Vista Energy targets 212 Mbbl/d output by 2030 in Vaca Muerta

Vista Energy is securing midstream capacity to expand its oil production targets to 212 Mbbl/d by 2030, up from 162 Mbbl/d. The Mexico City-based company operates primarily in Argentina's Vaca Muerta basin, where it focuses on export growth.

The company expects to generate $2.8 billion in cumulative free cash flow between 2026 and 2028. That total compares with an enterprise value of $11 billion. Rapid operational expansion has brought higher debt and negative free cash flow during its capital buildout phase, alongside operational exposure to global crude prices and Argentine macroeconomic shifts.

Over the trailing 12 months, revenue rose 78% year over year, while operating profit climbed 84% to reach $1.5 billion, compared with $54 million in 2018. The company has reduced lifting costs by 68% since 2018.

Shares closed at $72.15 on 17 September 2026, marking a 108% gain over the past year. The stock trades at a trailing price-to-earnings ratio of 9.5.