Good day, and thank you for standing by. Welcome to the Vista second quarter 2021 results conference call. At this time, all participants are in a listen-only mode. After the speakers' presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one on your telephone. Please be advised that today's conference is being 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. Please go ahead. Thanks. Good morning, everyone. We are happy to welcome you to Vista's second quarter 2021 results conference call. I am here with Miguel Galuccio, Vista's Chairman and CEO, Pablo Vera Pinto, Vista's CFO, and Juan Garoby, Vista's COO. 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. The 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 Energy, is a Sociedad Anónima Bursátil 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 warrant is VISTW. I will now turn the call over to Miguel. Thanks, Ale. Good morning, everyone, and thank you for joining this earnings call. I am delighted to share with you our results of the second quarter of 2021, during which we have obtained outstanding achievements across all key operational and financial metrics. We made good progress with respect to our 2021 guidance on the back of a strong execution in terms of drilling and completion phase in Bajada del Palo Este. Q2 2021 was our fourth consecutive quarter with total production growth, achieving a record of 39.9 thousand BOE per day. This implies a 67% increase year-over-year. Oil production was up 101% year-over-year and 19% sequentially, boosted by the tie-in of pad number seven in Bajada del Palo Este in March. It is fair to say that Q2 2020 is a low comparison base, given the production shut-in in response to the drop in demand due to the COVID pandemic. This comment applies to most metrics compared on inter-annual basis. Total revenue were $165 million, with tripled revenues year-over-year. Also performed robustly quarter-over-quarter, mostly driven by the increase in oil production and stronger realized oil prices. In hindsight, we made a good decision to ramp up activity in late Q3 last year. We are now capturing higher oil prices across and a stronger production base. Lifting cost per BOE was $7.30 per quarter, a 15% reduction year-over-year, reflecting lower incremental costs in Bajada del Palo Este, which continue diluting our fixed cost base. adjusted EBITDA was $102 million, confirming a turning point in our performance and achieving 62% adjusted EBITDA margins. Capital expenditure for the quarter was $75 million, in line with execution of our 2021 guidance and reflecting the completion of our third pad for the year in Bajada del Palo Este. During Q2 2021, we generate positive free cash flow, driven by robust cash flow from operation and making good progress in liability management. Cash at the end of the period was $237 million. Net debt stood at $368 million. We will now deep dive into the main operational and financial metrics, so please turn to slide four. Total production during Q2 2021 was up 67% year-over-year and 17% quarter-over-quarter. Halfway through the year, this leave us ahead of our original 2021 guidance. Production growth was driven by our flagship development in Bajada del Palo Este, where we tied-in pad seven in March. Given the high share of oil in this development, we see greater impact in the oil production metrics, which increased 101% year-over-year and 19% quarter-over-quarter. During Q2 2021, we executed work over projects in two gas plays, which drove a gas production increase of 10% quarter-over-quarter and 5% year-over-year, allowing us to comply with our planned gas commitments. Total revenues in Q2 2021 were $165.3 million. A strong increase year-over-year, having doubled both production and realized oil prices. Sequentially, total revenue increased by 43%, driven by the additional production generated by the tie-in of pad number seven and higher oil and gas prices. Realized oil price in Q2 2021 was $54.9 per barrel, up 107% year-over-year and 21% quarter-over-quarter. The domestic market accounted for 83% of our total sales in Q2 2021, reflecting an improvement in domestic crude oil price to the $54-$55 per barrel range. Sales to export market accounted for the remaining 70% of oil volumes, with a contract signed when Brent was trading around $63 per barrel. We still see pricing of exports oil with discounts to Brent of less than $2 per barrel. We are continuing with our strategy of building a sale book early on to lock in revenues and fund investment activities. Most of our Q3 oil sales, with a mix of domestic and export volumes, have already been locked in at an average realized price of approximately $56 per barrel. Realized gas prices have increased 59% year-over-year to $3.5 per million BTU, boosted by the planned gas winter price of $4.1 per million BTU, applicably to approximately 60% of our total volumes starting May 2021. Industry prices increased from $1.9 per million BTU in Q2 2020 to $3 per million BTU in Q2 2021. Moving to slide six, we see our continuous improvement in term of lifting cost per BOE. Total lifting cost per quarter was $26.5 million, partially driven by increasing oil field activities, also by the impact of a stronger peso in our operating contracts. We have seen this swing in effects in the past, they always have minor impact in our total cost. The graph on the right shows how the production increase in Bajada del Palo Este continues to absorb our fixed cost base, driving a reduction of 3% quarter-over-quarter