Monday, August 8

Petrolera Vista Oil increases production and reduces costs in third quarter

Vista posted an adjusted EBITDA (earnings before taxes, interest, depreciation and amortization) of $ 102.9 million in the third quarter, equivalent to an increase of 325% year-on-year, with a free cash flow of 51 million dollars.

Adjusted net income for the third quarter was $ 18.7 million, compared to an adjusted net loss of $ 35.7 million for the same period last year. Oil production was 30,954 boe / d, 77% more in the year-on-year comparison, mainly driven by the growth of production in the Patagonian block Vaca Muerta.

“Vista presented an update of its objectives or ‘guidance’ for 2021 where it projects, by the end of the year, an adjusted EBITDA of 370 million dollars, a total production in the range of 38/39 thousand boes / d, a ‘ lifting cost ‘of $ 7.5 per boe, investments of $ 330 million, and a reduction of the net leverage ratio to 1.0 times Adjusted EBITDA, “said a corporate statement.

He highlighted the reduction in drilling times and reported that “it connected in the area (Vaca Muerta) 16 wells in four pads during the first three quarters of the year and will finish drilling a fifth pad, expecting to have 20 wells connected by the end of 2021. Also, it will start to drill your sixth pad. “

In 2020, when the Government ordered an extensive quarantine to contain the pandemic, monthly oil production was the lowest in recent years, with an average of 454,755 barrels per day, according to the RICSA (Regional Investment Consulting) consultancy.

Vista has a strong stake in Vaca Muerta, which is estimated to be the world’s fourth largest reserve for shale oil and second for unconventional gas.

Operators said that the growth of the oil company caused its papers in New York to accumulate an increase of around 155% during 2021.