Vista Energy Q2 2023 Earnings Call Transcript

Quartr
Provided by Quartr
July 14, 2023

There are 8 speakers on the call.

Operator

Good day and thank you for standing by. Welcome to Vista's Second Quarter 2023 Earnings Webcast Conference Call. At this time, all participants are in a listen only mode. After the speakers' presentation, there will be a question and answer Please be advised that today's conference is being recorded. I would now like to hand the conference over to your speaker today, Alejandro Chebniakov, Vista Strategic Planning and IRO.

Operator

Please go ahead.

Speaker 1

Thanks. Good morning, everyone. We are happy to welcome you to Vista's Q2 2023 results conference call. I am here with Miguel Gallucci, Vista's Chairman and CEO Paolo Verapinto, Vista's CFO and Juan Gallobis, Vista's COO. Before we begin, I would like to draw your attention to our cautionary statement on Slide 2.

Speaker 1

Please be advised that our remarks today, including the answers to your questions, may include forward looking statements. These forward looking statements are subject to risks and uncertainties that could cause actual results to be materially different from expectations contemplated by these remarks. Our financial figures are stated in U. S. Dollars and in accordance with International Financial Reporting Standards, IFRS.

Speaker 1

However, during this conference call, we may discuss certain non IFRS financial measures such as adjusted EBITDA and adjusted net income. Reconciliations of these measures to the closest IFRS measures can be found in the earnings release that we issued yesterday. Please check our website for further information. Our company, Vista, is associated with the Capital De Habriable organized under the laws of Mexico, registered in the Volsa Mexicana De Valores and the New York Stock Exchange. Our tickers are Vista in the Volsa Mexicana De Valores and BIST in

Speaker 2

the New York Stock I will now turn the call over to Miguel. Thanks, Ale. Good morning, everyone, and welcome to this earnings call. I am pleased to share with you our results for the Q2 of 2023, during which we have made substantial progress in the delivery of our strategic pillars. We significantly increased our well inventory, secured enough evacuation capacity to deliver on our 2026 strategic plan and strengthen our balance sheet.

Speaker 2

This leave us well prepared for a strong Profitable growth in the second half of the year and in the coming years. During the first half of twenty twenty three, we focused our drilling and completion effort finalizing the pilot in Baja del Palo, Este and Aguirre Mora, leading to fewer tie ins during the Q2. Still total production increased 4% year over year for a total of 46,600 BOE per day during the quarter. Oil production was up 6% on interannual basis and 22% above pro form a basis, Adjusting from the divestiture of the conventional assets. Total revenues in Q2 2023 were $231,000,000 A 22% decrease year over year, driven by all inventory buildup, which we'll explain in the following slide and softer oil realization prices.

Speaker 2

Lifting cost was $4.8 per BOE for the quarter, reflecting Our successful strategy to fully focus on our higher margin shale oil assets. Capital expenditure $179,000,000 including the drilling of 10 wells and the completion of 5 wells during the quarter as well as the execution of our key facilities project. In Q2 2023, adjusted EBITDA was $152,000,000 We recorded negative free cash flow of $85,000,000 driven by the acceleration of CapEx and lower cash from operating activities. Net leverage ratio at the quarter end was a solid 0.5x adjusted EBITDA. Adjusted net income was $57,000,000 implying a quarterly adjusted EPS of $0.6 per share.

Speaker 2

We will now deep dive into our main operational and financial metrics. Total production during Q2 2023 was 46,600 BOE per day, up 4% inter annually, Driven by strong production from our shale assets, oil production was 39,200 barrels of oil per day, up 6% year over year. On pro form a basis, adjusting from the transfer of conventional asset, Total production grew 20% year over year and oil production grew 22% year over year. Sequentially, we recorded a slight decrease in production driven by 3 factors. Firstly, the transfer of conventional asset means A loss of 5,500 barrels of oil equivalent per day.

Speaker 2

Secondly, evacuation capacity limit our production growth, Although this has been unlocked since June, as we start exporting oil via pipeline to Chile. Thirdly, As we focus on our pilot in Aguilar and Bajal del Paloeste, we tie in less wells than on our average quarter. The 3 drivers We factored into 2023 plan and guidance, so we'll expect to meet our production guidance of 55,000 barrels of oil per day for the year. In the following slide, we will deep dive into our shale oil developments and will explain how we have shipped back I will start with some details on our successful results in Aguila Mora and Bajal del Paloeste pilot. In Aguila Mora, we tie in 2 wells in pad Aguila Mora 1 landing 1 well in La Cocina and 1 well in Middle Carbonate.

