Cover Page
Cover Page | 12 Months Ended |
Dec. 31, 2021shares | |
Document Information [Line Items] | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2021 |
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 | 2021 |
Entity File Number | 001-39000 |
Entity Current Reporting Status | Yes |
Entity Filer Category | Accelerated Filer |
Entity Voluntary Filers | No |
Entity Interactive Data Current | Yes |
Entity Well-known Seasoned Issuer | Yes |
Current Fiscal Year End Date | --12-31 |
Document Annual Report | true |
Document Transition Report | false |
Document Shell Company Report | false |
Entity Shell Company | false |
Entity Address, Country | MX |
Entity Emerging Growth Company | true |
Entity Ex Transition Period | false |
ICFR Auditor Attestation Flag | false |
Entity Incorporation, State or Country Code | O5 |
Entity Address, Address Line One | Pedregal 24, Floor 4 |
Entity Address, Address Line Two | Colonia Molino del Rey |
Entity Address, Address Line Three | Alcaldía Miguel Hidalgo |
Entity Address, City or Town | Mexico City |
Entity Address, Postal Zip Code | 11040 |
Document Registration Statement | false |
Document Accounting Standard | International Financial Reporting Standards |
Auditor Name | Mancera, S.C. |
Auditor Firm ID | 1284 |
Auditor Location | Ciudad de México, México |
Entity Common Stock, Shares Outstanding | 88,629,877 |
Business Contact [Member] | |
Document Information [Line Items] | |
Entity Address, Country | MX |
Entity Address, Address Line One | Pedregal 24, Floor 4 |
Entity Address, Address Line Two | Colonia Molino del Rey |
Entity Address, Address Line Three | Alcaldía Miguel Hidalgo |
Entity Address, City or Town | Mexico City |
Entity Address, Postal Zip Code | 11040 |
Contact Personnel Name | Alejandro Cherñacov |
Local Phone Number | 8647-0128 |
City Area Code | + 52 (55) |
Series A Shares [Member] | |
Document Information [Line Items] | |
Trading Symbol | VISTA |
Title of 12(b) Security | Series A Shares |
Security Exchange Name | NYSE |
Series C Shares [Member] | |
Document Information [Line Items] | |
Entity Common Stock, Shares Outstanding | 2 |
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 statements of prof
Consolidated statements of profit or loss and other comprehensive income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement [Line Items] | |||
Revenue from contracts with customers | $ 652,187 | $ 273,938 | $ 415,976 |
Cost of sales: | |||
Operating costs | (107,123) | (88,018) | (114,431) |
Crude oil stock fluctuation | (905) | 3,095 | 310 |
Depreciation, depletion and amortization | (191,313) | (147,674) | (153,001) |
Royalties | (86,241) | (38,908) | (61,008) |
Gross profit | 266,605 | 2,433 | 87,846 |
Selling expenses | (42,748) | (24,023) | (27,138) |
General and administrative expenses | (45,858) | (33,918) | (42,400) |
Exploration expenses | (561) | (646) | (676) |
Other operating income | 23,285 | 5,573 | 3,165 |
Other operating expenses | (4,214) | (4,989) | (6,180) |
Reversal / (Impairment) of long- lived assets | 14,044 | (14,438) | |
Operating profit / (loss) | 210,553 | (70,008) | 14,617 |
Interest income | 65 | 822 | 3,770 |
Interest expense | (50,660) | (47,923) | (34,163) |
Other financial results | (7,194) | 4,247 | (715) |
Financial results, net | (57,789) | (42,854) | (31,108) |
Profit / (loss) before income tax | 152,764 | (112,862) | (16,491) |
Current income tax (expense) | (62,419) | (184) | (1,886) |
Deferred income tax (expense) / benefit | (39,695) | 10,297 | (14,346) |
Income tax (expense) / benefit | (102,114) | 10,113 | (16,232) |
Profit / (loss) for the year, net | 50,650 | (102,749) | (32,723) |
Other comprehensive income that shall not be reclassified to profit or loss in subsequent periods | |||
(Loss) / profit from actuarial remediation related to defined benefit plans | (4,513) | 460 | (1,577) |
Deferred income tax benefit / (expense) | 2,048 | (114) | 394 |
Other comprehensive income that shall not be reclassified to profit or loss in subsequent years | (2,465) | 346 | (1,183) |
Other comprehensive income for the year, net of income taxes | (2,465) | 346 | (1,183) |
Total comprehensive profit / (loss) for the year | $ 48,185 | $ (102,403) | $ (33,906) |
Earnings / (loss) per share | |||
Basic (in US dollars per share) | $ 0.574 | $ (1.175) | $ (0.409) |
Diluted (in US dollars per share) | $ 0.543 | $ (1.175) | $ (0.409) |
Consolidated statements of fina
Consolidated statements of financial position - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent assets | ||
Property, plant and equipment | $ 1,223,982 | $ 1,002,258 |
Goodwill | 28,416 | 28,484 |
Other intangible assets | 3,878 | 21,081 |
Right-of-use-assets | 26,454 | 22,578 |
Investments in associates | 2,977 | |
Trade and other receivables | 20,210 | 29,810 |
Deferred income tax assets | 2,771 | 565 |
Total noncurrent assets | 1,308,688 | 1,104,776 |
Current assets | ||
Inventories | 13,961 | 13,870 |
Trade and other receivables | 46,096 | 51,019 |
Cash, bank balances and other short-term investments | 315,013 | 202,947 |
Total current assets | 375,070 | 267,836 |
Total assets | 1,683,758 | 1,372,612 |
Equity | ||
Capital stock | 586,706 | 659,400 |
Share-based payment | 31,601 | 23,046 |
Other accumulated comprehensive losses | (5,976) | (3,511) |
Accumulated losses | (47,072) | (170,417) |
Total equity | 565,259 | 508,518 |
Noncurrent liabilities | ||
Deferred income tax liabilities | 175,420 | 135,567 |
Lease liabilities | 19,408 | 17,498 |
Provisions | 29,657 | 23,909 |
Borrowings | 447,751 | 349,559 |
Warrants | 2,544 | 362 |
Employee benefits | 7,822 | 3,461 |
Trade and other payables | 50,159 | |
Total noncurrent liabilities | 732,761 | 530,356 |
Current liabilities | ||
Provisions | 2,880 | 2,084 |
Lease liabilities | 7,666 | 6,183 |
Borrowings | 163,222 | 190,227 |
Salaries and social security payable | 17,491 | 11,508 |
Income tax payable | 44,625 | 0 |
Other taxes and royalties payable | 11,372 | 5,117 |
Trade and other payables | 138,482 | 118,619 |
Total current liabilities | 385,738 | 333,738 |
Total liabilities | 1,118,499 | 864,094 |
Total equity and liabilities | $ 1,683,758 | $ 1,372,612 |
Consolidated statements of chan
Consolidated statements of changes in equity - USD ($) $ in Thousands | Total | Share Capital | Legal reserve | Share-based payment | Other accumulated comprehensive losses | Accumulated loss | |
Beginning Balance at Dec. 31, 2018 | $ 479,657 | $ 513,255 | $ 4,021 | $ (2,674) | $ (34,945) | ||
Profit/Loss for the year | (32,723) | (32,723) | |||||
Other comprehensive income for the year | (1,183) | (1,183) | |||||
Total comprehensive profit / (loss) for the year | (33,906) | (1,183) | (32,723) | ||||
Proceeds from Series A shares net of issuance costs (Note 21.1) | 146,144 | 146,144 | |||||
Share-based payments | [1] | 11,821 | $ 11,821 | ||||
Ending Balance at Dec. 31, 2019 | 603,716 | 659,399 | $ 15,842 | (3,857) | (67,668) | ||
Profit/Loss for the year | (102,749) | (102,749) | |||||
Other comprehensive income for the year | 346 | 346 | |||||
Total comprehensive profit / (loss) for the year | (102,403) | 346 | (102,749) | ||||
Share-based payments | [1] | 7,205 | 1 | 7,204 | |||
Ending Balance at Dec. 31, 2020 | 508,518 | 659,400 | 23,046 | (3,511) | (170,417) | ||
Profit/Loss for the year | 50,650 | 50,650 | |||||
Other comprehensive income for the year | (2,465) | (2,465) | |||||
Total comprehensive profit / (loss) for the year | 48,185 | (2,465) | 50,650 | ||||
Share-based payments | [1] | 8,556 | 1 | 8,555 | |||
Reduction of share capital adopted at the Ordinary General Shareholders' meeting on December 14, 2021 (see Note 21.1) | 72,695 | (72,695) | 72,695 | ||||
Ending Balance at Dec. 31, 2021 | $ 565,259 | $ 586,706 | $ 31,601 | $ (5,976) | $ (47,072) | ||
[1] | Including 10,592, 10,494 and 10,655 of share-based payment expenses for the years ended December 31, 2021, 2020 and 2019, respectively, net of tax charges (see Note 8). |
Consolidated statements of ch_2
Consolidated statements of changes in equity (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Statement of changes in equity [abstract] | |||
Share-based payments | $ 10,592 | $ 10,494 | $ 10,655 |
Consolidated statements of cash
Consolidated statements of cash flows - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | ||
Cash flows from operating activities | ||||
Profit / (loss) for the year, net | $ 50,650 | $ (102,749) | $ (32,723) | |
Items related to operating activities: | ||||
Allowance / (Reversal) of the expected credit loss | 406 | (22) | (118) | |
Net changes in foreign exchange rate | (14,328) | (3,068) | 2,991 | |
Discount for well plugging and abandonment | 2,546 | 2,584 | 1,723 | |
Net increase in provisions | 1,930 | 103 | 2,210 | |
Interest expense on lease liabilities | 1,079 | 1,641 | 1,561 | |
Discount of assets and liabilities at present value | 2,300 | 3,432 | 10 | |
Share-based payments | 10,592 | 10,494 | 10,655 | |
Employee benefits | 247 | 250 | 220 | |
Income tax benefit / (expense) | 102,114 | (10,113) | 16,232 | |
Items related to investing activities: | ||||
Depreciation and depletion | 187,858 | 145,106 | 151,483 | |
Amortization of intangible assets | 3,455 | 2,568 | 1,518 | |
(Reversal) / Impairment of long-lived assets | (14,044) | 14,438 | ||
Interest income | (65) | (822) | (3,770) | |
Gain from farmout agreement | (9,050) | 0 | ||
Changes in the fair value of financial assets | (5,061) | 645 | (873) | |
Gain from assets disposal | (9,999) | 0 | ||
Bargain purchase on business combination | 0 | (1,383) | ||
Items related to financing activities: | ||||
Interest expense | 50,660 | 47,923 | 34,163 | |
Changes in the fair value of warrants | 2,182 | (16,498) | (6,840) | |
Amortized cost | 4,164 | 2,811 | 2,076 | |
Impairment of financial assets | 0 | 4,839 | ||
Remeasurements of borrowings | 19,163 | |||
Trade and other payables | ||||
Trade and other receivables | 7,472 | 3,915 | (2,073) | |
Inventories | 908 | (2,861) | (609) | |
Trade and other payables | 16,209 | 2,397 | (22,105) | |
Payments of employee benefits | (399) | (798) | (630) | |
Salaries and payroll taxes | 3,929 | (2,570) | 5,405 | |
Other taxes and royalties | (7,311) | (2,080) | 2,377 | |
Provisions | (1,918) | (1,672) | (2,298) | |
Income tax payment | [1] | (4,296) | (4,731) | (26,327) |
Net cash flows provided by operating activities | 401,393 | 93,779 | 134,258 | |
Cash flows from investing activities | ||||
Payments for acquisitions of property, plant and equipment | (321,286) | (153,257) | (240,315) | |
Payments for acquisitions of other intangible assets | (1,611) | (3,664) | (4,225) | |
Payments for acquisitions of investments in associates | (2,977) | |||
Payments received from assets disposal | [2] | 14,150 | ||
Cash from the acquisition of AFBN assets | 6,203 | |||
Payments received from farmout agreement | 10,000 | |||
Proceeds from other financial assets | 0 | 5,761 | ||
Interest received | 65 | 822 | 3,770 | |
Net cash flows (used in) investing activities | (295,456) | (156,099) | (235,009) | |
Cash flows from financing activities | ||||
Proceeds from capitalization of Series A shares net of issue costs | 0 | 146,144 | ||
Proceeds from borrowings | 358,093 | 201,728 | 234,728 | |
Payment of borrowings costs | (3,326) | (2,259) | (1,274) | |
Payment of borrowings principal | (284,695) | (98,761) | (90,233) | |
Payment of borrowings interest | (54,636) | (43,756) | (32,438) | |
Payments of leases | (8,911) | (9,067) | (7,619) | |
Payment of / Proceeds from other financial liabilities, net of restricted cash and cash equivalents | 0 | (16,993) | 16,993 | |
Net cash flows provided by financing activities | 6,525 | 30,892 | 266,301 | |
Net increase / (decrease) in cash and cash equivalents | 112,462 | (31,428) | 165,550 | |
Cash and cash equivalents at beginning of year | 201,314 | 234,230 | 66,047 | |
Effect of exposure to changes in the foreign currency rate of cash and cash equivalents | (2,559) | (1,488) | 2,633 | |
Net increase / (decrease) in cash and cash equivalents | 112,462 | (31,428) | 165,550 | |
Cash and cash equivalents at end of year | 311,217 | 201,314 | 234,230 | |
Significant transactions that generated no cash flows | ||||
Acquisition of property, plant and equipment through increase in account payables | 80,321 | 82,298 | 23,943 | |
Acquisition of AFBN assets | 69,693 | |||
Acquisition of Mexico's exploration assets | 6,174 | |||
Disposal of Mexico's exploration assets | (5,126) | |||
Changes in well plugging and abandonment with an impact in property, plant and equipment | $ 2,112 | $ (366) | $ 4,141 | |
[1] | Year ended December 31, 2019, includes 13,087 related to income tax expense for the year ended December 31, 2018 | |||
[2] | Including 15,000 received for the transfer of working interests in Coirón Amargo Sur Oeste (“CASO”) concession net of 850 from payments related to the transfer of Mexico’s exploration assets. |
Consolidated statements of ca_2
Consolidated statements of cash flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2018 | |
Statement [Line Items] | ||
Income taxes paid (refund) | $ 13,087 | |
Received for the transfer of working interests | $ 15,000 | |
Coirn Amargo Sur Oeste [Member] | ||
Statement [Line Items] | ||
Payments related to the transfer exploration assets | $ 850 |
Group information
Group information | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Group information | Note 1. Group information 1.1 Company general information Vista Energy, S.A.B. de C.V. (“VISTA”, the “Company” or the “Group”) formerly known as Vista Oil & Gas, S.A.B. de C.V., was organized as variable-capital stock company on March 22, 2017, under the laws of the United Mexican States (“Mexico”). The Company adopted the public corporation or “Sociedad Anónima Bursátil” (“SAB”), on July 28, 2017. The Company made an initial public offering in the New York Stock Exchange (“NYSE”) on July 25, 2019 , On April 26, 2022, Vista Oil & Gas, S.A.B. de C.V., change the Company’s corporate name to “Vista Energy S.A.B. de CV”. The Company’s corporate purpose is: (i) Acquiring, by any legal means, all kinds of assets, shares, interests in companies, equity interests or interests in all types of companies, either profit-making or nonprofit entities, associations, business corporations, trusts or other entities operating in the energy sector, in Mexico or in another country, or in any other industry; (ii) Participating as a partner, shareholder or investor in all types of businesses or profit-making or nonprofit entities, associations, trusts, in Mexico or in another country, or of any other nature; (iii) Issuing and placing shares representing its capital stock, either through public or private offerings, in domestic or foreign securities markets; (iv) Issuing and placing warrants, either through public or private offerings, in relation to shares representing their capital stock or other types of securities, in domestic or foreign securities markets, and (v) Issuing or placing negotiable instruments, debt instruments or other guarantees, either through public or private offerings, in domestic or foreign securities markets. From its foundation through April 4, 2018, all Company activities were related to its incorporation, the initial public offering (“IPO”) in BMV, and the efforts to detect and conduct the initial business combination. As from that date, the Company mainly engages in oil and gas exploration and production (upstream segment) through its subsidiaries. The Company’s upstream operations are as follows: In Argentina In the Neuquén basin: (i) 100% in 25 de Mayo-Medanito SE; Jagüel de los Machos; Entre Lomas Neuquén; Entre Lomas Río Negro; and Jarilla Quemada and Charco del Palenque (in Agua Amarga area) conventional operating concessions (operated); (ii) 100% in Bajada del Palo Oeste and Bajada del Palo Este unconventional operating concessions (operated) (see Note 30.3.2); (iii) 84.62% in Coirón Amargo Norte operating concession (operated) (see Note 30.3.4); (iv) 90% in Águila Mora unconventional operating concession (operated); (v) 50% in Aguada Federal unconventional operating concession (not operated) (see Note 30.3.10 and Note 3 5 (vi) 50% in Bandurria Norte unconventional operating concession (not operated) (see Note 30.3.11 and Note 3 5 In the Northwest basin: (i) 1.5% in Acambuco operating concession (not operated). In Mexico (i) 100% in CS-01 Its main office is located in the City of Mexico, Mexico, at Pedregal 24, floor 4, Colonia Molino del Rey, Alcaldía Miguel Hidalgo, zip code 11040. 1.2 Joint investment agreement (“farmout agreement”) signed with Trafigura Argentina S.A. (“Trafigura”) in Bajada del Palo Oeste area On June 28, 2021, the Company, through its subsidiary Vista Energy Argentina S.A.U., formerly known as Vista Oil & Gas Argentina S.A.U. (“Vista Argentina”) entered into a farmout agreement with Trafigura, whereby it undertook to develop, initially, 5 (five) pads made up of 4 (four) wells each in Bajada del Palo Oeste area. By virtue of the farmout agreement, a joint venture was established and Trafigura was entitled to contractual rights for 20% of hydrocarbon output in the pads under the agreement and bear 20% of investment costs, as well as royalties, direct taxes, and remainder operating and midstream costs. As part of the farmout agreement, Trafigura agreed to pay to Vista Argentina 25,000 as follows: a 5,000 down payment and then 4 (four) payments of 5,000 for each pad, which should be paid upon commencement of hydrocarbon production in pads 2 (two), 3 (three), 4 (four) and 5 (five) included in the farmout agreement, which should be validated by Trafigura. Vista Argentina maintains the operation in Bajada del Palo Oeste and 100% of the ownership. It also maintains its rights over 80% of hydrocarbon output in relation to the pads included in the farmout agreement, and bear 80% of investment costs, as well as royalties, direct taxes, and remainder operating and midstream costs. Moreover, Trafigura may hold interests in up to 2 (two) additional pads under the same terms and conditions. As of December 31, 2021, Vista Argentina received two payments of 5,000 each; and recognized a gain of 9,050 in “Other operating income” under “Gain from farmout agreement” (see Note 10.1); and disposals of 882 and 68 in “Property, plant and equipment” and “Goodwill”, respectively (see Note 13 and 14). Subsequent gains related to the development of pads 3 (three), 4 (four) and 5 (five) will be recognized according to the aforementioned terms and conditions. 1.3 Sale of working interests in CASO concession (“transfer of interest in CASO”) The Company, through its subsidiary Vista Argentina, signed an assignment of rights agreement with Shell Argentina S.A., a subsidiary of Royal Dutch Shell plc. (“Shell”) to transfer 10% of its working interest in CASO concession (the “venture agreement”) for 21,500 payable as follows: (i) 15,000 in cash, and (ii) 6,500 as carry aimed at extending infrastructure works to secure water supply, which is operated by Shell and supplies Vista’s operations. On June 24, 2021, the Province of Neuquén, through Decree No. 1,027/2021, approved the amendment of the venture agreement, to disclose the new interests. With the publication of the decree all agreed-upon conditions were met; therefore, Vista and Shell set July 2, 2021, as the transaction closing date. As of December 31, 2021, the Company received 15,000; and recognized a gain of 9,788 in “Other operating income” under “Gain from assets disposal” (see Note 10.1); and a disposal of 11,784 in “Property, plant and equipment” (see Note 13). For further information on these concessions, see note 30.3.4. 1.4 Transfer of assets in Mexico to increase working interest to 100% in the CS-01 On August 23, 2021, the Company through its subsidiary Vista Oil & Gas Holding II, S.A. de C.V. (“Vista Holding II”) completed an assets transfer to Jaguar Exploración y Producción 2.3., S.A.P.I. de C.V. (“Jaguar”) and Pantera Exploración y Producción 2.2., S.A.P.I. de C.V. (“Pantera”), as follow: (i) the acquisition of a 50% working interest in CS-01 TM-01 A-10 (non-operating) As a result of this transaction the Company agreed to offset its accounts receivable from and payable to Jaguar and Pantera by 5,501; and recognized a disposal of 5,1 The Company also paid consideration of 850, and it recognized a gain of 198 in “Other operating income” under “Gain from assets disposal” mainly arising from reimbursements of operational expenses (see Note 10.1). For further information on these concessions, see note 30.3.12. 1.5 Acquisition of 50% of non-operating On September 16, 2021, the Company through its subsidiary Vista Oil & Gas Holding I, S.A. de C.V. (“Vista Holding I”), acquired from ConocoPhillips Petroleum Holdings B.V. (“ConocoPhillips BV”): (i) 100% of the capital stock of ConocoPhillips Argentina Holding S.ár.l. (hereinafter “Vista Holding VII S.ár.l.”), a company organized in Luxembourg that owns 95% of the equity of ConocoPhillips Argentina Ventures S.R.L. (currently known as “AFBN S.R.L” or “AFBN”), and (ii) 5% of the capital stock of AFBN, thus acquiring 100% of AFBN’s shares. AFBN owns 50% of non-operating Under the transaction terms, Vista made no advance payments, but assumed the cost of carry for nominal value of 77,000 related to 50% of all investments to develop the acquired areas, which were related to Winterhsall’s interests and that expire on December 31, 2023. AFBN carried about 6,203 cash on hand and cash in banks as of the date of this transaction. As of December 31, 2021, pursuant to Company accounting policies including in Note 3.1.3, this transaction was recognized as an asset acquisition, recording an oil and gas property for 69,693, mainly related to unconventional assets. These assets were booked at the cost of liabilities assumed under the carry agreement. Moreover, on January 17, 2022, the Company, through its subsidiary Vista Argentina, acquired the rest of a 50% operated working interest in the Aguada Federal and Bandurria Norte concessions, from Wintershall (see Note 3 5 For further information on these concessions, see notes 30.3.10 and 30.3.11. |
Basis of preparation and signif
Basis of preparation and significant accounting policies | 12 Months Ended |
Dec. 31, 2021 | |
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 The accompanying consolidated financial statements as of December 31, 2021, and 2020, and for the years ended December 31, 2021, 2020 and 2019, have been prepared in accordance with International Financial Reporting Standards (“IFRS”) as issued by the International Accounting Standards Board (“IASB”). They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US dollars (“US”) and are rounded to the nearest thousand, unless otherwise stated. These consolidated financial statements were approved for issuance by the Shareholders´ meeting on April 26, 2022, and the subsequent events through up that date are considered. 2.2 New accounting standards, amendments and interpretations issued by the IASB adopted by the Company The Company did not opt for the early adoption of any standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IFRS 7, IFRS 9, IFRS 16 and IAS 39: Interest rate benchmark reform The amendments provide temporary reliefs that address the financial reporting effects when an Interbank Offered Rate (“IBOR”) is replaced by an alternative risk-free (“RFR”) rate. The amendments include the following alternative treatments: (i) A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest; (ii) Allow the changes required by IBOR reform to be made as hedge designations; and (iii) Provide companies with a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. On December 28, 2021, the Company has agreed with financial entities, that in case of a replacement of a LIBOR, the interest rate to be applied will be replaced by the market rate to be published by relevant governmental body, plus a spread adjustment to be opportunely determined. As of the date of these consolidated financial statements there has not been any changes to the LIBOR, nevertheless the Company will continue to monitor any potential impact. 2.2.1 Standards issued not yet effective Amendments to IAS 1: Classification of liabilities as current or noncurrent In January 2020, the IASB issued amendments to certain paragraphs of IAS 1 to specify the requirements for classifying liabilities as current or noncurrent. The amendments clarify (i) What is meant by a right to defer settlement; (ii) That a right to defer must exist at the end of the reporting period; (iii) That classification is unaffected by the likelihood that an entity will exercise its deferral right and; (iv) That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The amendments are not expected to have a material impact on the Company as the current accounting policies are aligned to the amendments. Amendments to IAS 16: Property, Plant and Equipment, proceeds before Intended Use In May 2020, the IASB issued Property, Plant and Equipment - Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have a material impact on the Company as the current accounting policies are aligned to the amendments. 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. 2.3.1 Subsidiaries Subsidiaries are all entities over which the Company has control, which occurs if and only if the Company has all the following: • Power over the entity; • Exposure or rights to variable returns from its involvement with the entity; and • The ability use its power over the entity to affect the amount of the investor’s returns. The Company reassesses whether it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control. When the Company has less than a majority of the voting rights of an investee, it has power over the latter when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company assesses all facts and circumstances to determine whether voting rights are sufficient to give it power over an entity, 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 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’ meeting. Relevant activities are those that most significantly affect the subsidiary’s performance, such as the ability to approve a subsidiary’s operating and capital budget and the power to appoint Management personnel. These decisions show that the Company has rights to direct a subsidiary’s relevant activities. The acquisition accounting method is that used by the Company to account for business combinations (see Note 2.3.4). Intercompany transactions, balances and unrealized income are deleted. Unrealized losses are also deleted unless the transaction provides evidence of an impairment of transferred assets, and the subsidiaries’ financial statements are adjusted when needed to align their accounting policies to the Company’s accounting policies. Below are the Company’s subsidiaries: Subsidiary name Equity interest Place of Main activity December 31, December 31, December 31, Vista Holding I 100 % 100 % 100 % Mexico Holding company Vista Holding II 100 % 100 % 100 % Mexico Exploration and production (1) Vista Oil & Gas Holding III, S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Oil & Gas Holding IV, S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Oil & Gas Holding V B.V. 100 % 100 % — % Holland Holding company Vista Complemento S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Holding VII S.á.r.l. (2) 100 % — % — % Luxembourg Holding company Vista Argentina 100 % 100 % 100 % Argentina Exploration and production (1) Aleph Midstream S.A. (3) 100 % 100 % 0, 27 % Argentina Services (4) Aluvional S.A. 100 % 100 % 100 % Argentina Mining and industry AFBN S.R.L. (2) 100 % — % — % Argentina Exploration and production (1) VX Ventures Asociación en Participación 100 % — % — % Mexico Holding company (1) It (2) See Note 1.5. (3) See Note 28. (4) Including operations related to the capture, treatment, transport and distribution of hydrocarbons and derivatives. The Company’s shares in the subsidiaries’ voting rights are the same as its interest in capital. 2.3.2. Changes in interests Changes in the Company’s working interests in the subsidiaries that do not result in a change in control of the subsidiary are accounted for as equity transactions. The carrying amount of the Company’s interests and noncontrolling interest is adjusted to reflect the changes in interests in the subsidiaries. Any difference between the amount by which the noncontrolling interest is adjusted and the fair value of the consideration paid or received is recognized in equity and attributed to the Company’s equity holders. When the Company ceases to consolidate or book a subsidiary’s capital for loss of control, joint control or significant influence, any retained working interest in the entity is remeasured at fair value with the change in the carrying amount recognized in the statements of profit or loss and other comprehensive income. This fair value becomes the initial carrying amount for the purposes of subsequently booking retained interest as the associate, joint venture or financial asset. In addition, any amount previously recognized in other comprehensive income in relation to such entity is booked as if the Company had directly disposed of the related assets or liabilities. This may mean that the amounts previously recognized in other comprehensive income are reclassified to the consolidated statements of profit or loss and other comprehensive income. If the working interest in a joint venture or associate is reduced, but the entity retains the joint control or significant influence, only a proportion of the previously recognized amounts in other comprehensive income is reclassified to the statement of profit or loss. The changes in the Company’s working interests in its subsidiaries that do not result in loss of control are booked as equity transactions. 2.3.3. Joint arrangements According to IFRS 11 Joint Arrangements, investments are classified as joint operations or joint venture, depending on contractual rights and obligations. The Company has joint operations but has no joint venture. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control exists only when decisions about the relevant business activities require the unanimous consent of the parties that collectively control the arrangement. When the Company carries out activities under joint operations, it is required, as a joint operator, to recognize in proportion to its interest in the joint arrangement: • Its assets and liabilities held jointly; • Its revenue from the sale of its share of the output of the joint operation; • Its revenue from the sale of its share of the output of the joint operation; and • Its expenses, including its share of any expenses incurred jointly. The Company books its assets, liabilities, revenues and expenses related to its interest in a joint operation according to the IFRS applicable to specific assets, liabilities, revenues and expenses. They were included in the consolidated financial statements in the related accounts. Interest in joint operations and other arrangements were calculated based on the latest financial statements or financial information available as of every year-end When the Company conducts transactions in a joint operation in which the Company is a joint operator (such as a sale or contribution of assets), it is considered that the Company is performing the transaction with the other parties of the joint operation, and the resulting profit and losses from the transactions are recognized in the Company’s consolidated financial statements for the attention of the other parties’ interests in the joint operation. When a Group company conducts transactions with a joint operation in which the Company is a joint operator (such as a purchase of assets), the Company recognizes its portion of profit and losses once these assets are resold to a third party. See Notes 1 and 30 for further information on the Company’s joint operations. 2.3.4 Business combination The acquisition method is used to book business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for these acquisitions comprises: (i) The fair value of transferred assets; (ii) The liabilities incurred to former owners of the acquired business; (iii) The equity interests issued by the Company; (iv) The fair value of any asset or liability from a contingent consideration arrangement; and (v) The fair value of any previously held equity interest in the subsidiary. Identifiable assets acquired and contingent liabilities assumed in a business combination are initially measured at fair values at the date of purchase. The Company recognizes noncontrolling interests in the acquiree on an acquisition basis either at fair value or at the proportionate share of noncontrolling interests of the acquiree’s net identifiable assets. The costs related to the acquisition are booked as incurred expenses. Goodwill is an excess of: (i) The consideration transferred ; (ii) The amount of any noncontrolling interest in the acquiree; and (iii) The acquisition-date fair value of previously held equity interest in the acquiree over the fair value of net identifiable assets acquired is booked as goodwill. If the fair value of the acquiree’s net identifiable assets exceeds these amounts, before recognizing profit, the Company reassesses whether it has correctly identified all assets acquired and liabilities assumed, reviewing the procedures employed to measure the amounts to be recognized at the acquisition date. If the assessment still results in excess of the fair value of net assets acquired in relation to the total consideration transferred, gain from a bargain purchase is recognized directly in the consolidated statements of profit or loss and other comprehensive income. When the settlement of any cash consideration is deferred, the future amounts payable is discounted at their present value at the exchange date. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained under comparable terms and conditions. Contingent consideration will be recognized at its fair value at the acquisition date. Contingent consideration is classified as equity or as a financial liability. The amounts classified as a financial liability are remeasured at fair value with changes in fair value through the consolidated statements of profit or loss and other comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. When the Company acquires a business, it assesses the financial assets acquired and liabilities incurred in relation to its adequate classification and designation according to contractual terms, economic circumstances and relevant conditions as of the acquisition date. Oil reserves and resources acquired that may be measured reliably are recognized separately at fair value upon the acquisition. Other potential reserves, resources and rights, which fair values cannot be measured reliability, are not recognized separately but are considered part of goodwill. If the business combination is performed in stages, the previously held equity interest in the acquiree is measured at acquisition-date fair value. Profit or loss from such remeasurement is recognized in the consolidated statements of profit or loss and other comprehensive income. The Company has a maximum period of 12 months from the date of acquisition to finalize the acquisition accounting. When it is incomplete as of the end of the year in which the business combination takes place, the Company reports provisional amounts. As detailed in Note 30.3.4 and 32, during the year ended December 31, 2020, the Company acquired an additional participation in the Coirón Amargo Norte Joint operating concession, which was accounted for as a business combination. 2.4 Summary of significant accounting policies 2.4.1 Segment information The operating segments are reported in a consistent manner with the internal reports provided by the Executive Management Committee (the “Committee” that is considerate the “Chief Operating Decision Maker” or “CODM”) The CODM is the highest decision-making authority, in charge of allocating resources and establishing the performance of the entity’s operating segments and was identified as the body executing the Company’s strategic decisions. 2.4.2 Property, plant and equipment and intangible assets Property, plant and equipment Property, plant and equipment is measured using the cost model, after initial recognition, the asset is valued at cost less depreciation and any subsequent accumulated impairment loss. Subsequent costs are included in the carrying amount of the asset or are recognized as a separate asset, as the case may be, only when it is probable that future economic benefits may flow to the Company and the cost of the asset may be measured reliably. Remainder repairs and maintenance costs are charged to profit or loss during the reporting period in which they are incurred. The cost of works in progress which construction will be extended over time includes, if applicable, borrowings costs. Works in progress are measured based on the level of progress and are booked at cost less any impairment loss, of applicable. Profit and loss from the sale of property, plant and equipment is calculated by comparing the consideration received with the carrying amount. 2.4.2.1 Depreciation methods and useful lives Estimated useful lives, residual values and the depreciation method are reviewed at every period-end, The Company amortizes drilling costs applicable to productive and dry wells in development, productive wells, machinery and facilities in oil and gas production areas according to the unit of production method, applying the proportion of oil and gas produced to prove and develop oil and gas reserves, as the case may be. The cost of acquisition of oil and gas properties is amortized applying the proportion of produced oil and gas to total estimated oil and gas proved reserves. The costs of acquiring properties with unproved reserves and unconventional resources are valued at cost, and their recoverability is assessed regularly based on geological and engineering estimates of the reserves and resources expected to be proved during the life of each concession and are not depreciated. Capitalized costs related to the acquisition of properties and the extension of concessions with proved reserves were depreciated per field based on a production unit by applying the proportion of produced oil and gas to estimated proved oil and gas reserves. Production facilities (including significant identifiable components) are depreciated using the unit of production method considering the proved development of reserves. The Company´s remainder items of property, plant and equipment (including significant identifiable components) are depreciated using the straight-line method based on their 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 does not depreciate. 2.4.2.2 Assets for oil and gas exploration The Company adopts the successful effort method to account for its oil and gas exploration and production activities. This method implies the capitalization of: (i) the cost of acquiring properties in oil and gas exploration and production areas; (ii) the cost of drilling and equipping exploration wells arising from the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping development wells, and (iv) estimated well plugging and abandonment obligations. Exploration and evaluation involve the search for hydrocarbon resources, the assessment of its technical viability and the assessment of the commercial feasibility of an identified resource. According to the successful effort method, exploration costs such as geological and geophysical (“G&G”) costs, excluding the costs of exploration well s Once legal exploration rights are obtained, the costs directly related to an exploration well are capitalized as intangible exploration and evaluation assets until the well is completed and results are assessed. These costs include compensation to directly attributable employees, materials used, drilling costs and payments to contractors. The drilling and completion costs of exploration wells are capitalized until it is established that there are proved reserves and the commercial development is justified. If no reserves are found, these drilling costs are charged as expenses in an unproductive well. An exploration well may occasionally determine the existence of oil and gas reserves but cannot be classified as proved when the drilling is completed, subject to further evaluation (for example, drilling of additional wells), but it is probable that that they may be developed commercially. In these cases, costs continue to be capitalized provided that the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. These capitalized costs are subject to technical, commercial and administrative review, and a review of impairment indicators at least once a year. When there is sufficient management information indicating impairment, the Company conducts an impairment test according to the policies described in Note 3.2.2. When oil and gas reserves are identified as proved and Management approves the start-up, Estimated well plugging and abandonment obligations in hydrocarbon areas, discounted at a risk-adjusted rate, are capitalized in the cost of assets and are amortized using the unit of production method. A liability for the estimated value of discounted amounts payable is also recognized. Changes in the measurement of these obligations as a consequence of changes in the estimated term, the cost or discount rate are added to or deducted from the cost of the related asset. Asset swaps that only involve exploration and evaluation assets are booked at the carrying amount of the asset delivered and no profit or loss is recognized. 2.4.2.3 Rights and Concessions Rights and concessions are booked as part of property, plant and equipment and are depleted on the unit of production basis over the total proved reserves of the relevant area. The calculation of the units of production rate for the depreciation/amortization of development costs considers expenses incurred to date and authorized future development expenses. Intangible assets 2.4.2.4 Goodwill Goodwill arises during a business acquisition and represents the excess of acquisition cost over the fair value of net assets acquired. After initial recognition, goodwill is measured at cost less cumulative impairment losses. There is no subsequent reversal of impairment in goodwill. To conduct impairment tests, goodwill is allocated as from acquisition date to each cash-generating unit (“CGU”), which represents the lowest level within the Company at which the goodwill is monitored for internal management purposes. When goodwill is allocated to a CGU and part of the transaction within such unit is eliminated, goodwill related to such eliminated transaction is included in the carrying amount of the transaction to determine gain or loss on sale. 2.4.2.5 Other intangible assets Other intangible assets acquired separately are measured using the cost model; after initial recognition, the asset is valued at cost less amortization and any subsequent accumulated impairment loss. Intangible assets are amortized using the straight-line method; software licenses are amortized over their estimated 3-year The estimated useful life, residual value and amortization method are reviewed at every period-end, 2.4.3 Leases The Company has lease contracts for various items of buildings, and plant and machinery, which are recognizes under IFRS 16. The Company recognizes right-of-use Right-of-use right-of-use right-of-use Right-of-use At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made during the lease term. Lease payments include fixed payments (including in-substance Lease payments also include a purchase option exercise price if the Company is reasonably certain about exercising such option, as well as penalty payments from lease termination, if the lease term reflects the Company’s termination option exercise. Variable lease payments that do not depend on an index or rate are recognized as expenses in the period of occurrence of the event or condition that gives rise to the payment. To calculate the present value of lease payments, if the imputed interest rate in the lease cannot be easily assessed, the Company uses the incremental borrowing rate at the lease commencement date. After the commencement date, lease liabilities will be increased to reflect the accretion of interest and will be reduced by the lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is an amendment, a change in the lease term, a change in the fixed or in-substance The Company applies the exemption to recognize short-term leases of machinery and equipment (i.e., those leases for a term under 12 months as from the commencement date with no call option). The low-value low-value low-value The Company determines the lease term as the noncancellable lease term, together with any period covered by an option to extend the agreement if it is reasonably certain that it will exercise that option, or any period covered by an option to terminate the agreement, if it is reasonably certain that it will not exercise such option. The Company applies its judgment upon assessing whether it is reasonably certain that it will exercise the option to renew the agreement. In other words, it considers the relevant factors that create an economic incentive to renew the agreement. After the commencement date, the Company reassesses the lease term if there is a significant event or change in the circumstances under its control that affects its capacity to exercise (or not) the option to renew the agreement (for example, a change in the business strategy). 2.4.4 Impairment of nonfinancial assets Other nonfinancial assets with a definite useful life undergo impairment tests whenever events or changes in circumstances have indicated that their carrying value may not be recoverable. When the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized for the value of the asset. An asset’s recoverable amount is the higher of (i) the fair value of an asset less costs of disposal and (ii) its value in use. Assets are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or CGUs. Amortized nonfinancial assets are reviewed for potential reversal of impairment at the end of each reporting period. 2.4.5 Foreign currency translation 2.4.5.1 Functional and presentation currency The functional currency of the Company and its subsidiaries is the currency of the primary economic context in which each entity operates. The functional and presentation currency of all entities is the US dollar. To determine the functional currency, the Company makes judgments to identify the primary economic context and reconsiders the functional currency in the event of a change in conditions that may determine the primary economic context. 2.4.5.2 Transactions and balances Transactions in a currency other than the functional currency (“foreign currency”) are accounted for at the exchange rate as of each transaction date. Foreign exchange gains and losses from the settlement of transactions and the translation at the closing exchange rate of monetary assets and liabilities denominated in foreign currency are recognized in the consolidated statements of profit or loss and other comprehensive income unless they are capitalized. Monetary balances in foreign currency are converted at each country’s official exchange rate as of every year-end. 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 provided that they meet the following criteria: (i) the purpose of the Company’s business model is to maintain the asset to collect the contractual cash flows; (ii) contractual conditions, on specific dates, give rise to cash flows only consisting in payments of principal and interest on the outstanding principal. 2.4.6.1.1.2 Financial assets at fair value If any of the aforementioned criteria is not met, the financial asset is classified and measured at fair value through the consolidated statements of profit or loss and other comprehensive income. All investments in equity instruments are measured at fair value. The Company has no capital investments as of December 31, 2021, and 2020. 2.4.6.1.2 Recognition and measurement Upon initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition of the financial asset. Profit or loss in a debt investment that is subsequently measured at fair value and is not part of a hedge relationship is recognized in the consolidated statements of profit or loss and other comprehensive income. Profit or loss in a debt investment that is subsequently measured at amortized cost and does not comprise a hedge relationship is recognized in the consolidated statements of 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 when and only when it changes its business model for managing these assets. Accounts receivable for services rendered or hydrocarbons delivered but not invoiced, and other accounts receivable are measured at amortized cost using the effective interest method less the allowance for expected credit losses, if applicable. 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 contractual cash flows owed and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade and other receivables, the Company applies a simplified approach in calculation of ECL. Therefore, the Company does not monitor changes in credit risk but rather calculates an allowance for ECL at each reporting date. Expected credit losses in trade and other receivables are estimated on a case-by-case The Company recognizes the impairment of a financial asset when contractual payments are more than 90 days past due or when the internal or external information shows that it is unlikely that the pending contractual amounts be received. A financial asset is derecognized when there is no fair expectation to recover contractual cash flows. Financial assets and liabilities are disclosed separately in the consolidated statement of financial position unless the following criteria are met: (i) the Company has a legally enforceable right to set off the recognized amounts, and (ii) the Company intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. A right to set off is that available to the Company to settle a payable to a creditor by applying against it a receivable from the same counterparty. Jurisdiction and laws applicable to relations between parties are considered upon assessing whether there is such a legally enforceable right. 2.4.6.2 Financial liabilities and equity instruments 2.4.6.2.1 Classification as liabilities or equity Debt and equity instruments issued by the Company are classified as financial liabilities or equity according to the substance of the agreement and the definition of financial liabilities and equity instrument s To issue a variable number of shares, a contractual agreement is classified as a financial liability and is measured at fair value. The changes in fair value are recognized in the consolidated statements of profit or loss and othe |
Critical judgements estimates a
Critical judgements estimates and assumptions | 12 Months Ended |
Dec. 31, 2021 | |
