Vista, Miguel Galuccio's oil company, Equinor's operation in Vaca Muerta

Vista Energy, the company founded by Miguel Galuccio, announced today that it has agreed to purchase the assets of Norway's Equinor in Vaca Muerta for approximately USD 712 million, including transfers to YPF. As a result of the transaction, the company would acquire a 25.1% stake in the Bandurria Sur block and a 35% stake in Bajo del Toro. According to a statement from Vista, the company has accumulated investments to date of more than USD 6.5 billion in Vaca Muerta, and this agreement is part of the profitable growth strategy that the company has been implementing for the development of the formation. In April last year, it completed the acquisition of 50% of La Amarga Chica, one of the country's main unconventional oil blocks. “This acquisition allows us to add two top-tier assets in Vaca Muerta, further strengthening our position in the basin. The blocks are ideal to complement Vista's portfolio, as they provide both reserves and base production as well as a large inventory of high-productivity wells ready to drill and underpin our growth,” said Galuccio, Vista's president and CEO. He also highlighted the joint work being done with YPF: "We are deepening a very positive working relationship, which began with the acquisition of 50% of La Amarga Chica, where we have already achieved significant operational synergies. We share a common vision: the key to shale development lies in gaining competitiveness through greater efficiency and innovation as a central focus. The transaction is subject to a number of conditions precedent. These include the waiver—or non-exercise—of the preemptive rights held by YPF and Shell Argentina over the blocks. As of the date of this announcement, YPF has signed the waiver of its preemptive rights over Bandurria Sur, subject to the waiver or non-exercise of preemptive rights by Shell Argentina, as well as over Bajo del Toro. Vista expects to close the transaction during the second quarter of 2026. Once the legal processes underway are completed and the transaction is closed, which is estimated for the second quarter of 2026, Vista will add approximately 22,000 barrels of oil equivalent per day, bringing its total projected production above 150,000 boe and adding 54 million barrels of proven reserves. It would also add 27,730 net acres in the epicenter of Vaca Muerta and a robust inventory of wells, strengthening its position in the most productive areas of the formation. "These are assets that generated an estimated EBITDA of USD 269 million in 2025 and will add positive cash flow from 2026 onwards, directly supporting the company's announced cash generation objectives. The transaction will strengthen Vista's export profile. "The purchase agreement stipulates that the transaction will be paid for through a combination of cash and shares: USD 387 million in cash and 6.2 million ADS, representing Vista's Series A shares. In addition to the initial payment, the agreement provides for an additional contingent payment, which Vista will pay in five annual installments, subject to the production of the acquired assets and the international price of oil, to the extent that Brent is above USD 65 bbl and reaches a cap of USD 80 bbl. "The transaction will be financed through a combination of equity and bank financing. The loan will be granted by a consortium of international banks, led by Santander, Citi, and Itaú, for an amount to be determined of up to USD 600 million, with a term of four years. "Once the transaction is complete, YPF will hold a 44.9% stake in the Bandurria Sur block, while Shell Argentina will retain 30% and Vista the remaining 25.1%. In the Bajo del Toro block, YPF will have a 65% stake and Vista the remaining 35%. YPF will continue to be the operator of both blocks."