(Vista Oil & Gas, 22.Feb.2022) — Vista Oil & Gas, S.A.B. de C.V. (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported financial and operational results for full year 2021 and Q4 2021. Full year 2021 highlights:
▪ During 2021, the company completed and tied-in five 4-well pads (#6 to #10) in Bajada del Palo Oeste. This added 20 new wells on production, in line with guidance, increasing the total number of wells on production in the block to 40 at year-end. Total shale production in 2021 was 23,353 boe/d, out of which 23,225 boe/d corresponds to the shale production of Bajada del Palo Oeste, which reached 28.1 Mboe/d on December 31, 2021.
▪ Total proved reserves as of 31 December 2021, totaled 181.6 MMboe, a 42% increase compared to 128.1 MMboe as of 31 December 2020. The increase was mainly driven by strong performance in Bajada del Palo Oeste. The implied reserves replacement ratio was 477%, while the oil reserves replacement ratio was 519%.
▪ During 2021, total production was 38,845 boe/d, composed of 30,359 bbl/d of oil, representing 78% of the total production, 1.27 MMm3/d of natural gas, representing 21% of the total production, and 475 boe/d of NGL, representing the remaining 1%. Total production in 2021 increased 46% vis-à-vis 2020.
▪ During 2021, the company reduced scope 1 and 2 GHG emissions by 14%, implying a reduction in intensity of 39% to 24.1 kgCO2/boe. Vista also established its ambition to become net zero in 2026.
▪ During 2021, the average realized crude oil price was 54.9 $/bbl, a 48% increase compared to 2020. The average realized natural gas price for 2021 was 3.2 $/MMbtu, 56% higher than 2020.
▪ Total revenues during 2021 were 652.2 $MM, a 138% increase compared to 273.9 $MM during 2020. The increase was mainly driven by higher realized prices and higher production. In the same period, we exported 3,054.4 Mbbl of oil, representing 182.2 $MM.
▪ Lifting cost (1) in 2021 was 7.4 $/boe, representing a 18% decrease compared to the average lifting cost per boe in 2020, as the incremental production from Bajada del Palo Oeste, with low marginal cost, continues to dilute the fixed cost base of the Company.
▪ Adjusted EBITDA for 2021 was 380.1 $MM, resulting in an Adjusted EBITDA margin of 58%. Such figure represents a 298% increase compared to an Adjusted EBITDA of 95.6 $MM during 2020, driven by higher revenues and lower lifting cost per boe
▪ Total CAPEX for 2021 was 324.1 $MM, of which approximately 220.0 $MM were invested in the Company’s shale oil developments, 26.9 $MM in conventional blocks and 77.0 $MM in facilities and other projects.
▪ In 2021, the company recorded a positive free cash flow of 105.9 $MM. Cash flow generated by operating activities was 401.4 $MM, while cash flow used in investing activities reached 295.5 $MM for the year. Cash flow generated by financing activities totaled 6.1 $MM, mainly driven by proceeds from borrowings of 358.1 $MM, payments of capital of 284.7 $MM and interest payments of 54.6 $MM.
▪ Cash at the end of 2021 was 315.0 $MM. Gross debt totaled 611.0 $MM as of year-end, resulting in a net debt of 296.0 $MM and a net leverage ratio of 0.8x Adj. EBTIDA.
▪ Adjusted Net Income during 2021 totaled 78.5 $MM, compared to a loss of 115.1 $MM during 2020, mainly driven by a higher Adjusted EBITDA and partially offset by higher income tax expense, and higher depreciation, depletion and amortization. Adjusted EPS was 0.89 $/share in 2021, compared to (1.32) $/share in 2020.
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