Exhibit 1

Vista Oil & Gas Results of the First Quarter of 2020

April 28, 2020, Mexico City, Mexico

Vista Oil & Gas, 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 first quarter (“Q1”) of 2020.

Q1 2020 highlights:

◾ The Covid-19 pandemic is an unprecedented health crisis that is currently causing a significant impact on the global economy and financial markets, the oil and gas industry, and our operations in Argentina and Mexico.

◾ In order to safeguard our people, more than 75% of our employees are currently working from their homes, following our strict health protocol. To ensure business continuity, we are maintaining essential field operations, thus reducing our active workforce in the field by 65%. We have also opened a Covid-19 helpdesk for employee Q&A.

◾ In Q1 2020, our total production was 26,485 boe/d, 3.1% above Q1 2019. Average daily production was composed of: 16,991 barrels of oil per day (bbl/d), 12.6% above Q1 2019; 1.41 MMm3/d of natural gas, 11.4% below Q1 2019; and 645 boe/d of natural gas liquids (NGL). Total operated production represented 97% of total production in Q1 2020.

◾ In Q1 2020, our total shale production was 5,838 boe/d, representing 22% of our total production. Our 12 shale oil wells in Bajada del Palo Oeste were shut-in on March 20 in response to falling crude oil demand.

◾ Net revenues in Q1 2020 were 73.3 $MM, 21.8% lower than the 93.7 $MM generated in Q1 2019, due to softer realized prices.

◾ In Q1 2020, the average crude oil realized price was 43.0 $/bbl, 24.2% lower than Q1 2019. In March, average realized oil price fell to 26.5 $/bbl, as the Covid-19 pandemic hit commodity prices, thus affecting our realized prices, which were linked to Brent in such month.

◾ Natural gas realized price for Q1 2020 was 2.2 $/MMBTU, a 40.5% decrease y-o-y, mainly driven by a decrease of 51% in industry segment prices and 35% in the power generation segment prices.

◾ Average lifting cost in Q1 2020 was 9.9 $/boe, representing a 17.5% decrease compared to the average lifting cost in Q1 2019, which was 12.0 $/boe.

◾ Consolidated adjusted EBITDA for Q1 2020 reached 25.3 $MM, 31.9% below Q1 2019 and resulting in an adjusted EBITDA margin of 34%.

◾ In Q1 2020, CAPEX was 71.7 $MM, 63.2 $MM of which were invested in Vista’s Vaca Muerta development project in Bajada del Palo Oeste, where we completed and tied-in our 4-well pad n°3 and started drilling our 4-well pads n°4 and n°5.

◾ End of quarter cash balance was 205.3 $MM, while gross debt totaled 481.4 $MM, resulting in a net debt of 276.2 $MM, and a net leverage ratio of 1.7 times last twelve months (LTM) Adjusted EBITDA.

◾ Q1 2020 net loss was 21.3 $MM.

Page 2

Vista Oil & Gas Q1 2020 results

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.

Production

Total average net daily production

	Q1 2020		Q4 2019		Q1 2019		p y.o.y. (%)			p q.o.q. (%)
Total (boed)		26,485		30,026		25,693		3.1	%		(11.8	)%
Oil (bbld)		16,991		18,720		15,087		12.6	%		(9.2	)%
Natural Gas (MMm3d)		1.41		1.69		1.59		(11.4	)%		(16.8	)%
NGL (bbld)		645		675		623		3.5	%		(4.4	)%

y-o-y. (%): represents the percentage variation in Q1 2020 compared to Q1 2019.

q-o-q. (%): represents the percentage variation in Q1 2020 compared to Q4 2019.

Average daily production during Q1 2020 was 26,485 boe/d, comprised by 16,991 bbl/d of oil, representing 64.2% of total production, 1.41 MMm3/d of natural gas and 645 boe/d of natural gas liquids.

