Ladies and gentlemen, thank you for standing by, and welcome to the Vista's first quarter 2021 earnings webcast conference call. At this time, all participants are in a listen-only mode. After the speaker presentation, there will be a question and answer session. To ask a question during the session, you'll need to press star one on your telephone. Please be advised that today's conference may be recorded. If you require any further assistance, please press star zero. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov, Strategic Planning and Investor Relations Officer. Please go ahead. Thanks. Good morning, everyone. We are happy to welcome you to Vista's first quarter 2021 results conference call. I am here with Miguel Galuccio, Chairman and CEO, and with Pablo Vera Pinto, Vista CFO. Before we begin, I would like to draw your attention to our cautionary statement on slide two. Please be advised that our remarks today, including the answers to your questions, may include forward-looking statements. These forward-looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in US dollars and in accordance with International Financial Reporting Standards, IFRS. However, during this conference call, we may discuss certain non-IFRS financial measures such as adjusted EBITDA. Reconciliations of these measures to the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information. Our company, Vista Oil & Gas, is a sociedad anónima de capital variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. The tickers of our common stock are VISTA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. The ticker of our warrants is VTW408A. I will now turn the call over to Miguel. Thanks, Alejandro. Good morning, everyone, and thank you for joining this earnings call. I am thrilled to share with you our first quarter 2021 results, which show solid operational progress and profitable growth and put us on track to deliver on our 2021 guidance. Key operational and financial metrics have improved both year-over-year and quarter-over-quarter. Driving this growth is our flagship project in Bajada del Palo Oeste, which continues to show improvement in terms of well cost and productivity. In first quarter 2021, we achieved a quarterly production record with 34.1 thousand BOEs per day, a 29% increase year-over-year. Oil production was up 56% year-over-year and 15% sequentially, boosted by the early tie-in of pad number six in Bajada del Palo Oeste at the beginning of February and pad number seven in late March. Total revenues were $116 million, up 58% vis-à-vis Q1 2020, mostly driven by the increase in oil production, but also by an improvement in realized oil prices. Lifting cost per BOE was $7.5 for the quarter and 24% reduction year-on-year, reflecting lower incremental cost in Bajada del Palo Oeste, which dilute our fixed cost base. adjusted EBITDA was $58 million, an expansion of 131% vis-à-vis Q1 2020, driven by the solid increase in revenues amid flat lifting costs. Capital expenditure was $78 million, in line with execution of our 2021 guidance and reflecting the completion of two pads in Bajada del Palo Oeste during the quarter. Cash at the end of the period was $153 million. In Q1, we saw a strong cash flow from operations while making good progress in liabilities management. Net debt stood at $386 million. This week, we published our initial sustainability report, an important milestone in Vista commitment to embedding the principle of ESG in our strategy and developing our business in a sustainable way. The report provides an overview of our journey to become a reliable, low cost, and low carbon company. I will also go through important ESG achievements today later in the presentation. Before we move to the detailed discussion of our results, it is important to recall that COVID-19 pandemic is still impacting Latin America. Our business continuity plan and our COVID-19 protocols are well in place. The health and safety of our employees and contractors will continue to be a priority for the company. Now please turn to slide number four. Total production during Q1 2021 was up 29% year-on-year and 11% quarter-on-quarter. This was a result of restarting our drilling and completion activities in Q3 2020, which enabled us to tie in 12 new wells since that date. In hindsight, we made a good decision by accelerating our drilling plan with a second rig during Q4 2020. This enabled us to tie in pad number six in early February and pad number seven in late March, setting the stage for a steady growth quarter-on-quarter. The oil share of Bajada del Palo Oeste production is approximately 90%, which is why we are seeing oil production increasing by 56% year-on-year and 50% quarter-on-quarter. We achieved a stable quarter-on-quarter gas production due to the addition of associated gas production from the new pad in Bajada del Palo Oeste, which offset the decline of our base production. Total revenues in Q1 2021 were $115.9 million, 58% above Q1 2020, driven by the increase in oil production, as just mentioned. Realized oil prices in Q1 2021 was $45.5 per barrel, 6% above year-on-year. Local sales contracts accounting for 54% of our total sales in Q1 were closed in November last year, when Brent was trading in the $40-$45 range. Our strategy has been to build a sale book early on to lock in revenues and fund investment activities. Sales to export market accounted for the remaining 46% of the volumes, with contracts signed when Brent was trading in the $50-$55 range. We continue to see pricing of our export oil discounts to Brent of less than $2 per barrel. Q2 sales with mix of domestic and export volumes have already been contracted with a realized oil price