to $7.3 per BOE. In Q2 2021, adjusted EBITDA stood at $102.3 million. This implies an expansion of 9x year-over-year and a 75% growth quarter-over-quarter, reflecting the boost in revenues as described earlier, and lower lifting cost per BOE. Adjusted EBITDA margin was 62%, reflecting an improvement of 12 percentage points quarter-over-quarter and 42 percentage points year-over-year. Netback for the quarter was $28.2 per BOE, $9 per BOE above Q1 2021, as a stable cost per BOE allow us to capture the full increase in realized prices. Moving to our financial situation, which I believe is also a highlight of this quarter, we were free cash flow positive, having generated $35.5 million in Q2 2021 with a CapEx level of $80.5 million. Cash flow from operating activities in Q2 2021 shows a sequential increase of 270% for a total of $116 million. This reflects an increase in cash flow generation driven mainly by higher revenues. Cash flow for investment activities was $80.5 million, in line with CapEx activities of $74.6 million. Approximately 85% of the investment was deployed in Bajada del Palo Este. Cash flow from financing activities was $37.8 million. During Q2 2021, we repaid a total of $30.6 million in bank loans. In June, we successfully raised the peso equivalent of $71.4 million in Argentinian capital market. We issued $38.8 million bond in pesos dollar-linked due in two years with a 4% coupon, and additionally, a $32.6 million bond in peso inflation-adjusted due in 3.75 years with a coupon of 4%. Additionally, during July, we will draw $24 million from available credit line with local banks. This cash raised with new debt is being fully utilized to repay older debt. We have already repaid $45 million corresponding to our short-term loan, and we will repay $50 million corresponding to our Series One bullet bond. Under these assumptions, total debt as of August 2nd is forecasted at $534 million, which is $16 million lower than Q1 2021. Our increasingly strong operating and financial performance during the last quarter has led to progressive normalization of financial ratios. We were negatively impacted 1 year ago when the lockdown restrictions softened crude oil prices and sale volumes. In Q2 2021, net leverage ratio was 1.7x adjusted EBITDA. Based on our plan for the next two quarters, we are forecasting a net leverage ratio of approximately 1.1x adjusted EBITDA by year-end. Our flagship development in Bajada del Palo Este continue to drive growth. The chart on the left of line nine shows our total shale production since we started this project, and the tie-in date of each pad. The tie-in of pad number seven at the end of the previous quarter boosted shale production in Q2 2021. Pad eight landed two wells in La Cocina and two wells in the Orgánico, with an average lateral length of approximately 2,600m and 54 average frac stages per well. Normalized drilling and completion cost per well was $9.5 million, in line with our previous pads. We are currently finishing drilling the four wells of pad number nine, which we'll complete it and tie in late Q3. I will now share a summary of our business development activity. In June 28th, we signed an investment agreement with Trafigura for the joint development of five pads of four well each in Bajada del Palo Este. The price tag paid by Trafigura is $5 million per pad, which equates to $55,000 per acreage. The working interest in said pads is 80% to Vista and 20% to Trafigura, with each partner paying its share of well CapEx and receiving pro rata production. Trafigura will pay Vista an operator fee that covers all direct and indirect costs associated with its production. Vista remain 100% titleholder of the concession and operator of the block. Previously, we have sold our remaining 10% of the Coirón Amargo Sur Este concession to Shell for $21.5 million. The implied valuation was about $13,000 per acreage, which is one of the highest multiples for a concession in Vaca Muerta history. Both deals have a strong strategic rationale. Proceeds have improved our financial position even further, allowing us to accelerate the development in Bajada del Palo Este. Focusing our capital and team on our core project with the best economic, allow us to generate higher return at a consolidating level. The deal with Trafigura strengthens the relationship with our key domestic off-taker and one of the most important crude oil traders at a global level, as well as bringing a new player into Vaca Muerta upstream. I will now give you an update on ESG matters, where we have made good progress to reduce greenhouse emissions in our operation. As discussed in our previous call, during Q1, we finished a study, we determined our base GHG emissions, which cover Scope 1 and Scope 2 emissions, providing granularity at the asset level and even defining main offenders. This milestone was a significant achievement, laying the foundation for an actionable emission reduction plan. We are currently working on such a plan, which will be disclosed in our next sustainability report. This plan will set short, medium, and long-term carbon reduction goals consistent with the 2015 Paris Agreement. In Q2, we approved a plan for 2021, which will allow us to reduce 100% of the new emissions generated by the incremental production embedded in our 2021 activity growth program. This plan is being executed and is forecasted to lead to a 30% reduction year-over-year in emission intensity, down to approximately 29kg of CO2 equivalent per BOE. Sustainability is