Form 6-K - Report of foreign issuer [Rules 13a-16 and 15d-16]

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER SECURITIES EXCHANGE ACT OF 1934

For the month of October 2023

Commission File No. 001-39000

Vista Energy, S.A.B. de C.V.

(Exact Name of the Registrant as Specified in the Charter)

N.A.

(Translation of Registrant’s Name into English)

Pedregal 24, Floor 4,

Colonia Molino del Rey, Alcaldía Miguel Hidalgo

Mexico City, 11040

Mexico

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ☐ No ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

Contents of this Form 6-K

This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:

Exhibit 1: Vista’s Results for the Third Quarter of 2023.

Forward-Looking Statements

Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s prospectus filed with the United States Securities and Exchange Commission (“SEC”) and other applicable filings with the SEC and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores).

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

México: +52 55 8646 0128

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 24, 2023


VISTA ENERGY, S.A.B. DE C.V.

By:		/s/ Alejandro Cherñacov
Name:		Alejandro Cherñacov
Title:		Strategic Planning and Investor Relations Officer

Exhibit 1

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Vista Results of the Third Quarter of 2023

October 24, 2023, Mexico City, Mexico

Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results for the three-month period ended September 30, 2023.

Q3 2023 highlights:

•

Q3 2023 total production was 49,450 boe/d, a 6% increase q-o-q and a 2% decrease compared to Q3 2022. On a pro forma basis, adjusting by the production of the Conventional Assets Transaction as of March 1, 2023, production increased 12% y-o-y ⁽¹⁾. Oil production in Q3 2023 was 41,490 bbl/d, a 6% sequential increase, mainly driven by tie-in of 12 new wells in Bajada del Palo Oeste, and a 1% decrease y-o-y.

•

Revenues in Q3 2023 were 289.7 $MM, 25% above Q2 2023, mainly driven by higher export volumes and crude oil realized prices, and 13% below compared to Q3 2022. During Q3 2023, revenues from oil and gas exports were 165.9 $MM and represented 57% of total revenues. Oil exports in Q3 2023 were 165.4 $MM and represented 61% of oil revenues.

•

In Q3 2023, the average realized crude oil price was 67.6 $/bbl, a 5% increase compared to the average realized crude oil price of Q2 2023, and a 12% decrease compared to Q3 2022.

•

The realized natural gas price for Q3 2023 was 3.3 $/MMBtu, a 24% decrease y-o-y, mainly driven by a 50% decrease in prices in the industrial segment.

•

Lifting cost in Q3 2023 was 4.8 $/boe, representing a 35% decrease compared to Q3 2022, mainly driven by our new operating model fully focused on shale oil operations, following the Conventional Assets Transaction, and flat vis-à-vis Q2 2023.

•

Adjusted EBITDA for Q3 2023 was 226.4 $MM, a 49% increase q-o-q, mainly driven by higher revenues amid flat lifting costs, and a 3% decrease compared to Q3 2022. Adjusted EBITDA margin was 78%, 8 p.p. above Q3 2022 and 12 p.p. above Q2 2023.

•

Adjusted Net Income during Q3 2023 totaled 122.5 $MM, compared to 79.4 $MM during Q3 2022, mainly driven by a lower Current Income tax expense, and partially offset by a higher loss in Financial results (net of changes in the fair value of Warrants) and a lower Adjusted EBITDA. Adjusted EPS was 1.29 $/share in Q3 2023, compared to 0.92 $/share in Q3 2022.

•

In Q3 2023, Capex was 181.2 $MM, mainly in connection with the drilling of 11 wells and the completion of 12 wells in Bajada del Palo Oeste during the quarter.

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•

In Q3 2023, the Company recorded a negative free cash flow of 43.5 $MM. Cash flow generated by operating activities was 117.3 $MM, mainly impacted by income tax payments of 22.3 $MM and a temporary increase in working capital of 66.4 $MM. Cash flow used in investing activities reached 160.8 $MM for the quarter, mainly driven by the drilling and completion activity previously described. Cash flow used in financing activities totaled 5.3 $MM, mainly driven by proceeds from borrowings of 70.0 $MM and payment of borrowings principal of 22.5 $MM.

(1)

Transaction by which the Company transferred certain conventional assets which are operated by Aconcagua effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets.

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Vista Q3 2023 results

Production

Total average net daily production


	Q3-23		Q2-23		Q3-22		p y/y			p q/q
Total (boe/d)		49,450		46,557		50,669		(2	)%		6	%
Oil (bbl/d)		41,490		39,217		41,909		(1	)%		6	%
Natural Gas (MMm³/d)		1.22		1.08		1.32		(8	)%		13	%
NGL (boe/d)		304		553		462		(34	)%		(45	)%

Average daily production during Q3 2023 was 49,450 boe/d, comprised of 41,490 bbl/d of oil, representing 84% of total production, 1.22 MMm3/d of natural gas and 304 boe/d of NGL. Total production decreased 2% on an interannual basis, mainly impacted by the Conventional Assets Transaction, which resulted in 5.7 Mboe/d lower production during Q3 2023. Sequentially, total production increased 6% driven by tie-in of 12 new wells in Bajada del Palo Oeste during the quarter.

Total shale production was 42,650 boe/d, a 17% increase compared to Q3 2022, of which 68% corresponds to shale oil wells in Bajada del Palo Oeste.

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Q3 2023 Average net daily production by asset


	Target		Interest			Oil (bbl/d)		Natural Gas (MMm3/d)		NGL (boe/d)		Total (boe/d)		% Total daily average
Total WI production per concession							41,490		1.22		304		49,450		100	%

Bajada del Palo Oeste		Shale		100	%		24,792		0.66		88		29,000		59	%
Aguada Federal		Shale		100	%		5,119		0.10		8		5,736		12	%
Bajada del Palo Este		Shale		100	%		5,034		0.04		11		5,291		11	%
Águila Mora		Shale		90	%		2,245		0.06		—		2,623		5	%
Bandurria Norte		Shale		100	%		—		—		—		—		—
Bajada del Palo Oeste		Conventional		100	%		363		0.14		—		1,235		2	%
Bajada del Palo Este		Conventional		100	%		281		0.03		28		516		1	%
Coirón Amargo Norte		Conventional		84.6	%		128		0.00		—		133		0	%
CS-01 (México)		Conventional		100	%		714		0.01		—		777		2	%

Total operated production							38,677		1.03		134		45,311		92	%

Entre Lomas ⁽¹⁾		Conventional		—			1,160		0.10		162		1,940		4	%
Jagüel de los Machos ⁽¹⁾		Conventional		—			733		0.03		—		952		2	%
25 de Mayo-Medanito ⁽¹⁾		Conventional		—			806		0.01		—		882		2	%
Agua Amarga ⁽¹⁾		Conventional		—			97		0.02		8		203		0	%
Acambuco		Conventional		1.5	%		17		0.02		—		163		0	%

Total non-operated production							2,813		0.18		170		4,139		8	%

Total shale production							37,190		0.85		106		42,650		86	%

Total conventional production							4,299		0.37		198		6,800		14	%

(1)	Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets.

