Good day. Thank you for standing by. Welcome to Vista's second quarter 2023 earnings webcast conference call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question and answer session. To ask a question during the session, you will need to press star one one on your telephone. You will hear an automated message advising your hand is raised. To withdraw your question, please press star one one again. Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov, Vista Strategic Planning and IRO. Please go ahead. Thanks. Good morning, everyone. We are happy to welcome you to Vista's second quarter 2023 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 U.S. 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 and adjusted net income. Reconciliations of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday. Please check our website for further information. Our company, Vista, 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. Our tickers are Vista in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel. Thanks, Ale. Good morning, everyone, and welcome to this earnings call. I am pleased to share with you our results for the second quarter of 2023, during which we have made substantial progress in the delivery of our strategic pillars. We significantly increased our well inventory, secure enough evacuation capacity to deliver on our 2026 strategic plan, and strengthen our balance sheet. This leave us well prepared for a strong, profitable growth in the second half of the year and in the coming years. During the first half of 2023, we focused our drilling and completion effort in finalizing the pilot in Bajada del Palo Este and Águila Mora, leading to fewer tie-ins during the Q2. Still, total production increased 4% year-over-year for a total of 46.6 thousand BOE per day during the quarter. Oil production was up 6% on interannual basis and 22% above pro forma basis, adjusting from the divestiture of the conventional asset. Total revenues in Q2 2023 were $231 million, a 22% decrease year-over-year, driven by oil inventory build-up, which we'll explain in the following slide, and softer oil realization prices. Lifting cost was $4.8 per BOE for the quarter, reflecting our successful strategy to fully focus on our higher margin shale oil assets. Capital expenditure was $179 million, including the drilling of 10 wells and the completion of five wells during the quarter, as well as the execution of our key facilities project. In Q2 2023, adjusted EBITDA was $152 million. We recorded negative free cash flow of $85 million, driven by the acceleration of CapEx and lower cash from operating activities. The leverage ratio at the quarter end was a solid 0.5 times adjusted EBITDA. Adjusted net income was $57 million, implying a quarterly adjusted EPS of $0.6 per share. We will now deep dive into our main operational and financial metrics. Total production during Q2 2023 was 46.6 thousand BOE per day, up 4% interannually, driven by strong production from our shale assets. Oil production was 39.2 thousand barrels of oil per day, up 6% year-over-year. On pro forma basis, adjusting from the transfer of conventional asset, total production grew 20% year-over-year, and oil production grew 22% year-over-year. Sequentially, we recorded a slight decrease in production driven by three factors: Firstly, the transfer of conventional asset means a loss of 5,500 barrels of oil equivalent per day. Secondly, evacuation capacity limited our production growth, although this has been unlocked since June as we start exporting oil via pipeline to Chile. Thirdly, as we focus on our pilot in Águila Mora and Bajada del Palo Este, we tie in less wells than on our average quarter. The three drivers we factor into 2023 plan and guidance. We'll expect to meet our production guidance of 55,000 barrels of oil per day for the year. In the following slide, we will deep dive into our shale oil developments. We'll explain how we have shipped back to Bajada del Palo Este and how that will drive growth in the coming quarters. I will start with some details on our successful result in Águila Mora and Bajada del Palo Este pilot. In Águila Mora, we tie in two wells in pad Águila Mora 1, landing one well in La Cocina and one well in Middle Carbonate. Cumulative production of the pad was performing 4% above our Bajada del Palo Este type curve after 60 days of production. These are the first two wells we drill in this block, located in the north of Vaca Muerta. Based on this successful result, we added up to 100 wells to our inventory. In Bajada del Palo Este, we tie in one well in the pad Bajada del Palo Este 2, which is currently showing robust production, with cumulative production performing 72% above our Bajada del Palo Este type curve after 80 days on production. This is the fourth well we drill in this block, reconfirms our 150 well inventory in Bajada del Palo Este. The two wells in