Senior Credit Analyst - Emerging Markets, EM Spreads

Leandro Gubler

EM Spreads is an independent credit research service specializing in Emerging Markets, primarily focusing on Latin American issuers.

Senior Credit Analyst - Emerging Markets

Vista Energy 4Q24: Solid Expectations Despite Short-Term Cost Headwinds

Initiating Coverage on YPF: Outperform Opportunity Amid Macro and Shale Expansion

Initiating Coverage on Pemex: Set to Outperform on Reclassification Potential

EM Spreads

Credit

<ul>
<li>We continue to prefer Vista for investors seeking exposure to Argentina’s energy sector. We believe stronger operational performance and a reduction in country risk could drive bond outperformance.</li>
<li>P1 reserves grew by 56.7 MMboe, or 17.8% YoY, to 375.2 MMboe, resulting in a reserves replacement ratio of 323% and a reserve life of 14.7 years.</li>
<li>Total production increased 17.1% QoQ to 85.3 kbpd in 4Q24, up from 72.8 kbpd in 3Q24. This growth was primarily driven by a 15.7% sequential increase in crude oil production. </li>
</ul>


We continue to prefer Vista for investors seeking exposure to Argentina’s energy sector. We believe stronger operational performance and a reduction in country risk could drive bond outperformance.
P1 reserves grew by 56.7 MMboe, or 17.8% YoY, to 375.2 MMboe, resulting in a reserves replacement ratio of 323% and a reserve life of 14.7 years.
Total production increased 17.1% QoQ to 85.3 kbpd in 4Q24, up from 72.8 kbpd in 3Q24. This growth was primarily driven by a 15.7% sequential increase in crude oil production. 


Vista Energy: Strong Reserves Growth Continues

Vista Energy SAB de CV

Vista Energy: Strong Reserves Growth Continues