With the presentation of Galuccio, Vista was the first company dedicated to shale that reported results globally, and after the balance sheet exposure, the markets reacted positively and the company’s stock rose more than 30%.
During the presentation, Galuccio announced the measures that the company is taking in the current scenario to protect the cash balance of more than 200 million dollars., and which refer to a reduction in Capex (capital expenditure) and Opex (operating expense).
Regarding the production progress, the company reported that It reached an average daily volume of 26,485 boe / d (barrel of oil equivalent), 3.1% higher than the production of the first quarter of 2019. Shale production was 5,838 boe / d in the quarter, representing 22% of total production.
Faced with the abrupt drop in oil prices, the national government is analyzing different variants for the application of the Creole barrel of crude oil, as previous governments have used to keep the industry isolated from the ups and downs of international prices. The measure would be taken at a time when the demand for oil fell due to the parate of the world economy and the mandatory isolation ordered in the country since March 20.
Regarding the support price, Galuccio stated that “The government is looking for the best instrument to protect job sources and maintain production, creating a bridge for when fuel demand recovers, and thus the country is not forced to import.”