pad one, on the western side of the block, and the single well in pad three, on the eastern part of the block, continue delivering solid production performance, as shown on the chart on the right. Successful result in Bajada del Palo Este pilot enable us to extend our model into Coirón Amargo Norte, the neighboring block to the south. This is a concession where we hold 85% working interest, with the remaining 15% held by Gas y Petróleo del Neuquén, the oil and gas company owned by the Neuquén province. We estimate an inventory of up to 50 wells in this block. The successful activity in Bajada del Palo Este and Águila Mora pilot lead to the addition of 300 wells to our inventory, for a total of 1,150 well across all Vaca Muerta assets. As I will explain later during the presentation, this is just one of the key factors that leave us well prepared for a profitable growth acceleration beyond our current strategic plan. After concluding the pilot, we moved back to Bajada del Palo Este, where we have made solid progress in new well drilling. During Q2, 2023, we finished drilling and completed pad Bajada del Palo Este 16, and also drilled pad Bajada del Palo Oeste 17, which is currently under completion. The two pads consist of four well each, are being developed as a cube in a pilot we are running, seeking to optimize well productivity. This means we will tie in both pads simultaneously during the coming week, which also resulted in lower production in Q2 2023. We are currently drilling four-well pad Bajada del Palo Este 18 and Bajada del Palo Este 19. Bajada del Palo Este 18 is expected to be completed and tie in by the end of Q3, and Bajada del Palo Oeste 19 in Q4, leaving us well on track to tie in 20 wells in the second semester of 2023, as per guidance. We are on track to upgrade our oil treatment plan by the end of Q3 2023. This will increase our treatment capacity to 70,000 barrels of oil per day, in line with the requirements of our production plan through 2026. During Q2, we secured enough lifting evacuation capacity to meet our production targets through 2026. At the end of May, we started exporting oil to Chile through the OTASA OTC pipeline that started operating after more than a decade being shut. To do this, we reverted the pipeline flow from Escondida onwards through the old Del Valle system. Current flow to Chile is 4,700 barrels oil per day, and could increase up to 5,700 barrels oil per day over the following months. In Q2, we secured our participation in the Vaca Muerta Norte pipeline with an 8% working interest. This will give us access to increased evacuation capacity to Chile to 12,500 barrels of oil per day, including the current flow. We expect the Vaca Muerta Norte pipeline to be operational in Q4, 2023. At that time, we plan to revert the existing Oldelval pipeline from Las Compuertas back to the original direction of flow. Adding to our existing capacity in Oldelval, the new Vaca Muerta Norte capacity means that by year-end, 2023, we forecast to have 57,000 of oil per day of pipeline capacity. This can be complemented by up to 11,000 barrels of oil per day of trucking capacity. If we consider the capacity already contracted in Oldelval expansion to Puerto Rosales, we forecast to have 89,000 barrels of oil per day by year-end, 2025, or 100,000 barrels of oil per day if the trucking is included. This means we have already secured the necessary evacuation capacity to deliver on our 2026 production target, with room for further acceleration. I cannot stress enough the importance of this significant milestone and its contribution to support our growth plans. Total revenues in Q2 2023 were $231 million, which is 22% below the same period last year. This decrease was a result of two factors. Thirdly, the normalization of our crude oil stock from lows in previous quarter, which, combined with the production being rerouted to Chile, led to less volumes available in the terminal for export through the Atlantic. This delay our last cargo of the quarter from late June to the first week of July, and therefore, we exported three cargoes during the quarter, instead of four we originally expected. Secondly, oil realization prices softened during the quarter. Realized oil price for the quarter averaged $64.3 per barrel, down 18% year-over-year, and 3% sequentially. The average realized domestic price was $63.1 per barrel, while the realized price of the export market was $68.6 per barrel. Sales to export market accounted for 48% of the oil volumes and 51% of oil revenues. We exported 1.6 million barrels of oil, composed by three cargoes through the Atlantic and 152,000 barrels by pipeline to Chile. We remain focused on our export-driven strategy by 55% of last 12 months of revenue coming from the international market. We expect to increase this to about 60% in Q3 2023. Realized gas prices decreased 16% sequentially to $3.9 per million