Vista Energy B de C : Interim Consolidated Financial Statements Q1 2024

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

Unaudited interim condensed consolidated financial statements as of March 31, 2024 and

December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023

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

Unaudited interim condensed consolidated financial statements as of March 31, 2024 and December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023

TABLE OF CONTENTS

• Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2024 and 2023
• Unaudited interim condensed consolidated statements of financial position as of March 31, 2024 and December 31, 2023
• Unaudited interim condensed consolidated statements of changes in equity for the three-month periods ended March 31, 2024 and 2023
• Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2024 and 2023
• Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2024 and December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023

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

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

			Period from		Period from
	Notes		January 1,		January 1,
		through March 31,		through March 31,
			2024		2023
Revenue from contracts with customers	4	317,352	317,190
Cost of sales:
Operating costs	5.1	(21,618)	(30,144)
Crude oil stock fluctuation	5.2	1,209	(4,722)
Depreciation, depletion and amortization	12/13/14	(82,373)	(64,372)
Royalties and others	5.3	(44,782)	(48,972)
Other non-cash costs related to the transfer of conventional		(9,105)	(3,233)
assets
Gross profit			160,683		165,747
Selling expenses	6	(18,839)	(16,717)
General and administrative expenses	7	(22,110)	(17,011)
Exploration expenses	8	(31)	(222)
Other operating income	9.1	9,497	95,315
Other operating expenses	9.2		(115)		(963)
Operating profit			129,085		226,149
Interest income	10.1	481	287
Interest expense	10.2	(4,897)	(6,137)
Other financial income (expense)	10.3		(22,630)		(14,315)
Financial income (expense), net			(27,046)		(20,165)
Profit before income tax			102,039		205,984
Current income tax (expense)	15	(63,789)	(47,568)
Deferred income tax benefit (expense)	15		40,401		(29,682)
Income tax (expense)			(23,388)		(77,250)
Profit for the period, net		78,651	128,734
Other comprehensive income
Other comprehensive income that shall not be reclassified to
profit (loss) in subsequent periods
- Profit from actuarial remeasurement related to employee	25	49	109
benefits
- Deferred income tax (expense)	15		(17)		(38)
Other comprehensive income that shall not be reclassified to		32	71
profit in subsequent periods, net of taxes
Total comprehensive profit for the period		78,683	128,805
Earnings per share
Basic (in US Dollars per share)	11	0.819	1.431
Diluted (in US Dollars per share)	11	0.792	1.315

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statements of financial position as of March 31, 2024 and December 31, 2023

(Amounts expressed in thousands of US Dollars)

	Notes		As of March 31, 2024		As of December 31, 2023
Assets
Noncurrent assets
Property, plant and equipment	12	2,091,011	1,927,759
Goodwill	13	22,576	22,576
Other intangible assets	13	9,487	10,026
Right-of-use assets	14	55,336	61,025
Investments in associates		8,491	8,619
Trade and other receivables	16	143,129	136,351
Deferred income tax assets			5,743		5,743
Total noncurrent assets		2,335,773	2,172,099
Current assets
Inventories	18	5,404	7,549
Trade and other receivables	16	302,849	205,102
Cash, bank balances and other short-term investments	19		151,653		213,253
Total current assets			459,906		425,904
Total assets		2,795,679	2,598,003
Equity and liabilities
Equity
Capital stock	20.1	517,874	517,874
Other equity instruments		32,144	32,144
Legal reserve		8,233	8,233
Share-based payments		21,574	42,476
Share repurchase reserve		79,324	79,324
Other accumulated comprehensive income (losses)		(4,395)	(4,427)
Accumulated profit (losses)			650,042		571,391
Total equity		1,304,796	1,247,015
Liabilities
Noncurrent liabilities
Deferred income tax liabilities		342,744	383,128
Lease liabilities	14	33,655	35,600
Provisions	21	13,796	12,339
Borrowings	17.1	576,282	554,832
Employee benefits	25		5,678		5,703
Total noncurrent liabilities		972,155	991,602
Current liabilities
Provisions	21	4,118	4,133
Lease liabilities	14	30,194	34,868
Borrowings	17.1	89,774	61,223
Salaries and payroll taxes	22	10,123	17,555
Income tax liability		51,451	3
Other taxes and royalties	23	35,433	36,549
Trade and other payables	24		297,635		205,055
Total current liabilities			518,728		359,386
Total liabilities			1,490,883		1,350,988
Total equity and liabilities			2,795,679		2,598,003