of approximately $53 per barrel. Realized gas pricing has decreased 9% year-on-year to $2 per million BTU. Industrial prices dropped from $2 per million BTU in Q1 2020 to $1.2 per million BTU in Q1 2021. This was partially offset by plant gas price of $2.7 per million BTU, which applies to volume sold to distribution companies and power generation. In Q1 2021, we continued to reduce our total lifting cost per barrel, diluted by the production increase in Bajada del Palo Oeste, a lower incremental lifting cost. We were below the $8 per BOE mark for the first time with $7.50 per BOE for the quarter. This puts us on track to deliver on our 2021 guidance. Moving to slide seven, adjusted EBITDA for the quarter was a solid $58.3 million, a 131% increase year-on-year and a sequential increase of 62%. This reflects higher revenues on our successful effort to optimize costs. adjusted EBITDA margin was 50%, reflecting an improvement of 5 percentage points quarter-on-quarter and 60 percentage points year-on-year. This margin was achieved at a realized oil price of $45.50 per barrel. Thus, we forecast a further margin expansion in the next quarter due to higher realization prices. Our netback for the quarter was $19 per BOE, $8.50 per BOE above Q1 2020, and almost doubling year-on-year. This was driven by higher revenues per BOE due to an increase in the oil mix in our production and improved oil prices, as well as cost optimizations. Cash flow from operating activities in Q1 2021 shows a sequential increase of 35% and 74% year-on-year for a total of $36.6 million. This reflects an increase in cash flow generation driven mainly by higher adjusted EBITDA. Cash flow from investing activities was $80 million, in line with CapEx activity of $78.1 million. Approximately 90% of this investment was deployed in Bajada del Palo Oeste. In March 2021, we successfully raised the peso equivalent of $75 million in Argentinian capital markets. Proceeds were used to replace bond debt with shorter duration and higher coupons. The average life of our financial debt increased from 1.8 - 2.2 years. We issue a $42 million facilities in pesos dollar-linked due in three years with a 4.25% coupon, and also a $33 million facility in pesos, inflation-adjusted, due in 3.5 years with a 2.73% coupon. I will now share an update of our development in Bajada del Palo Oeste, where we continue to achieve significant improvements in well cost and productivity. Pad number seven, which was tied in late March, recorded a drilling and completion cost per well of $9.5 million, a 45% improvement since our first pad. This reflects a solid learning curve, our investment in technology, and the benefit of the one team operating model we set up with our key contractors. Drilling speed has improved to 70 days per well, down from 35 days in our first pad. Completion cost is down 50% to $110,000 per stage from $220,000 per stage in our first pad, reflecting improved completion design, a streamlined logistic, and better contracts for water and sand sourcing. In terms of productivity, our wells continue to perform above type curve. For the first 180 days, wells are 22% above type curve, and in longer period, we are also seeing robust performance. The two pads that have more than 360 days of production history are performing 15% above type curve. The chart on the bottom right shows our total shale production since we started our Bajada del Palo Oeste development and the tie-in date of each pad. As shown, the activity ramp-up in Q3 2020 is driving our production increase. The early tie-in of pad number six, a consequence of decelerating with two rigs in Q4 2020, is paying off, boosting shale production to 21,000 BOEs per day in March. Such acceleration also enabled the tie-in of pad number seven late in the quarter, which is already contributing to April production. Solid performance in well cost and productivity has reduced our expected development cost to approximately $7 per barrel. At Vista, we are committed to advancing our sustainability business practices and endeavor to drive environment and social impact with our company and in communities which we operate. Last year, we accelerated the rollout of our sustainability program, which involved, among other things, prioritizing ESG focus areas that are most material and relevant to our business and key stakeholders. The governance structure was also strengthened, and our ESG program is now overseen by the Corporate Practice Committee of the company Board of Directors. We are now ready to set the bar high with a commitment to transparency by showing our progress on ESG matters. We selected GRI for the primary comprehensive disclosure of ESG matters and SASB for industry-specific topics more relevant to our financial performance and long-term value creation. As we move forward, we intend to expand our disclosure against this and another relevant standard. In 2020, we announced our support for the 10 principles of the United Nations Global Compact, with a commitment to report on the progress of how our strategy, culture, and day-to-day operations are contributing to the UN Compact SDGs. Additionally, we are focusing on eight UN SDGs for 2030, where we believe we will have the greatest impact. This can be seen on the right-hand side of the slide. A key global issue is climate change, and its reversal is imperative across all industries. We know that we have a critical role to play within the energy transition agenda as an oil and gas company. As such, our goal is to become a reliable producer of affordable and increasingly low carbon energy company. In 2020, we achieved an important initial milestone toward this goal by determining our reference