Vista Oil & Gas, S.A.B. de C.V. Q3 2026 Earnings Recap

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.