Operator:

Good day, and thank you for standing by. Welcome to the Vista's Fourth Quarter and Full Year 2025 Earnings Webcast Conference Call. [Operator Instructions] Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Chernacov, Vista's Strategic Planning and Investor Relations Officer. Please go ahead. Alejandro Cherñacov: Thanks. Good morning, everyone. We are happy to welcome you to Vista's Fourth Quarter and Full Year 2025 Results Conference Call. I am here with Miguel Galuccio, Vista's Chairman and CEO; Pablo Vera Pinto, Vista's CFO; Juan Garoby, Vista's CTO; and Matias Weissel, 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 the 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 with the closest IFRS measure can be found in the earnings release that we issued yesterday. Please check our website for further information. Our company is a Sociedad Anonima 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 VISTAA in the Bolsa Mexicana de Valores and VIST in the New York Stock Exchange. I will now turn the call over to Miguel. Miguel Galuccio: Thanks, Ale. Good morning, everyone, and welcome to this earnings call. 2025 was a year of many achievements for Vista, marked by the substantial value creation for our shareholders through growth in our core development, significant well cost savings and accretive M&A. The acquisition of 50% stake in La Amarga Chica marked a major milestone in our successful growth journey, turning Vista into the largest independent oil producer of Argentina. We also held our third Investor Day, during which we unveiled an updated strategic plan targeting to produce more than 200,000 BOEs per day by end of the decade. Today, we will be going over our Q4 results and a summary of the highlights of the full year. During the fourth quarter of 2025, we continue to deliver robust production growth on the back of new well tie-ins and strong productivity in Bajada del Palo Oeste, Aguada Federal and La Amarga Chica. Total production was 135,000 BOEs per day, an increase of 59% year-over-year and 7% quarter-over-quarter. Oil production was 118,000 barrels per day, an interannual increase of 61% and 8% sequentially. Total revenues during the quarter were $689 million, 46% above the same quarter of the last year and 2% below the previous quarter, driven by lower oil prices. Lifting cost was $4.1 per BOE, 12% below year-over-year and 8% below vis-a-vis Q3. Capital expenditure was $355 million, driven by new well activity during the quarter. Adjusted EBITDA was $444 million, an interannual increase of 62% Net income was $86 million, leading to earnings per share of $0.8 during the quarter. Free cash flow was $76 million, driven by strong cash flow of operations. And finally, our net leverage ratio at year-end was 1.5x on a pro forma basis, flat quarter-on-quarter. Total production during Q4 was 135,400 BOEs per day. As in the previous quarter, we record a solid 7% growth on a sequential basis, driven by robust well productivity and 16 net tie-ins during the quarter, 9 in Bajada del Palo Oeste, 3 in Bajada del Palo Oeste, and 4 corresponding to our 50% share in Amarga Chica. On an interannual basis, production growth was 59%, reflecting our larger scale after the acquisition of La Amarga Chica, combined with organic growth. Oil production was 118,300 barrels per day, 8% above Q3 and 61% higher year-over-year. Gas production increased 45% on an interannual basis. In Q4 2025, total revenues were $689 million, 46% higher than the previous year, driven by a robust increase in oil production, which more than offset lower oil prices. Oil exports doubled year-over-year, reaching 7.1 million barrels in Q4 2025, representing 64% of our total sales volume. Realized oil price was $58.9 per barrel on average, down 12% on interannual basis and 9% on a sequential basis in both cases, driven by lower oil prices. During Q4, again, we sold 100% of oil volumes at export parity prices, both domestically and internationally. In Q4, lifting cost was $4.1 per BOE, 12% below the same quarter of last year and 8% below the previous quarter, reflecting our low-cost asset base and fixed cost dilution as we continue to gain scale. Selling expenses were $4.2 per BOE, down 48% on an interannual basis, driven by the elimination of oil tracking as of the end of Q1. Adjusted EBITDA during the quarter was $444 million, 62% higher interannually, mainly driven by the consolidation of 50% working interest in La Amarga Chica and organic production growth in our core development hub, which more than offset lower oil prices. On a sequential basis, adjusted EBITDA declined 6% as lower oil and natural gas prices offset production growth. Adjusted EBITDA margin was 64%, up 8 percentage points compared to the same quarter of last year as the decrease in selling expenses offset lower oil prices. Similarly, netback was $35.6 per BOE, up 2% on an interannual basis. During Q4 2025, cash flow from operating activities was very robust