LatAm Oil & Gas: LightHouse: PBR, VIST, UGPA, BRKM, Brazil O&G, Fuel Dist., Petchems, Global (3x)

Research evidence excerpt

LatAm Oil & Gas: LightHouse: PBR, VIST, UGPA, BRKM, Brazil O&G, Fuel Dist., Petchems, Global (3x)

E&P JUNIORS

Vista: 2Q26 preview

We estimate Vista to deliver a strong 2Q26, driven by production growth to

157kboed (+16% QoQ, +33% YoY), following the incorporation of the Bajo del Toro

and Bandurria Sur stakes in May, alongside higher realized oil prices at cUS$90/bbl.

As a result, we forecast net revenues of US$1,109mn (+65% QoQ, +87% YoY) and,

assuming a lifting cost of US$4.5/boe, an EBITDA of US$801mn (+75% QoQ, +98%

YoY). With 26 net wells expected to be delivered during the quarter, we estimate

capex at US$469mn, while M&A payments given acquisition closing should total US

$438mn. That said, we forecast positive FCFE generation during the quarter

excluding M&A payments.

Figure 6: Vista's 2Q26 preview summary

Vista s 2Q 26 pr eview su mma

ry

Source: Company, UBS

FUEL DISTRIBUTION

Fuel Distribution: ANP to launch consumer app for fuel station

transparency

Eixos reported that ANP will launch “ANP com VC – Postos”, a mobile application

designed to provide consumers with information about fuel retail stations across

Brazil. According to the report, users will have access to a profile for each station,

including information on the origin of fuels sold and a history of regulatory

irregularities identified by the agency, aiming to improve transparency and

consumer access to market information.

We view the initiative as positive, as it further highlights what we see as a

structurally improved competitive environment and stronger coordination

between government bodies and industry associations against irregularities in the

sector. While we still acknowledge uncertainties ahead, we believe the Middle East