Vista Energy S.A.B. de C.V - ADR

Strong operating and financial performance in Q3 2026 (growth + cash generation) - Production: 169k BOE/day, +33% YoY (and +8% QoQ). Oil 147k bbl/day, +34% YoY. - Revenues: $1.23bn, +75% YoY (driven by higher volumes and realized prices). - Realizations & costs: Realized oil price $84.2/bbl (+30% YoY, -6% QoQ due to Brent decline). Lifting cost $4.7/BOE (+6% YoY). - Profitability: Adjusted EBITDA $841m, +78% YoY; margin 68% (+1pp YoY). Net income $293m (notably boosted by prior-period comparison effects). - Cash flow & balance sheet: Free cash flow $334m in the quarter; net leverage 1.12x at quarter-end (improved from 1.41x in prior quarter; pro forma 1.04x).

CapEx and operating momentum: productivity + acquisitions fully flowing through - CapEx $460m in Q3 (sequentially flat), with investing cash flow driven by accrued capex. - Operational ramp: 25 new wells connected in the quarter; operating run-rate ~100 wells/year; 19 new wells tied-in over last 12 months supporting production growth. - M&A contribution: Full consolidation effects—Bandurria Sur and Bajo del Toro—increase quarterly contribution (as consolidation began May 1, Q3 reflects 3 months vs. 2 months previously).

No immediate infrastructure bottleneck; pipeline capacity and VMOS timing are key positives - Pipeline capacity: Current capacity 180k bbl/day; company stated no bottleneck risk for growth plan. - Utilization / spare: Only ~36k bbl/day (20%) spare available now—capacity breakdown cited: Oldelval 78k, Duplicar 72k, Vaca Muerta Norte 32k. - Drag reduction agents: Pipeline capacity includes 33k bbl/day of drag reduction agents but only 9k is currently realized; company believes it can add ~24k more from this initiative. - VMOS project: Mechanical completion end of year; start filling Q1 2027; commercial operation expected in first half of 2027 (initial ~80k bbl/day, with ~50k expected in second half).