Equinor sharpens its portfolio
Norway's Equinor agreed to sell its onshore stakes in Argentina's Vaca Muerta basin to Vista Energy for roughly $1.1 billion, walking away from one of the world's fastest-growing shale plays to double down on core positions in Brazil, the US, and the UK.
The deal covers Equinor's 30% interest in Bandurria Sur and its 50% interest in Bajo del Toro, two non-operated shale blocks in Neuquén province. Together, those stakes produced about 26,500 barrels of oil equivalent per day in the third quarter of 2025.
Vista Energy, an Argentina-listed independent that has been steadily consolidating acreage in Vaca Muerta, will pay $550 million in cash at closing, hand over $325 million in Vista shares, and could owe another $225 million in contingent payments tied to future output and oil prices over five years.
What Equinor keeps
Equinor is not leaving Argentina entirely. The company still holds eight offshore exploration licenses in the North Argentinian Basin and the Austral and Malvinas basins, acquired in 2019. Those blocks are under geological evaluation with no drilling commitments yet.
Chris Golden, Equinor's senior vice president, said the sale sharpens the company's focus and boosts the resilience of its portfolio. Growth through 2030 will lean on deepwater assets in Brazil, Gulf of Mexico operations in the US, and North Sea positions in the UK.
A boom Equinor chose not to ride
The timing is notable. Vaca Muerta is on a tear. Argentina's total crude production hit 844,386 barrels per day in November 2025, up 12.5% year on year, according to government data. Shale output alone reached a record 578,461 bbl/d, growing more than 30%.
With breakeven costs between $36 and $45 a barrel and the EIA estimating 16 billion barrels of recoverable shale oil in the basin, Vaca Muerta has become one of the few non-OPEC growth stories that can compete at lower prices. Argentina is targeting 1 million bbl/d of total crude output by 2027.
But Equinor's exit fits a broader pattern. While US supermajors like ExxonMobil and Chevron chase record output from core North American shale and Guyana, several European majors have been trimming non-core upstream positions to fund energy transition investments and strengthen balance sheets.
Vista's bet
For Vista Energy, the deal cements its status as one of the dominant operators in Vaca Muerta. The company has expanded aggressively as international players reassess capital allocation in a weaker price environment, with WTI near $62 and the EIA forecasting Brent to average $56 this year.
The acquisition is effective from July 1, 2025, and subject to regulatory approval.