Total operated production during Q1 2020 was 25,824 boe/d, 98% of total production. Total shale production was 5,838 boe/d, including 5,599 boe/d of shale operated production in Bajada del Palo Oeste and 197 boe/d in Águila Mora and 113 boe/d of shale non-operated production in Coirón Amargo Sur Oeste (CASO).

Our 12 shale oil wells in Bajada del Palo Oeste produced approximately 11,500 boe/d before they were shut-in on March 20, anticipating a decrease in demand and storage restrictions and in order to protect our conventional production, as shale reservoirs provide efficient storage solutions.

Q1 2020 Average net daily production by asset

	Interest			Oil (bbl/d)		Natural Gas (MMm3/d)		NGL (bbl/d)		Total (boe/d)		% Total daily average
Fields total at working interest					16,991		1.41		645		26,485		100	%
Entre Lomas		100	%		4,043		0.35		582		6,804		26	%
Bajada del Palo Este		100	%		553		0.08		47		1,122		4	%
Bajada del Palo Oeste (conventional)		100	%		1,051		0.57		—		4,661		18	%
Bajada del Palo Oeste (shale)		100	%		4,900		0.11		—		5,599		21	%
Agua Amarga (Jarilla Quemada, Charco del Palenque)		100	%		242		0.05		17		596		2	%
25 de Mayo-Medanito		100	%		2,701		0.03		—		2,879		11	%
Jagüel de los Machos		100	%		2,775		0.15		—		3,705		14	%
Coirón Amargo Norte		55	%		218		0.01		—		260		1	%
Águila Mora (shale)		90	%		197		0.00		—		197		1	%
Acambuco (non-operated)		1.5	%		24		0.02		—		180		1	%
Coirón Amargo Sur Oeste (shale / non-operated)		10	%		96		0.00		—		113		0	%
Blocks CS-01, A-10 and TM-01 (Mexico)		50	%		192		0.03		—		368		1	%

Page 3

During Q1 2020, Entre Lomas (including Entre Lomas Neuquén and Entre Lomas Río Negro) block represented 26% of total production, 25 de Mayo-Medanito and Jagüel de los Machos blocks represented 25%, Bajada del Palo Oeste represented 39%, Bajada del Palo Este block represented 4%, Agua Amarga (Jarrilla Quemada and Charco del Palenque concessions) represented 2%, and Coirón Amargo Norte represented 1% of the quarterly total production. The production from our blocks in Mexico represented 1% of our total average daily production and the remaining less than 2% is production from Acambuco and CASO, non-operated blocks in Argentina, and Águila Mora, an operated unconventional concession. For further detailed information on production, please see Annex “Historical operational data”.

Revenues

Revenues per product - in $MM	Q1 2020		Q4 2019		Q1 2019		p y.o.y. (%)			p q.o.q. (%)
Total		73.3		96.4		93.7		-21.8	%		-24.0	%
Oil		62.0		82.8		73.3		-15.4	%		-25.1	%
Natural Gas		10.1		13.1		19.1		-47.1	%		-22.9	%
NGL and others		1.2		0.5		1.4		-14.3	%		140.0	%

Average Realized Prices

Product	Q1 2020		Q4 2019		Q1 2019		p y.o.y. (%)			p q.o.q. (%)
Oil ($/bbl)		43.0		48.1		56.7		-24.2	%		-10.6	%
Natural Gas ($/MMBTU)		2.2		2.2		3.7		-40.5	%		0.0	%
NGL ($/tn)		245		234		276		-11.1	%		4.9	%

During Q1 2020, total revenues were 73.3 $MM, 21.8% lower than Q1 2019. Oil revenues decreased 15.4% and natural gas revenues decreased 47.1% y-o-y.

Crude oil revenues in Q1 2020 totaled 62.0 $MM, 15.4% below Q1 2019, as the increase in volumes sold was offset by a reduction of 24.2% in the average realized price to 43.0 $/bbl. Average sales price was 55.7 $/bbl in January and 48.2 $/bbl in February, but fell to 26.5 $/bbl in March, as the Covid-19 pandemic hit commodity prices, thus affecting our realized prices, which were linked to Brent in March. Crude oil was sold to domestic refineries, primarily to Raízen and Trafigura.

