Vista Energy B de C : First Quarter 2022 Earnings Webcast April 28, 2022 - Form 6-K

First Quarter 2022 Earnings Webcast April 28, 2022

About projections and forward-looking statements Additional information about Vista Oil & Gas, 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.vistaoilandgas.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. rounded Roundingfigures, amounts but and on percentages: the basis of such Certain amounts amounts prior and topercentages rounding. For included this reason, in this certain presentation percentage haveamounts been rounded in thisfor presentation ease of presentation. may vary from Percentage those obtained figures included by performing in this presentation the same calculations have not in using all cases the figures been calculated in the financial on the statements. basis of such In This addition, presentation certain other contains amounts certain that metrics appear that in this do presentation not have standardized may not sum meanings due toor rounding. 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 presentation 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 Thisdate presentation of this presentation includes "forward-looking and are subject to statements" verification,concerning completionthe andfuture. change The without words notice. such as "believes," "thinks," "forecasts," "expects," "anticipates," "intends," "should," "seeks," "estimates," "future" or similar expressions are included with the intention estimates of on identifying which forward-looking statements about statements the future. areFor based theare avoidance believedof by doubt, our management any projection, to be guidance reasonable or similar and based estimation on the about best currently the future available or future information, results, performance such forward-looking or achievements statements is a forward-looking are based onstatement. assumptions Although that arethe inherently assumptions subject and 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 - including Vista's anticipated performance and guidance for 2022 included in slide No. 10 of this presentation - are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date Exchange whenAct. made These or to expectations reflect the occurrence and projections of future are subject events in tothe significant event that known any or and allunknown of the assumptions risks and uncertainties underlying the which projections may cause are our shown actual to be results, in error. performance We may oror may achievements, not refer back orto industry these projections results, to be in our materially future different periodic reports from any filed expected under the 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 business forward-looking conditions statements, in Argentina, including, Mexico among and in other other things: countries uncertainties in whichrelating we operate; to future changes government in law, rules, concessions regulations and exploration and interpretations permits; adverse and enforcements outcomes in thereto litigation applicable that may toarise the Argentine in the future; andgeneral Mexican political, energyeconomic, sectors, including social, demographic changes toand the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; uncertainties relating to the effects of the Covid-19 outbreak; 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; employees; changes the ability in the of our regulation directors ofand theofficers energy to and identify oil andan gas adequate sector in number Argentina of potential and Mexico, acquisition and throughout opportunities; Latinour America; expectations our relationship with respect with to our the employees performance and of our ourability recently to retain acquired key businesses; members of our our expectations senior management for futureand production, key technical costs and crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions. or Forward-looking other factors. In statements light of these speak limitations, only as of undue the date reliance on which should they notwere be placed made, on and forward-looking we undertakestatements no obligation contained to release inpublicly this presentation. any updates Further or revisions information to anyconcerning forward-looking risks and statements uncertainties contained associated herein with because theseof forward-looking new information, statements future events 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.

Robust performance across all key operational and financial metrics Q1 2022 highlights: 43.9 Mboe/d 127.1 $MM +29% y-o-y +118% y-o-y Production (1) Adj. EBITDA (3) 35.6 Mbbl/d 80.6 $MM +35% y-o-y +3% y-o-y Oil Production CAPEX (4) 207.9 $MM 33.0 $MM +79% y-o-y Revenues Free Cash Flow (5) 7.8 $/boe 39.1 $MM +3% y-o-y +463% y-o-y Lifting Cost (2) Adj. Net Income (6) (1) Includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in + Other adjustments operations (4)Property, plant and equipment additions. (2) Lifting cost includes production, transportation, treatment and field support services; excludes crude (5) Free cash flow is calculated as Cash flow generated by operating activities (112.9 $MM) minus Cash Adj. stock EBITDA fluctuations, = Net (loss) depreciation, / profit for royalties, the period direct + Income taxes, commercial, tax (expense) exploration / benefit and Financial G&A costs results, flow used in Investing activities (169.9 profit/loss $MM) + and Deferred adding Income back payment Tax + Changes to Wintershall in the fair (90 value $MM) of (3) + (6) Adjusted net income/loss = Net net + Depreciation + Restructuring and Reorganization expenses + Impairment of long-lived assets warrants + Impairment of long-lived assets

