Vista Oil & Gas, S.A.B. de C.V. Earnings Recaps
Q3 2026
Nov 1, 2026
Vista’s shares fell 2.5% after earnings, a roughly flat reaction. Production, revenue and cash flow rose, while lower oil realizations sequentially and higher lifting costs year over year tempered the picture; management also gave no specific forward guidance in the prepared remarks.
Key takeaways
- Production averaged 169,000 BOE/day, up 33% year over year and 8% sequentially; oil production was 147,100 barrels/day, up 34% and 9%, respectively.
- Revenue was $1.23 billion, up 75% year over year. Realized oil prices were $84.2/barrel, 30% higher year over year but down 6% sequentially.
- Adjusted EBITDA rose 78% year over year to $841 million; the 68% margin was up 1 percentage point from a year earlier. Sequential EBITDA growth was 4%, as production gains offset lower oil realizations.
- Lifting cost increased 6% year over year to $4.7/BOE, reflecting peso-cost inflation amid flat FX rates. Selling expense declined 14% to $3.6/BOE.
- Free cash flow was $334 million; cash stood at $775 million at quarter end. Net leverage fell to 1.12x adjusted EBITDA, or 1.04x pro forma for the acquired asset.
Q3 2025
Oct 25, 2025
Vista's Q3 2025 results showcased impressive growth, with production up 74% year-over-year and revenues reaching $706 million, reflecting strong operational performance and cost management.
Key takeaways
- Total production increased to 127,000 BOEs per day, a 7% sequential rise, driven by successful new well tie-ins.
- Adjusted EBITDA surged 52% year-over-year to $472 million, with an improved EBITDA margin of 67%.
- Net income was $315 million, bolstered by a nonrecurring gain from the Petronas Argentina acquisition; adjusted net income stood at $155 million.
- Free cash flow was nearly neutral at -$29 million, indicating effective capital management amid higher earnings.
- Production guidance for Q4 anticipates levels of approximately 130,000 BOEs per day, reinforcing growth momentum ahead of the upcoming Investor Day on November 12.