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 February 2024

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.

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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: 2023 Full Year and 4th Quarter Results.

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 annual report filed with the United States Securities and Exchange Commission (“SEC”) on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: +52 55 8647 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: February 20, 2024


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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2023 Full Year and 4th Quarter Results Mexico City, February 20, 2024 NYSE: VIST BMV: VISTA

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Vista fourth quarter and full year 2023 results

February 20, 2024, 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 corresponding to Q4 2023 and full year 2023.

Q4 2023 highlights:

•

Total production in Q4 2023 was 56,353 boe/d, a 14% increase q-o-q and a 3% increase compared to Q4 2022. On a pro forma basis, adjusting by the production of the transferred conventional assets as of March 1, 2023 ⁽¹⁾, production increased 16% y-o-y. Oil production in Q4 2023 was 48,469 bbl/d, a 17% sequential increase, mainly driven by tie-in of 11 new wells in Bajada del Palo Oeste, and a 6% increase y-o-y (18% on a pro forma basis). Gas production in Q4 2023 was 1.19 MMm3/d, a 12% decrease y-o-y (3% increase on a pro forma basis) and a 2% sequential decrease, mainly driven by the tie-in of two pads in the Northeast of Bajada del Palo Oeste, which has lower gas-to-oil ratio than other parts of the Company’s development hub.

•

In Q4 2023, the average realized crude oil price was 67.8 $/bbl, stable compared to the average realized crude oil price of Q3 2023, and a 2% decrease compared to Q4 2022.

•

The realized natural gas price for Q4 2023 was 2.2 $/MMBtu, a 50% decrease y-o-y, mainly driven by a 58% decrease in industrial gas prices and a 14% decrease in exported gas prices.

•

Total revenues in Q4 2023 were 309.2 $MM, 2% above Q3 2023, mainly driven by oil production growth amid stable realized oil prices, and 3% below Q4 2022. Net gas revenues decreased 27% compared to Q3 2023 and 43% compared to Q4 2022 mainly driven by lower prices. During Q4 2023, net revenues from oil and gas exports were 154.7 $MM and represented 52% of total net revenues, which were 296.8 $MM (see Revenues section below for further detail on the allocation of export duties in our Financial Statements). Net oil export revenues in Q4 2023 were 150.8 $MM and represented 53% of net oil revenues.

•

Lifting cost in Q4 2023 was 4.3 $/boe, representing a 40% decrease compared to Q4 2022, reflecting the Company’s new operating model fully focused on shale oil operations, following the Conventional Assets Transaction. Additionally, lifting cost per boe in Q4 2023 decreased 11% compared to Q3 2023, as the ramp-up of production volumes continued to dilute fixed costs.

•

Adjusted EBITDA for Q4 2023 was 288.1 $MM, a 43% increase y-o-y, mainly driven by stable revenues amid lower lifting costs. Additionally, Q4 2023 Adj. EBITDA includes 81 $MM, accounted for as Other operating income, corresponding to the repatriation of 27% of export proceeds at the blue-chip swap exchange rate (net of costs). Adjusted EBITDA margin was 73%, 7 p.p. above Q4 2022 and 5 p.p. below Q3 2023. See Adj. EBITDA section below for commentary on repatriation of export proceeds at the blue-chip swap exchange rate and the corresponding adjustment to the Adjusted EBITDA margin definition.

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•

Adjusted Net Income during Q4 2023 totaled 239.6 $MM, compared to 171.0 $MM during Q4 2022, mainly driven by a higher Adjusted EBITDA and partially offset by higher depreciation, depletion and amortization and a lower Current Income tax benefit. Adjusted EPS was 2.5 $/share in Q4 2023, compared to 2.0 $/share in Q4 2022.

•

Capex during Q4 2023 was 212.1 $MM. The Company invested 157.7 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 11 wells and the completion of 7 wells in Bajada del Palo Oeste), 40.9 $MM in development facilities, and 13.5 $MM in G&G studies, IT and other projects.

•

In Q4 2023, the Company recorded a positive free cash flow of 106.5 $MM. Cash flow generated by operating activities was 346.7 $MM, positively impacted by the normalization of working capital, as sales collections increased by 49.2 $MM. Cash flow used in investing activities reached 240.2 $MM for the quarter, mainly driven by 212.1 $MM of capex and 16.8 $MM increase in capex-related working capital. Cash flow used in financing activities totaled 67.1 $MM ⁽²⁾, mainly driven by payment of borrowings principal of 141.2 $MM, partially offset by proceeds from borrowings of 99.7 $MM.

Full year 2023 highlights:

•

During 2023, the Company completed and tied-in 31 shale oil wells. Six pads were completed and tied-in in Bajada del Palo Oeste (BPO-16 to BPO-21), which added 23 new wells on production. Additionally, the company completed and tied-in 4 wells in Aguada Federal, 2 wells in Bajada del Palo Este, and its first 2 wells in Águila Mora. Total shale production averaged 43,339 boe/d in 2023. The total number of shale wells on production increased to 83 in Bajada del Palo Oeste, 10 in Aguada Federal, 4 in Bajada del Palo Este, and 2 in Águila Mora, for a total of 99 wells in Vaca Muerta by year-end.

•

Total proved reserves as of December 31, 2023, totaled 318.5 MMboe, a 27% increase compared to 251.6 MMboe as of December 31, 2022. The increase was mainly driven by increased drilling and completion activity and strong well performance in the Vaca Muerta development hub. The implied reserves replacement ratio was 458%, while the oil reserves replacement ratio was 485%.

•

During 2023, total production was 51,149 boe/d, composed of 43,313 bbl/d of oil, representing 84.7% of the total production, 1.18 MMm3/d of natural gas, representing 14.5% of the total production, and 418 boe/d of NGL, representing the remaining 0.8%. Total production in 2023 increased 5% vis-à-vis 2022, and 18% on a pro forma basis, adjusting by the production of the assets transferred as of March 1^st, 2023 ⁽¹⁾. Vista exported 8.2 MMbbl of oil, which represented 52% of oil sales volumes, a 26% increase y-o-y.

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•

During 2023, the average realized crude oil price was 66.7 $/bbl, an 8% decrease compared to 2022. The average realized natural gas price during 2023 was 3.5 $/MMBtu, 13% lower than 2022.

•

Total revenues during 2023 were 1,168.8 $MM, a 2% decrease compared to 1,187.7 $MM during 2022, mainly driven by lower realized oil prices and partially offset by oil production growth. Total net revenues (net of export duties) during 2023 were 1,120.7 $MM (see Revenues section below for further detail on the allocation of export duties in the Financial Statements). Net revenues from oil and gas exports were 614.4 $MM in 2023.

•

Lifting cost in 2023 was 5.1 $/boe, down from 7.5 $/boe in 2022, driven by the savings generated by the Conventional Assets Transaction to fully-focus on shale oil operations as of March 1, 2023 ⁽¹⁾, economies of scale driven by production volume growth, and focus on cost efficiency.

