Unaudited interim condensed consolidated financial statements as of September 30, 2021, and December 31, 2020 and for the nine-month periods ended September 30, 2021, and 2020 - Form 6-K

Unaudited interim condensed consolidated financial statements as of September 30, 2021, and December 31, 2020 and for the nine-month periods ended September 30, 2021, and 2020

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2021, and December 31, 2020, and for the nine-month periods ended September 30, 2021, and 2020

TABLE OF CONTENTS

•  Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2021, and 2020.			3
•  Unaudited interim condensed consolidated statements of financial position as of September 30, 2021, and December 31, 2020.			4
•  Unaudited interim condensed consolidated statements of changes in shareholders' equity for the nine-month periods ended September 30, 2021 and 2020.			5
•  Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2021 and 2020.			7
•  Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021, and 2020.			8

2

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2021, and 2020

(Amounts expressed in thousands of US Dollars)

		Notes		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Revenues from contract with customers		4			456,183				194,402				175,005				69,863
Cost of sales:
Operating costs		5.1			(76,812	)			(65,429	)			(27,204	)			(23,032	)
Crude oil stock fluctuation		5.2			457				(2,434	)			1,797				598
Depreciation, depletion and amortization		12/13/14			(144,427	)			(102,791	)			(48,681	)			(38,876	)
Royalties				(60,383	)			(26,899	)			(23,757	)			(9,624	)
Gross profit/(loss)				175,018				(3,151	)			77,160				(1,071	)
Selling expenses		6			(30,883	)			(17,886	)			(12,481	)			(5,434	)
General and administrative expenses		7			(31,094	)			(26,659	)			(11,173	)			(9,063	)
Exploration expenses		8			(437	)			(540	)			(153	)			(241	)
Other operating income		9.1			17,808				5,231				11,294				1,380
Other operating expenses		9.2			(1,897	)			(4,228	)			(554	)			(1,690	)
Impairment of long- lived assets		2.4.2			-				(4,954	)			-				(4,954	)
Operating profit/(loss)				128,515				(52,187	)			64,093				(21,073	)
Interest income		10.1			42				803				34				37
Interest expenses		10.2			(41,330	)			(33,699	)			(12,173	)			(12,979	)
Other financial results		10.3			(6,181	)			3,468				(11,932	)			61
Financial results, net				(47,469	)			(29,428	)			(24,071	)			(12,881	)
Profit/(loss) before income tax				81,046				(81,615	)			40,022				(33,954	)
Current income tax (expense)/benefit		15			(47,257	)			(209	)			(29,285	)			62
Deferred income tax (expense)/benefit		15			(18,694	)			(7,113	)			(6,005	)			5,490
Income tax (expense)/benefit				(65,951	)			(7,322	)			(35,290	)			5,552
Net profit/(loss) for the period				15,095				(88,937	)			4,732				(28,402	)
Other comprehensive income
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods
- (Loss)/profit from actuarial remediation related to defined benefit plans		25			(3,050	)			445				(430	)			670
- Deferred income tax benefit/(expense)		15			1,536				(110	)			151				(167	)
Other comprehensive income that will not be reclassified to profit or loss in subsequent periods				(1,514	)			335				(279	)			503
Other comprehensive income for the period, net of taxes				(1,514	)			335				(279	)			503
Total comprehensive profit/(loss) for the period				13,581				(88,602	)			4,453				(27,899	)
Profit/(loss) per share
Basic share (in US dollars per share)		11			0.171				(1.018	)			0.054				(0.324	)
Diluted share (in US dollars per share)		11			0.163				(1.018	)			0.050				(0.324	)

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

3

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of financial position as of September 30, 2021, and December 31, 2020

(Amounts expressed in thousands of US Dollars)

		Notes		As of September 30, 2021			As of December 31, 2020
Assets
Non-current assets
Property, plant and equipment		12			1,140,182				1,002,258
Goodwill		13			28,450				28,484
Other intangible assets		13			20,218				21,081
Right-of-use assets		14			19,471				22,578
Investments in associates				2,077				-
Trade and other receivables		16			22,122				29,810
Deferred income tax assets				-				565
Total non-current assets				1,232,520				1,104,776
Current assets
Inventories		18			17,451				13,870
Trade and other receivables		16			71,160				51,019
Cash, bank balances and other short-term investments		19			265,730				202,947
Total current assets				354,341				267,836
Total assets				1,586,861				1,372,612
Shareholders' equity and liabilities
Shareholders' equity
Share capital		20			659,400				659,400
Share-based payments				29,579				23,046
Other accumulated comprehensive losses				(5,025	)			(3,511	)
Accumulated losses				(155,322	)			(170,417	)
Total shareholders' equity				528,632				508,518
Liabilities
Non-current liabilities
Deferred income tax liabilities				152,160				135,567
Lease liabilities		14			14,036				17,498
Provisions		21			26,080				23,909
Borrowings		17.1			443,209				349,559
Warrants		17.4			9,640				362
Employee benefits		25			6,339				3,461
Accounts payable and accrued liabilities		24			51,839				-
Total non-current liabilities				703,303				530,356
Current liabilities
Provisions		21			1,957				2,084
Lease liabilities		14			6,548				6,183
Borrowings		17.1			159,666				190,227
Salaries and social security payable		22			12,350				11,508
Income tax liability				31,504				-
Other taxes and royalties payable		23			8,174				5,117
Accounts payable and accrued liabilities		24			134,727				118,619
Total current liabilities				354,926				333,738
Total liabilities				1,058,229				864,094
Total shareholders' equity and liabilities				1,586,861				1,372,612

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

4

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in shareholders' equity for the nine-month period ended September 30, 2021

(Amounts expressed in thousands of US Dollars)

		Share Capital			Share-based payments			Other accumulated comprehensive losses			Accumulated losses			Total shareholders' equity
Amounts as of December 31, 2020			659,400				23,046				(3,511	)			(170,417	)			508,518
Profit for the period			-				-				-				15,095				15,095
Other comprehensive income (loss) for the period			-				-				(1,514	)			-				(1,514	)
Total comprehensive income			-				-				(1,514	)			15,095				13,581
Share-based payments (1)			-				6,533				-				-				6,533
Amounts as of September 30, 2021			659,400				29,579				(5,025	)			(155,322	)			528,632

(1)	Including 8,098 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

5

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in shareholders' equity for the nine-month period ended September 30, 2020

(Amounts expressed in thousands of US Dollars)

		Share Capital			Share-based payments			Other accumulated comprehensive losses			Accumulated losses			Total shareholders' equity
Amounts as of December 31, 2019			659,399				15,842				(3,857	)			(67,668	)			603,716
Loss for the period			-				-				-				(88,937	)			(88,937	)
Other comprehensive income (loss) for the period			-				-				335				-				335
Total comprehensive (loss)			-				-				335				(88,937	)			(88,602	)
Share-based payments (1)			-				5,786				-				-				5,786
Amounts as of September 30, 2020			659,399				21,628				(3,522	)			(156,605	)			520,900

(1)	Including 7,743 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

6

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2021, and 2020

(Amounts expressed in thousands of US Dollars)

