Good day and thank you for standing by. Welcome to the Vista's Fourth Quarter 2021 earnings webcast 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. I would now like to hand the conference over to your speaker today, Alejandro Cherñacov. Please go ahead. Alejandro Cherñacov: Thanks. Good morning, everyone. We are happy to welcome you to Vista's Fourth Quarter and full-year 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 2. 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 measures such as adjusted EBITDA. Reconciliations of these measures to the closest IFRS measure can be found in our earnings release that we issued yesterday. Please check our website for further information. Our company, Vista, 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 VISTAA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. The ticker of the warrant is VPW408A. I will now turn the call over to Miguel.

Thanks, Ale. Good morning, everyone and thank you for showing in this earning call. Today I will share with you the Fourth Quarter and full-year results of 2021. We have made excellent progress across all key fronts, delivering solid operating and financial performance, increasing and ready-to-drill-well inventory, strengthening our balance sheet, and reinforcing our commitment to sustainability. 2021 mark a turning point for our company, initiating a clear part of a strong total shareholder return. I will kick it off by going through our Q4 results, and I will then move onto full-year results. During Q4 2021, total production averaged 41,100 BOE per day, a 34% increase year-over-year. Oil production was up 41% in the same period, boosted by our development in Bajada del Palo Oeste where we dug in 20 new wells during the year. Total revenues in Q4 2021 were $196 million, a 146% increase year-over-year, mostly driven by the increase in oil production and stronger realized oil prices. Lifting cost per BOE was $7.5 for the quarter, excluding costs related to the 50% non-operated working interest we held in Aguada Federal and Bandurria Norte. This implies and inter annual reduction of 7%. A shafted EBITDA was $117 million, more than doubling year-over-year, and implying a solid adjusted EBITDA margin of 59%. Capital expenditure for the quarter was $97 million reflecting the completion of our fit part in the year in Bajada del Palo Oeste.During Q4 2021, we generate proceeding free cash flow of $62.8 million driven by robust cash flow for some operations. Adjusted net income was a solid $35.4 million showing significant progress vis -a - vis Q4 2020, which showed a loss of $21.6 million. We will now deep dive into the main operational and financial metrics of the quarter. Total production during Q4 2021…

Our first question comes from the line of Bruno Montanari from Morgan Stanley. Your line is now open.

Good morning, everyone, and thanks for taking my questions. I have three quick ones. I think looking at the guidance, it looks very achievable and we know that the company has been able to deliver and over-deliver on the guidance. So just wondering what would lead to upside in production and margins for 2022? Wondering if there is any room to accelerate drilling. The second question is about the capital structure. How would we think perhaps about either a fast prepayments of debt or an increase in shareholder remuneration. So how do you find that balance to be when looking at the capital structure? And last, what are you seeing recently in the industry in terms of cost and Capex inflation? If there is any specific bottleneck because of that for your activities in Argentina? Thank you very much.

Hi, Bruno. Thank you for your question. And thank you for your comments. So starting with the first one as a source of acceleration. Yes, definitely we have did portfolio of opportunities and locations that we can use. I will set for this year sources acceleration that we are not planning yet to use, but we have it and we have it in mind. And we shall have the discussion internally. Our one hour federal where so far we are shut planning to complete the fourth tax that we have there and we believe that is a low-hanging fruit and also an area that is near to our main center of operation that is Bajada del Palo Oeste that of course we believe is going to give us flexibility and potential to grow from the development plan point of view. And the other is the possibility of adding in Bajada del Palo Oeste, and I will say not early than the second half of the year. Again, that is not in the plan. These are a potential way of accelerating related to your question. In terms of debt, we are not planning to prepay. We're planning to review debt when the maturities due. First, as we have announced we will reduce from 611 our debt position that we started year-end 2021 to 575 at year-end 2022. Us, as we announced in December, that also we are planning to take their depth farther around to $400 million, and that's -- we will see how we move on that. As you know, we have restriction -- cross-border restriction and the idea is first to reduce our cross-border debt. I think we will give that priority to that and then be flexible in how we distribute back to shareholders through different means. Of course, one, is that we are announcing today is the buyback program. clearly pressures in the industry years, definitely there is pressure in the industry. Now, we don't see that pressure in the industry today from prices of services to be a bottleneck. We have long-term contracts and long-term relationships with our main contractors, so really, we don't see a bottleneck there. Infrastructure is not about the nature of it but I think it's something that we need to keep being very proactive in Argentina. Particularly, to make sure that we continue upgrading that pipeline and that facilities, since the rate of growing in Vaca Muerta have been proved during the last two years to be good one. So we should keep an eye doing that. So what was the other question? No, that was --

Thank you.

Thank you.

Our next question comes from the line of Andrés Cardona from Citigroup. Your line is now open. Andrés Cardona: Good morning, everyone. And thanks a lot for the presentation. Miguel, congratulations on the results on both sides, on the financial and the reserves front. I have two questions. Maybe the first a followup from Bruno's question, about how to accelerate the 2022 guidance? You mentioned some alternatives, but my question is what do you need to trigger those optionalities? And if the facilities that you currently have in place are enough or are becoming a bottleneck? And the second question may have to do with the talks that the IMF and the Argentinean government are taking place. It seems they are getting closer to reach an agreement. And my question is, if you may expect change at the capital controlled front or do you think it will remain in place for longer? Thanks and congratulations again.