•

During 2023, the Company reduced scope 1 and 2 GHG emissions intensity by 13%, from 18.1 kg CO2e/boe to 15.6 kg CO2e/boe.

•

Adjusted EBITDA for 2023 was 870.7 $MM, resulting in an Adjusted EBITDA margin of 69%, and a 14% increase compared to an Adjusted EBITDA of 764.5 $MM during 2022.

•

Adjusted Net Income during 2023 totaled 491.4 $MM, compared to 371.8 $MM during 2022, driven by a higher Adjusted EBITDA and a lower Current income tax expense, partially offset by higher depreciation, depletion and amortization and higher negative Financial results (Net of Changes in the fair value of Warrants). Adjusted EPS was 5.2 $/share in 2023, compared to 4.2 $/share in 2022.

•

Total CAPEX for 2023 was 734.3 $MM, of which 501.9 $MM were invested in the Company’s shale oil wells, 168.7 $MM in development facilities, 20.1 $MM in the Vaca Muerta Norte pipeline and 43.6 $MM in G&G studies, IT and other projects.

•

In 2023, the Company recorded a positive free cash flow of 12.7 $MM. Cash flow generated by operating activities was 712.0 $MM (including advanced payments for the Oldelval pipeline expansion of 34.7 $MM), while cash flow used in investing activities reached 699.3 $MM for the year. Cash flow used in financing activities totaled 43.8 $MM ⁽³⁾, mainly driven by proceeds from borrowings of 318.2 $MM, partially offset by payment of borrowings principal of 211.5 $MM.

•

Cash at the end of 2023 was 213.3 $MM. Gross debt totaled 616.1 $MM as of year-end, resulting in a net debt of 402.8 $MM and a net leverage ratio of 0.46x Adjusted EBTIDA.

(1)

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

(2)

Q4 2023 Cash flow used in financing activities is the sum of: (i) cash flow used in financing activities for 69.9 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for 2.0 $MM; and (iii) the variation in Government bonds for 0.8 $MM.

(3)

2023 Cash flow used in financing activities is the sum of: (i) cash flow generated by financing activities for 19.6 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for -64.7 $MM; and (iii) the variation in Government bonds for 1.3 $MM.

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Vista FY 2023 and Q4 2023 results

P1 Reserves

Proved (“P1”) reserves as of December 31, 2023, were 318.5 MMboe, a 27% increase y-o-y. P1 reserves additions totaled 85.5 MMboe, implying a reserves replacement ratio of 458%. The proved oil and gas reserves in Vista’s flagship Bajada del Palo Oeste project were estimated at 221.8 MMboe.

The Company has booked 297 proved well locations, of which 105 are booked as Proved developed and 192 are booked as Proved undeveloped. The table below shows the certified P1 reserves breakdown:


Proved reserves breakdown by type (MMboe)	2023		2022		p y/y (MMboe)			p y/y (%)
Proved developed reserves		88.7		86.2		2.5			3	%
Oil		72.7		68.5		4.2			6	%
Natural Gas		16.0		17.7		(1.7	)		(9	)%
Proved undeveloped reserves		229.7		165.4		64.3			39	%
Oil		196.8		139.5		57.3			41	%
Natural Gas		32.9		25.9		7.0			27	%

Total proved reserves		318.5		251.6		66.8			27	%

Considering a total production of 18.7 MMboe for 2023, the implied P1 reserves life was 17.1 years, as shown below:


Reserves replacement ratio	Oil (MMbbl)			Natural Gas (MMboe)			Total (MMboe)
Proved reserves YE 2022		208.0			43.6			251.6
(-) Production		(16.0	)		(2.7	)		(18.7	)
(+) Additions		77.5			8.0			85.5

Proved reserves YE 2023		269.6			48.9			318.5

Reserves replacement ratio		485	%		296	%		458	%

Reserves life (years)		16.9			18.1			17.1

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The table below shows the certified P1 reserves breakdown by concession:


Proved net reserves by concession	Oil (MMbbl) ⁽¹⁾		Natural Gas (MMboe)		Total (MMboe)
Bajada del Palo Oeste		188.0		33.9		221.8
Bajada del Palo Este		36.7		3.5		40.1
Aguada Federal		33.7		5.6		39.3
CS-01		7.3		2.8		10.1
Entre Lomas Rio Negro		0.9		1.5		2.4
Aguila Mora		1.1		0.2		1.3
25 de Mayo–Medanito SE		0.8		0.2		1.0
Jagüel de los Machos		0.5		0.3		0.8
Acambuco		0.1		0.5		0.6
Entre Lomas Neuquén		0.3		0.2		0.5
Coirón Amargo Norte		0.2		0.0		0.3
Charco del Palenque		0.1		0.1		0.2
Jarilla Quemada		0.0		0.1		0.1
Bandurria Norte		0.0		0.0		0.0

Total		269.6		48.9		318.5

(1)	Oil includes crude oil and condensate and NGL; NGLs represent less than 1% of total reserves of the Company

Bajada del Palo Oeste

The certified P1 oil and gas reserves in Bajada del Palo Oeste were 221.8 MMboe as of December 31, 2023, a 19% increase with respect to year-end 2022. The increase was mainly driven by new well activity and strong results in well productivity, as the Company tied-in 23 new wells during 2023. This led to the addition of 40 P1 shale oil well locations in the block, resulting in a total of 206 booked P1 locations. Proved additions in the block totaled 47.8 MMboe.

Bajada del Palo Este

The certified P1 oil and gas reserves in Bajada del Palo Este were 40.1 MMboe as of December 31, 2023, which quadrupled from 8.5 MMboe in 2022. The increase was mainly driven by new well activity and strong results in well productivity, as the Company tied-in 2 new wells during 2023, which led to the addition of 26 P1 shale oil well locations in the block, resulting in a total of 30 booked P1 locations. Proved additions in the block totaled 33.4 MMboe.

Transfer of conventional assets

Based on the terms of the Conventional Assets Transaction, the Company has estimated that 5.9 MMboe of P1 reserves that had been booked on December 31, 2022, have been divested as part of such transaction.

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P1 reserves valuation

The estimated certified future net cash flows attributable to Vista’s interests in the P1 reserves as of December 31, 2023, evaluated using the regulations established by the United States Securities and Exchange Commission (“SEC”) and discounted at 10% per annum, were 3,336 $MM.

In accordance with the regulations set forth by the SEC, future net cash flows were calculated by applying current prices of oil and gas reserves (with consideration of price changes only to the extent provided by contractual arrangements) to estimated future production of proved oil and gas reserves as of the date reported, less the estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves. Future net cash flows were then discounted using a factor of 10% per annum.

For the Argentina assets, the proved reserves as of December 31, 2023, were calculated using a price of 66.5 $/bbl for oil, 25.4 $/boe for LPG and 3.8 $/MMbtu for natural gas, in accordance with SEC regulations. For CS-01 block, in Mexico, the proved reserves as of December 31, 2023, were calculated using a price of 68.7 $/bbl for oil, and 2.7 $/MMbtu for natural gas, in accordance with SEC regulations.