baseline for greenhouse Scope 1 and Scope 2 emissions. We are now working on setting corporate reduction goals and designing an action plan to reduce greenhouse emissions in our operation in the short, medium, and long term. This will be presented in our next sustainability report. I am also proud of our safety track record since we took over the operation of the asset in 2018. This has been achieved by implementing a culture of learning and always prioritizing safety as a bedrock of how we operate. By aligning our practices with the guidelines set by International Association of Oil & Gas Producers' Operating Management System. In slide 11, we highlight our key ESG metrics. Our key KPIs demonstrate Vista progress on its material commitment. First, as noted, we have set the basis for establishing emission reduction goals by having established our GHG inventory for 2019 and 2020. In 2020, Scope 1 and Scope 2 emissions amounted to 470,000 tons of CO2 equivalent. In our operation, 99% of our hydrocarbon is transported by pipelines, and we use 100% of sandboxes to minimize the amount of silica in the air. Throughout this period, we have prioritized the health and safety of our employees and contractors with focus on our ambitious goal we set out just a few years ago, reaching TRIR in line with Tier 1 international oil and gas companies. TRIR for 2020 was 0.38, a 90% improvement since we took over this operation. I am particularly proud of the progress we made against our commitment to the fifth UN SDG goals of gender equality. In 2020, 50% of our new hires were women, which is well ahead of historical hiring diversity rates. We made contributions to enhance the progress of well-being in the communities where we operate, particularly considering the hardship experienced as a result of the COVID-19 pandemic. Importantly, our entire organization is aligned with the ESG strategy, with 100% of our employees' short-term incentive compensation, including a relevant component of sustainability goals. A focus on strong ethics and independent governance has reinforced our ability to execute on our strategic objectives. To ensure we continue to achieve our goal, the key roles and functions are in place to strengthen ESG governance and secure oversight and accountability for our sustainability issues and objectives. Moving on to slide 12, I will discuss our progress with respect to 2021 guidance. Our annual work program for Bajada del Palo Oeste is on track to deliver 16 new wells tie-in during the year. We have tied in four wells in pad number six in February and another four wells in pad number seven in late March. Pad number eight, with four additional wells, is already drilled and is currently waiting for completion. Production is showing a steady growth, having increased 11% quarter-on-quarter. The performance of our Bajada del Palo Oeste development and the recent tie-in of pad number seven, which should provide another step increase, is forecasted to leave us on track to deliver between 37,000 and 38,000 BOEs per day in 2021. As previously shown, lifting cost decreased to $7.50 per BOE in Q1, in line with guidance. Adjusted EBITDA in Q1 2021 was strong and according to guidance, having tied in our first two pad and locked in oil prices for Q2 above the $45 per barrel guidance, put us on track to finish the first half of the year ahead of guidance. CapEx in Q1 was executed as per our annual work program and is in line with guidance. Finally, gross debt has increased marginally due to capital market issuance during March, the proceeds of which were used to cancel short-term debt in April. In summary, we have made solid progress during Q1, and we are well-positioned to deliver on 2021 guidance. To finalize this call, and before we move to Q&A, I will recap on today's headlines. In Q1 2021, we have seen a solid recovery in key operational and financial metrics. Adjusted EBITDA was very solid at $58 million, with a margin of 50% and realized oil prices of $45 per barrel. We see further upside this margin in Q2, having locked in our Q2 sale prices at around $53 per barrel. Bajada del Palo Oeste continues to show improvement in drilling and completion costs, with productivity above type curve. This has lowered our expected development cost to approximately $7 per barrel. Also, in terms of cash, in Q1 2021, we saw a solid increase in cash flow from operations. Also, we successfully tapped the capital market to reduce cash interest expense and extend the average duration of our debt, strengthening our balance sheet. Sustainability is vital to our business strategy. I am confident that we have the right people, process, commitment, and accountability structure in place to advance our role in solving the complex energy and environment challenges we all face. In this context, I'm proud we have published our inaugural 2020 sustainability report. With the Scope 1 and 2 GHG emissions baseline that established, during 2021, we will set corporate goals with respect to short, medium, and long-term reduction of greenhouse emissions in our operation. That will be detailed in our next sustainability report. Finally, as discussed in the previous slide, we are solid on track to deliver our 2021 guidance. Before we move to Q&A sections, I would like to thank our investors for their continued support and all the team at Vista for their usual hard work and commitment. With that, operator, please open the line for Q&A. Thank you. Our first question comes from Bruno Montanari with Morgan Stanley. You may proceed with your question. Good morning, everyone. Thanks for taking my question. Good to see the continued evolution pad- by- pad, Miguel. It is very impressive. I