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    Andrés Cardona • Citigroup

    Andrés Cardona's questions to Ecopetrol SA (EC) leadership

    Andrés Cardona's questions to Ecopetrol SA (EC) leadership • Q2 2025

    Question

    Andres Cardona of Citigroup Inc. asked if management and the board still consider the Permian assets strategic, expressed concern about declining Colombian oil production (ex-CPO-9), and questioned the company's appetite for M&A versus paying dividends as a capital allocation priority.

    Answer

    CEO Ricardo Roa and Corporate VP of New Businesses Julian Lemos affirmed the Permian assets remain strategic for reserves, production, and geographic diversification. Acting VP of Hydrocarbons Juan Carlos Ortado addressed production concerns, noting semester-over-semester growth and highlighting initiatives to boost output at key fields like Canosur and Rubiales. On capital allocation, executives stated that M&A is an ongoing portfolio management activity and not contradictory to dividends, with the priority being disciplined investment for value creation while adhering to the 40-60% dividend payout policy.

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    Andrés Cardona's questions to Loma Negra Compania Industrial Argentina SA (LOMA) leadership

    Andrés Cardona's questions to Loma Negra Compania Industrial Argentina SA (LOMA) leadership • Q2 2025

    Question

    Andrés Cardona from Citigroup asked whether the pressure on margins could be partially explained by the increase in energy prices seen during the year, or if it was solely a result of the company's pricing strategy.

    Answer

    Diego Jalón, Manager - IR, attributed the margin pressure primarily to a more challenging competitive dynamic rather than energy prices. He reiterated a positive outlook for the rest of the year, expecting a recovery in pricing. He also noted that while inflation-adjusted figures can make comparisons difficult, the company expects to return to its previous U.S. dollar-based pricing, cost, and margin levels in a reasonable timeframe.

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    Andrés Cardona's questions to YPF SA (YPF) leadership

    Andrés Cardona's questions to YPF SA (YPF) leadership • Q2 2025

    Question

    Andrés Cardona from Citigroup asked for an update on assets slated for divestiture outside of the Andes project and requested the strategic rationale behind offering nighttime fuel discounts in the downstream business.

    Answer

    CEO Horacio Daniel Marín identified Metro Gas and a closed refinery as other assets targeted for divestiture. He enthusiastically explained that the nighttime fuel discount strategy is a data-driven initiative to counter negative profitability during low-demand overnight hours. The program has already boosted nighttime sales volume by over 30% and cut associated losses in half within the first month.

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    Andrés Cardona's questions to YPF SA (YPF) leadership • Q2 2025

    Question

    Andrés Cardona asked for an update on assets slated for divestiture beyond the Andes project and requested the strategic rationale for offering fuel discounts at night, specifically how this improves profitability.

    Answer

    CEO Horacio Daniel Marín identified Metrogas and a closed refinery as additional assets targeted for divestiture. He passionately explained the downstream strategy, noting that real-time data showed nighttime operations were unprofitable. The discounts were designed to reduce these losses by stimulating demand, and in the first month, the initiative increased nighttime sales by over 30% and cut losses in half.

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    Andrés Cardona's questions to Vista Energy SAB de CV (VIST) leadership

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

    Question

    Andrés Cardona from Citigroup asked about Vista's current appetite for potential M&A and whether related industry divestiture processes were advancing.

    Answer

    CEO Miguel Galuccio responded that Vista is 'always hungry for the right opportunity' and will continue to actively assess potential deals, especially given its increased scale. However, he stressed that the company has set a high bar for any transaction in terms of value accretion for shareholders and strategic fit, indicating a disciplined approach.

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

    Question

    Andres Cardona asked for an update on the Vaca Muerta Sur midstream project, including key dates for capacity additions and how it integrates with production evacuation plans leading up to 2026.

    Answer

    CEO Miguel Galuccio reported significant progress on the Vaca Muerta Sur project, with all relevant shareholder documents signed and EPC contractors awarded. He stated that Vista has secured 50,000 barrels per day of capacity and expects the project to be operational by mid-2027, positioning it as the key mid-to-long-term evacuation solution for the company.

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    Andrés Cardona's questions to Vista Energy SAB de CV (VIST) leadership • Q3 2024

    Question

    Andres Cardona requested a short-term estimate for the company's oil trucking activity in the fourth quarter.

    Answer

    Chairman and CEO Miguel Galuccio projected that trucking volumes would increase from ~12,300 bpd in Q3 to an average of ~23,000 bpd in Q4 due to production growth ahead of new pipeline capacity. He expects this number to decline in Q1 2025 as the Oldelval expansion comes online.

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