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Critical judgements estimates and assumptions | Note 3. Critical judgements estimates and assumptions Preparing the consolidated financial statements requires that Management make future judgments and estimates, apply significant accounting judgments and make assumptions that affect the application of accounting policies and the figures for assets and liabilities, revenue and expenses. The estimates and judgments used in preparing the consolidated financial statements are constantly evaluated and are based on the historical experience and other factors considered to be fair in accordance with current circumstances. Future profit (loss) may differ from the estimates and evaluations made as of the date of preparation of these consolidated financial statements. 3.1 Significant judgements in the application of accounting policies Below are the significant judgments other than those involving estimates (see Note 3.2) that Management made in applying the Company’s accounting policies and that have a material impact on the figures recognized in the consolidated financial statements. 3.1.1 Contingencies The Company is subject to several claims, trials and other legal proceedings that arose during the ordinary course of business. The Company’s liabilities with respect to such claims, trials and other legal proceedings cannot be estimated with an absolute certainty. Therefore, the Company periodically reviews each contingency status and assesses the potential financial liability, employing the criteria mentioned in Note 22.3; hence, Management makes estimates mainly with the legal counsel’s assistance based on information available as of the date of the consolidated financial statements and the litigation, resolution or settlement strategies. Contingencies include pending lawsuits or claims for potential damage or third-party claims in the Company’s ordinary course of business and third-party claims from disputes related to the interpretation of applicable legislation. The Company assesses whether there are additional expenses directly related to the resolution of each contingency, in which case they are included in the related provision, provided that they can be reasonably estimated. 3.1.2 Environmental remediation The costs incurred in limiting, neutralizing or preventing environmental pollution are capitalized only if at least one of the following conditions is met: (i) these costs are related to security improvements; (ii) environmental pollution risk is prevented or limited; or (iii) the costs incurred in preparing assets for sale and the carrying amount (which considers these costs) of these assets does not exceed the related recovery value. The liabilities related to future remediation costs are booked when, based on environmental assessments, the likelihood of occurrence of these liabilities is high and costs may be reasonably estimated. The actual recognition and amount of these provisions is generally based on the commitments acquired by the Company to realize them, such as an approved remediation plan or the sale or disposal of an asset. The provision is recognized on the basis that the future remediation commitment will be required. The Company measures liabilities based on the best estimate of the present value of future costs using the technology currently available and by applying current environmental laws and regulations and the Company’s existing environmental policies. 3.1.3 Business combinations The acquisition method implies the measurement at fair value of identifiable assets acquired and liabilities assumed in a business combination at acquisition date. The Company determines that it has acquired a business when the acquired set of activities and assets include an input and a substantive process that together significantly contribute to the ability to create an output. The acquired process is considered substantive if it is critical to the ability to continue producing outputs, and the inputs acquired include an organized workforce with necessary skills, knowledge or experience to perform that processes or else it significantly contributes to the ability to produce outputs and is considered unique or scarce or cannot be replaced without significant cost, effort or delay in the ability to continue producing outputs. In cases where an oil and gas property acquisition transaction does not compliance the above conditions, the Company considers that it must be recognized as an asset acquisition. When the Company determines that it has acquired a business, to determine the fair value of identifiable assets, the Company uses the valuation approach that is most representative for each asset. These methods are 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 asset adjusted by loss due to physical impairment, functional and economic obsolescence); and (iii) market approach through a comparable transaction method. Also, to determine the fair value of liabilities assumed, the Company considers the likelihood of cash outflows that will be required for each contingency and calculates the estimates with the legal counsel’s assistance based on available information and the litigation and resolution/settlement strategy. Management significant judgment is required to choose the approach to be used and estimate future cash flows. Actual cash flows and values may differ significantly from expected future cash flows and the related values obtained through the aforementioned valuation techniques. 3.1.4 Joint arrangements The Company assesses whether it has joint control on an arrangement, which requires assessing relevant activities and decisions about these relevant activities that require unanimous consent. The Company determined that the relevant activities for joint arrangements are those related to operating decisions concerning capital, including the approval of the annual work program on capital and operating expenses; the budget for the joint arrangement; and the approval of service suppliers chosen for any major capital expenditure as required by joint operating agreements. The considerations made to assess joint control are the same as those needed to determine control on investments as established in Note 2.3.1. Judgment is also required to classify a joint arrangement. The classification of agreements requires that the Company assess its rights and obligations under the agreement. The Company specifically considers: • The structure of the joint arrangement, whether it is structured through a separate vehicle; • When it is structured through a separate vehicle, the Company also considers the rights and obligations from: (i) the legal form of the separate vehicle; (ii) the terms of the contractual agreement; and (iii) the events and circumstances, as the case may be. This assessment frequently requires significant judgment. An erroneous conclusion on whether an arrangement involves joint control, joint operation or investment in a joint business may materially affect accountability, as established in Note 2.3.3. 3.1.5 Functional currency The functional currency of the Company and its subsidiaries is the currency of the primary economic context in which each entity operates. The functional currency of all Company subsidiaries is the US dollar. To determine the functional currency, the Company makes judgments to identify the primary economic context. It reconsiders the functional currency in case of a change in the events and conditions that may determine the primary economic context. 3.2 Key sources of uncertainty in estimates Below are the main estimates that entail significant risk and may generate adjustments in the Company’s assets and liabilities next year: 3.2.1 Impairment of goodwill Goodwill is reviewed annually for impairment or more frequently if there are events or changes in circumstances showing that the recoverable amount of the CGU related to goodwill should be analyzed. Whether goodwill is impaired is assessed by considering the recoverable amount of the CGUs to which it is allocated. Impairment is recognized when the recoverable amount of the CGU is lower than its carrying amount (including goodwill). The Company has goodwill for 28,416 and 28,484 in the consolidated statement of financial position as of December 31, 2021, and 2020 (see note 14) related to the initial business combination. The assessment of whether goodwill of a CGU or group of CGUs is impaired involves Management estimates on highly uncertain matters, including the assessment of the appropriate group of CGUs for goodwill impairment testing. The Company supervises goodwill for internal management purposes based on its only business segment. Upon testing goodwill for impairment, the Company uses the approach described in Note 3.2.2. No goodwill impairment losses were recognized as of December 31, 2021, and 2020. 3.2.2 Impairment of nonfinancial assets other than goodwill Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generated Units (“CGUs”). To such end, oil and gas properties in Argentina were grouped into 4 (four) CGUs: (i) operated concessions of conventional oil and gas exploration and production; (ii) operated concessions of unconventional oil and gas exploration and production; (iii) non-operating (iv) non-operating (i) non-operating To assess whether there is evidence that a CGU may be impaired, external and internal sources of information are analyzed, provided that the events or changes in circumstances show that the book value of an asset or CGU may not be recovered. Some examples of these events are changes in the Group’s business plans and assumptions on raw material prices and types of discounts, physical damage testing, or, in the case of oil and gas assets, significant downward revisions of estimated reserves or increases in estimated future development expenses or dismantling costs, the behavior of crude oil international prices and demand, the cost of raw materials, the regulatory framework, expected capital investments and changes in demand. Should there be an indication of impairment, the Company estimates the recoverable amount of the asset or CGU. The recoverable amount of a CGU is the highest of (i) its fair value less selling price or costs of disposal through another way, and (ii) its value in use. When the carrying amount of a CGU exceeds its recoverable amount, the CGU is deemed impaired, and it is reduced to its recoverable amount. Due to the nature of the Company’s activities, the information on the fair value less selling price of an asset or CGU is usually difficult to obtain unless negotiations are underway with potential buyers or similar transactions. Consequently, unless otherwise stated, the recoverable amount used in impairment testing is the value in use. The value in use of each CGU is estimated using the present value of future net cash flows. Each GGU’s business plans, which are approved annually by the Company, are the main sources of information to determine the value in use. As the initial step in drafting these plans, the Company establishes different assumptions on market conditions, such as oil and natural gas prices. Moreover, as of December 31,2021, and 2020, these assumptions consider existing prices, the balance between global supply and demand of oil and natural gas, other macroeconomic factors and the historical trends and variability. Upon assessing the value in use, estimated future cash flows are adjusted to consider the specific risks of the group of assets and are discounted at present value using a discount rate after taxes that reflects the current market assessments of the time value of money. The Company assesses whether there is an indication that previously recognized impairment losses have reversed or decreased as of each reporting date. Should there be such an indication, the recoverable amount is estimated. A previously recognized impairment loss is reversed only if here has been a change in the estimates used in determining the recoverable amount of the asset since the last impairment loss was recognized. After a reversal, the depreciation charge is adjusted in future years to distribute the revised carrying amount of the asset less any residual value consistently throughout the remainder useful life. The assessment of whether an asset or CGU is impaired and to which extent involves Company estimates on highly uncertain issues such as the effects of inflation and deflation on exploitation expenses, discount rates, production profiles, reserves and resources and commodity future prices, including the prospects for crude oil and natural gas supply and demand in international or regional markets. It requires that assumptions be made when assessing the proper grouping of items of property, plant and equipment in a CGU. Actual cash flows and values may differ significantly from expected future cash flows and related amounts obtained using discount techniques, which could create major changes in the accounting values of the Group’s assets. Based on such analysis, the Company booked for the year ended December 31, 2020, an impairment of 14,044 related to the CGU for conventional oil and gas operating concessions in Mexico and 394 related to the CGU for non-operating conventional oil concessions and gas in Argentina. The Company identified no indications of impairment as of December 31, 2021. In addition, for the year ended December 31, 2021, it recognized a reversal in impairment for 14,044 related to the CGU of operated concessions of conventional oil and gas exploration and production in Mexico, mainly related to the recovery of crude oil prices and the rise in proved reserves. Main assumptions used The Company’s calculation of the value in use related to the aforementioned CGUs is more sensitive to the following assumptions: As of December 31, 2021 As of December 31, 2020 Argentina Mexico Argentina Mexico Discount rates (after taxes) 16.6 % 6.1 % 12.5 % 6.3 % Discount rates (before taxes) 19.0 % 10.0 % 15.8 % 8.4 % Prices of crude oil, LPG and natural gas Crude oil (US/bbl) (1) 2021 — — 48.0 48.0 2022 73.0 65.8 53.5 53.5 2023 70.1 63.0 52.0 52.0 2024 70.5 63.5 52.9 52.9 2025 65.9 58.9 51.9 51.9 As from 2026 64.6 58.9 51.9 51.9 Natural gas-local — — 2.3 2.3 2022 3.3 3.0 3.5 2.0 As from 2023 3.3 3.0 3.5 2.0 LPG-local As from 300 — 350 — (1) The prices correspond to Brent and Maya, for Argentina and Mexico, respectively. • Discount rates: • Prices of crude oil, natural gas and LPG: The Company considered discounts for crude oil prices based on the quality of the crude oil produced in each CGU. The changes in Brent and Maya prices were estimated using the average forecasts prepared by analysts from different banks for Brent and Maya price, respectively. 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 price that reflects the judgment that recent prices are consistent with the fact that the market can produce enough oil to meet global demand sustainably in the long term. • Production and reserve volumes Sensitivity to changes in assumptions Regarding the assessment of the value in use as of December 31, 2021, and 2020, the Company considers that there are no reasonably possible changes in any of the abovementioned main assumptions that may cause the carrying amount of any CGU to significantly exceed its recoverable amount, except for the following: As of December 31, 2021 As of December 31, 2020 Argentina (1) México Argentina (1) México (2) Discount rate +/- 10% +/- 10% Carrying amount (1) (98) / - - / - - / - (1,146) / - Expected prices of crude oil, natural gas and LPG +/- 10% +/- 10% Carrying amount (1) - /(31,773) - / - - /(20,889) - /(3,063) (1) As of December 31, 2021, and 2020, related to the conventional oil and gas operating and non- (2) As of December 31, 2020, related to the conventional oil and gas operating concessions CGU. The aforementioned sensitivity analysis may not be representative of the actual change in the carrying amount because it is unlikely that the change in the assumptions would occur in isolation as some assumptions may be correlated. As of December 31, 2021, and 2020, the net carrying amount of property, plant and equipment, intangible assets and right-of-use The triggering factors in CGU impairment tests were mainly the effect of the changes in prices, the macroeconomic context in Argentina during those periods and the changes in the discount rate. The recoverable amount was based on the Company’s estimate of the value in use in each period. 3.2.3 Current and deferred income tax Company Management should regularly assess the tax positions reported in the annual tax returns pursuant to the tax regulations applicable and, if needed, recognize the related provisions for the amounts payable by the Company to tax authorities. When the taxable profit of these items differs from the amounts initially recognized, these differences will have an effect on income tax and in the provision for deferred income tax for the tax year in which the assessment is made. There are many transactions and calculations for which the final tax assessment is uncertain. The Company recognizes liabilities for potential tax claims based on estimates of whether additional taxes will be owed in the future. Deferred tax assets are reviewed as of each reporting date and are amended according to the probability that the tax base allow the total or partial recovery of these assets. Deferred tax assets and liabilities are not discounted. Upon assessing the realization of deferred tax assets, Management considers whether it is probable that some or all assets are not realized, which depends on the generation of future taxable profit in the periods in which these temporary differences become deductible. To this end, Management considers the expected reversal of deferred tax liabilities, future taxable profit projections and tax planning strategies. The assumptions on the generation of future taxable profit depend on Management estimates of future cash flows. These estimates are based on expected future cash flows from transactions, which are affected by sales and production volumes; oil and gas prices; operating costs; well plugging and abandonment; capital expenses; dividends and other equity management transactions; and the judgment on the application of tax laws effective in each jurisdiction. Insofar as future cash flows and taxable profit substantially differ from the Group’s estimates, the Group’s capacity to realize net deferred tax assets booked at reporting date may be affected. Moreover, future changes in the tax laws in the jurisdictions in which the Group operates may hinder its capacity to obtain tax deductions in future periods. 3.2.4 Well plugging and abandonment Well plugging and abandonment at the end of the concession term requires that Company Management calculate the number of wells, the long-term costs of abandonment and the remaining time until abandonment. The technological, cost, policy, environment and safety issues change constantly and may give rise to differences between actual costs and future estimates. Well plugging and abandonment estimates should be adjusted by the Company at least annually or in the event of changes in the assessment criteria assumed. Well plugging and abandonment liabilities stand at 30,796 , , 20 3.2.5 Oil and gas reserves Oil and gas items of property, plant and equipment are depreciated using the units of production method over total proved reserves (developed and not developed as applicable). Reserves refer to oil and gas volumes that are economically producible in areas in which the Company operates or has (direct or indirect) interests, and over which the Company has exploitation rights, including oil and gas volumes related to service contracts in which the Company has no property rights over the reserves or hydrocarbons obtained and those estimated to be produced by the contractor under these service contracts. The useful life of each property, plant and equipment asset is assessed at least annually considering the physical limitations of the goods and the assessments of the economically recoverable reserves in the field in which the asset is located. There are several uncertainties in the estimate of proved reserves and future production plans, development costs and prices, including several factors that are beyond the producer’s control. In estimating reserves, engineers calculate underground accumulations, which involves a certain degree of uncertainty. Reserve estimates depend on the quality of the engineering and geological data available as of the estimate date and their interpretation and judgment. Reserve estimates are adjusted when it is justified by changes in the assessment criteria or at least annually. These reserves are based on the reports prepared by oil and gas consulting professionals. The Company uses the information obtained from the reserve calculation in determining the depreciation of assets used in oil and gas areas, and in assessing their recoverability (see Notes 3.2.1, 3.2.2, 13 and 3 6 3.2.6 Share-based payments The fair value estimate of share-based payments requires the determination of the most appropriate valuation model, which depends on the terms and conditions of the award. This estimate also requires the assessment of the most appropriate input for the valuation model, including the remaining life of stock options, volatility, dividend yield and the assumptions made regarding these inputs. To measure the fair value of share-based payments at grant date, the Company employs the Black & Scholes model. The carrying amount, hypotheses and models used in estimating the fair value of transactions involving share-based payments are disclosed in Note 34. |
Segment information
Segment information | 12 Months Ended |
Dec. 31, 2021 | |
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Segment information | Note 4. Segment information The CODM is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit / (loss) and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts with customers. The CODM considers as a single segment the exploration and production of crude oil, natural gas and LPG (including E&P commercial activities), through its own activities, subsidiaries and interests in joint operations and based on the nature of the business, customer portfolio and risks involved. The Company aggregated no segment as it has only one. For the years ended December 31, 2021, 2020, and 2019, the Company generated 99% and 1% of its revenues related to assets located in Argentina and Mexico, respectively. The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these consolidated financial statements. The following chart summarizes noncurrent assets per geographical area: As of December 31, 2021 As of December 31, 2020 As of Argentina 1,260,851 1,086,308 982,397 Mexico 47,837 18,468 30,165 Total noncurrent assets 1,308,688 1,104,776 1,012,562 |
Revenue from contracts with cus
Revenue from contracts with customers | 12 Months Ended |
Dec. 31, 2021 | |
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Revenue from contracts with customers | Note 5. Revenue from contracts with customers Year ended Year ended December 31, 2020 Year ended December 31, 2019 Goods sold 652,187 273,938 415,976 Total revenue from contracts with customers 652,187 273,938 415,976 Recognized at a point in time 652,187 273,938 415,976 The Company’s transactions and main revenue are described in Note 2.4.7. Revenue is derived from contracts with customers 5.1 Information broken down by revenue from contracts with customers Type of products Year ended Year ended Year ended Revenues from crude oil sales 593,060 236,596 338,272 Revenues from natural gas sales 54,301 33,575 71,524 Revenues from LPG sales 4,826 3,767 6,180 Total revenue from contracts with customers 652,187 273,938 415,976 Distribution channels Year ended Year ended Year ended Refineries 410,904 141,672 338,272 Exports from crude oil 182,156 94,924 — Natural gas for electric power generation 18,461 2,275 5,793 Retail natural gas distribution companies 18,351 13,809 26,452 Industries (1) 17,489 17,491 39,279 LPG sales 4,826 3,767 6,180 Total revenue from contracts with customers 652,187 273,938 415,976 (1) During the year ended December 31, 2021, including 169 related to exports of natural gas. 5.2 Performance obligations The Company’s performance obligations are related to the transfer of goods to customers. The E&P business involves all the activities related to oil and natural gas exploration, development and production. Revenue is mainly derived from the sale of produced oil, natural gas and LPG to third parties at a point in time. |
Cost of sales
Cost of sales | 12 Months Ended |
Dec. 31, 2021 | |
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Cost of sales | Note 6. Cost of sales 6.1 Operating costs Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Fees and compensation for services 53,024 46,218 67,209 Salaries and payroll taxes 16,591 12,593 10,943 Consumption of materials and spare parts 15,912 11,181 17,062 Easements and fees 9,572 8,222 9,632 Employee benefits 4,877 3,867 2,836 Transport 3,274 2,351 2,914 Other 3,873 3,586 3,835 Total operating costs 107,123 88,018 114,431 6.2 Crude oil stock fluctuation Year ended December 31, 2021 Year ended Year ended Crude oil stock at beginning of year (Note 19) 6,127 3,032 2,722 Less: Crude oil stock at end of year (Note 19) (5,222 ) (6,127 ) (3,032 ) Total crude oil stock fluctuation 905 (3,095 ) (310 ) |
Selling expenses
Selling expenses | 12 Months Ended |
Dec. 31, 2021 | |
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Selling expenses | Note 7. Selling expenses Year ended December 31, 2021 Year ended December 31, 2020 Year ended Transport 19,554 10,395 9,596 Taxes, rates and contributions 13,921 6,014 13,115 Tax on bank account transactions 6,061 3,033 4,495 Fees and compensation for services (1) 2,806 4,603 50 Allowance / (Reversal) of the expected credit loss (Note 17) 406 (22 ) (118 ) Total selling expenses 42,748 24,023 27,138 (1) Including 1,651 and 4,367 for crude storage during the years ended December 31, 2021, and 2020, respectively. |
General and administrative expe
General and administrative expenses | 12 Months Ended |
Dec. 31, 2021 | |
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General and administrative expenses | Note 8. General and administrative expenses Year ended December 31, 2021 Year ended December 31, 2020 Year ended Salaries and payroll taxes 14,130 8,882 10,958 Share-based payments 10,592 10,494 10,655 Employee benefits 8,236 4,984 6,055 Fees and compensation for services 7,412 6,466 9,603 Institutional promotion and advertising 2,237 1,215 1,179 Taxes, rates and contributions 1,311 740 1,718 Other 1,940 1,137 2,232 Total general and administrative expenses 45,858 33,918 42,400 |
Exploration expenses
Exploration expenses | 12 Months Ended |
Dec. 31, 2021 | |
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Exploration expenses | Note 9. Exploration expenses Year ended Year ended Year ended Geological and geophysical expenses 561 646 676 Total exploration expenses 561 646 676 |
Other operating income and expe
Other operating income and expenses | 12 Months Ended |
Dec. 31, 2021 | |
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Other operating income and expenses | Note 10. Other operating income and expenses 10.1 Other operating income Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Gain from assets disposal (1) 9,999 — — Gain from farmout agreement (Note 1.2) 9,050 — — Other services charges (2) 3,971 3,924 3,165 Bargain purchase on business combination (Note 32) — 1,383 — Other 265 266 — Total other operating income 23,285 5,573 3,165 (1) Including (i) 9,788 related to the transfer of working interest in CASO; (ii) 198 related to the transfer of Mexico’s exploration assets, and (iii) 13 related to the expiry of concession in Sur Río Deseado Este area (see Note 1.3, 1.4 and 30.3.9). (2) Services not directly related to the Company’s main activity. 10.2 Other operating expenses Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Restructuring expenses (1) (2,281 ) (3,469 ) (3,244 ) Reorganization expenses (3 ) (1,417 ) — Provision for environmental remediation (Note 22.2) (1,029 ) (463 ) (816 ) Provision for contingencies (Note 22.3) (652 ) (267 ) (422 ) (Allowance) / Reversal provision for materials and spare parts (249 ) 627 (972 ) Other — — (726 ) Total other operating expenses (4,214 ) (4,989 ) (6,180 ) (1) The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure. |
Financial results
Financial results | 12 Months Ended |
Dec. 31, 2021 | |
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Financial results | Note 11. Financial results 11.1 Interest income Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Financial interest 65 822 1,328 Interests on government notes at amortized costs — — 2,442 Total interest income 65 822 3,770 11.2 Interest expense Year ended Year ended Year ended Borrowings interest (Note 18.2) (50,660 ) (47,923 ) (34,159 ) Other interest — — (4 ) Total interest expense (50,660 ) (47,923 ) (34,163 ) 11.3 Other financial results Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, Amortized cost (Note 18.2) (4,164 ) (2,811 ) (2,076 ) Changes in the fair value of warrants (Note 18.5.1) (2,182 ) 16,498 6,840 Net changes in foreign exchange rate 14,328 3,068 (2,991 ) Discount of assets and liabilities at present value (2,300 ) (3,432 ) (10 ) Impairment of financial assets — (4,839 ) — Changes in the fair value of 5,061 (645 ) 873 Interest expense on lease liabilities (Note 15) (1,079 ) (1,641 ) (1,561 ) Discount for well plugging and abandonment (2,546 ) (2,584 ) (1,723 ) Remeasurements of borrowings (1) (19,163 ) — — Other 4,851 633 (67 ) Total other financial results (7,194 ) 4,247 (715 ) (1) Related to borrowings in UVA, adjusted by CER. |
Earnings _ (loss) per share
Earnings / (loss) per share | 12 Months Ended |
Dec. 31, 2021 | |
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Earnings / (loss) per share | Note 12. Earnings / (loss) per share a) Basic Basic earnings (loss) per share is calculated by dividing the Company’s profit or loss by the weighted average number of ordinary shares outstanding during the year. b) Diluted Diluted earnings (loss) per share is calculated by dividing the Company’s profit or loss by the weighted average number of ordinary shares outstanding during the year, plus the weighted average of dilutive potential ordinary shares. Potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share. The calculation of diluted earnings (loss) per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the year, no dilution effect is booked, as diluted earnings (loss) per share is equal to basic earnings (loss) per share. Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Profit / (loss) for the year, net 50,650 (102,749 ) (32,723 ) Weighted average number of ordinary shares 88,242,621 87,473,056 80,068,287 Basic earnings / (loss) per share (in US dollars per share) 0.574 (1.175 ) (0.409 ) Year ended Year ended December 31, 2020 Year ended December 31, 2019 Profit / (loss) for the year, net 50,650 (102,749 ) (32,723 ) Weighted average number of ordinary shares 93,273,978 87,473,056 80,068,287 Diluted earnings / (loss) per share (in US dollars per share) 0.543 (1.175 ) (0.409 ) As of December 31, 2019, the Company holds the following ordinary shares that, on the date of this consolidated financial statements, are currently out of the money. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted earnings / (loss) per share: i. 21,666,667 Series A shares related to 65,000,000 Series A warrants (See Note 18.3); ii. 9,893,333 Serie A shares related to 29,680,000 warrants (See Note 18.3); iii. 1,666,667 Serie A shares related to 5,000,000 securities (Forward Purchase Agreement or “FPA”) (See Note 18.3); iv. 8,432,068 Series A shares to be used in the LTIP. As of December 31, 2020, the Company holds the following ordinary shares that, on the date of this consolidated financial statements, are currently out of the money. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted earnings / (loss) per share: i. 21,666,667 Series A shares related to 65,000,000 Series A warrants (See Note 18.3); ii. 9,893,333 Serie A shares related to 29,680,000 warrants (See Note 18.3); iii. 1,666,667 Serie A shares related to 5,000,000 securities (Forward Purchase Agreement or “FPA”) (See Note 18.3); iv. 7,714,286 Series A shares to be used in the LTIP. Due to the anti-dilutive nature of the potential common shares disclosed above there are no differences with the basic loss per share. As of December 31, 2021, the Company holds the following ordinary shares that, on the date of this consolidated financial statements, are currently out of the money. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted earnings / (loss) per share: i. 21,666,667 Series A shares related to 65,000,000 Series A warrants (See Note 18.3); ii. 9,893,333 Series A shares related to 29,680,000 warrants (See Note 18.3); iii. 1,666,667 Series A shares related to 5,000,000 securities (Forward Purchase Agreement or “FPA”) (See Note 18.3); iv. 3,957,518 Series A shares to be used in the LTIP. There were no other transactions involving ordinary shares or dilutive potential ordinary 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, 2021 | |
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Property, plant and equipment | Note 13. Property, plant and equipment The changes in property, plant and equipment for the year ended December 31, 2020, are as follows : Land and Vehicles, machinery, facilities, computer hardware and furniture and fixtures Oil and gas Production wells and facilities Works in Materials and spare parts Total Cost Amounts as of December 31, 2019 2,445 20,411 353,076 658,690 75,525 27,454 1,137,601 Additions (1) 11 133 — 2,197 186,230 37,317 225,888 Transfers — 1,410 — 216,536 (182,199 ) (35,747 ) — Disposals (2) — (123 ) — (366 ) — (173 ) (662 ) Impairment of long -lived assets (3) — — — (394 ) — — (394 ) Amounts as of December 31, 2020 2,456 21,831 353,076 876,663 79,556 28,851 1,362,433 Accumulated depreciation Amounts as of December 31, 2019 (89 ) (3,838 ) (19,489 ) (197,119 ) — — (220,535 ) Depreciation (187 ) (3,731 ) (13,884 ) (121,941 ) — — (139,743 ) Eliminated of disposals — 103 — — — — 103 Amounts as of December 31, 2020 (276 ) (7,466 ) (33,373 ) (319,060 ) — — (360,175 ) Net value Amounts as of December 31, 2020 2,180 14,365 319,703 557,603 79,556 28,851 1,002,258 (1) Additions includes 2,018 related to Business Combination mentioned in Note 32. (2) Disposals of wells and production facilities related to the reestimation of assets retirement obligation. (3) See Note 3.2.2 for the details on impairment testing of oil and gas properties. The changes in property, plant and equipment for the year ended December 31, 2021, are as follows: Land and Vehicles, machinery, facilities, computer hardware and furniture and fixtures Oil and gas Production wells and facilities Works in Materials and spare parts Total Cost Amounts as of December 31, 2020 2,456 21,831 353,076 876,663 79,556 28,851 1,362,433 Additions 253 106 30,076 (1) 7,343 (3) 287,815 28,626 354,219 Transfers — 2,111 — 296,624 (269,161 ) (29,574 ) — Disposals — (665 ) (997 ) (2) — — (107 ) (1,769 ) Incorporation for the acquisition of AFBN assets (4) — — 69,693 — — — 69,693 Assets disposals (5) — (313 ) (5,557 ) (5,931 ) (6,965 ) — (18,766 ) Amounts as of December 31, 2021 2,709 23,070 446,291 1,174,699 91,245 27,796 1,765,810 Accumulated depreciation Amounts as of December 31, 2020 (276 ) (7,466 ) (33,373 ) (319,060 ) — — (360,175 ) Depreciation (18 ) (3,915 ) (20,579 ) (159,637 ) — — (184,149 ) Disposals — 525 115 (2) — 640 Assets disposals (5) — 22 214 1,620 — — 1,856 Amounts as of December 31, 2021 (294 ) (10,834 ) (53,623 ) (477,077 ) — — (541,828 ) Net value Amounts as of December 31, 2021 2,415 12,236 392,668 697,622 91,245 27,796 1,223,982 (1) Related to transferred of “Exploration rights” of operated area CS-01 (2) Related to the farmout agreement (see Note 1.2). (3) Including 2,112 related to the re-estimation (4) These additions did not generate cash flows (see Note 1.5). (5) Including 11,784 of net disposal for the transfer of working interest in CASO; and 5,126 related to the transfer of Mexico’s exploration assets that did not generate cash flows (see Note 1.3 and 1.4). |
Goodwill and other intangible a
Goodwill and other intangible assets | 12 Months Ended |
Dec. 31, 2021 | |
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Goodwill and other intangible assets | Note 14. Goodwill and other intangible assets Below are the changes in goodwill and other intangible assets for the year ended December 31, 202 0 Goodwill Other intangible assets Software licenses Exploration rights Total Cost Amounts as of December 31, 2019 28,484 6,941 29,403 36,344 Additions — 3,664 — 3,664 Impairment of long -live assets (1) — — (14,044 ) (14,044 ) Amounts as of December 31, 2020 28,484 10,605 15,359 25,964 Accumulated amortization Amounts as of December 31, 2019 — (2,315 ) — (2,315 ) Amortization — (2,568 ) — (2,568 ) Amounts as of December 31, 2020 — (4,883 ) — (4,883 ) Net value Amounts as of December 31, 2020 28,484 5,722 15,359 21,081 (1) See Note 3.2.2. Below are the changes in goodwill and other intangible assets for the year ended December 31, 2021: Goodwill Other intangible assets Software licenses Exploration rights Total Cost Amounts as of December 31, 2020 28,484 10,605 15,359 25,964 Additions — 1,611 — 1,611 Disposals (68 ) (1) — (30,076 ) (2) (30,076 ) Acquisition of Mexico’s exploration assets — — 14,928 (3) 14,928 Disposal of Mexico’s exploration assets — — (14,255 ) (3) (14,255 ) Reversal of long-lived assets impairment — — 14,044 (4) 14,044 Amounts as of December 31, 2021 28,416 12,216 — 12,216 Accumulated amortization Amounts as of December 31, 2020 — (4,883 ) — (4,883 ) Amortization — (3,455 ) — (3,455 ) Amounts as of December 31, 2021 — (8,338 ) — (8,338 ) Net value Amounts as of December 31, 2021 28,416 3,878 — 3,878 (1) Related to the farmout agreement (see Note 1.2). (2) Related to exploration rights of operated area CS-01 (3) These transactions did not generate cash flows (see Note 1.4). (4) See Note 3.2.2. Goodwill arises from the initial business combination, mainly due to the Company’s capacity to tap into unique synergies from managing a portfolio of acquired oil and existing plots of land. As of December 31, 2021, it was allocated to the following CGUs in Argentina: (i) 22,874 to operated concessions of unconventional oil and gas exploration and production; and (ii) 5,542 to operated concessions of conventional oil and gas exploration and production. As of December 31, 2020, it was allocated to the following CGUs in Argentina: (i) 22,942 to operated concessions of unconventional oil and gas exploration and production; and (ii) 5,542 to operated concessions of conventional oil and gas exploration and production. Software licenses are amortized over the 3-year Exploration rights are related to the acquisition of 50% of working interest in three oil and gas properties in which Jaguar and Pantera were licensees (Note 30.3.12). During the year ended December 31, 2020, an impairment charge was recognized in exploration and evaluation assets in Mexico for 14,044 related to the CGU of operated concessions of unconventional oil and gas. During the year ended December 31, 2021, the Company recognized a reversal in impairment of exploration and evaluation assets for 14,044 related to the CGU of operated concessions of conventional oil and gas in Mexico. In addition, exploration rights were transferred to “Property, plant and equipment” under “Oil & gas properties” as the technical and commercial feasibility of these assets was determined. |
Right of use assets and lease l
Right of use assets and lease liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Right of use assets and lease liabilities | Note 15 . Right-of-use The carrying amount of the Company’s right-of-use are below: Right-of-use Total lease liabilities Buildings Plant and machinery Total Amounts as of December 31, 2019 2,060 14,564 16,624 (16,767 ) Additions 114 17,273 17,387 (17,470 ) Re-estimations (257 ) (3,671 ) (3,928 ) 3,901 Depreciation (1) (598 ) (6,907 ) (7,505 ) — Payments — — — 9,067 Interest expenses (2) — — — (2,412 ) Amounts as of December 31, 2020 1,319 21,259 22,578 (23,681 ) (1) Including the depreciation of drilling services capitalized as “works in progress” for 2,142. (2) Including drilling agreements capitalized as “works in progress” for 771. Right-of-use Total lease liabilities Buildings Plant and machinery Total Amounts as of December 31, 2020 1,319 21,259 22,578 (23,681 ) Additions — 7,162 7,162 (7,162 ) Re-estimations 367 1,958 2,325 (2,242 ) Depreciation (1) (475 ) (5,136 ) (5,611 ) — Payments — — — 8,911 Interest expenses (2) — — — (2,900 ) Amounts as of December 31, 2021 1,211 25,243 26,454 (27,074 ) (1) Including the depreciation of drilling services capitalized as “works in progress” for 1,902. (2) Including drilling agreements capitalized as “works in progress” for 1,821. In line with note 2.4.3, short-term and low-value |
Deferred income tax assets and
Deferred income tax assets and liabilities and income tax expense | 12 Months Ended |
Dec. 31, 2021 | |
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Deferred income tax assets and liabilities and income tax expense | Note 16. Deferred income tax assets and liabilities, and income tax expense Deferred income tax assets and liabilities break down as follows: As of December 31, Profit (loss) Other changes in equity Other comprehensive income (loss) As of 2020 Short-term investments 523 (658 ) — — (135 ) Employee benefit 1,627 (876 ) — 114 865 Share-based payments 1,166 (1,166 ) — — — Tax losses and other unused tax credits (1) 7,345 29,004 — — 37,479 Provisions 6,860 (4,387 ) — — 2,473 Right-of-use 65 199 — — 264 Assets for deferred income tax 17,586 22,116 — 114 40,946 Property, plant and equipment (138,068 ) 4,157 — — (133,911 ) Trade and other receivables (443 ) (118 ) — — (561 ) Intangible assets (771 ) 771 — — — Inventories (1,351 ) 529 — — (822 ) Payment of borrowings costs — (1,212 ) — — (1,212 ) Other (3 ) — — — (3 ) Credit for static and dynamic adjustment for inflation (23,493 ) (15,946 ) — — (39,439 ) Liabilities for deferred income tax (164,129 ) (11,819 ) — — (175,948 ) Deferred income tax, net (146,543 ) 10,297 — 114 (135,002 ) As of December 31, 2020 Profit (loss) Other changes in equity Other comprehensive income (loss) As of December 31, 2021 Short-term investments (135 ) (1,790 ) — — (1,925 ) Employee benefit 865 — — 2,048 2,913 Tax losses and other unused tax credits (1) 37,479 (30,507 ) — — 6,972 Provisions 2,473 4,792 — — 7,265 Right-of-use 264 (103 ) — — 161 Assets for deferred income tax 40,946 (27,608 ) — 2,048 15,386 Property, plant and equipment (133,911 ) (16,875 ) — — (150,786 ) Trade and other receivables (561 ) 2,345 — 1,784 Inventories (822 ) (447 ) — — (1,269 ) Payment of borrowings costs (1,212 ) (13 ) — — (1,225 ) Other (3 ) (498 ) — — (501 ) Credit for static and dynamic adjustment for inflation (39,439 ) 3,401 — — (36,038 ) Liabilities for deferred income tax (175,948 ) (12,087 ) — — (188,035 ) Deferred income tax, net (135,002 ) (39,695 ) — 2,048 (172,649 ) (1) As of December 31, 2021 Deferred income 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 related to the same tax authority. The following amounts, are disclosed in the consolidated statement of financial position: As of December 31, 2021 As of December 31, 2020 Deferred income tax assets, net 2,771 565 Deferred income tax liabilities, net 175,420 135,567 Income tax breaks down as follows: Year ended Year ended Year ended Current income tax Current income tax (expense) (62,419 ) (184 ) (3,032 ) Difference in the estimate of previous — — 1,146 Deferred income tax Deferred income tax relating to origination (39,695 ) 10,297 (14,346 ) Income tax (expense) / benefit reported in the (102,114 ) 10,113 (16,232 ) Deferred tax charged to OCI 2,048 (114 ) 394 Total income tax (expense) / benefit (100,066 ) 9,999 (15,838 ) Below is the reconciliation between income tax expense and the amount resulting from the application of the tax rate to profit / (loss) before income tax: Year ended Year ended Year ended Profit / (loss) before income tax 152,764 (112,862 (16,491 Effective income tax rate 30 % 30 % 30 % Income tax at the effective tax rate pursuant to (45,829 ) 33,859 4,947 Items that adjust income tax (expense) / Nondeductible expenses (6,600 ) (2,449 ) (1,782 ) Inflation adjustment (98,348 ) (32,086 ) (31,796 ) Effect on the measurement of monetary and 86,724 24,628 15,395 Unrecognized tax losses and other assets (4,047 ) (7,039 ) (7,285 ) Effect of tax losses (1) 31,232 (179 ) 1,675 Effect related to statutory income tax rate (2) (67,312 ) (6,384 ) 2,721 Application of tax credits 9,710 — — Effect related to the difference in tax rate (7,637 ) — — Difference in the estimate of previous fiscal — — 1,146 Other (7 ) (237 ) (1,253 ) Total income tax benefit / (expense) (102,114 ) 10,113 (16,232 ) (1) See Note 16.1. (2) Maily include effects of Note 33.1. Some subsidiaries in Mexico carry accumulated tax losses not recognized for which no deferred tax asset has been recognized and which may recover provided that certain requirements are met. Below are the accumulated tax losses not recognized and their due dates: As of December 31, As of December 31, 2027 — 4,324 2028 47,071 50,788 2029 13,781 22,999 As from 2030 2,062 11,701 Total accumulated tax losses not recognized 62,914 89,812 Moreover, the Company has other tax credits in Mexico that may be recovered up to 2025 for 1,024 as of December 31, 2020, these tax credits were recovered during the 2021 financial year. Income tax liabilities break down as follows: As of December 31, As of December 31, Current Income tax, net of withholdings and prepayments 44,625 — Total current 44,625 — 16.1 Current income tax The reform introduced by Law No. 27,541 in Argentina set forth that, for fiscal years beginning January 1, 2021, 100% of the adjustment for inflation be deducted or levied in the year in which it is determined (see Note 33.1). For the fiscal year ended December , , such adjustment for inflation generated a significant increase in the income tax base of Vista Argentina, a Company subsidiary, due to the disparity between the changes in the Consumer Price Index (“IPC”, by Spanish acronym) and the exchange rate during such period. The Company considers that the application of this adjustment for inflation violates constitutional rights, principles and guarantees, as it levies fictitious profit, thus increasing the tax burden in a way which is constitutionally inadmissible pursuant to case law issued by the Argentine Supreme Court of Justice. In addition, in this context, Vista Argentina recognized the effects of inflation upon applying accumulated tax losses to the income tax base for . |
Trade and other receivables
Trade and other receivables | 12 Months Ended |
Dec. 31, 2021 | |
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Trade and other receivables | Note 17. Trade and other receivables As of December 31, As of December 31, Noncurrent Other receivables: Prepayments, tax receivables and others: Prepayments and other receivables 15,236 9,884 Value added tax (“VAT”) 4,010 5,562 Turnover tax 765 789 Income tax — 11,995 Minimum presumed income tax — 1,034 20,011 29,264 Financial assets: Loans to employees 199 546 199 546 Total noncurrent trade and other receivables 20,210 29,810 As of December 31, As of December 31, Current Trade: Oil and gas accounts receivable (net of allowance of 25,224 23,260 25,224 23,260 Other receivables: Prepayments, tax credits and other: VAT 9,131 17,022 Prepaid expenses 3,633 3,228 Income tax 860 254 Turnover tax 42 406 13,666 20,910 Financial assets: Receivables from joint operations 2,286 24 Accounts receivable from third parties 2,025 1,974 Gas IV Plan (Note 2.5.3.2) 1,729 — Advances to directors and loans to employees 491 499 LPG price stability program 293 322 RI program (Note 2.5.3.1) — 4,012 Other 382 18 7,206 6,849 Other receivables 20,872 27,759 Total current trade and other receivables 46,096 51,019 Due to the short-term nature of current trade and other receivables, their carrying amount is considered similar to their fair value. The fair value s In general, accounts receivable have a 15-day 50-day The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties or that there is no realistic probability of recovery; for example, when the debtor goes into liquidation or files for bankruptcy proceedings. None of the trade and other receivables that were derecognized are subject to compliance activities. The Company recognized an expected credit loss allowance for all accounts receivable that are 90 days past due because, based on its history, these accounts receivable are generally not recovered. As of December 31, 2021, and 2020, provision for expected credit losses was recorder for The changes in the allowance for expected credit losses of trade and other receivables are as follows: As of December 31, As of December 31, Amounts at beginning of year (3 ) (100 ) (Reversal)/ Allowance for expected credit losses (406 ) 22 Disposal — 67 Foreign exchange differences 3 8 Amounts at end of the year (406 ) (3 ) |
Financial assets and liabilitie
Financial assets and liabilities | 12 Months Ended |
Dec. 31, 2021 | |
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Financial assets and liabilities | Note 18. Financial assets and liabilities 18.1 Borrowings: As of December 31, As of December 31, Noncurrent Borrowings 447,751 349,559 Total noncurrent 447,751 349,559 Current Borrowings 163,222 190,227 Total current 163,222 190,227 Total Borrowings 610,973 539,786 Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates: As of December 31, As of December 31, Fixed interest Less than 1 year 109,016 113,174 From 1 to 2 years 112,860 105,652 From 2 to 5 years 214,491 134,623 Over 5 years 75,468 — Total 511,835 353,449 Variable interest Less than 1 year 54,206 77,053 From 1 to 2 years 44,932 64,352 From 2 to 5 years — 44,932 Total 99,138 186,337 Total Borrowings 610,973 539,786 See Note 18.5.2 for information on the fair value of the borrowings. The carrying amount of borrowings effective as of December 31, 2021, is as follows: Subsidiary Bank Execution date Currency Principal Interest Annual rate Maturity date Carrying amount Vista Argentina Banco Galicia, Banco (1) July, 2018 US 150,000 Variable LIBOR % (1) July, 2023 184,581 150,000 Fixed 8 % Vista Argentina Banco BBVA S.A. July, 2019 US 15,000 Fixed 9.40 % July, 2022 5,081 Vista Argentina Santander International January, 2021 US 11,700 Fixed 1.80 % January, 2026 137 (2) Subsidiary Bank Execution date Currency Principal Interest Annual rate Maturity date Carrying amount Vista Argentina Santander International July, 2021 US 43,500 Fixed 2.05 % July, 2026 60 (2) Vista Argentina Bolsas y Mercados Argentinos S.A. December, 2021 ARS 917,892 Fixed 32 % March, 2022 3,191 (3) (1) As of December 31, 2021, the Company should meet the following financial ratios according to the parameters defined in the loan agreement: (i) The ratio of consolidated net debt to consolidated EBITDA (“Earnings Before Interest, Tax, Depreciation and Amortization.”) (ii) The consolidated interest coverage rate as of the last day of every tax quarter. The consolidated interest coverage rate is the proportion of (a) consolidated EBITDA to (b) consolidated interest expenses for the period. This credit facility includes covenants restricting, but not prohibiting, among other things, Vista Argentina, Vista Holding I, Vista Holding II, Aluvional S.A. and AFBN S.R.L. 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; (vii) make investments; (viii) enter into transactions with affiliates; and (ix) change their existing accounting practices. As of December 31, 2021, and 2020, there was no non-compliance (2) The carrying amount related to interest and the principal is collateralized. (3) Net amount of 6,793 from short-term investments granted as securities. Moreover, Vista Argentina issued nonconvertible debt securities, under the name “ Programa de Notas Subsidiary Instrument Execution date Currency Principal Interest Annual rate Maturity date Carrying Vista Argentina ON II August, 2019 US 50,000 Fixed 8.50 % August, 2022 50,492 Vista Argentina ON III February, 2020 US 50,000 Fixed 3.50 % February, 2024 50,316 Vista Argentina ON IV (1) August, 2020 ARS 725,650 Variable Badlar % February, 2022 7,427 Vista Argentina ON V August, 2020 US 20,000 Fixed 0 % August, 2023 19,869 December, 2020 US 10,000 Fixed 0 % August, 2023 9,931 Vista Argentina ON VI December, 2020 US 10,000 Fixed 3.24 % December, 2024 9,940 Vista Argentina ON VII March, 2021 US 42,371 Fixed 4.25 % March, 2024 41,970 Vista Argentina ON VIII March, 2021 ARS (2) 3,054,537 Fixed 2.73 % September, 2024 40,888 Vista Argentina ON IX June, 2021 US 38,787 Fixed 4.00 % June, 2023 38,551 Vista Argentina ON X June, 2021 ARS (2) 3,104,063 Fixed 4.00 % March, 2025 36,891 Subsidiary Instrument Execution date Currency Principal Interest Annual rate Maturity date Carrying Vista Argentina ON XI August, 2021 US 9,230 Fixed 3.48 % August, 2025 9,196 Vista Argentina ON XII August, 2021 US 100,769 Fixed 5.85 % August, 2031 102,452 (1) See Note 3 5 (2) Amount in UVA, adjusted by CER (see Note 11.3). Under the aforementioned program, Vista Argentina may list and issue debt securities in Argentina for a total principal up to 800,000 or its equivalent in other currencies at any time. 18.2 Changes in liabilities from financing activities Changes in the borrowings were as follows: As of December 31, As of December 31, Amounts at beginning of year 539,786 451,413 Proceeds from borrowings (1) 361,203 198,618 Borrowings interest (Note 11.2) (2) 50,660 47,923 Payment of borrowings costs (3,326 ) (2,259 ) Payment of borrowings interest (54,636 ) (43,756 ) Payment of borrowings principal (284,695 ) (98,761 ) Amortized cost (Note 11.3) (2) 4,164 2,811 Remeasurement in borrowings (Note 11.3) (2) 19,163 — Changes in foreign exchange rate (2) (21,346 ) (16,203 ) Amounts at end of year 610,973 539,786 (1) As of December 31, 2021, including 358,093 201,728 (2) These transactions did not generate cash flows. 18.3 Warrants Along with the issuance of Series A ordinary shares in the IPO, the Company placed 65,000,000 warrants to purchase a third of Series A ordinary shares at an exercise price of 11.50 US/share (the “Series A warrants.”) They expire on April 4, 2023, or earlier if after the exercise option the closing price of a Series A share is equal to or higher than the amount in Argentine pesos equal to US 18.00 during 20 trading days within a 30-day 10-day Almost at the same time, the Company’s promoters purchased 29,680,000 warrants to purchase a third of Series A ordinary shares at an exercise price of 11.50 US/share (the “warrants”) for 14,840 in a private placement made at the same time as the IPO closing in Mexico. Warrants are identical and fungible with Series A warrants; however, the former could have differences regarding the early termination and may be exercised for cash or no cash for a variable number of Series A shares at the discretion of the Company’s promoters or authorized assignees. If warrants are held by other persons, then they will be exercised on the same basis as the other securities. The warrants exercise period began on August 15, 2018. On February 13, 2019, the Company completed the sale of 5,000,000 warrants for the purchase of a third of Series A ordinary shares in agreement with the Forward Purchase Agreement and certain subscription commitment at an exercise price of 11.50 US/share (the “warrants”). As of December 31, 2021, and 2020, no warrant holder has exercised their right. The liability for warrants will eventually be part of the Company’s equity (Series A ordinary shares) when the securities are exercised or will be extinguished once pending securities expire and will not give rise to a cash disbursement by the Company. Noncurrent As of December 31, As of December 31, Warrants 2,544 362 Total noncurrent 2,544 362 As of December 31, 2020 Financial amortized cost Financial FVTPL Total financial assets/liabilities Liabilities Borrowings (Note 18.1) 349,559 — 349,559 Warrants (Note 18.3) — 362 362 Lease liabilities (Note 15) 17,498 — 17,498 Total noncurrent financial liabilities 367,057 362 367,419 Borrowings (Note 18.1) 190,227 — 190,227 Trade and other payables (Note 26) 118,619 — 118,619 Lease liabilities (Note 15) 6,183 — 6,183 Total current financial liabilities 315,029 — 315,029 Below are income, expenses, profit, or loss from each financial instrument: For the year ended December 31, 2021 : 18.4 Financial instruments by category The following chart includes the financial instruments broken down by category: As of December 31, 2021 Financial assets/liabilities at Financial assets/liabilities FVTPL Total financial Assets Defined benefit asset’s plan (Note 23) 7,594 — 7,594 Trade and other receivables (Note 17) 199 — 199 Total noncurrent financial assets 7,793 — 7,793 Cash, bank balances and other short-term investments (Note 20) 185,546 129,467 315,013 Trade and other receivables (Note 17) 32,430 — 32,430 Total current financial assets 217,976 129,467 347,443 Liabilities Borrowings (Note 18.1) 447,751 — 447,751 Trade and other payables (Note 26) 50,159 — 50,159 Warrants (Note 18.3) — 2,544 2,544 Lease liabilities (Note 15) 19,408 — 19,408 Total noncurrent financial liabilities 517,318 2,544 519,862 Borrowings (Note 18.1) 163,222 — 163,222 Trade and other payables (Note 26) 138,482 — 138,482 Lease liabilities (Note 15) 7,666 — 7,666 Total current financial liabilities 309,370 — 309,370 As of December 31, 2020 Financial assets/liabilities at Financial assets/liabilities FVTPL Total financial Assets Defined benefit asset’s plan (Note 23) 8,004 — 8,004 Trade and other receivables (Note 17) 546 — 546 Total noncurrent financial assets 8,550 — 8,550 Cash, bank balances and other short-term investments (Note 20) 170,851 32,096 202,947 Trade and other receivables (Note 17) 30,109 — 30,109 Total current financial assets 200,960 32,096 233,056 Financial assets/liabilities at amortized cost Financial assets/liabilities at FVTPL Total Interest income (Note 11.1) 65 — 65 Interest expense (Note 11.2) (50,660 ) — (50,660 ) Amortized cost (Note 11.3) (4,164 ) — (4,164 ) Changes in the fair value of warrants (Note 11.3) — (2,182 ) (2,182 ) Net changes in foreign exchange rate (Note 11.3) 14,328 14,328 Discount of assets and liabilities at present value (Note 11.3) (2,300 ) (2,300 ) Changes in the fair value of financial assets (Note 11.3) — 5,061 5,061 Interest expense on lease liabilities (Note 11.3) (1,079 ) — (1,079 ) Discount for well plugging and abandonment (Note 11.3) (2,546 ) — (2,546 ) Remeasurements of borrowings (Note 11.3) (19,163 ) — (19,163 ) Other (Note 11.3) 4,851 — 4,851 Total (60,668 ) 2,879 (57,789 ) For the year ended December 31, 2020: Financial assets/liabilities at amortized cost Financial assets/liabilities at FVTPL Total Interest income (Note 11.1) 822 — 822 Interest expense (Note 11.2) (47,923 ) — (47,923 ) Amortized cost (Note 11.3) (2,811 ) — (2,811 ) Changes in the fair value of warrants (Note 11.3) — 16,498 16,498 Net changes in foreign exchange rate (Note 11.3) 3,068 — 3,068 Discount of assets and liabilities at present value (Note 11.3) (3,432 ) — (3,432 ) Impairment of financial assets (Note 11.3) (4,839 ) — (4,839 ) Changes in the fair value of financial assets (Note 11.3) — (645 ) (645 ) Interest expense on lease liabilities (Note 11.3) (1,641 ) — (1,641 ) Discount for well plugging and abandonment (Note 11.3) (2,584 ) — (2,584 ) Other (Note 11.3) 633 — 633 Total (58,707 ) 15,853 (42,854 ) For the year ended December 31, 2019: Financial assets/liabilities at Financial assets/liabilities at FVTPL Total Interest income (Note 11.1) 3,770 — 3,770 Interest expense (Note 11.2) (34,163 ) — (34,163 ) Financial assets/liabilities at Financial assets/liabilities at FVTPL Total Amortized cost(Note 11.3) (2,076 ) — (2,076 ) Changes in the fair value of warrants (Note 11.3) — 6,840 6,840 Net changes in foreign exchange rate (Note 11.3) (2,991 ) — (2,991 ) Discount of assets and liabilities at present value (Note 11.3) (10 ) — (10 ) Changes in the fair value of the financial assets (Note 11.3) — 873 873 Interest expense on lease liabilities (Note 11.3) (1,561 ) — (1,561 ) Discount for well plugging and abandonment (Note 11.3) (1,723 ) — (1,723 ) Other (Note 11.3) (67 ) — (67 ) Total (38,821 ) 7,713 (31,108 ) 18.5 Fair value This note includes information on the Company’s method for assessing the fair value of its financial assets and liabilities. 18.5.1 Fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The fair value hierarchy has the following levels: • Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities. • Level 2: data other than the quoted prices included in Level 1 that are observable for assets or liabilities, either directly (that is prices) or indirectly (that is derived from prices). • Level 3: data on the asset or liability that are based on information that cannot be observed in the market (that is, non-observable The following chart shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2021 and 2020: As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss Short term investments 129,467 — — 129,467 Total assets 129,467 — — 129,467 As of December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at fair value through profit or loss Warrants — — 2,544 2,544 Total liabilities — — 2,544 2,544 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss Short term investments 32,096 — — 32,096 Total assets 32,096 — — 32,096 As of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at fair value through profit or loss Warrants — — 362 362 Total liabilities — — 362 362 F-60 The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm’s length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1. For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company’s specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2. Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3. There were no transfers between Level 1 and Level 2 during the years ended December 31, 2021, and 2020. The fair value of warrants is determined using the Black & Scholes model considering the expected volatility of the Company’s ordinary shares upon estimating the future volatility of Company share price. The risk-free interest rate for the expected useful life of warrants is based on the available return of benchmark government bonds with an equivalent remainder term upon the grant. The expected life is based on the contractual terms. The following assumptions were used in estimating the fair value of warrants as of December 31, 2021, and 2020: As of December 31, 2021 As of December 31, 2020 Annualized volatility 39.94 % 40.21 % Risk free domestic interest rate 7.15 % 4.34 % Risk free foreign interest rate 0.55 % 0.13 % Remainder period in years 1.29 years 2.29 years It is a recurring Level 3 fair value measurement. The key Level 3 inputs used by Management to assess fair value are market price and expected volatility. As of December 31, 2021: (i) should market price increase by 0,10 0,10 Also, as of December 31, 2020: (i) should market price increase by 0,10 0,10 31 Reconciliation of level 3 measurements at fair value: As of December 31, 2021 As of December 31, 2020 Warrants liability amount at beginning of year: 362 16,860 Loss / (profit) from changes in the fair value of warrants (Note 11.3) 2,182 (16,498 ) Amounts at end of year (Note 18.3) 2,544 362 18.5.2 Fair value of financial assets and liabilities that are not measured at fair value (but require fair value disclosures) Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the consolidated financial statements approximate to its fair values, as explained in the related notes. As of December 31, 2021 Carrying amount Fair value Level Liabilities Borrowings 610,973 560,409 2 Total liabilities 610,973 560,409 As of December 31, 2020 Carrying amount Fair value Level Liabilities Borrowings 539,786 567,381 2 Total liabilities 539,786 567,381 18.6 Risk management objectives and policies concerning financial instruments 18.6.1 Financial risk factors The Company’s activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk. Financial risk management is included in the Company’s global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during period-end year-end. The Company’s Financial Department, controls financial risk by identifying, assessing and covering financial risks The risk management systems and policies are reviewed regularly to show the 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. 18.6.1.1 Market risk Exchange rate risk The Company’s financial position and results of operations are sensitive to exchange rate changes between the US dollar and the ARS. As of December 31, 2021, and 2020, the Company performed foreign exchange currency hedge transactions, and the impact in the results of the year is recognized in “Other financial results”. Most Company sales are denominated in US dollars, or the changes in sales follow the changes in the US dollar listed price. During the years ended December 31, 2021, and 2020, the ARS depreciated by abo ut 22% and %, respectively. The following chart shows the sensitivity to a reasonable change in the exchange rates of the ARS to the US dollar while maintaining the remainder variables constant. Impact on profit before taxes is related to changes in the fair value of monetary assets and liabilities denominated in currencies other than the US dollar, the Company’s functional currency. The Company’s exposure to changes in foreign exchange rates for the remainder currencies is immaterial. As of December 31, As of December 31, Changes in rates in Argentine pesos +/- 63 % +/- 50 % Effect on profit or loss (69,835 ) / 69,835 (22,170 ) / 22,170 Effect on equity (69,835 ) / 69,835 (22,170 ) / 22,170 Inflation in Argentina As of December 31, 2021, and 2020, the 3-year 216 , and 200 Price risk The Company’s financial instruments are not significantly exposed to the risks of hydrocarbon international prices due to current regulatory, economic and government policies, and the fact that domestic gas prices are not directly affected in the short tun by the changes in the international market. Moreover, the Company’s investments in financial assets classified “at fair value through profit or loss” are sensitive to the risk of changes in market prices derived from uncertainties on the future value of these financial assets. The Company estimates that provided that the remainder variables remain constant, a revaluation/(devaluation) of each market price detailed below will give rise to the following increase / (decrease) in profit / (loss) for the year before taxes in relation to the financial assets at fair value through profit or loss detailed in Note 18.5 to the consolidated financial statements: As of December 31, 2021 As of December 31, 2020 Changes in government bonds +/- 10 % +/- 10 % Effect on profit before income tax 380 / (380) 163 / (163) Changes in mutual funds +/-10 % +/-10 % Effect on profit before income tax 12,567 / (12,567) 3,046 / (3,046) Interest rate risk For the years ended December 31, 2021, and 2020 the average interest rate was 40% and 38%, respectively. The purpose of interest rate risk management is to minimize finance costs and limit the Company’s exposure to interest rate increases. Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to the potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of December 31, 2021, and 2020, about 16% and 35% of indebtedness was subject to variable interest rates. For the year ended December 31, 2021, and 2020, the variable interest rate of loans denominated in US dollars stood at 4.81% and 5.69%, respectively, and it amounted to 35.55% and 38.81%, respectively, for loans denominated in ARS. The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company’s; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions. In the case of fixed rates and in view of current market conditions, the Company considers that the risk of a major decrease in interest rates is low; therefore, it does not expect substantial fixed rate debt risk. For the years ended December 31, 2021, and 2020, the Company did not use derivative financial instruments to mitigate interest rate risks. 18.6.1.2 Credit risk The Company establishes credit limits according to Management definitions based on internal or external ratings. It performs ongoing credit assessments on the customers’ financial capacity, which minimizes the potential risk of doubtful accounts. The customer’s credit risk is managed according to the Company’s customer credit risk management policy, procedures and controls. Pending accounts receivable are monitored on a regular basis. Credit risk represents the exposure to potential losses from customer noncompliance with the obligations assumed. This risk is mainly derived from economic and financial factors. The Company established a reserve for expected credit losses that represents the best estimate of potential losses related to trade and other receivables. The Company has the following credit risk concentration with respect to its interest in all receivables as of December 31, 2021, and 2020 and revenue per year. As of December 31, As of December 31, Percentages to total trade receivables: Customers Raizen Argentina S.A. 53 % 25 % Trafigura Argentina S.A. 2 % 25 % Camuzzi Gas Pampeana, S.A. 1 % 13 % For the year ended December 31, 2021 For the year ended December 31, 2020 Percentages to revenue from contracts with customers per product: Crude oil Trafigura Argentina S.A. 40 % 46 % Raizen Argentina S.A. 26 % 17 % Valero Marketing and Supply Company 10 % - % ENAP Refinerías S.A. 6 % 12 % Trafigura Pte LTD 5 % 17 % Natural Gas Generación Mediterránea S.A. 15 % - % Cía. Administradora del Mercado Mayorista Eléctrico S.A. 10 % - % Rafael G. Albanesi S.A. 11 % 22 % Camuzzi Gas Pampeana S.A. 3 % 29 % Metroenergía S.A. 1 % 13 % No other individual customer has an interest in total trade receivables or revenue exceeding 10% for the years reported. The Company keeps no securities as insurance. It assesses risk concentration with respect to trade and other receivables as high because its customers are concentrated as detailed below. Below is the information on the credit risk exposure of the Company’s trade receivables: As of December 31, 2021 To fall due <90 days 90–365 days >365 days Total Days past due Estimated total gross amount at default 23,729 1,495 406 — 25,630 Expected credit losses — — (406 ) — (406 ) 25,224 As of December 31, 2020 To fall due <90 days 90–365 days >365 days Total Days past due Estimated total gross amount at default 18,236 5,024 3 — 23,263 Expected credit losses — — (3 ) — (3 ) 23,260 The credit risk of liquid funds and other financial investments is limited since the counterparties are banks with high credit ratings. If there are no independent risk ratings, the risk control area assesses the customer’s solvency based on prior experiences and other factors. 18.6.1.3 Liquidity risk Liquidity risk is related to the Company’s capacity to finance its commitments and carry out its business plans with stable financial sources, indebtedness level and the maturity profile of the financial payable. The Company’s Finance department makes cash flow projections. During the year ended December 31, 2020, and as the Company’s response to the effects of COVID-19 Company Management supervises the updated projections on liquidity requirements to ensure the sufficiency of cash and liquid financial instruments to meet operating needs. The aim is to ensure that the Company does not violate the indebtedness levels or restrictions, if applicable, of any credit line. These projections consider the plans to finance the Company’s payable, compliance with restrictions and, if applicable, external regulatory or legal requirements, such as, for example, restrictions in the use of foreign currency. Excess cash flow and the amounts above the working capital requirement are managed by the Company’s Finance department that invests the surplus in mutual funds and money market funds by choosing instruments with timely due dates and currencies and proper credit quality and liquidity to provide sufficient margin according to the aforementioned projections. The Company diversifies its sources of funding between banks and capital markets and is exposed to refinancing risk upon expiry. Below is the assessment of the Company’s liquidity risk as of December 31, 2021, and 2020: As of December 31, As of December 31, Current assets 375,070 267,836 Current liabilities 385,738 333,738 Liquidity i 0.972 0.803 The following table includes an analysis of the Company’s financial liabilities grouped according to their maturity dates and considering the remainder period until contractual expiry date as from the date of the financial statements. The amounts included in the table are no discounted contractual cash flows. As of December 31, 2021 Financial liabilities except Borrowings Total To fall due: Less than 1 year 146,148 163,222 309,370 From 1 to 2 years 58,372 157,792 216,164 From 2 to 5 years 9,688 214,491 224,179 Over 5 years 4,051 75,468 79,519 Total 218,259 610,973 829,232 As of December 31, 2020 Financial liabilities except Borrowings Total To fall due: Less than 1 year 124,802 190,227 315,029 From 1 to 2 years 5,733 170,004 175,737 From 2 to 5 years 12,127 179,555 191,682 Total 142,662 539,786 682,448 18.6.1.4 Other risks Access to the foreign exchange market in Argentina Below is the regulatory framework set by the Central Bank of Argentina (“BCRA” by Spanish acronym) during the year ended December 31, 2021, whereby it introduced certain restrictions and adjustments on hoarding and consumption of currencies other than the Argentine peso, and on the acquisition of currency that may be accessed by the Company: (i) Communiqué “A” 7196, as supplemented On January 6, 2021, through Communiqué “A” 7196 (as amended by Communiqué “A” 7422 [hereinafter, “Communiqué 7422, as revised”]), the BCRA introduced a series of measures to loosen regulations aimed at favoring the swap or financing of private-sector payables abroad. Some of these measures are: a) the extension from 30 (thirty) to 45 (forty-five) calendar days of the expiry term to access the market for settling the principal and interest of financial payables abroad; or debt securities registered in an Argentine public registry denominated in foreign currency; b) fund arising from the collection of exports of goods and services made by the debtor may be accumulated in foreign or Argentine accounts to secure the settlement of the due dates of the debt agreed as from January 2021. (ii) Communiqué “A” 7218 On February 4, 2021, through Communiqué “A” 7218, (as amended by Communiqué 7422, as revised), the BCRA granted access to the exchange market to settle principal and interest of financial payables provided that the debtor evidence that the foreign currency was entered into Argentina and converted into Argentine pesos in the exchange market for an amount equal to the nominal amount of the financial payable abroad . It also set forth that entities may also provide residents with access to the exchange market to settle abroad principal and interest of debt securities registered abroad, issued as from February 5, 2021, and that were partly subscribed in foreign currency in Argentina, provided that the following conditions are fully met: a) debtors show that they registered exports before debt securities were issued or that the placement funds were used to meet commitments abroad. If at least one of the aforementioned conditions is not met, the issuance has the BCRA’s prior approval. b) the average life of debt securities should not be less than 5 (five) years. c) the first payment of principal should not be registered before the 3 (three) years of issuance date. d) the local subscription should not exceed 25% (twenty-five percent) of the total subscription. e) as of the date of access, all funds subscribed abroad and in Argentina should be converted into Argentine pesos in the exchange market. (iii) Communiqué “A” 7416 On December 9, 2021, the BCRA issued Communiqué “A” 7416, whereby it extended the term of the restrictions to access the exchange market for certain financial payables. In this sense, the BCRA requires that the Argentine banks and companies operating in the private sector that: (i) carry payables abroad (including negotiable obligations and borrowings), and (ii) have principal payments scheduled from January 1, 2022, through June 30, 2022, (the “relevant period”) submit a refinancing plan to the BCRA according to the following criteria: a) the net amount for which the debtor may access the foreign exchange market within the original terms should not exceed 40% of the principal amount that fell due in the relevant period, and b) the remainder 60% of principal payable during the relevant period should be refinanced by the original creditors through the extension of the principal payments that provide the new debt with an average life not lower than 2 years. In addition, the refinancing system will be considered met when the debtor accesses the exchange market to settle principal for an amount exceeding 40% of original principal, provided that such debtor has a “certificate of increased exports of goods in 2021” issued in the context of the Communiqué, as revised, or has settlements in the exchange market as from October 9, 2020, for: (i) issuances of debt securities registered abroad or other financial debts abroad, and (ii) issuances of debt securities registered in a public registry in Argentina denominated in foreign currency that meet the conditions set forth in Communiqué 7422, as revised. (iv) Communiqué “A” 7327 On June 10, 2021, BCRA Communiqué “A” 7327 further extended the restrictions to access the exchange market for the performance of certain transactions with securities. To access the exchange market until then, The swaps of securities for other external assets were added to the transactions already included in the declaration before Communiqué “A” 7327 was issued (sales in Argentina of securities settled in foreign currency and their transfers to depository entities abroad). Communiqué 7422, as revised, established that such sworn statement should also evidence the acquisition in Argentina, settled in Argentine pesos, of securities issued by nonresidents as from October 29, 2021. (v) Communiqué “A” 7340 On August 12, 2021, through Communiqué “A” 7340, the BCRA sets forth that the sales of securities settled in foreign currency should be paid using any of the following methods: a) Trough the transfer of funds from and to sight accounts in the client’s name in local financial institutions; or b) by a wire transfer to bank accounts in the client’s name in a foreign entity that is n |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Inventories | Note 19. Inventories As of December 31, As of December 31, Materials and spare parts 8,739 7,743 Crude oil stock (Note 6.2) 5,222 6,127 Total 13,961 13,870 |
Cash, bank balances and other s
Cash, bank balances and other short-term investments | 12 Months Ended |
Dec. 31, 2021 | |
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Cash, bank balances and other short-term investments | Note 20. Cash, bank balances and other short-term investments As of December 31, As of December 31, Mutual funds 126,204 30,886 Money market funds 106,915 167,553 Cash in banks 78,098 2,875 Government bonds 3,796 1,633 Total 315,013 202,947 Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 (three) months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents: As of December 31, As of December 31, Cash, bank balances and other short-term investments 315,013 202,947 Less Government bonds (3,796 ) (1,633 ) Cash and cash equivalents 311,217 201,314 |
Capital stock and capital risk
Capital stock and capital risk management | 12 Months Ended |
Dec. 31, 2021 | |
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Capital stock and capital risk management | Note 21. Capital stock and capital risk management 21.1 Capital stock The following chart shows a reconciliation of the movements in the Company’s capital stock for the years ended December 31, 2021, 2020 and 2019: Series A Publicly traded shares Series A Private Offering Series B Series C Total Amount 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 to be granted in LTIP — 1 — — 1 Number of shares — 317,932 — — 317,932 Amounts as of December 31, 2019 569,160 90,239 — — 659,399 Number of shares 77,315,572 9,817,932 — 2 87,133,506 Series A shares to be granted in LTIP — 1 — — 1 Number of shares — 717,782 — — 717,782 Amounts as of December 31, 2020 569,160 90,240 — — 659,400 Number of shares 77,315,572 10,535.714 — 2 87,851,288 Series A shares to be granted in LTIP — 1 — — 1 Number of shares — 778,591 — — 778,591 Reduction of share capital adopted at the Ordinary General Shareholders’ meeting on December 14, 2021 (72,695 ) — — — (72,695 ) Number of shares — — — — — Amounts as of December 31, 2021 496,465 90,241 — — 586,706 Number of shares 77,315,572 11,314,305 — 2 88,629,879 1) Series A Publicy Traded Shares On August 15, 2017, the Company concluded its IPO in the BMV; as a result, 65,000,000 Series A ordinary shares were issued for 650,017 less issuance costs for 9,988. These Series A ordinary shares were swapped during the first 24 months of the IPO or upon choosing the shareholders when the initial business combination was 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 conducted its initial business combination for 653,781 less issuance costs for 26,199, and these funds are related to amounts accumulated in the escrow account. About 31.29% of holders of Series A redeemable shares exercised the abovementioned right of reimbursement; thus, 20,340,685 shares were redeemed for 204,590. Funds were provided by cash deposited in the escrow account. The remainder holders of Series A redeemable shares decided not to exercise their right of renewal (see Note 34); as a consequence, 442,491 were capitalized net of offering expenses paid for 6,700 that were capitalized as of that date. Moreover, on that same date, the Company paid deferred offering expenses related to the IPO for 19,500. The capitalization of 442,491 generated no cash flows, whereas offering expenses were paid using revenue held in the escrow account. On February 13, 2019, the Company completed the sale of 5,500,000 Series A shares and 5,000,000 warrants to purchase Series A shares for an amount of 55,000 agreed upon with Kensington Investments B.V., according to a forward purchase agreement and the subscription commitment. On July 25, 2019, the Company made a public offer in Mexico and the United States by placing 10,906,257 Series A shares as follows: (i) An international offer in the United States and other countries other than Mexico of 10,091,257 American Depositary Shares (“ADS”), each representing a Series A share at a price of 9.25 US/ADS. ADS are listed in the NYSE under ticker symbol “VIST”; and (ii) A simultaneous offer in Mexico of 815,000 Series A shares at a price in Mexican pesos equal to US 9.25 per Series A share. For the global offer, the Company obtained funds net of issuance expenses for 91,143. 2) Series A Private Offering On December 18, 2017, the Shareholders’ Meeting approved an increase in variable capital stock for 1,000 through the subscription of 100,000,000 Series A shares as the result of a potential initial business combination. On April 4, 2018, 9,500,000 Series A shares were fully paid and subscribed for 95,000 through a share subscription process approved by the shareholders. In addition, 500,000 Series A ordinary shares were committed for 5,000 as part of the same subscription process. The costs related to the share subscription process stood at 4,073. As disclosed in Note 34, on March 22, 2018, the Company’s shareholders approved that 8,750,000 be maintained in Treasury to implement the LTIP at the discretion of the plan administrator based on the independent experts’ opinion. The remainder Series A ordinary shares issued on December 18, 2017, that were not used to complete the aforementioned share subscription process or LTIP were settled on April 4, 2018, according to the terms approved by the shareholders on December 18, 2017. As part of the LTIP, the Company will sign a trust agreement (the “administrative trust”) to deposit Series A shares to be used by virtue of such agreement. During the year ended December 31, 2021, 2020 and 2019, 778,591, 717,782 and 317,932 Serie A shares were issued as part of the LTIP granted to Company employees. On December 14, 2021, the Shareholders’ Meeting approved the reduction of the variable portion of the Company’s capital stock of 72,695, for the absorption of accumulated losses as of September 30,2021, shown on the Company’s nonconsolidated financial statements. This transaction did not require the cancellation of Series A shares as they have no nominal value, likewise, this operation did not generate any tax effect in Mexico. As of December 31, 2021, 2020, and 2019, the Company´s variable capital stock amo unts to 88,629,877, 87,851,286, and 87,133,504 fully subscribed and paid Series A shares with no face value, respectively, each entitled to one vote. As of December 31, 2021, 2020, and 2019, the Company’s authorized capital includes 40,162,362, 40,940,953, and 41,658,735 Series A ordinary shares held in Treasury, that may be used with warrants, forward purchase agreements and LTIP. 3) Series B Before the Company’s initial global offer, through shareholders’ unanimous resolutions dated May 30, 2017, it was decided, among other issues, that the variable portion of the Company’s equity be increased by 25,000 through the issuance of ordinary shares with no nominal value. On April 4, 2018, these shares were converted into Series A shares. 4) Series C The variable portion of capital stock is an unlimited amount according to the Company’s bylaws and laws applicable, whereas the fixed amount is divided into 2 Class C shares. 21.2 Capital risk management Upon managing its capital, the Company aims at protecting its capacity to continue operating as a going concern and generate profit for its shareholders and benefits for other stakeholders, as well as maintain an optimal capital structure. To such end, the Company can adjust the amount of dividends paid to shareholders or repay capital; issue new shares; or implement programs to repurchase shares or sell assets to reduce the payable amount. The Company monitors its capital based on the leverage ratio. This ratio is calculated by dividing: (i) the net debt (borrowings and liabilities for total leases less cash, banks and short-term investments) by (ii) total equity (shareholders’ equity plus reserves disclosed in the statement of financial position). The leverage ratio as of December 31, 2021, and 2020, is as follows: As of December 31, As of December 31, Total borrowings and lease liabilities 638,047 563,467 Less: Cash, bank balances and other short-term investments (315,013 ) (202,947 ) Net debt 323,034 360,520 Total equity 565,259 508,518 Leverage ratio 57.00 % 71.00 % No changes were made in capital management objectives, policies or processes for the years ended December 31, 2021, and 2020. |
Provisions
Provisions | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Provisions | Note 22. Provisions As of December 31, As of December 31, Noncurrent Well plugging and abandonment 28,920 23,349 Environmental remediation 737 560 Total noncurrent 29,657 23,909 As of December 31, As of December 31, Current Well plugging and abandonment 1,876 584 Environmental remediation 862 1,141 Contingencies 142 359 Total current 2,880 2,084 22.1 Provision for well plugging and abandonment According to applicable regulations in the countries where the Company (either directly or indirectly through its subsidiaries) conducts oil and gas exploration and production activities, it should carry costs related to well plugging and abandonment. As of December 31, 2021, the Company created a trust to plug and abandon wells in Mexico; however, it did not grant any asset as security to settle these obligations in Argentina. The provision for well plugging and abandonment represents the present value of dismantling costs related to oil and gas properties expected to be incurred through the end of each concession, when oil and gas producing wells are expected to cease operations. These provisions were created based on the operator’s or the Company’s internal estimates, as appropriate. Assumptions based on the current economic context were made, so the Company considers that it is a reasonable basis to estimate future liabilities. These estimates are reviewed periodically to consider substantial changes in assumptions. However, the actual costs of well plugging and abandonment will ultimately depend on future market prices for the plugging and abandonment works needed. Moreover, wells will probably be plugged and abandoned when plots of land cease to produce at economically feasible rates. They will also depend on oil and gas future prices, which are uncertain by nature. The discount rate used in calculating the provision as of December 31, 2021, ranges between 10.8% and 14.9% whereas it ranges between 9.32% and 12.42% as of December 31, 2020 . The Company conducted a sensibility analysis related to the discount rate. The increase or decrease of such rate by 1% would have no significant impact on well plugging and abandonment. Below are the changes in the provision for well plugging and abandonment for the year: As of December 31, As of December 31, Amounts at beginning of year 23,933 21,748 Discount for well plugging and abandonment (Note 11.3) 2,546 2,584 Increase / (Decrease) in the change in capitalized estimates (Note 13) 2,112 (366 ) Decrease from transfer of interest in CASO (Note 1.3) (630 ) — Increase from acquisition of AFBN assets (Note 1.5) 2,773 — Foreign exchange differences 62 (33 ) Amounts at end of year 30,796 23,933 F-73 22.2 Provision for environmental remediation The Company performs environmental impact assessments for new projects and investments, and the environmental requirements and restrictions imposed on these new projects had no major adverse effects on the Company’s businesses to date. The Company conducted a sensibility analysis related to the discount rate. The increase or decrease of such rate by 1% would have no significant impact on the environmental remediation obligation. Below are the changes in the provision for environmental remediation for the year: As of December 31, As of December 31, Amounts at beginning of year 1,701 2,499 Increases (Note 10.2) 1,029 463 Foreign exchange differences (1,131 ) (1,261 ) Amounts at end of year 1,599 1,701 22.3 Provision for contingencies The Company (directly or indirectly through its subsidiaries) is part of commercial, tax and labor litigations and claims arising from the ordinary course of business. Upon estimating the amounts and likelihood of occurrence, the Company considered its best estimate with the assistance of its legal and tax advisors. The assessment of the estimates may change in the future due to new developments or unknown events upon assessing the provision. Consequently, the adverse resolution of the proceedings and claims assessed could exceed the provision set. The Company’s total claims and legal actions amount t o 217, and 428, from which it has estimated a probable loss of 142 , and as of December 31, 2021, and 2020, respectively. Moreover, as of December 31, 2021, and 2020, the Company is involved in certain labor, civil and commercial claims fo r 75 and 69, respectively, for which no provision has been booked as it is unlikely that a cash outflow will be required to settle the obligation (see Note 29 to obtain further information on the main contingencies of December 31, 2021, and 2020). The Company, considering its legal counsel’s opinion, estimates that the provision amount is sufficient to cover potential contingencies. It has booked a provision or disclosed all claims or other issues in these consolidated financial statements, either individually or in the aggregate. Below are the changes in the provision for contingencies for the year: As of December 31, As of December 31, Amounts at beginning of year 359 322 Increases (Note 10.2) 652 267 Foreign exchange differences (345 ) (230 ) Amounts incurred for payments (524 ) — Amounts at end of year 142 359 |
Employee benefits
Employee benefits | 12 Months Ended |
Dec. 31, 2021 | |
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Employee benefits | Note 23. Employee benefits Below are the main characteristic of the benefit plans originally granted to certain employees: The plan applies to Company employees that meet certain conditions, such as, for example, having participated uninterruptedly in the defined benefit plan, and that, having joined the Company before May 31, 1995, they have the required number of years in service and are therefore eligible to a certain amount according to plan provisions. It is based on the last computable salary and the number of years worked after deducting the benefits from the Argentine pension system managed by the Federal Social Security Administration (“ANSES” by Spanish acronym). Upon retirement, these employees are entitled to a monthly payment at constant value that is updated every year-end The plan is backed by assets deposited exclusively by the Company and with no employee contributions to the trust fund. Fund assets may be invested by the Company in monetary market instruments denominated in US dollars or certificates of deposit to preserve accumulated capital and obtain returns in line with a moderate risk profile. Funds are mainly invested in US bonds, Treasury bonds and trade notes with quality ratings. The Bank of New York Mellon is the trustee, and Willis Towers Watson is the business agent. Should there be an excess (duly certified by an independent actuary) of funds to be used to settle the benefits granted under the plan, the Company will be entitled to use it, in which case the trustee should be notified. The following charts summarize the components of net expenses and the obligation recognized in the consolidated financial statements: Year ended December 31, Year ended December 31, Cost of the current services (28 ) (60 ) Cost of interest (219 ) (190 ) Total (247 ) (250 ) As of December 31, 2020 Present value of the Asset’s plan Net liabilities Amounts at beginning of year (12,351 ) 7,882 (4,469 ) Items classified as loss or profit Cost of services (60 ) — (60 ) Cost of interest (587 ) 397 (190 ) Items classified in other comprehensive income Actuarial remediation (losses) 735 (275 ) 460 Benefit payments 798 (798 ) — Payment of contributions — 798 798 Amounts at end of year (11,465 ) 8,004 (3,461 ) As of December 31, 2021 Present value of the obligation Asset’s plan Net liabilities Amounts at beginning of year (11,465 ) 8,004 (3,461 ) Items classified as loss or profit Cost of services (28 ) — (28 ) Cost of interest (610 ) 391 (219 ) Items classified in other comprehensive income Actuarial remediation (losses) (4,394 ) (119 ) (4,513 ) Benefit payments 1,081 (1,081 ) — Payment of contributions — 399 399 Amounts at end of year (15,416 ) 7,594 (7,822 ) The fair value of asset’s plan as of every year end per category, is as follows: As of December 31, As of December 31, Cash and cash equivalents 7,594 — US Government bonds — 8,004 Total 7,594 8,004 Below are the estimated payments of benefits expected for the next 10 (ten) years. The amounts in the chart show nondiscounted cash flows; thus, they do not reconcile with the obligations booked as of year-end: As of December 31, As of December 31, Less than 1 year 1,204 901 1 to 2 years 1,232 889 2 to 3 years 1,213 899 3 to 4 years 1,213 884 4 to 5 years 1,198 885 6 to 10 years 5,752 4,239 Below are the significant actuarial estimates used: As of December 31, As of December 31, Discount rate 5 % 5 % Asset rate of return 5 % 5 % Salary rise 1 % 1 % The following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount. Should the discount rate be 1% higher (lower), the defined benefit obligation would decrease by 1,298 (increase by 1,526) as of December 31, 2021. Should the expected salary rise increase (decrease) by 1%, the defined benefit obligation would go up by 91 (go down by 87) as of December 31, 2021. This sensitivity analysis was determined based on reasonably possible changes in the related assumptions as of every reporting year-end Moreover, upon filing the previous sensitivity analysis, the present value of the defined benefit obligation was calculated using the projected unit credit method as of every reporting year-end, There were no changes in the methods and assumptions used in preparing prior-year sensitivity analyses. |
Salaries and payroll taxes
Salaries and payroll taxes | 12 Months Ended |
Dec. 31, 2021 | |
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Salaries and payroll taxes | Note 24. Salaries and payroll taxes As of December 31, As of December 31, Current Provision for gratifications and bonus 12,102 7,029 Salaries and social security contributions 5,389 4,479 Total current 17,491 11,508 |
Other taxes and royalties
Other taxes and royalties | 12 Months Ended |
Dec. 31, 2021 | |
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Other taxes and royalties | Note 25. Other taxes and royalties As of December 31, As of December 31, Current Royalties 9,547 4,152 Tax withholdings 873 843 VAT 33 46 Other 919 76 Total current 11,372 5,117 |
Trade and other payables
Trade and other payables | 12 Months Ended |
Dec. 31, 2021 | |
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Trade and other payables | Note 26. Trade and other payables As of December 31, As of December 31, Noncurrent Accounts payables: Payables to partners for joint operations (1) 50,159 — Total noncurrent accounts payables 50,159 — Total noncurrent 50,159 — Current Accounts payables: Suppliers 119,255 117,409 Total current accounts payables 119,255 117,409 Other accounts payables: Payables to partners for joint operations (1) 19,007 664 Extraordinary fee for Gas IV Plan (Note 2.5.3.2) 220 — Extraordinary fee for the RI program (Note 2.5.3.1) — 546 Total other current accounts payables 19,227 1,210 Total current 138,482 118,619 (1) As of December 31, 2021, including 50,159 and 18,913 in noncurrent and current accounts, respectively, related to the carry agreement mentioned in Note 1.5, recognized at present value. Except as mentioned above, due to the short-term nature of current trade and other payables, their carrying amount is deemed to be the same as its fair |
Related parties transactions an
Related parties transactions and balances | 12 Months Ended |
Dec. 31, 2021 | |
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Related parties transactions and balances | Note 27. Related parties transactions and balances Note 2.3 provides information on the Company’s structure. Key management personnel remuneration Below are the amounts recognized in the consolidated statements of profit or loss and other comprehensive income related to Company key personnel: As of December 31, As of December 31, As of December 31, 2019 Short-term benefits 11,626 7,273 9,080 Share-based payment transactions 8,875 8,699 9,175 Total compensation paid to key personnel 20,501 15,972 18,255 |
Aleph Midstream S.A.
Aleph Midstream S.A. | 12 Months Ended |
Dec. 31, 2021 | |
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Aleph Midstream S.A. | Note 28. Aleph Midstream S.A. As of December 31, 2018, the Company owned all Aleph shares. On June 27, 2019, VISTA signed an investment agreement with an affiliate of Riverstone (related party) and an affiliate of Southern Cross Group (jointly, the “partners”), to invest in Aleph, a midstream company operating in Argentina. Under this agreement, it was agreed that a group of assets be spun off and transferred to Aleph in exchange for equity through a spin-off On July 17, and 18, 2019, the Board of Vista Argentina and Aleph, respectively, decided to begin formalities to carry out the spin-off (“spin-off spun-off spun-off As from the spin-off On February 26, 2020, the Company’s Board approved certain changes in the Company’s interests in Aleph’s capital structure. The Company entered into an agreement with the partners to repurchase their interests in Aleph’s subscribed and outstanding capital for 37,500 (an amount equal to the capital amount actually contributed by Aleph to the partners). It made such payment on March 31, 2020, and Aleph became a wholly owned subsidiary of the Company as from that date. On May 28, 2021, VISTA’s Board finally decided to render ineffective the spin-off/merger |
Commitments and contingencies
Commitments and contingencies | 12 Months Ended |
Dec. 31, 2021 | |
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Commitments and contingencies | Note 29. Commitments and contingencies For a description of the Company’s commitments and contingencies related to its oil and gas properties, see Note 30.3 and 30.4. 29.1 Asociación de Superficiarios de la Patagonia (“ASSUPA” by Spanish acronym) On July 1, 2004, Vista Argentina was notified of a claim filed against it. In August 2003, ASSUPA filed a lawsuit against 18 (eighteen) companies operating exploitation concessions and exploration permits in the Neuquén basin, including Vista Argentina. ASSUPA claims remediation for the environmental damages supposedly caused by hydrocarbon exploitation activities, the creation of an environment restoration fund, and the implementation of measures to prevent future environmental damages. The plaintiff called the meeting of the Argentine government, the Argentine Federal Council for the Environment (“COFEMA” by Spanish acronym), the Provinces of Buenos Aires, La Pampa, Neuquén, Río Negro and Mendoza, and the National Ombudsman. The plaintiff requested, as a precautionary measure, that the accused parties refrain from conducting activities that harm the environment. Both the subpoena of the National Ombudsman and the preliminary request were rejected by the Argentine Supreme Court of Justice. The Company responded the claim by requesting its dismissal and opposing to the plaintiff’s request. On December 30, 2014, the Argentine Supreme Court of Justice issued two interlocutory orders. The order related to the Company 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 Río Colorado basin) would fall under its jurisdiction. The Argentine Supreme Court of Justice also rejected the precautionary measures and other related proceedings. Vista Argentina, considering the legal counsel’s opinion, concluded that it is unlikely that a cash outflow be required to settle this obligation. As of the date of issuance of these financial statements, before the case is opened for trial, the parties are answering the notices served regarding the prior exceptions and challenges against the evidence filed, which are pending resolution . |
Operations in hydrocarbon conso
Operations in hydrocarbon consortiums | 12 Months Ended |
Dec. 31, 2021 | |
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Operations in hydrocarbon consortiums | Note 30. Operations in hydrocarbon consortiums 30.1 General considerations Hydrocarbon areas are operated by granting exploration permits or exploitation concessions by the federal or provincial government based on the free availability of hydrocarbons produced. 30.2 Oil and gas areas and interests in joint operations As of December 31, 2021, 2020, and 2019, the Company, through its subsidiaries, is the owner and part of the joint operations and consortia for oil and gas exploration and production, as shown below: Name Location Equity interest Operator Up to 2021 2020 2019 Argentina 25 de Mayo - Medanito S.E. Río Negro 100 % 100 % 100 % Vista Argentina 2026 Jagüel de los Machos Río Negro 100 % 100 % 100 % Vista Argentina 2025 Bajada del Palo Este Neuquén 100 % 100 % 100 % Vista Argentina 2053 Bajada del Palo Oeste Neuquén 100 % 100 % 100 % Vista Argentina 2053 Entre Lomas Río Negro 100 % 100 % 100 % Vista Argentina 2026 Entre Lomas Neuquén 100 % 100 % 100 % Vista Argentina 2026 Agua Amarga - “Charco del Palenque” Río Negro 100 % 100 % 100 % Vista Argentina 2034 Agua Amarga - “Jarilla Quemada” Río Negro 100 % 100 % 100 % Vista Argentina 2040 Coirón Amargo Sur Oeste Neuquén — % 10 % 10 % Shell Argentina S.A. 2053 Coirón Amargo Norte Neuquén 84.62 % 84.62 % 55 % Vista Argentina 2036 Acambuco - “San Pedrito” Salta 1.5 % 1.5 % 1.5 % Pan American Energy 2036 Acambuco - “Macueta” Salta 1.5 % 1.5 % 1.5 % Pan American Energy 2040 Sur Río Deseado Este Santa Cruz — % 16.9 % 16.9 % Alianza Petrolera Argentina S.A. 2021 Águila Mora Neuquén 90 % 90 % 90 % Vista Argentina 2054 Aguada Federal Neuquén 50 % — % — % Wintershall 2050 Bandurria Norte Neuquén 50 % — % — % Wintershall 2050 Mexico Area CS-01 Tabasco 100 % 50 % 50 % Vista Holding II 2047 Area A-10 Tabasco — % 50 % 50 % Jaguar 2047 Area TM-01 Veracruz — % 50 % 50 % Jaguar 2047 Below is the summarized financial information on the joint operations involving the Company, which assets, liabilities, revenue and expenses are not fully consolidated in the Company’s financial statements. The summarized financial information disclosed below represents the amounts under IFRS of the related interests adjusted by the Company for accounting purposes. As of December 31, As of December 31, Assets Noncurrent assets 88,927 11,465 Current assets 6,432 3,967 Liabilities Noncurrent liabilities 57,088 1,353 Current liabilities 23,913 3,509 Year ended December 31,2021 Year ended December 31,2020 Year ended December 31,2019 Revenue from contracts with customers 3,200 2,490 4,522 Operating costs (4,513 ) (4,914 ) (9,103 ) Selling expenses (256 ) (4 ) (106 ) General and administrative expenses (953 ) (1,760 ) (1,488 ) Exploration expenses (446 ) (646 ) (667 ) Other operating income and expenses (8,076 ) (1,385 ) (74 ) Financial results, net (457 ) 56 (961 ) Total (11,501 ) (6,163 ) (7,877 ) 30.3 Concessions and changes in working interests in oil and gas exploitation properties 30.3.1 Entre Lomas area Vista Argentina (formerly known as Petrolera Entre Lomas S.A. or “PELSA”) is the operator and holder of all hydrocarbon exploitation concessions in Entre Lomas (“ELo”), located in the Provinces of Río Negro and Neuquén. Concession agreements, renegotiated in 1991 and 1994, respectively, granted the free availability of crude oil and natural gas produced, and were effective through January 21, 2016. On December 9, 2014, Vista Argentina reached a renegotiation agreement with the Province of Río Negro for the concession of % of ELo area, approved by Provincial Decree No. 1,706/2014, whereby the concession was extended for (ten) years through January 2026, and undertook, among other conditions, to pay a fixed bonus and a contribution to the social development and institutional consolidation, a supplementary contribution equal to % of oil and natural gas production, and a major reserve and resource development and exploration plan, and environmental remediation. Moreover, Neuquén’s provincial government agreed to extend ELo concession agreement related to the Province of Neuquén for 10 (ten) years through January 2026. Pursuant to the extension agreement, Vista Argentina agreed to invest ARS 237 million in future exploitation and exploration activities to be developed in the aforementioned operating concession. Royalties increased from the prior 12% rate to 15% and could go up to 18%, depending on future increases in the selling price of hydrocarbons produced. 30.3.2 Bajada del Palo Oeste and Bajada del Palo Este areas On December 21, 2018, through Decree No. 2,357/18, the Province of Neuquén approved the division and conversion of the operating concession in Bajada del Palo; in two unconventional hydrocarbon operating concessions (“CENCH” by Spanish acronym) so-called In turn, Vista Argentina paid the following items to the Province of Neuquén: (i) an exploitation bonus for 1,168; (ii) an infrastructure bonus for about 2,796; and (iii) 3,935 as corporate social responsibility. Vista Argentina also paid 1,102 as stamp tax and committed to a major reserve development and exploration plan in the area (for further information on investment commitments, see Note 30.4). On June 28, 2021, as mentioned in note 1.2, Vista Argentina entered into a farmout agreement with Trafigura, whereby it undertook to develop, initially, 5 (five) pads made up of 4 (four) wells each in Bajada del Palo Oeste area. By virtue of the farmout agreement, a joint venture was established and Trafigura was entitled to contractual rights for 20% of hydrocarbon output in the pads under the agreement and bear 20% of investment costs, as well as royalties, direct taxes, and remainder operating and midstream costs. Vista Argentina maintains the operation in Bajada del Palo Oeste and 100% ownership of CENCH. 30.3.3 Agua Amarga area Vista Argentina is the owner and operator of “Charco del Palenque” and “Jarilla Quemada” operating lots in Agua Amarga, located in the Province of Río Negro. In 2007, Vista Argentina obtained the exploration permit in Agua Amarga, Province of Río Negro, through Provincial Decree No. 557/07, and the related agreement was signed on May 17, 2007. Based on the results of the exploration conducted in Agua Amarga, the Province of Río Negro granted the operating concession of Charco del Palenque through Provincial Decree No. 874 on October 28, 2009, as amended by Decree No. 922 of November 13, 2009, for 25 (twenty-five) years. The enforcement authority of the Province of Río Negro accepted the addition of Meseta Filosa to Charco del Palenque concession previously granted through Provincial Decree No. 1,665 of November 8, 2011, published in the Official Bulletin No. 4,991 on December 1, 2011. Then, the enforcement authority of the Province of Río Negro approved the addition of Charco del Palenque Sur to Charco del Palenque concession previously granted through Provincial Decree No. 1,199 of August 6, 2015. Besides, on that same day, Provincial Decree No. 1,207 granted the operating concession of Jarilla Quemada lot to Vista Argentina. The operating concession on “Charco del Palenque” lot is effective through 2034 and the operating concession of “Jarilla Quemada” lot is in place until 2040. 30.3.4 Coirón Amargo Norte and Coirón Amargo Sur Oeste Originally, the Joint operating agreement (“JOA”) Coirón Amargo owned an area located in the Province of Neuquén made up of an operating concession (“Coirón Amargo Norte”) and an evaluation lot (“Coirón Amargo Sur”) due in 2036 and 2017, respectively. On July 11, 2016, the partners of UT Coirón Amargo signed agreements to assign their interests whereby the area was divided in three independent lots: Coirón Amargo Norte (“CAN”), CASO and Coirón Amargo Sur Este (“CASE.”) Coirón Amargo Norte CAN was made up of APCO Oil & Gas S.A.U. (“APCO SAU”, currently Vista Argentina) with a 55% working interest, Madalena Energy Argentina S.R.L. (“Madalena”) with a 35% working interest, and Gas y Petróleo de Neuquén S.A. (“G&P”) with the remainder 10%. Vista Argentina is the operator as from the date. The operating concession expires in 2036. According to the Operating Committee’ minutes of December 28, 2017, the carry agreement was signed; thus, the contributions made and to be made will be recognized as higher assets or expenses, as the case may be, in terms of the amounts actually disbursed by them, regardless of contractual equity interests. As from that date and until June 2020, Vista Argentina recognized its 61.11% interest in this joint operation, which is made up of its 55% contractual equity interest plus the 6.11% incremental portion acquired from G&P. On July 7, 2020, due to the default in payment by partner Madalena and in agreement with Coirón Amargo Norte JOA, Vista Argentina, together with its partner GyP decided to remove Madalena from the agreement by subscribing addendum VIII to the venture agreement for the exploration and exploitation of CAN. Ministry of Energy and Natural Resources Resolution No. 71/20 approved addendum VIII to the venture agreement and Decree No. 1,292/2020 of November 6, 2020, ratified such approval retroactively. Consequently, the Company, through its subsidiary Vista Argentina, increased its interest in the aforementioned JOA from 55% to 84.62% for no consideration. As from that date, and maintaining the abovementioned carry system, the Company recognizes all its interests in this joint operation in its consolidated financial statements. Coirón Amargo Sur Oeste The partners of this joint operation were initially APCO SAU (currently Vista Argentina) with a 45% interest, O&G Development Ltd. S.A. (“O&G”, currently Shell Argentina S.A. or “Shell”) with 45%, and G&P with the remainder 10%. On August 22, 2018, Vista Argentina assigned to O&G, a subsidiary owned by Royal Dutch Shell plc. (“Shell”), a 35% nonoperated interest in CASO through the swap agreement described in Note 30.3.5. On September 25, 2018, through Decree No. 1,578/18, CASO evaluation plot became a CENCH for 35 (thirty-five) years, maturing in 2053. As mentioned in Note 1.3. through Decree No. 1,027/2021 of June 24, 2021, the Province of Neuquén approved the amendment of the venture agreement whereby Vista Argentina assigned its 10% working interest in the venture agreement over CASO area to Shell with retroactive effects as of April 1, 2021. Therefore, as of the date of issuance of these financial statements, Vista Argentina has no interests whatsoever in CASO area. 30.3.5 Águila Mora On August 22, 2018, APCO SAU (currently Vista Argentina) signed an assignment agreement (the “Águila Mora swap agreement”) whereby: (i) Vista Argentina assigned to O&G a 35% nonoperated working interest in CASO’s oil & gas properties; (ii) O&G assigned to Vista Argentina a 90% operated working interest in Águila Mora’s oil and gas properties, plus a contribution up to 10,000 to refurbish its existing water infrastructure to benefit Shell and Vista Argentina operations. Águila Mora swap agreement obtained the approvals from the Province of Neuquén on November 22, 2018. Therefore, as from that date, the Company retained a 10% working interest in CASO’s oil and gas properties and acquired a 90% working interest in Águila Mora’s oil and gas properties, becoming the operator according to the swap agreement. This transaction was measured at the fair value of the interest held by the participant assigned to O&G, and no profit or loss was booked as the result of the transaction. Vista Argentina was notified of Decree No. 2,597 granted by the Governor of the Province of Neuquén whereby G&P was granted the unconventional operating concession of Águila Mora area for 35 (thirty-five) years as from November 29, 2019 (renewable at due date provided that certain conditions are met for successive 10 (ten) year periods), replacing the unconventional exploration permit previously granted. Vista Argentina maintains for such area a carry agreement for the interest in G&P and includes all its interests in this joint operation in the consolidated financial statements ( 30.3.6. Jagüel de los Machos Jagüel de los Machos is an operating concession located in the Province of Río Negro. Presidential Decree No. 1,769/90 granted a 25 (twenty) year operating concession on Jagüel de los Machos area to Compañía Naviera Pérez Companc S.A.C.F.I.M.F.A. (predecessor of Pampa Energía S.A.). On April 4, 2018, Pampa Energía S.A. assigned to Vista Argentina 100% of its working interest in Jagüel de los Machos operating concession, and the Province of Río Negro issued Decree No. 806/19 approving such assignment on July 11, 2019. 30.3.7. 25 de Mayo – Medanito S.E. 25 de Mayo – Medanito S.E. is an operating concession located in the Province of Río Negro. Presidential Decree No. 2,164/91 converted the agreement concerning 25 de Mayo-Medanito SE area into an operating concession for 25 years in favor of Compañía Naviera Pérez Companc S.A.C.F.I.M.F.A. (predecessor of Pampa Energía S.A.). Then, On April 4, 2018, Pampa Energía S.A. assigned to Vista Argentina 100% of its interest in operating concession 25 de Mayo – Medanito SE, and the Province of Río Negro issued Decree No. 806/19 approving such assignment on July 11, 2019. 30.3.8. Acambuco The Company has a 1.5% working interest in operating concession Acambuco, located in the Northwest basin, Province of Salta. The operating concession operator is Pan American Energy LLC (Sucursal Argentina) with a 52% working interest. The remainder partners are YPF S.A., Shell Argentina S.A., and Northwest Argentina Corporation with an equity of 22.5%, 22.5% and 1.5%, respectively. The operating concession Acambuco includes two operating plots: (i) San Pedrito, which was declared to be marketable on February 14, 2001, and expires in 2036. (i) Macueta, which was declared to be marketable on February 16, 2005, and expires in 2040. 30.3.9. Sur Rio Deseado Este On March 21, 2021, the 25 (twenty-five) year term of Sur Río Deseado Este concession in the Golfo San Jorge basin, Province of Santa Cruz, in which Vista Argentina had a 16.94% interest, expired. The operator was Alianza Petrolera Argentina S.A. (“Alianza”) with a 79.05% interest, and SECRA S.A. had the remaining 4% interest. Moreover, Vista Argentina had a 44% interest in an exploration agreement in a portion of Sur Río Deseado concession; the operator of such agreement is Quintana E&P Argentina S.R.L. As of the date of these financial statements, Alianza is going through the administrative formalities to complete the process to restore the area to the Province of Santa Cruz. The expenses required by such process should be assumed by the partners according to their interests in the area. Therefore, as of the date of issuance of these financial statements, Vista Argentina has no interest whatsoever in the operating concessions of Sur Río Deseado Este; and the results of assets and liabilities disposal it recognized in “Other operating income” under “Gain from assets disposal” for a total amount of 13 (see Note 10.1). 30.3.10 Aguada Federal As mentioned in Note 1.5, on September 16, 2021, the Company, through its subsidiary Vista Holding I, acquired 100% of the shares directly and indirectly held in ConocoPhillips Argentina Ventures SRL (known to date as “Vista AFBN S.R.L”). AFBN owns 50% of the nonoperated interest in the nonoperated concession of Aguada Federal granted by the Province of Neuquén that expires in 2050. As of the date of acquisition, this area had no pending investment commitments and was operated by Wintershall, the owner of the remainder 50%. In addition, on January 17, 2022, the Company, through its subsidiary Vista Argentina, acquired the remainder 50% of the interest operated in Aguada Federal concession from Wintershall (see Note 3 5 Aguada Federal is located in a black oil window in Vaca Muerta. A total of 6 horizontal wells were drilled, and hydrocarbons were extracted from all of them. As of December 31, 2021, and 2020, there were no certified proved reserves in the area. The Company estimates that there are up to 150 locations of new wells (at 100%) to be drilled in this area. 30.3.11 Bandurria Norte As mentioned in Note 1.5, on September 16, 2021, the Company, through its subsidiary Vista Holding I, acquired 100% of the shares directly and indirectly held in ConocoPhillips Argentina Ventures SRL (known to date as “Vista AFBN S.R.L”). AFBN owns 50% of the nonoperated interest in the nonoperated concession of Bandurria Norte granted by the Province of Neuquén that expires in 2050. As of the date of acquisition, this area had no pending investment commitments and was operated by Wintershall, the owner of the remainder 50%. In addition, on January 17, 2022, the Company, through its subsidiary Vista Argentina, acquired the remainder 50% of the interest operated in Bandurria Norte concession from Wintershall (see Note 3 5 Bandurria Norte is located in a volatile oil window in Vaca Muerta. A total of 6 horizontal wells were drilled, and hydrocarbons were extracted from all of them. As of December 31, 2021, and 2020, there were no certified proved reserves in the area. The Company estimates that there are up to 150 locations of new wells (at 100%) to be drilled in this area. 30.3.12 Oil and gas properties in Mexico On October 29, 2018, the Company through its Mexican subsidiary Vista Holding II completed the acquisition, of the 50% working interest in the following oil and gas properties, which mature in 2047: (i) Area CS-01 (ii) Area A-10 (iii) Area TM -10 On August 3, 2020, the CNH approved the transfer of control of the operation in CS-01 On December 1, 2020, Vista Holding II reached an agreement with Jaguar and Pantera, both organized under the laws of Mexico, regarding the assignment of all interest held by Vista Holding II in the hydrocarbon exploration and extraction license agreements in A-10 TM-01 CS-01 On March 25, 2021, the CNH approved the assignment of all interests in Jaguar’s rights over CS-01 TM-01 A-10 As mentioned in Note 1.4, on August 23, 2021, the Company, through Vista Holding II, transferred these assets and, consequently, (i) increased its working interest from 50% to 100% in CS-01 TM-01 30.4 Investment commitment As of December 31, 2021, the Company has the following commitments pending execution: A- (i) in 25 de Mayo-Medanito SE and Jagüel de los Machos (Province of Río Negro), to drill and complete 1 (one) extension well, and 1 (one) exploration well for an estimated cost of 3,240; (ii) in ELo (Province of Río Negro), to drill and complete 4 (four) development wells and 1 (one) extension well for an estimated cost of 11,220; (iii) in 25 de Mayo-Medanito SE and Jagüel de los Machos (Province of Río Negro), to drill and complete 13 (thirteen) workovers, and to abandon 21 (twenty-one) (iv) in ELo (Province of Río Negro), to complete 11 (eleven) workovers, and to abandon 3 (three) wells for an estimated cost of 5,773; (v) in Bajada del Palo Este, to drill 5 (five) horizontal wells with its related facilities for an estimated cost of 51,900; and (vi) in Águila Mora, to drill 2 (two) horizontal wells with its related facilities and the reactivation of an existing well (AM.x-3) B- (i) to drill and complete 6 (six) wells in CS-01 30.5 Well exploration costs There are no balances or activity for costs of exploration wells for the years ended December 31, 2021, 2020 and 2019. |
Transport concession
Transport concession | 12 Months Ended |
Dec. 31, 2021 | |
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Transport Concession | Note 31. Transport Concession 31.1 General considerations Section 28, Argentina’s National Hydrocarbons Law, sets forth that all operating concession holders are entitled to obtain a concession for transporting hydrocarbons. In compliance with section 6, Presidential Decree No. 115/19, the transportation concessions granted after the issuance of this decree will have complete independence and autonomy from the operating concession giving rise to it so that the operating concession does not interfere or hinder by any means the term of the transportation concession. The transportation concession holder will be entitled to enter into capacity reservation agreements freely pursuant to the terms of this decree. The assignment method, prices and volumes of these agreements may be negotiated freely between the transportation concession holder and the related shippers. 31.2 Federal transportation concession On November 22, 2019, Argentina’s Government Department of Energy issued Resolution No. 753/19 whereby it provided Vista Argentina with a crude oil transportation concession for the oil pipeline that will extend from Borde Montuoso oilfield (in Bajada de Palo Oeste, Province of Neuquén) to La Escondida pumping station (related to Allen-Puerto Rosales oilfield, Province of Río Negro), operated by Oleoductos del Valle Sociedad Anónima. In that same act, Vista Argentina assigned the concession to Aleph as part of the agreement mentioned in Note 28. The national transportation concession is extended through December 19, 2053. It will transport production from Bajada de Palo Oeste, Bajada del Palo Este, Coirón Amargo Norte, Charco del Palenque and ELo, located in the Provinces of Neuquén and Río Negro 31.3 Entre Lomas crude oil transportation concession On December 6, 2019, the Province of Río Negro issued Decree No. 1,821/19 whereby it provided Vista Argentina with a hydrocarbon transportation concession related to ELo concerning the oil pipeline connecting the crude treatment plant located in Charco Bayo oilfield in ELo (the “PTC Elo”) to its interconnection with the crude oil trunk transportation system in La Escondida operated by Oleoductos del Valle S.A. in the Province of Río Negro, including the PTC ELo within the transportation concession. The transportation concession was granted for a term equal to the remainder term of the operating concession of the related ELo area; i.e., until January 21, 2026. It will transport production from ELo, Bajada del Palo Oeste, Bajada del Palo Este, Coirón Amargo Norte, ELo and Charco del Palenque. 31.4 25 de Mayo-Medanito SE transportation concession On December 6, 2019, the Province of Río Negro issued Decree No. 1,822/19 whereby it provided Vista Argentina with a hydrocarbon transportation concession related to 25 de Mayo-Medanito SE, Province of Río Negro, concerning the oil pipeline connecting the crude treatment plant located in 25 de Mayo-Medanito SE (Río Negro) (“PTC MED”) to its interconnection with the crude oil trunk transportation system in Medanito operated by Oleoductos del Valle S.A. in the Province of Río Negro, including PTC MED within the transportation concession. The transportation concession was granted for a term equal to the remainder term of the operating concession of the related 25 de Mayo-Medanito area; i.e., until October 26, 2026. It will transport production from 25 de Mayo- Medanito SE and Jagüel de los Machos. 31.5 Entre Lomas gas transportation concession On December 6, 2019, the Province of Río Negro issued Decree No. 1,823/19 whereby it provided Vista Argentina with a hydrocarbon transportation concession related to ELo concerning the gas pipeline connecting the gas treatment plant located in Charco Bayo oilfield in ELo (the “PTG ELo”) to its interconnection with the gas trunk transportation system operated by Transportadora del Gas S.A. (“TGS”) in the Province of Río Negro, including the PTG ELo within the transportation concession. The transportation concession was granted for a term equal to the remainder term of the operating concession of the related ELo area, i.e., until January 21, 2026. It will transport production from ELo, Bajada del Palo Oeste, Bajada del Palo Este, Coirón Amargo Norte and Charco del Palenque. |
