Vista Energy finalized the acquisition of Equinor’s assets in Argentina’s Vaca Muerta shale formation in a deal valued at $712 million. The transaction gives the company led by Miguel Galuccio non-operated stakes in two shale oil blocks in the Neuquén Basin: 25.1% in Bandurria Sur and 35% in Bajo del Toro, both of which are operated by YPF.
According to a filing submitted by Vista to Argentina’s National Securities Commission, the payment structure included $387 million in cash plus the delivery of 6,223,220 ADSs representing the company’s Series A shares. An additional $131 million was paid through closing adjustments related to debt, working capital, and other standard financial items in this type of transaction. The results of the acquired blocks will be consolidated into Vista’s financial statements starting May 1, 2026.
Through the deal, Vista acquired a stake in Bandurria Sur, an unconventional exploitation concession awarded in 2015 for 35 years and covering 56,200 acres within the Vaca Muerta formation. At the close of the first quarter of 2026, the block had 210 producing wells and a total output of 82,300 barrels of oil equivalent per day. Vista’s attributable share amounts to 20,700 barrels per day, of which 15,900 barrels are crude oil.
The transaction also included a stake in Bajo del Toro, another YPF-operated block in the same basin. As of March 31, the area had 23 active wells and a total production of 5,400 barrels of oil equivalent per day. Vista’s share is around 1,900 barrels of oil equivalent per day, including approximately 1,800 barrels of oil.
Alongside Vista’s acquisition, YPF increased its direct and indirect stake in Bandurria Sur to 44.9% and raised its position in Bajo del Toro and Bajo del Toro Norte to 65%. The state-controlled oil company paid around $163 million, plus adjustments and contingent payments.