The estimated certified future net cash flows attributable to Vista’s interests in the P1 reserves, as of December 31, 2023, are summarized below:


Future net cash flows (Cumulative $MM)	Undiscounted		Discounted at 10% p.a.
Argentina, proved developed		2,154		1,425
Argentina, proved undeveloped		4,262		1,867

Argentina, total proved		6,416		3,292

Mexico, proved developed		29		21
Mexico, proved undeveloped		69		24

Mexico, total proved		98		44

Total proved		6,515		3,336

The information included regarding estimated quantities of proved reserves is derived from estimates of the proved reserves as of December 31, 2023, from the reports dated February 7, 2024, prepared by DeGolyer and MacNaughton for Vista’s concessions located in Argentina and Mexico.

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Production

Total average net daily production


	Q4-23		Q3-23		Q4-22		Q4-22 proforma ⁽¹⁾		p y/y proforma ⁽¹⁾			p y/y			p q/q
Total (boe/d)		56,353		49,450		54,718		48,709		16	%		3	%		14	%
Oil (bbl/d)		48,469		41,490		45,745		41,019		18	%		6	%		17	%
Natural Gas (MMm³/d)		1.19		1.22		1.35		1.15		3	%		(12	)%		(2	)%
NGL (boe/d)		409		304		460		460		(11	)%		(11	)%		34	%


	2023		2022		2022 proforma ^(1) (2)		p y/y proforma ^(1) (2)			py/y
Total (boe/d)		51,149		48,560		43,442		18	%		5	%
Oil (bbl/d)		43,313		40,078		36,067		20	%		8	%
Natural Gas (MMm³/d)		1.18		1.28		1.10		7	%		(8	)%
NGL (boe/d)		418		450		450		(7	)%		(7	)%

(1)	Adjusted by the Conventional Asset Transaction (shows production as if the transaction had occurred on March 1, 2022)

(2)	These values were amended after being published in the Company’s Form 6-K furnished on February 15, 2024

Average daily production during Q4 2023 was 56,353 boe/d, a 16% increase year-over-year on a proforma basis, adjusting by the Conventional Assets Transaction, and 14% quarter-over-quarter, driven by the tie-in of 11 new wells in Bajada del Palo Oeste during the quarter. Oil production was 48,469 bbl/d during Q4 2023, an interannual increase of 18% on a pro forma basis, or 17% on a sequential basis. Natural gas production in Q4 2023 was 1.19 MMm3/d, a 3% increase y-o-y on a pro forma basis, and 2% below the previous quarter, mainly driven by the fact that the Company tied-in 7 of the 11 wells of the quarter in the Northeast section of Bajada del Palo Oeste, which has a lower gas-to-oil ratio than other sectors of the Company’s development hub.

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Q4 2023 Average net daily production by asset


	Interest			Oil (bbl/d)		Natural Gas (MMm3/d)		NGL (boe/d)		Total (boe/d)		% Total daily average
Total WI production per concession					48,469		1.19		409		56,353		100	%

Bajada del Palo Oeste		100	%		34,872		0.76		7		39,649		70	%
Aguada Federal		100	%		3,914		0.09		4		4,507		8	%
Bajada del Palo Este		100	%		3,905		0.01		25		4,018		7	%
Águila Mora		90	%		1,411		0.03		—		1,589		3	%
Bandurria Norte		100	%		—		0.00		—		—		—
Bajada del Palo Oeste		100	%		284		0.08		—		763		1	%
Bajada del Palo Este		100	%		159		0.03		28		357		1	%
Coirón Amargo Norte		84.6	%		139		0.00		—		162		0	%
CS-01 (México)		100	%		860		0.00		—		886		2	%

Total operated production					45,544		1.00		64		51,929		92	%

Entre Lomas ⁽¹⁾		—			1,271		0.11		338		2,274		4	%
Jagüel de los Machos ⁽¹⁾		—			776		0.04		—		1,005		2	%
25 de Mayo-Medanito ⁽¹⁾		—			775		0.01		—		839		1	%
Agua Amarga ⁽¹⁾		—			85		0.01		7		150		0	%
Acambuco		1.5	%		17		0.02		—		157		0	%

Total non-operated production					2,925		0.18		345		4,425		8	%

Total shale production					44,102		0.89		36		49,762		88	%

Total conventional production					4,367		0.29		373		6,591		12	%

(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 100% of LPG and condensates production, of the Transferred Conventional Assets.

Revenues

As of Q4 2023, “Export Duties” are included in the “Royalties and others” line and added to the “Revenues” line. Previously, the “Revenues” line was presented net of export duties. Historical values were adjusted accordingly in the tables shown in this document. This adjustment has no effect on Adjusted EBITDA nor Net profit/loss.

Total revenues per product


Revenues per product - in $MM	Q4-23			Q3-23			Q4-22			p y/y			p q/q			2023			2022			p y/y
Revenues		309.2			302.8			320.3			(3	)%		2	%		1,168.8			1,187.7			(2	)%
Export Duties		(12.4	)		(13.1	)		(12.2	)		2	%		(5	)%		(48.1	)		(43.8	)		10	%
Net Revenues		296.8			289.7			308.1			(4	)%		2	%		1,120.7			1,143.8			(2	)%
Oil		283.8			272.6			285.4			(1	)%		4	%		1,049.0			1,068.0			(2	)%
Export market		150.8			165.4			159.9			(6	)%		(9	)%		593.8			559.6			6	%
Domestic market		133.1			107.2			125.5			6	%		24	%		455.2			508.4			(10	)%
Natural Gas		12.0			16.4			21.2			(43	)%		(27	)%		67.5			70.2			(4	)%
Export market		3.9			0.5			10.8			(64	)%		634	%		20.6			15.2			36	%
Domestic market		8.1			15.9			10.3			(21	)%		(49	)%		46.9			55.1			(15	)%
NGL		1.0			0.7			1.6			(38	)%		32	%		4.2			5.6			(25	)%

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Average realized prices per product


Product	Q4-23		Q3-23		Q4-22		p y/y			p q/q			2023		2022		p y/y
Oil ($/bbl)		67.8		67.6		68.9		(2	)%		0	%		66.7		72.3		(8	)%
Export market		74.2		74.9		74.1		0	%		(1	)%		72.0		85.2		(15	)%
Domestic market		61.8		58.8		63.3		(2	)%		5	%		60.8		62.0		(2	)%
Natural Gas ($/MMBTU)		2.2		3.3		4.5		(50	)%		(33	)%		3.5		4.0		(13	)%
Export market		7.6		9.3		8.8		(14	)%		(19	)%		8.4		8.0		4	%
Domestic market		1.7		3.3		3.0		(44	)%		(49	)%		2.8		3.5		(21	)%
NGL ($/tn)		271		233		354		(23	)%		16	%		351		377		(7	)%

Total sales volumes per product


Product	Q4-23			Q3-23		Q4-22		p y/y			p q/q			2023		2022		p y/y
Oil (MMbbl)		4.19	⁽¹⁾		4.03		4.14		1	%		4	%		15.72		14.76		7	%
Export market		2.03			2.21		2.16		(6	)%		(8	)%		8.24		6.57		26	%
Domestic market		2.15			1.82		1.98		9	%		18	%		7.48		8.20		(9	)%
Natural Gas (MMBtu)		5.41			4.90		4.73		14	%		10	%		19.42		17.68		10	%
Export market		0.51			0.06		1.23		(58	)%		803	%		2.46		1.90		30	%
Domestic market		4.90			4.84		3.51		40	%		1	%		16.95		15.78		7	%
NGL (Mtn)		3.57			3.15		4.43		(19	)%		14	%		13.69		14.83		(8	)%

(1)	Inventory build-up of 0.27 MMbbl, resulting from a production of 4.46 MMbbl and sales of 4.19 MMbbl.

