Vista Energy, S.A.B. de C.V. Q3 FY2025 earnings call

• During Q3, there was strong performance across key operational and financial metrics, with total production up 74% year-over-year and 7% quarter-on-quarter.
• Connected 24 wells in Q3, including 11 in Bajada del Palo Oeste, 4 in Aguada Federal, and 9 with a 50% working interest in La Amarga Chica.
• Total revenues were $706 million, 53% above Q3 2024, driven by increased oil production despite lower oil prices.
• Adjusted EBITDA was $472 million, mainly driven by production growth and cost control.
• Decided to accelerate new well activity in Q4, planning 12-16 tie-ins, expecting Q4 production to be about 130,000 BOEs per day.

In the third quarter of 2025, Vista recorded a strong performance. Total production was 127,000 BOEs per day, an increase of 74% year-over-year and 7% quarter-on-quarter. Oil production was 110,000 barrels per day, with an interannual increase of 73% and 7% sequentially. Total revenues for the quarter were $706 million, which was 53% above the same quarter of the previous year and 16% above the previous quarter. Adjusted EBITDA was $472 million, showing an interannual increase of 52% and a sequential increase of 70%. Lifting cost was $4.4 per BOE, 6% below year-over-year.

• Q4 production is expected to be about 130,000 BOEs per day, potentially over-delivering on production guidance for the year and the second semester.
• Planning 12-16 well tie-ins in Q4, leading to 70-74 connections for the year.
• Net leverage ratio at quarter end was 1.5x on a pro forma basis.

• Volatility in oil prices could impact financial performance.
• FX fluctuations and inflation may affect drilling and completion costs.
• Elections in Argentina could potentially have implications, but management states elections won't materially affect Vista's operations.

Q: What is the M&A appetite?

A: The appetite for M&A is intact, with a proven track record of creating value through M&A, and continuing to assess opportunities.

Q: What is the CapEx if production were to be stable?

A: ~$700 million for 100,000 barrels per day production, and ~$800 million for 150,000 barrels per day production.

Q: What is the impact of elections on Vista's operations?

A: Elections won't change Vista's plan, as the business model is solid and operations will continue as planned.

Q: What is the EBITDA sensitivity to oil prices in 4Q?

A: For every dollar per barrel change in realized oil prices, adjusted EBITDA in Q4 will change approximately between USD 8 million and USD 9 million.

Q: What is the outlook for La Amarga Chica in Q4?

A: Expecting a very strong performance in Q4 similar to Q3.

Q: What caused the decline in operated production in the first 2 months of the quarter?

A: Boost from strong productivity in wells connected in Bajada del Palo Oeste.

Q: What is the CapEx guidance?

A: Likely to end above the $1.2 billion guidance, with total CapEx for the year expected to be between $1.2 billion and $1.3 billion.