Vista Energy Jun/26 production and model update: On course for a compelling story

Research evidence excerpt

Vista Energy Jun/26 production and model update: On course for a compelling story

during the month (@100%), out of which 9 in Bandurria Sur, 4 in La Amarga Chica and

4 in Bajo del Toro. At Vista's WI, net new wells amounted to 5.7.

2Q26 call highlights

2H26 production outlook: Management forecasts production at c160kboed in

3Q26 and c170kboed in 4Q26 to reach its full-year guidance of 158kboed.

Equinor assets outlook: Management stated that recently consolidated

assets, Bandurria Sur and Bajo del Toro, are performing in line with

expectations. Current production (@WI) stands at c19kboed for Bandurria Sur

and c2kboed for Bajo del Toro, with three rigs currently operating at Bandurria

Sur. The company expects production to gradually increase toward year-end.

In addition, management noted that discussions with YPF regarding the 2027

development plan are beginning to take shape.

2H26 Brent sensitivity: Vista outlined that for every US$10/bbl change in

Brent for 2H26, the company expects an impact in adj. EBITDA of cUS$200mn.

Capital allocation plans: With strong cash generation expected for 2026 and

2027, management views a greater flexibility for capital allocation. Potential

uses include opportunistic M&As, incremental capex for RIGI projects, and

share buybacks in the ST, and, in the LT, the implementation of a formal

shareholder return policy. However, management emphasized that the near-

term priority remains deleveraging, with a target of bringing ND / EBITDA

closer to 1.0x.

Outflow capacity: CEO Miguel Galuccio stated that VMOS construction process

is on track with expectations for now, although the shipment of a very specific

component is currently being affected by Hormuz Strait closure. While the