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    Alejandro Demichelis • Jefferies Financial Group Inc.

    Alejandro Demichelis's questions to Vista Energy SAB de CV (VIST) leadership

    Alejandro Demichelis's questions to Vista Energy SAB de CV (VIST) leadership • Q2 2025

    Question

    Alejandro Demichelis of Jefferies Financial Group asked for a detailed breakdown of well cost developments, potential future reductions, and a cost comparison between La Amarga Chica and Vista's operated blocks.

    Answer

    CEO Miguel Galuccio detailed three primary drivers of cost reduction: 1) Technology and innovation, such as using wet sand and smart drilling tools; 2) Renegotiating prices for specific consumables and services; and 3) Unbundling services in their contracting strategy. He announced these initiatives have already reduced drilling and completion costs by 10%, from $14.2 million to $12.8 million per well, and noted that historical costs at La Amarga Chica were similar to Vista's before these new savings were captured.

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    Alejandro Demichelis's questions to Vista Energy SAB de CV (VIST) leadership • Q1 2025

    Question

    Alejandro Anibal Demichelis inquired about the specific synergies from the Petronas acquisition, the timeline for their realization, and the nature of discussions with the operator, YPF, regarding shared capacity and services.

    Answer

    Miguel Galuccio, Chairman and CEO, detailed four key synergies: enhanced transportation flexibility with 57,000 bopd of spare capacity, potential to share oil treatment facilities, optimized drilling of longer laterals near block borders, and collaboration with YPF to reduce well construction costs. He emphasized a strong and exciting working relationship between the two teams.

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    Alejandro Demichelis's questions to Vista Energy SAB de CV (VIST) leadership • Q4 2024

    Question

    Alejandro Demichelis sought confirmation that the Oldelval pipeline expansion is complete and will ramp up by the end of Q1, and asked how costs are expected to evolve for the rest of the year.

    Answer

    CEO Miguel Galuccio confirmed the Oldelval pipeline construction is finalized and is expected to reach full capacity by the end of Q1 or early Q2 2025. He stated this will have a major positive impact by eliminating significant trucking costs, which had peaked above $20 per barrel. He also noted that drilling costs are expected to remain stable, while lifting costs are guided to be slightly lower than in 2024.

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    Alejandro Demichelis's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership

    Alejandro Demichelis's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q1 2025

    Question

    Alejandro Demichelis from Jefferies Financial Group sought confirmation on SQM's CapEx requirements for the current and next year and asked how the company's realized lithium prices would behave if spot prices continue to decline.

    Answer

    Gerardo Illanes, VP of Services & Finance, explained that the CapEx plan is reviewed annually and will be updated in the coming months, with no changes to the previously shared guidance at this time. Felipe Smith, Senior Commercial VP of Lithium, confirmed that SQM's realized prices are largely linked to price indices, particularly in China, and therefore, the company expects its average sales price in Q2 to be lower than Q1, following the market trend.

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    Alejandro Demichelis's questions to Sociedad Quimica y Minera de Chile SA (SQM) leadership • Q1 2025

    Question

    Alejandro Demichelis from Jefferies asked for an update on CapEx requirements for the current and next year, and inquired how SQM's realized lithium prices would behave if spot prices continue to decline.

    Answer

    Gerardo Illanes, VP of Services & Finance, stated there were no updates to the CapEx plan, which will be formally reviewed and shared in the coming months. Felipe Smith, Senior Commercial VP of Lithium, confirmed that SQM's realized prices are largely linked to price indices, particularly in China, and therefore are expected to follow the market trend, resulting in a lower average price in Q2 versus Q1.

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    Alejandro Demichelis's questions to Corporacion America Airports SA (CAAP) leadership

    Alejandro Demichelis's questions to Corporacion America Airports SA (CAAP) leadership • Q1 2025

    Question

    Alejandro Demichelis from Jefferies asked for more details on cost control initiatives in Argentina and whether costs are expected to track inflation. He also questioned how potential administrative changes in Argentina, such as the merger of ORSNA and ANAC and a new Secretary of Transport, might impact the ongoing discussions for the rebalancing of the AA2000 concession.

    Answer

    CFO Jorge Arruda addressed costs, explaining that the Q1 increase was driven by a significant gap between inflation and currency devaluation in Argentina. He expects more normalized cost levels going forward with no material quarter-over-quarter increases. CEO Martin Francisco Eurnekian commented on the concession rebalancing, stating that while government bureaucracy can be slow and the new secretary might slightly impact the timeline, he does not expect a material change to the final outcome. He declined to comment on specific rebalancing figures, citing the confidential nature of the ongoing regulatory process.

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    Alejandro Demichelis's questions to Corporacion America Airports SA (CAAP) leadership • Q4 2024

    Question

    Alejandro Anibal Demichelis inquired about the progress of the concession review process in Argentina and the company's strategy for inorganic growth opportunities, both within Latin America and in other global regions.

    Answer

    Martin Francisco Eurnekian, an executive, responded that while there is no exact date for the Argentine concession review, they expect positive news and a clear path forward within the year. Regarding inorganic growth, he confirmed the company is actively evaluating diverse opportunities in the Middle East, Africa, Latin America, and Europe, and has expanded its M&A team to pursue these possibilities.

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    Alejandro Demichelis's questions to Corporacion America Airports SA (CAAP) leadership • Q3 2024

    Question

    Alejandro Demichelis of Jefferies inquired about the potential impact of a shutdown of Aerolíneas Argentinas, the expected CapEx and timeline for the Florence Airport expansion, and the current status of the concession contract review in Argentina.

    Answer

    CEO Martin Francisco Eurnekian addressed the questions. He stated that Aerolíneas Argentinas accounts for 6% of CAAP's revenue and highlighted the business's resilience by citing a past airline shutdown in Montevideo that did not stop EBITDA growth. For Florence, he expects final approvals by year-end for a 2-3 year construction project that will double the airport's capacity. Regarding the Argentine contract, he confirmed the re-equilibrium review is delayed but in progress, and he is awaiting official results from the regulator.

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    Alejandro Demichelis's questions to Southern Copper Corp (SCCO) leadership

    Alejandro Demichelis's questions to Southern Copper Corp (SCCO) leadership • Q1 2025

    Question

    Alejandro Anibal Demichelis of Jefferies inquired about the outlook for cash costs for the remainder of 2025 and the rationale for increasing the share component of the dividend.

    Answer

    Executive Raul Jacob explained that the dividend structure was a prudent cash management decision due to significant Q1 tax and profit-sharing payments that impacted cash flow. He projected the full-year 2025 operating cash cost to be between $0.75 and $0.80 per pound, contingent on stable by-product prices.

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