Vista Energy SAB update July 18th, 2026
MX01VI0C0006
NYSE Symbol Vist
ADR US92837L1098
This is not a recommendation or proposal to do anything. The data written in this article is not guarranteed. It is my private personal opinion. I`m not independing as I own a position of Vista Energy shares.
Chances & Risks
The main motivation to buy Vista Energy shares is that it provides a lot of production and reserves for little money. It should be attractive for a major like Exxon, RDS to buy Vista Energy.
Vista Energy is a fast-growing Mexican oil company with nearly all its business situated in Argentine.
Acquisitions:
Feb. 3rd, 2026 Vista aquired the onshore position in Argentina’s Vaca Muerta basin from Equinor (EQNR) for $1.1B in cash and stocks. Equinor will receive a $550M upfront cash payment at closing, with the other half of the $1.1B split between $325M in Vista (VIST) stock, also on completion, and future payments of $225M, with contingent payments linked to production and oil prices over a five-year period.
The transaction included Equinor's (EQNR) 30% stake in the Bandurria Sur production asset and its 50% holding in Bajo del Toro. Equinor's (EQNR) share of the Bandurria Sur production averaged 24.4K boe/day in Q3 2025 while Bajo del Toro, which is still in an early development phase, contributed 2.1K boe/day. Vista (VIST) CEO Miguel Galuccio said the acquired blocks "fit perfectly into Vista's portfolio, adding both flowing barrels and a deep inventory of highly productive, ready-to-drill wells that will underpin our growth trajectory."
Vista Energy acquired Petronas E&P Argentina in April 2025, which included a 50% working interest in the La Amarga Chica unconventional concession in the Vaca Muerta shale basin, in a deal valued at $1.5B; the remaining 50% of LACh is held by the operator YPF (YPF). The purchase price comprised of $900M in cash, $300M in deferred cash payments and nearly 7.3M American Depositary Shares. La Amarga Chica spans 46,594 acres and had 247 producing wells at year-end 2024, with 280M boe in P1 reserves, and produced 79,543 boe/day (90% oil) in Q4 2024; Petronas E&P Argentina generated $909M in revenues and $667M in adjusted EBITDA in FY 2024. Vista estimates La Amarga Chica potentially holds 400 new well locations to be drilled in its inventory, at 100% working interest.
With the acquisition of Petronas the production of Vista increased by 50%. The P1 reserves increased by 75%. Net debt increased 2 1/2. With the acquisition of the Equinor assets it will increase further. I would guess that Vista Energy will increase the number of stocks and will increase net debt significantly.
The rule of law in Mexico were the company is situated is challenged by high crime rates. Argentine has a long tradition of changing governments with extremely different ideologies. Liberal and Peronistic governments alternate. For ex. YPF was privatized under President Menem and bought by Repsol. Later Repsol was pressed to sell a part of YPF and later in April 2012 Repsol was expropriated by President Kirchner. That means a step-back of President Milei or a lost election in dec. 2027 might lead to a completely different government that expropriate private companies.
Data & Information
P1 Reserves Breakdown end of 2025
In MMboe Oil Gas Total
523 65 588
Reserve Life 14.2 12 14
The implied reserve replacement ratio was 605%, while the organic reserve replacement ratio (excluding acquisitions) was 260%
P1 Reserves breakdown end of 2024
In MMboe Oil (3) Gas Total
Core devolpment hub:
Bajada del Palo Oeste 206.6 35.6 242.3
Bajada del Palo Este 67.5 5.8 73.4
Aguada Federal 38.7 6.4 45.1
Other blocks (4) 9.7 4.8 14.5
Total 322.6 52.7 375.2
RESERVES LIFE: 14.7 years
Share
Weighted av. number of ordinary shares outstanding 105,186,958 March 31st, 2026
Weighted av. number of ordinary shares outstanding 104,269,588 Dec. 31st, 2025
Weighted av. number of ordinary shares outstanding 104,903,939 June 30, 2025
Weighted av. number of ordinary shares outstanding 95,906,449 Dec. 31, 2024
Weighted average number of ordinary shares diluted 103,077,629 Dec. 31, 2024
Shareholders 2024
Name Shares %
Miguel Matías Galuccio (CEO) 7,249,033 7.617 %
Credicorp Capital Asset Management SA AGF 42,485 0.0446 %
ADR and other shares
Reg Shs Vista Energy SAB de CV American Depositary Shares Repr 1 Sh Series -A-
A few references
1. https://seekingalpha.com/news/4431702-vista-energy-to-buy-petronas-argentina-in-1_5b-cash-and-stock-deal?utm_source=feed_news_all&utm_medium=referral&feed_item_type=news
Old Stuff
Diese Akquisition mit einem Wert von 1,2 Milliarden US-Dollar umfasst 900 Millionen US-Dollar in bar, 300 Millionen US-Dollar in aufgeschobenen Zahlungen und über 7 Millionen American Depositary Shares. Die gesamten nachgewiesenen Nettoreserven von Vista beliefen sich, pro forma unter Einbeziehung der PEPASA-Akquisition, zum 31. Dezember 2024 auf 518,5 Millionen Barrel Öläquivalent. Im ersten Quartal 2025 belief sich der gemeinsame Umsatz von Vista Energy und PEPASA aus Verträgen mit Kunden auf insgesamt 652,391 Millionen US-Dollar, bei einer bereinigten EBITDA-Marge von 69 %. Es wird erwartet, dass die Übernahme die Präsenz von Vista in der Schieferformation Vaca Muerta stärkt und das Produktionsvolumen um etwa 47 % gegenüber der Produktion des vierten Quartals 2024 erhöht. Die Finanzierung der Akquisition umfasste eine Kreditvereinbarung über 300 Millionen US-Dollar mit der Banco Santander.