		Notes		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Cash flows provided by operating activities
Net profit/(loss) for the period				15,095				(88,937	)			4,732				(28,402	)
Adjustments to reconcile net cash flows
Items related to operating activities:
(Reversal) for expected credit losses		6			-				(22	)			(29	)			(8	)
Net changes in foreign exchange rate		10.3			(10,741	)			1,078				(1,926	)			(2,229	)
Unwinding of discount on asset retirement obligation		10.3			1,808				1,963				634				573
Net increase in provisions		9.2			1,232				89				417				225
Interest expense on lease liabilities		10.3			755				1,108				221				312
Discount of assets and liabilities at present value		10.3			(2,658	)			2,026				57				1,055
Share-based payments		7			8,098				7,743				2,457				2,713
Gain on disposal of oil and gas properties		9.1			(9,999	)			-				(9,986	)			-
Employee benefits		25			163				204				77				61
Income tax expense / (benefit)		15			65,951				7,322				35,290				(5,552	)
Items related to investing activities:
Depreciation and depletion		12/14			141,782				100,964				47,651				38,194
Amortization of intangible assets		13			2,645				1,827				1,030				682
Impairment of long-lived assets		2.4.2			-				4,954				-				4,954
Interest income		10.1			(42	)			(803	)			(34	)			(37	)
Gain from farmout agreement		9.1			(4,525	)			-				-				-
Changes in the fair value of financial assets		10.3			(6,259	)			170				956				(363	)
Items related to financing activities:
Interest expenses		10.2			41,330				33,699				12,173				12,979
Changes in the fair value of warrants		10.3			9,278				(16,605	)			7,926				(1,765	)
Amortized costs		10.3			3,534				1,973				611				774
Impairment of financial assets		10.3			-				4,839				-				-
Remeasurements in borrowing		10.3			12,019				-				6,452				-
Changes in working capital:
Trade and other receivables				(11,236	)			17,243				(7,067	)			(4,875	)
Inventories				(452	)			2,336				(1,796	)			(598	)
Accounts payable and accrued liabilities				18,738				(3,929	)			7,804				213
Payments of employee benefits		25			(335	)			(592	)			(55	)			(197	)
Salaries and social security payable				(551	)			(4,879	)			3,642				2,695
Other taxes and royalties payable				(9,237	)			(1,768	)			(1,027	)			(72	)
Provisions				(417	)			(1,050	)			386				(445	)
Income tax payment				(3,430	)			(4,187	)			(642	)			(1,745	)
Net cash flows generated by operating activities				262,546				66,766				109,954				19,142
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment				(241,631	)			(98,343	)			(76,876	)			(21,727	)
Payments for acquisitions of other intangible assets		13			(1,109	)			(2,707	)			(348	)			(1,579	)
Payments for investments in associates				(2,077	)			-				(2,077	)			-
Proceeds from disposal of oil and gas properties (1)		1.2.2/1.2.3			14,150				-				14,150				-
Cash received by AFBN assets acquisition		1.2.4			6,203				-				6,203				-
Cash received by farmout agreement		1.2.1			5,000				-				-				-
Proceeds from interest received				42				803				34				37
Net cash flows (used in) investing activities				(219,422	)			(100,247	)			(58,914	)			(23,269	)

7

VISTA OIL & GAS, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of cash flows for the nine-month periods ended September 30, 2021, and 2020

(Amounts expressed in thousands of US Dollars)

		Notes			Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Cash flows from financing activities:
Proceeds from borrowing			17.2				358,093				173,965				158,395				77,137
Payment of borrowing's costs			17.2				(3,326	)			(2,072	)			(615	)			(1,480	)
Payment of borrowing's principal			17.2				(283,102	)			(90,372	)			(153,609	)			(47,737	)
Payment of borrowing's interests			17.2				(50,888	)			(35,656	)			(25,496	)			(16,331	)
Payment of lease			14				(6,123	)			(6,806	)			(2,133	)			(1,684	)
Payment of other financial liabilities, net of restricted cash and cash equivalents				-				(16,993	)			-				-
Net cash flows generated (used in) by financing activities				14,654				22,066				(23,458	)			9,905
Net increase (decrease) in cash and cash equivalents				57,778				(11,415	)			27,582				5,778
Cash and cash equivalents at beginning of period			19				201,314				234,230				236,510				218,316
Effect of exposure to changes in the foreign currency rate of cash and cash equivalents				2,332				(450	)			(2,668	)			(1,729	)
Net increase (decrease) in cash and cash equivalents				57,778				(11,415	)			27,582				5,778
Cash and cash equivalents at end of period			19				261,424				222,365				261,424				222,365
Significant transactions that generated no cash flows
Acquisition of property, plant and equipment through increase in account payables and other accounts				68,403				44,525				68,403				44,525
AFBN assets acquisition			12/1.2.4				69,693				-				69,693				-
Changes in asset retirement obligation with corresponding changes in property, plant and equipment				(1,787	)			(3,090	)			682				(1,424	)

(1)	Include 15,000 received from the transfer of the working interest in the Coirón Amargo Sur Oeste concession ("CASO") net of 850 payment related to Mexico exploratory assets transfer.

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

8

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 1. Group information

1.1 Company general information, structure and activities

Vista Oil & Gas, S.A.B. de C.V. ("VISTA" or the "Company" or the "Group") was organized as a corporation with variable capital stock under the laws of the United Mexican States ("Mexico") on March 22, 2017. The Company adopted the public corporation or "Sociedad Anónima Bursátil" ("S.A.B."), on July 28, 2017.

Likewise, since July 26, 2019 the Company is listed on New York Stock Exchange ("NYSE") under the ticker symbol "VIST".

The address of the Company's main office is located in Mexico City (Mexico), at Volcán 150. Floor 5. Lomas de Chapultepec.

Miguel Hidalgo. Zip Code.11000.

Through its subsidiaries, the Company engages in oil and gas exploration and production (upstream segment).

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on October 26, 2021.

Except as mentioned in Note 1.2 there were no changes in the Group's structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2020.

1.2 Significant transactions during the period

1.2.1 Investment Agreement ("farmout agreement") with Trafigura Argentina S.A. ("Trafigura") in Bajada del Palo Oeste

On June 28, 2021, the Company through its subsidiary Vista Oil & Gas Argentina S.A.U. ("Vista Argentina") entered into a farmout agreement with Trafigura, through which established a joint venture for the development of, initially, 5 (five) pads of 4 (four) wells each in Bajada del Palo Oeste block.

The farmout agreement provides that Trafigura will have contractual rights over 20% of the hydrocarbon production of the pads included in the agreement and will bear 20% of the capital expenditures, as well as the corresponding royalties and direct taxes, and all other costs, including operating and midstream costs.

As part of the farmout agreement, Trafigura shall pay to Vista Argentina: (i) the amount of 25,000 as follows: an initial amount of 5,000 and thereafter 4 (four) installments of 5,000 per each pad, payable upon completion of first production validated by Trafigura of pads 2 (two), 3 (three), 4 (four) and 5 (five) included in the farmout agreement.

Vista Argentina remains the operator of Bajada del Palo Oeste block and 100% title holder; and with respect to the pads included in the farmout agreement, will retain its rights over 80% of the hydrocarbon production and bear 80% of the capital expenditures, as well as the corresponding royalties and direct taxes, and all other costs, including operating and midstream costs.

Lastly, Trafigura has an option to participate in up to 2 (two) additional pads, under the same terms and conditions described above.

As of September 30, 2021, Vista Argentina received the first payment of 5,000; and recognized a gain of 4,525 in "Other operating income" under "Gain from farmout agreement" (See Note 9.1), and disposals of 441 and 34 in "Property, plant and equipment" and "Goodwill", respectively.

Subsequent gains associated to the development of pads 2 (two), 3 (three), 4 (four) and 5 (five) will be recognized upon completion of the terms and conditions mentioned above.

1.2.2 Sale of working interest in the CASO concession ("Transfer of the working interest in CASO")

The Company through its subsidiary Vista Argentina entered into an assignment of rights agreement with Shell Argentina S.A., a subsidiary of Royal Dutch Shell plc. ("Shell") to transfer its 10% working interest in the CASO (the "JV agreement") for a total consideration of 21,500 payable as follows: (i) 15,000 in cash, and (ii) 6,500 as a carry for the extension of infrastructure works for the collection and supply of water, which is operated by Shell and supplies Vista's operation.

9

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

On June 24, 2021, the Province of Neuquén, by means of Decree No. 1,027/2021, has approved the addendum to the JV agreement, reflecting the new working interests in such JV in accordance with the aforementioned transaction. With the issuance of the Decree all agreed conditions precedent were fulfilled; therefore, Vista and Shell determined the closing date for the transaction on July 2, 2021.

As of September 30, 2021, the Company received 15,000; and recognized a gain of 9,788 in "Other operating income" under "Gain on disposal of oil and gas properties" (See Note 9.1); and a disposal of 11,784 in "Property, plant and equipment".