Speaker 2

Cumulative production of the pad was performing 4% about our Baja del Palo Este Taicur after 60 days of production. These are the first two wells we drill in this block located in the north of Vaca Muerta. Based on these successful results, we added up to 100 wells to our inventory. In Baja del Paloeste, we're tying 1 well in the part Baja del Paloeste 2, which is currently showing robust production, with cumulative production performing 72% above our Baja del Paloeste, Tycor after 80 days on production. This is the 4th well we drill in this block and reconfirmed Our 150 well inventory in Bajaj del Paloeste.

Speaker 2

The 2 wells in Part 1 on the western side of the block and the single well in Part 3 on the eastern part of the block continue delivering solid production performance as shown on the chart on the right. Successful results in Baja del Palue, the pilot enabled us to extend our model into Corindo de Amargo Norte, The neighboring block to the south. This is a concession where we hold 85% working interest with the remaining 15% held by gas Ipetro de Nuquen, the oil and gas company owned by the Nuquen province. We estimate an inventory of up to 50 wells in this block. The successful activity in Baja del Paloeste and Aguila Mora pilot lead to the addition of 300 wells to our inventory for a total of 11.50 wells across all Vaca Muerta assets.

Speaker 2

As I will explain later during the presentation, This is just one of the key factors that leave us well prepared for a profitable growth acceleration beyond our current strategic plan. After concluding the pilot, we moved back to Baja del Palo Oeste, where we have made solid progress in new Well drilling. During Q2 2023, we finished drilling and completed Parvara del Palo Oeste 16 And also drilled Palo Verjar del Palo Oeste 17, which is currently under completion. The 2 parts consist of 4 wells each are being developed as a cube. In a pilot, we are running seeking to optimize well productivity.

Speaker 2

This means we will tie in both parts simultaneously during the coming week, which also resulted in lower production in Q2 2023. We are currently drilling 4 well pads Baja del Paloeste 18 and Baja del Paloeste 19. Bajada del Paloeste 18 is expected to be completed and tie in by the end of Q3 and Bajada del Paloeste 19 in Q4, leaving us well on track to tie in 20 wells in the 2nd semester of 2023 as per guidance. We are on track to upgrade our oil treatment plan by the end of Q3 2023. This will increase our treatment capacity to 70,000 barrels of oil per day in line with the requirements of our production plan through 2026.

Speaker 2

During Q2, we secured enough mist and evacuation capacity to meet our production targets through 2026. At the end of May, we started exporting oil to Chile through the Otasa OTC pipeline that started operating after more than a decade being shut. To do this, we reverted the pipeline Flow from Las Condida and onwards through the old Elval system. Current flow to Chile is 4,700 barrels oil per day and could increase up to 5,700 barrels per day over the following months. In Q2, we secured our participation in the Vaca Muerta Norte pipeline with an 8% working interest.

Speaker 2

This will give us to increase evacuation capacity to Chile to 12,500 barrels of oil per day, including the current flow. We expect the Vaca Muerta Norte pipeline to be operational in Q4 2023. At that time, we plan to revert Existing Nodelval pipeline from Las Condida back to the original direction of flow. Adding to our existing capacity in Nodelval, The new Vaca Muerta Norte capacity means that by year end 2023, we forecast to have 57,000 of Oil per day of pipeline capacity. This can be complemented by up to 11,000 barrels of oil per day of trucking capacity.

Speaker 2

If we consider the capacity already contracted in all the El Val expansion to Puerto Rosales, we forecast to have 89,000 barrels Oil per day by year end 2025 or 100,000 barrels of oil per day if the tracking is included. This means we have already secured the necessary evacuation capacity to deliver on our 2026 production target With room for further acceleration, I cannot stress enough the importance of this significant milestone and its contribution to support our growth plans. Total revenues in Q2 2023 were 2 $31,000,000 which is 22% below the same period last year. This decrease was the result of 2 factors. Thirdly, the normalization of our crude oil stock from lows in previous quarter, which combined with the production being rerouted to Chile, Let's release volumes available in the terminal for exports through the Atlantic.

