George Gasztowtt

George Gasztowtt inquired about YPF's refining margins so far this year, following an impressive Q4 2025, considering local pump prices, global fuel prices, and firming Brent. He asked if cracks were holding or starting to compress.

Answer

Chairman and CEO Horacio Marín explained that YPF maintains an "excellent price policy" where local fuel prices are managed in real-time, adjusting based on competitor pricing and movements in international oil prices. This dynamic approach allows YPF to adapt to changing market spreads.

George Gasztowtt inquired about YPF's refining margin outlook for the year following an impressive Q4, and whether crack spreads were holding or compressing given firming Brent prices.

Answer

Horacio Marín, Chairman and CEO, explained that YPF maintains an excellent price policy, adjusting pump prices in real-time based on market changes, including Brent fluctuations and spread shifts. He implied that this dynamic pricing strategy helps manage margins but did not directly address crack compression.

George Gasztowtt followed up on the free cash flow expectations of $150 million-$200 million for the year, asking how Vista is thinking about capital deployment within its framework, given Brent prices started the year above the $65 assumption.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, acknowledged the higher Brent prices in Q1 but stated it's too early to change the full-year plan, viewing it as market volatility. He reiterated that the capital allocation framework (debt reduction, buybacks, dividends, M&A) would guide decisions, with any additional cash flow helping to be more aggressive in these areas.

George Gasztowtt asked about Vista's capital deployment strategy and framework in the context of Brent prices starting the year above the $65 assumption, given the free cash flow expectations of $150 million-$200 million for the year.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, acknowledged higher Q1 Brent prices but attributed them to geopolitical volatility, stating it's too early to change the full-year plan. He reiterated the capital allocation framework (debt reduction, buybacks, dividends, M&A) and noted that higher cash income would allow for more aggressive deployment across these options.

George Gasztowtt from Latin Securities inquired about Vista's flexibility to increase sales to the domestic market if local prices were to become more attractive than export parity prices.

Answer

CEO Miguel Galuccio gave a direct 'no' to the question. He explained that Vista's strategy is to gradually increase export volumes and that the company will continue to serve its historical domestic refinery clients with consistent volumes, even if the pricing dynamic were to reverse. He noted that the regulatory environment for exports has become much more seamless, supporting this export-oriented strategy.

George Gastowtt asked if the additional midstream capacity from the acquisition would completely eliminate the need for trucking, which was previously expected to resume in 2026.

Answer

Miguel Galuccio, Chairman and CEO, confirmed that Vista ceased trucking oil on April 1. While the new capacity is substantial, he noted that the company's accelerated growth ambitions might still require a 'very little' amount of trucking in the future, but the infrastructure is in place if needed.