Business Combination
Business Combination | 12 Months Ended |
Dec. 31, 2021 | |
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Business combination | Note 32. Business c Due to the exclusion of the partner of Madalena Energy Argentina S.R.L. as mentioned in note 30.3.4, Vista Argentina acquired a 29.62% of working interest in addition to its 55%, up to 84.62%, in CAN’s concessions for no consideration, which gave rise to net assets for 1,383 and subsequent profit in the same amount, that was booked in “Other operating income” under “Bargain purchase on business combination” (see Note 10.1). This transaction was booked as a business combination under IFRS using the acquisition method and is included in the consolidated financial statements as from the date in which the Company gained control of the additional working interest. |
Tax regulations
Tax regulations | 12 Months Ended |
Dec. 31, 2021 | |
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Tax regulations | Note 33. Tax regulations A-Argentina On December 23, 2019, Law No. 27.541 on Social Solidarity and Production Reactivation in the Context of a Public Emergency, and its Administrative Order No. 58/2019, was published in the Official Bulletin. The reforms introduced are aimed at reactivating the economic, financial, fiscal, administrative, social security, tariff, energy, health and social areas, and empower the Argentine Executive to carry out the formalities and efforts needed to recover and ensure the sustainability of sovereign debt. The main measures contained in the law and administrative order are: 33.1 Income tax Law No. 27,430 established as follows: (i) the income tax rate for Argentine companies would be reduced gradually for undistributed earnings from 35% to 30% for years beginning January 1 through December 31, 2019, and up to 25% for the year beginning January 1, 2020; and (ii) tax on dividends or profit distributed to beneficiaries residing abroad is distributed based on the following considerations: (a) dividends from profit accrued during the years beginning January 1, 2018 through December 31, 2019, will be subject to a 7% withholding; and (b) dividends from profit accrued during the years beginning January l, 2020, will be subject to a 13% withholding. The reform introduced by Law No. 27,541 suspended such change in rates and maintained original 30% and 7% rates for income tax and tax on dividends, respectively, until the fiscal years beginning on or after January 1, 2021. Moreover, Law No. 27.468 established that a third of the positive or negative adjustment for inflation applicable to the three first fiscal years beginning January 1, 2019, be distributed to the year in which the adjustment was determined and the remaining two thirds to the two subsequent tax periods. This reform amended this distribution and established that a sixth of the positive or negative adjustment for the first and second year beginning January 1, 2019, be charged to the year in which the adjustment is determined and the remainder five sixths, in equal parts, to the five subsequent tax periods, whereas for years beginning January 1, 2021, 100% of the adjustment may be deducted/levied in the year in which it is determined. On June 16, 2021, the Argentine government issued Law No. 27,630, which introduces changes in corporate income tax rate effective for fiscal years beginning January 1, 2021. It establishes the application of gradual rates according to the level of net accumulated taxable profit. Based on Management estimates, the rate applicable to the Company stands at 35%. 33.2 Tax for an inclusive and solidary Argentina (“PAIS”) This emergency tax is levied on the acquisition of foreign currency for five This tax may not be used as payment towards any other tax and is levied on the following cases: (i) purchase of bills and foreign currency for hoarding purposes; (ii) change in currency to pay the acquisitions of assets or services and contracts for works made abroad irrespective of the method of payment used; (iii) acquisition of services abroad purchased from travel and tourism agencies in Argentina; or (iv) acquisition of passenger transportation services to be used abroad. 33.3 Export duties On May 19, 2020 Presidential Decree No. 488/2020 sets forth that export duties will be: (i) 0% if the international price for ICE Brent 1st line is equal to or lower than US 45; or (ii) 8% if the international price for ICE Brent 1 st should be used. 33.4 Energy system The law empowers the Argentine executive to: i) Maintain electricity and natural gas rates under national jurisdiction and begin a renegotiation process of the comprehensive rate review in place or begin an extraordinary review as from the entry into force of the law for a 180-day ii) Administratively intervene the ENRE (Electric power regulatory entity) and ENARGAS (Argentine gas regulatory agency) for 1 (one) year. In the use of the powers delegated, the government announced the suspension of electricity and gas rates for the 180 days provided for in the law. B- Mexico 33.5 Income tax On October 1, 2019, the Mexican government approved the 2020 tax reform, which becomes effective as from January 1, 2020. This reform includes the following: (i) It limited the deductibility of net interest for the year, equal to the amount resulting from multiplying the taxpayer’s adjusted taxable profit by 30%. There is an exception with a cap of 20 million Mexican pesos for deductible interest at the group level in Mexico. (ii) It amended the Mexican Tax Code to add new circumstances by virtue of which partners, shareholders, directors, managers or any other person in charge of a company’s management are considered joint and severally liable. These new circumstances apply when operating with blacklisted companies or individuals that issue electronic invoices considered inexistent transactions due to the lack of assets, personnel, infrastructure or material capacity; or when the taxpayer is not included in the Mexican Taxpayer Registry (“RFC” by Spanish acronym) or when the tax domicile is changed without filing the related notice with tax authorities in a timely manner. The 2020 tax reform includes the requirement to disclose “reportable schemes” by tax advisors or taxpayers. These schemes are defined as those that generate, or may generate, a tax benefit and include: (i) restructurings; (ii) transmission of NOLs; (iii) transfer of depreciated assets that may also be depreciated by the acquirer; (iv) the use of NOLs about to become statute-barred; and (v) abuse in the application of tax treaties with foreign residents, among others. This reform also proposes that tax evasion be considered an organized crime with the related criminal penalties. The Company’s Management concluded that this reform had no major effects on the financial information as of December 31, 2021, and 2020. |
Share-based payments
Share-based payments | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Share-based payments | Note 34. Share-based payments On March 22, 2018, the Company’s shareholders authorized the implementation of the LTIP to retain key employees and empowered the Board of Directors to manage this plan. Shareholders also decided to set aside 8,750,000 Series A shares to be used in the plan. According to the LTIP approved by the Board, this plan is effective as from April 4, 2018, and the Company manages the plan through an administrative trust. The plan has the following benefits paid to certain executives and employees that are considered share-based payments: 34.1 Stock Options (Equity Settled) The stock option plan grants the participant the right to acquire a number of shares during a certain term. Stock options will be vested as follows: (i) 33% during the first year; (ii) 33% during the second year, and (iii) 34% during the third year in relation to the date in which stock options are granted to participants. Once acquired, stock options may be exercised up to 5 or 10 years as from grant date. The plan establishes that the value of the shares to be granted will be determined using Black & Scholes model. 34.1.1 Movements for the year The following table shows the number of stock options and the weighted average exercise price (“WAEP”) for the year and the movements for the years: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Number of WAEP Number of WAEP Number of WAEP At beginning of year 5,668,825 6.0 3,994,004 7.8 1,330,541 10.0 Granted during the year 3,455,284 2.9 1,711,307 2.1 2,704,003 6.7 Cancelled during the year — — (36,486 ) 10.0 (40,540 ) 10.0 At end of year 9,124,109 4.9 5,668,825 6.0 3,994,004 7.8 The following table shows the inputs used for the plan for the year: 2021 2020 2019 Dividend yield (%) 0.0% 0.0% 0.0% Expected volatility (%) 34% 34% 40% Risk–free interest rate (%) 1.4% 0.7% 2.5% Expected life of share options (years) 10 10 5 Weighted average exercise price (US) 2.9 2.10 6.7 Model used Black-Scholes Black-Scholes Black-Scholes The remainder life of stock options is based on historical data and current expectations and is not necessarily an indication of the potential exercise patterns. Expected volatility shows the assumption that historical volatility in a period similar to the life of options is an indication of future trends, that may not be necessarily the actual result. The weighted average fair value of options granted during the year ended December 31, 2021, 2020 and 2019 stood as 1.2, 0.9, and 2.6, respectively. According to IFRS 2, stock option plans are classified as settled transactions at grant date. This assessment is the result of multiplying the total number of Series A shares to be deposited in the administrative trust and the price per share. For the year ended December 31, 2021, 2020 and 2019, compensation expense booked in the consolidated statements of profit or loss and other comprehensive income stood at 4,377, 4,251, and 3,529, respectively. 34.2 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 in which the Restricted Stock are granted to the participants. 34.2.1 Movements for the year The following table shows the number of Series A shares and WAEP for the year and the movements during the year: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Number of Series A shares WAEP Number of Series A shares WAEP Number of Series A shares WAEP At beginning of year 3,769,299 5.4 2,207,012 7.8 854,750 10.0 Granted during the year 1,993,039 2,9 1,581,037 2.1 1,356,762 6.7 Cancelled during the year — — (18,750 ) 6.7 (4,500 ) 10.0 At end of year 5,762,338 4.5 3,769,299 5.4 2,207,012 7.8 According to IFRS 2, stock option pl an For the years ended December 31, 2021, 2020 and 2019, compensation expense booked in the consolidated statements of profit or loss and other comprehensive income stood at 6,215, 6,243, and 7,126, respectively. Series A shares issued during the year are disclosed in Note 21. All shares are considered outstanding shares for both basic and diluted earnings (loss) per share since they are entitled to dividends provided that they are reported by the Company. |
Subsequent events
Subsequent events | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of non-adjusting events after reporting period [abstract] | |
Subsequent events | Note 35. Subsequent events The Company assessed events subsequent to December 31, 2021, to determine the need of a potential recognition or disclosure in these consolidated financial statements. The Company assessed such events through April 26, 2022, date in which these financial statements were made available for issue. • On January 3 and 20, 2022 • On January 3, 2022, Vista Argentina signed a collateralized loan agreement with Banco Santander International for an amount of 13,500; at an annual fixed interest rate of 2.45% and expiration date as of January 4, 2027. • On January 4, 2022 , • On January 14, 2022, Vista Argentina signed a loan Agreement with ConocoPhillips BV for an amount of 25,000; at an annual rate LIBOR + 2%, and expiration date as of September 16, 2026. • On January 17, 2022, the Company, through its subsidiary Vista Argentina, acquired a 50% operated working interest in the Aguada Federal and Bandurria Norte concessions (“the Assets”), from Wintershall. Vista has agreed to pay a purchase price of 140,000, of which 90,000 was payable on the date of the transaction, and the remaining 50,000 will be payable in 8 (eight) equal quarterly instalments starting April 2022. Additionally, the transaction effectively cancels the carry consideration of 77,000 the Company had assumed on September 16, 2021, mentioned in Note 1.5. Through the Transaction, Vista acquires 25,231 net acres, increasing its total acreage in Vaca Muerta to 183,084 acres; and also add up to 150 new well locations to its Vaca Muerta portfolio, totaling up to 850 identified new well locations. The effective date of the Transaction is January 1, 2022. However, the final closing shall take place upon the issuance of a decree by the Province of Neuquén approving the assignment of the Assets to Vista. On April 1, 2022, Vista Argentina paid the first instalments to Wintershall for an amount of 6,250. • On January 20 and 21, 2022 Vista Argentina paid principal and interest for a total amount of 892 corresponding to loan agreement signed with Banco Santander International in January, 2021. • On January 31, 2022 Vista Argentina paid principal and interest for a total amount of 1,788 corresponding to loan agreement signed with Banco BBVA Argentina S.A. • On February 7, 2022 , • On February 21, 2022 , • On March 2, 2022 , • On March 4, 2022 , • On March 10, 2022 , • On March 18, 2022, Vista Argentina paid interest for a total amount of 754 corresponding to ON IX and ON X. • On March 29 and 30, 2022, Vista Argentina completely paid the loan agreement signed with Bolsas y Mercados Argentinos S.A. for an amount in Argentine pesos equivalent to 10,208. • On April 4, 2022, Vista Argentina paid interest for a total amount of 164 corresponding to loan agreement signed with Banco Santander International in July 2021 and January 2022. • On April 26, 2022, the Shareholders´ meeting, based on the Company’s individual financial statements, approved the creation of a legal reserve and the creation of a repurchase of own shares reserve for an amount up to US$ 23.84 million to be used for the purchase of the Company’s own shares during 2022. If the maximum amount of funds set aside for the purchase are not entirely used by December 31, 2022, the Company may use the remaining amount to repurchase its own shares during 2023. There are no other events or transactions between the closing date and the date of issuance of these consolidated financial statements that could significantly affect the Company’s financial position or profit or loss. |
Supplementary Information On Oi
Supplementary Information On Oil And Gas Activities (Unaudited) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Supplementary Information On Oil And Gas Activities (Unaudited) | Note 36. SUPPLEMENTARY INFORMATION ON OIL AND GAS ACTIVITIES (UNAUDITED) The following information on oil and gas activities was prepared according to the method established in ASC No. 932 “Extractive Activities – Oil & gas”, amended by ASU 2010—03 “Oil and Gas Reserve Estimation and Disclosure,” published by the Financial Accounting Standard Board (“FASB”) in January 2010 to align current estimation and disclosure requirements with the requirements in the final rules and interpretations issued by the Security and Exchange Commission (“SEC”), published on December 31, 2008. This information includes the Company’s oil and gas production activities in Argentina and Mexico. Costs incurred The following table shows capitalized costs and expenses incurred in the years ended December 31, 2021, 2020 and 2019. The acquisition of properties includes the costs incurred to acquire proved or unproved oil and gas properties. Exploration costs include the costs required to retain undeveloped properties, seismic acquisition costs, seismic data interpretation, geologic modelling, costs of drilling exploration wells and drilled well testing. Development costs include drilling costs and equipment for development wells, the construction of facilities for hydrocarbon extraction, treatment and storage and all the costs needed to maintain facilities for existing developed reserves. Year ended Year ended Year ended Argentina Mexico Argentina Mexico Argentina Mexico Acquisition of properties Proved — — — — — — Unproved (69,693 ) — — — — 278 Total acquisition of properties (69,693 ) — — — — 278 Exploration — (561 ) — (646 ) (9 ) (667 ) Development (280,686 ) (13,475 ) (186,030 ) (2,031 ) (146,935 ) (601 ) Total costs incurred (350,379 ) (14,036 ) (186,030 ) (2,677 ) (146,944 ) (990 ) VISTA incurred no costs in entities recognized under the equity method during the aforementioned periods. Capitalized cost The following table shows capitalized costs during the years ended December 31, 2021, 2020, and 2019, for proved and unproved oil and gas reserves, and accumulated depreciation: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Argentina Mexico Argentina Mexico Argentina Mexico Proved properties (1) Machinery, facilities, software licenses and other 37,519 476 34,407 485 29,757 40 Oil and gas properties and wells 1,614,708 34,698 1,258,223 — 1,040,250 — Works in progress 84,978 6,267 76,924 2,632 74,924 601 Unproved properties — 15,359 — 29,403 Gross capitalized costs 1,737,205 41,441 1,369,554 18,476 1,144,931 30,044 Cumulative depreciation (549,885 ) (281 ) (364,964 ) (94 ) (222,847 ) (3 ) Total net capitalized costs 1,187,320 41,160 1,004,590 18,382 922,084 30,041 (1) Including capitalized amounts related to well plugging and abandonment and impairment loss/reversal. VISTA incurred no costs in entities recognized under the equity method during the aforementioned periods. Results of operations The following breakdown of results of operations summarizes income and expenses directly related to oil and gas production for the years ended December 31, 2021, 2020 and 2019. Income tax for these periods was calculated using statutory tax rates. Year ended Year ended Year ended December 31, 2019 Revenue from contracts with customers 652,187 273,938 415,976 Total revenue 652,187 273,938 415,976 Production costs excluding depreciation Operating costs (107,123 ) (88,018 ) (114,431 ) Royalties (86,241 ) (38,908 ) (61,008 ) Total production costs (193,364 ) (126,926 ) (175,439 ) Exploration expenses (561 ) (646 ) (676 ) Discount for well plugging and abandonment (2,546 ) (2,584 ) (1,723 ) Reversal / Impairment of long-lived assets 14,044 (14,438 ) — Depreciation, depletion and amortization (191,313 ) (147,674 ) (153,001 ) Operating (loss) before income tax 278,447 (18,330 ) 85,137 Income tax (83,534 ) 5,499 (25,541 ) Oil and 194,913 (12,831 ) 59,596 VISTA incurred no costs in entities recognized under the equity method during the aforementioned periods. Estimated oil and gas reserves Proved reserves as of December 31, 2021, 2020, and 2019, are net reserves attributable to Vista audited by DeGolyer and MacNaughton for the assets located in Argentina, and Netherland Sewell & Associates for the assets located in Mexico. Proved oil and gas reserves are the 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 may be required in related wells and facilities to recover proved reserves. The Company considers that its remaining estimated volumes of oil and gas proved recoverable reserves are fair and that these estimates were prepared according to SEC regulations and ASC 932, as amended. Consequently, crude oil prices used in determining proved reserves were the average price during the 12 months prior to the end date of December 31, 2021, 2020, and 2019, respectively, determined as an unweighted average of the first day of the month for each month within these periods. Moreover, since there are no natural gas prices available in the benchmark market in Argentina, VISTA used the average gas prices for the year to determine gas reserves. In addition, for certain gas volumes, Vista will obtain an incentive price subsidized by the Argentine government through Plan Gas IV. A weighted average price is estimated for certain areas per subsidized and unsubsidized volume. The independent audits carried out by DeGolyer and MacNaughton, and Netherland Sewell & Associates covered all the estimated reserves located in the areas operated and not operated by the Company in Argentina and Mexico, respectively. DeGolyer and MacNaughton, and Netherland Sewell & Associates audited the proved estimates of oil and natural gas reserves according to Rule 4-10 S-X The volumes of liquid hydrocarbons represent crude oil, condensate, gasoline and LNG to be recovered in field separation and plant processing and are reported in million barrels (“MMBbl”) The volumes of natural gas represent expected gas sales and the use of fuel in the field and are reported in billion cubic feet (“Bcf”) (10 9 The following tables show proved oil reserves, net (including crude oil, condensate oil and LNG) and natural gas reserves, net, as of December 31, 2021, and 2020, according to VISTA’s interest percentage in the related concessions: Proved reserves as of December 31, 2019 Argentina Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl 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 Mexico Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl 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, 2020 Argentina Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 37.6 86.1 15.3 Proved undeveloped 61.8 73.9 13.1 Total proved reserves 99.4 160.0 28.4 Mexico Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 0.2 0.7 0.1 Proved undeveloped 0.0 0.0 0.0 Total proved reserves 0.2 0.7 0.1 Proved reserves as of December 31, 2021 Argentina Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 48.2 90.8 16.2 Proved undeveloped 95.1 99.4 17.7 Total proved reserves 143.3 190.2 33.9 Mexico Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 0.3 0.2 0.0 Proved undeveloped 3.0 6.0 1.1 Total proved reserves 3.3 6.2 1.1 (1) It refers to crude oil, condensate, and LNG. The following table shows the reconciliation of the Company’s reserve data between December 31, 2018 and December 31,2019: Crude oil (4) Natural Gas (5) Natural Gas Argentina (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2018 34.2 131.6 23.4 Increase (decrease) attributable to: Review of prior estimates (1) 2.4 17.8 3.2 Extension and discoveries (2) 41.0 43.0 7.6 Production for the year (3) (6.8 ) (20.4 ) (3.6 ) Reserves as of December 31,2019 70.8 172.0 30.6 (1) Revision of previous estimates material increments were related to well performance in the following concessions: Entre Lomas (+0.9 MMbbl and +11.6 Bcf), Acambuco (+1.0 Bcf), Bajada del Palo Este (+0.2 MMbbl and +1.0 Bcf) and Jagüel de los Machos (+1.0 MMbbl and +1.3 Bcf). Additionally, there was an addition of 0.3 MMbbl and 0.6 Bcf in the Coirón Amargo Sur Oeste concession related to a change in well design, an addition of 1.6 MMbbl and 2.3 Bcf related to the Bajada del Palo Oeste shale oil project due to well performance of the first 4-well (-0.5 -1.0 (-0.2 -0.2 (-0.1 -0.1 (-0.8 (2) The material increments of 41.2 MMbbl and 43.8 Bcf in proved reserves is related to the Vaca Muerta shale oil development in the Bajada del Palo Oeste concession. Proved developed reserves increased 3.4 MMbbl and 3.5 Bcf, due to the tie-in 4-well 4-well (3) Considers Vista Argentina production at WI, except for Aguila Mora production (oil production of 35 bbl./d). (4) It refers to crude oil, condensate, and LNG. (5) Natural gas consumption represented 14.1% of consumption plus natural gas sale reported reserves volumes as of December 31, 2019. Crude oil Natural Gas Natural Gas Mexico (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2018 — — — Increase (decrease) attributable to: Extension and discoveries 0.2 0.8 0.2 Reserves as of December 31,2019 0.2 0.8 0.2 The following table shows the reconciliation of the Company’s reserves data between December 31, 2019 and December 31,2020: Crude oil (1) Natural Gas (6) Natural Gas Argentina (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2019 70.8 172.0 30.6 Increase (decrease) attributable to: Review of prior estimates (2) 4.4 (25.1 ) (4.6 ) Extensions and discoveries (3) 30.8 27.9 5.0 Purchases of onsite proved reserves (4) 0.3 0.6 0.1 Production for the year (5) (6.9 ) (15.4 ) (2.7 ) Reserves as of December 31, 2020 99.4 160.0 28.4 (1) It refers to crude oil, condensate, and LNG. (2) The conversion of proved undeveloped reserves to prove developed reserves is related to the start of production of the two pads (eight wells) classified as proved undeveloped reserves targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. The performance revisions of proved developed crude oil and condensate reserves are related to an increased performance above the type curve of two pads (eight wells) drilled in 2020 targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession (+2.1 MMbbl); the increased performance of conventional reservoirs in Bajada del Palo Oeste concession (+1.1 MMbbl); the extension of the economic life of conventional reservoirs in Bajada del Palo Oeste concession due to the development of Vaca Muerta unconventional reservoir in the concession (+0.9 MMbbl), and the effect of an increased performance in other concessions (+0.3 MMbbl). The revisions of proved developed natural gas reserves are related to a lower performance of the gas wells in ELo Río Negro concess (-15.5 (-6.0 Performance revisions of undeveloped proved reserves in Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession are related to increased performance of the standard well as compared to the pads drilled in 2020 for (+1.1 MMbbl). Other undeveloped proved reserves were revised due to the removal in the development plan of three well locations targeting Lotena conventional formation in Bajada del Palo Oeste concession (-8.3 (-0.4 -0.5 (-0.3 -3.0 (-0.1 -0.1 (-0.3 -0.1 (3) The extensions are related to the addition of proved developed acreage related to the drilling of an unproved pad (four wells) targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. These extensions are related to 7 additional pads (26 wells) classified as proved undeveloped due to the successful preformation in Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. (4) Purchases related to the acquisition of additional interests in Coirón Amargo Norte concession (from 55.0% to 96.8%). (5) Considering Vista Argentina’s production. (6) Natural gas consumption stood at 13.5% as of December 31, 2020. Mexico Crude oil (1) Natural Gas Natural Gas (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2019 0.2 0.8 0.1 Increase (decrease) attributable to: Review of prior estimates (2) — 0.1 — Production for the year (3) — (0.2 ) — Reserves as of December 31, 2020 0.2 0.7 0.1 (1) It refers to crude oil, condensate, and LNG. (2) The performance revisions of proved developed oil and condensate reserves are related to an enhanced performance of CS-01 A-10 CS-01 (3) Considering Vista Holding II’s output. The following table shows the reconciliation of the Company’s reserve data between December 31, 2020, and December 31, 2021: Crude oil (1) Natural Gas (6) Natural Gas Argentina (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2020 99.4 160.0 28.4 Increase (decrease) attributable to: Review of prior estimates (2) 3.8 (5.4 ) (0.9 ) Extensions and discoveries (3) 53.5 53.7 9.6 Purchases of onsite proved reserves (4) (2.2 ) (1.9 ) (0.3 ) Production for the year (5) (11.2 ) (16.2 ) (2.9 ) Reserves as of December 31, 2021 143.3 190.2 33.9 (1) It refers to crude oil, condensate, and LNG. ( 2 The changes due to revisions of prior estimates of total proved oil reserves (+3.8 MMbbl) are mainly related to an extension of the economic cap applicable to the different concessions (+3.3 MMbbl) due to increased prices of liquid hydrocarbon (from USD 41.97 per barrel to USD 54.99 per barrel of condensate and C5+, and from USD 19.16 per barrel to USD 26.87 per barrel of LPG) and an enhanced performance of Bajada del Palo Oeste unconventional wells (+2.6 MMbbl), partly offset by a lower performance of the base production of Bajada del Palo Oeste (-0.6 25 (-0.6 (-0.5 (-0.4 The changes due to revisions of prior estimates of proved natural gas reserves (-5.4 bcf) are mainly related to the revision of the type curve of proved undeveloped reserves in Lotena formation (-4.9 Bcf) after profit (loss) from drilling wells in ; a lower performance of Borde Montuoso conventional wells in Bajada del Palo Oeste (-4.0 Bcf); of Charco Bayo gas wells in ELo Río Negro (-2.3 Bcf) concession; the lower performance of the new dry gas well drilled in in Bajada del Palo Oeste concession (-1.8 bcf), and a change in the development plan in gas reservoirs in conventional fields (-1.1 bcf), partly offset by an enhanced performance of Bajada del Palo Oeste unconventional wells (+ Bcf) and an extension of the economic cap applicable to the different concessions (+ bcf) due to higher commercial gas prices (from USD per cubic feet to USD per cubic feet). ( 3 The changes in total proved reserves due to the extension and discovery of oil (+53.5 MMbbl) and natural gas (+53.7 bcf) are mainly related to the extension of proved undeveloped acreage thanks to the addition of 11 (eleven) pads (44 wells) classified as proved undeveloped due to the successful drilling in Vaca Muerta unconventional formation in Bajada del Palo Oeste concession (46.2 MMbbl and 46.5 bcf) and to the extension of proved developed acreage related to the drilling of 2 (two) unproved pads (8 (eight) wells related to PAD 35 and PAD 44) in Vaca Muerta unconventional formation in Bajada del Palo Oeste concession under the farmout agreement with Trafigura (7.3 MMbbl and 7.2 bcf). ( 4 The changes due to purchases/sales of oil (-2.2 (-1.9 (-1.4 -1.0 mentioned in Note 1.3, and the farmout N (-0.9 -0.9 ( 5 Considering Vista Argentina’s output. (6) Natural gas consumption stood at 12.9% as of December 31, 2021. Crude oil (1) Natural Gas Natural Gas Mexico (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2020 0.2 0.7 0.1 Increase (decrease) attributable to: Review of prior estimates ( 2 1.5 3.0 0.5 Purchases of onsite proved reserves (3) 1.7 2.4 0.4 Production for the year ( 4 (0.1 ) — — Reserves as of December 31, 2021 3.3 6.2 1.1 (1) It refers to crude oil, condensate, and LNG. (2) The revisions of proved developed oil, condensate and natural gas reserves are related to the development plan approved by the CNH, as well as the drilling and completion of Vernet-1001 wells. (3) The changes due to purchases/sales of oil (+1.7 MMbbl) and natural gas (+2.4 bcf) are mainly related to the transfer of assets in Mexico, whereby Company increased its equity to 100% in CS-01 (4) Considering Vista Holding II’s output. Standardized measure of future discounted cash flow (net) The following table describes estimated future cash flows from the future production of proved developed and undeveloped reserves of crude oil, condensate, LNG and natural gas. As established 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), these cash flows were estimated using the twelve-month average of the first day-of-the-month benchmark prices as adjusted for location and quality differentials and using a 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 provide standardized data to help the users of the financial statements to compare different companies and make certain projections. This information does not include, among others, the effect of future changes in price costs and tax rates, which past experience shows that they are likely to occur, and the effect of the future cash flows of reserves that have not been classified as proved reserves yet, of a discount factor that best represents the value of money over time and of the risks inherent in oil and gas production. These future changes may have a major impact on future net cash flows disclosed below. Therefore, this information does not necessarily show the Company’s perception on future discounted cash flow, net, of the hydrocarbon reserve. As of December 31, (1) As of December 31, (1) As of December 31, (1) Future cash flows 8,506 4,533 4,457 Future production costs (2,638 ) (1,921 ) (1,927 ) Future development and abandonment costs (1,294 ) (788 ) (748 ) Future income tax (1,432 ) (418 ) (410 ) Undiscounted future net cash flows 3,142 1,406 1,372 10% annual discount (1,630 ) (668 ) (597 ) Standardized measure of discounted future net cash flows (2) 1,512 738 775 (1) Amounts expressed in millions of US Dollars (“MM US”). ( 2 The standardized measure of future discounted cash flow (net) is related to the estimated value of reserves in Argentina. The table does not include the estimated value of the reserves in Mexico’s areas ( 24 1,2 MM US as of December 31, 2021 and 2020, respectively). Changes in the standardized measure of future discounted cash flow (net) The following table shows the changes in the standardized measure of future discounted cash flow, net, for the years ended December 31, 2021, 2020 and 2019: Year ended December 31, 2021 (1) Year ended December 31, 2020 (1) Year ended December 31, 2019 (1) Standardized measure of future 738 775 608 Net changes in selling prices and (2) 783 (241 ) (103 ) Net changes in estimated future (3) 28 (231 ) (525 ) Net changes from revisions of (4) 44 20 (1 ) Net changes from extensions, (5) 1,006 362 306 Cumulative discount 116 118 352 Net changes from on-site (6) (40 ) 2 — Other 58 Sales of crude oil, LNG and natural (429 ) 127 6 Estimated development costs (263 ) (206 ) 151 Net changes in income tax (7) (471 ) 12 (77 ) Changes in the standardized 774 (37 ) 167 Standardized measure of future discounted cash flow at end of 1,512 738 775 (1) Amounts expressed in millions of US Dollars. (2) For the year ended December 31, 2021, mainly affected by an increase in the prices of oil, condensate, gas and LPG, which increased from US 41.97 per barrel to US 54.99 per barrel of oil, condensate and C5+; from US 19.16 per barrel to US 26.87 per barrel of LPG, and from US 2.81 per cubic feet to US 3.92 per cubic feet of commercial gas. Also, for the year ended December 31, 2020, mainly affected by a decrease in effective oil prices, which fell from 55.9 US/bbl as of December 31, 2019, to 42.0 US/bbl as of December 31, 2020, partly offset by a 13.9% reduction in average production-related costs. Additionally, for the year ended December 31, 2019, mainly driven by a decrease in prevailing oil prices from 65.4 US/bbl. by December 31, 2018 to 55.9 US/bbl. by December 2019 partially offset by a reduction in average production costs of 25.1%. (3) For the years ended December 31, 2021, and December 31, 2020, related to revisions of development costs in Bajada del Palo Oeste unconventional area. For the year ended December 31, 2019, due to incorporation of a development plan for unconventional developed reserves in Bajada del Palo Oeste. Due to the development plan in Charco del Palenque (addition of two new locations), Entre Lomas Río Negro (recategorization of two probable gas workovers to prove developed). (4) For the year ended December 31, 2021, mainly affected by the extension of the economic caps of assets due to the increase in oil, condensate, gas and LPG prices, which increased from US 41.97 per barrel to US 54.99 per barrel of oil, condensate and C5+; from US 19.16 per barrel to US 26.87 per barrel of LPG, and from US 2.81 per cubic feet to US 3.92 per cubic feet of commercial gas, partly offset by a greater decline in certain conventional gas assets. Also, for the year ended December 31, 2020, related to an enhanced performance of drilled wells in Bajada del Palo Oeste in Vaca Muerta unconventional formation above the estimated type well. 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. (5) For the year ended December 31, 2021, mainly related to the extension of the proved area due to the addition of 44 proved undeveloped wells from the drilling activity conducted in Bajada del Palo Oeste area in Vaca Muerta formation with positive outcomes. For the year ended December 31, 2020 and 2019, due to the addition of proved reserves in unconventional Bajada del Palo Oeste, and the beginning of the development of Vaca Muerta formation in Bajada del Palo Oeste. (6) For the year ended December 31, 2021, related to the farmout agreement whereby Trafigura was granted a 20% interest in certain Bajada del Palo Oeste wells in Vaca Muerta formation (see note 1.2), and the sale of the 10% interest in CASO concession (see note 1.3). For the year ended December 31, 2020, related to the increase in the interest in Coirón Amargo Norte area (see Note 32). Without acquisitions for the year ended December 31, 2019 (7) For the year ended December 31, 2021, the changes are caused by the rise in income tax due to higher revenue mainly expected from the extensions and increases in hydrocarbon prices. For the year ended December 31, 2020 and 2019, due to decreasing/increasing expected cash inflows and changes in the income rate applicable to Argentine companies (see Note 33.1). |
Basis of preparation and sign_2
Basis of preparation and significant accounting policies (Policies) | 12 Months Ended |
Dec. 31, 2021 | |
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 adopted by the Company The Company did not opt for the early adoption of any standard, interpretation or amendment that has been issued but is not yet effective. Amendments to IFRS 7, IFRS 9, IFRS 16 and IAS 39: Interest rate benchmark reform The amendments provide temporary reliefs that address the financial reporting effects when an Interbank Offered Rate (“IBOR”) is replaced by an alternative risk-free (“RFR”) rate. The amendments include the following alternative treatments: (i) A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest; (ii) Allow the changes required by IBOR reform to be made as hedge designations; and (iii) Provide companies with a temporary relief from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component. On December 28, 2021, the Company has agreed with financial entities, that in case of a replacement of a LIBOR, the interest rate to be applied will be replaced by the market rate to be published by relevant governmental body, plus a spread adjustment to be opportunely determined. As of the date of these consolidated financial statements there has not been any changes to the LIBOR, nevertheless the Company will continue to monitor any potential impact. 2.2.1 Standards issued not yet effective Amendments to IAS 1: Classification of liabilities as current or noncurrent In January 2020, the IASB issued amendments to certain paragraphs of IAS 1 to specify the requirements for classifying liabilities as current or noncurrent. The amendments clarify (i) What is meant by a right to defer settlement; (ii) That a right to defer must exist at the end of the reporting period; (iii) That classification is unaffected by the likelihood that an entity will exercise its deferral right and; (iv) That only if an embedded derivative in a convertible liability is itself an equity instrument would the terms of a liability not impact its classification. The amendments are effective for annual reporting periods beginning on or after January 1, 2023 and must be applied retrospectively. The amendments are not expected to have a material impact on the Company as the current accounting policies are aligned to the amendments. Amendments to IAS 16: Property, Plant and Equipment, proceeds before Intended Use In May 2020, the IASB issued Property, Plant and Equipment - Proceeds before Intended Use, which prohibits entities deducting from the cost of an item of property, plant and equipment, any proceeds from selling items produced while bringing that asset to the location and condition necessary for it to be capable of operating in the manner intended by management. Instead, an entity recognizes the proceeds from selling such items, and the costs of producing those items, in profit or loss. The amendment is effective for annual reporting periods beginning on or after January 1, 2022 and must be applied retrospectively to items of property, plant and equipment made available for use on or after the beginning of the earliest period presented when the entity first applies the amendment. The amendments are not expected to have a material impact on the Company as the current accounting policies are aligned to the amendments. |
Basis of consolidation | 2.3 Basis of consolidation The consolidated financial statements comprise the financial statements of the Company and its subsidiaries. 2.3.1 Subsidiaries Subsidiaries are all entities over which the Company has control, which occurs if and only if the Company has all the following: • Power over the entity; • Exposure or rights to variable returns from its involvement with the entity; and • The ability use its power over the entity to affect the amount of the investor’s returns. The Company reassesses whether it controls a subsidiary if facts and circumstances indicate that there are changes to one or more of the three elements of control. When the Company has less than a majority of the voting rights of an investee, it has power over the latter when the voting rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company assesses all facts and circumstances to determine whether voting rights are sufficient to give it power over an entity, 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 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’ meeting. Relevant activities are those that most significantly affect the subsidiary’s performance, such as the ability to approve a subsidiary’s operating and capital budget and the power to appoint Management personnel. These decisions show that the Company has rights to direct a subsidiary’s relevant activities. The acquisition accounting method is that used by the Company to account for business combinations (see Note 2.3.4). Intercompany transactions, balances and unrealized income are deleted. Unrealized losses are also deleted unless the transaction provides evidence of an impairment of transferred assets, and the subsidiaries’ financial statements are adjusted when needed to align their accounting policies to the Company’s accounting policies. Below are the Company’s subsidiaries: Subsidiary name Equity interest Place of Main activity December 31, December 31, December 31, Vista Holding I 100 % 100 % 100 % Mexico Holding company Vista Holding II 100 % 100 % 100 % Mexico Exploration and production (1) Vista Oil & Gas Holding III, S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Oil & Gas Holding IV, S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Oil & Gas Holding V B.V. 100 % 100 % — % Holland Holding company Vista Complemento S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Holding VII S.á.r.l. (2) 100 % — % — % Luxembourg Holding company Vista Argentina 100 % 100 % 100 % Argentina Exploration and production (1) Aleph Midstream S.A. (3) 100 % 100 % 0, 27 % Argentina Services (4) Aluvional S.A. 100 % 100 % 100 % Argentina Mining and industry AFBN S.R.L. (2) 100 % — % — % Argentina Exploration and production (1) VX Ventures Asociación en Participación 100 % — % — % Mexico Holding company (1) It (2) See Note 1.5. (3) See Note 28. (4) Including operations related to the capture, treatment, transport and distribution of hydrocarbons and derivatives. The Company’s shares in the subsidiaries’ voting rights are the same as its interest in capital. 2.3.2. Changes in interests Changes in the Company’s working interests in the subsidiaries that do not result in a change in control of the subsidiary are accounted for as equity transactions. The carrying amount of the Company’s interests and noncontrolling interest is adjusted to reflect the changes in interests in the subsidiaries. Any difference between the amount by which the noncontrolling interest is adjusted and the fair value of the consideration paid or received is recognized in equity and attributed to the Company’s equity holders. When the Company ceases to consolidate or book a subsidiary’s capital for loss of control, joint control or significant influence, any retained working interest in the entity is remeasured at fair value with the change in the carrying amount recognized in the statements of profit or loss and other comprehensive income. This fair value becomes the initial carrying amount for the purposes of subsequently booking retained interest as the associate, joint venture or financial asset. In addition, any amount previously recognized in other comprehensive income in relation to such entity is booked as if the Company had directly disposed of the related assets or liabilities. This may mean that the amounts previously recognized in other comprehensive income are reclassified to the consolidated statements of profit or loss and other comprehensive income. If the working interest in a joint venture or associate is reduced, but the entity retains the joint control or significant influence, only a proportion of the previously recognized amounts in other comprehensive income is reclassified to the statement of profit or loss. The changes in the Company’s working interests in its subsidiaries that do not result in loss of control are booked as equity transactions. 2.3.3. Joint arrangements According to IFRS 11 Joint Arrangements, investments are classified as joint operations or joint venture, depending on contractual rights and obligations. The Company has joint operations but has no joint venture. Joint operations A joint operation is a joint arrangement whereby the parties that have joint control of the arrangement have rights to the assets, and obligations for the liabilities, relating to the arrangement. Joint control exists only when decisions about the relevant business activities require the unanimous consent of the parties that collectively control the arrangement. When the Company carries out activities under joint operations, it is required, as a joint operator, to recognize in proportion to its interest in the joint arrangement: • Its assets and liabilities held jointly; • Its revenue from the sale of its share of the output of the joint operation; • Its revenue from the sale of its share of the output of the joint operation; and • Its expenses, including its share of any expenses incurred jointly. The Company books its assets, liabilities, revenues and expenses related to its interest in a joint operation according to the IFRS applicable to specific assets, liabilities, revenues and expenses. They were included in the consolidated financial statements in the related accounts. Interest in joint operations and other arrangements were calculated based on the latest financial statements or financial information available as of every year-end When the Company conducts transactions in a joint operation in which the Company is a joint operator (such as a sale or contribution of assets), it is considered that the Company is performing the transaction with the other parties of the joint operation, and the resulting profit and losses from the transactions are recognized in the Company’s consolidated financial statements for the attention of the other parties’ interests in the joint operation. When a Group company conducts transactions with a joint operation in which the Company is a joint operator (such as a purchase of assets), the Company recognizes its portion of profit and losses once these assets are resold to a third party. See Notes 1 and 30 for further information on the Company’s joint operations. 2.3.4 Business combination The acquisition method is used to book business combinations, regardless of whether equity instruments or other assets are acquired. The consideration transferred for these acquisitions comprises: (i) The fair value of transferred assets; (ii) The liabilities incurred to former owners of the acquired business; (iii) The equity interests issued by the Company; (iv) The fair value of any asset or liability from a contingent consideration arrangement; and (v) The fair value of any previously held equity interest in the subsidiary. Identifiable assets acquired and contingent liabilities assumed in a business combination are initially measured at fair values at the date of purchase. The Company recognizes noncontrolling interests in the acquiree on an acquisition basis either at fair value or at the proportionate share of noncontrolling interests of the acquiree’s net identifiable assets. The costs related to the acquisition are booked as incurred expenses. Goodwill is an excess of: (i) The consideration transferred ; (ii) The amount of any noncontrolling interest in the acquiree; and (iii) The acquisition-date fair value of previously held equity interest in the acquiree over the fair value of net identifiable assets acquired is booked as goodwill. If the fair value of the acquiree’s net identifiable assets exceeds these amounts, before recognizing profit, the Company reassesses whether it has correctly identified all assets acquired and liabilities assumed, reviewing the procedures employed to measure the amounts to be recognized at the acquisition date. If the assessment still results in excess of the fair value of net assets acquired in relation to the total consideration transferred, gain from a bargain purchase is recognized directly in the consolidated statements of profit or loss and other comprehensive income. When the settlement of any cash consideration is deferred, the future amounts payable is discounted at their present value at the exchange date. The discount rate used is the entity’s incremental borrowing rate, being the rate at which a similar borrowing could be obtained under comparable terms and conditions. Contingent consideration will be recognized at its fair value at the acquisition date. Contingent consideration is classified as equity or as a financial liability. The amounts classified as a financial liability are remeasured at fair value with changes in fair value through the consolidated statements of profit or loss and other comprehensive income. Contingent consideration classified as equity is not remeasured and its subsequent settlement is accounted for within equity. When the Company acquires a business, it assesses the financial assets acquired and liabilities incurred in relation to its adequate classification and designation according to contractual terms, economic circumstances and relevant conditions as of the acquisition date. Oil reserves and resources acquired that may be measured reliably are recognized separately at fair value upon the acquisition. Other potential reserves, resources and rights, which fair values cannot be measured reliability, are not recognized separately but are considered part of goodwill. If the business combination is performed in stages, the previously held equity interest in the acquiree is measured at acquisition-date fair value. Profit or loss from such remeasurement is recognized in the consolidated statements of profit or loss and other comprehensive income. The Company has a maximum period of 12 months from the date of acquisition to finalize the acquisition accounting. When it is incomplete as of the end of the year in which the business combination takes place, the Company reports provisional amounts. As detailed in Note 30.3.4 and 32, during the year ended December 31, 2020, the Company acquired an additional participation in the Coirón Amargo Norte Joint operating concession, which was accounted for as a business combination. |
Segment information | 2.4 Summary of significant accounting policies 2.4.1 Segment information The operating segments are reported in a consistent manner with the internal reports provided by the Executive Management Committee (the “Committee” that is considerate the “Chief Operating Decision Maker” or “CODM”) The CODM is the highest decision-making authority, in charge of allocating resources and establishing the performance of the entity’s operating segments and was identified as the body executing the Company’s strategic decisions. |
Property, plant and equipment and intangible assets | 2.4.2 Property, plant and equipment and intangible assets Property, plant and equipment Property, plant and equipment is measured using the cost model, after initial recognition, the asset is valued at cost less depreciation and any subsequent accumulated impairment loss. Subsequent costs are included in the carrying amount of the asset or are recognized as a separate asset, as the case may be, only when it is probable that future economic benefits may flow to the Company and the cost of the asset may be measured reliably. Remainder repairs and maintenance costs are charged to profit or loss during the reporting period in which they are incurred. The cost of works in progress which construction will be extended over time includes, if applicable, borrowings costs. Works in progress are measured based on the level of progress and are booked at cost less any impairment loss, of applicable. Profit and loss from the sale of property, plant and equipment is calculated by comparing the consideration received with the carrying amount. 2.4.2.1 Depreciation methods and useful lives Estimated useful lives, residual values and the depreciation method are reviewed at every period-end, The Company amortizes drilling costs applicable to productive and dry wells in development, productive wells, machinery and facilities in oil and gas production areas according to the unit of production method, applying the proportion of oil and gas produced to prove and develop oil and gas reserves, as the case may be. The cost of acquisition of oil and gas properties is amortized applying the proportion of produced oil and gas to total estimated oil and gas proved reserves. The costs of acquiring properties with unproved reserves and unconventional resources are valued at cost, and their recoverability is assessed regularly based on geological and engineering estimates of the reserves and resources expected to be proved during the life of each concession and are not depreciated. Capitalized costs related to the acquisition of properties and the extension of concessions with proved reserves were depreciated per field based on a production unit by applying the proportion of produced oil and gas to estimated proved oil and gas reserves. Production facilities (including significant identifiable components) are depreciated using the unit of production method considering the proved development of reserves. The Company´s remainder items of property, plant and equipment (including significant identifiable components) are depreciated using the straight-line method based on their 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 does not depreciate. 2.4.2.2 Assets for oil and gas exploration The Company adopts the successful effort method to account for its oil and gas exploration and production activities. This method implies the capitalization of: (i) the cost of acquiring properties in oil and gas exploration and production areas; (ii) the cost of drilling and equipping exploration wells arising from the discovery of commercially recoverable reserves; (iii) the cost of drilling and equipping development wells, and (iv) estimated well plugging and abandonment obligations. Exploration and evaluation involve the search for hydrocarbon resources, the assessment of its technical viability and the assessment of the commercial feasibility of an identified resource. According to the successful effort method, exploration costs such as geological and geophysical (“G&G”) costs, excluding the costs of exploration well s Once legal exploration rights are obtained, the costs directly related to an exploration well are capitalized as intangible exploration and evaluation assets until the well is completed and results are assessed. These costs include compensation to directly attributable employees, materials used, drilling costs and payments to contractors. The drilling and completion costs of exploration wells are capitalized until it is established that there are proved reserves and the commercial development is justified. If no reserves are found, these drilling costs are charged as expenses in an unproductive well. An exploration well may occasionally determine the existence of oil and gas reserves but cannot be classified as proved when the drilling is completed, subject to further evaluation (for example, drilling of additional wells), but it is probable that that they may be developed commercially. In these cases, costs continue to be capitalized provided that the well has found a sufficient quantity of reserves to justify its completion as a producing well and the Company is making sufficient progress assessing the reserves and the economic and operating viability of the project. These capitalized costs are subject to technical, commercial and administrative review, and a review of impairment indicators at least once a year. When there is sufficient management information indicating impairment, the Company conducts an impairment test according to the policies described in Note 3.2.2. When oil and gas reserves are identified as proved and Management approves the start-up, Estimated well plugging and abandonment obligations in hydrocarbon areas, discounted at a risk-adjusted rate, are capitalized in the cost of assets and are amortized using the unit of production method. A liability for the estimated value of discounted amounts payable is also recognized. Changes in the measurement of these obligations as a consequence of changes in the estimated term, the cost or discount rate are added to or deducted from the cost of the related asset. Asset swaps that only involve exploration and evaluation assets are booked at the carrying amount of the asset delivered and no profit or loss is recognized. |