Revenues

Total revenues per product


Revenues per product - in $MM	Q3-23		Q2-23		Q3-22		p y/y			p q/q
Total		289.7		231.0		333.6		(13	)%		25	%
Oil		272.6		212.6		312.0		(13	)%		28	%
Export market		165.4		108.6		175.6		(6	)%		52	%
Domestic market		107.2		104.0		136.4		(21	)%		3	%
Natural Gas		16.4		17.3		20.1		(19	)%		(5	)%
Export market		0.5		3.5		1.1		(50	)%		(85	)%
Domestic market		15.9		13.8		19.1		(17	)%		15	%
NGL		0.7		1.1		1.4		(49	)%		(31	)%

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Average realized prices per product


Product	Q3-23		Q2-23		Q3-22		p y/y			p q/q
Oil ($/bbl)		67.6		64.3		76.6		(12	)%		5	%
Export market		74.9		68.6		90.2		(17	)%		9	%
Domestic market		58.8		60.3		64.2		(8	)%		(2	)%
Natural Gas ($/MMBTU)		3.3		3.9		4.4		(24	)%		(15	)%
Export market		9.3		7.6		9.4		(0	)%		24	%
Domestic market		3.3		3.5		4.3		(24	)%		(6	)%
NGL ($/tn)		233		357		380		(39	)%		(35	)%

Total sales volumes per product


Product	Q3-23			Q2-23		Q3-22		p y/y			p q/q
Oil (MMbbl)		4.03	⁽¹⁾		3.31		4.07		(1	)%		22	%
Export market		2.21			1.58		1.95		13	%		39	%
Domestic market		1.82			1.72		2.13		(14	)%		6	%
Natural Gas (MMBTU)		4.90			4.41		4.55		8	%		11	%
Export market		0.06			0.46		0.11		(50	)%		(88	)%
Domestic market		4.84			3.95		4.44		9	%		23	%
NGL (Mtn)		3.15			2.96		3.62		(13	)%		6	%

⁽¹⁾	Total oil sales volumes were approximately 0.21 MMbbl higher than oil production. Such volumes were drawn from inventory.

During Q3 2023, total revenues were 289.7 $MM, 13% lower than Q3 2022 and 25% above Q2 2023. Revenues from oil and gas exports in Q3 2023 were 165.9 $MM, representing 57% of total revenues.

Crude oil revenues in Q3 2023 totaled 272.6 $MM, representing 94% of total revenues, a 13% decrease compared to Q3 2022, mainly driven by lower crude oil realized prices. Sequentially, crude oil revenues increased 28% driven by higher oil export volumes and crude oil realized prices.

Average realized oil price during the quarter was 67.6 $/bbl, 12% below Q3 2022 and 5% above Q2 2023. During Q3 2023, the Company exported 55% of crude oil sales volumes (including 0.4 MMbbl exported to Chile through the OTASA-OTC pipeline) at a realized price of 74.9 $/bbl, which was 17% below export prices in Q3 2022 and 9% above Q2 2023. Revenues from the oil export market accounted for 61% of total oil revenues, reaching 165.4 $MM. During Q3 2023, 45% of volumes were sold to the domestic market at a price of 61.7 $/bbl, or 58.8 $/bbl net of trucking transportation costs, 8% below Q3 2022 and 2% below Q2 2023.

Natural gas revenues in Q3 2023 were 16.4 $MM, representing 6% of total revenues. The average realized natural gas price for the quarter was 3.3 $/MMBtu, a 24% decrease compared to Q3 2022. Plan Gas represented 62% of total natural gas sales volume, with an average realized price of 3.8 $/MMBtu during the quarter. Sales to industrial clients represented 37% of total natural gas sales volume at an average realized price of 2.4 $/MMBtu. The remaining 1% of natural gas sales volume was exported at an average realized price of 9.3 $/MMBtu. Gas revenues also include 1.9 $MM of natural gas purchased from Aconcagua under the terms of the Conventional Assets Transaction and sold to our clients.

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NGL sales were 0.7 $MM during Q3 2023, representing 0.3% of total sales. NGL average price was 233 $/tn.

Lifting Cost

Q3-23

Q2-23

Q3-22

p y/y

p q/q

Lifting Cost ($MM)

21.9

20.3

34.8

(37

Lifting cost ($/boe)

4.8

7.5

(35

Lifting cost in Q3 2023 was 21.9 $MM, a 37% decrease y-o-y. Lifting cost per boe in Q3 2023 was 4.8 $/boe, a 35% decrease y-o-y and flat q-o-q. The interannual reduction in lifting cost during Q3 2023 reflects the positive impact of our new operating model, fully focused on our shale oil assets, following the Conventional Assets Transaction.

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Adjusted EBITDA


Adjusted EBITDA reconciliation ($MM)	Q3-23			Q2-23			Q3-22			p y			p q
Net profit for the period		83.1			52.2			76.7			6.4			30.9

(+) Income tax (expense) / benefit		30.6			6.0			54.2			(23.6	)		24.6
(+) Financial results, net		31.9			25.0			35.9			(4.0	)		6.9

Operating profit		145.6			83.2			166.8			(21.1	)		62.5

(+) Depreciation, depletion and amortization		70.6			62.4			66.9			3.7			8.2
(+) Restructuring and Reorganization expenses and other adjustments		—			0.0			—			0.0			(0.0	)
(+) Impairment of long-lived assets		—			—			—			0.0			0.0
(+) Gain related to the transfer of conventional assets		—			—			—			0.0			0.0
(+) Other non-cash costs related to the transfer of conventional assets		10.2			6.2			—			10.2			4.0
Adjusted EBITDA ⁽¹⁾		226.4			151.8			233.7			(7.3	)		74.6

Adjusted EBITDA Margin (%)		78	%		66	%		70	%		+8p.p.			+12p.p.

