or sale. Qualifying assets are assets that necessarily take a substantial period to get ready for their intended use or sale. Investment income earned on the temporary investment of specific borrowings pending their expenditure on qualifying assets is deducted from the borrowing costs eligible for capitalization. Other borrowing costs are expensed in the period in which they are incurred. For the years ended on December 31, 2019 and 2018 except for interest on lease liabilities disclosed in Note 2.2 the Company did not capitalize any borrowing cost as it does not have qualifying assets. During the year ended Decemeber 31, 2019 and for the period beginning April 4, 2018 through December 31, 2018, the period beginning January 1, 2018 through April 3, 2018 and for the year ended December 31, 2017, PELSA nor the Group capitalize any borrowing costs as it does not have qualifying assets or borrowing costs incurred during those periods/year. |
Provisions and contingent liabilities | 2.4.13 Provisions and contingent liabilities Provisions are recognized when the Company meet the following conditions: (i) has a present legal or constructive obligation as a result of a past event; (ii) it is probable that an outflow of resources will be required to settle that obligation; and (iii) the amount can be reliably estimated. Provisions are not recognized for future operating losses. 2.3.13.1 Provision for contingencies Provisions are measured at the present value of the expenditures expected to be required to settle the present obligation, taking into account the best available information as of the date of the financial statements based on assumptions and methods considered appropriate and taking into account the opinion of each Company’s legal advisors. As additional information becomes available to the Company, estimates are revised and adjusted periodically. The discount rate used to determine the present value reflects current market assessments of the time value of money and the risks specific to the liability. The increase in the provision due to the passage of time is recognized as financial costs. When the Company expects a part or all of the provision to be reimbursed, for example, under an insurance contract, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Contingent liabilities are: (i) possible obligations that arise from past events and whose existence will be confirmed only by the occurrence or non-occurrence The Company discloses in notes to the financial statements a brief description of the nature of material contingent liabilities (See Note 21.3). Contingent liabilities, whose possibility of any outflow in settlement is remote, are not disclosed unless they involve guarantees, in which case the nature of the guarantee is disclosed. When some or all of the economic benefits required to settle a provision are expected to be recovered from a third party, a receivable is recognized as an asset if it is virtually certain that reimbursement will be received and the amount of the receivable can be measured reliably. 2.4.13.2 Provision for asset retirement obligation The Company recognizes a provision for asset retirement obligation when there is a current legal or implicit obligation as a result of past events and it is probable that an outflow of resources will be required to settle the obligation and a reliable estimate of the amount of the obligation can be made. In general, the obligation arises when the asset is installed, or the land/environment is disturbed in the location of the well. When the liability is initially recognized, the present value of the estimated costs is capitalized increasing the carrying value of the related assets for the extraction of oil and gas to the extent that they have been incurred due to the development / construction of the well. Additional provisions that arise due to greater development or construction in the property for oil and gas extraction are recognized as additions or charges to the corresponding assets and when the decommissioning liability is originated. Changes in estimated times or the cost of asset retirement obligation are treated prospectively by recording an adjustment to the provision and the corresponding asset. If the change in the estimate results in an increase in the decommissioning liability and, therefore, an addition to the carrying amount of the asset, the Company considers whether or not there is an indication of impairment of the asset in an integral manner and, be so, it undergoes impairment testing. For mature wells, if the estimate of the revised value of assets for oil and gas extraction, net of asset retirement obligation provisions, exceeds the value recoverable, that part of the increase is charged directly to expenses. Over time, the discounted liability increases with the change in present value, based on the discount rate that reflects the current market assessments and the specific risks of the liability. The unwinding of the discount is recognized in the statement or profit or loss and other comprehensive income as a financial cost. The Company recognizes deferred tax assets with respect to the temporary difference between the asset retirement obligation provisions and the corresponding deferred tax liability. 2.4.13.2 Provision for environmental remediation Provisions for environmental costs are recognized when it is probable that a cleanup will be carried out and the estimated costs can be estimated reliably. Generally, the timing of recognition of these provisions concur with the commitment of a formal action plan or, if it is before, at the time of the divestment or the closure of the inactive sites. The amount recognized is the best estimate of the required expense to settle the obligation. If the effect of the value of money over time is material, the recognized value is the present value of the estimated future expense. |
Income tax and minimum presumed income tax | 2.4.14 Income tax and minimum presumed income tax 2.4.14.1 Current and deferred income tax The tax expenses for the period/year include current and deferred tax. Tax is recognized in the statement of profit or loss and other comprehensive income, except to the extent that it relates to items recognized in other comprehensive income or directly in equity. The current income tax charge is calculated based on the tax laws enacted or substantively enacted at the end of the reporting period. The Company periodically evaluates positions taken in tax returns with respect to situations in which applicable tax regulation is subject to interpretation. It establishes provisions, where appropriate, based on amounts expected to be paid to the tax authorities. Where tax treatments are uncertain, if it is considered probable that a taxation authority will accept the Company’s proposed tax treatment, income taxes are recognized consistent with the Company’s income tax filings. If it is not considered probable, the uncertainty is reflected using either the most likely amount or an expected value, depending on which method better predicts the resolution of the uncertainty. Deferred income tax is recognized, using the liability method, on temporary differences between the tax bases of assets and liabilities and their carrying amounts in the financial statements. Deferred tax liabilities are generally recognized for all taxable temporary differences, however deferred tax liabilities are not recognized if they come from the initial recognition of goodwill. Deferred income tax assets are recognized only to the extent that it is probable that future taxable profit will be available and can be used against temporary differences. The carrying amount of deferred tax assets is reviewed at the end of each reporting period and reduced to the extent that it is no longer probable that enough taxable profits will be available to allow all or part of the asset to be recovered. Such deferred tax assets and liabilities are not recognized if the temporary difference arises from the initial recognition (other than in a business combination) of assets and liabilities in a transaction that affects neither the taxable profit nor the accounting profit. Deferred income tax is provided on temporary differences from investments in subsidiaries and associates, except for deferred income tax liability where the timing of the reversal of the temporary difference is controlled by the Company and it is probable that the temporary difference will not reverse in the foreseeable future. Deferred tax assets arising from deductible temporary differences associated with such investments and interests are only recognized to the extent that it is probable that there will be sufficient taxable profits against which to utilize the benefits of the temporary differences and they are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are offset when there is a legally enforceable right to offset the recognized amounts and when the deferred income tax assets and liabilities relate to income taxes levied by the same taxation authority on either the same taxable entity or different taxable entities where there is an intention to settle the balances on a net basis. Current and deferred tax assets and liabilities have not been discounted and are stated at their nominal values. Deferred tax liabilities and assets are measured at the tax rates that are expected to apply in the period in which the liability is settled or the asset realized, based on tax rates (and tax laws) that have been enacted or substantively enacted by the end of the reporting period. The measurement of deferred tax liabilities and assets reflects the tax consequences that would follow from the manner in which the Company expects, at the end of the reporting period, to recover or settle the carrying amount of its assets and liabilities. Income tax rates prevailing as of December 31, 2019 and 2018 in Argentina and Mexico (see Note 32) are 30%, and as of December 31, 2017 are 35%. 2.4.14.2 Minimum presumed income tax The Company’s subsidiaries in Argentina calculate tax on minimum presumed income tax applying the current 1% tax rate to taxable assets estimated at the end of each reporting period. This tax is complementary to income tax in Argentina. The Company and the subsidiaries in Argentina’s tax liability is the higher between the liability of income tax and the liability determined as explained above for this tax. However, if the minimum presumed income tax exceeds income tax during one fiscal year, such excess may be offset against any income tax excess over the minimum presumed income tax that may be generated in the following ten years. The Company has registered an asset for minimum presumed income tax include in trade receivable for 1,462. It may be charged against taxable profits generated until December 31, 2028. As of December 31, 2019, December 31, 2018, December 31, 2017, the income tax determined was in excess of the presumed income tax determined for those periods, as such no presumed income tax was recognized as of those dates. Neither PELSA nor the Group have any presumed income tax asset deferred as other receivables related to previous years. On July 22, 2016, Law No. 27,260 was published, which eliminates the minimum presumed income tax for the years beginning on January 1, 2019 and later. |
Share-based payments | 2.4.15 Share-based payments Employees (including senior executives) of the Successor Company may receive remuneration in the form of share-based payments, whereby employees render services as consideration for equity instruments (equity-settled transactions). Equity-settled transactions The cost of equity-settled transactions is determined by the fair value at the date when the grant is made using an appropriate valuation model (See Note 33) That cost is recognized in employee benefits expense, together with a corresponding increase in equity (“Shared-based paymets”), over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognized for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments that will ultimately vest. The expense or credit in the statement of profit or loss and othe comprehensive income for a period represents the movement in cumulative expense recognized as at the beginning and end of that period. Service and non-market non-vesting Non-vesting No expense is recognized for awards that do not ultimately vest because non-market non-vesting non-vesting When the terms of an equity-settled award are modified, the minimum expense recognized is the grant date fair value of the unmodified award, provided the original vesting terms of the award are met. An additional expense, measured as at the date of modification, is recognized for any modification that increases the total fair value of the share-based payment transaction, or is otherwise beneficial to the employee. Where an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is expensed immediately through profit or loss. The possible dilutive effect of outstanding options is reflected, as applicable; in the computation of diluted earnings per share (further details are given in Note 12). On March 22,2018 the Company approved a LongTerm Incentive Plan (“LTIP”) consisting of a plan to provide for rhe Company and its subsidiaries to attract and retain talented persons as officers, directors, employees and consultants. The LTIP include the following mechanisms for rewarding and retaining key personal (i) Stock Option Plan, (ii) Restricted Stock Units and; (iii) Performance Restricted Stock and therefore accounted under IFRS 2 Shared based payments as detailed above. a) Stock Option (“SOP”) (equity-settled) The stock option plan gives the participant the right to buy a quantity of shares over certain period of time.The cost of the equity-settled share purchase plan is measured at grant date, taking into account the terms and conditions on which the share options were granted. The equity-settled compensation cost is recognized in the consolidated statement of profit or loss and other comprehensive income under the caption of share-based payments, over the requisite service period. b) Restricted Stock (equity-settled) Certain key employees of the Company receive additional benefits for free or a minimum value once the conditions are achieved through a share purchase plan denominated in Restricted Stock (“RSs”), which has been classified as an equity-settled share-based payment. The cost of the equity-settled share purchase plan is measured at grant date, taking into account the terms and conditions on which the share options were granted. The equity-settled compensation cost is recognized in the consolidated statement of profit or loss and other comprehensive income under the caption of share-based payments over the requisite service period. c) Performance Restricted Stock (equity settled) The Company grants Performance Restricted Stock (“PRSs”) to key employees, which entitle them to receive PRSs after having attained certain performance goals over a service period. PRS is classified as an equity-settled share-based payment. The cost of the equity-settled share purchase plan is measured at grant date, taking into account the terms and conditions on which the share options were granted. The equity-settled compensation cost is recognized in the consolidated statement of profit or loss and other comprehensive income under the caption of share-based payments, over the requisite service period. As of December 31, 2019, and 2018 the Company has not granted any PRSs. |
Going concern | 2.4.16 Going concern The Board of Directors regularly monitor the Group’s cash position and liquidity risks throughout the year to ensure that it has sufficient funds to meet forecast operational and investment funding requirements. Sensitivities are run to reflect latest expectations of expenditures, oil and gas prices and other factors to enable the Group to manage the risk of any funding short falls and/or potential debt covenant breaches. Considering macroeconomic environment conditions, the performance of the operations and the Group’s cash position, as of December 31, 2019, the Directors have formed a judgement, at the time of approving the financial statements, that there is a reasonable expectation that the Group has adequate resources to meet all its obligations for the foreseeable future. For this reason, the Directors have continued to adopt the going concern basis in preparing the Consolidated Financial Statements. |
Basis of preparation and sign_3
Basis of preparation and significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of effect of IFRS 16 adoption on balance sheet | The effect of adoption IFRS 16 as at January 1, 2019 is as follows: Assets Right-of-use 12,103 Total assets 12,103 Liabilities Lease liabilities (12,103 ) Total liabilities (12,103 ) |
Summary of reconciliation of operating lease commitments | The lease liabilities as at January 1, 2019 can be reconciled to the operating lease commitments as of December 31, 2018 as follows: Operating lease commitments as at December 31, 2018 16,153 Weighted average incremental borrowing rate as at 1 January 2019 9.356 % Discounted operating lease commitments at January 1, 2019 13,608 Less: Commitments relating to short-term leases (1,401 ) Commitments relating to leases of low-value (104 ) Total liabilities as at January 1, 2019 12,103 |
Summary of movements in right-of-use assets and lease liabilities | Set out below, are the carrying amounts of the Company’s right-of-use Right –of –use assets Lease Buildings Plant and Total As of January 1, 2019 1,843 10,260 12,103 (12,103 ) Additions 873 9,478 10,351 (10,351 ) Depreciation (1) (656 ) (5,174 ) (5,830 ) — Payments — — — 7,619 Interest expense (2) — — — (1,932 ) As of December 31, 2019 2,060 14,564 16,624 (16,767 ) (1) Include depreciation associated to leases from drilling services incurred is capitalized as work in progress by 1,326. (2) Interest expenses of right of use associated to leases from drilling services incurred is capitalized as work in progress by 371. |
Summary of equity interest in subsidiaries | The equity interest in the subsidiaries held by the Company at the end of the period/year are set forth below: Nameof subsidiary Proportion of ownership interest and voting Place of incorporation and operation Main activity December 31, December 31, December 31, Vista Holding I, S.A. de C.V. 100 % 100 % — % (1) Mexico Holding Vista Holding II, S.A. de C.V. 100 % 100 % — % (1) Mexico Holding Vista Holding III, S.A. de C.V. (1) 100 % 100 % — % Mexico Holding Vista Holding IV, S.A. de C.V. (1) 100 % — % — % Mexico Holding Vista Complemento S.A. de C.V. (1) 100 % 100 % — % Mexico Holding Vista Oil & Gas Argentina S.A.U. (2) 100 % 100 % — % Argentina Upstream (3) APCO Oil & Gas S.A.U. (4) — % 100 % Argentina Upstream (3) APCO Argentina S.A. (4) — % 100 % Argentina Holding Aleph Midstream S.A. (1)(5) 0,27 % 100 % — % Argentina Services (6) Aluvional Infraestructura S.A. (1) 100 % 100 % — % Argentina Mining and Industry (1) Companies established after the Initial Business Combination was completed on April 4, 2018. (2) Onwards Vista Argentina (Previously known as Petrolera Entre Lomas S.A.) (3) Refers to the exploration and production of gas and oil. (4) Companies absorbed by Vista Argentina, product of a corporate reorganization process whose effective date was January 1,2019. (5) See Note 27. (6) Includes operations destined at the collection, treatment, transport and distribution of hydrocarbons and their derivatives. |
Summary of useful lives of property plant and equipment | The Company’s remaining items of property, plant and equipment (including any significant identifiable component) are depreciated by the straight-line method based on estimated useful lives, as detailed below: Buildings 50 years Vehicles 5 years Machinery and installations 10 years Computer equipment 3 years Equipment and furniture 10 years |
Significant accounting judgem_2
Significant accounting judgements, estimates and assumptions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of assumptions used In sensitivity analysis for CGU's | The calculation of value in use made by the Company CGU’s is more sensitive to the following assumptions: Successor Successor Predecessor Predecessor Discount rates (post-tax) 12.6 % 11.90 % 11.25 % 10.10 % Crude oil, NGL and Natural Gas prices Crude oil-Brent 2018 — — 64.5 64.5 2019 — 70.0 65.0 65.0 2020 60.0 71.3 66.0 66.0 2021 60.4 69.6 65.9 65.9 Natural Gas-Local 2018 — — 4.60 4.60 2019 — 4.60 4.50 4.50 Onwards 3.5 4.60 4.50 4.50 NGL-Local Onwards 300 430 439 439 |
Schedule of sensitivity analysis for CGU's with respect to change in assumptions | Sucessor As of December 31, Sucessor As of December 31, Predecessor As of December 31, Discount rate +/- 100 basis points +/- 100 basis points +/- 100 basis points Carrying amount - / - - / - (0,100) / 0,900 Expected crude oil, natural gas and NGL prices +/- 10% +/- 10% +/- 10% Carrying amount - / - - / (9,707) 4,000 / (3,100) |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of assets and liabilities by geographical ares | The following table summarizes non-current Consolidated Consolidated Predecessor through Predecessor Argentina 982,397 871,313 260,547 288,676 Mexico 30,165 29,684 — — Total non-current 1,012,562 900,997 260,547 288,676 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of revenue from contract with customers | Consolidated Consolidated Predecessor through Predecessor Sales of goods 415,976 331,336 44,463 198,075 Revenue from contracts with customers 415,976 331,336 44,463 198,075 |
Schedule of revenue through different channels | Types of goods Consolidated Consolidated Predecessor through Predecessor Revenue from crude oil 338,272 260,079 31,501 146,635 Revenue from natural gas 71,524 65,164 11,418 45,947 Revenue from NGL 6,180 6,093 1,544 5,477 Revenue from other goods and services — — — 16 Revenue from contracts with customers 415,976 331,336 44,463 198,075 Sales Channel Consolidated Consolidated Predecessor through Predecessor Refineries 338,272 260,079 31,501 146,635 Industries 39,279 51,240 8,729 26,680 Retail distributors of natural gas 26,452 10,254 — 893 Commercialization of NGL 6,180 6,093 1,544 5,477 Natural gas for electricity generation 5,793 3,670 2,689 18,374 Other sales channels — — — 16 Revenue from contracts with customers 415,976 331,336 44,463 198,075 |
Operating expenses and crude _2
Operating expenses and crude oil stock fluctuation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of operating expenses | Consolidated Consolidated Predecessor Predecessor Fees and compensation for services 67,209 55,813 10,956 47,371 Consumption of materials and repairs 17,062 9,694 4,028 15,416 Salaries and social security charges 10,943 7,353 1,515 7,714 Easements and canons 9,632 7,147 1,329 4,082 Transportation 2,914 2,204 113 531 Employee benefits 2,836 1,421 270 1,240 General expenses 3,835 2,613 156 1,107 Total operating expenses 114,431 86,245 18,367 77,461 |
Schedule of crude oil fluctuation | Consolidated Consolidated Predecessor Predecessor Inventories of crude oil at the beginning of the period/year (Note 18) 2,722 2,201 (1) 1,468 9,034 Plus: Charges for the period/year Incorporation of inventories for acquisition of companies (2) 1,762 — — Less: Inventories of crude oil at the end of the period/year (Note 18) (3,032 ) (2,722 ) (2,201 ) (1,468 ) Total crude oil stock fluctuation (310 ) 1,241 (733 ) 7,566 (1) The inventory of crude oil acquired from PELSA for an amount of 2,201 are included in the inventories at the beginning of the period held by the Successor entity. (2) This amount includes the inventory of crude oil acquired from APCO and acquired from the 3.85%. There was no inventory acquired from JdM nor Medanito. |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of selling expenses | Consolidated Consolidated Predecessor Predecessor Taxes, rates and contributions 13,115 10,349 1,506 6,739 Transportation 9,596 5,878 787 3,593 Tax on bank transactions 4,495 4,390 648 2,367 (Reversal) /Allowances for expected credit losses (Note 16) (118 ) 539 49 — Fees and compensation for services 50 158 101 542 Others — 27 — 23 Total selling expenses 27,138 21,341 3,091 13,264 |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of general and administrative expenses | Consolidated Consolidated Predecessor Predecessor Salaries and social security 10,958 6,493 375 2,913 Share-based payments 10,655 4,021 — — Fees and compensation for services 9,603 9,067 67 293 Employee benefits 6,055 2,366 253 639 Taxes, rates and contributions 1,718 951 18 27 Institutional advertising and promotion 1,179 272 — — Depreciation of property, plant and equipment — — 518 2,066 Others 2,232 1,032 235 836 Total general and administrative expenses 42,400 24,202 1,466 6,774 |
Exploration expenses (Tables)
Exploration expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of exploration and evaluation expenses | Consolidated Consolidated Predecessor Predecessor Geological and geophysical expenses 676 637 44 320 Salaries and social security charges — — 74 642 Employee benefits — — 16 87 Total exploration expenses 676 637 134 1,049 |
Other operating income and ex_2
Other operating income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of other operating income | Note 10.1 Other operating income Consolidated Consolidated Predecessor Predecessor Services to third parties (1) 3,165 2,699 763 412 Surplus Gas Injection Compensation (SGIC) — — 291 16,938 Gain on sale of property, plant and equipment — — — 384 Reversal of allowance for expected credit losses — — — 13 Other — — 186 55 Total other operating income 3,165 2,699 1,240 17,802 (1) Includes services provided to customers that does not correspond to the main activity of the Company. |
Schedule of other operating expenses | 10.2 Other operating expenses Consolidated Consolidated Predecessor Predecessor Restructuring expenses (1) (3,244 ) (12,018 ) — — Allowance for materials and spare parts (2) (972 ) (1,125 ) — (491 ) Provision for environmental remediation (Note 21.2) (816 ) (1,168 ) — — Provision for contingencies (Note 21.3) (422 ) (240 ) (2 ) (2,566 ) Consolidated Consolidated Predecessor Predecessor Transaction cost related to the business combinations (Note 31) — (2,380 ) — — Extraordinary tariff on SGIC — — (133 ) (1,711 ) Others (726 ) (1,166 ) — (357 ) Total other operating expenses (6,180 ) (18,097 ) (135 ) (5,125 ) (1) The Company recorded restructuring expenses that includes payments and other related fees, such charges relates principally to the reorganization of the Group structure and to the creation of a new midstream business mention in Note 27. (2) Includes 360 related to current materials and spare parts, and 612 related to non-current |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of interest income | Consolidated Consolidated Predecessor Predecessor Financial interests 1,328 2,125 — — Interests on government notes at amortized costs 2,442 407 239 166 Total interest income 3,770 2,532 239 166 |
Schedule of interest expense | Consolidated Consolidated Predecessor Predecessor Borrowings interest (Note 17.2) (34,159 ) (15,546 ) — — Other interest (4 ) (200 ) (23 ) (18 ) Total interest expense (34,163 ) (15,746 ) (23 ) (18 ) |
Schedule of other financial results | Consolidated Consolidated Predecessor Predecessor Costs of early settlements of borrowings and amortized costs (Note 17.4) (2,076 ) (14,474 ) — — Changes in the fair value of Warrants (Note 17.5.1) 6,840 (8,860 ) — — Foreign currency exchange difference, net (2,991 ) 3,005 (995 ) (1,506 ) Effect of discount of assets and liabilities at present value (10 ) (2,743 ) — — Changes in the fair value of the financial assets 873 1,415 69 1,885 Interest expense leases (Note 2.2) (1,561 ) — — — Unwinding of discount on asset retirement obligation (Note 21.1) (1,723 ) (897 ) (233 ) (815 ) Others (67 ) (366 ) — — Total other financial results (715 ) (22,920 ) (1,159 ) (436 ) |
Profit_Loss per share (Tables)
Profit/Loss per share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of basic and diluted earnings per share | As of April 3, 2018, and December 31, 2017, the Predecessor Company does not hold any potential dilutive shares nor any antidilutive potential share; therefore, there are no differences with the basic earnings (loss) per share. Predecessor For the period from April 3, 2018 Predecessor Net (loss)/profit for the period/year (6,649 ) 13,905 Weighted average number of outstanding common shares (number of shares) 95,443,572 95,443,572 Basic and diluted (losses) earnings per common share (US per share) (0.070 ) 0.146 As of December 31, 2018, and 2019, the Successor Company has shares that can potentially be dilutive. Consolidated Successor For the year ended December 31, 2019 Consolidated Successor For the period from April 4, 2018 through December 31, 2018 Net (loss)/profit for the period/year (32,723 ) (26,382 ) Weighted average number of outstanding common shares (number of shares) 80,068,287 70,409,317 Basic and diluted (loss) earnings per common share (US per share) (0.409 ) (0.375 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of plant property equipment | Cost Land and Vehicles, machinery, Oil and gas Wells and production (3) Work in Materials Total As of January 1, 2017 351 15,898 61,991 967,931 5,508 1,796 1,053,475 Additions — 1,189 — 1,290 28,354 3,093 33,926 Transfers — — — 29,951 (29,951 ) — — Disposals — (91 ) — — — (3,614 ) (3,705 ) As of December 31, 2017 351 16,996 61,991 999,172 3,911 1,275 1,083,696 Additions — — — — 3,999 4,564 8,563 Transfers — 644 — 2,995 (3,639 ) — — Disposals — — — (288 ) — (1,241 ) (1,529 ) As of April 3, 2018 351 17,640 61,991 1,001,879 4,271 4,598 1,090,730 Accumulated depreciation from business combination of PELSA to arrive to net book value (69 ) (10,698 ) (50,152 ) (778,061 ) — — (838,980 ) Additions from PELSA’s acquisition (Note 31.1) 14 409 47,725 12,588 225 17 60,978 Additions from business combination of JdM and Medanito (Note 31.2) 1,818 1,726 — 78,298 4,254 — 86,096 Additions from business combination of APCO (Note 31.3) 89 2,188 300,997 73,275 1,675 2,162 380,386 Additions 18 1,116 9,000 4,732 117,348 (2) 18,085 150,299 Transfers — 3,459 — 44,090 (32,178 ) (15,371 ) — Disposals — (175 ) (18,255 ) (1) (11,839 ) (4,902 ) — (35,171 ) As of December 31, 2018 2,221 15,665 351,306 424,962 90,693 9,491 894,338 Additions 224 83 261 4,596 142,791 96,624 244,579 Transfers — 4,697 1,509 229,244 (157,959 ) (77,491 ) — Disposals — (34 ) — (112 ) — (1,170 ) (1,316 ) As of December 31, 2019 2,445 20,411 353,076 658,690 75,525 27,454 1,137,601 Accumulated depreciation and impairment Land and Vehicles, machinery, Oil and gas Wells and production Work in Materials Total As of January 1, 2017 (62 ) (9,165 ) (54,666 ) (703,433 ) — — (767,326 ) Depreciation and depletion charge for the year (6 ) (1,305 ) (1,417 ) (59,794 ) — — (62,522 ) Impairment loss (recovery) — — 6,467 (1,777 ) — — 5,290 Eliminated on disposals — 91 — — — — 91 As of December 31, 2017 (68 ) (10,379 ) (49,616 ) (764,404 ) — — (824,467 ) Depreciation and depletion charge for the period (1 ) (319 ) (536 ) (13,657 ) — — (14,513 ) As of April 3, 2018 (69 ) (10,698 ) (50,152 ) (778,061 ) — — (838,980 ) Reversal of Accumulated depreciation from business combination of PELSA 69 10,698 50,152 778,061 — — 838,980 Depreciation and depletion charge for the period (14 ) (1,529 ) (1,426 ) (71,006 ) — — (73,975 ) Eliminated on disposals — 175 — 184 — — 359 As of December 31, 2018 (14 ) (1,354 ) (1,426 ) (70,822 ) — — (73,616 ) Depreciation and depletion charge for the year (75 ) (2,518 ) (18,063 ) (126,323 ) — — (146,979 ) Disposals — 34 — 26 — — 60 As of December 31, 2019 (89 ) (3,838 ) (19,489 ) (197,119 ) — — (220,535 ) Net book value As of December 31, 2019 2,356 16,573 333,587 461,571 75,525 27,454 917,066 As of December 31, 2018 2,207 14,311 349,880 354,140 90,693 9,491 820,722 As of December 31, 2017 283 6,617 12,375 234,768 3,911 1,275 259,229 (1) Disposals of Oil and Gas properties of the year 2018 are related to CASO-Aguila Mora swap agreement. This transaction did not generate cash flow (2) Additions of work in progress of year 2018 includes wells related to Águila Mora oil and gas property for 13,157. This transaction did not generate cash flows (Note 29.3.5). (3) Additions of wells and production facilities of the year 2019 includes 4,141 related to the reestimations of assets retirement obligation. |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |
