Vista reported an adjusted EBITDA of US$127.1 MM, which meant a quarterly increase of 9% and a year-over-year increase of 118%, driven by strong revenue growth and stable operating costs. During the period, the adjusted EBITDA margin was 61%, 11 percentage points higher than the first quarter of 2021.
Adjusted net income was $39.1 million, compared to $6.9 million in the first quarter of 2021. Positive free cash flow of $33.0 million was achieved in the period.
Revenues totaled US$207.9 million, 79% higher than the US$115.9 million recorded in the first quarter of 2021. The company exported 33% of its oil volume (988.2 Mbbl of oil and US$77.1 million of corresponding income).
Lifting cost was US$7.8/boe in the quarter, 3% above lifting cost per boe for the same period in 2021, driven by the acquisition of Aguada Federal and Bandurria Norte, and partially offset by incremental production from Bajada del Palo Oeste, which continues to dilute the company’s fixed cost base. Lifting cost per boe decreased 3% compared to 4Q 2021, driven by the execution of a lifting cost optimization program in Aguada Federal and Bandurria Norte.
Investments were US$80.6 MM, reflecting the completion of the first pad of two Vista wells in Bajada del Palo Este and the drilling of two pads in Bajada del Palo Oeste that will be completed in the second quarter.
The company reported good progress on projects to reduce GHG emissions intensity by 25% in 2022, compared to 2021.
Source: Ambito
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