Wednesday, August 10

Vista Oil & Gas increased its production by 59% and reduced costs by 26%


Production and growth

Another piece of information provided is that adjusted net profit for the quarter was $ 18.7 million, compared to an adjusted net loss of $ 35.7 million in the same period of 2020, mostly driven by higher adjusted EBITDA. Oil production was 30,954 boe / d, up 77% year-over-year, mainly driven by production growth in Vaca Muerta, in its Bajada del Palo Oeste block, where it registered 24,103 boe / d of shale oil.

The oil company 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. The firm highlighted the reduction in drilling and completion times. It reported that it connected 16 wells in four pads in the area 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. Likewise, it will begin drilling its sixth pad. Vista continues to lead the export process of light crude from Vaca Muerta.

On the other hand, during the period, the company exported 18% of its oil sales volumes.

Sustainability

Vista confirmed the commissioning of three projects to reduce GHG emissions by approximately 100,000 tons of CO2e on an annualized basis. In this way, it will offset all GHG emissions added by production growth included in the 2021 annual plan and, in addition, it will reduce the intensity of its emissions to approximately 29 kg of CO2e per boe in 2021, which implies a reduction 30% year over year.



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