VIST · Vista Energy, S.A.B. de C.V.

Vista Energy delivered robust operational and financial performance in the first quarter of 2026, with production surging 67% year-over-year to 135 Mboe/d, driven by the consolidation of a 50% working interest in La Amarga Chica (formerly Petronas E&P Argentina) and organic growth from 23 new well tie-ins. Oil production rose 68% YoY to 117 Mbbl/d, while natural gas production increased 62% to 2.75 MMm3/d. Revenue grew 58% YoY to $694 million, despite a 12% decline in average realized oil price to $58.9/bbl, as higher volumes more than offset lower prices. Adjusted EBITDA expanded 64% YoY to $451 million, reflecting operational leverage and cost control, with lifting costs declining 8% YoY to $4.3/boe. Net income rose 30% YoY to $108 million, or $1.0 per share. However, free cash flow was negative $341 million due to elevated capital expenditures of $391 million (up 46% YoY) as the company invested in growth. The net leverage ratio increased to 1.71x from 0.81x a year ago, reflecting debt incurred for the La Amarga Chica acquisition. The company's strong production growth and cost discipline underscore its operational execution, though the negative free cash flow and higher leverage warrant monitoring.