vital to our business strategy, and I am confident we are taking the right steps to becoming a leading low cost and increasingly a low carbon energy producer. We made further progress regarding our commitment to gender equality. In the first semester of 2021, 58% of our new hires were women, an improvement compared with the 50% achieved in 2020. Finally, we have continued to support social investment in the town of Catriel, Rio Negro. We have finished the first stage of a bicycle lane project that will stretch 8km. We have also assigned company premises in Catriel to be used as a COVID vaccination center. Moving to slide 12, I will present our updated guidance for the year. It's reflecting improved performance vis-a-vis the original plan. We have originally scheduled 16 new wells in Bajada del Palo Este for 2021. We have already tied in 12 of such wells. We are currently drilling the last well of the fourth pad, which will be completed during Q3. We have added a five-pad to the annual work program, which will be drilled during Q3 and completed during Q4. The rationale behind this decision is that we have a robust balance sheet thanks to the higher production, better realized price, and lower development costs, which allow us to add further activity without losing capital discipline and prepare us for a strong start in 2022. We are updating our production guidance from a range of 37,000 to 38,000 BOE per day to a range of 38,000 to 39,000 BOEs per day. This forecasted increase is driven by faster drilling and completion, which is enabling earlier tie-ins in Bajada del Palo Este, coupled with above expected well productivity and, to a lesser extent, by the contribution of the fifth pad at the end of the year. Lifting cost guidance has been revised from less than $8 per BOE to approximately $7.50 per BOE. Q1 and Q2 came in at $7.50 and $7.30 per BOE respectively, and we forecast to remain within this range in Q3 and Q4, as incremental production continues to absorb our fixed cost base. We are revising upwards our adjusted EBITDA guidance from $275 to 325 million. Adjusted EBITDA has been positively impacted by the additional production, higher realization prices in Q2 and Q3 2021, and lower lifting cost per BOE. Based on the acceleration of Bajada del Palo Este development, we are increasing our CapEx guidance from $275 to 310 million. Looking at the graph on the bottom left, it is clear that we are not allocating the entire increase in adjusted EBITDA to capital expenditure, reinforcing our commitment to capital discipline. We are maintaining our guidance for gross debt at approximately $500 million and adding guidance for our net leverage ratio, which is forecasted at approximately 1.1x adjusted EBITDA at the end of the year, clearly marking the successful execution of our de-leveraging strategy. In short, our year-to-date performance is ahead of our original guidance, having achieved solid operational results in the executed projects, delivering strong financial results on a consolidated basis and capturing the upside of higher oil prices. Our updated guidance positions us for a strong start in 2022. To finalize this call, and before we move to Q&A, I will recap on today's headlines. In Q2 2021, we have seen a strong performance across all key operational financial metrics, with a production record and a triple-digit adjusted EBITDA, reflecting a $400 million EBITDA run rate. Bajada del Palo Este continues to show good progress. We tie in our third four-well pad with solid drilling and completion metrics, which leave us ahead of the original schedule plan, and with robust production metrics. In terms of cash flow in Q2 2021, we recorded a solid positive free cash flow. Also, a successful liability management allows us to maintain a strong balance sheet. Following the repayment schedule for ONs, we have no more material maturities in 2021. Recent acquisitions and disinvestment activities with a solid strategic rationality led us to an improved financial position, supporting the acceleration of Bajada del Palo Este development. With the Trafigura deal, we brought a new strategic player to the upstream Vaca Muerta. Finally, as shown in the previous slide, we update our 2021 guidance by increasing our activity in Bajada del Palo Este production and also adjusted EBITDA. Before we move to Q&A session, 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. Ladies and gentlemen, as a reminder, to ask a question on the phone line, please press the star then the one key on your touch-tone telephone. To remove your question, press the pound key. Please stand by while we compile the Q&A roster. First question coming from the line of Bruno Montanari with Morgan Stanley. Your line is open. Good morning, Miguel Galuccio, Alejandro Chernacov. Thanks for taking the question. Good to see the continued growth performance in Bajada del Palo Este. I have two quick questions, one on M&A. Miguel Galuccio, I wanted to pick your brain on what would make you perhaps pursue more transactions similar to Trafigura for the remainder of the acreage you have on your plate. Is it valuation sensitive? Is it strategy sensitive? Just wanted to understand what could prompt more deals, putting a value stamp on the assets. My second question is about any developments on the new Hydrocarbons Law. What has been agreed? What is pending, timeline? Anything you could mention on that front would be super helpful. Thank you very much. Hello, Bruno, and thank you very much for your question. Do you