Oriana Covault

Oriana Covault asked about the status of negotiations with GeoPark's Llanos partner regarding the 2026 work program, specifically addressing discrepancies in guidance and potential changes to planned activities.

Answer

CEO Felipe Bayón confirmed agreements with most partners, underpinning GeoPark's market guidance. For Llanos 34, he noted approval for 21 workovers and some facility upgrades. While 14 wells were technically approved by both teams, the partner only approved 8, and GeoPark continues constructive dialogue, highlighting optionality to deploy rigs elsewhere if no full agreement is reached.

Oriana Covault with Balanz Capital inquired about the status of negotiations with GeoPark's Llanos partner regarding the 2026 work program and budget, specifically asking if any changes to previously shared activity plans should be anticipated due to discrepancies.

Answer

CEO Felipe Bayón confirmed agreements with most partners, underpinning GeoPark's market guidance. Regarding Llanos 34, he noted 21 workovers and some facility upgrades were approved by both teams. However, out of 14 technically approved wells, the partner only approved 8, and GeoPark continues constructive dialogue to ensure full budget support. Bayón added that GeoPark has optionality to deploy rigs in other areas if an agreement isn't reached, benefiting GeoPark shareholders.

Oriana Covault inquired about potential shareholder returns in a more constructive pricing scenario for 2026, specifically asking about alternatives and thoughts on renewing or extending the buyback program this year.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, expressed satisfaction with the outcome of the $50 million buyback plan executed in August 2025, which purchased 1.2 million shares at $41.2 per share. He announced plans to request an extension of the program at the upcoming April shareholder meeting, expecting it to be larger in size than the 2025 program.

Oriana Covault asked about potential shareholder returns for 2026 in a more constructive pricing scenario, specifically inquiring about plans to renew or extend the buyback program this year.

Answer

Miguel Galuccio, Founder, Chairman, and CEO of Vista Energy, mentioned the successful $50 million buyback plan executed in August 2024, where 1.2 million shares were purchased at $41.2 per share. He stated plans to request an extension of the program at the upcoming April shareholder meeting, expecting it to be larger in size than the 2025 program.

Oriana Covault of Balanz Capital asked for clarity on the future tax burden following the large $250 million income tax payment in Q2, and how to model this component for the medium term.

Answer

CEO Miguel Galuccio advised modeling a 35% income tax rate going forward. For the remainder of 2025, he specified there are pending advanced tax payments of approximately $200 million to $300 million, which are already included in the company's free cash flow guidance for the year.

Oriana Covault asked if Vista has considered implementing a hedging policy to mitigate the potential impact of Brent price volatility on its plans.

Answer

CEO Miguel Galuccio explained that the company does not plan to hedge. He argued that Vista is 'naturally hedged' due to its status as a very low-cost producer, its low debt levels, and the flexibility of its short-cycle CapEx. He also noted that investors can often hedge more efficiently on their own and that a corporate hedging strategy carries its own risks.