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Yahoo
17-04-2025
- Business
- Yahoo
Vista Energy announces acquisition of Petronas Argentina
Vista Energy (VIST) announced that its subsidiary Vista Energy Argentina S.A.U has acquired 100% of the capital stock of 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 $900M in cash, $300M in deferred cash payments and 7,297,507 American Depositary Shares representing Vista's series A shares paid to the sellers and subject to lock-up restrictions that will expire with respect to 50% of the ADSs on October 15, 2025, and with respect to the remaining 50% of the ADSs on April 15, 2026. 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. During the fourth quarter of 2024, LACh produced 79,543 barrels of oil equivalent per day at 100% working interest, of which 71,471 barrels per day were oil, according to the Argentine Secretary of Energy. Vista estimates LACh could potentially hold 400 new well locations to be drilled in its inventory at 100% working interest. The remaining 50% of LACh is held by YPF S.A. (YPF), which is the operator of the concession. 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.' Discover outperforming stocks and invest smarter with Top Smart Score Stocks. Filter, analyze, and streamline your search for investment opportunities using Tipranks' Stock Screener. Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>> See today's best-performing stocks on TipRanks >> Read More on VIST: Disclaimer & DisclosureReport an Issue Vista Energy Acquires Petronas Argentina to Boost Vaca Muerta Operations Vista Energy Acquires Petronas E&P Argentina to Bolster Argentine Operations Vista Energy rises 12.0% Vista Oil & Gas Ratifies Capital Reduction and Approves 2024 Financial Reports Vista Energy initiated with an Outperform at Pickering Energy Sign in to access your portfolio
Yahoo
17-04-2025
- Business
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Vista Energy Argentina acquires Petronas Argentina
Vista Energy Argentina, a subsidiary of Vista Energy, has acquired all capital stock of Petronas E&P Argentina (PEPASA), which possessed a 50% working interest in the La Amarga Chica unconventional concession (LACh) in Vaca Muerta, Argentina. The stocks were acquired from Petronas Carigali Canada and Petronas Carigali International. The transaction involved a payment of $900m (17.91bn pesos) in cash, $300m in deferred cash payments, and the issuance of 7,297,507 American Depositary Shares (ADSs) – representing Vista's series A shares – to Petronas Carigali Canada and Petronas Carigali International. These ADSs are subject to lock-up restrictions, with half becoming free on 15 October 2025 and the remainder on 15 April 2026. LACh, which spans more than 46,594 acres within the oil-rich Vaca Muerta shale formation, had 247 producing wells as of 31 December 2024. The concession is estimated to hold 280 million barrels of oil equivalent (mboe) in P1 reserves, as reported by the Argentine Secretary of Energy at the end of 2023. In the final quarter of 2024, LACh's production reached 79,543 barrels of oil equivalent per day at full working interest, with oil accounting for 71,471 barrels per day. Vista Energy predicts that LACh could potentially support 400 new drilling sites, expanding its development inventory. The remaining 50% interest in LACh is retained by YPF, which also serves as the operator of the concession. Vista Energy chairman and CEO Miguel Galuccio 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-cash flow 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." "Vista Energy Argentina acquires Petronas Argentina" was originally created and published by Offshore Technology, a GlobalData owned brand. The information on this site has been included in good faith for general informational purposes only. It is not intended to amount to advice on which you should rely, and we give no representation, warranty or guarantee, whether express or implied as to its accuracy or completeness. You must obtain professional or specialist advice before taking, or refraining from, any action on the basis of the content on our site. Sign in to access your portfolio
Yahoo
17-04-2025
- Business
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Vista announces the acquisition of Petronas Argentina