have a couple of questions here. First, on pricing, what is your view on how oil prices in Argentina can converge to the international benchmark? Even with the $53 you locked in for Q2, the discount is still fairly large versus spot Brent. Also get your views on whether the company believes that natural gas incentive scheme is going to work properly this time around. My second question is more long-term. Taking into consideration the experience you have had now with seven pads, getting into the pad number eight now, if all the stars align and the reservoir response is positive, how low can lifting costs be, and how low can your drilling and completion costs be? I'm not talking about the next quarter or year, but philosophically, just looking at the potential of the asset, where could costs and drilling and completion costs go? Thank you very much. Hi, Bruno. Thank you very much for your question. A good one as always. Look, starting with pricing, I think, first of all, we need to keep in mind that pricing in Argentina have two different effects. The first effect when we talk about export prices is the fact that we are pre-selling our volumes ahead of time. That we are doing because we are securing revenue, but also because the way that the market in Argentina, the local market work, is we believe that every time that we secure volumes in the local market, we free up volumes for exporting. When the refinery feel that they are well supplied, okay, they don't cross our exportation. That effect, we have to keep it in mind. It's important to define what is export parity. You're talking about export Brent, really our market is export parity. Export parity in Argentina used to be Brent below 12%. Due to the new regulation today, it's Brent minus 8%. Also you have to add to that the discount on commercial volume that in Q2 2020 used to be below $10, and today is $2. As an example, if we take today Brent of $61, and you discuss $2 for commercial discount, you go to $59. If that should take 8%, you are in $54. That is the export parity that we have, if we take a picture of today. Pump prices are running below export parity today. Pump prices, as you know, evolve during time. We have had pump prices that are above export parity in certain moments, and now we have a pump price that is below export parity. I would say if you take today, probably we are $2, $3 below export parity. As I mentioned before, pricing in Argentina, pump prices have inertia. Inertia to go down, we have never seen it going down, and inertia to go up. That is the name of the game here. In terms of gas prices, I will say, first of all, for Vista, when you look at our top line, our revenues, the revenue coming from gas is less than 10%. It's not really meaningful for us today. It was two years ago. As we become a company that is more only as we develop more unconventional resources, the gas is having a lesser impact. I do believe the gas scheme that they put in place makes sense for the government, because every time that they don't have local supply, they have to import, and the differential cost is big. We see companies that are placed over gas resources with this new scheme, picking activity. My view on that is that is in place, and I think is going to work. In term of more your philosophical or long-term question, what is very interesting, and of course we have a view, even though I cannot give you precise numbers. Otherwise, I will be disclosing something I don't have to disclose yet. Do we believe we can really, in the lifting cost arena, perform below seven? Lifting cost, we have mainly two effect. As we develop more unconventional assets, we are going to continue growing production, therefore diluting part of our fixed cost. On the other hand, we know that the Maintenance-wise, operational-wise, our unconventional is a lower lifting cost operation compared with our conventional operation. As we add more volume, we dilute the cost. As we add more unconventional wells, we dilute lifting costs. I think we can dream of being well below $7 per barrel. In terms of drilling and completion costs, also, I think we can expect at some point of time to be below $7. I think there you have two effects. One effect is clear that we are performing above our type curve today. We've been performing above type curve already for a while, so I don't see that changing. The other thing that we believe we can do, if we could continue reducing more than drilling costs. I am not sure we can drill faster than we are drilling today. On the completion side, I think we are still having certain proofs that we can reduce their costs. One example could be a proppant sand. As you know, we have a strategy to source in-basin sand, and we are developing that in order to have an impact in a component that is really meaningful to our completion costs. The answer is yes. I think we can think of being well below the numbers that we are today, forecasting to the end of the year. It's going to take time, and it's going to take hard work, but I think we have the strategy, and we have the people to do it. Great. Very clear. Thank you, Miguel. Thank you, Bruno. Thank you. Our next question comes from Andrés Cardona with Citi. You may proceed with your question. Thank you. Good morning, Miguel, Alejandro. I have a couple of questions. My first one, it's following with the previous questions about realization prices. I would like to understand if there is any progress with the Hydrocarbon Law, and if you can let us know how much of your production was exported during the first quarter, and if you can give us some color for the second Q. The second question is, if you can help us to understand what is the