Vista Energy, S.A.B. de C.V. (VIST): Business Model Canvas [Dec-2025 Updated]

You're looking at Vista Energy, S.A.B. de C.V. (VIST), and honestly, their whole game is about aggressive, efficient scale in Argentina's Vaca Muerta shale play. As a financial analyst who has seen a few energy cycles, what stands out is their pivot: after weathering political noise, they're now deploying a massive capital plan-over $4.5 billion between 2026 and 2028-to boost production from their current run rate toward 200,000 boe/d by 2030, all while projecting $1.5 billion in cumulative free cash flow in the years following. This Business Model Canvas breaks down exactly how they plan to pull off this high-growth, low-cost extraction, from their key partnership with YPF to their low lifting costs hovering around $4.4/boe in Q3 2025, so you can see the levers driving their next phase of value creation, which targets production guidance of 112-114 Mboe/d for 2025.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Key Partnerships

You're mapping out the critical external relationships Vista Energy, S.A.B. de C.V. relies on to execute its Vaca Muerta strategy as of late 2025. These partnerships are essential for scaling production and securing export routes.

The joint venture structure in the La Amarga Chica (LACh) block is a cornerstone relationship. Vista Energy acquired 50% working interest from Petronas in April 2025, making it a 50:50 partner with YPF, which remains the operator of the concession. The LACh block license is valid through December 2049. This asset had 247 producing wells as of December 31, 2024. At 100% working interest, Q4 2024 production was 79,543 boe/d, including 71,471 barrels per day of oil. Vista estimates this asset supports an inventory of 400 future drilling locations.

Financing this growth heavily involves international capital markets, bypassing some local credit constraints. Vista Energy Argentina S.A.U. priced an additional $400 million in 8.500% senior notes due 2033 in December 2025, expected to close on December 10, 2025. This issuance adds to the existing $500 million from June 2025, bringing the total outstanding principal of the 2033 notes to $900 million. Gross debt for Vista Energy surged to $2.6 billion in Q2 2025. To be fair, the upfront cash portion of the LACh acquisition was partially financed through a loan from Banco Santander SA.

Midstream access is secured through agreements with operators like Oldelval. The acquisition of the Petronas stake included contracted transportation capacity of 36,410 barrels per day (bpd) on Oldelval infrastructure. The commissioning of the Oldelval Duplicar pipeline helped eliminate the need for truck transport, reducing selling expenses per barrel from $6.4/boe to $3.8/boe between Q1 and Q2 2025. Oldelval is also building the Duplicar Norte pipeline, a US$380 million project scheduled for commissioning toward the end of 2026, with a potential maximum pumping capacity of 81,000 m3/d in its northern hub. Separately, Oldelval and Trafigura inaugurated a new pipeline connection to the Bahía Blanca Refinery on November 4, 2025, an investment over $30 million.

For the physical work of drilling and completion, Vista Energy maintains strategic service provider relationships. Vista Energy and Nabors Industries signed a contract to deploy a third drilling rig, scheduled for the second half of 2024. This followed the electrification of the first Vaca Muerta rig using Nabors PACE® F24 technology. Vista also signed an agreement with SLB to import a new fracking array during the second half of 2024. The 2025 well completion acceleration programme targets 70-74 new wells for closure by year-end.

Here's a quick look at the key asset and financing figures:

The company's ability to secure $500 million in June 2025 and then upsize the December 2025 issuance by $400 million shows consistent access to international debt markets.

For drilling services, the goal is to tie-in 59 net wells in 2025, up from 50 in 2024.

Finance: draft 13-week cash view by Friday.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Key Activities

You're looking at the core engine driving Vista Energy, S.A.B. de C.V.'s growth right now, which is all about getting barrels out of the ground efficiently and funding that expansion smartly. Here's the quick math on the main things the company is actively doing as we close out 2025.

Accelerated Drilling and Completion

Vista Energy, S.A.B. de C.V. is definitely pushing the pace on well additions this year. The company is now forecasting to connect between 70 and 74 wells by the end of 2025, which is an acceleration from earlier guidance of 59 new wells. This updated plan means adding between 11 and 15 more wells than initially planned for the year. The cost to drill and complete these wells has been optimized down to $12.8 million per well, reflecting a 10% saving, or $1.4 million per well, starting in Q3 2025.

The operational output is showing this effort:

Unconventional Shale Oil and Gas Exploration and Production

The entire operation centers on the Vaca Muerta formation, which is the key to their production growth. They are focused on maintaining low operating costs while ramping up volume. Lifting cost in Q2 2025 was $4.70 per boe, which is flat sequentially. To keep the momentum going, the company is targeting a production rate of 130,000 barrels of oil equivalent per day in the second half of 2025.