MEXICO CITY, April 16, 2025 /PRNewswire/ -- Vista Energy, S.A.B. de C.V. ("Vista") (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange) announced today that its subsidiary Vista Energy Argentina S.A.U ("Vista Argentina") has acquired 100% of the capital stock of Petronas E&P Argentina S.A. ("PEPASA"), which holds a 50% working interest in La Amarga Chica unconventional concession ("LACh"), located in Vaca Muerta, Argentina, from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V. (jointly, the "Sellers") (the "Transaction"). The purchase price is comprised of US$ 900 million in cash, US$ 300 million in deferred cash payments and 7,297,507 American Depositary Shares representing Vista's series A shares ("ADSs") paid to the Sellers and subject to lock-up restrictions that will expire (i) with respect to 50% of the ADSs on October 15, 2025, and (ii) with respect to the remaining 50% of the ADSs on April 15, 2026. 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 ("MMboe") of P1 reserves according to the Argentine Secretary of Energy (at 100% working interest). During the fourth quarter of 2024, LACh produced 79,543 barrels of oil equivalent per day ("boe/d") at 100% working interest, of which 71,471 barrels per day ("bbl/d") were oil, according to the Argentine Secretary of Energy. Vista estimates LACh could potentially hold 400 new well locations to be drilled in its inventory (at 100% working interest). The remaining 50% of LACh is held by YPF S.A. ("YPF"), which is the operator of the concession. 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." Transaction highlights Highly accretive acquisition for our shareholders, comparing implied EV/EBITDA, EV/flowing barrels, EV/P1 reserves and price-to-earnings (P/E) metrics to Vista metrics; Low-cost, high-margin, high-return, cashflow-generating asset, as LACh's lifting cost, Adjusted EBITDA margin and Return on Average Capital Employed are in line with Vista's operating and financial metrics for the year 2024, whilst supporting our path to positive free-cashflow generation; Increased scale, as Vista consolidates through PEPASA an oil and gas production volume that is approximately 47% of its Q4-24 production, leading to a pro forma total production of 125,048 boe/d for Q4-24; Portfolio enhancement, with an estimated inventory of 200 ready-to-drill wells at Vista's 50% working interest in the core of Vaca Muerta, and geographically located next to Vista's development hub; Operating synergies based on the proximity of LACh to Vista's development hub, which could translate into potential savings related to sharing surface facilities, optimizing well placement close to the limits between LACh and Vista's development hub, streamlining new well design and sharing general services; Significant oil midstream capacity is consolidated through the acquisition, as PEPASA has approximately 57,000 bbl/d transportation capacity and 48,000 bbl/d export dispatch capacity in several key midstream projects. In order to carry out the Transaction, own funds and funds from the Transaction financing were used, consisting of a credit agreement between Vista Argentina as borrower and Banco Santander, S.A. as lender, for a total amount of US$ 300 million. This credit agreement has a term of four years. PEPASA key facts PEPASA is a company incorporated under the laws of Argentina and founded in 2014. PEPASA's main asset is a 50% working interest in the unconventional hydrocarbons concession La Amarga Chica, located in the Vaca Muerta play in the Neuquina Basin, Argentina. For the development of the asset, PEPASA entered into a joint venture with YPF, the operator of the concession. The LACh unconventional concession expires in December 2049. Driven by oil and gas production from La Amarga Chica block, during 2024, PEPASA's total revenues were US$ 909 million1. In addition, Adj. EBITDA of PEPASA during 2024 was US$ 667 million, leading to an Adj. EBITDA margin of 73%. Net profit for the period was US$ 349 million for the fiscal year 2024. In addition, PEPASA has secured the following transportation and dispatch capacity in key oil midstream infrastructure: In the Oldelval pipelines: a total of 36,140 bbl/d comprised of (i) open access capacity for 18,806 bbl/d and (ii) contracted transportation capacity in Duplicar for 17,334 bbl/d; In the Vaca Muerta Norte pipeline: contracted transportation capacity of 20,756 bbl/d; In the OTE terminal: a total export dispatch capacity of 27,080 bbl/d. La Amarga Chica key stats (Q4-24)2100% WI 50% WI Surface area, acres 46,594 23,297 Total Production, boe/d 79,543 39,772 Oil production, bbl/d 71,471 35,735 P1 reserves, MMboe 280 140 Wells on production 247 124 Lifting cost, $/boe 4.1 4.1About Vista Vista is an oil and gas company fully focused on the Vaca Muerta play located in the Neuquina Basin, Argentina. Founded in 2017, it is currently listed on the Bolsa Mexicana de Valores (Ticker: VISTA) and the New York Stock Exchange (Ticker: VIST). According to the Argentine Secretary of Energy, during 2024 Vista was the second largest oil producer In Vaca Muerta, and the third largest oil producer of Argentina. Vista constitutes a unique pure play public investment opportunity in Vaca Muerta. Unaudited pro forma consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2024 (US$ thousand):Year endedDecember 31, 2024Pro formaadjustments 2024 Year ended December 31, 2024 Proforma Revenues from sales to clients 1,647,768908,923 2,556,691 Cost of sales: Operating