Earnings call transcript: Vista Oil & Gas Q3 2025 shows strong growth

Vista Oil & Gas reported its third-quarter 2025 earnings, showcasing substantial growth with revenues reaching $706 million, a 53% increase year-over-year and 16% sequentially. The company’s stock surged 8.15% following the announcement, reflecting investor confidence in its robust performance and strategic outlook. Earnings per share were reported at $3, with an adjusted EPS of $1.5. The company also highlighted significant production growth and strategic expansion plans.

Key Takeaways

• Revenues soared to $706 million, marking a 53% increase YoY.
• Stock price jumped by 8.15% post-earnings announcement.
• Adjusted EPS was $1.5, highlighting strong earnings performance.
• Oil production increased by 73% YoY to 110,000 barrels per day.
• Forward guidance indicates continued production growth.

Company Performance

Vista Oil & Gas demonstrated impressive performance in Q3 2025, with a notable increase in both revenue and production. The company’s strategic acquisition of Petronas Argentina contributed significantly to its net income, which reached $315 million, including a $288 million non-recurring gain. This acquisition, along with increased production and export flexibility, positions Vista favorably within the oil and gas sector.

Financial Highlights

• Revenue: $706 million (+53% YoY, +16% QoQ)
• Adjusted EBITDA: $472 million (+52% YoY, +70% QoQ)
• Net income: $315 million (including non-recurring gain)
• Earnings per share: $3 (adjusted $1.5)
• Free cash flow: -$29 million

Market Reaction

Following the earnings release, Vista Oil & Gas experienced a significant stock price increase of 8.15%, reflecting positive market sentiment. The stock’s rise is attributed to the company’s strong financial performance and optimistic future guidance. The current stock price movement positions the company favorably within its 52-week range, signaling strong investor confidence.

Outlook & Guidance

Vista Oil & Gas is projecting continued growth, with Q4 production expected to reach 130,000 BOEs per day. The company is on track to exceed its annual production guidance and plans to connect 70-74 wells by year-end. Capital expenditures for 2025 are anticipated to be between $1.2 billion and $1.3 billion, supporting further expansion and production increases.

Executive Commentary

CEO Miguel Galuccio emphasized the company’s strategic direction, stating, "We have a proven track record creating value through M&A." He also assured investors that "the elections do not change our plan," highlighting the company’s resilience and commitment to its strategic objectives. Galuccio further noted, "We are increasing, as we grow, the amount of sales to the export market," underscoring the company’s focus on export-driven growth.

Risks and Challenges

• Potential geopolitical risks affecting oil exports.
• Volatility in global oil prices impacting revenue.
• Execution risks related to planned well connections and production targets.
• Currency fluctuations affecting international operations.

Vista Oil & Gas’s Q3 2025 results reflect a strong operational and financial position, with strategic initiatives poised to support continued growth. The company’s focus on expanding production and enhancing export capabilities positions it well within the competitive oil and gas landscape.

Full transcript - Vista Oil & Gas SA de CV (VISTAA) Q3 2025:

Speaker 4: Please be advised that today’s conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov, Vista Energy’s Strategic Planning and Investor Relations Officer. Please go ahead.

Alejandro Cherñacov, Strategic Planning and Investor Relations Officer, Vista Energy: Thanks. Good morning, everyone. We are happy to welcome you to Vista Energy’s third quarter of 2025 results conference call. I am here with Miguel Galuccio, Vista Energy’s Chairman and CEO, Pablo Manuel Vera Pinto, Vista Energy’s CFO, Juan Garoby, Vista Energy’s CTO, and Matías Huesel, Vista Energy’s COO. Before we begin, I would like to draw your attention to our cautionary statement on slide two. Please be advised that our remarks today, including in answer to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from the expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards (IFRS). However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA and adjusted net income.

Reconciliation of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday, so please check our website for further information. Our company is Asociación Anónima Bursátil de Capital Variable, organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. Our tickers are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel.

