Matías Cattaruzzi

Matías Cattaruzzi inquired about Banco Macro's strategy for expanding USD lending beyond traditional dollar-generating clients, given the recent rise in dollar liquidity, and under what conditions the bank would feel comfortable lending dollars to non-dollar earners.

Answer

Juan Parma, CEO of Banco Macro, explained that current Argentine regulation restricts dollar lending from depositors to only clients with dollar revenue streams (exporters). While the bank can lend its own dollars to anyone, the significant increase in dollar-denominated deposits (from 25% to 37% of total deposits) creates a bottleneck. He noted that the government is exploring regulatory changes to address this. Mr. Parma expressed the bank's bullish stance and preparedness to deploy dollar lending capacity to high-quality commercial and individual customers if regulations evolve, viewing it as a positive opportunity.

Matías Cattaruzzi asked about Banco Macro's strategy regarding the recent rise in dollar liquidity in the system, specifically the possibility of gradually expanding USD lending beyond traditional dollar-generating clients. He also inquired about the conditions under which Macro would feel comfortable lending dollars to non-dollar earners.

Answer

Jorge Scarinci (CFO) explained that current regulations limit dollar lending to clients with dollar revenue streams (exporters). He noted the significant increase in dollar-denominated deposits in the banking system. He stated that if regulations change, Banco Macro is prepared to lend to high-quality commercial and individual customers, viewing it as a positive opportunity, but emphasized that it depends on regulatory evolution.

Matías Cattaruzzi from Adcap Grupo Financiero questioned the feasibility of the full-year 2025 guidance for loan and deposit growth, given the pace in the first half. He also asked about the bank's stance on M&A activity and the expected future mix of loan growth between consumer and corporate segments.

Answer

CFO Jorge Francisco Scarinci stated that while Q3 may see some volatility, the bank anticipates a pickup in Q4 as macroeconomic conditions normalize, allowing it to reach its 60% loan growth and 30% deposit growth targets for 2025. On M&A, he confirmed that Banco Macro is always open to analyzing potential targets but has nothing on the table currently. Regarding loan mix, Scarinci affirmed the bank will maintain its universal banking policy, pursuing both commercial and consumer lending with equal appetite, albeit with more conservative underwriting in the current environment.

Matías Cattaruzzi asked for a characterization of Vista's relationship with YPF following the La Amarga Chica acquisition and the recent Equinor deal, where YPF is also an operator.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, characterized the relationship with YPF as 'great,' exceeding expectations after the Petronas acquisition. He highlighted strategic alignment, technical teams working side-by-side, sharing geological information, collaboration, and captured synergies (oil treatment capacity, well services, optimizing headcount, discussing artificial lift strategies). He noted this positive relationship gave confidence for the Equinor deal.

Matías Cattaruzzi inquired about Vista's relationship with YPF after the La Amarga Chica acquisition and the recent Equinor deal, where YPF is also an operator.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, characterized the relationship with YPF as 'great,' exceeding expectations post-Petronas asset acquisition. He highlighted aligned strategies, strong collaboration between technical teams, and captured synergies such as sharing oil treatment capacity, well services, and optimizing headcount, which also gave confidence for the Equinor deal.

Matías Cattaruzzi from Adcap Grupo Financiero asked if recent easing of FX restrictions in Argentina created new opportunities for Vista to implement a crude oil hedging program to protect cash flows.

Answer

CEO Miguel Galuccio explained that the company's operations have a 'natural hedge' due to its low cash costs, short-cycle CapEx flexibility, and lack of pending capital commitments. He stated that while they have evaluated financial hedges, they have consistently been difficult to implement and too expensive under Argentina's capital control environment, and this remains the case.

Matías Cattaruzzi inquired whether Vista is considering implementing a hedging strategy for realized oil prices given recent volatility.

Answer

Chairman and CEO Miguel Galuccio stated that the company has no plans for a hedging program, primarily because regulations prevent access to U.S. dollars for such purposes. He added that as a low-cost, low-leverage operator, Vista believes investors can hedge more efficiently on their own.

Matías Cattaruzzi from Adcap Grupo Financiero questioned whether YPF plans to adjust its CapEx guidance of $5.0 to $5.2 billion, given the Brent price environment. He also requested an update on the expected equity contributions for the Vaca Muerta del Sur pipeline project over the next two years.

Answer

CEO Horacio Daniel Marín confirmed that YPF is not changing its CapEx guidance and is tracking very close to its budget. CFO Federico Barroetaveña detailed the equity contributions for the pipeline, stating that of YPF's total $230 million share, $76 million has been paid, with a remaining $155 million to be disbursed until the commercial operation date, primarily in 2025 and 2026.

Matías Cattaruzzi of Adcap Grupo Financiero questioned if YPF plans to adjust its CapEx guidance of $5.0-$5.2 billion. He also requested an update on the expected equity contributions for the Vaca Muerta Sur pipeline project for the next two years.

Answer

CEO Horacio Daniel Marín confirmed that YPF is not changing its CapEx guidance and remains on budget. CFO Federico Barroetaveña added that for the Vaca Muerta Sur project, YPF's remaining equity contribution is approximately $155 million, with at least $50 million expected in 2025 and the rest mainly in 2026.

Matías Cattaruzzi asked if YPF intends to adjust its $5.2 billion CapEx guidance due to Brent price volatility and requested an update on the expected equity contributions for the Vaca Muerta del Sur (BeMos) pipeline project over the next two years.

Answer

CEO Horacio Daniel Marín confirmed that the CapEx guidance will not be changed. CFO Federico Barroetaveña provided specifics on the BeMos project, stating that of the total $230 million equity share, $155 million remains to be contributed, with approximately $50 million due in 2025 and the rest concentrated in 2026.

Matías Cattaruzzi of Adcap Grupo Financiero questioned if YPF plans to adjust its full-year CapEx guidance and requested an update on the expected equity contributions for the Vaca Muerta Sur pipeline project over the next two years.

Answer

CEO Horacio Daniel Marín confirmed that the company's CapEx guidance remains unchanged. CFO Federico Barroetaveña specified that the remaining equity contribution for the Vaca Muerta Sur project (BeMos) is approximately $155 million, with around $50 million to be disbursed in 2025 and the remainder concentrated in 2026.