Vista Energy, S.A.B. de C.V. (VIST) Company Report

Analyst Coverage

Research analysts who have asked questions during Vista Energy, S.A.B. de C.V. earnings calls.

Alejandro Anibal Demichelis

Jefferies

6 questions for VIST

Also covers: CAAP, GPRK, SCCO +2 more

Andres Cardona

Citigroup Inc.

6 questions for VIST

Also covers: CAAP, EC, LOMA +1 more

Bruno Montanari

Morgan Stanley

6 questions for VIST

Also covers: BAK, CSAN, EC +4 more

Bruno Amorim

The Goldman Sachs Group, Inc.

5 questions for VIST

Also covers: AXIA, CSAN, EBR +5 more

Daniel Guardiola

BTG Pactual

5 questions for VIST

Also covers: EC, GPRK, YPF

George Gasztowtt

Latin Securities

4 questions for VIST

Also covers: YPF

Kevin MacCurdy

Pickering Energy Partners

4 questions for VIST

Also covers: AR, CHRD, CNX +15 more

Leonardo Marcondes

Bank of America

4 questions for VIST

Also covers: BAK, UGP, YPF

Matías Cattaruzzi

Adcap Grupo Financiero

4 questions for VIST

Also covers: BMA, YPF

Oriana Covault

Balanz

4 questions for VIST

Also covers: GPRK

Tasso Vasconcellos

UBS Group AG

4 questions for VIST

Also covers: BAK, YPF

Vicente Falanga Neto

Bradesco BBI

3 questions for VIST

Also covers: BAK, GPRK, PBR +1 more

Francisco Cascarón

Don Capital

2 questions for VIST

Marina Mertens

Latin Securities

2 questions for VIST

Also covers: CAAP

Milene Carvalho

JPMorgan Chase & Co.

2 questions for VIST

Nicolas Barros

Itau BBA

2 questions for VIST

Also covers: BAK, YPF

Walter Chiaversio

Santander

2 questions for VIST

Francisco Javier Cascarón

DON Capital

1 question for VIST

Henrique da Cunha

JPMorgan Chase & Co.

1 question for VIST

Ignacio Sabelle Ramirez

Itau BBA

1 question for VIST

João Barichello

UBS

1 question for VIST

Also covers: EC

Juan Jose Munoz

BTG Pactual

1 question for VIST

Also covers: EC, GPRK, YPF

Melanie Carvalho

JPMorgan Chase & Co.

1 question for VIST

Rodolfo De Angele

JPMorgan Chase & Co.

1 question for VIST

Also covers: GGB, PBR, SUZ +2 more

Victor Modanese Teixeira

UBS

1 question for VIST

Also covers: CSAN

Walter Chiarvesio

Banco Santander, S.A.

1 question for VIST

Also covers: GGAL

Latest news

Recent press releases and 8-K filings for VIST.

Vista Energy Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance, and Details Strategic Acquisitions

VIST

Earnings

M&A

Guidance Update

Vista Energy reported robust Q4 2025 results, with total production of 135,000 BOEs per day, a 59% year-over-year increase, and Adjusted EBITDA of $444 million, up 62% year-over-year. For the full year 2025, Adjusted EBITDA reached $1.6 billion and earnings per share were $7.
The company completed a transformational year, becoming the largest independent oil producer in Argentina through the acquisition of a 50% stake in La Amarga Chica. Additionally, Vista announced the acquisition of Equinor's Vaca Muerta assets (Bandurria Sur and Bajo del Toro), which will add 27,000 net acreage and 244 net wells to its drilling inventory, with the transaction expected to close around mid-May.
Vista provided its 2026 guidance, projecting 140,000 BOEs per day in total production, $1.5 billion-$1.6 billion in CapEx, and $1.9 billion in Adjusted EBITDA, assuming Brent at $65 per barrel. Free cash flow for 2026 is expected to be around $150 million-$200 million.
Operational efficiencies contributed to a Q4 2025 lifting cost of $4.1 per BOE and a DNC cost of $12.1 million per well in the second half of 2025, with targets to further reduce this to $11.7 per well in 2026 and $11.3 in 2027.
The company plans to request an extension of its share buyback program in the upcoming April shareholder meeting, anticipating a larger program than the $50 million executed in 2025.

