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Vista Energy Q1 Earnings Miss on Lower Realized Commodity Prices
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Key Takeaways
VIST's Q1 adjusted EPS was $0.89, missing estimates, despite revenues jumping 97% to $865M.
Vista Energy lifted output 67% to 134,741 boe/d, helped by La Amarga Chica and 23 well tie-ins.
VIST kept 2026 capex at $1.5-$1.6B and raised output guide to 143,000 boe/d; $85 Brent EBITDA $2.6B.
Vista Energy, S.A.B. de C.V. (VIST - Free Report) reported first-quarter 2026 adjusted earnings of 89 cents per share, which missed the Zacks Consensus Estimate of $1.42 by 37.3%. The bottom line increased 12.7% from the year-ago quarter.
Quarterly revenues of $865 million surged 97.3% year over year and beat the Zacks Consensus Estimate of $688.38 million by 25.7%. Oil production averaged 116,655 barrels per day, up 68% from a year ago.
The weaker-than-expected quarterly earnings can be attributed to lower realized crude and natural gas prices, partly offset by strong production growth.
Vista Energy, S.A.B. de C.V. - Sponsored ADR Price, Consensus and EPS Surprise
Total production averaged 134,741 barrels of oil equivalent per day in the quarter, up 67% from the year-ago quarter. The increase was driven primarily by the consolidation of a 50% working interest in the La Amarga Chica block, acquired in April 2025, and organic growth in its core development areas.
Crude oil production increased to 116,655 barrels per day (Bbls/d) from 69,623 Bbls/d in the year-ago quarter. Natural gas liquids production increased 34% year over year to 784 Boe/d. Natural gas output rose 62% to 2.75 million cubic meters per day (MMm3/d).
Management highlighted steady execution of its drilling program, including 23 well tie-ins during the quarter across Bajada del Palo Oeste, Bajada del Palo Este and La Amarga Chica.
Vista's Realized Prices Fall, Hedges Weigh on Sales
Average realized crude oil price was $60.1 per barrel, down from $68.6 in the prior-year quarter. Realized natural gas price was $2 per MMBtu, down 21% year over year, pressured by mix and pricing in the industrial channel.
Commodity risk management contracts reduced reported revenues by $150.7 million in the quarter, while sea freight selling expenses totaled $20 million. After adjusting for these items, revenues were $694.3 million, up from $438.5 million in the prior-year quarter. Net revenues from oil and gas exports were $431 million, representing 64% of total net revenues.
VIST’s Per-Unit Costs Drop, Profitability Holds Up
Operational efficiency continued to show up in per-unit costs. Lifting cost was $4.3 per boe, down 8% year over year, reflecting the dilution of fixed costs across higher volumes and continued cost-control efforts.
Selling expenses were $3.8 per boe, down 41% year over year, aided by the elimination of trucking as the Oldelval Duplicar pipeline came online. Net income rose to $107.7 million from $82.8 million a year ago, while adjusted net income increased to $93 million from $75.9 million. Lower export duties and the per-unit cost gains helped offset weaker realized oil prices.
Vista's Cash Flow Dips on Heavy Capex and M&A Deposit
Vista generated a negative free cash flow of $341.4 million in the quarter, reflecting an elevated investment program and working-capital movements.
Cash flow provided by operating activities was $85.7 million, while cash flow used in investing activities was $427.1 million, reflecting accrued capex of $391.2 million and a $79.7 million payment tied to the Equinor acquisition. The company ended the quarter with $615.1 million in cash. Gross debt totaled $3,642.3 million, resulting in net debt of $3,027.1 million and a net leverage ratio of 1.71x.
VIST Updates 2026 Scenario Framework on Oil Prices
On the earnings call, management kept its 2026 capital plan intact, reiterating expected capex of $1.5-$1.6 billion. For the full-year 2026, the company increased its production guidance from 140,000 boe per day to 143,000 boe per day.
Under an $85 Brent case for the remainder of 2026, Vista guided to adjusted EBITDA of $2.6 billion, an improvement of $700 million versus its prior guidance. Under $75 Brent, adjusted EBITDA is expected to be $2.3 billion, while under a $95 Brent, it forecasts adjusted EBITDA of $2.9 billion. Management added that the updated figures exclude the Equinor Argentina acquisition. However, on a preliminary basis, it expects 2026 adjusted EBITDA to increase to $3.0 billion after the transaction closes, assuming the $85 Brent case.
VIST’s Zacks Rank and Other Key Picks
VIST currently sports a Zacks Rank #1 (Strong Buy).
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Matador Resources is primarily involved in exploration and production activities, particularly in the prolific Delaware Basin of the United States. The company intends to grow its oil production by 3% in 2026. Since the company’s overall production is mainly oil-weighted, MTDR is expected to significantly benefit from the current increase in crude prices.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.
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Vista Energy Q1 Earnings Miss on Lower Realized Commodity Prices
Key Takeaways
Vista Energy, S.A.B. de C.V. (VIST - Free Report) reported first-quarter 2026 adjusted earnings of 89 cents per share, which missed the Zacks Consensus Estimate of $1.42 by 37.3%. The bottom line increased 12.7% from the year-ago quarter.
Quarterly revenues of $865 million surged 97.3% year over year and beat the Zacks Consensus Estimate of $688.38 million by 25.7%. Oil production averaged 116,655 barrels per day, up 68% from a year ago.
