Oriana Covault

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.