at $435 million even after income tax payment of $32 million and an increase in working capital of $16 million. Cash flow used in investing activities was $360 million, reflecting accrued CapEx of $355 million and a decrease in CapEx relating working capital of $16 million. As a result, free cash flow was positive at $76 million during the quarter and $47 million during the second semester. Hence, we achieved our positive free cash flow guidance for the second half of 2025. Cash flow from financing activities was $143 million, driven by proceeds from borrowings for $618 million, partially offset by the repayment of borrowings for $368 million and interest payment of $75 million. Finally, our position remains very strong, standing at $538 million at year-end. Our net leverage ratio on a pro forma basis, reflecting the Petronas Argentina transaction stood at 1.5x adjusted EBITDA, flat vis-a-vis the previous quarter. The fourth quarter of 2025 marks the completion of an outstanding year at Vista, and these are some of our key achievements. Combining the successful derisk of the structural area in Bajada del Palo Oeste with the acquisition of a 50% working interest in La Amarga Chica, we enlarged our well inventory to more than 1,600 wells. P1 reserve increased by 57% year-over-year to 588 million BOEs, with strong additions both on the organic and inorganic side, leading to a reserve replacement ratio of 605%. Our organic reserves replacement ratio stood at 260%. We tie-in 74 wells during the year, up from 50 in 2024, reflecting the CapEx acceleration in our strong portfolio of short-cycle, high-return wells in the oil window of Vaca Muerta. This boost total production to over 115,000 barrels of oil per day, 66% above 2024. Our solid operational performance was also reflected by the cost reduction with 3% lifting cost savings and 15% D&C cost savings compared to 2024. Operational excellence remains one of our top priorities. In 2025, our total recordable incident rate remained below 1 for the sixth consecutive year. By investing mainly in decarbonization process in our facilities, we reduced Scope 1 and Scope 2 greenhouse gas emissions intensity by 23% to 6.8 kilos of CO2 equivalent per BOE. This placed Vista's operation within the first decile at the global level. We continue to invest in nature-based solutions in Argentina to develop our own carbon credits. We have made progress in 2025 to ensure that in 2026, we will have enough credit to balance the Scope 1 and Scope 2 emissions of our operated oil and gas production. Finally, in 2025, we continue delivering a strong financial performance. Adjusted EBITDA grew 46% compared to the previous year, reaching $1.6 billion. Earnings per share amounted to $7 and ROC was 29%. Finally, we executed a share buyback program of $50 million, buying 1.2 million shares at an average price of $41.2 per share, a significant discount relative to current prices. Our 2025 performance leaves us well poised to continue our growth trajectory in 2026. Total production at 115,000 BOEs per day was above the 112,000 to 114,000 guidance range. Production during the second semester was also above guidance, 131,000 BOEs per day compared to the guidance of 125,000 to 128,000. Adjusted EBITDA was $1.6 billion and stood at the top end of the range we guided at midyear. We also met the adjusted EBITDA guidance for the second semester, recording $0.92 billion or an equivalent of $1.83 billion on an annualized basis. Lifting costs at $4.4 per BOE mark an over delivery with respect of our $4.5 guidance. We were also very efficient with the use of the capital by delivering 74 wells tie-ins with $1.3 billion of CapEx. We outperformed the original guidance of 59 tie-ins with $1.2 billion. Importantly, the delivery of 2025 full year results, in particular, the momentum achieved in the fourth quarter leave us very well placed to deliver on 2026 guidance. As a reminder, this guidance includes 140,000 BOEs per day of total production, reflecting 80 to 90 well tie-ins, $1.5 billion to $1.6 billion of CapEx and $1.9 billion of adjusted EBITDA, assuming Brent at $65 per barrel on average. Early this month, we announced an agreement to acquire Equinor's assets in Vaca Muerta. This constitutes a highly accretive transaction for our shareholders as reflected by the implied EV to EBITDA and EV per flowing barrel metrics compared to Vista's market value. The acquired asset will enhance our portfolio by adding more than 27,000 net acreage, which currently produce around 22,000 barrels of oil per day and generate positive free cash flow. Importantly, the blocks have production growth potential as they add 244 net wells to our drilling inventory. As shown on the map, the new blocks are next to our existing blocks, which creates many opportunities for synergies in the subsurface characterization, surface facilities, meeting capacity, crews scheduling and oilfield services contracting. As disclosed in our