Schedule of reconciliation of changes in intangible assets and goodwill | Other intangible assets Cost Goodwill Software licenses Exploration Total As of January 1, 2017 — 5,042 — 5,042 Additions — 240 — 240 As of December 31, 2017 — 5,282 — 5,282 Additions — 13 — 13 As of April 3, 2018 — 5,295 — 5,295 Additions — 1,805 29,681 31,486 Additions from business combinations (Note 31) 28,484 75 — 75 Accumulated depreciation from business combination of PELSA to arrive to net book value — (4,459 ) — (4,459 ) As of December 31, 2018 28,484 2,716 29,681 32,397 Additions — 4,225 — 4,225 Disposals — — (278 ) (278 ) As of December 31, 2019 28,484 6,941 29,403 36,344 Accumulated amortization As of January 1, 2017 — (3,506 ) — (3,506 ) Amortization charge for the year — (755 ) — (755 ) As of December 31, 2017 — (4,261 ) — (4,261 ) Amortization charge for the period — (198 ) — (198 ) As of April 3, 2018 — (4,459 ) — (4,459 ) Reversal of accumulated depreciation from business combination of PELSA — 4,459 — 4,459 Amortization charge for the period — (797 ) — (797 ) As of December 31, 2018 — (797 ) — (797 ) Amortization charge for the period — (1,518 ) — (1,518 ) As of December 31, 2019 — (2,315 ) — (2,315 ) Net book value As of December 31, 2019 28,484 4,626 29,403 34,029 As of December 31, 2018 28,484 1,919 29,681 31,600 As of December 31, 2017 — 1,021 — 1,021 |
Deferred income tax assets an_2
Deferred income tax assets and liabilities and income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Schedule of temporary difference, unused tax losses and unused tax credits | The composition of the deferred tax assets and liabilities is as follows: Successor Profit (loss) Other equity Other Successor Short-term investments — 523 — — 523 Trade and other receivables 1,776 (619 ) — — 1,157 Employee defined benefit plans 598 635 — 394 1,627 Share-based payment reserve — — 1,166 — 1,166 Unused tax loss — 7,345 — — 7,345 Provisions 5,610 1,250 — — 6,860 Right-of-use — 65 — — 65 Deferred income tax assets 7,984 9,199 1,166 394 18,743 Property, plant and equipment (140,236 ) 2,168 — — (138,068 ) Borrowings’ transaction costs (1,351 ) (249 ) — — (1,600 ) Intangible assets (55 ) (716 ) — — (771 ) Inventory (40 ) (1,311 ) — — (1,351 ) Other (59 ) 56 — — (3 ) Inflationary adjustment — (23,493 ) — — (23,493 ) Deferred income tax liabilities (141,741 ) (23,545 ) — — (165,286 ) Net deferred income tax liabilities (133,757 ) (14,346 ) 1,166 394 (146,543 ) Predecessor April 3, 2018 Change due to Profit (loss) Other Successor Trade and other receivables 479 44 1,253 — 1,776 Employee defined benefit plans 1,403 438 (2,134 ) 891 598 Provisions 4,046 1,300 264 — 5,610 Deferred income tax assets 5,928 1,782 (617 ) 891 7,984 Property, plant and equipment (37,618 ) (92,289 ) (10,329 ) — (140,236 ) Borrowings’ transaction costs — — (1,351 ) — (1,351 ) Intangible assets (74 ) — 19 — (55 ) Financial assets at FVTPL — (1 ) 1 — — Inventory — — (40 ) — (40 ) Other (401 ) — 342 — (59 ) Deferred income tax liabilities (38,093 ) (92,290 ) (11,358 ) — (141,741 ) Net deferred income tax liabilities (32,165 ) (90,508 ) (11,975 ) 891 (133,757 ) Predecessor Profit (loss) Other comprehensive Predecessor April 3, 2018 Trade and other receivables 263 216 — 479 Employee defined benefit plans 956 425 22 1,403 Inventory 288 (288 ) — — Provisions 4,593 (547 ) — 4,046 Deferred income tax assets 6,100 (194 ) 22 5,928 Property, plant and equipment (34,550 ) (3,068 ) — (37,618 ) Intangible assets (83 ) 9 — (74 ) Financial assets at FVTPL (76 ) 76 — — Other (231 ) (170 ) — (401 ) Deferred income tax liabilities (34,940 ) (3,153 ) — (38,093 ) Net deferred income tax liabilities (28,840 ) (3,347 ) 22 (32,165 ) Predecessor January 1, 2017 Profit (loss) Other comprehensive Predecessor December 31, 2017 Trade and other receivables 2,145 (1,882 ) — 263 Employee defined benefit plans 1,175 (343 ) 124 956 Inventory 232 56 — 288 Provisions 5,203 (610 ) — 4,593 Other 160 (160 ) — — Deferred income tax assets 8,915 (2,939 ) 124 6,100 Property, plant and equipment (47,353 ) 12,803 — (34,550 ) Intangible assets (114 ) 31 — (83 ) Financial assets at FVTPL (6 ) (70 ) — (76 ) Other (1 ) (230 ) — (231 ) Deferred income tax liabilities (47,474 ) 12,534 — (34,940 ) Net deferred income tax liabilities (38,559 ) 9,595 124 (28,840 ) |
Schedule of deferred income tax assets and liabilities | The following amounts, determined after their offset, are disclosed in the statement of financial position: Successor December 31, 2019 Sucessor December 31, 2018 Predecessor December 31, 2017 Deferred income tax asset, net 476 — — Deferred income tax liabilities, net (147,019 ) (133,757 ) (28,840 ) |
Schedule of major components of tax expense income | The breakdown of income tax charge is as follows: Successor Successor Predecessor Predecessor Current income tax Current income tax income / (charge) (3,032 ) (35,450 ) (4,214 ) (16,117 ) Difference in the estimate of previous fiscal year income tax and the income return 1,146 — (401 ) 161 Deferred income tax Relating to origination and reversal of temporary differences (14,346 ) (11,975 ) (3,345 ) 9,595 Income tax (expense) / benefit reported in the statement of profit or loss (16,232 ) (47,425 ) (7,960 ) (6,361 ) Deferred tax charged to OCI 394 891 22 124 Total income tax charge (15,838 ) (46,534 ) (7,938 ) (6,237 ) |
Schedule of reconciliation of income taxes | Below is a reconciliation between income tax (expense) and the amount resulting from application of the tax rate on the (loss) profit before income taxes: Successor Successor Predecessor Predecessor Profit /(loss) before income tax (16,491 ) 21,043 1,311 20,266 Current statutory income tax rate 30 % 30 % 30 % 35 % Income tax at the statutory income tax rate 4,947 (6,313 ) (393 ) (7,093 ) Items that adjust the income tax (expense) / benefit: Non-deductible (1,782 ) (5,824 ) (3 ) (17 ) Non- — — — (661 ) Inflation adjustment (Note 32.1) (31,796 ) — Effect of the measurement of monetary and non-monetary 15,395 (39,187 ) (7,163 ) (10,976 ) Effect of statutory income tax rate change in deferred income tax (Note 32) — 21,491 — 10,372 Unrecognized tax losses and other assets (7,285 ) (23,176 ) — — Difference in the estimate of previous fiscal year income tax and the income tax statement 1,146 — (401 ) 161 Inflation update unrecognized tax losses 1,675 — — Effect related to statutory income tax rate change 2,721 — — Effect of the impairment recovery of property, plant and equipment — — — 1,851 Issuance expenses — 5,651 — — Other (1,253 ) (67 ) — — Total income tax expense (16,232 ) (47,425 ) (7,960 ) (6,361 ) |
Summary of tax losses carryforwards | The tax losses carryforwards for which deferred tax asset has been recorded and their corresponding years of expiration are as follows: Successor Successor Predecessor December 31, 2027 7,607 7,110 — 2028 61,979 56,891 — 2029 Onward 23,059 — — Total tax loss 92,645 64,001 — |
Schedule of breakdown of income tax liability | Breakdown of the income tax liability: Successor Successor Predecessor December 31, Current Income tax, net of withholdings and advances 3,039 22,429 1,401 Total current 3,039 22,429 1,401 |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Tabular disclosure of trade and other receivables | Successor Successor Predecessor December 31, Non-current Other receivables: Prepayments, tax receivables and others: Prepaid expenses and other receivables 9,594 10,646 90 Minimum presumed income tax 1,462 — — Turnover tax credit 455 496 — 11,511 11,142 90 Financial assets: Natural gas surplus injection stimulus program (1) 3,600 9,049 — Advances and loans to employees 772 — — Mandatory save credit — — 207 4,372 9,049 207 Total non-current 15,883 20,191 297 Successor Successor Predecessor December 31, Current Trade: Receivables from oil and gas sales (net) 52,676 55,032 3,898 Related parties (Note 26) — — 26,720 Checks to be deposited 3 883 8,321 Trade receivables 52,679 55,915 38,939 Other receivables Prepayments, tax receivables and others: Income tax credit 16,274 3,826 — Value Added Tax (“VAT”) 3,953 10,127 — Prepaid expenses 1,861 572 83 Turnover tax credit 1,158 1,938 — 23,246 16,463 83 Financial assets: Natural gas surplus injection stimulus program (1) 7,797 6,899 14,366 Loans to third parties 1,241 — — Receivables from services to third parties 3,797 2,850 1,252 Price stability program of NGL 480 151 218 Director’s advances and loans to employees 284 1,818 22 Grants on propane credit — 982 753 Related parties (Note 26) 3,169 186 575 Balances with joint operations 14 — 38 Other 730 786 26 17,512 13,672 17,250 Other receivables 40,758 30,135 17,333 Total current trade and other receivables 93,437 86,050 56,274 (1) Corresponds to balances pending collection for compensations under the IR Program (Note 2. 5 |
Reconciliation of changes in allowance account for credit losses | The movements in the allowance for the expected credit losses of trade receivables and other receivables are as follows: Successor Successor through Predecessor From January 1, Predecessor At the beginning of period / year (257 ) — 6,161 6,294 (Reversal)/ Allowance for expected credit losses (Note 7) 118 (539 ) 49 — Decreases — — — (13 ) Exchange difference 39 282 (49 ) (120 ) At the end of the period/year (100 ) (257 ) 6,161 6,161 |
Financial Assets and financia_2
Financial Assets and financial liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Statement of financial position [abstract] | |
Summary of classification of borrowings | Successor Successor Predecessor Non-Current Borrowings 389,096 294,415 — Total non-current 389,096 294,415 — Current Borrowings 62,317 10,352 — Total current 62,317 10,352 — Total Borrowings 451,413 304,767 — |
Summary of maturities of borrowings (excluding lease liabilities) and exposure to interest rates | The maturities of the Company’s borrowings (excluding lease liabilities) and its exposure to interest rates are as follow: Successor Successor Predecessor Fixed rate Less than one year 43,370 4,841 — One to two years 200,172 14,721 — Three to five years 44,932 132,486 — 288,474 152,048 — Floating rates Less than one year 18,947 5,5111 — One to two years 99,060 14,721 — Three to five years 44,932 132,487 — 162,939 152,719 — |
Summary of detailed information about borrowings | The following table details the carrying amount of borrowings as of December 31, 2019: Subsidiary (1) Bank Subscription date Currency Amount of Interest Rate Expiration Carrying Vista Argentina Banco Galicia, Banco Itáu Unibanco, Banco Santander Rio y Citibank NA (1) July, 2018 US 150,000 Floating Libor + 4,5% July, 2023 306,199 150,000 Fixed 8% Vista Argentina Banco de la Ciudad de Buenos Aires March, 2019 US 7,000 Fixed 7% March, 2020 7,007 Vista Argentina Banco BBVA Argentina S.A. July, 2019 US 15,000 Fixed 9.4% July, 2022 15,236 Vista Argentina Banco BBVA Argentina S.A. December 2019 ARS 725,000 Fixed 62% March, 2020 12,496 Vista Argentina Banco de Galicia y Buenos Aires S.A. December 2019 ARS 600,000 Floating Badlar + 8.25% March, 2021 10,289 (1) During the term of the loan, the Company through its subsidiaries Vita Argentina, Vista Holding I and Vista Holding II, must comply with the following restrictions, according to the parameters defined in the loan contract. Subsidiary Documents Subscription Currency Amount of Interest Rate Expiration Carrying Vista Argentina Negotiable Obligations July 2019 US 50,000 Fixed 7.88% July 2021 50,109 Vista Argentina Negotiable Obligations August 2019 US 50,000 Fixed 8.5% August 2022 50,077 |
Summary of reconciliation of liabilities arising from financing activities | The movements in the borrowings are as follows: Consolidated Consolidated Predecessor Predecessor Balance at the beginning of the periods/year 304,767 — — — Balance of financial liability as of April 4, 2018 of VISTA related to Series A shares — 647,083 — — Proceeds from the bridge loan (1) — 260,000 — — Payment of bridge loan transaction costs — (11,904 ) — — Payment of bridge loan (1) — (260,000 ) — — Proceeds from loans 234,728 300,000 — — Payment of loans transaction costs (1,274 ) (8,333 ) — — Payment of redemption of Series A shares (Note 20.1) — (204,590 ) — — Capitalization of liability related to Series A shares (2) — (442,491 ) — — Interes expense (2) 34,159 15,546 — — Payment of borrowings’ interests (32,438 ) (5,018 ) — — Payment of borrowings’ principal (90,233 ) — — — Costs of early settlements of borrowings and amortized cost (Note 11.3) 2,076 14,474 — — Foreing currency exchange difference (372 ) At the end of the period/year 451,413 304,767 — — (1) On April 4, 2018, the Company subscribed a bridge loan agreement with Citibank, NA, Credit Suisse AG and Morgan Stanley Senior Funding, Inc., as co-lenders, This loan was prepaid on July 19, 2018, when a new financing was obtained through its Argentine subsidiary as explained in item 2). Consequently, the collateral in favor of the lenders was released. As of that date, the remaining amount of deferred expenses related to this loan for 11,904 were recognized in profit or loss. (2) Non-cash |
Schedule of warrants liability | In accordance with IFRS, a contract to issue a variable number of shares should be classified as a financial liability and measured at fair value with changes in fair value recognized in the consolidated statement of profit or loss and comprehensive income. Successor Successor Predecessor Non-Current Warrants 16,860 23,700 — Total non-current 16,860 23,700 — |
Summary of financial instruments by category | The following chart presents financial instruments by category: As of December 31, 2019 Financial Financial Total financial Assets American government bonds (Note 22) 7,882 — 7,882 Natural gas surplus injection stimulus program (Note 16) 3,600 — 3,600 Advances and loans to employees (Note 16) 772 — 772 Total non-current 12,254 — 12,254 Cash and banks (Note 19) 139,931 — 139,931 Short term investments (Note 19) 111,314 8,783 120,097 Receivables from oil and gas sales (Note 16) 52,676 — 52,676 Natural gas surplus injection stimulus program (Note 16) 7,797 — 7,797 Receivables to third parties (Note 16) 3,797 — 3,797 Related parties (Note 16) 3,169 — 3,169 Loans to third parties (Note 16) 1,241 — 1,241 Price stability program of NGL (Note 16) 480 — 480 Director’s advances and loans to employees (Note 16) 284 — 284 Balances with joint operations (Note 16) 14 — 14 Checks to be deposited (Note 16) 3 — 3 Others (Note 16) 730 — 730 Total current financial assets 321,436 8,783 330,219 Liabilities Borrowings (Note 17.1) 389,096 — 389,096 Warrants (Note 17.3) — 16,860 16,860 Leases liabilities (Note 2.2) 9,372 — 9,372 Accounts payable and accrued liabilities (Note 25) 419 — 419 Total non-current 398,887 16,860 415,747 Accounts payable and accrued liabilities (Note 25) 98,269 — 98,269 Borrowings (Note 17.1) 62,317 — 62,317 Leases liabilities (Note 2.2) 7,395 — 7,395 Total current financial liabilities 167,981 — 167,981 As of December 31, 2018 Financial Financial Total financial Assets Natural gas surplus injection stimulus program credit (Note 16) 9,049 — 9,049 Total non-current 9,049 — 9,049 Cash and bank (Note 19) 13,254 — 13,254 Short term investments (Note 19) 38,862 28,792 67,654 Receivables from oil and gas sales, net (Note 16) 55,032 — 55,032 Checks to be deposited (Note 16) 883 — 883 Natural gas surplus injection stimulus program (Note 16) 6,899 — 6,899 Receivables to third parties (Note 16) 2,850 — 2,850 Director’s advances and loans to employees (Note 16) 1,818 — 1,818 Grants on propane credit (Note 16) 982 — 982 Related parties (Note 16) 186 — 186 Price stability program of NGL (Note 16) 151 — 151 Others (Note 16) 786 — 786 Total current financial assets 121,703 28,792 150,495 Liabilities Accounts payable and accrued liabilities (Note 25) 1,007 — 1,007 Financial Liabilities (Note 17.1) 294,415 — 294,415 Warrants (Note 17.3) — 23,700 23,700 Total non-current 295,422 23,700 319,122 Accounts payable and accrued liabilities (Note 25) 84,334 — 84,334 Financial Liabilities (Note 17.1) 10,352 — 10,352 Warrants (Note 17.3) — — — Total current financial liabilities 94,686 — 94,686 As of December 31, 2017 Financial Financial Total financial Assets Natural gas surplus injection stimulus program (Note 16) — — — Mandatory save credit (Note 16) 207 — 207 Total non-current 207 — 207 Cash and bank (Note 19) 184 — 184 Short term investments (Note 19) 17,180 19,471 36,651 Receivables from oil and gas sales, net (Note 16) 3,898 — 3,898 Checks to be deposited (Note 16) 8,323 — 8,323 Natural gas surplus injection stimulus program (Note 16) 14,366 — 14,366 Receivables to third parties (Note 16) 1,252 — 1,252 Director’s advances and loans to employees (Note 16) 22 — 22 Grants on propane credit (Note 16) 753 — 753 Related parties (Note 16) 27,295 — 27,295 Price stability program of NGL (Note 16) 218 — 218 Balance with joint operations (Note 16) 38 — 38 Others (Note 16) 26 — 26 Total current financial assets 73,555 19,471 93,026 Liabilities Accounts payable and accrued liabilities (Note 25) 20,990 — 20,990 Financial Liabilities (Note 17.1) — — — Warrants (Note 17.3) — — — Total current financial liabilities 20,990 — 20,990 |
Summary of financial income and expense | For the year ended December 31, 2019: Financial Financial Total Interest income (Note 11.1) 3,770 — 3,770 Interest expense (Note 11.2) (34,163 ) — (34,163 ) Cost of early settlements of borrowings and amortized cost (Note 11.3) (2,076 ) — (2,076 ) Changes in the fair value of Warrants (Note 11.3) — 6,840 6,840 Foreign currency exchange difference, net (Note 11.3) (2,991 ) — (2,991 ) Effect on discount on assets and liabilities at present value (Note 11.3) (10 ) — (10 ) Changes in the fair value of the financial assets (Nota 11.3) — 873 873 Interest expense leases (Note 11.3) (1,561 ) — (1,561 ) Unwinding of discount on asset retirement obligation (Note 11.3) (1,723 ) — (1,723 ) Other financial results (Note 11.3) (67 ) — (67 ) Total (38,821 ) 7,713 (31,108 ) For the period from April 4, 2018 through December 31, 2018: Financial Financial Total Interest income (Note 11.1) 2,532 — 2,532 Interest expense (Note 11.2) (15,746 ) — (15,746 ) Foreign currency exchange difference, net (Note 11.3) 3,005 — 3,005 Changes in the fair value of Warrants (Note 11.3) — (8,860 ) (8,860 ) Changes in the fair value of government bonds and mutual funds (Note 11.3) Cost of early settlements of borrowings and amortized cost (Note 11.3) (14,474 ) — (14,474 ) Effect on discount on assets and liabilities at present value (Note 11.3) (2,743 ) — (2,743 ) Unwinding of discount on asset retirement obligation (Note 11.3) (897 ) — (897 ) Other (366 ) — (366 ) Total (28,689 ) (8,860 ) (36,630 ) For the period from January 1, 2018 through April 3, 2018: Financial Financial Total Interest income (Note 11.1) 239 — 239 Interest expense (Note 11.2) (23 ) — (23 ) Foreign currency exchange difference, net (Note 11.3) (995 ) — (995 ) Results from financial instruments at fair value (Note 11.3) — 69 69 Changes in the fair value of government bonds and mutual funds (Note 11.3) — — — Cost of early settlements of borrowings and amortized cost (Note 11.3) — — — Effect on discount on assets and liabilities at present value (Note 11.3) — — — Unwinding of discount on asset retirement obligation (Note 11.3) (233 ) — (233 ) Total (1,012 ) 69 (943 ) For the year ended December 31, 2017: Financial Financial Total Interest income (Note 11.1) 166 — 166 Interest expense (Note 11.2) (18 ) — (18 ) Foreign currency exchange difference, net (Note 11.3) (1,506 ) — (1,506 ) Results from financial instruments at fair value (Note 11.3) — 1,206 1,206 Changes in the fair value of government bonds and mutual funds (Note 11.3) — — — Cost of early settlements of borrowings and amortized cost (Note 11.3) — — — Effect on discount on assets and liabilities at present value (Note 11.3) — — — Unwinding of discount on asset retirement obligation (Note 11.3) (815 ) — (815 ) Other (Note 11.3) 679 — 679 Total (1,494 ) 1,206 (288 ) |
Summary of financial assets and liabilities measured at fair value | The following table shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2019, December 31, 2018, and December 31, 2017: As of December 31, 2019 Level 1 Level 2 Level 3 Total Assets Financial assets at FVTPL Government bonds and mutual funds 8,783 — — 8,783 Total assets 8,783 — — 8,783 As of December 31, 2019 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at FVTPL Warrants — — 16,860 16,860 Total liabilities — — 16,860 16,860 As of December 31, 2018 Level 1 Level 2 Level 3 Total Assets Financial assets at FVTPL Government bonds and mutual funds 28,792 — — 28,792 Total assets 28,792 — — 28,792 As of December 31, 2018 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at FVTPL Warrants — — 23,700 23,700 Total liabilities — — 23,700 23,700 As of December 31, 2017 Level 1 Level 2 Level 3 Total Assets Financial assets at FVTPL Government bonds and notes 17,349 — — 17,349 Mutual funds 2,122 2,122 Total assets 19,471 — — 19,471 |
Summary of weighted average assumptions used to estimate fair value | The following weighted average assumptions were used to estimate the fair value of the warrant liability as of December 31, 2019 and December 31, 2018: As of As of Annualized volatility 22.941 % 26.675 % Domestic risk-free interest rate 6.562 % 8.575 % Foreign risk-free interest rate 1.697 % 2.537 % Expected life of warrants in years 3.31 years 4.27 years |
Reconciliation of level 3 fair value measurements | Reconciliation of Level 3 fair value measurements As of As of As of Balance of warrant liability as of the beginning of the year 23,700 14,840 — Total change in fair value of warrants: (loss) or profit (Note 11.3) (6,840 ) 8,860 — Closing balance (Note 17.3) 16,860 23,700 — |
Summary of fair value of liabilities | As of December 31, 2019 Carrying Fair Level Liabilities Borrowings 451,413 416,845 2 Total liabilities 451,413 416,845 As of December 31, 2018 Carrying Fair Level Liabilities Borrowings 304,767 286,734 2 Total liabilities 304,767 286,734 |
Summary of effect of change in foreign exchange rates | Consolidated Successor As of December 31, Consolidated Successor As of December 31, Predecessor As of April 3, Predecessor As of December 31, Change in Argentine Peso Rate +/- 33% +/ -28% +/ -30% +/ -17% Effect in profit before tax (20,350)/20,350 (12,697)/12,697 (10,381)/10,381 (5,617)/ Effect in pre-tax (20,350)/20,350 (12,697)/12,697 (10,381)/10,381 (5,617)/ |
Summary of sensitivity analysis for types of market risk | Consolidated Consolidated Predecessor Predecessor Change in Government bonds +/ -10 % +/ -10 % +/ -10 % +/ -10 % Effect in profit before tax 530 1,329 1,213 1,513 Change in Mutual funds +/ -10 % +/ -10 % +/ -10 % +/ -10 % Effect in profit before tax 366 5,096 1,587 212 |
Summary of detailed information about concentration of risk that arises from contracts within scope of IFRS 17 | The Company has the following credit risk concentration regarding its participation on all trade receivables as of and on revenues for the periods/year: Successor- Successor- Predecessor- Percentages on total trade receivables: Customers Raizen Argentina S.A. (previously Shell Cía. Argentina de Petróleo S.A) 34 % 31 % — Trafigura Argentina S.A. 31 % 35 % — Camuzzi Gas Pampeana, S.A. 16 % 8 % Pampa Energía S.A. — % — % 52 % Pampa Comercializadora S.A. — % — % 16 % Successor- Successor- Predecessor- Percentages on revenues from contracts with customers by product: Oil Market Raizen Argentina S.A. (previusly Shell Cía. Argentina de Petróleo S.A) 53 % 40 % — % Successor- Successor- Predecessor- Trafigura Argentina S.A. 45 % 34 % — % Pampa Energía S.A. — % 13 % 100 % YPF S.A. — % 12 % — % Natural Gas Rafael G. Albanesi S.A. 22 % 26 % — % Camuzzi Gas Pampena S.A. 22 % 6 % — % Metroenergía S.A. 14 % 3 % — % Cía. Inversora de Energía S.A. 7 % 13 % — % San Atanasio Energía S.A. 2 % 10 % — % Pampa Comercializadora S.A. — % — % 23 % Pampa Energía S.A. — % — % 66 % Total Gas Marketing Cono Sur S.A. — % — % 11 % |
Summary of credit risk exposure | Set out below is the information about the credit risk exposure on the Company ’s trade receivables: Successor-December 31, 2019 Current <90 days 90–365 days >365 days Total Estimated total gross carrying amount at default 46,490 6,189 100 — 52,779 Expected credit loss — — (100 ) — (100 ) 52,679 Successor-December 31, 2018 Current <90 days 90–365 days >365 days Total Estimated total gross carrying amount at default 44,374 7,965 3,833 — 56,172 Expected credit loss — — (257 ) — (257 ) 55,915 Predecessor-December 31, 2017 Current <90 days 90–365 days >365 days Total Estimated total gross carrying amount at default 38,261 678 — 6,161 45,100 Expected credit loss — — — 6,161 6,161 51,261 |
Summary of managing liquidity risk | The determination of the Company’s liquidity index as of December 31, 2019, December 31, 2018 and December 31, 2017 is detailed below: Successor- Successor- Predecessor - Current assets 372,571 185,145 101,324 Current liabilities 193,036 134,118 32,143 Liquidity Index 1.930 1.380 3.152 |
Summary of contractual undiscounted cash flows of financial liabilities | The amounts shown in the table are the contractual undiscounted cash flows. As of December 31, 2019 Financial liabilities Borrowings Total Not yet due: Less than one year 105,664 62,317 167,981 One to two years 5,334 299,232 304,566 Two to five years 21,317 89,864 111,181 Total 132,315 451,413 583,728 As of December 31, 2018 Financial liabilities Borrowings Total Not yet due: Less than one year 84,334 10,352 94,686 One to two years 1,007 26,471 27,478 Two to five years 23,700 267,944 291,644 Total 109,041 304,767 413,808 As of December 31, 2017 Financial liabilities Borrowings Total Not yet due: Less than one year 31,291 — 31,291 One to two years 852 — 852 Two to five years 4,945 — 4,945 More than five years 15,642 — 15,642 Total 52,730 — 52,730 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Inventory | Successor- Successor- Predecessor- Materials and spare parts 16,074 15,465 6,747 Crude oil stock 3,032 2,722 1,468 Total 19,106 18,187 8,215 |
Cash, bank balances and short_2
Cash, bank balances and short term investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Disclosure of Cash and Cash Equivalents | Successor- Successor- Predecessor- Cash — — 1 Banks 139,931 13,254 183 Money market funds 107,041 — — Mutual funds 7,756 52,793 2,122 Government bonds 5,300 11,457 34,391 Treasury notes — 3,404 — Time deposits — — 138 Total 260,028 80,908 36,835 The following chart shows a reconciliation of the movements between cash, banks and short-term investments and cash and cash equivalents: Successor- Successor- Predecessor- Cash, banks and short-term investments 260,028 80,908 36,835 Less Government Bonds and treasury notes (5,300 ) (14,861 ) (34,391 ) Restricted cash and cash equivalets (1) (20,498 ) — — Cash and cash equivalents 234,230 66,047 2,444 |
Share capital and capital ris_2
Share capital and capital risk management (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of detailed information about changes in equity | The following chart shows a reconciliation of the movements in equity of the Company from April 4, 2018 through December 31, 2018 and for the year ended December 31, 2019: Serie A- traded shares Serie A- Private Offering Serie B Serie C Total Balances as of April 4, 2018 — — 25 — 25 Number of shares — — 16,250,000 2 16,250,002 Net value of Series A shares on April 4, 2018 627,582 90,238 — — 717,820 Number of shares 65,000,000 9,500,000 — — 74,500,000 Net value of Series A shares redeemed on April 4, 2018 (204,590 ) — — — (204,590 ) Number of shares (20,340,685 ) — — — (20,340,685 ) Net value of Series B shares converted into Series A shares on April 4, 2018 25 — (25 ) — — Number of shares 16,250,000 — (16,250,000 ) — — Balance as of December 31, 2018 423,017 90,238 — — 513,255 Number of shares 60,909,315 9,500,000 — 2 70,409,317 Net value of Series A shares on February 13, 2019 55,000 — — — 55,000 Number of shares 5,500,000 — — — 5,500,000 Net value of Series A shares on July 25, 2019 91,143 — — — 91,143 Number of shares 10,906,257 — — — 10,906,257 Series A shares granted for the LTIP — 1 — — 1 Number of shares — 317,932 — — 317,932 Balance as of December 31, 2019 569,160 90,239 — — 659,399 Number of shares 77,315,572 9,817,932 — 2 87,133,506 |
Summary of financial leverage ratios | Financial leverage ratios as at December 31, 2019 and 2018, is as follows: Sucessor- December 31, 2019 Sucessor- December 31, 2018 Total borrowings and leases liabilities 468,180 304,767 Less: cash, bank balances and short-term investments (260,028 ) (80,908 ) Net debt 208,152 223,859 Total shareholders’ equity 603,716 479,657 Leverage ratio 34.00 % 47.00 % |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of classification of provisions | Successor- Successor- Predecessor- Non-Current Asset retirement obligation 20,987 15,430 15,642 Environmental remediation 159 756 260 Total non-current 21,146 16,186 15,902 Successor- Successor- Predecessor- Current Asset retirement obligation 761 823 — Environmental remediation 2,340 2,968 852 Contingencies 322 349 55 Total current 3,423 4,140 925 |
Summary of movements in provision | Movements of the period/year on the provision for asset retirement obligation: Consolidated- year ended December 31, 2019 Consolidated- through Predecessor for Predecessor At the beginning of the period/year 16,253 15,587 15,642 13,740 Increases for business combination (Note 31) — 11,201 — — Unwinding of discount on asset retirement obligation (Note 11.3) 1,723 897 233 815 Reclassification — — — 73 Increase / (Decrease) from change in estimates capitalized 4,141 (11,432 ) (288 ) 1,235 Amounts incurred due to utilization (369 ) — — (221 ) At the end of the period/year 21,748 16,253 15,587 15,642 Movements of the period/year on the provision for environmental remediation: Consolidated- year ended December 31, 2019 Consolidated- Predecessor for Predecessor At the beginning of the period/year 3,724 1,002 1,112 1,691 Increases for business combinations (Note 31) — 4,044 — — Increases (Note 10.2) 816 1,168 12 — Reclassification — — — (571 ) Decreases (*) (2,041 ) (2,490 ) (122 ) (8 ) At the end of the period/ year 2,499 3,724 1,002 1,112 (*) Includes exchange differences Movements of the period/year on the provision for contingencies: Consolidated- year ended December 31, 2019 Consolidated- through Predecessor for Predecessor At the beginning of the period/year 349 51 55 375 Increases for business combinations (Note 31) — 151 — — Increases (Note 10.2) 422 240 2 2,566 Amounts incurred due to payments/utilization (63 ) (9 ) (6 ) (2,886 ) Exchange differences (386 ) (84 ) At the end of the period/year 322 349 51 55 |
Employee defined benefits pla_2
