Equinor (NYSE:EQNR) has agreed to divest its entire onshore portfolio in Argentina’s prolific Vaca Muerta shale basin to Vista Energy (NYSE:VIST) in a transaction valued at approximately $1.1 billion.
The move, announced Monday, marks a definitive pivot for the Norwegian energy major as it narrows its international upstream focus toward core hubs in Brazil, the U.S., and the U.K.
The deal encompasses Equinor’s non-operated interests in two high-quality shale blocks: a 30% stake in Bandurria Sur and a 50% stake in Bajo del Toro.
Under the agreement, Equinor will receive an upfront cash payment of $550 million at closing, with the remainder of the $1.1 billion valuation comprised of Vista Energy American Depositary Shares (ADSs) and contingent payments tied to future production and crude prices over a five-year period.
The transaction signals a major consolidation for Vista Energy, which has emerged as a dominant independent force in the Vaca Muerta play.
Vista entered into a series of back-to-back agreements involving state-owned YPF to further optimize the acreage, ultimately securing increased interests in the core blocks.
For Equinor, the exit allows for the reallocation of capital to more resilient, lower-carbon-intensity assets while retaining its offshore exploration licenses in Argentina as a long-term option.
The transaction is effective as of July 1, 2025, with closing expected in the second quarter of 2026, subject to regulatory approvals and the waiver of rights-of-first-refusal from remaining partners.