Vista Energy Sab De Cv Class A · BMV:VISTA/A
Vista Energy Sab De Cv Class A — Vista Oil & Gas — FY2020 Earnings Presentation
18 slides from Vista Energy Sab De Cv Class A's earnings presentation, Feb 26, 2021
Slide 1: Full Year and Fourth Quarter 2020 Earnings Webcast
Full Year and Fourth Quarter 2020 Earnings Webcast February 26, 2020
Slide 2: About projections and forward-looking statements
2 About projections and forward-looking statements Additional information about Vista Oil & Gas, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaoilandgas.
Slide 3: 2020 highlights
2020 highlights 3 Emerged strengthened from the crisis ▪ Established Covid-19 health protocol to maintain essential oilfield operations under strict HSE policies, with 75% employees Guaranteed business working from home continuity ▪ Adopted new protocol to restart drilling, completion and pulling op
Slide 4: Bajada del Palo Oeste development
Bajada del Palo Oeste development 4 Continuous improvement in drilling and completion metrics Evolution of D&C metrics Evolution of well design DRILLING SPEED DRILLING COST PER LATERAL FT (1) AVERAGE LATERAL LENGTH ft/day $/ft Avg mts/well +108% (37)% 993 864 796 2,748 726 741 753 796 2,550 2,450 2,
Slide 5: Bajada del Palo Oeste development
Bajada del Palo Oeste development 5 Increased productivity proves new well design Vaca Muerta wells productivity (1) Bajada del Palo Oeste production Mboe Mboe/d 20 Oil Natural Gas 350 Vista wells 15 Vista average well (2) 300 10 1 Vista type curve (3) 2 5 250 0 Mar-19 May-19 Aug-19 Oct-19 Jan-20 Ap
Slide 6: Bajada del Palo Oeste development
Bajada del Palo Oeste development 6 Top productivity compared to both Permian and Vaca Muerta wells Permian wells - cumulative 90-day oil production, vintage 2017, 2018, 2019 and 2020 (1) Mbbl/well - normalized to 2,800 meters lateral length Vista wells – 2019 vintage Vista wells – 2020 vintage Othe
Slide 7: Proved Reserves as of December 31, 2020
Proved Reserves as of December 31, 2020 7 Increase driven by Vaca Muerta Development Proved reserves evolution (1) Key drivers MMboe ▪ Added 30 locations after completing 3 (3) additional 4-well shale oil pads in Bajada del Palo Oeste ▪ EUR per well increased by ∼10% based on well productivity ▪ Lif
Slide 8: 2020 Financial overview
2020 Financial overview 8 Mantained solid cash position in a low demand and price environment FY 2020 Cash flow (1) Highlights $MM ▪ Positive cash flow from operating activities in 93.8 a low realized price environment ▪ Cash flow from investing activities in Q4-20 was 55.9 $MM, more than 2x compare
Slide 9: 2020 key metrics
2020 key metrics 9 2020 PRODUCTION Results driven by solid recovery during the second half of the year Mboe/d 30 20 2020 2019 y-o-y (%) 10 P1 Reserves 128.1 MMboe 101.8 MMboe +26% 0 Q1-20 Q2-20 Q3-20 Q4-20 Total production 26.6 Mboe/d 29.1 Mboe/d (9)% 2020 ADJ. EBITDA $MM Oil production 18.3 Mbbl/d
Slide 10: Q4 2020 key metrics and highlights
Q4 2020 key metrics and highlights 10 Solid recovery of key operational and financial metrics 30.6 Mboe/d 23.1 Mbbl/d 80 $MM 8.0 $/boe +21% q-o-q +31% q-o-q +14% q-o-q (19)% q-o-q Production (1) Oil Production Revenue Lifting Cost 36 $MM 97 $MM 203 $MM 337 $MM +48% q-o-q +163% q-o-q Adj. EBITDA (2)
Slide 11: Production
Production 11 Back to profitable growth driven by Bajada del Palo Oeste development TOTAL PRODUCTION (1) OIL PRODUCTION NATURAL GAS PRODUCTION Mboe/d Mbbl/d MMm3/d +2% +23% (33)% 30.0 +21% 30.6 +31% 23.1 1.69 25.4 18.7 (3)% 17.5 1.16 1.12 Q4-19 Q3-20 Q4-20 Q4-19 Q3-20 Q4-20 Q4-19 Q3-20 Q4-20 ▪ Total
Slide 12: Revenues and pricing
Revenues and pricing 12 Sequential recovery driven by increase in oil production REVENUES AVERAGE CRUDE OIL PRICE AVERAGE NATURAL GAS PRICE $MM $/bbl $/MMBtu (18)% (17)% (27)% 96.4 48.1 +14% 2.2 2.2 79.5 39.1 40.1 69.9 1.6 Q4-19 Q3-20 Q4-20 Q4-19 Q3-20 Q4-20 Q4-19 Q3-20 Q4-20 ▪ 14% q-o-q increase dr
Slide 13: Lifting Cost
Lifting Cost 13 Continued to achieve cost efficiencies LIFTING COST (1) LIFTING COST PER BOE $MM $/boe (12)% (14)% 25.7 9.9 23.0 22.6 9.3 8.0 30.0 30.6 25.4 Q4-19 Q3-20 Q4-20 Q4-19 Q3-20 Q4-20 Lifting cost per boe Total production (Mboe/d) ▪ Y-o-y decrease in lifting cost, with activity back at Q4 2
Slide 14: Adjusted EBITDA
Adjusted EBITDA 14 Solid Adj. EBITDA margin y-o-y improvement driven by cost efficiency and well productivity ADJ. EBITDA (1) ADJ. EBITDA MARGIN NETBACK (2) $MM % $/boe +1% +8p.p. (2)% +10p.p. 45% 12.9 35.7 +48% 35.9 +22% 12.7 37% 10.4 35% 24.2 48.1 34.9 39.1 40.1 29.9 28.2 Q4-19 Q3-20 Q4-20 Q4-19 Q
Slide 15: Q4 2020 Financial overview
Q4 2020 Financial overview 15 Solid cash position allowed us to ramp up activity Q4 2020 Cash flow (1) Highlights $MM ▪ Strong operation cash flow, which increased 41% q-o-q ▪ CAPEX during Q4-20 totaled 97.5 $MM, and 55.9 $MM were paid during the quarter ▪ Raised 20 $MM in bond issuances in the Arge
Slide 16: 2021 Guidance
2021 Guidance 16 2021 Key drivers Expected y-o-y change Shale oil wells 16 wells Development of La Cocina and 36 shale oil wells Orgánico landing zones tied-in producing at year end Production 37.0 - 38.0 Strong y-o-y growth every quarter; Exit rate of ∼40% Mboe/d 40.0 Mboe/d Lifting cost <8.0 Conti
Slide 17: Closing remarks
Closing remarks Vaca Muerta wells delivering outstanding productivity, performing 25% above Vista type curve Ramp-up of drilling and completion activity boosted production in 4Q 2020 setting the stage for 2021 growth Re-based cost structure delivered a 45% Adj. EBITDA margin with a 40 $/bbI realized
Slide 18: THANKS! Q&A
Tt ae THANKS! Q&A