Vista Energy acquires key Vaca Muerta stake for $1.2 billion

BUENOS AIRES, April 18, 2025 – Vista Energy Argentina will acquire a 50% stake in the La Amarga Chica shale oil concession from Petronas Carigali Canada and Petronas Carigali International in a transaction valued at around USD 1.2 billion, the company said on Thursday.

The acquisition includes USD 900 million in cash, USD 300 million in deferred payments, and 7.3 million American Depositary Shares of Vista Energy, with lock-up provisions ending in October 2025 and April 2026.

The La Amarga Chica (LACh) block spans more than 46,594 acres in the oil-rich Vaca Muerta shale and held 280 million barrels of oil equivalent in P1 reserves as of end-2023. By end-2024, the concession had 247 producing wells and yielded 79,543 boe/d, of which 71,471 barrels per day was oil, at full working interest.

Vista said the asset supports an estimated 400 future drilling locations, reinforcing its long-term growth in the formation. “Today we announced the acquisition of Petronas’ interest in the second-largest shale oil producing field in Vaca Muerta, increasing our capacity to 120,000 boe/d and consolidating our position as the largest independent oil producer in Argentina,” the company said.

Post-acquisition, Vista becomes 50:50 partner with YPF, the block’s operator, strengthening its alignment with Argentina’s state oil company. “This acquisition brings us scale, strength, and forward momentum,” Vista said, adding it would “continue to bet on Argentina” despite current macroeconomic uncertainty.

Vista Energy is a leading independent oil and gas company operating primarily in Argentina and Mexico. In Argentina, the company focuses on the development of shale oil and gas resources in the prolific Vaca Muerta formation, while in Mexico it holds legacy assets in the Burgos Basin. Vista is listed on the NYSE and Mexican Stock Exchange and is headed by Miguel Galuccio, former CEO of YPF.

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