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 the largest independent oil producer in Argentina.

• Expanded reserves and well inventory, with total proved reserves at 588.1 MMboe (up 57%) and 1,600+ wells in inventory.

• Export-oriented strategy advanced with the launch of a trading arm (VASA/VEISA) and a doubling of oil exports year-over-year.

• Delivered on 2025 guidance, positioning for continued growth in 2026, with operational excellence and significant cost reductions.

• Achieved a 23% reduction in GHG emissions intensity and maintained a recordable incident rate below one for the sixth consecutive year.

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.

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

• Adjusted EBITDA for Q4 was $444MM (64% margin), up 62% year-over-year; full-year adjusted EBITDA reached $1,596MM, up 46%.

• Q4 net income was $85.7MM, with EPS of $0.8; full-year net income was $719MM and EPS was $7.0.

• Free cash flow in Q4 was $76MM; year-end cash position was $538MM; net leverage ratio at year-end was 1.5x adjusted EBITDA.

Outlook and guidance

• 2026 guidance includes 140,000 boe/d, 80–90 well tie-ins, $1.5–1.6B capex, and $1.9B adjusted EBITDA, assuming $65 Brent.

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

• Maintenance capex to keep production flat at 100,000 boe/d is $700–750MM; for 150,000 boe/d, about $850MM.

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