1.2.3 Assets transfer in Mexico to increase its working interest in the operated block CS-01 to 100% ("Mexico exploratory assets transfer")

On August 23, 2021, the Company through its subsidiary Vista Oil & Gas Holding II, S.A. de C.V. ("Vista Holding II") completed an asset transfer, whereby it has: (i) increased to 100% its working interest in the operated block CS-01, in which it previously held a 50% working interest, and (ii) disposed its entire 50% working interest in the non-operated blocks TM-01 and A-10 in favor of Jaguar Exploración y Producción 2.3., S.A.P.I. de C.V. ("Jaguar") and Pantera Exploración y Producción 2.2., S.A.P.I. de C.V. ("Pantera"), respectively, such transaction was agreed on the accumulated costs incurred in such areas.

As results of this operation the Company agreed to offset some accounts receivables and payables with Jaguar and Pantera, and consequently paid a cash consideration of 850; and recognized a gain of 198 in "Other operating income" under "Gain on disposal of oil and gas properties" (See Note 9.1).

Finally, as a result of this transaction the Company also recognized a disposal of 5,126 in "Property, plant and equipment"; an addition net of 673 in "Other intangible assets". See more details on Notes 12 and 13, respectively.

1.2.4 Acquisition of a 50% working interest in the Aguada Federal and Bandurria Norte unconventional concessions in Vaca Muerta ("AFBN assets acquisition").

On September 16, 2021, the Company through its subsidiary Vista Oil & Gas Holding I, S.A. de C.V. ("Vista Holding I") has acquired from ConocoPhillips Petroleum Holdings B.V. ("ConocoPhillips BV"): (i) 100% of the capital stock of ConocoPhillips Argentina Holding S.ár.l. (to be renamed "Vista Holding VII S.ár.l."), a Luxembourg company that holds 95% of the capital stock of ConocoPhillips Argentina Ventures S.R.L. (actually denominated "Vista AFBN S.R.L" or "Vista AFBN"), and (ii) 5% of the capital stock of Vista AFBN, therefore effectively acquiring 100% of the capital stock in Vista AFBN.

Vista AFBN holds a 50% non-operating interest in the Aguada Federal and Bandurria Norte unconventional exploitation concessions, which expire in 2050. These concessions are located in the Neuquina Basin in the Province of Neuquén, Argentina, covering a total surface area of 50,462 gross acres, in the Vaca Muerta shale oil play. These assets have no remaining investment commitments and are operated by Wintershall Dea Argentina S.A. ("Wintershall"), which holds the remaining 50% working interest in both concessions.

Under the terms of the transaction, Vista made no upfront payment and assumed an outstanding carry consideration amounting to 77,000 to bear 50% of Wintershall's share of capital expenditures for the development of the acquired concessions, such consideration is due on December 31, 2023. On the date of the transaction Vista AFBN had approximately 6,203 in cash and cash equivalents.

As of September 30, 2021, in accordance with the Company's accounting policy, this transaction was recognized as an asset acquisition, mainly related to unconventional oil and gas assets for an amount of 69,693; and recorded at the cost of the liabilities assumed in the form of carry consideration.

10

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 2. Basis of preparation and significant accounting policies

2.1 Bases of preparation and presentation of the financial statements

The unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020, and for the nine-month periods ended September 30, 2021 and 2020 were prepared in agreement with the International Accounting Standard ("IAS") No. 34 - "Interim Financial Reporting". The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of September 30, 2021, and the results of operations for the nine-month period ended September 30, 2021. Therefore, these interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the Company's annual consolidated financial statements as of December 31, 2020.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing our consolidated financial statements as of December 31, 2020, except for the adoption of new standards and interpretations effective as of January 1, 2021; and the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US dollars ("US") and are rounded to the nearest thousand (US 000), unless otherwise stated.

2.2 New accounting standards, amendments and interpretations issued by the IASB adopted by the Company

The Company did not opt for the early adoption of any other standard, interpretation or amendment that has been issued but is not yet effective.

Amendments to IFRS 7, IFRS 9, IFRS 16 and IAS 39: Interest Rate Benchmark Reform

The amendments provide temporary reliefs which address the financial reporting effects when an Interbank Offered Rate ("IBOR") is replaced with an alternative nearly risk-free interest rate ("RFR").

The amendments include the following practical expedients:

(i)	A practical expedient to require contractual changes, or changes to cash flows that are directly required by the reform, to be treated as changes to a floating interest rate, equivalent to a movement in a market rate of interest;

(ii)	Permit changes required by IBOR reform to be made to hedge designations;

(iii)

Provide temporary relief to entities from having to meet the separately identifiable requirement when an RFR instrument is designated as a hedge of a risk component.

As of September 30, 2021, the Company initiated no negotiations with banks for its borrowings at LIBOR.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Except as mentioned in Note 1.2 there were no changes in interest in Company subsidiaries during the nine-month period ended September 30, 2021.

2.4 Summary of significant accounting policies

2.4.1 Going concern

The Board oversees the Group's cash position regularly and liquidity risk throughout the year to ensure that there are sufficient funds to expected financing, operating and investing requirements. Sensitivity tests are conducted to disclose the latest expense expectations, oil and gas prices and other factors so that the Group may manage the risk.

11

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Considering the macroeconomic context, the results of operations and the Group's cash position, as of September 30, 2021, the Directors asserted, upon approving the financial statements, that the Group may reasonably be expected to fulfill its obligations in the foreseeable future. Therefore, these interim condensed consolidated financial statements were prepared on a going concern basis.

2.4.2 Impairment testing of goodwill and non-financial assets other than goodwill

Non-financial assets, including identifiable intangible assets, are tested for impairment in the lowest level at which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generated Units ("CGUs"). For this purpose, each owned or jointly operated oil and gas in 4 (four) CGUs in Argentina: (i) conventional oil and gas operating concessions; (ii) unconventional oil and gas operating concessions; (iii) conventional oil and gas non-operating concessions; (iv) unconventional oil and gas non-operating concessions. The Company also identified 2 (two) CGUs in Mexico: (i) conventional oil and gas non-operating concessions; (ii) conventional oil and gas operating concessions.

The Company conducts its annual impairment test every December or when there is an indication that the carrying amount may be impaired. Its bases the impairment test of goodwill and non-financial assets on the calculation of value in use; and reviews the relationship between the recoverable value and the carrying amount of its assets.

As of September 30, 2020, the Company recorded an impairment of 4,954. And as of September 30, 2021, the Company did not identify impairment indicators.

2.5 Regulatory framework

2.5.1 General

2.5.1.1COVID-19 pandemic

During 2020 and 2021 several measures connected with the COVID-19 pandemic were issued, entering into a preventive and mandatory social isolation. This period may continue to be extended as long as necessary, in order to mitigate the consequences of the epidemiological situation.

A-

Argentina

2.5.2 Gas market

2.5.2.1 Program to promote the injection of natural gas surplus for reduced injection companies ("RI program")

The RI program was introduced by the Secretariat of Energy ("SE") in agreement with Resolution No. 60/13 of 2013. This program created price incentives to encourage producing companies' adherence aimed at boosting natural gas production in Argentina, and Liquefied Petroleum Gas ("LPG") import fines in case of volume noncompliance. This resolution, amended by Resolutions No. 22/14 and No. 139/14, set forth a selling price ranging between 4 US/MMBTU ("Million of British Themal Unit") and 7.5 US/MMBTU according to the production possibility curve.

On July 1, 2019, through Resolution No. 358/19, the SE advised the Company of the plan for settling the receivable related to the RI program. According to such resolution, the Company's receivable as of that date would be settled with government bonds ("natural gas program bonds") denominated in US dollars to be amortized within a maximum term of 30 (thirty) instalments.

From the total bonds received by the Company, 4,140 program-related bonds were amortized during the nine-month period ended September 30, 2021. As of September 30, 2021, the Company has no outstanding credit related to the RI Program, and as of December 31, 2020, the Company's receivable related to such plan amounts to 4,012 at present value (4,140 of nominal value). See Note 16.

2.5.2.2 Promotion Plan for the Production of Argentine Natural Gas - Supply and Demand Framework 2020-2024 ("Gas Plan IV")

On November 13, 2020, through of Decree No. 892/2020, the Argentine Executive Branch approved the Gas Plan IV, declaring the promotion of natural gas production a priority and national public interest.

Through Resolution No. 317/2020 of the SE, it invited natural gas producing companies to a National Public tender for the award of a total base natural gas volume of 70 MMm3/day each year; and an additional volume for each of the winter periods.

