Vista Energy B de C : Results of the Third Quarter of 2023 - Form 6-K

Vista Results of the Third Quarter of 2023

October 24, 2023, Mexico City, Mexico

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

Q3 2023 highlights:

•

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

•

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

•

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

•

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

•

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

•

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

•

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

•

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

Page 2

•

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

(1)

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

Page 3

Vista Q3 2023 results

Production

Total average net daily production

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

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

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

Page 4

Q3 2023 Average net daily production by asset

		Target			Interest			Oil (bbl/d)			Natural Gas (MMm3/d)			NGL (boe/d)			Total (boe/d)			% Total daily average
Total WI production per concession					41,490				1.22				304				49,450				100	%
Bajada del Palo Oeste			Shale				100	%			24,792				0.66				88				29,000				59	%
Aguada Federal			Shale				100	%			5,119				0.10				8				5,736				12	%
Bajada del Palo Este			Shale				100	%			5,034				0.04				11				5,291				11	%
Águila Mora			Shale				90	%			2,245				0.06				-				2,623				5	%
Bandurria Norte			Shale				100	%			-				-				-				-				-
Bajada del Palo Oeste			Conventional				100	%			363				0.14				-				1,235				2	%
Bajada del Palo Este			Conventional				100	%			281				0.03				28				516				1	%
Coirón Amargo Norte			Conventional				84.6	%			128				0.00				-				133				0	%
CS-01 (México)			Conventional				100	%			714				0.01				-				777				2	%
Total operated production					38,677				1.03				134				45,311				92	%
Entre Lomas (1)			Conventional				-				1,160				0.10				162				1,940				4	%
Jagüel de los Machos (1)			Conventional				-				733				0.03				-				952				2	%
25 de Mayo-Medanito (1)			Conventional				-				806				0.01				-				882				2	%
Agua Amarga (1)			Conventional				-				97				0.02				8				203				0	%
Acambuco			Conventional				1.5	%			17				0.02				-				163				0	%
Total non-operated production					2,813				0.18				170				4,139				8	%
Total shale production					37,190				0.85				106				42,650				86	%
Total conventional production					4,299				0.37				198				6,800				14	%

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

Revenues

Total revenues per product

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

Page 5

Average realized prices per product

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

Total sales volumes per product

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

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

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

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

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

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

Page 6

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

Lifting Cost

		Q3-23			Q2-23			Q3-22			p y/y			p q/q
Lifting Cost ($MM)			21.9				20.3				34.8				(37	)%			8	%
Lifting cost ($/boe)			4.8				4.8				7.5				(35	)%			0	%

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

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Adjusted EBITDA

Adjusted EBITDA reconciliation ($MM)		Q3-23			Q2-23			Q3-22			p y			p q
Net profit for the period			83.1				52.2				76.7				6.4				30.9
(+) Income tax (expense) / benefit			30.6				6.0				54.2				(23.6	)			24.6
(+) Financial results, net			31.9				25.0				35.9				(4.0	)			6.9
Operating profit			145.6				83.2				166.8				(21.1	)			62.5
(+) Depreciation, depletion and amortization			70.6				62.4				66.9				3.7				8.2
(+) Restructuring and Reorganization expenses and other adjustments			-				0.0				-				0.0				(0.0	)
(+) Impairment of long-lived assets			-				-				-				0.0				0.0
(+) Gain related to the transfer of conventional assets			-				-				-				0.0				0.0
(+) Other non-cash costs related to the transfer of conventional assets			10.2				6.2				-				10.2				4.0
Adjusted EBITDA (1)			226.4				151.8				233.7				(7.3	)			74.6
Adjusted EBITDA Margin (%)			78	%			66	%			70	%			+8p.p.				+12p.p.

(1)

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

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

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Adjusted Net Income

Adjusted Net Income reconciliation ($MM)		Q3-23			Q2-23			Q3-22			p y			p q
Net profit for the period			83.1				52.2				76.7				6.4				30.9
Adjustments:
(+) Deferred Income tax			29.3				(1.0	)			(14.3	)			43.5				30.3
(+) Changes in the fair value of Warrants			-				-				17.0				(17.0	)			-
(+) Impairment			-				-				-				-				-
(+) Gain related to the transfer of conventional assets			-				-				-				-				-
(+) Other non-cash costs related to the transfer of conventional assets			10.2				6.2				-				10.2				4.0
Adjustments to Net Income			39.4				5.2				2.7				36.7				34.3
Adjusted Net Income			122.5				57.3				79.4				43.1				65.2
Adjusted EPS ($/share) (3)			1.29				0.61				0.92				0.4				0.7

