Vista delivered strong operational and financial results in 4Q25 with total production of 135,000 BOE/d (up 59% YoY), adjusted EBITDA of $444 million, free cash flow of $76 million, and 1P reserves up 57% to 588 million BOE.
For 2026 the company reiterated guidance targeting 140,000 BOE/d, 80–90 well tie‑ins, $1.5–$1.6 billion of CapEx, ~ $1.9 billion adjusted EBITDA at $65 Brent, and free cash flow of $150–$200 million (negative in Q1, positive thereafter).
Vista agreed to acquire Equinor‘s Vaca Muerta assets—adding ~27,000 net acres, ~22,000 bbl/d and 244 net wells—with a mid‑May expected close; the $387 million initial cash payment will be debt‑funded (covered by a $600 million bridge loan) and management says the assets should be largely self‑funding via their EBITDA and CapEx generation.
Vista Energy (NYSE:VIST) executives highlighted “transformational” growth and cost improvements in 2025, while outlining a 2026 plan that calls for higher production, increased free cash flow, and continued portfolio expansion through acquisitions in Argentina’s Vaca Muerta basin.
Chairman and CEO Miguel Galuccio said the company delivered “robust production growth” in the fourth quarter of 2025, supported by new well tie-ins and strong productivity in Bajada del Palo Este, Aguada Federal, and La Amarga Chica. Total production averaged 135,000 BOE/d in the quarter, up 59% year-over-year and 7% sequentially. Oil production was 118,000 bbl/d, up 61% year-over-year and 8% versus the third quarter, while gas production rose 45% from the prior year.
Total revenue was $689 million, a 46% increase from the year-ago quarter, which management said reflected higher volumes that more than offset lower oil prices. Realized oil price averaged $58.9 per barrel, down 12% year-over-year and 9% sequentially. The company said it sold 100% of oil volumes at export parity prices, and noted that exports doubled from the prior year to 7.1 million barrels, representing 64% of total sales volume.
Costs trended lower, with lifting cost of $4.1 per BOE (down year-over-year and sequentially) and selling expenses of $4.2 per BOE (down 48% year-over-year). Adjusted EBITDA was $444 million, up 62% year-over-year, while net income was $86 million, equating to earnings per share of $0.80. Free cash flow was $76 million, supported by operating cash flow of $435 million. Net leverage ended the year at 1.5x on a pro forma basis, which management said was flat quarter-over-quarter.
Galuccio said 2025 featured “substantial value creation” through growth in core development, well-cost savings, and “accretive M&A.” A key milestone was the acquisition of a 50% working interest in La Amarga Chica, which management described as making Vista the largest independent oil producer in Argentina.
Management reported several full-year operational and financial metrics:
Well inventory expanded to more than 1,600 wells, combining de-risking work in Bajada del Palo Este’s structural area and the La Amarga Chica acquisition.
1P reserves increased 57% year-over-year to 588 million BOE, with a reserve replacement ratio of 605% (and 260% on an organic basis).
74 wells were tied in during 2025, up from 50 in 2024, alongside $1.3 billion of capital expenditures.
Oil production exceeded 115,000 bbl/d for the year, which management said was 66% above 2024.
Lifting cost fell 3% versus 2024, and drilling and completion (D&C) costs improved by 15% year-over-year.
On sustainability and safety, management said the total recordable incident rate remained below one for the sixth consecutive year. The company also reported a 23% reduction in Scope 1 and 2 greenhouse gas emissions intensity to 6.8 kg of CO2 equivalent per BOE, and said it is developing nature-based carbon credits in Argentina with the goal of having enough credits in 2026 to balance Scope 1 and 2 emissions from operated production.
Financially, Vista said adjusted EBITDA grew 46% year-over-year to $1.6 billion, earnings per share were $7, and return on capital was 29%. The company also completed a $50 million share repurchase program, buying 1.2 million shares at an average price of $41.2 per share, which management said was at a “significant discount relative to current prices.”
Management reiterated 2026 guidance that includes 140,000 BOE/d of total production, 80 to 90 well tie-ins, $1.5 billion to $1.6 billion of CapEx, and $1.9 billion of adjusted EBITDA, assuming Brent averages $65 per barrel. Executives said 2025 results landed at or above several guidance measures, and that fourth-quarter momentum supports delivery in 2026.