12

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

On December 15, 2020, through Resolution No. 391/2020, the SE awarded the volumes and prices, which means the subsequent conclusion of contracts with Compañía Administradora del Mercado Mayorista Eléctrico S.A.("CAMMESA"), Integración Energética Argentina S.A. ("IEASA") and other distribution licensees or sub-distributors, for the supply of natural gas for electric power generation and for residential consumption, respectively.

The Company, through its subsidiary in Argentina, was awarded with a base volume of 0.86 MMm3/day, at an annual average price of 3.29 US/MMBTU for a period of four years, starting on January 1, 2021.

As of September 30, 2021, the Company received net amount of 1,524 and the receivable related to such plan amounts to 3,654. See Note 16.

Except as mentioned above, there have been no significant changes in the Company's regulatory framework applicable to Argentina during the period ended September 30, 2021. See Note 2.5 of the annual consolidated financial statements as of December 31, 2020 for more details.

B-

México

There have been no significant changes in the Company's regulatory framework applicable to Mexico during the period ended September 30, 2021. See Note 2.5 of the annual consolidated financial statements as of December 31, 2020, for more details.

Note 3. Segment information

The Chief Operating Decision Maker (the "CODM" or "Committee") is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit/(loss) and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts customers.

The Committee considers as a single segment the exploration and production of natural gas, LPG and crude oil (includes all upstream business), through its own activities, subsidiaries and interests in joint operations and based on the nature of business, customer portfolio and risks involved. The Company aggregated no segment as it has only one.

For the nine-month periods ended September 30, 2021 and 2020, the Company generated 99% and 1% of its revenues related to assets located in Argentina and Mexico, respectively.

The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these unaudited interim condensed consolidated financial statements.

The following chart summarizes non-current assets per country:

		As of September 30, 2021			As of December 31, 2020
Argentina			1,203,099				1,086,308
Mexico			29,421				18,468
Total non-current assets			1,232,520				1,104,776

Note 4. Revenues from contracts with customers

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Sales of goods			456,183				194,402				175,005				69,863
Total revenues from contracts with customers			456,183				194,402				175,005				69,863
Recognized at a point in time			456,183				194,402				175,005				69,863

13

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

4.1 Disaggregated revenues information from contracts with customers

Type of products		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Revenues from crude oil sales			410,972				164,135				153,908				60,438
Revenues from natural gas sales			42,057				27,362				19,687				8,609
Revenues from LPG sales			3,154				2,905				1,410				816
Type of products			456,183				194,402				175,005				69,863

Distribution channels		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Refineries			299,361				80,980				121,751				5,391
Exports			111,611				83,155				32,157				55,047
Retail natural gas distribution companies			15,615				11,310				7,811				4,222
Natural gas for electric power generation			13,413				1,278				5,183				246
Industries			13,029				14,774				6,693				4,141
Commercialization of LPG			3,154				2,905				1,410				816
Total revenue from contracts with customers			456,183				194,402				175,005				69,863

Note 5. Cost of sales

Note 5.1 Operating costs

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Fees and compensation for services			39,848				34,773				15,151				12,506
Salaries and social security			10,862				9,100				3,890				3,258
Consumption of materials and spare parts			10,629				8,145				3,400				3,514
Easements and fees			7,011				6,444				2,544				1,924
Employee benefits			3,440				2,806				1,303				966
Transport			2,205				1,503				895				526
Others			2,817				2,658				21				338
Total operating costs			76,812				65,429				27,204				23,032

Note 5.2 Crude oil stock fluctuation

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Crude oil stock at beginning of period (Note 18)			6,127				3,032				4,787				-
Less: Crude oil stock at end of period (Note 18)			(6,584	)			(598	)			(6,584	)			(598	)
Total crude oil stock fluctuation			(457	)			2,434				(1,797	)			(598	)

14

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 6. Selling expenses

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Transport			14,045				7,619				5,254				2,792
Taxes, rates and contributions			10,494				3,793				4,565				725
Tax on bank account transactions			4,469				2,154				1,725				407
Fees and compensation for services (1)			1,875				4,342				966				1,518
(Reversal) for expected credit losses			-				(22	)			(29	)			(8	)
Total selling expenses			30,883				17,886				12,481				5,434

(1)	The nine and three-month periods ended September 30,2020, includes 4,165 and 1,505 of crude storage services, respectively.

Note 7. General and administrative expenses

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Salaries and social security			9,933				7,442				3,605				2,278
Share-based payments			8,098				7,743				2,457				2,713
Employee benefits			5,599				3,934				2,110				1,595
Fees and compensation for services			4,712				5,153				1,628				1,729
Institutional promotion and advertising			1,223				965				648				334
Taxes, rates and contributions			386				510				175				173
Others			1,143				912				550				241
Total general and administrative expenses			31,094				26,659				11,173				9,063

Note 8. Exploration expenses

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Geological and geophysical expenses			437				540				153				241
Total exploration expenses			437				540				153				241

Note 9. Other operating income and expenses

Note 9.1 Other operating income

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Gain on disposal of oil and gas properties (1)			9,999				-				9,986				-
Gain from farmout agreement (Note 1.2.1)			4,525				-				-				-
Other income for services (2)			3,018				3,038				1,132				1,056
Others			266				2,193				176				324
Total other operating income			17,808				5,231				11,294				1,380

(1)	Includes: (i) 9,788 related from the transfer of the working interest in CASO; (ii) 198 related to Mexico exploratory assets transfer and; (iii) 13 related to the expiration of Sur Rio Deseado Este exploitation concession. See Note 1.2 y 28.

(2)	Services not directly related to the Company's main activity.

15

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 9.2 Other operating expenses

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Restructuring expenses (1)			(665	)			(3,037	)			(137	)			(363	)
Reorganization expenses			-				(1,102	)			-				(1,102	)
Provision for environmental remediation			(575	)			(278	)			(97	)			(211	)
Provision for contingencies			(374	)			(177	)			(304	)			(170	)
(Allowance)/Reversal provision for materials and spare parts			(283	)			366				(16	)			156
Total other operating expenses			(1,897	)			(4,228	)			(554	)			(1,690	)

(1)	The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group's structure.

Note 10. Financial results

10.1 Interest income

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Financial interests			42				803				34				37
Total interest income			42				803				34				37

10.2 Interest expenses

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Borrowing interests (Note 17.2)			(41,330	)			(33,699	)			(12,173	)			(12,979	)
Total interest expenses			(41,330	)			(33,699	)			(12,173	)			(12,979	)

10.3 Other financial results

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Amortized costs (Note 17.2)			(3,534	)			(1,973	)			(611	)			(774	)
Changes in the fair value of warrants (Note 17.4.1)			(9,278	)			16,605				(7,926	)			1,765
Net changes in foreign exchange rate			10,741				(1,078	)			1,926				2,229
Discount of assets and liabilities at present value			2,658				(2,026	)			(57	)			(1,055	)
Impairment of financial assets			-				(4,839	)			-				-
Changes in the fair value of financial assets			6,259				(170	)			(956	)			363
Interest expense on lease liabilities (Note 14)			(755	)			(1,108	)			(221	)			(312	)
Unwinding of discount on asset retirement obligation			(1,808	)			(1,963	)			(634	)			(573	)
Remeasurements in borrowing (1) (Note 17.2)			(12,019	)			-				(6,452	)			-
Others			1,555				20				2,999				(1,582	)
Total other financial results			(6,181	)			3,468				(11,932	)			61

(1)	Related to the borrowing signed in Purchasing Power Units ("UVA" by its Spanish acronym), updatable by Benchmark Stabilizing Ratio ("CER" by its Spanish acronym).

16

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 11. Profit /(Loss) per share

a) Basic

Basic profit (loss) per share is calculated by dividing the Company's profit or loss by the weighted average number of ordinary shares outstanding during the period.

b) Diluted

Diluted profit (loss) per share is calculated by dividing the Company's profit or loss by the weighted average number of ordinary shares outstanding during the period, plus the weighted average of dilutive potential ordinary shares.

Dilutive potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share.

The calculation of diluted profit (loss) per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the period, no dilution effect is booked, as diluted profit (loss) per share is equal to basic profit (loss) per share.

