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 1Q26: Production Scale and FCF Outlook Support Deleveraging Path

Vista 2Q26: Production Scale Begins to Convert into Cash

Vista 3Q25: Operational Execution and Political Momentum Strengthen Outlook

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

Vista Energy: Strong Reserves Growth Continues

EM Spreads

Credit

<ul>
<li>
Robust Operational Scale: Production surged 58.8% YoY to 135.4 kboe/d, bolstered by the Equinor acquisition and Vaca Muerta ramp-up, securing clear medium-term cash visibility and durably improving unit costs.</li>
<li>
Resilient Credit Profile: Pro forma net leverage remains disciplined at 1.58x, with liquidity now covering short-term debt despite higher absolute borrowing costs and the exit of a key shareholder.</li>
<li>
Strategic Curve Preference: The VISTAA 2033 notes offer superior risk-adjusted returns over 2035s, providing a balanced carry with significantly lower duration and exposure to Argentine sovereign volatility.</li>
</ul>



Robust Operational Scale: Production surged 58.8% YoY to 135.4 kboe/d, bolstered by the Equinor acquisition and Vaca Muerta ramp-up, securing clear medium-term cash visibility and durably improving unit costs.

Resilient Credit Profile: Pro forma net leverage remains disciplined at 1.58x, with liquidity now covering short-term debt despite higher absolute borrowing costs and the exit of a key shareholder.

Strategic Curve Preference: The VISTAA 2033 notes offer superior risk-adjusted returns over 2035s, providing a balanced carry with significantly lower duration and exposure to Argentine sovereign volatility.


Vista 4Q25: Operational Momentum Reinforces Curve Preference

Vista Energy SAB de CV

Vista 4Q25: Operational Momentum Reinforces Curve Preference