Vista Energy, S.A.B. de C.V. - Sponsored ADR (VIST) shares soared 5.2% in the last trading session to close at $69.11. The move was backed by solid volume with far more shares changing hands than in a normal session. This compares to the stock's 21.4% gain over the past four weeks.The surge can be attributed to a favourable commodity price environment and Vista’s robust production outlook, driven by its strong presence in the Vaca Muerta shale. Vista Oil & Gas is involved in the exploration and production o ...

Core Viewpoint - Vista Energy, S.A.B. de C.V. (NYSE:VIST) is positioned to outperform in the current energy market due to its strategic assets and favorable market conditions [1][3]. Group 1: Company Overview - Vista Energy is a leading independent operator with significant assets in Vaca Muerta, the largest shale oil and gas play outside North America [2]. - The company has recently been recognized in investment lists, indicating its strong market position and potential for growth [4]. Group 2: Market Conditions - The ongoing conflict in the Middle East and the closure of the Strait of Hormuz have disrupted approximately 20% of the global crude oil supply, creating opportunities for companies like Vista [3]. - Brent crude oil prices have remained above $100 per barrel, significantly enhancing cash flow for Vista Energy [3]. Group 3: Analyst Ratings - Goldman Sachs has raised Vista Energy's price target from $53.20 to $66.90 while maintaining a 'Buy' rating, reflecting confidence in the company's future performance [2][6].

Core Viewpoint - Vista Energy, S.A.B. de C.V. (NYSE:VIST) is recognized as one of the best oil stocks with significant upside potential, supported by recent financial performance and production growth [1]. Financial Performance - Goldman Sachs raised the price target for Vista Energy to $66.90 from $53.20, maintaining a Buy rating on the shares [2][7]. - For fiscal Q4 and the full year 2025, Vista Energy reported total production of 135,000 BOEs per day, marking a 59% year-over-year increase and a 7% quarter-over-quarter increase [3]. - Oil production specifically reached 118,000 barrels per day, reflecting a 61% increase year-over-year and an 8% increase sequentially [3]. - Total revenues for the quarter were $689 million, which is 46% higher than the same quarter last year but 2% lower than the previous quarter, primarily due to lower oil prices [3]. - The lifting cost was reported at $4.1 per BOE, which is 20% lower year-over-year and 8% lower compared to Q3 [3]. Company Overview - Vista Energy is an oil and gas company engaged in exploration and production, with operations divided into Argentina and Mexico segments [4]. - The company’s assets include Vaca Muerta, recognized as the largest shale oil and gas play under development outside North America [4].

Core Viewpoint - Vista Energy, S.A.B. de C.V. (NYSE:VIST) is recognized as one of the top affordable energy stocks to consider for investment [1] Group 1: Price Target and Analyst Ratings - Morgan Stanley has increased the price target for Vista Energy from $73 to $74, maintaining an Overweight rating, reflecting adjustments to better align with Q4 2025 results [2] - The price adjustment is influenced by the Brent forward curve, which has shown an average increase of 6% to 9% for this year and the next [3] Group 2: Financial Performance - Vista Energy reported a 46% year-over-year increase in total revenues, reaching $689 million for the fourth quarter [4] - The company's earnings per share (EPS) of $0.80 fell short of the consensus estimate of $1.15 [4] - Total production for the company increased by 59% year-over-year, attributed to enhanced well inventory and improved operational efficiency [4] Group 3: Company Overview - Vista Energy is a Mexican company engaged in the exploration and production of oil and gas in Latin America, primarily focusing on the Vaca Muerta play in the Neuquina Basin, Argentina [5]