Rights and Concessions | 2.4.2.3 Rights and Concessions Rights and concessions are booked as part of property, plant and equipment and are depleted on the unit of production basis over the total proved reserves of the relevant area. The calculation of the units of production rate for the depreciation/amortization of development costs considers expenses incurred to date and authorized future development expenses. |
Intangible assets | Intangible assets 2.4.2.4 Goodwill Goodwill arises during a business acquisition and represents the excess of acquisition cost over the fair value of net assets acquired. After initial recognition, goodwill is measured at cost less cumulative impairment losses. There is no subsequent reversal of impairment in goodwill. To conduct impairment tests, goodwill is allocated as from acquisition date to each cash-generating unit (“CGU”), which represents the lowest level within the Company at which the goodwill is monitored for internal management purposes. When goodwill is allocated to a CGU and part of the transaction within such unit is eliminated, goodwill related to such eliminated transaction is included in the carrying amount of the transaction to determine gain or loss on sale. 2.4.2.5 Other intangible assets Other intangible assets acquired separately are measured using the cost model; after initial recognition, the asset is valued at cost less amortization and any subsequent accumulated impairment loss. Intangible assets are amortized using the straight-line method; software licenses are amortized over their estimated 3-year The estimated useful life, residual value and amortization method are reviewed at every period-end, |
Leases | 2.4.3 Leases The Company has lease contracts for various items of buildings, and plant and machinery, which are recognizes under IFRS 16. The Company recognizes right-of-use Right-of-use right-of-use right-of-use Right-of-use At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made during the lease term. Lease payments include fixed payments (including in-substance Lease payments also include a purchase option exercise price if the Company is reasonably certain about exercising such option, as well as penalty payments from lease termination, if the lease term reflects the Company’s termination option exercise. Variable lease payments that do not depend on an index or rate are recognized as expenses in the period of occurrence of the event or condition that gives rise to the payment. To calculate the present value of lease payments, if the imputed interest rate in the lease cannot be easily assessed, the Company uses the incremental borrowing rate at the lease commencement date. After the commencement date, lease liabilities will be increased to reflect the accretion of interest and will be reduced by the lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is an amendment, a change in the lease term, a change in the fixed or in-substance The Company applies the exemption to recognize short-term leases of machinery and equipment (i.e., those leases for a term under 12 months as from the commencement date with no call option). The low-value low-value low-value The Company determines the lease term as the noncancellable lease term, together with any period covered by an option to extend the agreement if it is reasonably certain that it will exercise that option, or any period covered by an option to terminate the agreement, if it is reasonably certain that it will not exercise such option. The Company applies its judgment upon assessing whether it is reasonably certain that it will exercise the option to renew the agreement. In other words, it considers the relevant factors that create an economic incentive to renew the agreement. After the commencement date, the Company reassesses the lease term if there is a significant event or change in the circumstances under its control that affects its capacity to exercise (or not) the option to renew the agreement (for example, a change in the business strategy). |
Impairment of nonfinancial assets | 2.4.4 Impairment of nonfinancial assets Other nonfinancial assets with a definite useful life undergo impairment tests whenever events or changes in circumstances have indicated that their carrying value may not be recoverable. When the carrying amount of the asset exceeds its recoverable amount, an impairment loss is recognized for the value of the asset. An asset’s recoverable amount is the higher of (i) the fair value of an asset less costs of disposal and (ii) its value in use. Assets are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or CGUs. Amortized nonfinancial assets are reviewed for potential reversal of impairment at the end of each reporting period. |
Foreign currency translation | 2.4.5 Foreign currency translation 2.4.5.1 Functional and presentation currency The functional currency of the Company and its subsidiaries is the currency of the primary economic context in which each entity operates. The functional and presentation currency of all entities is the US dollar. To determine the functional currency, the Company makes judgments to identify the primary economic context and reconsiders the functional currency in the event of a change in conditions that may determine the primary economic context. 2.4.5.2 Transactions and balances Transactions in a currency other than the functional currency (“foreign currency”) are accounted for at the exchange rate as of each transaction date. Foreign exchange gains and losses from the settlement of transactions and the translation at the closing exchange rate of monetary assets and liabilities denominated in foreign currency are recognized in the consolidated statements of profit or loss and other comprehensive income unless they are capitalized. Monetary balances in foreign currency are converted at each country’s official exchange rate as of every year-end. |
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 provided that they meet the following criteria: (i) the purpose of the Company’s business model is to maintain the asset to collect the contractual cash flows; (ii) contractual conditions, on specific dates, give rise to cash flows only consisting in payments of principal and interest on the outstanding principal. 2.4.6.1.1.2 Financial assets at fair value If any of the aforementioned criteria is not met, the financial asset is classified and measured at fair value through the consolidated statements of profit or loss and other comprehensive income. All investments in equity instruments are measured at fair value. The Company has no capital investments as of December 31, 2021, and 2020. 2.4.6.1.2 Recognition and measurement Upon initial recognition, the Company measures a financial asset at its fair value plus, in the case of a financial asset that is not measured at fair value through profit or loss, the transaction costs that are directly attributable to the acquisition of the financial asset. Profit or loss in a debt investment that is subsequently measured at fair value and is not part of a hedge relationship is recognized in the consolidated statements of profit or loss and other comprehensive income. Profit or loss in a debt investment that is subsequently measured at amortized cost and does not comprise a hedge relationship is recognized in the consolidated statements of 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 when and only when it changes its business model for managing these assets. Accounts receivable for services rendered or hydrocarbons delivered but not invoiced, and other accounts receivable are measured at amortized cost using the effective interest method less the allowance for expected credit losses, if applicable. 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 contractual cash flows owed and all the cash flows that the Company expects to receive, discounted at an approximation of the original effective interest rate. For trade and other receivables, the Company applies a simplified approach in calculation of ECL. Therefore, the Company does not monitor changes in credit risk but rather calculates an allowance for ECL at each reporting date. Expected credit losses in trade and other receivables are estimated on a case-by-case The Company recognizes the impairment of a financial asset when contractual payments are more than 90 days past due or when the internal or external information shows that it is unlikely that the pending contractual amounts be received. A financial asset is derecognized when there is no fair expectation to recover contractual cash flows. Financial assets and liabilities are disclosed separately in the consolidated statement of financial position unless the following criteria are met: (i) the Company has a legally enforceable right to set off the recognized amounts, and (ii) the Company intends either to settle on a net basis or to realize the asset and settle the liability simultaneously. A right to set off is that available to the Company to settle a payable to a creditor by applying against it a receivable from the same counterparty. Jurisdiction and laws applicable to relations between parties are considered upon assessing whether there is such a legally enforceable right. 2.4.6.2 Financial liabilities and equity instruments 2.4.6.2.1 Classification as liabilities or equity Debt and equity instruments issued by the Company are classified as financial liabilities or equity according to the substance of the agreement and the definition of financial liabilities and equity instrument s To issue a variable number of shares, a contractual agreement is classified as a financial liability and is measured at fair value. The changes in fair value are recognized in the consolidated statements of profit or loss and other comprehensive income. 2.4.6.2.2 Equity instruments An equity instrument is any agreement that evidences an interest in the Company’s net assets and is recognized in proceeds, net of direct issuance costs. 2.4.6.2.3 Compound financial instruments The component parts of a compound instrument (negotiable obligations) issued by the Company are classified separately as financial liabilities and equity instruments according to the substance of the contractual arrangements and the definitions of a financial liability and an equity instrument. An equity instrument is 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 Company own equity instruments. The fair value of the liability component, if any, is estimated using the prevailing market interest rate for similar nonconvertible instruments. This amount is recorded as a liability at amortized cost using the effective interest method until extinguished upon conversion or at the instrument redemption date. A conversion option classified as equity is determined by deducting the liability component amount from the fair value of the compound instrument as a whole. It is recognized and included in equity, net of income tax effects, and it not subsequently remeasured. Moreover, the conversion option classified as an equity instrument remains in equity until the conversion option is exercised, in which case, the balance recognized in equity is transferred to another equity account. When the conversion option is not exercised at the redemption date of negotiable obligations, the balance recognized in equity is transferred to retained earnings. No profit or loss is recognized in the statement of profit or loss after the conversion or redemption of the conversion option. Transaction costs related to the issuance of negotiable obligations are allocated to liability and equity components in proportion to the allocation of gross proceeds. Transaction costs related to the equity component are recognized directly in equity. Transaction costs related to the liability component are included in the carrying amount of liability component and are amortized throughout the life of negotiable obligations using the effective interest method. 2.4.6.2.4 Financial liabilities All financial liabilities are initially recognized at fair value and after that, at their amortized cost using the effective interest method or at Fair Value Through Profit or Loss (“FVTPL”). Borrowings are recognized initially at fair value, net of transaction costs incurred. Financial liabilities related to purchasing value units (“UVA” by Spanish acronym) are adjusted by the benchmark stabilization coefficient (“CER” by Spanish acronym) at each closing date, recognizing the effects on “Other Financial Results”. Financial liabilities that are not (i) contingent consideration of an acquirer in a business combination; (ii) held-for The effective interest method is used in the calculation of the amortized cost of a financial liability and in the allocation of interest expense during 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 are an integral part of the effective interest rate, transaction costs and other premiums or discounts) throughout the expected life of the financial liability, or (when appropriate) a shorter period, at the amortized cost of a financial liability. Borrowings are classified as current or noncurrent according to the period for settling obligations according to contractual agreements. Borrowings are current when they are settled within 12 months after the reporting period. 2.4.6.2.5 Derecognition of financial liabilities The Company derecognizes financial liabilities when obligations are discharged, cancelled or expired. The difference between the carrying amount of such financial liability and the consideration paid is recognized in the statements of profit or loss and other comprehensive income. When an existing financial liability is replaced by another one in terms that are substantially different from the original term or the terms of an existing liability change substantially, it results in the derecognition of the original liability and recognition of a new liability. The difference in the related accounting values is recognized in the statements of profit or loss and other comprehensive income. |
Recognition of revenue from contracts with customers and other income | 2.4.7 Recognition of revenue from contracts with customers and other income 2.4.7.1 Revenue from contracts with customers Revenue from contracts with customers related to the sale of crude oil, natural gas and Liquefied Petroleum Gas (“LPG”) is recognized when control of the assets is transferred to the customer upon delivery of inventory. It is recognized for an amount of consideration to which the Company expects to be entitled in exchange for these assets. The normal credit term is 15 days for crude oil sales and 50 days for natural gas and LPG sales. The Company has reached the conclusion that it acts as principal in its revenue agreements because it regularly controls assets before transferring them to the customer. Revenue from the production of crude oil and natural gas in joint arrangements in which the Company participates is recognized when sales are made to customers and production costs are accrued or deferred to reflect the differences between volumes taken and sold to customers, and the resulting contractual interest from such arrangement. Based on the revenue analysis conducted by Company Management, Note 5.1 was broken down by (i) product type and (ii) distribution channels. All Company revenue is recognized at a point in time. 2.4.7.2 Contract balances Contract assets A contract asset is defined as the right to obtain a consideration in exchange for the goods or services transferred to the customer. Should goods or services be transferred before receiving the agreed-upon payment or consideration, a contract asset is recognized for the consideration received. The Company has no contract assets as of December 31, 2021 and 2020. Trade and other receivables A receivable represents the Company’s right to receive a consideration that is unconditional; that is to say, it only requires the passage of time before the payment of consideration falls due. Contract liabilities A contract liability is the obligation to transfer goods or services to a customer for which the Company has received consideration. If the customer pays consideration before the Company transfers the goods or services, it recognizes a contract liability. When the Company fulfills its obligations according to the agreement, liabilities are recognized as revenue. The Company has no contract liabilities as of December 31, 2021, 2020, and 2019. Other operating income Other operating income is mainly related to the provision of services to third parties that are not directly related to the main activity. The Company recognizes revenue over time using an input method to measure progress toward service completion because the customer simultaneously receives and consumes the benefits provided by the Company. |
Inventories | 2.4.8 Inventories Inventories are made up of crude oil, materials and spare parts. They are measured at the lower of cost and net realizable value. The cost of inventories includes production expenses and other costs incurred in bringing the inventories to their present location and condition. The cost of materials and spare parts is determined using the weighted average cost method. The net realizable value is the estimated selling price in the ordinary course of business less the estimated direct costs necessary to make the sale. The recoverable amount of these assets is assessed at each reporting date, and the resulting loss is recognized in the consolidated statements of profit or loss and other comprehensive income when inventories are overstated. Materials and spare parts and permanent maintenance equipment that the Company expects to use for more than one period and those that can only be used in relation to a property, plant and equipment item are included in “Property, plant and equipment”. |
Cash and cash equivalents | 2.4.9 Cash and cash equivalents For the presentation of the consolidated statement of cash flows, cash and cash equivalents include cash on hand, demand deposits in financial institutions and other short-term highly liquid investments originally maturing in three or less months, readily convertible into known cash amounts and subject to insignificant risk of changes in value. Overdrafts in checking accounts, if any, are disclosed within current borrowings in the consolidated statement of financial position. They are not disclosed in the consolidated statement of cash flows as they do not comprise the Company’s cash and cash equivalents. |
Equity | 2.4.10 Equity Changes in equity were accounted for according to Company decisions and legal or regulatory standards. a. Capital stock Capital stock represents capital made up of shareholder contributions. It is represented by outstanding shares at nominal value. Ordinary shares are classified as equity. b. Statutory reserve Under Mexican Business Associations Law, the Company is required to allocate 5% of net profit for the year to increase the statutory reserve until it is equal to 20% of capital based on the Company’s individual financial statements. As of December 31, 2021, and 2020, the Company has not booked this reserve. c. Accumulated results Accumulated profits or losses comprise retained earnings (accumulated losses) with no specific allocation. They may be distributed as dividends by Company decision, provided that they are not subject to legal restrictions. Retained earnings (accumulated losses) comprise prior-year profit that was not distributed, or losses, the amounts transferred from other comprehensive income and prior-year adjustments. Similarly, for capital reduction purposes, these distributions will be subject to income tax assessment according to the applicable rate, except for remeasured contributed capital stock or distributions from the net taxable profit account (“CUFIN, by Spanish acronym). d. Other comprehensive income Other comprehensive income comprises actuarial gains and losses for defined benefit plans and the related tax effect. e. Dividend distribution Dividend distribution to Company shareholders is recognized as a liability in the financial statements upon approval of the distribution by the Shareholders’ Meeting. Dividends are distributed based on the Company’s individual financial statements. The Company can pay dividends after compliance with the restrictions included in the credit agreement as mentioned in Note 18.1. |
Employee benefits | 2.4.11 Employee benefits 2.4.11.1 Short-term obligations Salaries and payroll tax expected to be settled within 12 months after period-end Costs related to compensated absences, such as vacation, are recognized as they are accrued. In Mexico, the employees’ share in profit (“PTU, by Spanish acronym”) is paid to qualifying employees; PTU is calculated using the income tax base, except for the following: (i) The employees’ share in Company profit paid during the year or prior-year tax losses pending application. (ii) Payments that are also exempt for employees. 2.4.11.2 Defined benefit plans The Company operates a defined benefit plan described in Note 23. Defined benefit plans are related to a series of pension benefits that an employee will receive at retirement, depending on one or more factors, such as age, years of service and compensation. According to the conditions established in each plan, the benefit may consist of a single payment or payments supplementary to pension system payments. The cost of defined benefit plans is recognized periodically according to the contributions made by the Company. Labor cost liabilities are accumulated in the periods in which employees render the services that give rise to the consideration. The defined benefit obligation liability recognized in the consolidated statement of financial position is the present value of the defined benefit obligation, net of the fair value of plan assets. The defined benefit obligation is calculated at least as of every year-end by independent actuaries through the projected unit credit method. The present value of the defined benefit obligation is assessed discounting estimated future cash outflows using future actuarial assumptions on the demographic and financial variables that affect the assessment of such amounts. Actuarial profit and losses derived from changes in actuarial assumptions are recognized in other comprehensive income in the period in which they arise, and the costs of past services are recognized immediately in the consolidated statements of profit or loss and other comprehensive income. |
Borrowings costs | 2.4.12 Borrowing s General or specific borrowings costs directly attributable to the acquisition, construction or production of assets that necessarily require a substantial period of time to be ready for their intended use or sale are added to the cost of these assets until they are ready for their intended use or sale. Income earned on the temporary investment of specific borrowings is deducted from borrowings costs eligible for capitalization. Other borrowings costs are accounted for in the period in which they are incurred. For the years ended December 31, 2021, 2020, and 2019, the Company has not capitalized borrowings costs because it had no qualifying assets, except for interest on lease liabilities disclosed in Note 15. |
Provisions and contingent liabilities | 2.4.13 Provisions and contingent liabilities The Company recognizes provisions when the following conditions are met: (i) it has a present or future obligation as a result of a past event; (ii) it is probable that an outflow of resources will be required to settle the obligation; and (iii) a reliable estimate can be made. No provisions for operating future losses are recognized. In the case of provisions in which the time value of money is significant, as is the case of well plugging and abandonment and environmental remediation, these provisions are determined as the present value of the expected cash outflow for settling the obligation. Provisions are discounted at a pre-tax 2.4.13.1 Provision for contingencies Provisions are measured at the present value of the disbursements expected to be made to settle the present obligation, considering the best information available upon preparing the financial statements, based on the premises and methods considered appropriate, and based on the opinion of the Company’s legal counsel. Estimates are regularly reviewed and adjusted as additional information is made available to the Company. The discount rate used to determine the present value reflects the current market assessments of the time value of money and the specific risk related to each liability. When the Company expects that the provision will be reimbursed in part or in full and is certain of its occurrence, like under an insurance agreement, the reimbursement is recognized as a separate asset, but only when the reimbursement is virtually certain. Contingent liabilities are: (i) potential obligations from past events and whose existence will be confirmed only by the occurrence or nonoccurrence of uncertain future events not wholly within the entity’s control; or (ii) present obligations from past events that will not likely require an outflow of resources for its settlement, or which amount cannot be estimated reliably. The Company outlines the nature of material contingent liabilities in the notes to the consolidated financial statements (see Note 22.3). Contingent liabilities which probability is remote are not disclosed unless they involve warranties, in which case the nature of the warranty is disclosed. Where some or all of the expenditure required to settle a provision is expected to be reimbursed by another party in part or in full, the receivable is recognized as an asset if it is virtually certain that the reimbursement will be received and if the receivable can be measured reliably. 2.4.13.2 Well plugging and abandonment provision The Company recognizes a provision for well pugging and abandonment when there is a legal or constructive obligation as a result of past events, it is probable that a cash flow will be required to settle the obligation, and the amount to be disbursed can be reliably estimated. In general, the obligation arises when the asset is installed, or the plot of land or environment at the site is altered. When the liability is initially recognized, the present value of estimated costs is capitalized, increasing the carrying amount of the assets related to the oil and gas extraction insofar as they were incurred for the development or construction of the well. The other provisions from an enhanced development or construction of the oil and gas extraction properties increase the cost of the related asset when the liability arises. The changes in the estimated time or cost of well plugging and abandonment are afforded a prospective treatment by booking an adjustment to the related provision and asset. If the change in the estimate results in an increased well plugging and abandonment liability and, consequently, a greater carrying amount of the asset, the Company conducts a comprehensive analysis of whether there is an indication of impairment of the asset and implements impairment tests. In the case of mature wells, if the estimated revised value of the assets related to oil and gas extraction, net of well plugging and abandonment provisions, exceeds the recoverable amount, this portion of the increase is directly expensed. Over time, the discounted liability increases with the change in the present value based on the discount rate that reflects the current market assessments and specific liability risks. The regular reversal of discount is recognized in the consolidated statements of profit or loss and other comprehensive income as a financial cost. 2.4.13.3 Provision for environmental remediation The provision for environmental remediation is recognized when it is likely that a soil remediation be conducted, and costs may be estimated reliably. Generally, the timing of recognition of these provisions coincides with the commitment to a formal plan of action or, if earlier, on divestment or on closure of inactive sites. The amount recognized is the best estimate of the expenditure required to settle the obligation. If the time value of money is material, the recognized value is the present value of the estimated future expense. The effect of such estimate is recognized in the consolidated statements of profit or loss and other comprehensive income. |
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 Tax expenses for the period include current and deferred income tax. Income tax is recognized in the consolidated statements of profit or loss and other comprehensive income except if it is related to items recognized in other comprehensive income or directly in equity. Current income tax is calculated based on tax laws enacted at period end. The Company regularly assesses the positions adopted in the tax returns with respect to situations in which applicable tax regulations are subject to interpretation. It also recognizes provisions based on the amounts it expects to pay to tax authorities. When tax treatments are uncertain and it is probable that a tax authority will accept the tax treatment adopted by the Company, income tax is recognized according to the tax laws. If it is not considered likely, the uncertainty is shown using the most likely amount method or the expected value method depending on the method that best predicts the resolution to the uncertainty. Deferred income tax is recognized using the liability method over temporary differences between the tax bases of assets and liabilities and the carrying amounts in the financial statements. Deferred tax liabilities are recognized for all taxable temporary differences unless they arise from recognition of goodwill. Deferred income tax assets are recognized only insofar as it is probable that future taxable profit will be available and may 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 sufficient taxable profit will be available to allow all or part of the asset to be recovered. These deferred tax assets and liabilities are not recognized if the temporary difference arises on initial recognition (other than that of a business combination) of assets and liabilities in a transaction that affects neither taxable nor accounting profit. Deferred income tax applies to temporary differences of interests in subsidiaries and associates, except for deferred income tax liabilities in which the Company controls the timing of the reversal of the temporary difference and it is probable that it will not reverse in the foreseeable future. The deferred tax assets that arise from these deductible temporary differences related to such investments and interests are only recognized when it is probable that sufficient taxable profit will be available against which the temporary differences will be used and are expected to reverse in the foreseeable future. Deferred income tax assets and liabilities are only offset when there is a legally enforceable right and they are related to income tax levied by the same tax authority in the same taxable entity or another one provided that there is the intention to settle the balances on a net basis. Current and deferred tax assets and liabilities were not discounted and are stated at nominal values. Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the period in which the liability is settled or the asset realized based on tax rates (and tax laws) enacted as of period-end. The measurement of deferred tax assets and liabilities reflects the tax consequences that would follow from the way in which the Company expects to recover or settle the carrying amount of its assets and liabilities. Income tax rates effective in Mexico and Argentina stand at 35% and 30%, respectively, as of December 31, 2021. Both rates amounted to 30% as of December 31, 2020, and 2019 (see Note 33). 2.4.14.2 Minimum presumed income tax The Company’s subsidiaries in Argentina calculated minimum presumed income tax applying the 1% rate over computable assets as of every period-end This tax supplemented income tax in Argentina and was levied only if it exceeded income tax. However, should minimum presumed income tax exceed the income tax amount payable in a tax year, such surplus could be computed as payment on account of future income tax payments for the ten subsequent tax years. On July 22, 2016, Law No. 27,260 was published to eliminate minimum presumed income tax for the years beginning January 1, 2019. As of December 31, 2020, the Company booked a minimum presumed income tax asset included in “Trade and other receivables” for (see Note 17). As of December 31, 2021, it was charged against income tax liabilities (see Note 16). |
Share-based payments | 2.4.15 Share-based payments Company employees (including senior executives) receive shared-based compensation; 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 vesting date using a proper valuation method (see Note 34). This cost is recognized as an employee benefit expense along with the related capital increase (“share-based payments”) during the period in which the service is rendered and, as the case may be, performance conditions are met (the vesting period). Cumulative expenses recognized for equity-settled transactions at each reporting date until vesting date show the extent to which the vesting period has expired and the Company’s best estimate of the number of equity instruments to be vested. Expense or credit in the consolidated statements of profit or loss and other comprehensive income represents the movement in cumulative expenses recognized at the beginning and end of such period. Service and performance conditions other than market conditions are disregarded upon determining grant-date fair value, but the likelihood that conditions are met is assessed as part of the Company’s best estimate of the number of equity instruments to be vested. Market-based performance conditions are reflected in the grant-date fair value. Any other condition related to an award but without a related service requirement will be considered a nonvesting condition. Nonvesting conditions are reflected in the fair value of an award and lead to an immediate expense unless there are also service or performance conditions. No expenses are recognized for awards that are ultimately not vested because nonmarket service or performance conditions have not been met. When awards include a market or nonvesting condition, transactions are treated as vested irrespective of whether the market or nonvesting condition is met, provided that the remaining service or performance conditions are fulfilled. 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 that the original vesting terms are met. An additional expense measured at modification date is recognized for any modification that increases the total fair value of the share-based payment transaction or is otherwise beneficial to the employee. When an award is cancelled by the entity or by the counterparty, any remaining element of the fair value of the award is accounted for immediately through profit or loss. The dilutive effect of outstanding options is reflected as a dilution of additional shares in the computation of diluted earnings / losses per share (further details are given in Note 12). On March 22, 2018, the Company approved a Long-Term Incentive Plan (“LTIP”) consisting of a plan so that the Company and its subsidiaries may attract and retain talented persons such as officers, directors, employees and consultants. The LTIP includes the following mechanisms for rewarding and retaining key personal: (i) stock option plan; (ii) restricted stock units and; (iii) performance restricted stock, thus accounted under IFRS 2 Share-Based Payment as detailed above (see Note 34). a) Stock option plan (“SOP”) (equity-settled) The stock option plan gives the participant the right to buy a number of shares over certain term. The cost of the equity-settled stock option plan is measured at grant date considering the terms and conditions for granting stock options. The equity-settled compensation cost is recognized in the consolidated statements of profit or loss and other comprehensive income under “Share-based payments” during the required service period. b) Restricted stock (“RS”) (equity-settled) Certain Company key employees receive additional benefits for free or at a minimum value once the conditions are met through a stock option plan denominated in restricted stock, which has been classified as an equity-settled share-based payment. The cost of the equity-settled stock option plan is measured at grant date considering the terms and conditions for granting stock options. The equity-settled compensation cost is recognized in the consolidated statements of profit or loss and other comprehensive income under “Share-based payments” during the required service period. c) Performance restricted stock (equity-settled) The Company grants performance restricted stock (“PRS”) to key employees, which entitle them to receive PRSs after having reached certain performance targets over a service period. PRSs are classified as equity-settled share-based payments. The cost of the equity-settled stock option plan is measured at grant date considering the terms and conditions for granting stock options. The equity-settled compensation cost is recognized in the consolidated statements of profit or loss and other comprehensive income under “Salaries and payroll taxes” during the required service period. The Company has granted no PRS as of December 31, 2021, 2020, and 2019. |
Investments in associates | 2.4.16 Investments in associates An associate is an entity over which the Company has significant influence, being the power to participate in the financial and operating policy decisions of the associate but not joint control over it. The considerations regarding control and significant influence are similar to those made by the Company in relation to its subsidiaries. Associates are the investments in which an investor has significant influence but not control. Investments are initially recognized at acquisition cost and then using the equity method whereby interests are recognized in profit or loss and in equity. The equity method is used as from the date when the significant influence over the associates is exercised. The associates’ financial statements used to apply the equity method were prepared using the same accounting period as of December 31, 2021, and the same accounting policies employed in preparing these consolidated financial statements. The Company’s interests in the associates’ net profits or losses, after acquisition, are recognized in the statements of profit or loss and other comprehensive income. As of December 31, 2021, the Company valued these investments at equity method without recognition of the equity method because they did not have significant movements. |
Going concern | 2.4.17 Going concern The Board oversees the Group’s cash position regularly and liquidity risk throughout the year to ensure that there are sufficient funds to meet expected financing, operating and investing requirements. Sensitivity tests are conducted to disclose the latest expense expectations, oil and gas prices and other factors so that the Group may manage risk. Considering the macroeconomic context, the result of operations and the Group’s cash position as of December 31, 2021, the Directors asserted, upon approving the financial statements, that the Group may reasonably be expected to fulfill its obligations in the foreseeable future. Therefore, these consolidated financial statements were prepared on a going concern basis. |
Basis of preparation and sign_3
Basis of preparation and significant accounting policies (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of equity interest in subsidiaries | Below are the Company’s subsidiaries: Subsidiary name Equity interest Place of Main activity December 31, December 31, December 31, Vista Holding I 100 % 100 % 100 % Mexico Holding company Vista Holding II 100 % 100 % 100 % Mexico Exploration and production (1) Vista Oil & Gas Holding III, S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Oil & Gas Holding IV, S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Oil & Gas Holding V B.V. 100 % 100 % — % Holland Holding company Vista Complemento S.A. de C.V. 100 % 100 % 100 % Mexico Services Vista Holding VII S.á.r.l. (2) 100 % — % — % Luxembourg Holding company Vista Argentina 100 % 100 % 100 % Argentina Exploration and production (1) Aleph Midstream S.A. (3) 100 % 100 % 0, 27 % Argentina Services (4) Aluvional S.A. 100 % 100 % 100 % Argentina Mining and industry AFBN S.R.L. (2) 100 % — % — % Argentina Exploration and production (1) VX Ventures Asociación en Participación 100 % — % — % Mexico Holding company (1) It (2) See Note 1.5. (3) See Note 28. (4) Including operations related to the capture, treatment, transport and distribution of hydrocarbons and derivatives. |
Summary of useful lives of property plant and equipment | The Company´s remainder items of property, plant and equipment (including significant identifiable components) are depreciated using the straight-line method based on their 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 |
Critical judgements estimates_2
Critical judgements estimates and assumptions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of assumptions used In sensitivity analysis for CGU's | The Company’s calculation of the value in use related to the aforementioned CGUs is more sensitive to the following assumptions: As of December 31, 2021 As of December 31, 2020 Argentina Mexico Argentina Mexico Discount rates (after taxes) 16.6 % 6.1 % 12.5 % 6.3 % Discount rates (before taxes) 19.0 % 10.0 % 15.8 % 8.4 % Prices of crude oil, LPG and natural gas Crude oil (US/bbl) (1) 2021 — — 48.0 48.0 2022 73.0 65.8 53.5 53.5 2023 70.1 63.0 52.0 52.0 2024 70.5 63.5 52.9 52.9 2025 65.9 58.9 51.9 51.9 As from 2026 64.6 58.9 51.9 51.9 Natural gas-local — — 2.3 2.3 2022 3.3 3.0 3.5 2.0 As from 2023 3.3 3.0 3.5 2.0 LPG-local As from 300 — 350 — (1) The prices correspond to Brent and Maya, for Argentina and Mexico, respectively. |
Schedule of sensitivity analysis for CGU's with respect to change in assumptions | As of December 31, 2021 As of December 31, 2020 Argentina (1) México Argentina (1) México (2) Discount rate +/- 10% +/- 10% Carrying amount (1) (98) / - - / - - / - (1,146) / - Expected prices of crude oil, natural gas and LPG +/- 10% +/- 10% Carrying amount (1) - /(31,773) - / - - /(20,889) - /(3,063) (1) As of December 31, 2021, and 2020, related to the conventional oil and gas operating and non- (2) As of December 31, 2020, related to the conventional oil and gas operating concessions CGU. |
Segment information (Tables)
Segment information (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of assets and liabilities by geographical area | As of December 31, 2021 As of December 31, 2020 As of Argentina 1,260,851 1,086,308 982,397 Mexico 47,837 18,468 30,165 Total noncurrent assets 1,308,688 1,104,776 1,012,562 |
Revenue from contracts with c_2
Revenue from contracts with customers (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of revenue from contract with customers | Year ended Year ended December 31, 2020 Year ended December 31, 2019 Goods sold 652,187 273,938 415,976 Total revenue from contracts with customers 652,187 273,938 415,976 Recognized at a point in time 652,187 273,938 415,976 |
Schedule of revenue through different channels | Type of products Year ended Year ended Year ended Revenues from crude oil sales 593,060 236,596 338,272 Revenues from natural gas sales 54,301 33,575 71,524 Revenues from LPG sales 4,826 3,767 6,180 Total revenue from contracts with customers 652,187 273,938 415,976 Distribution channels Year ended Year ended Year ended Refineries 410,904 141,672 338,272 Exports from crude oil 182,156 94,924 — Natural gas for electric power generation 18,461 2,275 5,793 Retail natural gas distribution companies 18,351 13,809 26,452 Industries (1) 17,489 17,491 39,279 LPG sales 4,826 3,767 6,180 Total revenue from contracts with customers 652,187 273,938 415,976 |
Cost of sales (Tables)
Cost of sales (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of operating expenses | Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Fees and compensation for services 53,024 46,218 67,209 Salaries and payroll taxes 16,591 12,593 10,943 Consumption of materials and spare parts 15,912 11,181 17,062 Easements and fees 9,572 8,222 9,632 Employee benefits 4,877 3,867 2,836 Transport 3,274 2,351 2,914 Other 3,873 3,586 3,835 Total operating costs 107,123 88,018 114,431 |
Schedule of crude oil fluctuation | Year ended December 31, 2021 Year ended Year ended Crude oil stock at beginning of year (Note 19) 6,127 3,032 2,722 Less: Crude oil stock at end of year (Note 19) (5,222 ) (6,127 ) (3,032 ) Total crude oil stock fluctuation 905 (3,095 ) (310 ) |
Selling expenses (Tables)
Selling expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of selling expenses | Year ended December 31, 2021 Year ended December 31, 2020 Year ended Transport 19,554 10,395 9,596 Taxes, rates and contributions 13,921 6,014 13,115 Tax on bank account transactions 6,061 3,033 4,495 Fees and compensation for services (1) 2,806 4,603 50 Allowance / (Reversal) of the expected credit loss (Note 17) 406 (22 ) (118 ) Total selling expenses 42,748 24,023 27,138 (1) Including 1,651 and 4,367 for crude storage during the years ended December 31, 2021, and 2020, respectively. |
General and administrative ex_2
General and administrative expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of general and administrative expenses | Year ended December 31, 2021 Year ended December 31, 2020 Year ended Salaries and payroll taxes 14,130 8,882 10,958 Share-based payments 10,592 10,494 10,655 Employee benefits 8,236 4,984 6,055 Fees and compensation for services 7,412 6,466 9,603 Institutional promotion and advertising 2,237 1,215 1,179 Taxes, rates and contributions 1,311 740 1,718 Other 1,940 1,137 2,232 Total general and administrative expenses 45,858 33,918 42,400 |
Exploration expenses (Tables)
Exploration expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of exploration and evaluation expenses | Year ended Year ended Year ended Geological and geophysical expenses 561 646 676 Total exploration expenses 561 646 676 |
Other operating income and ex_2
Other operating income and expenses (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of other operating income | 10.1 Other operating income Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Gain from assets disposal (1) 9,999 — — Gain from farmout agreement (Note 1.2) 9,050 — — Other services charges (2) 3,971 3,924 3,165 Bargain purchase on business combination (Note 32) — 1,383 — Other 265 266 — Total other operating income 23,285 5,573 3,165 (1) Including (i) 9,788 related to the transfer of working interest in CASO; (ii) 198 related to the transfer of Mexico’s exploration assets, and (iii) 13 related to the expiry of concession in Sur Río Deseado Este area (see Note 1.3, 1.4 and 30.3.9). (2) Services not directly related to the Company’s main activity. |
Schedule of other operating expenses | 10.2 Other operating expenses Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Restructuring expenses (1) (2,281 ) (3,469 ) (3,244 ) Reorganization expenses (3 ) (1,417 ) — Provision for environmental remediation (Note 22.2) (1,029 ) (463 ) (816 ) Provision for contingencies (Note 22.3) (652 ) (267 ) (422 ) (Allowance) / Reversal provision for materials and spare parts (249 ) 627 (972 ) Other — — (726 ) Total other operating expenses (4,214 ) (4,989 ) (6,180 ) (1) The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure. |
Financial results (Tables)
Financial results (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of interest income | Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Financial interest 65 822 1,328 Interests on government notes at amortized costs — — 2,442 Total interest income 65 822 3,770 |
Schedule of interest expense | Year ended Year ended Year ended Borrowings interest (Note 18.2) (50,660 ) (47,923 ) (34,159 ) Other interest — — (4 ) Total interest expense (50,660 ) (47,923 ) (34,163 ) |
Schedule of other financial results | Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, Amortized cost (Note 18.2) (4,164 ) (2,811 ) (2,076 ) Changes in the fair value of warrants (Note 18.5.1) (2,182 ) 16,498 6,840 Net changes in foreign exchange rate 14,328 3,068 (2,991 ) Discount of assets and liabilities at present value (2,300 ) (3,432 ) (10 ) Impairment of financial assets — (4,839 ) — Changes in the fair value of 5,061 (645 ) 873 Interest expense on lease liabilities (Note 15) (1,079 ) (1,641 ) (1,561 ) Discount for well plugging and abandonment (2,546 ) (2,584 ) (1,723 ) Remeasurements of borrowings (1) (19,163 ) — — Other 4,851 633 (67 ) Total other financial results (7,194 ) 4,247 (715 ) (1) Related to borrowings in UVA, adjusted by CER. |
Earnings _ (loss) per share (Ta
Earnings / (loss) per share (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of basic and diluted earnings per share | Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Profit / (loss) for the year, net 50,650 (102,749 ) (32,723 ) Weighted average number of ordinary shares 88,242,621 87,473,056 80,068,287 Basic earnings / (loss) per share (in US dollars per share) 0.574 (1.175 ) (0.409 ) Year ended Year ended December 31, 2020 Year ended December 31, 2019 Profit / (loss) for the year, net 50,650 (102,749 ) (32,723 ) Weighted average number of ordinary shares 93,273,978 87,473,056 80,068,287 Diluted earnings / (loss) per share (in US dollars per share) 0.543 (1.175 ) (0.409 ) |
Property, plant and equipment (
Property, plant and equipment (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of detailed information about property, plant and equipment [abstract] | |
Schedule of plant property equipment | The changes in property, plant and equipment for the year ended December 31, 2020, are as follows : Land and Vehicles, machinery, facilities, computer hardware and furniture and fixtures Oil and gas Production wells and facilities Works in Materials and spare parts Total Cost Amounts as of December 31, 2019 2,445 20,411 353,076 658,690 75,525 27,454 1,137,601 Additions (1) 11 133 — 2,197 186,230 37,317 225,888 Transfers — 1,410 — 216,536 (182,199 ) (35,747 ) — Disposals (2) — (123 ) — (366 ) — (173 ) (662 ) Impairment of long -lived assets (3) — — — (394 ) — — (394 ) Amounts as of December 31, 2020 2,456 21,831 353,076 876,663 79,556 28,851 1,362,433 Accumulated depreciation Amounts as of December 31, 2019 (89 ) (3,838 ) (19,489 ) (197,119 ) — — (220,535 ) Depreciation (187 ) (3,731 ) (13,884 ) (121,941 ) — — (139,743 ) Eliminated of disposals — 103 — — — — 103 Amounts as of December 31, 2020 (276 ) (7,466 ) (33,373 ) (319,060 ) — — (360,175 ) Net value Amounts as of December 31, 2020 2,180 14,365 319,703 557,603 79,556 28,851 1,002,258 (1) Additions includes 2,018 related to Business Combination mentioned in Note 32. (2) Disposals of wells and production facilities related to the reestimation of assets retirement obligation. (3) See Note 3.2.2 for the details on impairment testing of oil and gas properties. The changes in property, plant and equipment for the year ended December 31, 2021, are as follows: Land and Vehicles, machinery, facilities, computer hardware and furniture and fixtures Oil and gas Production wells and facilities Works in Materials and spare parts Total Cost Amounts as of December 31, 2020 2,456 21,831 353,076 876,663 79,556 28,851 1,362,433 Additions 253 106 30,076 (1) 7,343 (3) 287,815 28,626 354,219 Transfers — 2,111 — 296,624 (269,161 ) (29,574 ) — Disposals — (665 ) (997 ) (2) — — (107 ) (1,769 ) Incorporation for the acquisition of AFBN assets (4) — — 69,693 — — — 69,693 Assets disposals (5) — (313 ) (5,557 ) (5,931 ) (6,965 ) — (18,766 ) Amounts as of December 31, 2021 2,709 23,070 446,291 1,174,699 91,245 27,796 1,765,810 Accumulated depreciation Amounts as of December 31, 2020 (276 ) (7,466 ) (33,373 ) (319,060 ) — — (360,175 ) Depreciation (18 ) (3,915 ) (20,579 ) (159,637 ) — — (184,149 ) Disposals — 525 115 (2) — 640 Assets disposals (5) — 22 214 1,620 — — 1,856 Amounts as of December 31, 2021 (294 ) (10,834 ) (53,623 ) (477,077 ) — — (541,828 ) Net value Amounts as of December 31, 2021 2,415 12,236 392,668 697,622 91,245 27,796 1,223,982 (1) Related to transferred of “Exploration rights” of operated area CS-01 (2) Related to the farmout agreement (see Note 1.2). (3) Including 2,112 related to the re-estimation (4) These additions did not generate cash flows (see Note 1.5). (5) Including 11,784 of net disposal for the transfer of working interest in CASO; and 5,126 related to the transfer of Mexico’s exploration assets that did not generate cash flows (see Note 1.3 and 1.4). |
Goodwill and other intangible_2
Goodwill and other intangible assets (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Disclosure of reconciliation of changes in intangible assets and goodwill [abstract] | |
Schedule of reconciliation of changes in intangible assets and goodwill | Below are the changes in goodwill and other intangible assets for the year ended December 31, 202 0 Goodwill Other intangible assets Software licenses Exploration rights Total Cost Amounts as of December 31, 2019 28,484 6,941 29,403 36,344 Additions — 3,664 — 3,664 Impairment of long -live assets (1) — — (14,044 ) (14,044 ) Amounts as of December 31, 2020 28,484 10,605 15,359 25,964 Accumulated amortization Amounts as of December 31, 2019 — (2,315 ) — (2,315 ) Amortization — (2,568 ) — (2,568 ) Amounts as of December 31, 2020 — (4,883 ) — (4,883 ) Net value Amounts as of December 31, 2020 28,484 5,722 15,359 21,081 (1) See Note 3.2.2. Below are the changes in goodwill and other intangible assets for the year ended December 31, 2021: Goodwill Other intangible assets Software licenses Exploration rights Total Cost Amounts as of December 31, 2020 28,484 10,605 15,359 25,964 Additions — 1,611 — 1,611 Disposals (68 ) (1) — (30,076 ) (2) (30,076 ) Acquisition of Mexico’s exploration assets — — 14,928 (3) 14,928 Disposal of Mexico’s exploration assets — — (14,255 ) (3) (14,255 ) Reversal of long-lived assets impairment — — 14,044 (4) 14,044 Amounts as of December 31, 2021 28,416 12,216 — 12,216 Accumulated amortization Amounts as of December 31, 2020 — (4,883 ) — (4,883 ) Amortization — (3,455 ) — (3,455 ) Amounts as of December 31, 2021 — (8,338 ) — (8,338 ) Net value Amounts as of December 31, 2021 28,416 3,878 — 3,878 (1) Related to the farmout agreement (see Note 1.2). (2) Related to exploration rights of operated area CS-01 (3) These transactions did not generate cash flows (see Note 1.4). (4) See Note 3.2.2. |
Right of use assets and lease_2
Right of use assets and lease liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of carrying amounts of the Company´s right of use assets and lease and the movements during the years | The carrying amount of the Company’s right-of-use are below: Right-of-use Total lease liabilities Buildings Plant and machinery Total Amounts as of December 31, 2019 2,060 14,564 16,624 (16,767 ) Additions 114 17,273 17,387 (17,470 ) Re-estimations (257 ) (3,671 ) (3,928 ) 3,901 Depreciation (1) (598 ) (6,907 ) (7,505 ) — Payments — — — 9,067 Interest expenses (2) — — — (2,412 ) Amounts as of December 31, 2020 1,319 21,259 22,578 (23,681 ) (1) Including the depreciation of drilling services capitalized as “works in progress” for 2,142. (2) Including drilling agreements capitalized as “works in progress” for 771. Right-of-use Total lease liabilities Buildings Plant and machinery Total Amounts as of December 31, 2020 1,319 21,259 22,578 (23,681 ) Additions — 7,162 7,162 (7,162 ) Re-estimations 367 1,958 2,325 (2,242 ) Depreciation (1) (475 ) (5,136 ) (5,611 ) — Payments — — — 8,911 Interest expenses (2) — — — (2,900 ) Amounts as of December 31, 2021 1,211 25,243 26,454 (27,074 ) (1) Including the depreciation of drilling services capitalized as “works in progress” for 1,902. (2) Including drilling agreements capitalized as “works in progress” for 1,821. |
Deferred income tax assets an_2
Deferred income tax assets and liabilities and income tax expense (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Schedule of temporary difference, unused tax losses and unused tax credits | Deferred income tax assets and liabilities break down as follows: As of December 31, Profit (loss) Other changes in equity Other comprehensive income (loss) As of 2020 Short-term investments 523 (658 ) — — (135 ) Employee benefit 1,627 (876 ) — 114 865 Share-based payments 1,166 (1,166 ) — — — Tax losses and other unused tax credits (1) 7,345 29,004 — — 37,479 Provisions 6,860 (4,387 ) — — 2,473 Right-of-use 65 199 — — 264 Assets for deferred income tax 17,586 22,116 — 114 40,946 Property, plant and equipment (138,068 ) 4,157 — — (133,911 ) Trade and other receivables (443 ) (118 ) — — (561 ) Intangible assets (771 ) 771 — — — Inventories (1,351 ) 529 — — (822 ) Payment of borrowings costs — (1,212 ) — — (1,212 ) Other (3 ) — — — (3 ) Credit for static and dynamic adjustment for inflation (23,493 ) (15,946 ) — — (39,439 ) Liabilities for deferred income tax (164,129 ) (11,819 ) — — (175,948 ) Deferred income tax, net (146,543 ) 10,297 — 114 (135,002 ) As of December 31, 2020 Profit (loss) Other changes in equity Other comprehensive income (loss) As of December 31, 2021 Short-term investments (135 ) (1,790 ) — — (1,925 ) Employee benefit 865 — — 2,048 2,913 Tax losses and other unused tax credits (1) 37,479 (30,507 ) — — 6,972 Provisions 2,473 4,792 — — 7,265 Right-of-use 264 (103 ) — — 161 Assets for deferred income tax 40,946 (27,608 ) — 2,048 15,386 Property, plant and equipment (133,911 ) (16,875 ) — — (150,786 ) Trade and other receivables (561 ) 2,345 — 1,784 Inventories (822 ) (447 ) — — (1,269 ) Payment of borrowings costs (1,212 ) (13 ) — — (1,225 ) Other (3 ) (498 ) — — (501 ) Credit for static and dynamic adjustment for inflation (39,439 ) 3,401 — — (36,038 ) Liabilities for deferred income tax (175,948 ) (12,087 ) — — (188,035 ) Deferred income tax, net (135,002 ) (39,695 ) — 2,048 (172,649 ) (1) As of December 31, 2021 |
Schedule of deferred income tax assets and liabilities | The following amounts, are disclosed in the consolidated statement of financial position: As of December 31, 2021 As of December 31, 2020 Deferred income tax assets, net 2,771 565 Deferred income tax liabilities, net 175,420 135,567 |
Schedule of major components of tax expense income | Income tax breaks down as follows: Year ended Year ended Year ended Current income tax Current income tax (expense) (62,419 ) (184 ) (3,032 ) Difference in the estimate of previous — — 1,146 Deferred income tax Deferred income tax relating to origination (39,695 ) 10,297 (14,346 ) Income tax (expense) / benefit reported in the (102,114 ) 10,113 (16,232 ) Deferred tax charged to OCI 2,048 (114 ) 394 Total income tax (expense) / benefit (100,066 ) 9,999 (15,838 ) |