⁽¹⁾

Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long-lived assets + other adj.

Adjusted EBITDA for Q3 2023 was 226.4 $MM, a 3% decrease compared to Q3 2022, mainly driven by the above-mentioned decrease in revenues, which was partially offset by a 37% decrease in lifting cost and other income of 20.4 $MM from the JV with Trafigura (which included 3 pads tied-in during the quarter) in Q3 2023 compared to other income of 9.0 $MM from the JV with Trafigura in Q3 2022. Sequentially, Adjusted EBITDA increased 49%, mainly driven by higher revenues amid flat lifting costs. Adjusted EBITDA margin was 78%, 8 p.p. above Q3 2022 and 12 p.p. above Q2 2023.

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Adjusted Net Income


Adjusted Net Income reconciliation ($MM)	Q3-23		Q2-23			Q3-22			p y			p q
Net profit for the period		83.1		52.2			76.7			6.4			30.9

Adjustments:
(+) Deferred Income tax		29.3		(1.0	)		(14.3	)		43.5			30.3
(+) Changes in the fair value of Warrants		—		—			17.0			(17.0	)		—
(+) Impairment		—		—			—			—			—
(+) Gain related to the transfer of conventional assets		—		—			—			—			—
(+) Other non-cash costs related to the transfer of conventional assets		10.2		6.2			—			10.2			4.0
Adjustments to Net Income		39.4		5.2			2.7			36.7			34.3

Adjusted Net Income		122.5		57.3			79.4			43.1			65.2

Adjusted EPS ($/share) ⁽³⁾		1.29		0.61			0.92			0.4			0.7

Adjusted Net Income in Q3 2023 was 122.5 $MM, compared to 79.4 $MM in Q3 2022. The y-o-y change was driven by a Current income tax expense of 1.4 $MM in Q3 2023 compared to an expense of 68.5 $MM in Q3 2022, partially offset by (a) Financial results (Net of Changes in the fair value of Warrants) for a total loss of 31.9 $MM in Q3 2023, compared to a 18.9 $MM loss in Q3 2022, (b) lower Adjusted EBITDA of 226.4 $MM in Q3 2023 compared to 233.7 $MM in Q3 2022, and (c) higher Depreciation, depletion and amortization for 70.6 $MM in Q3 2023 compared to 66.9 $MM in Q3 2022.

Adjusted EPS (1) was 1.29 $/share in Q3 2023, compared to 0.92 $/share in Q3 2022 and 0.61 $/share in Q2 2023.

⁽¹⁾	Adjusted EPS (earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q3 2023, Q2 2023 and Q3 2022 were 95,066,657, 94,424,048, and 86,508,194, respectively.

Capex

Capex during Q3 2023 was 181.2 $MM. The Company invested 130.5 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 11 wells and the completion of 12 wells in Bajada del Palo Oeste), 48.7 $MM in development facilities, and 2.1 $MM in G&G studies, IT and other projects.

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Financial overview

During Q3 2023, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 173.8 $MM. Cash flow generated by operating activities was 117.3 $MM, impacted by income tax payments of 22.3 $MM and a temporary increase in working capital of 66.4 $MM. Cash flow used in investing activities was 160.8 $MM, mostly driven by drilling and completion activity in Bajada del Palo Oeste (see Capex above). This resulted in a negative free cash flow of 43.5 $MM for the quarter.

Cash flow used in financing activities ⁽¹⁾ totaled 5.3 $MM, mainly driven by proceeds from borrowings of 70.0 $MM and payment of borrowings principal of 22.5 $MM.

Gross debt totaled 688.7 $MM as of quarter end, resulting in a net debt of 514.9 $MM. At the end of Q3 2023, Net leverage ratio increased to 0.66x Adj. EBTIDA from 0.50x Adj. EBITDA at the end of Q3 2022.

⁽¹⁾

Cash flow used in financing activities is the sum of: (i) cash flow generated by financing activities for 27.4 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for –32.8 $MM; and (iii) the variation in Government bonds for 0.05 $MM.

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Outstanding bonds

Instrument ⁽¹⁾

Issue date

Maturity

Gross proceeds
($MM)

Type

Interest rate
(%)

Currency

Market

ON class III

02/21/20

02/21/24

9.5

Bullet at maturity

3.50%

USD

BCBA Argentina

ON class VI

12/04/20

12/04/24

10.0

Bullet at maturity

3.24%

ARS in USD-linked

BCBA Argentina

ON class VIII⁽²⁾

03/10/21

09/10/24

33.5

Bullet at maturity

2.73%

ARS

BCBA Argentina

ON class X ⁽³⁾

06/18/21

03/18/25

32.6

Bullet at maturity

4.00%

ARS

BCBA Argentina

ON class XI

08/27/21

08/27/25

9.2

Bullet at maturity

3.48%

ARS in

USD-linked

BCBA Argentina

ON class XII

08/27/21

08/27/31

100.8

Amortizing ⁽⁴⁾

5.85%

ARS in

USD-linked

BCBA Argentina

ON class XIII

06/16/22

08/08/24

43.5

Bullet at maturity

6.00%

USD

BCBA Argentina

ON class XIV⁽⁵⁾

11/10/22

11/10/25

40.5

Bullet at maturity

6.25%

USD

BCBA Argentina

ON class XV

12/06/22

01/20/25

13.5

Bullet at maturity

4.00%

USD

BCBA Argentina

ON class XVI

12/06/22

06/06/26

104.2

Bullet at maturity

0.00%

ARS in

USD-linked

BCBA Argentina

ON class XVII

12/06/22

06/06/26

39.1

Bullet at maturity

0.00%

ARS in

USD-linked

BCBA Argentina

ON class XVIII

03/03/23

03/03/27

118.5

Bullet at maturity

0.00%

ARS in

USD-linked

BCBA Argentina

ON class XIX

03/03/23

03/03/28

16.5

Bullet at maturity

1.00%

ARS in

USD-linked

BCBA Argentina

ON class XX

06/05/23

07/20/25

13.5

Bullet at maturity

4.50%

USD

BCBA Argentina

ON class XXI

08/11/23

08/11/28

70.0

Bullet at maturity

0.99%

ARS in

USD-linked

BCBA Argentina

⁽¹⁾	All instruments issued by Vista Energy Argentina S.A.U.