costs (116,526)(55,119) (171,645) Fluctuation in crude oil inventory 1,720(422) 1,298 Royalties and other (243,950)(104,245) (348,195) Depreciation, depletion and amortization (437,699)(262,081) (699,780) Other non-cash costs related to the disposal of conventional assets (33,570)- (33,570) Gross profit 817,743487,056 1,304,799Cost of sales (140,334)(45,324) (185,658) Overhead and administration costs (108,954)(25,395) (134,349) Exploration expenses (138)- (138) Other operating income 54,127- 54,127 Other operating expenses (1,261)(11,685) (12,946) Reversal of impairment of long-livedassets 4,207- 4,207 Operating income 625,390404,652 1,030,042Interest income 4,535- 4,535 Interest expense (62,499)(53,220) (115,719) Other financial results 23,401(37,633) (14,232) Financial results, net (34,563)(90,853) (125,416)Income before taxes 590,827313,799 904,626Current income tax expense (426,288)(140,405) (566,693) Deferred income tax benefit 312,982175,388 488,370 (Expense) income tax benefit (113,306)34,983 (78,323)Net income for the year 477,521348,782 826,303Reconciliation of pro forma Adjusted EBITDA for the year ended December 31, 2024 (US$ thousand):Year ended December 31, 2024Pro forma adjustments 2024Year ended December 31,2024 Proforma Operating income 625,390404,6521,030,042 Depreciation, depletion and amortization 437,699262,081699,780 Other non-cash costs related to thetransfer of conventional assets 33, 570-33, 570 Reversal of impairment of long- lived assets (4,207)-(4,207) Adjusted EBITDA 1,092,452666,7331,759,185 Forward Looking Statements Any statements contained herein or in the attachments hereto regarding Vista or any of its subsidiaries that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista's current expectations or forecasts of future events. Vista undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors," "Forward-Looking Statements" and other applicable sections of Vista's annual report filed with the SEC on Form 20-F and other applicable filings with the SEC and Vista's latest annual report available on the Mexican Stock Exchange's (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: the Mexican National Banking and Securities Commission's (Comisión Nacional Bancaria y de Valores) website: and our website: Enquiries: Investor Relations:ir@ +54 11 3754 8500Mexico: +52 55 1555 7104 1 Financial performance figures in this paragraph based on Unaudited pro forma consolidated statement of profit or loss and other comprehensive income for the year ended December 31, 2024, shown below.2 Except P1 Reserves, which are stated as of December 31, 2023, according to filing with the Argentine Secretary of Energy, and lifting cost, which is stated for FY-2024 View original content to download multimedia: SOURCE Vista Energy, S.A.B. de C.V.
Yahoo
17-04-2025
- Business
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Petronas offloads Argentina shale assets to Vista in US$1.5b deal, ending decade-long venture in Vaca Muerta
BUENOS AIRES, April 17 – Buenos Aires-based Vista Energy has reportedly acquired Petronas' 50 per cent stake in the La Amarga Chica oil field in Argentina's Vaca Muerta shale basin for about US$1.5 billion (RM7.1 billion), solidifying its position as a key player in the region. The second-biggest crude oil producer in the area will pay US$900 million upfront for the stake, with one-third of that sum financed through a loan from Banco Santander SA, while the remainder will be paid in two instalments in 2029 and 2030. Financial news Bloomberg reported that as part of the deal, Malaysian state oil firm Petronas will also receive a 7 per cent equity stake in Vista, valued at roughly US$300 million. The acquisition marks Petronas' exit from Argentina following its earlier withdrawal from a liquefied natural gas venture with state oil company YPF SA, in a broader trend of multinationals retreating from the Vaca Muerta formation. This comes even as the new Argentine government said last year it was hoping that the multibillion-dollar joint LNG project with Petronas would move ahead. YPF, which retains its 50 per cent share in La Amarga Chica, will continue as the field's operator. Vista's shareholders approved the acquisition plan last month, allowing the company to use debt or equity financing, as it pursues aggressive growth under founder Miguel Galuccio, who originally brought Petronas into the field a decade ago. The purchase comes as the global oil market faces volatility, with Vista warning of possible spending cuts if Brent-linked Medanito crude prices fall below US$55 per barrell. However, easing capital controls under President Javier Milei and expanding infrastructure are providing renewed momentum for Argentina's shale sector. With the acquisition, Vista's daily production will immediately rise by 40,000 barrels, accelerating its 2025 goal of reaching 100,000 barrels per day from 70,000 barrels in 2024.
