Vista Energy S.A.B. de C.V.

Ladies and gentlemen, thank you for standing by, and welcome to VISTA Oil and Gas First Quarter 2020 Results Conference Call. At this time, all participants are in a listen-only mode. After the speaker's presentation, there will be a question-and-answer session. To participate on that portion of the call, you will need to press star 1 on your telephone. If you require any further assistance, please press star and 0. Now it's my pleasure to return the call to Alejandro Chernacov, Strategic Planning and Investor Relations Officer.

Thanks. Good morning, everyone. We are happy to welcome you to VISTA's first quarter 2020 results earnings call. I am here with Miguel Galuccio, VISTA's Chairman and CEO, and with Pablo Vera Pinto, and Isla CFO. Before we begin, I would like to draw your attention to our cautionary statement on slide two. 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. During this conference call, we may discuss certain non-IFRS measures, such as adjusted EBITDA. Reconciliations of these measures to the closest IFRS measure can be found in the earnings release that we issued today. Please check our website for further information. Our company, Vista Oil & Gas, is a sociedad anónima bursátil de capital variable organized under the laws of Mexico, registered in the Bolsa Mexicana de Valores and the New York Stock Exchange. The tickets of our common stock are Vista, in the Bolsa Mexicana de Valores, and BIST in the New York Stock Exchange. The ticker of our warrants is BTW4088. I will now turn the call over to Miguel.

Good morning, everyone, and thank you for joining this earnings call. This webcast is completely different to all the previous ones I have done. We are going through an unprecedented health crisis. I hope you and your families are healthy and staying safe as we go through this COVID-19 pandemic. I would like to kick off by commenting on our response to COVID-19 with a special focus on our people, business continuity, and balance sheet strength. The COVID-19 outbreak is currently causing a significant impact on the global economy. Javier Rodríguez Galli, Juan Gabriel Rodríguez Galli, Juan Gabriel Rodríguez Galli, Juan Gabriel Rodríguez Galli, Juan Gabriel Rodríguez to answer the questions and concerns that our employees might have. The remaining 25% of our workforce is strictly devoted to essential oil field operations, working on seven-day shifts to minimize travel to and from the field. I will use this opportunity to highlight their effort to keep our operations running and thank them for doing so. Please note that our business continuity plan implies a reduction of 65% of field personnel compared to a regular operating day. We have also taken decisive steps to protect our cash position and strengthen our balance sheet. We stopped drilling and completion activities and scaled down our capital expenditure projects for the remainder of the year. We are also working on reducing OPEX and G&A costs to lower activity levels. We believe this will lead to a linear and more efficient organization that is fitter for the future. We are in a tough business environment with low crude oil prices and an unprecedented drop in demand, but our strategy and the strength of our organization leave us well prepared to face this challenge. First, part two drilling CAPEC decision-making process, CAPEC with flexible drilling and completion contracts, Javier Rodríguez Galli, Cost reduction efforts we began in April 2018 when we took over this asset have generated a low lifting cost operation at $10 per VOE. And last but not least, our financial debt structure has low debt maturity during 2020.