⁽²⁾	7.2 $MM were issued on March 10, 2021, equivalent to 9,323,430 UVA at a price of 1.0000 Argentine Pesos per UVA, and 26.3 $MM were issued on March 26, 2021, equivalent to 33,966,570 UVA at a price of 0.9923 Argentine Pesos per UVA.

⁽³⁾	32.6 $MM were issued on June 18, 2021, equivalent to 39,093,997 UVA at a price of 1.0000 Argentine Pesos per UVA.

⁽⁴⁾	Class XII to be repaid in 15 semi-annual installments, with a three-year grace period.

⁽⁵⁾	63.5 $MM were issued on December 6, 2022, and 40.8 $MM were issued on May 29, 2023

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Vista Energy S.A.B. de C.V.

Historical operational data

Average daily production by concession, totals and by product


	Q3 2023		Q2 2023		Q1 2023		Q4 2022		Q3 2022
Total production by field (boe/d)		49,450		46,557		52,207		54,718		50,669

Entre Lomas⁽³⁾		1,940		1,939		3,826		5,081		5,395
Bajada del Palo Este (conventional)		516		660		844		731		741
Bajada del Palo Oeste (conventional)		1,235		1,570		1,258		1,326		1,665
Bajada del Palo Este (shale)		5,291		4,705		2,971		2,263		2,314
Bajada del Palo Oeste (shale)		29,000		28,283		33,248		33,368		30,104
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾		203		219		198		247		247
25 de Mayo-Medanito⁽³⁾		882		924		1,783		2,385		2,530
Jagüel de los Machos⁽³⁾		952		1,040		2,067		2,738		2,866
Coirón Amargo Norte		133		205		191		167		218
Águila Mora (shale)		2,623		1,003		0		0		0
Acambuco		163		170		174		137		141
Aguada Federal (shale)		5,736		5,258		5,279		5,847		3,927
CS-01		777		583		365		428		521

Crude oil production by field (boe/d)⁽¹⁾		41,490		39,217		44,048		45,745		41,909

Entre Lomas⁽³⁾		1,160		1,137		2,527		3,339		3,428
Bajada del Palo Este (conventional)		281		367		560		510		421
Bajada del Palo Oeste (conventional)		363		508		552		530		570
Bajada del Palo Este (shale)		5,034		4,491		2,790		2,187		2,176
Bajada del Palo Oeste (shale)		24,792		24,430		29,140		28,890		26,426
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾		97		98		175		222		220
25 de Mayo-Medanito⁽³⁾		806		861		1,669		2,213		2,243
Jagüel de los Machos⁽³⁾		733		799		1,577		2,102		2,177
Coirón Amargo Norte		128		205		191		167		213
Águila Mora (shale)		2,245		1,003		0		0		0
Acambuco		17		18		18		16		16
Aguada Federal (shale)		5,119		4,763		4,496		5,155		3,518
CS-01		714		537		353		413		502

Natural Gas production by field (boe/d)⁽²⁾		7,656		6,787		7,752		8,513		8,298

Entre Lomas⁽³⁾		619		325		938		1,312		1,541
Bajada del Palo Este (conventional)		207		256		244		198		290
Bajada del Palo Oeste (conventional)		871		1,062		706		796		1,095
Bajada del Palo Este (shale)		245		211		173		76		139
Bajada del Palo Oeste (shale)		4,121		3,832		4,116		4,478		3,678
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾		98		113		17		19		21
25 de Mayo-Medanito⁽³⁾		76		62		115		171		288
Jagüel de los Machos⁽³⁾		219		241		489		637		690
Coirón Amargo Norte		5		0		0		0		6
Águila Mora (shale)		378		0		0		0		0
Acambuco		145		152		156		121		125
Aguada Federal (shale)		609		487		784		692		408
CS-01		63		45		13		15		18

NGL production by field (boe/d)		304		553		407		460		462

Entre Lomas⁽³⁾		162		477		361		430		426

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Bajada del Palo Este (conventional)	28	37	40	24	30
Bajada del Palo Oeste (conventional)	0	0	0	0	0
Bajada del Palo Este (shale)	11	3	0	0	0
Bajada del Palo Oeste (shale)	88	21	0	0	0
Aguada Federal (shale)	8	7
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾	8	8	6	6	6

(1)	Acambuco includes condensate.

(2)	Excludes natural gas consumption, flared or reinjected natural gas.

(3)	Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets.

Vista Energy S.A.B. de C.V.

Pro forma historical production

The following pro forma table shows the impact on production regarding the Conventional Assets Transaction as if such transaction had occurred on March 1, 2022


	Q1 2023		Q4 2022		Q3 2022		Q2 2022		Q1 2022
Total (boe/d)		50,178		48,709		44,294		38,871		41,808
Oil (bbl/d)		42,792		41,019		37,058		32,123		33,981
Natural Gas (MMm³/d)		1.11		1.15		1.08		1.01		1.17
NGL (boe/d)		407		460		462		426		452

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Vista Energy S.A.B. de C.V.

Oil and gas concessions

Concessions

WI (%)

Operated /
Non-operated

Expiration year

Target

Basin

Country

Entre Lomas Neuquén ⁽¹⁾

—

Non-operated

2026

Conventional

Neuquina

Argentina

Entre Lomas Río Negro ⁽¹⁾

—

Non-operated

2026

Conventional

Neuquina

Argentina

Bajada del Palo Oeste

100%

Operated

2053

Shale / Conventional

Neuquina

Argentina

Bajada del Palo Este

100%

Operated

2053

Shale / Conventional

Neuquina

Argentina

Charco del Palenque ⁽¹⁾

—

Non-operated

2034

Conventional

Neuquina

Argentina

Jarilla Quemada ⁽¹⁾

—

Non-operated

2040

Conventional

Neuquina

Argentina

25 de Mayo-Medanito ⁽¹⁾

—

Non-operated

2026

Conventional

Neuquina

Argentina

Jagüel de los Machos ⁽¹⁾

—

Non-operated

2025

Conventional

Neuquina

Argentina

Coirón Amargo Norte

84.6%

Operated

2037

Conventional

Neuquina

Argentina

Águila Mora

90%

Operated

2054

Shale

Neuquina

Argentina

Aguada Federal

100%

Operated

2050

Shale

Neuquina

Argentina

Bandurria Norte

100%

Operated

2050

Shale

Neuquina

Argentina

Acambuco

1.5%

Non-operated

2036 / 2040

Conventional

Noroeste

Argentina

CS-01

100%

Operated

2047

Conventional

Del Sureste

México

(1)	Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets.