During Q4 2023, total revenues were 309.2 $MM, 3% lower than Q4 2022 and 2% higher than Q3 2023. In Q4 2023, net revenues from oil and gas exports were 154.7 $MM, representing 52% of total net revenues, which were 296.8 $MM.

Crude oil net revenues in Q4 2023 totaled 283.8 $MM, representing 95.6% of total net revenues, a 1% decrease compared to Q4 2022, as oil production growth partially offset lower realized oil prices. Average realized oil price during the quarter was 67.8 $/bbl, flat on a sequential basis and 2% below Q4 2022. During Q4 2023, the Company exported 49% of crude oil sales volumes at a realized price of 74.2 $/bbl. Net revenues from the oil export market accounted for 53% of net oil revenues, reaching 150.8 $MM. During Q4 2023, 51% of volumes were sold to the domestic market at a price of 63.7 $/bbl, or 61.8 $/bbl net of trucking transportation costs, 2% below Q4 2022 and 5% above Q3 2023.

Natural gas net revenues in Q4 2023 were 12.0 $MM, representing 4.0% of total net revenues. The average realized natural gas price for the quarter was 2.2 $/MMBtu, a 50% decrease compared to Q4 2022. Plan Gas represented 30% of total natural gas sales volume, with an average realized price of 2.5 $/MMBtu during the quarter. Sales to industrial clients represented 60% of total natural gas sales volume at an average realized price of 1.3 $/MMBtu. The remaining 10% of total natural gas sales volume was exported at an average realized price of 7.6 $/MMBtu.

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NGL net revenues were 1.0 $MM during Q4 2023, representing 0.3% of total net revenues. NGL average price was 271 $/tn.

Lifting Cost

Q4-23

Q3-23

Q4-22

p y/y

p q/q

2023

2022

p y/y

Lifting Cost ($MM)

22.3

21.9

36.1

(38

94.7

133.4

(29

Lifting cost ($/boe)

4.3

4.8

7.2

(40

(11

5.1

7.5

(33

Lifting cost during Q4 2023 was 22.3 $MM, a 38% decrease y-o-y. Lifting cost in Q4 2023 was 4.3 $/boe, a 40% decrease y-o-y, mainly driven by the cost savings generated by the Conventional Assets Transaction. On a sequential basis, lifting cost was reduced by 11%, reflecting the dilution of fixed costs through incremental production volumes, and the positive impact during the second half of December 2023 of the devaluation of the Argentine Peso, which reduced its value from 385 Argentine Pesos per U.S. dollar on December 9, 2023 to 808 Argentine Pesos per U.S. dollar on December 31, 2023.

Adjusted EBITDA


Adjusted EBITDA reconciliation ($MM)	Q4-23			Q3-23			Q4-22			p y			p q			2023			2022			p y
Net profit for the period		132.9			83.1			75.5			57.4			49.8			397.0			269.5			127

(+) Income tax expense / (benefit)		34.5			30.6			33.2			1.3			3.9			148.4			164.0			(16	)
(+) Financial results, net		9.1			31.9			29.8			(20.8	)		(22.9	)		86.1			95.6			(10	)

Operating profit		176.5			145.6			138.5			38.0			30.9			631.5			529.1			102

(+) Depreciation, depletion and amortization		79.0			70.6			63.1			15.9			8.4			276.4			234.9			42
(+) Restructuring and Reorganization expenses and other adjustments		0.0			—			—			0.0			0.0			0.3			0.5			(0	)
(+) Impairment of long-lived assets		24.6			—			—			24.6			24.6			24.6			—			25
(+) Gain related to the transfer of conventional assets		—			—			—			0.0			0.0			(89.7	)		—			(90	)
(+) Other non-cash costs related to the transfer of conventional assets		8.0			10.2			—			8.0			(2.2	)		27.5			—			28

Adjusted EBITDA ⁽¹⁾		288.1			226.4			201.7			86.4			61.7			870.7			764.5			106

Adjusted EBITDA Margin (%) ⁽²⁾		73	%		78	%		65	%		+7p.p.			(5	)p.p.		69	%		67	%		+3p.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 adjustments

(2)	Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Exports Increase program). Adj. EBITDA Margin for Q4-23 (73%) = Adj. EBITDA (288 $MM) / (Total Revenues (309 $MM) + Gain from Exports Increase program (86 $MM)).

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Adjusted EBITDA was 288.1 $MM in Q4 2023, a 43% increase compared to Q4 2022, driven by stable oil revenues, higher other operating income, and lower lifting cost.Other operating income includes 81.2 $MM (net of costs) in Q4-23 related to the repatriation of 27% of the export proceeds of the quarter at the blue-chip swap exchange rate, as per the corresponding resolutions published by the Ministry of Economy, superseded on December 13^th, 2023 by Presidential Decree 28/2023, which set the share of exports to be repatriated at the blue-chip swap exchange rate at 20% (the “Exports Increase Program”).

Adjusted EBITDA margin was 73%, improving 7 p.p. vis-à-vis Q4 2022. The Company has adjusted the definition of Adjusted EBITDA Margin to add the Gains from the Exports Increase Program, as noted in the table above.

