olivLaw · US equity research
Vista Energy, S.A.B. de C.V. VIST
Crude Petroleum & Natural Gas · SIC 1311 · Vertical: Crude Petroleum & Natural Gas (SIC 1311)
Vista Energy is an independent Latin American company focused on shale oil in Vaca Muerta, Argentina, and is described as the largest independent oil producer and largest oil exporter in Argentina, according to official filings. For fiscal 2025 revenue from contracts with customers was 2474.197 million USD and Adjusted EBITDA 1596.346 million USD, a 64% margin, which explains current interest in expanding through the Equinor asset acquisition.
The AI analysis may be outdated: new filings came after its sources (see the «AI analysis» section).
At the close of 04 Nov 2026, Vista Energy, S.A.B. de C.V. (VIST) stock was 62.02 USD (−8.69% on the day), with market capitalisation 5.9 bn USD, P/E 13.4 on diluted EPS of 4.63 USD over the last 12 months, beta 0.69, 52-week range 43.88–79.25 USD. Latest reported quarter (Q1 2018): revenue of 44.5 m USD, net income of -6.6 m USD.
Data as of · AI analysis dated · Source: SEC filings and closing prices, computed by olivLaw.
Price history
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Technical reading
- RSI (14)
- 33.6
- weak (30–45)
- Bollinger (20, 2)
- 64.40 – 75.38
- below the lower band · %B -0.22 · band width 15.7%
- SMA 50 / 200
- 70.61 / 67.35
- mixed trend
- MACD (12, 26, 9)
- -0.60 / 0.17
- MACD below signal
Indicators describe past prices; on their own they do not predict direction. On our history the RSI ≤ 40 filter added no return (see the signals methodology).
Performance
| Company | S&P 500 | vs S&P 500 | Vertical median | |
|---|---|---|---|---|
| 1 month | −6.8% | −2.0% | −4.8 pp | — |
| 3 months | −3.2% | −2.2% | −1.0 pp | — |
| 6 months | −9.6% | +4.3% | −13.8 pp | — |
| Year to date | +27.5% | +10.6% | +16.9 pp | — |
| 1 year | +27.7% | +10.5% | +17.2 pp | +18.1% |
| 3 years | +120.2% | +73.7% | +46.6 pp | +18.9% |
| 5 years | +960.2% | +61.7% | +898.4 pp | — |
Price returns, dividends excluded.
Quarterly results
Latest quarter: Q1 2018 · 03 Apr 2018
Quarterly margins
Quarterly statements · USD
| Fiscal year | Q1 '18 |
|---|---|
| Revenue | 44.5 m |
| Gross profit | 5.8 m |
| Operating income | 2.3 m |
| Depreciation & amortisation | 14.2 m |
| Interest expense | 23.0 k |
| Pre-tax income | 1.3 m |
| Income tax | 8.0 m |
| Net income | -6.6 m |
| Operating cash flow | 22.3 m |
| Capex | 12.5 m |
E/P over time
E/P = trailing-12-month diluted EPS / price at quarter end. E/P is the inverse of P/E and stays defined when earnings are negative.
Today's P/E sits at the 100 percentile of its own 4-quarter history (min 5.7, median 8.6, max 11.7; quarters with earnings only).
Fiscal years
| Fiscal year | 2017 | 2019 | 2020 | ⚠ 2021 | 2022 | 2023 | 2024 |
|---|---|---|---|---|---|---|---|
| Revenue | 198.1 m | 416.0 m | 273.9 m | 665.3 m | 1.2 bn | 1.2 bn | 1.6 bn |
| Revenue YoY | unavailable | unavailable | −34.1% | — | +78.5% | −1.6% | +41.0% |
| Net income | 13.9 m | -32.7 m | -102.7 m | 50.7 m | 269.5 m | 397.0 m | 477.5 m |
| Net income YoY | unavailable | unavailable | unavailable | — | +432.2% | +47.3% | +20.3% |
| Diluted EPS | unavailable | -0.41 | -1.18 | 0.54 | 2.76 | 4.00 | 4.63 |
| Diluted EPS YoY | unavailable | unavailable | unavailable | — | +407.4% | +45.2% | +15.8% |
| net % | 7.0% | -7.9% | -37.5% | 7.6% | 22.7% | 34.0% | 29.0% |
| Free cash flow | 14.4 m | -106.1 m | -59.5 m | 80.1 m | 210.7 m | 23.6 m | -93.5 m |
The series breaks before 2021: earlier years come from the original reports of the issuer of that time, later years from a subsequent filing that restated the perimeter (a separation, discontinued operations). The year-on-year change across the break is not shown.