situation between the unions and the oil and gas industry at Vaca Muerta, and if you have seen any impact yet at your operations. Thank you, Andrés, for your question. I will start first with the export, and building up on Bruno's question. In Q1, the percentage of export was 46%. We have a mix again of local market and volumes that we closed in Q4 2020 for export. That volume that we pre-sold was 46%. In Q2, of course, we have a better visibility and better prices on the local market. We apply the same strategy, and the component on the local market was 75% for local and 25% for export. As I mentioned in the presentation, it's already on the pocket. Back to what Bruno said. I'm looking now at a plot where we usually follow the average sale prices in the local market and the Brent spot forward curve. If you guys made that curve from January 2021- June 2021, you will see how this inertia that I mentioned works, and you see the gap between export and local prices narrowing down. The gap is still there, part of the gap, back again, is the export parity and the commercial discount that we have. That also, the commercial discount, has been reduced a lot. We have tenders of $1 today, we are averaging $2 of a commercial discount. In terms of the impact that we have due to the social demonstration, first I want to say that we have no impact on production. Vista have no impact on production. We managed to navigate that issue extremely well. The social demonstration was driven or started by health workers. Did it affect drilling and completion activity? Because we were mobilizing a drilling rig from one part to other, and that was affected because there was many road blockage. I would say this is today looks like it's almost resolved. Nothing, something that we have to watch, something that we are accustomed to, not only for the one that we have operate in Argentina, but also in another part of the world. It's something that we need, we have to deal with. Hopefully, we see this normalizing in the next few days. The health workers have arrived to an agreement with the provincial government. We see that issue probably resolving now or in the next few days. Related to the Hydrocarbon Law, the initiative is still alive. There's a lot of discussions between the government and the companies. As I have said before, I think the important thing, we have Hydrocarbon Law that consider unconventional, that is working. I think the main point to address there is if we see any change in the fact that we have a scheme or mechanism for cross-border repatriation of dividends for the people that invest in Argentina. The other main thing to consider, if we're going to have a law that stimulate Vaca Muerta development, is related to export. As we have more volume to export, the better we become the business for Argentina, and somehow a bit more decoupled will be of the local pricing. Is what makes sense for Argentina because it's going to create an inflow of U.S. Dollar to Argentina economy. That is exactly what the economy need. Incentivize export and anything that they can do in this bill to incentivize export is really the name of the game. I cannot say more than that. These are the topics and the discussions are ongoing. Thank you, Miguel, and congratulations for the results. Thank you, Andrés, for the question. Thank you. Our next question comes from Alejandro Demichelis with Nau Securities. You may proceed with your question. Yeah, good morning, gentlemen. A couple of questions just as a follow-up to what you were saying, Miguel, on the impact of the social demonstrations. You were talking about some impact on drilling and completion. Can we see an impact on your next pad? Can that pad move to the next quarter? That's the first question. The second question is, I think in previous calls, you were kind of targeting almost one pad per quarter. Is that still the plan going forward? Alejandro, thank you for the question. Yes. So far we see no impact. When I said that we have basically lose some time on the demobilization and mobilization of the drilling rig from one pad to the other, that is real. Nevertheless, we were ahead drilling-wise. We don't see impact on our plan. Again, everything shows that the situation after the agreement is normalizing. We are not forecasting any impact on production. We continue with the same plan of tying one pad per quarter. We also are leaving us room to create or to accelerate our 2022 plan, if we have room in Q4 even to pick up one more drilling rig. This is not on our plan, but it's something that we have in mind. Okay. Just to kind of close that, I think in your 2021 guidance, you were saying the plan was to tie in 16 wells. You already tie in eight. You have four ready to be complete and tied in. It seems that you have the whole of the second half to tie in only four wells. Can we see more wells being tied into the second half of the year, then? Yes. We have tied in eight. We are going to tie another four in Q2. Yes, as you said, in the second half, we have four more to tie in. Can we drill four more in Q4? Yes, we could. Can we tie in those in Q4? Yes, we could. Can have impact in 2021? Minimal. Okay. Yeah, no, that's clear. It seems that you are well ahead of the guidance, at least on the drilling and completion. Yes, we are. That's great. Thank you. You're welcome. Thank you. Our next question comes from Ezequiel Fernández with Balanz. You may proceed with your question. Good morning to everybody. Thank you for the always very complete materials, and congratulations on the progress in Vaca Muerta. Most of my questions have been already answered. I have only one that I would like to stress on, maybe related to what Miguel