Vista Energy's subsidiary Vista Energy Argentina has acquired 100% of the capital stock of Petronas E&P Argentina S.A. ("PEPASA"), which holds a 50% working interest in La Amarga Chica unconventional concession ("LACh"), located in Vaca Muerta, Argentina, from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V. The purchase price is comprised of US$ 900 million in cash, US$ 300 million in deferred cash payments and 7,297,507 American Depositary Shares representing Vista's series A shares ("ADSs") paid to the Sellers and subject to lock-up restrictions that will expire (i) with respect to 50% of the ADSs on October 15, 2025, and (ii) with respect to the remaining 50% of the ADSs on April 15, 2026. The deferred cash payments will be paid 50% on April 15, 2029, and 50% on April 15, 2030, without accruing interest.

LACh spans across 46,594 acres in the black oil window of Vaca Muerta. As of December 31, 2024, it had 247 wells on production. In addition, as of December 31, 2023, LACh had 280 million barrels of oil equivalent ("MMboe") of P1 reserves according to the Argentine Secretary of Energy (at 100% working interest). During the fourth quarter of 2024, LACh produced 79,543 barrels of oil equivalent per day ("boe/d") at 100% working interest, of which 71,471 barrels per day ("bbl/d") were oil, according to the Argentine Secretary of Energy. Vista estimates LACh could potentially hold 400 new well locations to be drilled in its inventory (at 100% working interest). The remaining 50% of LACh is held by YPF S.A. ("YPF"), which is the operator of the concession.

Miguel Galuccio, Vista's Chairman and CEO, commented,
"With this acquisition we gain significant scale in Vaca Muerta with a premium block that has growing production and low operating costs, enabling the acceleration of our long-term plan and strengthening our free-cashflow profile. The acquisition both increases our profitability and enhances our portfolio of ready-to-drill locations in the core area of Vaca Muerta. Importantly, in the current global macro and oil price environment we are consolidating a high-margin, low-breakeven asset, with strong synergies with our ongoing operation, reflecting our constructive long-term view on crude oil demand and supply dynamics. I firmly believe this represents a unique opportunity to create long-term value for our shareholders."

Transaction highlights

• Highly accretive acquisition for our shareholders, comparing implied EV/EBITDA, EV/flowing barrels, EV/P1 reserves and price-to-earnings (P/E) metrics to Vista metrics;

• Low-cost, high-margin, high-return, cashflow-generating asset, as LACh's lifting cost, Adjusted EBITDA margin and Return on Average Capital Employed are in line with Vista's operating and financial metrics for the year 2024, whilst supporting our path to positive free-cashflow generation;

• Increased scale, as Vista consolidates through PEPASA an oil and gas production volume that is approximately 47% of its Q4-24 production, leading to a pro forma total production of 125,048 boe/d for Q4-24;

• Portfolio enhancement, with an estimated inventory of 200 ready-to-drill wells at Vista's 50% working interest in the core of Vaca Muerta, and geographically located next to Vista's development hub;

• Operating synergies based on the proximity of LACh to Vista's development hub, which could translate into potential savings related to sharing surface facilities, optimizing well placement close to the limits between LACh and Vista's development hub, streamlining new well design and sharing general services;

• Significant oil midstream capacity is consolidated through the acquisition, as PEPASA has approximately 57,000 bbl/d transportation capacity and 48,000 bbl/d export dispatch capacity in several key midstream projects.

PEPASA key facts

PEPASA is a company incorporated under the laws of Argentina and founded in 2014. PEPASA's main asset is a 50% working interest in the unconventional hydrocarbons concession La Amarga Chica, located in the Vaca Muerta play in the Neuquina Basin, Argentina. For the development of the asset, PEPASA entered into a joint venture with YPF, the operator of the concession. The LACh unconventional concession expires in December 2049.

Driven by oil and gas production from La Amarga Chica block, during 2024, PEPASA's total revenues were US$ 909 million1. In addition, Adj. EBITDA of PEPASA during 2024 was US$ 667 million, leading to an Adj. EBITDA margin of 73%. Net profit for the period was US$ 349 million for the fiscal year 2024.

 KeyFacts Energy: Vista Energy Argentina country profile