Thank you Andrés, for your question. On the first one, related to acceleration in terms of context, like we've said the -- what we need in order to put that in operation, we have it. We have access to . We have our internal infrastructure, is ready. We have facilities and we spare capacity to allocate further grow during this year. I think what is going to determine if you will really accelerate the plan or not is going to be the context. As you see, we are basically coming in Q1 better than we planned context-wise, meaning pricing, exportation, and the rest. So I think that is going to be key. I mean, how we see the context playing. I was at export pricing, yes. In terms the of IMF agreement, I believe it was required and understand is on the way to be perfect it. So I mean, good news for Argentina in that front. If that is going to reset affect controls, EFI controls to me are related to lack of foreign currency. We need to see how the economy roll out after the IMF agreement, which other economic measure the government take. And that's how we change that access to currency. But I mean we are not betting that that is going to drastically change very soon. Hope I answered your question, Andrés. Thank you. Andrés Cardona: Thank you.

Thank you. Our next question comes from the line of Regis Cardoso from Credit Suisse. Your line is now open.

Hi, Miguel, Alejandro. Thanks for taking the questions. One of the questions going back to the return shareholder topic, I just wanted to think of dividends, buybacks, other ways you could get returns back to shareholders in light of not just your investment plans, but also in light of the capital restrictions, ready access to dollars. Is there anything, for instance, the hydrocarbon law that was proposed a while back that would allow you to keep part of the export revenues? Is there any trigger, something like I need to be exporting X amount, and then I need to have at least X percent of revenues? I mean, what would be necessary for you to actually be able to distribute cash to shareholders and is it just to be sure if it's dividends or if you do buybacks. The same logic applies. And then if I may ask a second question about the lifting costs went up a little bit this quarter to $8 per barrel probably, partly explained by the new asset additions. So I just wanted to get a sense of how do you see these -- the lifting cost going forward on a consolidated basis. Thank you.

Thank you, Regis, for your question. Yes, as you mentioned, we have restriction in Argentina and also we have part of our cashing dollars, as you know. We have decided that the more effective way of getting back to investor at the moment and in the current condition, with a buyback program that we will launch now in April. We have partial access to dollar currency to repay debt. So also, we believe we are doing and we will continue doing that is good to gradually continue reducing the . That is how we believe is weak. We could make the best use of our proceed today under the current conditions. As you mentioned, I mean, I think there is a win-win for the industry and for the country in having a program that somehow is the restriction based on investment and based on the capacity that today we have to kind of proceed cross border to exportation. Definitely will be pushing. We are vocal about that because it's a no - brainer and it's a win-win for country and the industry. I don't think we need a law, but I hope at some point of time, there's a kind of a scheme of program that will allow us on the under country to take advantage of that opportunity that we have. I will set I mean, I cannot farther comment on that because there's nothing concrete yet to date. In term of lifting costs and yes as you mentioned, with that rescission of our Aguada Federal, we anchorage, we are at low opportunity and also we brought an area that's of high lifting cost. The current run rate today of OPEX expenditure, there is around $20 million. We have a target to reduce that at the end of 2022 to approximately $7 million. What it means, we want to take that lifting cost that today is quite high, to take it to a single-digit number by the end of the year, where we're planning to do what we are today first, per initiatives is to eliminate the trucking. So we will be led by line that connect Aguada Federal to Bajada del Palo Oeste. I don't know I'd say 10-kilometer pipeline. So it's not a big deal. We will use the treatment plant of Bajada del Palo Oeste cluster. and also we will use existing contract for chemicals, security, safety services, everything that we have in place. Lifting cost one of the we add more locations and we add more production, we managed to reduce that and we will take advantage of that. So yes, we are working on that, the impact on our lifting cost today is marginal. Nevertheless, nothing, as you know, we will tackle, we will reduce it. And if we achieve our plan, our lifting cost at the end of the year will be close to probably $6.5 per barrel. So we are on the case.

Very clear. Thanks, Miguel, for the answers.

Thank you. Our next question comes from the line of Walter Chiarvesio from Santander. Your line is now open.

Hello, good morning. Congratulations for the results and thank you for taking my question. Actually, was quite already answered. But to follow-up with with the well drills in the other blocks out of PBO, I understand this doesn't mean that the kickoff was more massive development in these new blocks, especially in Aguada Federal. Is that correct? It's my first question. This is more testing wells, or pilot wells rather than drilling more and the focus will keep being BPO in the short-term. And what is the productivity that you expect in these new blocks compared to Bajada del Palo Oeste. That's from my side.

