Vista Energy (NYSE: VIST) closes $712M Equinor Vaca Muerta asset deal

Rhea-AI Filing Summary

Vista Energy has closed its acquisition of Equinor’s assets in the Vaca Muerta shale, adding significant exposure to two producing blocks in Argentina. The Transaction totals US$712 million, split between an upfront cash payment of US$387 million and 6,223,220 American Depositary Shares.

Vista also paid US$131 million for cash, debt, working capital, contributions, leakages and other customary adjustments. Following closing, Vista will consolidate the results of the Bandurria Sur and Bajo del Toro blocks in its financial statements as of May 1, 2026, and plans to update its 2026-2028 guidance and 2030 vision.

Positive

• Transformative Vaca Muerta expansion: Vista completed a US$712 million cash-and-stock acquisition of Equinor’s interests in Bandurria Sur and Bajo del Toro, adding meaningful production exposure and planning to update its 2026-2028 guidance and 2030 vision accordingly.

Negative

• None.

Insights

Energy sector M&A analyst

Vista completes a sizable cash-and-stock deal expanding Vaca Muerta production.

Vista Energy has finalized the purchase of Equinor’s interests in two Vaca Muerta blocks for US$712 million, combining cash and 6,223,220 ADS. The company gains a 25.1% non-operating working interest in Bandurria Sur and 35.0% in Bajo del Toro.

Bandurria Sur produced 82.3 Mboe/d at 100% in Q1-26, with 20.7 Mboe/d attributable to Vista’s interest, while Bajo del Toro contributed 5.4 Mboe/d at 100% and 1.9 Mboe/d to Vista. Vista will consolidate these results from May 1, 2026, which may materially increase reported production and reserves.

The deal also includes US$131 million of adjustments for cash, debt, working capital, contributions, leakages and other items, adding to the effective outlay. The company intends to update its 2026-2028 guidance and 2030 vision, which will show how this acquisition reshapes long-term growth and capital allocation.

Key Figures

Transaction value: US$712 million Upfront cash payment: US$387 million Equity consideration: 6,223,220 ADS +5 more

8 metrics

Transaction value US$712 million Total consideration for Equinor’s Vaca Muerta assets

Upfront cash payment US$387 million Cash portion inclusive of tax gross-ups

Equity consideration 6,223,220 ADS American Depositary Shares issued as part of purchase price

Additional adjustments US$131 million Cash, debt, working capital, contributions, leakages and other adjustments

Bandurria Sur interest 25.1% non-operating working interest Acquired stake in Bandurria Sur block

Bajo del Toro interest 35.0% non-operating working interest Acquired stake in Bajo del Toro block

Bandurria Sur production 82.3 Mboe/d (20.7 Mboe/d to Vista) Q1-26 production at 100% and Vista’s working interest

Bajo del Toro production 5.4 Mboe/d (1.9 Mboe/d to Vista) Q1-26 production at 100% and Vista’s working interest

Key Terms

non-operating working interest, American Depositary Shares, Mboe/d, forward-looking statements, +1 more

5 terms

non-operating working interest financial

"acquisition of a 25.1% non-operating working interest in the Bandurria Sur block"

American Depositary Shares financial

"the delivery of 6,223,220 American Depositary Shares representing Vista’s series A shares"

American depositary shares (ADSs) are a way for investors in the United States to buy shares of foreign companies without dealing with international markets directly. They represent ownership in a foreign company's stock and are traded on U.S. stock exchanges, making it easier for American investors to buy, sell, and own parts of companies from around the world.

Mboe/d financial

"the block produced 82.3 thousand barrels of oil equivalent per day (“Mboe/d”)"

Mboe/d stands for "million barrels of oil equivalent per day." It measures how much energy from oil and other sources a company produces or consumes each day, kind of like counting how many large bottles of energy drink you could fill in a day. This helps everyone understand how big or active an energy company is.

forward-looking statements regulatory

"Any statements contained herein ... are forward-looking statements"

Forward-looking statements are predictions or plans that companies share about what they expect to happen in the future, like estimating sales or profits. They matter because they help investors understand a company's outlook, but since they are based on guesses and assumptions, they can sometimes be wrong.

Risk Factors regulatory

"Certain of these risks and uncertainties are described in the “Risk Factors,”"

Risk factors are elements or conditions that could cause an investment's value to decrease or lead to potential losses. They are like warning signs or obstacles that can affect the success of an investment, making it uncertain or more unpredictable. Recognizing risk factors helps investors understand the possible challenges and make more informed decisions.

