Vista Energy S.A.B. de CV VIST gained 10.2% despite reporting weak third-quarter 2024 earnings on Oct. 24. The company’s expectations for higher production are likely to have aided the price performance.
VIST’s Q3 Earnings & Revenues
The upstream energy player reported third-quarter adjusted earnings per share of 55 cents, which missed the Zacks Consensus Estimate of $1.36. The bottom line also decreased from the prior-year quarter’s level of $1.29.
The leading independent oil and gas producer’s quarterly revenues of $462.4 million increased from $302.8 million in the year-ago period. The top line also beat the Zacks Consensus Estimate of $442.5 million.
The weak quarterly earnings of VIST, currently carrying a Zacks Rank #5 (Strong Sell), were primarily due to higher lifting expenses. This was offset partially by increased production and realized commodity prices. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR Price, Consensus and EPS Surprise
Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR price-consensus-eps-surprise-chart | Vista Oil & Gas, S.A.B. de C.V. Sponsored ADR Quote
Q3 Production of VIST
Total production averaged 72,825 barrels of oil equivalent per day (Boe/d), up from the year-ago quarter’s 49,450 Boe/d. Of the total output, 87.2% was crude oil. Overall production was higher than the year-ago period’s level due to higher well activities.
Crude oil production increased to 63,499 barrels per day (Bbls/d) from the year-ago quarter’s 41,490 Bbls/d. Natural gas liquids production increased 36%, while natural gas output rose 16%.
VIST’s Realized Prices
The average realized crude oil price was $68.4 per barrel, increasing from the year-ago figure of $67.6.
The average realized natural gas price was $3.8 per million Btu, up from $3.3 reported in the year-ago quarter. Realized natural gas liquids price increased to $315 per metric ton from $233.
Lifting Expenses of VIST
Lifting costs in the September quarter of 2024 were $31.6 million, rising 44% year over year to $21.9 million. However, lifting costs per barrel of oil equivalent was $4.7, reflecting a decline of 2% from $4.8 in the prior-year quarter.
VIST’s Balance Sheet & Capital Spending
As of Sept. 30, 2024, Vista Energy had $256.03 million in cash, bank balances and other short-term investments. The company had a total long-term debt of $725.2 million and a short-term debt of $249.9 million as of the same date.
Capital expenditure totaled $368.5 million. Net cash provided by operating activities was $254.9 million.
Guidance
Vista aims to reach 85 MBoE/d in the fourth quarter of this year, with an annual target of 68 to 70 MBoE/d for 2024. For 2025, the upstream energy company anticipates production to grow to 95 to 100 MBoE/d.
The exploration and production company’s projected adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA) for 2024 lies in the range of $1,000 to $1,150 million, while the same for 2025 is expected to increase to $1,500-$1,650 million. Vista plans a capital expenditure allocation of $1.1-$1.3 billion for 2025.
Upcoming Releases
Among the energy giants that are set to report earnings this week are Exxon Mobil Corporation XOM, Chevron Corporation CVX and ConocoPhillips COP. While ExxonMobil and Chevron are integrated energy majors, ConocoPhillips is a well-known energy company with mostly upstream energy presence.
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