Workflow
Vista Energy(VIST)
icon
Search documents
Vista Energy: From Start-Up To Shale Leader In Just 7 Years
Seeking Alpha· 2025-04-17 13:06
Group 1 - Vista Energy is identified as having significant growth potential in the Latin American energy sector [1] - In 2024, Vista Energy achieved an average production of 69,660 barrels of oil equivalent per day (boe/d), representing a 36% year-over-year increase [1] - The company plans to drill 50 new wells to support its production growth [1] Group 2 - The article does not provide any additional information on risks or disclaimers related to the investment [2][3]
Vista announces the acquisition of Petronas Argentina
Prnewswire· 2025-04-16 14:22
Core Viewpoint - Vista Energy has acquired 100% of Petronas E&P Argentina S.A. (PEPASA), which holds a 50% working interest in the La Amarga Chica unconventional concession in Vaca Muerta, Argentina, for a total consideration of US$ 1.2 billion, enhancing its production scale and profitability in a high-margin asset [1][3][6]. Transaction Details - The acquisition price includes US$ 900 million in cash, US$ 300 million in deferred payments, and 7,297,507 American Depositary Shares, with lock-up restrictions on the shares [1]. - The deferred cash payments will be made in two installments of 50% each on April 15, 2029, and April 15, 2030, without accruing interest [1]. Asset Overview - La Amarga Chica spans 46,594 acres and had 247 wells in production as of December 31, 2024, with 280 million barrels of oil equivalent (MMboe) of P1 reserves [2]. - The concession produced 79,543 barrels of oil equivalent per day (boe/d) in Q4 2024, with 71,471 barrels per day (bbl/d) being oil [2]. - Vista estimates the potential for 400 new well locations to be drilled in the inventory [2]. Financial Performance - PEPASA reported total revenues of US$ 909 million and an Adjusted EBITDA of US$ 667 million for 2024, resulting in an Adjusted EBITDA margin of 73% [8]. - The net profit for PEPASA in 2024 was US$ 349 million [8]. Strategic Implications - The acquisition is expected to enhance Vista's profitability and free cash flow profile, consolidating a high-margin, low-breakeven asset [3]. - The transaction will increase Vista's production volume by approximately 47%, leading to a pro forma total production of 125,048 boe/d for Q4 2024 [6]. - The proximity of La Amarga Chica to Vista's development hub is anticipated to create operational synergies and cost savings [6]. Company Background - Vista Energy is focused on the Vaca Muerta play in Argentina and was the second-largest oil producer in Vaca Muerta and the third-largest in Argentina in 2024 [9].
Vista Energy(VIST) - 2025 Q1 - Quarterly Report
2025-04-16 13:03
[Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This document contains cautionary statements regarding future projections and the inherent risks involved - This document contains forward-looking statements based on current expectations and projections, which are inherently uncertain and subject to risks[23](index=23&type=chunk)[24](index=24&type=chunk) - The company assumes no obligation to update these statements unless required by law[23](index=23&type=chunk)[24](index=24&type=chunk) - The information is for informational purposes only and should not be solely relied upon for investment decisions[22](index=22&type=chunk)[25](index=25&type=chunk) [Presentation of Financial and Other Information](index=6&type=section&id=PRESENTATION%20OF%20FINANCIAL%20AND%20OTHER%20INFORMATION) The report's financial data is prepared under IFRS, presented in U.S. Dollars, and includes non-IFRS measures - Financial statements are prepared in accordance with **International Financial Reporting Standards (IFRS)** and presented in **U.S. Dollars (US$)**[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The report utilizes non-IFRS financial measures, including **Adjusted EBITDA**, **Adjusted EBITDA Margin**, and **Return on Average Capital Employed (ROACE)**[37](index=37&type=chunk)[43](index=43&type=chunk) - **Adjusted EBITDA** is defined as net profit plus income tax, net financial results, D&A, and excludes certain non-recurring or non-cash items[38](index=38&type=chunk) [Defined Terms](index=9&type=section&id=DEFINED%20TERMS) This section provides definitions for key terminology used throughout the report [Executive Summary](index=14&type=section&id=EXECUTIVE%20SUMMARY) Vista Energy is acquiring PEPASA, gaining a 50% interest in the La Amarga Chica concession in Vaca Muerta - Vista Energy is acquiring 100% of Petronas E&P Argentina S.A. (PEPASA), thereby gaining a **50% non-operated working interest** in the La Amarga Chica (LACh) unconventional hydrocarbon concession[11](index=11&type=chunk)[117](index=117&type=chunk) - The transaction is expected to materially increase Vista's scale, adding **140 MMboe of proven reserves** and an estimated **200 ready-to-drill wells**[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) Purchase Price Composition | Component | Amount / Details | | :--- | :--- | | **Closing Cash Amount** | US$900,000,000 | | **Deferred Payments** | US$150M on April 15, 2029 & US$150M on April 15, 2030 | | **ADS Consideration** | 7,297,507 ADSs, subject to a lock-up period | La Amarga Chica (LACh) Key Statistics | Metric (as of Q4 2024 / YE 2023) | 100% WI | 50% WI (PEPASA's Share) | | :--- | :--- | :--- | | **Surface Area (acres)** | 46,594 | 23,297 | | **Q4 2024 Production (boe/d)** | 79,543 | 39,772 | | **P1 Reserves (YE 2023, MMboe)** | 280 | 140 | | **Lifting Cost (YE 2024, $/boe)** | $4.1 | $4.1 | [Information Regarding the Transaction](index=18&type=section&id=INFORMATION%20REGARDING%20THE%20TRANSACTION) This chapter details the structure, objectives, financing, and tax implications of the PEPASA acquisition [Detailed Description of the Transaction](index=18&type=section&id=Detailed%20Description%20of%20the%20Transaction) Vista acquires a 50% non-operated interest in the LACh concession for cash, deferred payments, and ADSs - As a result of the transaction, Vista acquires a **50% non-operated working interest** in the LACh unconventional hydrocarbon concession, which expires on December 17, 2049[141](index=141&type=chunk)[147](index=147&type=chunk) - The acquisition includes substantial midstream capacity: **36,140 bbl/d** in Oldelval Pipelines, **20,756 bbl/d** in Vaca Muerta Norte, and **27,080 bbl/d** of export dispatch capacity in OTE[150](index=150&type=chunk) Transaction Purchase Price Details | Component | Amount / Details | | :--- | :--- | | **Closing Cash Amount** | US$900,000,000 | | **Deferred Payments** | US$150,000,000 due April 15, 2029<br>US$150,000,000 due April 15, 2030 | | **ADS Consideration** | 7,297,507 ADSs with lock-up periods expiring in Oct 2025 and Apr 2026 | [Objective of the Transaction](index=21&type=section&id=Objective%20of%20the%20Transaction) The acquisition aims to add a high-margin asset to increase scale, reserves, and operational synergies - PEPASA generated total revenues of **US$909 million** and an adjusted EBITDA of **US$667 million** in 2024, with a high adjusted EBITDA margin of **73%** and a low lifting cost of **$4.1/boe**[158](index=158&type=chunk) - The acquisition materially increases Vista's scale, adding **140 MMboe of proven reserves** (as of Dec 31, 2023) to Vista's 375 MMboe (as of Dec 31, 2024)[161](index=161&type=chunk) - Vista expects to add an inventory of approximately **200 ready-to-drill wells** and achieve operational synergies by leveraging the proximity of the LACh block[162](index=162&type=chunk)[163](index=163&type=chunk) [Sources of Financing and Operating Expenses](index=22&type=section&id=Sources%20of%20Financing%20and%20Operating%20Expenses) The acquisition is funded by existing cash and a US$300 million credit facility, with US$8 million in expenses - The acquisition was financed through a mix of existing corporate funds and a new four-year, **US$300 million credit facility** from Banco Santander, S.A[165](index=165&type=chunk) - Total estimated expenses associated with the transaction are approximately **US$8,000,000**[166](index=166&type=chunk) [Transaction Approval Date](index=22&type=section&id=Transaction%20Approval%20Date) The transaction received shareholder and board approval in March and April 2025, respectively - The transaction was approved by the shareholders' meeting on **March 3, 2025**, and by the board of directors on **April 11, 2025**[167](index=167&type=chunk) [Accounting treatment of the Transaction](index=23&type=section&id=Accounting%20treatment%20of%20the%20Transaction) The acquisition is accounted for under IFRS, with pro-forma statements reflecting a January 1, 2024 start - The financial impact of the transaction is incorporated into the company's financial statements under **IFRS**[169](index=169&type=chunk) - Pro-forma financial information has been prepared to show the impact as if the acquisition had taken place on **January 1, 2024**[170](index=170&type=chunk) [Tax Consequences of Transaction](index=23&type=section&id=Tax%20Consequences%20of%20Transaction) The transaction is not expected to have adverse tax consequences, with Vista acting as a withholding agent - **No adverse tax consequences** are expected from the transaction[171](index=171&type=chunk) - Vista Argentina is responsible for **withholding income tax** on the acquisition of the shares, with the tax being deducted from the purchase price[172](index=172&type=chunk) [Information of the Parties Involved in the Transaction](index=24&type=section&id=INFORMATION%20OF%20THE%20PARTIES%20INVOLVED%20IN%20THE%20TRANSACTION) This chapter provides an overview of the acquiring entities, Vista and Vista Argentina, and the target, PEPASA [Vista](index=24&type=section&id=Vista) Vista is a public E&P company focused on shale development in Latin America, primarily in Vaca Muerta - Vista's growth plan is based on a pre-transaction inventory of approximately **1,150 wells** in Vaca Muerta, which has driven production to **85,276 Mboe/d** in Q4 2024[176](index=176&type=chunk) - The company highlights its strong financial performance, with a 2024 net income of **US$477.5 million**, Adjusted EBITDA of **US$1,092.4 million** (65% margin), and a low net leverage ratio of **0.63x**[176](index=176&type=chunk) [Vista Argentina](index=26&type=section&id=Vista%20Argentina) Vista Argentina is the operating subsidiary in Argentina and the second-largest shale oil producer in Vaca Muerta - As of December 31, 2024, Vista Argentina had **342.9 MMboe of proven reserves** and an inventory of up to **1,000 potential well locations** in Vaca Muerta[195](index=195&type=chunk) - Total shale production for Vista Argentina was **61,729 boe/d** for the year ended December 31, 2024, with total production reaching **66,641 boe/d**[206](index=206&type=chunk) - Vista