Company Overview - Vista Energy, S.A.B. de C.V. is a leading independent oil and gas producer in Latin America, with significant operations in the Vaca Muerta shale formation [5] - The company focuses on oil and gas exploration and production, primarily generating revenue from the extraction and sale of crude oil and natural gas [7] - As of the latest data, Vista Energy's market capitalization is $6.5 billion, with a revenue of $2.23 billion and a net income of $727.14 million [4] Recent Developments - Equinox Partners Investment Management initiated a new stake in Vista Energy during the fourth quarter, acquiring 150,367 shares valued at $7.32 million [1][2] - Vista Energy now represents 3.82% of Equinox Partners' 13F assets under management (AUM) [6] - The stock price of Vista Energy was $60.86, reflecting a 32% increase over the past year, significantly outperforming the S&P 500's 16% gain [6] Operational Performance - In 2025, Vista reported total production of approximately 115,000 barrels of oil equivalent per day, marking a 66% increase from the previous year [9] - Revenues for the same period climbed 48% to about $2.44 billion, with adjusted EBITDA reaching approximately $1.6 billion [9] - The operational momentum is attributed to new shale wells and an increased stake in the La Amarga Chica block, which helped offset weaker oil prices [9] Strategic Positioning - Vista Energy is positioned as a fast-growing shale producer, which complements the broader portfolio profile of Equinox Partners, which leans heavily towards commodity producers and precious metals [10] - The addition of Vista Energy introduces a different energy lever while maintaining the fund's resource-focused strategy [10]

Core Insights - Vista Energy (VIST) reported fourth-quarter 2025 adjusted earnings per share of 49 cents, missing the Zacks Consensus Estimate of $1.12, but improved from 23 cents in the prior-year quarter. Quarterly revenues reached $719 million, surpassing the Zacks Consensus Estimate of $692 million [1][8]. Production and Financial Performance - Total production averaged 135,414 barrels of oil equivalent per day (Boe/d), a 59% increase from 85,276 Boe/d in the year-ago quarter, with 87% of the output being crude oil. This increase was primarily driven by the acquisition of a 50% working interest in the La Amarga Chica block [3][4]. - Crude oil production rose to 118,285 barrels per day (Bbls/d) from 73,491 Bbls/d a year ago, attributed to the tie-in of 40 net wells during the third and fourth quarters of 2025. Natural gas liquids production increased by 54% year over year to 666 Boe/d, while natural gas output rose by 45% to 2.62 million cubic meters per day (MMm/d) [4]. Pricing and Costs - The average realized crude oil price was $58.9 per barrel, down 12% from $67.1 a year ago. The average realized natural gas price decreased to $1.80 per million British thermal units (MMBtu) from $2.30, and realized natural gas liquids price fell 4% to $344 per metric ton from $360 [5]. - Lifting costs totaled $4.1 per Boe, a 12% decline year over year from $4.7, due to better absorption of fixed costs and cost control measures. Selling expenses were $4.2 per Boe, down 48% from the previous year, mainly due to the operationalization of the Oldelval Duplicar pipeline [6]. Balance Sheet and Capital Expenditure - As of December 31, 2025, Vista Energy had $538.4 million in cash and short-term investments, with gross financial debt at $3.15 billion. Capital expenditure for the quarter was $355.1 million, and net cash from operating activities was $435.3 million [7]. Future Guidance - For 2026, Vista Energy expects total production to be around 140 Mboe/d, with adjusted EBITDA guidance projected at $1.9 billion, assuming an average oil price of $65 per barrel. Capital expenditure guidance is forecasted to be between $1.5 billion and $1.6 billion [8][9].