Adjusted Net Income / Loss


Adjusted Net Income reconciliation ($MM)	Q4-23		Q3-23		Q4-22		p y			p q			2023			2022		p y
Net profit for the period		132.9		83.1		75.5		57.4			49.8			397.0			269.5		127.4

Adjustments:
(+) Deferred Income tax		74.1		29.3		87.7		(13.6	)		44.8			132.0			71.9		60.1
(+) Changes in the fair value of Warrants		—		—		7.8		(7.8	)		—			0.0			30.4		(30.4	)
(+) Impairment		24.6		—		—		24.6			24.6			24.6			0.0		24.6
(+) Gain related to the transfer of conventional assets		—		—		—		—			—			(89.7	)		0.0		(89.7	)
(+) Other non-cash costs related to the transfer of conventional assets		8.0		10.2		—		8.0			(2.2	)		27.5			0.0		27.5
Adjustments to Net Income		106.6		39.4		95.5		11.1			67.2			94.5			102.2		(7.8	)

Adjusted Net Income		239.6		122.5		171.0		68.6			117.1			491.4			371.8		119.7

Adjusted EPS ($/share) ⁽¹⁾		2.52		1.29		1.95		0.6			1.2			5.25			4.23		1.0

Adjusted Net Income in Q4 2023 was 239.6 $MM, compared to an Adjusted Net Income of 171.0 $MM in Q4 2022. The y-o-y change was primarily driven by higher Adjusted EBITDA (288.1 $MM in Q4 2023 compared to 201.7 $MM in Q4 2022), partially offset by (a) a lower Current income tax benefit of 39.6 $MM in Q4 2023 compared to 54.6 $MM in Q4 2022, (b) higher Depreciation, depletion and amortization for 79.0 $MM in Q4 2023 compared to 63.1 $MM in Q4 2022, and (c) Financial results (net of changes in the fair value of warrants) for a total loss of 9.1 $MM in Q4 2023, compared to a loss of 22.1 $MM in Q4 2022.

Adjusted EPS ⁽¹⁾ was 2.52 $/share in Q4 2023, compared to 1.95 $/share in Q4 2022 and 1.29 $/share in Q3 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 Q4 2023, Q3 2023, Q4 2022, 2023 and 2022 were 95,218,119, 95,066,657, 87,664,094, 93,679,904 and 87,862,531 respectively.

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Capex

Financial overview

During Q4 2023, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 213.3 $MM. Cash flow generated by operating activities was 346.7 $MM, positively impacted by the normalization of working capital, as sales collections increased 49.2 $MM. Cash flow used in investing activities reached 240.2 $MM for the quarter, mostly driven by drilling and completion activity in Vaca Muerta (see Capex above), and 16.8 $MM increase in capex-related working capital. In Q4 2023, the Company recorded a positive free cash flow of 106.5 $MM.

In Q4 2023, cash flow used in financing activities totaled 67.1 $MM ⁽¹⁾, mainly driven by the prepayment of Argentine peso-inflation-adjusted bonds series VIII and X, for an equivalent of 46.7 $MM, the prepayment of bond series III for 9.5 $MM, and the issuance of bond series XXII for 14.7 $MM.

Gross debt totaled 616.1 $MM as of quarter end, resulting in a net debt of 402.8 $MM. At the end of Q4 2023, net leverage ratio decreased to 0.46x Adj. EBTIDA.

(1)

Cash flow used in financing activities is the sum of: (i) cash flow used in financing activities for 69.9 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for 2.0 $MM; and (iii) the variation in Government bonds for 0.8 $MM.

Financial debt maturity schedule


In $MM	2024		2025		2026		2027		2028		2029		2030		2031
ARS in USD-linked		15.0		19.3		153.4		128.6		96.5		15.1		20.2		20.2
USD		43.5		63.4		39.7		—		—		—		—		—
Total		58.5		82.7		193.1		128.6		96.5		15.1		20.2		20.2

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Outstanding bonds

Instrument⁽¹⁾

Issue date

Maturity

Gross proceeds
($MM)

Type

Interest rate (%)

Currency

ON class VI

12/04/20

12/04/24

10.0

Bullet at maturity

3.24% paid quarterly

ARS in USD-linked

ON class XI

08/27/21

08/27/25

9.2

Bullet at maturity

3.48% paid quarterly

ARS in USD-linked

ON class XII

08/27/21

08/27/31

100.8

Amortizing ⁽²⁾

5.85% paid bi-annually

ARS in USD-linked

ON class XIII

06/16/22

08/08/24

43.5

Bullet at maturity

6% paid quarterly

USD

ON class XIV

11/10/22

11/10/25

40.5

Bullet at maturity

6.25% paid bi-annually

USD

ON class XV

12/06/22

01/20/25

13.5

Bullet at maturity

4% paid quarterly

USD

ON class XVI ⁽³⁾

12/06/22

06/06/26

104.2

Bullet at maturity

0.00%

ARS in USD-linked

ON class XVII

12/06/22

06/06/26

39.1

Bullet at maturity

0.00%

ARS in USD-linked

ON class XVIII

03/03/23

03/03/27

118.5

Bullet at maturity

0.00%

ARS in USD-linked

ON class XIX

03/03/23

03/03/28

16.5

Bullet at maturity

1% paid quarterly

ARS in USD-linked

ON class XX

06/05/23

07/20/25

13.5

Bullet at maturity

4.5% paid quarterly

USD

ON class XXI

08/11/23

08/11/28

70.0

Bullet at maturity

0.99% paid quarterly

ARS in USD-linked

ON class XXII

12/05/23

06/05/26

14.7

Bullet at maturity

5% paid bi-annually

USD

(1)	All instruments issued by Vista Energy Argentina S.A.U. in the BCBA Argentina market.

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

(3)	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


	Q4 2023		Q3 2023		Q2 2023		Q1 2023		Q4 2022		2023		2022
Total production by field (boe/d)		56,353		49,450		46,557		52,207		54,718		51,149		48,560

Entre Lomas⁽³⁾		2,274		1,940		1,939		3,826		5,081		2,458		4,968
Bajada del Palo Este (conventional)		357		516		660		844		731		594		786
Bajada del Palo Oeste (conventional)		763		1,235		1,570		1,258		1,326		1,205		1,642
Bajada del Palo Este (shale)		4,018		5,291		4,705		2,971		2,263		4,251		2,154
Bajada del Palo Oeste (shale)		39,649		29,000		28,283		33,249		33,368		32,588		29,730
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾		150		203		219		198		247		193		275
25 de Mayo-Medanito⁽³⁾		839		882		924		1,783		2,385		1,106		2,474
Jagüel de los Machos⁽³⁾		1,005		952		1,040		2,067		2,738		1,255		2,909
Coirón Amargo Norte		162		133		205		191		167		173		219
Águila Mora (shale)		1,589		2,623		1,003		0		0		1,313		0
Acambuco		157		163		170		174		137		166		143
Aguada Federal (shale)		4,507		5,736		5,258		5,279		5,847		5,187		2,787
CS-01		886		777		583		365		428		661		473

Crude oil production by field (bbl/d)⁽¹⁾		48,469		41,490		39,217		44,048		45,745		43,313		40,078

Entre Lomas⁽³⁾		1,271		1,160		1,137		2,527		3,339		1,511		3,328
Bajada del Palo Este (conventional)		159		281		367		560		510		342		436
Bajada del Palo Oeste (conventional)		284		363		508		552		530		426		575
Bajada del Palo Este (shale)		3,905		5,034		4,491		2,790		2,187		4,061		2,075
Bajada del Palo Oeste (shale)		34,872		24,792		24,430		29,141		28,890		28,313		25,812
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾		85		97		98		175		222		113		208
25 de Mayo-Medanito⁽³⁾		775		806		861		1,669		2,213		1,024		2,272
Jagüel de los Machos⁽³⁾		776		733		799		1,577		2,102		965		2,222
Coirón Amargo Norte		139		128		205		191		167		166		211
Águila Mora (shale)		1,411		2,245		1,003		0		0		1,173		0
Acambuco		17		17		18		18		16		18		16
Aguada Federal (shale)		3,914		5,119		4,763		4,496		5,155		4,579		2,464
CS-01		860		714		537		353		413		623		458

