Marina Mertens

Marina Mertens inquired about the main benefits for Vista if capital controls in Argentina were lifted and whether it could lead to an acceleration of its growth plan.

Answer

CEO Miguel Galuccio stated that lifting capital controls would benefit the entire industry and make Vista more competitive. He identified two key benefits: attracting more investment and service companies to Argentina. This would create economies of scale, potentially increasing the rig count from 33 towards 100-150, which would ultimately lower drilling costs for all operators.

Marina Mertens asked for an outlook on the dynamic between domestic and international oil prices, noting the gap had narrowed significantly in Q3.

Answer

Chairman and CEO Miguel Galuccio responded that he expects the current dynamic, where local prices are closely aligned with export parity, to continue. He expressed optimism that new legislation preventing price intervention will support this convergence going forward.

Marina Mertens from Latin Securities asked if the recent year-over-year declines in Argentina's commercial revenues and domestic traffic represent a new normalized level post-FX and PreViaje program benefits. She also inquired if strong international traffic could offset this domestic weakness.

Answer

CFO Jorge Arruda began to answer, acknowledging the negative impacts on Argentina's results from declining domestic passengers, lower cargo and duty-free revenues, a delayed tariff adjustment, and high inflation. The call was disconnected before he could fully address whether this was a new normal or if international traffic could serve as an offset.