Reported results vs expectations
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Balance sheet & financial health
Fiscal year 2024 · 31 Dec 2024
- Cash
- 764.3 m USD
- Financial debt
- 1.4 bn USD
- Net debt
- 638.0 m USD
- Equity
- 1.6 bn USD
- Total assets
- 4.2 bn USD
- Debt / equity
- 0.86x
- Current ratio
- 0.99x
- ROE
- 33.3%
- ROA
- 14.0%
- FCF margin
- -5.7%
Financial statements (source on every figure)
Revenue and net income (USD)
Margins
Income statement · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Revenue | 416.0 m | 273.9 m | 665.3 m | 1.2 bn | 1.2 bn | 1.6 bn | SEC (XBRL)· 09 Apr 2025verified |
| Gross profit | 87.8 m | 2.4 m | 266.6 m | 630.2 m | 591.2 m | 817.7 m | SEC (XBRL)· 09 Apr 2025verified |
| Operating income | 14.6 m | -70.0 m | 210.6 m | 529.1 m | 631.5 m | 625.4 m | SEC (XBRL)· 09 Apr 2025verified |
| Depreciation & amortisation | 153.0 m | 147.7 m | 191.3 m | 234.9 m | 276.4 m | 437.7 m | SEC (XBRL)· 09 Apr 2025verified |
| EBITDA | 167.6 m ≈ | 77.7 m ≈ | 401.9 m ≈ | 764.0 m ≈ | 907.9 m ≈ | 1.1 bn ≈ | SEC (XBRL)· 09 Apr 2025derived |
| Interest expense | 34.2 m | 47.9 m | 50.7 m | 28.9 m | 21.9 m | 62.5 m | SEC (XBRL)· 09 Apr 2025verified |
| Pre-tax income | -16.5 m | -112.9 m | 152.8 m | 433.5 m | 545.4 m | 590.8 m | SEC (XBRL)· 09 Apr 2025verified |
| Income tax | 16.2 m | -10.1 m | 102.1 m | 164.0 m | 148.4 m | 113.3 m | SEC (XBRL)· 09 Apr 2025verified |
| Net income | -32.7 m | -102.7 m | 50.7 m | 269.5 m | 397.0 m | 477.5 m | SEC (XBRL)· 09 Apr 2025verified |
| Diluted EPS | -0.41 | -1.18 | 0.54 | 2.76 | 4.00 | 4.63 | SEC (XBRL)· 09 Apr 2025verified |
| Weighted average diluted shares | 80.1 m | 87.5 m | 93.3 m | 97.8 m | 99.2 m | 103.1 m | SEC (XBRL)· 09 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating income + Depreciation & amortisation.