BTU, mainly driven by lower export volumes to Chile, accounting for 10% of our total gas volume at a price of $7.6 per million of BTU. We have very good news on the cost side. After a quarter of operating only our shale oil asset, our well cost dropped to $4.8 per BOE, a reduction of 18% on interannual basis and 25% on sequential basis. This reflects the cost benefit of the transaction we announced in the previous quarter. We remain well on track to deliver on our $5.5 per BOE guidance for the full year. Adjusted EBITDA for the quarter was $151.8 million. Adjusted EBITDA margin was a robust 66% during the quarter. On an interannual basis, this is a drop of only three percentage points, despite an 18% decrease in realized oil prices, which was possible given our rebased cost structure following the transaction to fully focus on shale assets. The decrease in adjusted EBITDA reflects softer prices, the focus on drilling pilot during the first semester, and the inventory build-up I just mentioned. Additionally, in this quarter, we have no tie-ins under the JV with Trafigura, which generated $10 million of other income in Q2, 2022. We expect a strong result in the second semester. The drilling and the completion pace have already picked up and will allow us to tie in 12 Bajada del Palo Este wells in Q3, boosting oil production and revenues. Having normalized inventories and flow to Chile, we plan to export volumes equivalent to five cargoes, including export to Chile in Q3. Finally, we plan to tie in three pads under the Trafigura JV, which will generate $90 million of other incomes in Q3, 2023. During Q2, 2023, cash from operating activities was $89.3 million, reflecting the payment of annual income tax of $36 million, a change in working capital of $70 million, and advanced payments for transport infrastructure of $5 million. Cash flow used in investing activities was $174 million, in line with CapEx of $179 million for the quarter. This acceleration in CapEx deployment sets the stage for growth in the coming quarters. During Q2, 2023, we recorded negative free cash flow of $85 million. We issued a bond for $13.5 million and repaid $22.5 million, corresponding to an installment of our syndicate loan. We also refinanced $40.8 million, maturing in 2024-2026. In Q3, we plan to repay the last installment of our syndicate loan on July 20. After this event, we will have no remaining debt maturities in 2023. Cash at the end of the period was $223 million. The reduction, vis-a-vis the end of the previous quarter, reflects our tactical decision to prefinance our investment plans with liquidity available at a very competitive cost in the local bond market. During Q2 2023, we have continued to strengthen our balance sheet. Gross debt currently stands at $651 million. Over the past quarters, we have tactically accessed the local debt market in Argentina at a very competitive interest rate. This has not only allowed us to prefinance our CapEx acceleration, but it has also reduced our average cost of debt, which as of quarter end, was 3%. Our financing strategy is focused on reducing cross-border debt, which we have successfully reduced from 54% of our total debt in 2020 to 22% of our total debt as quarter end. The average life of our debt is three years. Our gross leverage ratio is a very healthy 0.8 times adjusted EBITDA. Our solid financial status leave us in a good position for an acceleration in growth going forward. To conclude this call, I will recap on today's key messages and announce our upcoming Investor Day, where we will provide an update to our strategic plan. During Q2 2023, we made robust progress in Bajada del Palo Este. Considering our progress in drilling and completion activity, we are on schedule to tie in 12 wells during Q3. This will boost production and drive an increase in adjusted EBITDA in the second semester, in line with our annual work program. We are well on track to meet 2023 production and cost guidance. Successful result in our pilot in Bajada del Palo Este and Águila Mora, has led us to extend drilling inventory to 1,150 ready-to-drill wells. This provides significant upside potential to our existing strategic plan, which was designed at that time when our inventory was less than half of that size. To grow beyond our current strategic plan, we need more evacuation capacity, which we have achieved this quarter. We have secured missing and export evacuation capacity to deliver well above our 2026 production target. Based on our current capacity and the contract we have in place, we forecast to have 100,000 barrels of oil per day of firm evacuation capacity by the end of 2025. We have a solid balance sheet with a very healthy leverage ratios, manageable debt maturities at a very competitive cost, and relatively low share of cross-border debt. On the basis of our strong position, I am extending an invitation to a virtual Investor