Argentina is a **wholly-owned subsidiary** of Vista, with its sole shareholder being Vista Energy Holding I S.A. de C.V[208](index=208&type=chunk) [PEPASA](index=29&type=section&id=PEPASA) PEPASA is an Argentine company whose primary asset is a 50% non-operated interest in the LACh concession - PEPASA's main asset is its **50% ownership** of the unconventional hydrocarbon exploitation concession for the LACh block[211](index=211&type=chunk) - The company operates under a **Joint Operating Agreement (JOA)** with YPF, which serves as the operator of the LACh concession[211](index=211&type=chunk) [Risk Factors](index=31&type=section&id=RISK%20FACTORS) The company faces risks related to the transaction, Argentine political and economic instability, and global events [Risks Related to the Transaction](index=31&type=section&id=Risks%20Related%20to%20the%20Transaction) Key transaction risks include integration challenges, non-operator status, and limited seller liability - As a **non-operator** of the La Amarga Chica concession, Vista is subject to risks related to the performance and actions of the operator, YPF[233](index=233&type=chunk)[234](index=234&type=chunk) - There is a risk of being unable to **successfully integrate PEPASA's operations**, which could involve difficulties in combining organizations and failure to achieve expected synergies[235](index=235&type=chunk)[236](index=236&type=chunk) - The Sale and Purchase Agreement imposes **significant limitations on the sellers' liability**, which may reduce the purchasers' ability to recover losses[229](index=229&type=chunk) [Risks Related to Argentina](index=36&type=section&id=Risks%20Related%20to%20Argentina) Operations are exposed to Argentina's political instability, policy changes, and foreign exchange controls - The business is highly dependent on the **economic and political conditions in Argentina**, where recent political changes introduce uncertainty[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - Argentine **exchange controls restrict access to the foreign exchange market**, which could affect the company's ability to make payments on foreign debt and pay dividends[261](index=261&type=chunk)[263](index=263&type=chunk) - The imposition of **export duties**, currently capped at 8% for hydrocarbons, could negatively affect realization prices and margins[259](index=259&type=chunk) [Risks Related to Recent Events.](index=40&type=section&id=Risks%20Related%20to%20Recent%20Events.) Global geopolitical conflicts, U.S. trade policy, and OPEC+ decisions pose external risks to the business - **Global conflicts**, such as those involving Russia/Ukraine and Israel/Hamas, create significant volatility in international oil prices and could disrupt supply chains[277](index=277&type=chunk)[285](index=285&type=chunk) - The **2024 U.S. presidential election** and resulting changes in U.S. trade policy could negatively impact global trade and economic growth[287](index=287&type=chunk)[288](index=288&type=chunk) - Decisions by **OPEC+** to manage production quotas can significantly impact global crude oil prices and affect profitability[283](index=283&type=chunk) [Selected Financial Information](index=44&type=section&id=SELECTED%20FINANCIAL%20INFORMATION) This section presents key pro forma consolidated financial statements reflecting the impact of the acquisition Pro Forma Consolidated Statement of Profit or Loss (Year Ended Dec 31, 2024) | (in thousands of US$) | Year ended Dec 31, 2024 | Pro forma adjustments 2024 | Year ended Dec 31, 2024 Proforma | | :--- | :--- | :--- | :--- | | **Revenues from sales to clients** | 1,647,768 | 908,923 | 2,556,691 | | **Gross profit** | 817,743 | 487,056 | 1,304,799 | | **Operating income** | 625,390 | 404,652 | 1,030,042 | | **Net income for the year** | 477,521 | 348,782 | 826,303 | Reconciliation of Pro Forma Adjusted EBITDA (Year Ended Dec 31, 2024) | (in thousands of US$) | Year ended Dec 31, 2024 | Pro forma adjustments 2024 | Year ended Dec 31, 2024 Proforma | | :--- | :--- | :--- | :--- | | **Operating income** | 625,390 | 404,652 | 1,030,042 | | **Depreciation, depletion and amortization** | 437,699 | 262,081 | 699,780 | | **Adjusted EBITDA** | **1,092,452** | **666,733** | **1,759,185** | Pro Forma Consolidated Statement of Financial Position (As of Dec 31, 2024) | (in thousands of US$) | As of Dec 31, 2024 | Pro forma adjustments 2024 | As of Dec 31, 2024 Proforma | | :--- | :--- | :--- | :--- | | **Total assets** | 4,232,372 | 1,250,138 | 5,482,510 | | **Total stockholders' equity** | 1,621,213 | 300,000 | 1,921,213 | | **Total liabilities** | 2,611,159 | 950,138 | 3,561,297 | [Management's Discussion and Analysis of Operating Results and Financial Condition](index=48&type=section&id=MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20OPERATING%20RESULTS%20AND%20FINANCIAL%20CONDITION) This chapter analyzes the pro forma impact of the acquisition on the company's results and financial position [Results of operations](index=48&type=section&id=i%29%20Results%20of%20operations) The acquisition would have significantly increased pro forma revenue, operating income, and net income for 2024 - Pro forma revenues for 2024 would have increased by **US$908.9 million (55%)** to US$2,556.7 million[305](index=305&type=chunk) - Pro forma operating income for 2024 would have increased by **US$404.7 million (65%)** to US$1,030.0 million[313](index=313&type=chunk) - Pro