filings, the agreement is subject to two conditions present. The first one was already achieved last week, we were informed that Shell has waived its right of first refusal over Bandurria Sur. Regarding the second one, we have already filed the relevant documents with the Chilean antitrust authority on February 11. Based on the time line of this process, we expect the transaction to close around mid-May. To conclude this call and before we move to Q&A, I will make some closing remarks. Q4 marked the completion of a transformational year for the company, during which we gained significant scale and delivered on an annual guidance across all key metrics. During 2025, we record robust operational performance, increasing total production, P1 reserve and expanding well inventory. We achieved material lifting costs and selling cost savings that improve our margins, offsetting lower oil prices. We also captured significant D&C cost reductions through the commercial supply chain and technological innovation. This strong operational performance, combined with the acquisition of 50% working interest in La Amarga Chica led to superior profitable growth during the year, materially expanding adjusted EBITDA and earnings per share. More recently, we continue to demonstrate our unique ability to execute accretive M&A, gaining further scale, enhancing portfolio debt and long-term cash flow generation through the acquisition of participation in Bandurria Sur and Bajo del Toro, two premium assets in Vaca Muerta. Before we move to Q&A, I would like to express my gratitude to our staff for having delivered another remarkable year for our company. I am also thankful to our shareholders for their continued support. Operator, we can now move to Q&A. Operator: [Operator Instructions] Our first question will come from the line of Walter Chiarvesio from Santander. Walter Chiarvesio: Yes. Can you hear me? Miguel Galuccio: Yes, we hear well, Walter. Walter Chiarvesio: Perfect. Congratulations for such moving year for the company. My question is regarding the acquisition of Bandurria Sur. What are the next steps in terms of -- especially in terms of CapEx reallocation, if there is any? I see that the numbers of wells for the year remain the same. But if you think that there will be some CapEx reallocation? And what is the situation regarding facilities with the new situation of the company and the acquisition of all the blocks in 2025? Miguel Galuccio: Thank you, Walter, for your question. So the main milestone, so starting with your first part of the question, the next step, the main milestone, which was a share rights of refusal, was already clear. We are now going through the Chilean antitrust process that was filed on February, jointly with Equinor. So the relevant documents are already in the Fiscalia Nacional Economica. So based on all that presence, we believe we should be closing during Q2. Related to capital allocation and the Equinor acquisition. Going to the Equinor deal, we are currently focused on the process of closing the deal and it's for us a bit premature to comment anything related to the new plan. But in terms, general principles that we assuming $65 Brent, the CapEx plan for the existing asset is not affected by the new assets. That means we will continue having the plan as we have. And the acquisition that we have done will be self-funded by the EBITDA and CapEx generation of the asset that we have acquired. You asked also another question related to the facilities. So we don't see any issues with the facilities in the acquisition of Bandurria Sur. We have plenty of facilities there. We have -- they have a spare capacity. Also, we have a spare capacity. Different will be for the development of Bajo del Toro, where it's very close to one of assets there, Aguila Mora, but that will require new facilities. As far as we know, Duplicar Norte is ongoing. So one option that we have is to tap into that pipeline that is being -- I think it's being linked by other companies, Pluspetrol, CVX, and Tecpetrol. So that could be an option, but that will not happen in the next year and even in the next few years. Operator: Our next question comes from the line of Bruno Montanari from Morgan Stanley. Bruno Montanari: My question is also about capital allocation, but more on a broad perspective. So the company is generating cash, and we believe that, that cash generation should increase substantially in 2026 and beyond. So can you help us how to think about options such as accelerating drilling activity in case oil prices increase or pursuing acquisitions around your existing acreage and/or distributing cash back to shareholders? So how do you think about using that incremental cash that will be generated in the coming years? Miguel Galuccio: Thank you for your question. The actual operation is running between 4 and 5 rigs from now to 2028. And we have an inventory life of 15 years. So we think we are close to the optimum activity level