listen to me well? Yes. Can hear you. Thank you. Super. Well, look at first of all, coming to the first question of M&A, we really like what we did with Trafigura. I think for that to happen, first of all, we have to have a partner that we like. Since the start of operation, we have built a super relationship with Trafigura management in Argentina and Trafigura management worldwide. We believe our business and how are managerially complementary within Argentina. We always have the ambition to do something else based on that relationship. That would be the first point to consider continuing with something similar with somebody else. The business model that we put together with Trafigura, we really like. I think it's a business model that is super aggressive to shareholders, we said to both shareholders. In this case, the entry price of Trafigura was $5 million per pad, was up to $25 million for five pads. That equate pretty much to $55,000 per acreage. That is the value that you can create in one pad. Remember, Vaca Muerta has around 60,000 acreage. We have around 550 locations, which we have 450 acres per pad. Trafigura is acquiring 20% of 5 pads, equivalent, as I said before, to 450 acres for $25 million, leading to the number that I gave you before. We really like that model. I think in traditional way, we could do more. We have plenty of acreage and plenty of locations when it comes to count what we have in the portfolio today. When we look at our portfolio, we have a land bank of 132,000 acres in Vaca Muerta, 62,000 from Bajada del Palo Este. We have also 21,000 from Águila Mora and 50,000 from Bajada del Palo Este that we will start to develop early, our bid early this year. Yes, the short answer is yes, we can entertain to do a bit more on that. Second part of your question is the Hydrocarbons Law. Put it little context, and I have always said that we have a very good Hydrocarbons Law in Argentina, 15-year-old. In 2014, the federal government passed some changes what basically create a framework for shale project, which is also very good and been working very well. Now, I think the aim of this new law is more a promotion to the industry. We have seen drafts of the versions of this new law. I think the most important of the key elements of what we have seen is the guarantee of export authorization and ability of part of the export being able to remain abroad as export proceeds. We believe that is super important to attract investment and also is super important for the country to generate effects that help on the macroeconomic side. That my comment, I think, there's goodwill from the government to pass that promotion law. I believe for what I hear that somehow, we should have some news in the next week. The law also has other items. I think this is the core one and the central one for Argentina from the business side. Perfect. Thank you very much, Miguel. Thank you, Bruno, for the question. Next question coming from the line of Marcelo Gumiero with Credit Suisse. Your line is open. Good morning, everyone, thank you for taking the questions. Congratulations on the results. I have two questions for today. The first one is for production in 2021. We've seen a very fast-paced drilling completion activity in Bajada del Palo Este. We saw that you have updated your guidance for 2021 with 38,000 to 39,000 thousands of barrel of oil equivalent per day for the year. I was wondering if we could see even higher production for this year or, for example, another pad is due in 2021. I just want to get a sense of the guidance is on a conservative mode. The second question is more on the outlook for 2022, so next year. I was wondering, how do you see CapEx really and completion activity, et cetera, for the next year? It is more about cash flow generation, or should we expect Vista to put a higher CapEx for production growth? Thank you for taking the questions again. No, thank you, Marcelo, for the question. It's a good question. In terms of production for 2022, first of all, production for 2021, I think we just upgrade the guidance. That is a fair projection of what we believe will be. We have upgraded the range in 1,000 barrel per day, and I think we should be there. Now, we are doing two things that are related to the production of 2022. One is the increase of activity in Q4 and the increase of guidance for Q4 that will put us in a better position to start 2022 with a better starting point. Also the fact that we will start drilling Pad 11 in December, but also, from where it's located, it's in the border between Bajada del Palo Oeste and Bajada del Palo Este. That should have also an impact in our production in 2022. We should continue growing in 2022 at the double-digit number, that's for sure. I think we probably will not be able to accelerate much more than we are accelerating today. We have reduced our drilling speed or increased our drilling speed to double since 2017. We should not expect that we are going to see much more increase in the speed during the year. Also 1 thing that is important, we want to keep the trend of having free cash flow as we have this year. In term of CapEx, I believe if we decide to continue working with one rig, we will basically have a similar CapEx to the one that we have this year. Of course, as we are becoming cash flow positive, there is a broader discussion related to what we will do with that cash for next year and going forward. Of course, here, the main driver for us is to create a stakeholder value. For that, we will analyze