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statement of changes in equity for the three-month period ended March 31, 2024

(Amounts expressed in thousands of US Dollars)

					Share	Other
	Capital	Other equity	Legal	Share-based	accumulated	Accumulated
	repurchase	Total equity
	stock	instruments	reserve	payments	comprehensive	profit (losses)
					reserve	income (losses)
Amounts as of December 31, 2023	517,874	32,144	8,233	42,476	79,324	(4,427)	571,391	1,247,015
Profit for the period	-	-	-	-	-	-	78,651	78,651
Other comprehensive income for the period	-	-	-	-	-	32	-	32
Total comprehensive income	-	-	-	-	-	32	78,651	78,683
Share-based payments	-	-	-	(20,902)(1)	-	-	-	(20,902)
Amounts as of March 31, 2024	517,874	32,144	8,233	21,574	79,324	(4,395)	650,042	1,304,796

1. Including 6,643 share-based payments (Note 7), net of tax charges.

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statement of changes in equity for the three-month period ended March 31, 2023

(Amounts expressed in thousands of US Dollars)

						Share	Other
	Capital	Other equity	Legal	Share-based		accumulated	Accumulated
		repurchase	Total equity
	stock	instruments	reserve	payments		comprehensive profit (losses)
						reserve	income (losses)
Amounts as of December 31, 2022	517,873	32,144	2,603	40,744		49,465	(8,694)	209,925	844,060
Profit for the period	-	-	-	-		-	-	128,734	128,734
Other comprehensive income for the period	-	-	-	-		-	71	-	71
Total comprehensive income	-	-	-	-		-	71	128,734	128,805
Share-based payments	1	-	-	(4,816)	(1)	-	-	-	(4,815)
Amounts as of March 31, 2023	517,874	32,144	2,603	35,928		49,465	(8,623)	338,659	968,050

1. Including 5,039 share-based payments (Note 7), net of tax charges.

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2024 and 2023

(Amounts expressed in thousands of US Dollars)
			Period from		Period from
			January 1,		January 1,
	Notes		through		through
			March 31,		March 31,
		2024	2023
Cash flows from operating activities:
Profit for the period, net		78,651	128,734
Adjustments to reconcile net cash flows
Items related to operating activities:
Other non-cash costs related to the transfer of conventional assets		9,105	3,233
Share-based payments	7	6,643	5,039
Net increase (decrease) in provisions	9.2	115	(567)
Net changes in foreign exchange rate	10.3	12,288	(6,570)
Discount for well plugging and abandonment	10.3	254	499
Interest expense on lease liabilities	10.3	858	388
Discount of assets and liabilities at present value	10.3	(371)	709
Income tax expense	15	23,388	77,250
Employee benefits	25	81	153
Items related to investing activities:
Gain related to the transfer of conventional assets	9.1	-	(89,659)
Gain from farmout agreement	9.1	-	(5,656)
Interest income	10.1	(481)	(287)
Changes in the fair value of financial assets	10.3	8,635	3,202
Depreciation and depletion	12/14	81,085	63,434
Amortization of intangible assets	13	1,288	938
Items related to financing activities:
Interest expense	10.2	4,897	6,137
Amortized cost	10.3	317	364
Remeasurement in borrowings	10.3	-	13,690
Other financial income (expense)	10.3	649	2,033
Changes in working capital:
Trade and other receivables		(116,534)	(12,854)
Inventories	5.2	(1,209)	4,722
Trade and other payables		(3,854)	4,082
Payments of employee benefits	25	(57)	(75)
Salaries and payroll taxes		(34,899)	(25,892)
Other taxes and royalties		(8,747)	(12,018)
Provisions		(94)	(529)
Income tax payment			(8,763)		(1,737)
Net cash flows provided by operating activities			53,245		158,763

