ARGENTINA · EARNINGS

A drilling rig at night near Añelo, in Argentina’s Vaca Muerta shale region (file photo)

Vista Energy pumped a third more oil and gas in Argentina’s shale country than a year earlier, and its cash profit jumped even faster. The company, which is listed in New York (NYSE: VIST) and Mexico City and drills mostly in Argentina, published its third-quarter results after markets closed on Wednesday 28 October 2026.

Vaca Muerta is a huge shale formation in Neuquén province and Argentina’s main source of new oil. Vista produced 169,023 barrels of oil equivalent a day, 33% more than in the third quarter of 2025 and 8% more than in the second quarter.

Background on the company is in our Vista Energy company profile. Related coverage includes Chile’s plan to ship Vaca Muerta cargo to Asia.

Output and Prices Both Rose

Oil output was 147,126 barrels a day, up 34% on the year. Vista said 13 percentage points of the 33% growth was organic, from 91 new wells connected in 12 months, and 20 points came from assets bought from Equinor, the Norwegian energy group.

Those assets, stakes in the Bandurria Sur and Bajo del Toro blocks, counted for a full quarter this time instead of two months. The company connected 25 net new wells in the quarter.

The average price Vista received for its oil was US$84.2 a barrel, 30% above a year earlier and 6% below the second quarter. Brent, the global benchmark, averaged US$91.3 a barrel in the quarter against US$96.7 in the second.

Total revenues were US$1.234 billion, up 75% on the year and 7% on the second quarter. Exports made up 72% of net revenues, or US$854.2 million.

Heavy equipment on the outskirts of Añelo, the hub of Vaca Muerta (file photo) Photo: Gervacio Rosales, CC BY 3.0 via Wikimedia Commons

Why Net Income Fell 7% While EBITDA Jumped

Adjusted EBITDA, a measure of cash profit before interest, tax and depreciation, rose 78% to US$841.5 million. The margin was 68%, one point higher than a year earlier.

Net income was US$293.5 million, down 7% from US$315.3 million. The 2025 figure included a one-off US$288.1 million gain from buying the La Amarga Chica block, and without it net income grew more than tenfold.

Income tax expense also rose. Vista booked US$211.8 million in the third quarter against US$116.5 million in the second.

Adjusted net income, which Vista calculates without one-off items, rose to US$240.1 million from US$155.5 million. Earnings were US$2.6 a share, against US$3.0 a year earlier.

Cash, Debt and Drilling

Vista spent US$459.7 million on capital projects, mostly drilling and completing Vaca Muerta wells. It drilled 22 net wells and completed 28 in the quarter.

Free cash flow, the cash left after investment, was US$334.2 million. The company also spent US$55.4 million buying back its own shares.

Gross debt was US$3.642 billion and net debt US$2.857 billion. The net leverage ratio, net debt divided by yearly adjusted EBITDA, was 1.12 times, down from 1.83 times a year earlier.

The cost of lifting oil out of the ground was US$4.7 a barrel of oil equivalent, 6% above a year earlier. Vista attributed that to slightly higher costs in peso-denominated goods and services.

What It Means for You

For US investors, Vista is a leveraged bet on Argentine shale and on Brent. All of its oil sales are priced on export-parity formulas tied to international prices, so a lower Brent trims revenue even as volumes rise.

The New York shares closed at US$72.27 on Wednesday 28 October, up 1.0% before the results came out. Vista’s webcast for investors takes place on Thursday 29 October at 9:00 a.m. Mexico City time.

What Is Not Known

The results release gives no production or spending forecast for the fourth quarter. It is also not yet known how the shares will react once US trading opens on Thursday.

More: Argentina news in English, every day from The Rio Times.

Frequently Asked Questions

How much oil does Vista Energy produce?

Vista produced 169,023 barrels of oil equivalent a day in the third quarter of 2026, up 33% on the year. Oil alone was 147,126 barrels a day.

Why did Vista’s net income fall 7%?

The 2025 figure included a one-off US$288.1 million gain from buying a block. Net income was US$293.5 million against US$315.3 million.

How much did Vista earn before interest, tax and depreciation?

Adjusted EBITDA was US$841.5 million, up 78% on the year, with a 68% margin. Revenues were US$1.234 billion.

Where can US investors buy Vista Energy?

It trades on the New York Stock Exchange as VIST and on the Mexican stock exchange as VISTA. The New York shares closed at US$72.27 on 28 October 2026.

Sources: Vista Energy 2026 third-quarter results, Form 6-K, Securities and Exchange Commission, 28 October 2026; Vista Energy investor relations; New York Stock Exchange closing prices, 28 October 2026.

This article was produced by The Rio Times’ automated newsroom system. How we use AI · Report an error · Editorial responsibility: Matthias Camenzind, Editor-in-Chief