Vista Energy (NYSE: VIST) lifts proved oil and gas reserves 57% in 2025

Rhea-AI Filing Summary

Vista Energy reported estimated and certified proved (P1) oil and gas reserves of 588.1 MMboe as of December 31, 2025, a 57% increase year-over-year. Proved developed reserves reached 232.5 MMboe and proved undeveloped reserves 355.7 MMboe, supported by 698 proved net well locations.

Including acquisitions, additions to P1 reserves were 255.1 MMboe, implying a reserve replacement ratio of 605%, while the organic reserve replacement ratio was 260%. With 2025 production of 42.1 MMboe, implied P1 reserves life was 14.0 years.

Average Q4 2025 production was 135,414 boe/d, up 7% quarter-over-quarter, and full-year 2025 production averaged 115,479 boe/d, a 66% increase, driven by shale oil development and the acquisition of a 50% working interest in La Amarga Chica. Discounted future net cash flows from proved reserves, at a 10% rate, amounted to 6,607 $.

Positive

• Material reserves expansion: Proved (P1) reserves increased 57% year-over-year to 588.1 MMboe, with total 2025 additions of 255.1 MMboe and a reserve replacement ratio of 605%, indicating substantial extension of the company’s resource base.
• Strong production growth: Average 2025 production rose 66% year-over-year to 115,479 boe/d, driven by tying in 74 net wells and consolidating a 50% working interest in La Amarga Chica, enhancing near- and medium-term output potential.

Negative

• None.

Insights

Oil & Gas Equity Analyst

Strong reserves growth, high replacement ratios and rising production mark a materially positive operational year.

Vista Energy lifted proved (P1) reserves to 588.1 MMboe, up 57% year-over-year. Proved developed reserves were 232.5 MMboe and proved undeveloped 355.7 MMboe, indicating a sizeable future drilling inventory across 698 proved net well locations.

Including acquisitions, total P1 additions of 255.1 MMboe yielded a reserve replacement ratio of 605%, with organic replacement at 260%. With 2025 production of 42.1 MMboe, the implied P1 reserve life of 14.0 years suggests long-lived assets under current assumptions.

Operationally, average production rose 66% year-over-year to 115,479 boe/d in 2025, supported by tying in 74 net wells and acquiring a 50% working interest in La Amarga Chica, which held 151.3 MMboe of P1 reserves at year-end 2025. Discounted future net cash flows from proved reserves (10% rate) totaled 6,607 $, under SEC price assumptions of 64.0 $/bbl oil, 32.7 $/boe LPG and 2.3 $/MMBtu natural gas.

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 February 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, 18^th 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 reports 588 MMboe of P1 reserves

Mexico City, February 11, 2026 – Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST; BMV: VISTA) reported today its estimated and certified proved (“P1”) oil and gas reserves as of December 31, 2025, reflecting a 57% increase year-over-year, reaching a total of 588.1 million barrels of oil equivalent (“MMboe”). Including acquisitions, additions to P1 reserves totaled 255.1 MMboe, implying a reserve replacement ratio of 605%. Vista’s organic reserve replacement ratio (excluding acquisitions) was 260%. ⁽¹⁾

“The 2025 reserves report reflects our outstanding work during the year and our unique ability to deliver value to our shareholders. We made solid progress at our Vaca Muerta development hub and substantial additions through inorganic growth,” commented Miguel Galuccio, Vista’s Chairman and Chief Executive Officer.

P1 reserves breakdown

The table below shows the certified P1 reserves breakdown. The Company has booked 698 proved net well locations, of which 357 were booked as proved developed and 341 as proved undeveloped.

Proved reserves breakdown by type (MMboe)		2025				2024				▲ y (MMboe)				▲ y/y (%)
Proved developed reserves			232.5				129.2				103.2				80	%
Oil			208.4				109.1				99.3				91	%
Natural Gas			24.1				20.1				3.9				20	%
Proved undeveloped reserves			355.7				246.0				109.7				45	%
Oil			314.7				213.5				101.2				47	%
Natural Gas			41.0				32.5				8.5				26	%
Total proved reserves			588.1				375.2				212.9				57	%

Considering a total production of 42.1 MMboe for 2025, the implied reserve replacement ratio was 605% and the implied P1 reserves life was 14.0 years. Vista’s organic reserve replacement ratio (excluding acquisitions) was 260%.

