* The highlights 2022:
• Total proven reserves as of December 31, 2022 reached 251.6 million barrels of oil equivalent (MMboe), an increase of 39% compared to 181.6 MMboe as of December 31, 2021. The increase was primarily driven by the strong performance in Bajada from Palo Oeste and Aguada Federal. The replacement rate of proven reserves was 495%, while the replacement rate of proven oil reserves was 515%.
• The total production of 2022 was 25% higher than that of 2021.
• Vista exported 6,567.4 Mbbl of oil (representing 44% of the volume sold), a year-on-year increase of 115%.
• Total revenues during 2022 were 1,143.8 $MM, an increase of 75% compared to 652.2 $MM during 2021. Export revenues during 2022 were 574.7 $MM, 216% higher than during 2021.
• Adjusted EBITDA for 2022 was 764.5 $MM, resulting in an adjusted EBITDA margin of 67%. This value represents an increase of 101% compared to the adjusted EBITDA of 380.1 $MM during 2021, driven by the increase in total revenues against the lower operating cost per boe.
• Adjusted net income for 2022 was 371.8 $MM, compared to an adjusted net loss of 78.5 $MM in 2021. In 2022, a positive free cash flow of 197.1 $MM was achieved.
• The cash position at the end of 2022 was 244.4 $MM. Gross financial debt reached 549.3 $MM at the end of the year, resulting in a net debt of 304.9 $MM and a net leverage ratio of 0.4x adjusted EBITDA.
• During 2022, the company completed and connected 28 shale oil wells. Five pads were connected at Bajada del Palo Oeste (BPO-11 to BPO-15), adding 20 new producing shale wells, bringing the total number of producing shale wells on the block to 60 by year-end. At Bajada del Palo Este, the Company completed and connected its first two wells. At Aguada Federal, the Company completed and connected its first six wells. Total shale production was 34,671 boe/d.
* 4Q 2022 Highlights:
Total production in Q4 2022 was 54,718 boe/d, an increase of 33% compared to total production in Q4 2021. Oil production increased 41% year-over-year to 45,745 bbl/d, primarily driven by growth in Descent from Palo Oeste and Aguada Federal.
In Q4 2022, shale production was 41,479 boe/d, driven by the connection of pads BPO-14 and AF-3, connected between September and October 2023. Shale production increased 61% vis-à-vis Q4 2021 .
Revenues in 4Q 2022 were 308.1 $MM, 57% above the 196.0 $MM in 4Q 2021.
Adjusted EBITDA for 4Q 2022 reached 201.7 $MM, an increase of 73% over 4Q 2021, driven by the increase in revenues in the face of lower costs.
During Q4 2022, the adjusted EBITDA margin was 65%, 6 pp above Q4 2021.
Adjusted net income for 4Q 2022 was 171.0 $MM, compared to adjusted net income of 35.4 $MM in 4Q 2021.
In Q4 2022, a positive free cash flow of 57.2 $MM was reached.
The lifting cost was $7.2/boe in Q4 2022, 11% below the lifting cost per boe in Q4 2021, reflecting the implementation of cost saving initiatives and the dilution of fixed costs through incremental production.
Source: Ambito