Employee defined benefits plans obligation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of employee benefit costs | Successor – As of December 31, 2019 Successor – As of December 31, 2018 Predecessor – As of Abril 4, Predecessor – As of December 31, 2017 Cost of the current services (68 ) (99 ) (38 ) (161 ) Cost of interest (152 ) (446 ) (126 ) (484 ) Reductions — 177 — — Return on plan assets — — 56 38 Total (220 ) (368 ) (108 ) (607 ) |
Summary of obligations for defined benefit plans | Successor – December 31, 2019 Present value of the Fair value of plan Net liability at the Balances at the beginning of year (11,014 ) 7.712 (3,302 ) Items classified in profit or loss Current services cost (68 ) — (68 ) Cost for interest (541 ) 389 (152 ) Items classified in other comprehensive income Actuarial (losses) gains (1,358 ) (219 ) (1,577 ) Benefit payments 630 (630 ) — Contributions paid — 630 630 At the end of the year (12,351 ) 7,882 (4,469 ) Successor – December 31, 2018 Present value of the Fair value of plan Net liability at the Balances at the beginning of year (10,481 ) 5,656 (4,825 ) Increase for business combination (3,847 ) 2,076 (1,771 ) Items classified in profit or loss Current services cost (99 ) — (99 ) Cost for interest (446 ) (20 ) (466 ) Reductions 177 — 177 Exchange differences on translation gain (loss) 257 — 257 Items classified in other comprehensive income Actuarial (losses) gains 2,698 — 2,698 Benefit payments 727 (727 ) — Contributions paid — 727 727 At the end of the year (11,014 ) 7,712 (3,302 ) Predecessor-April 3, 2018 Present value of the Fair value of plan Net liability at the Balances at the beginning of period (10,317 ) 5,634 (4,683 ) Items classified in profit or loss Current services cost (38 ) — (38 ) Cost for interest (126 ) — (126 ) Reductions — 56 56 Exchange differences on translation (57 ) (34 ) (91 ) Items classified in other comprehensive income Actuarial (losses) gains (89 ) — (89 ) Benefit payments 146 (146 ) — Contributions paid — 146 146 At the end of the period (10,481 ) 5,656 (4,825 ) Predecessor – December 31, 2017 Present value of the Fair value of plan Net liability at the Balances at the beginning of year (9,962 ) 5,596 (4,366 ) Items classified in profit or loss Current services cost (161 ) — (161 ) Cost for interest (484 ) — (484 ) Return on plan assets — 38 38 Exchange differences on translation 243 — 243 Items classified in other comprehensive income Actuarial (losses) gains (355 ) — (355 ) Benefit payments 402 (402 ) — Contributions paid — 402 402 At the end of the year (10,317 ) 5,634 (4,683 ) |
Summary of fair value of plan assets | The fair value of the plan assets at the end of each reporting period by category, are as follows: Successor- Successor- Predecessor- Cash and cash equivalents — 7,712 69 Debt instruments categorized by issuers’ credit rating: - AAA (U.S. Treasury notes) 7,882 — 5,565 Total 7,882 7,712 5,634 |
Summary of estimated expected benefits payments | Estimated expected benefits payments for the next ten (10) years are shown below. The amounts in the table represent the undiscounted cash flows and therefore do not reconcile to the obligations recorded at the end of the year. Successor- Successor- Predecessor- Less than one year 871 743 507 One to two years 851 825 516 Two to three years 836 811 635 Three to four years 856 800 669 Four to five years 839 783 666 Six to ten years 4,554 3,869 3,678 |
Summary of significant actuarial assumptions used | Significant actuarial assumptions used were as follows: Successor- Successor- Predecessor- Discount rate 5 % 5 % 5 % Assets return rate 5 % — 5 % Salaries increase Up to 35 years old 1 % 1 % 1 % From 36 to 49 years old 1 % 1 % 1 % More than 50 years old 1 % 1 % 1 % |
Salaries and social security _2
Salaries and social security payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of salaries and social security payable | Successor- Successor- Predecessor- Current Salaries and social security contributions 3,467 925 249 Short-term employee benefits — — 681 Provision for gratifications and bonus 9,086 5,423 1,610 Total current 12,553 6,348 2,540 |
Other taxes and royalties pay_2
Other taxes and royalties payable (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of other taxes and royalties payable | Successor Successor Predecessor Non-current Payment plans — — 2 Total non-current — — 2 Successor Successor Predecessor Current Royalties 4,539 5,467 2,452 Tax withholdings payable 866 909 974 Value added tax 597 — 486 Extraordinary canon (Note 10.2) — — 2,251 Turnover tax — 139 124 Other 38 — — Total current 6,040 6,515 6,287 |
Accounts payable and accrued _2
Accounts payable and accrued liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of accrued expenses and other liabilities | Successor Successor Predecessor Non-Current Accrued liabilities: Extraordinary canon on SGIC 419 1,007 — Total non-current 419 1,007 — Current Accounts payable: Suppliers 59,264 73,609 19,764 Related parties (Note 26) — — 1,226 Total current accounts payable 59,264 73,609 20,990 Successor Successor Predecessor Accrued liabilities: Related parties (Note 26 and 27) 24,839 — — Sundry debtors- Put option (Note 27) 12,661 — — Extraordinary canon on SGIC 1,436 769 — Balances with joint operations 69 1,023 — Concession extension bonus Bajada del Palo payable (Note 29.3.2) — 7,899 — Directors’ fees — 1,034 — Total current accrued liabilities 39,005 10,725 — Total current accounts payable and accrued liabilities 98,269 84,334 20,990 |
Related parties transactions _2
Related parties transactions and balances (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Disclosure of transactions between related parties | The following table provides the total amount of transactions that have been entered into with related parties for the period/year. Successor for the year ended 2019 Successor for the Predecessor for Predecessor Revenue from crude oil Pampa Energía S.A. (former Parent of PELSA) — — 31,501 114,564 Revenue from natural gas Pampa Energía S.A. (former Parent of PELSA) — — 2,647 8,832 Transportadora Gas del Sur S.A. (Subsidiary of the former Parent of PELSA) — — — 684 Central Térmica Güemes S.A. (Subsidiary of the former Parent of PELSA) — — — 455 Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — 7,726 18,886 Exploitation services Veta Escondida y Rincón de Aranda U.T.E. (Joint operation in which the former parent of PELSA participate) — — 32 412 Purchases of goods and services SHM S. de R.L. de C.V. (affiliate of Riverstone Holdings, LLC -Shareholder of VISTA) — 186 — — Pampa Energía S.A. (former Parent of PELSA) — — (546 ) (1,767 ) Selling expenses Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — (91 ) (364 ) Oleoductos del Valle S.A. (Subsidiary of the former Parent of PELSA) — — (610 ) (2,962 ) |
Disclosure of key management personnel remuneration | The amounts recognized in the consolidated statement of profit or loss and other comprehensive income, related to the company’s key personnel are detailed below: Successor for year ended December 31, 2019 Successor for the Predecessor for Predecessor for Short-term employee benefits 9,080 5,368 235 2,417 Termination benefits — — — 1,167 Share-based payments 9,175 3,533 — — Total 18,255 8,901 235 3,584 |
Disclosure of outstanding balances with related parties | Balances with related parties: Successor- Successor- Predecessor- Trade receivables Pampa Energía S.A. (former Parent of PELSA) — — 20,331 Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — 6,389 Total — — 26,720 Other receivables Pampa Energía S.A. (former Parent of PELSA) — — 20 Veta Escondida y Rincón de Aranda U.T.E. (Joint operation in which the former parent of PELSA participate) — — 303 APCO Oil and Gas International Inc. Suc.Arg. (Entity with significant influence over the Group) — — 69 APCO Oil and Gas International Inc. (Entity with significant influence over the Group) — — 183 Riverstone Vista Capital Partners L.P. — 186 — REL Amsterdam (1) 2,355 — — Aleph Midstream Holding L.P (1) 814 — — Total 3,169 186 575 Trade payable and accrued liabilities Pampa Energía S.A. (former Parent of PELSA) — — 674 Pampa Comercializadora S.A. (Subsidiary of the former Parent of PELSA) — — 32 Oleoductos del Valle S.A. (Subsidiary of the former Parent of PELSA) — — 266 APCO Oil and Gas International Inc. Suc. Arg. — — 254 REL Amsterdam (2) 24,032 — — Aleph Midstream Holding L.P (2) 807 — — Total 24,839 — 1,226 (1) Corresponds to loans granted to Aleph investors, detailed in Note 27. (2) Includes other accrued liabilities related to the investment agreement with Aleph, connected with the Put-Option. |
Operations in hydrocarbon con_2
Operations in hydrocarbon consortiums (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Summary of joint operations and consortia for the exploration and production of oil and gas | As of December 31, 2019, and 2018 the Company through its subsidiaries is the owner and is part of the joint operations and consortia for the exploration and production of oil and gas as indicated below: Name Location Working interest Operator Duration Direct Indirect Argentina 25 de Mayo - Medanito S.E. Río Negro — 100 % Vista Argentina 2026 Jagüel de los Machos Río Negro — 100 % Vista Argentina 2025 Bajada del Palo Este Neuquén — 100 % Vista Argentina 2053 Bajada del Palo Oeste Neuquén — 100 % Vista Argentina 2053 Entre Lomas Río Negro — 100 % Vista Argentina 2026 Entre Lomas Neuquén — 100 % Vista Argentina 2026 Agua Amarga - “Charco del Palenque” Río Negro — 100 % Vista Argentina 2034 Agua Amarga - “Jarilla Quemada” Río Negro — 100 % Vista Argentina 2040 Coirón Amargo Sur Oeste Neuquén — 10 % O&G Development Ltd. S.A. 2053 Coirón Amargo Norte Neuquén — 55 % Vista Argentina 2036 Acambuco - “San Pedrito” Salta — 1.5 % Pan American Energy 2036 Acambuco - “Macueca” Salta — 1.5 % Pan American Energy 2040 Sur Río Deseado Este Santa Cruz — 16.9 % Alianza Petrolera Argentina S.A. 2021 Águila Mora Neuquén — 90 % Vista Argentina 2054 México Bloque CS-01 Tabasco — 50 % Jaguar 2047 Bloque A-10 Tabasco — 50 % Jaguar 2047 Bloque TM-01 Tabasco — 50 % Jaguar 2047 |
Summary of financial information of joint operation | Successor 2019 Successor 2018 Predecessor 2017 Assets Non-current 8,221 14,950 257,009 Current assets 3,026 1,488 12,626 Liabilities Non-current 918 483 8,151 Current liabilities 3,374 3,307 28,757 Successor for the year ended December 31, 2019 Successor for April 4, Predecessor for the Predecessor for the Cost of sales (9,103 ) (12,120 ) (40,846 ) (195,200 ) Selling expenses (106 ) (46 ) (5,304 ) (23,439 ) General and administrative expenses (1,488 ) (230 ) (1,494 ) (6,949 ) Exploration expenses (667 ) (2 ) (134 ) (1,049 ) Other operating income and expenses, net (74 ) (390 ) 51 5,943 Financial results, net (961 ) 988 1,706 2,078 Total costs and expenses for the period/year (12,399 ) (11,800 ) (46,021 ) (218,616 ) |
PELSA [member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Summary of joint operations and consortia for the exploration and production of oil and gas | As of December 31, 2017, PELSA is part of the joint operations and consortia for the exploration and production of oil and gas as indicated below: Name Location Working interest Operator Duration Direct Indirect Argentina Bajada del Palo Neuquén 73.15 % — PELSA 2025 Entre Lomas Río Negro and Neuquén 73.15 % — PELSA 2026 Agua Amarga Río Negro 73.15 % — PELSA 2034/2040 |
Business Combinations (Tables)
Business Combinations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of detailed information about business combination [line items] | |
Summary of net cash outflow on acquisition of subsidiaries | In the consolidated statement of cash flows: Cash consideration transferred 732,784 Cash and cash equivalents acquired (24,648 ) Net cash outflow on acquisition of subsidiaries (*) 708,136 (*) In the statement of cash flows have been presented 725,174 as net cash outflow on business acquisitions and 17,038 are included in the ‘‘Cash and cash equivalents at the beginning of the period’’ held by the Successor entity line. |
Summary of composition of goodwill | The Composition of Goodwill is PELSA 11,999 JDM and Medanito 5,542 APCO 10,943 Total Goodwill 28,484 |
PELSA [member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of fair value of the acquired assets and the assumed liabilities | The following table details the fair value of the transferred consideration, the fair values of the acquired assets, the assumed liabilities and the non-controlling Notes Total Assets Property, plant and equipment [A] 312,728 Other intangible assets 494 Trade and other receivables [B] 27,857 Other financial assets 19,712 Inventories 3,952 Cash and cash equivalents 10,216 Total assets acquired 374,959 Notes Total Liabilities Deferred income tax liabilities 56,396 Provisions [C] 11,085 Employee defined benefits plan obligation 2,856 Salaries and social security payable 1,178 Income tax payable 2,914 Other taxes and royalties payable 3,394 Accounts payable and accrued liabilities 10,240 Total liabilities assumed 88,063 Net assets acquired 286,896 Goodwill 11,999 Non-controlling (1,307 ) Total consideration 297,588 [A] Property, plant and equipment: • Oil and gas Property: The Company has valued its interests in proved reserves (both developed and to be developed) and probable reserves in different acquired oil and gas properties. To estimate the future level of reserves, a report audited by external engineers was used adjusting by the temporality of the activity (e.g. drilling new wells and workovers) to adapt to Vista’s plans. These assumptions reflect all reserves and resources that management believe a market participant would consider when valuing the asset. In all cases, the approach used to determine the oil and gas property’s fair value was a combination of the income-based approach through the Indirect Cash Flow method and a valuation methodology for comparable transactions using the multiple US/acre. The projection period was determined based on the termination of the respective concession contracts. For each type of reserve or resource, management used a risk factor between 100% and 30% of success from their estimated full potential value. An 11.25% discount rate has been used, which was estimated taking the WACC rate in US as a parameter. The other main assumptions used to project cash flows were associated with crude oil, natural gas and NGL prices, foreign exchange and inflation rates, which were based on market participant assumptions. [B] Acquired Receivables: [C] Contingent liabilities, provision for environmental remediation and asset retirement obligation: |
Summary of net cash outflow on acquisition of subsidiaries | In the consolidated statement of cash flows: Cash consideration transferred 297,588 Cash and cash equivalents acquired (10,216 ) Net cash outflow on acquisition of subsidiaries (*) 287,372 (*) In the statement of cash flows 297,458 have been presented as Net cash outflow on acquisition of subsidiaries and 10,086 are included in the ‘‘Cash and cash equivalents at the beginning of the period’’ held by the Successor entity. |
Oil and gas properties [member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of fair value of the acquired assets and the assumed liabilities | The following table details the fair value of the transferred consideration, the fair values of the acquired assets and the assumed liabilities corresponding to Oil and gas properties’ acquisitions as of April 4, 2018: Notes Total Assets Property, plant and equipment [A] 86,096 Deferred income tax asset 1,226 Total assets acquired 87,322 Notes Total Liabilities Provisions [B] 6,406 Salaries and social security payable 1,023 Total liabilities assumed 7,429 Net assets acquired 79,893 Goodwill 5,542 Total consideration 85,435 [A] Property, plant and equipment: • Oil and gas property: The Company has valued its interests in proved reserves (both developed and to be developed) and probable reserves in different acquired oil and gas properties. To estimate the future level of reserve, a report audited by external engineers was used adjusting by the temporality of the activity (e.g. drilling new wells and workovers) to adapt to the Vista’s plans. These assumptions reflect all reserves and resources that management believe a market participant would consider when valuing the asset. In all cases, the approach used to determine the Oil and gas property’s fair value was a combination of the income-based approach through the Indirect Cash Flow method. The projection period was determined based on the termination of the respective concession contracts. For each type of reserve or resource, management used a risk factor between 100% and 30% of success from their estimated full potential value. An 11.25% discount rate has been used, which was estimated taking the WACC rate in US as a parameter. The other main assumptions used to project cash flows were associated with Crude oil, natural gas and NGL prices, foreign exchange and inflation rates, which were based on market participant assumptions. [B] Provision for Environmental remediation and asset retirement obligation: |
Summary of net cash outflow on acquisition of subsidiaries | In the consolidated statement of cash flows: Cash consideration transferred 85,435 Cash and cash equivalents acquired — Net cash outflow on acquisition of subsidiaries 85,435 |
APCO [member] | |
Disclosure of detailed information about business combination [line items] | |
Summary of fair value of the acquired assets and the assumed liabilities | The following table details the fair value of the transferred consideration, the fair values of the acquired assets, the assumed liabilities and the non-controlling Notes Total Assets Property, plant and equipment [A] 380,386 Other intangible assets 417 Trade and other receivables [B] 34,076 Other financial assets 13,579 Inventories 4,409 Cash and cash equivalents 14,432 Total assets acquired 447,299 Notes Total Liabilities Deferred income tax liabilities 67,503 Provisions [C] 12,881 Employee defined benefits plan obligation 3,483 Other taxes and royalties payable 3,349 Salaries and social security payable 1,312 Income tax payable 6,458 Accounts payable and accrued liabilities 13,495 Total liabilities assumed 108,481 Net assets acquired (1) 338,818 Goodwill 10,943 Total consideration 349,761 (1) The remaining total net assets acquired from APCO Oil & Gas International, Inc., after consolidation process and purchase price allocation corresponds to an amount of 851 of total assets related to cash and cash equivalents and receivables, and no liabilities. [A] Property, plant and equipment: • Oil and gas property: The Company has valued its interests in proved reserves (both developed and to be developed) and probable reserves in different acquired oil and gas properties. To estimate the future level of reserves, a report audited by external engineers was used adjusting by the temporality of the activity (e.g. drilling new wells and workovers) to adapt to the Vista’s plans. These assumptions reflect all reserves and resources that management believe a market participant would consider when valuing the asset. In all cases, the approach used to determine the Oil and gas property’s fair value was a combination of the income-based approach through the Indirect Cash Flow method and a valuation methodology for comparable transactions using the multiple US/acre. The projection period was determined based on the termination of the respective concession contracts. For each type of reserve or resource, management used a risk factor between 100% and 30% of success from their estimated full potential value. An 11.25% discount rate has been used, which was estimated taking the WACC rate in US as a parameter. The other main assumptions used to project cash flows were associated with Crude oil, natural gas and NGL prices, foreign exchange and inflation rates, which were based on market participant assumptions. [B] Acquired Receivables: [C] Contingent liabilities, provision for environmental remediation and asset retirement obligation: |
Summary of net cash outflow on acquisition of subsidiaries | In the consolidated statement of cash flows: Cash consideration transferred 349,761 Cash and cash equivalents acquired (14,432 ) Net cash outflow on acquisition of subsidiaries (*) 335,329 (*) In the statement of cash flows have been presented 342,281 as net cash outflow on acquisition of subsidiaries and 6,952 are included in the ‘‘Cash and cash equivalents at the beginning of the period’’ held by the Successor entity line. |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of number and weighted average exercise prices (WAEP) of, and movements in, share options | The following table illustrates the number of Series A shares and weighted average exercise prices (“WAEP”) of, and movements in, share options during the year: Consolidated-Successor for the year Consolidated-Successor for the December 31, 2018 Number of rights to buy WAEP Number of rights WAEP Outstanding as of beginning of the year 1,330,541 10.0 — — Granted during the year 2,704,003 6.7 1,330,541 10.0 Paid during the year (40,540 ) 10.0 — — At the end of the year 3,994,004 7.8 1,330,541 10.0 |
Summary of valuation assumptions of stock option plan | The following table list the inputs to the models used for the plan for the periods/years: Consolidated-Successor for the year ended December 31, 2019 Consolidated-Successor for the December 31, 2018 Dividend yield (%) 0.0 % 0.0 % Expected volatility (%) 40 % 40 % Risk–free interest rate (%) 2.5 % 1.5 % Expected life of share options (years) 5 5 Weighted average exercise price (US) 6.7 10.0 Model used Black-Scholes-Merton Black-Scholes-Merton |
Summary of number and weighted average exercise prices (WAEP) of, and movements in, restricted stock | The following table illustrates the number and WAEP of, and movements share during the successor period: Consolidated-Successor for the year ended December 31, 2019 Consolidated-Successor for the period from April 4, 2018 through Number of Series A WAEP Number of Series A WAEP Outstanding as of beginning of year 854,750 10.0 — — Granted during the period/year 1,356,762 6.7 854,750 10.0 Paid during the year (4,500 ) 10.0 — — At the end of the year 2,207,012 7.8 854,750 10.0 |
Supplementary Information On _2
Supplementary Information On Oil And Gas Activities (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Text Block [Abstract] | |
Summary of costs capitalized as well as expensed that were incurred | The following table presents those costs capitalized as well as expensed that were incurred during the year ended December 31, 2019 and for the period from April 4 to December 31, 2018 (Successor) and from January 1, 2018 to April 3, 2018 and year ended as of December 31, 2017 (Predecessor). The acquisition of properties includes the cost of acquisition of proved or unproved oil and gas properties. Exploration costs include costs necessary for retaining undeveloped properties, seismic acquisition cost, seismic data interpretation, geological modeling, exploration well drilling costs and testing of drilled wells. Development costs include drilling costs and equipment for development wells, the construction of facilities for extraction, treatment and storage of hydrocarbons and all necessary costs to maintain facilities for the existing developed technical volumes. Successor For the year ended December 31, Successor For the period from April 4 Predecessor For the period Predecessor For the year Argentina Mexico Argentina Mexico Argentina Argentina Acquisition of properties Proved — — (555,944 ) — — — Unproved — 278 — (29,681 ) — — Total property acquisition — 278 (555,944 ) (29,681 ) — — Exploration (9 ) (667 ) (637 ) — (134 ) (1,049 ) Development (146,935 ) (601 ) (131,080 ) — (3,999 ) (29,543 ) Total costs incurred (146,944 ) (990 ) (687,661 ) (29,681 ) (4,133 ) (30,592 ) |
Summary of capitalized costs | The following table presents the capitalized costs as of December 31, 2019, 2018 and 2017, for proved and unproved oil and gas properties, and the related accumulated depreciation as of those dates. Successor December 31, 2019 Successor December 31, 2018 Predecessor December 31, 2017 Argentina Mexico Argentina Mexico Argentina Proved properties (1) Machinery, installations and software licenses 29,757 40 20,602 — 16,996 Oil and gas properties and wells 1,040,250 — 804,752 — 1,061,163 Other uncompleted projects 74,924 601 77,536 — 3,911 Unproved properties — 29,403 13,157 29,681 — Gross capitalized costs 1,144,931 30,044 916,047 29,681 1,082,070 Accumulated depreciation (222,847 ) (3 ) (74,413 ) — (824,399 ) Total net capitalized costs 922,084 30,041 841,634 29,681 257,671 (1) Includes capitalized amounts related to assets retirement obligations and impairment loss / recovery. |
Summary of results of operations | The breakdown of results of the operations shown below summarizes revenues and expenses directly associated with oil and gas producing activities for the year ended December 31, 2019 and for the periods from April 4 to December 31, 2018 (Successor) and from January 1, 2018 to April 3, 2018 and for the year ended December 31, 2017 (Predecessor). Income tax for the periods presented was calculated utilizing the statutory tax rates. Successor year ended December 31, 2019 Successor FromApril 4 to December 31, Predecessor Predecessor Revenue from contract with customers 415,976 331,336 44,463 198,075 Surplus Gas Injection Compensation — — 291 16,938 Revenue and other income 415,976 331,336 44,754 215,013 Production costs, excluding depreciation Operating costs and others (114,431 ) (86,245 ) (18,367 ) (77,461 ) Royalties (61,008 ) (50,323 ) (6,795 ) (28,163 ) Total production costs (175,439 ) (136,568 ) (25,162 ) (105,624 ) Exploration expenses (676 ) (637 ) (134 ) (1,049 ) Impairment recovery of Property, Plant and equipment — — — 5,290 Accreation expenses (1,723 ) (897 ) (233 ) (815 ) Depreciation, depletion and amortization (153,001 ) (74,772 ) (14,194 ) (61,211 ) Results of operations before income tax 85,137 118,462 5,031 51,604 Income tax (25,541 ) (35,539 ) (1,509 ) (18,061 ) Results of oil and gas operations 59,596 82,923 3,522 33,543 |
Summary of estimated oil and natural gas proved reserves and technical volumes | The following tables sets forth the estimated oil (including crude oil, condensate and natural gas liquids) and natural gas proved reserves and technical volumes as of December 31, 2019, 2018 and 2017 to the working interest of Vista in the concessions: Proved Reserves as of December 31, 2019 Argentina Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels of PROVED Developed 30.2 108.0 19.2 PROVED Undeveloped 40.6 64.0 11.4 Total proved reserves 70.8 172.0 30.6 Proved Reserves as of December 31, 2019 Mexico Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels PROVED Developed 0.1 0.7 0.2 PROVED Undeveloped 0.1 0.1 0.0 Total proved reserves 0.2 0.8 0.2 Proved Reserves as of December 31, 2018 Argentina Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels PROVED Developed 27.1 103.4 18.4 PROVED Undeveloped 7.1 28.2 5.0 Total proved reserves 34.2 131.6 23.4 Proved Reserves as of December 31, 2017 Argentina Crude oil, Consumption plus Consumption plus Reserves Category (millions of barrels) (billion cubic feet) (millions of barrels PROVED Developed 12.0 51.0 9.1 PROVED Undeveloped 2.4 17.6 3.1 Total proved reserves 14.4 68.6 12.2 |
Summary of reconciliation of the company's reserves | The following table sets forth the reconciliation of the Company’s reserves data between December 31, 2018 and December 31,2019: Crude oil, Consumption plus (5) Consumption plus Argentina (millions of barrels) (billion cubic feet) (millions of barrels Proved reserves Reserves as of December 31, 2018 34.2 131.6 23.4 Increase (decrease) attributable to: Revisions of previous estimates (1) 2.4 17.8 3.2 Extension and discoveries (2) 41.0 43.0 7.6 Purchases of proved reserves in place (3) — — — Production for the year (4) (6.8 ) (20.4 ) (3.6 ) Reserves as of December 31,2019 70.8 172.0 30.6 (1) Revisions of previous estimates are mainly driven by a revision of the decline curve of proved developed reserves in Entre Lomas, Jagüel de los Machos and 25 de mayo-Medanito. (2) Includes addition of unconventional Bajada del Palo Oeste in Vaca Muerta. (3) Without changes. (4) Considers Vista Argentina production at WI, except for Aguila Mora production (oil production of 35 bbl./d). (5) Natural gas consumption represented 30.1% of consumption plus natural gas sale reported reserves volumes as of December 31, 2018, and 14.1% as of December 31, 2019. Crude oil, Consumption plus Consumption plus Mexico (millions of barrels) (billion cubic feet) (millions of barrels Proved reserves Reserves as of December 31, 2018 — — — Increase (decrease) attributable to: Revisions of previous estimates — — — Extension and discoveries 0.2 0.8 0.2 Purchases of proved reserves in place — — — Production for the year — — — Reserves as of December 31,2019 0.2 0.8 0.2 The following table sets forth the reconciliation of the Company’s reserves data between January 1, 2018 and December 31, 2018: Crude oil, Consumption plus (5) Consumption plus Argentina (millions of barrels) (billion cubic feet) (millions of barrels Proved reserves Consolidated Entities Reserves as of January 1, 2018 (*) 14.4 68.6 12.2 Increase (decrease) attributable to: Revisions of previous estimates (1) (0.6 ) 7.5 1.3 Extension and discoveries (2) 4.0 34.2 6.1 Purchases of proved reserves in place (3) 21.1 41.3 7.3 Production for the year (4) (4.8 ) (20.0 ) (3.6 ) Reserves as of December 31, 2018 (*) 34.2 131.6 23.4 Equity-accounted entities Reserves as of January 1, 2018 — — — Increase (decrease) attributable to: — — — Revisions of previous estimates — — — Extension and discoveries — — — Purchases of proved reserves in place — — — Production for the year — — — Reserves as of December 31, 2018 — — — (*) Includes proved developed reserves: As of January 1, 2018 12.0 51.0 9.1 As of December 31, 2018 27.1 103.4 18.4 (1) Revisions of previous estimates are mainly driven by a reduction of well performance of proved undeveloped oil-prone gas-prone (2) Includes proved reserves from successor’s developments in unconventional concessions Coirón Amargo Sur Oeste and the unconventional development in Bajada del Palo Oeste. Includes conventional natural gas reserves in Lotena formation in Bajada del Palo Oeste (“BDPO”). Extensions include BDPO and Bajada del Palo Este (“BDPE”) concession extension additional reserves of Crude oil, condensate and natural gas from September 2025 to November 2053. (3) Includes proved reserves from successor’s purchases of additional working interest in Agua Amarga concession (Charco del Palenque and Jarrilla Quemada fields), Bajada del Palo (subsequently in November 2018 splitted into two concessions BDPO and BDPO), and Entre Lomas (Rio Negro and Neuquén concession), 55% interest in Coirón Amargo Norte, and 1.5% in Acambuco field. (4) Considers predecessor PELSA’s production plus production from the rest of the fields since its acquisition on April 4, 2018. (5) Natural gas consumption represented 30.1% of consumption plus natural gas sale reported reserves volumes as of January 1, 2018, and 16.9% as of December 31, 2018. The following table sets forth the reconciliation of the Company’s reserves data between January 1, 2017 and December 31, 2017: Crude oil, gas liquids Consumption plus (1) Consumption plus Argentina (millions of barrels) (billion cubic feet) (millions of barrels Technical volumes / Proved reserves Consolidated entities Technical volumes as of January 1, 2017 18.4 64.7 11.5 Increase (decrease) attributable to: Revisions of previous estimates (2) (2.1 ) 14.4 2.6 Extension and discoveries — — — Purchases of proved reserves in place — — — Production for the year (1.8 ) (10.3 ) (1.8 ) Technical volumes as of December 31, 2017 14.5 68.6 12.2 Equity-accounted entities Reserves as of January 1, 2017 — — — Increase (decrease) attributable to: — — — Revisions of previous estimates — — — Extension and discoveries — — — Purchases of proved reserves in place — — — Production for the year — — — Reserves as of December 31, 2017 — — — (*) Includes proved developed reserves: As of January 1, 2017 15.0 53.2 9.5 As of December 31, 2017 12.0 51.0 9.1 (1) Natural gas consumption represented 35.4% of consumption plus natural gas sale reported reserves volumes as of January 1, 2017, and 30.1% as of December 31, 2017. (2) Revisions of previous estimates are mainly driven by a reduction of well performance of proved undeveloped oil-prone gas-prone |