Here's a look at the cost structure and revenue drivers from the second quarter:

• Selling expenses in Q2 2025 were $3.80 per boe, a sequential decline of 41%.
• Total revenues for Q3 2025 reached $706 million.
• The company sold 100% of its oil at export parity prices in Q2 2025.

Optimizing Export Logistics Via Pipeline Infrastructure

Moving product is a critical activity, and Vista Energy, S.A.B. de C.V. made a major logistical shift. Following the inauguration of the Oldelval Duplicar pipeline in March, the company eliminated all crude oil trucking as of April 1. This move resulted in a $41 million saving compared to Q4 2024.

The company is also securing future capacity to support its growth plans. Vista Energy, S.A.B. de C.V. has secured crude oil transportation capacity of 124,000 barrels of oil per day by the end of 2025. That's a big deal for getting product to international markets.

Strategic Capital Raising and Debt Management

Funding this aggressive drilling and infrastructure build requires active balance sheet management. Vista Energy, S.A.B. de C.V.'s main subsidiary, Vista Energy Argentina S.A.U., recently priced an upsizing of its debt. They priced an additional issuance of $400,000,000 in 8.500% senior notes due 2033. This issuance, expected to close on December 10, 2025, brings the total principal amount outstanding of the 2033 notes to $900,000,000 (up from the existing $500,000,000). The new notes were priced at 101.236%, resulting in a yield to average life of 8.250%.

The overall capital expenditure plan for 2025 is forecast to be between $1.2 billion and $1.3 billion.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Key Resources

You're looking at the hard assets and core capabilities that make Vista Energy, S.A.B. de C.V. (VIST) run. These aren't just line items; they are the physical and human foundations supporting their aggressive growth in Argentina's energy sector.

The company's primary physical asset is its core concessions in Argentina's Vaca Muerta shale play. Vista Energy, S.A.B. de C.V. is the second-largest unconventional hydrocarbon operator in Argentina, second only to YPF, and is the country's leading independent oil exporter. The assets in the Neuquén Basin cover approximately 229,000 acres, with over 1,400 identified well locations across its portfolio. A major resource addition was the April 2025 acquisition of a 50% stake in the La Amarga Chica (LACh) block, which spans over 46,594 acres and supports an estimated 400 future drilling locations. As of year-end 2024, total proven reserves (P1) stood at 375.2 MMboe, which increased by approximately 37.31% following the LACh acquisition. This scale is critical for their development hub strategy.

Operational excellence is clearly a resource, evidenced by their low-cost, efficient operating model. The most recent data point shows a Q3 2025 lifting cost of $4.4/boe, which is 6% lower year-over-year. This efficiency is also reflected in the Q3 2025 Adjusted EBITDA margin of 67%. The company has been actively eliminating higher-cost logistics, such as trucking, which drove selling expenses down to $4.2/boe in Q3 2025. The long-term cost target for their breakeven is cited as below $45/bbl, or approximately $11/boe unit cost.

Financing this growth requires significant capital allocation, reflected in the 2025 Capital Expenditure budget. The guidance for the full year 2025 is set between $1.2-$1.3 billion. For context on recent spending, Q3 2025 saw a Capital Expenditure of $351 million, following $356 million in Q2 2025. Looking forward, Vista Energy, S.A.B. de C.V. plans to invest over $1.5-$1.6 billion annually in Vaca Muerta through 2028 to drive production growth.

A key enabler for their export strategy is the dedicated pipeline export capacity for crude oil. Vista Energy, S.A.B. de C.V. secured transportation capacity of 124,000 barrels of oil per day (bbl/d) by the end of 2025. This focus on export logistics is paying off; in Q3 2025, 100% of oil volumes were sold at export parity prices, with net revenues from oil and gas exports reaching $414.4 million, which was 60% of total net revenues for the quarter. They are also a stakeholder in the Vaca Muerta Sur (VMOS) pipeline project, which is expected to allow capacity up to 200,000 bbl/d by mid-2027.

Finally, the experienced management team focused on unconventional development is a vital resource. The company is led by CEO Miguel Galuccio, who is the former CEO of YPF. Together, the management team, including the founder, holds an estimated 10.6% stake in the company, aligning their interests with shareholder outcomes.

