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

Q2 2026 revenue was $1.15 billion, up 89% year over year. Adjusted EBITDA was $805 million, up 99% year over year and 79% sequentially, with Adjusted EBITDA margin at 17%, up 3 percentage points year over year. Net income was $322 million, up 37% year over year and 199% sequentially, and EPS was $3. Total production averaged 156,000 BOE/d, up 32% year over year; oil production was 135,000 b/d, up 33% year over year; realized oil price was $89.4/bbl, up 44% year over year; lifting cost was $4.5/BOE, down 4% year over year; and netback was $57/BOE, up 51% year over year. Net of the Equinor acquisition payment, free cash flow was $491 million, and net debt was 1.41x Adjusted EBITDA, or 1.25x on a pro forma basis. For guidance, management maintained $3 billion of Adjusted EBITDA guidance at $85 Brent and said each $10/bbl change in second-half oil prices moves Adjusted EBITDA by about $200 million. They also guided Q3 production at 160,000 b/d and Q4 at 170,000 b/d, with 2026 full-year guidance of 158,000 BOE/d.

Miguel Galuccio framed the quarter as a step-change for Vista, driven by the closing of the Equinor asset and continued organic growth. He emphasized that the company now has greater scale and is well positioned to capture upside from higher oil prices, while still keeping growth as the top capital-allocation priority. His tone was confident but pragmatic: use free cash flow to delever toward around 1.0x, keep flexibility for M&A and buybacks, and consider shareholder returns later rather than immediately.

Pablo Vera Pinto highlighted the financial strength of the quarter: cash flow from operating activities was $985 million, helped by a $274 million working-capital decrease, while investing cash flow reflected $467 million of accrued CapEx plus the $392 million Equinor payment. Cash ended at $605 million, and net leverage was 1.41x Adjusted EBITDA, or 1.25x pro forma including the acquired asset’s last-12-month EBITDA. He also noted financing cash flow of -$110 million, driven by $810 million of borrowings repayment and $88 million of interest payments, partially offset by $856 million of new borrowings.

Analysts pressed on the production path through 2026, the contribution from Bandurria Sur and Bajo del Toro, and whether stronger prices or lower leverage would shift capital allocation toward dividends versus more M&A. Management said July production was about 162,000 b/d, with Q3 expected at 160,000 and Q4 at 170,000, and reiterated that 2026 guidance remains intact. On capital allocation, Galuccio said growth remains the priority, but Vista keeps flexibility for M&A, additional CapEx, buybacks, and potentially a future shareholder-return policy; near term, the focus is deleveraging. Questions on service costs, VMOS, RIGI filings, and Bajada del Palo Este were answered with a mix of optimism and caution: Vista said innovation is still reducing D&C costs, VMOS remains on schedule with no trucking need expected, RIGI filings are being prepared for Bandurria Norte and other projects, and field-level fluctuations are part of a broader hub-level development plan rather than a specific issue.