Sentiment Analysis of the earnings transcript to help figure out if there are any bullish or bearish sentiments that could be gathered from it. We're doing ML and AI based analysis on the earnings call to get some more insights.
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| Statement |
|---|
| We are seeing good recovery in the domestic prices with crude in line with a $65 to $66 range for January and February, which is key to found our growth plan |
| We have continued to deliver strong operational and financial results with double-digit growth, improved reserves, total production and adjusted EBITDA |
| We have an exceptional year in 2023 |
| According to our model, this activity will boost our production to between 68,000 and 70,000 boes per day during 2024 |
| So it's quite good |
| Of course, we see as a positive trend that domestic market is willing to validate the port parity |
| Finally, during 2023, we continue to deliver robust total shareholder returns |
| I am also very proud of our safety track record |
| I believe both things are very good to attract investment to Argentina |
| So we have a very positive view on some of the proposed changes that the government is making such as no price intervention by the government and freedom of export |
| During 2023, we delivered robust operational and financial performance with double digit growth, improved results, total production and adjusted EBITDA |
| In Q4 2023, adjusted EBITDA was $288 million, 43% above year-over-year, supported by the stable revenues and other operating income growth amid lower lifting costs |
| These drilling and completion activities boosted our total production, leading to an 18% increase year-over-year on a pro forma basis |
| We recorded positive free cash flow of $107 million during the quarter, driven by a strong EBITDA generation and normalization of working capital compared with the previous quarter |
| In oil, we made very good effort to offset the lower production of the Q pilot that we mentioned before |
| Miguel, many great achievements in the year with the reserves, the cost evolution and the financial results, which speaks for themselves |
| On an annual basis, production increased 3%, reflecting that we have now surpassed the production level prior to the transfer of the conventional asset back in March 2023 |
| Our robust performance during the year continues to prove our ability to deliver on our superior total shareholder return proposition reflected by our peer leading share price performance |
| During the quarter, we recorded an outstanding performance in oil production, which increased by 70% on a sequential basis and 80% on an annual pro forma basis |
| Additionally, we made a strong progress in sustainability |
| And as we tie-in the rest toward the end of Q1, you should see the second half of – the first half of Q2 with a robust production growth for Q2 |
| We are – I mean we’re recognized and we are very well positioned as a low cost, low carbon and reputable operator |
| Adjusted net income was $240 million, implying a quarterly adjusted EPS of $2.5 per share, mainly driven by higher adjusted EBITDA and the positive impact of the reduction in the full year income tax |
| These results continue to reflect the positive impact of our new operating model fully focused on our shale oil asset, following the transfer of the conventional asset in the first quarter of the year |
| This outstanding performance across all financial metrics is reflected in the evolution of our share price, which more than doubled since year-end 2022 to this date, outperforming our peers in LatAm after in space |
| Our cost saving delivery was better than planned, reflecting a 7% improvement vis-à-vis our $5.5 per boe guidance |
| During the year, we successfully secure the takeaway capacity to deliver on our 2026 plan |
| We continue to see an expansion of margins |
| We have consistently derived strong financial metrics over the last three years, resulting in superior total shareholder returns |
| We have initiated work in our forest conservation project in [indiscernible] and also made good progress in regenerative agriculture and livestock projects |
| Statement |
|---|
| This was mainly driven by lower gas production as discussed previously and 50% decline in gas prices |
| On other hand, gas production decreased 2% quarter-over-quarter, impacting our Q4 total production target and the exit rate |
| At the boe level, the impact of 2% quarter-over-quarter decrease in gas production explained half of the quarter miss, gas production decreased by two factors |
| And also we have higher downtime of the legacy wells or the legacy conventional wells that we have in production |
| So I have two questions, one about – actually both about production, but the first question there was a bit of a shortfall in production versus the original targets you had |
| I understand the gas issue you mentioned, but it seemed that for oil there was also a little bit less production |
| Lifting cost per boe was $4.3 a decrease of 40% compared to Q4 2022 |
| Realized oil price for the quarter averaged $67.8 per barrel, down 2% year-over-year and flat compared to the previous quarter |
| Lifting cost was $22.3 million for the quarter, a 38% decrease compared to the same quarter of last year |
| Look, I think there was two reasons why that happened |
| But for that we have to have a reason |
| What is going on better or worse than initially expected? And if it changes your company's expectations for the next one, two, three, four years at an extent |
| On a sequential basis, lifting cost per boe was down 11% as the ramp up of production volumes continued to dilute fixed cost |
| So as we grow production, we will be diluting part of that cost 70% of those |
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