was commenting on the new Hydrocarbon Law. In early April, the government issued FX regulations which are not new, but that they reinforce the notion that exporting companies will have greater flexibility in accessing the official foreign exchange market for debt repayment and even dividends. I'm talking about the Régimen de Fomento de Inversión para las Exportaciones. I was wondering if this particular legislation impacts your financial strategy, and if you're thinking about potential dividends. Thank you, Ezequiel, for the question. The answer is no. We are not planning to use the MULC to repatriating funds. The dollar that we need, we already brought it before that regulation was in place, and we have no visibility that we are going to bring any more dollar in this year. As you know, and you see, and you follow us, and you see our cash flow generation and balance sheet, we are starting to generate cash. That now is going to be, as we continue with our plan, something that we'll do. We have no plans to use the MULC and to repatriate dividend and to use that. Great. Thank you very much. You're welcome. Thank you. Our next question comes from Frank McGann with Bank of America. You may proceed with your question. Good morning. Most of the questions have been already asked, just maybe to follow up a little bit on some of the other comments that you've made towards your activity this year, it's fairly clear. As you look into 2022, what are your thoughts in terms of where you'll be focused? Hi, Frank. Thank you for the question. 2022, so far our view is we continue with this strategy of drill to fill mode. We still having a spare capacity in our facilities with minimum CapEx investment, to go all the way to 45,000, 50,000 barrel per day. The strategy will continue to be the same. That strategy, what it does, is create a company that in 2022, generate a lot of cash. When you look at $45, that is the plan that we have today. We're lifting cost of seven, and development cost of seven, let's put. We have become a low-cost producer that clearly have a margin of 50% at low oil prices. 2022 will be a year where we are going to be above the cash flow curve, and we will have to decide what we do with that cash that we generate. Of course, the option to accelerate the development of the resources that we have that are huge is an option, but of course we have another option. Something that we added to that strategy is that now we don't want to be only low cost, we want to be a low-carbon operator. I'm not saying that in a mode of fashion. We are really putting this plan of sustainability, and we believe that we have the agility, the team, and the power to become a low carbon producer. Of course, our unconventional development as it's helping in the lifting cost, is helping in the low carbon as well, because our operation today of unconventional is probably in kilogram per CO2, that have the two CO2 emission that our conventional operation does. That is another objective that we have, and I think that objective, we have to realize between now and 2022. 2022, with today oil prices, looks very bright for Vista. Okay, great. Thank you very much. Okay. Again, as a reminder, to ask a question, you will need to press star one on your telephone. Our next question comes from Marcelo Gumiero with Credit Suisse. You may proceed with your question. Good morning, everyone. Thank you very much for taking the questions, congratulations on the results and also on the achievements on the ESG front. My questions were mostly answered before, I have just a follow-up question on the production and the CapEx part. We saw production at 34,000 BOE in the first quarter with Bajada del Palo Oeste going all the way up to 21,000 barrels per day in March. The 2021 guidance is 37, 38, with exit rate at 40. Could you provide us some color on when do you expect to tie in the other wells? You already said that you could tie in more wells than the plan. How should we see production evolving through the year? Could production grow even further than the guidance? Thank you very much, guys. Thank you, Marcelo, for the question. Yes. The fact is that we are performing above guidance today. When you look at production and also for what we are seeing of the performance of Q2. Production today of Vista is about 40,000 barrels per day. When you take the picture of today, I think it's 43. We are performing above guidance. Nevertheless, we have half of the year to go. The activity that we plan is still the same, so we are talking about a potential additional pad in Q4. The reality is that pad is not in the plan. If we have that pad in the plan, it's going to have minimum impact on production. It will more be important for 2022 because it's going to help us to have a much better starting point, something that we did this year, and I think it's important. For the guidance of 2021, it will make no difference. If we are above guidance, how we finish the year will pretty much depend that the quality and the timing of the pads that are coming in Q2, and the one that we are going to study in Q3, come in place with the quality that we discussed. The short answer is yes, we are performing production-wise above guidance so far. All right. Thank you very much. [Non-English content]. Thank you. I'm not showing any further questions at this time. I would now like to turn the call back over to Miguel Galuccio for any further remarks. Gentlemen, thank you very much for your question and continued support. I wish you are all healthy and wish you a good day. Thank you very much. Thank you. Ladies and gentlemen, this concludes today's conference call. Thank you for participating. You may now disconnect.