Vista Energy increases profits 54% year-over-year

Oct. 26, 2023
Vista Energy increased its adjusted net income 54% from the year-ago level to $122.5 million in this year’s third quarter.

Vista Energy S.A.B. de C.V. increased its adjusted net income 54% from the year-ago level to $122.5 million in this year’s third quarter. The company, Argentina’s second-largest shale oil producer, attributed the increase to higher Vaca Muerta production and a decrease in operating costs.

During this year’s third quarter, Vista increased production to 49,450 boe/d, an increase of 6% compared with second-quarter 2023. Oil production for the quarter was 41,490 b/d, largely driven by production from 12 new wells in the Bajada del Palo Oeste block in Vaca Muerta.

Growth continued in September, as the company produced 53,000 boe/d. The company expects to produce 70,000 boe/d in 2024.

Vista’s operating costs in third-quarter 2023 were reduced to $4.80/boe, a decrease of 35% year-on-year, due to the company’s unconventional oil-focused operating model. In this year’s first quarter, to increase its focus on its shale operations in Vaca Muerta, the company made a deal to transfer all of its production from conventional assets (Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada, Charco del Palenque, 25 de Mayo Medanito SE, and Jagüel de los Machos) to Petrolera Aconcagua Energía S.A.

Since that time Vista has recovered production to levels prior to the divestiture.

Earlier this year, the company noted plans to increase its daily production by 25% to 100,000 boe/d by 2026  compared with a goal set in 2021 (OGJ Online, Sept. 28, 2023). At the same time, the company said it plans to invest $2.5 billion in Vaca Muerta over the next 3 years.