Here's a quick look at the key operational metrics supporting these resources as of Q3 2025:

The company's operational focus also involves specific development activities:

• - Wells connected during Q3 2025: 24 new wells.
• - Total production target for Q4 2025: around 130 Mboe/d.
• - Full year 2025 production guidance: 112-114 Mboe/d.
• - Realized crude oil price in Q3 2025: $64.6/bbl.
• - Total debt as of Q2 2025 (non-pro forma): $2.6 billion.

Finance: draft 13-week cash view by Friday.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Value Propositions

You're looking at Vista Energy, S.A.B. de C.V. (VIST) as of late 2025, and the value it brings to the table is centered on aggressive, efficient growth coupled with a serious commitment to environmental targets. The core proposition is simple: high-volume, low-emission barrels from the Vaca Muerta shale. This isn't just about pumping more oil; it's about doing it with a cost structure that lets the company weather price swings better than many of its peers. It's a compelling story for any investor focused on both output and sustainability metrics.

The production growth itself is a major draw. Vista Energy, S.A.B. de C.V. (VIST) has guided for full-year 2025 total production in the range of 112-114 Mboe/d. To put that in perspective, the actual production in the third quarter of 2025 hit 127 Mboe/d, suggesting they were on track to potentially exceed that full-year guidance. This rapid scaling cements their position as a major player in the region.

Here's a quick look at some of the key operational and ESG metrics that back up these value claims:

As a low-cost supply source for international crude oil markets, Vista Energy, S.A.B. de C.V. (VIST) leverages its Vaca Muerta assets to maintain a competitive edge. The company's operational efficiency is evident in its cost structure; estimates place its cash cost base around $20/BOE and its breakeven price near $20/bbl. This low hurdle means the company can remain profitable even when international prices dip, which is a defintely attractive feature. Furthermore, Vista Energy, S.A.B. de C.V. (VIST) is positioned as Argentina's leading independent oil exporter, giving it direct access to global pricing mechanisms.

The commitment to ESG is woven into this growth story, which is increasingly important for institutional capital. Vista Energy, S.A.B. de C.V. (VIST) has a clear, near-term goal: to achieve net-zero Scope 1 & 2 GHG emissions by 2026. They made significant strides toward this by slashing their scope 1 and 2 GHG emissions intensity by 44% in 2024 alone, bringing the intensity down to 8.8 kgCO2e/boe from 15.6 kgCO2e/boe in 2023. This aggressive decarbonization while simultaneously tripling production since 2018 shows a strategy focused on decoupling volume from environmental impact.

You should look at the realized oil price from Q3 2025, which was $64.6 per barrel on average, showing they are capturing international benchmarks. Also, consider the planned capital expenditures for 2025 were set at $1.2 billion.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Customer Relationships

You're looking at how Vista Energy, S.A.B. de C.V. manages its interactions with the market, which is heavily weighted toward large commercial counterparties and the financial community, given its scale as the largest private producer and current crude oil exporter in Argentina. This relationship structure is built on high-volume physical sales and continuous engagement with capital providers.

Dedicated B2B contractual relationships with oil traders and refiners

The core of Vista Energy, S.A.B. de C.V.'s customer relationship strategy involves securing off-take agreements with major oil traders and refiners. This provides volume certainty and helps manage the significant production growth coming from fields like Bajada del Palo Oeste and La Amarga Chica. The company's operational success in Q3 2025, with total production reaching 126,752 boe/d, directly feeds these B2B channels. 100% of total oil volumes were sold at export parity prices in Q3 2025, indicating strong alignment with international benchmarks, whether sold to international buyers or domestic refiners paying export-linked prices.

The relationship is solidified by the volume commitment, as evidenced by the Q3 2025 export figures:

Transactional, high-volume sales for crude oil and gas

The relationship is primarily transactional, centered on moving massive volumes of product efficiently. The sheer scale of production means relationships are managed through execution and logistics. For instance, the inauguration of the Oldelval Duplicar pipeline allowed Vista Energy, S.A.B. de C.V. to eliminate oil trucking, saving $41 million and improving margins, which directly impacts the value proposition to the customer. The company's natural gas production in Q3 2025 was 2.65 MMm3/d, sold at an average realized price of $3.3 per MMBtu.

The focus on volume is clear in management's forward-looking statements, projecting production to increase from 114,000 BOE/day in 2025 to 180,000 by 2028. This growth requires continuous, high-volume transactional throughput with established buyers.

Institutional investor relations for capital markets access

Vista Energy, S.A.B. de C.V. maintains an active relationship with institutional investors to fund its capital-intensive development plan, which included capital expenditures anticipated between $1.2 billion and $1.3 billion for 2025. The Investor Relations Officer, Alejandro Cherñacov, leads this engagement, with a key event being the Investor Day scheduled for November 12, 2025, to outline strategic updates.

