Vista Energy Sab De Cv Class A · BMV:VISTA/A
Vista Energy Sab De Cv Class A — Vista Oil & Gas, S.A.B. de C.V. — FY2019 and Q4 2019 Earnings Presentation
18 slides from Vista Energy Sab De Cv Class A's earnings presentation, Feb 27, 2020
Slide 1: Full year 2019 and Q4 2019 Earnings webcast
Full year 2019 and Q4 2019 Earnings webcast February 27, 2020 Exhibit 1
Slide 2: About projections and forward-looking statements
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.co
Slide 3: Achieved key strategic goals in 2019
Achieved key strategic goals in 2019 41.4 MMboe of oil reserves and 7.8 MMboe of natural gas reserves Excludes 20 $MM of cash and cash equivalents held by Aleph Midstream S.A. In July 2019, we conducted our initial public offering in the U.S. and listed our series A shares and ADSs on the NYSE. We c
Slide 4: Vaca Muerta development (1/2)
Vaca Muerta development (1/2) First two pads continue producing above type curve All pads contain 4 wells Individual well performance against type curve Mboe On average, production from our first 8 wells is 28% above type curve after 180 days Resumed drilling and completion activities in Q1 2020(1)
Slide 5: Vaca Muerta development (2/2)
P25 P75 P50 P10 Vista wells Vaca Muerta wells - cumulative 180-day oil production(2) Permian wells - cumulative 180-day oil production (vintage 2017, 2018 and 2019)(1) Vaca Muerta development (2/2) Vista well productivity is top-decile in both Permian and Vaca Muerta Mboe/well - normalized to 2,500
Slide 6: Strong Vaca Muerta productivity drives reserves and production boost
1 cubic meter of oil = 1,000 cubic meters of gas = 5,615 cubic feet of gas = 6.2898 barrels of oil equivalent For the reserves replacement ratio, oil includes crude oil, condensate and NGL; NGLs represent less than 2% of total reserves 101.5 MMboe in Argentina and 0.3 MMboe in Mexico 077 164 132 214
Slide 7: Efficiency gains
Normalized to an average well of 2,500 meters lateral foot and 34 frac stages Efficiency gains Significant reduction in lifting, drilling and completion cost Levered shale production ramp-up on existing conventional operations, diluting fixed cost base In-sourced operations and maintenance crews, el
Slide 8: 2019 full-year key metrics
Production(2) Revenues Lifting cost Adj. EBITDA(3) Capex Cash at end of period(4) P1 Reserves 2019 full-year key metrics Pro forma figures are as stated in Vista Oil & Gas, S.A.B de C.V. prospectus filed with in the Securities and Exchange Commission on July 26, 2019 Includes natural gas liquids (NG
Slide 9: 4th quarter 2019 key metrics
Production(1) Revenues Lifting cost Adj. EBITDA(2) Cash at end of period(3) Net debt(4) Net leverage ratio(5) 30.0 Mboe/d 96 $MM 9.3 $/boe 36 $MM 240 $MM 212 $MM 1.2x y-o-y Production growth of 21% y-o-y 4th quarter 2019 key metrics Includes natural gas liquids (NGL) and excludes flared gas, injecte
Slide 10: Production
Production growth driven by shale development in Bajada del Palo Oeste Decrease q-o-q driven by decision to stop drilling and completion activity following a cash preservation strategy, in response to Presidential Decree freezing oil prices in local currency Oil production Mbbl/d Natural gas product
Slide 11: Revenues and pricing
Crude oil average price $/bbl Natural gas average price $/MMBtu $MM Revenues Revenues and pricing Production growth offset by lower realized prices Production increase offset by lower realized prices Decrease y-o-y as a consequence of Presidential Decree N°566, impacting realized prices during the f
Slide 12: Opex
Total Opex $MM Opex per boe $/boe Opex Strong y-o-y lifting cost reduction Decrease in Opex per boe as a result of absorbing cost base with incremental shale production ramp-up (10)% (26)%
Slide 13: Adjusted EBITDA
Adj. EBITDA(1) $MM Adj. EBITDA Margin % Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments Adjusted EBITDA Lower margins driven by low realization price environment Mainly impacted by
Slide 14: Financial overview
Cash preservation strategy since August 2019 Working capital management and lower CAPEX generated solid cash flow from operations in Q4 2019 On February 19, 2020, we raised 50 $MM in a 4-year bullet bond with a 3.5% interest rate Q4 2019 cash flow $MM Calculated using Vista’s LTM Adj. EBITDA of 170.
Slide 15: Aleph Midstream update
Lower and less frontloaded midstream capex plan, mainly due to: Simpler processes to treat higher quality oil De-bottlenecking and revamps in existing facilities Modular system design U.S. International Development Finance Corporation. Given that Aleph Midstream S.A. holds 20 $MM in cash and cash eq
Slide 16: 2020 guidance
2020 guidance Production includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in operations Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments Does
Slide 17: Closing remarks
Closing remarks Delivered best-in-basin productivity, proving the quality of our Vaca Muerta acreage and increasing our oil production Boosted P1 reserves that now exceed 100 MMboe, achieving a reserves replacement ratio of 516% Proved our operational model, both in drilling and completion costs and
Slide 18: Thanks! Q&A
Thanks! Q&A DRAFT - TBU
Vista Oil & Gas, S.A.B. de C.V. — FY2019 and Q4 2019 Earnings Presentation on 6ix