(1) Excludes the acquisition of 100% of the capital stock of Petronas E&P Argentina S.A., which holds 50% working interest in La Amarga Chica unconventional concession (“La Amarga Chica Acquisition”, see paragraph on page 3), and the assignment of Trafigura’s interest in 10 pads in Bajada del Palo Oeste to Vista Argentina (the ”Trafigura Agreement”, see paragraph on page 4).

P1 Reserves reconciliation		Oil (MMbbl)				Natural Gas (MMboe)				Total (MMboe)
Proved reserves YE 2024			322.6				52.7				375.2
(-) Production			(36.7	)			(5.4	)			(42.1	)
(+) Total additions			237.2				17.8				255.1
Acquisitions (1)			131.9				13.3				145.3
Organic additions			105.3				4.5				109.8
Proved reserves YE 2025			523.0				65.1				588.1
Reserve replacement ratio (2)			646	%			329	%			605	%
Organic reserve replacement ratio (3)			287	%			83	%			260	%
Reserves life (years)			14.2				12.0				14.0

(1) Acquisitions include 139.2 MMboe from La Amarga Chica Acquisition and 6.1 MMboe from the Trafigura Agreement

(2) Reserve replacement ratio is calculated as Total additions divided by Production

(3) Organic reserve replacement ratio is calculated as Organic additions (i.e. Total additions minus Acquisitions) divided by Production

The table below shows the certified P1 reserves breakdown by concession:

Proved net reserves by concession		Oil (MMbbl)				Natural Gas (MMboe)				Total (MMboe)
Bajada del Palo Oeste			248.4				36.9				285.3
La Amarga Chica			138.9				12.4				151.3
Bajada del Palo Este			91.6				6.6				98.3
Aguada Federal			42.4				6.6				49.0
Conventional Assets (1)			1.6				2.5				4.1
Águila Mora			0.1				0.0				0.2
Coirón Amargo Norte			0.0				0.0				0.0
Bandurria Norte			0.0				0.0				0.0
Total			523.0				65.1				588.1

(1) Conventional Assets include Acambuco, CS-01 and Transferred Conventional Assets. The latter are operated by Tango Energy S.A. (“Tango”, formerly Petrolera Aconcagua Energía S.A.) as of March 1, 2023. Under the agreement, Vista is entitled to 20% of crude oil production and reserves and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets.

Production

		Q4-25				Q3-25				Q4-24				▲ y/y				▲ q/q				2025				2024				▲ y/y
Total (boe/d)			135,414				126,752				85,276				59	%			7	%			115,479				69,660				66	%
Oil (bbl/d)			118,285				109,677				73,491				61	%			8	%			100,104				60,418				66	%
Natural Gas (MMm3/d)			2.62				2.65				1.81				45	%			(1	)%			2.36				1.42				66	%
NGL (boe/d)			666				416				432				54	%			60	%			534				300				78	%

The average production during Q4 2025 was 135,414 boe/d, a 7% increase quarter-over-quarter, driven by strong performance, both in operated and non-operated blocks. Crude oil production reached 118,285 bbl/d during Q4 2025, reflecting an 8% sequential increase, driven by the tie-in of 40 net wells during Q3 2025 and Q4 2025. Natural gas production during Q4 2025 was 2.62 MMm³/d, a 1% decrease compared to the previous quarter. NGL production in Q4 2025 was 666 boe/d.

Total production for 2025 averaged 115,479 boe/d, a 66% year-over-year increase. Interannual production growth reflects strong performance of shale oil development and activity ramp-up, having tied-in 74 net wells during 2025, as well as the acquisition of 50% working interest in La Amarga Chica in April 2025. Crude oil production was 100,104 bbl/d in 2025, representing a 66% interannual increase.

La Amarga Chica Acquisition

On April 15, 2025, the Company acquired 100% of the capital stock of Petronas E&P Argentina S.A., which holds 50% working interest in La Amarga Chica unconventional concession, located in Vaca Muerta. The estimated and certified P1 oil and gas net reserves at La Amarga Chica were 139.2 MMboe at the time of the acquisition and 151.3 MMboe at YE-2025.

P1 reserves valuation

The estimate of future net cash flows attributable to Vista’s interests in the certified P1 reserves as of December 31, 2025, evaluated in accordance with the regulations of the United States Securities and Exchange Commission (“SEC”) and discounted at 10% per annum, amounted to 6,607 $MM.

In accordance with the regulations set forth by the SEC, future net cash flows were calculated by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date reported, minus the estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves. Future net cash flows were then discounted using a factor of 10% per annum.

The proved reserves as of December 31, 2025 were calculated using a price of 64.0 $/bbl for oil, 32.7 $/boe for LPG and 2.3 $/MMBtu for natural gas, in accordance with SEC regulations.

