VIST Q4 Earnings Miss Estimates on Lower Realized Crude Prices

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].