Vista Energy (VISTAA) Q3 2024 earnings summary

Executive summary

• Q3 2024 production reached 72,825 BOE per day, up 47% year-over-year and 12% sequentially, driven by new well activity and 51 new wells tied in over the last twelve months.

• Oil production was 63,500 barrels per day, 53% higher year-over-year and 11% above the previous quarter.

• Total revenues were $462.4 million, a 53% increase year-over-year, mainly due to higher oil production.

• Adjusted EBITDA was $310.2 million, up 37% year-over-year, with a margin of 65%.

• Free cash flow was negative $74 million due to accelerated capital expenditure for growth.

Financial highlights

• Capital expenditure reached $369 million, mainly for drilling and completing 12 new wells and development facilities.

• Adjusted net income was $53 million, with adjusted EPS of $0.6 per share.

• Net leverage ratio at quarter end was 0.65x adjusted EBITDA.

• Lifting cost per BOE was $4.7, down 2% year-over-year but up 5% sequentially.

• Operating cash flow was $255 million, with $329 million used in investing activities.

Outlook and guidance

• On track to deliver 2024 guidance: 68,000–70,000 BOE per day average, likely at the upper end.

• 2025 guidance updated: production of 95,000–100,000 BOE per day, 40%+ growth, with 52–60 new wells and $1.1–$1.3 billion CapEx.

• Adjusted EBITDA for 2025 expected between $1.5–$1.65 billion.

• Estimated 2025 lifting cost at $4.3–$4.5/boe; secured midstream capacity and additional drilling resources.

• 2026 guidance withdrawn; new long-term plan to be presented in 2025.