Juan Jose Munoz

Juan Jose Munoz of BTG Pactual inquired about the expected cash and EBITDA breakeven price for the upstream business amid lower Brent prices. He also asked whether the decade-low gas production was a result of natural field decline or reduced exploration efforts.

Answer

CFO Camilo Barco Muñoz stated the group's net profit breakeven is approximately $50 per barrel, noting that 99% of fields are profitable below this level. President Ricardo Roa Barragán and Acting VP of Hydrocarbons Juan Carlos Ortado explained that while natural decline is a factor in gas production, it's also impacted by reduced internal consumption and is being mitigated by new projects and exploration.

Juan José Muñoz asked for an estimation of the proceeds expected from the full divestment of conventional assets and for commentary on the current competitive M&A landscape in Vaca Muerta.

Answer

CEO Horacio Daniel Marín declined to provide a specific figure for the divestment proceeds to avoid influencing the market but assured that the amount would be significant and exceed the cost of the recent Total acquisition. Regarding the M&A landscape, he noted that most companies are now focused on development and he does not foresee many more assets becoming available for sale this year.

Juan José Muñoz from BTG Pactual asked for an estimate of the expected proceeds from the divestment of YPF's remaining conventional assets and for commentary on the current competitive M&A landscape in Vaca Muerta.

Answer

CEO Horacio Daniel Marín declined to provide a specific figure for the divestment proceeds but indicated that the company expects to receive significantly more than the amount paid for its recent acquisition from Total. Regarding the M&A environment, he noted that most operators are now focused on development and he does not foresee many more assets becoming available for sale in the near term.

Juan José Muñoz of BTG Pactual asked for an estimate of the expected proceeds from the full divestment of conventional assets. He also inquired about YPF's view on the competitive M&A landscape for assets currently available for sale in Vaca Muerta.

Answer

CEO Horacio Daniel Marín declined to provide a specific number for the divestment proceeds to avoid influencing the market but stated that the company expects to get 'much more' than the cost of the recent Total acquisition. Regarding the M&A landscape, he commented that he doesn't see many more assets for sale this year, as most companies are now focused on development.

Juan José Muñoz from BTG Pactual asked for an estimation of the proceeds expected from the full divestment of conventional assets and inquired about YPF's view on the current competitive M&A landscape in Vaca Muerta.

Answer

CEO Horacio Daniel Marín declined to provide a specific figure for the divestment proceeds to avoid impacting negotiations but noted they expect the amount to be significantly more than the recent Total asset acquisition cost. Regarding M&A, he believes most companies in Vaca Muerta are now focused on development and does not foresee many more assets becoming available for sale this year.

Juan José Muñoz asked about the new opportunities that could open up for GeoPark in Colombia if a more market-friendly government comes to power in the 2026 election.

Answer

CEO Felipe Bayon acknowledged the political uncertainty but noted that a new government could re-open exploration licensing rounds, which would be positive for the industry. He also mentioned the possibility of unconventionals being reconsidered in Colombia, an area where GeoPark could leverage its expertise from Vaca Muerta, but stressed that it is still early.

Juan José Muñoz asked to quantify the CapEx Vista expects to deploy for the Vaca Muerta Sur project specifically in 2025.

Answer

CEO Miguel Galuccio clarified that the Vaca Muerta Sur investment is separate from the company's primary CapEx guidance of $1 billion to $1.3 billion. He estimated that Vista's equity investment in the project would be in the range of $120 million to $180 million, assuming the total project secures 40% to 60% bank financing.