This relationship is evidenced by direct capital market actions throughout 2025:

• Announced issuance of New York law governed negotiable obligations (bonds) on December 12, 2025, and June 4, 2025.
• Announced multiple share repurchase programs during August 2025 (Programs I through XIII).
• Reported a pro-forma net leverage ratio of 1.38x at the end of Q2 2025, following debt issuance to finance acquisitions.
• Management projects the net leverage ratio to decline to below 1x by 2028.

The company's total revenues for Q3 2025 reached $706.1 million, with an Adjusted EBITDA margin of 67%, demonstrating the operational results presented to this investor base.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Channels

You're looking at how Vista Energy, S.A.B. de C.V. gets its product to market as of late 2025. The focus here is heavily weighted toward exports, which is smart given the macro environment favoring dollarized revenue streams.

The primary channel for crude oil sales is direct to international buyers. For the third quarter of 2025, oil exports represented a significant portion of the business, hitting 62% of oil sales. That's up from 56% in the same period last year, showing a clear strategic shift toward international markets. This focus helped the company achieve an average realized oil price of $64.6 per barrel in Q3 2025, a price point that was almost at export parity.

For moving that crude out of Vaca Muerta, efficient infrastructure is key. The Oldelval Duplicar expansion project, which cost about US$1.4bn, was completed this year, which is great because it did away with the need to use more expensive tanker trucks. Vista Energy secured firm capacity on the Oldelval infrastructure, seeing its share ramp up from 44,000b/d to 75,000b/d as that expanded infrastructure entered service between February and April 2025.

Here's a quick look at the capacity numbers driving these channels:

Looking ahead, the Vaca Muerta Sur pipeline project (VMOS) is the next big step for export capacity. This $3bn project is currently under construction and is expected to start commercial operations in the second half of 2027 (2H:27). The pipeline is designed to transport up to 550,000 b/d initially, with potential to expand to around 700,000 b/d. Vista Energy, S.A.B. de C.V. has secured a firm transportation right of up to 50,000 boe/d through this new infrastructure, which the CEO noted could allow production to grow up to 200,000 b/d by mid-2027, based on current transportation capacity.

For domestic sales, the pricing is structured to align with export parity, which helps maintain margin integrity even when local market dynamics might otherwise depress prices. While the export focus is clear, the domestic network still moves product at prices linked to international benchmarks.

• Oil exports accounted for 60% of quarterly net revenue in Q3 2025, per one report.
• Total Q3 2025 production reached a record 126,752 boe/d.
• The VMOS project has committed aggregate capacity from partners of approximately 450,000 b/d.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Customer Segments

You're looking at the core buyers for Vista Energy, S.A.B. de C.V. (VIST) as of late 2025. It's a mix of physical commodity purchasers and the financial markets that fund the whole operation. Honestly, the split between selling oil domestically versus exporting it tells you a lot about their current pricing power and operational focus.

The customer base for the physical product-crude oil and natural gas-is clearly segmented by geography and buyer type. This is where the real-time revenue generation happens.

• - International crude oil refiners and commodity traders.
• - Argentine domestic energy distributors and industrial users.
• - Global institutional investors and debt holders.

For the international buyers, Vista Energy is leaning heavily on exports to maximize realized prices, even when global benchmarks dip. In the second quarter of 2025, oil and gas exports brought in $345 million, which represented 58% of their total net revenue for that period. You can see the scale of this commitment; in the first quarter of 2025 alone, they exported 3.2 million barrels of oil. This segment is crucial because it ties their realized price directly to international benchmarks, though the Q2 2025 realized crude price was $62/bbl, down from $68/barrel in Q1 2025. Still, the volume growth is the key driver here; their crude oil production soared to a record 102,197 bbl/d in Q2 2025, nearly tripling their export volume year-over-year. That's a massive throughput for international commodity traders to absorb.

The domestic Argentine market serves the other half of their physical sales. These customers-distributors and industrial users within Argentina-are vital for consistent cash flow, even if the realized price per barrel is typically different from export parity. For instance, the domestic realization price in Q1 2025 was $69.4/barrel, slightly higher than the export realization price of $68/barrel that same quarter, showing the domestic market's value proposition at that time.