Summary of standardized measure of discounted future cash flows | Successor- Successor- Predecessor- Future cash inflows 4,457 2,714 982 Future production costs (1,927 ) (1,338 ) (711 ) Future development and abandonment costs (748 ) (258 ) (94 ) Future income tax (410 ) (267 ) (20 ) Undiscounted future net cash flows 1,372 851 157 10% annual discount (597 ) (243 ) (40 ) Standardized measure of discounted future net cash flows 775 608 116 |
Summary of changes in the standardized measure of discounted future net cash flows | The following table discloses the changes in the standardized measure of discounted future net cash flows for the year ended December 31, 2019 and for the period from April 4 to December 31, 2018 (Successor) and for the period from January 1, 2018 to April 3, 2018 and from January 1, 2017 to December 31, 2017 (Predecessor): Successor ended December 31, Successor Predecessor Predecessor Standardized measure of discounted future net cash flows at beginning of year 608 124 116 200 Net change in sales prices and production costs related to future production (1) (103 ) 188 — (148 ) Net change in estimated future development costs (2) (525 ) (145 ) — 36 Net change due to revisions in quantity estimates (3) (1 ) 35 — 17 Net change due to extensions, discoveries and improved recovery (4) 306 16 — — Accretion of discount 352 10 3 24 Net Change due to purchases and sales of minerals in place (5) — 385 — — Other 58 20 1 10 Sales of crude oil, NGLs and natural gas produced, net of production costs 6 (67 ) (6 ) (109 ) Previously estimated development costs incurred 151 99 10 30 Net change in income tax (6) (77 ) (57 ) 1 56 Change in Standardized measure of discounted future net cash flows of the year 167 484 8 (84 ) Standardized measure of discounted future net cash flows at end of year 775 608 124 116 (1) Mainly driven by a decrease in prevailing oil prices from 65.40 US/bbl. by December 31, 2018 to 55.86 US/bbl by December 2019 partially offset by a reduction in average production costs of 25.1%. Mainly driven by an increase in prevailing oil prices from 54.55 US$/bbl by April 4, 2018 to 60.20 US$/bbl by December 31, 2018 and a reduction in production costs. During such period, average production costs went from 27 US$/bbl to 21 US$/bbl. Mainly driven by a decrease in prevailing oil prices from 64.2 US$/bbl by year end 2016 to 54.5 US$/bbl by year end 2017. (2) Due to incorporation of a development plan for unconventional developed reserves BDPO. Due to an increase in future activity Charco del Palenque (addition of two new locations), Entre Lomas Río Negro (recategorization of two probable gas workovers to prove developed) and BDPO targeting Vaca Muerta formation (start of development) for the period from April 4 to December 31, 2018. Due to a reduction in future activity because of the above-mentioned decrease in prevailing prices for the period from January 1, 2017 to December 31, 2017 (Predecessor). (3) Due to a decrease in proved undeveloped conventional reserves compensated by an increase in proved developed reserves from December 31, 2018 to December 31, 2019. Due to an increase in conventional reserves in Bajada del Palo for the period from April 4 to December 31, 2018. Due to an increase in gas well types for the period from January 1, 2017 to December 31, 2017 (Predecessor). (4) Due to the unconventional development in BDPO in 2019, where 8 wells were completed and put into production during the year 2019, that enabled the certification of proved reserves. Due to the initiation of the development of Vaca Muerta formation in BDPO and the extension of the concession. (5) Due to the acquisition of: APCO, the non-controlling Medanito-25 (6) Due to an increase of the expected cash inflows for the period from December 31, 2018 to December 31, 2019. Due to a change in income tax rate which was introduced by the above-mentioned tax reform and a reduction of expected cash inflows for the period from December 31, 2018 to December 31, 2019. Due to an increase of the expected cash inflows for the period from April 4 to December 31, 2018. . Due to a change in income tax rate which was introduced by the above-mentioned tax reform and a reduction of expected cash inflows for the period from January 1, 2017 to December 31, 2017 (Predecessor). |
Corporate and Company informa_2
Corporate and Company information - Additional information (Detail) | Jun. 27, 2019 | Dec. 31, 2019 | Dec. 31, 2018 |
Aleph Midstream S.A. [member] | |||
Corporate and Company information [Line Items] | |||
Proportion of ownership interest by the Group | 0.27% | 100.00% | |
Proportion of ownership interest sold by the group | 99.73% | ||
Neuquen Basin Argentina [Member] | Medanito25 de Mayo and Jagel de los Machos [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 100.00% | ||
Neuquen Basin Argentina [Member] | Coirn Amargo Norte CAN [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 55.00% | ||
Neuquen Basin Argentina [Member] | Baja del Palo Oeste and Bajada del Palo Este [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 100.00% | ||
Neuquen Basin Argentina [Member] | Aguila Mora [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 90.00% | ||
Neuquen Basin Argentina [Member] | Coirn Amargo Sur Oeste [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 10.00% | ||
Golfo San Jorge Basin Argentina [Member] | Sur Rio Deseado Este [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 16.90% | ||
Northwest Basin Argentina [Member] | Acambuco [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 1.50% | ||
Mexico 50% of blocks CS-01 [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 50.00% | ||
Mexico 50% of blocks A-10 [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 50.00% | ||
Mexico 50% of blocks TM-01 [Member] | |||
Corporate and Company information [Line Items] | |||
Percentage of Concessions for Exploitation | 50.00% |
Basis of preparation and sign_4
Basis of preparation and significant accounting policies - Summary of effect of IFRS 16 adoption on balance sheet (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Assets | ||||
Right-of-use-assets | $ 16,624 | |||
Total assets | 1,385,133 | $ 1,086,142 | $ 361,871 | |
Liabilities | ||||
Total liabilities | $ (781,417) | $ (606,485) | $ (81,570) | |
IFRS 16 [Member] | ||||
Assets | ||||
Right-of-use-assets | $ 12,103 | |||
Total assets | 12,103 | |||
Liabilities | ||||
Lease liabilities | (12,103) | |||
Total liabilities | $ (12,103) |
Basis of preparation and sign_5
Basis of preparation and significant accounting policies - Summary of reconciliation of operating lease commitments (Detail) - USD ($) $ in Thousands | Jan. 01, 2019 | Dec. 31, 2018 |
Disclosure of quantitative information about right-of-use assets [abstract] | ||
Operating lease commitments as at December 31, 2018 | $ 16,153 | |
Weighted average incremental borrowing rate as at 1 January 2019 | 9.356% | |
Discounted operating lease commitments at January 1, 2019 | $ 13,608 | |
Less: | ||
Commitments relating to short-term leases | (1,401) | |
Commitments relating to leases of low-value assets | (104) | |
Total liabilities as at January 1, 2019 | $ 12,103 |
Basis of preparation and sign_6
Basis of preparation and significant accounting policies - Summary of movements in right-of-use assets and lease liabilities (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Ending balance | $ 16,624 |
Payments | 7,619 |
Interest expense | 1,561 |
Lease liabilities [member] | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Beginning balance | (12,103) |
Additions | (10,351) |
Payments | 7,619 |
Interest expense | (1,932) |
Ending balance | (16,767) |
Right-of-use assets [member] | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Beginning balance | 12,103 |
Additions | 10,351 |
Depreciation | (5,830) |
Ending balance | 16,624 |
Right-of-use assets [member] | Buildings [member] | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Beginning balance | 1,843 |
Additions | 873 |
Depreciation | (656) |
Ending balance | 2,060 |
Right-of-use assets [member] | Machinery [member] | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Beginning balance | 10,260 |
Additions | 9,478 |
Depreciation | (5,174) |
Ending balance | $ 14,564 |
Basis of preparation and sign_7
Basis of preparation and significant accounting policies - Summary of movements in right-of-use assets and lease liabilities (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Interest expense | $ (1,561) |
Drilling Services [Member] | |
Summary of Movements in Right of Use Assets and Lease Liabilities [Line Items] | |
Depreciation of right-of-use | 1,326 |
Interest expense | $ 371 |
Basis of preparation and sign_8
Basis of preparation and significant accounting policies - Summary of equity interest in subsidiaries (Detail) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Vista Holding I, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | 100.00% |
Place of incorporation and operation | Mexico | |
Main activity | Holding | |
Vista Holding II, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | 100.00% |
Place of incorporation and operation | Mexico | |
Main activity | Holding | |
Vista Holding III, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | 100.00% |
Place of incorporation and operation | Mexico | |
Main activity | Holding | |
Vista Holding IV, S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | |
Place of incorporation and operation | Mexico | |
Main activity | Holding | |
Vista Complemento S.A. de C.V. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | 100.00% |
Place of incorporation and operation | Mexico | |
Main activity | Holding | |
Vista Oil & Gas Argentina S.A.U. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | 100.00% |
Place of incorporation and operation | Argentina | |
Main activity | Upstream | |
APCO Oil & Gas S.A.U. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | |
Place of incorporation and operation | Argentina | |
Main activity | Upstream | |
APCO Argentina S.A. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | |
Place of incorporation and operation | Argentina | |
Main activity | Holding | |
Aleph Midstream S.A. [member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 0.27% | 100.00% |
Place of incorporation and operation | Argentina | |
Main activity | Services | |
Aluvional Infraestructura S.A. [Member] | ||
Disclosure of subsidiaries [line items] | ||
Proportion of ownership interest by the Group | 100.00% | 100.00% |
Place of incorporation and operation | Argentina | |
Main activity | Mining and Industry |
Basis of preparation and sign_9
Basis of preparation and significant accounting policies - Summary of useful lives of property plant and equipment (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 50 years |
Vehicles [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 5 years |
Machinery and installations [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 10 years |
Computer equipment [member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 3 years |
Equipment and furniture [Member] | |
Disclosure of detailed information about property, plant and equipment [line items] | |
Useful lives of the assets | 10 years |
Basis of preparation and sig_10
Basis of preparation and significant accounting policies - Additional information (Detail) $ / shares in Units, $ in Thousands | Apr. 04, 2018 | Jan. 01, 2018 | Sep. 15, 2015USD ($)$ / shares | Apr. 03, 2018USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Sep. 19, 2019Exhange_Rate | Aug. 30, 2019Exhange_Rate | Aug. 15, 2019Exhange_Rate | Dec. 31, 2016 | May 20, 2016$ / shares | Jan. 01, 2016 | Aug. 15, 2015 | Nov. 30, 2013$ / $m³ | Jul. 31, 2009 |
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Percentage of profit allocated to legal reserve | 5.00% | 5.00% | |||||||||||||||
Percentage of legal reserve to share capital | 20.00% | 20.00% | 20.00% | ||||||||||||||
Legal Reserve | $ 7,523 | ||||||||||||||||
Percentage of withholding tax rate | 7.00% | 7.00% | 35.00% | ||||||||||||||
Percentage of withholding tax rate in subsequent years | 13.00% | ||||||||||||||||
Prevailing Income tax rates in Argentina and Mexico | 35.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% | |||||||||||
Royalties percentage | 12.00% | ||||||||||||||||
Price per barrel | 54.55 | 60.20 | 60.20 | 54.5 | 64.2 | ||||||||||||
Proceeds from natural gas program bonds | $ 20,663 | ||||||||||||||||
Nominal value of natural gas program bonds | 12,406 | ||||||||||||||||
Current value of natural gas program bonds | 11,397 | ||||||||||||||||
Minimum presumed income tax receivable | 1,462 | ||||||||||||||||
Amortization of natural gas program bonds | $ 8,257 | ||||||||||||||||
Unconventional Hydrocarbons Exploitation Concession [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Royalties percentage | 12.00% | ||||||||||||||||
Argentina [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Minimum presumed income tax rate | 1.00% | ||||||||||||||||
Decree No. 704/16 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Authorized face value of bonds | $ / shares | $ 6,211 | ||||||||||||||||
Limit on transferability of bonds | 3.00% | ||||||||||||||||
Decree No. 566/2019 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Currency exchange rate | Exhange_Rate | 45.19 | ||||||||||||||||
Price per barrel | 59 | ||||||||||||||||
Decree No. 601/19 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Currency exchange rate | Exhange_Rate | 46.69 | ||||||||||||||||
Price per barrel | 59 | 59 | |||||||||||||||
Resolution No. 97/18 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Gain (loss) recognized on present value of compensation receivable | $ 1,760 | ||||||||||||||||
Compensation receivable | $ 15,948 | $ 15,948 | |||||||||||||||
Resolution No. 97/18 [member] | PELSA [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Outstanding balance subject to settlement | $ 14,366 | ||||||||||||||||
Estimated compensation receivable | $ 13,569 | ||||||||||||||||
Resolution No. 97/18 [member] | APCO [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Outstanding balance subject to settlement | $ 4,667 | ||||||||||||||||
Estimated compensation receivable | $ 4,700 | ||||||||||||||||
Resolution No. 60/13 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Number of cubic meter per day | m³ | 3.5 | ||||||||||||||||
Resolution No. 557/2019 [member] | Decree No. 601/19 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Currency exchange rate | Exhange_Rate | 49.30 | ||||||||||||||||
Percent increase on prices of gasoline and diesel | 400 | ||||||||||||||||
Percentage increase over the current reference value | 5.58% | ||||||||||||||||
BONAR 2024 Bonds [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Nominal value of bond | $ / shares | $ 1 | ||||||||||||||||
BONAR 2024 Bonds [Member] | PELSA [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Proceeds in kind | $ 8,081 | ||||||||||||||||
BONAD 2018 Bonds [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Face value of bond | $ / shares | $ 1 | ||||||||||||||||
BONAD 2018 Bonds [Member] | PELSA [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Proceeds in kind | $ 2,020 | ||||||||||||||||
International Price Agreement [Member] | Discount Rate One [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Discount rate | 2.00% | ||||||||||||||||
International Price Agreement [Member] | Discount Rate Two [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Discount rate | 4.00% | ||||||||||||||||
International Price Agreement [Member] | Discount Rate Three [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Discount rate | 6.00% | ||||||||||||||||
International Price Agreement [Member] | Discount Rate Four [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Discount rate | 8.00% | ||||||||||||||||
International Price Agreement [Member] | Discount Rate Five [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Discount rate | 10.00% | ||||||||||||||||
Bottom of range [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Percentage of profit allocated to legal reserve | 5.00% | 5.00% | |||||||||||||||
Price per barrel | 65.40 | 55.86 | 65.40 | ||||||||||||||
Contractual percentage | 40.00% | ||||||||||||||||
Bottom of range [member] | Resolution No. 60/13 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Price per MMBTU | $ / $ | 4 | ||||||||||||||||
Top of range [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Contractual percentage | 45.00% | ||||||||||||||||
Top of range [member] | Resolution No. 60/13 [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Price per MMBTU | $ / $ | 7.5 | ||||||||||||||||
Medanito-25 de Mayo and Jagüel de los Machos [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Direct participation in oil and gas properties operated | 100.00% | ||||||||||||||||
Charco del Palenque And Jarilla Quemada [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Royalties percentage | 6.50% | ||||||||||||||||
Entre Lomas [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Percentage on production, included in concession | 3.00% | ||||||||||||||||
Entre Lomas and Bajada del Palo Oil And Gas Properties [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Extraordinary canon percentage on production | 3.00% | ||||||||||||||||
Entre Lomas Bajada del Palo [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Extraordinary canon percentage on production | 3.00% | ||||||||||||||||
Agua Amarga [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Extraordinary canon percentage on production | 6.50% | ||||||||||||||||
PELSA [member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Ownership interest percentage | 99.68% | ||||||||||||||||
Direct participation in oil and gas properties operated | 3.85% | ||||||||||||||||
APCO [Member] | |||||||||||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||||||||||
Ownership interest percentage | 100.00% |
Significant accounting judgem_3
Significant accounting judgements, estimates and assumptions - Additional information (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information for cash-generating units [line items] | ||||||
Goodwill | $ 28,484 | $ 28,484 | $ 28,484 | $ 0 | ||
Tax rate | 35.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% |
Asset retirement obligations | $ 16,253 | $ 21,748 | $ 16,253 | $ 15,642 | ||
Agua Amarga and Entre Lomas [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Impairment loss Or (reversal of impairment loss) | $ 0 | $ (5,290) | ||||
Bottom of range [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Percentage of risk | 70.00% | |||||
Top of range [member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Percentage of risk | 100.00% | |||||
Argentina [Member] | ||||||
Disclosure of information for cash-generating units [line items] | ||||||
Tax rate | 30.00% |
Significant accounting judgem_4
Significant accounting judgements, estimates and assumptions - Schedule of assumptions used In sensitivity analysis for CGU's (Detail) | Dec. 31, 2019MMBTUtbbl | Dec. 31, 2018MMBTUtbbl | Apr. 03, 2018MMBTUtbbl | Dec. 31, 2017MMBTUtbbl |
Disclosure of information for cash-generating units [line items] | ||||
Discount rates (post-tax) | 12.60% | 11.90% | 11.25% | 10.10% |
NGL-Local prices (US$/Tn.) | t | 300 | 430 | 439 | 439 |
Year 2018 [Member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Crude oil-Brent (USD/bbl.) | 64.5 | 64.5 | ||
Natural Gas-Local prices (US$/MMBTU) | MMBTU | 4.60 | 4.60 | ||
Year 2019 [Member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Crude oil-Brent (USD/bbl.) | 70 | 65 | 65 | |
Natural Gas-Local prices (US$/MMBTU) | MMBTU | 4.60 | 4.50 | 4.50 | |
Year 2020 [Member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Crude oil-Brent (USD/bbl.) | 60 | 71.3 | 66 | 66 |
Year 2021 [Member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Crude oil-Brent (USD/bbl.) | 60.4 | 69.6 | 65.9 | 65.9 |
Year 2023 Onwards [Member] | ||||
Disclosure of information for cash-generating units [line items] | ||||
Natural Gas-Local prices (US$/MMBTU) | MMBTU | 3.5 | 4.60 | 4.50 | 4.50 |
Significant accounting judgem_5
Significant accounting judgements, estimates and assumptions - Schedule of sensitivity analysis for CGU's with respect to change in assumptions (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Discount Rate [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Percentage Increase Decrease In Assumptions Used In Value In Use | 100.00% | 100.00% | 100.00% |
Increase In Value Of CGU | $ 0 | $ 0 | $ 100 |
Decrease In Value Of CGU | $ 0 | $ 0 | $ 900 |
Expected Crude Oil Natural Gas And Natural Gas Liquid [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Percentage Increase Decrease In Assumptions Used In Value In Use | 10.00% | 10.00% | 10.00% |
Increase In Value Of CGU | $ 0 | $ 0 | $ 4,000 |
Decrease In Value Of CGU | $ 9,707 | $ 3,100 |
Segment information - Schedule
Segment information - Schedule of assets and liabilities by geographical ares (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2018 | Dec. 31, 2017 |
Disclosure of geographical areas [line items] | ||||
Total non-current assets | $ 1,012,562 | $ 900,997 | $ 260,547 | $ 260,547 |
Argentina [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total non-current assets | 982,397 | 871,313 | $ 260,547 | $ 288,676 |
Mexico [member] | ||||
Disclosure of geographical areas [line items] | ||||
Total non-current assets | $ 30,165 | $ 29,684 |
Segment information - Additiona
Segment information - Additional information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Argentina [member] | |
Disclosure of geographical areas [line items] | |
Revenue percentage | 99.00% |
Mexico [member] | |
Disclosure of geographical areas [line items] | |
Revenue percentage | 1.00% |
Revenue from contracts with c_3
Revenue from contracts with customers - Schedule of revenue from contract with customers (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue from contract with customers | $ 44,463 | $ 331,336 | $ 415,976 | $ 198,075 |
Sales of goods [Member] | ||||
Disclosure Of Revenue From Contracts With Customers [Line Items] | ||||
Revenue from contract with customers | $ 44,463 | $ 331,336 | $ 415,976 | $ 198,075 |
Revenue from contracts with c_4
Revenue from contracts with customers - Schedule of revenue through different channels (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from crude oil | $ 31,501 | $ 260,079 | $ 338,272 | $ 146,635 |
Revenue from natural gas | 11,418 | 65,164 | 71,524 | 45,947 |
Revenue from NGL | 1,544 | 6,093 | 6,180 | 5,477 |
Revenue from other goods and services | 16 | |||
Revenue from contract with customers | 44,463 | 331,336 | 415,976 | 198,075 |
Refineries [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contract with customers | 31,501 | 260,079 | 338,272 | 146,635 |
Retail Distributors Of Natural Gas [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contract with customers | 10,254 | 26,452 | 893 | |
Natural Gas For Electricity Generation [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contract with customers | 2,689 | 3,670 | 5,793 | 18,374 |
Industries [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contract with customers | 8,729 | 51,240 | 39,279 | 26,680 |
Commercialization of NGL [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contract with customers | $ 1,544 | $ 6,093 | $ 6,180 | 5,477 |
Other Sales Channels [Member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Revenue from contract with customers | $ 16 |
Operating expenses and crude _3
Operating expenses and crude oil stock fluctuation - Schedule of operating expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Expenses by nature [abstract] | ||||
Fees and compensation for services | $ 4,028 | $ 9,694 | $ 17,062 | $ 15,416 |
Consumption of materials and repairs | 10,956 | 55,813 | 67,209 | 47,371 |
Salaries and social security charges | 1,515 | 7,353 | 10,943 | 7,714 |
Easements and canons | 1,329 | 7,147 | 9,632 | 4,082 |
Transportation | 113 | 2,204 | 2,914 | 531 |
Employee benefits | 270 | 1,421 | 2,836 | 1,240 |
General expenses | 156 | 2,613 | 3,835 | 1,107 |
Total operating expenses | $ 18,367 | $ 86,245 | $ 114,431 | $ 77,461 |
Operating expenses and crude _4
Operating expenses and crude oil stock fluctuation - Schedule of crude oil fluctuation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Beginning of the period | $ 1,468 | $ 2,722 | ||
End of the period | $ (2,722) | (3,032) | $ (1,468) | |
Crude oil stock fluctuation [member] | ||||
Disclosure of disaggregation of revenue from contracts with customers [line items] | ||||
Beginning of the period | 1,468 | 2,201 | 2,722 | 9,034 |
Incorporation of inventories for acquisition of companies | 1,762 | |||
End of the period | (2,201) | (2,722) | (3,032) | (1,468) |
Total crude oil stock fluctuation | $ (733) | $ 1,241 | $ (310) | $ 7,566 |
Operating expenses and crude _5
Operating expenses and crude oil stock fluctuation - Schedule of crude oil fluctuation (Parenthetical) (Detail) - PELSA [member] - USD ($) $ in Thousands | Dec. 31, 2018 | Apr. 04, 2018 |
Disclosure of detailed information about business combination [line items] | ||
Inventories acquired | $ 2,201 | $ 3,952 |
Percentage of direct interest | 3.85% |
Selling expenses - Schedule of
Selling expenses - Schedule of selling expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of selling expenses [Abstract] | ||||
Taxes, rates and contributions | $ 1,506 | $ 10,349 | $ 13,115 | $ 6,739 |
Transportation | 787 | 5,878 | 9,596 | 3,593 |
Tax on bank transactions | 648 | 4,390 | 4,495 | 2,367 |
(Reversal) /Allowances for expected credit losses (Note16) | 49 | 539 | (118) | |
Fees and compensation for services | 101 | 158 | 50 | 542 |
Other | 27 | 23 | ||
Total selling expenses | $ 3,091 | $ 21,341 | $ 27,138 | $ 13,264 |
General and administrative ex_3
General and administrative expenses - Schedule of general and administrative expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of General and Administrative Expenses [Abstract] | ||||
Salaries and social security | $ 375 | $ 6,493 | $ 10,958 | $ 2,913 |
Share-based payments | 4,021 | 10,655 | ||
Fees and compensation for services | 67 | 9,067 | 9,603 | 293 |
Employee benefits | 253 | 2,366 | 6,055 | 639 |
Taxes, rates and contributions | 18 | 951 | 1,718 | 27 |
Institutional advertising and promotion | 272 | 1,179 | ||
Depreciation of Property, plant and equipment | 518 | 2,066 | ||
Others | 235 | 1,032 | 2,232 | 836 |
Total general and administrative expenses | $ 1,466 | $ 24,202 | $ 42,400 | $ 6,774 |
Exploration Expenses - Schedule
Exploration Expenses - Schedule of exploration and evaluation expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Text Block [Abstract] | ||||
Geological and geophysical expenses | $ 44 | $ 637 | $ 676 | $ 320 |
Salaries and social security charges | 74 | 642 | ||
Employee benefits | 16 | 87 | ||
Total exploration expenses | $ 134 | $ 637 | $ 676 | $ 1,049 |
Other operating income and ex_3
Other operating income and expenses - Schedule of other operating income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Other Operating Income [Abstract] | ||||
Services to third parties | $ 763 | $ 2,699 | $ 3,165 | $ 412 |
Surplus Gas Injection Compensation (SGIC) | 291 | 16,938 | ||
Gain on sale of property, plant and equipment | 384 | |||
Reversal of allowance for expected credit losses | 13 | |||
Other | 186 | 55 | ||
Total other operating income | $ 1,240 | $ 2,699 | $ 3,165 | $ 17,802 |
Other operating income and ex_4
Other operating income and expenses - Schedule of other operating expenses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Other Operating Expenses [Abstract] | ||||
Restructuring expenses | $ (12,018) | $ (3,244) | ||
Allowance for materials and spare parts | (1,125) | (972) | $ (491) | |
Provision for environmental remediation | (1,168) | (816) | ||
Provision for contingencies | $ (2) | (240) | (422) | (2,566) |
Transaction cost related to the business combinations | (2,380) | |||
Extraordinary tariff on SGIC | (133) | (1,711) | ||
Others | (1,166) | (726) | (357) | |
Total other operating expenses | $ (135) | $ (18,097) | $ (6,180) | $ (5,125) |
Financial results - Schedule of
Financial results - Schedule of interest income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure Of Interest Income Abstract [Abstract] | ||||
Financial interests | $ 2,125 | $ 1,328 | ||
Interests on government notes at amortized costs | $ 239 | 407 | 2,442 | $ 166 |
Total finance income | $ 239 | $ 2,532 | $ 3,770 | $ 166 |
Financial results - Schedule _2
Financial results - Schedule of interest expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Interest costs [abstract] | ||||
Borrowings interest (Note 17.2) | $ (15,546) | $ (34,159) | ||
Other interest | $ (23) | (200) | (4) | $ (18) |
Total interest expense | $ (23) | $ (15,746) | $ (34,163) | $ (18) |
Financial results - Schedule _3
Financial results - Schedule of other financial results (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Other Financial Results Abstract [Abstract] | ||||
Costs of early settlements of borrowings and amortized costs (Note 17.4) | $ (14,474) | $ (2,076) | ||
Changes in the fair value of Warrants (Note 17.5.1) | (8,860) | 6,840 | ||
Foreign currency exchange difference, net | $ (995) | 3,005 | (2,991) | $ (1,506) |
Effect of discount of assets and liabilities at present value | (2,743) | (10) | ||
Changes in the fair value of the financial assets | 69 | 1,415 | 873 | 1,885 |
Interest expense leases (Note 2.2) | (1,561) | |||
Unwinding of discount on asset retirement obligation (Note 21.1) | (233) | (897) | (1,723) | (815) |
Others | (366) | (67) | ||
Total other financial results | $ (1,159) | $ (22,920) | $ (715) | $ (436) |
Profit_Loss per share -Schedule
Profit/Loss per share -Schedule of basic and diluted earnings per share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Earnings per share [abstract] | ||||
Net (loss) profit for the period/year | $ (6,649) | $ (26,382) | $ (32,723) | $ 13,905 |
Weighted average number of outstanding common shares (number of shares) | 95,443,572 | 70,409,317 | 80,068,287 | 95,443,572 |
Basic and diluted (losses) earnings per common share (US per share) | $ (0.070) | $ (0.375) | $ (0.409) | $ 0.146 |
Profit_Loss per share - Additio
Profit/Loss per share - Additional information (Detail) - shares | Dec. 31, 2019 | Dec. 31, 2018 |
Ordinary shares [member] | ||
Earnings per share [line items] | ||
Anti-dilutive shares | 9,893,333 | 9,893,333 |
Warrants outstanding | 29,680,000 | 29,680,000 |