forma net income for 2024 would have increased by **US$348.8 million (73%)** to US$826.3 million[316](index=316&type=chunk) [Financial position, liquidity and capital resources](index=49&type=section&id=ii%29%20Financial%20position%2C%20liquidity%20and%20capital%20resources) The transaction significantly increases assets and debt while reducing cash on the pro forma balance sheet - Pro forma Property, Plant, and Equipment would increase by **US$1,387.6 million (49%)** as of Dec 31, 2024[317](index=317&type=chunk) - Pro forma cash and investments would decrease by **US$471.9 million (62%)** due to the cash payment for the acquisition[321](index=321&type=chunk) - Pro forma financial debt would increase by a combined **US$633.4 million**, reflecting debt taken on to finance the transaction[325](index=325&type=chunk) [Other Financial Information](index=52&type=section&id=OTHER%20FINANCIAL%20INFORMATION) This section is reserved for supplementary financial data not covered in previous chapters [Relevant Agreements](index=53&type=section&id=RELEVANT%20AGREEMENTS) The transaction is governed by a Sale and Purchase Agreement and a Convertible Note Agreement - The primary legal document is the **Sale and Purchase Agreement**, governed by the laws of England and Wales[331](index=331&type=chunk)[332](index=332&type=chunk)[338](index=338&type=chunk) - A **Convertible Note Agreement** was executed to secure the deferred cash payments, granting sellers conditional conversion rights into Vista shares[335](index=335&type=chunk)[341](index=341&type=chunk) - Under the agreement, Vista assumes **all liabilities related to PEPASA's business operations**, including environmental and decommissioning liabilities[337](index=337&type=chunk) [Responsible Parties](index=56&type=section&id=RESPONSIBLE%20PARTIES) Key executives have signed and attested to the accuracy of the information presented in this document - The disclosure document was signed under oath by **Miguel Galuccio (CEO)**, **Pablo Vera Pinto (CFO)**, and **Javier Rodríguez Galli (General Counsel)**[346](index=346&type=chunk) [Exhibits](index=57&type=section&id=EXHIBITS) This chapter contains supplementary documents, including the pro forma financial statements and auditor's report [Pro Forma Financial Statements and Independent Accountant's Report](index=57&type=section&id=1.%20PRO%20FORMA%20FINANCIAL%20STATEMENTS%20AND%20REPORT%20OF%20THE%20INDEPENDENT%20PUBLIC%20ACCOUNTANT%20ON%20THE%20COMPILATION%20OF%20THE%20PRO%20FORMA%20FINANCIAL%20INFORMATION%20TO%20BE%20INCLUDED%20IN%20THE%20DISCLOSURE%20DOCUMENT) This exhibit includes the unaudited pro forma financial statements and the independent accountant's report - The exhibit includes the full **unaudited pro forma consolidated statement of profit or loss** and **statement of financial position** for the year ended December 31, 2024[351](index=351&type=chunk)[353](index=353&type=chunk) - The independent accountant's report confirms the pro forma financial information has been **reasonably compiled** to show the impact of the PEPASA acquisition[355](index=355&type=chunk)[356](index=356&type=chunk) - The accountant's opinion states that the pro forma information has been compiled, in all material respects, in accordance with the requirements of the **Circular Única de Emisoras**[368](index=368&type=chunk)
Vista Energy, S.A.B. de C.V. Files Form 20-F
Prnewswire· 2025-04-09 20:40
MEXICO CITY, April 9, 2025 /PRNewswire/ -- Vista Energy, S.A.B. de C.V. ("Vista" or the "Company") (NYSE: VIST; BMV: VISTA) announced that it has filed its Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission earlier today. Vista's Form 20-F can be accessed and downloaded from the Investor Relations section of the Company's website at https://www.vistaenergy.com/investors. In addition, shareholders may receive a hard copy of Vista's complete financial state ...
Vista Energy(VIST) - 2024 Q4 - Annual Report
2025-04-09 20:16
Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Commission File Number: 001- 39000 Vista Energy, S.A.B. de C.V. (Exact name of registrant as specified in its charter) N.A. (Translation of registrant's name into English) United Mexican States (Jurisdiction of incorporation or organization) Torre Mapfre 243 Paseo de la Reforma Avenue ...
Vista Energy's Shares Decline 1.4% on Q4 Earnings Miss
ZACKS· 2025-03-03 15:06
Vista Energy S.A.B. de CV’s (VIST) shares lost 1.4% on Feb. 26 after reporting weak fourth-quarter 2024 earnings, closing at $50.78 in the latest trading session.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.VIST’s Q4 Earnings & RevenuesThe upstream energy player reported adjusted earnings per share of 23 cents, which missed the Zacks Consensus Estimate of 90 cents. The bottom line also decreased from the prior-year quarter’s level of $2.52.The leading independent oil and gas produc ...
Vista Energy(VIST) - 2024 Q4 - Earnings Call Presentation
2025-02-27 20:31
This presentation does not contain all of the Company's financial information. As a result, investors should read this presentation in conjunction with the Company's consolidated financial statements and other financial information available on the Company's website. Some ofthe amounts contained herein are unaudited. Earnings Webcast February 27, 2025 About projections and forward-looking statements Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable or ...