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

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

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

Capex

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

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Financial overview

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

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

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

(1)

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

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Outstanding bonds

Instrument (1)

Issue date

Maturity

Gross proceeds ($MM)

Type

Interest rate (%)

Currency

Market

ON class III

02/21/20

02/21/24

9.5

Bullet at maturity

3.50%

USD

BCBA Argentina

ON class VI

12/04/20

12/04/24

10.0

Bullet at maturity

3.24%

ARS in USD-linked

BCBA Argentina

ON class VIII (2)

03/10/21

09/10/24

33.5

Bullet at maturity

2.73%

ARS

BCBA Argentina

ON class X (3)

06/18/21

03/18/25

32.6

Bullet at maturity

4.00%

ARS

BCBA Argentina

ON class XI

08/27/21

08/27/25

9.2

Bullet at maturity

3.48%

ARS in USD-linked

BCBA Argentina

ON class XII

08/27/21

08/27/31

100.8

Amortizing (4)

5.85%

ARS in USD-linked

BCBA Argentina

ON class XIII

06/16/22

08/08/24

43.5

Bullet at maturity

6.00%

USD

BCBA Argentina

ON class XIV (5)

11/10/22

11/10/25

40.5

Bullet at maturity

6.25%

USD

BCBA Argentina

ON class XV

12/06/22

01/20/25

13.5

Bullet at maturity

4.00%

USD

BCBA Argentina

ON class XVI

12/06/22

06/06/26

104.2

Bullet at maturity

0.00%

ARS in USD-linked

BCBA Argentina

ON class XVII

12/06/22

06/06/26

39.1

Bullet at maturity

0.00%

ARS in USD-linked

BCBA Argentina

ON class XVIII

03/03/23

03/03/27

118.5

Bullet at maturity

0.00%

ARS in USD-linked

BCBA Argentina

ON class XIX

03/03/23

03/03/28

16.5

Bullet at maturity

1.00%

ARS in USD-linked

BCBA Argentina

ON class XX

06/05/23

07/20/25

13.5

Bullet at maturity

4.50%

USD

BCBA Argentina

ON class XXI

08/11/23

08/11/28

70.0

Bullet at maturity

0.99%

ARS in USD-linked

BCBA Argentina

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

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

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

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

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

Page 11

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

Historical operational data

Average daily production by concession, totals and by product

		Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022
Total production by field (boe/d)			49,450				46,557				52,207				54,718				50,669
Entre Lomas (3)			1,940				1,939				3,826				5,081				5,395
Bajada del Palo Este (conventional)			516				660				844				731				741
Bajada del Palo Oeste (conventional)			1,235				1,570				1,258				1,326				1,665
Bajada del Palo Este (shale)			5,291				4,705				2,971				2,263				2,314
Bajada del Palo Oeste (shale)			29,000				28,283				33,248				33,368				30,104
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3)			203				219				198				247				247
25 de Mayo-Medanito (3)			882				924				1,783				2,385				2,530
Jagüel de los Machos (3)			952				1,040				2,067				2,738				2,866
Coirón Amargo Norte			133				205				191				167				218
Águila Mora (shale)			2,623				1,003				0				0				0
Acambuco			163				170				174				137				141
Aguada Federal (shale)			5,736				5,258				5,279				5,847				3,927
CS-01			777				583				365				428				521
Crude oil production by field (boe/d)(1)			41,490				39,217				44,048				45,745				41,909
Entre Lomas (3)			1,160				1,137				2,527				3,339				3,428
Bajada del Palo Este (conventional)			281				367				560				510				421
Bajada del Palo Oeste (conventional)			363				508				552				530				570
Bajada del Palo Este (shale)			5,034				4,491				2,790				2,187				2,176
Bajada del Palo Oeste (shale)			24,792				24,430				29,140				28,890				26,426
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3)			97				98				175				222				220
25 de Mayo-Medanito (3)			806				861				1,669				2,213				2,243
Jagüel de los Machos (3)			733				799				1,577				2,102				2,177
Coirón Amargo Norte			128				205				191				167				213
Águila Mora (shale)			2,245				1,003				0				0				0
Acambuco			17				18				18				16				16
Aguada Federal (shale)			5,119				4,763				4,496				5,155				3,518
CS-01			714				537				353				413				502
Natural Gas production by field (boe/d)(2)			7,656				6,787				7,752				8,513				8,298
Entre Lomas (3)			619				325				938				1,312				1,541
Bajada del Palo Este (conventional)			207				256				244				198				290
Bajada del Palo Oeste (conventional)			871				1,062				706				796				1,095
Bajada del Palo Este (shale)			245				211				173				76				139
Bajada del Palo Oeste (shale)			4,121				3,832				4,116				4,478				3,678
Agua Amarga (Jarilla Quemada, Charco del Palenque)(3)			98				113				17				19				21
25 de Mayo-Medanito (3)			76				62				115				171				288
Jagüel de los Machos (3)			219				241				489				637				690
Coirón Amargo Norte			5				0				0				0				6
Águila Mora (shale)			378				0				0				0				0
Acambuco			145				152				156				121				125
Aguada Federal (shale)			609				487				784				692				408
CS-01			63				45				13				15				18
NGL production by field (boe/d)			304				553				407				460				462
Entre Lomas (3)			162				477				361				430				426