Speaker 2

This delayed our last cargo of the quarter from late June to the 1st week of July, and therefore, we exported 3 cargoes during the quarter instead of 4 we originally expected. Secondly, oil realization prices softened during the quarter. Realized oil price for the quarter averaged $64.3 per barrel, down 18% year over year and 3% sequentially. The average realized domestic price was 63 $0.1 per barrel, while the realized price of the export market was $68.6 per barrel. Sales to export market accounted for 48% of the oil volumes and 51% of oil revenues.

Speaker 2

We exported 1,600,000 barrels of oil composed by 3 cargoes through the Atlantic and 152,000 barrels by pipeline to Chile. We remain focused on our export driven strategy by 55% of last 12 months of revenue coming from the international market. We expect to increase this to about 60% in Q3 2023. Prologas prices decreased 16% sequentially to $3,900,000 btu, mainly driven by lower export volumes to Chile, accounting for 10% of our total gas volume at a price of $7,600,000 of BTU. We have very good news on the cost side.

Speaker 2

After a quarter of operating only our shale oil asset, our oil rig costs dropped to $4.8 per BOE, a reduction of 8% on interannual basis and 25% on sequential basis. This reflects the cost benefit of the transaction we announced in the previous quarter. We remain well on track to deliver on our $5.5 per BOE guidance for the full year. Adjusted EBITDA for the quarter was $151,800,000 Adjusted EBITDA margin was a robust 66% during the quarter. On an inter annual basis, this is a drop of only 3 percentage points despite an 18% decrease in realized oil prices, which was possible given our rebased cost structure following the transaction to fully focus on shale assets.

Speaker 2

The decrease in adjusted EBITDA reflects softer prices, the focus on drilling pilot during the 1st semester and the inventory buildup I just mentioned. Additionally, in this quarter, we have no tie ins under the JV with Trafigura. We generated $10,000,000 of other income in Q2 2022. We expect strong results in the 2nd semester. The drilling and the completion pace have already picked up and will allow us to tie in 12 Palo Este wells in Q3, Multinational production and revenues.

Speaker 2

Having normalized inventories on flow to Chile, we plan to export volumes equivalent to 5 cargoes, including Espooza Chile in Q3. Finally, we plan to tie in 3 parts under the Trafigura JV, which will generate $90,000,000 of other incomes in Q3 2023. During Q2 2023, cash from operating activities was $89,300,000 Reflecting the payment of annual income tax of $36,000,000 a change in working capital of $70,000,000 and advanced payments for transport infrastructure of $5,000,000 Cash flow used in investing activities was $174,000,000 in line with CapEx of $179,000,000 for the quarter. This acceleration in CapEx deployment sets The stage for growth in the coming quarters. During Q2 2023, we recorded negative free cash flow of $85,000,000 We issued a bond for $13,500,000 and repaid 20 $2,500,000 corresponding to an installment of our CDK loan.

Speaker 2

We also refinanced $40,800,000 maturity in 2024 to 2026. In Q3, we plan to repay the last installment of our syndicate loan on July 20. After this event, we will have no remaining debt maturities in 2023. Cash at the end of the period was $223,000,000 The reduction visavis the end of the previous quarter reflects our tactical decision to pre finance our investment plans with liquidity available at a very competitive cost in the local bond market. During Q2 2023, we have continued to strengthen our balance sheet.

Speaker 2

Gross debt currently stands at $651,000,000 Over the past quarters, we have tactically accessed The local debt market in Argentina at a very competitive interest rate. This has not only allowed us to pre finance our CapEx acceleration, but has also reduced our average cost of debt, which as a quarter end was 3%. Our financing strategy is focused on reducing cross border debt, which we have successfully reduced from 54 of our total debt in 2020 to 22% of our total debt as quarter end. The average life of our debt is 3 years. Our gross leverage ratio is a very healthy 0.8x adjusted EBITDA.

Speaker 2

Our solid financial status leave us in a good position for an acceleration in growth going forward. To conclude this call, I will recap on today's key messages and announce our upcoming Investor Day, where we will provide an update to our strategic plan. During Q2 2023, we made robust progress in Baja del Paloeste. Considering our progress in drilling and completion activity, we are on a schedule We'll tie in 12 wells during Q3. This will boost production and drive an increase in adjusted EBITDA in the 2nd semester, in line with our annual work program.