different options and all the options, okay, including increasing activity. That will depend pretty much on the context. Because I take for granted that we will continue having the same operational results that we are having today. Of course, we will analyze other things like paying dividend, buyback shares, and other options that we should have on the table based on what is the best option to create more stakeholder value. I thought, Marcelo, that answer your question. Very clear. Thank you very much. Our next question coming from the line of Andres Cardona from Citigroup. Your line is open. Good morning, everybody. Miguel, Pablo, and Alejandro, congratulations on the results, on the great milestone of posting a positive cash flow. I would like to understand the improvement in realization price for the third quarter to $56 per barrel. Is it driven by international prices or by an improvement in the domestic realization price? Thank you. Thank you, Andres. Thank you for your question. I will say that both things are linked here, as you probably know in Argentina. When you look at what other realization price is for us today, you have two elements of that. One, for Q2, you have the domestic market. In Q2, we sold 2.2 million barrel of crude oil at $54.5 per barrel in the local market. Also we managed to access to the export market. In Q2, we sold half a million barrels with a Brent around approximately 63. The realized prices of 63 was 56.2, okay? The combination of those two prices is what you will see and we report as a realizable price of $54.9 per barrel. Okay? The realization price of the crude that we sold in the export market, you have to discount it $2 more or less. That is the commercial discount. Then you have to discount 8% of the export tax. That basically give you the shipment of the $63 million to $56.2 that we basically realized. I think that the dynamics going forward will continue. We don't perceive it's going to change. The law could bring more visibility to what we can export and who. I think the overall gain here for the industry, and also for Argentina in some extent, is to increase production. As we have more companies like this that have their own levels of the one that we are having, we will have more Vaca Muerta crude oil to be exported. I think we are in that trend. We have seen other companies announcing investment plans towards incremental production. YPF, for sure, has been very open on that and is moving in increasing drilling risk activities within their area. I would say all of their partners are following that. We have seen another international oil major also releasing news that they are going to increase production. I think as far as that continues, we should see more volume of Vaca Muerta crude oil ready to be exported. In term of demand, I don't foresee that we will see a big increase on demand when you see macroeconomic numbers for next year, so it's going to be around the number that we have. I'm positive for Q4. I'm positive for next year in terms of access to export markets. Thank you, guys. Our next question coming from the line. Another question. Yes. Our next question coming from the line of Alejandro Demichelis from Nau Securities, your line is open. Yes. Good morning, gentlemen. Thank you very much for taking the call, and congratulations on great results. Miguel, you mentioned that with the leveraging, with what you're seeing in terms of cash flow generation for next year, all of the options are open in terms of dividends or buybacks or increasing activity. To understand the framework for that, how should we think about, say, your target leverage? Is 1.1x something you're comfortable with, or you're looking to go below that over the medium term? That's probably the first question. The second question is, with Pad-11 on the border between the two blocks, if that were to be successful, would that mean that you may start on the other block, kind of trying to push for that development, too? Thank you, Alejandro, for that question, and thank you for mentioning the 1.1. Yes, as I mentioned to you, all options are on the table. I think there's one thing that we cannot precisely forecast is the context, even though we have a view on that, and that will play an important role. In terms of net leverage ratio, as you know, most of the oil companies that are focused on unconventional have a higher leverage ratio than the one that we are going to achieve at the end of this year. As we said, with 1.1, we feel comfortable. That doesn't mean that due to the context, we decide also to go a bit lower or a bit higher, okay. Again, it will depend on how we perceive that we can create more stakeholder value. Coming back to Pad-11, I think it's going to be a very interesting pad. As you know, every time that we move to the east, we perceive that, and we believe that we will have higher API gravity and therefore, not the same level of activity. Now, of course, with the reduction of cost that we have generated, today our total cost of development in Vaca Muerta is half of what it was in 2017. We are basically with a lifting cost of $7 and a development cost of $7. As we continue, we may be below $14 per barrel of total development cost. That means development plus lifting. Therefore, if we find a tight curve that is close to what we are producing today or even a bit lower than we are producing today, Bajada del Palo Este in that border could be highly accretive. Yes, we are excited about that will allow us to have more proven acreage