Balance sheet · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Cash | 260.0 m | 202.9 m | 315.0 m | 244.4 m | 213.3 m | 764.3 m | SEC (XBRL)· 09 Apr 2025verified |
| Receivables | 93.4 m | 51.0 m | 46.1 m | 90.4 m | 205.1 m | 281.5 m | SEC (XBRL)· 09 Apr 2025verified |
| Inventories | 19.1 m | 13.9 m | 14.0 m | 12.9 m | 7.5 m | 6.5 m | SEC (XBRL)· 09 Apr 2025verified |
| Current assets | 372.6 m | 267.8 m | 375.1 m | 347.7 m | 425.9 m | 1.1 bn | SEC (XBRL)· 09 Apr 2025verified |
| Property, plant & equipment, net | 917.1 m | 1.0 bn | 1.2 bn | 1.6 bn | 1.9 bn | 2.8 bn | SEC (XBRL)· 09 Apr 2025verified |
| Goodwill | 28.5 m | 28.5 m | 28.4 m | 28.3 m | 22.6 m | 22.6 m | SEC (XBRL)· 09 Apr 2025verified |
| Intangibles (excl. goodwill) | 34.0 m | 21.1 m | 3.9 m | 6.8 m | 10.0 m | 15.4 m | SEC (XBRL)· 09 Apr 2025verified |
| Total assets | 1.4 bn | 1.4 bn | 1.7 bn | 2.0 bn | 2.6 bn | 4.2 bn | SEC (XBRL)· 09 Apr 2025verified |
| Accounts payable | 98.3 m | 118.6 m | 138.5 m | 221.0 m | 205.1 m | 487.2 m | SEC (XBRL)· 09 Apr 2025verified |
| Long-term debt | 389.1 m | 349.6 m | 447.8 m | 477.6 m | 554.8 m | 1.4 bn | SEC (XBRL)· 09 Apr 2025verified |
| Current liabilities | 193.0 m | 333.7 m | 385.7 m | 408.3 m | 359.4 m | 1.1 bn | SEC (XBRL)· 09 Apr 2025verified |
| Total liabilities | 781.4 m | 864.1 m | 1.1 bn | 1.2 bn | 1.4 bn | 2.6 bn | SEC (XBRL)· 09 Apr 2025verified |
| Equity | 603.7 m | 508.5 m | 565.3 m | 844.1 m | 1.2 bn | 1.6 bn | SEC (XBRL)· 09 Apr 2025verified |
| Shares outstanding at year end | 87.3 m | 87.9 m | 88.6 m | 88.4 m | 95.4 m | — | SEC (XBRL)· 23 Apr 2024verified |
Cash flow · USD
| Line | 2019 | 2020 | 2021 | 2022 | 2023 | 2024 | Source (latest year) |
|---|---|---|---|---|---|---|---|
| Operating cash flow | 134.3 m | 93.8 m | 401.4 m | 689.8 m | 712.0 m | 959.0 m | SEC (XBRL)· 09 Apr 2025verified |
| Capex | 240.3 m | 153.3 m | 321.3 m | 479.0 m | 688.4 m | 1.1 bn | SEC (XBRL)· 09 Apr 2025verified |
| Free cash flow | -106.1 m ≈ | -59.5 m ≈ | 80.1 m ≈ | 210.7 m ≈ | 23.6 m ≈ | -93.5 m ≈ | SEC (XBRL)· 09 Apr 2025derived |
| Investing cash flow | -235.0 m | -156.1 m | -295.5 m | -582.7 m | -699.3 m | -1.1 bn | SEC (XBRL)· 09 Apr 2025verified |
| Financing cash flow | 266.3 m | 30.9 m | 6.5 m | -143.2 m | 19.6 m | 641.2 m | SEC (XBRL)· 09 Apr 2025verified |
| Share repurchases | — | — | — | 29.3 m | 0 | 99.8 m | SEC (XBRL)· 09 Apr 2025verified |
≈ computed by olivLaw from the reported lines of the same year: Operating cash flow − Capex.
Computed indicators
Growth
Profitability
Returns
Balance sheet
Liquidity
Cash
Efficiency
Market and valuation
Risk
Valuation
olivLaw classification
Score: 56 / 100
A scoring methodology on indicators and valuation, not investment advice.
Closing price
04 Nov 2026Source: olivLaw, closing series
Market cap: 5.9 bn USD
Key indicators
Coverage and freshness
The data is older than the freshness threshold.
Score by group
- Valuation19
- Balance sheet71
- Quality66
- Growth100
- Returns24
Estimated value range
The combined range = the median of the valid methods' low, central and high values; it is not a probability interval and does not cover every result. Envelope of all methods: 32.13 – 58.69 USD.