Series A Private Placement Shares [member] | ||
Earnings per share [line items] | ||
Anti-dilutive shares | 500,000 | |
Shares Issued Under Shares Based Compensation [member] | ||
Earnings per share [line items] | ||
Anti-dilutive shares | 8,750,000 | |
Series A Common Shares Under LTIP [member] | ||
Earnings per share [line items] | ||
Anti-dilutive shares | 8,432,068 | |
Class A Warrant [member] | ||
Earnings per share [line items] | ||
Warrants outstanding | 65,000,000 | 65,000,000 |
Class A Warrant [member] | Series A common shares [member] | ||
Earnings per share [line items] | ||
Anti-dilutive shares | 21,666,667 | 21,666,667 |
Forward Purchase Agreement Warrants [member] | ||
Earnings per share [line items] | ||
Anti-dilutive shares | 1,666,667 | 1,666,667 |
Warrants outstanding | 5,000,000 | 5,000,000 |
Property, plant and equipment -
Property, plant and equipment - Schedule Of Plant Property Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | $ 259,229 | $ 820,722 | $ 259,229 | ||
Eliminated on disposals | $ 91 | ||||
Depreciation and depletion charge | (14,513) | $ (73,975) | (146,979) | (62,522) | |
Impairment loss (recovery) | 5,290 | ||||
Ending Balance | 820,722 | 917,066 | 820,722 | 259,229 | |
Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 283 | 2,207 | 283 | ||
Depreciation and depletion charge | (1) | (14) | (75) | (6) | |
Ending Balance | 2,207 | 2,356 | 2,207 | 283 | |
Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 6,617 | 14,311 | 6,617 | ||
Eliminated on disposals | 91 | ||||
Depreciation and depletion charge | (319) | (1,529) | (2,518) | (1,305) | |
Ending Balance | 14,311 | 16,573 | 14,311 | 6,617 | |
Oil and gas properties [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 12,375 | 349,880 | 12,375 | ||
Depreciation and depletion charge | (536) | (1,426) | (18,063) | (1,417) | |
Impairment loss (recovery) | 6,467 | ||||
Ending Balance | 349,880 | 333,587 | 349,880 | 12,375 | |
Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 234,768 | 354,140 | 234,768 | ||
Depreciation and depletion charge | (13,657) | (71,006) | (126,323) | (59,794) | |
Impairment loss (recovery) | (1,777) | ||||
Ending Balance | 354,140 | 461,571 | 354,140 | 234,768 | |
Work in progress [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 3,911 | 90,693 | 3,911 | ||
Ending Balance | 90,693 | 75,525 | 90,693 | 3,911 | |
Materials [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 1,275 | 9,491 | 1,275 | ||
Ending Balance | 9,491 | 27,454 | 9,491 | 1,275 | |
Cost [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 1,083,696 | 1,090,730 | 894,338 | 1,083,696 | 1,053,475 |
Additions | 8,563 | 150,299 | 244,579 | 33,926 | |
Eliminated on disposals | (1,529) | (35,171) | (1,316) | (3,705) | |
Ending Balance | 1,090,730 | 894,338 | 1,137,601 | 894,338 | 1,083,696 |
Cost [member] | Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 351 | 351 | 2,221 | 351 | 351 |
Additions | 18 | 224 | |||
Ending Balance | 351 | 2,221 | 2,445 | 2,221 | 351 |
Cost [member] | Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 16,996 | 17,640 | 15,665 | 16,996 | 15,898 |
Additions | 1,116 | 83 | 1,189 | ||
Transfers | 644 | 3,459 | 4,697 | ||
Eliminated on disposals | (175) | (34) | (91) | ||
Ending Balance | 17,640 | 15,665 | 20,411 | 15,665 | 16,996 |
Cost [member] | Oil and gas properties [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 61,991 | 61,991 | 351,306 | 61,991 | 61,991 |
Additions | 9,000 | 261 | |||
Transfers | 1,509 | ||||
Eliminated on disposals | (18,255) | ||||
Ending Balance | 61,991 | 351,306 | 353,076 | 351,306 | 61,991 |
Cost [member] | Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 999,172 | 1,001,879 | 424,962 | 999,172 | 967,931 |
Additions | 4,732 | 4,596 | 1,290 | ||
Transfers | 2,995 | 44,090 | 229,244 | 29,951 | |
Eliminated on disposals | (288) | (11,839) | (112) | ||
Ending Balance | 1,001,879 | 424,962 | 658,690 | 424,962 | 999,172 |
Cost [member] | Work in progress [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 3,911 | 4,271 | 90,693 | 3,911 | 5,508 |
Additions | 3,999 | 117,348 | 142,791 | 28,354 | |
Transfers | (3,639) | (32,178) | (157,959) | (29,951) | |
Eliminated on disposals | (4,902) | ||||
Ending Balance | 4,271 | 90,693 | 75,525 | 90,693 | 3,911 |
Cost [member] | Materials [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | 1,275 | 4,598 | 9,491 | 1,275 | 1,796 |
Additions | 4,564 | 18,085 | 96,624 | 3,093 | |
Transfers | (15,371) | (77,491) | |||
Eliminated on disposals | (1,241) | (1,170) | (3,614) | ||
Ending Balance | 4,598 | 9,491 | 27,454 | 9,491 | 1,275 |
Cost [member] | PELSA [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 60,978 | ||||
Cost [member] | PELSA [member] | Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 14 | ||||
Cost [member] | PELSA [member] | Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 409 | ||||
Cost [member] | PELSA [member] | Oil and gas properties [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 47,725 | ||||
Cost [member] | PELSA [member] | Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 12,588 | ||||
Cost [member] | PELSA [member] | Work in progress [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 225 | ||||
Cost [member] | PELSA [member] | Materials [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 17 | ||||
Cost [member] | JdM [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 86,096 | ||||
Cost [member] | JdM [member] | Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 1,818 | ||||
Cost [member] | JdM [member] | Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 1,726 | ||||
Cost [member] | JdM [member] | Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 78,298 | ||||
Cost [member] | JdM [member] | Work in progress [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 4,254 | ||||
Cost [member] | APCO [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 380,386 | ||||
Cost [member] | APCO [member] | Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 89 | ||||
Cost [member] | APCO [member] | Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 2,188 | ||||
Cost [member] | APCO [member] | Oil and gas properties [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 300,997 | ||||
Cost [member] | APCO [member] | Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 73,275 | ||||
Cost [member] | APCO [member] | Work in progress [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 1,675 | ||||
Cost [member] | APCO [member] | Materials [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | 2,162 | ||||
Accumulated depreciation and impairment [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | (824,467) | (838,980) | (73,616) | (824,467) | (767,326) |
Eliminated on disposals | 359 | 60 | |||
Reversal of Accumulated depreciation from business combination of PELSA | 838,980 | ||||
Ending Balance | (838,980) | (73,616) | (220,535) | (73,616) | (824,467) |
Accumulated depreciation and impairment [member] | Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | (68) | (69) | (14) | (68) | (62) |
Reversal of Accumulated depreciation from business combination of PELSA | 69 | ||||
Ending Balance | (69) | (14) | (89) | (14) | (68) |
Accumulated depreciation and impairment [member] | Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | (10,379) | (10,698) | (1,354) | (10,379) | (9,165) |
Eliminated on disposals | 175 | 34 | |||
Reversal of Accumulated depreciation from business combination of PELSA | 10,698 | ||||
Ending Balance | (10,698) | (1,354) | (3,838) | (1,354) | (10,379) |
Accumulated depreciation and impairment [member] | Oil and gas properties [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | (49,616) | (50,152) | (1,426) | (49,616) | (54,666) |
Reversal of Accumulated depreciation from business combination of PELSA | 50,152 | ||||
Ending Balance | (50,152) | (1,426) | (19,489) | (1,426) | (49,616) |
Accumulated depreciation and impairment [member] | Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Beginning Balance | (764,404) | (778,061) | (70,822) | (764,404) | (703,433) |
Eliminated on disposals | 184 | 26 | |||
Reversal of Accumulated depreciation from business combination of PELSA | 778,061 | ||||
Ending Balance | $ (778,061) | (70,822) | $ (197,119) | $ (70,822) | $ (764,404) |
Accumulated depreciation and impairment [member] | PELSA [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | (838,980) | ||||
Accumulated depreciation and impairment [member] | PELSA [member] | Land and buildings [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | (69) | ||||
Accumulated depreciation and impairment [member] | PELSA [member] | Vehicles, machinery,installations computer equipment and furniture [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | (10,698) | ||||
Accumulated depreciation and impairment [member] | PELSA [member] | Oil and gas properties [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | (50,152) | ||||
Accumulated depreciation and impairment [member] | PELSA [member] | Wells and production facilities [member] | |||||
Disclosure of detailed information about property, plant and equipment [line items] | |||||
Acquisitions through business combinations, property, plant and equipment | $ (778,061) |
Property, plant and equipment_2
Property, plant and equipment - Schedule Of Plant Property Equipment (Paranthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Aguila mora oil and gas property [member] | Construction in progress [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions | $ 13,157 | |
Asset retirement obligations [member] | Wells and production faicilities [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions | $ 4,141 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Schedule of reconciliation of changes in intangible assets and goodwill (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | $ 1,021 | $ 31,600 | ||
Amortization charge | (198) | $ (797) | (1,518) | $ (755) |
Ending balance | 31,600 | 34,029 | 1,021 | |
Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 28,484 | |||
Ending balance | 28,484 | 28,484 | ||
Software licences [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 1,021 | 1,919 | ||
Amortization charge | (198) | (797) | (1,518) | (755) |
Ending balance | 1,919 | 4,626 | 1,021 | |
Exploration rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 29,681 | |||
Ending balance | 29,681 | 29,403 | ||
Cost [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 5,282 | 5,295 | 32,397 | 5,042 |
Additions | 13 | 31,486 | 4,225 | 240 |
Additions from business combinations | 75 | |||
Disposals | (278) | |||
Ending balance | 5,295 | 32,397 | 36,344 | 5,282 |
Cost [member] | Goodwill [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 28,484 | |||
Additions from business combinations | 28,484 | |||
Ending balance | 28,484 | 28,484 | ||
Cost [member] | Software licences [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 5,282 | 5,295 | 2,716 | 5,042 |
Additions | 13 | 1,805 | 4,225 | 240 |
Additions from business combinations | 75 | |||
Ending balance | 5,295 | 2,716 | 6,941 | 5,282 |
Cost [member] | Exploration rights [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | 29,681 | |||
Additions | 29,681 | 0 | ||
Disposals | (278) | |||
Ending balance | 29,681 | 29,403 | ||
Accumulated amortization [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (4,261) | (4,459) | (797) | (3,506) |
Ending balance | (4,459) | (797) | (2,315) | (4,261) |
Accumulated amortization [member] | Software licences [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Beginning balance | (4,261) | (4,459) | (797) | (3,506) |
Ending balance | $ (4,459) | (797) | $ (2,315) | $ (4,261) |
Accumulated amortization [member] | PELSA [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Accumulated depreciation from business combination of PELSA to arrive to net book value | (4,459) | |||
Reversal of accumulated depreciation from business combination of PELSA | 4,459 | |||
Accumulated amortization [member] | PELSA [member] | Software licences [member] | ||||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | ||||
Accumulated depreciation from business combination of PELSA to arrive to net book value | (4,459) | |||
Reversal of accumulated depreciation from business combination of PELSA | $ 4,459 |
Goodwill and other intangible_4
Goodwill and other intangible assets - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |
Percentage working interest acquired | 50.00% |
Deferred income tax assets an_3
Deferred income tax assets and liabilities and income tax expense - Schedule of temporary difference unused tax losses and unused tax credits (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Other comprehensive income (loss) | $ 22 | $ 891 | $ 394 | $ 124 |
Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | 6,100 | 5,928 | 7,984 | 8,915 |
Change due to busines combination | 1,782 | |||
Profit (loss) | (194) | (617) | 9,199 | (2,939) |
Other equity movements | 1,166 | |||
Other comprehensive income (loss) | 22 | 891 | 394 | 124 |
Ending balance | 5,928 | 7,984 | 18,743 | 6,100 |
Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (34,940) | (38,093) | (141,741) | (47,474) |
Change due to busines combination | (92,290) | |||
Profit (loss) | (3,153) | (11,358) | (23,545) | 12,534 |
Ending balance | (38,093) | (141,741) | (165,286) | (34,940) |
Net deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (28,840) | (32,165) | (133,757) | (38,559) |
Change due to busines combination | (90,508) | |||
Profit (loss) | (3,347) | (11,975) | (14,346) | 9,595 |
Other equity movements | 1,166 | |||
Other comprehensive income (loss) | 22 | 891 | 394 | 124 |
Ending balance | (32,165) | (133,757) | (146,543) | (28,840) |
Short-term investments [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Profit (loss) | 523 | |||
Ending balance | 523 | |||
Trade and other receivables [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | 263 | 479 | 1,776 | 2,145 |
Change due to busines combination | 44 | |||
Profit (loss) | 216 | 1,253 | (619) | (1,882) |
Ending balance | 479 | 1,776 | 1,157 | 263 |
Employee defined benefit plans [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | 956 | 1,403 | 598 | 1,175 |
Change due to busines combination | 438 | |||
Profit (loss) | 425 | (2,134) | 635 | (343) |
Other comprehensive income (loss) | 22 | 891 | 394 | 124 |
Ending balance | 1,403 | 598 | 1,627 | 956 |
Share-based payment reserve [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Other equity movements | 1,166 | |||
Ending balance | 1,166 | |||
Unused tax loss [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Profit (loss) | 7,345 | |||
Ending balance | 7,345 | |||
Provisions [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | 4,593 | 4,046 | 5,610 | 5,203 |
Change due to busines combination | 1,300 | |||
Profit (loss) | (547) | 264 | 1,250 | (610) |
Ending balance | 4,046 | 5,610 | 6,860 | 4,593 |
Right-of-use assets, net [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Profit (loss) | 65 | |||
Ending balance | 65 | |||
Property, plant and equipment [member] | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (34,550) | (37,618) | (140,236) | (47,353) |
Change due to busines combination | (92,289) | |||
Profit (loss) | (3,068) | (10,329) | 2,168 | 12,803 |
Ending balance | (37,618) | (140,236) | (138,068) | (34,550) |
Borrowings transaction costs [member] | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (1,351) | |||
Profit (loss) | (1,351) | (249) | ||
Ending balance | (1,351) | (1,600) | ||
Intangible assets [member] | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (83) | (74) | (55) | (114) |
Profit (loss) | 9 | 19 | (716) | 31 |
Ending balance | (74) | (55) | (771) | (83) |
Financial assets at FVTPL [member] | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (76) | (6) | ||
Change due to busines combination | (1) | |||
Profit (loss) | 76 | 1 | (70) | |
Ending balance | (76) | |||
Inventory [member] | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | 288 | 232 | ||
Profit (loss) | (288) | 56 | ||
Ending balance | 288 | |||
Inventory [member] | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (40) | |||
Profit (loss) | (40) | (1,311) | ||
Ending balance | (40) | (1,351) | ||
Other | Deferred income tax assets [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | 160 | |||
Profit (loss) | (160) | |||
Other | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Beginning balance | (231) | (401) | (59) | (1) |
Profit (loss) | (170) | 342 | 56 | (230) |
Ending balance | $ (401) | $ (59) | (3) | $ (231) |
Inflationary adjustment [member] | Deferred income tax liabilities [member] | ||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||||
Profit (loss) | (23,493) | |||
Ending balance | $ (23,493) |
Deferred income tax assets an_4
Deferred income tax assets and liabilities and income tax expense - Schedule of deferred tax assets and liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Deferred income tax asset, net [member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred income tax asset (liabilities), net | $ 18,743 | $ 7,984 | $ 5,928 | $ 6,100 | $ 8,915 |
Deferred income tax liabilities, net [member] | |||||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||||
Deferred income tax asset (liabilities), net | $ (165,286) | $ (141,741) | $ (38,093) | $ (34,940) | $ (47,474) |
Deferred income tax assets an_5
Deferred income tax assets and liabilities and income tax expanse - Schedule of major componets of tax expense income (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Current income tax | ||||
Current income tax income / (charge) | $ (4,214) | $ (35,450) | $ (3,032) | $ (16,117) |
Difference in the estimate of previous fiscal year income tax and the income return | (401) | 1,146 | 161 | |
Deferred income tax | ||||
Relating to origination and reversal of temporary differences | (3,345) | (11,975) | (14,346) | 9,595 |
Income tax expense | 7,960 | 47,425 | 16,232 | 6,361 |
Deferred tax charged to OCI | 22 | 891 | 394 | 124 |
Total income tax charge | $ (7,938) | $ (46,534) | $ (15,838) | $ (6,237) |
Deferred income tax assets an_6
Deferred income tax assets and liabilities and income tax expense - Schedule of Reconciliation of Income Taxes (Detail) - USD ($) $ in Thousands | Jan. 01, 2018 | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | ||||||
Profit /(loss) before income tax | $ 1,311 | $ 21,043 | $ (16,491) | $ 20,266 | ||
Current statutory income tax rate | 35.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% |
Income tax at the statutory income tax rate | $ (393) | $ (6,313) | $ 4,947 | $ (7,093) | ||
Items that adjust the income tax (expense) / benefit: | ||||||
Non-deductible expenses | (3) | (5,824) | (1,782) | (17) | ||
Non-taxable income | (661) | |||||
Inflation adjustment (Note 32.1) | 0 | (31,796) | ||||
Effect of the measurement of monetary and non-monetary in their functional currency | (7,163) | (39,187) | 15,395 | (10,976) | ||
Effect of statutory income tax rate change in deferred income tax (Note 32) | 21,491 | 10,372 | ||||
Unrecognized tax losses and other assets | (23,176) | (7,285) | ||||
Difference in the estimate of previous fiscal year income tax and the income tax statement | (401) | 1,146 | 161 | |||
Inflation update unrecognized tax losses | 1,675 | |||||
Effect related to statutory income tax rate change | 2,721 | |||||
Effect of the impairment recovery of property, plant and equipment | 1,851 | |||||
Issuance expenses | 5,651 | |||||
Other | (1,253) | $ (67) | ||||
Income tax (expense) | $ (7,960) | $ (47,425) | $ (16,232) | $ (6,361) |
Deferred income tax assets an_7
Deferred income tax assets and liabilities and income tax expense - Summary of tax losses carryforwards (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | $ 92,645 | $ 64,001 |
2027 [member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | 7,607 | 7,110 |
2028 [member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | 61,979 | $ 56,891 |
2029 Onward [member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | $ 23,059 |
Deferred income tax assets an_8
Deferred income tax assets and liabilities and income tax expense - Schedule of breakdown of income tax liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Current | |||
Income tax, net of withholdings and advances | $ 3,039 | $ 22,429 | $ 1,401 |
Total current | $ 3,039 | $ 22,429 | $ 1,401 |
Trade and Other Receivables - A
Trade and Other Receivables - Additional information (Detail) - USD ($) $ in Thousands | Jan. 01, 2017 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Past Due [Member] | ||||
Trade And Other Receivables [Line Items] | ||||
Trade receivables past due | $ 8,364 | $ 6,189 | $ 11,798 | $ 6,839 |
Later than three months [member] | ||||
Trade And Other Receivables [Line Items] | ||||
Percentage of loss allowance recognised | 100.00% | |||
Trade receivables [member] | ||||
Trade And Other Receivables [Line Items] | ||||
Allowance recognised in profit or loss | $ 0 | 0 | $ 0 | |
Set Off of trade receivables | $ 6,161 | $ 100 | $ 257 |
Trade and Other Receivables - T
Trade and Other Receivables - Tabular Disclosure of Trade and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Prepayments, tax receivables and others: | |||
Prepaid expenses and other receivables | $ 9,594 | $ 10,646 | $ 90 |
Minimum presumed income tax | 1,462 | ||
Turnover tax credit | 455 | 496 | |
Prepayments And Other Taxes Receivable NonCurrent | 11,511 | 11,142 | 90 |
Natural gas surplus injection stimulus program | 3,600 | 9,049 | |
Advances and loans to employees | 772 | ||
Natural gas surplus injection stimulus program | 7,797 | 6,899 | 14,366 |
Loans to third parties | 1,241 | ||
Receivables from services to third parties | 3,797 | 2,850 | 1,252 |
Price stability program of NGL | 480 | 151 | 218 |
Director's advances and loans to employees | 284 | 1,818 | 22 |
Grants on propane credit | 982 | 753 | |
Related parties (Note 26) | 3,169 | 186 | 575 |
Balances with joint operations | 14 | 38 | |
Other | 730 | 786 | 26 |
Current financial assets | 17,512 | 13,672 | 17,250 |
Mandatory save credit | 207 | ||
Non-current financial assets | 12,254 | 9,049 | 207 |
Total non-current other receivables | 15,883 | 20,191 | 297 |
Receivables from oil and gas sales (net) | 52,676 | 55,032 | 3,898 |
Related parties (Note 26) | 26,720 | ||
Checks to be deposited | 3 | 883 | 8,321 |
Trade receivables | 52,679 | 55,915 | 38,939 |
Income tax credit | 16,274 | 3,826 | |
Value Added Tax ("VAT") | 3,953 | 10,127 | |
Prepaid expenses | 1,861 | 572 | 83 |
Turnover tax credit | 1,158 | 1,938 | |
Prepayments And Other Taxes Receivable Current | 23,246 | 16,463 | 83 |
Financial assets: | |||
Other receivables | 40,758 | 30,135 | 17,333 |
Total current trade and other receivables | $ 93,437 | $ 86,050 | $ 56,274 |
Trade and Other Receivables - R
Trade and Other Receivables - Reconciliation of Changes in Allowance Account for Credit Losses (Detail) - Trade receivables [member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of financial assets [line items] | ||||
At the beginning of period / year | $ 6,161 | $ 6,161 | $ (257) | $ 6,294 |
(Reversal)/ Allowance for expected credit losses (Note 7) | 49 | (539) | 118 | |
Decreases | (13) | |||
Exchange difference | (49) | 282 | 39 | (120) |
At the end of the period/year | $ 6,161 | $ (257) | $ (100) | $ 6,161 |
Financial assets and financia_3
Financial assets and financial liabilities - Summary of classification of borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-Current | |||
Borrowings | $ 389,096 | $ 294,415 | |
Total non-current | 389,096 | 294,415 | |
Current | |||
Borrowings | 62,317 | 10,352 | |
Total Current | 62,317 | 10,352 | |
Total Borrowings | 451,413 | 304,767 | |
Borrowings [Member] | |||
Non-Current | |||
Borrowings | 389,096 | 294,415 | |
Total non-current | 389,096 | 294,415 | |
Current | |||
Borrowings | 62,317 | 10,352 | |
Total Current | $ 62,317 | $ 10,352 |
Financial assets and financia_4
Financial assets and financial liabilities - Summary of maturities of borrowings (excluding lease liabilities) and exposure to interest rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 451,413 | $ 304,767 | |
Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 288,474 | 152,048 | |
Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 162,939 | 152,719 | |
Less than one year [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 43,370 | 4,841 | |
Less than one year [member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 18,947 | 55,111 | |
One to two years [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 200,172 | 14,721 | |
One to two years [member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 99,060 | 14,721 | |
Three to five years [member] | Fixed interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | 44,932 | 132,486 | |
Three to five years [member] | Floating interest rate [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Borrowings | $ 44,932 | $ 132,487 |
Financial assets and financia_5
Financial assets and financial liabilities - Summary of detailed information about borrowings (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Apr. 01, 2020 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure of detailed information about borrowings [line items] | ||||
Amount of principal | $ 11,235 | |||
Carrying amount | $ 451,413,000 | $ 304,767,000 | ||
Vista Argentina July,2018 Floating [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank | Banco Galicia, Banco Itáu Unibanco, Banco Santander Rio y Citibank NA | |||
Subscription date | July, 2018 | |||
Currency | US | |||
Amount of principal | $ 150,000,000 | |||
Interest | Floating | |||
Rate | Libor + 4,5% | |||
Expiration | July, 2023 | |||
Carrying amount | $ 306,199,000 | |||
Floating Percentage | 45.00% | |||
Vista Argentina July,2018 Fixed [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank | Banco Galicia, Banco Itáu Unibanco, Banco Santander Rio y Citibank NA | |||
Subscription date | July, 2018 | |||
Currency | US | |||
Amount of principal | $ 150,000,000 | |||
Interest | Fixed | |||
Expiration | July, 2023 | |||
Carrying amount | $ 306,199,000 | |||
Fixed percentage | 8.00% | |||
Vista Argentina March, 2019 Fixed [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank | Banco de la Ciudad de Buenos Aires | |||
Subscription date | March, 2019 | |||
Currency | US | |||
Amount of principal | $ 7,000,000 | |||
Interest | Fixed | |||
Expiration | March, 2020 | |||
Carrying amount | $ 7,007,000 | |||
Vista Argentina March, 2019 Fixed [member] | Bottom of range [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Fixed percentage | 0.00% | |||
Vista Argentina March, 2019 Fixed [member] | Top of range [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Fixed percentage | 7.00% | |||
Vista Argentina July, 2019 Fixed [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank | Banco BBVA | |||
Subscription date | July, 2019 | |||
Currency | US | |||
Amount of principal | $ 15,000,000 | |||
Interest | Fixed | |||
Expiration | July, 2022 | |||
Carrying amount | $ 15,236,000 | |||
Fixed percentage | 9.40% | |||
Vista Argentina December 2019 Fixed [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank | Banco BBVA | |||
Subscription date | December 2019 | |||
Currency | ARS | |||
Amount of principal | $ 725,000,000 | |||
Interest | Fixed | |||
Expiration | March, 2020 | |||
Carrying amount | $ 12,496,000 | |||
Fixed percentage | 62.00% | |||
Vista Argentina December 2019 Floating [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Bank | Banco de Galicia y Buenos Aires S.A. | |||
Subscription date | December 2019 | |||
Currency | ARS | |||
Amount of principal | $ 600,000,000 | |||
Interest | Floating | |||
Rate | Badlar + 8.2% | |||
Expiration | March, 2021 | |||
Carrying amount | $ 10,289,000 | |||
Floating Percentage | 8.25% | |||
Vista Argentina July 2019 Fixed [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Documents | Negotiable Obligations | |||
Subscription date | July 2019 | |||
Currency | US | |||
Amount of principal | $ 50,000,000 | |||
Interest | Fixed | |||
Expiration | July 2021 | |||
Carrying amount | $ 50,109,000 | |||
Fixed percentage | 7.88% | |||
Vista Argentina August 2019 Fixed [member] | ||||
Disclosure of detailed information about borrowings [line items] | ||||
Documents | Negotiable Obligations | |||
Subscription date | August 2019 | |||
Currency | US | |||
Amount of principal | $ 50,000,000 | |||
Interest | Fixed | |||
Expiration | August 2022 | |||
Carrying amount | $ 50,077,000 | |||
Fixed percentage | 8.50% |
Financial assets and financia_6
Financial assets and financial liabilities - Summary of reconciliation of liabilities arising from financing activities (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Balance at beginning periods | $ 304,767 | |||
Proceeds from the bridge loan | 560,000 | 234,728 | ||
Proceeds from the term loan | 560,000 | 234,728 | ||
Payment of term loan transaction costs | (18,280) | (1,274) | ||
Payment of redemption of Series A shares | (204,590) | |||
Interest expense | 23 | 15,746 | 34,163 | 18 |
Payments of borrowings' interests | (5,018) | (32,438) | ||
Payments of borrowings' principal | (260,000) | (90,233) | ||
Costs of early settlements of borrowings and amortized cost | 14,474 | 2,076 | ||
Foreing currency exchange difference | (372) | |||
At the end of the period/year | 304,767 | 451,413 | ||
Bridge loan [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Proceeds from the bridge loan | 260,000 | |||
Proceeds from the term loan | 260,000 | |||
Payment of term loan transaction costs | (11,904) | |||
Payments of borrowings' principal | (260,000) | |||
Term loan [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Proceeds from the bridge loan | 300,000 | 234,728 | ||
Proceeds from the term loan | 300,000 | 234,728 | ||
Payment of term loan transaction costs | (8,333) | (1,274) | ||
Borrowings principal [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Payments of borrowings' interests | (5,018) | (32,438) | ||
Payments of borrowings' principal | $ (90,233) | |||
Series A shares [member] | ||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||
Balance of financial liability | 647,083 | |||
Payment of redemption of Series A shares | (204,590) | |||
Capitalization of liability related to Series A shares | $ (442,491) |
Financial assets and financia_7
Financial assets and financial liabilities - Summary of reconciliation of liabilities arising from financing activities (Parenthetical) (Detail) - USD ($) $ in Thousands | Jul. 19, 2018 | Apr. 04, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||
Loan agreement, principal amount | $ 451,413 | $ 304,767 | |||
Bridge Loan Agreement [Member] | |||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||
Loan agreement, principal amount | $ 11,904 | ||||
Loan agreement, expiration date | February 11, 2019 | ||||
Loan agreement, interest rate | 3.25% | ||||
Deferred expenses recognized in profit or loss | $ 11,904 | ||||
Bridge Loan Agreement [Member] | Top of range [member] | |||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||
Loan agreement, interest rate | 5.00% | ||||
Bridge Loan Agreement [Member] | Market comparable prices [member] | |||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | |||||
Loan agreement, principal amount | $ 260,000 |
Financial Assets and financia_8
Financial Assets and financial liabilities - Schedule of Warrants Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Non-Current | |||
Warrants Liability Noncurrent | $ 16,860 | $ 23,700 | $ 0 |
Series A Common Share Warrants [Member] | |||
Non-Current | |||
