Vista Energy (VISTAA) Q4 2023 earnings summary

Executive summary

• Q4 production reached 56,353 boe/d, up 14% QoQ and 16% YoY pro forma; FY production was 51,149 boe/d, up 18% pro forma.

• FY Adjusted EBITDA rose 14% to $870.7 MM; FY Adjusted Net Income was $491.4 MM and Adjusted EPS was $5.25/share.

• Proved reserves increased 27% to 318.5 MMboe; year-end net debt was $402.8 MM and net leverage was 0.46x Adjusted EBITDA.

Financial highlights

• Q4 revenue was $309.2 MM, down 3% YoY and up 2% QoQ; FY revenue was $1,168.8 MM, down 2% YoY.

• Q4 Adjusted EBITDA was $288.1 MM, up 43% YoY, including $81.2 MM net from repatriating export proceeds at the blue-chip swap rate.

• Q4 Adjusted Net Income was $239.6 MM versus $171.0 MM YoY; Adjusted EPS was $2.52/share versus $1.95/share.

• FY net profit was $397.0 MM versus $269.5 MM in 2022; FY Adjusted Net Income was $491.4 MM versus $371.8 MM.

• Q4 free cash flow was $106.5 MM; FY free cash flow was $12.7 MM.

Outlook and guidance

• 2024 production guidance is 68–70 Mboe/d, representing 35% growth at the range midpoint; production growth is expected each quarter.

• 2024 Adjusted EBITDA guidance is $1,000–$1,150 MM, based on production of 68–70 Mboe/d and realized oil prices of $65–$70/bbl.

• 2024 capex guidance is $900 MM, up 23%; lifting cost guidance is $4.5/boe, down 11%, with 46 wells planned for tie-in.

• Strategic plan targets doubling production by 2026 while generating free cash flow.