Each one in plain English, with the numbers worked through for a shareholder.
7 May 2026business combination▲ GoodMajor
Vista closed the Equinor acquisition (25.1% of Bandurria Sur, 35.0% of Bajo del Toro). The price was US$712 million (US$387 million cash plus 6,223,220 ADSs), and Vista paid a further US$131 million in customary adjustments. Results are consolidated from May 1, 2026, and updated 2026-2028 guidance is due May 11, 2026; this resolves the February deal's open conditions.
Shell Argentina waived its right of first refusal on the 30% Bandurria Sur stake, clearing one condition for the Equinor deal announced February 2. Only Chilean antitrust approval remains (filed February 11, 2026), with closing still expected in Q2-2026.
Vista agreed to buy Equinor's Vaca Muerta stakes, ending with a 25.1% non-operated interest in Bandurria Sur and 35.0% in Bajo del Toro, after back-to-back sales of part of the stakes to YPF. Net consideration is about US$712 million: about US$387 million cash plus 6,223,220 ADSs at US$52.2 each, plus contingent annual payments over five years tied to Brent above US$65. It is funded by cash and up to US$600 million of four-year bank loans, and closing depends on waivers of Shell's and YPF's first-refusal rights and Chilean antitrust approval, expected in Q2-26.
Vista completed the purchase of Petronas' Argentine unit (PEPASA), which holds 50% of the La Amarga Chica concession in Vaca Muerta (the other 50% is held by operator YPF). The price is US$900 million cash, US$300 million deferred cash (paid half April 2029, half April 2030, no interest) and 7,297,507 Vista ADSs to the sellers, subject to lock-ups ending October 2025 and April 2026. Funding includes a US$300 million, four-year Santander loan; the filing says the deal lifts pro forma Q4-24 production to 125,048 boe/d, and issuing new ADSs adds to the share count.
Vista agreed to buy Wintershall DEA's remaining 50% in Aguada Federal and Bandurria Norte for US$140 million (US$90 million by January 18, 2022, US$50 million in 8 quarterly installments from April 2022), making it operator and sole owner. This also cancels the US$77 million carry it assumed in September 2021, so it continues that deal. Closing needs a Neuquén decree approving the assignment.
Vista acquired a 50% non-operated working interest in the Aguada Federal and Bandurria Norte concessions in Vaca Muerta by buying ConocoPhillips' Argentine entity. It paid nothing upfront but took on a US$77 million carry owed to operator Wintershall, and got an unsecured loan facility from ConocoPhillips BV of up to US$25 million (LIBOR + 2%, maturing September 16, 2026). It adds 25,231 net acres and up to 150 well locations, with no proved reserves booked at end-2020.
25 June 2021asset acquisition disposition● Neutral
Vista sold its 10% working interest in the Coirón Amargo Sur Oeste (CASO) concession in Vaca Muerta to Shell Argentina for US$21.5 million (US$15 million cash plus US$6.5 million as carry for water-infrastructure works). The Province of Neuquén approved the deal on June 24, 2021, and closing was due within 5 business days, effective retroactively to April 1, 2021. The interest produced 94 boe/d in 2020 and carried 1.5 MMboe of proved reserves at end-2020.