Vista Energy(VIST) - 2024 Q4 - Earnings Call Transcript
2025-02-27 20:30
Vista Energy, S.A.B. de C.V. (NYSE:VIST) Q4 2024 Earnings Conference Call February 27, 2025 9:00 AM ET Company Participants Alejandro Chernacov - Co-Founder, Strategic Planning and Investor Relations Officer Miguel Galuccio - Chairman and Chief Executive Officer Conference Call Participants Bruno Montanari - Morgan Stanley Andres Cardona - Citi Tasso Vasconcellos - UBS Alejandro Demichelis - Jefferies Bruno Amorim - Goldman Sachs Walter Chiarvesio - Santander Leonardo Marcondes - Bank of America Marina Mert ...
Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR (VIST) Misses Q4 Earnings and Revenue Estimates
ZACKS· 2025-02-27 01:05
Group 1 - Vista Oil & Gas reported quarterly earnings of $0.23 per share, missing the Zacks Consensus Estimate of $0.90 per share, and down from $2.52 per share a year ago, representing an earnings surprise of -74.44% [1] - The company posted revenues of $471.32 million for the quarter ended December 2024, slightly missing the Zacks Consensus Estimate by 0.04%, and up from $309.2 million year-over-year [2] - Over the last four quarters, Vista Oil & Gas has not surpassed consensus EPS estimates and has topped consensus revenue estimates only once [2] Group 2 - The stock has lost about 4.8% since the beginning of the year, while the S&P 500 has gained 1.3% [3] - The company's earnings outlook is mixed, with current consensus EPS estimates of $1.17 on $506.45 million in revenues for the coming quarter and $6.40 on $2.2 billion in revenues for the current fiscal year [7] - The Zacks Industry Rank for Oil and Gas - Integrated - International is currently in the top 30% of over 250 Zacks industries, indicating a favorable industry outlook [8]
Vista Energy(VIST) - 2024 Q4 - Annual Report
2025-04-09 20:59
[Financial Statements](index=3&type=section&id=Financial%20Statements) The company's 2024 financial statements reflect substantial growth in revenue and assets, alongside a significant increase in liabilities to fund expansion [Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income](index=3&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20profit%20or%20loss%20and%20other%20comprehensive%20income) The company reported a 41% revenue increase to $1.65 billion, with net profit rising 20% to $477.5 million in 2024 Consolidated Statement of Profit or Loss (Year Ended Dec 31) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | YoY Change | | :--- | :--- | :--- | :--- | | Revenue from contracts with customers | 1,647,768 | 1,168,774 | +41.0% | | Gross profit | 817,743 | 591,249 | +38.3% | | Operating profit | 625,390 | 631,487 | -1.0% | | Profit before income tax | 590,827 | 545,359 | +8.3% | | Profit for the year, net | 477,521 | 396,955 | +20.3% | | Basic earnings per share (USD) | 4.979 | 4.237 | +17.5% | | Diluted earnings per share (USD) | 4.633 | 4.000 | +15.8% | [Unaudited interim condensed consolidated statements of financial position](index=4&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20financial%20position) Total assets grew 63% to $4.23 billion, funded by a 93% increase in total liabilities to $2.61 billion Consolidated Statement of Financial Position (As of Dec 31) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | YoY Change | | :--- | :--- | :--- | :--- | | Total noncurrent assets | 3,180,101 | 2,172,099 | +46.4% | | Total current assets | 1,052,271 | 425,904 | +147.1% | | **Total assets** | **4,232,372** | **2,598,003** | **+62.9%** | | Total equity | 1,621,213 | 1,247,015 | +30.0% | | Total noncurrent liabilities | 1,553,405 | 991,602 | +56.7% | | Total current liabilities | 1,057,754 | 359,386 | +194.3% | | **Total liabilities** | **2,611,159** | **1,350,988** | **+93.3%** | | **Total equity and liabilities** | **4,232,372** | **2,598,003** | **+62.9%** | [Unaudited interim condensed consolidated statement of changes in equity](index=5&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statement%20of%20changes%20in%20equity) Total equity increased by 30% to $1.62 billion, driven by net profit and partially offset by share repurchases Changes in Equity for the Year Ended Dec 31, 2024 | Description | Amount (in thousands USD) | | :--- | :--- | | Equity as of Dec 31, 2023 | 1,247,015 | | Profit for the year, net | 477,521 | | Other comprehensive income | (6,630) | | Share repurchase | (99,846) | | **Equity as of Dec 31, 2024** | **1,621,213** | - In 2024, the company reduced its capital stock by **$19.9 million** to absorb accumulated losses and repurchased shares worth **$99.8 million**[13](index=13&type=chunk) [Unaudited interim condensed consolidated statements of cash flows](index=7&type=section&id=Unaudited%20interim%20condensed%20consolidated%20statements%20of%20cash%20flows) Net cash from operations increased to $959.0 million, while significant investments were funded by new borrowings Consolidated Statement of Cash Flows (Year Ended Dec 31) | Metric | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Net cash flows provided by operating activities | 959,026 | 712,033 | | Net cash flows used in investing activities | (1,051,876) | (699,313) | | Net cash flow provided by financing activities | 641,211 | 19,556 | | **Net increase in cash and cash equivalents** | **548,361** | **32,276** | | Cash and cash equivalents at end of year | 755,610 | 209,516 | [Notes to the unaudited interim condensed consolidated financial statements](index=9&type=section&id=Notes%20to%20the%20unaudited%20interim%20condensed%20consolidated%20financial%20statements) These notes provide detailed disclosures on accounting policies, segment information, and specific financial statement line items [Note 1. Group information](index=9&type=section&id=Note%201.