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Vista ratified investment of almost US$1,000 million in Vaca Muerta

Vista ratified investment of almost US$1,000 million in Vaca Muerta
February 21, 2024 – 17:35

By 2024, Argentina’s second unconventional oil operator forecasts to reach $4.5 per boe. Adjusted EBITDA is expected to increase by US$1.1 billion by the end of the year.

The energy company Vista, the second unconventional oil operator in Argentina, confirmed that in 2024 it plans to invest US$900 million for connect 46 new wells in Vaca Muerta and boost its total production to 70,000 barrels of oil equivalent per day.

In terms of lifting cost, Vista forecasts to reach $4.5 per Barrel of Oil Equivalent (boe) in 2024. For his part, the EBITDA adjusted is expected to increase by the end of the year to US$1,100 billion, ratifying what was announced in September 2023 during its investor day.

We are on track to double our production to 100 thousand barrels of oil equivalent per day by 2026. Our goals for 2024 are the first step in this direction, with production growth of 35% and growth of EBITDA adjusted 23%,” he stated Miguel Galucciopresident and CEO, who led the presentation of results together with the company’s management team.

View: 2023 results

One of the main milestones of 2023 for Vista was the transfer of its conventional assetswhich allowed it to become a company entirely focused on the development of Vaca Muerta.

Vista increased its proven oil and gas reserves by 27%totaling 318.5 million barrels of oil equivalent as of December 31, 2023. The company’s well inventory increased 28% year over year, reaching 1,150 wells.

Total production was 51.1 thousand barrels of oil equivalent per day, an incremental 5% year-on-year. He lifting cost was $5.1 per boe, which represented a decrease of 33%.

He EBITDA adjusted was US$871 million, an increase of 14% compared to 2022. Vista stock rose more than 115% between December 31, 2022 and February 2024.

Furthermore, it was highlighted that the company continues to show progress in its sustainability metricsparticularly with respect to his plan to decarbonize its operations and reduce its environmental footprint. This led to the company’s greenhouse emissions being reduced by 13% year-over-year.

Source: Ambito

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