Here's a quick look at the revenue split based on the Q1 and Q2 2025 data we have:

Now, let's talk about the financial customers-the institutional investors and debt holders. These folks aren't buying oil barrels; they are buying pieces of the company or lending it capital. Their segment is defined by the balance sheet metrics and market perception. As of late 2025, Vista Energy carried total debt of $2.9 billion against total shareholder equity of $2.4 billion, resulting in a debt-to-equity ratio of 121.6%. The company's market capitalization stood at $5.4 billion, with a TTM revenue of $2.23 billion. We see active participation from this group; for example, asset manager VR Advisory Services initiated a new position in Q3 2025 valued at approximately $12.7 million. Other major players include institutions like JPMorgan Chase & Co. These investors are clearly focused on the growth story, especially following the La Amarga Chica acquisition, which pushed production volumes up significantly. What this estimate hides, though, is the specific breakdown of bondholders versus equity holders, which is usually buried deeper in the 20-F filings.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Cost Structure

You're looking at the core expenses that drive Vista Energy, S.A.B. de C.V.'s operations, which are heavily weighted toward upfront investment in the ground. The company's cost structure is defined by significant capital deployment for growth, balanced by a focus on keeping day-to-day lifting costs lean.

The capital-intensive nature of the business is evident in the full-year 2025 Capital Expenditure (CAPEX) guidance, which is forecasted to be between $1.2 billion and $1.3 billion to support expansion. For the third quarter of 2025 alone, capital expenditure totaled $351 million. This spending is directed toward drilling and completion activities, which is where the bulk of the upfront cost lies.

To be fair, Vista Energy, S.A.B. de C.V. has demonstrated strong operational efficiency, keeping the variable costs low. The lifting cost in Q3 2025 was reported at $4.4/boe (dollars per barrel of oil equivalent), marking a 6% decrease year-over-year. This efficiency is partly due to operational improvements, such as the elimination of trucking costs after the Oldelval pipeline expansion came online at the end of Q1 2025.

The financing of this growth involves significant interest expense tied to its debt load. Vista Energy Argentina S.A.U. recently priced an additional $400 million in senior notes due 2033, bringing the total outstanding principal of these 8.500% notes to $900 million. This 8.500% interest rate is a direct, recurring cost of servicing this debt. The gross financial debt for Vista Energy, S.A.B. de C.V. stood at $2.92 billion as of September 30, 2025, following a surge to $2.6 billion in gross debt by Q2 2025.

Costs associated with the company's ESG and renewable energy integration are embedded within the overall capital spending and operational expenditures. The company's strategy includes leveraging technology like electric drilling rigs and compression stations powered by renewable energy. While a specific 2025 cost for these initiatives isn't itemized separately in the latest earnings release, the Q3 2025 CapEx breakdown shows substantial investment in core assets that support their long-term, lower-emission profile:

The company's focus on operational discipline means that even as they scale production, the per-unit cost remains competitive. You see this in the selling expenses per barrel, which fell to $4.2, a 24% decrease from Q3 2024.

Here's the quick math on the operational efficiency versus the debt load:

• - Lifting Cost: $4.4/boe.
• - Net Leverage Ratio: 1.5x adjusted EBITDA at quarter-end.
• - Total Revenues: $706 million in Q3 2025.
• - Cash Flow Used in Investing Activities: $333 million in Q3 2025.

What this estimate hides is the exact annual interest expense, which you'd calculate based on the average debt balance across the year and the various rates, but the $900 million at 8.500% is a major fixed component.

Vista Energy, S.A.B. de C.V. (VIST) - Canvas Business Model: Revenue Streams

Vista Energy, S.A.B. de C.V. (VIST) generates its revenue primarily from the sale of hydrocarbons extracted from its assets, heavily weighted toward crude oil. The third quarter of 2025 showed total revenues reaching $706.1 million.

The core revenue streams for Vista Energy in Q3 2025 were:

• Crude oil sales, which were the dominant source, generating net revenues of $657.5 million, making up 95.7% of total net revenues.
• Natural gas and NGL sales, which are a smaller but growing component of the overall revenue mix.
• Export sales at international prices, which are critical for achieving high realized prices.

Here is a breakdown of the Q3 2025 revenue components based on net revenues:

The strategic emphasis on exports is a key driver for realized pricing. During Q3 2025, Vista Energy exported 62% of its crude oil sales volumes.

The financial impact of this export focus is clear:

• Net revenues from the oil export market reached $411.0 million in Q3 2025.
• This export revenue accounted for 63% of the total net oil revenues.
• The realized price for exported crude oil was $64.8 /bbl.
• Overall, net revenues from oil and gas exports totaled $414.4 million, which was 60% of total net revenues.

To be fair, the company achieved 100% of total oil volumes sold at export parity-linked pricing, meaning domestic buyers paid prices benchmarked to international levels.