Natural Gas production by field (boe/d)⁽²⁾		7,476		7,656		6,787		7,752		8,513		7,418		8,032

Entre Lomas⁽³⁾		664		619		325		938		1,312		618		1,229
Bajada del Palo Este (conventional)		169		207		256		244		198		218		318
Bajada del Palo Oeste (conventional)		479		871		1,062		706		796		779		1,066
Bajada del Palo Este (shale)		88		245		211		173		76		179		79
Bajada del Palo Oeste (shale)		4,770		4,121		3,832		4,116		4,478		4,243		3,918
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾		58		98		113		17		19		73		60
25 de Mayo-Medanito⁽³⁾		63		76		62		115		171		81		202
Jagüel de los Machos⁽³⁾		229		219		241		489		637		290		687
Coirón Amargo Norte		23		5		0		0		0		7		8
Águila Mora (shale)		178		378		0		0		0		140		0
Acambuco		140		145		152		156		121		148		126
Aguada Federal (shale)		589		609		487		784		692		602		323
CS-01		26		63		45		13		15		38		15

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NGL production by field (boe/d)	409	304	553	407	460	418	450

Entre Lomas⁽³⁾	338	162	477	361	430	328	411
Bajada del Palo Este (conventional)	28	28	37	40	24	33	32
Bajada del Palo Oeste (conventional)	0	0	0	0	0	0	0
Bajada del Palo Este (shale)	25	11	3	0	0	12	0
Bajada del Palo Oeste (shale)	7	88	21	0	0	32	0
Aguada Federal (shale)	4	8	7	0	0	6	0
Agua Amarga (Jarilla Quemada, Charco del Palenque)⁽³⁾	7	8	8	6	6	7	7

(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 100% of LPG and condensates production, of the Transferred Conventional Assets.

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

84.60

Operated

2037

Conventional

Neuquina

Argentina

Águila Mora

Operated

2054

Shale

Neuquina

Argentina

Aguada Federal

100

Operated

2050

Shale

Neuquina

Argentina

Bandurria Norte

100

Operated

2050

Shale

Neuquina

Argentina

Acambuco

1.50

Non-operated

2036 / 2040

Conventional

Noroeste

Argentina

CS-01

100

Operated

2047

Conventional

Del Sureste

Mexico

(1)	Concessions divested, effective March 1st, 2023.

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

Historical oil and gas export volumes and revenues


Oil exports	Q4-23		Q3-23		Q2-23		Q1-23		Q4-22		Q3-22		Q2-22		Q1-22		Q4-21		Q3-21		Q2-21		Q1-21
Sales volume (Mbbl)		2,033.2		2,207.8		1,583.3		2,420.5		2,156.6		1,946.9		1,475.7		988.2		995.6		498.1		472.0		1,088.7
Revenues ($MM)		150.8		165.4		108.6		169.0		159.9		175.6		147.0		77.1		70.5		32.2		26.8		52.7

Gas exports	Q4-23		Q3-23		Q2-23		Q1-23		Q4-22		Q3-22		Q2-22		Q1-22		Q4-21		Q3-21		Q2-21		Q1-21
Sales volume (MMm3)		13.8		1.5		12.6		38.8		33.2		3.0		3.9		11.2		1.0		—		—		—
Revenues ($MM)		3.9		0.5		3.5		12.7		10.8		1.1		0.9		2.4		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
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

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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
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

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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
2942	BPO-20	La Cocina	2,490	43
2943	BPO-20	Organic	2,698	47
2944	BPO-20	La Cocina	2,664	46
2251	BPO-21	La Cocina	2,931	51
2252	BPO-21	Organic	2,920	51
2253	BPO-21	La Cocina	2,884	51
2254	BPO-21	Organic	2,889	51

(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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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

Aguila 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

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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	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			2023			2022
Total Revenues ⁽¹⁾		309,196			302,760			239,628			317,190			320,296			1,168,774			1,187,660
Oil		296,180			285,639			221,584			293,913			298,540			1,061,317			1,113,411
Natural Gas		12,048			16,388			16,987			21,867			20,187			67,585			68,663
NGL and others		968			733			1,057			1,410			1,569			4,168			5,586

Cost of Sales		(154,103	)		(148,557	)		(123,422	)		(151,443	)		(146,140	)		577,525	)		(557,424	)

Operating expenses		(22,270	)		(21,924	)		(20,347	)		(30,144	)		(36,113	)		(94,685	)		(133,385	)
Stock fluctuation		1,743			(1,209	)		2,130			(4,722	)		4,722			(2,058	)		(500	)
Depreciation, depletion and amortization		(79,011	)		(70,600	)		(62,447	)		(64,372	)		(63,148	)		(276,430	)		(234,862	)
Royalties and others ⁽¹⁾		(46,593	)		(44,655	)		(36,593	)		(48,972	)		(51,601	)		(176,813	)		(188,677	)
Other non-cash costs related to the transfer of conventional assets		(7,972	)		(10,169	)		(6,165	)		(3,233	)		—			(27,539	)

Gross profit		155,093			154,203			116,206			165,747			174,156			591,249			630,236

Selling expenses		(19,170	)		(17,673	)		(15,232	)		(16,717	)		(18,847	)		(68,792	)		(59,904	)
General and administrative expenses		(18,665	)		(15,031	)		(19,776	)		(17,011	)		(19,615	)		(70,483	)		(63,826	)
Exploration expenses		352			148			(294	)		(222	)		(169	)		(16	)		(736	)
Other operating income		83,639			23,849			2,268			95,315			3,715			203,812			26,698
Other operating expenses		(143	)		153			(4	)		(963	)		(715	)		302			(3,321	)
Impairment of long-lived assets		(24,585	)		—			—			—			—			(24,585	)		—

Operating profit (loss)		176,521			145,649			83,168			226,149			138,525			631,487			529,147

Interest income		433			299			216			287			425			1,235			809
Interest expense		(5,674	)		(4,842	)		(5,226	)		(6,137	)		(6,545	)		(21,879	)		(28,886	)
Other financial results		(3,827	)		(27,376	)		(19,967	)		(14,315	)		(23,729	)		(65,484	)		(67,556	)

Financial results, net		(9,068	)		(31,919	)		(24,977	)		(20,165	)		(29,849	)		(86,128	)		(95,633	)

Profit/(Loss) before income tax		167,453			113,730			58,191			205,984			108,676			545,359			433,514

Current income tax (expense)/benefit		39,570			(1,378	)		(7,017	)		(47,568	)		54,560			(16,393	)		(92,089	)
Deferred income tax (expense)/benefit		(74,085	)		(29,251	)		1,007			(29,682	)		(87,732	)		(132,011	)		(71,890	)