Valuation assumptions are editorial choices, not measured; beta is not measured.
Method ranges (USD per share)
— — Mid · ▏ Price
Valuation methods
- DCF (discounted cash flow)unavailable · the base of the ratio is not positive
- Peers: EV/EBITDA32.13 – 55.51 (Mid 41.90)13 companies used · median multiple 4.4x · quartiles 3.5x – 5.6xAPA, AR, CRK, DEC, EOG, EQT, EXE, MTDR, MUR, OVV, PARR, REPX, WTI
- Peers: P/E36.02 – 58.69 (Mid 44.46)18 companies used · median multiple 9.6x · quartiles 7.8x – 12.7xANNA, APA, AR, CKX, CRK, DEC, DVN, EOG, EQT, EXE, MTDR, MUR, OVV, OXY, PARR, PR, REPX, TTE
- Dividend discount (DDM)unavailable · the company pays no dividend: a dividend model needs an explicit initiation assumption
Classification (SIC) comparables group by industry code, not by economic activity; the direct group is an editorial selection by activity. Members' multiples are on their own trailing twelve months, at their own latest close.
Assumptions (illustrative, editorial)
- Risk-free rate
- 4.3%
- Equity risk premium
- 5.0%
- Beta (default)
- 1.00
- Cost of equity
- 9.3%
- Terminal growth
- 2.5%
Factor scorecard
Neutral profile · Score 56/100
| Factor | Value | Score | Weight used |
|---|---|---|---|
| ROIC · Quality | 26.3% | 90 (vs peers) | 11% |
| Net margin · Quality | 29.0% | 92 (vs peers) | 7% |
| FCF conversion · Quality | -19.6% | 0 (on a fixed band) | 7% |
| Revenue CAGR 3Y · Growth | 35.3% | 100 (on a fixed band) | 9% |
| EPS CAGR 3Y · Growth | 104.3% | 100 (on a fixed band) | 9% |
| Net debt / EBITDA · Balance sheet | 0.6x | 76 (vs peers) | 11% |
| Interest coverage · Balance sheet | 10.0x | 100 (on a fixed band) | 7% |
| Current ratio · Balance sheet | 1.0x | 16 (on a fixed band) | 4% |
| P/E (TTM) · Valuation | 13.4x | 33 (vs peers) | 11% |
| EV/EBITDA · Valuation | 6.2x | 19 (vs peers) | 11% |
| FCF yield · Valuation | -1.6% | 0 (on a fixed band) | 9% |
| Shareholder yield (distributions) · Returns | 1.7% | 24 (on a fixed band) | 7% |
| Payout ratio (FCF) · Returns | unavailable | unavailable | — |
Factors without a value were dropped; the remaining weights were renormalised.
Score groups
- Balance sheet71/100 · 3/3 factors with a value
- Growth100/100 · 2/2 factors with a value
- Quality66/100 · 3/3 factors with a value
- Returns· partial24/100 · 1/2 factors with a value
- Valuation19/100 · 3/3 factors with a value
A «partial» group is computed from under half of its weight or from one factor: it is not a full assessment of the group.
Memo
Vista Energy, S.A.B. de C.V. (VIST). Latest full fiscal year: 2024; data up to 2024-12-31.
Figures computed from the financial statements: revenue 1.6 bn USD in 2024; YoY growth 41.0%; net margin 29.0%; ROE 33.3%; net debt/EBITDA 0.6x.
The estimated value range is 34.07–57.10 USD per share (median of 2 methods, agreement: same basis (multiples on one peer group, not independent confirmations)); assumptions are illustrative. Against the central value of 43.18 USD, the price of 62.02 USD leaves a potential of -30.4% (value / price − 1) and a margin of safety of -43.6% (1 − price / value). The range is the median of the methods' low, central and high values, not a probability interval.
olivLaw score 56/100, methodological classification: neutral profile (score, margin of safety and method agreement together; not a judgement of the right price). Groups assessed only in part: returns. Not investment advice.
