Vista Energy SAB de CV

Latest Results (15.05.2026):

Vista Energy SAB de CV — Q1 2026: Vista reported strong operational growth in Q1 2026 with total production of 134,741 boe/d (up 67% y/y), driving higher revenues and EBITDA despite lower realized oil and gas prices; the quarter delivered Adjusted EBITDA of $450.8MM and net income of $107.7MM while free cash flow was negative driven by high capex and non‑recurring working capital impacts.

Production

Q1 2026 total production 134,741 boe/d (+67% y/y); oil 116,655 bbl/d (+68% y/y). Growth driven by the April 2025 acquisition of 50% WI in La Amarga Chica and organic ramp; production roughly flat vs Q4 2025.

Prices & Revenues

Average realized oil price $60.1/bbl (‑12% y/y, +2% q/q). Realized gas price $2.0/MMBtu (‑21% y/y). Reported total revenues $865.0MM (net of commodity risk management and freight $694.3MM); net revenues $670.6MM. Commodity risk management contracts reduced reported revenue by $150.7MM.

Adjusted EBITDA & Margin

Adjusted EBITDA $450.8MM (+64% y/y); adjusted EBITDA margin 65% (↑3 p.p. y/y). Volume growth offset lower prices; unit costs and lower export duties helped margin expansion.

Net Income & EPS

Net income $107.7MM (Q1 2026) vs $82.8MM (Q1 2025). Adjusted net income $93.0MM. Reported EPS ≈ $1.03/share; adjusted EPS $0.89/share (weighted avg. shares ~104.6M in Q1 2026).

Costs per boe

Lifting cost $4.3/boe (‑8% y/y on a per‑unit basis). Selling expenses $3.8/boe (‑41% y/y), helped by elimination of trucking after pipeline came online.

Capex, Cash Flow & Balance Sheet

Capex $391.2MM (335.6MM on Vaca Muerta drilling/completions; 19 net wells drilled, 25 completions, 23 tie‑ins). Free cash flow ‑$341.4MM (‑$10.1MM adjusted for non‑recurring items). Cash at quarter end $615.1MM. Gross debt $3,642.3MM; net debt $3,027.1MM; net leverage 1.71x.

Operational & Corporate Notes

VEISA (trading arm) began operations and affected working capital; exports accounted for ~66% of net oil revenues; La Amarga Chica contribution highlighted. Equinor Transaction (25.1% Bandurria Sur / 35% Bajo del Toro) signed Feb 2026 — closing pending in Q2 2026.