Schedule of reconciliation of income taxes | Below is the reconciliation between income tax expense and the amount resulting from the application of the tax rate to profit / (loss) before income tax: Year ended Year ended Year ended Profit / (loss) before income tax 152,764 (112,862 (16,491 Effective income tax rate 30 % 30 % 30 % Income tax at the effective tax rate pursuant to (45,829 ) 33,859 4,947 Items that adjust income tax (expense) / Nondeductible expenses (6,600 ) (2,449 ) (1,782 ) Inflation adjustment (98,348 ) (32,086 ) (31,796 ) Effect on the measurement of monetary and 86,724 24,628 15,395 Unrecognized tax losses and other assets (4,047 ) (7,039 ) (7,285 ) Effect of tax losses (1) 31,232 (179 ) 1,675 Effect related to statutory income tax rate (2) (67,312 ) (6,384 ) 2,721 Application of tax credits 9,710 — — Effect related to the difference in tax rate (7,637 ) — — Difference in the estimate of previous fiscal — — 1,146 Other (7 ) (237 ) (1,253 ) Total income tax benefit / (expense) (102,114 ) 10,113 (16,232 ) (1) See Note 16.1. (2) Maily include effects of Note 33.1. |
Summary of tax losses carryforwards | Below are the accumulated tax losses not recognized and their due dates: As of December 31, As of December 31, 2027 — 4,324 2028 47,071 50,788 2029 13,781 22,999 As from 2030 2,062 11,701 Total accumulated tax losses not recognized 62,914 89,812 |
Schedule of breakdown of income tax liability | Income tax liabilities break down as follows: As of December 31, As of December 31, Current Income tax, net of withholdings and prepayments 44,625 — Total current 44,625 — |
Trade and other receivables (Ta
Trade and other receivables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Tabular disclosure of trade and other receivables | As of December 31, As of December 31, Noncurrent Other receivables: Prepayments, tax receivables and others: Prepayments and other receivables 15,236 9,884 Value added tax (“VAT”) 4,010 5,562 Turnover tax 765 789 Income tax — 11,995 Minimum presumed income tax — 1,034 20,011 29,264 Financial assets: Loans to employees 199 546 199 546 Total noncurrent trade and other receivables 20,210 29,810 As of December 31, As of December 31, Current Trade: Oil and gas accounts receivable (net of allowance of 25,224 23,260 25,224 23,260 Other receivables: Prepayments, tax credits and other: VAT 9,131 17,022 Prepaid expenses 3,633 3,228 Income tax 860 254 Turnover tax 42 406 13,666 20,910 Financial assets: Receivables from joint operations 2,286 24 Accounts receivable from third parties 2,025 1,974 Gas IV Plan (Note 2.5.3.2) 1,729 — Advances to directors and loans to employees 491 499 LPG price stability program 293 322 RI program (Note 2.5.3.1) — 4,012 Other 382 18 7,206 6,849 Other receivables 20,872 27,759 Total current trade and other receivables 46,096 51,019 |
Reconciliation of changes in allowance account for credit losses | The changes in the allowance for expected credit losses of trade and other receivables are as follows: As of December 31, As of December 31, Amounts at beginning of year (3 ) (100 ) (Reversal)/ Allowance for expected credit losses (406 ) 22 Disposal — 67 Foreign exchange differences 3 8 Amounts at end of the year (406 ) (3 ) |
Financial assets and liabilit_2
Financial assets and liabilities (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Statement of financial position [abstract] | |
Summary of classification of borrowings | As of December 31, As of December 31, Noncurrent Borrowings 447,751 349,559 Total noncurrent 447,751 349,559 Current Borrowings 163,222 190,227 Total current 163,222 190,227 Total Borrowings 610,973 539,786 |
Summary of maturities of borrowings (excluding lease liabilities) and exposure to interest rates | Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates: As of December 31, As of December 31, Fixed interest Less than 1 year 109,016 113,174 From 1 to 2 years 112,860 105,652 From 2 to 5 years 214,491 134,623 Over 5 years 75,468 — Total 511,835 353,449 Variable interest Less than 1 year 54,206 77,053 From 1 to 2 years 44,932 64,352 From 2 to 5 years — 44,932 Total 99,138 186,337 Total Borrowings 610,973 539,786 |
Summary of detailed information about borrowings | The carrying amount of borrowings effective as of December 31, 2021, is as follows: Subsidiary Bank Execution date Currency Principal Interest Annual rate Maturity date Carrying amount Vista Argentina Banco Galicia, Banco (1) July, 2018 US 150,000 Variable LIBOR % (1) July, 2023 184,581 150,000 Fixed 8 % Vista Argentina Banco BBVA S.A. July, 2019 US 15,000 Fixed 9.40 % July, 2022 5,081 Vista Argentina Santander International January, 2021 US 11,700 Fixed 1.80 % January, 2026 137 (2) Subsidiary Bank Execution date Currency Principal Interest Annual rate Maturity date Carrying amount Vista Argentina Santander International July, 2021 US 43,500 Fixed 2.05 % July, 2026 60 (2) Vista Argentina Bolsas y Mercados Argentinos S.A. December, 2021 ARS 917,892 Fixed 32 % March, 2022 3,191 (3) Subsidiary Instrument Execution date Currency Principal Interest Annual rate Maturity date Carrying Vista Argentina ON II August, 2019 US 50,000 Fixed 8.50 % August, 2022 50,492 Vista Argentina ON III February, 2020 US 50,000 Fixed 3.50 % February, 2024 50,316 Vista Argentina ON IV (1) August, 2020 ARS 725,650 Variable Badlar % February, 2022 7,427 Vista Argentina ON V August, 2020 US 20,000 Fixed 0 % August, 2023 19,869 December, 2020 US 10,000 Fixed 0 % August, 2023 9,931 Vista Argentina ON VI December, 2020 US 10,000 Fixed 3.24 % December, 2024 9,940 Vista Argentina ON VII March, 2021 US 42,371 Fixed 4.25 % March, 2024 41,970 Vista Argentina ON VIII March, 2021 ARS (2) 3,054,537 Fixed 2.73 % September, 2024 40,888 Vista Argentina ON IX June, 2021 US 38,787 Fixed 4.00 % June, 2023 38,551 Vista Argentina ON X June, 2021 ARS (2) 3,104,063 Fixed 4.00 % March, 2025 36,891 Subsidiary Instrument Execution date Currency Principal Interest Annual rate Maturity date Carrying Vista Argentina ON XI August, 2021 US 9,230 Fixed 3.48 % August, 2025 9,196 Vista Argentina ON XII August, 2021 US 100,769 Fixed 5.85 % August, 2031 102,452 |
Summary of reconciliation of liabilities arising from financing activities | Changes in the borrowings were as follows: As of December 31, As of December 31, Amounts at beginning of year 539,786 451,413 Proceeds from borrowings (1) 361,203 198,618 Borrowings interest (Note 11.2) (2) 50,660 47,923 Payment of borrowings costs (3,326 ) (2,259 ) Payment of borrowings interest (54,636 ) (43,756 ) Payment of borrowings principal (284,695 ) (98,761 ) Amortized cost (Note 11.3) (2) 4,164 2,811 Remeasurement in borrowings (Note 11.3) (2) 19,163 — Changes in foreign exchange rate (2) (21,346 ) (16,203 ) Amounts at end of year 610,973 539,786 (1) As of December 31, 2021, including 358,093 201,728 (2) These transactions did not generate cash flows. |
Schedule of warrants liability | The liability for warrants will eventually be part of the Company’s equity (Series A ordinary shares) when the securities are exercised or will be extinguished once pending securities expire and will not give rise to a cash disbursement by the Company. Noncurrent As of December 31, As of December 31, Warrants 2,544 362 Total noncurrent 2,544 362 |
Summary of financial instruments by category | The following chart includes the financial instruments broken down by category: As of December 31, 2021 Financial assets/liabilities at Financial assets/liabilities FVTPL Total financial Assets Defined benefit asset’s plan (Note 23) 7,594 — 7,594 Trade and other receivables (Note 17) 199 — 199 Total noncurrent financial assets 7,793 — 7,793 Cash, bank balances and other short-term investments (Note 20) 185,546 129,467 315,013 Trade and other receivables (Note 17) 32,430 — 32,430 Total current financial assets 217,976 129,467 347,443 Liabilities Borrowings (Note 18.1) 447,751 — 447,751 Trade and other payables (Note 26) 50,159 — 50,159 Warrants (Note 18.3) — 2,544 2,544 Lease liabilities (Note 15) 19,408 — 19,408 Total noncurrent financial liabilities 517,318 2,544 519,862 Borrowings (Note 18.1) 163,222 — 163,222 Trade and other payables (Note 26) 138,482 — 138,482 Lease liabilities (Note 15) 7,666 — 7,666 Total current financial liabilities 309,370 — 309,370 As of December 31, 2020 Financial assets/liabilities at Financial assets/liabilities FVTPL Total financial Assets Defined benefit asset’s plan (Note 23) 8,004 — 8,004 Trade and other receivables (Note 17) 546 — 546 Total noncurrent financial assets 8,550 — 8,550 Cash, bank balances and other short-term investments (Note 20) 170,851 32,096 202,947 Trade and other receivables (Note 17) 30,109 — 30,109 Total current financial assets 200,960 32,096 233,056 F-5 8 As of December 31, 2020 Financial amortized cost Financial FVTPL Total financial assets/liabilities Liabilities Borrowings (Note 18.1) 349,559 — 349,559 Warrants (Note 18.3) — 362 362 Lease liabilities (Note 15) 17,498 — 17,498 Total noncurrent financial liabilities 367,057 362 367,419 Borrowings (Note 18.1) 190,227 — 190,227 Trade and other payables (Note 26) 118,619 — 118,619 Lease liabilities (Note 15) 6,183 — 6,183 Total current financial liabilities 315,029 — 315,029 |
Summary of financial income and expense | Below are income, expenses, profit, or loss from each financial instrument: For the year ended December 31, 2021 : Financial assets/liabilities at amortized cost Financial assets/liabilities at FVTPL Total Interest income (Note 11.1) 65 — 65 Interest expense (Note 11.2) (50,660 ) — (50,660 ) Amortized cost (Note 11.3) (4,164 ) — (4,164 ) Changes in the fair value of warrants (Note 11.3) — (2,182 ) (2,182 ) Net changes in foreign exchange rate (Note 11.3) 14,328 14,328 Discount of assets and liabilities at present value (Note 11.3) (2,300 ) (2,300 ) Changes in the fair value of financial assets (Note 11.3) — 5,061 5,061 Interest expense on lease liabilities (Note 11.3) (1,079 ) — (1,079 ) Discount for well plugging and abandonment (Note 11.3) (2,546 ) — (2,546 ) Remeasurements of borrowings (Note 11.3) (19,163 ) — (19,163 ) Other (Note 11.3) 4,851 — 4,851 Total (60,668 ) 2,879 (57,789 ) For the year ended December 31, 2020: Financial assets/liabilities at amortized cost Financial assets/liabilities at FVTPL Total Interest income (Note 11.1) 822 — 822 Interest expense (Note 11.2) (47,923 ) — (47,923 ) Amortized cost (Note 11.3) (2,811 ) — (2,811 ) Changes in the fair value of warrants (Note 11.3) — 16,498 16,498 Net changes in foreign exchange rate (Note 11.3) 3,068 — 3,068 Discount of assets and liabilities at present value (Note 11.3) (3,432 ) — (3,432 ) Impairment of financial assets (Note 11.3) (4,839 ) — (4,839 ) Changes in the fair value of financial assets (Note 11.3) — (645 ) (645 ) Interest expense on lease liabilities (Note 11.3) (1,641 ) — (1,641 ) Discount for well plugging and abandonment (Note 11.3) (2,584 ) — (2,584 ) Other (Note 11.3) 633 — 633 Total (58,707 ) 15,853 (42,854 ) For the year ended December 31, 2019: Financial assets/liabilities at Financial assets/liabilities at FVTPL Total Interest income (Note 11.1) 3,770 — 3,770 Interest expense (Note 11.2) (34,163 ) — (34,163 ) Financial assets/liabilities at Financial assets/liabilities at FVTPL Total Amortized cost(Note 11.3) (2,076 ) — (2,076 ) Changes in the fair value of warrants (Note 11.3) — 6,840 6,840 Net changes in foreign exchange rate (Note 11.3) (2,991 ) — (2,991 ) Discount of assets and liabilities at present value (Note 11.3) (10 ) — (10 ) Changes in the fair value of the financial assets (Note 11.3) — 873 873 Interest expense on lease liabilities (Note 11.3) (1,561 ) — (1,561 ) Discount for well plugging and abandonment (Note 11.3) (1,723 ) — (1,723 ) Other (Note 11.3) (67 ) — (67 ) Total (38,821 ) 7,713 (31,108 ) |
Summary of financial assets and liabilities measured at fair value | The following chart shows the Company’s financial assets and liabilities measured at fair value as of December 31, 2021 and 2020: As of December 31, 2021 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss Short term investments 129,467 — — 129,467 Total assets 129,467 — — 129,467 As of December 31, 2021 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at fair value through profit or loss Warrants — — 2,544 2,544 Total liabilities — — 2,544 2,544 As of December 31, 2020 Level 1 Level 2 Level 3 Total Assets Financial assets at fair value through profit or loss Short term investments 32,096 — — 32,096 Total assets 32,096 — — 32,096 As of December 31, 2020 Level 1 Level 2 Level 3 Total Liabilities Financial liabilities at fair value through profit or loss Warrants — — 362 362 Total liabilities — — 362 362 F-60 |
Summary of weighted average assumptions used to estimate fair value | The following assumptions were used in estimating the fair value of warrants as of December 31, 2021, and 2020: As of December 31, 2021 As of December 31, 2020 Annualized volatility 39.94 % 40.21 % Risk free domestic interest rate 7.15 % 4.34 % Risk free foreign interest rate 0.55 % 0.13 % Remainder period in years 1.29 years 2.29 years |
Reconciliation of level 3 fair value measurements | Reconciliation of level 3 measurements at fair value: As of December 31, 2021 As of December 31, 2020 Warrants liability amount at beginning of year: 362 16,860 Loss / (profit) from changes in the fair value of warrants (Note 11.3) 2,182 (16,498 ) Amounts at end of year (Note 18.3) 2,544 362 |
Summary of fair value of liabilities | As of December 31, 2021 Carrying amount Fair value Level Liabilities Borrowings 610,973 560,409 2 Total liabilities 610,973 560,409 As of December 31, 2020 Carrying amount Fair value Level Liabilities Borrowings 539,786 567,381 2 Total liabilities 539,786 567,381 |
Summary of effect of change in foreign exchange rates | As of December 31, As of December 31, Changes in rates in Argentine pesos +/- 63 % +/- 50 % Effect on profit or loss (69,835 ) / 69,835 (22,170 ) / 22,170 Effect on equity (69,835 ) / 69,835 (22,170 ) / 22,170 |
Summary of sensitivity analysis for types of market risk | As of December 31, 2021 As of December 31, 2020 Changes in government bonds +/- 10 % +/- 10 % Effect on profit before income tax 380 / (380) 163 / (163) Changes in mutual funds +/-10 % +/-10 % Effect on profit before income tax 12,567 / (12,567) 3,046 / (3,046) |
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 with respect to its interest in all receivables as of December 31, 2021, and 2020 and revenue per year. As of December 31, As of December 31, Percentages to total trade receivables: Customers Raizen Argentina S.A. 53 % 25 % Trafigura Argentina S.A. 2 % 25 % Camuzzi Gas Pampeana, S.A. 1 % 13 % For the year ended December 31, 2021 For the year ended December 31, 2020 Percentages to revenue from contracts with customers per product: Crude oil Trafigura Argentina S.A. 40 % 46 % Raizen Argentina S.A. 26 % 17 % Valero Marketing and Supply Company 10 % - % ENAP Refinerías S.A. 6 % 12 % Trafigura Pte LTD 5 % 17 % Natural Gas Generación Mediterránea S.A. 15 % - % Cía. Administradora del Mercado Mayorista Eléctrico S.A. 10 % - % Rafael G. Albanesi S.A. 11 % 22 % Camuzzi Gas Pampeana S.A. 3 % 29 % Metroenergía S.A. 1 % 13 % |
Summary of credit risk exposure | Below is the information on the credit risk exposure of the Company’s trade receivables: As of December 31, 2021 To fall due <90 days 90–365 days >365 days Total Days past due Estimated total gross amount at default 23,729 1,495 406 — 25,630 Expected credit losses — — (406 ) — (406 ) 25,224 As of December 31, 2020 To fall due <90 days 90–365 days >365 days Total Days past due Estimated total gross amount at default 18,236 5,024 3 — 23,263 Expected credit losses — — (3 ) — (3 ) 23,260 |
Summary of managing liquidity risk | Below is the assessment of the Company’s liquidity risk as of December 31, 2021, and 2020: As of December 31, As of December 31, Current assets 375,070 267,836 Current liabilities 385,738 333,738 Liquidity i 0.972 0.803 |
Summary of contractual undiscounted cash flows of financial liabilities | As of December 31, 2021 Financial liabilities except Borrowings Total To fall due: Less than 1 year 146,148 163,222 309,370 From 1 to 2 years 58,372 157,792 216,164 From 2 to 5 years 9,688 214,491 224,179 Over 5 years 4,051 75,468 79,519 Total 218,259 610,973 829,232 As of December 31, 2020 Financial liabilities except Borrowings Total To fall due: Less than 1 year 124,802 190,227 315,029 From 1 to 2 years 5,733 170,004 175,737 From 2 to 5 years 12,127 179,555 191,682 Total 142,662 539,786 682,448 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure Of Detailed Information About Inventory | As of December 31, As of December 31, Materials and spare parts 8,739 7,743 Crude oil stock (Note 6.2) 5,222 6,127 Total 13,961 13,870 |
Cash, bank balances and other_2
Cash, bank balances and other short-term investments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Disclosure of Cash and Cash Equivalents | As of December 31, As of December 31, Mutual funds 126,204 30,886 Money market funds 106,915 167,553 Cash in banks 78,098 2,875 Government bonds 3,796 1,633 Total 315,013 202,947 Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 (three) months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents: As of December 31, As of December 31, Cash, bank balances and other short-term investments 315,013 202,947 Less Government bonds (3,796 ) (1,633 ) Cash and cash equivalents 311,217 201,314 |
Capital stock and capital ris_2
Capital stock and capital risk management (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Text Block [Abstract] | |
Summary of detailed information about changes in equity | The following chart shows a reconciliation of the movements in the Company’s capital stock for the years ended December 31, 2021, 2020 and 2019: Series A Publicly traded shares Series A Private Offering Series B Series C Total Amount 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 to be granted in LTIP — 1 — — 1 Number of shares — 317,932 — — 317,932 Amounts as of December 31, 2019 569,160 90,239 — — 659,399 Number of shares 77,315,572 9,817,932 — 2 87,133,506 Series A shares to be granted in LTIP — 1 — — 1 Number of shares — 717,782 — — 717,782 Amounts as of December 31, 2020 569,160 90,240 — — 659,400 Number of shares 77,315,572 10,535.714 — 2 87,851,288 Series A shares to be granted in LTIP — 1 — — 1 Number of shares — 778,591 — — 778,591 Reduction of share capital adopted at the Ordinary General Shareholders’ meeting on December 14, 2021 (72,695 ) — — — (72,695 ) Number of shares — — — — — Amounts as of December 31, 2021 496,465 90,241 — — 586,706 Number of shares 77,315,572 11,314,305 — 2 88,629,879 |
Summary of leverage ratios | The leverage ratio as of December 31, 2021, and 2020, is as follows: As of December 31, As of December 31, Total borrowings and lease liabilities 638,047 563,467 Less: Cash, bank balances and other short-term investments (315,013 ) (202,947 ) Net debt 323,034 360,520 Total equity 565,259 508,518 Leverage ratio 57.00 % 71.00 % |
Provisions (Tables)
Provisions (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of classification of provisions | As of December 31, As of December 31, Noncurrent Well plugging and abandonment 28,920 23,349 Environmental remediation 737 560 Total noncurrent 29,657 23,909 As of December 31, As of December 31, Current Well plugging and abandonment 1,876 584 Environmental remediation 862 1,141 Contingencies 142 359 Total current 2,880 2,084 |
Summary of movements in provision | Below are the changes in the provision for well plugging and abandonment for the year: As of December 31, As of December 31, Amounts at beginning of year 23,933 21,748 Discount for well plugging and abandonment (Note 11.3) 2,546 2,584 Increase / (Decrease) in the change in capitalized estimates (Note 13) 2,112 (366 ) Decrease from transfer of interest in CASO (Note 1.3) (630 ) — Increase from acquisition of AFBN assets (Note 1.5) 2,773 — Foreign exchange differences 62 (33 ) Amounts at end of year 30,796 23,933 F-73 Below are the changes in the provision for environmental remediation for the year: As of December 31, As of December 31, Amounts at beginning of year 1,701 2,499 Increases (Note 10.2) 1,029 463 Foreign exchange differences (1,131 ) (1,261 ) Amounts at end of year 1,599 1,701 22.3 Provision for contingencies Below are the changes in the provision for contingencies for the year: As of December 31, As of December 31, Amounts at beginning of year 359 322 Increases (Note 10.2) 652 267 Foreign exchange differences (345 ) (230 ) Amounts incurred for payments (524 ) — Amounts at end of year 142 359 |
Employee benefits (Tables)
Employee benefits (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of employee benefit costs | Year ended December 31, Year ended December 31, Cost of the current services (28 ) (60 ) Cost of interest (219 ) (190 ) Total (247 ) (250 ) As of December 31, 2020 Present value of the Asset’s plan Net liabilities Amounts at beginning of year (12,351 ) 7,882 (4,469 ) Items classified as loss or profit Cost of services (60 ) — (60 ) Cost of interest (587 ) 397 (190 ) Items classified in other comprehensive income Actuarial remediation (losses) 735 (275 ) 460 Benefit payments 798 (798 ) — Payment of contributions — 798 798 Amounts at end of year (11,465 ) 8,004 (3,461 ) |
Summary of obligations for defined benefit plans | As of December 31, 2021 Present value of the obligation Asset’s plan Net liabilities Amounts at beginning of year (11,465 ) 8,004 (3,461 ) Items classified as loss or profit Cost of services (28 ) — (28 ) Cost of interest (610 ) 391 (219 ) Items classified in other comprehensive income Actuarial remediation (losses) (4,394 ) (119 ) (4,513 ) Benefit payments 1,081 (1,081 ) — Payment of contributions — 399 399 Amounts at end of year (15,416 ) 7,594 (7,822 ) |
Summary of fair value of plan assets | The fair value of asset’s plan as of every year end per category, is as follows: As of December 31, As of December 31, Cash and cash equivalents 7,594 — US Government bonds — 8,004 Total 7,594 8,004 |
Summary of estimated expected benefits payments | Below are the estimated payments of benefits expected for the next 10 (ten) years. The amounts in the chart show nondiscounted cash flows; thus, they do not reconcile with the obligations booked as of year-end: As of December 31, As of December 31, Less than 1 year 1,204 901 1 to 2 years 1,232 889 2 to 3 years 1,213 899 3 to 4 years 1,213 884 4 to 5 years 1,198 885 6 to 10 years 5,752 4,239 |
Summary of significant actuarial assumptions used | Below are the significant actuarial estimates used: As of December 31, As of December 31, Discount rate 5 % 5 % Asset rate of return 5 % 5 % Salary rise 1 % 1 % The following sensitivity analysis shows the effect of a variation in the discount rate and salaries increase on the obligation amount. |
Salaries and payroll taxes (Tab
Salaries and payroll taxes (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of salaries and social security payable | As of December 31, As of December 31, Current Provision for gratifications and bonus 12,102 7,029 Salaries and social security contributions 5,389 4,479 Total current 17,491 11,508 |
Other taxes and royalties (Tabl
Other taxes and royalties (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of other taxes and royalties payable | As of December 31, As of December 31, Current Royalties 9,547 4,152 Tax withholdings 873 843 VAT 33 46 Other 919 76 Total current 11,372 5,117 |
Trade and other payables (Table
Trade and other payables (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of trade and other payables | As of December 31, As of December 31, Noncurrent Accounts payables: Payables to partners for joint operations (1) 50,159 — Total noncurrent accounts payables 50,159 — Total noncurrent 50,159 — Current Accounts payables: Suppliers 119,255 117,409 Total current accounts payables 119,255 117,409 Other accounts payables: Payables to partners for joint operations (1) 19,007 664 Extraordinary fee for Gas IV Plan (Note 2.5.3.2) 220 — Extraordinary fee for the RI program (Note 2.5.3.1) — 546 Total other current accounts payables 19,227 1,210 Total current 138,482 118,619 (1) As of December 31, 2021, including 50,159 and 18,913 in noncurrent and current accounts, respectively, related to the carry agreement mentioned in Note 1.5, recognized at present value. |
Related parties transactions _2
Related parties transactions and balances (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Disclosure of key management personnel remuneration | Below are the amounts recognized in the consolidated statements of profit or loss and other comprehensive income related to Company key personnel: As of December 31, As of December 31, As of December 31, 2019 Short-term benefits 11,626 7,273 9,080 Share-based payment transactions 8,875 8,699 9,175 Total compensation paid to key personnel 20,501 15,972 18,255 |
Operations in hydrocarbon con_2
Operations in hydrocarbon consortiums (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
Summary Of Joint Operations And Consortia For The Exploration And Production Of Oil And Gas [Line Items] | |
Summary of financial information of joint operation | As of December 31, As of December 31, Assets Noncurrent assets 88,927 11,465 Current assets 6,432 3,967 Liabilities Noncurrent liabilities 57,088 1,353 Current liabilities 23,913 3,509 Year ended December 31,2021 Year ended December 31,2020 Year ended December 31,2019 Revenue from contracts with customers 3,200 2,490 4,522 Operating costs (4,513 ) (4,914 ) (9,103 ) Selling expenses (256 ) (4 ) (106 ) General and administrative expenses (953 ) (1,760 ) (1,488 ) Exploration expenses (446 ) (646 ) (667 ) Other operating income and expenses (8,076 ) (1,385 ) (74 ) Financial results, net (457 ) 56 (961 ) Total (11,501 ) (6,163 ) (7,877 ) |
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, 2021, 2020, and 2019, the Company, through its subsidiaries, is the owner and part of the joint operations and consortia for oil and gas exploration and production, as shown below: Name Location Equity interest Operator Up to 2021 2020 2019 Argentina 25 de Mayo - Medanito S.E. Río Negro 100 % 100 % 100 % Vista Argentina 2026 Jagüel de los Machos Río Negro 100 % 100 % 100 % Vista Argentina 2025 Bajada del Palo Este Neuquén 100 % 100 % 100 % Vista Argentina 2053 Bajada del Palo Oeste Neuquén 100 % 100 % 100 % Vista Argentina 2053 Entre Lomas Río Negro 100 % 100 % 100 % Vista Argentina 2026 Entre Lomas Neuquén 100 % 100 % 100 % Vista Argentina 2026 Agua Amarga - “Charco del Palenque” Río Negro 100 % 100 % 100 % Vista Argentina 2034 Agua Amarga - “Jarilla Quemada” Río Negro 100 % 100 % 100 % Vista Argentina 2040 Coirón Amargo Sur Oeste Neuquén — % 10 % 10 % Shell Argentina S.A. 2053 Coirón Amargo Norte Neuquén 84.62 % 84.62 % 55 % Vista Argentina 2036 Acambuco - “San Pedrito” Salta 1.5 % 1.5 % 1.5 % Pan American Energy 2036 Acambuco - “Macueta” Salta 1.5 % 1.5 % 1.5 % Pan American Energy 2040 Sur Río Deseado Este Santa Cruz — % 16.9 % 16.9 % Alianza Petrolera Argentina S.A. 2021 Águila Mora Neuquén 90 % 90 % 90 % Vista Argentina 2054 Aguada Federal Neuquén 50 % — % — % Wintershall 2050 Bandurria Norte Neuquén 50 % — % — % Wintershall 2050 Mexico Area CS-01 Tabasco 100 % 50 % 50 % Vista Holding II 2047 Area A-10 Tabasco — % 50 % 50 % Jaguar 2047 Area TM-01 Veracruz — % 50 % 50 % Jaguar 2047 |
Share-based payments (Tables)
Share-based payments (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of number and weighted average exercise prices (WAEP) of, and movements in, share options | The following table shows the number of stock options and the weighted average exercise price (“WAEP”) for the year and the movements for the years: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Number of WAEP Number of WAEP Number of WAEP At beginning of year 5,668,825 6.0 3,994,004 7.8 1,330,541 10.0 Granted during the year 3,455,284 2.9 1,711,307 2.1 2,704,003 6.7 Cancelled during the year — — (36,486 ) 10.0 (40,540 ) 10.0 At end of year 9,124,109 4.9 5,668,825 6.0 3,994,004 7.8 |
Summary of valuation assumptions of stock option plan | The following table shows the inputs used for the plan for the year: 2021 2020 2019 Dividend yield (%) 0.0% 0.0% 0.0% Expected volatility (%) 34% 34% 40% Risk–free interest rate (%) 1.4% 0.7% 2.5% Expected life of share options (years) 10 10 5 Weighted average exercise price (US) 2.9 2.10 6.7 Model used Black-Scholes Black-Scholes Black-Scholes |
Summary of number and weighted average exercise prices (WAEP) of, and movements in, restricted stock | The following table shows the number of Series A shares and WAEP for the year and the movements during the year: Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Number of Series A shares WAEP Number of Series A shares WAEP Number of Series A shares WAEP At beginning of year 3,769,299 5.4 2,207,012 7.8 854,750 10.0 Granted during the year 1,993,039 2,9 1,581,037 2.1 1,356,762 6.7 Cancelled during the year — — (18,750 ) 6.7 (4,500 ) 10.0 At end of year 5,762,338 4.5 3,769,299 5.4 2,207,012 7.8 |
Supplementary Information On _2
Supplementary Information On Oil And Gas Activities (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2021 | |
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Summary of costs capitalized as well as expensed that were incurred | The following table shows capitalized costs and expenses incurred in the years ended December 31, 2021, 2020 and 2019. The acquisition of properties includes the costs incurred to acquire proved or unproved oil and gas properties. Exploration costs include the costs required to retain undeveloped properties, seismic acquisition costs, seismic data interpretation, geologic modelling, costs of drilling exploration wells and drilled well testing. Development costs include drilling costs and equipment for development wells, the construction of facilities for hydrocarbon extraction, treatment and storage and all the costs needed to maintain facilities for existing developed reserves. Year ended Year ended Year ended Argentina Mexico Argentina Mexico Argentina Mexico Acquisition of properties Proved — — — — — — Unproved (69,693 ) — — — — 278 Total acquisition of properties (69,693 ) — — — — 278 Exploration — (561 ) — (646 ) (9 ) (667 ) Development (280,686 ) (13,475 ) (186,030 ) (2,031 ) (146,935 ) (601 ) Total costs incurred (350,379 ) (14,036 ) (186,030 ) (2,677 ) (146,944 ) (990 ) |
Summary of capitalized costs | Year ended December 31, 2021 Year ended December 31, 2020 Year ended December 31, 2019 Argentina Mexico Argentina Mexico Argentina Mexico Proved properties (1) Machinery, facilities, software licenses and other 37,519 476 34,407 485 29,757 40 Oil and gas properties and wells 1,614,708 34,698 1,258,223 — 1,040,250 — Works in progress 84,978 6,267 76,924 2,632 74,924 601 Unproved properties — 15,359 — 29,403 Gross capitalized costs 1,737,205 41,441 1,369,554 18,476 1,144,931 30,044 Cumulative depreciation (549,885 ) (281 ) (364,964 ) (94 ) (222,847 ) (3 ) Total net capitalized costs 1,187,320 41,160 1,004,590 18,382 922,084 30,041 (1) Including capitalized amounts related to well plugging and abandonment and impairment loss/reversal. |
Summary of results of operations | The following breakdown of results of operations summarizes income and expenses directly related to oil and gas production for the years ended December 31, 2021, 2020 and 2019. Income tax for these periods was calculated using statutory tax rates. Year ended Year ended Year ended December 31, 2019 Revenue from contracts with customers 652,187 273,938 415,976 Total revenue 652,187 273,938 415,976 Production costs excluding depreciation Operating costs (107,123 ) (88,018 ) (114,431 ) Royalties (86,241 ) (38,908 ) (61,008 ) Total production costs (193,364 ) (126,926 ) (175,439 ) Exploration expenses (561 ) (646 ) (676 ) Discount for well plugging and abandonment (2,546 ) (2,584 ) (1,723 ) Reversal / Impairment of long-lived assets 14,044 (14,438 ) — Depreciation, depletion and amortization (191,313 ) (147,674 ) (153,001 ) Operating (loss) before income tax 278,447 (18,330 ) 85,137 Income tax (83,534 ) 5,499 (25,541 ) Oil and 194,913 (12,831 ) 59,596 |
Summary of estimated oil and natural gas proved reserves and technical volumes | The following tables show proved oil reserves, net (including crude oil, condensate oil and LNG) and natural gas reserves, net, as of December 31, 2021, and 2020, according to VISTA’s interest percentage in the related concessions: Proved reserves as of December 31, 2019 Argentina Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl 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 Mexico Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl 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, 2020 Argentina Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 37.6 86.1 15.3 Proved undeveloped 61.8 73.9 13.1 Total proved reserves 99.4 160.0 28.4 Mexico Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 0.2 0.7 0.1 Proved undeveloped 0.0 0.0 0.0 Total proved reserves 0.2 0.7 0.1 Proved reserves as of December 31, 2021 Argentina Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 48.2 90.8 16.2 Proved undeveloped 95.1 99.4 17.7 Total proved reserves 143.3 190.2 33.9 Mexico Crude oil (1) Natural Gas Natural Gas Categories of reserves (MMBbl) (Bcf) (MMBbl Proved developed 0.3 0.2 0.0 Proved undeveloped 3.0 6.0 1.1 Total proved reserves 3.3 6.2 1.1 (1) It refers to crude oil, condensate, and LNG. |
Summary of reconciliation of the company's reserves | The following table shows the reconciliation of the Company’s reserve data between December 31, 2018 and December 31,2019: Crude oil (4) Natural Gas (5) Natural Gas Argentina (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2018 34.2 131.6 23.4 Increase (decrease) attributable to: Review of prior estimates (1) 2.4 17.8 3.2 Extension and discoveries (2) 41.0 43.0 7.6 Production for the year (3) (6.8 ) (20.4 ) (3.6 ) Reserves as of December 31,2019 70.8 172.0 30.6 (1) Revision of previous estimates material increments were related to well performance in the following concessions: Entre Lomas (+0.9 MMbbl and +11.6 Bcf), Acambuco (+1.0 Bcf), Bajada del Palo Este (+0.2 MMbbl and +1.0 Bcf) and Jagüel de los Machos (+1.0 MMbbl and +1.3 Bcf). Additionally, there was an addition of 0.3 MMbbl and 0.6 Bcf in the Coirón Amargo Sur Oeste concession related to a change in well design, an addition of 1.6 MMbbl and 2.3 Bcf related to the Bajada del Palo Oeste shale oil project due to well performance of the first 4-well (-0.5 -1.0 (-0.2 -0.2 (-0.1 -0.1 (-0.8 (2) The material increments of 41.2 MMbbl and 43.8 Bcf in proved reserves is related to the Vaca Muerta shale oil development in the Bajada del Palo Oeste concession. Proved developed reserves increased 3.4 MMbbl and 3.5 Bcf, due to the tie-in 4-well 4-well (3) Considers Vista Argentina production at WI, except for Aguila Mora production (oil production of 35 bbl./d). (4) It refers to crude oil, condensate, and LNG. (5) Natural gas consumption represented 14.1% of consumption plus natural gas sale reported reserves volumes as of December 31, 2019. Crude oil Natural Gas Natural Gas Mexico (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2018 — — — Increase (decrease) attributable to: Extension and discoveries 0.2 0.8 0.2 Reserves as of December 31,2019 0.2 0.8 0.2 The following table shows the reconciliation of the Company’s reserves data between December 31, 2019 and December 31,2020: Crude oil (1) Natural Gas (6) Natural Gas Argentina (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2019 70.8 172.0 30.6 Increase (decrease) attributable to: Review of prior estimates (2) 4.4 (25.1 ) (4.6 ) Extensions and discoveries (3) 30.8 27.9 5.0 Purchases of onsite proved reserves (4) 0.3 0.6 0.1 Production for the year (5) (6.9 ) (15.4 ) (2.7 ) Reserves as of December 31, 2020 99.4 160.0 28.4 (1) It refers to crude oil, condensate, and LNG. (2) The conversion of proved undeveloped reserves to prove developed reserves is related to the start of production of the two pads (eight wells) classified as proved undeveloped reserves targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. The revisions of proved developed natural gas reserves are related to a lower performance of the gas wells in ELo Río Negro concess (-15.5 (-6.0 Performance revisions of undeveloped proved reserves in Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession are related to increased performance of the standard well as compared to the pads drilled in 2020 for (+1.1 MMbbl). Other undeveloped proved reserves were revised due to the removal in the development plan of three well locations targeting Lotena conventional formation in Bajada del Palo Oeste concession (-8.3 (-0.4 -0.5 (-0.3 -3.0 (-0.1 -0.1 (-0.3 -0.1 (3) The extensions are related to the addition of proved developed acreage related to the drilling of an unproved pad (four wells) targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. These extensions are related to 7 additional pads (26 wells) classified as proved undeveloped due to the successful preformation in Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. (4) Purchases related to the acquisition of additional interests in Coirón Amargo Norte concession (from 55.0% to 96.8%). (5) Considering Vista Argentina’s production. (6) Natural gas consumption stood at 13.5% as of December 31, 2020. Mexico Crude oil (1) Natural Gas Natural Gas (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2019 0.2 0.8 0.1 Increase (decrease) attributable to: Review of prior estimates (2) — 0.1 — Production for the year (3) — (0.2 ) — Reserves as of December 31, 2020 0.2 0.7 0.1 (1) It refers to crude oil, condensate, and LNG. (2) The performance revisions of proved developed oil and condensate reserves are related to an enhanced performance of CS-01 A-10 CS-01 (3) Considering Vista Holding II’s output. The following table shows the reconciliation of the Company’s reserve data between December 31, 2020, and December 31, 2021: Crude oil (1) Natural Gas (6) Natural Gas Argentina (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2020 99.4 160.0 28.4 Increase (decrease) attributable to: Review of prior estimates (2) 3.8 (5.4 ) (0.9 ) Extensions and discoveries (3) 53.5 53.7 9.6 Purchases of onsite proved reserves (4) (2.2 ) (1.9 ) (0.3 ) Production for the year (5) (11.2 ) (16.2 ) (2.9 ) Reserves as of December 31, 2021 143.3 190.2 33.9 (1) It refers to crude oil, condensate, and LNG. ( 2 The changes due to revisions of prior estimates of total proved oil reserves (+3.8 MMbbl) are mainly related to an extension of the economic cap applicable to the different concessions (+3.3 MMbbl) due to increased prices of liquid hydrocarbon (from USD 41.97 per barrel to USD 54.99 per barrel of condensate and C5+, and from USD 19.16 per barrel to USD 26.87 per barrel of LPG) and an enhanced performance of Bajada del Palo Oeste unconventional wells (+2.6 MMbbl), partly offset by a lower performance of the base production of Bajada del Palo Oeste (-0.6 25 (-0.6 (-0.5 (-0.4 The changes due to revisions of prior estimates of proved natural gas reserves (-5.4 bcf) are mainly related to the revision of the type curve of proved undeveloped reserves in Lotena formation (-4.9 Bcf) after profit (loss) from drilling wells in ; a lower performance of Borde Montuoso conventional wells in Bajada del Palo Oeste (-4.0 Bcf); of Charco Bayo gas wells in ELo Río Negro (-2.3 Bcf) concession; the lower performance of the new dry gas well drilled in in Bajada del Palo Oeste concession (-1.8 bcf), and a change in the development plan in gas reservoirs in conventional fields (-1.1 bcf), partly offset by an enhanced performance of Bajada del Palo Oeste unconventional wells (+ Bcf) and an extension of the economic cap applicable to the different concessions (+ bcf) due to higher commercial gas prices (from USD per cubic feet to USD per cubic feet). ( 3 The changes in total proved reserves due to the extension and discovery of oil (+53.5 MMbbl) and natural gas (+53.7 bcf) are mainly related to the extension of proved undeveloped acreage thanks to the addition of 11 (eleven) pads (44 wells) classified as proved undeveloped due to the successful drilling in Vaca Muerta unconventional formation in Bajada del Palo Oeste concession (46.2 MMbbl and 46.5 bcf) and to the extension of proved developed acreage related to the drilling of 2 (two) unproved pads (8 (eight) wells related to PAD 35 and PAD 44) in Vaca Muerta unconventional formation in Bajada del Palo Oeste concession under the farmout agreement with Trafigura (7.3 MMbbl and 7.2 bcf). ( 4 The changes due to purchases/sales of oil (-2.2 (-1.9 (-1.4 -1.0 mentioned in Note 1.3, and the farmout N (-0.9 -0.9 ( 5 Considering Vista Argentina’s output. (6) Natural gas consumption stood at 12.9% as of December 31, 2021. Crude oil (1) Natural Gas Natural Gas Mexico (MMBbl) (Bcf) (MMBbl Proved reserves (developed and undeveloped) Reserves as of December 31, 2020 0.2 0.7 0.1 Increase (decrease) attributable to: Review of prior estimates ( 2 1.5 3.0 0.5 Purchases of onsite proved reserves (3) 1.7 2.4 0.4 Production for the year ( 4 (0.1 ) — — Reserves as of December 31, 2021 3.3 6.2 1.1 (1) It refers to crude oil, condensate, and LNG. (2) The revisions of proved developed oil, condensate and natural gas reserves are related to the development plan approved by the CNH, as well as the drilling and completion of Vernet-1001 wells. (3) The changes due to purchases/sales of oil (+1.7 MMbbl) and natural gas (+2.4 bcf) are mainly related to the transfer of assets in Mexico, whereby Company increased its equity to 100% in CS-01 (4) Considering Vista Holding II’s output. |
Summary of standardized measure of discounted future cash flows | As of December 31, (1) As of December 31, (1) As of December 31, (1) Future cash flows 8,506 4,533 4,457 Future production costs (2,638 ) (1,921 ) (1,927 ) Future development and abandonment costs (1,294 ) (788 ) (748 ) Future income tax (1,432 ) (418 ) (410 ) Undiscounted future net cash flows 3,142 1,406 1,372 10% annual discount (1,630 ) (668 ) (597 ) Standardized measure of discounted future net cash flows (2) 1,512 738 775 (1) Amounts expressed in millions of US Dollars (“MM US”). ( 2 The standardized measure of future discounted cash flow (net) is related to the estimated value of reserves in Argentina. The table does not include the estimated value of the reserves in Mexico’s areas ( 24 1,2 MM US as of December 31, 2021 and 2020, respectively). |
Summary of changes in the standardized measure of discounted future net cash flows | The following table shows the changes in the standardized measure of future discounted cash flow, net, for the years ended December 31, 2021, 2020 and 2019: Year ended December 31, 2021 (1) Year ended December 31, 2020 (1) Year ended December 31, 2019 (1) Standardized measure of future 738 775 608 Net changes in selling prices and (2) 783 (241 ) (103 ) Net changes in estimated future (3) 28 (231 ) (525 ) Net changes from revisions of (4) 44 20 (1 ) Net changes from extensions, (5) 1,006 362 306 Cumulative discount 116 118 352 Net changes from on-site (6) (40 ) 2 — Other 58 Sales of crude oil, LNG and natural (429 ) 127 6 Estimated development costs (263 ) (206 ) 151 Net changes in income tax (7) (471 ) 12 (77 ) Changes in the standardized 774 (37 ) 167 Standardized measure of future discounted cash flow at end of 1,512 738 775 (1) Amounts expressed in millions of US Dollars. (2) For the year ended December 31, 2021, mainly affected by an increase in the prices of oil, condensate, gas and LPG, which increased from US 41.97 per barrel to US 54.99 per barrel of oil, condensate and C5+; from US 19.16 per barrel to US 26.87 per barrel of LPG, and from US 2.81 per cubic feet to US 3.92 per cubic feet of commercial gas. Also, for the year ended December 31, 2020, mainly affected by a decrease in effective oil prices, which fell from 55.9 US/bbl as of December 31, 2019, to 42.0 US/bbl as of December 31, 2020, partly offset by a 13.9% reduction in average production-related costs. Additionally, for the year ended December 31, 2019, mainly driven by a decrease in prevailing oil prices from 65.4 US/bbl. by December 31, 2018 to 55.9 US/bbl. by December 2019 partially offset by a reduction in average production costs of 25.1%. (3) For the years ended December 31, 2021, and December 31, 2020, related to revisions of development costs in Bajada del Palo Oeste unconventional area. For the year ended December 31, 2019, due to incorporation of a development plan for unconventional developed reserves in Bajada del Palo Oeste. Due to the development plan in Charco del Palenque (addition of two new locations), Entre Lomas Río Negro (recategorization of two probable gas workovers to prove developed). (4) For the year ended December 31, 2021, mainly affected by the extension of the economic caps of assets due to the increase in oil, condensate, gas and LPG prices, which increased from US 41.97 per barrel to US 54.99 per barrel of oil, condensate and C5+; from US 19.16 per barrel to US 26.87 per barrel of LPG, and from US 2.81 per cubic feet to US 3.92 per cubic feet of commercial gas, partly offset by a greater decline in certain conventional gas assets. Also, for the year ended December 31, 2020, related to an enhanced performance of drilled wells in Bajada del Palo Oeste in Vaca Muerta unconventional formation above the estimated type well. 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. (5) For the year ended December 31, 2021, mainly related to the extension of the proved area due to the addition of 44 proved undeveloped wells from the drilling activity conducted in Bajada del Palo Oeste area in Vaca Muerta formation with positive outcomes. For the year ended December 31, 2020 and 2019, due to the addition of proved reserves in unconventional Bajada del Palo Oeste, and the beginning of the development of Vaca Muerta formation in Bajada del Palo Oeste. (6) For the year ended December 31, 2021, related to the farmout agreement whereby Trafigura was granted a 20% interest in certain Bajada del Palo Oeste wells in Vaca Muerta formation (see note 1.2), and the sale of the 10% interest in CASO concession (see note 1.3). For the year ended December 31, 2020, related to the increase in the interest in Coirón Amargo Norte area (see Note 32). Without acquisitions for the year ended December 31, 2019 (7) For the year ended December 31, 2021, the changes are caused by the rise in income tax due to higher revenue mainly expected from the extensions and increases in hydrocarbon prices. For the year ended December 31, 2020 and 2019, due to decreasing/increasing expected cash inflows and changes in the income rate applicable to Argentine companies (see Note 33.1). |
Group information - Additional
Group information - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 17, 2022 | Jan. 14, 2022 |
Corporate and Company information [Line Items] | ||||||
Proportion of ownership interest by the Group | 50.00% | |||||
Notional amount | $ 25,000 | |||||
Farmout agreement [Member] | Trafigura [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of contractual rights | 20 | |||||
Percentage of investment costs | 20 | |||||
Paid consideration | $ 25,000 | |||||
Down payment | 5,000 | |||||
Installment | 5,000 | |||||
Disposals of Property plant and equipment | 882 | |||||
Disposals of Goodwill | 68 | |||||
Farmout agreement [Member] | Trafigura [Member] | Tranche One [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Proceeds From Joint Venture Agreement | 5,000 | |||||
Farmout agreement [Member] | Trafigura [Member] | Tranche Two [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Proceeds From Joint Venture Agreement | 9,050 | |||||
Venture agreement [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Paid consideration | 15,000 | |||||
Other operating income | 9,788 | |||||
Disposals of Property plant and equipment | $ 11,784 | |||||
Shell Argentina S A [Member] | Venture agreement [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Ownership percentage | 10.00% | |||||
Amount payable for venture agreement | $ 21,500 | |||||
Cash | 15,000 | |||||
Consideration Payable Towards Infrastructure Works | $ 6,500 | |||||
Vista Holding VII S.r.l [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of voting equity interests acquired | 100.00% | |||||
AFBN S.R.L [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Proportion of ownership interest by the Group | 100.00% | |||||
Percentage of voting equity interests acquired | 95.00% | |||||
AFBN [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of Concessions for Exploitation | 50.00% | |||||
Cash | $ 6,203 | |||||
Percentage of voting equity interests acquired | 5.00% | |||||
Concession Term | 2050 years | |||||
Oil and gas assets | $ 69,693 | |||||
Wintershall [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of voting equity interests acquired | 50.00% | |||||
Concession Term | 2023 years | |||||
Notional amount | $ 77,000 | |||||
Percentage Of Investments Costs | 50.00% | |||||
Vista Argentina [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |||
Percentage of voting equity interests acquired | 50.00% | |||||
Bajada del Palo Oeste [Member] | Farmout agreement [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of contractual rights | 80 | |||||
Percentage of investment costs | 80 | |||||
Ownership percentage | 100.00% | |||||
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 | 84.62% | |||||
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] | Aguada Federal [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of Concessions for Exploitation | 50.00% | |||||
Neuquen Basin Argentina [Member] | Bandurria Norte [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of Concessions for Exploitation | 50.00% | |||||
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 | 100.00% | |||||
Transfer Of Working Interest In CASO [Member] | Mexico 50% of blocks CS-01 [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Paid consideration | $ 850 | |||||
Other operating income | 198 | |||||
Transfer Of Working Interest In CASO [Member] | Mexico 50% of blocks CS-01 [Member] | Jaguar and Pantera [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Paid consideration | 5,501 | |||||
Disposals of Property plant and equipment | 5,126 | |||||
Other intangible assets | $ 673 | |||||
Transfer Of Working Interest In CASO [Member] | CS ZeroOne [Member] | Jaguar and Pantera [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Proportion of ownership interest by the Group | 50.00% | |||||
AdditionProportionOfOwnershipInterestInSubsidiary | 50 | |||||
Transfer Of Working Interest In CASO [Member] | TMZeroOneMember And AZeroOne [Member] | Jaguar and Pantera [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Proportion of ownership interest by the Group | 50.00% | |||||
AFBNs shares [Member] | ||||||
Corporate and Company information [Line Items] | ||||||
Percentage of voting equity interests acquired | 100.00% |
Basis of preparation and sign_4
Basis of preparation and significant accounting policies - Summary of equity interest in subsidiaries (Detail) | Sep. 16, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 50.00% | |||
Vista Holding I [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Mexico | |||
Main activity | Holding company | |||
Vista Holding II [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Mexico | |||
Main activity | Exploration and production | |||
Vista Oil & Gas Holding III, S.A. de C.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Mexico | |||
Main activity | Services | |||
Vista Oil & Gas Holding IV, S.A. de C.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Mexico | |||
Main activity | Services | |||
Vista Oil & Gas Holding V B.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | ||
Place of incorporation and operation | Holland | |||
Main activity | Holding company | |||
Vista Complemento S.A. de C.V. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Mexico | |||
Main activity | Services | |||
Vista Holding VII S.á.r.l. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | |||
Place of incorporation and operation | Luxembourg | |||
Main activity | Holding company | |||
Vista Argentina [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Argentina | |||
Main activity | Exploration and production | |||
Aleph Midstream S A [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 27.00% | |
Place of incorporation and operation | Argentina | |||
Main activity | Services | |||
Aluvional S.A. [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | 100.00% | 100.00% | |
Place of incorporation and operation | Argentina | |||
Main activity | Mining and industry | |||
AFBN S.R.L [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | |||
Place of incorporation and operation | Argentina | |||
Main activity | Exploration and production | |||
VX Ventures Asociación en Participación [Member] | ||||
Disclosure of subsidiaries [line items] | ||||
Proportion of ownership interest by the Group | 100.00% | |||
Place of incorporation and operation | Mexico | |||
Main activity | Holding company |
Basis of preparation and sign_5
Basis of preparation and significant accounting policies - Summary of useful lives of property plant and equipment (Detail) | 12 Months Ended |
Dec. 31, 2021 | |
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 sign_6
Basis of preparation and significant accounting policies - Additional information (Detail) $ in Thousands | Jun. 16, 2021 | Jan. 01, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019 | Dec. 31, 2018 | Aug. 09, 2019$ / USD | Nov. 30, 2013 | Jul. 31, 2009 |
Basis of Preparation and Presentation [Line Items] | |||||||||
Percentage of legal reserve to share capital | 20.00% | 20.00% | 20.00% | ||||||
Prevailing Income tax rates in Argentina and Mexico | 35.00% | 25.00% | 30.00% | 30.00% | 30.00% | ||||
Minimum presumed income tax rate | 1.00% | ||||||||
Royalties percentage | 12.00% | 12.00% | 12.00% | ||||||
Nominal value of natural gas program bonds | $ 4,140 | ||||||||
Current value of natural gas program bonds | 4,012 | ||||||||
Minimum presumed income tax receivable | $ 1,034 | $ 1,034 | |||||||
Amortization of natural gas program bonds | 4,140 | ||||||||
Other receivables From Gas IV plan | 1,729 | ||||||||
Gas IV Plan [Member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Paid consideration | 3,660 | ||||||||
Other receivables From Gas IV plan | $ 1,729 | ||||||||
Software Licenses [Member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Amortisation method, intangible assets other than goodwill | 3-year | ||||||||
Argentina [Member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Prevailing Income tax rates in Argentina and Mexico | 30.00% | 3.29% | 0.86% | ||||||
Mexico [Member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Prevailing Income tax rates in Argentina and Mexico | 35.00% | ||||||||
Decree No. 566/2019 [member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Currency exchange rate | $ / USD | 45.19 | ||||||||
Price per barrel | 59 | ||||||||
Decree No. 601/19 [member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Currency exchange rate | $ / USD | 46.69 | ||||||||
Price per barrel | 59 | ||||||||
Resolution No. 557/2019 [member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Currency exchange rate | $ / USD | 49.30 | ||||||||
Price per barrel | 59 | ||||||||
Bottom of range [member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Percentage of profit allocated to legal reserve | 5.00% | ||||||||
Prevailing Income tax rates in Argentina and Mexico | 30.00% | ||||||||
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] | |||||||||
Prevailing Income tax rates in Argentina and Mexico | 35.00% | ||||||||
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 | ||||||||
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% | ||||||||
Agua Amarga [Member] | |||||||||
Basis of Preparation and Presentation [Line Items] | |||||||||
Extraordinary canon percentage on production | 6.50% |
Critical judgements estimates_3
Critical judgements estimates and assumptions - Additional information (Detail) - USD ($) | Jun. 16, 2021 | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of information for cash-generating units [line items] | |||||
Tax rate | 35.00% | 25.00% | 30.00% | 30.00% | 30.00% |
Asset retirement obligations | $ 30,796,000 | $ 23,933,000 | |||
Impairment loss | $ 0 | $ 0 | |||
Argentina [Member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Tax rate | 35.00% | ||||
Argentina [Member] | Non Operating Conventional Oil Concessions and Gas [Member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Impairment loss | 394 | ||||
Mexico [member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Tax rate | 30.00% | ||||
Mexico [member] | Conventional Oil and Gas Operating Concessions [Member] | |||||
Disclosure of information for cash-generating units [line items] | |||||
Impairment loss | $ 14,044 | $ 14,044 |
Critical judgements estimates_4
Critical judgements estimates and assumptions - Schedule of assumptions used In sensitivity analysis for CGU's (Detail) | Dec. 31, 2021MMBTUbbl | Dec. 31, 2020MMBTUbbl | |
Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates (post-tax) | 6.10% | 6.30% | |
Discount rates (before taxes) | 10 | 8.4 | |
LPG-local prices (US/tn.) | 0 | 0 | |
Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Discount rates (post-tax) | 16.60% | 12.50% | |
Discount rates (before taxes) | 19 | 15.8 | |
LPG-local prices (US/tn.) | 300 | 350 | |
Year 2020 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Natural gas-local prices (US/MMBTU) | MMBTU | 2.3 | ||
Year 2020 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Natural gas-local prices (US/MMBTU) | MMBTU | 2.3 | ||
Year 2021 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 0 | 48 |
Year 2021 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 0 | 48 |
Year 2022 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 65.8 | 53.5 |
Natural gas-local prices (US/MMBTU) | MMBTU | 3 | 2 | |
Year 2022 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 73 | 53.5 |
Natural gas-local prices (US/MMBTU) | MMBTU | 3.3 | 3.5 | |
Year 2023 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 63 | 52 |
Natural gas-local prices (US/MMBTU) | MMBTU | 3 | 2 | |
Year 2023 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 70.1 | 52 |
Natural gas-local prices (US/MMBTU) | MMBTU | 3.3 | 3.5 | |
Year 2024 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 63.5 | 52.9 |
Year 2024 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 70.5 | 52.9 |
Year 2025 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 58.9 | 51.9 |
Year 2025 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 65.9 | 51.9 |
Year 2026 [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 58.9 | 51.9 |
Year 2026 [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Crude oil-Brent (USD/bbl.) | [1] | 64.6 | 51.9 |
