Vista Energy delivered adjusted EBITDA of $444 million in Q4, up 62% year-over-year, with net income of $86 million (EPS $0.80) and free cash flow of $76 million on $435 million of operating cash flow. Revenue rose 46% to $689 million as total production averaged 135,000 BOE/d (up 59% YoY) and realized oil prices averaged $58.90 per barrel. Lifting costs fell to $4.10 per BOE and selling expenses declined 48% year-over-year, while exports doubled to 7.1 million barrels (64% of volume).

The company agreed to purchase Equinor’s Vaca Muerta assets for $387 million, adding approximately 27,000 net acres, 22,000 bbl/d production and 244 net wells. The transaction will be financed with a $600 million bridge loan and is expected to be largely self-funding through generated EBITDA and capital expenditures. Assets lie adjacent to existing operations, offering potential subsurface and facility synergies.

Vista Energy set 2026 targets of 140,000 BOE/d total production, 80–90 well tie-ins, $1.5–$1.6 billion of capital expenditures, $1.9 billion of adjusted EBITDA (at $65 Brent) and $150–$200 million of free cash flow. The company anticipates negative free cash flow in Q1 turning positive in Q2, production of 132,000 bbl/d in February and potential March volumes above 140,000 bbl/d, driven by ongoing well tie-ins and operational momentum.