relative to the size of the asset that we have. If you will see the oil price go above assumptions in our plan, you could see that we add some wells to the plan, but I wouldn't expect that we will have anything that is completely material change compared to what we have in the plan today towards 2028. Most of the cash that we will generate will be allocated through our capital allocation framework that we presented in Investor Day, that is: buyback and dividends, M&A, and debt reduction. How we are going to split between the 3, I mean, we would like to maintain that flexibility based on the options that we have at the moment. But this is basically what we plan to do with the cash. Thanks for your question, Bruno. Operator: Our next question comes from the line of Alejandro Demichelis from Jefferies. Alejandro Anibal Demichelis: Miguel, you mentioned the very sharp decrease in drilling and completion costs that you have achieved, and that has been great. Could you please kind of comment where do you see kind of drilling and completion costs right now? Where do you think that those could end up, say, over the next few quarters? And also, are you seeing also similar kind of decreases in your non-operated acreage? Miguel Galuccio: Thank you, Ale, for your question. And yes, we are -- one of the things and one of the initiatives that we are very proud of is the reduction of D&C costs, where we are putting a lot of effort and a lot of innovation. So we made very good progress during the second semester. We fully implemented the use of bulk wet sand as well as our property frac real-time monitoring tool, streaming the completion short. We talk about that tool a little bit during our Investor Day. On the contractual side, we renegotiated our contract with our major provider and rebundled the drilling services. All that led to an important savings. In all, this initiative led to a D&C cost of $12.1 million per well in the second half of 2025 in Bajada del Palo Oeste. This taking consideration a normalized well of 2,800 meters with 47 frac stages. We are currently working on other cost reduction projects. Last week, we start operating the sand washing plant that we moved from Bajada del Palo Oeste, sourced from our new mine in basin. This new mine is 100 kilometers from our operation. So it's probably the closest one to any operation in Vaca Muerta today. With that, we plan to save some logistic costs for the entire core development hub. We are also working on the rebundling of completion services. We are testing new pump technology that can replace diesel for natural gas. And also, we are testing new casing design that reduce the steel cost. This project will drive 2026 and 2027 well cost savings. We are on track to deliver $11.7 million per well this year and $11.3 million in 2027. And my personal opinion that we can go further down on that target if all these come into place. Operator: Our next question will come from the line of Andres Cardona from Citi. Andres Cardona: Congratulations on the good set of results. And my question has to do with the recent inclusion of the upstream business to the regime and how it could change the development plan of the cluster of Bajo del Toro and Aguila Mora? Miguel Galuccio: Thank you, Andres, for the question. So first, probably to put that question in context, I will talk a bit about the rig. So the new rig scheme consists of incorporating basically upstream projects during the lay buses, upstream were not part of the scope of the rig. In our view, this is a very positive change in regulation and clear conditions to accelerate investment and grow on the basin. Under the terms outlined by the decree, there is a minimum investment commitment of $600 million, of which 40% needs to be spent on the first 2 years. Also there's a ratio between cash from operation and total CapEx. The benefit that the rig bring include accelerated amortization, a decrease in corporate tax from 35% to 25%, 0 export taxes after the third year and being able to keep partially export proceeds abroad also after the third years. So we are analyzing the scheme in detail. But based on our preliminary analysis, we believe that, that could be applicable to some of our developed block, as you mentioned, one in Bandurria Norte, the other one could be Aguila Mora, and eventually also can be applied to Bajo del Toro. So very good initiative from the government, very welcomed by us and by the industry. Operator: Our next question comes from the line of Milene Carvalho from JPMorgan. Milene Carvalho: After all those questions on the strategic deals, I would like to go back a little bit on the operational side. So this quarter, Vista reported record low lifting costs. Can you explain a little bit further what were the efficiency measures that have been supporting results besides all the cost dilutions with the production growth? And again, you're very well positioned for the guidance in 2026, but what can we expect as