Speaker 2

We are well on track to meet 2023 production and cost guidance. Successful results in our pilot in Baja del Paloeste and Eguilamora has led us to extend drilling inventory to 150 ready to drill wells. This provides significant upside potential to our existing strategic plan, which was designed at that time when our inventory was less than half of that size. To grow beyond our current strategic plan, we need more evacuation capacity, which we have achieved this quarter. We have secured misting and export evacuation capacity to deliver well above our 2026 production target.

Speaker 2

Based on our current capacity and the contract we have in place, we forecast to have 100,000 barrels of oil per day of firm evacuation capacity by the end of 2025. Finally, we have a solid balance sheet with a very healthy levered ratios, manageable debt maturities at a very competitive cost and relatively low share of cross border debt. On the basis of our strong position, I am extending an invitation to a virtual Investor Day hosted by myself and the rest of Vista's executive team. During this event, which will take place on September 26, We will provide an update on our strategic plan and set new targets for 2026. We will provide To wrap up and before we open the call Two questions.

Speaker 2

I want to thank our employees for their relentless work during the quarter And also thanks our investor for their continued support. We will now move to Q and A. Operator, please open the line.

Operator

Our first question comes from the line of Bruno Montanari from Morgan Stanley.

Speaker 3

Good morning. Thanks for taking my questions. Thank you, Miguel. Thank you, Alejandro. So two questions on my end.

Speaker 3

One, just to confirm, So today, you have no more restrictions to export more to Chile. Is that correct with the new evacuation capacity that was achieved. And wanted to know also if you have faced any Problems with the rain. We have been reading that there has been some restriction because of the rain. So just wondering if that affects your production and exports Now at the beginning of the quarter.

Speaker 3

And then my second question is about the acceleration. It's Very clear, Miguel, based on the presentation that you are in a very good position to potentially accelerate the growth, especially in in the coming few years. So two items there. 1, is there anything you can do already in 2023 That would perhaps make you and above a little bit above the 55,000 Betals per day target? And 2, would you say the acceleration would come more on adding new equipment or doing things more efficiently and being able to drill and complete and tying the pads faster than what we were doing today.

Speaker 3

You very much.

Speaker 2

Hi, Bruno. Thank you very much for the question. And starting with the first one, You're correct. I mean, we don't have any restriction with the pipeline at Chile at the moment. The pipeline Chichile was shut down for 70 days.

Speaker 2

That pipeline passed below river and the river bed Move on the pipeline was a bit as surface that they are for the decide to have a check on the pipeline. ENAP at the moment is very happy with the quality of the crude oil that we are sending. So I'm sure we will play some catch up during the year, but that doesn't change the plan that we have for the year. And basically, we don't depend also we don't depend only from Chile. We have our exit through the Atlantic.

Speaker 2

So I don't see any issue with the slight problem that we have for Chile. In terms of acceleration for the CapEx of 2023, Our current plan leave us with a spare drilling and fracking capacity for Q4. We have done also our homework in terms of evacuation and treatment capacity. So we will have a fair treatment and evacuation capacity. But at the moment, we are not going to announce anything.

Speaker 2

So leave me the news to announce in September in the Investor Day. But thank you anyway for the question.

Speaker 3

Thank you. Very clear.

Operator

Our next question comes from the line of Rodrigo Nestor from LatAm Securities.

Speaker 4

Good morning, everyone. Thanks for the update. I got 2 questions for you. So the first one, given the strategic capital expenditures initiative you have outlined, What are the expectations for cash flow generation over the upcoming quarters? And then another one on Hi, La Mora.

Speaker 4

I mean, following the successful results from the pilot project, are you planning to invest in the necessary infrastructure to connect the block? And if you have an estimate on the required CapEx for that. Thank you.

Speaker 2

Hi, Rodrigo. Thank you very much for your question. Regarding the free cash flow for the second half, first, cash at the end of Q2 was close to 2 $33,000,000 We're still seeing CapEx above cash generation in Q3, basically To the high drilling and completion activity and also the investment on upgrading facilities. In Q4, Under the current plan, free cash flow, it will be positive again. Okay.

Speaker 2

So that's related with your first question. Related to Aguila Mora, first let me tell you that we are super happy with the path that we put to complete 2 wells That were landing in La Cocina and the other one in Middle Carbonate. Both of them were average well of 2,500 meter and 44 stages. And they were tying and they are performing 4% above a higher value asset type curve and they've been producing for 60 days. So, super happy with the news.