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Vista Energy S.A.B. de C.V.

Historical oil and gas export volumes and revenues


Oil exports	Q3-23		Q2-23		Q1-23		Q4-22		Q3-22		Q2-22		Q1-22
Sales volume (Mbbl)		2,207.8		1,583.3		2,420.5		2,156.6		1,946.9		1,475.7		988.2
Revenues ($MM)		165.4		108.6		169.0		159.9		175.6		147.0		77.1


Oil exports	Q4-21		Q3-21		Q2-21		Q1-21		Q4-20		Q3-20		Q2-20		Q1-20
Sales volume (Mbbl)		995.6		498.1		472.0		1,088.7		300.4		1,382.0		1,108.2		—
Revenues ($MM)		70.5		32.2		26.8		52.7		11.8		55.0		28.1		—


Gas exports	Q3-23		Q2-23		Q1-23		Q4-22		Q3-22		Q2-22		Q1-22
Sales volume (MMm³)		1.5		12.6		38.8		33.2		3.0		3.9		11.2
Revenues ($MM)		0.5		3.5		12.7		10.8		1.1		0.9		2.4


Gas exports	Q4-21		Q3-21		Q2-21		Q1-21		Q4-20		Q3-20		Q2-20		Q1-20
Sales volume (MMm³)		1.0		—		—		—		—		—		—		—
Revenues ($MM)		0.2		—		—		—		—		—		—		—

Vista Energy S.A.B. de C.V.

Vaca Muerta operational data

Shale oil wells detail

Bajada del Palo Oeste


Well name	Pad number ⁽¹⁾	Landing zone	Lateral length (mts)	Total frac stages
2013	BPO-1	Organic	2,483	33
2014	BPO-1	La Cocina	2,633	35
2015	BPO-1	Organic	2,558	34
2016	BPO-1	La Cocina	2,483	34
2029	BPO-2	Organic	2,189	37
2030	BPO-2	La Cocina	2,248	38
2032	BPO-2	Organic	2,047	35
2033	BPO-2	La Cocina	1,984	33
2061	BPO-3	La Cocina	2,723	46
2062	BPO-3	Organic	2,624	44
2063	BPO-3	La Cocina	3,025	51
2064	BPO-3	Organic	1,427	36
2025	BPO-4	Lower Carbonate	2,186	26
2026	BPO-4	La Cocina	2,177	44
2027	BPO-4	Lower Carbonate	2,551	31
2028	BPO-4	La Cocina	2,554	51
2501	BPO-5	La Cocina	2,538	52
2502	BPO-5	Organic	2,436	50
2503	BPO-5	La Cocina	2,468	50
2504	BPO-5	Organic	2,332	44

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2391	BPO-6	La Cocina	2,715	56
2392	BPO-6	Organic	2,804	54
2393	BPO-6	La Cocina	2,732	56
2394	BPO-6	Organic	2,739	57
2261	BPO-7	La Cocina	2,710	46
2262	BPO-7	Organic	2,581	45
2263	BPO-7	La Cocina	2,609	45
2264	BPO-7	Organic	2,604	46
2211	BPO-8	Organic	2,596	53
2212	BPO-8	La Cocina	2,576	53
2213	BPO-8	Organic	2,608	54
2214	BPO-8	La Cocina	2,662	54
2351 ⁽²⁾	BPO-9	La Cocina	3,115	63
2352⁽²⁾	BPO-9	Organic	3,218	62
2353⁽²⁾	BPO-9	La Cocina	3,171	61
2354⁽²⁾	BPO-9	Organic	2,808	56
2441⁽²⁾	BPO-10	La Cocina	3,094	63
2442⁽²⁾	BPO-10	Organic	2,883	50
2443⁽²⁾	BPO-10	La Cocina	2,816	57
2444⁽²⁾	BPO-10	Organic	2,625	45
2081⁽²⁾	BPO-11	La Cocina	2,785	49
2082⁽²⁾	BPO-11	Organic	2,662	41
2083⁽²⁾	BPO-11	La Cocina	2,365	37
2084⁽²⁾	BPO-11	Organic	2,378	35
2311⁽²⁾	BPO-12	La Cocina	3,104	54
2312⁽²⁾	BPO-12	Organic	3,161	55
2313⁽²⁾	BPO-12	La Cocina	3,259	55
2481⁽²⁾	BPO-13	La Cocina	2,950	61
2482⁽²⁾	BPO-13	Organic	2,826	57
2483⁽²⁾	BPO-13	La Cocina	2,738	56
2484⁽²⁾	BPO-13	Organic	2,576	52
2601⁽²⁾	BPO-14	La Cocina	2,935	38
2602⁽²⁾	BPO-14	Organic	2,968	51
2603⁽²⁾	BPO-14	La Cocina	2,878	49
2604⁽²⁾	BPO-14	Organic	2,508	43
2411 ⁽²⁾	BPO-15	La Cocina	2,319	39
2412⁽²⁾	BPO-15	Organic	3,181	54
2413⁽²⁾	BPO-15	La Cocina	3,199	53
2414⁽²⁾	BPO-15	Organic	3,192	55
2415⁽²⁾	BPO-15	La Cocina	3,190	53
2341 ⁽³⁾	BPO-16	La Cocina	3,128	54
2342 ⁽³⁾	BPO-16	Organic	3,101	54
2343 ⁽³⁾	BPO-16	La Cocina	1,969	34
2344 ⁽³⁾	BPO-16	Organic	3,101	54
2321 ⁽³⁾	BPO-17	La Cocina	2,722	47
2322 ⁽³⁾	BPO-17	Organic	2,813	49
2323 ⁽³⁾	BPO-17	La Cocina	2,490	43

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2324 ⁽³⁾	BPO-17	Organic	2,526	44
2007	BPO-18	La Cocina	2,026	35
2008	BPO-18	Organic	1,893	33
2009	BPO-18	La Cocina	1,968	34
2010	BPO-18	Organic	2,066	36
2681 ⁽³⁾	BPO-19	La Cocina	3,012	52
2682 ⁽³⁾	BPO-19	Organic	2,986	52
2683 ⁽³⁾	BPO-19	La Cocina	2,780	48
2684 ⁽³⁾	BPO-19	Organic	2,756	48

(1)	BPO-11 formerly pad #12, BPO-12 formerly pad #13, BPO-13 formerly pad #14.