Page 12

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

(1)	Acambuco includes condensate.

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

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

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

Pro forma historical production

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

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

Page 13

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

Oil and gas concessions

Concessions

WI (%)

Operated / Non-operated

Expiration year

Target

Basin

Country

Entre Lomas Neuquén (1)

-

Non-operated

2026

Conventional

Neuquina

Argentina

Entre Lomas Río Negro (1)

-

Non-operated

2026

Conventional

Neuquina

Argentina

Bajada del Palo Oeste

100%

Operated

2053

Shale / Conventional

Neuquina

Argentina

Bajada del Palo Este

100%

Operated

2053

Shale / Conventional

Neuquina

Argentina

Charco del Palenque (1)

-

Non-operated

2034

Conventional

Neuquina

Argentina

Jarilla Quemada (1)

-

Non-operated

2040

Conventional

Neuquina

Argentina

25 de Mayo-Medanito (1)

-

Non-operated

2026

Conventional

Neuquina

Argentina

Jagüel de los Machos (1)

-

Non-operated

2025

Conventional

Neuquina

Argentina

Coirón Amargo Norte

84.6%

Operated

2037

Conventional

Neuquina

Argentina

Águila Mora

90%

Operated

2054

Shale

Neuquina

Argentina

Aguada Federal

100%

Operated

2050

Shale

Neuquina

Argentina

Bandurria Norte

100%

Operated

2050

Shale

Neuquina

Argentina

Acambuco

1.5%

Non-operated

2036 / 2040

Conventional

Noroeste

Argentina

CS-01

100%

Operated

2047

Conventional

Del Sureste

México

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

Page 14

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

Historical oil and gas export volumes and revenues

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

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

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

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

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

Vaca Muerta operational data

Shale oil wells detail

Bajada del Palo Oeste

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

Page 15

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

Page 16

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

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

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

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

Bajada del Palo Este

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

Aguada Federal

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

Page 17

Águila Mora

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

Bandurria Norte

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

Page 18

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

Key results

(Amounts expressed in thousand U.S. dollars)

