Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Vista 2Q26: Production Scale Begins to Convert into Cash

Vista Acquires Equinor’s Vaca Muerta Assets, Reinforcing Core Acreage Position

Vista 3Q25: Operational Execution and Political Momentum Strengthen Outlook

Vista 4Q25: Operational Momentum Reinforces Curve Preference

EM Spreads

Credit

<ul>
<li>Key Outcome: Vista’s 1Q26 results support Overweight, with higher production guidance, unchanged Capex, resilient EBITDA, and stronger FCF expectations before the Equinor transaction. </li>
<li>Risk/Volatility: Liquidity weakened during an investment-heavy quarter, although the subsequent bond issuance improved flexibility and confirmed continued access to international capital markets. </li>
<li>Valuation Driver: After the rally, Vista is no longer a broad tightening call. The focus shifts to carry, curve selection, and disciplined bond exposure.</li>
</ul>


Key Outcome: Vista’s 1Q26 results support Overweight, with higher production guidance, unchanged Capex, resilient EBITDA, and stronger FCF expectations before the Equinor transaction. 
Risk/Volatility: Liquidity weakened during an investment-heavy quarter, although the subsequent bond issuance improved flexibility and confirmed continued access to international capital markets. 
Valuation Driver: After the rally, Vista is no longer a broad tightening call. The focus shifts to carry, curve selection, and disciplined bond exposure.


Vista 1Q26: Production Scale and FCF Outlook Support Deleveraging Path

Vista Energy SAB de CV

Vista 1Q26: Production Scale and FCF Outlook Support Deleveraging Path