Vista Energy, S.A.B. de C.V.

Overview

Vista Energy, S.A.B. de C.V. is an independent Latin American oil and gas company focused on exploration and production. Its principal products are crude oil, natural gas and natural-gas liquids, and its operations are concentrated in Argentina, particularly the Neuquén Basin and Vaca Muerta. The company was founded in 2017 and acquired Vaca Muerta assets in 2018.[1]+4

Vista states its purpose as “unleashing the potential of energy for a better future.” For the year ended December 31, 2025, it reported US$2.474 billion in revenue from contracts with customers and 584 employees. Its reported operating footprint is centered on Argentina rather than a broad global network.[6]+2 [1]+11

Products & services

Vista Energy produces and sells crude oil, natural gas and natural gas liquids (NGLs). Its reporting also tracks liquefied petroleum gas (LPG) pricing in Argentina.[9]

In 2025, Vista sold 22.2 million barrels of crude oil to export markets, equal to 61% of its crude-oil sales volume.[10] Its reported infrastructure includes 197 Mbbl/d of crude-oil treatment capacity, 103 Mbbl/d of that in operated blocks, and 162 Mbbl/d of pipeline takeaway capacity.[5] [9]+2

Geographic presence

Vista Energy’s operations are concentrated in Argentina, principally in the Vaca Muerta formation of the Neuquina Basin. At year-end 2025, its portfolio included six operated blocks and one non-operated Vaca Muerta block, as well as a non-operated conventional block in Argentina’s Noroeste Basin. The company also listed Mexico’s CS-01 block, but had submitted an irrevocable relinquishment notice that was pending confirmation.[11][12] Argentina accounted for 42.0 MMboe of Vista’s 42.1 MMboe of net production in 2025; Mexico accounted for 0.1 MMboe.[13] In February 2026, Vista agreed to acquire non-operated interests in two additional Vaca Muerta blocks, Bandurria Sur and Bajo del Toro.[14]

In 2025, Vista exported 22.2 million barrels of crude oil, equal to 61% of its total crude volumes, and reported US$1,494.5 million in gross export revenue.[10] Chile is a named pipeline export destination; the cited disclosures do not specify other destinations or provide a country-by-country revenue breakdown.[15][10] Vista also has a Uruguayan subsidiary identified as a trader.[16]

At December 31, 2025, Vista had 584 employees: 568 in Argentina, 12 in Mexico and four in Uruguay.[17] Its disclosed business address for the board and executive team is in Mexico City: Torre Mapfre, 18th Floor, 243 Paseo de la Reforma Avenue, Colonia Cuauhtémoc, Alcaldía Cuauhtémoc, Mexico City, 06500, Mexico.[18] [11]+8

Business segments

Vista Energy reports one operating segment: exploration and production of crude oil, natural gas and LPG, including related E&P commercial activities. It does not formally report separate commodity, geographic or asset segments. [2025 Form 20-F](https://www.sec.gov/Archives/edgar/data/1762506/000119312526306139/d151775dex1.htm)

As a supplemental geographic breakdown—not a separate segment measure—Argentina accounted for approximately 99.7% of FY2025 average net production (115,107 of 115,479 boe/d), while Mexico accounted for approximately 0.3% (372 boe/d). These percentages are calculated from reported production figures; the company’s formal segment reporting does not provide separate revenue or profit contributions by geography. [2025 Form 20-F](https://www.sec.gov/Archives/edgar/data/1762506/000119312526306139/d151775dex1.htm) [19]+4

Company history

Vista Energy was incorporated in Mexico on 22 March 2017 as Vista Oil & Gas, S.A.B. de C.V., a special-purpose acquisition company formed to acquire energy businesses. Its shares were placed on the Mexican Stock Exchange in August 2017, in the exchange’s first SPAC offering.[22][23]

In 2018, Vista moved into operations by acquiring Argentine oil and gas assets from Pampa Energía and Pluspetrol, establishing its initial operating platform in the country. The Pampa transaction closed on 4 April 2018 and included its 58.88% direct interest in Petrolera Entre Lomas and related assets.[24][25] In 2019, the first four-well pad at Bajada del Palo Oeste was tied in, and Vista’s American depositary shares began trading on the New York Stock Exchange on 26 July.[26][27]

Vista expanded its interests in Argentina’s Vaca Muerta region through acquisitions in Aguada Federal and Bandurria Norte in 2021–22; in 2022, shareholders approved changing the parent company’s name to Vista Energy.[28]+2 In April 2025, it acquired the company holding a 50% working interest in La Amarga Chica; in February 2026, it agreed to an additional transaction involving interests in Bandurria Sur and Bajo del Toro.[31][32] [22]+17

Sources

• Vista Energy, S.A.B. de C.V. — Full financial report (2025 Y)
  19 citations

  [1][2][3][7][9][10][11][12][13][14][15][16][17][18][19][20][27][31][32]
• www.vistaenergy.com[4]
• www.vistaenergy.com[5]
• www.vistaenergy.com[6]
• www.vistaenergy.com[8]
• www.sec.gov[21]
• www.sec.gov[22]
• www.bmv.com.mx[23]
• www.prnewswire.com[24]
• ri.pampa.com[25]
• www.bmv.com.mx[26]
• www.bmv.com.mx[28]
• www.bmv.com.mx[29]
• Vista Energy, S.A.B. de C.V. — Full financial report (2021 Y)[30]