Vista Oil and Gas Sees 24% Production Growth in 2023

Vista Oil and Gas Inc., which trades under the ticker VIST on the New York Stock Exchange, has reported significant growth in its unconventional oil and gas production in Argentina. The company's average daily production reached approximately 60,300 barrels of oil equivalent per day in 2023, a 24 percent increase from 48,600 barrels per day in 2022.

This expansion is largely driven by the ramp up of shale wells in the Vaca Muerta formation, where Vista is one of the leading independent operators. The company's crude oil production rose by double digits versus 2022, contributing to higher revenue and improved utilization of processing and transportation infrastructure.

Vista Oil and Gas has also reported a significant increase in revenue, with total revenue reaching approximately $1.3 billion in 2023, up from about $900 million in 2022. This represents a year-on-year revenue growth of roughly 44 percent. The company's adjusted EBITDA for 2023 stood near $800 million compared to about $550 million in 2022, representing an approximate increase of 45 percent.

The Pemex supply contract and marketing strategy have also played a crucial role in the company's growth. Under this agreement, Vista supplies a significant volume of crude oil to Pemex over a multi-year horizon, providing visibility on off-take for part of its production.