Miguel Galuccio, Chairman and CEO, Vista Energy: Thanks, Ale. Good morning and welcome to this earnings call. During the third quarter of 2025, we recorded a strong performance across key operational and financial metrics, especially on a sequential basis, driven by strong productivity in New World Tains, Embajada del Palo Oeste, and La Margachica. Total production was 127,000 BOEs per day, an increase of 74% year over year and 7% quarter on quarter. Oil production was 110,000 barrels per day, an interannual increase of 73% and 7% sequentially. Total revenues during the quarter were $706 million, 53% above the same quarter of last year and 16% above the previous quarter. Lifting cost was $4.4 per BOE, 6% below year over year. Capital expenditure was $351 million, driven by New World activity during the quarter. Adjusted EBITDA was $472 million, an interannual increase of 52% and a sequential increase of 70%.

Adjusted net income during the quarter was $155 million. Net income was $315 million, reflecting a non-recurring gain of $288 million from the Petronas Argentina acquisition. Earnings per share was $3, and adjusted earnings per share was $1.5. Free cash flow in this quarter was almost neutral at minus $29 million, driven by higher adjusted EBITDA and a decrease in working capital. Finally, our net leverage ratio at quarter end was 1.5 times on a performance basis. During Q3, we connected 24 wells: 11 in Embajada del Palo Oeste, 4 in Aguada Federal, and 9 corresponding to our 50% working interest in La Margachica. We recorded solid productivity in the latest World Tains, which boosted Q3 production by 7% compared to the previous quarter.

Based on robust well performance, improvement in our oil realization prices, and financial flexibility awarded by the $500 million term loan closed in July, we have decided to accelerate New World activity in Q4. We are now planning between 12 and 16 Tains in the next quarter, leading to between 70 and 74 connections for the year. We are seeing Q4 production about 130,000 BOEs per day, which leaves us on track to over-deliver on production guidance for the year and the second semester. Total production in Q3 was 126.8 thousand BOEs per day, an interannual increase of 74%. Oil production was 109.7 thousand barrels per day, 73% above year over year. On a sequential basis, both oil and total production increased 7%, reflecting solid execution of our drilling campaign and robust well productivity during Q3, especially Embajada del Palo Oeste and La Margachica.

Embajada del Palo Oeste also drove production in our operated block, which increased 50% compared to a year ago and 6% compared to the previous quarter. Gas production increased 87% on an interannual basis and 9% on a sequential basis. In Q3 2025, total revenues were $706 million, 53% above Q3 2024, driven by a strong increase in oil production, which more than offset lower oil prices. On a sequential basis, total revenues increased 16%, driven by a 7% increase in total production and 4% higher oil prices. Oil exports increased 84% year over year to 6.3 million barrels for the quarter. Realized oil prices were $64.6 per barrel on average, down 5% on an interannual basis and up 4% on a sequential basis, in both cases driven by international prices. We captured higher Brent prices and lower discounts, which were around $1 per barrel during the quarter.

During Q3, 100% of oil volumes were sold at export parity prices. In Q3, lifting cost was $4.4 per BOE, 6% lower compared to both the previous quarter and the same quarter of last year. This reflects our continuous focus on efficiency. Selling expenses per BOE were down 24% on an interannual basis, driven by the elimination of oil trucking services as of the start of the last quarter. Adjusted EBITDA during the quarter was $472 million, 52% higher on an interannual basis, mainly driven by production growth, explained by the 15% in our operated production and the consolidation of 50% of La Margachica. Compared to the previous quarter, adjusted EBITDA increased 70%, mainly driven by oil production growth. Adjusted EBITDA margin was 67%, up 2 percentage points compared to the same quarter of last year, as production growth and the elimination of oil trucking offset lower oil prices.

Net VAC was $40.5 per BOE, up 8% on a sequential basis. During Q3 2025, cash flow from operating activities was $304 million, reflecting in-contract payments of $179 million, partially offset by a decrease in working capital of $43 million. Cash flow used in investing activities was $333 million, reflecting accrued CAPEX of $351 million, partially offset by a decrease in CAPEX-related working capital of $70 million. Free cash flow during the quarter was minus $29 million, reflecting higher adjusted EBITDA that drove cash from operations and a decrease of $59 million in working capital. Cash flow for financing activities was $195 million, driven by proceeds from borrowings of $500 million, partially offset by the repayment of borrowing capital of $193 million and the repurchase of shares of $50 million. Finally, cash at period end was $320 million.

