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    Vicente Falanga Neto • Bradesco BBI

    Vicente Falanga Neto's questions to Vista Energy SAB de CV (VIST) leadership

    Vicente Falanga Neto's questions to Vista Energy SAB de CV (VIST) leadership • Q2 2025

    Question

    Vicente Falanga Neto from Bradesco BBI asked if Vista would be willing to slow its growth even further to prioritize its balance sheet should oil prices fall and remain around the $50 per barrel level.

    Answer

    CEO Miguel Galuccio affirmed the company's flexibility, highlighting two key protections against low prices: a low cash cost base of approximately $20 per barrel (including royalties and taxes) and highly flexible drilling contracts due to a short capital cycle and no pending capital commitments. He confirmed that if Brent were to fall consistently below $55, Vista could cut new well CapEx almost immediately to protect the balance sheet, just as it did during the COVID-19 pandemic.

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    Vicente Falanga Neto's questions to Vista Energy SAB de CV (VIST) leadership • Q1 2025

    Question

    Vicente Falanga Neto asked for a comparison of the operational characteristics of La Amarga Chica versus Bajada del Palo Este and for details on potential new well designs to enhance productivity.

    Answer

    Miguel Galuccio, Chairman and CEO, described both as premier assets with comparable, best-in-class rock quality. He noted Bajada del Palo Este has slightly better average productivity but is at an earlier development stage with more upside. He emphasized that the focus is on sharing best practices with YPF to reduce costs and improve efficiency across both blocks, rather than detailing specific well design changes at this time.

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    Vicente Falanga Neto's questions to Vista Energy SAB de CV (VIST) leadership • Q3 2024

    Question

    Vicente Falanga Neto inquired about the sharp rise in Q3 CapEx despite similar well activity to Q2, asking if longer laterals were the cause and their expected impact on production.

    Answer

    Chairman and CEO Miguel Galuccio confirmed the CapEx increase was due to drilling longer laterals (3,200m vs. 2,800m), which is NPV-positive and increases a well's estimated ultimate recovery (EUR) from 1.5 million to approximately 1.8 million barrels.

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    Vicente Falanga Neto's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership

    Vicente Falanga Neto's questions to Petroleo Brasileiro SA Petrobras (PBR) leadership • Q1 2025

    Question

    Vicente Falanga Neto asked about the slower-than-expected production ramp-up for certain FPSOs and inquired if the Gas & Energy segment's EBITDA would recover with the startup of Route 3.

    Answer

    Sylvia dos Anjos, Executive Director of E&P, and Renata Baruzzi, Executive Director of Engineering, explained that mature field revitalization projects naturally have a slower ramp-up than pre-salt fields. Mauricio Tolmasquim, Executive Director of Energy Transition, stated that the gas segment's performance is expected to improve significantly due to a new client acquisition strategy and the full operation of the UPGN Route 3.

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    Vicente Falanga Neto's questions to Ultrapar Participacoes SA (UGP) leadership

    Vicente Falanga Neto's questions to Ultrapar Participacoes SA (UGP) leadership • Q1 2025

    Question

    Vicente Falanga Neto from Banco Bradesco S.A. asked for an assessment of informal market practices, specifically the impact of tax solidarity measures in São Paulo, and whether these actions were causing illegal activities to migrate to other states.

    Answer

    Executive Leonardo Linden acknowledged that new laws for RenovaBio and ethanol taxation, along with São Paulo's special tax regimen, are important advances against irregularities. However, he cautioned that challenges like untaxed naphtha imports and non-compliance with biodiesel blending persist. He confirmed that proactive states like São Paulo are seeing benefits for the formal market but emphasized the need for constant vigilance as illegal operators are creative.

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