Thank you Walter for your follow-up question. Yes. Well, you said this correct. I mean, we are not planning yet for development of our . We are completing four wells that were drilled, a non-complete. We are basically not given where we are going to drill those wells. We are going to complete as well, that means fracking those wells and put on production. Lay the pipeline to tie-in those wells directly to the facilities that we have in behind but this is what we are planning at the moment. Do we -- if it does work, are good works. What sheet that nothing that made us think that area is different to what we have. It will be for sure good quality. But of course those well, the bank, how they've been really, how well, let me in land, how they are completed on song. We will be really responsible for the completion with didn't place it was so any way we are positive about the results. And of course, after we see the performance of the well, yes, there's potential to do more in Aguada Federal is the Location is prime and is neighbor of Bajada del Palo Oeste. It's a natural place to grow. The rest is these two wells in Bajada del Palo Oeste that we are cleaning up right now and we are not planning to drill more during this year there. And then we have two wells in . That is further north that also is shut these two well. So again, back to your question we could add Bajada del Palo Oeste. And yes, our FETA engage those four wells that we complete are very good. He also -- he give us an upside to grow more if we need it.

Perfect. Thank you very much.

You're very welcome, Walter.

Thank you. Our next question comes from the line of Oriana Covault from Balanz. Your line is now open.

Hi, this is Q - Oriana Covault from Balanz. Thanks for taking my questions, and congratulations for a good quarter. I had a couple of followups. First and foremost, just to ratify, the Capex guidance for 2022 is already including the acquisition of the remaining 50%, the $375 million to $400 million that you are putting in your presentation. That's on one end. The second question that I had is that it's our understanding that refineries might be running at higher levels this year, and that this could impact export levels. So just we were wondering what is your take on this and is it reasonable to say that we would be expecting lower export levels this year, but kicking off to 2023. And last, in your ESG strategy you could further elaborate on these natural based solution portfolios and what are you doing? Those details would be great for us. Thank you.

Thank you, Oriana, for your question. So the first one, but it's your affirmation on GAAP is correct. So include shuts activity on Aguada Federal, the CAPEX does include the buying of the area. Okay. Related to export level, and I think if I understand your question correctly, maybe the option of the refineries or their willingness of the refinery to load a refining a bit more to create some related to whatever for the local market. Look at, I mean, yes it could happen. I think most of the refineries around by operators are fully integrated. So really if the refinery decide to take local prices or to push local prices against export prices, that volume that we can afford to clear soup broke to subsidize the local market. If they do that, integrator like why BK YPF or others, I mean business wise they are shooting in their foods. And I don't think that is good business, good business practice. It could happen, could happen. If it happens, they are no managing the business well. Related to your question on sustainability, so just to put in context a bit, so the sustainability program. We find the best line in 2020 with our actuarial baseline was 420 tons, around 39 kilograms for CO2 -- of CO2 per boe of intensity. This year we managed to take this 420 to 360, and intensity from 39 to 24.1. As we mentioned, 14% and 39% reduction. Further down to 2026, we want to take it to 265 in absolute number of Co2 and our intensity to 9, that will be intensity wider reduction of 75%. And the rest, we announced that is going to be offset through MBS. That MBS initiative company is have been put in place, things are in place. And actually we are working in their portfolio of what we are going to address this year. I cannot disclose much yet because I think it's not time to disclose. But just for you to have a view, we will tackle from that portfolio around four projects this year. Projects have been somehow identified and we are working on that. As we have more concrete news we will update you. But this is everything I can say at the moment. So we have created structure and we have a team in place. And basically, we are going through the main priority within our portfolio and we will have actual project up and running this year.

Perfect. Thank you very much.

Thank you.

Thank you. Our next question comes from the line of Constantinos Saprias from Pointe Des. Your line is now open.

Thank you very much. Good morning, and congratulations on your results. My question for you today concerns evacuation capacity for oil. How much spare capacity does Oldelval have as you mentioned now? And how does it affect your expansion plans on Bajada del Palo Oeste and on Aguada Federal? Do you think we could expect Vista to use its cash to buy stakes in trunk lines so as to integrate operations, now that export starts growing and become a significant portion of your revenues? Thank you very much. Did you receive my question?

We received your question. We started to answer and we were in mute. So related to your question on track pipeline and Oldelval. Yes, definitely Oldelval today -- first of all, today we have no the capacity issue. Oldelval try-and-buy line currently have the capacity of 225,000 barrel per day. They are planning an increase to 265,000 in the first date, adding some station. And then, also we understand there is another plan to farther upgrade the facility to 375,000 with pipeline and so on. One is, it will be executed more in the short-term. The other one, it would take a bit more time. So my comment on that is that we don't have today a capacity for evacuation problem, but we need to act because everybody is growing. We are not planning at the moment you take any taking on Valhalla, I don't think given we have the opportunity to to do so. So answering your questions, we don't have today -- nothing on the table to be bought of the management on all the guidance.

Thank you very much.

Welcome, Constantino.

Thank you. At this time, I'm showing no further questions. I would like to turn the call back over to Miguel Galuccio for closing remarks.

Ladies and gentlemen, thank you very much again for your question, your interest and follow-up on reports on Vista. So have a good day and looking forward to see you next quarter.

This concludes today's conference call. Thank you for participating. You may now disconnect.