This was reported by the Vista oil company, the second largest unconventional oil operator in Argentina earned $132 million in the fourth quarter of 2023 and $397 million in the full year last year and confirmed that in 2024 it plans to invest $900 million to connect 46 new wells at Vaca Muerta. Its total production will also increase 70,000 barrels of oil equivalent per day. In terms of extraction costs, Vista expects to achieve 4.5 dollars a barrelThe .Vista stock, which debuted on the stock exchange in 2019, is one of those that has grown the most in the last three years. This Wednesday it exceeded $36, so today the company has a market value of 3,429 million dollars. For reference, the market value of YPF amounts to $6,670 million
One of the major milestones of the year for Vista was the divestment of its conventional assets, allowing 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, reflecting a year-over-year increase of 27%. The company’s well inventories increased 28% year over year, reaching 1,150 wells. Total production was 51.1 thousand barrels of oil equivalent per day, an increase of 5% year-on-year. The lifting cost was $5.1 per buoy, a decrease of 33%.
Adjusted EBITDA was $871 million, an increase of 14% from 2022. Shares of Vista increased more than 115% between December 31, 2022 and February 2024. The company continues to show progress in its sustainability metrics, particularly with respect to its plan to decarbonize its operations and reduce environmental impact. This resulted in the company’s greenhouse gas emissions being reduced by 13% year-on-year. “We are on track to double our production to 100,000 barrels of oil equivalent per day by 2026. “Our targets for 2024 are the first step in this direction, with production growth of 35% and adjusted EBITDA growth of 23%,” he said. Miguel Galucciopresident and CEO, who led the presentation of the results together with the company’s management team.
During the fourth quarter of 2023, Vista focused its drilling and completion campaign on the Palo Oeste Bajada block. This led to an overall production of 56.4 thousand barrels of oil equivalent per day, up 14% compared to the previous quarter. The company’s lifting costs maintain their downward trend and stood at $4.3 per barrel of oil equivalent in the quarter.
Adjusted EBITDA was $288 million, 43% higher than the prior year. Revenue fell 3% from the fourth quarter of 2023, while adjusted net income was $240 million, up 40% year-over-year. Operating cash flow was $107 million, up 86% from the same period last year.
Source: Clarin