Day, hosted by myself and the rest of Vista's executive team. During this event, which will take place on September 26th, we will provide an update on our strategic plan and set new targets for 2026. We will provide further information on the event through our usual investor relations channels. To wrap up, and before we open the call to questions, I want to thank our employees for their relentless work during the quarter, and also thank our investors for their continued support. We will now move to Q&A. Operator, please open the line. As a reminder, to ask a question, please press star one one on your telephone and wait for your name to be announced. To withdraw your question, please press star one one again. Please stand by while we compile the Q&A roster. Our first question comes from the line of Bruno Montanari from Morgan Stanley. Morning. Thanks for taking my questions. Thank you, Miguel. Thank you, Alejandro. Two questions on my end. One, just to confirm, today, you have no more restrictions to export more to Chile. Is that correct, with the new evacuation capacity that was achieved? Wanted to know also if you have faced any problems with the rain. We have been reading that there has been some restriction because of the rain, just wondering if that affects your production and exports, now at the beginning of the quarter. My second question is about the acceleration. It's very clear, Miguel, based on the presentation, that you are in a very good position to potentially accelerate the growth, especially in the coming few years. Two items there. One, is there anything you can do already in 2023 that would perhaps make you a little bit above the 55,000 barrels per day target? Two, would you say the acceleration would come more on adding new equipment or doing things more efficiently and being able to drill and complete and tie in the pads faster than what you are doing today? Thank you very much. Hi, Bruno. Thank you very much for the question. Starting with the first one, you're correct. I mean, we don't have any restriction with the pipeline at Chile at the moment. The pipeline to Chile was shut down for 70 days. That pipeline passed below a river, and the river bed moved, and the pipeline was a bit surfaced, that therefore they decide to have a check on the pipeline. At the moment, I mean, is very happy with the quality of the crude oil that we are sending. I'm sure we will play some catch up during the year, but that doesn't change the plan that we have for the year. Basically, you know, we don't depend only from Chile. We have our exit through the Atlantic. I don't see any issue with this slight problem that we have with Chile. In term of acceleration for the topic of 2023, our current plan leave us with a spare drilling and fracking capacity for Q4. We have done also our homework in term of evacuation and treatment capacity. We will have a spare treatment and evacuation capacity. At the moment, we are not going to announce anything. Leave me the news to announce September in the Investor Day. Thank you anyway for the question. Thank you, very clear. Thank you. One moment for our next question. Our next question comes from the line of Rodrigo Nistor from Latin Securities. Good morning, everyone. Thanks for the updates. I got two questions for you. So the first one, given the strategic capital spending, expenditures initiative you have outlined, what are the expectations for cash flow generation over the upcoming quarters? Another one on Águila Mora. I mean, following the successful results from the pilot project, are you planning to invest in the necessary infrastructure to connect the block? And if you have an estimate on the required CapEx for that? Thank you. Hi, Rodrigo. Thank you very much for your question. Regards the free cash flow for the second half, first, cash at the end of Q2 was close to $233 million. We're still seeing CapEx above cash generation in Q3, basically to the high drilling and completion activity, and also the investment on upgrading facilities. In Q4, under the current plan, free cash flow, it will be positive again. Okay? That's related with your first question. Related to Águila Mora, first, let me tell you that we are super happy with the path that we put to complete two wells that were landing in La Cocina and the other one in Middle Carbonate. Both of them were average well of 2,500 meters and 44 stages. They were tie-in, and they're performing 4% above the higher Palo Este type curve, and they've been producing for 60 days. Super happy with the news. Regarding evacuation, I think, we are evacuating today through a neighbor operator. It will be too early to give you an answer on what exactly we will do in term of infrastructure for evacuation. We are, at the moment, evaluating the result. We will continue monitoring those well after the first 60 days, but it's very encouraging. I'm sure we will come with a plan