and therefore, to continue thinking, as Bruno asked, how or what kind of business model we can put in place to realize and to unlock that value and to accelerate our value generation activity. I hope I've answered your question. Yeah, no, that's great. Just as a quick follow-up, what is your plan for Aguila Mora? Would you be looking to also add a partner, or you feel you can go first on your own and then look for a partner? I think for the first move that we are going to do, that, in both cases, is de-risking drilling wells that we in the other. After having the results, we will evaluate if it makes sense, strategically wise, to bring a partner alongside. In two cases, in 2022, we will de-risk the block ourselves. Okay, that's fantastic. Thank you. Our next question coming from the line of Régis Cardoso with Credit Suisse. Your line is open. Thank you. Good morning. Thanks for taking the questions, Miguel and Alejandro. Quick one from my side. I think it goes back to your answer on a previous question by Marcelo, with a specific spin. If you think of the uses of capital, I wanted maybe to focus on the capital flow constraints that we have in Argentina, right? When we talk, for example, about paying dividends, there is, of course, a difficulty in, let's say, buying the dollars to pay out to shareholders if you are generating that revenue locally in Argentina. My question is, given that context, what do you think would be the best thing to do, the uses of the cash to go forward as you have higher oil prices? You can accelerate the development. Would it make sense to raise any sort of external capital to invest in Argentina, or that would just lock in that cash in the country? Maybe finally, last one related to that, would it make sense for Vista to seek opportunities elsewhere, for instance, in Mexico, where you already have a footprint, to sort of have somewhere else to allocate the proceeds? Thank you. Thank you, Régis, for your question. I think your question, more of a question also, give us some food for thoughts. Look at, first of all, as you said, and as I mentioned before, it will all depend on the context. Part of the context today we know, and part of the context is going to change, or it could change next year. When it comes to optionalities, just coming on your comment, we have today a structure with cash abroad that give us the optionality to pay dividends if that is what really makes sense for us to do for our stakeholders. As you know, I'm in front of our investors and stakeholders very actively. Of course, I have a feeling what they want and what they don't want and what they feel, how they perceive. I think that optionality, we still have it. If the law is put in place also, we will probably have been able to repatriate part of the proceed of exports and also in line with that possibility. Now, I don't want to say that that is the way that we will go because it's not clear, and we have an equity story that today is working and is very accretive at the oil prices that we have today and, again, at the cost that we have managed to achieve for the development of Vaca Muerta. I believe options that will be open, and then we will evaluate what is the best way to go. I don't think I can add too much to that, Régis. You have a second part of the question, or that was all? No, that was all. I think the second part was more on investing abroad. From your answer, I understand that you believe you have better returns and an equity story that is working in Bajada del Palo, in Argentina, Vaca Muerta, right? We've been looking abroad, Régis, and we are very active DD wise. Today, it's not easy to find opportunities abroad that are accretive to our shareholders are the one that we have here in Argentina today. And that mean with the development costs that we have, it will be difficult to find something different. Again, back to your previous question. We also need to see the reaction of our shares. That also play a role in what we do with our cash, okay? In term of deciding buyback of shares and so on. That will play a role. Coming back to the DD part, yes, we see opportunities. That probably will take us somewhere else, and we will have cash now. We see in terms of return on investment that all those opportunities that we see or we find in Latin America have a hard time to compete with what we have here and with the quality of the resource that we have here in Argentina. Very clear, Miguel. Thanks so much for the answers. Our next question coming from Martin from Balanz Capital. Your line is open. Yes. Hello. Martin here from Balanz Capital. First of all, congratulations on a great quarter, and thank you as always for the materials. I have 3 questions. Well, you already mentioned something about your exports expectations, but I want to know what export sales mix should we expect for the second half of the year, and what do you target or hope for in 2022? We want to confirm how Vista will be booking the recent agreement with Trafigura. We imagine that the company will be booking 100% of the CapEx, 80% of the volumes, 80% of the revenues, and 100% of the operational costs. Apart from that, you will receive the cash payment and the compensation fee for expenses, which might come as additional revenue line. Are we correct on that? Finally, is it the fifth pad for this year related to the Trafigura joint venture, or it will be additional to that? Thank you. Thank you very much, Martin, for your question. I will probably start with the second part and cover