During Q&A, management provided additional detail on intra-year pacing. Vista said it planned 20 to 22 well tie-ins in the first quarter of 2026, including 10 placed on production in January with “very good” early productivity. The company said it expected a production rate of 132,000 bbl/d in February and suggested March could surpass 140,000 bbl/d, while noting first-quarter production could be “flattish or slightly below” the fourth quarter before a “substantial sequential growth” in the second quarter. Adjusted EBITDA in the first quarter was expected to be flattish or slightly lower than the fourth quarter, building through the year toward an annualized run rate of around $2 billion in the fourth quarter (at $65 Brent).
For free cash flow, Vista said it expects $150 million to $200 million in 2026 at $65 Brent, while cautioning that working capital and tax timing could drive quarter-to-quarter variability. Management expects negative free cash flow in the first quarter, turning positive from the second quarter onward.
Galuccio also discussed Vista’s announced agreement to acquire Equinor’s assets in Vaca Muerta, calling it “highly accretive.” The company said the assets add more than 27,000 net acres, currently producing around 22,000 bbl/d, and contribute positive free cash flow. Vista also said the deal adds 244 net wells to its drilling inventory and that the blocks are adjacent to Vista’s existing position, creating potential synergies across subsurface work, facilities, scheduling, and oilfield services.
Management said one closing condition was already satisfied when Shell waived its right of first refusal over Bandurria Sur. Vista filed documents with Chile’s antitrust authority on Feb. 11 and said it expects to close around mid-May. Executives said it was premature to update broader capital plans in detail, but stated that at $65 Brent, CapEx for Vista’s existing assets is not expected to be affected, and that the acquisition is expected to be “self-funded” by the acquired asset’s EBITDA and CapEx generation.
On asset-level color, management said Bandurria Sur type curves appear similar to Vista’s neighboring assets, while it was “too early” to comment on Bajo del Toro type curves. Vista said its stake across the acquired assets is currently producing 22,000 bbl/d and that it believes it can double that by 2030, driven by development at Bajo del Toro. For Bandurria Sur, Vista cited approximately 19,000 bbl/d of production in the fourth quarter rising to 20,000 bbl/d in January, with 106 wells allocated to its working interest, and said the field could continue at current rates until around 2030. For Bajo del Toro, Vista said production is about 2,000 bbl/d and that it sees “significant upside,” while also noting infrastructure considerations for full development.
On drilling and completion costs, management said initiatives including bulk frac sand, a proprietary real-time monitoring tool (Xtrema Completion Shop), and contract renegotiations helped drive second-half 2025 D&C cost to $12.1 million per well in Bajada del Palo Este for a normalized 2,800-meter lateral with 47 frac stages. The company said it is pursuing additional projects—such as a sand washing plant tied to a new mine closer to operations, completion-service bundling, natural gas-powered pumping technology, and new casing designs—targeting $11.7 million per well in 2026 and $11.3 million in 2027, with management suggesting further improvement may be possible.
On lifting costs, management characterized the $4.1 per BOE fourth-quarter result as “exceptional,” while guiding to $4.4 per BOE for 2026 and warning that costs typically rise sequentially in the first quarter due to timing and maintenance projects.
Vista reiterated a capital allocation framework it presented at its Investor Day, emphasizing flexibility among buybacks and dividends, M&A, and debt reduction. The company said it plans to seek an extension of its repurchase authorization at the upcoming April shareholder meeting and expects the program to be larger than the 2025 plan.
Management also provided a reference point for maintenance capital needs, stating that at 100,000 bbl/d, sustaining CapEx would be roughly $700 million to $750 million annually. Assuming a production level around 150,000 bbl/d by year-end including the Equinor assets, Vista said it would need about 60 wells and roughly $850 million of CapEx to keep production flat.
In financing comments, management said the initial $387 million cash payment related to the Equinor transaction would be funded 100% with debt, with Vista aiming to keep cash balances stable. The company said it agreed a $600 million bridge loan with three “top-tier” banks to cover the initial cash payment.
Vista also discussed the launch of its trading arm, VASA, describing it as part of an export-oriented strategy. The company said it exported 22 million barrels in 2025, generating $1.4 billion of export revenues, and expects exports to double by 2028. While management said VASA’s margin impact should not be material to companywide results, it expects the unit to expand market reach and provide flexibility for short-term hedging to help manage quarterly cash flow.
Vista Energy (NYSE: VIST) is an independent energy company focused on the exploration, development and production of oil and natural gas resources in Mexico. The company operates through two primary segments: upstream exploration and production, and midstream and specialist services. By integrating both segments, Vista Energy seeks to capture value across the energy value chain, from field operations to the delivery of processed gas to industrial and power-generation customers.
In its upstream segment, Vista Energy holds interests in onshore gas fields in northeastern Mexico and shallow-water properties in the Bay of Campeche.
