Latin America Energy: Oil: Independent E&P: key themes for 2Q earnings

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Latin America Energy: Oil: Independent E&P: key themes for 2Q earnings

Equity Research

6 July 2026 | 9:49AM BRT

Latin America Energy: Oil: Independent E&P: key themes for 2Q

earnings

In this note, we wrap up our 2Q preview series for our LatAm O&G coverage and Bruno Amorim, CFA

+55(11)3371-0764 |

update our models for the independent oil producers in our coverage (PRIO, BRAV, bruno.amorim@gs.com

Goldman Sachs do Brasil CTVM S.A.

RECV, VIST), reflecting recently disclosed production data and the updated macro

Guilherme Costa Martins

scenario (including lower oil prices since our last update, partially offset by a weaker +55(11)3372-3505 |

BRL vs. the USD). See our recently published preview for the NOCs (PBR, YPF, EC) guilherme.costamartins@gs.comGoldman Sachs do Brasil CTVM S.A.

here and for the fuel distributors (UGPA, VBBR) here. Huama Belmonte

+55(11)3371-6972 |

huama.belmonte@gs.com

n VIST (Buy) is expected to disclose 2Q earnings on July 16th. We are 5% above Goldman Sachs do Brasil CTVM S.A.

Bloomberg consensus at the EBITDA level for the quarter. We expect

management to comment on the projected production ramp-up for the

upcoming months (recall, Vista had already indicated production growth this

year might be concentrated on the 2H of the year) and an update on the

development of the VMOS oil pipeline (which would enable further production

growth next year by expanding midstream capacity). We also expect to hear an

update on the M&A landscape (considering the recently completed acquisition of

Equinor’s stakes in assets in Vaca Muerta) and prospects for shareholder

remuneration.

n PRIO (Buy) is expected to disclose 2Q earnings on August 4th. We are 9%

above Bloomberg consensus at the EBITDA level for the quarter. Key points of