Our net leverage ratio on a performance basis, reflecting the Petronas Argentina transaction, stood at 1.5 times adjusted EBITDA. To conclude this call and before we move to Q&A, I will make some closing remarks. During Q3, we recorded robust well productivity in New World Tains, reflecting our high-quality asset base and clear leading operating performance. This led to a material increase in adjusted EBITDA, both on a sequential and interannual basis, driven by production growth and continued focus on cost control. Q3 production was well within guidance range for the second semester. Production growth in the fourth quarter, on the back of solid productivity and more investment in our profitable, ready-to-drill inventory, leaves us on track to potentially over-deliver on our guidance. I remind you that we will be hosting our third Investor Day on November 12.

During this virtual event, we will present an updated strategic plan, focusing on profitable growth, cost efficiency, and cash generation. Before we move to Q&A, I would like to thank everyone at Vista for delivering a remarkable quarter. Operator, we can now move to Q&A.

Speaker 4: Thank you. As a reminder, to ask a question, please press star 11 on your telephone and wait for your name to be announced. To withdraw your question, please press star 11 again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Rodolfo Angele from JPMorgan.

Alejandro Cherñacov, Strategic Planning and Investor Relations Officer, Vista Energy0: Hi. Good morning, everyone. Thanks for the time to discuss the numbers presented yesterday. I’m sure you know we would like to look forward to the Investor Day event where we’re going to revise the strategic numbers. For the time being, I think my question to you is on price realization. The numbers were pretty good, and compared to our expectations here, one of the positive surprises came from a realization of prices pretty solid versus Brent. Can you expand a little bit on what drove this and what should we expect for the coming quarters? That’s it for me. Thank you very much.

Miguel Galuccio, Chairman and CEO, Vista Energy: Rodolfo, thank you very much for your question. It’s a good one. There are basically two factors driving these good realization prices. With our spot export via the Atlantic, we have some flexibility regarding when we trigger the Brent price. This can potentially usually help us to capture some Brent price slightly above what you can see as a quarterly average. In Q3, the Brent averaged around $86.81, but the trigger Brent that we used to price the cargo was on average $1 higher. Also, the average discount of Brent was around $1 per barrel during Q3. This is explained by three main factors. The first one is the high oil demand that we saw from West Coast U.S. due to the seasonal factor. The other one was the very good demand that we have for Medanito.

The last factor was the lower availability of other types of crude oil that usually compete with us, like ENS, Brent, and the Silvia crude. That mainly explains why we have some good realization pricing during Q3.

Alejandro Cherñacov, Strategic Planning and Investor Relations Officer, Vista Energy0: Thank you very much.

Miguel Galuccio, Chairman and CEO, Vista Energy: You’re very welcome.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Leonardo Marcondes from Bank of America.

Leonardo Marcondes, Analyst, Bank of America: Hi, everyone. Thank you for taking my question. My question is regarding the drilling, completion, and tying of the wells. Since September’s figures beat the market expectations, right? I would like to know if you could provide some color on the rationale of this significant increase in well times now, right? Also, some color on what can we expect on this theme for the remainder of the year. I mean, should you keep the rhythm on October, November, and December? Thank you very much.

Miguel Galuccio, Chairman and CEO, Vista Energy: Hi, Leonardo. Thank you very much for the question. I will explain and give you a bit of context on the rationale on the increase of well times. As a recap, in April, we took on a bridge loan to finance the Petronas Argentina acquisition, as you know. In May, we successfully tapped the international market and issued a bond of $500 million to take out the bridge loan. Also, in July, a $500 million term loan to refinance all our short-term maturities. That basically gave us, or we regained, full financial flexibility. We also consolidated the new assets. We saw very good productivity and production growth, even, I would say, better than our original expectation. On top of this, now there is less very consensus regarding the oil price.

In summary, due to all these factors, we decide, or we saw that we were in a position that we were more comfortable to basically accelerate CAPEX. Regarding the Q4, the short answer to your question is yes. You will see pretty much, I would say, 11 to 14 wells. Regarding 2026, you will have to bear with me. We have in a few weeks our Investor Day on November 12. I will probably wait to give you a full view of what we’re going to do in 2026 and onward.

Leonardo Marcondes, Analyst, Bank of America: That’s very clear. Thank you.

Miguel Galuccio, Chairman and CEO, Vista Energy: You’re welcome.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Bruno Amorim from Goldman Sachs.

