Vista Energy, S. A. B. de C. V. is an independent Latin American company focused on shale oil exploration and production. The company owns and operates high quality low cost assets in Argentina’s Vaca Muerta formation, holding approximately 228,800 net acres across several concessions. Its core activities include drilling, completing, and operating oil and gas wells, as well as managing associated midstream infrastructure for transportation and export. Most of its production, reserves, and revenue are derived from Argentine operations, with a minor presence in Mexico.

The company generates revenue primarily from the sale of crude oil, natural gas, and natural gas liquids produced from its fields. Oil is sold to domestic refineries and to international buyers under export parity pricing, while gas is marketed to industrial users and, to a lesser extent, exported via pipeline agreements. In 2025 approximately 61 percent of oil sales volumes were exported, and the company also earns income from transportation capacity contracts and related marketing arrangements.

Vista Energy holds a leading position in Argentina’s oil sector, being recognized as the largest independent oil producer and the largest oil exporter in the country according to the Secretariat of Energy. It competes with major players such as YPF, Pluspetrol, Shell, and Pan American Energy, but differentiates itself through a low cost structure, high margins, and a substantial inventory of ready to drill locations that supports steady production growth. The company’s focus on operational efficiency has reduced its lifting cost to US$4.4 per barrel of oil equivalent in 2025, well below peers, and it maintains strong cash flow generation and a disciplined capital allocation approach.

The company’s customer base includes domestic refiners such as Raizen and Trafigura, as well as international oil traders and multinational energy companies that purchase its export volumes. Natural gas is sold chiefly to industrial consumers in Argentina, while a small portion is directed to cross border markets via pipeline arrangements. Although specific counterparties for all export contracts are not disclosed, the company notes that its crude oil is marketed as Medanito grade, a light sweet crude preferred by both local and foreign refiners.