Vista Energy’s $1.1B Vaca Muerta Deal Adds 26,500 boed and Triggers Buy Rating
Vista Energy will acquire Equinor’s Vaca Muerta onshore assets for $1.1B, adding a 30% stake in Bandurria Sur and 50% in Bajo del Toro to boost output by 26,500 boed. Bank of America resumed coverage with a Buy rating and $88 price target, signaling 63% upside and a 24% IRR.
1. Acquisition Details
Vista Energy announced a $1.1 billion purchase of Equinor’s onshore assets in Argentina’s Vaca Muerta basin, acquiring a 30% interest in the Bandurria Sur field and a 50% stake in the early-stage Bajo del Toro project.
2. Production Impact
Bandurria Sur produced an average of 24,400 barrels of oil equivalent per day in Q3 2025, while Bajo del Toro contributed 2,100 net boed, adding a combined 26,500 boed to Vista Energy’s portfolio.
3. Rating and Valuation
Bank of America resumed coverage of Vista Energy with a Buy rating and set an $88 price target, implying more than 63% upside and projecting a 24% internal rate of return on the acquisition.
4. Strategic Implications
CEO Miguel Galuccio noted the acquired blocks provide flowing barrels and a deep inventory of drill-ready wells, supporting Vista Energy’s growth trajectory in the prolific Vaca Muerta shale play.