[1] | The prices correspond to Brent and Maya, for Argentina and Mexico, respectively. |
Critical judgements estimates_5
Critical judgements estimates and assumptions - Schedule of sensitivity analysis for CGU's with respect to change in assumptions (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | |
Discount Rate [Member] | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Percentage Increase Decrease In Assumptions Used In Value In Use | [1] | 10.00% | 10.00% |
Increase In Value Of CGU | [1] | $ 98 | |
Discount Rate [Member] | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Increase In Value Of CGU | [1],[2] | $ 1,146 | |
Expected Crude Oil Natural Gas And Liquefied Petroleum Gas Member | Argentina [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Percentage Increase Decrease In Assumptions Used In Value In Use | [1] | 10.00% | |
Decrease In Value Of CGU | [1] | $ 31,773 | $ 20,889 |
Expected Crude Oil Natural Gas And Liquefied Petroleum Gas Member | Mexico [Member] | |||
Disclosure of information for cash-generating units [line items] | |||
Decrease In Value Of CGU | [1],[2] | $ 3,063 | |
[1] | As of December 31, 2021, and 2020, related to the conventional oil and gas operating and non-operating concessions CGU. | ||
[2] | As of December 31, 2020, related to the conventional oil and gas operating concessions CGU. |
Segment information - Schedule
Segment information - Schedule of assets and liabilities by geographical area (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of geographical areas [line items] | |||
Total non-current assets | $ 1,308,688 | $ 1,104,776 | $ 1,012,562 |
Argentina [member] | |||
Disclosure of geographical areas [line items] | |||
Total non-current assets | 1,260,851 | 1,086,308 | 982,397 |
Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Total non-current assets | $ 47,837 | $ 18,468 | $ 30,165 |
Segment information - Additiona
Segment information - Additional information (Detail) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Argentina [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue percentage | 99.00% | 99.00% | 99.00% |
Mexico [member] | |||
Disclosure of geographical areas [line items] | |||
Revenue percentage | 1.00% | 1.00% | 1.00% |
Revenue from contracts with c_3
Revenue from contracts with customers - Schedule of revenue from contract with customers (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contract with customers | $ 652,187 | $ 273,938 | $ 415,976 |
Recognized at a point in time | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contract with customers | 652,187 | 273,938 | 415,976 |
Sales of goods [Member] | |||
Disclosure Of Revenue From Contracts With Customers [Line Items] | |||
Revenue from contract with customers | $ 652,187 | $ 273,938 | $ 415,976 |
Revenue from contracts with c_4
Revenue from contracts with customers - Schedule of revenue through different channels (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues from crude oil sales | $ 593,060 | $ 236,596 | $ 338,272 |
Revenues from natural gas sales | 54,301 | 33,575 | 71,524 |
Revenues from LPG sales | 4,826 | 3,767 | 6,180 |
Total revenue from contracts with customers | 652,187 | 273,938 | 415,976 |
Refineries [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenue from contracts with customers | 410,904 | 141,672 | 338,272 |
Exports from crude oil [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenues from natural gas sales | 169 | ||
Total revenue from contracts with customers | 182,156 | 94,924 | |
Industries [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenue from contracts with customers | 17,489 | 17,491 | 39,279 |
Retail natural gas distribution companies [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenue from contracts with customers | 18,351 | 13,809 | 26,452 |
Natural gas for electric power generation [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenue from contracts with customers | 18,461 | 2,275 | 5,793 |
Other Sales Channels [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenue from contracts with customers | 652,187 | 273,938 | 415,976 |
LPG sales [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Total revenue from contracts with customers | $ 4,826 | $ 3,767 | $ 6,180 |
Revenue from contracts with c_5
Revenue from contracts with customers - Schedule of revenue through different channels (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from natural gas | $ 54,301 | $ 33,575 | $ 71,524 |
Export Sales [Member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Revenue from natural gas | $ 169 |
Cost of sales - Schedule of ope
Cost of sales - Schedule of operating expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Expenses by nature [abstract] | |||
Fees and compensation for services | $ 53,024 | $ 46,218 | $ 67,209 |
Salaries and payroll taxes | 16,591 | 12,593 | 10,943 |
Consumption of materials and spare parts | 15,912 | 11,181 | 17,062 |
Easements and fees | 9,572 | 8,222 | 9,632 |
Employee benefits | 4,877 | 3,867 | 2,836 |
Transport | 3,274 | 2,351 | 2,914 |
Other | 3,873 | 3,586 | 3,835 |
Total operating costs | $ 107,123 | $ 88,018 | $ 114,431 |
Cost of sales - Schedule of cru
Cost of sales - Schedule of crude oil fluctuation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Crude oil stock at beginning of year (Note 19) | $ 6,127 | ||
Less: Crude oil stock at end of year (Note 19) | (5,222) | $ (6,127) | |
Crude oil stock fluctuation [member] | |||
Disclosure of disaggregation of revenue from contracts with customers [line items] | |||
Crude oil stock at beginning of year (Note 19) | 6,127 | 3,032 | $ 2,722 |
Less: Crude oil stock at end of year (Note 19) | (5,222) | (6,127) | (3,032) |
Total crude oil stock fluctuation | $ 905 | $ (3,095) | $ (310) |
Selling expenses - Schedule of
Selling expenses - Schedule of selling expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of selling expenses [Abstract] | |||
Transport | $ 19,554 | $ 10,395 | $ 9,596 |
Taxes, rates and contributions | 13,921 | 6,014 | 13,115 |
Tax on bank account transactions | 6,061 | 3,033 | 4,495 |
Fees and compensation for services | 2,806 | 4,603 | 50 |
Allowance / (Reversal) of the expected credit loss (Note 17) | 406 | (22) | (118) |
Total selling expenses | $ 42,748 | $ 24,023 | $ 27,138 |
Selling expenses - Schedule o_2
Selling expenses - Schedule of selling expenses (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Selling Expenses [Line Items] | |||
Fees and compensation for services | $ 2,806 | $ 4,603 | $ 50 |
rude storage services [Member] | |||
Disclosure Of Selling Expenses [Line Items] | |||
Fees and compensation for services | $ 1,651 | $ 4,367 |
General and administrative ex_3
General and administrative expenses - Schedule of general and administrative expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of General and Administrative Expenses [Abstract] | |||
Salaries and payroll taxes | $ 14,130 | $ 8,882 | $ 10,958 |
Share-based payments | 10,592 | 10,494 | 10,655 |
Employee benefits | 8,236 | 4,984 | 6,055 |
Fees and compensation for services | 7,412 | 6,466 | 9,603 |
Institutional promotion and advertising | 2,237 | 1,215 | 1,179 |
Taxes, rates and contributions | 1,311 | 740 | 1,718 |
Others | 1,940 | 1,137 | 2,232 |
Total general and administrative expenses | $ 45,858 | $ 33,918 | $ 42,400 |
Exploration Expenses - Schedule
Exploration Expenses - Schedule of exploration and evaluation expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Text Block [Abstract] | |||
Geological and geophysical expenses | $ 561 | $ 646 | $ 676 |
Total exploration expenses | $ 561 | $ 646 | $ 676 |
Other operating income and ex_3
Other operating income and expenses - Schedule of other operating income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Operating Income [Abstract] | |||
Gain from assets disposal | $ 9,999 | ||
Gain from farmout agreement (Note 1.2) | 9,050 | $ 0 | |
Other services charges | 3,971 | 3,924 | $ 3,165 |
Bargain purchase on business combination | 1,383 | ||
Other | 265 | 266 | |
Total other operating income | $ 23,285 | $ 5,573 | $ 3,165 |
Other operating income and ex_4
Other operating income and expenses - Schedule of other operating income (Parenthetical) (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2021USD ($) | |
Statement [Line Items] | |
Gain from assets disposal | $ 9,999 |
Transfer Of Working Interest In CASO [Member] | |
Statement [Line Items] | |
Gain from assets disposal | 9,788 |
Transfer of Mexicos Exploration Assets [Member] | |
Statement [Line Items] | |
Gain from assets disposal | 198 |
Sur Ro Deseado Este Area [Member] | |
Statement [Line Items] | |
Gain from assets disposal | $ 13 |
Other operating income and ex_5
Other operating income and expenses - Schedule of other operating expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Operating Expenses [Abstract] | |||
Restructuring expenses | $ (2,281) | $ (3,469) | $ (3,244) |
Reorganization expenses | (3) | (1,417) | |
Provision for environmental remediation (Note 22.2) | (1,029) | (463) | (816) |
Provision for contingencies (Note 22.3) | (652) | (267) | (422) |
(Allowance) / Reversal provision for materials and spare parts | (249) | 627 | (972) |
Other | (726) | ||
Total other operating expenses | $ (4,214) | $ (4,989) | $ (6,180) |
Financial results - Schedule of
Financial results - Schedule of interest income (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Interest Income Abstract [Abstract] | |||
Financial interest | $ 65 | $ 822 | $ 1,328 |
Interests on government notes at amortized costs | 2,442 | ||
Total interest income | $ 65 | $ 822 | $ 3,770 |
Financial results - Schedule _2
Financial results - Schedule of interest expense (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Interest costs [abstract] | |||
Borrowings interest (Note 18.2) | $ (50,660) | $ (47,923) | $ (34,159) |
Other interest | (4) | ||
Total interest expense | $ (50,660) | $ (47,923) | $ (34,163) |
Financial results - Schedule _3
Financial results - Schedule of other financial results (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Other Financial Results Abstract [Abstract] | |||
Amortized cost (Note 18.2) | $ (4,164) | $ (2,811) | $ (2,076) |
Changes in the fair value of Warrants (Note 18.5.1) | (2,182) | 16,498 | 6,840 |
Net changes in foreign exchange rate | 14,328 | 3,068 | (2,991) |
Discount of assets and liabilities at present value | (2,300) | (3,432) | (10) |
Impairment of financial assets | (4,839) | ||
Changes in the fair value of financial assets | 5,061 | (645) | 873 |
Interest expense on lease liabilities | (1,079) | (1,641) | (1,561) |
Discount for well plugging and abandonment | (2,546) | (2,584) | (1,723) |
Remeasurements of borrowings (1) (Note 18.2) | (19,163) | ||
Others | 4,851 | 633 | (67) |
Total other financial results | $ (7,194) | $ 4,247 | $ (715) |
Earnings _ (loss) per share -Sc
Earnings / (loss) per share -Schedule of basic and diluted earnings per share (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Earnings per share [abstract] | |||
Profit / (loss) for the year, net | $ 50,650 | $ (102,749) | $ (32,723) |
Weighted average number of ordinary shares | 88,242,621 | 87,473,056 | 80,068,287 |
Basic earnings / (loss) per share (in US dollars per share) | $ 0.574 | $ (1.175) | $ (0.409) |
Profit / (loss) for the year, net | $ 50,650 | $ (102,749) | $ (32,723) |
Weighted average number of ordinary shares | 93,273,978 | 87,473,056 | 80,068,287 |
Diluted earnings / (loss) per share (in US dollars per share) | $ 0.543 | $ (1.175) | $ (0.409) |
Earnings _ (loss) per share - A
Earnings / (loss) per share - Additional information (Detail) - shares | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Ordinary shares [member] | |||
Earnings per share [line items] | |||
Anti-dilutive shares | 9,893,333 | 9,893,333 | 9,893,333 |
Warrants outstanding | 29,680,000 | 29,680,000 | 29,680,000 |
Series A Common Shares Under LTIP [member] | |||
Earnings per share [line items] | |||
Anti-dilutive shares | 3,957,518 | 7,714,286 | 8,432,068 |
Class A Warrant [member] | |||
Earnings per share [line items] | |||
Warrants outstanding | 65,000,000 | 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 | 21,666,667 |
Forward Purchase Agreement Warrants [member] | |||
Earnings per share [line items] | |||
Anti-dilutive shares | 1,666,667 | 1,666,667 | 1,666,667 |
Warrants outstanding | 5,000,000 | 5,000,000 | 5,000,000 |
Property, plant and equipment -
Property, plant and equipment - Schedule Of Plant Property Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | |||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | $ 1,002,258 | |||
Impairment of long -lived assets | (2,112) | |||
Ending Balance | 1,223,982 | $ 1,002,258 | ||
Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 2,180 | |||
Ending Balance | 2,415 | 2,180 | ||
Vehicles, machinery,installations computer equipment and furniture [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 14,365 | |||
Ending Balance | 12,236 | 14,365 | ||
Oil and gas properties [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 319,703 | |||
Ending Balance | 392,668 | 319,703 | ||
Wells and production facilities [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 557,603 | |||
Ending Balance | 697,622 | 557,603 | ||
Work in progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 79,556 | |||
Ending Balance | 91,245 | 79,556 | ||
Materials [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 28,851 | |||
Ending Balance | 27,796 | 28,851 | ||
Cost [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 1,362,433 | 1,137,601 | ||
Additions | 354,219 | [1] | 225,888 | [2] |
Eliminated on disposals | (1,769) | [3] | (662) | [4] |
Impairment of long -lived assets | 69,693 | [5] | (394) | [6] |
Assets disposals | (18,766) | |||
Ending Balance | 1,765,810 | 1,362,433 | ||
Cost [member] | Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 2,456 | 2,445 | ||
Additions | 253 | [1] | 11 | [2] |
Ending Balance | 2,709 | 2,456 | ||
Cost [member] | Vehicles, machinery,installations computer equipment and furniture [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 21,831 | 20,411 | ||
Additions | 106 | [1] | 133 | [2] |
Transfers | 2,111 | 1,410 | ||
Eliminated on disposals | (665) | [3] | (123) | [4] |
Assets disposals | (313) | |||
Ending Balance | 23,070 | 21,831 | ||
Cost [member] | Oil and gas properties [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 353,076 | 353,076 | ||
Additions | 30,076 | 0 | [2] | |
Transfers | 0 | |||
Eliminated on disposals | (997) | |||
Incorporation for the acquisition of AFBN assets | 69,693 | |||
Assets disposals | (5,557) | |||
Ending Balance | 446,291 | 353,076 | ||
Cost [member] | Wells and production facilities [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 876,663 | 658,690 | ||
Additions | 7,343 | [1] | 2,197 | [2] |
Transfers | 296,624 | 216,536 | ||
Eliminated on disposals | 0 | [3] | (366) | [4] |
Impairment of long -lived assets | 0 | [5] | (394) | [6] |
Assets disposals | (5,931) | |||
Ending Balance | 1,174,699 | 876,663 | ||
Cost [member] | Work in progress [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 79,556 | 75,525 | ||
Additions | 287,815 | [1] | 186,230 | [2] |
Transfers | (269,161) | (182,199) | ||
Assets disposals | (6,965) | |||
Ending Balance | 91,245 | 79,556 | ||
Cost [member] | Materials [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | 28,851 | 27,454 | ||
Additions | 28,626 | [1] | 37,317 | [2] |
Transfers | (29,574) | (35,747) | ||
Eliminated on disposals | (107) | [3] | (173) | [4] |
Ending Balance | 27,796 | 28,851 | ||
Accumulated depreciation and impairment [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (360,175) | (220,535) | ||
Eliminated on disposals | 640 | 103 | ||
Depreciation and depletion charge | (184,149) | (139,743) | ||
Assets disposals | 1,856 | |||
Ending Balance | (541,828) | (360,175) | ||
Accumulated depreciation and impairment [member] | Land and buildings [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (276) | (89) | ||
Depreciation and depletion charge | (18) | (187) | ||
Ending Balance | (294) | (276) | ||
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 | (7,466) | (3,838) | ||
Eliminated on disposals | 525 | 103 | ||
Depreciation and depletion charge | (3,915) | (3,731) | ||
Assets disposals | 22 | |||
Ending Balance | (10,834) | (7,466) | ||
Accumulated depreciation and impairment [member] | Oil and gas properties [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (33,373) | (19,489) | ||
Eliminated on disposals | 115 | |||
Depreciation and depletion charge | (20,579) | (13,884) | ||
Assets disposals | 214 | |||
Ending Balance | (53,623) | (33,373) | ||
Accumulated depreciation and impairment [member] | Wells and production facilities [member] | ||||
Disclosure of detailed information about property, plant and equipment [line items] | ||||
Beginning Balance | (319,060) | (197,119) | ||
Eliminated on disposals | 0 | |||
Depreciation and depletion charge | (159,637) | (121,941) | ||
Assets disposals | 1,620 | |||
Ending Balance | $ (477,077) | $ (319,060) | ||
[1] | Additions includes 2,018 related to Business Combination mentioned in Note 32. | |||
[2] | Additions includes 4,141 related to the reestimations of assets retirement obligation. | |||
[3] | Disposals of wells and production facilities related to the reestimation of assets retirement obligation. | |||
[4] | Disposals of wells and production facilities related to the reestimation of assets retirement obligation. | |||
[5] | See Note 3.2.2 for the details on impairment testing of oil and gas properties. | |||
[6] | Including drilling agreements capitalized as “works in progress” for 771. |
Property, plant and equipment_2
Property, plant and equipment - Schedule Of Plant Property Equipment (Paranthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Disclosure of detailed information about property, plant and equipment [line items] | ||
Impairment of long -lived assets | $ 2,112 | |
Transfer Of Working Interest In CASO [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net gains (losses) on disposals of property, plant and equipment | 11,784 | |
Transfer of Mexicos Exploration Assets [Member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Net gains (losses) on disposals of property, plant and equipment | $ 5,126 | |
Asset retirement obligations [member] | Wells and production faicilities [member] | ||
Disclosure of detailed information about property, plant and equipment [line items] | ||
Additions | $ 2,018 |
Goodwill and other intangible_3
Goodwill and other intangible assets - Schedule of reconciliation of changes in intangible assets and goodwill (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | ||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | $ 21,081 | ||
Amortization charge | $ (2,568) | ||
Ending balance | 3,878 | 21,081 | |
Goodwill [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 28,484 | ||
Ending balance | 28,416 | 28,484 | |
Software licences [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 5,722 | ||
Amortization charge | (2,568) | ||
Ending balance | 3,878 | 5,722 | |
Exploration rights [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 15,359 | ||
Ending balance | 15,359 | ||
Cost [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 25,964 | 36,344 | |
Additions | 1,611 | 3,664 | |
Disposals | (30,076) | ||
Impairment of long -live assets | [1] | (14,044) | |
Acquisition of Mexico's exploration assets | 14,928 | ||
Disposal of Mexico's exploration assets | (14,255) | ||
Reversal of long-lived assets impairment | 14,044 | ||
Ending balance | 12,216 | 25,964 | |
Cost [member] | Goodwill [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 28,484 | 28,484 | |
Disposals | [2] | (68) | |
Ending balance | 28,416 | 28,484 | |
Cost [member] | Software licences [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 10,605 | 6,941 | |
Additions | 1,611 | 3,664 | |
Ending balance | 12,216 | 10,605 | |
Cost [member] | Exploration rights [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | 15,359 | 29,403 | |
Disposals | [3] | (30,076) | |
Impairment of long -live assets | [1] | (14,044) | |
Acquisition of Mexico's exploration assets | [4] | 14,928 | |
Disposal of Mexico's exploration assets | [4] | (14,255) | |
Reversal of long-lived assets impairment | [1] | 14,044 | |
Ending balance | 15,359 | ||
Accumulated amortization [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (4,883) | (2,315) | |
Amortization charge | (3,455) | ||
Ending balance | (8,338) | (4,883) | |
Accumulated amortization [member] | Software licences [member] | |||
Disclosure of reconciliation of changes in intangible assets and goodwill [line items] | |||
Beginning balance | (4,883) | (2,315) | |
Amortization charge | (3,455) | ||
Ending balance | $ (8,338) | $ (4,883) | |
[1] | See Note 3.2.2. | ||
[2] | Related to the farmout agreement (see Note 1.2). | ||
[3] | Related to exploration rights of operated area CS-01 in Mexico transferred to “Property, plant and equipment” (see Note 13). These transactions did not generate cash flows. | ||
[4] | These transactions did not generate cash flows (see Note 1.4). |
Goodwill and other intangible_4
Goodwill and other intangible assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about intangible assets [line items] | |||
Percentage working interest acquired | 50.00% | ||
Impairment loss | $ 0 | $ 0 | |
Amount of operated concessions of unconventional oil and gas exploration and production | 22,874 | $ 22,942 | |
Amount of operated concessions of conventional oil and gas exploration and production | 5,542 | 5,542 | |
Conventional Oil and Gas Operating Concessions [Member] | Mexico [Member] | |||
Disclosure of detailed information about intangible assets [line items] | |||
Impairment loss | $ 14,044 | $ 14,044 |
Right of use assets and lease_3
Right of use assets and lease liabilities - Summary of carrying amounts of the Company's right of use assets and lease and the movements during the years (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning balance | $ 22,578 | $ 16,624 | |||
Additions | 7,162 | 17,387 | |||
Depreciation | (5,611) | [1] | (7,505) | [2] | |
Modifications | 2,325 | (3,928) | |||
Interest expense | (1,079) | (1,641) | $ (1,561) | ||
Ending balance | 26,454 | 22,578 | 16,624 | ||
Lease liabilities [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning balance | 23,681 | 16,767 | |||
Additions | 7,162 | 17,470 | |||
Modifications | (2,242) | 3,901 | |||
Payments | 8,911 | 9,067 | |||
Interest expense | (2,900) | [3] | (2,412) | [4] | |
Ending balance | 27,074 | 23,681 | 16,767 | ||
Buildings [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning balance | 1,319 | 2,060 | |||
Additions | 0 | 114 | |||
Depreciation | (475) | [1] | (598) | [2] | |
Modifications | 367 | (257) | |||
Ending balance | 1,211 | 1,319 | 2,060 | ||
Plant and machinery [member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Beginning balance | 21,259 | 14,564 | |||
Additions | 7,162 | 17,273 | |||
Depreciation | (5,136) | [1] | (6,907) | [2] | |
Modifications | 1,958 | (3,671) | |||
Ending balance | $ 25,243 | $ 21,259 | $ 14,564 | ||
[1] | Including the depreciation of drilling services capitalized as “works in progress” for 1,902. | ||||
[2] | Including the depreciation of drilling services capitalized as “works in progress” for 2,142. | ||||
[3] | Including drilling agreements capitalized as “works in progress” for 1,821. | ||||
[4] | Including drilling agreements capitalized as “works in progress” for 771. |
Right of use assets and lease_4
Right of use assets and lease liabilities - Summary of carrying amounts of the Company's right of use assets and lease and the movements during the years (Parenthetical) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use assets | $ 5,611 | [1] | $ 7,505 | [2] | |
Interest expense on lease liabilities | 1,079 | 1,641 | $ 1,561 | ||
Drilling Services [Member] | |||||
Disclosure of quantitative information about right-of-use assets [line items] | |||||
Depreciation, right-of-use assets | 1,902 | 2,142 | |||
Interest expense on lease liabilities | $ 1,821 | $ 771 | |||
[1] | Including the depreciation of drilling services capitalized as “works in progress” for 1,902. | ||||
[2] | Including the depreciation of drilling services capitalized as “works in progress” for 2,142. |
Right of use assets and lease_5
Right of use assets and lease liabilities - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of quantitative information about right-of-use assets [abstract] | |||
Expenses relating to short-term leases | $ 152 | ||
Expenses relating to low-value assets leases | $ 131 | $ 201 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Other comprehensive income (loss) | $ 2,048 | $ (114) | $ 394 |
Net deferred income tax liabilities [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (135,002) | (146,543) | |
Profit (loss) | (39,695) | 10,297 | |
Other changes in equity | 0 | ||
Other comprehensive income (loss) | 2,048 | 114 | |
Ending balance | (172,649) | (135,002) | (146,543) |
Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 40,946 | 17,586 | |
Profit (loss) | (27,608) | 22,116 | |
Other changes in equity | 0 | ||
Other comprehensive income (loss) | 2,048 | 114 | |
Ending balance | 15,386 | 40,946 | 17,586 |
Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (175,948) | (164,129) | |
Profit (loss) | (12,087) | (11,819) | |
Ending balance | (188,035) | (175,948) | (164,129) |
Short-term investments [member] | Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (135) | 523 | |
Profit (loss) | (1,790) | (658) | |
Ending balance | (1,925) | (135) | 523 |
Trade and other receivables [member] | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (561) | (443) | |
Profit (loss) | 2,345 | (118) | |
Ending balance | 1,784 | (561) | (443) |
Employee defined benefit plans [member] | Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 865 | 1,627 | |
Profit (loss) | (876) | ||
Other comprehensive income (loss) | 2,048 | 114 | |
Ending balance | 2,913 | 865 | 1,627 |
Share-based payment reserve [member] | Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 1,166 | ||
Profit (loss) | (1,166) | ||
Other changes in equity | 0 | ||
Ending balance | 1,166 | ||
Unused tax loss [member] | Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 37,479 | 7,345 | |
Profit (loss) | (30,507) | 29,004 | |
Ending balance | 6,972 | 37,479 | 7,345 |
Provisions [member] | Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 2,473 | 6,860 | |
Profit (loss) | 4,792 | (4,387) | |
Ending balance | 7,265 | 2,473 | 6,860 |
Right-of-use assets, net [member] | Assets for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | 264 | 65 | |
Profit (loss) | (103) | 199 | |
Ending balance | 161 | 264 | 65 |
Property, plant and equipment [member] | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (133,911) | (138,068) | |
Profit (loss) | (16,875) | 4,157 | |
Ending balance | (150,786) | (133,911) | (138,068) |
Intangible assets [member] | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (771) | ||
Profit (loss) | 771 | ||
Ending balance | (771) | ||
Inventory [member] | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (822) | (1,351) | |
Profit (loss) | (447) | 529 | |
Ending balance | (1,269) | (822) | (1,351) |
Other | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (3) | (3) | |
Profit (loss) | (498) | ||
Ending balance | (501) | (3) | (3) |
Payment of borrowing's cost | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (1,212) | ||
Profit (loss) | (13) | (1,212) | |
Ending balance | (1,225) | (1,212) | |
Credit for static and dynamic adjustment for inflation [Member] | Liabilities for deferred income tax [member] | |||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | |||
Beginning balance | (39,439) | (23,493) | |
Profit (loss) | 3,401 | (15,946) | |
Ending balance | $ (36,038) | $ (39,439) | $ (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, 2021 | Dec. 31, 2020 |
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax asset, net | $ 2,771 | $ 565 |
Deferred income tax liabilities | 175,420 | 135,567 |
Deferred income tax asset, net [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax asset, net | 2,771 | 565 |
Deferred income tax liabilities, net [member] | ||
Disclosure of temporary difference, unused tax losses and unused tax credits [line items] | ||
Deferred income tax liabilities | $ 175,420 | $ 135,567 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Current income tax | |||
Current income tax (expense) | $ (62,419) | $ (184) | $ (3,032) |
Difference in the estimate of previous fiscal year income tax and the income return | 1,146 | ||
Deferred income tax | |||
Deferred income tax relating to origination and reversal of temporary differences (expense) / benefit | (39,695) | 10,297 | (14,346) |
Income tax | (102,114) | 10,113 | (16,232) |
Deferred tax charged to OCI | 2,048 | (114) | 394 |
Total income tax (expense) / benefit | $ (100,066) | $ 9,999 | $ (15,838) |
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 | Jun. 16, 2021 | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Reconciliation of accounting profit multiplied by applicable tax rates [abstract] | |||||
Profit / (loss) before income tax | $ 152,764 | $ (112,862) | $ (16,491) | ||
Effective income tax rate | 35.00% | 25.00% | 30.00% | 30.00% | 30.00% |
Income tax at the effective tax rate pursuant to effective tax regulations | $ (45,829) | $ 33,859 | $ 4,947 | ||
Items that adjust the income tax (expense) / benefit: | |||||
Non-deductible expenses | (6,600) | (2,449) | (1,782) | ||
Inflation adjustment | (98,348) | (32,086) | (31,796) | ||
Effect of the measurement of monetary and non-monetary in their functional currency | 86,724 | 24,628 | 15,395 | ||
Unrecognized tax losses and other assets | (4,047) | (7,039) | (7,285) | ||
Difference in the estimate of previous fiscal year income tax and the income tax statement | 1,146 | ||||
Effect of tax losses (1) | 31,232 | (179) | 1,675 | ||
Effect related to statutory income tax rate change | (67,312) | (6,384) | 2,721 | ||
Application of tax credits | 9,710 | ||||
Effect related to the difference in tax rate other than Mexican statutory rate | (7,637) | ||||
Other | (7) | (237) | (1,253) | ||
Income tax (expense) / benefit | $ (102,114) | $ 10,113 | $ (16,232) |
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, 2021 | Dec. 31, 2020 |
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | $ 62,914 | $ 89,812 |
2027 [member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | 0 | 4,324 |
2028 [member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | 47,071 | 50,788 |
2029 [Member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | 13,781 | 22,999 |
2030 Onward [Member] | ||
Disclosure Of Tax Losses Carryforwards [Line Items] | ||
Total tax loss | $ 2,062 | $ 11,701 |
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, 2021 | Dec. 31, 2020 |
Current | ||
Income tax, net of withholdings and advances | $ 44,625 | $ 0 |
Total current | $ 44,625 | $ 0 |
Deferred income tax assets an_9
Deferred income tax assets and liabilities and income tax expense - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 01, 2021 | Dec. 31, 2020 | Dec. 31, 2021 |
Statments [Line Items] | |||
Total tax loss | $ 89,812 | $ 62,914 | |
Percentage of adjustment for inflation be deducted or levied on current income tax | 100.00% | ||
Unused tax credits [member] | MEXICO | |||
Statments [Line Items] | |||
Total tax loss | $ 1,024 | ||
Tax loss Expiration Period | 2025 years |
Trade and Other Receivables - A
Trade and Other Receivables - Additional information (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Trade receivables [member] | ||
Trade And Other Receivables [Line Items] | ||
Set Off of trade receivables | $ 406 | $ 3 |
Trade and Other Receivables - T
Trade and Other Receivables - Tabular Disclosure of Trade and Other Receivables (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Prepayments, tax receivables and others: | ||
Prepayments and other receivables | $ 15,236 | $ 9,884 |
Value Added Tax ("VAT") | 4,010 | 5,562 |
Turnover tax | 765 | 789 |
Income tax | 11,995 | |
Minimum presumed income tax | 1,034 | 1,034 |
Prepayments And Other Taxes Receivable NonCurrent | 20,011 | 29,264 |
Loans to employees | 199 | 546 |
Receivables from joint operations | 2,286 | 24 |
Accounts receivable from third parties | 2,025 | 1,974 |
Gas IV Plan (Note 2.5.3.2) | 1,729 | |
Advances to directors and loans to employees | 491 | 499 |
LPG price stability program | 293 | 322 |
RI program (Note 2.5.3.1) | 4,012 | |
Others | 382 | 18 |
Current financial assets | 7,206 | 6,849 |
Non-current financial assets | 199 | 546 |
Total non-current other receivables | 20,210 | 29,810 |
Oil and gas accounts receivable (net of allowance of expected credit loss) | 25,224 | 23,260 |
Trade receivables | 25,224 | 23,260 |
Value Added Tax ("VAT") | 9,131 | 17,022 |
Prepaid expenses | 3,633 | 3,228 |
Income tax | 860 | 254 |
Turnover tax | 42 | 406 |
Prepayments And Other Taxes Receivable Current | 13,666 | 20,910 |
Financial assets: | ||
Other receivables | 20,872 | 27,759 |
Total current trade and other receivables | $ 46,096 | $ 51,019 |
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 | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of financial assets [line items] | ||
Amounts at beginning of year | $ (3) | $ (100) |
(Reversal)/ Allowance for expected credit losses (Note 7) | (406) | 22 |
Disposal | 67 | |
Foreign exchange differences | 3 | 8 |
Amounts at end of the year | $ (406) | $ (3) |
Financial assets and liabilit_3
Financial assets and liabilities - Summary of classification of borrowings (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent | ||
Borrowings | $ 447,751 | $ 349,559 |
Total noncurrent | 447,751 | 349,559 |
Current | ||
Borrowings | 163,222 | 190,227 |
Total Current | 163,222 | 190,227 |
Total Borrowings | 610,973 | 539,786 |
Borrowings [Member] | ||
Noncurrent | ||
Borrowings | 447,751 | 349,559 |
Total noncurrent | 447,751 | 349,559 |
Current | ||
Borrowings | 163,222 | 190,227 |
Total Current | $ 163,222 | $ 190,227 |
Financial assets and liabilit_4
Financial assets and liabilities - Summary of maturities of borrowings (excluding lease liabilities) and exposure to interest rates (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 610,973 | $ 539,786 |
Fixed interest [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 511,835 | 353,449 |
Variable interest | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 99,138 | 186,337 |
Less than 1 year [member] | Fixed interest [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 109,016 | 113,174 |
Less than 1 year [member] | Variable interest | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 54,206 | 77,053 |
From 1 to 2 years [member] | Fixed interest [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 112,860 | 105,652 |
From 1 to 2 years [member] | Variable interest | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 44,932 | 64,352 |
From 2 to 5 years [member] | Fixed interest [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | 214,491 | 134,623 |
From 2 to 5 years [member] | Variable interest | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 44,932 | |
Over 5 years [member] | Fixed interest [member] | ||
Disclosure of detailed information about borrowings [line items] | ||
Borrowings | $ 75,468 |
Financial assets and liabilit_5
Financial assets and liabilities - Summary of detailed information about borrowings (Detail) - USD ($) $ in Thousands | Jan. 14, 2022 | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about borrowings [line items] | |||
Principal | $ 25,000 | ||
Maturity date | September 16, 2026 | ||
Carrying amount | $ 610,973 | $ 539,786 | |
Vista Argentina July,2018 Floating [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank | Banco Galicia, Banco Itaú Unibanco, Banco Santander Rio and Citibank NA (1) | ||
Execution date | July, 2018 | ||
Currency | US | ||
Principal | $ 150,000 | ||
Interest | Variable | ||
Annual rate | LIBOR + 4.5% | ||
Maturity date | July, 2023 | ||
Carrying amount | $ 184,581 | ||
Vista Argentina July,2018 Fixed [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Principal | $ 150,000 | ||
Interest | Fixed | ||
Annual rate | 8 | ||
Vista Argentina July, 2019 Fixed [member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank | Banco BBVA S.A. | ||
Execution date | July, 2019 | ||
Currency | US | ||
Principal | $ 15,000 | ||
Interest | Fixed | ||
Annual rate | 9.40 | ||
Maturity date | July, 2022 | ||
Carrying amount | $ 5,081 | ||
Negotiableobligation Due February 2020 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | February, 2020 | ||
Currency | US | ||
Principal | $ 50,000 | ||
Interest | Fixed | ||
Annual rate | 3.50 | ||
Maturity date | February, 2024 | ||
Carrying amount | $ 50,316 | ||
Negotiableobligation Floating Rate Due August 2020 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | August, 2020 | ||
Currency | ARS | ||
Principal | $ 725,650 | ||
Interest | Variable | ||
Annual rate | Badlar + 1.37 | ||
Maturity date | February, 2022 | ||
Carrying amount | $ 7,427 | ||
Negotiableobligation Fixed Rate Due August 2020 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | August, 2020 | ||
Currency | US | ||
Principal | $ 20,000 | ||
Interest | Fixed | ||
Annual rate | 0 | ||
Maturity date | August, 2023 | ||
Carrying amount | $ 19,869 | ||
Negotiableobligation Fixed Rate Due December 2020 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | December, 2020 | ||
Currency | US | ||
Principal | $ 10,000 | ||
Interest | Fixed | ||
Annual rate | 0 | ||
Maturity date | August, 2023 | ||
Carrying amount | $ 9,931 | ||
Negotiableobligation Fixed Rate Due December 2020 One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | December, 2020 | ||
Currency | US | ||
Principal | $ 10,000 | ||
Interest | Fixed | ||
Annual rate | 3.24 | ||
Maturity date | December, 2024 | ||
Carrying amount | $ 9,940 | ||
Negotiableobligation August Due 2019 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | August, 2019 | ||
Currency | US | ||
Principal | $ 50,000 | ||
Interest | Fixed | ||
Annual rate | 8.50 | ||
Maturity date | August, 2022 | ||
Carrying amount | $ 50,492 | ||
Vista Argentina January, 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank | Santander International | ||
Execution date | January, 2021 | ||
Currency | US | ||
Principal | $ 11,700 | ||
Interest | Fixed | ||
Annual rate | 1.80 | ||
Maturity date | January, 2026 | ||
Carrying amount | $ 137 | ||
Vista Argentina July 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank | Santander International | ||
Execution date | July, 2021 | ||
Currency | US | ||
Principal | $ 43,500 | ||
Interest | Fixed | ||
Annual rate | 2.05 | ||
Maturity date | July, 2026 | ||
Carrying amount | $ 60 | ||
Vista Argentina December 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Bank | Bolsas y Mercados Argentinos S.A. | ||
Execution date | December, 2021 | ||
Currency | ARS | ||
Principal | $ 917,892 | ||
Interest | Fixed | ||
Annual rate | 32 | ||
Maturity date | March, 2022 | ||
Carrying amount | $ 3,191 | ||
Usdollar Negotiable obligation Fixed Rate Due March 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | March, 2021 | ||
Currency | US | ||
Principal | $ 42,371 | ||
Interest | Fixed | ||
Annual rate | 4.25 | ||
Maturity date | March, 2024 | ||
Carrying amount | $ 41,970 | ||
Argentinepesos Negotiable Obligation Fixed Rate Due March 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | March, 2021 | ||
Currency | ARS | ||
Principal | $ 3,054,537 | ||
Interest | Fixed | ||
Annual rate | 2.73 | ||
Maturity date | September, 2024 | ||
Carrying amount | $ 40,888 | ||
Usdollar Negotiable Obligation Fixed Rate Due June 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | June, 2021 | ||
Currency | US | ||
Principal | $ 38,787 | ||
Interest | Fixed | ||
Annual rate | 4.00 | ||
Maturity date | June, 2023 | ||
Carrying amount | $ 38,551 | ||
Argentinepesos Negotiable obligation Fixed Rate Due June 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | June, 2021 | ||
Currency | ARS | ||
Principal | $ 3,104,063 | ||
Interest | Fixed | ||
Annual rate | 4.00 | ||
Maturity date | March, 2025 | ||
Carrying amount | $ 36,891 | ||
Usdollar Negotiable Obligation Fixed Rate Due August 2021 [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | August, 2021 | ||
Currency | US | ||
Principal | $ 9,230 | ||
Interest | Fixed | ||
Annual rate | 3.48 | ||
Maturity date | August, 2025 | ||
Carrying amount | $ 9,196 | ||
Usdollar Negotiable obligation Fixed Rate Due August 2021 One [Member] | |||
Disclosure of detailed information about borrowings [line items] | |||
Execution date | August, 2021 | ||
Currency | US | ||
Principal | $ 100,769 | ||
Interest | Fixed | ||
Annual rate | 5.85 | ||
Maturity date | August, 2031 | ||
Carrying amount | $ 102,452 |
Financial assets and liabilit_6
Financial assets and liabilities - Summary of reconciliation of liabilities arising from financing activities (Detail) - USD ($) $ in Thousands | Apr. 01, 2022 | Mar. 18, 2022 | Mar. 10, 2022 | Mar. 02, 2022 | Jan. 20, 2022 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||||
Amounts at beginning of year | $ 539,786 | $ 451,413 | ||||||
Proceeds from borrowings (1) | 358,093 | 201,728 | $ 234,728 | |||||
Borrowings interest (Note 11.2) (2) | 50,660 | 47,923 | 34,163 | |||||
Payment of borrowings costs | (3,326) | (2,259) | (1,274) | |||||
Payment of borrowings interest | $ (754) | $ (724) | $ (3,053) | (54,636) | (43,756) | (32,438) | ||
Payment of borrowings principal | $ (6,250) | $ (50,600) | (284,695) | (98,761) | (90,233) | |||
Amortized cost (Note 11.3) (2) | 4,164 | 2,811 | ||||||
Remeasurement in borrowings (Note 11.3) (2) | 19,163 | |||||||
Changes in foreign exchange rate (2) | (21,346) | (16,203) | ||||||
Amounts at end of year | 610,973 | 539,786 | $ 451,413 | |||||
Term loan [member] | ||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||||
Proceeds from borrowings (1) | 361,203 | 198,618 | ||||||
Borrowings principal [member] | ||||||||
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||||||||
Payment of borrowings interest | (54,636) | (43,756) | ||||||
Payment of borrowings principal | $ (284,695) | $ (98,761) |
Financial assets and liabilit_7
Financial assets and liabilities - Summary of reconciliation of liabilities arising from financing activities (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of reconciliation of liabilities arising from financing activities [line items] | ||
Non cash bond guarantees | $ 3,110 | $ 3,110 |
Financial Assets and liabilit_8
Financial Assets and liabilities - Schedule of Warrants Liability (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Noncurrent | ||
Warrants Liability Noncurrent | $ 2,544 | $ 362 |
Series A Common Share Warrants [Member] | ||
Noncurrent | ||
Warrants Liability Noncurrent | $ 2,544 | $ 362 |
Financial Assets and liabilit_9
Financial Assets and liabilities - Summary of Financial Instruments by Category (Details) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | $ 7,793 | $ 8,550 |
Current financial assets | 347,443 | 233,056 |
Lease liabilities | 19,408 | 17,498 |
Non-current financial liabilities | 519,862 | 367,419 |
Lease liabilities | 7,666 | 6,183 |
Current financial liabilities | 309,370 | 315,029 |
Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | 7,793 | 8,550 |
Current financial assets | 217,976 | 200,960 |
Lease liabilities | 19,408 | 17,498 |
Non-current financial liabilities | 517,318 | 367,057 |
Lease liabilities | 7,666 | 6,183 |
Current financial liabilities | 309,370 | 315,029 |
Financial assets/liabilities at FVTPL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | 0 | 0 |
Current financial assets | 129,467 | 32,096 |
Non-current financial liabilities | 2,544 | 362 |
Current financial liabilities | 0 | 0 |
Warrants [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 2,544 | 362 |
Warrants [Member] | Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 0 | 0 |
Warrants [Member] | Financial assets/liabilities at FVTPL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 2,544 | 362 |
Borrowings [Member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 447,751 | 349,559 |
Current financial liabilities | 163,222 | 190,227 |
Borrowings [Member] | Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 447,751 | 349,559 |
Current financial liabilities | 163,222 | 190,227 |
Trade and other payables | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 50,159 | |
Current financial liabilities | 138,482 | 118,619 |
Trade and other payables | Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial liabilities | 50,159 | |
Current financial liabilities | 138,482 | 118,619 |
Trade and other receivables [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | 199 | 546 |
Current financial assets | 32,430 | 30,109 |
Trade and other receivables [member] | Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | 199 | 546 |
Current financial assets | 32,430 | 30,109 |
Cash banks and short term investments [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current financial assets | 315,013 | 202,947 |
Cash banks and short term investments [member] | Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current financial assets | 185,546 | 170,851 |
Cash banks and short term investments [member] | Financial assets/liabilities at FVTPL [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Current financial assets | 129,467 | 32,096 |
Defined benefit asset's plan | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | 7,594 | 8,004 |
Defined benefit asset's plan | Financial assets/liabilities at amortized cost [member] | ||
Disclosure of detailed information about financial instruments [line items] | ||
Non-current financial assets | $ 7,594 | $ 8,004 |
Financial Assets And Liabili_10
Financial Assets And Liabilities - Summary Of Sensitivity Analysis For Types Of Market Risk (Detail) - Market Risk [member] - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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% |
Percentage of reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | 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 | $ 380 | $ 163 |
Increase (decrease) in profit (loss) due to reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | $ (380) | $ (163) |
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% |
Percentage of reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | 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 | $ 12,567 | $ 3,046 |
Increase (decrease) in profit (loss) due to reasonably possible decrease in risk exposure that arises from contracts within scope of IFRS 17 | $ (12,567) | $ (3,046) |
Financial Assets And Liabili_11
Financial Assets And Liabilities - Summary Of Detailed Information About Concentration Of Risk That Arises From Contracts Within Scope Of IFRS 17 (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | 2.00% | 25.00% |
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 | 53.00% | 25.00% |
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 | 1.00% | 13.00% |
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 | 40.00% | 46.00% |
Oil Market [Member] | 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 entity's revenue | 26.00% | 17.00% |
Oil Market [Member] | Trafigura Pte LTD [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 | 5.00% | 17.00% |
Oil Market [Member] | ENAP Refinerías 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 | 6.00% | 12.00% |
Oil Market [Member] | Valero Marketing and Supply Company [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 | 10.00% | |
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 | 11.00% | 22.00% |
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 | 3.00% | 29.00% |
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 | 1.00% | 13.00% |
Natural Gas [Member] | Generacin Mediterrnea 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 | 15.00% | |
Natural Gas [Member] | Cía. Administradora del Mercado Mayorista Eléctrico 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 | 10.00% |
Financial Assets And Liabili_12
Financial Assets And Liabilities - Summary of Credit Risk Exposure (Detail) - Trade receivables [member] - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of credit risk exposure [line items] | ||
Financial assets | $ 25,224 | $ 23,260 |
Gross carrying amount [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 25,630 | 23,263 |
Gross carrying amount [member] | Current [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 23,729 | 18,236 |
Gross carrying amount [member] | Later than three months [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 1,495 | 5,024 |
Gross carrying amount [member] | Later than three months and not later than one year [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | 406 | 3 |
Expected Credit Loss [Member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | (406) | (3) |
Expected Credit Loss [Member] | Later than three months and not later than one year [member] | ||
Disclosure of credit risk exposure [line items] | ||
Financial assets | $ (406) | $ (3) |
Financial Assets And Liabili_13
Financial Assets And Liabilities - Summary of managing liquidity risk (Detail) $ in Thousands | Dec. 31, 2021USD ($)$ / USD | Dec. 31, 2020USD ($)$ / USD |
Liquidity Index [Abstract] | ||
Current assets | $ 375,070 | $ 267,836 |
Current liabilities | $ 385,738 | $ 333,738 |
Liquidity Index | $ / USD | 0.972 | 0.803 |
Financial Assets And Liabili_14
Financial Assets And Liabilities -Summary of contractual undiscounted cash flows of financial liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | $ 218,259 | $ 142,662 |
Borrowings | 610,973 | 539,786 |
Total | 829,232 | 682,448 |
Less than 1 year [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 146,148 | 124,802 |
Borrowings | 163,222 | 190,227 |
Total | 309,370 | 315,029 |
From 1 to 2 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 58,372 | 5,733 |
Borrowings | 157,792 | 170,004 |
Total | 216,164 | 175,737 |
From 2 to 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 9,688 | 12,127 |
Borrowings | 214,491 | 179,555 |
Total | 224,179 | $ 191,682 |
Over 5 years [member] | ||
Disclosure of maturity analysis for non-derivative financial liabilities [line items] | ||
Financial liabilities | 4,051 | |
Borrowings | 75,468 | |
Total | $ 79,519 |
Financial Assets and liabili_15
Financial Assets and liabilities - Summary of income, expenses, gains and losses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of detailed information about financial instruments [line items] | |||
Interest income | $ 65 | $ 822 | $ 3,770 |
Interest expense | (50,660) | (47,923) | (34,163) |
Amortized cost | (4,164) | (2,811) | (2,076) |
Changes in the fair value of Warrants | (2,182) | 16,498 | 6,840 |
Net changes in foreign exchange rate | 14,328 | 3,068 | (2,991) |
Discount of assets and liabilities at present value | (2,300) | (3,432) | (10) |
Impairment of financial assets | (4,839) | ||
Changes in the fair value of financial assets | 5,061 | (645) | 873 |
Interest expense on lease liabilities | (1,079) | (1,641) | (1,561) |
Discount for well plugging and abandonment | (2,546) | (2,584) | (1,723) |
Remeasurements of borrowings | (19,163) | ||
Other | 4,851 | 633 | (67) |
Financial results, net | (57,789) | (42,854) | (31,108) |
Financial assets/liabilities at amortized cost [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Interest income | 65 | 822 | 3,770 |
Interest expense | (50,660) | (47,923) | (34,163) |
Amortized cost | (4,164) | (2,811) | (2,076) |
Net changes in foreign exchange rate | 14,328 | 3,068 | (2,991) |
Discount of assets and liabilities at present value | (2,300) | (3,432) | (10) |
Impairment of financial assets | (4,839) | ||
Interest expense on lease liabilities | (1,079) | (1,641) | (1,561) |
Discount for well plugging and abandonment | (2,546) | (2,584) | (1,723) |
Remeasurements of borrowings | (19,163) | ||
Other | 4,851 | 633 | (67) |
Financial results, net | (60,668) | (58,707) | (38,821) |
Financial assets/liabilities at FVTPL [member] | |||
Disclosure of detailed information about financial instruments [line items] | |||
Changes in the fair value of Warrants | (2,182) | 16,498 | 6,840 |
Changes in the fair value of financial assets | 5,061 | (645) | 873 |
Financial results, net | $ 2,879 | $ 15,853 | $ 7,713 |
Financial Assets and liabili_16
Financial Assets and liabilities - Summary of Fair value of the group's financial assets and financial liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at FVTPL | $ 129,467 | $ 32,096 |
Financial liabilities at FVTPL | 2,544 | 362 |
Warrants [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at FVTPL | 2,544 | 362 |
Short Term Investments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at FVTPL | 129,467 | 32,096 |
Level 1 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at FVTPL | 129,467 | 32,096 |
Level 1 | Short Term Investments [Member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial assets at FVTPL | 129,467 | 32,096 |
Level 3 | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at FVTPL | 2,544 | 362 |
Level 3 | Warrants [member] | ||
Disclosure of fair value measurement of assets [line items] | ||
Financial liabilities at FVTPL | $ 2,544 | $ 362 |
Financial Assets and liabili_17
Financial Assets and 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, 2021 | Dec. 31, 2020 | |
Annualized volatility [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 39.94 | 40.21 |
Domestic risk-free interest rate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 7.15 | 4.34 |
Foreign risk-free interest rate [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Significant unobservable input, liabilities | 0.55 | 0.13 |
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 | 1 year 3 months 14 days | 2 years 3 months 14 days |
Financial Assets and liabili_18
Financial Assets and liabilities - Summary of Reconciliation of Level 3 fair value measurements (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Balance | $ 864,094 | |
Total change in fair value of warrants: | ||
Balance | 1,118,499 | $ 864,094 |
Warrants [member] | ||
Disclosure of significant unobservable inputs used in fair value measurement of liabilities [line items] | ||
Balance | 362 | 16,860 |
Total change in fair value of warrants: | ||
(loss) or profit | 2,182 | (16,498) |
Balance | $ 2,544 | $ 362 |
Financial Assets and liabili_19
Financial Assets and 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, 2021 | Dec. 31, 2020 |
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 | 610,973 | 539,786 |
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 | 610,973 | 539,786 |
Fair Value [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | 560,409 | 567,381 |
Fair Value [member] | Borrowings [member] | ||
Disclosure of fair value measurement of liabilities [line items] | ||
Financial liabilities, at fair value | $ 560,409 | $ 567,381 |
Financial Assets And Liabili_20
Financial Assets And Liabilities - Additional Information (Detail) - USD ($) | Feb. 13, 2019 | Aug. 15, 2017 | Aug. 01, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Jan. 14, 2022 | Dec. 31, 2019 |
Disclosure of detailed information about financial instruments [line items] | |||||||
Total capital amount of debt securities | $ 25,000,000 | ||||||
Inflation wholesale price index | 216.00% | 200.00% | |||||
Deferral of loan repayment | $ 4,500,000 | ||||||
Average interest rate | 40.00% | 38.00% | |||||
Debt refinance | $ 45,000,000 | ||||||
USD | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
variable interest rate | 4.81% | 5.69% | |||||
ARS | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
variable interest rate | 35.55% | 38.81% | |||||
Fixed interest rate [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Indebtedness subject to variable interest rates | 16.00% | 35.00% | |||||
Market comparable prices [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Percentage of argentine peso depreciated | 41.00% | ||||||
Series A warrants [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Warrants issued | 5,000,000 | 65,000,000 | |||||
Warrants issued, exercise price per share | $ 11.50 | $ 11.50 | |||||
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 | $ 277,000 | $ 76,000 | |||||
Percentage of decrease in unobersrvable input | 0.10% | 0.10% | 0.10% | ||||
Amount of decrease in Financial Obligation | $ 258,000 | $ 66,000 | |||||
Series A warrants [member] | Annualized volatility [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 | $ 135,000 | $ 32,000 | |||||
Percentage of decrease in unobersrvable input | 50.00% | 50.00% | |||||
Amount of decrease in Financial Obligation | $ 133,000 | $ 31,000 | |||||
Series A warrants [member] | Sponsor [member] | |||||||
Disclosure of detailed information about financial instruments [line items] | |||||||
Warrants issued | 29,680,000 | ||||||
Warrants issued, exercise price per share | $ 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 | $ 800,000,000 |
Inventories - Disclosure of Det
Inventories - Disclosure of Detailed Information About Inventory (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Inventory [Abstract] | ||
Materials and spare parts | $ 8,739 | $ 7,743 |
Crude oil stock (Note 6.2) | 5,222 | 6,127 |
Total | $ 13,961 | $ 13,870 |
Cash, bank balances and other_3
Cash, bank balances and other short-term investments - Disclosure of Cash and Cash Equivalents (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Cash and cash equivalents [abstract] | ||||
Mutual funds | $ 126,204 | $ 30,886 | ||
Money market funds | 106,915 | 167,553 | ||
Cash in banks | 78,098 | 2,875 | ||
Government bonds | 3,796 | 1,633 | ||
Total | 315,013 | 202,947 | ||
Cash, bank balances and other short-term investments | 315,013 | 202,947 | ||
Government bonds | (3,796) | (1,633) | ||
Cash and cash equivalents | $ 311,217 | $ 201,314 | $ 234,230 | $ 66,047 |
Capital stock and capital ris_3
Capital stock and capital risk management - Summary of detailed information about changes in equity (Detail) - USD ($) | Dec. 14, 2021 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Beginning Balance | $ 659,400,000 | $ 659,399,000 | $ 513,255,000 | |
Number of shares | 70,409,317 | |||
Net value of Series A shares on February 13, 2019 | $ 55,000,000 | |||
Number of shares | 5,500,000 | |||
Net value of Series A shares on July 25, 2019 | $ 91,143,000 | |||
Number of shares | 87,851,288 | 87,133,506 | 10,906,257 | |
Series A shares granted for the LTIP | $ 1,000 | $ 1,000 | $ 1,000 | |
Reduction of share capital adopted at the Ordinary General Shareholders' meeting on December 14, 2021 | $ (72,695) | $ (72,695,000) | ||
Number of shares | 778,591 | 717,782 | 317,932 | |
Ending Balance | $ 586,706,000 | $ 659,400,000 | $ 659,399,000 | |
Number of shares | 88,629,879 | |||
Series A Publicly Traded Shares [member] | ||||
Beginning Balance | $ 569,160,000 | $ 569,160,000 | $ 423,017,000 | |
Number of shares | 60,909,315 | |||