Financial Data and Key Metrics Changes - In Q4 2025, total production reached 135,000 BOEs per day, a 59% increase year-over-year and a 7% increase quarter-over-quarter [7][9] - Total revenues for the quarter were $689 million, up 46% year-over-year but down 2% from the previous quarter [7][9] - Adjusted EBITDA was $444 million, a 62% increase year-over-year, while net income was $86 million, resulting in earnings per share of $0.8 [8][11] - Free cash flow was $76 million during the quarter, driven by strong operational cash flow [12] - The net leverage ratio at year-end was 1.5x, flat quarter-on-quarter [13] Business Line Data and Key Metrics Changes - Oil production was 118,000 barrels per day, reflecting a 61% year-over-year increase and an 8% increase quarter-over-quarter [9][10] - Gas production increased by 45% year-over-year [9] - Lifting costs were $4.1 per BOE, down 20% year-over-year and 8% quarter-over-quarter [7][10] Market Data and Key Metrics Changes - Oil exports doubled year-over-year to 7.1 million barrels in Q4 2025, representing 64% of total sales volume [10] - The realized oil price averaged $58.9 per barrel, down 12% year-over-year and 9% quarter-over-quarter [10] Company Strategy and Development Direction - The company aims to produce over 200,000 BOEs per day by the end of the decade, supported by the acquisition of a 50% stake in La Amarga Chica [5][6] - The strategic plan includes a focus on operational excellence and cost reduction, with a target of maintaining low lifting costs and enhancing production efficiency [15][21] - The company is pursuing further M&A opportunities to enhance its portfolio and long-term cash flow generation [21] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on its 2026 guidance, citing strong operational performance and cost savings [20][96] - The company anticipates a positive free cash flow generation in 2026, with expectations of $150 million to $200 million at a Brent price of $65 [56][78] - Management noted the positive impact of regulatory changes on investment acceleration in the basin [45] Other Important Information - The company executed a share buyback program of $50 million, purchasing 1.2 million shares at an average price of $41.2 per share [16][85] - The acquisition of Equinor's assets is expected to enhance the company's production capacity and operational synergies [19][21] Q&A Session Summary Question: What are the next steps regarding the acquisition of Bandurria Sur? - Management confirmed that the main milestone of clearing share rights of refusal has been achieved and they are currently undergoing the Chilean antitrust process [26] Question: How will the company allocate capital in the future? - Management indicated that most cash generated will be allocated through a capital allocation framework that includes buybacks, dividends, M&A, and debt reduction [33] Question: What are the current drilling and completion costs? - Management reported a DNC cost of $12.1 million per well in the second half of 2025 and expects further reductions through ongoing projects [38] Question: How does the new RIGI scheme affect development plans? - Management noted that the new RIGI scheme is positive for investment acceleration and could apply to several development blocks [44] Question: What are the expectations for production and EBITDA in 2026? - Management reiterated guidance of 140,000 BOEs per day for production and $1.9 billion for adjusted EBITDA in 2026 [55] Question: How will the acquisition of Equinor's assets be financed? - Management stated that the initial cash payment will be funded entirely with debt, and a bridge loan of $600 million has been arranged for acquisition financing [82]

Financial Data and Key Metrics Changes - Total production in Q4 2025 was 135,000 BOEs per day, a 59% increase year-over-year and a 7% increase quarter-over-quarter [7][9] - Total revenues for Q4 were $689 million, up 46% year-over-year but down 2% sequentially due to lower oil prices [7][9] - Adjusted EBITDA reached $444 million, a 62% increase year-over-year, while net income was $86 million, leading to earnings per share of $0.8 [8][11] - Free cash flow was $76 million during the quarter, driven by strong operational cash flow [12] - The net leverage ratio at year-end was 1.5 times on a pro forma basis, flat quarter-on-quarter [13] Business Line Data and Key Metrics Changes - Oil production was 118,000 barrels per day, reflecting a 61% year-over-year increase and an 8% increase quarter-over-quarter [9][10] - Gas production increased by 45% year-over-year [9] - Lifting costs were $4.1 per BOE, down 20% year-over-year and 8% sequentially [7][10] - Selling expenses decreased by 48% year-over-year, driven by the elimination of oil tracking [10] Market Data and Key Metrics Changes - Oil exports doubled year-over-year, reaching 7.1 million barrels in Q4 2025, representing 64% of total sales volume [10] - The realized oil price averaged $58.9 per barrel, down 12% year-over-year and 9% sequentially [10] Company Strategy and Development Direction - The company aims to produce more than 200,000 BOEs per day by the end of the decade, supported by the acquisition of a 50% stake in La Amarga Chica [5][6] - The strategic plan includes a focus on operational excellence, cost reduction, and M&A activities to enhance growth [15][21] - The company is investing in nature-based solutions to develop carbon credits and reduce greenhouse gas emissions intensity [15][16] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to continue delivering strong financial performance and operational growth in 2026 [16][20] - The company anticipates a positive free cash flow generation in 2026, with expectations of $150 million to $200 million at a $65 Brent price [56][78] - Management highlighted the importance of maintaining flexibility in capital allocation, including buybacks, dividends, and M&A opportunities [33][78] Other Important Information - The company executed a share buyback program of $50 million, purchasing 1.2 million shares at an average price of $41.2 per share [16][85] - The acquisition of Equinor's assets is expected to enhance the company's portfolio and production capacity [19][62] Q&A Session Summary Question: What are the next steps regarding the acquisition of Bandurria Sur? - Management confirmed that the main milestone of clearing share rights of refusal has been achieved and they are now going through the Chilean antitrust process [26] Question: How will the company allocate capital in the future? - Management indicated that most cash generated will be allocated through a capital allocation framework that includes buybacks, dividends, M&As, and debt reduction [33] Question: What are the current drilling and completion costs? - Management reported a DNC cost of $12.1 million per well in the second half of 2025 and expects further reductions through ongoing projects [38] Question: How does the new RIGI scheme affect development plans? - Management stated that the new RIGI scheme is positive for accelerating investment and growth in the basin, with specific projects potentially benefiting from the new regulations [44] Question: What are the expectations for production and EBITDA in 2026? - Management reiterated guidance for 2026, expecting production of 140,000 BOEs per day and adjusted EBITDA of $1.9 billion, excluding the Equinor acquisition [55][56] Question: What is the relationship with YPF after recent acquisitions? - Management described the relationship with YPF as strong, with aligned strategies and collaborative efforts leading to operational synergies [91]

