Vista Energy (VISTAA) Q1 2025 earnings summary

Executive summary

• Achieved 47% year-over-year production growth in Q1 2025, reaching 80,913 BOE/day, driven by shale oil development, 49 new wells, and the acquisition of a 50% stake in La Amarga Chica from Petronas, significantly increasing production scale and reserves.

• Completed the acquisition of Petronas Argentina (La Amarga Chica), a transformational, low-cost, high-return asset, consolidating 50% working interest and adding significant midstream capacity.

• Oldelval Duplicar pipeline expansion fully online, eliminating trucking, reducing selling expenses, and increasing oil transportation capacity.

• Major operational milestones included the inauguration of the Oldelval Duplicar pipeline and optimization of new pipeline capacity.

• Total revenues rose 38% year-over-year to $438 million, mainly from oil production growth.

Financial highlights

• Q1 2025 production: 80,913 BOE/day (+47% YoY); oil production: 69,623 bbl/day (+47% YoY); natural gas: 1.70 MMm³/d (+42% YoY).

• Total revenues: $438 million (+38% YoY); Adjusted EBITDA: $275 million (+25% YoY); Net income: $83 million; EPS: $0.9.

• Lifting cost: $4.7/BOE (+8% YoY); CapEx: $268 million; Free cash flow: -$243 million due to growth investments.

• Net leverage ratio at quarter-end: 0.84x Adjusted EBITDA, down 45% YoY.

• 53% of revenues from exports; average realized oil price: $68.6/bbl.

Outlook and guidance

• Q2 2025 production expected to exceed 110,000 BOE/day as La Amarga Chica is consolidated.

• No changes to drilling, completion, or CapEx plans for Q2; most new production and completions expected in Q3.

• 2025 market guidance withdrawn; updated consolidated guidance to be provided in Q2 earnings call.

• Long-term ambition to reach 150,000 BOE/day by 2030 is now expected to be accelerated.