trend for the coming quarters? Miguel Galuccio: Milene, thanks for your question, and thanks for being back to operations. So during Q4, we captured some savings related to well services. As in previous quarter, we continue to capture savings as we increase production, which dilutes fixed costs, and we have seen that effect for many years since we run the operation in Vista. This led to a lifting cost of $4.1 that you pointed out during the quarter. In my view, that number based on what I said before, is an exceptional number. For 2026, our plan shows a lifting cost that will continue with the trend of basically reducing. We guide 2026 for a lifting cost of $4.4, that is 2% below 2026. In Q1, we see lifting costs that probably we expect that lifting cost will probably go sequentially upward, which is typically what happened at the start of the year with some costs moving from Q4 last year to Q1 this year. And also, usually, in the first quarter, we have some one-off maintenance projects that are allocated to lifting costs. But what you should expect is the $4.4 that we have guided that is 2% below 2026. Operator: Our next question comes from the line of Bruno Amorim from Goldman Sachs. Bruno Amorim: So my question is a follow-up on the 2026 guidance, which you have reconfirmed. Can you provide us with your expectations for the evolution during the year for production, EBITDA and free cash flow, please? Miguel Galuccio: Bruno, good question, and I hope you're doing well. So the 2026 plan includes a pickup in D&C activity with 80 to 90 tie-ins during the year. We plan 20 to 22 well in tie-in during the Q1, of which 10 were put on production in January with very good productivity reading so far. This will lead to production rate of 132,000 barrels of oil per day in February. We are all placed for March, and estimate a very good pickup, surpassing the 140,000 barrel oil per day for March. So we believe in Q1 will be flattish or slightly below Q4, but with a very good momentum entering Q2. In Q2, we expect a substantial sequential growth, then relatively flat again in Q3 and another very nice and good step in Q4. We reiterate our guidance of 140,000 barrels per day for 2026. And of course, this does not include the Equinor acquisition that will come into place later on when it's closed. In terms of EBITDA, we have reiterated our guidance of $1.9 billion of adjusted EBITDA for 2026. And as a reminder, this also excludes the effect of Equinor transaction. Q1, you should expect that we will be flattish or maybe slightly lower than Q4 on adjusted EBITDA. Then should increase that steadily in the coming quarter, and we expect to reach an annualized run rate of around $2 billion in Q4, assuming, of course, a Brent of $65. In terms of free cash flow, free cash flow turned positive, in line with the strategic plan of 2026. This new phase of the company combines, as we mentioned in Investor Day, growth and free cash flow generation. In 2026, total free cash flow will be around $150 million to $200 million, a $65 Brent. Always, I mean, we should expect that free cash flow could be affected by working capital variation, tax payment that can negatively impact in some quarters, but also you should expect a negative free cash flow in Q1, turning into positive in Q2 and onward. So that gives you maybe a quarterly picture of what we think will happen in 2026. Operator: Next question comes from the line of Daniel Guardiola from BTG Pactual. Daniel Guardiola: My question is on the acquisition of the assets of Equinor in Argentina. And I wanted to know, Miguel, if you could provide us more color on the type curves and productivity you're seeing in Bandurria Sur and Bajo Toro. And also during the presentation, you mentioned that there is material upside potential in Bajo Toro. So it would be great to hear if you could share with us what is the potential growth opportunity that you're seeing in both assets. Miguel Galuccio: Okay. Yes. Thank you, Daniel, for the question. Maybe starting with the first part. Well type curve, I think, for Bandurria Sur, very similar to the ones that we have present of our asset. It's a neighbor asset. We didn't -- we evaluate it and we don't expect anything different. On Bajo del Toro, you should wait for us because it's probably too early to comment on that. Then related to the second part of your question, based on the information that we have and the analysis that we have done so far, and this is a very preliminary view, our stake of these assets is currently 22,000 barrels oil per day. And we think we can double that by 2030, driven by the growth in Bajo del Toro once we move Bajo del Toro to full development plan. So we will probably see a couple of years with a small growth and free cash flow generation, followed by the growth of Bajo del Toro. As our working capital interest in Bandurria Sur, we produced approximately 19,000 barrels of oil per day in Q4, an increase to 20,000 in January. Based