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Profit/(Loss) for the period, net			15,095				(88,937	)			4,732				(28,402	)
Weighted average number of ordinary shares			88,164,915				87,394,852				88,418,735				87,620,591
Basic profit/(loss) per share (in US dollars per share)			0.171				(1.018	)			0.054				(0.324	)

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Profit/(Loss) for the period, net			15,095				(88,937	)			4,732				(28,402	)
Weighted average number of ordinary shares			92,499,359				87,394,852				94,792,296				87,620,591
Diluted profit/(loss) per share (in US dollars per share)			0.163				(1.018	)			0.050				(0.324	)

As of September 30, 2021, the Company holds the following ordinary shares that, on the date of this unaudited interim condensed consolidated financial statements, are currently out of the money. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted profit/(loss) per share:

i.

21,666,667 Series A shares related to 65,000,000 Series A warrants;

ii.

9,893,333 Series A shares related to 29,680,000 warrants;

iii.

1,666,667 Series A shares related to 5,000,000 securities (Forward Purchase Agreement ("FPA") and;

iv.

3,957,518 Series A shares that will be used in the Long-Term Incentive Plan ("LTIP").

There were no other transactions involving ordinary shares or dilutive potential ordinary shares between the reporting date and the date of approval of these unaudited interim condensed consolidated financial statements.

17

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 12. Property, plant and equipment

The changes in property, plant and equipment for the period ended September 30, 2021 are as follows:

		Land and buildings			Vehicles, machinery, facilities, computer hardware and furniture and fixtures			Oil and gas properties (1)			Production wells and facilities (2)			Works in progress			Materials and spare parts			Total
Cost
Amounts as of December 31, 2020			2,456				21,831				353,076				876,663				79,556				28,851				1,362,433
Additions			251				102				-				969				194,784				30,700				226,806
Transfers			-				492				-				183,806				(160,658	)			(23,640	)			-
Disposals			-				(665	)			(499	)			(1,787	)			-				(150	)			(3,101	)
Incorporation by AFBN assets acquisition (3)			-				22				289				1,403				67,449				530				69,693
Disposals of oil and gas properties (4)			-				(313	)			(5,557	)			(5,931	)			(6,965	)			-				(18,766	)
Amounts as of September 30, 2021			2,707				21,469				347,309				1,055,123				174,166				36,291				1,637,065
Accumulated depreciation
Amounts as of December 31, 2020			(276	)			(7,466	)			(33,373	)			(319,060	)			-				-				(360,175	)
Depreciation			(13	)			(2,947	)			(16,426	)			(119,760	)			-				-				(139,146	)
Disposals			-				524				58				-				-				-				582
Disposals of oil and gas properties (4)			-				22				214				1,620				-				-				1,856
Amounts as of September 30, 2021			(289	)			(9,867	)			(49,527	)			(437,200	)			-				-				(496,883	)
Net value
Amounts as of September 30, 2021			2,418				11,602				297,782				617,923				174,166				36,291				1,140,182
Amounts as of December 31, 2020			2,180				14,365				319,703				557,603				79,556				28,851				1,002,258

(1)	Disposals are related to farmout agreement, see Note 1.2.1.

(2)	Disposals are related to the reestimation of assets retirement obligation

(3)	Non-cash additions. See Note 1.2.4.

(4)	Include 5,126 related to the Mexico exploratory assets transfer in "Work in progress" and 11,784 related to the transfer of working interest in CASO. See Note 1.2.3 and 1.2.2, respectively.

18

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 13. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the nine-month period ended September 30, 2021:

					Other intangible assets
		Goodwill			Software licenses			Exploration rights (1)			Total
Cost
Amounts as of December 31, 2020			28,484				10,605				15,359				25,964
Additions			-				1,109				14,928				16,037
Disposals (2)			(34	)			-				(14,255	)			(14,255	)
Amounts as of September 30, 2021			28,450				11,714				16,032				27,746
Accumulated amortization
Amounts as of December 31, 2020			-				(4,883	)			-				(4,883	)
Amortization			-				(2,645	)			-				(2,645	)
Amounts as of September 30, 2021			-				(7,528	)			-				(7,528	)
Net value
Amounts as of September 30, 2021			28,450				4,186				16,032				20,218
Amounts as of December 31, 2020			28,484				5,722				15,359				21,081

(1)	Additions and disposals are related to Mexico exploratory assets transfer mentioned in Note 1.2.3. This transaction did not generate cash flows.

(2)	Disposals in "Goodwill" are related to farmout agreement, see Note 1.2.1.

Note 14. Right-of-use assets and lease liabilities

The Company has lease contracts for various items of buildings, and plant and machinery, which are recognized under IFRS 16.

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., on the date when the underlying asset is available for use). Right-of-use assets are measured at cost, net of the accumulated depreciation and impairment losses, and are adjusted by the remeasurement of lease liabilities.

Unless the Company is reasonably certain that it will obtain the ownership of the leased asset at the end of the lease term, recognized right-of-use assets are depreciated under the straight-line method during the shortest of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made over the lease term. After the commencement date, of lease liabilities will be increased to reflect the accumulation of interest and will be reduced by the lease payments made. In addition, the carrying amount of lease liabilities are remeasured if there is an amendment, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.

The carrying amount of the Company's right-of-use assets and lease liabilities, as well as the changes for the period are detailed below:

		Right-of-use assets			Lease liabilities
		Buildings			Plant and machinery			Total
Amounts as of December 31, 2020			1,319				21,259				22,578				(23,681	)
Reestimation			367				588				955				(873	)
Depreciation (1)			(356	)			(3,706	)			(4,062	)			-
Payments			-				-				-				6,123
Interest expenses (2)			-				-				-				(2,153	)
Amounts as of September 30, 2021			1,330				18,141				19,471				(20,584	)

(1)	Including the depreciation of drilling services capitalized as "Works in progress" for 1,426.

(2)	The amount includes lease transfer for drilling services incurred capitalized as "Works in progress" for 1,398.

19

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

The Company applies the exemption to recognize short-term leases of machinery and equipment (i.e., leases for a term under 12 months as from the commencement date and do not contain a purchase option). The low-value asset exemption also applies to low-value office equipment items. The lease payments on short-term leases and leases of low-value assets are recognized as expenses under the straight-line method during the lease term.

Short-term and low-value leases and overhead spending were recognized in the statement of profit or loss and other comprehensive loss in the general and administrative expenses for 109, for the nine-month period ended September 30, 2021.

Note 15. Income tax

The Company calculates the income tax for the period using the tax rate that would be applicable to the expected annual profit or loss. The most significant components of the income tax expense in the statement of profit or loss and other comprehensive income of these interim condensed consolidated financial statements are:

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Income tax
Current income tax			(47,257	)			(209	)			(29,285	)			62
Deferred income tax relating to origination and reversal of temporary differences			(18,694	)			(7,113	)			(6,005	)			5,490
Income tax (expense) disclosed in the statement of profit or loss			(65,951	)			(7,322	)			(35,290	)			5,552
Deferred income tax charged to other comprehensive income			1,536				(110	)			151				(167	)
Total income tax (expenses)			(64,415	)			(7,432	)			(35,139	)			5,385

The Company's effective rate stood at 81% for the nine-month periods ended September 30, 2021. The differences between the effective and statutory rate are mainly related to: (i) change in the income tax rate (See Note 29); (ii) the depreciation of Argentine peso ("ARS") with respect to the US dollar affecting the Company's tax deductions of non-monetary assets; (iii) the application of the tax adjustment for inflation in Argentina (See Note 33.1 to the annual consolidated financial statements as of December 31, 2020 for more details).