Warrants Liability Noncurrent | $ 16,860 | $ 23,700 |
Financial Assets and financia_9
Financial Assets and financial liabilities - Summary of Financial Instruments by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | $ 12,254 | $ 9,049 | $ 207 |
Current financial assets | 17,512 | 13,672 | 17,250 |
Leases liabilities | 9,372 | ||
Non-current financial liabilities | 415,747 | 319,122 | 20,990 |
Leases liabilities | 7,395 | ||
Current financial liabilities | 167,981 | 94,686 | |
Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 12,254 | 9,049 | 207 |
Current financial assets | 321,436 | 121,703 | 73,555 |
Leases liabilities | 9,372 | ||
Non-current financial liabilities | 398,887 | 295,422 | 20,990 |
Leases liabilities | 7,395 | ||
Current financial liabilities | 167,981 | 94,686 | |
Financial assets/liabilities at FVTPL [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 8,783 | 28,792 | 19,471 |
Leases liabilities | 0 | ||
Non-current financial liabilities | 16,860 | 23,700 | |
Current financial liabilities | 0 | ||
Accounts Payable And Accrued Liabilities And Others [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 419 | 1,007 | 20,990 |
Current financial liabilities | 98,269 | 84,334 | |
Accounts Payable And Accrued Liabilities And Others [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 419 | 1,007 | 20,990 |
Current financial liabilities | 98,269 | 84,334 | |
Warrants [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 16,860 | 23,700 | |
Warrants [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 0 | ||
Warrants [Member] | Financial assets/liabilities at FVTPL [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 16,860 | 23,700 | |
Borrowings [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 389,096 | ||
Current financial liabilities | 62,317 | ||
Borrowings [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 389,096 | ||
Current financial liabilities | 62,317 | ||
Financial Liabilities [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 294,415 | ||
Current financial liabilities | 10,352 | ||
Financial Liabilities [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial liabilities | 294,415 | ||
Current financial liabilities | 10,352 | ||
Natural Gas Surplus Injection Stimulus Program Credit [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 3,600 | 9,049 | |
Current financial assets | 7,797 | 6,899 | 14,366 |
Natural Gas Surplus Injection Stimulus Program Credit [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 3,600 | 9,049 | |
Current financial assets | 7,797 | 6,899 | 14,366 |
Mandatory Save Credit [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 207 | ||
Mandatory Save Credit [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 207 | ||
Advances And Loans To Employees [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 772 | ||
Advances And Loans To Employees [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 772 | ||
American Government Bonds [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 7,882 | ||
American Government Bonds [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Non-current financial assets | 7,882 | ||
Cash And Bank Balances [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 139,931 | 13,254 | 184 |
Cash And Bank Balances [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 139,931 | 13,254 | 184 |
Short Term Investments [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 120,097 | 67,654 | 36,651 |
Short Term Investments [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 111,314 | 38,862 | 17,180 |
Short Term Investments [Member] | Financial assets/liabilities at FVTPL [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 8,783 | 28,792 | 19,471 |
Receivables From Oil And Gas Sales [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 52,676 | 55,032 | 3,898 |
Receivables From Oil And Gas Sales [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 52,676 | 55,032 | 3,898 |
Checks To Be Deposited [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 3 | 883 | 8,323 |
Checks To Be Deposited [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 3 | 883 | 8,323 |
Loans To Third Parties [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 1,241 | ||
Loans To Third Parties [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 1,241 | ||
Receivables From Services To Third Parties [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 1,252 | ||
Receivables From Services To Third Parties [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 1,252 | ||
Grants On Propane Credit [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 982 | 753 | |
Grants On Propane Credit [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 982 | 753 | |
Related parties [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 3,169 | 186 | 27,295 |
Related parties [member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 3,169 | 186 | 27,295 |
Price Stability Program Of Ngl Credit [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 480 | 151 | 218 |
Price Stability Program Of Ngl Credit [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 480 | 151 | 218 |
Balances With Joint Operations [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 14 | 38 | |
Balances With Joint Operations [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 14 | 38 | |
Other [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 730 | 786 | 26 |
Other [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 730 | 786 | 26 |
Directors advances and loans to employees [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 284 | 1,818 | 22 |
Directors advances and loans to employees [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 284 | 1,818 | $ 22 |
Receivables to third parties [Member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | 3,797 | 2,850 | |
Receivables to third parties [Member] | Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Current financial assets | $ 3,797 | $ 2,850 |
Financial Assets And Financi_10
Financial Assets And Financial Liabilities - Summary Of Sensitivity Analysis For Types Of Market Risk (Detail) - Market Risk [member] - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Government Bonds [Member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Percentage of reasonably possible increase in risk exposure that arises from contracts within scope of IFRS 17 | 10.00% | 10.00% | 10.00% | 10.00% |
Percentage of reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | 10.00% | 10.00% | 10.00% | 10.00% |
Increase (decrease) in profit (loss) due to reasonably possible increase in risk exposure that arises from contracts within scope of IFRS 17 | $ 1,213 | $ 1,329 | $ 530 | $ 1,513 |
Increase (decrease) in profit (loss) due to reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | $ 1,213 | $ 1,329 | $ 530 | $ 1,513 |
Mutual Funds [member] | ||||
Disclosure of nature and extent of risks arising from financial instruments [line items] | ||||
Percentage of reasonably possible increase in risk exposure that arises from contracts within scope of IFRS 17 | 10.00% | 10.00% | 10.00% | 10.00% |
Percentage of reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | 10.00% | 10.00% | 10.00% | 10.00% |
Increase (decrease) in profit (loss) due to reasonably possible increase in risk exposure that arises from contracts within scope of IFRS 17 | $ 1,587 | $ 5,096 | $ 366 | $ 212 |
Increase (decrease) in profit (loss) due to reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | $ 1,587 | $ 5,096 | $ 366 | $ 212 |
Financial Assets And Financi_11
Financial Assets And Financial Liabilities - Summary Of Detailed Information About Concentration Of Risk That Arises From Contracts Within Scope Of IFRS 17 (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Trafigura Argentina SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of Entitys Trade Receivables | 31.00% | 35.00% | |
Raizen Argentina SA before Shell Ca Argentina de Petrleo SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of Entitys Trade Receivables | 34.00% | 31.00% | |
Percentage of entity's revenue | 53.00% | 40.00% | |
Pampa Energa S A [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of Entitys Trade Receivables | 52.00% | ||
Pampa Comercializadora S A [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of Entitys Trade Receivables | 16.00% | ||
Camuzzi Gas Pampena SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of Entitys Trade Receivables | 16.00% | 8.00% | |
Oil Market [Member] | Trafigura Argentina SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 45.00% | 34.00% | |
Oil Market [Member] | Pampa Energa S A [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 13.00% | 100.00% | |
Oil Market [Member] | Y P F S A [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 12.00% | ||
Natural Gas [Member] | Pampa Energa S A [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 66.00% | ||
Natural Gas [Member] | Pampa Comercializadora S A [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 23.00% | ||
Natural Gas [Member] | Rafael G Albanesi SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 22.00% | 26.00% | |
Natural Gas [Member] | Camuzzi Gas Pampena SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 22.00% | 6.00% | |
Natural Gas [Member] | Metroenerga SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 14.00% | 3.00% | |
Natural Gas [Member] | San Atanasio Energa SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 7.00% | 13.00% | |
Natural Gas [Member] | Ca Inversora de Energa SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 2.00% | 10.00% | |
Natural Gas [Member] | Total Gas Marketing Cono Sur SA [Member] | |||
Disclosure of detailed information about concentrations of risk that arises from contracts within scope of IFRS 17 [line items] | |||
Percentage of entity's revenue | 11.00% |
Financial Assets And Financi_12
Financial Assets And Financial Liabilities - Summary of Credit Risk Exposure (Detail) - Trade receivables [member] - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 21, 2018 | Dec. 31, 2017 |
Disclosure of credit risk exposure [line items] | ||||
Financial assets | $ 52,679 | $ 55,915 | $ 51,261 | |
Gross carrying amount [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | 52,779 | $ 56,172 | 45,100 | |
Gross carrying amount [member] | Current [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | 46,490 | 44,374 | 38,261 | |
Gross carrying amount [member] | Later than three months [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | 6,189 | 7,965 | 678 | |
Gross carrying amount [member] | Later than three months and not later than one year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | 100 | 3,833 | ||
Gross carrying amount [member] | Later than one year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | 6,161 | |||
Expected Credit Loss [Member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | (100) | (257) | 6,161 | |
Expected Credit Loss [Member] | Later than three months and not later than one year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | $ (100) | $ (257) | ||
Expected Credit Loss [Member] | Later than one year [member] | ||||
Disclosure of credit risk exposure [line items] | ||||
Financial assets | $ 6,161 |
Financial Assets And Financi_13
Financial Assets And Financial Liabilities - Summary of managing liquidity risk (Detail) $ in Thousands | Dec. 31, 2019USD ($)$ / $ | Dec. 31, 2018USD ($)$ / $ | Dec. 31, 2017USD ($)$ / $ |
Liquidity Index [Abstract] | |||
Current assets | $ 372,571 | $ 185,145 | $ 101,324 |
Current liabilities | $ 193,036 | $ 134,118 | $ 32,143 |
Liquidity Index | $ / $ | 1.930 | 1.380 | 3.152 |
Financial Assets And Financi_14
Financial Assets And Financial Liabilities -Summary of contractual undiscounted cash flows of financial liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities | $ 132,315 | $ 109,041 | $ 52,730 |
Borrowings | 451,413 | 304,767 | |
Total | 583,728 | 413,808 | 52,730 |
Less than one year | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities | 105,664 | 84,334 | 31,291 |
Borrowings | 62,317 | 10,352 | |
Total | 167,981 | 94,686 | 31,291 |
One to two years [member] | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities | 5,334 | 1,007 | 852 |
Borrowings | 299,232 | 26,471 | |
Total | 304,566 | 27,478 | 852 |
Two to five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities | 21,317 | 23,700 | 4,945 |
Borrowings | 89,864 | 267,944 | |
Total | $ 111,181 | $ 291,644 | 4,945 |
More than five years | |||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | |||
Financial liabilities | 15,642 | ||
Total | $ 15,642 |
Financial Assets and financi_15
Financial Assets and financial liabilities - Summary of income, expenses, gains and losses (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | $ 239 | $ 2,532 | $ 3,770 | $ 166 |
Interest expense | (23) | (15,746) | (34,163) | (18) |
Foreign currency exchange difference, net | (995) | 3,005 | (2,991) | (1,506) |
Results from financial instruments at fair value | 69 | 1,206 | ||
Changes in the fair value of Warrants | (8,860) | 6,840 | ||
Changes in the fair value of government bonds and mutual funds | (10) | |||
Changes in the fair value of the financial assets | 873 | |||
Cost of early settlements of borrowings and amortized cost | (14,474) | (2,076) | ||
Interest expense leases | 1,561 | |||
Effect on discount on assets and liabilities at present value | (2,743) | |||
Unwinding of discount on asset retirement obligation | (233) | (897) | (1,723) | (815) |
Other | (366) | (67) | ||
Other | 679 | |||
Financial results, net | (943) | (36,134) | (31,108) | (288) |
Financial assets/liabilities at amortized cost [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Interest income | 239 | 2,532 | 3,770 | 166 |
Interest expense | (23) | (15,746) | (34,163) | (18) |
Foreign currency exchange difference, net | (995) | 3,005 | (2,991) | (1,506) |
Cost of early settlements of borrowings and amortized cost | (14,474) | (2,076) | ||
Interest expense leases | (1,561) | |||
Effect on discount on assets and liabilities at present value | (2,743) | (10) | ||
Unwinding of discount on asset retirement obligation | (233) | (897) | (1,723) | (815) |
Other | (366) | (67) | ||
Other | 679 | |||
Financial results, net | (1,012) | (28,689) | (38,821) | (1,494) |
Financial assets/liabilities at FVTPL [member] | ||||
Disclosure of detailed information about financial instruments [line items] | ||||
Results from financial instruments at fair value | 69 | 1,206 | ||
Changes in the fair value of Warrants | 6,840 | |||
Changes in the fair value of government bonds and mutual funds | 0 | |||
Changes in the fair value of the financial assets | 873 | |||
Interest expense leases | 0 | |||
Financial results, net | $ 69 | $ (8,860) | $ 7,713 | $ 1,206 |
Financial Assets and financi_16
Financial Assets and financial liabilities - Summary of Fair value of the group's financial assets and financial liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | $ 8,783 | $ 28,792 | $ 19,471 |
Financial liabilities at FVTPL | 16,860 | 23,700 | |
Warrants [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at FVTPL | 16,860 | 23,700 | |
Government bonds and notes [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | 17,349 | ||
Mutual Funds [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | 2,122 | ||
Government bonds and mutual funds [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | 8,783 | 28,792 | |
Level 1 | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | 8,783 | 28,792 | 19,471 |
Level 1 | Government bonds and notes [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | 17,349 | ||
Level 1 | Mutual Funds [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | $ 2,122 | ||
Level 1 | Government bonds and mutual funds [Member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial assets at FVTPL | 8,783 | 28,792 | |
Level 3 | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at FVTPL | 16,860 | 23,700 | |
Level 3 | Warrants [member] | |||
Disclosure of fair value measurement of assets [line items] | |||
Financial liabilities at FVTPL | $ 16,860 | $ 23,700 |
Financial Assets and financi_17
Financial Assets and financial liabilities - Summary of weighted average assumptions were used to estimate the fair value of the warrant liability (Detail) - Warrants [member] | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Annualized volatility [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 2,294.1 | 2,667.5 |
Domestic risk-free interest rate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 656.2 | 857.5 |
Foreign risk-free interest rate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 169.7 | 253.7 |
Expected life of warrants in years [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Expected life of warrants in years | 3 years 3 months 21 days | 4 years 3 months 7 days |
Financial Assets and financi_18
Financial Assets and financial liabilities - Summary of Reconciliation of Level 3 fair value measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Balance | $ 606,485 | $ 81,570 |
Total change in fair value of warrants: | ||
Balance | 781,417 | 606,485 |
Warrants [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Balance | 23,700 | 14,840 |
Total change in fair value of warrants: | ||
(loss) or profit | (6,840) | 8,860 |
Balance | $ 16,860 | $ 23,700 |
Financial Assets and financi_19
Financial Assets and financial liabilities - Summary of Fair value of financial assets and financial liabilities that are not measured at fair value (but fair value disclosures are required) (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Borrowings [member] | Level 2 | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ 2 | $ 2 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 451,413 | 304,767 |
Not measured at fair value in statement of financial position but for which fair value is disclosed [member] | Borrowings [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 451,413 | 304,767 |
Fair Value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 416,845 | 286,734 |
Fair Value [member] | Borrowings [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ 416,845 | $ 286,734 |
Financial Assets and financi_20
Financial Assets and financial liabilities - Summary of foreign currency changes (Detail) - Currency risk [member] - USD ($) $ in Thousands | Apr. 03, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of sensitivity analysis of fair value measurement to changes in unobservable inputs, entity's own equity instruments [line items] | ||||
Change in Argentine Peso Rate Increase | 30.00% | 33.00% | 28.00% | 17.00% |
Change in Argentine Peso Rate Decrease | 30.00% | 33.00% | 28.00% | 17.00% |
Effect in profit before tax Decrease | $ (10,381) | $ (20,350) | $ (12,697) | $ (5,617) |
Effect in profit before tax Increase | 10,381 | 20,350 | 12,697 | 5,617 |
Effect in pre-tax equity Decrease | (10,381) | (20,350) | (12,697) | (5,617) |
Effect in pre-tax equity Increase | $ 10,381 | $ 20,350 | $ 12,697 | $ 5,617 |
Financial Assets And Financi_21
Financial Assets And Financial Liabilities - Additional Information (Detail) | Feb. 13, 2019$ / sharesshares | Jul. 19, 2018USD ($) | Apr. 04, 2018USD ($) | Aug. 15, 2017USD ($)$ / $$ / sharesshares | Aug. 01, 2017USD ($)$ / $$ / sharesshares | Apr. 03, 2018 | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | Apr. 01, 2020USD ($) | Sep. 11, 2019USD ($) |
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Total capital amount of debt securities | $ 11,235 | ||||||||||
Loan agreement, principal amount | $ 451,413,000 | $ 304,767,000 | |||||||||
Loan agreement, transaction costs | $ 451,413,000 | $ 304,767,000 | |||||||||
Percentage of argentine peso depreciated | 8.00% | 105.00% | 17.00% | ||||||||
Inflation retail price indices | 100.00% | ||||||||||
Inflation wholesale price index | 180.00% | 140.00% | 75.00% | ||||||||
Domestic currency, percentage of devaluation | 59.00% | 100.00% | |||||||||
Annual interest rate, percentage of increase | 65.00% | 60.00% | |||||||||
Maximum borrowing capacity | $ 300,000,000 | ||||||||||
USD | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
variable interest rate | 6.67% | 8.06% | |||||||||
ARS | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
variable interest rate | 59.90% | 0.00% | |||||||||
Aleph Midstream SA [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Maximum borrowing capacity | $ 150,000,000 | ||||||||||
Fixed interest rate [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Loan agreement, principal amount | $ 288,474,000 | $ 152,048,000 | |||||||||
Loan agreement, transaction costs | $ 288,474,000 | $ 152,048,000 | |||||||||
Indebtedness subject to variable interest rates | 36.00% | 50.00% | |||||||||
Floating interest rate [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Loan agreement, principal amount | $ 162,939,000 | $ 152,719,000 | |||||||||
Loan agreement, transaction costs | $ 162,939,000 | $ 152,719,000 | |||||||||
Loan agreement, interest rate bps margin | 4.50% | ||||||||||
Market comparable prices [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Percentage of argentine peso depreciated | 59.00% | ||||||||||
Series A Warrants [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Warrants issued | shares | 5,000,000 | 65,000,000 | |||||||||
Number of shares issuable on exercise of one warrant | $ / $ | 0.33 | ||||||||||
Warrants issued, exercise price per share | $ / shares | $ 11.50 | $ 11.50 | |||||||||
Warrants issued, expiration date | Apr. 4, 2023 | ||||||||||
Proceeds From Issuance Of Warrants | $ 18,000 | ||||||||||
Series A Warrants [Member] | Market comparable prices [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Percentage of increase in unobersrvable input | 0.10% | 0.10% | |||||||||
Amount of increase in Financial Obligation | $ 901,000 | $ 820,000 | |||||||||
Percentage of decrease in unobersrvable input | 0.10% | 0.10% | |||||||||
Amount of decrease in Financial Obligation | $ 878 | $ 828,000 | |||||||||
Series A Warrants [Member] | Historical volatility for shares, measurement input [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Percentage of increase in unobersrvable input | 50.00% | 50.00% | |||||||||
Amount of increase in Financial Obligation | $ 506,000 | $ 245,000 | |||||||||
Percentage of decrease in unobersrvable input | 50.00% | 50.00% | |||||||||
Amount of decrease in Financial Obligation | $ 519,000 | $ 259,000 | |||||||||
Series A Warrants [Member] | Sponsor [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Warrants issued | shares | 29,680,000 | ||||||||||
Number of shares issuable on exercise of one warrant | $ / $ | 0.33 | ||||||||||
Warrants issued, exercise price per share | $ / shares | $ 11.50 | ||||||||||
Proceeds From Issuance Of Warrants | $ 14,840,000 | ||||||||||
Notes Program [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Total capital amount of debt securities | $ 800,000 | ||||||||||
Bridge Loan Agreement [Member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Loan agreement, principal amount | $ 11,904,000 | ||||||||||
Loan agreement, transaction costs | $ 11,904,000 | ||||||||||
Loan agreement, expiration date | February 11, 2019 | ||||||||||
Loan agreement, interest rate | 3.25% | ||||||||||
Deferred expenses recognized in profit or loss | $ 11,904,000 | ||||||||||
Bridge Loan Agreement [Member] | Market comparable prices [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Loan agreement, principal amount | $ 260,000,000 | ||||||||||
Loan agreement, transaction costs | $ 260,000,000 | ||||||||||
Bridge Loan Agreement [Member] | Top of range [member] | |||||||||||
Disclosure of detailed information about financial instruments [line items] | |||||||||||
Loan agreement, interest rate | 5.00% |
Inventories - Disclosure of Det
Inventories - Disclosure of Detailed Information About Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Inventory [Abstract] | |||
Materials and spare parts | $ 16,074 | $ 15,465 | $ 6,747 |
Crude oil stock | 3,032 | 2,722 | 1,468 |
Total | $ 19,106 | $ 18,187 | $ 8,215 |
Cash, Bank Balances and Short_3
Cash, Bank Balances and Short Term Investments - Disclosure of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 04, 2018 | Apr. 03, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents [abstract] | ||||||
Cash | $ 1 | |||||
Banks | $ 139,931 | $ 13,254 | 183 | |||
Money market funds | 107,041 | |||||
Mutual funds | 7,756 | 52,793 | 2,122 | |||
Government bonds | 5,300 | 11,457 | 34,391 | |||
Treasury notes | 3,404 | |||||
Time deposits | 138 | |||||
Total | 260,028 | 80,908 | $ 700 | 36,835 | ||
Cash, banks and short term investments | 260,028 | 80,908 | 700 | 36,835 | ||
Government Bonds and treasury notes | (5,300) | (14,861) | (34,391) | |||
Restricted cash and cash equivalets | 20,498 | $ 653,780 | ||||
Cash and cash equivalents | $ 234,230 | $ 66,047 | $ 17,039 | $ 2,444 | $ 7,649 |
Share capital and capital ris_3
Share capital and capital risk management - Summary of detailed information about changes in equity (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Beginning Balance | $ 513,255 | $ 25 |
Number of shares | 70,409,317 | 16,250,002 |
Net value of Series A shares on April 4, 2018 | $ 717,820 | |
Number of shares | 74,500,000 | |
Net value of Series A shares on February 13, 2019 | $ 55,000 | |
Number of shares | 5,500,000 | |
Net value of Series A shares on July 25, 2019 | $ 91,143 | |
Number of shares | 10,906,257 | |
Net value of Series A shares redeemed on April 4, 2018 | $ (204,590) | |
Number of shares | (20,340,685) | |
Number of shares | 0 | |
Series A shares granted for the LTIP | $ 1 | |
Number of shares | 317,932 | |
Ending Balance | $ 659,399 | $ 513,255 |
Number of shares | 87,133,506 | 70,409,317 |
Series A Publicly Traded Shares [member] | ||
Beginning Balance | $ 423,017 | |
Number of shares | 60,909,315 | |
Net value of Series A shares on April 4, 2018 | $ 627,582 | |
Number of shares | 65,000,000 | |
Net value of Series A shares on February 13, 2019 | $ 55,000 | |
Number of shares | 5,500,000 | |
Net value of Series A shares on July 25, 2019 | $ 91,143 | |
Number of shares | 10,906,257 | |
Net value of Series A shares redeemed on April 4, 2018 | $ (204,590) | |
Number of shares | (20,340,685) | |
Net value of Series B shares converted into Series A shares on April 4, 2018 | $ 25 | |
Number of shares | 16,250,000 | |
Ending Balance | $ 569,160 | $ 423,017 |
Number of shares | 77,315,572 | 60,909,315 |
Series A private offering [member] | ||
Beginning Balance | $ 90,238 | |
Number of shares | 9,500,000 | |
Net value of Series A shares on April 4, 2018 | $ 90,238 | |
Number of shares | 9,500,000 | |
Series A shares granted for the LTIP | $ 1 | |
Number of shares | 317,932 | |
Ending Balance | $ 90,239 | $ 90,238 |
Number of shares | 9,817,932 | 9,500,000 |
Series B common shares [member] | ||
Beginning Balance | $ 25 | |
Number of shares | 16,250,000 | |
Net value of Series B shares converted into Series A shares on April 4, 2018 | $ (25) | |
Number of shares | (16,250,000) | |
Series C common shares [member] | ||
Number of shares | 2 | 2 |
Number of shares | 2 | 2 |
Share capital and capital ris_4
Share capital and capital risk management - Summary of financial leverage ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 04, 2018 | Apr. 03, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Financial Leverage Ratio [Abstract] | ||||||
Total borrowings and leases liabilities | $ 468,180 | $ 304,767 | ||||
Less: cash, bank balances and short term investments | (260,028) | (80,908) | $ (700) | $ (36,835) | ||
Net debt | 208,152 | 223,859 | ||||
Total shareholders' equity | $ 603,716 | $ 479,657 | $ 273,585 | $ 280,301 | $ 273,360 | |
Leverage ratio | 34.00% | 47.00% |
Share capital and capital ris_5
Share capital and capital risk management - Additional Information (Detail) - USD ($) $ in Thousands | Jul. 25, 2019 | Apr. 04, 2018 | Dec. 18, 2017 | Aug. 15, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Feb. 13, 2019 | Mar. 22, 2018 | Dec. 31, 2017 |
Value of stock issued | $ 513,255 | $ 659,399 | $ 513,255 | $ 39,239 | ||||||
Escrow deposit | $ 653,781 | |||||||||
Number of shares redeemed | (20,340,685) | |||||||||
Value redeemed | $ (204,590) | |||||||||
Payment for redemption | 204,590 | |||||||||
Payment for deferred offering costs | 19,500 | |||||||||
Stock issuance cost | 26,199 | |||||||||
Issue proceeds | $ 90,239 | |||||||||
shares outstanding | 70,409,317 | 87,133,506 | 70,409,317 | 16,250,002 | ||||||
Kensington Investments BV [Member] | ||||||||||
Warrant exercise value | $ 55,000 | |||||||||
Mexico [Member] | ||||||||||
Stock issuance cost | $ 91,143 | |||||||||
American Depository Shares [Member] | ||||||||||
Shares issued | 10,091,257 | |||||||||
Treasury shares [member] | ||||||||||
shares outstanding | 47,476,667 | 41,658,735 | 47,476,667 | |||||||
Series A common shares [member] | ||||||||||
Value of stock issued | $ 650,017 | |||||||||
Shares issued | 10,906,257 | 65,000,000 | ||||||||
Stock issuance cost | $ 4,073 | $ 9,988 | ||||||||
Increase in variable capital | $ 1,000,000 | |||||||||
Number of shares subscribed | 100,000,000 | |||||||||
Shares fully paid | 9,500,000 | |||||||||
Issue proceeds | $ 95,000 | |||||||||
Additional Shares issued | 500,000 | |||||||||
Issue proceeds from additional shares | $ 5,000,000 | |||||||||
Number of shares approved for incentive plans | 8,750,000 | |||||||||
shares outstanding | 70,409,315 | 87,133,504 | 70,409,315 | |||||||
Series A common shares [member] | Kensington Investments BV [Member] | ||||||||||
Shares issued | 5,500,000 | |||||||||
Warrants issued | 5,000,000 | |||||||||
Series A common shares [member] | Mexico [Member] | ||||||||||
Shares issued | 815,000 | |||||||||
Exercise price | 9.25% | |||||||||
Series A common shares [member] | American Depository Shares [Member] | ||||||||||
Exercise price | 9.25% | |||||||||
Series A Redeemable Common Shares [Member] | ||||||||||
Percentage of redemption right exercised | 31.29% | |||||||||
Number of shares redeemed | 20,340,685 | |||||||||
Value redeemed | $ 204,590 | |||||||||
Payment for redemption | 442,491 | |||||||||
Shares redemption cost | 6,700 | |||||||||
Payment for deferred offering costs | $ 19,500 | |||||||||
Series A private offering [member] | ||||||||||
Issue of treasury shares | $ 317,932 | |||||||||
shares outstanding | 9,500,000 | 9,817,932 | 9,500,000 | |||||||
Series B common shares [member] | ||||||||||
Increase in variable capital | $ 25,000 | |||||||||
shares outstanding | 16,250,000 |
Provisions - Summary of classif
Provisions - Summary of classification of provisions (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [line items] | |||
Non-Current | $ 21,146 | $ 16,186 | $ 15,902 |
Current | 3,423 | 4,140 | 925 |
Asset retirement obligation [member] | |||
Disclosure of other provisions [line items] | |||
Non-Current | 20,987 | 15,430 | 15,642 |
Current | 761 | 823 | |
Environmental remediation [member] | |||
Disclosure of other provisions [line items] | |||
Non-Current | 159 | 756 | 260 |
Current | 2,340 | 2,968 | 852 |
Contingencies [Member] | |||
Disclosure of other provisions [line items] | |||
Current | $ 322 | $ 349 | $ 55 |
Provisions - Summary of movemen
Provisions - Summary of movements in provision (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | ||
Asset retirement obligation [member] | |||||
Disclosure of other provisions [line items] | |||||
At the beginning of the period/year | $ 15,642 | $ 15,587 | $ 16,253 | $ 13,740 | |
Increases for business combinations | 11,201 | ||||
Unwinding of discount | 233 | 897 | 1,723 | 815 | |