Income tax (expense)/benefit		(34,515	)		(30,629	)		(6,010	)		(77,250	)		(33,172	)		(148,404	)		(163,979	)

Profit/(loss) for the period, net		132,938			83,101			52,181			128,734			75,504			396,955			269,535


Adjusted EBITDA Reconciliation ($M)	Q4 2023			Q3 2023			Q2 2023			Q1 2023			Q4 2022			2023			2022
Net (loss) / profit for the period		132,938			83,101			52,181			128,734			75,504			396,955			269,535

(+) Income tax		34,515			30,629			6,010			77,250			33,172			148,404			163,979
(+) Financial results, net		9,068			31,919			24,977			20,165			29,849			86,128			95,633

Operating profit (loss)		176,521			145,649			83,168			226,149			138,525			631,487			529,147

(+) Depreciation, depletion and amortization		79,011			70,600			62,447			64,372			63,148			276,430			234,862
(+) Restructuring and Reorganization expenses and others		0			—			5			271			—			276			531
(+) Impairment of long-lived assets		24,585			—			—			—			—			24,585			—
(+) Gain related to the transfer of conventional assets		—			—			—			(89,659	)		—			(89,659	)		—
(+) Other non-cash costs related to the transfer of conventional assets		7,972			10,169			6,165			3,233			—			27,539			—

Adjusted EBITDA		288,088			226,420			151,785			204,365			201,673			870,657			764,540

Adjusted EBITDA Margin (%)		73	%		78	%		66	%		67	%		65	%		69	%		67	%

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Q4 2023

Q3 2023

Q2 2023

Q1 2023

Q4 2022

2023

2022

Lifting Cost ($MM)

22.3

21.9

20.3

30.1

36.1

94.7

133.4

Lifting cost ($/boe)

4.3

4.8

6.4

7.2

5.1

7.5

(1)

As of this quarter, “Export Duties” will be included in the “Royalties and others” line and added to “Revenues” line. Previously, “Revenues” line was presented net of export duties. Historical values were adjusted accordingly in the tables shown in this document. This adjustment had no effect on Adjusted EBITDA nor Net profit/loss.

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	Q4-23			Q3-23		Q2-23			Q1-23			Q4-22		Q3-22			Q2-22			Q1-22
Net Profit/Loss		132,938			83,101		52,181			128,734			75,504		76,661			101,836			15,534

Adjustments:
(+) Deferred Income tax		74,085			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		24,585			—		—			—			—		—			—			—
(+) Gain related to the transfer of convention		—			—		—			(89,659	)		—		—			—			—
(+) Other non-cash costs related to the transfer of conventional assets		7,972			10,169		6,165			3,233			—		—			—			—
Adjustments to Net Income/Loss		106,642			39,420		5,158			(56,744	)		95,494		2,741			(19,522	)		23,527

Adjusted Net Income/Loss		239,580			122,521		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
Net Profit/Loss		35,555			4,732		5,505			4,858

Adjustments:
(+) Deferred Income tax		21,001			6,005		10,679			2,010
(+) Changes in the fair value of Warrants		(7,096	)		7,927		1,283			69
(+) Impairment		(14,044	)		—		—			—
(+) Gain related to the transfer of convention		—			—		—			—
(+) Other non-cash costs related to the transfer of conventional assets		—			—		—			—
Adjustments to Net Income/Loss		(139	)		13,932		11,962			2,079

Adjusted Net Income/Loss		35,416			18,664		17,467			6,937

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

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)


	As of December 31, 2023		As of December 31, 2022
Property, plant and equipment		1,927,759		1,606,339
Goodwill		22,576		28,288
Other intangible assets		10,026		6,792
Right-of-use assets		61,025		26,228
Investments in associates		8,619		6,443
Trade and other receivables		136,351		15,864
Deferred income tax assets		5,743		335
Total noncurrent assets		2,172,099		1,690,289
Inventories		7,549		12,899
Trade and other receivables		205,102		90,406
Cash, bank balances and other short-term investments		213,253		244,385
Total current assets		425,904		347,690
Total assets		2,598,003		2,037,979

Deferred income tax liabilities		383,128		243,411
Lease liabilities		35,600		20,644
Provisions		12,339		31,668
Borrowings		554,832		477,601
Employee benefits		5,703		12,251
Total noncurrent liabilities		991,602		785,575
Provisions		4,133		2,848
Lease liabilities		34,868		8,550
Borrowings		61,223		71,731
Salaries and payroll taxes		17,555		25,120
Income tax liability		3		58,770
Other taxes and royalties		36,549		20,312
Trade and other payables		205,055		221,013
Total current liabilities		359,386		408,344
Total liabilities		1,350,988		1,193,919
Total Equity		1,247,015		844,060

Total equity and liabilities		2,598,003		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 October 1st to December 31, 2023			For the period from October 1st to December 31, 2022			For the year 2023			For the year 2022
Revenue from contracts with customers		309,196			308,105			1,168,774			1,143,820
Revenues from crude oil sales		296,180			285,365			1,097,316			1,067,997
Revenues from natural gas sales		12,048			21,171			67,290			70,237
Revenues from LPG sales		968			1,569			4,168			5,586
Cost of sales		(154,103	)		(133,949	)		(577,525	)		(513,584	)
Operating costs		(22,270	)		(36,113	)		(94,685	)		(133,385	)
Crude oil stock fluctuation		1,743			4,722			(2,058	)		(500	)
Depreciation, depletion and amortization		(79,011	)		(63,148	)		(276,430	)		(234,862	)
Royalties and others		(46,593	)		(39,410	)		(176,813	)		(144,837	)
Other non-cash costs related to the transfer of conventional assets		(7,972	)		—			(27,539	)		—

Gross profit		155,093			174,156			591,249			630,236

Selling expenses		(19,170	)		(18,847	)		(68,792	)		(59,904	)
General and administrative expenses		(18,665	)		(19,615	)		(70,483	)		(63,826	)
Exploration expenses		352			(169	)		(16	)		(736	)
Other operating income		83,639			3,715			203,812			26,698
Other operating expenses		(143	)		(715	)		302			(3,321	)
Impairment of long- lived assets		(24,585	)		—			(24,585	)		—

Operating profit		176,521			138,525			631,487			529,147

Interest income		433			425			1,235			809
Interest expense		(5,674	)		(6,545	)		(21,879	)		(28,886	)
Other financial income (expense)		(3,827	)		(23,729	)		(65,484	)		(67,556	)

Financial income (expense), net		(9,068	)		(29,849	)		(86,128	)		(95,633	)

Profit before income tax		167,453			108,676			545,359			433,514

Current income tax (expense) benefit		39,570			54,560			(16,393	)		(92,089	)
Deferred income tax (expense)		(74,085	)		(87,732	)		(132,011	)		(71,890	)

Income tax (expense)		(34,515	)		(33,172	)		(148,404	)		(163,979	)