Note 16. Trade and other receivables

		As of September 30, 2021			As of December 31, 2020
Non-current
Other receivables:
Prepayments, tax receivables and others:
Prepayments and other receivables			15,398				9,884
Value Added Tax ("VAT")			5,232				5,562
Turnover tax			957				789
Income tax			299				11,995
Minimum presumed income tax			-				1,034
		21,886				29,264
Financial assets:
Prepayments and loans to employees			236				546
		236				546
Total non-current trade and other receivables			22,122				29,810

20

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

		As of September 30, 2021			As of December 31, 2020
Current
Trade:
Oil and gas accounts receivable (net of reserves)			46,858				23,260
		46,858				23,260
Other receivables:
Prepayments, tax credits and other:
VAT			9,285				17,022
Prepaid expenses			4,620				3,228
Turnover tax			550				406
Income tax			271				254
		14,726				20,910
Financial assets:
Gas Plan IV (Note 2.5.2.2)			3,654				-
Accounts receivable from third parties			3,590				1,974
Receivables from joint operations			917				24
Advances to directors and loans to employees			740				499
LPG price stability program			180				322
RI program (Note 2.5.2.1)			-				4,012
Others			495				18
		9,576				6,849
Other receivables			24,302				27,759
Total current trade and other receivables			71,160				51,019

Due to the short-term nature of current trade and other receivables, it carrying amount is considered similar to its fair value. The fair values of non-current trade and other receivables do not differ significantly from it carrying amounts either.

In general, accounts receivable has a 15-day term for sales of oil and a 50-day term for sales of natural gas and LPG.

The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties or that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. None of the trade receivables that have been written off is subject to enforcement activities. The Company has recognized an allowance for expected credit losses of 100% against all receivables over 90 days past due because historical experience has indicated that these receivables are generally not recoverable.

As of September 30, 2021, and December 31, 2020, trade and other receivables less than 90 days past due amounted to 397 and 5,024, respectively, so no expected credit loss allowance was booked. As of September 30, 2021, no provision for expected credit losses was recorder and as of December 31, 2020 the balance of the provision was 3.

As of the date of these interim condensed consolidated financial statements, maximum exposure to credit risk its related to the carrying amount of each class of accounts receivable.

21

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 17. Financial assets and liabilities

17.1 Borrowings

		As of September 30, 2021			As of December 31, 2020
Non-current
Borrowings			443,209				349,559
Total non-current			443,209				349,559
Current
Borrowings			159,666				190,227
Total current			159,666				190,227
Total Borrowings			602,875				539,786

Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates:

		As of September 30, 2021			As of December 31, 2020
Fixed interest
Less than 1 year			106,320				113,174
1 to 2 years			112,709				105,652
2 to 5 years			210,179				134,623
More than 5 years			75,458				-
Total			504,666				353,449
Variable interest
Less than 1 year			53,346				77,053
1 to 2 years			44,863				64,352
2 to 5 years			-				44,932
Total			98,209				186,337
Total Borrowings			602,875				539,786

See Note 17.4 for information on the fair value of the borrowings.

The carrying amounts of borrowings as of September 30, 2021, is as follows:

Subsidiary

Bank

Execution date

Currency

Principal

Interest

Annual rate

Maturity date

Carrying amount

Vista Argentina

Banco Galicia, Banco Itaú Unibanco, Banco Santander Rio and Citibank NA

July, 2018

US

150,000

Variable

LIBOR + 4.5%

July, 2023

181,395

150,000

Fixed

8%

Vista Argentina

Banco BBVA

July, 2019

US

15,000

Fixed

9.4%

July, 2022

6,774

Vista Argentina

Santander International

January, 2021

US

11,700

Fixed

1.80%

January, 2026

115

(1)

Vista Argentina

Santander International

July, 2021

US

43,500

Fixed

2.05%

July, 2026

68

(1)

Vista Argentina

Bolsas y Mercados Argentinos S.A.

September, 2021

ARS

917,892

Fixed

33%

October, 2021

2,732

(2)

(1)	The carrying amount corresponds to interest and the principal amount is completely collateralized.

(2)	Net amount of 6,867 from short-term investments granted as security

22

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Moreover, Vista Argentina issued a simple non-convertible debt security, under the name "Programa de Notas" approved by the National Securities Commission in Argentina ("CNV"). The following chart shows the carrying amount of negotiable obligations ("ON"):

Subsidiary

Instrument

Execution date

Currency

Principal

Interest

Annual rate

Maturity date

Carrying amount

Vista Argentina

ON II

August, 2019

US

50,000

Fixed

8.5%

August, 2022

50,427

Vista Argentina

ON III

February, 2020

US

50,000

Fixed

3.5%

February, 2024

49,838

Vista Argentina

ON IV

August, 2020

ARS

725,650

Variable

Badlar + 1.37%

February, 2022

7,706

Vista Argentina

ON V

August, 2020

US

20,000

Fixed

0%

August, 2023

19,848

December, 2020

US

10,000

Fixed

0%

August, 2023

9,920

Vista Argentina

ON VI

December, 2020

US

10,000

Fixed

3.24%

December, 2024

9,932

Vista Argentina

ON VII

March, 2021

US

42,371

Fixed

4.25%

March, 2024

41,907

Vista Argentina

ON VIII

March, 2021

ARS (1)

3,054,537

Fixed

2.73%

September, 2024

38,677

Vista Argentina

ON IX

June, 2021

US

38,787

Fixed

4.00%

June, 2023

38,497

Vista Argentina

ON X

June, 2021

ARS (1)

3,104,063

Fixed

4.00%

March, 2025

34,894

Vista Argentina

ON XI

August, 2021

US

9,230

Fixed

3.48%

August, 2025

9,192

Vista Argentina

ON XII

August, 2021

US

100,769

Fixed

5.85%

August, 2031

100,953

(1)	Amount signed in UVA, updatable by CER. See Note 10.3.

Under the aforementioned program, Vista Argentina may list and issue debt securities for a total capital up to 800,000 or its equivalent in other currencies at any time.

23

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

17.2 Changes in liabilities arising from financing activities

Changes in the borrowings were as follows:

		As of September 30, 2021			As of December 31, 2020
Amounts at beginning of period/year			539,786				451,413
Proceeds from borrowing (1)			361,203				198,618
Borrowing interests (2) (Note 10.2)			41,330				47,923
Payment of borrowing's costs			(3,326	)			(2,259	)
Payment of borrowing's interests			(50,888	)			(43,756	)
Payment of borrowing's principal			(283,102	)			(98,761	)
Amortized costs (2) (Note 10.3)			3,534				2,811
Remeasurement in borrowing (2) (Note 10.3)			12,019				-
Changes in foreign exchange rate (2)			(17,681	)			(16,203	)
Amounts at end of period/year			602,875				539,786

(1)	As September 30, 2021, includes 358,093 of proceeds received from borrowings and 3,110 from the released of government bonds that were granted as security of previous loans, this transaction did not generated cash flows.

(2)	Transactions that do not generate cash flows.

17.3 Financial instruments by category

The following chart includes the financial instruments broken down by category:

As of September 30, 2021		Financial assets/liabilities at amortized cost			Financial assets/liabilities FVTPL			Total financial assets/liabilities
Assets
Cash and cash equivalents (Note 25)			7,755				-				7,755
Trade and other receivables (Note 16)			236				-				236
Total non-current financial assets			7,991				-				7,991
Cash, banks balances and short-term investments (Note 19)			140,725				125,005				265,730
Trade and other receivables (Note 16)			56,434				-				56,434
Total current financial assets			197,159				125,005				322,164
Liabilities
Borrowings (Note 17.1)			443,209				-				443,209
Accounts payable and accrued liabilities (Note 24)			51,839				-				51,839
Warrants (Note 17.4)			-				9,640				9,640
Lease liabilities (Note 14)			14,036				-				14,036
Total non-current financial liabilities			509,084				9,640				518,724
Borrowings (Note 17.1)			159,666				-				159,666
Accounts payable and accrued liabilities (Note 24)			134,727				-				134,727
Lease liabilities (Note 14)			6,548				-				6,548
Total current financial liabilities			300,941				-				300,941

24

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

As of December 31, 2020		Financial assets/liabilities at amortized cost			Financial assets/liabilities FVTPL			Total financial assets/liabilities
Assets
American government bonds (Note 25)			8,004				-				8,004
Trade and other receivables (Note 16)			546				-				546
Total non-current financial assets			8,550				-				8,550
Cash, banks balances and Short-term investments (Note 19)			170,851				32,096				202,947
Trade and other receivables (Note 16)			30,109				-				30,109
Total current financial assets			200,960				32,096				233,056
Liabilities
Borrowings (Note 17.1)			349,559				-				349,559
Warrants (Note 17.4)			-				362				362
Lease liabilities			17,498				-				17,498
Total non-current financial liabilities			367,057				362				367,419
Borrowings (Note 17.1)			190,227				-				190,227
Accounts payable and accrued liabilities (Note 24)			118,619				-				118,619
Lease liabilities			6,183				-				6,183
Total current financial liabilities			315,029				-				315,029

