By Anthony Harrup
Oil and gas company Vista Energy said it acquired Petronas Argentina, bolstering its operations in Argentina's Vaca Muerta region with a 50% interest in the La Amarga Chica concession.
Vista said the price for the acquisition from Petronas Carigali Canada and Petronas Carigali International E&P comprised $900 million in cash, $300 million in deferred cash payments and around 7.3 million Vista American depositary shares.
The acquisition includes Petronas Argentina's transport and export dispatch capacity in several midstream projects.
La Amarga Chica, which is half-owned by concession operator YPF, spans 46,594 acres. It had 247 wells in production at the end of last year, and produced 79,543 barrels of oil equivalent a day in the fourth quarter, Vista said. Proven reserves stood at 280 million barrels of oil equivalent at the end of 2023.
"In the current global macro and oil price environment, we are consolidating a high-margin, low-breakeven asset, with strong synergies with our ongoing operation," Vista Chief Executive Miguel Galuccio was quoted as saying.
The acquisition "is a relevant milestone for Vista as it consolidates it as the largest independent shale oil producer in Vaca Muerta," analysts at Citi Research said in a note.
Vista shares traded on the New York Stock Exchange were up 10% at $44.42 Wednesday afternoon.
Write to Anthony Harrup at anthony.harrup@wsj.com
(END) Dow Jones Newswires
April 16, 2025 14:35 ET (18:35 GMT)
Copyright (c) 2025 Dow Jones & Company, Inc.
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