2023-10-27 18:59:32
The oil market is a fundamental factor in the world economy. Argentina is one of the Latin American countries with the largest reserves and this becomes a pillar of the country’s economy. Vistathe second unconventional oil operator in Argentina announced today the results of the third quarter of 2023.
During this period, a production of 49,450 barrels equivalents per day (boe/d), an increase in 6% compared to the second quarter of this year. Vista’s operating costs were significantly reduced to 4.8 dollars per boewhich represents a 35% year-on-year decreasedriven mainly by the company’s new model totally focused on unconventional oil operations.
Oil production closed in 41,490 barrels per daylargely driven by the coming into production of 12 new wells on the block Bajada del Palo Oeste, located in Vaca Muerta.
During the quarter, Vista experienced progressive monthly growth in its production, reaching 53,000 boe/d in September, a result that puts the company on track to produce 70,000 boe/d in 2024, a goal communicated at its Investor Day last month.
The company also reported that, thanks to the growth of its non-conventional assets in the third quarter, it has practically recovered the production of the conventional assets that it transferred in March of this year to another operator. Vista’s total production today is at the same levels as a year ago, when it had not yet transferred these assets*
The EBITDA adjusted reached $226.4 million, an increase of 49% quarter to quarter, impacted by higher revenues with stable operating costs. Adjusted EBITDA margin was 78%that is, 12 percentage points above the previous quarter.
Regarding adjusted net income, Vista reported a total of 122.5 million dollarscompared to $79.4 million in the third quarter of last year.
Total shale production was 42,650 boe/da year-on-year increase of 17%, of which 68% correspond to the wells of the Bajada del Palo Oeste block. Vista’s total investments during the quarter were $181.2 million. 130.5 million dollars were invested in drilling, completion and workovers of wells in Vaca Muerta (mainly related to the drilling of 11 wells and the completion of 12 wells at Bajada del Palo Oeste) and 48.7 million dollars in surface facilities.
Last month, the company he leads Miguel Galucciopresented its new strategic plan with which it plans, in the next three years, to produce 100,000 boe/d and invert 2.5 billion dollars in Vaca Muerta. During this announcement, the oil company reported that between 2024 and 2026 it plans to put 138 new shale oil wells into production, 33% more than what was announced in 2021.
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