Hi. Good morning, everybody. Thanks for taking my question. I have a follow-up question on the production outlook. It seems that you ended the third quarter on a strong tone. What does it mean for the fourth quarter, given you just mentioned you’re going to continue to drill and tie in a significant number of wells into the fourth quarter? Can you elaborate on where do your current expectations stand versus your guidance for the remainder of the year? Thank you very much.

Miguel Galuccio, Chairman and CEO, Vista Energy: Hi, Bruno. Good to have you on the call. Yes, you can expect that the production for Q4 to be about the 130,000 barrels per day that we guide. As always, you will see the typical ups and downs that we see month over month. As you know, the natural rhythm of how we tie in the wells sometimes is not quarterly, but it’s changing month by month. On average, Q4 will be similar to September. This implies that we will likely be above guidance for the year. The guidance was between 112,000 and 114,000 barrels per day. Also, as I reflect, we will be above the guidance for the second semester, which was between 125,000 and 128,000 barrels per day. Yes, you can probably look at Q4 about 130,000.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Alejandro Demichelis from Jefferies.

Alejandro Demichelis, Analyst, Jefferies: Yes. Good morning, everyone. Thank you for taking my question and congratulations on the quarter. I got one quick question. Could you please indicate how you’re seeing the evolution of drilling and completion costs over the next few quarters? We have seen a bit of volatility on the FX. We have seen inflation going up a little bit. Just some direction on how you see those costs going, please.

Speaker 4: Pardon me, speakers. Please check your mute button.

Yes. Hello, can you see me?

Yes.

Alejandro Demichelis, Analyst, Jefferies: Yes. Sorry. Thank you very much for taking my questions and congratulations on the quarter. Miguel, one quick question. Could you please indicate how you’re seeing the evolution of cost of drilling and completion costs over the next few quarters, given the volatility on the FX, inflation, and so on?

Miguel Galuccio, Chairman and CEO, Vista Energy: Yes, Ale, here again. I mean, we listened to the first one, but thanks for the question. We announced, as I was saying, in Q2 that our cost of the well was around $20.8 million. This is drilling and completion costs for a well with a lateral length of approximately 2,800 meters and 47 stages. Today, we are slightly below this number. We are seeing very good results from the initiative that we also announced last quarter that we would implement. We are currently working on further initiatives on the same two verticals that were contracts and technology, which basically we believe and we feel very strongly that will lead to further savings. The idea is to comment and to give a lot of color and more color because we have very good news coming on that front on the Investor Day.

I hope you take that answer now, and we will give you more detail when we see you in the field on November 12.

Alejandro Demichelis, Analyst, Jefferies: That’s fantastic. Thank you.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Tiago Casquero from Morgan Stanley.

Hey. Good morning. Thank you, Miguel, and thank you, Ale, and congratulations on the results. My question here is regarding La Margachica. It’s been about six months since you acquired the stake in the assets. Looking back on this initial learning period, what would you say are the key challenges and opportunities you have identified in the assets so far? Thank you.

Miguel Galuccio, Chairman and CEO, Vista Energy: Hi, Tiago. Thanks for the question. Look, I mean, we have a very open and contracted relationship with YPF, I would say, at all levels. At my level with Horacio and at the level of Matías in the field and everybody. I imagine they have been for many years coworkers of us. Very good relationship, very good collaboration. We are collaborating on many fronts. First, I would say sharing technical learnings. We regard ourselves as lead operators. We have learned a lot. YPF has a very extensive experience in unconventional, so the sharing of practices has been very rich. Second, in opportunities on services and also in infrastructure. Very collaborative and very open discussion also in those both fronts. The performance of the production and the cost efficiency this quarter was very good, I have to say, very good.

We are now focusing on discussing the 2026 work plan and the budget for that. Overall, it’s going very well.

Thank you, Miguel.

You’re very welcome.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Mateus Tosti from Citi.

Hi. Good morning to all, and thanks for taking my question and congratulations on the results as well. I was wondering what you may comment on M&A. I mean, I remember last quarter we tested on this, and you said maybe there was still appetite for M&A. Has this appetite continued? Is it something that has maybe weighed down a bit? What can you comment on this? Thank you.

