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- **Record Production Growth**: Q3 oil output up 73% YoY to 110,000 bbls/day, driving $706 million revenue (53% YoY). 
- **Accelerated Drilling**: Q4 tie-ins increased to 12-16 wells (vs. 24 in Q3), targeting 130,000 BOEs/day and full-year over-delivery.
- **Cost Efficiency**: Lifting costs down 6% YoY to $4.4/BOE, with free cash flow neutral at -$29 million.
- **Price Realization Strength**: $64.6/bbl realized price (4% QoQ) due to Brent premium capture and demand dynamics.
- **Strategic Flexibility**: $500 million term loan enables capital allocation to high-margin inventory, with 2026 plans detailed at Nov 12 Investor Day.

**【CEO Summary Section】**
- **Q3 2025 Financial Highlights**: Total production reached 127,000 BOEs/day (74% YoY growth), with oil production at 110,000 bbls/day (73% YoY). Revenues rose to $706 million (53% YoY), driven by production growth despite lower oil prices. Adjusted EBITDA was $472 million (52% YoY), and net income was $315 million, including a $288 million gain from the Petronas Argentina acquisition.
- **Operational Momentum**: 24 wells were tied-in during Q3, with 11 in Bajada del Palo Oeste and 9 in La Amarga Chica. Q4 plans include 12-16 tie-ins, targeting 130,000 BOEs/day, exceeding the full-year guidance of 112,000-114,000 bbls/day.
- **Cost Efficiency**: Lifting costs decreased to $4.4/BOE (6% YoY), and selling expenses dropped 24% YoY due to eliminated oil trucking services. Free cash flow was neutral at -$29 million, with a net leverage ratio of 1.5x.
- **Strategic Initiatives**: Accelerated CapEx in Q4 ($351 million Q3) to capitalize on high-quality inventory. Investor Day on November 12 will detail 2026 plans, including cost-saving initiatives and drilling cost reductions.

**【Q&A Key Highlights】**
- **Oil Price Realization**: Achieved $64.6/bbl (4% QoQ), capturing $1/bbl premium to Brent due to strong U.S. West Coast demand and competitive crude dynamics.
- **Drilling Activity**: Q4 drilling pace (12-16 wells) reflects financial flexibility from a $500 million term loan and improved well productivity. 2025 total wells may reach 70-74 vs. original 59 guidance.
- **M&A Appetite**: Maintains strategic focus on accretive deals, with no active processes but ongoing discussions with new entrants.
- **CapEx Sensitivity**: For every $1/bbl oil price change, Q4 EBITDA fluctuates by $8-9 million, given 130,000 BOEs/day production.
- **La Amarga Chica Performance**: Q3 production exceeded budget by 11%, with 18 wells tied-in and strong well performance in Pads 120, 67, 105, and 83.


Vista Energy, S.A.B. de C.V. (VIST) Q3 2025 Earnings Call Transcript

Revenue

Sales and Services Revenue

Financing Services Revenue

Other Revenue

Cost of Revenue

Cost of Goods and Services

Cost of Financing Services

Other Cost

Gross Profit

Other Operating Income

Operating Expenses

Selling, General and Administrative Expenses

Selling and Marketing Expenses

General and Administrative Expenses

Research and Development Expenses

Loss on Bad Debts

Loss on Impairment of Other Assets

Loss on Disposal of Assets

Other Operating Expenses

Operating Income

Non-Operating Income (Loss)

Income (Loss) from Affiliates

Income (Loss) from Associates

Income (Loss) from Joint ventures

Gain (Loss) on Other Investment

Gain (Loss) on Change in Fair Value

Gain (Loss) on Foreign Currency Exchange

Other Non-Operating Income (Loss)

Net Interest Expense

Interest Expense

Interest Income

Pretax Income From Continuing Operations

Income Tax Expense

Current Income Tax

Deferred Income Tax

Income Tax Adjustments

Net Income from Continuing Operations

Income from Discontinued Operations

Other Items Before Net Income

Net Income

Net Income Attributable to Minority Interests

Net Income Attributable to Owners of the Company

Preferred Stock Dividends

Other Adjustments

Net Income Attributable to Common Stockholders

Other Comprehensive Income

Total Comprehensive Income

Total Comprehensive Income Attributable to Minority Interests

Total Comprehensive Income Attributable to Owners of the Company

Basic EPS

Basic EPS from Continuing Operations

Basic EPS from Discontinued Operations

Diluted EPS

Diluted EPS from Continuing Operations

Diluted EPS from Discontinued Operations

VIST

VIST fundamentals

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