Vista Energy, S.A.B. de C.V. (VIST) Wednesday announced that its subsidiary Vista Energy Argentina S.A.U has acquired Petronas E&P Argentina S.A., which holds a 50% working interest in La Amarga Chica unconventional concession, located in Vaca Muerta, Argentina, from Petronas Carigali Canada B.V. And Petronas Carigali International E&P B.V.
The purchase price is comprised of $900 million in cash, $300 million in deferred cash payments and 7.3 million American Depositary Shares representing Vista's series A shares paid to the sellers and subject to lock-up restrictions.
The deferred cash payments will be paid 50% on April 15, 2029, and 50% on April 15, 2030, without accruing interest.
LACh spans across 46,594 acres in the black oil window of Vaca Muerta. As of December 31, 2024, it had 247 wells on production. In addition, as of December 31, 2023, LACh had 280 million barrels of oil equivalent of P1 reserves according to the Argentine Secretary of Energy (at 100% working interest).
Miguel Galuccio, Vista's Chairman and CEO, commented, "With this acquisition we gain significant scale in Vaca Muerta with a premium block that has growing production and low operating costs, enabling the acceleration of our long-term plan and strengthening our free-cashflow profile. The acquisition both increases our profitability and enhances our portfolio of ready-to-drill locations in the core area of Vaca Muerta. Importantly, in the current global macro and oil price environment we are consolidating a high margin, low-breakeven asset, with strong synergies with our ongoing operation, reflecting our constructive long-term view on crude oil demand and supply dynamics. I firmly believe this represents a unique opportunity to create long-term value for our shareholders."
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