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

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

			Period from		Period from
			January 1,		January 1,
	Notes		through		through
			March 31,		March 31,
		2024	2023
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment		(147,654)	(132,948)
Payments for the acquisition of AFBN assets		-	(6,250)
Payments for acquisitions of other intangible assets	13	(749)	(840)
Proceedsfrom (payments for) acquisitions of investments in associates		128	(532)
Proceeds from farmout agreement	9.1	-	6,250
Proceeds from the transfer of conventional assets		10,734	10,000
Interest received	10.1		481		287
Net cash flows (used in) investing activities		(137,060)	(124,033)
Cash flows from financing activities:
Proceeds from borrowings	17.2	95,876	135,000
Payment of borrowings cost	17.2	(357)	(728)
Payment of borrowings principal	17.2	(45,000)	(22,500)
Payment of borrowings interest	17.2	(5,678)	(7,877)
Payment of lease	14	(11,011)	(9,894)
Payments of other financial expense	10.3		(933)		(2,033)
Net cash flow provided by financing activities			32,897		91,968
Net (decrease) increase in cash and cash equivalents		(50,918)	126,698
Cash and cash equivalents at beginning of the period	19	209,516	241,956
Effect of exposure to changes in the foreign currency rate and other financial results		(13,836)	(20,989)
of cash and cash equivalents
Net (decrease) increase in cash and cash equivalents			(50,918)		126,698
Cash and cash equivalents at end of the period	19	144,762	347,665
Significant transactions that generated no cash flows
Acquisition of property, plant and equipment through increase in trade and other		235,096	160,965
payables
Changes in well plugging and abandonment with an impact in property, plant and	12	1,601	(2,904)
equipment

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2024 and December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023

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

Note 1. Group information

1.1 Company general information, structure and activities

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

It is listed on the New York Stock Exchange ("NYSE") under ticker symbol "VIST" as from July 26, 2019.

On April 26, 2022, Vista Oil & Gas, S.A.B. de C.V. changed the Company's corporate name to "Vista Energy, S.A.B. de C.V.".

Its main office is located in the City of Mexico, Mexico, at Pedregal 24, floor 4, Colonia Molino del Rey, Alcaldía Miguel Hidalgo, zip code 11040.

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 April 24, 2024.

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, 2023.

Note 2. Basis of preparation and material accounting policies

2.1 Bases of preparation and presentation

The unaudited interim condensed consolidated financial statements as of March 31, 2024 and December 31, 2023, and for the three-month periods ended March 31, 2024 and 2023 were prepared in accordance with the International Accounting Standard ("IAS") 34 - "Interim Financial Reporting", issued by the International Accounting Standards Board ("IASB"). 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 March 31, 2024, and the results of operations for the three-month period ended March 31, 2024. 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 annual consolidated financial statements as of December 31, 2023.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company's consolidated financial statements as of December 31, 2023, except for 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 ("USD") and are rounded to the nearest thousand, unless otherwise stated.

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

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. There were no changes in interest in Company subsidiaries during the three-month period ended March 31, 2024.

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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2024 and December 31, 2023 and for the three-month periods ended March 31, 2024 and 2023

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

2.4 Summary of material accounting policies

2.4.1 Impairment testing of goodwill and nonfinancial assets other than goodwill

Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generating Units ("CGUs").

As of March 31, 2024, and December 31, 2023, the Company identified 2 (two) CGUs in Argentina: (i) operated exploitation concessions of unconventional oil and gas exploration and production; and (ii) non-operating concessions of conventional oil and gas exploration and production.

The Company also identified only 1 (one) CGUs in Mexico: (i) operated exploitation concessions of conventional oil and gas exploration and production, as of March 31, 2024, and December 31, 2023.

The Company conducts its impairment test of nonfinancial assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.

As of March 31, 2024, the Company did not identify indications of impairment or reversal of impairment related with goodwill and nonfinancial assets other than goodwill.

2.5 Regulatory framework A- Argentina

2.5.1 General

2.5.1.1 Exports Increase Program

For the three-month period ended March 31, 2024, the Company recognized 7,441 in "Other operating income" under "Gain from Exports Increase Program" (Note 9.1).

2.5.2 Gas market

2.5.2.1 Argentine promotion plan to stimulate natural gas production: 2020-2024 supply and demand system ("Gas IV Plan")

For the three-month period ended March 31, 2024 and 2023, the Company received a net amount of 326 and 1,340, respectively.

As of March 31, 2024, and December 31, 2023, the receivables related to such plan stand at 1,847 and 1,245, respectively (Note 16).

Other than mentioned above, there have been no significant changes in Argentina's regulatory framework for the three-month period ended March 31, 2024 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2023).

B- Mexico

There have been no significant changes in Mexico's regulatory framework during the three-month period ended March 31, 2024 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2023).

2.6 Comparative Information

As of December 31, 2023 the Company has made a change in the "Export Duties" presentation in the "Royalties and others" (Note 5.3), which was previously included in "Revenues from contract with customers".

The comparative information for the three-month period ended March 31, 2023, has been reclassified to ensure consistent filing with the unaudited interim condensed consolidated financial statements as of March 31, 2024.

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