%20Group%20information) This note details the company's oil and gas operations and highlights significant 2024 transactions, including bond issuances and pipeline projects - On December 10, 2024, the company's subsidiary, Vista Argentina, issued a corporate bond (ON XXVII) for **$600 million** with an average 10-year term and a **7.625% annual interest rate**[29](index=29&type=chunk) - An agreement was signed with Trafigura on December 16, 2024, for Vista to reacquire Trafigura's interest in farmout agreements I and II in the Bajada del Palo Oeste area, effective January 1, 2025, for which Vista will pay Trafigura **$128 million** in 48 monthly installments[32](index=32&type=chunk)[33](index=33&type=chunk) - The company joined the Vaca Muerta Sur (VMOS) pipeline project with a **14.1% initial minority interest** and secured transportation capacity in the Vaca Muerta Center (VMOC) pipeline[37](index=37&type=chunk)[40](index=40&type=chunk)[41](index=41&type=chunk) [Note 2. Basis of preparation and material accounting policies](index=10&type=section&id=Note%202.%20Basis%20of%20preparation%20and%20material%20accounting%20policies) The company recorded a $4.2 million impairment reversal for its Mexico assets in 2024, contrasting with a $24.6 million impairment in 2023 - For the year ended December 31, 2024, the company recorded a reversal of impairment of **$4,207 thousand** related to its conventional oil and gas concessions in Mexico[54](index=54&type=chunk) - In contrast, for the year ended December 31, 2023, the company recorded an impairment of **$22,906 thousand** for its Mexico CGU and **$1,679 thousand** for its non-operating conventional CGU in Argentina[56](index=56&type=chunk) Key Assumptions for Impairment Testing (After-tax Discount Rates) | Region | 2024 | 2023 | | :--- | :--- | :--- | | Argentina | 9.9% | 12.9% | | Mexico | 7.4% | 6.0% | [Note 3. Segment information](index=14&type=section&id=Note%203.%20Segment%20information) The company operates as a single reportable segment in oil and gas E&P, with 99% of 2024 revenues generated from assets in Argentina - The company considers its exploration and production activities as a **single operating segment**[78](index=78&type=chunk) Noncurrent Assets by Geographical Area | Geography | As of Dec 31, 2024 (in thousands USD) | As of Dec 31, 2023 (in thousands USD) | | :--- | :--- | :--- | | Argentina | 3,128,742 | 2,122,735 | | Mexico | 51,359 | 49,364 | | **Total** | **3,180,101** | **2,172,099** | [Note 4. Revenue from contracts with customers](index=15&type=section&id=Note%204.%20Revenue%20from%20contracts%20with%20customers) Total revenue reached $1.65 billion in 2024, a 41% increase driven primarily by a 43% rise in crude oil sales Revenue by Product Type (Year Ended Dec 31) | Product | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Crude oil sales | 1,573,069 | 1,097,316 | | Natural gas sales | 71,756 | 67,290 | | LPG sales | 2,943 | 4,168 | | **Total** | **1,647,768** | **1,168,774** | Revenue by Distribution Channel (Year Ended Dec 31) | Channel | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Exports of crude oil | 807,526 | 642,155 | | Local crude oil | 765,543 | 455,161 | | Natural gas (Local & Export) | 71,756 | 67,290 | | LPG sales | 2,943 | 4,168 | | **Total** | **1,647,768** | **1,168,774** | [Note 5. Cost of sales](index=15&type=section&id=Note%205.%20Cost%20of%20sales) Operating costs and royalties increased in 2024, with royalties and related costs rising to $244.0 million due to higher export duties Operating Costs (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Fees and compensation for services | 62,006 | 48,729 | | Salaries and payroll taxes | 27,310 | 21,072 | | Other | 27,210 | 24,884 | | **Total** | **116,526** | **94,685** | Royalties and Others (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Royalties | 184,441 | 128,723 | | Export duties | 59,509 | 48,090 | | **Total** | **243,950** | **176,813** | [Note 6. Selling expenses](index=17&type=section&id=Note%206.%20Selling%20expenses) Selling expenses more than doubled to $140.3 million in 2024, driven by a significant rise in transport costs Selling Expenses (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Transport | 88,257 | 33,006 | | Taxes, rates and contributions | 24,960 | 14,908 | | Other | 27,117 | 20,878 | | **Total** | **140,334** | **68,792** | [Note 7. General and administrative expenses](index=17&type=section&id=Note%207.%20General%20and%20administrative%20expenses) General and administrative expenses increased to $109.0 million in 2024, primarily due to higher salaries and share-based payments General and Administrative Expenses (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Salaries and payroll taxes | 37,587 | 23,300 | | Share-based payments | 34,923 | 23,133 | | Fees and compensation for services | 13,377 | 11,764 | | Taxes, rates and contributions | 9,687 | 1,884 | | Other | 13,380 | 10,402 | | **Total** | **108,954** | **70,483** | [Note 8. Other operating income and expenses](index=17&type=section&id=Note%208.