Text generated deterministically from the figures shown; no language model. Not investment advice.
What supports the thesis
- ROIC: 26.3%
- Net margin: 29.0%
- Revenue CAGR 3Y: 35.3%
- EPS CAGR 3Y: 104.3%
- Net debt / EBITDA: 0.6x
- Interest coverage: 10.0x
What contradicts it
- FCF conversion: -19.6%
- Current ratio: 1.0x
- EV/EBITDA: 6.2x
- FCF yield: -1.6%
- Shareholder yield (distributions): 1.7%
- The price is above the estimated value range
Not assessed (insufficient data or a ratio without meaning): Payout ratio (FCF).
Versus the vertical median
Crude Petroleum & Natural Gas (SIC 1311) · same industry (4-digit SIC) · compared with 39 companies
Multiples and returns vs the median
Price rebased to 100 (monthly, 5 years)
Companies in the vertical
| Market cap | P/E | ROE | Net margin | Revenue YoY | 1A / 3A | |
|---|---|---|---|---|---|---|
| TTETotalEnergies SE | 199.6 bn | 15.7 | 11.3% | 6.5% | −6.2% | +38% / +33% |
| PBRPetrobras - Petroleo Brasileiro SA | 145.9 bn | 33.8 | 10.9% | 8.2% | −10.7% | +56% / +28% |
| EOGEog Resources, Inc. | 81.4 bn | 12.1 | 22.5% | 25.4% | −4.5% | +44% / +26% |
| OXYOccidental Petroleum Corporation | 60.4 bn | 9.1 | 18.9% | 33.7% | −1.9% | +44% / +2% |
| FANGDiamondback Energy, Inc. | 53.9 bn | 37.4 | 3.8% | 8.6% | +35.8% | +26% / +25% |
| DVNDevon Energy Corp | 52.4 bn | 11.3 | 11.5% | 16.7% | +7.8% | +28% / +6% |
| EQTEqt Corporation | 33.9 bn | 12.9 | 10.9% | 28.4% | +63.9% | −11% / +36% |
| EXEExpand Energy Corporation | 20.8 bn | 7.8 | 14.6% | 19.8% | +186.3% | −26% / +12% |
| PRPermian Resources Corporation | 20.1 bn | 15.9 | 11.5% | 21.5% | +1.3% | +66% / +83% |
| OVVOvintiv Inc. | 17.9 bn | 13.4 | 12.1% | 12.8% | −2.7% | +62% / +50% |
| APAApa Corporation | 16.7 bn | 10.1 | 25.9% | — | unavailable | +91% / +33% |
| ARAntero Resources Corporation | 11.5 bn | 8.4 | 17.6% | 21.7% | +22.0% | +3% / +58% |
| MTDRMatador Resources Company | 6.2 bn | 8.6 | 12.8% | 19.9% | +5.5% | +19% / −13% |
| VISTVista Energy, S.A.B. de C.V. | 5.9 bn | 13.4 | 33.3% | 29.0% | +41.0% | +28% / +120% |
| MURMurphy Oil Corporation | 5.2 bn | 17.8 | 5.6% | 9.8% | −10.2% | +12% / −16% |
| CRCCalifornia Resources Corp | 4.3 bn | — | -15.5% | -18.1% | +14.7% | +1% / −6% |
| CRKComstock Resources, Inc. | 3.9 bn | 7.6 | 21.1% | 23.3% | +77.0% | −50% / +36% |
| PARRPar Pacific Holdings, Inc. | 3.5 bn | 4.1 | 54.7% | 9.9% | −6.4% | +53% / +103% |
| TBNTamboran Resources Corporation | 982.4 m | — | -4.8% | — | unavailable | +18% / unavailable |
| REPXRiley Exploration Permian, Inc. | 950.0 m | 7.8 | 19.9% | 24.5% | −4.4% | +57% / +74% |
| DECDiversified Energy Company | 943.4 m | 2.3 | 47.6% | 22.6% | +141.5% | −11% / +1,434% |
| TTITETRA Technologies, Inc. | 917.3 m | 100.8 | 2.5% | 1.4% | +5.3% | −20% / +31% |
| AESIAtlas Energy Solutions Inc. | 843.0 m | — | -12.1% | -13.0% | +3.7% | −22% / −61% |
| EGYVaalco Energy Inc | 568.0 m | — | -24.4% | -31.1% | −25.0% | +51% / +16% |
| WTIW&T Offshore, Inc. | 497.2 m | — | — | -8.4% | −4.5% | +81% / −4% |
1- and 3-year price returns: for VIST from daily closes (the same as the performance table), for the other companies from month-end closes.
