Vista Energy (NYSE:VIST) reported a sharp increase in second-quarter 2026 revenue, adjusted EBITDA and free cash flow, as higher oil prices and the consolidation of newly acquired Vaca Muerta assets lifted production and cash generation.
Chairman and CEO Miguel Galuccio said the quarter was “marked by the closing of the acquisition of Equinor assets in Vaca Muerta,” referring to interests in the Bandurria Sur and Bajo del Toro blocks. He said the transaction, combined with organic growth, moved the company to “a new scale” and positioned Vista to benefit from higher oil prices.
Revenue and EBITDA rise on higher output and prices
Vista reported total revenue of $1.15 billion for the quarter, up 89% from the same period last year and 66% from the prior quarter. Galuccio said the increase was driven by higher oil production and stronger oil prices.
Oil exports increased 54% year over year to 8.6 million barrels, representing 72% of Vista’s oil sales volume. The company’s realized oil price was $89.40 per barrel, up 44% year over year and 49% sequentially, reflecting higher Brent prices and improved differentials. Galuccio said Vista sold 100% of its oil volumes at export parity prices, both domestically and internationally.
Adjusted EBITDA totaled $805 million, up 99% from a year earlier and 79% from the previous quarter. Net income was $322 million, a 37% year-over-year increase and up 199% sequentially. Excluding the gain from the La Amarga Chica acquisition in the second quarter of 2025, Galuccio said net income expanded by more than nine times year over year. Earnings per share were $3.
Lifting costs were $4.50 per barrel of oil equivalent, down 4% from a year earlier, which management attributed to Vista’s low-cost asset base and fixed-cost dilution as the company gained scale. On a sequential basis, lifting costs increased because of inflation in peso-denominated goods and services amid flat exchange rates. Selling expenses were $4.10 per barrel of oil equivalent, up 8% year over year, mainly due to higher oil prices affecting turnover tax.
Equinor acquisition adds to production base
Galuccio said Vista connected 90 new wells over the last 12 months, supporting 20% production growth compared with the second quarter of 2025. In addition, the consolidation of Vista’s working interests in Bandurria Sur and Bajo del Toro as of May 1 added an average of 14,200 barrels of oil equivalent per day during the quarter.
Because the assets were consolidated for only part of the period, Galuccio said the acquired production reflects a run rate of about 21,000 barrels of oil equivalent per day, which will be fully reflected in the third quarter. Vista’s total production in May and June averaged 161,600 barrels of oil equivalent per day.
During the question-and-answer session, Galuccio said Vista’s consolidated share was approximately 19,000 barrels of oil equivalent per day in Bandurria Sur and 2,000 barrels of oil equivalent per day in Bajo del Toro. He said Bandurria Sur currently has three rigs running, and production there is expected to remain relatively flat or grow slightly toward year-end. For Bajo del Toro, which he described as an appraisal block, Vista is analyzing a plan with YPF that includes filing a RIGI application this year and drilling pilot wells over the next two years.
Cash flow improves as leverage target remains in focus
Cash flow from operating activities was $985 million, including a $274 million decrease in working capital, mostly tied to the normalization of the working capital position at Vista’s trading subsidiary, Beisa. The company also made an income tax payment of $53 million.
Cash flow used in investing activities was $886 million, including $467 million of accrued capital expenditures, the $392 million payment related to the Equinor acquisition and a $21 million increase in capital expenditure-related working capital. Net of the Equinor acquisition, free cash flow was $491 million.
Vista ended the quarter with $605 million in cash. Its net leverage ratio was 1.41 times adjusted EBITDA at quarter-end, or 1.25 times on a pro forma basis including the last 12 months of adjusted EBITDA for the acquired assets. Galuccio said Vista plans to use part of its free cash flow to reduce net leverage toward its target of around 1.0 times by year-end.
Guidance maintained, with oil-price sensitivity provided
Vista maintained its 2026 adjusted EBITDA guidance of $3 billion, based on an $85-per-barrel oil price assumption. Galuccio added that, given oil price volatility, each $10-per-barrel change in oil prices during the second half of the year would affect adjusted EBITDA by approximately $200 million.
Asked about the production outlook, Galuccio said Vista’s production was averaging 162,000 barrels of oil equivalent per day month-to-date in July. He forecast third-quarter production of 160,000 barrels of oil equivalent per day and fourth-quarter production of 170,000 barrels of oil equivalent per day. He said the company remains confident in reaching its 2026 guidance of 158,000 barrels of oil equivalent per day and added that he is “personally probably a bit more optimistic” that Vista could exceed that level.
On capital allocation, Galuccio said growth remains Vista’s priority. He said the company intends to retain flexibility to pursue M&A, additional capital spending on projects that create future opportunities, short-term buybacks and, potentially, a future shareholder return policy. In the near term, however, he said the focus is on deleveraging.
Management discusses infrastructure, costs and future projects
Galuccio said the VMOS pipeline project is progressing well, with overall execution at 65%. He said the pipeline portion was 82% complete, onshore storage was 38% complete and the offshore terminal was 73% complete. Full project completion is expected by mid-2027. He said Vista does not currently expect changes to its evacuation plan or the need to add trucking capacity.
On drilling and completion costs, Galuccio said oilfield service pricing in Argentina is becoming more tied to scale, volume and competition as the country’s macroeconomic conditions normalize. He also cited innovation, including moving sand supply closer to operations, engineering completion processes to use wet sand and switching frac pumps from gasoline to gas.
Asked about additional M&A, Galuccio said Vista remains focused on consolidating core acreage in Vaca Muerta shale oil assets. He said the company is not currently looking to dilute its position in northern acreage, given current market conditions and Vista’s balance sheet.
Galuccio also said Vista is finalizing documentation to file a RIGI application for Bandurria Norte in the coming weeks and is working on other potential projects, including Águila Mora, Coirón Amargo Norte and Bajo del Toro with YPF. He said the government framework has helped Vista advance projects in its plan.
About Vista Energy (NYSE:VIST)
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.
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