Due to the acceleration of activity in Vaca Muerta, Vista expects to reach its production goal in 2025 which had been set for 2026, with 100,000 barrels of oil equivalent per day (boe/d). and announced to investment estimated between 1.1 billion dollars and 1.3 billion dollars to connect 60 new wellswith a Expected EBITDA From 1,650 million dollarswhich represents year-on-year growth in excess of 40%.

This was anticipated this Thursday Miguel Galucciopresident and CEO of the oil company, a month after contact the bell of Wall Street in celebration of the company’s fifth anniversary, which has established itself as a major operator in the Neuquén basin and a direct investment vehicle for Vaca Muerta.

In the presentation of the results corresponding to the third quarter 2024, the company indicated that the plan is in line with capital allocation priorities which were presented in the last one Investor Day. The objective update was promoted by three significant stages happened this year, he explained.

On the one hand, it is targeted achieve an average production of 85,000 boe/d in the fourth quarter due to increased activity in Neuquén. It will represent an increase of more than that 50% compared to the same period of the previous year.

In the third quarter, achieved total production of 72,825 boe/d, an increase in 47% compared to the same period in 2023. Oil production accounted for 63,499 bbl/dwhich reflects an increase 53% year after year.

“The growth was driven by increased well activitymainly, having connected 51 new over the last 12 months with excellent levels of productivity”, underlines the company, adding that, based on these results, exported 3.5 million barrels of crude oil in the quarter, a 57% more than in the same period of 2023.

Secondly, as evidenced by a milestone a crude oil carrying capacity of 124,000 boe/d by the end of 2025. And finally, highlighted the incorporation of a third rig and a second fracture setwhich gives it the ability to continue growing into the next year, he explained.

With these new goals, he anticipated it is outlining a new long-term plan which will be presented next year. Total revenue in the third quarter was 462 million dollarsA 53% more than the previous year, mainly due to the increase 53% in oil production. Meanwhile, the Adjusted EBITDA reached the 310 million dollarsan increase in 37% year after year.

The numbers spread exceeded expectations of analysts, causing an increase in the value of its shares in the after-sales market: the net profit of $165.5 million which Vista reported was higher than $112.69 million provided by specialists. Therefore, the ADR is increased 3.7% until US$49.50reflecting investor confidence in the results presented.

Vista exports more than 50% of its production to destinations such as Brazil, Chile and the West Coast of the United States. And aim to send at least the 60% of its production by 2026. In 2023 it invested approx 800 million dollars. Galuccio respected him Vaca Muerta could produce 1 million barrels per day in 2030which would allow the country to generate some of them 20 billion dollars per year. “A wet pampa with no risk of rain,” he alluded to, in reference to the importance of agriculture in generating foreign currency and the weight gained by oil activity.

The Central Bank purchased others 55 million dollars this Thursday and it’s already adding up 1,053 million dollars so far in October, which helps the government replenish reserves achieved at the gross level 29,045 million dollars.

Behind Central’s good performance is the whitewash effect, which has contributed so far $13 billion in deposits, which generates a positive financial flow through deposits and credit growth.

Along with this, the stability of the exchange rate With peso rates already above monthly inflation, they encourage exporters to liquidate foreign currency and importers to delay demand for dollars.

Therefore, the persistence of “carry trade” This gives the Central Bank the possibility to continue buying in the months in which, due to seasonality, it should sell.

With that, there are 19 consecutive unsold wheels and October is shaping up to be the best-buying month for Central since May, when it had 2,532 million dollarsin the midst of the liquidation of the large harvest.

THE 1,053 million dollars what he has accumulated so far allows him to count the best positive October balance in the last fifteen years, when there are still five wheels left to close the month. By October 2009 it had grossed $1,472 million.

The Central Bank’s purchases thus become the support that continues to prolong the summer of exchange rates that began in August.

In the last three months the prices of alternative dollars have fallen and therefore the exchange rate gap has narroweda decisive factor for stability to assert itself.

This gap, which measures the distance between the wholesale dollar and parallels, reached 50% in July, when liquid cash price was close to $1,500, and today it is at 18%, with the CCL at $1,500 . $1,179down 0.3% from Wednesday’s price.

In this round, 0.5% of the MEP also lost, $1,157, while the blue lost 15 pesos $1,215.

The purchases of the last few days have allowed an increase in gross reserves 530 million dollars.

Since the beginning of Javier Milei’s management, Central has been purchased 19 billion dollars. Of this amount, only a portion went to gross reserves, which reached $21 billion on December 10 and now exceed $29 billion.

Part of the dollars purchased by the Central was used to intervene in the market and pay debts. Furthermore, gross reserves also vary based on the price of gold, yuan and dollar deposits. Net reserves, which measure the plant’s firepower, remain negative and amount to about $6 billion.

Another element that plays in favor of central purchases and the accumulation of reserves is the increase in dollar credits. “As far as loans go, there is room to continue to grow. They have only increased 1,308 million dollars since recycling started to have a stock of “7,869 million dollars”underline from Portfolio Personal Investments (PPI).

“If lending increased, this would translate into more supply in the MULC (Single Market and Free Trade). Therefore, the BCRA could continue to extend its purchasing spree and, as a result, Net reserves continue to improve. Thanks for your purchase 1,349 million dollars Since mid-September at MULC, net reserves have increased compared to estimates From -$7,914 million to -$6,962 million,” the PPI says.