2 days ago

Transcript

Vista Energy Reports Strong Q4 2025 Results, Acquires Equinor Assets, and Issues 2026 Guidance

VIST

Earnings

M&A

Guidance Update

Vista Energy reported strong Q4 2025 results, with total production reaching 135,000 BOEs per day (up 59% year-over-year) and Adjusted EBITDA of $444 million (up 62% year-over-year). For the full year 2025, Adjusted EBITDA grew 46% to $1.6 billion, and EPS was $7.
The company announced an agreement to acquire Equinor's Vaca Muerta assets (Bandurria Sur and Bajo del Toro), adding over 27,000 net acreage and approximately 22,000 barrels of oil per day of current production. The transaction is expected to close around mid-May, with the initial $387 million cash payment to be funded by a $600 million bridge loan.
2026 guidance includes total production of 140,000 BOEs per day, CapEx of $1.5 billion-$1.6 billion, Adjusted EBITDA of $1.9 billion, and Free Cash Flow of $150 million-$200 million, all assuming Brent at $65 per barrel.
Vista achieved significant cost reductions, with Q4 2025 lifting costs at $4.1 per BOE and DNC costs at $12.1 million per well in H2 2025, targeting further reductions to $11.7 per well in 2026. The company also plans to request an extension of its share buyback program in April 2026.

2 days ago

Transcript

Vista reports strong Q4 and full-year 2025 results, announces Equinor asset acquisition, and provides 2026 guidance

VIST

Earnings

M&A

Guidance Update

Vista reported strong Q4 2025 results, with total production reaching 135,000 BOEs per day (up 59% year-over-year) and Adjusted EBITDA of $444 million (up 62% year-over-year). For the full year 2025, Adjusted EBITDA grew 46% to $1.6 billion, and earnings per share amounted to $7.
The company announced the acquisition of Equinor's assets in Vaca Muerta, including Bandurria Sur and Bajo del Toro, which add 27,000 net acreage and currently produce around 22,000 barrels of oil per day. This transaction is expected to close around mid-May and will be self-funded by the acquired asset's EBITDA and CapEx generation.
Vista provided 2026 guidance, projecting total production of 140,000 BOEs per day, CapEx between $1.5 billion and $1.6 billion, and Adjusted EBITDA of $1.9 billion (assuming Brent at $65 per barrel). Free cash flow for 2026 is expected to be around $150 million-$200 million.
The company plans to request an extension of its share buyback program at the upcoming April shareholder meeting, anticipating it to be larger than the $50 million program executed in 2025.

2 days ago

Transcript

Vista Energy Reports Strong Q4 and Full Year 2025 Results, Provides 2026 Guidance, and Details M&A

VIST

Earnings

Guidance Update

M&A

Vista Energy reported Q4 2025 production of 135 Mboe/d, a 59% year-over-year increase, with revenues of $689 million and Adjusted EBITDA of $444 million. For the full year 2025, production reached 115 Mboe/d (+66% y-o-y) and Adjusted EBITDA was $1.6 billion (+46% y-o-y).
The company achieved a lifting cost of $4.1/boe in Q4 2025, reflecting a 12% year-over-year decrease, and executed a $50 million share buyback program during 2025.
Vista Energy provided 2026 guidance projecting 140 Mboe/d production and $1.9 billion in Adjusted EBITDA, with planned CAPEX of $1.5-1.6 billion for 80-90 net tie-ins.
The company is in the process of acquiring participations in Bandurria Sur and Bajo del Toro, which will add 27,733 net acres and approximately 22 Mboe/d of production, with closing anticipated by Q2 2026.

2 days ago

6-K

Vista Energy Reports Strong Q4 and Full Year 2025 Results

VIST

Earnings

New Projects/Investments

Revenue Acceleration/Inflection

Total production in Q4 2025 reached 135,414 boe/d, marking a 59% increase year-over-year, primarily driven by the acquisition of a 50% working interest in La Amarga Chica block in April 2025. For the full year 2025, total production was 115,479 boe/d, up 66% from 2024.
The company reported total revenues of 689.2 $MM in Q4 2025, a 46% increase compared to Q4 2024, and 2,444 $MM for the full year 2025, up 48% from 2024. Adjusted EBITDA also saw significant growth, reaching 444.0 $MM in Q4 2025 (62% increase y-o-y) and 1,596 $MM for the full year 2025 (46% increase from 2024).
Net income for the full year 2025 was 719 $MM, compared to 478 $MM in 2024, with EPS of 7.0 $/share. In Q4 2025, net income was 85.7 $MM and EPS was 0.8 $/share.
Proved reserves as of December 31, 2025, totaled 588.1 MMboe, a 57% increase compared to December 31, 2024, with an implied reserve replacement ratio of 605%.