soon. Okay, that was really clear. Thank you. Thank you. One moment for our next question. Our next question comes from the line of Walter Chiarvesio from Santander. Hello, good morning, Miguel and Alejandro. Thank you for taking my question. We are seeing an encouraging improvement in productivity in all the blocks than Bajada del Palo Este. I would like if you could develop a little bit more about that, or what explains the improvement in productivity, just the geological characteristic of the block or change in techniques, drilling and completions, wherever. If that implies that the productivity curve is changing the outlook for the whole company in terms of EUR per well and productivity looking forward. Linked to that, if the CapEx were focused on those other blocks rather than Bajada del Palo Este, would be part of the acceleration program of the company in the near future. That's it from me. Thank you. Thank you very much, Walter, for your question. I love that question because probably Bajada del Palo Este results are the best news that we have during this year. I mean, the result of Bajada del Palo Este, compared with our original protection, are understanding. Just to give you first a recap for everybody on Bajada del Palo Este. As you remember, in Bajada del Palo Este, we drilled our first two wells to La Cocina, more or less a year ago. Those two wells are performing 30% above Bajada del Palo Oeste type curve. We drill Bajada del Palo Este 3, part one well on the very eastern side of the block. One single well that land in La Cocina, really looking for the limit of that block. We end up having a well, a very, a good economical well today, that is performing 7% below Bajada del Palo Este type curve after 90 days of production. Probably the biggest and more important news related to this quarter is Bajada del Palo Este 2, one well on the center of Bajada del Palo Este block, land in La Cocina, a length of 2,800 meters, only 47 stages, was tied in April, and is producing 70% above Bajada del Palo Este type curve after 80 days. This is a super well. It's producing 3,000 barrel oil per day of IP30. I mean, it will be probably ranked between the best well that we have drilled in the area. Back to your question, Bajada del Palo Este, Bajada del Palo Oeste, and Aguada Federal for us represent today one development block. Of course, anything that we is related to acceleration, naturally will be done in those three blocks. You know, I mean, with the treatment capacity, connection between these two block is seamless for us because it's just internal pipeline that we have to lay. Yeah, the focus of any acceleration program will include Bajada del Palo Este on it. So that is the answer, Walter. I don't know if I'm missing anything. No, it's just that the follow-up is, would imply a lower lifting cost or sorry, cost and lifting cost per barrel, taking this higher productivity curves in the future? We are not updating our type curve. I mean, this is, you know, the, we have our place, have, an statistical nature. Therefore, we continue having the same, type curve for all this block. We are not planning to do an, any upgrade of the type curve for the moment, even though, yes, I mean, there are few good wells. Perfect. Thank you very much, Miguel. You're welcome. Thank you. One moment for our next question. Our next question comes to the line of Regis Cardoso from Credit Suisse. Hi, Miguel. Hi, everyone. Thanks for taking my questions. A couple of topics I wanted to touch on. Quick one first is, how do you compare guidance with the actual production and EBITDA so far in the first half of this year? I mean, it appears you're, you know, probably lagging behind that guidance. Most likely, your production and EBITDA will increase in the upcoming quarters, but is it still the case that you believe the guidance is in place? That's the first question. The second question would be, going back to the previous one you just answered, Miguel, about the order of the development of the assets. You said you're thinking about, you know, everything around the Bajada del Palo as one field, right? One cluster. Does it imply, I mean, where are the better opportunities? Is it in any specific window, in any specific field that you prioritize? I mean, say, you start with La Cocina in Bajada del Palo Oeste, and then go into the others, or can you do, you know, all different targets simultaneously? That would be the second question. Maybe if I, if I may, just a quick third one. How do you expect the share of exports to grow in your sales? How do you think that will affect your realization price in the future? I mean, do you think Vista would capture more of the oil price upside, say, if Brent prices were to go up again? Is exporting still, you know, a preferred route, say, if oil prices were to come down? Just to understand, how do you balance realization prices with the