Reclassification | 73 | ||||
Amounts incurred due to payments/utilization | (369) | (221) | |||
Increase / (Decrease) from change in estimates capitalized | (288) | (11,432) | 4,141 | 1,235 | |
At the end of the period/year | 15,587 | 16,253 | 21,748 | 15,642 | |
Environmental remediation [member] | |||||
Disclosure of other provisions [line items] | |||||
At the beginning of the period/year | 1,112 | 1,002 | 3,724 | 1,691 | |
Increases for business combinations | 4,044 | ||||
Increases | 12 | 1,168 | 816 | 0 | |
Reclassification | (571) | ||||
Decreases | [1] | (122) | (2,490) | (2,041) | (8) |
At the end of the period/year | 1,002 | 3,724 | 2,499 | 1,112 | |
Provisions for contingencies [member] | |||||
Disclosure of other provisions [line items] | |||||
At the beginning of the period/year | 55 | 51 | 349 | 375 | |
Increases | 2 | 151 | 422 | 2,566 | |
Exchange differences | (84) | (386) | |||
Amounts incurred due to payments/utilization | (6) | (9) | (63) | (2,886) | |
At the end of the period/year | $ 51 | $ 349 | $ 322 | $ 55 | |
[1] | Includes exchange differences |
Provisions - Additional informa
Provisions - Additional information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of other provisions [abstract] | |||
Discount rate used in calculation of provision | 10.59% | 10.03% | 4.83% |
Total claims and legal actions in aggregate claimed amount | $ 469 | $ 391 | $ 22,373 |
Estimate of probable loss | 322 | 349 | 55 |
Contingent liabilities | $ 147 | $ 42 | $ 22 |
Employee defined benefits pla_3
Employee defined benefits plans obligation - Summary of employee benefit costs (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of information about defined benefit plans [abstract] | ||||
Cost of the current services | $ (38) | $ (99) | $ (68) | $ (161) |
Cost of interest | (126) | (466) | (152) | (484) |
Reductions | 177 | |||
Return on plan assets | 56 | 38 | ||
Total | $ (132) | $ (368) | $ (220) | $ (134) |
Employee defined benefits pla_4
Employee defined benefits plans obligation - Summary of obligations for defined benefit plans (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of net defined benefit liability (asset) [line items] | ||||
Balances at the beginning of year | $ (4,683) | $ (4,825) | $ (3,302) | $ (4,366) |
Increase for business combination | (1,771) | |||
Items classified in profit or loss | ||||
Current services cost | (38) | (99) | (68) | (161) |
Cost for interest | (126) | (466) | (152) | (484) |
Reductions | 56 | 177 | ||
Return on plan assets | 56 | 38 | ||
Exchange differences on translation gain (loss) | (91) | 257 | 243 | |
Items classified in other comprehensive income | ||||
Actuarial (losses) gains | (89) | 2,698 | (1,577) | (355) |
Benefit payments | 177 | |||
Contributions paid | 146 | 727 | 630 | 402 |
At the end of the year | (4,825) | (3,302) | (4,469) | (4,683) |
Present value of the obligation [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Balances at the beginning of year | (10,317) | (10,481) | (11,014) | (9,962) |
Increase for business combination | (3,847) | |||
Items classified in profit or loss | ||||
Current services cost | (38) | (99) | (68) | (161) |
Cost for interest | (126) | (446) | (541) | (484) |
Reductions | 177 | |||
Exchange differences on translation gain (loss) | (57) | 257 | 243 | |
Items classified in other comprehensive income | ||||
Actuarial (losses) gains | (89) | 2,698 | (1,358) | (355) |
Benefit payments | 146 | 727 | 630 | 402 |
At the end of the year | (10,481) | (11,014) | (12,351) | (10,317) |
Fair value of plan assets [member] | ||||
Disclosure of net defined benefit liability (asset) [line items] | ||||
Balances at the beginning of year | 5,634 | 5,656 | 7,712 | 5,596 |
Increase for business combination | 2,076 | |||
Items classified in profit or loss | ||||
Cost for interest | (20) | 389 | ||
Reductions | 56 | |||
Return on plan assets | 38 | |||
Exchange differences on translation gain (loss) | (34) | |||
Items classified in other comprehensive income | ||||
Actuarial (losses) gains | (219) | |||
Benefit payments | (146) | (727) | (630) | (402) |
Contributions paid | 146 | 727 | 630 | 402 |
At the end of the year | $ 5,656 | $ 7,712 | $ 7,882 | $ 5,634 |
Employee defined benefits pla_5
Employee defined benefits plans obligation - Summary of fair value of plan assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of fair value of plan assets [abstract] | |||
Cash and cash equivalents | $ 7,712 | $ 69 | |
Debt instruments categorized by issuers' credit rating: | |||
- AAA (U.S. Treasury notes) | $ 7,882 | 5,565 | |
Total | $ 7,882 | $ 7,712 | $ 5,634 |
Employee defined benefits pla_6
Employee defined benefits plans obligation - Summary of estimated expected benefits payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Less than one year [member] | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 871 | $ 743 | $ 507 |
One to two years [member] | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | 851 | 825 | 516 |
Two to three years [member] | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | 836 | 811 | 635 |
Three to four years [member] | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | 856 | 800 | 669 |
Four to five years [member] | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | 839 | 783 | 666 |
Six to ten years [member] | |||
Disclosure of defined benefit plans [line items] | |||
Estimate of contributions expected to be paid to plan for next annual reporting period | $ 4,554 | $ 3,869 | $ 3,678 |
Employee defined benefits pla_7
Employee defined benefits plans obligation - Summary of significant actuarial assumptions used (Detail) | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of defined benefit plans [line items] | |||
Discount rate | 5.00% | 5.00% | 5.00% |
Assets return rate | 5.00% | 5.00% | |
Up to 35 years old | |||
Disclosure of defined benefit plans [line items] | |||
Salaries increase | 1.00% | 1.00% | 1.00% |
From 36 to 49 years old | |||
Disclosure of defined benefit plans [line items] | |||
Salaries increase | 1.00% | 1.00% | 1.00% |
More than 50 years old | |||
Disclosure of defined benefit plans [line items] | |||
Salaries increase | 1.00% | 1.00% | 1.00% |
Employee defined benefits pla_8
Employee defined benefits plans obligation - Additional information (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Actuarial assumption of discount rates [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of increase in actuarial assumption | 100.00% | ||
Percentage of decrease in actuarial assumption | 100.00% | ||
Amount of decrease in defined benefit obligation due to increase in actuarial assumption | $ (1,156) | $ (1,011) | $ (1,011) |
Amount of increase in defined benefit obligation due to decrease in actuarial assumption | $ 1,379 | 1,203 | 1,203 |
Actuarial assumption of expected rates of salary increases [member] | |||
Disclosure of defined benefit plans [line items] | |||
Percentage of increase in actuarial assumption | 1.00% | ||
Percentage of decrease in actuarial assumption | 1.00% | ||
Amount of decrease in defined benefit obligation due to increase in actuarial assumption | $ 179 | 197 | 197 |
Amount of increase in defined benefit obligation due to decrease in actuarial assumption | $ (198) | $ (183) | $ (183) |
Salaries and social security _3
Salaries and social security payable - Summary of salaries and social security payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Disclosure of information about defined benefit plans [abstract] | |||
Salaries and social security contributions | $ 3,467 | $ 925 | $ 249 |
Short-term employee benefits | 681 | ||
Provision for gratifications and bonus | 9,086 | 5,423 | 1,610 |
Total current | $ 12,553 | $ 6,348 | $ 2,540 |
Other taxes and royalties pay_3
Other taxes and royalties payable - Summary of other taxes and royalties payable (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Other Liabilities Abstract [Abstract] | |||
Payment plans | $ 2 | ||
Total non-current | 2 | ||
Royalties | $ 4,539 | $ 5,467 | 2,452 |
Tax withholdings payable | 866 | 909 | 974 |
Value added tax | 597 | 486 | |
Extraordinary canon (Note 10.2) | 2,251 | ||
Turnover tax | 139 | 124 | |
Other | 38 | ||
Total current | $ 6,040 | $ 6,515 | $ 6,287 |
Accounts payable and accrued _3
Accounts payable and accrued liabilities - Summary of accrued expenses and other liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Accrued liabilities: | |||
Extraordinary canon on SGIC | $ 419 | $ 1,007 | |
Total non-current accounts payable and accrued liabilities | 419 | 1,007 | |
Accounts payable: | |||
Suppliers | 59,264 | 73,609 | $ 19,764 |
Related parties (Note 26) | 1,226 | ||
Total current accounts payable | 59,264 | 73,609 | 20,990 |
Accrued liabilities: | |||
Related parties (Note 26 and 27) | 24,839 | 0 | |
Sundry debtors- Put option (Note 27) | 12,661 | 0 | |
Extraordinary canon on SGIC | 1,436 | 769 | |
Balances with joint operations | 69 | 1,023 | |
Concession extension bonus Bajada del Palo payable (Note 29.3.2) | 0 | 7,899 | |
Directors' fees | 0 | 1,034 | 0 |
Total current accrued liabilities | 39,005 | 10,725 | 0 |
Total current accounts payable and accrued liabilities | $ 98,269 | $ 84,334 | $ 20,990 |
Related parties transactions _3
Related parties transactions and balances - Summary of transactions between related parties (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Revenue from crude oil | ||||
Revenue from crude oil | $ 31,501 | $ 260,079 | $ 338,272 | $ 146,635 |
Revenue from natural gas | ||||
Revenue from natural gas | 11,418 | 65,164 | $ 71,524 | 45,947 |
Pampa Energia SA [Member] | ||||
Revenue from crude oil | ||||
Revenue from crude oil | 31,501 | 114,564 | ||
Revenue from natural gas | ||||
Revenue from natural gas | 2,647 | 8,832 | ||
Transportadora Gas Del Sur Sa [Member] | ||||
Revenue from natural gas | ||||
Revenue from natural gas | 684 | |||
Central Trmica Gemes Sa [Member] | ||||
Revenue from natural gas | ||||
Revenue from natural gas | 455 | |||
Pampa Comercializadora S A [Member] | ||||
Revenue from natural gas | ||||
Revenue from natural gas | 7,726 | 18,886 | ||
Selling expenses | ||||
Selling expenses | (91) | (364) | ||
Veta Escondida y Rincn de Aranda UTE [Member] | ||||
Exploitation services | ||||
Exploitation services | 32 | 412 | ||
Shm S De R l De Cv [Member] | ||||
Purchases of goods and services | ||||
Purchases of goods and services | (546) | $ 186 | (1,767) | |
Oleoductos del Valle SA [Member] | ||||
Selling expenses | ||||
Selling expenses | $ (610) | $ (2,962) |
Related parties transactions _4
Related parties transactions and balances - Summary of key management personnel remuneration (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure of transactions between related parties [line items] | ||||
Short-term employee benefits | $ 235 | $ 5,368 | $ 9,080 | $ 2,417 |
Termination benefits | 1,167 | |||
Share-based payments | 3,533 | 9,175 | ||
Total | $ 235 | $ 8,901 | $ 18,255 | $ 3,584 |
Related parties transactions _5
Related parties transactions and balances - Summary of outstanding balances with related parties (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Trade receivables [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | $ 26,720 | ||
Trade receivables [member] | Pampa energia S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 20,331 | ||
Trade receivables [member] | Pampa comercializadora S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 6,389 | ||
Other receivables [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | $ 3,169 | $ 186 | 575 |
Other receivables [member] | Pampa energia S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 20 | ||
Other receivables [member] | Veta escondida y rincon de aranda U.T.E [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 303 | ||
Other receivables [member] | APCO oil and gas international inc Suc.Arg [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 69 | ||
Other receivables [member] | APCO, Oil and gas international inc [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 183 | ||
Other receivables [member] | Riverstone vista capital partners L.P. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | $ 186 | ||
Other receivables [member] | REL Amsterdam [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 2,355 | ||
Other receivables [member] | Aleph Midstream Holding L.P [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts receivable, related party transactions | 814 | ||
Trade payable and accrued liabilities [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 24,839 | 1,226 | |
Trade payable and accrued liabilities [member] | Pampa energia S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 674 | ||
Trade payable and accrued liabilities [member] | Pampa comercializadora S.A. [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 32 | ||
Trade payable and accrued liabilities [member] | Oleoductos del Valle SA [Member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 266 | ||
Trade payable and accrued liabilities [member] | APCO oil and gas international inc Suc.Arg [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | $ 254 | ||
Trade payable and accrued liabilities [member] | REL Amsterdam [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | 24,032 | ||
Trade payable and accrued liabilities [member] | Aleph Midstream Holding L.P [member] | |||
Disclosure of transactions between related parties [line items] | |||
Amounts payable, related party transactions | $ 807 |
Related parties transactions _6
Related parties transactions and balances - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Thousands | Feb. 13, 2019 | Aug. 15, 2017 | May 30, 2017 | Aug. 31, 2017 | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | Aug. 01, 2017 |
Disclosure of transactions between related parties [line items] | |||||||||
Number of shares outstanding | 70,409,317 | 87,133,506 | 16,250,002 | ||||||
Impairment of related party receivables | $ 0 | $ 0 | $ 0 | $ 0 | |||||
Series A warrants [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Warrants issued | 5,000,000 | 65,000,000 | |||||||
Warrants Issued Exercise Price Per Share | $ 11.50 | $ 11.50 | |||||||
Series A warrants [member] | RVCP [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Warrants issued | 5,000,000 | ||||||||
Warrants Issued Exercise Price Per Share | $ 11.5 | ||||||||
Warrant exercise value | $ 50,000 | ||||||||
Warrants issued unit price per unit | $ 10 | ||||||||
Series B shares [member] | Independent directors and former independent director [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Number of ordinary shares issued | 132,000 | ||||||||
Series a publicly traded shares [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Number of shares outstanding | 60,909,315 | 77,315,572 | |||||||
Series a publicly traded shares [member] | Independent directors and former independent director [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Number of shares outstanding | 132,000 | ||||||||
Series A shares [member] | Vistas sponsor [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Warrants issued | 29,680,000 | ||||||||
Series A shares [member] | RVCP [member] | |||||||||
Disclosure of transactions between related parties [line items] | |||||||||
Number of ordinary shares issued | 5,000,000 |
Aleph Midstream - Additional in
Aleph Midstream - Additional information (Detail) - Aleph Midstream SA [Member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Statement [Line Items] | ||
Proportion of ownership interest by the Group | 0.27% | 100.00% |
Investor Contribution | $ 75,000 | |
Consideration For Sale Of Interest | $ 37,500 |
Commitments and contingencies -
Commitments and contingencies - Additional information (Detail) $ in Thousands | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Apr. 04, 2018 | Dec. 31, 2017USD ($) | Dec. 31, 2016 | Apr. 30, 2004 |
Disclosure of other provisions [line items] | ||||||
Price per barrel | 60.20 | 54.55 | 54.5 | 64.2 | ||
Not later than one year [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Undiscounted future lease payments not yet commenced | $ 1,117 | |||||
Later than one year and not later than two years [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Undiscounted future lease payments not yet commenced | 5,180 | |||||
Later than two years and not later than three years [member] | ||||||
Disclosure of other provisions [line items] | ||||||
Undiscounted future lease payments not yet commenced | 5,180 | |||||
West Texas Intermediate [Member] | ||||||
Disclosure of other provisions [line items] | ||||||
Contingent asset | $ 12,013 | $ 11,608 | $ 11,210 | |||
Price per barrel | 28.50 | 28.50 |
Operations in hydrocarbon con_3
Operations in hydrocarbon consortiums - Additional information (Detail) $ in Thousands, $ in Millions | Nov. 29, 2019 | Dec. 21, 2018USD ($) | Sep. 25, 2018 | Aug. 22, 2018USD ($) | Apr. 04, 2018 | Jul. 11, 2016 | Oct. 28, 2009 | Dec. 31, 2019USD ($) | Dec. 31, 2019ARS ($) | Dec. 31, 2018USD ($) |
Statement [Line Items] | ||||||||||
Royalties percentage | 12.00% | 12.00% | ||||||||
Contractual participation percentage | 55.00% | |||||||||
Alianza Petrolera SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 54.14% | |||||||||
Vista Argentina [member] | Carry Petrolero [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
Gas y Petrleo de Neuqun SA [Member] | Carry Petrolero [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 11.11% | |||||||||
Shell And Vista [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Capital contribution | $ 10,000 | |||||||||
Petrolera El Trbol SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 24.91% | |||||||||
Entre Lomas [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
Concession term | 10 years | |||||||||
Complementary contribution equivalent percentage | 3.00% | |||||||||
Additional estimate cost to fulfil the commitment | $ 7,400,000 | |||||||||
Entre Lomas [Member] | Rio Negro [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Estimate cost to fulfil the commitment | $ 22,000 | |||||||||
Additional estimate cost to fulfil the commitment | $ 5,300 | |||||||||
Entre Lomas [Member] | Before Increment [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Royalties percentage | 18.00% | 18.00% | ||||||||
Entre Lomas [Member] | Neuquen [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Concession term | 17 years | |||||||||
Agreed investment in future exploitation and exploration activities | $ 237 | |||||||||
Entre Lomas [Member] | Neuquen [Member] | Bottom of range [member] | ||||||||||
Statement [Line Items] | ||||||||||
Royalties percentage | 12.00% | 12.00% | ||||||||
Entre Lomas [Member] | Neuquen [Member] | Top of range [member] | ||||||||||
Statement [Line Items] | ||||||||||
Royalties percentage | 15.00% | 15.00% | ||||||||
Bajada del Palo [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Concession term | 35 years | |||||||||
Royalties percentage | 12.00% | |||||||||
Operating bonus payable | $ 1,168 | |||||||||
Infrastructure bonus payable | 2,796 | |||||||||
Corporate Social Responsibility | 3,935 | |||||||||
Payment of stamp tax | $ 1,102 | |||||||||
Additional estimate cost to fulfil the commitment | 51,800 | |||||||||
Agua Amarga [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Concession term | 25 years | |||||||||
Coirn Amargo Norte [Member] | Vista Argentina [member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 61.11% | |||||||||
Incremental participation percentage | 6.11% | |||||||||
Coirn Amargo Norte [Member] | Gas y Petrleo de Neuqun SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 45.00% | |||||||||
Coirn Amargo Norte [Member] | OG Developments Ltd [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 10.00% | |||||||||
Coirn Amargo Norte [Member] | APCO Oil and Gas International Inc SucArg [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 45.00% | |||||||||
Acambuco [Member] | Vista Argentina [member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 1.50% | |||||||||
Acambuco [Member] | Pan American Energy LLC [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 52.00% | |||||||||
Acambuco [Member] | YPF SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 22.50% | |||||||||
Acambuco [Member] | WPX Energy [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 1.50% | |||||||||
Coirn Amargo Sur Oeste [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Concession term | 35 years | |||||||||
Coirn Amargo Sur Oeste [Member] | Vista Argentina [member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 10.00% | 10.00% | ||||||||
Coirn Amargo Sur Oeste [Member] | Gas y Petrleo de Neuqun SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 10.00% | |||||||||
Coirn Amargo Sur Oeste [Member] | OG Developments Ltd [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 80.00% | |||||||||
Ownership percentage exchanged | 35.00% | |||||||||
Aguila Mora [Member] | Vista Argentina [member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 90.00% | |||||||||
Ownership percentage exchanged | 90.00% | |||||||||
Aguila Mora [Member] | Gas y Petrleo de Neuqun SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 10.00% | |||||||||
Concession term | 35 years | |||||||||
Successive periods | 10 years | |||||||||
Jagüel de ios machos [member] | Pampa Energia SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
Concession term | 25 years | |||||||||
Successive periods | 10 years | |||||||||
Twenty Five de MayoMedanito SE [Member] | Pampa Energia SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 100.00% | |||||||||
Concession term | 25 years | |||||||||
Successive periods | 10 years | |||||||||
Sur Rio Deseado Este [Member] | Vista Argentina [member] | Alianza Petrolera SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 16.95% | |||||||||
Sur Rio Deseado Este [Member] | SECRA SA [Member] | Alianza Petrolera SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 4.00% | |||||||||
Cuenca del Sureste Basin BloqueCS01 [Member] | Mexico [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Cuenca del Sureste Basin BloqueA10 [Member] | Mexico [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Tampico Misantla [Member] | Mexico [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 50.00% | |||||||||
Coiron Amargo [Member] | Vista Argentina [member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 55.00% | |||||||||
Coiron Amargo [Member] | Madalena Energy Argentina SRL [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 35.00% | |||||||||
Coiron Amargo [Member] | Gas y Petrleo de Neuqun SA [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Ownership percentage | 10.00% | |||||||||
Twenty Five de MayoMedanito SE And Jagel de Males [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Estimate cost to fulfil the commitment | $ 20,250 | |||||||||
Aguila Mora One [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Additional estimate cost to fulfil the commitment | $ 32,000 |
Operations in hydrocarbon con_4
Operations in hydrocarbon consortiums - Summary of joint operations and consortia for the exploration and production of oil and gas (Detail) | 12 Months Ended |
Dec. 31, 2019 | |
25 de Mayo-Medanito S.E. [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2026 |
25 de Mayo-Medanito S.E. [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Jaguel de ios machos [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2025 |
Jaguel de ios machos [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Bajada del Palo Este [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2053 |
Bajada del Palo Este [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Bajada del Palo Oeste [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2053 |
Bajada del Palo Oeste [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Entre Lomas [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2026 |
Entre Lomas [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Entre Lomas One [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2026 |
Entre Lomas One [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Agua AmargaCharco del Palenque [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2034 |
Agua AmargaCharco del Palenque [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Agua AmargaJarilla Quemada [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2040 |
Agua AmargaJarilla Quemada [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 100.00% |
Coirn Amargo Sur Oeste [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds operator | O&G Development Ltd. S.A. |
Oil and gas duration | 2053 |
Coirn Amargo Sur Oeste [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 10.00% |
Coirn Amargo Norte [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2036 |
Coirn Amargo Norte [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 55.00% |
Acambuco San Pedrito [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Salta |
Oil and gas fileds operator | Pan American Energy |
Oil and gas duration | 2036 |
Acambuco San Pedrito [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 1.50% |
Acambuco Macueca [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Salta |
Oil and gas fileds operator | Pan American Energy |
Oil and gas duration | 2040 |
Acambuco Macueca [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 1.50% |
Sur Rio Deseado Este [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Santa Cruz |
Oil and gas fileds operator | Alianza Petrolera Argentina S.A. |
Oil and gas duration | 2021 |
Sur Rio Deseado Este [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 16.90% |
Aguila Mora [Member] | Argentina [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds operator | Vista Argentina |
Oil and gas duration | 2054 |
Aguila Mora [Member] | Argentina [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 90.00% |
Cuenca del Sureste Basin BloqueCS01 [Member] | Mexico [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Tabasco |
Oil and gas fileds operator | Jaguar |
Oil and gas duration | 2047 |
Cuenca del Sureste Basin BloqueCS01 [Member] | Mexico [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 50.00% |
Cuenca del Sureste Basin BloqueA10 [Member] | Mexico [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Tabasco |
Oil and gas fileds operator | Jaguar |
Oil and gas duration | 2047 |
Cuenca del Sureste Basin BloqueA10 [Member] | Mexico [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 50.00% |
Tampico Misantla [Member] | Mexico [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Tabasco |
Oil and gas fileds operator | Jaguar |
Oil and gas duration | 2047 |
Tampico Misantla [Member] | Mexico [Member] | Indirect Ownership [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Proportion of ownership interest in joint venture | 50.00% |
Operations in hydrocarbon con_5
Operations in hydrocarbon consortiums - Summary of joint operations and consortia for the exploration and production of oil and gas (PELSA) (Detail) - PELSA [member] | 12 Months Ended |
Dec. 31, 2017 | |
Bajada del Palo [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Neuquén |
Oil and gas fileds participation percentage direct | 73.15% |
Oil and gas fileds operator | PELSA |
Oil and gas duration | 2025 |
Entre Lomas [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro and Neuquén |
Oil and gas fileds participation percentage direct | 73.15% |
Oil and gas fileds operator | PELSA |
Oil and gas duration | 2026 |
Agua Amarga [Member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Principal place of business of joint venture | Río Negro |
Oil and gas fileds participation percentage direct | 73.15% |
Oil and gas fileds operator | PELSA |
Agua Amarga [Member] | Bottom of range [member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Oil and gas duration | 2034 |
Agua Amarga [Member] | Top of range [member] | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Oil and gas duration | 2040 |
Operations in hydrocarbon con_6
Operations in hydrocarbon consortiums - Summary of financial information of joint operation (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Assets | ||||
Non-current assets | $ 260,547 | $ 900,997 | $ 1,012,562 | $ 260,547 |
Current assets | 185,145 | 372,571 | 101,324 | |
Liabilities | ||||
Non-current liabilities | 472,367 | 588,381 | 49,427 | |
Current liabilities | 134,118 | 193,036 | 32,143 | |
Selling expenses | (3,091) | (21,341) | (27,138) | (13,264) |
General and administrative expenses | (1,466) | (24,202) | (42,400) | (6,774) |
Exploration expenses | (134) | (637) | (676) | (1,049) |
Financial results, net | (943) | (36,134) | (31,108) | (288) |
Group And Vista Argentina [Member] | ||||
Assets | ||||
Non-current assets | 14,950 | 8,221 | 257,009 | |
Current assets | 1,488 | 3,026 | 12,626 | |
Liabilities | ||||
Non-current liabilities | 483 | 918 | 8,151 | |
Current liabilities | 3,307 | 3,374 | 28,757 | |
Cost of sales | (40,846) | (12,120) | (9,103) | (195,200) |
Selling expenses | (5,304) | (46) | (106) | (23,439) |
General and administrative expenses | (1,494) | (230) | (1,488) | (6,949) |
Exploration expenses | (134) | (2) | (667) | (1,049) |
Other operating income and expenses, net | 51 | (390) | (74) | 5,943 |
Financial results, net | 1,706 | 988 | (961) | 2,078 |
Total costs and expenses for the period/year | $ (46,021) | $ (11,800) | $ (12,399) | $ (218,616) |
Business Combinations - Additio
Business Combinations - Additional Information (Detail) - USD ($) $ in Thousands | Apr. 25, 2018 | Apr. 04, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||||
Goodwill | $ 28,484 | ||||
Borrowings | $ 304,767 | $ 451,413 | |||
PELSA [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Date of acquisition | Apr. 4, 2018 | ||||
Percentage of voting equity interests acquired | 0.32% | 58.88% | |||
Percentage of ownership interest in subsidiary | 100.00% | 99.68% | |||
Consideration transferred | $ 297,588 | ||||
Acquisition related costs | 967 | ||||
Goodwill | $ 11,999 | ||||
Proportion of ownership interests held by non-controlling interests | 0.32% | ||||
Remaining ownership interest | 40.80% | ||||
Profit loss of acquiree | 36,816 | ||||
Revenue of acquiree | 86,941 | ||||
Revenue of combined entity | $ 360,026 | ||||
Profit loss of combined entity | $ 28,835 | ||||
Percentage of capital stock held | 39.22% | ||||
PELSA [member] | Operating Interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 73.15% | ||||
PELSA [member] | Non operating interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 3.85% | ||||
Oil and gas properties [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration transferred | $ 85,435 | ||||
Acquisition related costs | 277 | ||||
Goodwill | 5,542 | ||||
Profit loss of acquiree | 69,016 | ||||
Revenue of acquiree | 130,015 | ||||
Revenue of combined entity | 371,132 | ||||
Profit loss of combined entity | $ 10,090 | ||||
Oil and gas properties [member] | Medanito [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
Oil and gas properties [member] | JdM [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
APCO [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Consideration transferred | $ 349,761 | ||||
Acquisition related costs | 1,136 | ||||
Goodwill | 10,943 | ||||
Profit loss of acquiree | 32,546 | ||||
Revenue of acquiree | $ 114,380 | ||||
Revenue of combined entity | 367,167 | ||||
Profit loss of combined entity | 25,505 | ||||
Borrowings | 260,000 | ||||
Borrowing costs | 11,904 | ||||
Business combinations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Revenue of combined entity | 435,653 | ||||
Profit loss of combined entity | $ 11,666 | ||||
