Oct 29, 2026 earnings call — Record production and strong cash flow
Vista reported record quarterly production of 169,000 BOE per day, 33% above previous year.
Revenue $1.3B (est $1.1B) · EPS $2.16 (est $2.79)
Key quotes
"Total production was 169,000 BOE per day, 33% above previous year."
"Our net leverage ratio stood at 1.12 times adjusted EBITDA, a strong reduction from 1.41 times in the previous quarter."
"VMOS mechanical completion is scheduled for the end of the year. We will start filling the pipeline in Q1, and you can expect that we have commercial operation scheduled for the first semester."
Analyst Q&A 8
pipeline capacity and VMOS timing
Q (Milene Carvalho · JPMorgan): Will Vista production exceed pipeline capacity? Also, what is the status and implications of the VMOS project and any possible delay?
A: Management said current pipeline capacity is 180,000 barrels per day, leaving 36,000 barrels per day spare. They described the capacity breakdown, drag reduction agent upside, and said VMOS mechanical completion is scheduled for year-end with commercial operation in the first semester, so they do not see a bottleneck.
"In short, we don't see any bottleneck for our growth plan at the moment." — Miguel Galuccio (CEO·CHAIR)
room for M&A
Q (Leonardo Marcondes · BofA): With leverage now comfortable, is there room for further M&A in Argentina?
A: Miguel said he would not answer directly because he was short of voice and instead passed the question to Pablo Vera Pinto to respond. There was no substantive answer in this turn from Miguel.
"Taking advantage that I'm short of voice and we have the full team connected, I will pass this question to Pablo Vera Pinto." — Miguel Galuccio (CEO·CHAIR)
M&A flexibility and focus area
Q (Pablo Vera Pinto · BofA): Do you still see room for opportunistic M&A given leverage? What areas would you target?
A: They expect net leverage to fall to one time by year-end, which would give flexibility for opportunistic M&A. They emphasized discipline and focus on core acreage in the oil window of Vaca Muerta, are not in any active processes today but remain alert for value-generating deals.
testing landing zones and upside
Q (Bruno Montanari · Morgan Stanley): How have tests of different landing zones progressed, and what production upside might result?
A: They said some landing zones remain untested (for example upper carbonates in Bajada del Palo Este) and described pilot activity in Águila Mora and neighboring blocks. They explained development is progressive, they prioritize deeper richer organic zones, and expect upsides to show up as more wells are added to the inventory over the next years.
"Typically, you would expect upsides being reflected in the well inventory as you continue drilling and testing." — Matías Weissel (COO)
2027 guidance, CapEx, and RIGI timing
Q (Alejandro Demichelis · Jefferies): How are you looking at 2027 given current oil prices, the RIGI projects, and next year's CapEx?
A: They reiterated the 2027 guidance and said strong September is a good starting point; they are reinforcing the 185,000 barrel per day production guidance. They reiterated adjusted EBITDA guidance of $3.3 billion assuming Brent $80, noted $1 change equals $45–50 million adjusted EBITDA sensitivity, and said they may add a drilling rig which could push activity to the higher end of 100–110 new wells and could bring RIGI forward from 2029 to next year if approved.
"Of course, this is a very good starting point for 2027, so we are reinforcing our 185,000 barrel per day production guidance at this time." — Miguel Galuccio (CEO·CHAIR)
use of extra cash flow over 1–3 years
Q (Tasso Vasconcellos · UBS): Can you allocate extraordinary cash flow to more CapEx over the next 1–3 years? What are the main alternatives?
A: Miguel said he would address the topic looking two years ahead and that the strategy is the same as presented at the November 2025 investor day. He said part of free cash flow is allocated to share buybacks, noting a $150 million approved plan this year with $55 executed and $95 pending, and that they expect positive free cash flow in Q4.
"We have an approved plan of $150 million this year, of which we have already executed 55." — Miguel Galuccio (CEO·CHAIR)
acknowledgement
Q (Tasso Vasconcellos · UBS): Analyst said the answer was clear and thanked the team.
A: This turn contained only the analyst acknowledging clarity and thanking the management. There was no management answer in this exchange.
quarterly production ramp and flexibility
Q (Daniel Guardiola · BTG Pactual): Can you give more color on quarterly production ramp through 2027, key operational milestones, and flexibility to accelerate or moderate growth if prices change?
A: They reported Q3 production of 159,000 BOE/day and said Q4 soft guidance improved to around 175,000 barrels oil per day, supporting the 2026 and 2027 guidance (158 BOE/day for 2026 and 185,000 oil/day for 2027). They expect a similar quarterly profile next year with PAD-driven production, infrastructure is not a bottleneck, and they may add one drilling rig next year depending on RIGI approval.
"I think you can take now that this 170 could be about 175." — Miguel Galuccio (CEO·CHAIR)