Below are income, expenses, profit or loss from each financial instrument:

For the nine-month period ended September 30, 2021:

		Financial assets/liabilities at amortized cost			Financial assets/liabilities at FVTPL			Total
Interest income (Note 10.1)			42				-				42
Interest expenses (Note 10.2)			(41,330	)			-				(41,330	)
Amortized costs (Note 10.3)			(3,534	)			-				(3,534	)
Changes in the fair value of warrants (Note 10.3)			-				(9,278	)			(9,278	)
Net changes in foreign exchange rate (Note 10.3)			10,741				-				10,741
Discount of assets and liabilities at present value (Note 10.3)			2,658				-				2,658
Changes in the fair value of financial assets (Note 10.3)			-				6,259				6,259
Interest expense on lease liabilities (Note 10.3)			(755	)			-				(755	)
Unwinding of discount on asset retirement obligation (Note 10.3)			(1,808	)			-				(1,808	)
Remeasurements in borrowing (Note 10.3)			(12,019	)			-				(12,019	)
Others (Note 10.3)			1,555				-				1,555
Total			(44,450	)			(3,019	)			(47,469	)

25

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

For the nine-month period ended September 30, 2020:

		Financial assets/ liabilities at amortized cost			Financial assets/liabilities at FVTPL			Total
Interest income (Note 10.1)			803				-				803
Interest expenses (Note 10.2)			(33,699	)			-				(33,699	)
Amortized costs (Note 10.3)			(1,973	)			-				(1,973	)
Changes in the fair value of warrants (Note 10.3)			-				16,605				16,605
Net changes in foreign exchange rate (Note 10.3)			(1,078	)			-				(1,078	)
Discount of assets and liabilities at present value (Note 10.3)			(2,026	)			-				(2,026	)
Changes in the fair value of financial assets (Note 10.3)			(4,839	)			-				(4,839	)
Impairment of financial assets (Note 10.3)			-				(170	)			(170	)
Interest expense on lease liabilities (Note 10.3)			(1,108	)			-				(1,108	)
Unwinding of discount on asset retirement obligation (Note 10.3)			(1,963	)			-				(1,963	)
Others (Note 10.3)			20				-				20
Total			(45,863	)			16,435				(29,428	)

17.4 Fair value

This note includes information on the Company's method for assessing the fair value of sits financial assets and liabilities.

17.4.1 Fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis

The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The hierarchy categorizes the inputs into three levels:

•

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

•

Level 2: data other than the quoted prices included in Level 1 that are observable for assets or liabilities, either directly (that is prices) or indirectly (that is derived from prices).

•

Level 3: data on the asset or liability that are based on non-observable market data (that is, non-observable information).

The following chart shows the Company's financial assets and liabilities measured at fair value as of September 30, 2021 and December 31, 2020:

As of September 30, 2021		Level 1			Level 2			Level 3			Total
Assets
Financial assets at fair value through profit or loss
Short term investments			125,005				-				-				125,005
Total assets			125,005				-				-				125,005
As of September 30, 2021		Level 1			Level 2			Level 3			Total
Liabilities
Financial liabilities at fair value through profit or loss
Warrants			-				-				9,640				9,640
Total liabilities			-				-				9,640				9,640

26

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

As of December 31, 2020		Level 1			Level 2			Level 3			Total
Assets
Financial assets at fair value through profit or loss
Short term investments			32,096				-				-				32,096
Total assets			32,096				-				-				32,096
As of December 31, 2020		Level 1			Level 2			Level 3			Total
Liabilities
Financial liabilities at fair value through profit or loss
Warrants			-				-				362				362
Total liabilities			-				-				362				362

The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying unaudited interim condensed consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm's length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company's specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2.

Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3.

There were no transfers between Level 1 and Level 2 from December 31, 2020 through September 30, 2021 or from December 31,2019 through December 31, 2020.

The fair value of warrants is determined using the Black & Scholes model considering the expected volatility of the Company's ordinary shares upon estimating the future volatility of Company share price. The risk-free interest rate for the expected useful life of the sponsor's warrants is based on the available return of benchmark government bonds with an equivalent remainder term upon the grant. The expected life is based on the contractual terms.

The following assumptions were used in estimating the fair value of warrants as of September 30, 2021 and December 31, 2020:

		As of September, 30, 2021		As of December 31, 2020
Annualized volatility		40.06%		40.21%
Risk free domestic interest rate		6.06%		4.34%
Risk free foreign interest rate		0.20%		0.13%
Remainder useful life in years		1.53 years		2.29 years

It is a recurring Level 3 fair value measurement. The key Level 3 inputs used by Management to assess fair value are market price and expected volatility. As of September 30, 2021: (i) should market price increase by 0.10 it would increase the obligation by about 628; (ii) should market price decrease by 0.10 it would drop the obligation by about 607; (iii) should volatility increase by 50 basis points, it would rise the obligation by about 272 and; (iv) should volatility slip by 50 basis points, it would reduce the obligation by about 273.

27

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Reconciliation of level 3 measurements at fair value:

		As of September 30, 2021			As of December 31, 2020
Warrant liability amount at beginning of period/year:			362				16,860
Loss/(Profit) changes in the fair value of warrants (Note 10.3)			9,278				(16,498	)
Amount at end of period/year			9,640				362

17.4.2 Fair value of financial assets and liabilities that are not measured at fair value (but require fair value disclosures)

Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the interim condensed consolidated financial statements approximate to its fair values, as explained in the related notes.

		Carrying amount			Fair value			Level
Liabilities
Borrowings			602,875				564,908				2
Total liabilities as of September 30, 2021			602,875				564,908

17.5 Risk management objectives and policies concerning financial instruments

17.5.1 Financial risk factors

The Company's activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk.

Financial risk management is included in the Company's global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during period-end or as of every period-end.

The Company's financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company's activities. The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2020, except for the following:

17.5.1.1 Market risk

Exchange rate risk

The Company's financial position and results of operations are sensitive to exchange rate changes between the US dollar and the ARS and other currencies. As of September 30, 2021, the Company performed foreign exchange currency hedge transactions.

Most Company sales are denominated in US dollars, or the changes in sales follow the changes in the US dollar listed price.

During the period elapsed between January 1, 2021, and September 30, 2021, and for the year ended December 31, 2020, the ARS depreciated about 17% and 41%, respectively.

The following chart shows the sensitivity to a reasonable change in the exchange rates of the ARS to the US dollar while maintaining the remainder variables constant. Impact on profit before taxes is related to changes in the fair value of monetary assets and liabilities denominated in currencies other than the US dollar, the Company's functional currency. The Company's exposure to changes in foreign exchange rates for the remainder currencies is immaterial.

28

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

		As of September 30, 2021
Changes in interest rates in Argentine pesos		+/- 6%
Effect on profit or loss		(14,282) / 14,282
Effect on equity		(14,282) / 14,282

Interest rate risk in cash flows and fair value

For the nine-month period ended September 30, 2021, the interest rate decreased by about 2 percentage points with respect to the average 40% interest rate in 2020.

The purpose of interest rate risk management is to minimize finance costs and limit the Company's exposure to interest rate increases.

Variable-rate indebtedness exposes the Company's cash flows to interest rate risk due to the potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of September 30, 2021, and December 31, 2020, about 16% and 35% of indebtedness was subject to variable interest rates. For the nine-month period ended September 30, 2021, and for the year ended December 31, 2020, the variable interest rate of loans denominated in US dollars stood at 4.86% and 5.69%, respectively, and it amounted to 38.20% and 38.81%, respectively, for loans denominated in ARS.

The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company's; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions.

In the case of fixed rates and in view of current market conditions, the Company considers that the risk of a major decrease in interest rates is low; therefore, it does not expect substantial fixed rate debt risk.