olivLaw engine forecast
The world engine ran after the company's latest material disclosure. Probabilities are of TOUCHING a level within the horizon (not closing there) and sit next to the random walk (p_rw), the no-information benchmark.
The engine has no published run for this company yet.
Valuation scenarios (editable assumptions)
Illustrative scenarios
Illustrative: not forecasts and without probabilities. Each case is one coherent set of assumptions, computed on today's figures.
Estimated price (USD)
| Estimated price | Bear | Base | Bull |
|---|---|---|---|
| 1 years | 43.81 Total return -29% · Per year -29% | 77.09 Total return 24% · Per year 24% | 115.64 Total return 86% · Per year 86% |
| 3 years | 51.96 Total return -16% · Per year -6% | 101.96 Total return 64% · Per year 18% | 166.52 Total return 168% · Per year 39% |
| 5 years | 61.63 Total return -1% · Per year -0% | 134.84 Total return 117% · Per year 17% | 239.79 Total return 287% · Per year 31% |
- Exit P/E± 25.49
- Net margin± 17.84
- Annual revenue growth± 13.31
- Annual dilution± 1.50
AI analysis
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (20 Oct 2026), 6-K (23 Sept 2026), 6-K (22 Sept 2026).
In brief
Vista Energy is an independent Latin American company focused on shale oil in Vaca Muerta, Argentina, and is described as the largest independent oil producer and largest oil exporter in Argentina, according to official filings. For fiscal 2025 revenue from contracts with customers was 2474.197 million USD and Adjusted EBITDA 1596.346 million USD, a 64% margin, which explains current interest in expanding through the Equinor asset acquisition.
SWOT
Strengths
- Leading independent position in Vaca Muerta, with large proved reserves and very low lifting costs, according to the filing 1.
- High operating margins and strong return on capital support free cash flow generation 1.
- A large inventory of ready-to-drill locations allows production growth without relying solely on acquisitions 1.
Weaknesses
Opportunities
- Integrating the Equinor assets could add scale and transport capacity in the area, if the transaction closes 1.
- Carbon capture and nature-based solutions projects could offset part of the company's carbon footprint 1.
- Expanding exports through its dedicated trading arm could improve revenue per barrel 1.
Risks
- Leverage and financing costhigh
Debt raised for acquisitions and deferred payments could reduce financial flexibility if prices fall 1.
- Oil price exposurehigh
Revenues depend heavily on oil prices, and prolonged declines could affect margins and investment plans 1.
- Geographic concentrationmedium
Operations in Argentina could be affected by country-specific political, currency or fiscal changes 1.
- Acquisition integrationmedium
Integrating the Equinor assets could face operational difficulties or delays versus the expected timetable 1.
- Environmental regulationlow
Emission reduction targets could become more costly if regulatory requirements tighten 1.
Investment thesis
What would need to be true (bull case)
- If the Equinor transaction closes and the assets add immediate production, the company could grow scale and free cash flow on an already solid reserve base 1.
- Very low lifting costs and high margins could let the company sustain profitability even in weaker price periods 1.
- A large drilling inventory could support long-term production growth without depending solely on new acquisitions 1.
What would break the thesis
- If oil prices fall, revenues and the capacity to repay debt could come under quick pressure, especially after the recent rise in borrowings 1.