Natural gas revenues represented 13.8% of total revenues. During Q1 2020, sales were made to a diversified portfolio of industrial clients, representing 60% of total natural gas volumes, at an average realized price of 2.0 $/MMBTU, 33% to distribution companies and CNG clients at an average price of 2.9 $/MMBTU, and the 7% remaining sales were made to the power generation segment at an average price of 1.8 $/MMBTU. The total average price of natural gas sales for the quarter was 2.2 $/MMBTU, 40.5% below Q1 2019, mainly driven by a decrease of 51% in industry segment prices and 33% in the power generation segment prices.

Natural gas liquids sales were 1.2 $MM during Q1 2020, representing 1.7% of total sales. NGL volumes were allocated to the Argentine market at an average price of 245 U.S. dollars per ton ($/tn).

Page 4

Operating Expenses

	Q1 2020		Q4 2019		Q1 2019		p y.o.y. (%)
Operating Expenses ($MM)		23.8		25.7		27.8		-14.4	%
Lifting cost ($/boe)		9.9		9.3		12.0		-17.5	%

During Q1 2020, operational expenses were 23.8 $MM, a 14.4% decrease y-o-y, reflecting the impact of the cost reduction initiatives conducted during 2019 and cost-cutting measures implemented after the decline in domestic oil demand in March. The average lifting cost in Q1 2020 was 9.9 $/boe, a 17.5% decrease compared to Q1 2019. This decrease was mainly the result of optimized field operations and absorbed fixed cost base with incremental ramp-up in shale production.

Adjusted EBITDA

Adjusted EBITDA reconciliation ($MM)	Q1 2020			Q4 2019			Q1 2019			p y.o.y. (%)
Net (loss) / profit for the period		(21.3	)		(44.2	)		(13.7	)
(+) Income tax (expense) / benefit		4.6			17.8			5.7
(+) Financial results, net		7.3			21.2			20.0
(+) Investments results		—			0.1			—
Operating profit		(9.4	)		(5.2	)		12.0
(+) Depreciation		33.5			38.4			24.5
(+) Restructuring expenses		1.2			2.5			0.7
Adjusted EBITDA(1)		25.3			35.7			37.1		-31.9%
Adjusted EBITDA Margin (%)(2)		34	%		37	%		40	%	-6% p.p.

(1) Adjusted EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments.

(2) Change expressed as a difference in percentage points.

Note: amounts may not sum due to rounding

Adjusted EBITDA was 25.3 $MM in Q1 2020, 31.8% below Q1 2019. During January and February 2020, with no production restrictions and with approximately 52 $/bbl of average realized price, Adjusted EBITDA margin was above 40%. In March 2020, a combination of partial production shut in and a 26 $/bbl average realized price drove Adjusted EBITDA margin for the quarter down to 34%.

Net Profit / Loss

Vista recorded a net loss of 21.3 $MM compared to a net loss of 13.7 $MM during Q1 2019, mainly impacted by an increase in depreciations to 33.5 $MM.

Operational Update

Total capital expenditures (“CAPEX”) in shale activity was 63.2 $MM, of which more than 99% were invested in Vista’s Vaca Muerta development project in Bajada del Palo Oeste. During the quarter, we completed and tied-in our 4-well pad n°3 and drilled four additional wells in pads n°4 and pad n°5.

The Company invested 0.4 $MM in conventional activity, mainly impacted by the scale down of capital expenditure activities due to a softened realized price. Additionally, CAPEX in facilities and others was 8.1 $MM in the Q1 2020.

Page 5

Therefore, Vista’s CAPEX during Q1 2020 was 71.7 $MM, on an accrual basis. Cash flow from investing activities, which reflects effective cash outflows to CAPEX, was 52.1 $MM during Q1 2020.

