Vista Energy Expands Vaca Muerta Footprint with Strategic Petronas Deal

Cash and equity transaction adds scale, low-cost barrels, and export capacity. Acquisition boosts production by 47%, enhances drilling inventory, and strengthens midstream position.

Photo by Francesco Boncompagni on Unsplash

Vista Energy announced the acquisition of 100% of Petronas E&P Argentina, securing the remaining 50% interest in the La Amarga Chica (LACh) block in Vaca Muerta. The transaction is valued at approximately US$1.38 billion based on discounted deferred payments, or around US$1.5 billion if the deferred payments are not discounted. It includes US$900 million in upfront cash, US$300 million in deferred payments due in April 2029 and April 2030 without interest, and 7.3 million Vista ADS shares, representing a 7.1% stake. The shares are valued at approximately US$295 million based on the prior US$40.38 per share closing price. They will be subject to lockup restrictions, with 50% expiring in October 2025 and the remaining 50% in April 2026. Vista funded the acquisition through internal cash and a US$300 million four-year loan from Banco Santander.