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

What they do

Vista Energy explores for and produces crude oil and natural gas, primarily in Argentina, with a stated focus on the Vaca Muerta formation. The company also owns operations related to the capture, treatment, transport and distribution of hydrocarbons and derivatives. It holds interests in areas including Bajada del Palo Oeste, Bajada del Palo Este, Aguada Federal, Aguila Mora, Entre Lomas, and LACh, among others.

Revenue drivers

• Crude oil, condensate and LPG — The company's primary revenue source is from the sale of crude oil, condensate and LPG, with prices referenced to Brent for Argentina.
• Natural gas — Natural gas production and sales form a secondary revenue stream, with reserves and production reported alongside crude oil.
• Hydrocarbon midstream and derivatives — Operations related to the capture, treatment, transport and distribution of hydrocarbons and derivatives also contribute to revenue.

Recent performance

For the year ended December 31, 2025, Vista recorded an impairment of long-lived assets of 38,252 in Mexico. In the prior year, ended December 31, 2024, the company recognized a reversal of impairment of long-lived assets of 4,207 in Mexico. Reserves were revised with proved developed and undeveloped crude oil changes of +1.9 MMbbl and natural gas changes of -13.4 Bcf, mainly due to well performance and price revisions across fields such as Bajada del Palo Oeste and Bajada del Palo Este. During the period, Vista added 45 gross wells in LACh, 9 wells in BPE, and 17 wells in Bajada del Palo Oeste, contributing significant reserve additions. In 2024, the company also completed the merger of Aleph and AFBN with Vista Argentina effective January 1, 2025.

Strategy

Vista's strategy centers on developing its Vaca Muerta acreage, as evidenced by drilling campaigns that added numerous wells and reserves in LACh, Bajada del Palo Oeste, and Bajada del Palo Este. The company has been active in extending concession life, as seen in the 2024 transaction with Tango related to concession extensions. It also manages its portfolio through farmout agreements in areas such as Bajada del Palo Oeste. The company continues to adjust development plans based on well results, as reflected in reserve re-estimations. Its operations include both unconventional and conventional assets.

Risks

• Reserve revisions — Negative revisions to proved reserves, such as the -13.4 Bcf natural gas revision, could indicate performance or price challenges that may affect future production.
• Impairment risk — The company recorded a $38.252 million impairment of long-lived assets in Mexico for 2025, indicating potential write-downs if asset values decline.
• Concentration in Argentina — Substantially all operations are in Argentina, exposing results to country-specific economic, regulatory and political risks.
• Commodity price exposure — Revenues depend on crude oil and natural gas prices, with crude oil priced off Brent, making financial results volatile to price swings.

Outlook

The filing does not provide explicit forward-looking guidance. However, the company's recent drilling success and reserve additions in Vaca Muerta suggest continued development focus. Management's adjustments to development plans based on well results indicate an adaptive approach. The merger of Aleph and AFBN into Vista Argentina simplifies the corporate structure.