Vista Energy (NYSE:VIST) 2025 Earnings Call Presentation

Growth and Production - Vista achieved remarkable production growth since 2021, entering a new phase of self-funded growth[17] - The company became the largest independent oil producer and largest oil exporter in Argentina[19] - Production increased from 39 Mboe/d in 2021 to 114 Mboe/d in 2025E, a ~3x increase[17, 18] - Vista's P1 reserves grew from 319 MMboe at YE-23A to 519 MMboe at YE-24A, a 16x increase[46] - The company is pursuing a new phase of de-risked production growth, targeting 180 Mboe/d by 2028F[76] Financial Performance - Vista's Adj EBITDA increased ~4x from $04 billion in 2021A to $16 billion in 2025E[22] - The company projects $28 billion Adj EBITDA in 2028F[17] - Vista anticipates generating $15 billion in recurring free cash flow annually[17, 99] - The company expects to generate $15 billion cumulative free cash flow between 2026-2028F[33, 90] - The average ROACE is projected to be >20% between 2026-2028F[17, 90] Operational Efficiency and Cost Reduction - Vista has de-risked the next phase of growth by adding 503 wells to its total inventory, reaching 1,653 wells[23] - The company has achieved Vaca Muerta-leading well costs through innovation, reducing drilling & completion costs[63] - Vista is implementing measures to further reduce sand costs, targeting a ~23% reduction[66, 69]