Vista Energy, S.A.B. de C.V.

Vista said Q2 2026 revenue was $1.15 billion, up 89% year over year, while Adjusted EBITDA was $805 million, up 99% year over year and 79% sequentially. Net income was $322 million, up 37% year over year and 199% sequentially, and EPS was $3. Production averaged 156.1 thousand boe/d, up 32% year over year, with oil production of 135.4 thousand b/d, up 33%; realized oil price was $89.4/bbl, up 44% year over year. Lifting cost was $4.5/boe, down 4% year over year, capex was $467 million, and free cash flow was $491 million net of the Equinor acquisition payment. Management maintained its 2026 Adjusted EBITDA guidance at $3 billion at $85 Brent, said Q3 production is expected at 160,000 boe/d and Q4 at 170,000 boe/d, and reiterated confidence in reaching full-year production guidance of 158,000 boe/d equivalent.

Miguel Galuccio framed the quarter as a scale-inflection moment driven by the Equinor asset closing plus organic growth, saying Vista is now in a strong position to benefit from higher oil prices. He emphasized that the company is still prioritizing growth, but with rising cash generation the near-term focus is to delever toward about 1x net leverage by the end of 2026. He also highlighted ongoing M&A optionality, continued core-acreage consolidation in Vaca Muerta, and progress in RIGI filings for several projects.

Pablo Vera Pinto’s financial commentary focused on the strong operating leverage and cash generation. He pointed to $985 million of operating cash flow, helped by a $274 million working-capital release, $886 million of investing cash flow that included $467 million of capex and $392 million tied to the Equinor payment, and $605 million in cash at quarter-end. He also noted net debt of 1.41x Adjusted EBITDA, or 1.25x pro forma including the acquired asset, and said the company remains well placed to deliver on annual guidance.

Analysts asked about the newly consolidated Bandurria Sur and Bajo del Toro assets, and management said both are tracking as expected, with Bandurria Sur supported by three rigs and Bajo del Toro still in appraisal/planning stages. Questions on capital allocation and dividends drew a response that growth remains the priority, but Vista still has flexibility for M&A, additional capex, buybacks, and a potential shareholder return policy later, while the immediate focus is deleveraging. Management also said VMOS remains on schedule with no current need for trucking, and that continued innovation and scale are helping offset service-cost inflation in Argentina.