on the inventory side, 106 wells are allocated to our working interest and the field can continue producing on the current rates until probably 2030. So also in Bandurria Sur, we see some growth potential. In Bajo del Toro, today, they are producing around 2,000 barrels oil per day, and that is pretty much the same that we saw in January at our working interest. So this block for us presents significant upside based on the inventory, and we're still analyzing the scenario to go to full development. But that will happen during the next 3 years. And based on the question that we have before, also, we will have to think about infrastructure, evacuation infrastructure there. Operator: Our next question comes from the line of Kevin MacCurdy from Pickering Energy Partners. Kevin MacCurdy: We've noticed a meaningful progress in the country backdrop along with increased attention on Argentina and the basin overall. Is Vista seeing an expansion in oilfield service vendors or equipment entering the country? And if so, would you expect this to translate into further improvement in drilling and completion costs? Miguel Galuccio: Kevin, thank you. Very good question. Yes, the short answer is yes. We are seeing a lot of interest from service companies to come down to Argentina based on the increase of activities, as you mentioned also, based on the normalization of the macro and the ability to have more cross-border freedom in terms of repatriating dividends and proceeds. And I will say that is interest. Now one thing that we are seeing is most of the companies that are today in the country are adding capacity. And also that is helping today, as you saw in the presentation on the reduction of the D&C cost. Also, we continue evolving in terms of innovation and practices that are changing. We are a clear example of that, where you can see, for example, on the completion side, a lot of integration between sand, delivering the sand, the logistics, wet sand project, and now probably demanding the completion services to have better numbers and better rates on services. There are many -- we have seen or we have inquired many service companies that are today working in the Permian, looking in what they can do in Argentina. I hope I answered your question. Kevin MacCurdy: Miguel, look forward to seeing you at our conference in a few weeks. Miguel Galuccio: Super. Looking forward, Kevin. Operator: Our next question will come from the line of Nicolas Barros from Bank of America. Nicolas Barros: Just one question here. So we saw that your trading arms started operations this quarter, right? So just interested to see if you could provide more color on Vista, right, and your expectations on how it can help you to unlock more value in the company. Miguel Galuccio: Thank you, Nicolas. Yes, that was a great initiative. I visit them a few weeks ago. The creation of Vista is part of our export-oriented strategy. Oil exports have increased significantly on the past years. During 2025, we export 22 million barrels of oil. That is an increase of 10% vis-a-vis 2024, that generate $1.4 billion of export revenues. So -- and according when you look at our plans, we plan to double that in 2028. So Vista is a fully owned subsidiary. The rationale behind moving into the trading business is to improve our market reach. Higher volume mean that we need to develop more clients in different markets. And we believe that selling cargoes on delivered basis will allow us to be more competitive. So it's very preliminary to comment on margin. We believe it will not be very material to the results of the entire company. So having our own trading units add flexibility to our short-term hedging program, allowing us to hedge all sales on a short-term basis and basically to manage the cash flow on a quarterly basis. So we are not planning today to make any hedge on long term. But short term, we believe we will have a benefit having Vista. Operator: Our next question comes from the line of George Gasztowtt from Latin Securities. George Gasztowtt: You mentioned earlier free cash flow expectations at around $150 million to $200 million this year. Prices have started the year a little bit above your Investor Day assumption of $65 Brent. And I was wondering how you're thinking about capital deployment and the capital deployment framework you also mentioned in the current price context. Miguel Galuccio: Thank you, George, for your question. So I mean, we said that we are very happy with the Brent prices on Q1 this year. It was not expected. And I think this -- we believe is mainly based on the volatility that we see in the market related to geopolitical issues. I think it's very early to change our plan for the entire year. So of course, we will watch what happened with oil price. But I don't think that it will affect any short-term decision. Regarding the long term, it's related to the question that Bruno said. I mean, we have our capital allocation framework and anything