Exclusive insights from one of Vaca Muerta’s key players
A few days have passed since Miguel Galuccio, founder and CEO of Vista Energy, presented an ambitious plan to investors. The presentation came during the company’s Investor Day, where the centerpiece was a US$4.5 billion investment in Vaca Muerta — Argentina’s massive shale formation — which Galuccio described as Vista’s growth platform through 2028. The goal: boost output 60% to 180,000 barrels of oil equivalent per day (boe/d).
Shale24 obtained exclusive additional details, a roadmap built on tripling production since 2021 and quadrupling adjusted EBITDA. That trajectory now positions Vista not only as Argentina’s largest independent oil producer and exporter, but also as a pure-play unconventional operator listed on the New York Stock Exchange, poised to capitalize on the country’s improving macroeconomic “tailwinds.”
Galuccio, who founded Vista in 2017 after serving as CEO of state-run YPF, highlights the company’s evolution over seven years, surpassing its early expectations and establishing itself as a leading independent player in Vaca Muerta. Vista has focused on efficiency and disciplined capital allocation to generate value across price cycles. Now the company is entering a new scaling phase, with double-digit production growth projected over the next five years, targeting 200,000 boe/d by 2030 and US$8 billion in export revenue over the next three years.
Q: What are the pillars of Vista’s strategic plan for the coming years and how realistic is it?
M.G.: The plan is very ambitious, we know that. The most important thing is that we have the wells. We have a “ready-to-drill” portfolio of more than 1,650 wells. And on the other hand, we also have the money to execute it. In fact, we’re fully financed.
Q: You describe flexibility as a key element. According to the numbers you presented for 2030, Vista will generate US$1.5 billion in annual free cash flow while maintaining returns above 20%, placing it among the most profitable exploration and production companies globally…
M.G.: As I said, the company has many wells, 80% of them still remain to be drilled. That supports strong returns, with payback in just two years if we use US$11 per barrel as a reference cost.
“We have a ready-to-drill portfolio of more than 1,650 wells. And we also have the money to do it,” Galuccio said.
Q: How are your liquidity indicators, in other words, the company’s financial health?
M.G.: Very strong. We are now a company that will be cash-flow positive in the cycle ahead. Cash flow refers to the money coming in and out over a given period, operating (from sales and extraction costs), investing (from asset purchases), or financing (from loans and dividends). It’s a key indicator of liquidity and financial strength, directly affected by crude prices, extraction costs, and strategic investments. On top of that, we have the equipment: drilling rigs and frack sets.
Q: Oil prices are always a major factor…
M.G.: We’ve used US$65 per barrel of Brent as our reference price. We think that’s a price that allows us to execute the plan. Over the next three years, the plan delivers 60% production growth and a 75% increase in EBITDA. It’s a very strong plan, with all the parameters already in hand.
Q: So what could change?
M.G.: One factor is the global oil price. We are optimistic. We consider US$65 per barrel for 2026 and US$70 for 2027 and 2028. We’re not far off from that today. The average last quarter was around US$63. Then there’s Argentina’s context. Today we also have favorable tailwinds, with Milei having just scored a strong electoral win. And of course, our portfolio consists of short-cycle projects, which means we can accelerate or slow down as needed. That gives the plan a lot of flexibility.
Q: What makes Vista unique in the Vaca Muerta ecosystem, and how is it positioned for global investors?
M.G.: Vista is 100% Vaca Muerta. We have more than 200,000 acres in the formation. We’re the only pure-play company, meaning we’re focused solely on Vaca Muerta, a giant in the unconventional sector.
Q: And you’re listed on the New York Stock Exchange…
M.G.: Yes, we’re a public company listed on the NYSE. And again, we focus exclusively on Vaca Muerta. If you want to invest, if anyone wants to invest, in unconventional resources outside the United States, and only in unconventional, there’s just one company to buy: Vista. We’re the country’s largest exporter and Argentina’s top independent oil producer. Independent means we’re not a national oil company, we’re a relevant player focused solely on Vaca Muerta, we don’t do anything else.