Net value of Series A shares on February 13, 2019 | $ 55,000,000 | |||
Number of shares | 5,500,000 | |||
Net value of Series A shares on July 25, 2019 | $ 91,143,000 | |||
Number of shares | 77,315,572 | 77,315,572 | 10,906,257 | |
Reduction of share capital adopted at the Ordinary General Shareholders' meeting on December 14, 2021 | $ (72,695,000) | |||
Ending Balance | $ 496,465,000 | $ 569,160,000 | $ 569,160,000 | |
Number of shares | 77,315,572 | |||
Series A private offering [member] | ||||
Beginning Balance | $ 90,240,000 | $ 90,239,000 | $ 90,238,000 | |
Number of shares | 9,500,000 | |||
Number of shares | 10,535.714 | 9,817,932 | ||
Series A shares granted for the LTIP | $ 1,000 | $ 1,000 | $ 1,000 | |
Number of shares | 778,591 | 717,782 | 317,932 | |
Ending Balance | $ 90,241,000 | $ 90,240,000 | $ 90,239,000 | |
Number of shares | 11,314,305 | |||
Series B common shares [member] | ||||
Beginning Balance | ||||
Ending Balance | ||||
Series C common shares [member] | ||||
Number of shares | 2 | |||
Number of shares | 2 | 2 | ||
Number of shares | 2 |
Capital stock and capital ris_4
Capital stock and capital risk management - Summary of financial leverage ratios (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 |
Financial Leverage Ratio [Abstract] | ||||
Total borrowings and leases liabilities | $ 638,047 | $ 563,467 | ||
Less: Cash, bank balances and other short-term investments | (315,013) | (202,947) | ||
Net debt | 323,034 | 360,520 | ||
Total equity | $ 565,259 | $ 508,518 | $ 603,716 | $ 479,657 |
Leverage ratio | 57.00% | 71.00% |
Capital stock and capital ris_5
Capital stock and capital risk management - Additional Information (Detail) - USD ($) | Apr. 26, 2022 | Dec. 14, 2021 | Jul. 25, 2019 | Apr. 04, 2018 | Dec. 18, 2017 | Aug. 15, 2017 | May 30, 2017 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Feb. 13, 2019 | Mar. 22, 2018 |
Value of stock issued | $ 586,706,000 | $ 659,400,000 | ||||||||||
Escrow deposit | $ 653,781,000 | |||||||||||
Payment for redemption | $ 23,840,000 | |||||||||||
Stock issuance cost | 26,199,000 | |||||||||||
shares outstanding | 88,629,879 | |||||||||||
Reduction of issued capital | $ 72,695 | $ 72,695,000 | ||||||||||
Kensington Investments BV [Member] | ||||||||||||
Warrant exercise value | $ 55,000,000 | |||||||||||
Mexico [Member] | ||||||||||||
Stock issuance cost | $ 91,143,000 | |||||||||||
American Depository Shares [Member] | ||||||||||||
Shares issued | 10,091,257 | |||||||||||
Treasury shares [member] | ||||||||||||
shares outstanding | 40,162,362 | 40,940,953 | 41,658,735 | |||||||||
Series A common shares [member] | ||||||||||||
Value of stock issued | $ 650,017,000 | |||||||||||
Shares issued | 10,906,257 | 65,000,000 | ||||||||||
Stock issuance cost | $ 4,073,000 | $ 9,988,000 | ||||||||||
Increase in variable capital | $ 1,000,000 | |||||||||||
Number of shares subscribed | 100,000,000 | |||||||||||
Shares fully paid | 9,500,000 | |||||||||||
Issue proceeds | $ 95,000,000 | |||||||||||
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 | 88,629,877 | 87,851,286 | 87,133,504 | |||||||||
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 | $ 204,590,000 | |||||||||||
Payment for redemption | 442,491,000 | |||||||||||
Shares redemption cost | 6,700,000 | |||||||||||
Payment for deferred offering costs | $ 19,500,000 | |||||||||||
Series A private offering [member] | ||||||||||||
Issue of treasury shares | $ 778,591,000 | $ 717,782,000 | $ 317,932,000 | |||||||||
shares outstanding | 11,314,305 | |||||||||||
Series B common shares [member] | ||||||||||||
Increase in variable capital | $ 25,000 | |||||||||||
Par value per share | $ 0 |
Provisions - Summary of classif
Provisions - Summary of classification of provisions (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [line items] | ||
Non-Current | $ 29,657 | $ 23,909 |
Current | 2,880 | 2,084 |
Well plugging and abandonment [Member] | ||
Disclosure of other provisions [line items] | ||
Non-Current | 28,920 | 23,349 |
Current | 1,876 | 584 |
Environmental remediation [member] | ||
Disclosure of other provisions [line items] | ||
Non-Current | 737 | 560 |
Current | 862 | 1,141 |
Contingencies [Member] | ||
Disclosure of other provisions [line items] | ||
Current | $ 142 | $ 359 |
Provisions - Summary of movemen
Provisions - Summary of movements in provision (Detail) - USD ($) | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of other provisions [line items] | |||
Discount for well plugging and abandonment | $ 2,546,000 | $ 2,584,000 | $ 1,723,000 |
Asset retirement obligation [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the period/year | 23,933,000 | 21,748,000 | |
Discount for well plugging and abandonment | 2,546 | 2,584 | |
Increase from acquisition of AFBN assets | 2,773,000 | ||
Decrease from transfer of working interest in CASO | (630) | ||
Foreign exchange differences | 62 | (33) | |
Increase / (Decrease) from change in estimates capitalized | 2,112,000 | (366,000) | |
At the end of the period/year | 30,796,000 | 23,933,000 | 21,748,000 |
Environmental remediation [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the period/year | 1,701,000 | 2,499,000 | |
Increases (Note 10.2) | 1,029,000 | 463,000 | |
Foreign exchange differences | (1,131) | (1,261) | |
At the end of the period/year | 1,599,000 | 1,701,000 | 2,499,000 |
Provisions for contingencies [member] | |||
Disclosure of other provisions [line items] | |||
At the beginning of the period/year | 359,000 | 322,000 | |
Increases (Note 10.2) | 652,000 | 267,000 | |
Foreign exchange differences | (345) | (230) | |
Amounts incurred due to utilization | (524) | 0 | |
At the end of the period/year | $ 142,000 | $ 359,000 | $ 322,000 |
Provisions - Additional informa
Provisions - Additional information (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of other provisions [line items] | ||
Total claims and legal actions in aggregate claimed amount | $ 217 | $ 428 |
Estimate of probable loss | 142 | 359 |
Contingent liabilities | $ 75 | $ 69 |
Bottom of range [member] | ||
Disclosure of other provisions [line items] | ||
Discount rate used in calculation of provision | 10.80% | 9.32% |
Top of range [member] | ||
Disclosure of other provisions [line items] | ||
Discount rate used in calculation of provision | 14.90% | 12.42% |
Employee benefits - Summary of
Employee benefits - Summary of employee benefit costs (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of information about defined benefit plans [abstract] | |||
Cost of the current services | $ (28) | $ (60) | |
Cost of interest | (219) | (190) | |
Total | $ (247) | $ (250) | $ (220) |
Employee benefits - Summary o_2
Employee benefits - Summary of obligations for defined benefit plans (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances at the beginning of the year | $ (3,461) | $ (4,469) |
Items classified in profit or loss | ||
Current services cost | (28) | (60) |
Cost for interest | (219) | (190) |
Items classified in other comprehensive income | ||
Actuarial remediation (losses) | (4,513) | 460 |
Benefit payments | 0 | |
Payment of contributions | 399 | 798 |
At the end of the year | (7,822) | (3,461) |
Present value of the obligation [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances at the beginning of the year | (11,465) | (12,351) |
Items classified in profit or loss | ||
Current services cost | (28) | (60) |
Cost for interest | (610) | (587) |
Items classified in other comprehensive income | ||
Actuarial remediation (losses) | (4,394) | 735 |
Benefit payments | 1,081 | 798 |
Payment of contributions | 0 | |
At the end of the year | (15,416) | (11,465) |
Fair value of plan assets [member] | ||
Disclosure of net defined benefit liability (asset) [line items] | ||
Balances at the beginning of the year | 8,004 | 7,882 |
Items classified in profit or loss | ||
Current services cost | 0 | |
Cost for interest | 391 | 397 |
Items classified in other comprehensive income | ||
Actuarial remediation (losses) | (119) | (275) |
Benefit payments | (1,081) | (798) |
Payment of contributions | 399 | 798 |
At the end of the year | $ 7,594 | $ 8,004 |
Employee benefits - Summary o_3
Employee benefits - Summary of fair value of plan assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of fair value of plan assets [abstract] | ||
Cash and cash equivalents | $ 7,594 | |
Debt instruments categorized by issuers' credit rating: | ||
US Government bonds | $ 8,004 | |
Total | $ 7,594 | $ 8,004 |
Employee benefits - Summary o_4
Employee benefits - Summary of estimated expected benefits payments (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2020 | |
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 | $ 1,204 | $ 901 |
From 1 to 2 years [member] | ||
Disclosure of defined benefit plans [line items] | ||
Estimate of contributions expected to be paid to plan for next annual reporting period | 1,232 | 889 |
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 | 1,213 | 899 |
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 | 1,213 | 884 |
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 | 1,198 | 885 |
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 | $ 5,752 | $ 4,239 |
Employee benefits - Summary o_5
Employee benefits - Summary of significant actuarial assumptions used (Detail) | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of defined benefit plans [line items] | ||
Discount rate | 5.00% | 5.00% |
Assets return rate | 5.00% | 5.00% |
Salaries increase | 1.00% | 1.00% |
Employee benefits - Additional
Employee benefits - Additional information (Detail) $ in Thousands | Dec. 31, 2021USD ($) |
Actuarial assumption of discount rates [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 | $ 1,298 |
Amount of increase in defined benefit obligation due to decrease in actuarial assumption | $ 1,526 |
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 | $ 87 |
Amount of increase in defined benefit obligation due to decrease in actuarial assumption | $ 91 |
Salaries and payroll taxes - Su
Salaries and payroll taxes - Summary of salaries and payroll taxes (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Disclosure of information about defined benefit plans [abstract] | ||
Provision for gratifications and bonus | $ 12,102 | $ 7,029 |
Salaries and social security contributions | 5,389 | 4,479 |
Total current | $ 17,491 | $ 11,508 |
Other taxes and royalties - S
Other taxes and royalties - Summary of other taxes and royalties (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Other Liabilities Abstract [Abstract] | ||
Royalties | $ 9,547 | $ 4,152 |
Tax withholdings | 873 | 843 |
VAT | 33 | 46 |
Other | 919 | 76 |
Total current | $ 11,372 | $ 5,117 |
Trade and other payables- Summa
Trade and other payables- Summary of trade and other payables (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Accounts payable: | ||
Payables to partners for joint operations (1) | $ 50,159 | |
Total noncurrent accounts payable | 50,159 | |
Total noncurrent | 50,159 | |
Accounts payable: | ||
Suppliers | 119,255 | 117,409 |
Total current accounts payable | 119,255 | 117,409 |
Other accounts payables: | ||
Payables to partners for joint operations (1) | 19,007 | 664 |
Extraordinary fee for Gas IV Plan (Note 2.5.3.2) | 220 | |
Extraordinary fee for the RI program (Note 2.5.3.1) | 546 | |
Total other current accounts payables | 19,227 | 1,210 |
Total current | $ 138,482 | $ 118,619 |
Trade and other payables- Sum_2
Trade and other payables- Summary of trade and other payables (Parenthetical) (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 |
Statement [Line Items] | ||
Trade and other non-current payables | $ 50,159 | |
Trade and other current payables | $ 18,913 |
Related parties transactions _3
Related parties transactions and balances - Summary of key management personnel remuneration (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure of transactions between related parties [line items] | |||
Short-term benefits | $ 11,626 | $ 7,273 | $ 9,080 |
Share-based payment transactions | 8,875 | 8,699 | 9,175 |
Total compensation paid to key personnel | $ 20,501 | $ 15,972 | $ 18,255 |
Aleph Midstream S.A. - Addition
Aleph Midstream S.A. - Additional information (Detail) $ in Thousands | Feb. 26, 2020USD ($) |
Aleph Midstream S A [Member] | |
Statement [Line Items] | |
Consideration For Sale Of Interest | $ 37,500 |
Operations in hydrocarbon con_3
Operations in hydrocarbon consortiums - Additional information (Detail) $ in Thousands, $ in Millions | Jan. 17, 2022 | Sep. 16, 2021 | Aug. 23, 2021 | Jun. 28, 2021USD ($) | Jun. 24, 2021 | Mar. 21, 2021 | Nov. 29, 2019 | Dec. 21, 2018USD ($) | Oct. 29, 2018 | Aug. 22, 2018USD ($) | Apr. 04, 2018 | Jul. 11, 2016 | Oct. 28, 2009 | Dec. 31, 2021ARS ($) | Dec. 31, 2020 | Dec. 31, 2021USD ($) | Dec. 31, 2019 |
Statement [Line Items] | |||||||||||||||||
Royalties percentage | 12.00% | 12.00% | 12.00% | 12.00% | |||||||||||||
Percentage Of Non operated Interest | 50.00% | ||||||||||||||||
Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Estimate cost to fulfil the commitment | $ 14,700 | ||||||||||||||||
Bottom of range [member] | Carry Petrolero [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 55.00% | ||||||||||||||||
Top of range [member] | Carry Petrolero [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 84.62% | ||||||||||||||||
Vista Argentina [member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Percenatge Of Investments Costs | 20.00% | ||||||||||||||||
Percentage Of Ownership | 100.00% | ||||||||||||||||
Percentage Of Contractual Rights | 20 | ||||||||||||||||
Shell And Vista [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Capital contribution | $ 10,000 | ||||||||||||||||
Pampa Energia SA [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Successive periods | 10 years | ||||||||||||||||
Petrolera El Trbol SA [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 79.05% | ||||||||||||||||
Entre Lomas [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||
Concession term | 10 years | ||||||||||||||||
Complementary contribution equivalent percentage | 3.00% | ||||||||||||||||
Entre Lomas [Member] | Before Increment [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Royalties percentage | 18.00% | 18.00% | |||||||||||||||
Entre Lomas [Member] | Neuquen [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
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 | ||||||||||||||||
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] | Vista Argentina [member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 10.00% | 10.00% | |||||||||||||||
Coirn Amargo Sur Oeste [Member] | OG Developments Ltd [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage exchanged | 35.00% | ||||||||||||||||
Aguila Mora [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Estimate cost to fulfil the commitment | $ 32,750 | ||||||||||||||||
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] | |||||||||||||||||
Concession term | 35 years | ||||||||||||||||
Successive periods | 10 years | ||||||||||||||||
Twenty Five de MayoMedanito SE [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
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 | ||||||||||||||||
Sur Rio Deseado Este [Member] | Vista Argentina [member] | Alianza Petrolera SA [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 16.94% | ||||||||||||||||
Sur Rio Deseado Este [Member] | SECRA SA [Member] | Alianza Petrolera SA [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 4.00% | ||||||||||||||||
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% | ||||||||||||||||
Bajada del Palo East [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Estimate cost to fulfil the commitment | 51,900 | ||||||||||||||||
Aguada Federal [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||
Percentage Of Non operated Interest | 50.00% | ||||||||||||||||
Percentage Of Completion Of Work | 100.00% | ||||||||||||||||
Aguada Federal [Member] | Non operating interest [member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Percentage Of Non operated Interest | 50.00% | ||||||||||||||||
Aguada Federal [Member] | Operating Interest [member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Percentage Of Non operated Interest | 50.00% | ||||||||||||||||
Bandurria Norte [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||
Percentage Of Completion Of Work | 100.00% | ||||||||||||||||
Bandurria Norte [Member] | Non operating interest [member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Percentage Of Non operated Interest | 50.00% | ||||||||||||||||
Bandurria Norte [Member] | Operating Interest [member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Percentage Of Non operated Interest | 50.00% | ||||||||||||||||
AreaCS01 [Member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||||
AreaCS01 [Member] | Vista Argentina [member] | Bottom of range [member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||||
AreaCS01 [Member] | Vista Argentina [member] | Top of range [member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||
AreaA10 [Member] | Vista Argentina [member] | Bottom of range [member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||||
AreaA10 [Member] | Vista Argentina [member] | Top of range [member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||
AreaTM01 [Member] | Vista Argentina [member] | Bottom of range [member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 50.00% | ||||||||||||||||
AreaTM01 [Member] | Vista Argentina [member] | Top of range [member] | Mexico [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Ownership percentage | 100.00% | ||||||||||||||||
ELO [Member] | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Estimate cost to fulfil the commitment | 5,773 | ||||||||||||||||
Estimate amount | 11,220 | ||||||||||||||||
25 de Mayo-Medanito SE and Jagüel de los Machos | |||||||||||||||||
Statement [Line Items] | |||||||||||||||||
Estimate cost to fulfil the commitment | $ 8,613 | ||||||||||||||||
Estimate amount | $ 3,240 |
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, 2021 | Dec. 31, 2020 | 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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2026 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2025 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2053 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2053 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2026 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2026 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2034 | ||
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 | ||
Proportion of ownership interest in joint venture | 100.00% | 100.00% | 100.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2040 | ||
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 | ||
Proportion of ownership interest in joint venture | 0.00% | 10.00% | 10.00% |
Oil and gas fileds operator | Shell Argentina S.A. | ||
Oil and gas duration | 2053 | ||
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 | ||
Proportion of ownership interest in joint venture | 84.62% | 84.62% | 55.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2036 | ||
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 | ||
Proportion of ownership interest in joint venture | 1.50% | 1.50% | 1.50% |
Oil and gas fileds operator | Pan American Energy | ||
Oil and gas duration | 2036 | ||
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 | ||
Proportion of ownership interest in joint venture | 1.50% | 1.50% | 1.50% |
Oil and gas fileds operator | Pan American Energy | ||
Oil and gas duration | 2040 | ||
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 | ||
Proportion of ownership interest in joint venture | 0.00% | 16.90% | 16.90% |
Oil and gas fileds operator | Alianza Petrolera Argentina S.A. | ||
Oil and gas duration | 2021 | ||
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 | ||
Proportion of ownership interest in joint venture | 90.00% | 90.00% | 90.00% |
Oil and gas fileds operator | Vista Argentina | ||
Oil and gas duration | 2054 | ||
Aguada Federal [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 | ||
Proportion of ownership interest in joint venture | 50.00% | 0.00% | 0.00% |
Oil and gas fileds operator | Wintershall | ||
Oil and gas duration | 2050 | ||
Bandurria 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 | ||
Proportion of ownership interest in joint venture | 50.00% | 0.00% | 0.00% |
Oil and gas fileds operator | Wintershall | ||
Oil and gas duration | 2050 | ||
Area CS-01 | 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 | ||
Proportion of ownership interest in joint venture | 100.00% | 50.00% | 50.00% |
Oil and gas fileds operator | Vista Holding II | ||
Oil and gas duration | 2047 | ||
Area A-10 | 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 | ||
Proportion of ownership interest in joint venture | 0.00% | 50.00% | 50.00% |
Oil and gas fileds operator | Jaguar | ||
Oil and gas duration | 2047 | ||
Area TM-01 | 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 | Veracruz | ||
Proportion of ownership interest in joint venture | 0.00% | 50.00% | 50.00% |
Oil and gas fileds operator | Jaguar | ||
Oil and gas duration | 2047 |
Operations in hydrocarbon con_5
Operations in hydrocarbon consortiums - Summary of financial information of joint operation (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Assets | |||
Non-current assets | $ 1,308,688 | $ 1,104,776 | $ 1,012,562 |
Current assets | 375,070 | 267,836 | |
Liabilities | |||
Non-current liabilities | 732,761 | 530,356 | |
Current liabilities | 385,738 | 333,738 | |
Operating costs | (107,123) | (88,018) | (114,431) |
Selling expenses | 42,748 | 24,023 | 27,138 |
General and administrative expenses | (45,858) | (33,918) | (42,400) |
Exploration expenses | (561) | (646) | (676) |
Financial results, net | (57,789) | (42,854) | (31,108) |
Group And Vista Argentina [Member] | |||
Assets | |||
Non-current assets | 88,927 | 11,465 | |
Current assets | 6,432 | 3,967 | |
Liabilities | |||
Non-current liabilities | 57,088 | 1,353 | |
Current liabilities | 23,913 | 3,509 | |
Revenue from contracts with customers | 3,200 | 2,490 | 4,522 |
Operating costs | (4,513) | (4,914) | (9,103) |
Selling expenses | (256) | (4) | (106) |
General and administrative expenses | (953) | (1,760) | (1,488) |
Exploration expenses | (446) | (646) | (667) |
Other operating income and expenses | (8,076) | (1,385) | (74) |
Financial results, net | (457) | 56 | (961) |
Total costs and expenses for the period/year | $ (11,501) | $ (6,163) | $ (7,877) |
Business Combination - Addition
Business Combination - Additional Information (Detail) - USD ($) $ in Thousands | Jan. 17, 2022 | Dec. 31, 2021 |
Disclosure of detailed information about business combination [line items] | ||
Consideration transferred | $ 140,000 | |
CAN's Acquisition Member | ||
Disclosure of detailed information about business combination [line items] | ||
Percentage of voting equity interests acquired | 29.62% | |
Consideration transferred | $ 0 | |
Net identifiable assets acquired | $ 1,383 | |
CAN's Acquisition Member | Bottom of range [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Percentage of voting equity interests acquired | 55.00% | |
CAN's Acquisition Member | Top of range [member] | ||
Disclosure of detailed information about business combination [line items] | ||
Percentage of voting equity interests acquired | 84.62% |
Tax regulations - Additional In
Tax regulations - Additional Information (Detail) - USD ($) $ in Millions | Jun. 16, 2021 | Jan. 01, 2021 | May 19, 2020 | Jan. 01, 2020 | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 |
Statement [Line Items] | |||||||
Income tax rate | 35.00% | 25.00% | 30.00% | 30.00% | 30.00% | ||
Dividend withholding tax rate | 13.00% | 7.00% | |||||
Deductible interest | $ 20 | ||||||
Bottom of range [member] | |||||||
Statement [Line Items] | |||||||
Income tax rate | 30.00% | ||||||
Top of range [member] | |||||||
Statement [Line Items] | |||||||
Income tax rate | 35.00% | ||||||
Ice Brent first Line Price Equivalent Or Less than Forty Five Dollar [Member] | |||||||
Statement [Line Items] | |||||||
International price rate | 0.00% | ||||||
Export duty rate | 45.00% | ||||||
Ice Brent first Line Price Equivalent Or Greater than Sixty Dollar [Member] | |||||||
Statement [Line Items] | |||||||
International price rate | 8.00% | ||||||
Export duty rate | 60.00% | ||||||
PAIS [Member] | |||||||
Statement [Line Items] | |||||||
Emergency tax rate | 30.00% | ||||||
Tax term | 5 years | ||||||
Mexico [member] | |||||||
Statement [Line Items] | |||||||
Income tax rate | 30.00% | ||||||
Forecast [Member] | |||||||
Statement [Line Items] | |||||||
Income tax rate | 30.00% | ||||||
Dividend withholding tax rate | 7.00% |
Share-based payments - Summary
Share-based payments - Summary of number and weighted average exercise prices (WAEP) of, and movements in, share options (Detail) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019$ / USDshares$ / shares | |
Disclosure Of Number And Weighted Average Exercise Price Of Share Options [Abstract] | |||
Outstanding as of beginning of period/year | 5,668,825 | 3,994,004 | 1,330,541 |
Granted during the period/year | shares | 3,455,284 | 1,711,307 | 2,704,003 |
Cancelled during the year | 0 | (36,486) | (40,540) |
At the end of the period/year | shares | 9,124,109 | 5,668,825 | 3,994,004 |
Outstanding as of beginning of period/year | $ 6 | $ 7.8 | $ 10 |
Granted during the period/year | 2.9 | 2.1 | 6.7 |
Cancelled during the year | 0 | 10 | 10 |
At the end of the period/year | $ 4.9 | $ 6 | $ 7.8 |
Share-based payments - Summar_2
Share-based payments - Summary of valuation assumptions of stock option plan (Detail) | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / 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% | 0.00% |
Expected volatility (%) | 34.00% | 34.00% | 40.00% |
Risk–free interest rate (%) | 1.40% | 0.70% | 2.50% |
Expected life of share options (years) | shares | 10 | 10 | 5 |
Weighted average excercise price | $ / shares | $ 2.9 | $ 2.10 | $ 6.7 |
Model used | Black-Scholes | Black-Scholes | Black-Scholes |
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] | 12 Months Ended | ||
Dec. 31, 2021shares$ / shares | Dec. 31, 2020shares$ / shares | Dec. 31, 2019$ / USDshares$ / shares | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | |||
Outstanding as of beginning of period/year | 3,769,299 | 2,207,012 | 854,750 |
Granted during the period/year | shares | 1,993,039 | 1,581,037 | 1,356,762 |
Cancelled during the year | 0 | (18,750) | (4,500) |
At the end of the period/year | shares | 5,762,338 | 3,769,299 | 2,207,012 |
Outstanding as of beginning of period/year | $ 5.4 | $ 7.8 | $ 10 |
Granted during the period/year | 2.9 | 2.1 | 6.7 |
Cancelled during the year | 0 | 6.7 | 10 |
At the end of the period/year | $ 4.5 | $ 5.4 | $ 7.8 |
Share-based payments - Addition
Share-based payments - Additional Informtaion (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Mar. 22, 2018 | |
Disclosure of terms and conditions of share-based payment arrangement [line items] | ||||
Weighted average fair value of options granted | $ 1,200 | $ 900 | $ 2,600 | |
Share based payments, compensation expense | $ 10,592,000 | 10,494,000 | 10,655,000 | |
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% during the first year; (ii) 33% during the second year, and (iii) 34% during the third year in relation to the date in which stock options are granted to participants. | |||
Description of maximum term of options granted | Once acquired, stock options may be exercised up to 5 or 10 years as from grant date. | |||
Share based payments, compensation expense | $ 4,377,000 | 4,251,000 | 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 in which the Restricted Stock are granted to the participants. | |||
Share based payments, compensation expense | $ 6,215,000 | $ 6,243,000 | $ 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 |
Subsequent events - Additional
Subsequent events - Additional Information (Detail) $ in Thousands | Apr. 26, 2022USD ($) | Apr. 04, 2022USD ($) | Apr. 01, 2022USD ($) | Mar. 18, 2022USD ($) | Mar. 10, 2022USD ($) | Mar. 04, 2022USD ($) | Mar. 02, 2022USD ($) | Feb. 21, 2022USD ($) | Feb. 07, 2022USD ($) | Jan. 31, 2022USD ($) | Jan. 20, 2022USD ($) | Jan. 14, 2022USD ($) | Jan. 04, 2022USD ($) | Jan. 20, 2022USD ($) | Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($) | Dec. 31, 2019USD ($) | Jan. 17, 2022USD ($)$ / USD | Jan. 03, 2022USD ($) | Jun. 28, 2021 |
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Borrowings, face value | $ 25,000 | |||||||||||||||||||
Borrowings, interest rate | 2.00% | |||||||||||||||||||
Borrowings, maturity date | September 16, 2026 | |||||||||||||||||||
Consideration transferred, acquisition-date fair value | $ 140,000 | |||||||||||||||||||
Interest Amount Paid | $ 754 | $ 724 | $ 3,053 | $ 54,636 | $ 43,756 | $ 32,438 | ||||||||||||||
Repayment Of Loan and Interest | $ 6,250 | $ 50,600 | $ 284,695 | $ 98,761 | $ 90,233 | |||||||||||||||
Cash transferred | 90,000 | |||||||||||||||||||
Liabilities incurred | $ 50,000 | |||||||||||||||||||
Forfeiture Of Interest Amount | $ 7,495 | |||||||||||||||||||
Payments to acquire or redeem entity's shares | $ 23,840 | |||||||||||||||||||
Banco Santander [Member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Repayment Of Loan and Interest | $ 164 | |||||||||||||||||||
Vista Argentina [member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Borrowings, face value | $ 13,500 | |||||||||||||||||||
Borrowings, interest rate | 2.45% | |||||||||||||||||||
Borrowings, maturity date | January 4, 2027 | |||||||||||||||||||
Percentage of voting equity interests acquired | 100.00% | |||||||||||||||||||
Loan Agreement With Banco Macro Loan [Member] | Vista Argentina [member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Interest Amount Paid | $ 198 | |||||||||||||||||||
Loan Agreement Banco Bbva Argentina Sa [Member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Interest Amount Paid | $ 1,071 | |||||||||||||||||||
Loan Agreement Banco Bbva Argentina Sa [Member] | Vista Argentina [member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Interest Amount Paid | $ 80 | |||||||||||||||||||
Repayment Of Loan and Interest | $ 1,788 | $ 892 | ||||||||||||||||||
Major purchases of assets [member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Percentage of voting equity interests acquired | 50.00% | |||||||||||||||||||
Major purchases of assets [member] | Aguada Federal and Bandurria Norte [Member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Borrowings, face value | $ 77,000 | |||||||||||||||||||
Number of installments liabilities need to be paid | $ / USD | 8 | |||||||||||||||||||
Loan Agreement [Member] | Vista Argentina [member] | ON Nine And ON Ten [Member] | ||||||||||||||||||||
Disclosure of non-adjusting events after reporting period [line items] | ||||||||||||||||||||
Interest Amount Paid | $ 882 |
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 | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Acquisition of properties | |||
Exploration | $ (561) | $ (646) | $ (676) |
Argentina [Member] | |||
Acquisition of properties | |||
Proved | |||
Unproved | (69,693) | ||
Total acquisition of properties | (69,693) | ||
Exploration | (9) | ||
Development | (280,686) | (186,030) | (146,935) |
Total costs incurred | (350,379) | (186,030) | (146,944) |
Mexico [Member] | |||
Acquisition of properties | |||
Unproved | 278 | ||
Total acquisition of properties | 278 | ||
Exploration | (561) | (646) | (667) |
Development | (13,475) | (2,031) | (601) |
Total costs incurred | $ (14,036) | $ (2,677) | $ (990) |
Supplementary Information On _4
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of capitalized costs - (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Argentina [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Unproved properties | $ 0 | |||
Gross capitalized costs | $ 1,737,205 | $ 1,369,554 | 1,144,931 | |
Accumulated depreciation | (549,885) | (364,964) | (222,847) | |
Total net capitalized costs | 1,187,320 | 1,004,590 | 922,084 | |
Mexico [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Unproved properties | 15,359 | 29,403 | ||
Gross capitalized costs | 41,441 | 18,476 | 30,044 | |
Accumulated depreciation | (281) | (94) | (3) | |
Total net capitalized costs | 41,160 | 18,382 | 30,041 | |
Machinery, facilities, software licenses and other | Argentina [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Proved Properties | [1] | 37,519 | 34,407 | 29,757 |
Machinery, facilities, software licenses and other | Mexico [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Proved Properties | [1] | 476 | 485 | 40 |
Oil and gas properties and wells [Member] | Argentina [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Proved Properties | [1] | 1,614,708 | 1,258,223 | 1,040,250 |
Oil and gas properties and wells [Member] | Mexico [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Proved Properties | [1] | 34,698 | ||
Work In Progress [Member] | Argentina [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Proved Properties | [1] | 84,978 | 76,924 | 74,924 |
Work In Progress [Member] | Mexico [Member] | ||||
Disclosure Of Capitalized Costs [Line Items] | ||||
Proved Properties | [1] | $ 6,267 | $ 2,632 | $ 601 |
[1] | Including capitalized amounts related to well plugging and abandonment and impairment loss/reversal. |
Supplementary Information On _5
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of results of operations - (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Disclosure Of Results Of Operations [Line Items] | |||
Revenue from contract with customers | $ 652,187 | $ 273,938 | $ 415,976 |
Production costs, excluding depreciation | |||
Operating costs | 107,123 | 88,018 | 114,431 |
Royalties | 86,241 | 38,908 | 61,008 |
Exploration expenses | 561 | 646 | 676 |
Depreciation, depletion and amortization | 191,313 | 147,674 | 153,001 |
Profit / (loss) before income tax | 152,764 | (112,862) | (16,491) |
Income tax | (102,114) | 10,113 | (16,232) |
Profit / (loss) for the year, net | 50,650 | (102,749) | (32,723) |
Argentina [Member] | |||
Production costs, excluding depreciation | |||
Exploration expenses | 9 | ||
Oil And Gas Producing Activities [Member] | Argentina [Member] | |||
Disclosure Of Results Of Operations [Line Items] | |||
Revenue from contract with customers | 652,187 | 273,938 | 415,976 |
Total revenue | 652,187 | 273,938 | 415,976 |
Production costs, excluding depreciation | |||
Operating costs | (107,123) | (88,018) | (114,431) |
Royalties | (86,241) | (38,908) | (61,008) |
Total production costs | (193,364) | (126,926) | (175,439) |
Exploration expenses | (561) | (646) | (676) |
Discount for well plugging and abandonment liabilities | (2,546) | (2,584) | (1,723) |
Reversal / Impairment of long-lived assets | 14,044 | (14,438) | |
Depreciation, depletion and amortization | (191,313) | (147,674) | (153,001) |
Profit / (loss) before income tax | 278,447 | (18,330) | 85,137 |
Income tax | (83,534) | 5,499 | (25,541) |
Profit / (loss) for the year, net | $ 194,913 | $ (12,831) | $ 59,596 |
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) - Proved Reserves [Member] | Dec. 31, 2021MMBbls | Dec. 31, 2021Bcf | Dec. 31, 2021bbl | Dec. 31, 2020MMBbls | Dec. 31, 2020Bcf | Dec. 31, 2020bbl | Dec. 31, 2019MMBblsBcfbbl | Dec. 31, 2018bblMMBbls | ||
Mexico [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 | 0.3 | 0.2 | 0.1 | |||||||
PROVED Undeveloped | 3 | 0 | 0.1 | |||||||
Total proved reserves (developed and undeveloped) | 3.3 | 0.2 | 0.2 | |||||||
Mexico [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 | 0.2 | 0.7 | 0.7 | |||||||
PROVED Undeveloped | Bcf | 6 | 0 | 0.1 | |||||||
Total proved reserves (developed and undeveloped) | Bcf | 6.2 | 0.7 | 0.8 | |||||||
Mexico [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 | 0 | 0.1 | 0.2 | |||||||
PROVED Undeveloped | 1.1 | 0 | 0 | |||||||
Total proved reserves (developed and undeveloped) | 1.1 | 0.1 | 0.2 | |||||||
Argentina [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 | 48.2 | 143.3 | 37.6 | 99.4 | 30.2 | |||||
PROVED Undeveloped | 95.1 | 61.8 | 40.6 | |||||||
Total proved reserves (developed and undeveloped) | 143.3 | 99.4 | [1] | 70.8 | [1] | 34.2 | ||||
Argentina [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 | 90.8 | 190.2 | 86.1 | 160 | 108 | |||||
PROVED Undeveloped | Bcf | 99.4 | 73.9 | 64 | |||||||
Total proved reserves (developed and undeveloped) | 190.2 | 160 | [2] | 172 | [2] | 131.6 | ||||
Argentina [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 | 16.2 | 33.9 | 15.3 | 28.4 | 19.2 | |||||
PROVED Undeveloped | 17.7 | 13.1 | 11.4 | |||||||
Total proved reserves (developed and undeveloped) | 33.9 | 28.4 | 30.6 | 23.4 | ||||||
[1] | It refers to crude oil, condensate, and LNG. | |||||||||
[2] | Natural gas consumption stood at 13.5% as of December 31, 2020. |
Supplementary Information On _7
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of reconciliation of the Company's reserves (Detail) | 12 Months Ended | |||||||||||
Dec. 31, 2021MMBbls | Dec. 31, 2021Bcf | Dec. 31, 2021bbl | Dec. 31, 2020MMBbls | Dec. 31, 2020Bcf | Dec. 31, 2020bbl | Dec. 31, 2019MMBblsbblBcf | ||||||
Crude Oil Condensate And Natural Gas Liquids [Member] | Proved Reserves [Member] | Argentina [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | 99.4 | [1] | 70.8 | [1] | 34.2 | |||||||
Beginning Balance | 37.6 | 99.4 | 30.2 | |||||||||
Revisions of previous estimates | 3.8 | 4.4 | [1],[2] | 2.4 | [3],[4] | |||||||
Extension and discoveries | 53.5 | 30.8 | [1],[5] | 41 | [3],[6] | |||||||
Purchases of onsite proved reserves | (2.2) | 0.3 | [1],[7] | |||||||||
Production for the year | (11.2) | (6.9) | [1],[8] | (6.8) | [3],[9] | |||||||
Ending Balance | 48.2 | 143.3 | 37.6 | 99.4 | 30.2 | |||||||
Ending Balance | 143.3 | 99.4 | [1] | 70.8 | [1] | |||||||
Crude Oil Condensate And Natural Gas Liquids [Member] | Proved Reserves [Member] | Mexico [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 0.2 | 0.2 | ||||||||||
Revisions of previous estimates | 1.5 | 0 | ||||||||||
Extension and discoveries | 1.7 | |||||||||||
Production for the year | (0.1) | 0 | ||||||||||
Ending Balance | bbl | 0.2 | 0.2 | ||||||||||
Crude Oil Condensate And Natural Gas Liquids [Member] | Proved Reserves [Member] | Parent Company [Member] | Mexico [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 0.2 | |||||||||||
Extension and discoveries | 0.2 | |||||||||||
Ending Balance | bbl | 3.3 | 0.2 | ||||||||||
Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Purchases of onsite proved reserves | Bcf | 1.9 | |||||||||||
Consumption Plus Natural Gas Sales In BCF [Member] | Proved Reserves [Member] | Argentina [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 160 | [10] | 172 | [10] | 131.6 | |||||||
Beginning Balance | 86.1 | 160 | 108 | |||||||||
Revisions of previous estimates | Bcf | (5.4) | (25.1) | [2],[10] | 17.8 | [4],[11] | |||||||
Extension and discoveries | Bcf | 53.7 | 27.9 | [5],[10] | 43 | [6],[11] | |||||||
Purchases of onsite proved reserves | Bcf | (1.9) | 0.6 | [7],[10] | |||||||||
Production for the year | Bcf | (16.2) | (15.4) | [8],[10] | (20.4) | [9],[11] | |||||||
Ending Balance | 90.8 | 190.2 | 86.1 | 160 | 108 | |||||||
Ending Balance | 190.2 | 160 | [10] | 172 | [10] | |||||||
Consumption Plus Natural Gas Sales In BCF [Member] | Proved Reserves [Member] | Mexico [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 0.7 | 0.8 | ||||||||||
Revisions of previous estimates | Bcf | 3 | 0.1 | ||||||||||
Extension and discoveries | Bcf | 2.4 | |||||||||||
Production for the year | Bcf | (0.2) | |||||||||||
Ending Balance | bbl | 0.7 | 0.8 | ||||||||||
Consumption Plus Natural Gas Sales In BCF [Member] | Proved Reserves [Member] | Parent Company [Member] | Mexico [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 0.8 | |||||||||||
Extension and discoveries | Bcf | 0.8 | |||||||||||
Ending Balance | bbl | 6.2 | 0.8 | ||||||||||
Consumption Plus Natural Gas Sales In MMBBL [Member] | Proved Reserves [Member] | Argentina [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | 28.4 | 30.6 | 23.4 | |||||||||
Beginning Balance | 15.3 | 28.4 | 19.2 | |||||||||
Revisions of previous estimates | (0.9) | (4.6) | [2] | 3.2 | [4] | |||||||
Extension and discoveries | 9.6 | 5 | [5] | 7.6 | [6] | |||||||
Purchases of onsite proved reserves | (0.3) | 0.1 | [7] | |||||||||
Production for the year | (2.9) | (2.7) | [8] | (3.6) | [9] | |||||||
Ending Balance | 16.2 | 33.9 | 15.3 | 28.4 | 19.2 | |||||||
Ending Balance | 33.9 | 28.4 | 30.6 | |||||||||
Consumption Plus Natural Gas Sales In MMBBL [Member] | Proved Reserves [Member] | Mexico [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 0.1 | 0.1 | ||||||||||
Revisions of previous estimates | 0.5 | 0 | ||||||||||
Extension and discoveries | 0.4 | |||||||||||
Production for the year | 0 | |||||||||||
Ending Balance | bbl | 0.1 | 0.1 | ||||||||||
Consumption Plus Natural Gas Sales In MMBBL [Member] | Proved Reserves [Member] | Parent Company [Member] | Mexico [Member] | ||||||||||||
Proved Developed And Undeveloped Oil And Gas Reserve Quantities [Line Items] | ||||||||||||
Beginning Balance | bbl | 0.2 | |||||||||||
Extension and discoveries | 0.2 | |||||||||||
Ending Balance | bbl | 1.1 | 0.2 | ||||||||||
[1] | It refers to crude oil, condensate, and LNG. | |||||||||||
[2] | The conversion of proved undeveloped reserves to prove developed reserves is related to the start of production of the two pads (eight wells) classified as proved undeveloped reserves targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. | |||||||||||
[3] | It refers to crude oil, condensate, and LNG. | |||||||||||
[4] | Revision of previous estimates material increments were related to well performance in the following concessions: Entre Lomas (+0.9 MMbbl and +11.6 Bcf), Acambuco (+1.0 Bcf), Bajada del Palo Este (+0.2 MMbbl and +1.0 Bcf) and Jagüel de los Machos (+1.0 MMbbl and +1.3 Bcf). Additionally, there was an addition of 0.3 MMbbl and 0.6 Bcf in the Coirón Amargo Sur Oeste concession related to a change in well design, an addition of 1.6 MMbbl and 2.3 Bcf related to the Bajada del Palo Oeste shale oil project due to well performance of the first 4-well pad, and an addition of 3.0 Bcf related to gas projects in the Bajada del Palo Oeste conventional block. The abovementioned increments were partially offset by higher declines related to well performance in the following concessions: 25 de mayo – Medanito (-0.5 MMbbl and -1.0 Bcf), Charco del Palenque (-0.2 MMbbl and -0.2 Bcf), Coirón Amargo Norte (-0.1 MMbbl and -0.1 Bcf) and the Bajada del Palo Oeste conventional block (-0.8 MMbbl). Additionally, 1.7 Bcf corresponding to the Jarilla Quemada block were removed from proven reserves due to lower commodity prices. | |||||||||||
[5] | The extensions are related to the addition of proved developed acreage related to the drilling of an unproved pad (four wells) targeting Vaca Muerta unconventional reservoir in Bajada del Palo Oeste concession. | |||||||||||
[6] | The material increments of 41.2 MMbbl and 43.8 Bcf in proved reserves is related to the Vaca Muerta shale oil development in the Bajada del Palo Oeste concession. Proved developed reserves increased 3.4 MMbbl and 3.5 Bcf, due to the tie-in of a second 4-well pad that was not previously booked as proved undeveloped reserves. Proved undeveloped reserves for the same project increased 37.6 MMbbl and 39.5 Bcf, corresponding to eleven 4-well pads (44 new well locations). Additionally, 0.2 MMbbl and 0.8 Bcf correspond to the operation in Mexico. | |||||||||||
[7] | Purchases related to the acquisition of additional interests in Coirón Amargo Norte concession (from 55.0% to 96.8%). | |||||||||||
[8] | Considering Vista Argentina’s production. | |||||||||||
[9] | Considers Vista Argentina production at WI, except for Aguila Mora production (oil production of 35 bbl./d). | |||||||||||
[10] | Natural gas consumption stood at 13.5% as of December 31, 2020. | |||||||||||
[11] | Natural gas consumption represented 14.1% of consumption plus natural gas sale reported reserves volumes as of December 31, 2019. |
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, 2021BcfMMBbls | Dec. 31, 2021MMBbls | Dec. 31, 2021Bcf | Dec. 31, 2021$ / bbl | Dec. 31, 2021$ / ft³ | Dec. 31, 2021bbl | Dec. 31, 2020$ / ft³Bcf | Dec. 31, 2019$ / ft³ | |
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Percentage working interest acquired | 50.00% | |||||||
NGL reserves percentage | 14.10% | |||||||
Natural gas consumption percentage | 12.90% | 13.50% | ||||||
Volume of oil for better performance | MMBbls | (0.3) | |||||||
Revised voume of gas for better performance | 0.1 | |||||||
Proved volume of oil reserves | MMBbls | 41.2 | |||||||
Proved volume of gas reserves | 43.8 | |||||||
Increase in proved developed oil reserves | 53.5 | 53.7 | ||||||
Increase in proved developed gas reserves | 3.5 | |||||||
Increase in proved undeveloped oil reserves | MMBbls | 37.6 | |||||||
Increase in proved undeveloped gas reserves | 39.5 | |||||||
Oil volume corresponding to the operations | MMBbls | 0.2 | |||||||
Gas volume corresponding to the operations | 0.8 | |||||||
Venture agreement [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Percentage of Sale of Interest in Oil Gas Properties | 10.00% | |||||||
Commercial Gas [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Commercial gas per cubic feet | $ / ft³ | 2.81 | 55.9 | ||||||
Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revisions of previous estimates | MMBbls | 3.8 | |||||||
Purchases of proved reserves in place | MMBbls | 2.2 | |||||||
Proved Developed Oil Reserves Purchases or Sales Changes | MMBbls | 1.7 | |||||||
Oil And Gas Producing Activities [Member] | Venture agreement [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Purchases of proved reserves in place | MMBbls | 1.4 | |||||||
Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 5.4 | |||||||
Purchases of proved reserves in place | 1.9 | |||||||
Proved Developed Oil Reserves Purchases or Sales Changes | MMBbls | 2.4 | |||||||
Consumption Plus Natural Gas Sales In BCF [Member] | Venture agreement [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Purchases of proved reserves in place | 1 | |||||||
Top of range [member] | Commercial Gas [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Commercial gas per cubic feet | $ / ft³ | 3.92 | |||||||
Revisions Due To Performance Of Pd Oil And Condensate Reserves [Member] | Vaca Muerta Unconventional Reservior [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 4.1 | |||||||
Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | (0.2) | |||||||
Increased Prices of Liquid Hydrocarbon [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | MMBbls | 3.3 | |||||||
Increased Prices of Liquid Hydrocarbon [Member] | Oil And Gas Producing Activities [Member] | Condensate and C5 Plus [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised price per barral | $ / bbl | 54.99 | |||||||
Price Per Barrel | 41.97 | |||||||
Increased Prices of Liquid Hydrocarbon [Member] | Oil And Gas Producing Activities [Member] | Liquefied Petroleum Gas [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised price per barral | $ / bbl | 26.87 | |||||||
Price Per Barrel | 19.16 | |||||||
Revision of Type Curve of Proved Undeveloped Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Increase in proved developed oil reserves | MMBbls | 3.4 | |||||||
Revision of Type Curve of Proved Undeveloped Reserves [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 4.9 | |||||||
Extension of Economic Cap [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 5.8 | |||||||
Commercial gas per cubic feet | $ / ft³ | 2.81 | |||||||
Revised Commercial gas per cubic feet | $ / ft³ | 3.92 | |||||||
Coirn Amargo Norte [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | MMBbls | 0.4 | |||||||
Bajada Del Palo Oeste Concession [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Increase in proved developed oil reserves | 46.2 | 46.5 | ||||||
Bajada Del Palo Oeste Concession [Member] | Trafigura Agreement [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Increase in proved developed oil reserves | 7.3 | 7.2 | ||||||
Bajada Del Palo Oeste Concession [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Purchases of proved reserves in place | MMBbls | 0.9 | |||||||
Bajada Del Palo Oeste Concession [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Purchases of proved reserves in place | 0.9 | |||||||
Bajada Del Palo Oeste Concession [Member] | Vaca Muerta Unconventional Reservior [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised volume of oil for better performance | MMBbls | 0.9 | |||||||
Bajada Del Palo Oeste Concession [Member] | Revisions Due To Performance Of Pd Oil And Condensate Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised volume of oil for better performance | MMBbls | 0.3 | |||||||
Voume of gas for better performance | (6) | |||||||
Bajada Del Palo Oeste Concession [Member] | Revisions Due To Performance Of Pd Oil And Condensate Reserves [Member] | Conventional Reservoir [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 1.1 | |||||||
Bajada Del Palo Oeste Concession [Member] | Revisions Due To Performance Of Pud Reserves [Member] | Top of range [member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | 1.6 | |||||||
Bajada Del Palo Oeste Concession [Member] | Revisions Due To Performance Of Pud Reserves [Member] | Conventional Reservoir [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | 8.3 | |||||||
Bajada Del Palo Oeste Concession [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 0.2 | |||||||
Voume of gas for better performance | 1 | |||||||
Bajada Del Palo Oeste Concession [Member] | Revision Of Previous Estimates Material Increments [Member] | Vaca Muerta Unconventional Reservior [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | 2 | |||||||
Bajada Del Palo Oeste Concession [Member] | Revision of Type Curve of Proved Undeveloped Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised volume of oil for better performance | MMBbls | 1.1 | |||||||
Bajada Del Palo Oeste Concession [Member] | Lower Performance of Gas Wells [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 1.8 | |||||||
Entre Lomas Rio Negro Concession [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | MMBbls | 0.5 | |||||||
Entre Lomas Rio Negro Concession [Member] | Revisions Due To Performance Of Pd Oil And Condensate Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | (15.5) | |||||||
Entre Lomas Rio Negro Concession [Member] | Revisions Due To Performance Of Pud Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | (3) | |||||||
Entre Lomas Rio Negro Concession [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 0.9 | |||||||
Voume of gas for better performance | 11.6 | |||||||
Charco Del Palenque Concession [Member] | Revisions Due To Performance Of Pud Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised volume of oil for better performance | MMBbls | 0.4 | |||||||
Revised voume of gas for better performance | (0.5) | |||||||
Jaguel De Los Machos Concession [Member] | Revisions Due To Performance Of Pud Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised volume of oil for better performance | MMBbls | (0.1) | |||||||
Revised voume of gas for better performance | (0.1) | |||||||
Jaguel De Los Machos Concession [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 1 | |||||||
Voume of gas for better performance | 1.3 | |||||||
De Mayo Medanito Se Concession Twenty Five [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | MMBbls | 0.6 | |||||||
De Mayo Medanito Se Concession Twenty Five [Member] | Revisions Due To Performance Of Pud Reserves [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised volume of oil for better performance | MMBbls | (0.3) | |||||||
De Mayo Medanito Se Concession Twenty Five [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | (0.5) | |||||||
Voume of gas for better performance | (1) | |||||||
Acambuco [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 1 | |||||||
Coiron Amargo Sur Oeste Concession [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 0.3 | |||||||
Voume of gas for better performance | 0.6 | |||||||
Bajada Del Palo Oeste Shale Oil Project [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | MMBbls | 0.6 | |||||||
Bajada Del Palo Oeste Shale Oil Project [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 1.6 | |||||||
Voume of gas for better performance | 2.3 | |||||||
Bajada Del Palo Oeste Conventional Block [Member] | Revisions Due To Performance Of Pd Oil And Condensate Reserves [Member] | Vaca Muerta Unconventional Reservior [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | 2.1 | |||||||
Bajada Del Palo Oeste Conventional Block [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | (0.8) | |||||||
Voume of gas for better performance | 3 | |||||||
Coiron Amargo Norte [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | (0.1) | |||||||
Voume of gas for better performance | (0.1) | |||||||
Jarilla Ouemada Block [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 1.7 | |||||||
Bajada Del Palo Oeste Unconventional wells [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Revised voume of gas for better performance | MMBbls | 2.6 | |||||||
Bajada Del Palo Oeste Unconventional wells [Member] | Enhanced Performance of Gas Wells [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 2.9 | |||||||
Borde Montuoso conventional wells [Member] | Lower Performance of Gas Wells [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 4 | |||||||
Charco Bayo gas wells in ELo Ro Negro [Member] | Revision Of Previous Estimates Material Increments [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Volume of oil for better performance | MMBbls | (0.2) | |||||||
Charco Bayo gas wells in ELo Ro Negro [Member] | Lower Performance of Gas Wells [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 2.3 | |||||||
Conventional fields [Member] | Lower Performance of Gas Wells [Member] | Consumption Plus Natural Gas Sales In BCF [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Voume of gas for better performance | 1.1 | |||||||
Aguada Federal Concession [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Percentage working interest acquired | 50.00% | |||||||
Aguada Federal Concession [Member] | Oil And Gas Producing Activities [Member] | ||||||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||||||||
Purchases of proved reserves in place | MMBbls | 0.1 |
Supplementary Information On _9
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of standardized measure of discounted future cash flows (Detail) - USD ($) $ in Thousands | Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||||
Standardized measure of discounted future net cash flows | $ 1,512,000 | $ 738,000 | $ 775,000 | $ 608,000 | |
Argentina [Member] | |||||
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | |||||
Future cash inflows | 8,506 | 4,533 | 4,457 | ||
Future production costs | (2,638) | (1,921) | (1,927) | ||
Future development and abandonment costs | (1,294) | (788) | (748) | ||
Future income tax | (1,432) | (418) | (410) | ||
Undiscounted future net cash flows | 3,142 | 1,406 | 1,372 | ||
10% annual discount | (1,630) | (668) | (597) | ||
Standardized measure of discounted future net cash flows | [1] | $ 1,512 | $ 738 | $ 775 | |
[1] | The standardized measure of future discounted cash flow (net) is related to the estimated value of the reserves in Argentina. The table does not include the estimated value of reserves in Mexico’s areas (24.4 MM US and 1.2 million MM US as of December 31, 2021 and 2020, respectively). |
Supplementary Information On_10
Supplementary Information On Oil And Gas Activities (Unaudited) - Summary of standardized measure of discounted future cash flows (Parenthetical) (Detail) | 12 Months Ended | |||
Dec. 31, 2021USD ($) | Dec. 31, 2020USD ($)$ / ft³ | Dec. 31, 2019USD ($)$ / ft³ | Dec. 31, 2018USD ($) | |
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Average production costs | $ 13.9 | $ 25.1 | ||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 1,512,000,000 | $ 738,000,000 | $ 775,000,000 | $ 608,000,000 |
Trafigura Agreement [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Proportion of ownership interest in joint venture | 20.00% | |||
Venture agreement [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Percentage of Sale of Interest in Oil Gas Properties | 10.00% | |||
Oil Condensate and C5 Plus [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Prices Per Barrel | 41.97 | 54.99 | ||
Liquefied Petroleum Gas [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Prices Per Barrel | 19.16 | 26.87 | ||
Commercial Gas [Member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Commercial gas per cubic feet | $ / ft³ | 2.81 | 55.9 | ||
MEXICO | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Standardized Measure of Discounted Future Net Cash Flows Relating to Proved Oil and Gas Reserves | $ 24,400,000 | $ 1,200,000 | ||
Bottom of range [member] | ||||
Schedule Of Changes In Standardized Measure Of Discounted Future Net Cash Flows [Line Items] | ||||
Prices Per Barrel | 42 | 55.9 | 65.4 |
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 Thousands | 12 Months Ended | ||
Dec. 31, 2021 | Dec. 31, 2020 | Dec. 31, 2019 | |
Additional information [abstract] | |||
Standardized measure of discounted future net cash flows at beginning of year | $ 738,000 | $ 775,000 | $ 608,000 |
Net change in sales prices and production costs related to future production | 783,000 | (241,000) | (103,000) |
Net change in estimated future development costs | 28,000 | (231,000) | (525,000) |
Net changes from revisions of workload estimates | 44 | 20 | (1) |
Net changes from extensions, discoveries and improvements | 1,006 | 362 | 306 |
Cumulative discount | 116 | 118 | 352 |
Net changes from on-site purchases and sales of minerals | (40) | 2 | 0 |
Other | 58,000 | ||
Sales of crude oil, NGLs and natural gas produced, net of production costs | (429,000) | 127,000 | 6,000 |
Estimated development costs previously incurred | (263) | (206) | 151 |
Net change in income tax | (471,000) | 12,000 | (77,000) |
Change in Standardized measure of discounted future net cash flows of the year | 774,000 | (37,000) | 167,000 |
Standardized measure of discounted future net cash flows at end of year | $ 1,512,000 | $ 738,000 | $ 775,000 |
Supplementary Information On_12
Supplementary Information On Oil And Gas Activities (Unaudited) - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2021 | Dec. 31, 2019 | |
Disclosure Of Costs Capitalized As Well As Expensed That Were Incurred Line items [Line Items] | ||
Natural gas reserves criteria | Natural gas reserves were converted into liquid equivalent using the conversion factor of 5.615 cubic feet of natural gas per 1 barrel of liquid equivalent. | |
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% |