Miguel Galuccio, Chairman and CEO, Vista Energy: Hi, Matías. The short answer is the appetite is intact. We have a proven track record, as I said before, creating value through M&A. We are not only good operators. We have been very good M&A-wise all the way up to here. The best example of that probably is the Petronas Argentina acquisition early this year. That is part of our strategic approach as Vista Energy. Given also that we are increasing our scale and our cash profile going forward, we will continue assessing opportunities. The only thing I would say that you have to take into consideration is that we have a very high value in terms of value acquisition and also in terms of a strategic fit. Yes, the short answer is the appetite to M&A is intact for us, and we will continue looking to opportunities as they come. Thank you, Andres, for your question.

If I may add a quick follow-up, are there any open processes today? Maybe the opportunities to engage with other companies, are there any open processes and assets available that you’re looking into, or has the temperature cooled on that front too?

No, I don’t think. I mean, I would say in a formal process, I don’t see any formal process that we are participating in. We are having, yes, several discussions as all we have. As you know, the interest in Argentina has renewed a lot during the last year. We see new players coming into the country, I would say, exploring opportunities. Yes, we are maintaining discussion with all of them. I will not say that we are participating in any formal process at the moment.

Thank you very much.

You’re welcome.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Tasso Vasconcelos from UBS.

Alejandro Cherñacov, Strategic Planning and Investor Relations Officer, Vista Energy1: Hi, everyone. Thanks for taking my question here.

Speaker 4: Pardon me, Tasso. Please check your mute button. We cannot hear you. Your line is now open.

Alejandro Cherñacov, Strategic Planning and Investor Relations Officer, Vista Energy1: Great. Thanks for taking my question. Miguel, maybe a follow-up question on this discussion on CAPEX and production levels. If Vista were to only maintain the current level of production stable without much growth, what would be the level of CAPEX required? In this same sense here, what would be the maintenance CAPEX to maintain production stable closer to 150,000 barrels a day? That’s my question. Thank you.

Miguel Galuccio, Chairman and CEO, Vista Energy: Thank you, Tasso, for the question. Yes, these are numbers that usually when we simulate our plans, we look into. I would say using 100,000 barrels per day of production as a reference, we will need around $700 million of CAPEX to keep the production flat going forward. That will imply probably between 50 and 55 wells. If you instead of 130,000 with 150,000 barrels per day, I think that we should have a CAPEX around $800 million. The number of wells would be between 55 and 60 wells. That would be around numbers. Of course, that could change also depending on the context. No.

Alejandro Cherñacov, Strategic Planning and Investor Relations Officer, Vista Energy1: Okay. Very clear. Thank you.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Michael Fries from Pickering Energy Partners.

Michael Fries, Analyst, Pickering Energy Partners: Hello, and good morning. Thanks for taking my question. There’s been a lot of attention on the upcoming midterm election, and for good reason, as you know, the outcome could have meaningful implications to the country. That said, the Vaca Muerta is an extremely valuable natural resource, and it seems to us that regardless of the outcome, this resource will continue to be developed. I was hoping that you could maybe take some time to discuss your thoughts on the matter and if you see any outcomes from this weekend’s election that would have a material impact on Vista Energy’s operations. Thank you.

Miguel Galuccio, Chairman and CEO, Vista Energy: Yes. Thank you, Michael, for the question. It’s a recurring question and a good question. In short, the elections do not change our plan. We’ve been growing Vista from scratch to where we are today, participating in four different administrations. Even before that, most of us came back to the country in 2012. I would say we were part of making Argentina a structural net exporter today and being part of the solution of the country. The fact that we are holding an Investor Day two weeks after the election is a full reflection of what we feel about the business. Our business model is solid, is dollarized, and we are increasing, as we grow, the amount of sales to the export market. I would also say that we have secured the funding to continue growing, and we will discuss that on November 12.

We don’t have any large financial debt maturity in the coming years. We also have secured the services, the rigs, the completions, the frac set with flexible contracts going forward. No, Michael, I don’t think, I mean, the elections could affect multiples and other things or the perception of Argentina, but we’re not affecting Vaca Muerta. It doesn’t affect our ability to continue growing and to execute our plan.

Michael Fries, Analyst, Pickering Energy Partners: Thank you. That’s great. Appreciate such a comprehensive answer.

Miguel Galuccio, Chairman and CEO, Vista Energy: You’re welcome.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of George Gasztowtt from Latin Securities.

George Gasztowtt, Analyst, Latin Securities: Hi. Good morning, and thanks for taking my question. Brent has remained pretty volatile again this quarter. I was wondering what your EBITDA sensitivity to oil prices was now in full Q.

