Oil producer Vista Energy announced that over the next three years it will invest a total of USD 4.5 billion in its operations in the Vaca Muerta shale formation.
According to the company’s 2026–2028 strategic plan, the projected investments aim to increase Vaca Muerta production by 60%, reaching 180,000 barrels of oil equivalent per day (boe/d) in 2028.
“The company’s vision for 2030 is centered on reaching 200,000 boe/d,” the company said in a statement. Vista has already invested USD 6 billion in Argentina.
Vista Energy, Argentina’s largest crude exporter, expects USD 8 billion in export revenues over the next three years.
“We are entering a new stage of growth that will take Vista to a higher scale, supported by everything we have built so far,” said Miguel Galuccio, the Argentine founder and CEO of Vista Energy.
The company expects to reach USD 2.8 billion in adjusted EBITDA by 2028, 75% higher than its estimate for 2025.
“In a global context where energy demand continues to grow, efficient and low-cost producers like our company will make the difference. Consolidating a high-performance, agile culture with a world-class team has been key to maintaining leadership in the development of Vaca Muerta,” Galuccio added.
According to the plan’s projections, Vista expects to generate USD 1.5 billion per year in free cash flow between 2026 and 2028, assuming a Brent crude price of USD 65–70 per barrel.
The company says this level of cash generation will support continued growth, strengthen its financial structure, and maintain long-term investment capacity.