Profit for the period, net		132,938			75,504			396,955			269,535

Other comprehensive income		4,909			(633	)		4,267			177,446

Total comprehensive profit for the period		137,847			74,871			401,222			105,556

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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 October 1st to December 31, 2023			For the period from October 1st to December 31, 2022			For the year 2023			For the year 2022
Cash flows from operating activities
Profit for the period / year, net		132,938			75,504			396,955			269,535
Adjustments to reconcile net cash flows
Items related to operating activities:
Other non-cash costs related to the transfer of conventional assets		7,972			—			27,539			—
(Reversal of) allowance for expected credit losses		—			—			—			(36	)
Share-based payments		5,858			4,800			23,133			16,576
Net (decrease) increase in provisions		143			715			(578	)		2,790
Net changes in foreign exchange rate		(7,927	)		6,597			(18,458	)		(33,263	)
Discount for well plugging and abandonment		599			619			2,387			2,444
Interest expense on lease liabilities		757			360			2,894			1,925
Discount of assets and liabilities at present value		806			(2,229	)		(2,137	)		2,561
Income tax expense		34,515			33,172			148,404			163,979
Employee benefits		176			143			300			502
Items related to investing activities:
Gain related to the transfer of conventional assets		—			—			(89,659	)		—
Impairment of long-lived assets		24,585			—			24,585			—
Gain from farmout agreement		—			—			(24,429	)		(18,218	)
Interest income		(433	)		(425	)		(1,235	)		(809	)
Changes in the fair value of financial assets		(31,659	)		(528	)		(19,437	)		17,599
Depreciation and depletion		77,894			62,376			272,371			231,746
Amortization of intangible assets		1,117			772			4,059			3,116
Items related to financing activities:
Interest expense		5,674			6,545			21,879			28,886
Changes in the fair value of Warrants		—			7,762			—			30,350
Amortized cost		525			827			1,810			2,365
Remeasurement in borrowings		23,077			15,148			72,044			52,817
Other financial income (expense)		17,649			2,515			26,381			2,515
Changes in working capital:
Trade and other receivables		35,460			9,696			(81,260	)		(46,272	)
Inventories		(1,743	)		(4,722	)		2,058			500
Trade and other payables		28,593			18,978			61,230			40,183
Payments of employee benefits		(74	)		(68	)		(283	)		(254	)
Salaries and payroll taxes		(253	)		5,289			(26,441	)		2,877
Other taxes and royalties		(2,673	)		(15,569	)		(43,507	)		(8,024	)
Provisions		(89	)		(510	)		(1,359	)		(2,265	)
Income tax payment		(6,782	)		(12,397	)		(67,213	)		(74,354	)

Net cash flows provided by operating activities		346,705			215,370			712,033			689,771

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Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment	(228,910	)	(148,613	)	(688,437	)	(479,361	)
Payments for the acquisition of AFBN assets	(6,250	)	(6,250	)	(25,000	)	(115,000	)
Payments for acquisitions of other intangible assets	(3,757	)	(3,374	)	(7,293	)	(6,030	)
Payments for acquisitions of investments in associates	(1,544	)	—		(2,176	)	20,000
Prepayment of leases	(131	)	—		(14,292	)	—
Payments received from farmout agreement	—		(744	)	26,650		(3,466	)
Proceeds from the transfer of conventional assets	—		—		10,000		—
Payments for other assets	—		336		—		336
Interest received	433		425		1,235		809

Net cash flows (used in) investing activities	(240,159	)	(158,220	)	(699,313	)	(582,712	)

Cash flows from financing activities:
Proceeds from borrowings	99,669		52,618		318,169		128,788
Payment of borrowings cost	(80	)	(1,086	)	(1,779	)	(1,670	)
Payment of borrowings principal	(141,225	)	(30,096	)	(211,499	)	(195,091	)
Payment of borrowings interest	(4,239	)	(4,238	)	(22,993	)	(34,430	)
Payment of lease	(6,343	)	(2,892	)	(36,780	)	(11,494	)
Share repurchase	—		(5,500	)			(29,304	)
Payments of other financial cost	(17,649	)	—		(25,562	)	—

Net cash flow provided by (used in) financing activities	(69,867	)	8,806		19,556		(143,201	)


	For the period from October 1st to December 31, 2023		For the period from October 1st to December 31, 2022			2023			2022
Net increase (decrease) in cash and cash equivalents		36,679		65,956			32,276			(36,142	)

Cash and cash equivalents at beginning of period		170,846		180,793			241,956			311,217
Effect of exposure to changes in the foreign currency rate of cash and cash equivalents		1,991		(4,793	)		(64,716	)		(33,119	)
Net increase (decrease) in cash and cash equivalents		36,679		65,956			32,276			(36,142	)

Cash and cash equivalents at end of period		209,516		241,956			209,516			241,956

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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 adjustments

•

Adjusted EBITDA margin: = Adjusted EBITDA divided by Total Revenues plus Gain from Exports Increase program

•

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

•

Adjusted Net Income/Loss: Net profit /loss for the period + Deferred Income Tax + Changes in the fair value of the warrants + Impairment 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 1st, 2023. After such date Vista remains entitled to 40% of crude oil and natural gas production, and 100% of LPG and condensates production, of the Transferred Conventional Assets.

•

CNG: Compressed natural gas

•

CO2e: Carbon dioxide equivalent

•

FY 2023: Full (calendar) year 2023

•

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

•

Lifting cost: production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration and G&A costs.

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•

MMboe: Million barrels of oil equivalent

•

MMm3/d: Million cubic meters per day

•

Mts: meters

•

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 ending of December 31, 2025

•

Proved reserves: the information included regarding estimated quantities of proved reserves is derived from estimates of the proved reserves as of December 31, 2023. The proved reserves estimates are derived from the reports dated February 7, 2024, prepared by DeGolyer and MacNaughton (“D&M”), for Vista’s concessions located in Argentina and Mexico. D&M is an independent reserves engineering consultant. The 2023 Reserves Reports prepared by D&M are based on information provided by Vista and presents an appraisal as of December 31, 2023 of oil and gas reserves located in the Entre Lomas Río Negro, Entre Lomas Neuquén, Bajada del Palo Oeste, Bajada del Palo Este, Charco del Palenque, Jarilla Quemada, Coirón Amargo Norte, Acambuco, Jagüel de los Machos, 25 de Mayo-Medanito, Aguada Federal and Bandurria Norte blocks in Argentina, and CS-01 block in Mexico.

•

Reserves life ratio: calculated as the proved reserves divided by the annual production

•

Reserves replacement ratio: calculated as the proved reserves additions divided by the annual production

•

TED: Total effective days – days in which shale oil wells were producing

•

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.

•

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

•

q-o-q: Quarter on quarter

•

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.

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

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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 newly elected government in Argentina; significant economic or political developments in Mexico and the United States; uncertainties relating to the upcoming Mexican presidential and congressional elections in June 2024; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, 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; the effects of 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; 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 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; uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves; 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; the ongoing conflict involving Russia and Ukraine; and more recently, the Israel-Hamas conflict.

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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 31

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