Vista Reaps More From Crude Sales as Argentina Frees Oil Markets
(Bloomberg) -- Argentine shale driller Vista Energy charged export prices for more than 40% of crude that it sold to domestic refiners in the second quarter — the clearest sign yet that the South American country’s moves to free up oil markets under President Javier Milei are gaining momentum.
The libertarian leader has vowed to end the meddling in crude prices of previous governments, a tactic that kept gasoline cheap but turned off international investors eyeing the heralded Vaca Muerta shale patch. Since Milei took power seven months ago, drillers and refiners have been negotiating a pathway to so-called export parity for crude, which means that oil producers like Vista can charge the same prices locally as overseas.
Taking into account all of its sales — both local and global — Vista charged export parity, or about $77 a barrel, for 64% of its production, Chief Executive Officer Miguel Galuccio said Friday on an earnings call, up from 47% a year ago.
![](https://assets.bwbx.io/images/users/iqjWHBFdfxIU/i3GgvYcGluWc/v1/-1x-1.jpg)
Efforts to reach international pricing have slowed in recent weeks as Milei tries to keep inflation in check. But late last month, lawmakers gave the idea the green light for the long term when they approved Milei’s sweeping reform package.
The measures include legal provisions that would ban the government from intervening in crude prices and severely limit its scope for blocking export cargoes.
“These are two very important principles. The spirit of them is good,” Galuccio said. “Of course, it’s going to be a matter of execution — how fast the principles can be transmitted into reality. The fine-printing of the regulation is key.”
Other Call Highlights:
- Galuccio said Vista’s production forecast for 2025 is “shy,” and that it will update investors as it targets the upper end of its guidance for 2024
- He said the company will “compete hard” against rival bids to acquire Exxon Mobil Corp.’s Argentine shale assets
- An extra fracking set will arrive some time in the fourth quarter. Vista will also swap one of its existing three drill rigs for a “state-of-the-art” rig from Houston in October
- The volume of crude that the company trucks to ports could more than double to 20,000 barrels a day in the fourth quarter, representing more than one quarter of output, as it waits for new pipeline capacity
- The new capacity would allow Vista to next year reduce — and eventually eliminate — the need for costly trucking services
©2024 Bloomberg L.P.
KEEPING THE ENERGY INDUSTRY CONNECTED
Subscribe to our newsletter and get the best of Energy Connects directly to your inbox each week.
By subscribing, you agree to the processing of your personal data by dmg events as described in the Privacy Policy.
More oil news
![BloomburgMedia_SJ7JU4T0G1KW00_03-09-2024_07-25-11_638609184000000000.jpg](/media/42vbt3xd/bloomburgmedia_sj7ju4t0g1kw00_03-09-2024_07-25-11_638609184000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133698219118300000&format=webp)
Oil Steadies as China Demand Concerns Offset Libyan Disruptions
![Wintershall Dea](/media/mfqgmlil/wintershall-dea.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132907778621870000&format=webp)
Wintershall Dea E&P assets transferred to Harbour Energy as sale process completes
![BloomburgMedia_SIZEHQT1UM0W00_02-09-2024_12-43-09_638608320000000000.jpg](/media/jtadjthz/bloomburgmedia_sizehqt1um0w00_02-09-2024_12-43-09_638608320000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133697545893770000&format=webp)
Kyle Bass Says Blackballing Oil Has Proved a Bad Bet for ESG
![BloomburgMedia_SJ4YE6DWRGG000_02-09-2024_08-15-45_638608320000000000.jpg](/media/hktbsbzd/bloomburgmedia_sj4ye6dwrgg000_02-09-2024_08-15-45_638608320000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133697385454570000&format=webp)