(2)	Well included in JV with Trafigura. Vista WI 80%.

(3)	Well included in JV with Trafigura. Vista WI 75%.

Bajada del Palo Este


Well name	Pad number	Landing zone	Lateral length (mts)	Total frac stages
2101	BPE-1	La Cocina	2,372	49
2103	BPE-1	La Cocina	2,081	43
2301	BPE-3	La Cocina	2,818	48
2202	BPE-2	La Cocina	2,722	47

Aguada Federal


Well name	Pad number	Landing zone	Lateral length (mts)	Total frac stages
WIN.Nq.AF-3(h)	AF-1	Organic	1,000	10
WIN.Nq.AF-4(h)	AF-1	Upper Carbonate	1,000	10
WIN.Nq.AF-7(h)	AF-1	Upper Carbonate	1,028	10
WIN.Nq.AF-9(h)	AF-1	Upper Carbonate	1,000	10
WIN.Nq.AF-5(h)	AF-2	La Cocina	2,500	35
WIN.Nq.AF-6(h)	AF-2	La Cocina	2,500	35
AF-102(h)	AF-2	La Cocina	2,884	57
AF-202(h)	AF-2	Organic	2,559	51
AF-303	AF-3	La Cocina	2,555	40
AF-403	AF-3	Organic	2,554	33
AF-1103	AF-3	La Cocina	2,800	44
AF-1203	AF-3	Organic	2,839	43
AF-1101	AF-4	La Cocina	2,855	48
AF-1102	AF-4	Organic	2,858	49
AF-1104	AF-4	La Cocina	2,876	49
AF-1105	AF-4	Middle Carbonate	2,901	47

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Águila Mora


Well name	Pad number	Landing zone	Lateral length (mts)	Total frac stages
AM-1011h	AM-1	La Cocina	2,548	44
AM-1012h	AM-1	Middle Carbonate	2,468	43

Bandurria Norte


Well name	Landing zone	Lateral length (mts)	Total frac stages
WIN.Nq.BN-3(h)	Lower Orgánico / Regresivo	1,000	10
WIN.Nq.BN-2(h)	Upper Carbonate	1,000	10
WIN.Nq.BN-1(h)	La Cocina	2,500	35
YPF.Nq.LCav.x-11(h)	La Cocina / Regresivo	2,500	35

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Vista Energy S.A.B. de C.V.

Key results

(Amounts expressed in thousand U.S. dollars)


Key Results - in $M	Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022
Total Revenues		289,686			230,975			303,213			308,105			333,573
Oil		272,557			212,622			279,958			285,365			311,986
Natural Gas		16,396			17,296			21,845			21,171			20,138
NGL and others		733			1,057			1,410			1,569			1,449

Cost of Sales		(135,483	)		(114,769	)		(137,466	)		(133,949	)		(145,405	)

Operating expenses		(21,924	)		(20,347	)		(30,144	)		(36,113	)		(34,753	)
Stock fluctuation		(1,209	)		2,130			(4,722	)		4,722			(4,571	)
Depreciation, depletion and amortization		(70,600	)		(62,447	)		(64,372	)		(63,148	)		(66,910	)
Royalties		(31,581	)		(27,940	)		(34,995	)		(39,410	)		(39,171	)
Other non-cash costs related to the transfer of conventional assets		(10,169	)		(6,165	)		(3,233	)		—			—

Gross profit		154,203			116,206			165,747			174,156			188,168

Selling expenses		(17,673	)		(15,232	)		(16,717	)		(18,847	)		(14,047	)
General and administrative expenses		(15,031	)		(19,776	)		(17,011	)		(19,615	)		(15,860	)
Exploration expenses		148			(294	)		(222	)		(169	)		(175	)
Other operating income		23,849			2,268			95,315			3,715			9,241
Other operating expenses		153			(4	)		(963	)		(715	)		(564	)
Impairment of long-lived assets		—			—			—			—			—

Operating profit		145,649			83,168			226,149			138,525			166,763

Interest income		299			216			287			425			294
Interest expense		(4,842	)		(5,226	)		(6,137	)		(6,545	)		(6,744	)
Other financial results		(27,375	)		(19,967	)		(14,315	)		(23,729	)		(29,453	)

Financial results, net		(31,918	)		(24,977	)		(20,165	)		(29,849	)		(35,903	)

Profit before income tax		113,731			58,191			205,984			108,676			130,860

Current income tax (expense)/benefit		(1,378	)		(7,017	)		(47,568	)		54,560			(68,457	)
Deferred income tax (expense)/benefit		(29,251	)		1,007			(29,682	)		(87,732	)		14,258

Income tax (expense)/benefit		(30,629	)		(6,010	)		(77,250	)		(33,172	)		(54,199	)

Profit/(loss) for the period, net		83,102			52,181			128,734			75,504			76,661

Adjusted EBITDA Reconciliation ($M)		Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022

Net profit for the period		83,102			52,181			128,734			75,504			76,661

(+) Income tax		30,629			6,010			77,250			33,172			54,199
(+) Financial results, net		31,918			24,977			20,165			29,849			35,903

Operating profit		145,649			83,168			226,149			138,525			166,763

(+) Depreciation, depletion and amortization		70,600			62,447			64,372			63,148			66,910
(+) Restructuring and Reorganization expenses and others		—			5			271			—			—
(+) Impairment of long-lived assets		—			—			—			—			—
(+) Gain related to the transfer of conventional assets		—			—			(89,659	)		—			—
(+) Other non-cash costs related to the transfer of conventional assets		10,169			6,165			3,233			—			—

Adjusted EBITDA		226,420			151,785			204,365			201,673			233,673

Adjusted EBITDA Margin (%)		78	%		66	%		67	%		65	%		70	%

Lifting Cost ($MM)		21.9			20.3			30.1			36.1			34.8

Lifting cost ($/boe)		4.8			4.8			6.4			7.2			7.5

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Vista Energy S.A.B. de C.V.