- Integrating large assets and deferred payments could create unexpected costs or delays that reduce the anticipated benefits 1.
- Dependence on Argentina and local rules could expose the company to fiscal or political changes that affect profitability 1.
What to watch
- Closing of the Equinor transaction and the related contingent payment2026
- Production and lifting cost trends in the quarterly reportingQ1 2027
- Evolution of net leverage from the 1.6x level reported for 20252027
- Updates to the drilling inventory and certified proved reservesnext 10-K
Products, market & competition
AI-generatedAI-generated analysis (Claude) from cited public sources; it may contain errors. Not investment advice. As of 27 Oct 2026 · Model: claude-haiku-5-5.
Possibly outdated: the newest document it read is from 28 Apr 2026; since then the company filed 6-K (29 Oct 2026), 6-K (28 Oct 2026), 6-K (20 Oct 2026), 6-K (23 Sept 2026), 6-K (22 Sept 2026).
The business
Vista Energy, S.A.B. de C.V. is a Mexican-incorporated company headquartered in Mexico City that is engaged in oil and gas exploration and production. It holds high-quality, low-operating-cost assets in Argentina across approximately 228800 net acres in Vaca Muerta. Average daily production in 2025 was 115.5 Mboe/d, and in the fourth quarter of 2025 it reached 135.4 Mboe/d, according to the Form 20-F 1.
In February 2026 the company agreed to acquire non-operated interests in the Bandurria Sur and Bajo del Toro blocks from Equinor, with a payment at closing of approximately 712 million USD, including 387 million USD in cash 1. If the transaction closes, the company could materially increase its scale and add transport and processing capacity 1.
Segments
Market context
The filing describes Vaca Muerta as the largest shale oil and gas play under development outside North America, where Vista holds most of its production and reserves 1. Production and revenues depend on international demand, market prices and government regulation, which makes the business volatile 1.
The company sells its production into the commodity market where several creditworthy buyers are accessible, so the loss of any single customer is not expected by management to have a material adverse effect 1. Exposure to Brent oil prices is also visible in the contingent payment mechanism of the Equinor transaction 1.
Trends
- Expansion in Vaca Muertatailwind
The Equinor asset acquisition could increase scale and add cash-generating assets with production already in place, if the transaction closes 1.
- Higher leverageheadwind
Net debt rose sharply from 2024 and the net leverage ratio reached 1.6x at the end of 2025, which could limit financial flexibility if prices fall 1.
- Operating efficiencymixed
Lower lifting cost and lower drilling and completion cost per well support margins, though this could be offset if service cost inflation rises 1.
- Regulation and emissionsmixed
The company targets lower emission intensity, and its decarbonisation goals could become stricter requirements from authorities and investors 1.
Competitive position
The company compares itself with other independent producers in Argentina, Latin America and the US shale sector, based on leverage, margins and return on capital employed 1. The filing explicitly names YPF as partner and operator of blocks, including La Amarga Chica, and as buyer in the Equinor transaction 1.
Competition also centers on access to transport and processing infrastructure, where companies in the same area can share costs and capacity 1. Vista's competitive position could depend on its status as the largest independent oil exporter in Argentina 1.
- YPFYPF
Argentine oil company, operator of the La Amarga Chica block and buyer of interests in the Equinor transaction 1.
- Pan American Energy
Company that took a non-operated interest in the Acambuco concession from Vista 1.
- Tango Energy
Entity to which Vista transferred operatorship of certain conventional blocks effective 1 March 2023 1.
- Equinor
Seller of the Vaca Muerta assets that Vista negotiated to acquire in February 2026 1.
Links, dependencies and risks
Who the company is tied to, from its own SEC filings (customers, suppliers, production, partners, competitors, countries, regulation), from the 5 %+ holders' statements (13D/13G) and from what other companies say about it. Click a node for its evidence; on a listed company the graph moves to it.