Financial overview

During Q1 2020, in a context of low realized oil prices, the Company maintained a solid balance sheet. Cash and cash equivalents position as of March 31, 2020 was 205.3 $MM, while the financial debt totaled 481.4 $MM, resulting in a net debt of 276.2 $MM. The implied net leverage ratio was 1.7 times LTM Adjusted EBITDA. During Q1 2020, cash flow from operations was 21.0 $MM.

Outstanding bonds

Instrument

Issuer

Issue date

Maturity

Gross proceeds ($MM)

Type

Interest rate (%)

Currency

Market

ON clase I

Vista Oil & Gas Argentina S.A.U.

7/31/2019

7/31/2021

50

Bullet at maturity

7.88

%

USD

BCBA Argentina

ON clase II

Vista Oil & Gas Argentina S.A.U.

8/7/2019

8/7/2022

50

Bullet at maturity

8.50

%

USD

BCBA Argentina

ON clase III

Vista Oil & Gas Argentina S.A.U.

2/21/2020

2/21/2024

50

Bullet at maturity

3.50

%

USD

BCBA Argentina

Page 6

Vista Oil & Gas S.A.B. de C.V.

Historical operational data

Average daily production by concession, totals and by product

	Q1 2020		Q4 2019		Q3 2019		Q2 2019		Q1 2019
Total production by field (Mboe/d)		26,485		30,026		31,637		29,016		25,693
Entre Lomas		6,804		7,648		8,618		8,644		8,855
Bajada del Palo Este		1,122		1,281		1,349		1,439		1,443
Bajada del Palo Oeste (conventional)		4,661		5,499		4,944		4,076		4,786
Bajada del Palo Oeste (shale)		5,599		6,687		7,501		4,823		582
Agua Amarga (Jarilla Quemada, Charco del Palenque)		596		621		657		671		748
25 de Mayo-Medanito		2,879		3,177		3,370		3,701		3,899
Jagüel de los Machos		3,705		3,991		4,224		4,551		4,463
Coirón Amargo Norte		260		214		236		313		266
Águila Mora (shale)		197		147		—		—		—
Acambuco		180		182		186		198		200
Coirón Amargo Sur Oeste (shale)		113		159		165		308		69
Blocks CS-01, A-10 and TM-01		368		418		388		293		382
Crude oil production by field (Mboe/d)(1)		16,991		18,720		20,281		18,825		15,087
Entre Lomas		4,043		4,244		4,715		4,773		4,973
Bajada del Palo Este		553		554		574		618		586
Bajada del Palo Oeste (conventional)		1,051		1,111		988		1,011		1,121
Bajada del Palo Oeste (shale)		4,900		5,862		6,733		4,425		507
Agua Amarga (Jarilla Quemada, Charco del Palenque)		242		268		303		336		376
25 de Mayo-Medanito		2,701		2,965		3,213		3,509		3,671
Jagüel de los Machos		2,775		3,014		3,176		3,443		3,380
Coirón Amargo Norte		218		184		217		264		226
Águila Mora (shale)		197		147		—		—		—
Acambuco		24		22		22		27		23
Coirón Amargo Sur Oeste (shale)		96		141		147		274		61
Blocks CS-01, A-10 and TM-01		192		209		194		144		162
Natural Gas production by field (Mboe/d)(2)		8,848		10,631		10,594		9,450		9,983
Entre Lomas		2,180		2,799		3,221		3,207		3,318
Bajada del Palo Este		522		673		715		762		808
Bajada del Palo Oeste (conventional)		3,610		4,388		3,956		3,066		3,665
Bajada del Palo Oeste (shale)		699		825		768		397		75
Agua Amarga (Jarilla Quemada, Charco del Palenque)		337		336		334		317		360
25 de Mayo-Medanito		178		212		157		192		227
Jagüel de los Machos		930		978		1,048		1,108		1,084
Coirón Amargo Norte		42		31		20		49		40
Águila Mora (shale)		—		—		—		—		—
Acambuco		156		161		164		171		177
Coirón Amargo Sur Oeste (shale)		17		19		18		33		8
Blocks CS-01, A-10 and TM-01		177		210		194		148		220
NGL production by field (boe/d)		645		675		761		741		623
Entre Lomas		582		606		682		665		564
Bajada del Palo Este		47		53		59		59		48