For the nine-month period ended September 30, 2021, and for the year ended December 31, 2020, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 18. Inventories

		As of September 30, 2021			As of December 31, 2020
Materials and spare parts			10,867				7,743
Crude oil stock (Note 5.2)			6,584				6,127
Total			17,451				13,870

Note 19. Cash, bank balances and short-term investments

		As of September 30, 2021			As of December 31, 2020
Money market funds			130,306				167,553
Mutual funds			121,544				30,886
Cash in banks			9,574				2,875
Government bonds			4,306				1,633
Total			265,730				202,947

For the purposes of the statement consolidated of cash flows, cash and cash equivalents include the resource available in cash at the bank and investments with a maturity less than nine-month. The following chart shows a reconciliation of the movements between cash, banks and short-term investments and cash and cash equivalents:

29

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

		As of September 30, 2021			As of December 31, 2020
Cash, banks balances and short-term investments			265,730				202,947
Less
Government bonds			(4,306	)			(1,633	)
Cash and cash equivalents			261,424				201,314

Note 20. Share Capital

During the nine-month period ended September 30, 2021, 578,314 Series A shares were issued as part of the LTIP granted to the employees of the Company, see more information in Note 34 to the annual consolidated financial statements as of December 31, 2020. Except as mentioned above, no other significant transactions occurred after December 31, 2020.

As of September 30, 2021, and December 31,2020, the Company's capital stock amounts to 88,429,600 and 87,851,286 fully subscribed and paid Series A shares with no face value, respectively, each entitled to one vote. As of September 30, 2021, and December 31, 2020, the Company's authorized capital includes 40,362,639 and 40,940,953 Series A ordinary shares held in Treasury that may be used with warrants, forward purchase agreements and LTIP.

The variable portion of capital stock is an unlimited amount according to the Company's bylaws and laws applicable, whereas the fixed amount is divided into 2 Class C shares.

Note 21. Provisions

		As of September 30, 2021			As of December 31, 2020
Non-current
Asset retirement obligation			25,362				23,349
Environmental remediation			718				560
Total non-current			26,080				23,909
		As of September 30, 2021			As of December 31, 2020
Current
Asset retirement obligation			778				584
Environmental remediation			728				1,141
Contingencies			451				359
Total current			1,957				2,084

Note 22. Salaries and social security payable

		As of September 30, 2021			As of December 31, 2020
Current
Salaries and social security contributions			4,799				4,479
Provision for gratifications and bonus			7,551				7,029
Total current			12,350				11,508

30

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 23. Other taxes and royalties payable

		As of September 30, 2021			As of December 31, 2020
Current
Royalties			6,821				4,152
Tax withholdings			1,305				843
VAT			-				46
Others			48				76
Total current			8,174				5,117

Note 24. Accounts payable and accrued liabilities

		As of September 30, 2021			As of December 31, 2020
Non-Current
Accounts payable:
Payables to partners for joint operations (1)			51,839				-
Total non-current accounts payable			51,839				-
Total non-current			51,839				-
Current
Accounts payable:
Suppliers			114,113				117,409
Total current accounts payable			114,113				117,409
Accrued liabilities:
Extraordinary fee for Gas Plan IV (Note 2.5.2.2)			472				-
Payables to partners for joint operations (1)			20,142				664
Extraordinary fee for RI program (Note 2.5.2.1)			-				546
Total current accrued liabilities			20,614				1,210
Total current			134,727				118,619

(1)	Correspond to the outstanding carry consideration mentioned in Note 1.2.4, recognized at present value.

Except for the mentioned above, due to the short-term nature of current accounts payables and accrued liabilities, their carrying amount is deemed to be the same as its fair value. The carrying amount of the non-current accrued liabilities does not differ considerably from its fair value.

Note 25. Employee benefits

The following chart summarizes net expense components and the changes in the liability for long-term employee benefits in the unaudited interim condensed consolidated financial statements:

		Period from January 1 through September 30, 2021			Period from January 1 through September 30, 2020			Period from July 1 through September 30, 2021			Period from July 1 through September 30, 2020
Cost of services			(19	)			(54	)			(8	)			(12	)
Cost of interest			(144	)			(150	)			(69	)			(49	)
Total			(163	)			(204	)			(77	)			(61	)

31

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

		As of September 30, 2021
		Present value of the obligation			Fair value of plan assets			Net liability at the end of the period
Amounts at beginning of period			(11,465	)			8,004				(3,461	)
Items classified as loss or profit
Cost of services			(19	)			-				(19	)
Cost of interest			(441	)			297				(144	)
Items classified in other comprehensive income
Actuarial (loss)			(2,855	)			(195	)			(3,050	)
Benefit payments			686				(686	)			-
Payment of contributions			-				335				335
Amounts at end of period			(14,094	)			7,755				(6,339	)

The fair value of plan assets as of every period/year end per category, is as follows:

		As of September 30, 2021			As of December 31, 2020
Cash and cash equivalents			7,755				-
American government bonds			-				8,004
Total			7,755				8,004

Note 23 to the Company's annual consolidated financial statements as of December 31, 2020, provides more information on employee defined benefit plans.

Note 26. Related parties transactions and balances

As of September 30, 2021, and December 31, 2020, the Company has no balances with related parties or relevant transactions to be disclosed other than those included in Note 27 of the annual consolidated financial statements as of December 31, 2020.

Note 2.3 to the Company's annual consolidated financial statements as of December 31, 2020, provide information on the Group's structure, including information on Company subsidiaries.

Note 27. Commitments and contingencies

There were no significant changes in commitments and contingencies during the nine-month period ended September 30, 2021. For a description on the Company's contingency commitments and investment related to its oil and gas properties, see Notes 29 and 30 to the annual consolidated financial statements as of December 31, 2020.

Note 28. Operations in hydrocarbon consortiums

28.1. Sur Rio Deseado Este

On March 21, 2021 the Sur Rio Deseado Este exploitation concession expired, and Vista Argentina decided not to request the 10-year extension filed by Alianza Petrolera Argentina S.A to the enforcement authority, in its capacity as co-owner and operator of the concession. As of the date of these interim condensed consolidated financial statements Vista Argentina does no longer have a working interest of 16.94%; and the result of the disposal of assets and liabilities was recorded in "Other operating income" under "Gain on disposal of oil and gas properties" (See Note 9.1).

28.2. Aguila Mora

On July 8, 2021, the Province of Neuquén approved an amendment in the investment commitment in Águila Mora concession, as follow: drilling and completion of 2 (two) new horizontal wells; the completion of 1 (one) well with its associated facilities until November 28, 2022, for an estimated cost of 32,750.

32

VISTA OIL & GAS, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2021 and December 31, 2020 and for the nine-month periods ended September 30, 2021 and 2020

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Except as mentioned in Note 1.2 and above, there were no significant changes to operations in hydrocarbon consortiums during the nine-month period ended September 30, 2021. See Note 30 to the annual consolidated financial statements as of December 31, 2020 for more details about operations in hydrocarbon consortiums.

Nota 29. Tax framework

A.

Argentina

On June 16, 2021 the Argentine Government enacted Law No. 27,630 that amended the corporate income tax rate for fiscal years beginning on January 1, 2021. This law sets forth the application of a gradual corporate rate scheme based on the level of accumulated taxable net profit. Based on Management estimates, as of the date of these interim condensed consolidated financial statements, the applicable corporate income tax rate stands at 35%.

Dividends or profits distributed to beneficiaries residing abroad will be subject to 7% withholding tax. (See Note 33.1 to the annual consolidated financial statements as of December 31, 2020 for more details).

Note 30. Subsequent events

The Company assessed events subsequent to September 30, 2021, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through October 26, 2021, date in which these financial statements were made available for issue.

•

On October 6, 2021, in conection with Decree No. 913/21 - Hydrocarbon Reactivation Program, issued on June 16, 2021 by Province of Neuquen, Vista Argentina was committed to invest 1,160 in the Coiron Amargo Norte concession, to be used in the reactivation, investment and increase of de conventional hydrocarbon production.

•

On October 14, 2021, Vista Argentina paid interest corresponding to the Santander International loan for a total amount of 233.

There are no other events or transactions between the closing date and the date of issuance of these unaudited interim condensed consolidated financial statements that could significantly affect the Company's financial position or profit or loss.

33