Vista Energy (VISTAA) Q2 2024 earnings summary

Executive summary

• Achieved record Q2 2024 production of 65,288–65,300 BOEs per day, up 40% year-over-year and 19% sequentially, driven by new well activity in Vaca Muerta.

• Oil production reached 57,204–57,200 barrels per day, a 46% increase year-over-year and 21% sequentially.

• Total revenues were $397 million, up 66% year-over-year, with 40% of net revenues from oil and gas exports.

• Adjusted EBITDA rose 90% year-over-year to $288–$288.4 million, with a margin of 70%, up 7 percentage points from Q2 2023.

• Free cash flow turned positive at $8–$8.3 million, despite high CapEx of $346 million.

Financial highlights

• Adjusted net income was $71.7–$72 million, a 25% increase year-over-year; adjusted EPS was $0.7–$0.74 per share.

• Lifting cost per BOE was $4.5, down 6% year-over-year, reflecting a low-cost operating model.

• Net leverage ratio at quarter end was 0.56x adjusted EBITDA.

• Cash at period end was $328–$328.2 million.

• Operating cash flow was $281–$281.1 million, closely tracking adjusted EBITDA.

Outlook and guidance

• On track to deliver 2024 guidance, targeting 68,000–70,000 BOEs per day average and 85,000 BOEs per day in Q4.

• Plan to deliver 50–54 well tie-ins by year-end, with 25 completed year-to-date.

• Guidance for 2025 production and activity to be updated, as current forecasts are considered conservative.

• Second frac set to be operational by year-end, providing flexibility for accelerated 2025 activity.

• Lifting cost guidance for 2024 maintained at $4.5/boe.