History
Vista Energy grew as a pure-play Vaca Muerta producer, buying stakes from ConocoPhillips, Wintershall DEA, Petronas and Equinor, paying with cash, loans, deferred payments and new shares.
2021-2022: Building a position in Aguada Federal and Bandurria Norte
Vista's story in these records is one of buying into Argentina's Vaca Muerta. In September 2021 it bought ConocoPhillips' Argentine entity, gaining a 50% non-operated interest in the Aguada Federal and Bandurria Norte concessions. It paid nothing upfront but took on a US$77 million carry (a share of costs it owed the operator, Wintershall) and received a loan facility of up to US$25 million from ConocoPhillips BV. The deal added 25,231 net acres and up to 150 well locations, though no proved reserves were booked at end-2020.
In January 2022 Vista agreed to buy Wintershall DEA's remaining 50% for US$140 million: US$90 million up front and US$50 million in eight quarterly installments from April 2022. That cancelled the carry and made Vista operator and sole owner, subject to a Neuquén decree approving the assignment. The share count stayed close to 88 million through these years, and the records do not explain the small movements.
2025-2026: Larger deals for La Amarga Chica and Equinor's stakes
The record is quiet for the next three years. In April 2025 Vista completed the purchase of Petronas' Argentine unit, which holds 50% of the La Amarga Chica concession, with operator YPF holding the other half. The price was US$900 million cash, US$300 million deferred (half in April 2029, half in April 2030, no interest) and 7,297,507 new ADSs (the form in which foreign investors hold the shares). A US$300 million, four-year Santander loan helped fund it. The new shares added to the share count.
In February 2026 Vista agreed to buy Equinor's Vaca Muerta stakes: 25.1% of Bandurria Sur and 35.0% of Bajo del Toro, both non-operated. The net price was about US$712 million: about US$387 million cash plus 6,223,220 ADSs at US$52.2, plus payments over five years tied to Brent above US$65. Up to US$600 million of four-year bank loans supported it.
On 7 May 2026 Vista closed the purchase, paying a further US$131 million in customary adjustments. Results are consolidated from 1 May 2026, and updated 2026-2028 guidance was due on 11 May 2026.
Written from the 5 story beats below (2021 to 7 May 2026), which come from the company's own announcements and filings.