The oil company Vista goes to earnings in the first quarter of the year

Buenos Aires, Apr 28 (EFE) .- The oil company Vista Oil & Gas, whose operations are focused on the formation of unconventional hydrocarbons in Vaca Muerta, in Argentina, recorded a net profit of 4.9 million in the first quarter of the year dollars, which contrasts with the losses reported last year.

The company, whose shares are traded on the New York and Mexico Stock Exchanges, had posted a net loss of $ 21.3 million in the first quarter of 2020 and $ 13.8 million in the last quarter of last year.

The operating profit of the oil company amounted to 13.2 million dollars between January and March, compared to a negative result of 9.4 million in the first quarter of 2020 and an operating loss of 17.8 million in the fourth quarter.

Presenting the company’s quarterly results on Wednesday, Vista’s president and CEO, Miguel Galuccio, highlighted a “significant” jump of 56% in the company’s oil production compared to the first quarter of last year, an increase linked to the best performance achieved in the Bajada del Palo Oeste area, within the Vaca Muerta formation, in the Argentine province of Neuquén (southwest).

In the first quarter of the year, adjusted gross operating profit (EBITDA) was $ 58.3 million, an increase of 62% compared to the previous quarter and an increase of 131% compared to the first quarter of 2020, “driven by increased revenue versus stable operating costs.”

Meanwhile, the company’s revenues totaled 115.9 million dollars in the first quarter, with an increase of 46% compared to the fourth quarter of 2020 and a rise of 58% in year-on-year terms, thanks to an increase in production. of oil and an increase in average crude prices.

In the first quarter, the company exported 46% of its oil volume.

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Meanwhile, Vista’s investments totaled 78.1 million dollars in the first quarter, with a year-on-year increase of 9%.

During the presentation of its results, Vista announced the publication of its first sustainability report, after the company adopted commitments on environmental, social and corporate governance issues under international standards.

“Climate change became a central issue that crosses all industries. And from our place, we aspire to play a leading role in the energy transition to become a reliable, efficient and low-carbon company,” he said. Galuccio.

(c) EFE Agency