Vista Energy: Solid Q1 Print, Strong 2026 Setup After Equinor Integration

Vista Energy delivered a solid 1Q26, with production flat q/q at 135 kboe/d and adjusted EBITDA of $451m, broadly in line with expectations. Key catalysts ahead include the Equinor asset consolidation from 2Q26 (adding ~22 kboe/d and ~$400m EBITDA in 2026) and higher Brent flowing into Q2 realized prices. VIST raised its 2026 guidance to 158 kboe/d of production, kept capex broadly unchanged, and highlighted strong oil‑price leverage at $85 Brent.