Historical Adjusted Net Income / Loss

(Amounts expressed in thousand U.S. dollars)


Adj. Net Income reconciliation - in $M	Q3-23		Q2-23			Q1-23			Q4-22		Q3-22			Q2-22			Q1-22
Net Profit/Loss		83,102		52,181			128,734			75,504		76,661			101,836			15,534

Adjustments:
(+) Deferred Income tax		29,251		(1,007	)		29,682			87,732		(14,258	)		(2,334	)		750
(+) Changes in the fair value of Warrants		—		—			—			7,762		16,999			(17,188	)		22,777
(+) Impairment		—		—			—			—		—			—			—
(+) Gain related to the transfer of conventional assets		—		—			(89,659	)		—		—			—			—
(+) Other non-cash costs related to the transfer of conventional assets		10,169		6,165			3,233			—		—			—			—
Adjustments to Net Income/Loss		39,420		5,158			(56,744	)		95,494		2,741			(19,522	)		23,527

Adjusted Net Income/Loss		122,522		57,339			71,990			170,998		79,402			82,314			39,061


Adj. Net Income reconciliation - in $M	Q4-21			Q3-21		Q2-21		Q1-21		Q4-20			Q3-20			Q2-20			Q1-20
Net Profit/Loss		35,555			4,732		5,505		4,858		(13,812	)		(28,402	)		(39,203	)		(21,332	)

Adjustments:
(+) Deferred Income tax		21,001			6,005		10,679		2,010		(17,410	)		(5,490	)		8,032			4,571
(+) Changes in the fair value of Warrants		(7,096	)		7,927		1,283		69		107			(1,765	)		(4,071	)		(10,769	)
(+) Impairment		(14,044	)		—		—		—		9,484			4,954			—			—
(+) Gain related to the transfer of conventional assets		—			—		—		—		—			—			—			—
(+) Other non-cash costs related to the transfer of conventional assets		—			—		—		—		—			—			—			—
Adjustments to Net Income/Loss		(139	)		13,932		11,962		2,079		(7,819	)		(2,301	)		3,961			(6,198	)

Adjusted Net Income/Loss		35,416			18,664		17,467		6,937		(21,631	)		(30,703	)		(35,242	)		(27,530	)


Adj. Net Income reconciliation - in $M	Q4-19			Q3-19			Q2-19			Q1-19			Q4-18			Q3-18			Q2-18			Q1-18
Net Profit/Loss		(44,249	)		21,502			3,702			(13,678	)		42,379			(27,887	)		(40,876	)		(3,466	)

Adjustments:
(+) Deferred Income tax		14,324			(911	)		(1,703	)		2,636			(18,224	)		14,915			15,291			(7	)
(+) Changes in the fair value of Warrants		14,278			(33,145	)		(4,057	)		16,084			5,787			3,073			—			—
(+) Impairment		—			—			—			—			—			—			—			—
(+) Gain related to the transfer of conventional assets		—			—			—			—			—			—			—			—
(+) Other non-cash costs related to the transfer of conventional assets		—			—			—			—			—			—			—			—
Adjustments to Net Income/Loss		28,602			(34,056	)		(5,760	)		18,720			(12,437	)		17,988			15,291			(7	)

Adjusted Net Income/Loss		(15,647	)		(12,554	)		(2,058	)		5,042			29,942			(9,899	)		(25,585	)		(3,473	)

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Vista Energy S.A.B. de C.V.

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)


	As of September 30, 2023		As of December 31, 2022
Property, plant and equipment		1,814,370		1,606,339
Goodwill		22,576		28,288
Other intangible assets		7,386		6,792
Right-of-use assets		59,584		26,228
Investments in associates		7,075		6,443
Trade and other receivables		159,363		15,864
Deferred income tax assets		335		335
Total noncurrent assets		2,070,689		1,690,289
Inventories		5,426		12,899
Trade and other receivables		254,854		90,406
Cash, bank balances and other short-term investments		173,789		244,385
Total current assets		434,069		347,690
Total assets		2,504,758		2,037,979

Deferred income tax liabilities		300,991		243,411
Lease liabilities		30,528		20,644
Provisions		30,697		31,668
Borrowings		587,580		477,601
Employee benefits		13,154		12,251
Total noncurrent liabilities		962,950		785,575
Provisions		2,043		2,848
Lease liabilities		35,325		8,550
Borrowings		101,095		71,731
Salaries and payroll taxes		16,380		25,120
Income tax liability		28,030		58,770
Other taxes and royalties		15,580		20,312
Trade and other payables		236,925		221,013
Total current liabilities		435,378		408,344

Total liabilities		1,398,328		1,193,919

Total Equity		1,106,430		844,060

Total equity and liabilities		2,504,758		2,037,979

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Vista Energy S.A.B. de C.V.

Consolidated Income Statement

(Amounts expressed in thousand U.S. dollars)


	For the period from July 1st to September 30, 2023			For the period from July 1st to September 30, 2022
Revenue from contracts with customers		289,686			333,502
Revenues from crude oil sales		272,557			311,986
Revenues from natural gas sales		16,396			20,138
Revenues from LPG sales		733			1,378
Cost of sales		(135,483	)		(145,356	)
Operating costs		(21,924	)		(34,704	)
Crude oil stock fluctuation		(1,209	)		(4,571	)
Depreciation, depletion and amortization		(70,600	)		(66,910	)
Royalties		(31,581	)		(39,171	)
Other non-cash costs related to the transfer of conventional assets		(10,169	)		—

Gross profit		154,203			188,146

Selling expenses		(17,673	)		(14,047	)
General and administrative expenses		(15,031	)		(15,860	)
Exploration expenses		148			(175	)
Other operating income		23,849			9,263
Other operating expenses		153			(564	)

Operating profit		145,649			166,763

Interest income		299			294
Interest expense		(4,842	)		(6,744	)
Other financial income (expense)		(27,375	)		(29,453	)

Financial income (expense), net		(31,918	)		(35,903	)

Profit before income tax		113,731			130,860

Current income tax (expense)		(1,378	)		(68,457	)
Deferred income tax (expense) benefit		(29,251	)		14,258

Income tax (expense)		(30,629	)		(54,199	)

Profit for the period, net		83,102			76,661

Other comprehensive income		60			(35	)

Total comprehensive profit for the period		83,162			76,626

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Vista Energy S.A.B. de C.V.

