2023-08-22 03:15:00
The national capital company, Aconcagua Energía closed an outstanding second quarter with significant year-on-year growth in production, sales, income and personnel. It is positioned alongside the largest hydrocarbon companies: It is the ninth in Argentina and the sixth producer of conventional oilbehind YPF, Pan American Energy, Pluspetrol, CGC and Capsa-Capex.
During the second quarter of 2023 it achieved a Adjusted EBITDA (sum of total revenues, minus operating and non-operating expenses) of 3,236 million of pesos, an increase of 583% compared to the same period 2022. In the first six months of the year, the Adjusted Ebitda was 4,368 million of pesos, an increase of 535% compared to the same period 2022.
The founders of the company, Diego Trabucco and Javier Basso, presented the results for the second quarter of the year to the CNV (National Securities Commission). They highlighted the improvements in the credit rating made by the Fix SCR and Moody’s Argentina agencies from «sustained growth (change of scale) and the strengths of the Integrated Company Business Model»they expressed.
Aconcagua Energía started its operations in 2016. Since then «leads a harmonious and sustained growthin oil and gas production, reserves, power generation, sales and revenue. Improve your participation in the internal and external marketdiversifies its clients, and integrates key services for better cost management,” they stressed from the firm.
Comparisons between the second quarter of 2023 and the same period of 2022 show the growth of the firm. In hydrocarbon production, rose 240% in oil and 1,616% in gas. Total hydrocarbon production during the second quarter of 2023 reached 12,929 equivalent barrels per day.
- 12.929
- equivalent barrels per day was the firm’s production in the second quarter of 2023
Regarding sales of liquid hydrocarbons, in the domestic market the increase was 146% while in oil exports it was 1,098%. Regarding gas sales, they grew by 711% in the domestic market.
The firm’s total revenue grew by 558%, explained by higher production and price of crude oil. Extraction Costs were contained by Aconcagua’s Integrated Business Model. This quarter an improvement was obtained: and lifting cost (the money it takes to put oil and gas on the surface) of $22.1 per barrel (usd/bbl), 8.5% less year-on-year (24.1usd/bbl).
In the second quarter of 2023, made investments with its partners for 25 million dollars in Infrastructure, Workovers and Well Drilling activity, a 674% more than those carried out in the second quarter of 2022.
Aconcagua Energía: will maintain its investment planned for this year
They noted that the firm maintains its 2023 investment plan of 87.8 million dollars, which will be executed without problems due to its integrated business model. For this, consolidated a fleet of eight active pulling/workover rigs and a drilling rig: six pulling/workover rigs and one drilling rig in Rio Negro and Neuquén; and two Mendoza pulling/workover teams.
In the first half of 2023, it had four active teams in the province. As a consequence of the agreement reached with Vista, where it acquired the operation of six of its conventional blocks between Neuquén and Río NegroDuring March and April, more than 260 employees from various disciplines joined.
«It represents a year-on-year growth in human resources and know how in more than 100%“, they stressed. Currently, they have a team of 476 collaborators in all the business lines of the group. The new collaborators “allow us to maximize their adjusted Ebitda, as we expressed in its results for the first half of 2023“, they highlighted.
1692687046
#Aconcagua #Energía #closed #solid #quarter #oil #production