Trafigura. I think that how we are going to book the agreement is quite simple. In a nutshell, we consolidate our part. Our part is 80% of the CapEx, 80% of the OpEx, 80% of the production, and that is consolidated. There are $5 million that is the entry fee that Trafigura is paying. You will find it that goes to other incomes. That is how we are going to consolidate that. We consolidate our part of production, our part of operating, our part of CapEx, and the $5 million goes to other income. In terms of the pad from Trafigura starts to be part of our pad number 9. Pad number nine, that is going to be signed probably end of September. Okay. It's already a pad where Trafigura is participating. It's also going to participate in pad number 10. That are the four or five pads of this year. Okay. We will see how they participate on the rest of the pad that will be given by 482. For the presentation of 8.24, I'm positive. I'm positive that Q4 we will have extra volume that can be exported. I cannot put a number to that today, but our visibility today for Q4 is good. 2022, difficult to tell you, but as I mentioned before, I believe everybody is increasing. Everybody, whether YPF, Vista, another, increasing production in Vaca Muerta. I think demand will be similar. We are today at 98% of the demand capacity that the refinery has. We see all probably almost close to full demand to pre-COVID numbers. Therefore, I don't think next year we will achieve the growth that we are expecting to see much more demand. The logic, the rationality said that we should see additional volume to be exported next year. Okay. Okay. Thank you very much. You're welcome. Our next question coming from the line of Konstantinos Papalias with Puente. Your line is open. Thank you very much. Congratulations on your results again. This is Konstantinos Papalias for Puente, Argentina. I have two quick questions. One is regarding your early production facilities capacity. What is your current installed capacity? Are we talking something beyond 38,000bpd? What happens if this production level, if your facilities capacity is maxed out? Should we expect that processing capacity to pay your production, or should we see an expansion in processing capacity? The second question goes for lifting costs. Now that we have seen you reaching scale and diluting fixed costs in Bajada del Palo Este, could we expect those lifting costs to remain stable, or was it a one-time low, which could probably get a bit higher? Thank you very much, and congratulations again. Thank you, Konstantinos, for your question. Very good question. Coming back to the first part of your question, to date for 2022, and this year also, we have a plan that we call internally drill to fill. That means that we are drilling to fill the capacity that we have. For 2021, 2022, we have no problem. Our capacity is around 55,000bpd. We will end up, as you know, with just our bed guidance between 30 and 39. We should be in good shape for next year to continue drilling to fill that capacity. That capacity give us some room to continue growing. Okay, we have additional 15,000bpd that we can allocate in our existing facilities. Your question on lifting costs is a very interesting one. I think we have currently a lifting cost of around $7.3 per BOE. When we look at specifically at Bajada del Palo Oeste, you see that the unconventional that we are doing today have a lifting between $3 and $4 per BOE. It's our model that it continue to be growing our unconventional volumes. We should see in the long run that our lifting costs will continue decreasing toward a number, and I don't want to give a number, but we can set midterm around $6. That is basically the result of keep adding unconventional production and diluting our fixed costs that we have to run our full operation, unconventional operation, and the conventional operation. You could expect that lifting costs will continue decreasing, mainly due to the addition of unconventional volumes. Thank you. That's fantastic. I would like to follow up a question. Capacity, processing capacity is one thing, but if you expand beyond Bajada del Palo Oeste, wouldn't it impact on lifting costs due to higher distance towards the production facilities? That's all. Thank you very much. Yes. Águila Mora, in case we decide to go full development, will require additional facilities. That additional facilities are not going to be lifting, it's going to be CapEx. Additional CapEx to that development, it has to be put in place. I think we are a few years away from that to happen. Bajada del Palo Oeste is neighbor block to Bajada del Palo Este. Of course, if we decide that we have the opportunity to do a full development of Bajada del Palo Oeste, we will require new facilities. The pad that we are drilling now, the pad 11, for example, is like pad 10. Okay? There's no problem to connect that pad to the facilities of Bajada del Palo Oeste to our existing facilities. That will not require any additional CapEx. Thank you. Thank you very much. Again, congratulations on your results. Thank you, Konstantinos, for your question. I see no further questions at this time. I would like to turn the call back to Miguel Galuccio for closing remarks. Well, thank you, gentlemen, for joining the call, and thank you for your comments, and thank you for your reports. I'm looking forward to see you again in Q3. Have a good day. Ladies and gentlemen, that concludes our conference for today. Thank you for your participation. You may now disconnect.