Vista Energy (VISTAA) Q1 2025 earnings summary

Executive summary

• Achieved 47% year-over-year production growth in Q1 2025, driven by shale oil development, 49 new wells tied in over the last twelve months, and the transformational acquisition of Petronas Argentina, consolidating 50% of La Amarga Chica, a low-cost, high-return asset.

• Inaugurated the Oldelval Duplicar pipeline, eliminating trucking and reducing selling expenses, while increasing oil transportation capacity by 31,500 barrels/day.

• Production reached 80,913 BOE/day, with oil production at 69,623 barrels/day.

• Acquisition significantly increases production scale, reserves, and midstream capacity, adding 140–280 million BOE P1 reserves (at 50% share) and 200–400 new well inventory.

• Exported 3.2 million barrels of oil in Q1, double the prior year, with 78% of domestic and 90% of total volumes sold at export parity pricing.

Financial highlights

• Q1 2025 revenues were $438–438.5 million, up 38% year-over-year, with 53% of revenues from exports.

• Adjusted EBITDA was $275–275.4 million, a 25% increase year-over-year, with margin improving to 68% sequentially.

• Net income reached $83 million, with EPS of $0.9 per share.

• Free cash flow was negative $243–243.5 million, reflecting accelerated growth investments and higher capex.

• Lifting cost was $4.7/BOE, up 8% year-over-year but flat sequentially.

Outlook and guidance

• Q2 2025 production expected to exceed 110,000 BOE/day due to La Amarga Chica consolidation.

• No changes to drilling or CapEx plans for Q2; most production growth expected in Q3.

• 2025 guidance withdrawn; updated consolidated guidance to be provided in Q2 earnings call.

• Long-term production target of 150,000 BOE/day by 2030 is now expected to be reached sooner.