Vista Energy is an independent shale oil company focused entirely on developing Argentina's Vaca Muerta formation, the largest shale play outside North America. Vista produces crude oil (~87% of its production mix), natural gas, and NGLs from concessions in the Neuquina Basin in Patagonia, and is the largest independent oil producer and exporter in Argentina. Vista's core asset is Bajada del Palo Oeste, a 100%-owned, operated block targeting the Vaca Muerta formation. Vista's second major asset is La Amarga Chica, a 50% non-operated interest acquired from Petronas in April 2025 and operated by YPF, which roughly doubled Vista's scale at acquisition. Vista sells crude oil primarily via export to international buyers and to domestic Argentine refineries at export-parity prices, meaning realizations closely track Brent. Vista's business model is capital-intensive and highly repeatable: Vista maintains a large inventory of ready-to-drill well locations, runs 4-5 rigs continuously, and converts wells from spud to production in roughly 30 days. Vista grows production primarily through organic drilling, supplemented by M&A. Vista has been an active acquirer, and has a pending deal to buy Equinor's interests in Bandurria Sur and Bajo del Toro. Vista targets production exceeding 200,000 boe/d by end of decade, supported by a firm capacity stake in the VMOS export pipeline, a major new pipeline connecting Vaca Muerta to a deep-water Atlantic port, expected operational mid-2027.