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    Tasso Vasconcellos • UBS Group AG

    Tasso Vasconcellos's questions to YPF SA (YPF) leadership

    Tasso Vasconcellos's questions to YPF SA (YPF) leadership • Q2 2025

    Question

    Tasso Vasconcellos of UBS Group AG inquired about YPF's development plans following a recent block acquisition, the risks of an accelerated Vaca Muerta strategy, and recent comments by the CEO regarding a potential slowdown in the region's activity.

    Answer

    CEO Horacio Daniel Marín clarified that the newly acquired block is in a highly profitable "sweet spot" of Vaca Muerta and will be prioritized to enhance returns. He assured that his previous comments on a market slowdown did not apply to YPF, which remains committed to its 4x4 plan and is not reducing its rig count, having successfully delivered on all its stated goals.

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    Tasso Vasconcellos's questions to YPF SA (YPF) leadership • Q2 2025

    Question

    Tasso Vasconcellos asked about the impact of the recent acquisition of a prime block from Total on YPF's development plans, the risks of an already accelerated schedule, and for clarification on recent comments regarding a potential slowdown in Vaca Muerta activity.

    Answer

    CEO, Chairman, President & Director Horacio Daniel Marín explained that the acquired block is highly profitable, located in a "sweet spot" of Vaca Muerta, and will be prioritized to maximize returns. He clarified that his previous comments about a reduction in rigs referred to the broader Argentinian market, not YPF, and affirmed that YPF is delivering on its own accelerated 4x4 plan without issue.

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    Tasso Vasconcellos's questions to Vista Energy SAB de CV (VIST) leadership

    Tasso Vasconcellos's questions to Vista Energy SAB de CV (VIST) leadership • Q2 2025

    Question

    Tasso Vasconcellos of UBS Group asked if the decision to maintain the annual well connection target at 59, despite the acquisition, signaled a strategic shift towards slower growth to generate more stable cash flow sooner.

    Answer

    CEO Miguel Galuccio clarified that the decision reflects strong capital discipline amid a volatile macro environment. He explained the priority is to maintain a strong balance sheet and achieve neutral free cash flow in H2 2025, which requires calibrating capital spend. He reiterated that the company remains a growth story, with plans for positive free cash flow and continued growth from 2026 onward, but retains the flexibility to ramp activity up or down based on oil prices.

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    Tasso Vasconcellos's questions to Vista Energy SAB de CV (VIST) leadership • Q4 2024

    Question

    Tasso Vasconcellos questioned the company's internal process and key metrics for potentially adding a fourth drilling rig, as well as the possible timing and impact on drilling guidance.

    Answer

    CEO Miguel Galuccio confirmed that Vista has an ongoing discussion and an option for a fourth rig from its strategic partner, Nabors. He outlined two primary conditions for this decision: securing sufficient midstream evacuation capacity and maintaining favorable Brent oil prices. If prices soften significantly from their forecast, it would be a 'no-go'.

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    Tasso Vasconcellos's questions to Vista Energy SAB de CV (VIST) leadership • Q3 2024

    Question

    Tasso Vasconcellos asked about the company's maximum potential for well delivery in the future, given the addition of new equipment, and the primary bottlenecks for an accelerated plan.

    Answer

    Chairman and CEO Miguel Galuccio explained that the key to unlocking potential beyond the guided 52-60 wells in 2025 is the newly secured second full-time frac set. This provides crucial flexibility and optionality, as frac fleets are a more significant bottleneck than drilling rigs.

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