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Milene Carvalho

Research Analyst at JPMorgan Chase & Co.

Milene Clifford Carvalho is an Equity Research Analyst at JPMorgan Chase & Co., specializing in Brazilian energy and petrochemical sectors. She covers companies such as PRIO (Prio3), Braskem SA, and Vista Energy, providing insights on operations, capital expenditure, and financial health; for Braskem, she maintained a Hold rating with a $5.00 price target amid the company's challenges. Her career includes active participation in earnings calls for these firms, with no specific performance metrics like success rates or rankings publicly available from standard analyst platforms. Professional credentials and detailed prior experience are not detailed in available sources.

Milene Carvalho's questions to Vista Energy, S.A.B. de C.V. (VIST) leadership

Question · Q4 2025

Milene Carvalho questioned the operational side, specifically asking for more details on the efficiency measures supporting the record low lifting costs reported in Q4, beyond production growth dilution, and the expected trend for lifting costs in coming quarters, especially for 2026.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, attributed the Q4 lifting cost of $4.1 per BOE to well service savings and fixed cost dilution from increased production. He stated that the 2026 guidance for lifting costs is $4.4 per BOE, a 2% reduction from 2025. He cautioned that Q1 2026 might see a sequential increase due to typical year-start cost movements and one-off maintenance projects.

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Question · Q4 2025

Milene Carvalho asked for further explanation on the efficiency measures contributing to the record low lifting costs reported this quarter, beyond production growth dilution, and the expected trend for lifting costs in coming quarters.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, attributed Q4 lifting cost savings to well services and fixed cost dilution from increased production, calling the $4.1/BOE an 'exceptional number.' For 2026, the plan guides for a lifting cost of $4.4/BOE, which is 2% below 2025. He noted that Q1 might see a sequential increase due to typical year-start cost movements and one-off maintenance projects, but the overall trend for 2026 is reduction.

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