VIST · Vista Energy, S.A.B. de C.V.

Vista Energy's Q1 2026 results reflect robust growth, with revenue nearly doubling year-over-year to $865 million from $438 million, primarily driven by higher crude oil and natural gas production volumes as implied by the upstream focus. Gross profit expanded significantly to $472 million from $212 million, benefiting from elevated revenue despite increased depreciation, depletion, and amortization to $230 million from $126 million, alongside higher royalties and operating costs. Operating profit rose 52% to $216 million, aided by scaling selling and G&A expenses, elimination of exploration costs, and new commodity risk management contracts impacting $151 million negatively. Net profit increased 30% to $108 million, with EPS advancing to $1.03 basic from $0.86, supported by financial income dynamics though interest expense doubled to $55 million amid borrowings. Balance sheet strengthened with total assets up 9% to $7.7 billion, equity at $2.6 billion, driven by profit retention and property, plant, and equipment growth to $5.7 billion. Cash position improved to $615 million from $538 million year-end, with operating cash flow up 29% to $86 million despite working capital outflows from receivables. Investing activities saw $427 million outflow, including $338 million capex and $80 million deposit for the pending Equinor acquisition. Financing provided $409 million net, mainly from $590 million borrowings. The Equinor deal, announced February 2, 2026, targets 30% Bandurria Sur and 50% Bajo del Toro interests, with partial resale to YPF; it remains pre-close with contingent earn-outs tied to Brent pricing above $65/bbl, signaling strategic expansion in Argentina.