The estimated certified future net cash flows attributable to Vista’s interests in the P1 reserves, as of December 31, 2025, are summarized below:

Future net cash flows (Cumulative $MM)		Undiscounted				Discounted at 10% p.a.
Proved developed			5,852				3,821
Proved undeveloped			6,351				2,785
Total proved			12,203				6,607

Definitions and Methodology

• The information included herein regarding estimated quantities of proved reserves is derived from (i) estimates of the proved reserves as of December 31, 2025, from the reports dated January 20, 2026, prepared by DeGolyer and MacNaughton for Vista’s concessions located in Argentina and Mexico, and (ii) estimates of the proved reserves as of April 15, 2025, from the report dated May 22, 2025, prepared by DeGolyer and MacNaughton for Vista’s working interest in La Amarga Chica.

• According to SEC regulations, proved reserves are those quantities of oil and gas which, by analysis of geoscience and engineering data, can be estimated with “reasonable certainty” to be economically producible—from a given date forward, from known reservoirs, and under existing economic conditions, operating methods and government regulations—prior to the time at which contracts providing the right to operate expire, unless evidence indicates that renewal is reasonably certain, regardless of whether deterministic or probabilistic methods are used for the estimation.

• Oil includes crude oil and condensate, C5+ and NGL; NGLs represent 2.2% of total reserves of the Company.

• Units:

• $MM: million U.S. Dollars

• Bbl: barrels

• Boe: barrels of oil equivalent

• MMm³: million cubic meters

• MMboe: million barrels of oil equivalent

• MMBtu: million British thermal units

• P1: proved reserves

• Conversion metrics:

• 1 cubic meter of oil = 6.2898 barrels of oil

• 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent

• Note on the tables of this document. Totals in tables might not add-up to the components of the individual lines due to rounding.

• Trafigura Agreement: the agreement dated December 16, 2024, pursuant to which Vista Argentina agreed to the assignment of Trafigura’s interest in 10 pads in Bajada del Palo Oeste to Vista Argentina, effective January 1, 2025, under which Vista Argentina holds rights to 100% of the production from such pads.

• Transferred Conventional Assets include Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada, Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos concessions operated by Tango, effective as of March 1, 2023.

Forward-Looking Statements

Any statements contained herein or in the attachments hereto regarding Vista 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. 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 (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: +52 55 1555 7104

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: February 11, 2026

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

FAQ

How much proved (P1) oil and gas reserves did Vista Energy (VIST) report for 2025?

Vista Energy reported certified proved (P1) oil and gas reserves of 588.1 MMboe as of December 31, 2025, a 57% increase year-over-year. This total includes 232.5 MMboe of proved developed reserves and 355.7 MMboe of proved undeveloped reserves across 698 proved net well locations.

What was Vista Energy’s 2025 reserve replacement ratio and why is it important?

Vista Energy’s 2025 reserve replacement ratio was 605%, with organic replacement at 260%. This compares total proved reserve additions of 255.1 MMboe to production of 42.1 MMboe. Ratios above 100% indicate the company is adding more reserves than it produces in the year.

How did Vista Energy’s oil and gas production change in 2025 versus 2024?

Vista Energy’s total production averaged 115,479 boe/d in 2025, a 66% increase from 2024. Crude oil output averaged 100,104 bbl/d, also up 66% year-over-year, reflecting shale oil development, 74 net well tie-ins, and the La Amarga Chica working interest acquisition.

What role did the La Amarga Chica acquisition play in Vista Energy’s reserves?

On April 15, 2025, Vista acquired 100% of Petronas E&P Argentina S.A., gaining 50% working interest in La Amarga Chica. Estimated certified P1 net reserves there were 139.2 MMboe at acquisition and 151.3 MMboe at year-end 2025, meaningfully contributing to total proved reserves growth.

What is the implied reserves life for Vista Energy’s proved reserves as of 2025?

Based on 2025 production of 42.1 MMboe and year-end proved reserves of 588.1 MMboe, Vista Energy’s implied P1 reserves life is 14.0 years. This metric indicates how long current proved reserves would last if annual production stayed at the 2025 level.

How much are Vista Energy’s future net cash flows from proved reserves estimated to be?

Future net cash flows from Vista Energy’s proved reserves are estimated at 12,203 $ undiscounted and 6,607 $ discounted at 10% per annum. These estimates apply SEC pricing assumptions of 64.0 $/bbl for oil, 32.7 $/boe for LPG, and 2.3 $/MMBtu for natural gas.