APCO, Oil and gas international inc [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 100.00% | ||||
Percentage of capital stock held | 100.00% | ||||
APCO argentina [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of voting equity interests acquired | 5.00% | ||||
Percentage of ownership interest in subsidiary | 1.58% | ||||
Percentage of capital stock held | 95.00% | ||||
EL-AA-BP Concessions [Member] | Operating Interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 23.00% | ||||
Oil and gas property, neuquina basin [member] | Non operating interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 45.00% | ||||
Exploitation concession neuquina basin [member] | Operating Interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 55.00% | ||||
Exploitation concession noroeste basin [member] | Non operating interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 1.50% | ||||
Exploitation concession golfo san jorge basin [member] | Non operating interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 16.95% | ||||
Exploration contract portion of SRDE [member] | Non operating interest [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Percentage of ownership interest in subsidiary | 44.00% |
Business Combinations - Summary
Business Combinations - Summary of fair value of the acquired assets and the assumed liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 04, 2018 |
Assets | |||
Cash and cash equivalents | $ 24,648 | ||
Liabilities | |||
Goodwill | $ 28,484 | ||
Non-controlling interest | $ (1,307) | ||
PELSA [member] | |||
Assets | |||
Property, plant and equipment | 312,728 | ||
Other intangible assets | 494 | ||
Trade and other receivables | 27,857 | ||
Other financial assets | 19,712 | ||
Inventories | $ 2,201 | 3,952 | |
Cash and cash equivalents | 10,216 | ||
Total assets acquired | 374,959 | ||
Liabilities | |||
Deferred income tax liabilities | 56,396 | ||
Provisions | 11,085 | ||
Employee defined benefits plan obligation | 2,856 | ||
Salaries and social security payable | 1,178 | ||
Income tax Payable | 2,914 | ||
Other taxes and royalties payable | 3,394 | ||
Accounts payable and accrued liabilities | 10,240 | ||
Total liabilities assumed | 88,063 | ||
Net assets acquired | 286,896 | ||
Goodwill | 11,999 | ||
Non-controlling interest | (1,307) | ||
Total consideration | 297,588 | ||
Oil and gas properties [member] | |||
Assets | |||
Property, plant and equipment | 86,096 | ||
Deferred income tax asset | 1,226 | ||
Cash and cash equivalents | |||
Total assets acquired | 87,322 | ||
Liabilities | |||
Provisions | 6,406 | ||
Salaries and social security payable | 1,023 | ||
Total liabilities assumed | 7,429 | ||
Net assets acquired | 79,893 | ||
Goodwill | 5,542 | ||
Total consideration | 85,435 | ||
APCO [member] | |||
Assets | |||
Property, plant and equipment | 380,386 | ||
Other intangible assets | 417 | ||
Trade and other receivables | 34,076 | ||
Other financial assets | 13,579 | ||
Inventories | 4,409 | ||
Cash and cash equivalents | 14,432 | ||
Total assets acquired | 447,299 | ||
Liabilities | |||
Deferred income tax liabilities | 67,503 | ||
Provisions | 12,881 | ||
Employee defined benefits plan obligation | 3,483 | ||
Salaries and social security payable | 1,312 | ||
Income tax Payable | 6,458 | ||
Other taxes and royalties payable | 3,349 | ||
Accounts payable and accrued liabilities | 13,495 | ||
Total liabilities assumed | 108,481 | ||
Net assets acquired | 338,818 | ||
Goodwill | 10,943 | ||
Total consideration | $ 349,761 |
Business Combinations - Summa_2
Business Combinations - Summary of fair value of the acquired assets and the assumed liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Apr. 04, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2018 | Dec. 31, 2017 |
Disclosure of detailed information about business combination [line items] | |||||
Discount rates for projections | 12.60% | 11.90% | 11.25% | 10.10% | |
PELSA [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Discount rates for projections | 11.25% | ||||
Fair value of acquired receivables | $ 27,857 | ||||
Gross contractual amount of receivables | 31,504 | ||||
Contractual amount of receivables not expected to be collected | $ 3,647 | ||||
PELSA [member] | Bottom of range [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Risk factor | 30.00% | ||||
PELSA [member] | Top of range [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Risk factor | 100.00% | ||||
PELSA [member] | Other contingent liabilities [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent liabilities in business combination | $ 30,646 | ||||
PELSA [member] | Asset retirement obligations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent liabilities in business combination | $ 10,071 | ||||
Oil and gas properties [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Discount rates for projections | 11.25% | ||||
Oil and gas properties [member] | Bottom of range [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Risk factor | 30.00% | ||||
Oil and gas properties [member] | Top of range [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Risk factor | 100.00% | ||||
Oil and gas properties [member] | Other contingent liabilities [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent liabilities in business combination | $ 3,676 | ||||
Oil and gas properties [member] | Asset retirement obligations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent liabilities in business combination | $ 2,730 | ||||
APCO [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Discount rates for projections | 11.25% | ||||
Fair value of acquired receivables | $ 34,076 | ||||
Gross contractual amount of receivables | 36,590 | ||||
Contractual amount of receivables not expected to be collected | 2,514 | ||||
Total assets related to cash and cash equivalents and receivables | $ 851 | ||||
APCO [member] | Bottom of range [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Risk factor | 30.00% | ||||
APCO [member] | Top of range [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Risk factor | 100.00% | ||||
APCO [member] | Other contingent liabilities [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent liabilities in business combination | $ 122,600 | ||||
APCO [member] | Asset retirement obligations [member] | |||||
Disclosure of detailed information about business combination [line items] | |||||
Contingent liabilities in business combination | $ 12,159 |
Business Combinations - Summa_3
Business Combinations - Summary of net cash outflow on acquisition of subsidiaries (Detail) - USD ($) $ in Thousands | Apr. 04, 2018 | Dec. 31, 2019 |
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | $ 732,784 | |
Cash and cash equivalents acquired | (24,648) | |
Net cash outflow on acquisition of subsidiaries | $ 708,136 | |
PELSA [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | $ 297,588 | |
Cash and cash equivalents acquired | (10,216) | |
Net cash outflow on acquisition of subsidiaries | 287,372 | |
Oil and gas properties [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | 85,435 | |
Cash and cash equivalents acquired | ||
Net cash outflow on acquisition of subsidiaries | 85,435 | |
APCO [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Cash transferred | 349,761 | |
Cash and cash equivalents acquired | (14,432) | |
Net cash outflow on acquisition of subsidiaries | $ 335,329 |
Business Combinations - Summa_4
Business Combinations - Summary of net cash outflow on acquisition of subsidiaries (Parenthetical) (Detail) $ in Thousands | Apr. 04, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | |
Cash transferred | $ 725,174 |
Cash and cash equivalents | 17,038 |
PELSA [member] | |
Disclosure of detailed information about business combination [line items] | |
Cash transferred | 297,458 |
Cash and cash equivalents | 10,086 |
APCO [member] | |
Disclosure of detailed information about business combination [line items] | |
Cash transferred | 342,281 |
Cash and cash equivalents | $ 6,952 |
Business Combinations - Summa_5
Business Combinations - Summary of composition of goodwill (Detail) $ in Thousands | Apr. 04, 2018USD ($) |
Disclosure of detailed information about business combination [line items] | |
Total Goodwill | $ 28,484 |
PELSA [member] | |
Disclosure of detailed information about business combination [line items] | |
Total Goodwill | 11,999 |
Oil and gas properties [member] | |
Disclosure of detailed information about business combination [line items] | |
Total Goodwill | 5,542 |
APCO [member] | |
Disclosure of detailed information about business combination [line items] | |
Total Goodwill | $ 10,943 |
Regulatory tax - Additional Inf
Regulatory tax - Additional Information (Detail) - USD ($) $ in Millions | Jan. 01, 2021 | Jan. 01, 2020 | Sep. 02, 2018 | Jan. 01, 2018 | Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 |
Statement [Line Items] | ||||||||||
Income tax rate | 35.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% | ||||
Dividend withholding tax rate | 7.00% | |||||||||
Export duty rate | 0.00% | 15.00% | ||||||||
Deductible interest | $ 20 | |||||||||
Argentina [member] | ||||||||||
Statement [Line Items] | ||||||||||
Income tax rate | 30.00% | |||||||||
Argentina [member] | PAIS [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Tax term | 5 years | |||||||||
Mexico [member] | ||||||||||
Statement [Line Items] | ||||||||||
Income tax rate | 30.00% | |||||||||
Services or Commerce sectors [Member] | Private Sector Employers [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Social security tax rate | 20.40% | |||||||||
Other Sector [Member] | Private Sector Employers [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Social security tax rate | 18.00% | |||||||||
Definitive Imports for Consumption [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Statistical rate | 2.50% | |||||||||
Definitive Imports for Consumption [Member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||||||
Statement [Line Items] | ||||||||||
Statistical rate | 3.00% | |||||||||
Capital Goods Imports for Production [Member] | Changes in tax rates or tax laws enacted or announced [member] | ||||||||||
Statement [Line Items] | ||||||||||
Statistical rate | 0.00% | |||||||||
Forecast [Member] | ||||||||||
Statement [Line Items] | ||||||||||
Income tax rate | 30.00% | 25.00% | ||||||||
Dividend withholding tax rate | 7.00% | 13.00% |
Share-based payments - Summary
Share-based payments - Summary of number and weighted average exercise prices (WAEP) of, and movements in, share options (Detail) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure Of Number And Weighted Average Exercise Price Of Share Options [Abstract] | ||
Outstanding as of beginning of period/year | shares | 1,330,541 | |
Granted during the period/year | shares | 1,330,541 | 2,704,003 |
Paid during the period/year | shares | (40,540) | |
At the end of the period/year | shares | 1,330,541 | 3,994,004 |
Outstanding as of beginning of period/year | $ / shares | $ 10 | |
Granted during the period/year | $ / shares | $ 10 | 6.7 |
Paid during the period/year | $ / shares | 10 | |
At the end of the period/year | $ / shares | $ 10 | $ 7.8 |
Share-based payments - Summar_2
Share-based payments - Summary of valuation assumptions of stock option plan (Detail) | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure Of Indirect Measurement Of Fair Value Of Goods Or Services Received Share Options Granted During Period [Abstract] | ||
Dividend yield (%) | 0.00% | 0.00% |
Expected volatility (%) | 40.00% | 40.00% |
Risk–free interest rate (%) | 1.50% | 2.50% |
Expected life of share options (years) | shares | 5 | 5 |
Weighted average excercise price | $ / shares | $ 10 | $ 6.7 |
Model used | Black-Scholes-Merton | Black-Scholes-Merton |
Share-based payments - Summar_3
Share-based payments - Summary of number and weighted average exercise prices (WAEP) of, and movements in, restricted stock (Detail) - Restricted Stock [member] | 9 Months Ended | 12 Months Ended |
Dec. 31, 2018shares$ / shares | Dec. 31, 2019shares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||
Outstanding as of beginning of period/year | shares | 854,750 | |
Granted during the period/year | shares | 854,750 | 1,356,762 |
Paid during the period/year | shares | (4,500) | |
At the end of the period/year | shares | 854,750 | 2,207,012 |
Outstanding as of beginning of period/year | $ / shares | $ 10 | |
Granted during the period/year | $ / shares | $ 10 | 6.7 |
Paid during the period/year | $ / shares | 10 | |
At the end of the period/year | $ / shares | $ 10 | $ 7.8 |
Share-based payments - Addition
Share-based payments - Additional Informtaion (Detail) - USD ($) | Dec. 18, 2017 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Mar. 22, 2018 |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Weighted average fair value of options granted | $ 3,700 | $ 2,600 | $ 3,700 | ||
Share based payments, compensation expense | 4,021,000 | $ 10,655,000 | |||
Series A common shares [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares subscribed | 100,000,000 | ||||
Stock options [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Description of vesting requirements of options granted | Stock options will be vested as follows: (i) 33% the first year; (ii) 33% the second year; and (iii) 34% the third year with respect to the date to which the stock options are provided to the participants. | ||||
Description of maximum term of options granted | Stock Options are exercisable up to 5 years from the date they are granted. | ||||
Share based payments, compensation expense | 1,238,000 | $ 3,529,000 | |||
Restricted Stock [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Description of vesting requirements of options granted | Restricted Stock is vested as follows (i) 33% the first year, (ii) 33% the second year and (iii) 34% the third year with respect to the date to which the Restricted Stock are granted to the participants. | ||||
Share based payments, compensation expense | $ 2,783,000 | $ 7,126,000 | |||
Long term incentive plan [member] | |||||
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||||
Number of shares reserved fo issuance | 8,750,000 | ||||
Share based payments, date of grant | April 4, 2018 |
Events after the reporting pe_2
Events after the reporting period - Additional Information (Detail) $ in Thousands | Apr. 15, 2020$ / $ | Apr. 01, 2020USD ($) | Feb. 21, 2020USD ($) | Jan. 21, 2020USD ($) | Jan. 15, 2020USD ($) | Apr. 02, 2020$ / $ | Mar. 31, 2020USD ($) | Apr. 27, 2020USD ($) | Apr. 27, 2020ARS ($) | Apr. 09, 2020$ / $$ / $ | Apr. 01, 2020ARS ($) | Mar. 31, 2020ARS ($) | Mar. 30, 2020$ / $ | Mar. 08, 2020$ / $ | Feb. 26, 2020USD ($) | Dec. 31, 2018 | Apr. 04, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 11,235 | ||||||||||||||||||
Price per barrel | 60.20 | 54.55 | 54.5 | 64.2 | |||||||||||||||
Number of million barrels per day | $ / $ | 970 | ||||||||||||||||||
Vista Argentina [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 30,000,000 | ||||||||||||||||||
Borrowings, interest rate | 5.25% | ||||||||||||||||||
Borrowings, maturity date | July 15, 2020 | ||||||||||||||||||
Vista Argentina [member] | Bolsas Y Mercados Argentinos SA [Member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 1,428,000 | $ 95,000 | |||||||||||||||||
Borrowings, interest rate | 18.62% | 18.62% | |||||||||||||||||
Entering into significant commitments or contingent liabilities [member] | Negotiable obligations Due Feb 2024 [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 50,000,000 | ||||||||||||||||||
Borrowings, interest rate | 3.50% | ||||||||||||||||||
Entering into significant commitments or contingent liabilities [member] | Vista Argentina [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, maturity date | April 1, 2021 | ||||||||||||||||||
Entering into significant commitments or contingent liabilities [member] | Vista Argentina [member] | Banco de Galicia y Buenos Aires SA [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 681,178 | ||||||||||||||||||
Entering into significant commitments or contingent liabilities [member] | Vista Argentina [member] | Banco BBVA Argentina S.A [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 725,000 | $ 845,865 | |||||||||||||||||
Borrowings, interest rate | 6.00% | 6.00% | |||||||||||||||||
Entering into significant commitments or contingent liabilities [member] | Vista Argentina [member] | Banco de la Ciudad de Buenos Aires [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 7,110,000 | ||||||||||||||||||
Cancellation Of Loan Commitments [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, face value | $ 15,000,000 | ||||||||||||||||||
Cancellation of loan including interest | $ 11,190,000 | ||||||||||||||||||
Major business combination [member] | Negotiable obligations Due Feb 2024 [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Borrowings, maturity date | February 21, 2024 | ||||||||||||||||||
Major business combination [member] | Aleph Midstream S.A. [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Consideration transferred | $ 37,500,000 | ||||||||||||||||||
Voting interest acquired | 100.00% | 100.00% | |||||||||||||||||
Non-adjusting events [member] | |||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | |||||||||||||||||||
Price per barrel | $ / $ | 30 | 22.72 | 34.36 | ||||||||||||||||
Price per barrel fluctuations | $ / $ | 2,000 | 3,000 | |||||||||||||||||
Percent of sharp drop in oil prices | 55.00% |
Supplementary Information On _3
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of costs capitalized as well as expensed that were incurred (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Acquisition of properties | ||||
Exploration | $ (134) | $ (637) | $ (676) | $ (1,049) |
Argentina [Member] | ||||
Acquisition of properties | ||||
Proved | (555,944) | |||
Total property acquisition | (555,944) | |||
Exploration | (134) | (637) | (9) | (1,049) |
Development | (3,999) | (131,080) | (146,935) | (29,543) |
Total costs incurred | $ (4,133) | (687,661) | (146,944) | $ (30,592) |
Mexico [Member] | ||||
Acquisition of properties | ||||
Unproved | (29,681) | 278 | ||
Total property acquisition | (29,681) | 278 | ||
Exploration | (667) | |||
Development | (601) | |||
Total costs incurred | $ (29,681) | $ (990) |
Supplementary Information On _4
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of capitalized costs - (Detail) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2018 |
Argentina [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Unproved properties | $ 13,157 | ||
Gross capitalized costs | $ 1,144,931 | 916,047 | $ 1,082,070 |
Accumulated depreciation | (222,847) | (74,413) | (824,399) |
Total net capitalized costs | 922,084 | 841,634 | 257,671 |
Mexico [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Unproved properties | 29,403 | 29,681 | |
Gross capitalized costs | 30,044 | 29,681 | |
Accumulated depreciation | (3) | ||
Total net capitalized costs | 30,041 | 29,681 | |
Machinery, installations and software licenses [member] | Argentina [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Proved Properties | 29,757 | 20,602 | 16,996 |
Machinery, installations and software licenses [member] | Mexico [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Proved Properties | 40 | ||
Oil and gas properties and wells [Member] | Argentina [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Proved Properties | 1,040,250 | 804,752 | 1,061,163 |
Other uncompleted projects [Member] | Argentina [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Proved Properties | 74,924 | $ 77,536 | $ 3,911 |
Other uncompleted projects [Member] | Mexico [Member] | |||
Disclosure Of Capitalized Costs [Line Items] | |||
Proved Properties | $ 601 |
Supplementary Information On _5
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of results of operations - (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Disclosure Of Results Of Operations [Line Items] | ||||
Revenue from contract with customers | $ 44,463 | $ 331,336 | $ 415,976 | $ 198,075 |
Surplus Gas Injection Compensation | 291 | 16,938 | ||
Production costs, excluding depreciation | ||||
Operating costs and others | 18,367 | 86,245 | 114,431 | 77,461 |
Royalties | 6,795 | 50,323 | 61,008 | 28,163 |
Exploration expenses | 134 | 637 | 676 | 1,049 |
Impairment recovery of Property, Plant and equipment | 5,290 | |||
Accreation expenses | 233 | 897 | 1,723 | 815 |
Depreciation, depletion and amortization | 14,194 | 74,772 | 153,001 | 61,211 |
Results of operations before income tax | 1,311 | 21,043 | (16,491) | 20,266 |
Income tax | (7,960) | (47,425) | (16,232) | (6,361) |
Net (loss) profit for the year/period | (6,649) | (26,382) | (32,723) | 13,905 |
Argentina [Member] | ||||
Production costs, excluding depreciation | ||||
Exploration expenses | 134 | 637 | 9 | 1,049 |
Oil And Gas Producing Activities [Member] | Argentina [Member] | ||||
Disclosure Of Results Of Operations [Line Items] | ||||
Revenue from contract with customers | 44,463 | 331,336 | 415,976 | 198,075 |
Surplus Gas Injection Compensation | 291 | 16,938 | ||
Revenue and other income | 44,754 | 331,336 | 415,976 | 215,013 |
Production costs, excluding depreciation | ||||
Operating costs and others | (18,367) | (86,245) | (114,431) | (77,461) |
Royalties | (6,795) | (50,323) | (61,008) | (28,163) |
Total production costs | (25,162) | (136,568) | (175,439) | (105,624) |
Exploration expenses | (134) | (637) | (676) | (1,049) |
Impairment recovery of Property, Plant and equipment | 5,290 | |||
Accreation expenses | (233) | (897) | (1,723) | (815) |
Depreciation, depletion and amortization | (14,194) | (74,772) | (153,001) | (61,211) |
Results of operations before income tax | 5,031 | 118,462 | 85,137 | 51,604 |
Income tax | (1,509) | (35,539) | (25,541) | (18,061) |
Net (loss) profit for the year/period | $ 3,522 | $ 82,923 | $ 59,596 | $ 33,543 |
Supplementary Information On _6
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of estimated oil and natural gas proved reserves and technical volumes - (Detail) | Dec. 31, 2019MMBblsBcf | Dec. 31, 2018MMBblsBcf | Dec. 31, 2017MMBblsBcf | Dec. 31, 2016MMBblsBcf |
Proved Reserves [Member] | Crude oil, condensate and natural gas liquids [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | 70.8 | 27.1 | 12 | 15 |
Proved Reserves [Member] | Consumption plus Natural Gas sales in BCF [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | Bcf | 172 | 103.4 | 51 | 53.2 |
Proved Reserves [Member] | Consumption plus Natural Gas sales in MMBBL [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | 30.6 | 18.4 | 9.1 | 9.5 |
Argentina [Member] | Proved Reserves [Member] | Crude oil, condensate and natural gas liquids [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | 30.2 | 27.1 | ||
PROVED Undeveloped | 40.6 | 7.1 | ||
Total proved reserves (developed and undeveloped) | 70.8 | 34.2 | ||
Argentina [Member] | Proved Reserves [Member] | Consumption plus Natural Gas sales in BCF [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | Bcf | 108 | 103.4 | ||
PROVED Undeveloped | Bcf | 64 | 28.2 | ||
Total proved reserves (developed and undeveloped) | Bcf | 172 | 131.6 | ||
Argentina [Member] | Proved Reserves [Member] | Consumption plus Natural Gas sales in MMBBL [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | 19.2 | 18.4 | ||
PROVED Undeveloped | 11.4 | 5 | ||
Total proved reserves (developed and undeveloped) | 30.6 | 23.4 | ||
Argentina [Member] | Technical volumes [Member] | Crude oil, condensate and natural gas liquids [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | 12 | |||
PROVED Undeveloped | 2.4 | |||
Total proved reserves (developed and undeveloped) | 14.4 | |||
Argentina [Member] | Technical volumes [Member] | Consumption plus Natural Gas sales in BCF [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | Bcf | 51 | |||
PROVED Undeveloped | Bcf | 17.6 | |||
Total proved reserves (developed and undeveloped) | Bcf | 68.6 | |||
Argentina [Member] | Technical volumes [Member] | Consumption plus Natural Gas sales in MMBBL [Member] | ||||
Disclosure Of Estimated Oil And Natural Gas Proved Reserves And Technical Volumes [Line Items] | ||||
PROVED Developed | 9.1 | |||
PROVED Undeveloped | 3.1 | |||
Total proved reserves (developed and undeveloped) | 12.2 |
Supplementary Information On _7
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of reconciliation of the Company's reserves (Detail) - Proved Reserves [Member] | 12 Months Ended | ||
Dec. 31, 2019MMBblsBcf | Dec. 31, 2018MMBblsBcf | Dec. 31, 2017MMBblsBcf | |
Crude Oil Condensate And Natural Gas Liquids [Member] | |||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | |||
Beginning Balance | 27.1 | 12 | 15 |
Revisions of previous estimates | 2.4 | ||
Extension and discoveries | 41 | ||
Production for the year | (6.8) | ||
Ending Balance | 70.8 | 27.1 | 12 |
Crude Oil Condensate And Natural Gas Liquids [Member] | Parent Company [Member] | |||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | |||
Beginning Balance | 34.2 | 14.5 | 18.4 |
Revisions of previous estimates | (0.6) | (2.1) | |
Extension and discoveries | 0.2 | 4 | |
Purchases of proved reserves in place | 21.1 | ||
Production for the year | (4.8) | (1.8) | |
Ending Balance | 0.2 | 34.2 | 14.5 |
Consumption Plus Natural Gas Sales In BCF [Member] | |||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | |||
Beginning Balance | Bcf | 103.4 | 51 | 53.2 |
Revisions of previous estimates | Bcf | 17.8 | ||
Extension and discoveries | Bcf | 43 | ||
Production for the year | Bcf | (20.4) | ||
Ending Balance | Bcf | 172 | 103.4 | 51 |
Consumption Plus Natural Gas Sales In BCF [Member] | Parent Company [Member] | |||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | |||
Beginning Balance | Bcf | 131.6 | 68.6 | 64.7 |
Revisions of previous estimates | Bcf | 7.5 | 14.4 | |
Extension and discoveries | Bcf | 0.8 | 34.2 | |
Purchases of proved reserves in place | Bcf | 41.3 | ||
Production for the year | Bcf | (20) | (10.3) | |
Ending Balance | Bcf | 0.8 | 131.6 | 68.6 |
Consumption Plus Natural Gas Sales In MMBBL [Member] | |||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | |||
Beginning Balance | 18.4 | 9.1 | 9.5 |
Revisions of previous estimates | 3.2 | ||
Extension and discoveries | 7.6 | ||
Production for the year | (3.6) | ||
Ending Balance | 30.6 | 18.4 | 9.1 |
Consumption Plus Natural Gas Sales In MMBBL [Member] | Parent Company [Member] | |||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | |||
Beginning Balance | 23.4 | 12.2 | 11.5 |
Revisions of previous estimates | 1.3 | 2.6 | |
Extension and discoveries | 0.2 | 6.1 | |
Purchases of proved reserves in place | 7.3 | ||
Production for the year | (3.6) | (1.8) | |
Ending Balance | 0.2 | 23.4 | 12.2 |
Supplementary Information On _8
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of reconciliation of the company's reserves (Parenthetical) (Detail) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||
Percentage working interest acquired | 50.00% | ||
NGL reserves percentage | 30.10% | 35.40% | |
Natural gas consumption percentage | 14.10% | 30.10% | |
Top of range [member] | |||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||
NGL reserves percentage | 30.10% | ||
Natural gas consumption percentage | 16.90% | ||
Coirn Amargo Norte [Member] | |||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||
Percentage working interest acquired | 55.00% | ||
Acambuco field [Member] | |||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||
Percentage working interest acquired | 1.50% |
Supplementary Information On _9
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of standardized measure of discounted future cash flows (Detail) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 | Apr. 03, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||||
Standardized measure of discounted future net cash flows | $ 775 | $ 608 | $ 124 | $ 116 | $ 200 |
Argentina [Member] | |||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||||
Future cash inflows | 4,457 | 2,714 | 982 | ||
Future production costs | (1,927) | (1,338) | (711) | ||
Future development and abandonment costs | (748) | (258) | (94) | ||
Future income tax | (410) | (267) | (20) | ||
Undiscounted future net cash flows | 1,372 | 851 | 157 | ||
10% annual discount | (597) | (243) | (40) | ||
Standardized measure of discounted future net cash flows | $ 775 | $ 608 | $ 116 |
Supplementary Information On_10
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of standardized measure of discounted future cash flows (Parenthetical) (Detail) | Jan. 01, 2020 | Jan. 01, 2018 | Dec. 31, 2017 | Apr. 03, 2018 | Dec. 31, 2018USD ($) | Dec. 31, 2019USD ($) | Dec. 31, 2018 | Dec. 31, 2017 | Apr. 04, 2018 | Dec. 31, 2016 |
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||||||||
Price per barrel | 54.5 | 60.20 | 60.20 | 54.5 | 54.55 | 64.2 | ||||
Income tax rate | 35.00% | 30.00% | 30.00% | 30.00% | 30.00% | 35.00% | ||||
Average production costs | $ 25.1 | |||||||||
Argentina [Member] | ||||||||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||||||||
Income tax rate | 30.00% | |||||||||
Argentina [Member] | Non-adjusting events after reporting period [member] | ||||||||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||||||||
Income tax rate | 25.00% | 30.00% | 35.00% | |||||||
Bottom of range [member] | ||||||||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||||||||
Price per barrel | 65.40 | 55.86 | 65.40 | |||||||
Average production costs | $ 21 | |||||||||
Top of range [member] | ||||||||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||||||||
Average production costs | $ 27 |
Supplementary Information On_11
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of changes in the standardized measure of discounted future net cash flows (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | |
Apr. 03, 2018 | Dec. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2017 | |
Additional information [abstract] | ||||
Standardized measure of discounted future net cash flows at beginning of year | $ 116 | $ 124 | $ 608 | $ 200 |
Net change in sales prices and production costs related to future production | 188 | (103) | (148) | |
Net change in estimated future development costs | (145) | (525) | 36 | |
Net change due to revisions in quantity estimates | 35 | (1) | 17 | |
Net change due to extensions, discoveries and improved recovery | 16 | 306 | ||
Accretion of discount | 3 | 10 | 352 | 24 |
Net Change due to purchases and sales of minerals in place | 385 | 0 | ||
Other | 1 | 20 | 58 | 10 |
Sales of crude oil, NGLs and natural gas produced, net of production costs | (6) | (67) | 6 | (109) |
Previously estimated development costs incurred | 10 | 99 | 151 | 30 |
Net change in income tax | 1 | (57) | (77) | 56 |
Change in Standardized measure of discounted future net cash flows of the year | 8 | 484 | 167 | (84) |
Standardized measure of discounted future net cash flows at end of year | $ 124 | $ 608 | $ 775 | $ 116 |
Supplementary Information On_12
Supplementary Information On Oil And Gas Activities (Unaudited) - Additional Information (Detail) - SCF | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||
Percentage working interest acquired | 50.00% | |
Independent audit covered percentage | 100.00% | |
Meaurement unit for one BBL to SCF | 5,615 | |
Accounting Standards Codification Member [Member] | ||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||
Cash flow discounting factor | 10.00% | |
Pampa and APCO [Member] | ||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||
Percentage working interest acquired | 100.00% |