Bajada del Palo Oeste continues to drive production growth TOTAL PRODUCTION (1) OIL PRODUCTION NATURAL GAS PRODUCTION Mboe/d Mbbl/d MMm3/d +29% +35% +9% +7% +10% (4)% 43.9 35.6 41.1 32.4 34.1 1.14 1.29 1.24 26.4 Q1-21Q4-21Q1-22Q1-21Q4-21Q1-22Q1-21Q4-21Q1-22 Strong performance of 4-well pads #9 and #10, tied-in in late September and late December, respectively, and producing in line with type curve Gas production y-o-y increase driven by associated gas in Bajada del Palo Oeste Bajada del Palo Oeste shale production represents 70% of total oil production (1) LPG production in Q1 2022 totaled 452 boe/d, compared to 524 boe/d in Q4 2021 and 435 boe/d in Q1 2021

Successful results in first 2 wells drilled in Bajada del Palo Este Pads tied-in BPO to date Pads tied-in BPE to date Pads to be tied-in in BPO in 2022 Pads to be tied-in in BPE in 2022 (Tentative locations) Note: Size and Contour location lines of numbers pads is approximate denote API degrees Bajada del Palo Oeste Bajada del Palo Este Wells and BPE-2103h BPE-2101h â-ª Completed and tied-in2-well pad #11, our first two wells in Bajada del Palo Este â-ª Average peak production was more than 2,400 boe/d per well â-ª Average lateral length was 2,224 meters with an average of 46 completion stages per well. Landed both wells in La Cocina â-ª First step of 5-well pilot program and 51.9 $MM investment commitment with the Neuquén Province Operational Update: â-ª Finished drilling pads #12 and #13 in Bajada del Palo Oeste, to be completed during Q2-22 â-ª On track to deliver 24 tie-ins by year-end as per guidance

Strong y-o-y revenue growth, driven by both volume and prices REVENUES AVERAGE CRUDE OIL PRICE AVERAGE NATURAL GAS PRICE $MM $/bbl $/MMBtu +79% +41% +48% +6% +6% +11% 207.9 196.0 64.1 60.6 3.0 2.7 45.5 115.9 2.0 Q1-21Q4-21Q1-22Q1-21Q4-21Q1-22Q1-21Q4-21Q1-22 Strong increase y-o-y, driven by 35% boost in oil production and 41% improvement in realized oil prices Exported 988 Mbbl of crude oil, 33% of total oil sales volumes Already sold 100% of April and May volumes Robust y-o-y price increase driven by Plan Gas summer prices of 2.7 $/MMBtu (69% of volumes) and industrial clients (2.7$/MMBtu, 21% of volumes) Exported 10% of volumes to Chile at 5.9 $/MMBtu, driving 10% q-o-q increase of gas prices

Lifting cost performance in line with guidance LIFTING COST (1) LIFTING COST PER BOE (1) $MM $/boe +33% +3% 30.3 30.8 8.0 7.8 7.5 23.1 41.1 43.9 34.1 Q1-21Q4-21(2)Q1-22Q1-21Q4-21 (2) Q1-22 Lifting cost per boe Total production (Mboe/d) Incremental production from Bajada del Palo Oeste continues to absorb our fixed cost base Y-o-y increase in lifting cost per boe driven by consolidation of Aguada Federal and Bandurria Norte (2.0 $MM and 0.5 $/boe during Q1-22) Started execution of lifting cost optimization in Aguada Federal and Bandurria Norte, achieving a 58% reduction from 2.4 $MM at 50% WI in Q4-21 to 2.0 $MM at 100% WI in Q1-22 (1) Lifting cost includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, royalties, direct taxes, commercial, exploration and G&A costs (2) Includes 50% non-operated WI in Aguada Federal and Bandurria Norte which adds 2.4 $MM and 0.5 $/boe to lifting cost in Q4-21