Speaker 2

Regarding the evacuation, I think, we are evacuating today through Enable operator. And it will be too early to give you an answer on what exactly we will do In terms of infrastructure for evacuation, but we are at the moment evaluating the result. We will continue monitoring those well After the 1st 60 days, but it's very encouraging. I'm sure we will come with a plan soon.

Operator

Our next question comes from the line of Walter Chiarvestio from Santander.

Speaker 5

Hello, good morning, Miguel and Alejandro. Thank you for taking my question. We are seeing an encouraging improvement in productivity in other blocks than Barjana del Paloeste. And I would like if you could develop a little bit more of that or what explains the improvement in productivity, Just the geological characteristic of the block or change in techniques, drilling and completions, whatever. And if that implies that the productivity curve is changing the outlook for the whole company In terms of EUR per well and productivity looking forward and Linked to that, if the CapEx were focused on those other blocks rather than Palo Alto, We'll be part of the acceleration program of the company in the near future.

Speaker 5

That's it for me. Thank you.

Speaker 2

Thank you very much, Walter, for your question. And I love that question because probably Baja del Palo Este results are the The news that we have during this year, I mean, the result of Baja del Palueste compared with our original protection, our understanding. Just to give you first recap for everybody in Majal Paloeste. As you remember in Majal Paloeste, We drilled our first two wells to La Cocina more or less a year ago. Those two wells are performing 30% About Baja del Palo Oeste, Tycho, Bren, we drill Baja del Palo Oeste 3 parts, one well on the very eastern side of the block, one single well that land in La Cocina, Really looking for the limit of that block and we end up having a well, Very good economical way today that is performing 7% below Baja del Paloeste, Tycora after 90 days of production.

Speaker 2

And probably the biggest and more important news related to this quarter is Baja del Paloeste 2. One well on the center of Arjo del Palos del Oro, land in La Cocina, a length of 2,800 meters, Only 47 stages was tied in April and is producing 70% above Barjada del Palo Estetay Cur after 80 days. This is a super well. It's producing 3,000 barrels of oil per day of IP30. So I mean, it will be probably the rank Between the best wells that we have drilled in the area.

Speaker 2

So back to your question, for 100% today 1 development block. So of course, anything that is related to acceleration naturally will be done in those three blocks. As you know, I mean, with the treatment capacity, connection between these two blocks is seamless for us because it's just Internal pipeline that we have too late. So, yes, the focus of any acceleration program We'll include Bajal Paluete on it. So that is the answer, Walter, I don't know if I'm missing anything.

Speaker 5

No. It's just that the follow-up is would imply a lower Lifting cost to sorry, cost of this is pretty inflation cost per barrel taking this higher productivity In the future,

Speaker 2

we are not updating our type curve. I mean, this is, as you know, then we have Our plays have a statistical nature. So therefore, we continue having the same Tycor for all these blocks. So we are not planning to do any upgrade of the Tycor for the moment, Even though, yes, I mean, there are few good wells.

Speaker 5

Perfect. Thank you very much, Neil.

Speaker 2

You're welcome.

Operator

Our next question comes from the line of Regis Cardoso from Credit Suisse.

Speaker 6

Hi, Miguel. Hi, everyone. Thanks for taking my questions. A couple of topics I wanted to touch on. Quick one first is, how do you Compare guidance with the actual production and EBITDA so far in the first half of this year.

Speaker 6

I mean, it appears you're probably lagging behind that guidance. Most likely your production and EBITDA will Increase in the upcoming quarters, but is it still the case that you believe the guidance is in place? That's the first question. The second question would be going back to the previous one you just answered, Miguel, About the order of the development of the assets, you said you're thinking about everything around the Baja de Palo As one field, right, one cluster. But does it imply I mean, where are the better opportunities?

Speaker 6

Is it In any specific window, in any specific fields that you prioritize? I mean, say, you Start with La Cocina in Bajada de Palo Oeste and then go into the others or can you do different targets Simultaneously. So that will be the second question. And then maybe if I may, just a quick third one. How do you expect the share of exports to grow in your sales?

Speaker 6

And how do you Think that will affect your realization price in the future? I mean, do you think Vista would capture more All the oil price upside, say, if Brent prices were to go up again? And is exporting still Preferred route, say, if oil prices were to come down. Just to understand how do you balance realization prices with the growing share of exports? Thanks.