Key Results - in $M		Q3 2023			Q2 2023			Q1 2023			Q4 2022			Q3 2022
Total Revenues			289,686				230,975				303,213				308,105				333,573
Oil			272,557				212,622				279,958				285,365				311,986
Natural Gas			16,396				17,296				21,845				21,171				20,138
NGL and others			733				1,057				1,410				1,569				1,449
Cost of Sales			(135,483	)			(114,769	)			(137,466	)			(133,949	)			(145,405	)
Operating expenses			(21,924	)			(20,347	)			(30,144	)			(36,113	)			(34,753	)
Stock fluctuation			(1,209	)			2,130				(4,722	)			4,722				(4,571	)
Depreciation, depletion and amortization			(70,600	)			(62,447	)			(64,372	)			(63,148	)			(66,910	)
Royalties			(31,581	)			(27,940	)			(34,995	)			(39,410	)			(39,171	)
Other non-cash costs related to the transfer of conventional assets			(10,169	)			(6,165	)			(3,233	)			-				-
Gross profit			154,203				116,206				165,747				174,156				188,168
Selling expenses			(17,673	)			(15,232	)			(16,717	)			(18,847	)			(14,047	)
General and administrative expenses			(15,031	)			(19,776	)			(17,011	)			(19,615	)			(15,860	)
Exploration expenses			148				(294	)			(222	)			(169	)			(175	)
Other operating income			23,849				2,268				95,315				3,715				9,241
Other operating expenses			153				(4	)			(963	)			(715	)			(564	)
Impairment of long-lived assets			-				-				-				-				-
Operating profit			145,649				83,168				226,149				138,525				166,763
Interest income			299				216				287				425				294
Interest expense			(4,842	)			(5,226	)			(6,137	)			(6,545	)			(6,744	)
Other financial results			(27,375	)			(19,967	)			(14,315	)			(23,729	)			(29,453	)
Financial results, net			(31,918	)			(24,977	)			(20,165	)			(29,849	)			(35,903	)
Profit before income tax			113,731				58,191				205,984				108,676				130,860
Current income tax (expense)/benefit			(1,378	)			(7,017	)			(47,568	)			54,560				(68,457	)
Deferred income tax (expense)/benefit			(29,251	)			1,007				(29,682	)			(87,732	)			14,258
Income tax (expense)/benefit			(30,629	)			(6,010	)			(77,250	)			(33,172	)			(54,199	)
Profit/(loss) for the period, net			83,102				52,181				128,734				75,504				76,661
Adjusted EBITDA Reconciliation ($M)			Q3 2023				Q2 2023				Q1 2023				Q4 2022				Q3 2022
Net profit for the period			83,102				52,181				128,734				75,504				76,661
(+) Income tax			30,629				6,010				77,250				33,172				54,199
(+) Financial results, net			31,918				24,977				20,165				29,849				35,903
Operating profit			145,649				83,168				226,149				138,525				166,763
(+) Depreciation, depletion and amortization			70,600				62,447				64,372				63,148				66,910
(+) Restructuring and Reorganization expenses and others			-				5				271				-				-
(+) Impairment of long-lived assets			-				-				-				-				-
(+) Gain related to the transfer of conventional assets			-				-				(89,659	)			-				-
(+) Other non-cash costs related to the transfer of conventional assets			10,169				6,165				3,233				-				-
Adjusted EBITDA			226,420				151,785				204,365				201,673				233,673
Adjusted EBITDA Margin (%)			78	%			66	%			67	%			65	%			70	%
Lifting Cost ($MM)			21.9				20.3				30.1				36.1				34.8
Lifting cost ($/boe)			4.8				4.8				6.4				7.2				7.5

Page 19

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

Historical Adjusted Net Income / Loss

(Amounts expressed in thousand U.S. dollars)

Adj. Net Income reconciliation - in $M		Q3-23			Q2-23			Q1-23			Q4-22			Q3-22			Q2-22			Q1-22
Net Profit/Loss			83,102				52,181				128,734				75,504				76,661				101,836				15,534
Adjustments:
(+) Deferred Income tax			29,251				(1,007	)			29,682				87,732				(14,258	)			(2,334	)			750
(+) Changes in the fair value of Warrants			-				-				-				7,762				16,999				(17,188	)			22,777
(+) Impairment			-				-				-				-				-				-				-
(+) Gain related to the transfer of conventional assets			-				-				(89,659	)			-				-				-				-
(+) Other non-cash costs related to the transfer of conventional assets			10,169				6,165				3,233				-				-				-				-
Adjustments to Net Income/Loss			39,420				5,158				(56,744	)			95,494				2,741				(19,522	)			23,527
Adjusted Net Income/Loss			122,522				57,339				71,990				170,998				79,402				82,314				39,061

Adj. Net Income reconciliation - in $M		Q4-21			Q3-21			Q2-21			Q1-21			Q4-20			Q3-20			Q2-20			Q1-20
Net Profit/Loss			35,555				4,732				5,505				4,858				(13,812	)			(28,402	)			(39,203	)			(21,332	)
Adjustments:
(+) Deferred Income tax			21,001				6,005				10,679				2,010				(17,410	)			(5,490	)			8,032				4,571
(+) Changes in the fair value of Warrants			(7,096	)			7,927				1,283				69				107				(1,765	)			(4,071	)			(10,769	)
(+) Impairment			(14,044	)			-				-				-				9,484				4,954				-				-
(+) Gain related to the transfer of conventional assets			-				-				-				-				-				-				-				-
(+) Other non-cash costs related to the transfer of conventional assets			-				-				-				-				-				-				-				-
Adjustments to Net Income/Loss			(139	)			13,932				11,962				2,079				(7,819	)			(2,301	)			3,961				(6,198	)
Adjusted Net Income/Loss			35,416				18,664				17,467				6,937				(21,631	)			(30,703	)			(35,242	)			(27,530	)