Form 6-K: How Foreign Companies Report to the SEC →

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER SECURITIES EXCHANGE ACT OF 1934

For the month of May 2026

Commission File No. 001-39000

Vista Energy, S.A.B. de C.V.

(Exact Name of the Registrant as Specified in the Charter)

N.A.

(Translation of Registrant’s Name into English)

Torre Mapfre,

243 Paseo de la Reforma Avenue, 18th Floor

Cuauhtémoc, Alcaldía Cuauhtémoc

06500, Mexico City

Mexico

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒   Form 40-F ☐

Vista announces the closing of the acquisition of Equinor’s assets in Vaca Muerta

Mexico City, May 7, 2026 – Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST on the New York Stock Exchange; BMV: VISTA on the Mexican Stock Exchange), announced today the successful completion of the acquisition of a 25.1% non-operating working interest in the Bandurria Sur block and a 35.0% non-operating working interest in the Bajo del Toro block through the transaction described in the relevant fact published on February 2, 2026, available on the Company’s website (https://www.vistaenergy.com/en/investors) (the “Transaction”).

As set forth therein, the purchase price of the Transaction was US$712 million, composed of an upfront cash payment inclusive of tax gross-ups of US$387 million, and the delivery of 6,223,220 American Depositary Shares representing Vista’s series A shares. Additionally, Vista paid US$131 million corresponding to cash, debt, working capital, contributions, leakages and other customary adjustments.

Vista will consolidate the results of the acquired blocks in its financial statements as of May 1, 2026.

The Company will update its 2026-2028 guidance and 2030 vision through a relevant fact to be filed on Monday, May 11, 2026, before the market opens in New York.

Bandurria Sur block update

As of March 31, 2026, Bandurria Sur had 210 wells on production. During Q1-26, the block produced 82.3 thousand barrels of oil equivalent per day (“Mboe/d”) at 100% working interest, equivalent to 20.7 Mboe/d at Vista’s working interest, of which 15.9 Mbbl/d was oil.

Bajo del Toro block update

As of March 31, 2026, Bajo del Toro had 23 wells on production. During Q1-26, the block produced 5.4 Mboe/d at 100% working interest, equivalent to 1.9 Mboe/d at Vista’s working interest, of which 1.8 Mbbl/d was oil.

1

Figure 1 – Location of Vista’s current and acquired assets

2

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. No assurance can be given that the transactions described herein will be consummated or as to the ultimate terms of any such transactions. 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: www.bmv.com.mx, the Mexican National Banking and Securities Commission’s (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and the Company’s website: www.vistaenergy.com.

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: +52 55 1555 7104

3

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: May 7, 2026

VISTA ENERGY, S.A.B. DE C.V.
By:		/s/ Alejandro Cherñacov
Name:		Alejandro Cherñacov
Title:		Strategic Planning and Investor Relations Officer

FAQ

What acquisition did Vista Energy (VIST) announce in this 6-K?

Vista Energy completed the acquisition of Equinor’s interests in two Vaca Muerta blocks. It bought a 25.1% non-operating working interest in Bandurria Sur and a 35.0% non-operating working interest in Bajo del Toro, consolidating both blocks from May 1, 2026.

How much is Vista Energy paying for Equinor’s Vaca Muerta assets?

The Transaction totals US$712 million, combining cash and equity. Vista is paying US$387 million in upfront cash, plus issuing 6,223,220 American Depositary Shares, and an additional US$131 million for cash, debt, working capital, contributions, leakages and other customary adjustments.

How will the Bandurria Sur block contribute to Vista Energy’s production?

Bandurria Sur produced 82.3 thousand barrels of oil equivalent per day at 100% in Q1-26. At Vista’s 25.1% working interest, this equals 20.7 Mboe/d, including 15.9 thousand barrels per day of oil, which will now be consolidated into Vista’s financial results.

What production does the Bajo del Toro block add for Vista Energy (VIST)?

Bajo del Toro produced 5.4 thousand barrels of oil equivalent per day at 100% in Q1-26. Vista’s 35.0% working interest represents 1.9 Mboe/d, of which 1.8 thousand barrels per day was oil, expanding Vista’s oil-weighted production base in Vaca Muerta.

When will Vista Energy reflect this acquisition in its financial statements?

Vista will consolidate the results of Bandurria Sur and Bajo del Toro in its financial statements as of May 1, 2026. This means production and financial performance from these blocks will be included from that date onward, affecting future reported figures.

Will Vista Energy update its guidance after the Equinor asset acquisition?

Vista plans to update its 2026-2028 guidance and 2030 vision. The company will disclose the revised outlook through a relevant fact to be filed on Monday, May 11, 2026, before the New York market opens, reflecting the contribution from the acquired blocks.