The weaker-than-expected quarterly earnings can be attributed to lower realized crude and natural gas prices, partly offset by strong production growth.
Vista Energy, S.A.B. de C.V. - Sponsored ADR Price, Consensus and EPS Surprise
Vista Energy, S.A.B. de C.V. - Sponsored ADR price-consensus-eps-surprise-chart | Vista Energy, S.A.B. de C.V. - Sponsored ADR Quote
VIST Production Rises on La Amarga Chica Boost
Total production averaged 134,741 barrels of oil equivalent per day in the quarter, up 67% from the year-ago quarter. The increase was driven primarily by the consolidation of a 50% working interest in the La Amarga Chica block, acquired in April 2025, and organic growth in its core development areas.
Crude oil production increased to 116,655 barrels per day (Bbls/d) from 69,623 Bbls/d in the year-ago quarter. Natural gas liquids production increased 34% year over year to 784 Boe/d. Natural gas output rose 62% to 2.75 million cubic meters per day (MMm3/d).
Management highlighted steady execution of its drilling program, including 23 well tie-ins during the quarter across Bajada del Palo Oeste, Bajada del Palo Este and La Amarga Chica.
Vista's Realized Prices Fall, Hedges Weigh on Sales
Average realized crude oil price was $60.1 per barrel, down from $68.6 in the prior-year quarter. Realized natural gas price was $2 per MMBtu, down 21% year over year, pressured by mix and pricing in the industrial channel.
Commodity risk management contracts reduced reported revenues by $150.7 million in the quarter, while sea freight selling expenses totaled $20 million. After adjusting for these items, revenues were $694.3 million, up from $438.5 million in the prior-year quarter. Net revenues from oil and gas exports were $431 million, representing 64% of total net revenues.
VIST’s Per-Unit Costs Drop, Profitability Holds Up
Operational efficiency continued to show up in per-unit costs. Lifting cost was $4.3 per boe, down 8% year over year, reflecting the dilution of fixed costs across higher volumes and continued cost-control efforts.
Selling expenses were $3.8 per boe, down 41% year over year, aided by the elimination of trucking as the Oldelval Duplicar pipeline came online. Net income rose to $107.7 million from $82.8 million a year ago, while adjusted net income increased to $93 million from $75.9 million. Lower export duties and the per-unit cost gains helped offset weaker realized oil prices.
Vista's Cash Flow Dips on Heavy Capex and M&A Deposit
Vista generated a negative free cash flow of $341.4 million in the quarter, reflecting an elevated investment program and working-capital movements.
Cash flow provided by operating activities was $85.7 million, while cash flow used in investing activities was $427.1 million, reflecting accrued capex of $391.2 million and a $79.7 million payment tied to the Equinor acquisition. The company ended the quarter with $615.1 million in cash. Gross debt totaled $3,642.3 million, resulting in net debt of $3,027.1 million and a net leverage ratio of 1.71x.
VIST Updates 2026 Scenario Framework on Oil Prices
On the earnings call, management kept its 2026 capital plan intact, reiterating expected capex of $1.5-$1.6 billion. For the full-year 2026, the company increased its production guidance from 140,000 boe per day to 143,000 boe per day.
Under an $85 Brent case for the remainder of 2026, Vista guided to adjusted EBITDA of $2.6 billion, an improvement of $700 million versus its prior guidance. Under $75 Brent, adjusted EBITDA is expected to be $2.3 billion, while under a $95 Brent, it forecasts adjusted EBITDA of $2.9 billion. Management added that the updated figures exclude the Equinor Argentina acquisition. However, on a preliminary basis, it expects 2026 adjusted EBITDA to increase to $3.0 billion after the transaction closes, assuming the $85 Brent case.
VIST’s Zacks Rank and Other Key Picks
VIST currently sports a Zacks Rank #1 (Strong Buy).
Some other top-ranked stocks from the energy sector are Equinor ASA (EQNR - Free Report) , Matador Resources (MTDR - Free Report) and Galp Energia SGPS SA (GLPEY - Free Report) . At present, Equinor and Matador sport a Zacks Rank #1 each, while Galp Energia carries a Zacks Rank #2 (Buy). You can see the complete list of today’s Zacks Rank #1 stocks here.
Equinor ASA is one of the leading integrated energy companies globally and a major supplier of natural gas in Europe. The recent conflict between the United States and Iran has resulted in a spike in gas prices and disrupted LNG supply, following damage to critical infrastructure in Qatar, tightening global LNG supply. This is expected to boost demand for Eqinor’s gas exports to Europe, positioning the company to benefit from heightened prices. The company’s expansion in the renewable energy space positions it for long-term growth as more countries transition toward cleaner energy solutions to meet their climate goals.
Matador Resources is primarily involved in exploration and production activities, particularly in the prolific Delaware Basin of the United States. The company intends to grow its oil production by 3% in 2026. Since the company’s overall production is mainly oil-weighted, MTDR is expected to significantly benefit from the current increase in crude prices.
Galp Energia is a Portuguese energy company engaged in exploration and production activities. The company’s oil exploration efforts have yielded positive results, particularly with the Mopane discovery in the Orange Basin, offshore Namibia. This discovery allows Galp to diversify its global presence with the potential to become a significant oil producer in the region. It is engaged in refining and marketing of oil products and natural gas marketing and sales.