More than doubled Adjusted EBITDA y-o-y ADJ. EBITDA (1) ADJ. EBITDA MARGIN NETBACK (2) $MM % $/boe +118% +11p.p. +69% +9% +4% +2p.p 127.1 61% 30.8 32.2 116.5 59% 50% 19.0 64.1 58.3 60.6 51.9 52.6 37.8 45.5 Q1-21Q4-21Q1-22Q1-21Q4-21Q1-22Q1-21Q4-21Q1-22 Adj. EBITDA margin Realized crude oil price ($/bbl) Netback Revenues per boe (3) Adj. EBITDA y-o-y increase driven by strong revenue growth amid flat lifting costs Netback increased 69% y-o-y, driven by higher realized prices and an increase in oil mix, with stable costs per boe (1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments (2) Netback = Adj. EBITDA (in $MM) divided by total production (in MMboe) (3) Revenues per boe = Total revenues (in $MM) divided by total production (in MMboe)

Free cash flow generation with gross debt reduction Q1 2022 CASH FLOW EVOLUTION (1) 79.9 90.0 payment to Wintershall Beginning of period Operating activities Investing activities Financing activities End of period cash position cash flow cash flow cash flow (2) cash position FREE CASH FLOW (3) $MM 62.8 33.0 (43.4) Q1-21Q4-21Q1-22 NET LEVERAGE RATIO x LTM Adj. EBITDA (73)% 3.0x 0.8x 0.8x Q1-21Q4-21Q1-22 Free cash flow showing strong y-o-y improvement driven by Adj. EBITDA generation, with a reduction q-o-q mainly driven by an increase in working capital Executed gross debt reduction in line with 2022 guidance, from 611 $MM at Q4-21 to 576 $MM at Q1-22 Maintained healthy net leverage ratio below 1x LTM Adj. EBITDA (1) Cash is defined as Cash and cash equivalents (2) For the purpose of this graph, cash flow generated by financing activities is the sum of: (i) cash flow generated by financing activities for (47.8) $MM; (ii) effects of exchange rate changes on the balance of cash held in foreign currencies for (2.0) $MM; and (iii) the variation in Government bonds for (0.2) $MM (3) Free cash flow is calculated as Cash flow generated by operating activities (112.9 $MM) minus Cash flow used in Investing activities (169.9 $MM) and adding back payment to Wintershall (90 $MM)

On track to deliver results ahead of 2022 guidance (1) SHALE OIL WELLS P PRODUCTION P LIFTING COST (2) P 24 wells 46.0 - 47.0 7.5 tied-in Mboe/d $/boe 2 wells already tied-in in BPE, in Total production was 43.9 Mboe/d Lifting cost was 7.8 $/boe in Q1-22, line with plan in Q1-22, in line with plan, which in line with plan will take our 2022 production exit Execution of cost-saving initiatives rate above 50 Mboe/d in Aguada Federal and Bandurria Norte on track ADJ. EBITDA (3) P CAPEX P GROSS DEBT (4) P $MM +50 $MM 400 575 625 $MM $MM 550-575 CAPEX of 80.6 $MM in Q1-22, in Year-end target achieved in Q1-22, line with plan with a gross debt reduction of 35 $MM for the quarter Updating guidance to reflect higher realized oil prices (1) See "About projections and forward-looking statements" on slide 2 (2) Lifting cost includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, royalties, direct taxes, commercial, exploration and G&A costs (3) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments (4) Excludes accrued interest

Closing remarks Timely executing our decarbonization projects to achieve our sustainability goals Solid performance in Bajada del Palo Oeste, with exciting results in de-risking Bajada del Palo Este Robust bottom-line performance, with further upside driven by higher realization oil prices Initiation of first share buy-back program, underpinning our shareholder return proposition

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