Vista Energy Q4 Adjusted EBITDA Up 62%, Acquires $387M Vaca Muerta Assets
Vista Energy’s Q4 adjusted EBITDA rose 62% year-over-year to $444 million on total production of 135,000 BOE/d, while lifting costs fell to $4.10 per BOE and free cash flow reached $76 million. The company agreed to acquire Equinor’s 27,000-acre Vaca Muerta assets for $387 million, adding 22,000 bbl/d and 244 wells.
1. Strong Q4 Operational Results
Vista Energy reported adjusted EBITDA of $444 million in Q4, up 62% year-over-year, driven by production averaging 135,000 BOE/d (up 59% year-over-year) and lower lifting costs of $4.10 per BOE. Net income reached $86 million (EPS $0.80) and free cash flow totaled $76 million on operating cash flow of $435 million.
2. Vaca Muerta Acquisition Details
The company agreed to acquire Equinor’s Vaca Muerta assets—27,000 net acres, 22,000 bbl/d of production and 244 net wells—for an initial $387 million cash payment funded by a $600 million bridge loan. Management expects the assets to be self-funding through EBITDA and CapEx synergies, with closing targeted by mid-May.
3. 2026 Guidance Overview
Vista Energy reiterated guidance for 2026 of 140,000 BOE/d of production, 80–90 well tie-ins, $1.5–$1.6 billion of CapEx and approximately $1.9 billion of adjusted EBITDA assuming $65 Brent. Free cash flow is projected at $150–$200 million, with negative flow in Q1 and positive generation thereafter.
4. Capital Structure and Leverage
Net leverage remained stable at 1.5x on a pro forma basis. The $600 million bridge loan for the Vaca Muerta acquisition will be covered by anticipated cash generation, while management expects working capital and tax timing to drive quarterly free cash flow variability.