Munger Mode rating: 2 out of 5 — Sell. Our own rating from the research report below, on business quality first: moat durability and management, with price separating the top three.
Charlie and I have looked at a great many oil producers over the years, and we want to say at the outset that Vista Energy is one of the most impressive operational stories we have seen in the industry — anywhere, at any time. A founder-led company that took production from roughly 24,000 barrels of oil equivalent per day in 2018 to over 156,000 in the second quarter of 2026, with lifting costs of $4.50 per barrel and EBITDA margins of 70%, deserves genuine admiration. Miguel Galuccio is exactly the kind of owner-operator we like to see running a business. And yet we arrive at two stars.
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