%20Other%20operating%20income%20and%20expenses) Other operating income decreased to $54.1 million in 2024, as one-time gains from asset transfers in 2023 were not repeated Other Operating Income (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Gain from Exports Increase Program | 45,201 | 81,232 | | Gain related to the transfer of conventional assets | — | 89,659 | | Gain from farmout agreement | — | 24,429 | | Other income | 8,926 | 8,492 | | **Total** | **54,127** | **203,812** | [Note 9. Financial income (expense), net](index=18&type=section&id=Note%209.%20Financial%20income%20(expense)%2C%20net) Net financial expense decreased significantly to $34.6 million in 2024 from $86.1 million in 2023, despite higher interest expense Net Financial Income (Expense) (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Interest income | 4,535 | 1,235 | | Interest expense | (62,499) | (21,879) | | Other financial income (expense) | 23,401 | (65,484) | | **Total** | **(34,563)** | **(86,128)** | [Note 10. Earnings per share](index=19&type=section&id=Note%2010.%20Earnings%20per%20share) Reflecting higher net profit, basic EPS rose to $4.979 and diluted EPS increased to $4.633 in 2024 Earnings Per Share (Year Ended Dec 31) | Metric | 2024 | 2023 | | :--- | :--- | :--- | | Profit for the year, net (thousands USD) | 477,521 | 396,955 | | Weighted average ordinary shares (Basic) | 95,906,449 | 93,679,904 | | **Basic EPS (USD)** | **4.979** | **4.237** | | Weighted average ordinary shares (Diluted) | 103,077,629 | 99,232,919 | | **Diluted EPS (USD)** | **4.633** | **4.000** | [Note 11. Property, plant and equipment](index=20&type=section&id=Note%2011.%20Property%2C%20plant%20and%20equipment) The net value of PP&E increased by 45.5% to $2.81 billion, driven by additions of $1.30 billion in works in progress and production facilities PP&E Movement for Year Ended Dec 31, 2024 | Description | Amount (in thousands USD) | | :--- | :--- | | Net Value as of Dec 31, 2023 | 1,927,759 | | Additions | 1,296,764 | | Depreciation | (422,526) | | Reversal of impairment | 4,207 | | Disposals & Other | (234) | | **Net Value as of Dec 31, 2024** | **2,805,983** | [Note 12. Goodwill and other intangible assets](index=21&type=section&id=Note%2012.%20Goodwill%20and%20other%20intangible%20assets) Goodwill remained unchanged at $22.6 million, while other intangible assets increased to $15.4 million due to new additions Goodwill and Other Intangible Assets (As of Dec 31) | Asset | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Goodwill | 22,576 | 22,576 | | Other intangible assets | 15,443 | 10,026 | [Note 13. Right-of-use assets and lease liabilities](index=21&type=section&id=Note%2013.%20Right-of-use%20assets%20and%20lease%20liabilities) Right-of-use assets increased to $105.3 million due to new additions, with corresponding lease liabilities growing to $95.7 million Right-of-Use Assets and Lease Liabilities (As of Dec 31) | Item | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Right-of-use assets | 105,333 | 61,025 | | Lease liabilities | (95,660) | (70,468) | [Note 14. Income tax](index=21&type=section&id=Note%2014.%20Income%20tax) The company's effective tax rate was 19% in 2024, lower than the 27% rate in 2023 due to inflation adjustments in Argentina Income Tax Expense (Year Ended Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Current income tax | (426,288) | (16,393) | | Deferred income tax | 312,982 | (132,011) | | **Total Expense in P&L** | **(113,306)** | **(148,404)** | - The company's effective tax rate was **19% in 2024**, compared to **27% in 2023**[116](index=116&type=chunk) [Note 15. Trade and other receivables](index=22&type=section&id=Note%2015.%20Trade%20and%20other%20receivables) Total trade and other receivables increased to $486.8 million, driven by advance payments for transportation and higher VAT credits Trade and Other Receivables (As of Dec 31) | Category | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Noncurrent | 205,268 | 136,351 | | Current | 281,495 | 205,102 | | **Total** | **486,763** | **341,453** | [Note 16. Financial assets and liabilities](index=23&type=section&id=Note%2016.%20Financial%20assets%20and%20liabilities) Total borrowings more than doubled to $1.45 billion due to new corporate bond issuances, while the company remained in covenant compliance Total Borrowings (As of Dec 31) | Category | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Noncurrent | 1,402,343 | 554,832 | | Current | 46,224 | 61,223 | | **Total** | **1,448,567** | **616,055** | - Vista Argentina issued multiple new corporate bonds (ONs) in 2024, including ON XXIII, XXIV, XXV, XXVI, and XXVII, **significantly increasing its long-term debt**[128](index=128&type=chunk) - The company is subject to financial covenants, including a **Net Leverage Ratio below 3.50** and an **Interest Coverage ratio above 2.00**, and was in compliance as of December 31, 2024[131](index=131&type=chunk)[133](index=133&type=chunk) [Note 17. Inventories](index=30&type=section&id=Note%2017.