Vista Energy (VISTAA) Q3 2026 earnings summary

Executive summary

• Q3 production reached a record 169,023 boe/d, up 33% YoY and 8% QoQ; adjusted EBITDA was $841.5 MM and free cash flow was $334.2 MM.

• Results reflected new-well tie-ins, higher oil prices, cost efficiency and a full-quarter contribution from Bandurria Sur and Bajo del Toro interests.

• 2026 guidance remained on track; 2027 production guidance was reiterated at 185,000 b/d, with $3.3B adjusted EBITDA guidance at $80/bbl Brent.

Financial highlights

• Comparable revenue, net of commodity risk-management contracts and sea-freight selling expenses, was $1,234.1 MM, up 75% YoY and 7% QoQ; gross revenue was $1,265 MM.

• Adjusted EBITDA was $841.5 MM, up 78% YoY and 4% QoQ; margin was 68%, up 1 p.p. YoY, and adjusted EBITDA netback was $56.7/boe.

• Stake-adjusted net income was $293.5 MM versus $315.3 MM YoY; adjusted net income was $240.1 MM, while Q3 2025 included a $288.1 MM La Amarga Chica acquisition gain.

• Operating cash flow was $772.8 MM, capex was $459.7 MM and free cash flow was $334.2 MM.

• 9M revenue was $3,394.884 MM and net profit was $739.013 MM, versus $1,755.133 MM and $633.368 MM, respectively, in 9M 2025.

Outlook and guidance

• 2027 production guidance was reiterated at 185,000 b/d; adjusted EBITDA guidance was $3.3B at Brent of $80/bbl.

• A $1/bbl change in Brent or differential corresponds to a $45–$50 MM adjusted EBITDA change.

• 2027 activity guidance is 100–110 new wells; an additional rig could bring activity to or slightly above the high end, subject to RIGI approval.

• Q4 production outlook was raised to ~175,000 boe/d; management said this supports 2026 production guidance of 158,000 boe/d and positions operations for 2027 guidance.

• RIGI approval could advance Bandurria Norte from 2029 to 2027; further operating and guidance details were expected with Q4 earnings.