“The BCRA’s buying spree continues to add reserves, even when more challenges are expected due to seasonality, and this continues – along with favorable signals on the disinflation process – contributing to the appetite for peso placements. Here’s why financial dollars remain virtually stretched, after the decline of recent months, although the narrowing of the gap could resume if the slowdown in inflation worsens”, says economist Gustavo Ber.

The currency summer is also being felt on Argentine assets. In this round, dollar bonds rose by an average of 2.5%, which brought the country risk to 1,036 basis pointsthe lowest level of the Milei era. At the same time, Merval rose 4.3% and in New York ADRs rose to 9%.

The Automotive Tram Union (UTA) analyzes a measure of force for Tuesday 29 Octoberwhich could be a bus stop or do not charge tickets throughout the Buenos Aires metropolitan area (AMBA).

The wage conflict gets bogged down and this Monday 28th the extension of the mandatory conciliation dictated a month ago by the Government. At the end of September the union had decided to call a 48-hour general strike due to the lack of progress in their joint ventures.

This Thursday they met again for Zoom the bus companies, the union and representatives of the Ministry of Labor, and have agreed to a final face-to-face meeting on Monday at 11 am. In between, the assembled members await an official proposal to resolve the financial situation of the company sector. In other words: let the money arrive.

Meanwhile, the UTA general secretary, Roberto Fernández, considers 24-hour general strike next Tuesday. And what worries him above all is the fact that the forceful measure is not interpreted as a strike against Javier Milei’s government, but against businesses.

However, due to the very functioning of the sector, almost the entire collective system is regulated. The UTA points out that “the national state paid increased contributions for the months of August, September and October of this year in the amount of 17,877 million dollars, despite which the companies did not offer any salary increases.”

The companies, meanwhile, estimate they collected about $27.5 billion less in fares and subsidies than expected under the cost structure approved by the Department of Transportation.

The central economic dispute is this 40,000 drivers UTA members have been paid since July base salary of $1,060,000 per month and they seek a retroactive effect to August with gradual increases so that in December it reaches $1,322,000, 24.7% in that period.

On the other hand, due to an old rivalry, Fernández doesn’t want to be stuck with MoyanoHugo and Pablo, who will go on a transport strike on Wednesday 30 October.

Rate increase?

The money for salaries must come from fares paid by passengers or from subsidies from the national state. The sum of both items reaches $880 in September and has only seen a 27% increase so far in 2024.

A meeting will take place on Wednesday 30th between the players in the sector and the Ministry of Economy to evaluate the financial situation and define whether there will be an increase in tariffs or subsidies in mid-Novemberwhich will impact inflation and fiscal accounts.

In the first nine months of the year, Public spending on subsidies for public bus transport accumulated 756,149 million dollars through the Transport Infrastructure System Trust Fund (FFSIT), with a reduction of 31% in real terms – net of the effect of inflation – compared to the same period in 2023, according to data from the Interdisciplinary Institute of Economics Policy (IIEP) of the UBA and Conicet.

Dragados, a company of the Spanish ACS group, has sold its shares in the Argentine Dycasa, a construction company that It has been operating in the country for 50 years and that at the time he had had concessions, such as line 2, and had decided leave the country.

This was learned in a communication to the stock exchange Dragados sold 66% of the capital and 88.8% of the votes it had to Dycasa Inversora Mercedes, a recently established company made up of Juan Ignacio Abuchdid, founder of GrupoIEB (Investing in the Stock Market), specialized in finance; Martin Pablo Gandaraowner of the clothing brand Atomik, e Ezequiel Martin Fernandezdirector of Natal Inversions, with particular focus on real estate and agricultural projects and shareholder, with 14.12%, from Autopistas del Sol, which has the current concession for road 2.

The new owners of Dycasa They will pay $2 millionso it is very likely that they are buying a publicly traded company to use as a platform for other projects, as Pampa Energía did at the time.

So much so that IEB specified that “the company will assume responsibility for the listing on the stock exchange, which doubles the challenges of excellence and quality”.

THE three partners The acquired shares will be distributed as follows: Abuchdid will have 45.25%; Fernández, 30% and Gándara, 24.75% of the parent company which, in turn, owns 66% of Dycasa. The remaining 34% is listed on the stock exchange The stock rose 27.7% this Thursday, to $779.

Without public works, interrupted with the hiring of Javier Milei, the company had oriented its projects towards private works in miningIn industrial investmentsand in public works with funding from international organizations or with private funding, “in order to maintain the volume of our main construction activity“, he wrote in his last budget.

Dycasa, which will be renamed IEB Construcciones, had 277 employees at the end of 2023. But the operation, as reported, foresees “the transition of 80 employees.”

“The acquisition represents a leap in the development of the IEB Group, which will now be renamed IEBC and, with this action, aims to position itself in a sector with high potential and strategic value such as construction, in particular in large infrastructure works”, they said. added.

Dycasa ended 2023 with a work in the portfolio of 24,784 million dollars, which includes viaducts, road works and hydraulic and sanitary works. The problem is that 91% of the works carried out last year were the responsibility of the State and the City of Buenos Aires. and only 9% to the private sector.

A company in the red

Dycasa had sales of $21,507 million at the end of 2023A 41% drop. compared to the previous year, adjusted for inflation. However, it had a negative gross margin of $1,927 million, due to job repricing that failed to recognize the true impact of inflation.

THE losses before income taxes were $9,008 millionmore than in 2022, due to the negative effect that the year’s inflation had on work margins, as well as the greater financial burden resulting from delays in approvals and collections of redetermination certificates, and very high interest rates . Net of income taxes, the result for the year is equal a loss of $7,637 million compared to the previous year’s loss of $5,554.