Adj. Net Income reconciliation - in $M		Q4-19			Q3-19			Q2-19			Q1-19			Q4-18			Q3-18			Q2-18			Q1-18
Net Profit/Loss			(44,249	)			21,502				3,702				(13,678	)			42,379				(27,887	)			(40,876	)			(3,466	)
Adjustments:
(+) Deferred Income tax			14,324				(911	)			(1,703	)			2,636				(18,224	)			14,915				15,291				(7	)
(+) Changes in the fair value of Warrants			14,278				(33,145	)			(4,057	)			16,084				5,787				3,073				-				-
(+) Impairment			-				-				-				-				-				-				-				-
(+) Gain related to the transfer of conventional assets			-				-				-				-				-				-				-				-
(+) Other non-cash costs related to the transfer of conventional assets			-				-				-				-				-				-				-				-
Adjustments to Net Income/Loss			28,602				(34,056	)			(5,760	)			18,720				(12,437	)			17,988				15,291				(7	)
Adjusted Net Income/Loss			(15,647	)			(12,554	)			(2,058	)			5,042				29,942				(9,899	)			(25,585	)			(3,473	)

Page 20

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

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)

		As of September 30, 2023			As of December 31, 2022
Property, plant and equipment			1,814,370				1,606,339
Goodwill			22,576				28,288
Other intangible assets			7,386				6,792
Right-of-use assets			59,584				26,228
Investments in associates			7,075				6,443
Trade and other receivables			159,363				15,864
Deferred income tax assets			335				335
Total noncurrent assets			2,070,689				1,690,289
Inventories			5,426				12,899
Trade and other receivables			254,854				90,406
Cash, bank balances and other short-term investments			173,789				244,385
Total current assets			434,069				347,690
Total assets			2,504,758				2,037,979
Deferred income tax liabilities			300,991				243,411
Lease liabilities			30,528				20,644
Provisions			30,697				31,668
Borrowings			587,580				477,601
Employee benefits			13,154				12,251
Total noncurrent liabilities			962,950				785,575
Provisions			2,043				2,848
Lease liabilities			35,325				8,550
Borrowings			101,095				71,731
Salaries and payroll taxes			16,380				25,120
Income tax liability			28,030				58,770
Other taxes and royalties			15,580				20,312
Trade and other payables			236,925				221,013
Total current liabilities			435,378				408,344
Total liabilities			1,398,328				1,193,919
Total Equity			1,106,430				844,060
Total equity and liabilities			2,504,758				2,037,979

Page 21

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

Consolidated Income Statement

(Amounts expressed in thousand U.S. dollars)

		For the period from July 1st to September 30, 2023			For the period from July 1st to September 30, 2022
Revenue from contracts with customers			289,686				333,502
Revenues from crude oil sales			272,557				311,986
Revenues from natural gas sales			16,396				20,138
Revenues from LPG sales			733				1,378
Cost of sales			(135,483	)			(145,356	)
Operating costs			(21,924	)			(34,704	)
Crude oil stock fluctuation			(1,209	)			(4,571	)
Depreciation, depletion and amortization			(70,600	)			(66,910	)
Royalties			(31,581	)			(39,171	)
Other non-cash costs related to the transfer of conventional assets			(10,169	)			-
Gross profit			154,203				188,146
Selling expenses			(17,673	)			(14,047	)
General and administrative expenses			(15,031	)			(15,860	)
Exploration expenses			148				(175	)
Other operating income			23,849				9,263
Other operating expenses			153				(564	)
Operating profit			145,649				166,763
Interest income			299				294
Interest expense			(4,842	)			(6,744	)
Other financial income (expense)			(27,375	)			(29,453	)
Financial income (expense), net			(31,918	)			(35,903	)
Profit before income tax			113,731				130,860
Current income tax (expense)			(1,378	)			(68,457	)
Deferred income tax (expense) benefit			(29,251	)			14,258
Income tax (expense)			(30,629	)			(54,199	)
Profit for the period, net			83,102				76,661
Other comprehensive income			60				(35	)
Total comprehensive profit for the period			83,162				76,626