growing share of exports? Thanks. Hi, Regis, thank you for your question. Regarding the first part of your question, regard guidance, we are coming in line with guidance, on a realized price of $60 per barrel. When you look at currently, our average price also was around $65 per barrel. Of course, the cargo that we basically couldn't fit in in Q2, it will be accounted in Q3 with higher Brent prices. I mean, for the whole year, that will have a positive impact in our P&L. Regarding development, again, I mean, just restating what I said before, Bajada del Palo Este, Aguada Federal, Bajada del Palo Este for us will be one development cluster and the main development cluster. As soon as with the new result of Bajada del Palo Este 2, I will say we should expect that Coirón Amargo Norte also will be coming part of that cluster as well. Bajada del Palo Este, we are developing La Cocina and Orgánico. When in Bajada del Palo Este, we are just focusing La Cocina for the moment. This will be the main horizon that we will be developing in an acceleration plan. You have other question? The other question was related to export and percentage. When you look at Q2, we have our export percentage of our production was around 49%, and the realized price of April was around $68 per barrel. You should expect that this 49% going up to 55% or 60%. The effect that we are going to have, we are going to be moving one cargo from Q2 to Q3. As you know, the Brent is performing better. Our discounts are lower. I mean, we moved from a discount of $6, we expect Q3 to be around $5. We already saw $5 in this quarter. I mean, we are planning with prices for export around the similar level that we have last quarter. Yes, if the Brent perform better, it could be better, it could be slightly better. This is what we are seeing. Okay, understood. Thanks so much, Miguel. Have a good one. Thanks, Regis. Thank you. One moment for our next question. Our next question comes from the line of Oriana Covault from Balanz. Hi, Miguel, Alejandro, and the rest of the team, for taking my question. I had two questions. Maybe the first one has to do with lifting costs. You have been guiding lifting costs even below the current $5 per barrel that for a time now, and it was great to see that happening this quarter. Just to understand if this acceleration over the last couple of quarter beyond the transfer of the Aconcagua, of the assets to Aconcagua, is there something else that is explaining the accelerated reduction in lifting costs? That's the first question. Sure, Oriana, thanks for the question. Regard lifting costs, yes, we coming from a running rate of $7.5/barrel, and that was before the disinvestment of our conventional asset. We saw $6.4/barrel in Q1, we are seeing $4.8/barrel now. Of course, this 4.8 is taking full impact of the transfers of the conventional assets. As we continue increasing unconventional production, yes, we still see some potential and some upside, that will be more related to the production growth, but really reducing the OpEx side. At the moment, we are keeping the guidance as it is. Yes, very encouraging result on the lifting cost side. Thank you. That's very clear. One last one. I noticed in your presentation that you would be transferring some of the capacity that you're currently using through Oldelval de OTASA for the exports to Chile, through the Vaca Muerta Norte, instead of keeping the two alternative routes. Just perhaps to understand the rationale, if there's any, do you see any upside potential for keeping the two routes open? If there's any, what is driving the decision of moving volumes from one area to the other? It's pricing-wise, in terms of contracts. Any additional color on that, on that end, would be very much appreciated. Thanks. Thanks, Oriana. No, there's no competition between the two demands. The demand of Chile will be covered through Vaca Muerta Norte. One, Vaca Muerta Norte is in line and is recovering now through the rerouting that we did for Escondida. There's no competition between the two volumes. Basically, the outlook that we have in table export is the one that we have mentioned. No one of them is going to ship all the volume that we have, one, to other. Of course, I mean, importing through the pipeline is always more efficient, no? Perfect. Okay, thank you very much. We saw an impact in this quarter on Chile, reducing the tracking that we have toward the end of the quarter, that have also a positive impact. Great. That's very clear. Congratulations for these key milestones in midterm capacity. Thank you. You're welcome. Thank you. At this time, I would now like to turn the conference back over to Miguel Galuccio for closing remarks. Thank you very much, everybody, looking forward to see you all on the 26th on the investor call. Have a good day. This concludes today's conference call. Thank you for participating. You may now disconnect.