Oil Extends Drop on Signs of OPEC+ Output Boost and China Woes
![BloomburgMedia_SJ05DMDWLU6900_30-08-2024_07-01-49_638605728000000000.jpg](/media/1ucjwhn5/bloomburgmedia_sj05dmdwlu6900_30-08-2024_07-01-49_638605728000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133694749090630000&format=webp)
Oil Holds Gain on Positive US Economic Data, Libya Disruptions
![BloomburgMedia_SIYAVJDWLU6800_29-08-2024_07-00-51_638604864000000000.jpg](/media/ix4nt3sb/bloomburgmedia_siyavjdwlu6800_29-08-2024_07-00-51_638604864000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133693884510470000&format=webp)
Oil Holds Losses as Slipping Equities Vie With Stockpiles, Libya
![BloomburgMedia_SIV7XWDWX2PT00_28-08-2024_07-18-48_638604000000000000.jpg](/media/c31pclof/bloomburgmedia_siv7xwdwx2pt00_28-08-2024_07-18-48_638604000000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133693031286300000&format=webp)
Oil Steadies After Technical Drop as US Stockpiles Seen Falling
![BloomburgMedia_SIUWJ0DWLU6800_27-08-2024_06-00-10_638603136000000000.jpg](/media/5coi0jyd/bloomburgmedia_siuwj0dwlu6800_27-08-2024_06-00-10_638603136000000000.jpg?anchor=center&mode=crop&width=240&height=135&rnd=133692120103900000&format=webp)
Wall Street Sours On Oil as Goldman Flags Risks From OPEC+ Boost
![BloomburgMedia_SITFLVDWLU6800_27-08-2024_06-16-47_638603136000000000.png](/media/yapobhgk/bloomburgmedia_sitflvdwlu6800_27-08-2024_06-16-47_638603136000000000.png?anchor=center&mode=crop&width=240&height=135&rnd=133692130071730000&format=webp)
Oil Steadies After Three-Day Rally as Libya Adds to Supply Woes
![Woodside](/media/tq5juvf3/woodside.jpg?anchor=center&mode=crop&width=240&height=135&rnd=132834340121370000&format=webp)
Woodside reports $1.94 billion half-year profit amid major project milestones
![Thumbnail (1)](/media/avnnkwbu/thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133651637018400000&format=webp)
Why data centres and AI could shake up the global LNG market
![Thumbnail](/media/kfob3oys/thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133600616585730000&format=webp)
Why energy executives expect the world to hit net zero by 2060
![CSIS Thumbnail](/media/o0acqjyg/csis_thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133566075809700000&format=webp)
CSIS: long-term LNG demand to reshape global export capacity growth
![Dr Carole Nakhle Thumbnail](/media/gqrpjths/dr-carole-nakhle_thumbnail.png?anchor=center&mode=crop&width=540&height=300&rnd=133542056370600000&format=webp)
More women in energy vital to the industry’s success
![Vandana Hari Thumbnail](/media/gz3dyktl/vandana-hari-thumbnail.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133511540022930000&format=webp)
India’s energy sector presents lucrative opportunities for global companies
Partner content
![Dewatermark.Ai 1723035294692](/media/0pujudcn/dewatermark-ai_1723035294692.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133675125990530000&format=webp)
Integrally geared compressors cut the carbon and boost carbon capture
![Navigating the trading seas: exploring the significance of benchmarks-1859882229](/media/qlacaiww/navigating-the-trading-seas-exploring-the-significance-of-benchmarks-1859882229.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133613577584600000&format=webp)
Navigating the trading seas: exploring the significance of benchmarks
![New Lng Ship Web 17829](/media/vjrjyypa/new-lng-ship-web-17829.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133179936218300000&format=webp)
Back to the Future(s): the best commodities benchmarks are still physically settled
![Dr Klaus](/media/4eyh2dr0/dr-klaus.jpg?center=0.3953747239980292,0.50683017007953435&mode=crop&width=540&height=300&rnd=133517897092430000&format=webp)
Ebara Elliott Energy offers a range of products for a sustainable energy economy
![ESSAR](/media/5uafghtj/essar.jpg?anchor=center&mode=crop&width=540&height=300&rnd=133524466961070000&format=webp)