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Sep 30
Vista Energy Q3 2025 Earnings Report
Vista Energy reported strong Q3 2025 results driven by record oil output and high export sales.
Key Takeaways
Vista Energy's Q3 2025 performance showed significant production growth, particularly in oil, which lifted total revenue by 53% year-over-year. Exports made up 60% of net revenue. Profitability surged with strong adjusted EBITDA and a gain from the PEPASA acquisition.
Revenue reached $706.1 million, up 53% YoY due to higher production.
Net income hit $315.3 million, boosted by a $288.1 million gain from an acquisition.
Adjusted EBITDA rose to $472.4 million with a 67% margin.
Capex was high at $350.8 million, leading to negative free cash flow.
Vista Energy
Vista Energy
Vista Energy Revenue by Segment
Vista Energy Revenue by Geographic Location
Revenue by Segment
Oil Revenue
CapyFin.comNatural Gas Revenue
CapyFin.comNGL and Others Revenue
CapyFin.comRevenue by Geographic Location
Export Revenue
CapyFin.comDomestic Revenue
CapyFin.com Forward Guidance
Vista anticipates sustained production growth and margin strength supported by infrastructure and export pricing strategies.
Positive Outlook
- 100% of oil volumes sold at export parity pricing.
- Strong operating cash flow of $303.9 million.
- Operational efficiency with 16 wells completed in Vaca Muerta.
- Adjusted EBITDA margin increased to 67%.
- Cash balance remained strong at $319.7 million.
Challenges Ahead
- Free cash flow was negative at -$28.8 million.
- Natural gas prices declined 14% year-over-year.
- NGL volumes and revenue remained flat.
- Higher financial expenses of $95.1 million impacted adjusted results.
- High capex driven by development activity in multiple blocks.
Revenue & Expenses
Visualization of income flow from segment revenue to net income