2023-10-30 03:15:00
There is a broad consensus that Vaca Muerta’s true potential is in the export market and a faithful reflection of this is the business model of Vista, Miguel Galuccio’s oil company. During the third quarter of the year, the company exported more than half of its oil production shale.
As commented in the last presentation of operational and financial results, during the period between July and September, Sales to the export market represented 55% of the volume of oil produced in Vaca Muerta. The other part was allocated to the domestic market, in line with the quota set by the National Energy Secretariat.
In detail, They sold 2.2 million barrels abroad through four shipments that departed across the Atlantic, including one that was carried over from the previous quarter. In addition, another 400,000 barrels through the Trasandino Pipeline that goes to Chile.
- 2,2
- Millions of barrels of oil left through the Atlantic and regarding 400,000 to Chile.
In percentage terms, the company had already sold more than half of its crude oil volume abroad, however, it was during the pandemic and in smaller volumes. Like the rest of the training companies, The collapse in local oil demand during 2020 forced the firm to market a large number of its barrels abroad.
Now the scenario is different and responds to the strategy that, in 2026, exports represent more than 60% of its volumes. This goal was revealed by Miguel Galuccio himself almost a year ago, before the Investor Day they held last month.
To take into account, 61% of Vista’s oil sales revenue in the third quarter came from exports. This allowed the company to mitigate the effect of the barrel freeze that was applied in August, although it was not deliberate. Foreign sales are closed with clients and approved by the authorities the previous quarter.
In the quarter of analysis, The company’s realized oil price was $67.6 per barrel, 12% lower in interannual terms and 5% above the previous quarter. This is explained because sales to the local market were at an average price of US$61.7 per barrel, while the average export price was US$74.9 per barrel.
Exports to Vaca Muerta Dollar
The company confirmed in the presentation of results that they included exports by the equivalent of 135 million dollars, in the program launched by Sergio Massa before the general elections from Vaca Muerta. As indicated by the regulations, 75% will be settled in the official dollar and the remaining 25% at the value of the Cash Settlement exchange rate (CCL).
According to the company’s estimates, this will generate additional income of around $55 million and, according to their financial calculations, they expect an impact on net income of between $10 and $30 million.
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