Page 7

Bajada del Palo Oeste (conventional)	—	—	—	—	—
Bajada del Palo Oeste (shale)	—	—	—	—	—
Agua Amarga (Jarilla Quemada, Charco del Palenque)	17	16	20	18	12

Notes:    

(1) Acambuco includes condensate    

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

Oil and Gas concessions	WI (%)			Operated / Non-Operated	Target	Basin	Country
Entre Lomas Neuquén		100	%	Operated	Conventional	Neuquina	Argentina
Entre Lomas Río Negro		100	%	Operated	Conventional	Neuquina	Argentina
Bajada del Palo Oeste / Este		100	%	Operated	Conventional	Neuquina	Argentina
Bajada del Palo Oeste		100	%	Operated	Shale	Neuquina	Argentina
Agua Amarga (Jarilla Quemada, Charco del Palenque)		100	%	Operated	Conventional	Neuquina	Argentina
25 de Mayo-Medanito		100	%	Operated	Conventional	Neuquina	Argentina
Jagüel de los Machos		100	%	Operated	Conventional	Neuquina	Argentina
Coirón Amargo Norte		55	%	Operated	Conventional	Neuquina	Argentina
Coirón Amargo Sur Oeste		10	%	Non-operated	Shale	Neuquina	Argentina
Águila Mora		90	%	Operated	Shale	Neuquina	Argentina
Acambuco		1.5	%	Non-operated	Conventional	Golfo San Jorge	Argentina
Block CS-01		50	%	Non-operated	Conventional	Del Sureste	México
Block A-10		50	%	Non-operated	Conventional	Del Sureste	México

Note: Not showing blocks without production, Bajada del Palo Este (shale), Sur Rio Deseado Este and TM-01    

Page 8

Vista Oil & Gas S.A.B. de C.V.

Key results

(Amounts expressed in thousand U.S. dollars)

Key Results - in $M	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019
Total Revenues		73,320			96,445			105,443			120,361			93,727
Oil		61,985			82,833			84,668			97,500			73,271
Natural Gas		10,113			13,078			19,200			20,171			19,075
NGL and others		1,222			534			1,575			2,690			1,381
Cost of Sales		(67,996	)		(78,064	)		(91,415	)		(92,938	)		(65,713	)
Operating expenses		(23,833	)		(25,716	)		(28,427	)		(32,519	)		(27,769	)
Stock fluctuation		449			(698	)		(2,365	)		2,047			1,326
Depreciation		(33,467	)		(38,361	)		(45,895	)		(44,274	)		(24,471	)
Royalties		(11,145	)		(13,289	)		(14,728	)		(18,192	)		(14,799	)
Gross profit		5,324			18,381			14,028			27,423			28,014
Selling expenses		(6,152	)		(6,745	)		(6,851	)		(7,847	)		(5,695	)
General and administrative expenses		(9,367	)		(13,248	)		(8,278	)		(12,169	)		(8,705	)
Exploration expenses		(131	)		(65	)		333			(818	)		(126	)
Other operating income		2,153			907			948			1,123			627
Other operating expenses, net		(1,253	)		(4,426	)		455			(531	)		(2,118	)
Operating profit (loss)		(9,426	)		(5,196	)		635			7,181			11,997
Adjusted EBITDA Reconciliation ($M)	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019
Net (loss) / profit for the period		(21,332	)		(44,248	)		21,499			3,702			(13,678	)
(+) Income tax (expense) / benefit		4,571			17,797			(5,961	)		(1,305	)		5,705
(+) Financial results, net		7,335			21,172			(14,819	)		4,784			19,970
(+) Investments results		—			84			(84	)		—			—
Operating profit (loss)		(9,426	)		(5,196	)		635			7,181			11,997
(+) Depreciation		33,467			38,361			45,895			44,274			24,471
(+) Restructuring expenses		1,244			2,542			35			—			667
Adjusted EBITDA		25,285			35,707			46,565			51,455			37,135
Adjusted EBITDA Margin (%)		34	%		37	%		44	%		43	%		40	%
	Q1 2020			Q4 2019			Q3 2019			Q2 2019			Q1 2019
Operating Expenses ($MM)		23.8			25.7			28.4			32.5			27.8
Lifting cost ($/boe)		9.9			9.3			9.8			12.3			12.0

