Vista Energy Q2 Earnings Call Highlights

Vista Energy Q2 Earnings Call Highlights

Vista Energy posted a blockbuster Q2 2026 , with revenue up 89% year over year to $1.15 billion and adjusted EBITDA nearly doubling to $805 million, helped by higher oil prices and stronger production after consolidating newly acquired Vaca Muerta assets. The Equinor acquisition materially boosted output , adding about 14,200 boe/d in the quarter on a partial-period basis and lifting total production to 156,100 boe/d, up 32% from a year earlier; management expects the full benefit to show in Q3. Cash flow improved and leverage is falling , with $491 million in free cash flow net of the acquisition and net leverage at 1.41x EBITDA, or 1.25x pro forma, as Vista targets around 1.0x by year-end while keeping its 2026 EBITDA guidance at $3 billion.

Vista Energy NYSE: VIST reported a sharp increase in second-quarter 2026 revenue, adjusted EBITDA and free cash flow, as higher oil prices and the consolidation of newly acquired Vaca Muerta assets lifted production and cash generation. Chairman and CEO Miguel Galuccio said the quarter was “marked by the closing of the acquisition of Equinor assets in Vaca Muerta,” referring to interests in the Bandurria Sur and Bajo del Toro blocks. He said the transaction, combined with organic growth, moved the company to “a new scale” and positioned Vista to benefit from higher oil prices. Total production averaged 156,100 barrels of oil equivalent per day in the quarter, up 32% from a year earlier and 16% sequentially. Oil production averaged 135,400 barrels per day, rising 33% year over year and 16% from the prior quarter. Gas production increased 30% year over year and 15% sequentially.

Vista reported total revenue of $1.15 billion for the quarter, up 89% from the same period last year and 66% from the prior quarter. Galuccio said the increase was driven by higher oil production and stronger oil prices. Oil exports increased 54% year over year to 8.6 million barrels, representing 72% of Vista’s oil sales volume. The company’s realized oil price was $89.40 per barrel, up 44% year over year and 49% sequentially, reflecting higher Brent prices and improved differentials. Galuccio said Vista sold 100% of its oil volumes at export parity prices, both domestically and internationally. Adjusted EBITDA totaled $805 million, up 99% from a year earlier and 79% from the previous quarter. Net income was $322 million, a 37% year-over-year increase and up 199% sequentially. Excluding the gain from the La Amarga Chica acquisition in the second quarter of 2025, Galuccio said net income expanded by more than nine times year over year. Earnings per share were $3. Lifting costs were $4.50 per barrel of oil equivalent, down 4% from a year earlier, which management attributed to Vista’s low-cost asset base and fixed-cost dilution as the company gained scale. On a sequential basis, lifting costs increased because of inflation in peso-denominated goods and services amid flat exchange rates. Selling expenses were $4.10 per barrel of oil equivalent, up 8% year over year, mainly due to higher oil prices affecting turnover tax.

Galuccio said Vista connected 90 new wells over the last 12 months, supporting 20% production growth compared with the second quarter of 2025. In addition, the consolidation of Vista’s working interests in Bandurria Sur and Bajo del Toro as of May 1 added an average of 14,200 barrels of oil equivalent per day during the quarter. Because the assets were consolidated for only part of the period, Galuccio said the acquired production reflects a run rate of about 21,000 barrels of oil equivalent per day, which will be fully reflected in the third quarter. Vista’s total pro...