Miguel Galuccio, Chairman and CEO, Vista Energy: Thanks, George, for the question. Yes, EBITDA sensitivity. Using 130,000 barrels per day production as a reference, you should think that for every dollar per barrel of change in realized oil prices, the adjusted EBITDA in the full quarter will change approximately between $8 million and $9 million. That’s more or less will be the impact.

George Gasztowtt, Analyst, Latin Securities: Great. Thank you. That’s very clear. Congratulations on the quarter.

Miguel Galuccio, Chairman and CEO, Vista Energy: Thank you, George.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Juan Garoby from BTG Pactual.

Miguel Galuccio, Chairman and CEO, Vista Energy: Hi, team, and thank you. Thank you for the presentation. Regarding La Margachica, could you provide more color about the production of the three queues? I understand that you finished on a strong note. Also, regarding the outlook that you have for La Margachica in the last quarter of the year. Thank you. Thank you, Juan José, for the question. In La Margachica, let me do a bit of a recap of La Margachica. In La Margachica, we connect around 18 wells, and we have 50% of that work in Italy. YPF connects 18. This well corresponds to four paths: path 120, path 67, and this path, if I’m not mistaken, is on the south triangle of the block, and also the path 105 and the path 83 that are in the center of the block. All the four paths are producing above budget.

The well performance of La Margachica was good, and the production was for Q2 38.7. They took it from 38.7 to 43.5 in Q3. Very good performance for Q3. We are expecting, I cannot give you a number, but we are expecting a very strong performance also in Q4. I hope that gives you a feeling of how we are looking at La Margachica.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Francisco Cascaron from Dawn Capital.

Francisco Cascaron, Analyst, Dawn Capital: Hi. Thank you for taking my question. My question is, what caused the decline in operator production during the first two months of the quarter? If you are looking to accelerate that production going forward, like we saw in September.

Miguel Galuccio, Chairman and CEO, Vista Energy: Thank you, Francisco. Yes, we saw very good productivity in the wells that we connected during the quarter, specifically Embajada del Palo Oeste, where we connected 11 wells that correspond to three different pads. Embajada del Palo Oeste 35 was connected in July, has five wells of around 3,400 meters lateral length and 57 completion stages on average. We connected Embajada del Palo Oeste 36 that has four wells, lateral of 3,300 meters, and average, I think, around 50 stages. That last one was connected in August. We connected Embajada del Palo Oeste 37 that has only two wells, 2,800 meters length and 48 stages on average, that was connected in September.

What you’re seeing is the solid productivity of these 11 wells is the result of the boost in production that you saw from Embajada del Palo Oeste that went from 56.4 thousand barrels of oil per day in Q2 to 60.2 thousand barrels per day in Q3. That’s the path that somehow resulted in the boosted production. You will see that also continuing in Q4.

Speaker 4: Thank you. One moment for our next question. Our next question comes from the line of Mateus Catarusi from Adcap Securities.

Thank you, Miguel and Alejandro. My question goes on the regard of CAPEX guidance. Given the current activity levels and the pace of well times, do you see a possibility of this year CAPEX ending above the $1.2 billion guidance, closer to $1.3 billion or over that number as recent trends in activity suggest?

Miguel Galuccio, Chairman and CEO, Vista Energy: Hi, Matías. Yeah, thanks for the question. Yes, I mean, we guide 59 wells, and we will be in depth drilling between 70 and 74 wells. You should add 11 to 15 wells to our original guidance. Of course, that will involve more CapEx or some additional CapEx. You should think that we guide $1.2 billion. You should think that we will be in depth between $1.2 and $1.3 billion for total CapEx for the year. Q4, a little over $300 million. That is how you should look to the actual CapEx numbers.

Okay, thank you so much.

You’re very welcome.

Speaker 4: Thank you. At this time, I would now like to turn the conference back over to Miguel Galuccio for closing remarks.

Miguel Galuccio, Chairman and CEO, Vista Energy: Thank you very much, everybody, for the participation. Of course, we are super happy with the quarter. A fantastic quarter for us. I’m looking forward to seeing you all on November 12 in Argentina. Thank you very much, and have a good day.

Speaker 4: This concludes today’s conference call. Thank you for participating. You may now disconnect.

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