Page 22

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

Consolidated Statement of Cash Flows

(Amounts expressed in thousand U.S. dollars)

		For the period from July 1st to September 30, 2023			For the period from July 1st to September 30, 2022
Cash flows from operating activities
Profit for the period, net			83,102				76,661
Adjustments to reconcile net cash flows
Items related to operating activities:
(Reversal of) allowance for expected credit losses			-				-
Net changes in foreign exchange rate			(6,509	)			(19,373	)
Discount for well plugging and abandonment			673				617
Net (decrease) increase in provisions			(153	)			564
Interest expense on lease liabilities			645				499
Discount of assets and liabilities at present value			(6,410	)			668
Share-based payments			4,025				4,601
Other non-cash costs related to the transfer of conventional assets			10,169				-
Employee benefits			176				150
Income tax expense			30,629				54,199
Items related to investing activities:
Depreciation and depletion			69,595				66,099
Amortization of intangible assets			1,005				811
Interest income			(299	)			(294	)
Gain from farmout agreement			(18,773	)			(9,049	)
Changes in the fair value of financial assets			19,601				16,377
Gain related to the transfer of conventional assets			-				-
Items related to financing activities:
Interest expense			4,842				6,744
Changes in the fair value of Warrants			-				16,999
Amortized cost			342				467
Remeasurement in borrowings			16,515				15,132
Other financial results			2,518				(1,933	)
Changes in working capital:
Trade and other receivables			(91,026	)			(34,520	)
Inventories			1,209				4,571
Trade and other payables			24,580				13,232
Payments of employee benefits			(70	)			(73	)
Salaries and payroll taxes			3,378				6,652
Other taxes and royalties			(9,767	)			2,929
Provisions			(380	)			(689	)
Income tax payment			(22,331	)			(25,984	)
Net cash flows provided by operating activities			117,286				196,057

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Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment			(162,762	)			(152,792	)
Payments for the acquisition of AFBN assets			(6,250	)			(6,250	)
Payments for acquisitions of other intangible assets			(1,176	)			(999	)
Payments for acquisitions of investments in associates			(100	)			10,000
Prepayment of leases			(14,161	)			-
Payments received from farmout agreement			20,400				(1,952	)
Payments for other assets			2,994				-
Interest received			299				294
Net cash flows (used in) investing activities			(160,756	)			(151,699	)
Cash flows from financing activities:
Proceeds from borrowings			70,000				-
Payment of borrowings cost			(387	)			-
Payment of borrowings principal			(22,500	)			(78,270	)
Payment of borrowings interest			(6,855	)			(10,444	)
Payment of lease			(10,306	)			(3,156	)
Other financial results			(2,518	)			-
Net cash flow provided by (used in) financing activities			27,434				(91,870	)
		For the period from July 1st to September 30, 2023			For the period from July 1st to September 30, 2022
Net (decrease) in cash and cash equivalents			(16,036	)			(47,512	)
Cash and cash equivalents at beginning of period			219,677				248,560
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents			(32,795	)			(20,255	)
Net (decrease) in cash and cash equivalents			(16,036	)			(47,512	)
Cash and cash equivalents at end of period			170,846				180,793

Page 24

Glossary, currency and definitions:

•

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

•

Conversion metrics:

•

1 cubic meter of oil = 6.2898 barrels of oil.

•

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

•

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

•

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

•

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

•

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

•

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

•

$MM: Million U.S. Dollars.

•

$M: Thousand U.S. Dollars.

•

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

•

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

•

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

•

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

•

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

•

Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues.

•

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

•

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

•

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

•

boe/d: Barrels of oil equivalent per day.

•

bbl/d: Barrels of oil per day.

•

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

•

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

•

NGL: Natural gas liquids.

•

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

•

Mts: meters.

Page 25

•

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

•

MMboe: Million barrels of oil equivalent.

•

MMm3/d: Million cubic meters per day.

•

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

•

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

•

q-o-q: Quarter on quarter.

•

UVA: Acquisitive value units.

•

y-o-y: Year on year.

Page 26

DISCLAIMER

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

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

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

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

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

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

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

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

Page 27

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

Page 28

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

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

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

Other Information

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

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

INVESTORS CONTACT:

[e-mail]

Phone in Argentina: +54.11.3754.8500

Phone in Mexico: +52.55.8647.0128

Page 29