Financial Data and Key Metrics Changes - Total production reached 135,000 BOEs per day, a 59% increase year-over-year and a 7% increase quarter-over-quarter [5][6] - Total revenues for Q4 were $689 million, up 46% year-over-year but down 2% sequentially due to lower oil prices [5][8] - Adjusted EBITDA was $444 million, a 62% increase year-over-year, with a margin of 64%, up 8 percentage points compared to the same quarter last year [10][12] - Net income for the quarter was $86 million, resulting in earnings per share of $0.8 [6][14] - Free cash flow was $76 million during the quarter, contributing to a strong operational cash flow [11][14] Business Line Data and Key Metrics Changes - Oil production was 118,000 barrels per day, reflecting a 61% year-over-year increase and an 8% increase quarter-over-quarter [5][7] - Gas production increased by 45% year-over-year [7] - Lifting costs were $4.1 per BOE, down 20% year-over-year and 8% sequentially, indicating improved cost efficiency [5][9] Market Data and Key Metrics Changes - Oil exports doubled year-over-year to 7.1 million barrels in Q4 2025, representing 64% of total sales volume [9] - The realized oil price averaged $58.9 per barrel, down 12% year-over-year and 9% sequentially [9] Company Strategy and Development Direction - The company aims to produce over 200,000 BOEs per day by the end of the decade, supported by the acquisition of a 50% stake in La Amarga Chica [4][12] - The acquisition of Equinor's assets in Vaca Muerta is expected to enhance the portfolio and add significant production growth potential [17][19] - The company is focused on operational excellence and cost reduction, with a commitment to reducing greenhouse gas emissions intensity [13][14] Management's Comments on Operating Environment and Future Outlook - Management expressed confidence in the company's ability to deliver on 2026 guidance, with expectations for continued production growth and improved financial performance [19][93] - The operational performance in 2025 was characterized by significant scale gains and cost savings, which are expected to continue [12][19] Other Important Information - The company executed a share buyback program of $50 million, purchasing 1.2 million shares at an average price of $41.2 per share [14][82] - The net leverage ratio at year-end was 1.5 times adjusted EBITDA, remaining flat quarter-on-quarter [12] Q&A Session Summary Question: What are the next steps regarding the acquisition of Bandurria Sur? - Management confirmed that the main milestone regarding share rights of refusal has been cleared, and they are currently going through the Chilean antitrust process [24] Question: How will the company allocate cash generated in the coming years? - Management indicated that cash will be allocated through a framework that includes buybacks, dividends, M&As, and debt reduction, maintaining flexibility based on available options [30] Question: What are the current drilling and completion costs, and future expectations? - Drilling and completion costs have been reduced to $12.1 million per well, with expectations for further reductions in the coming years [34] Question: How does the new RIGI scheme affect development plans? - The new RIGI scheme is seen as a positive change that could accelerate investment and growth in the basin, with specific projects being analyzed for applicability [41][42] Question: What are the expectations for production, EBITDA, and free cash flow in 2026? - The company expects production to reach 140,000 barrels per day in 2026, with adjusted EBITDA of $1.9 billion and free cash flow of $150 million to $200 million [49][53]

Fourth Quarter and Full Year 2025 About projections and forward-looking statements 02 Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the "Company" or"Vista") can be found in the "Investors" section on the website at www.vistaenergy.com. This presentation does not constitute an offerto sell or a solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or so ...