that we can do in reducing debt, buybacks, dividends of M&A acquisition, cash in hand will be helpful to be more aggressive or aggressive, depending how we build up that cash during the years to come. Operator: Our next question comes from the line of Joao Barichello from UBS. Joao Pedro Barichello: I have only a very quick one from my side. So regarding the acquisition of Bajo del Toro and Bandurria Sur, the company stated that the transaction will be financed by a combination of both cash and bank finance. So could you provide an update on this financing plan? What are the expectations for the breakdown of cash and banking finance funds? That's it from my side. Miguel Galuccio: Thank you, Joao, for your question. Yes, I mean, the initial $387 million cash payment will be funded 100% with debt, and we plan to keep the cash balance stable at Vista. Pablo and Ale have agreed with the 3 top-tier banks, a bridge loan of $300 million of acquisition financing, which should be used and will be used and should be enough to cover our initial cash payment. So again, I mean, we'll do something with that later on, but it will not affect our balance sheet today and our plan in CapEx that we have for the year. Operator: Our next question will come from the line of Oriana Covault from Balanz. Oriana Covault: Congratulations on the solid results for the quarter. Just perhaps going into -- directly into potential shareholder returns in the more constructive pricing scenario, what are the alternatives you have in place for 2026? And namely, do you have any thoughts to renew and/or extend the buyback program this year? Miguel Galuccio: Oriana, thank you for your question. So in August, we executed the $50 million buyback plan that was approved by the shareholder meeting in April last year. We purchased 1.2 million shares at $41.2 per share. So we are considering the current share price -- considering the current share price, we are super happy with the outcome of that buyback plan. We plan to request an extension of the program in the upcoming shareholder meeting that is coming now in April. And we believe it will be larger in size than the one that we plan for 2025. Operator: Our next question will come from the line of Francisco Cascaron from DON Capital. Francisco Javier Cascaron: Given that you announced a CapEx of $1.5 billion to $1.6 billion annually between 2026 and 2028, what is your maintenance CapEx expectation in the foreseeable future? Miguel Galuccio: Francisco, thanks for your question. Using 100,000 barrels per day of production as a reference, you need around $700 million to $750 million of CapEx to keep production flat going forward. And assuming that by the end of the year, we will be around 150,000 barrels per day. This, of course, is including Equinor asset. We will need around 60 wells to keep production flat. So that will equate around $850 million CapEx to keep production flat. So you should take more or less those numbers. Operator: Our next question will come from the line of [ Matias Cattaruzzi ] from [Adcap Securities]. Unknown Analyst: How could you characterize Vista's relationship with YPF today after the La Amarga Chica acquisition, and now the Equinor deal where YPF is also an operator? Miguel Galuccio: Matias, thanks for your question. The short answer is the relationship with YPF is great. We have very high hope after the acquisition of Petronas asset on how the relationship will be put in place and will evolve. And to be honest with you, it turned out even better than we expect. It's working very well at all levels. I would say that the top, the strategies are aligned. Both companies want to continue and that make the relationship very easy because we have the same target. The technical teams are working side by side. And that for me is the more important part. We see them sharing geological information, collaborating meeting. But more importantly, there has been synergies that have been captured, sharing all treatment capacity that have led to save CapEx, sharing well services, enabling the company to optimize head count, discussing artificial lift strategies that will help to improve the long-term productivity of the well and reduce lifting costs. So all in all, I would say it's a great relationship. And that, of course, that was the fact that give us confidence also to execute the Equinor deal. That was something that we took in consideration at the time that we made the decision. Operator: I'm not showing any further questions at this time. I would now like to turn it back over to Miguel for any closing remarks. Miguel Galuccio: So ladies and gentlemen, thank you very much once again for the support, a very good quarter, and we are pretty much on track to deliver our guidance in 2026, a very good start of the year. Thank you, everybody. Operator: Thank you for your participation in today's conference. This does conclude the program. You may now disconnect. Everyone, have a great day.