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News & filings
In the press
- Vista, Elliott’s Cloud Software to Refinance $2 Billion of DebtBloomberg Markets · 02 Nov 2026 · EN
- Billionaire Villar’s Vista Land Profit Sinks 70% on Higher CostsBloomberg Markets · 26 Oct 2026 · EN
- Programming Picks : ¡ A La Vista ! ( with DJ El Perseguidor )Surge — GDELT DOC · 21 Oct 2026 · RO
- Bursă. Investimental, casa de brokeraj fondată de acţionarul principal al Superbet, a intrat oficial în grupul Vista BankZiarul Financiar · 18 Oct 2026 · RO
- Vista Bank Romania finalizează achiziția brokerului Investimental. Banca vrea să continue extindereaEconomedia · 16 Oct 2026 · RO
- Vista Bank finalizează achiziția Investimental și își extinde ecosistemul financiar pe segmentul piețelor de capitalFinancial Intelligence (RO) · 16 Oct 2026 · RO
- Vista Bank finalizează achiziţia Investimental, casa de brokeraj fondată de Sacha Dragic, acţionarul principal al Superbet. Banca îşi extinde astfel prezenţa pe pieţele de capitalZiarul Financiar · 16 Oct 2026 · RO
- Tranzacție finalizată în România: Vista Bank preia Investimental, societate de servicii de investiții financiare controlată de Sacha DragicProfit.ro · 16 Oct 2026 · RO
- Impact Developer & Contractor contractează un credit de la Vista BankProfit.ro · 13 Oct 2026 · RO
- Dezvoltatorul imobiliar Impact Developer&Contractor a contractat o facilitate de credit de 26,2 mil.lei de la VIsta Bank, pentru finanţarea activităţii curente a companieiZiarul Financiar · 09 Oct 2026 · RO
- Vista: Global Demand Strongest Since Post-Covid DaysBloomberg Markets · 08 Oct 2026 · EN
- „Hasta la vista, baby!” „Terminator” a devenit realitate: roboții umanoizi învechiți F.02 s-au autodistrus sărind în cuptorul cu oțel topitAdevărul · 02 Oct 2026 · RO
- Vucic si dimette in vista del voto anticipato . Per diventare primo ministro serboSurge — GDELT DOC · 28 Sept 2026 · RO
- Spark Expands Arapaima Gallium - Rare Earth Portfolio with Boa Vista Surface ResultsSurge — GDELT DOC · 24 Sept 2026 · RO
- Vista Gold (VGZ) Agrees to Sale. Can its Buyer Fund the Mt Todd Gold Mine?Yahoo Finance — News · 23 Sept 2026 · EN
- Exclusive-Vista Equity exploring strategic options for financial software provider Finastra, sources sayCNA (Channel NewsAsia) · 14 Sept 2026 · EN
- Mexico-Based Energy Leader Vista Eyes Buy Point As Oil Prices Surge On Middle East ConflictYahoo Finance — News · 14 Sept 2026 · EN
- Private Jet Firm Vista Explores $1 Billion Europe IPOBloomberg Markets · 27 Aug 2026 · EN
- Vista Energy up 5% after billionaire Peter Thiel buys stake in the Argentine shale oil producerCNBC World · 17 Aug 2026 · EN
- Advertising Technology Firm Criteo Attracts Vista Equity-Backed Takeover OfferBloomberg Markets · 06 Jul 2026 · EN
SEC filings
- Current report (foreign issuer)29 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)28 Oct 2026
- Current report (foreign issuer)20 Oct 2026
- Current report (foreign issuer)23 Sept 2026
- Current report (foreign issuer)22 Sept 2026
- Current report (foreign issuer)08 Sept 2026
- Current report (foreign issuer)17 Aug 2026
- Current report (foreign issuer)14 Aug 2026
- Current report (foreign issuer)13 Aug 2026
Sources
- [1] Form 20-F, fiscal year ended 2025-12-31 · SEC / Vista Energy, S.A.B. de C.V. · 28 Apr 2026
Figures computed by olivLaw from SEC filings and closing prices; the qualitative analysis is AI-generated from cited sources. Not investment advice.