Consolidated Statement of Cash Flows

(Amounts expressed in thousand U.S. dollars)


	For the period from July 1st to September 30, 2023			For the period from July 1st to September 30, 2022
Cash flows from operating activities
Profit for the period, net		83,102			76,661
Adjustments to reconcile net cash flows
Items related to operating activities:
(Reversal of) allowance for expected credit losses		—			—
Net changes in foreign exchange rate		(6,509	)		(19,373	)
Discount for well plugging and abandonment		673			617
Net (decrease) increase in provisions		(153	)		564
Interest expense on lease liabilities		645			499
Discount of assets and liabilities at present value		(6,410	)		668
Share-based payments		4,025			4,601
Other non-cash costs related to the transfer of conventional assets		10,169			—
Employee benefits		176			150
Income tax expense		30,629			54,199
Items related to investing activities:
Depreciation and depletion		69,595			66,099
Amortization of intangible assets		1,005			811
Interest income		(299	)		(294	)
Gain from farmout agreement		(18,773	)		(9,049	)
Changes in the fair value of financial assets		19,601			16,377
Gain related to the transfer of conventional assets		—			—
Items related to financing activities:
Interest expense		4,842			6,744
Changes in the fair value of Warrants		—			16,999
Amortized cost		342			467
Remeasurement in borrowings		16,515			15,132
Other financial results		2,518			(1,933	)
Changes in working capital:
Trade and other receivables		(91,026	)		(34,520	)
Inventories		1,209			4,571
Trade and other payables		24,580			13,232
Payments of employee benefits		(70	)		(73	)
Salaries and payroll taxes		3,378			6,652
Other taxes and royalties		(9,767	)		2,929
Provisions		(380	)		(689	)
Income tax payment		(22,331	)		(25,984	)

Net cash flows provided by operating activities		117,286			196,057

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Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment		(162,762	)		(152,792	)
Payments for the acquisition of AFBN assets		(6,250	)		(6,250	)
Payments for acquisitions of other intangible assets		(1,176	)		(999	)
Payments for acquisitions of investments in associates		(100	)		10,000
Prepayment of leases		(14,161	)		—
Payments received from farmout agreement		20,400			(1,952	)
Payments for other assets		2,994			—
Interest received		299			294

Net cash flows (used in) investing activities		(160,756	)		(151,699	)

Cash flows from financing activities:
Proceeds from borrowings		70,000			—
Payment of borrowings cost		(387	)		—
Payment of borrowings principal		(22,500	)		(78,270	)
Payment of borrowings interest		(6,855	)		(10,444	)
Payment of lease		(10,306	)		(3,156	)
Other financial results		(2,518	)		—

Net cash flow provided by (used in) financing activities		27,434			(91,870	)


	For the period from July 1st to September 30, 2023			For the period from July 1st to September 30, 2022
Net (decrease) in cash and cash equivalents		(16,036	)		(47,512	)

Cash and cash equivalents at beginning of period		219,677			248,560
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents		(32,795	)		(20,255	)
Net (decrease) in cash and cash equivalents		(16,036	)		(47,512	)

Cash and cash equivalents at end of period		170,846			180,793

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Glossary, currency and definitions:

•

Note: Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals due to rounding up.

•

Conversion metrics:

•

1 cubic meter of oil = 6.2898 barrels of oil.

•

1,000 cubic meters of gas = 6.2898 barrels of oil equivalent.

•

1 million British thermal units = 27.096 cubic meters of gas.

•

p q/q: Represents the percentage variation quarter on quarter.

•

p y/y: Represents the percentage variation year on year.

•

p q: Represents the variation in million U.S. Dollars quarter on quarter.

•

p y: Represents the variation in million U.S. Dollars year on year.

•

$MM: Million U.S. Dollars.

•

$M: Thousand U.S. Dollars.

•

$/bbl: U.S. Dollars per barrel of oil.

•

$/boe: U.S. Dollars per barrel of oil equivalent.

•

$/MMBtu: U.S. Dollars per million British thermal unit.

•

$/ton: U.S. Dollars per metric ton.

•

Adj. EBITDA / Adjusted EBITDA: Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long-lived assets + other adj.

•

Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues.

•

Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares.

•

Adjusted Net Income/Loss: Net (loss)/profit + Deferred income tax + Changes in fair value of warrants + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + impairment (recovery) of long-lived assets.

•

boe: barrels of oil equivalent (see conversion metrics above).

•

boe/d: Barrels of oil equivalent per day.

•

bbl/d: Barrels of oil per day.

•

Conventional Assets Transaction: assets transferred to Aconcagua, effective on March 1 st, 2023. After such date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the transferred assets.

•

Transferred Conventional Assets: Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada, Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos concessions operated by Aconcagua, effective as of March 1, 2023.

•

NGL: Natural gas liquids.

•

Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow

•

Mts: meters.

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•

Lifting cost: production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration, G&A costs and other non-cash costs related to the transfer of conventional assets

•

MMboe: Million barrels of oil equivalent.

•

MMm3/d: Million cubic meters per day.

•

Plan Gas: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86 MMm3/d volume over a total of 67.4 MMm3/d at an average annual price of 3.29 $/MMBtu for a four-year term as of January 1, 2021.

•

Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year.

•

q-o-q: Quarter on quarter.

•

UVA: Acquisitive value units.

•

y-o-y: Year on year.

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DISCLAIMER

Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaenergy.com.

This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission (“CNBV”) or an exemption from such registrations.

This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on the Company’s website. All the amounts contained herein are unaudited.

Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.

This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.

This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.

This presentation includes “forward-looking statements” concerning the future. The words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.

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There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the government in Argentina; significant economic or political developments in Mexico and the United States; uncertainties relating to future election results in Argentina and Mexico; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; uncertainties relating to the effects of the Covid-19 outbreak and its different variants; the effects of a pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of

Page 28

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potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions; environmental regulations and internal policies to achieve global climate targets; and the ongoing conflict involving Russia and Ukraine.

Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).

You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.

Other Information

Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel of distribution of material information.

Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.

INVESTORS CONTACT:

ir@vistaenergy.com

Phone in Argentina: +54.11.3754.8500

Phone in Mexico: +52.55.8647.0128

Page 29

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