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Vista Energy (VISTAA) investor relations material
Vista Energy Q4 2025 earnings summary
Complete event summary combining all related documents: earnings call transcript, report, and slide presentation.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.
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