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    Juan Jose Munoz • BTG Pactual

    Juan Jose Munoz's questions to Ecopetrol SA (EC) leadership

    Juan Jose Munoz's questions to Ecopetrol SA (EC) leadership • Q2 2025

    Question

    Juan Jose Munoz from BTG Pactual inquired about the expected cash and EBITDA breakeven for the upstream business, considering the lower Brent price and efficiency initiatives. He also asked if the decade-low gas production was due to natural field decline or reduced exploration.

    Answer

    An executive explained that the group's breakeven is complex due to stable, regulated businesses like ISA and Cenit, but noted that 99% of oil fields have breakevens below $50/barrel. The overall group breakeven for net profit is around $50/barrel. Regarding gas, President Ricardo Roa and acting VP of Hydrocarbons Juan Carlos Ortado confirmed that while natural decline is a factor, the company is also reducing its own gas consumption and has a robust plan to mitigate declines and connect new volumes, such as from the Arecifas field.

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    Juan Jose Munoz's questions to YPF SA (YPF) leadership

    Juan Jose Munoz's questions to YPF SA (YPF) leadership • Q2 2025

    Question

    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.

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    Juan Jose Munoz's questions to YPF SA (YPF) leadership • Q2 2025

    Question

    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.

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    Juan Jose Munoz's questions to Vista Energy SAB de CV (VIST) leadership

    Juan Jose Munoz's questions to Vista Energy SAB de CV (VIST) leadership • Q4 2024

    Question

    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.

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