Vista Energy, an independent Vaca Muerta-focused producer, reported first-quarter 2026 results showing total production of 134,741 boe/d, a 67% increase compared with the first quarter of 2025.
Growth was driven by the incorporation of a 50% stake in the La Amarga Chica block in the Neuquén Basin — acquired from Malaysia's Petronas in April 2025 and operated by YPF, Argentina's state-controlled oil and gas company, which holds the remaining 50% — and by the drilling of new wells across Vista's operated areas. Oil production averaged 116,655 bbl/d, up 68% year-on-year.
Efficiency metrics continued to improve. Lifting cost stood at $4.3 per boe, 8% below the level recorded in the first quarter of 2025 — a figure that compares favorably with leading Permian Basin operators, where Q3 2025 lifting costs at Permian Resources stood at $5.07/boe.
Total revenue for the quarter reached $694.3 million, a 58% increase versus Q1 2025. Adjusted EBITDA came in at $450.8 million, up 64% from the same period a year earlier.
Adjusted EBITDA margin reached 65%, a 3-percentage-point improvement over Q1 2025, supported by cost savings that offset the year-on-year decline in crude prices. Exports continued to gain weight in the business: net revenues from oil and gas exports totaled $431.0 million, equivalent to 64% of total revenue.
During the quarter, Vista invested $391.2 million, primarily in Vaca Muerta development. The company drilled 19 wells, completed 25 wells, and connected 23 new wells, alongside infrastructure works and operational support projects.
Net income reached $107.7 million, compared with $82.8 million in Q1 2025. Cash flow was negative at $341.4 million, reflecting the elevated capex cycle tied to the company's drilling and tie-in program.