3 days ago

6-K

Vista Energy Reports Q4 and Full-Year 2025 Results and Announces Acquisitions

VIST

Earnings

M&A

Share Buyback

Vista Energy reported revenue from contracts with customers of $2,474,197 thousand for the year ended December 31, 2025, and $719,064 thousand for the three-month period ended December 31, 2025. Net profit for the year was $719,063 thousand, with basic earnings per share of $7.015.
The Company completed the acquisition of Vista Lach on April 15, 2025, for a total consideration of $1,406,441 thousand, including $899,687 thousand in cash and $299,687 thousand in ADSs, resulting in a gain from Business Combination of $490,530 thousand.
As a subsequent event on February 2, 2026, Vista Energy entered into agreements to acquire Equinor Argentina S.A.U. and a working interest in the Bajo del Toro block for a net price of $387,000 thousand in cash and 6,223,220 ADSs, pending antitrust approval.
Net cash flows provided by operating activities for the year ended December 31, 2025, were $796,191 thousand, while total borrowings stood at $3,154,077 thousand as of December 31, 2025. The company also conducted a share repurchase of $50,000 thousand for the year ended December 31, 2025.

3 days ago

6-K

Vista Energy Provides Update on Equinor Asset Acquisition

VIST

M&A

New Projects/Investments

Shell Argentina S.A. waived its right of first refusal for the 30% working interest in the Bandurria Sur block, fulfilling a key condition for Vista Energy's acquisition of Equinor's assets.
The transaction involves Vista and Vista Energy Argentina S.A.U. jointly acquiring a 25.1% working interest in the Bandurria Sur block and a 35% interest in the Bajo del Toro block.
The acquisition remains subject to antitrust approval from Chilean authorities, with relevant documents filed on February 11, 2026.
Vista Energy anticipates the transaction to close during Q2-2026.

Feb 19, 2026, 9:15 PM

6-K

Vista Energy Reports Significant Increase in P1 Reserves and Production for 2025

VIST

New Projects/Investments

M&A

Vista Energy reported estimated and certified proved (P1) oil and gas reserves of 588.1 million barrels of oil equivalent (MMboe) as of December 31, 2025, reflecting a 57% increase year-over-year.
Additions to P1 reserves totaled 255.1 MMboe, leading to a reserve replacement ratio of 605%, with the organic reserve replacement ratio (excluding acquisitions) at 260%.
Total production for 2025 averaged 115,479 boe/d, a 66% year-over-year increase.
The estimated certified future net cash flows attributable to Vista's P1 reserves, discounted at 10% per annum, amounted to $6,607 million as of December 31, 2025.

Feb 11, 2026, 11:55 AM

6-K

Vista Energy Announces Corporate Reorganization and Asset Acquisitions

VIST

M&A

New Projects/Investments

Vista Energy, S.A.B. de C.V. (VIST) is undergoing a corporate reorganization that includes the acquisition of 100% of Equinor Argentina S.A.U. (30% working interest in Bandurria Sur) and 50% of the non-operating working interest in Bajo del Toro block, followed by assignments to YPF.
The net price for the transaction involves US$387 million in cash and 6,223,220 Vista ADSs (valued at US$52.2 per share), with the total cash consideration net of YPF's proceeds being US$712 million.
This transaction, expected to close in the second quarter of 2026, aims to significantly enhance Vista's asset portfolio by adding 27,733 net acres and approximately 244 net wells in the Vaca Muerta core area.
Pro forma financial statements, reflecting this transaction and the Petronas acquisition, show total assets of $7,241,783 thousand and total equity of $2,869,069 thousand as of December 31, 2024.
Pro forma revenue was $2,924,137 thousand for the year ended December 31, 2024, and $2,320,402 thousand for the nine-month period ended September 30, 2025.

Feb 2, 2026, 12:05 PM

6-K

Vista Energy Announces Acquisition of Equinor's Vaca Muerta Assets

VIST

M&A

New Projects/Investments

Vista Energy, S.A.B. de C.V. announced an agreement to acquire a 25.1% non-operating working interest in the Bandurria Sur block and a 35.0% non-operating working interest in the Bajo del Toro block from Equinor, with a total consideration of approximately US$712 million at closing, paid through US$387 million in cash and 6,223,220 American Depositary Shares.
The transaction is expected to be highly accretive for shareholders and will significantly enhance Vista's portfolio by adding 21,869 boe/d of oil and gas production as of Q3-25 and 54 MMboe of P1 reserves as of year-end 2024.
Vista anticipates the closing of the acquisition to occur during Q2-26.