Vista Energy (VISTAA) Q4 2025 earnings summary

Executive summary

• Achieved record production and robust operational performance in 2025, driven by organic growth and accretive M&A, notably the acquisition of a 50% stake in La Amarga Chica, making the company Argentina's largest independent oil producer and exporter.

• Full year 2025 production averaged 115,479 boe/d, a 66% increase year-over-year, with 74 new shale oil wells tied-in and 351 cumulative shale wells by year-end.

• Exported oil volumes in 2025 reached 22.2 MMbbl, a 109% increase year-over-year, representing over 60% of oil sales; launched a trading subsidiary to enhance export reach and hedging flexibility.

• Delivered on 2025 guidance, positioning for continued growth in 2026 with a strategic plan to surpass 200,000 BOEs per day by decade's end.

• Total proved reserves as of December 31, 2025, were 588.1 MMboe, up 57% from the prior year, with a 605% reserve replacement ratio and 14 years of reserve life.

Financial highlights

• Q4 2025 production reached 135,414 boe/d, up 59% year-over-year and 7% sequentially; oil production was 118,285 bbl/d, up 61% year-over-year and 8% sequentially.

• Q4 2025 revenues were $689.2MM, up 46% year-over-year but down 2% sequentially due to lower oil prices.

• Adjusted EBITDA for Q4 2025 was $444MM, up 62% year-over-year, with a margin of 64%; full-year adjusted EBITDA reached $1.6B, up 46%.

• Q4 2025 net income was $85.7MM, with EPS of $0.8; full-year net income was $719MM and EPS was $7.

• Free cash flow in Q4 2025 was $76MM; cash position at year-end was $538MM.

Outlook and guidance

• 2026 guidance: 140,000 BOEs per day, 80–90 well tie-ins, $1.5–$1.6B CapEx, and $1.9B adjusted EBITDA at $65 Brent.

• Q1 2026 expected to be flattish or slightly below Q4, with strong growth in Q2 and Q4; free cash flow guidance for 2026 is $150–$200MM.

• Maintenance CapEx to keep production flat at 150,000 barrels per day is estimated at $850MM annually.

• 2026 guidance to be updated upon closing of pending M&A transactions.