Research Analyst at Morgan Stanley
Bruno Montanari is an Executive Director and Senior Equity Research Analyst at Morgan Stanley in New York, specializing in Latin American markets with a particular focus on energy companies and the technology, media, and telecom sectors. He covers major firms in Latin America, including those in the oil and gas industry, and is recognized for in-depth analysis of capital expenditure and dividend scenarios, as well as sector-specific operational pressure. Montanari began his career as a Senior Credit Analyst and joined Morgan Stanley as an equity research analyst, advancing to his current executive role; his research has been referenced in industry discussions and he collaborates with analysts such as Carolina Carneiro. He holds professional credentials required for senior equity research, including registration with relevant securities authorities, and maintains an active record of high-impact sector coverage and performance.
Inquired about cash generation expectations for H2 2025, CapEx intensity, working capital trends, the company's learning curve in shale oil, and any operational surprises at Rincon de Aranda.
Free cash flow will be negative in 2025 and 2026 due to heavy CapEx in Rincon de Aranda. The company is improving drilling and completion efficiency and was positively surprised by a third productive landing zone. They are confident in reaching production targets.
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