Speaker 2

Hi, Reshi, it's Alan. Thank you for your question. Regarding the first part of your question regarding guidance, we are coming in line with guidance On a realized price of $60 per barrel. And when you look at currently, our average price also was around $65 per barrel. Of course, the cargo that we basically couldn't fit in Q2, it will be accounted in Q3 With higher Brent prices.

Speaker 2

So I mean, for the whole year, we have a positive impact in our P and L. Regarding development, again, I mean, just restating what I said before, Bajada del Paloueste for us will be 1 development cluster and the main development cluster. As soon as we have I mean, with the new result of Bajada del Paloeste 2, I said we should expect that Corinon and Amargo Norte also will be coming part of that cluster as well. Baja del Paloeste, we are developing La Cocina and Organico. When in Baja del Paloeste, we are just Focusing La Cocina for the moment.

Speaker 2

So this will be the main horizon that we will be developing in an acceleration You have other question? The other question was related to exports and percentage. So When you look at Q2, we have our export percentage of our production was around 49% And the realized price of EPO was around $68 per barrel. You should expect that this 49 Going up to 55% or 60% since the fact that we are going to We're going to be moving 1 cargo from Q2 to Q3. As you know, the brand is performing better And our discounts are lower.

Speaker 2

I mean, we move from a discount of $6 We expect Q3 to be around 5. We already saw 5 in this quarter. So I mean, we are planning with Prices for export around the same level that we have last quarter. But Yes. If Ygrene performed better, it could be better.

Speaker 2

It could be slightly better. So this is what we are seeing.

Speaker 6

Okay, understood. Thanks so much, Miguel. Have a good one.

Speaker 2

Thanks, Roshes.

Operator

Thank you. One moment for our next question. Our next question comes from the line of Orianna Koval from Balan.

Speaker 7

Hi, Miguel, Alejandra and the rest of the team for taking my question. I have two questions. Maybe the first one has to do with lifting costs. You have been guiding lifting costs even below the current $5 per barrel that for a And it was great to see that happening this quarter. So just to understand if this acceleration over the last couple of quarter, Beyond the transfer of the Aconcagua of the assets to Petroconcagua, is there something else that is explained in the accelerated reduction in lifting cost?

Speaker 7

That's the first question.

Speaker 2

Orianna, thanks for the question. Regarding Lifting costs, yes, we're coming from a running rate of $7.5 per barrel And that was before the investment of our conventional asset. We saw $6,400,000 in Q1 We are seeing $4,800,000 now. Of course, this $48,000,000 is taking full impact of the tranches of the conventional assets. As we continue increasing unconventional production, yes, we still see some potential On sign up side, that will be more related to the production growth, but really reducing the OpEx side.

Speaker 2

But at the moment, we are keeping the guidance as it is. But yes, very encouraging result on the lifting cost side.

Speaker 7

Thank you. That's very clear. And one last one, I noticed in your presentation that you would be transferring some of The capacity that you're currently using through Old El Val de Hotaza for the exports to Chile through the Vaca Muerta Norte instead of keeping the 2 alternative routes. So just perhaps to understand the rationale, if there's any do you see any outside potential for keeping the 2 routes open or if there's any what is driving the decision of Moving volumes from one area to the other, it's pricing wise in terms of contracts. Any additional color on that end would be very much appreciated.

Speaker 7

Thanks.

Speaker 2

Thanks, Orianna. No, there's no competition between the two demands. The demand of Chile will be covered To Vaca Muerta Norte, 1 Vaca Muerta Norte is in line and is recovering now through the rerouting that we did for Las Condida. So there's no competition between the two volumes. And basically, the outline that we have The outlook that we have in Tableau exports is the one that we have mentioned.

Speaker 2

So No one of them is going to jeopardize the volume that we have, 1, 2 other. And of course, I mean, important to the pipeline is always more efficient.

Speaker 7

Perfect. Okay. Thank you very much.

Speaker 2

And we saw an impact in this quarter on Chile Reducing the tracking that we have toward the end of the quarter, that have also a positive impact.

Speaker 7

Great. That's very clear and congratulations for these key milestones in mid term capacity. Thank you.

Speaker 6

Welcome.

Operator

Thank you. At this time, I would now like to turn the conference back over to Miguel Gallucho for closing remarks.

Speaker 2

Well, thank you very much everybody and looking forward to see you also on the 26th on the Investor Call. Have a good day.

Operator

This concludes today's conference call. Thank you for participating. You may now disconnect.

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