%20Inventories) Total inventories decreased slightly to $6.5 million, with a reduction in materials and spare parts offsetting an increase in crude oil stock Inventories (As of Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Crude oil stock | 4,384 | 2,664 | | Materials and spare parts | 2,082 | 4,651 | | Assigned crude oil stock | 3 | 234 | | **Total** | **6,469** | **7,549** | [Note 18. Cash, bank balances and other short-term investments](index=30&type=section&id=Note%2018.%20Cash%2C%20bank%20balances%20and%20other%20short-term%20investments) The company's cash and cash equivalents position strengthened significantly, increasing to $755.6 million at year-end 2024 Cash and Equivalents (As of Dec 31) | Component | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Cash in banks | 520,401 | 21,798 | | Money market funds | 119,841 | 35,292 | | Mutual funds | 115,368 | 152,426 | | **Total Cash & Short-term Investments** | **764,307** | **213,253** | | **Cash and cash equivalents** | **755,610** | **209,516** | [Note 19. Equity](index=30&type=section&id=Note%2019.%20Equity) Capital stock decreased due to a $99.8 million share repurchase and a $20.0 million capital reduction, while the repurchase reserve increased - The Board of Directors approved a reduction of the variable portion of the capital stock by **$19,965 thousand** to absorb accumulated losses on the company's nonconsolidated financial statements[172](index=172&type=chunk) - The company repurchased **2,081,198 shares** for a total of **$99,846 thousand** during 2024[171](index=171&type=chunk) - On August 6, 2024, shareholders approved a **$50,000 thousand increase** to the share repurchase reserve, bringing the total to **$129,324 thousand**[177](index=177&type=chunk) [Note 20. Provisions](index=31&type=section&id=Note%2020.%20Provisions) Total provisions increased to $37.0 million, primarily due to a rise in noncurrent provisions for well plugging and abandonment Provisions (As of Dec 31) | Category | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Noncurrent | 33,058 | 12,339 | | Current | 3,910 | 4,133 | | **Total** | **36,968** | **16,472** | [Note 21-23. Other Current Liabilities](index=31&type=section&id=Note%2021-23.%20Other%20Current%20Liabilities) Current liabilities for salaries, taxes, and trade payables increased significantly, reflecting the company's expanded operations Selected Current Liabilities (As of Dec 31) | Liability | 2024 (in thousands USD) | 2023 (in thousands USD) | | :--- | :--- | :--- | | Salaries and payroll taxes | 32,656 | 17,555 | | Other taxes and royalties | 47,715 | 36,549 | | Trade and other payables | 487,186 | 205,055 | [Note 24. Employee benefits](index=32&type=section&id=Note%2024.%20Employee%20benefits) Net liabilities for long-term employee benefits increased to $16.0 million, mainly due to a $10.2 million loss from actuarial remeasurement Employee Benefits Net Liability Movement (Year Ended Dec 31, 2024) | Description | Amount (in thousands USD) | | :--- | :--- | | Net Liability at beginning of year | (5,703) | | P&L Items (Cost of interest/services) | (489) | | OCI Items (Actuarial remeasurement) | (10,200) | | Payment of contributions | 424 | | **Net Liability at end of year** | **(15,968)** | [Note 25. Related parties' transactions and balances](index=32&type=section&id=Note%2025.%20Related%20parties'%20transactions%20and%20balances) A new related party transaction in 2024 resulted in a $4.7 million advance to VMOS S.A. for the Vaca Muerta Sur pipeline project - As of December 31, 2024, the Company has an outstanding advance of **$4,741 thousand** to VMOS S.A. related to the Vaca Muerta Sur pipeline project[185](index=185&type=chunk) [Note 26. Commitments and contingencies](index=33&type=section&id=Note%2026.%20Commitments%20and%20contingencies) The company committed to pay $26.4 million for a 10-year extension of conventional exploitation concessions in the Province of Río Negro - The Province of Río Negro approved a **10-year extension** for conventional exploitation concessions for Vista Argentina in the Entre Lomas, 25 de Mayo - Medanito S.E., and Jagüel de los Machos areas[188](index=188&type=chunk) - The extension requires Vista Argentina to pay the province **$22.0 million** for the extension and a **$4.4 million** contribution, which will be reimbursed by the operator, Aconcagua[189](index=189&type=chunk)[190](index=190&type=chunk) [Note 27. Tax regulations](index=33&type=section&id=Note%2027.%20Tax%20regulations) No significant changes in the tax regulations of Argentina and Mexico occurred during the year ended December 31, 2024 - No other significant changes in tax regulations occurred in Argentina or Mexico during the year, beyond what was disclosed in other notes[193](index=193&type=chunk) [Note 28. Subsequent events](index=33&type=section&id=Note%2028.%20Subsequent%20events) Post year-end, the company engaged in significant financing activities, including new loans over $200 million and payments for pipeline projects - In January 2025, Vista Argentina made payments of **$16.7 million** to VMOS S.A. and **$16.7 million** to YPF for the VMOS and VMOC pipeline projects, respectively[194](index=194&type=chunk) - The company signed multiple new loan agreements in January and February 2025 with various banks, including Banco de la Nacion Argentina, Banco de Galicia, and Citibank, for **significant short-term financing**[194](index=194&type=chunk)[197](index=197&type=chunk)