Page 9

Vista Oil & Gas S.A.B. de C.V.

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)

	As of March 31, 2020		As of December 31, 2019
Property, plant and equipment		953,608		917,066
Goodwill		28,484		28,484
Other intangible assets		34,437		34,029
Right-of-use assets		16,047		16,624
Trade and other receivables		14,375		15,883
Deferred income tax		357		476
Total non-current assets		1,047,308		1,012,562
Inventories		14,754		19,106
Trade and other receivables		79,841		93,437
Cash, bank balances and other short-term investments		205,257		260,028
Total current assets		299,852		372,571
Total assets		1,347,160		1,385,133
Deferred income tax liabilities		151,511		147,019
Leases liabilities		9,766		9,372
Provisions		18,557		21,146
Borrowings		382,467		389,096
Warrants		6,091		16,860
Employee defined benefit plans obligation		4,325		4,469
Accounts payable and accrued liabilities		213		419
Total non-current liabilities		572,930		588,381
Provisions		3,023		3,423
Leases liabilities		5,117		7,395
Borrowings		98,981		62,317
Salaries and social security payable		4,362		12,553
Income tax payable		2,908		3,039
Other taxes and royalties payable		3,354		6,040
Accounts payable and accrued liabilities		72,722		98,269
Total current liabilities		190,467		193,036
Total liabilities		763,397		781,417
Total equity		583,763		603,716
Total liabilities and equity		1,347,160		1,385,133

Page 10

Vista Oil & Gas S.A.B. de C.V.

Consolidated Income Statement

(Amounts expressed in thousand U.S. dollars)

	For the period from January 1st to March 31, 2020			For the period from January 1st to March 31, 2019
Revenue from contract with customers		73,320			93,727
Revenues from crude oil sales		61,985			73,271
Revenues from natural gas sales		10,113			19,075
Revenues from NGL		1,222			1,381
Cost of sales		(67,996	)		(65,713	)
Operating expenses		(23,833	)		(27,769	)
Crude oil stock fluctuation		449			1,326
Depreciation, depletion and amortization		(33,467	)		(24,471	)
Royalties		(11,145	)		(14,799	)
Gross profit		5,324			28,014
Selling expenses		(6,152	)		(5,695	)
General and administrative expenses		(9,367	)		(8,705	)
Exploration expenses		(131	)		(126	)
Other operating income		2,153			627
Other operating expenses		(1,253	)		(2,118	)
Operating profit (loss)		(9,426	)		11,997
Investments in associates		—			—
Interest income		624			75
Interest expense		(11,151	)		(5,817	)
Other financial results		3,192			(14,228	)
Financial results, net		(7,335	)		(19,970	)
(Loss) Profit before income taxes		(16,761	)		(7,973	)
Current income tax (expense)		—			(3,069	)
Deferred income tax (expense)/ benefit		(4,571	)		(2,636	)
Income tax expense		(4,571	)		(5,705	)
Net (loss) profit for the year/ period		(21,332	)		(13,678	)

Page 11

Vista Oil & Gas S.A.B. de C.V.

Consolidated Statement of Cash Flows

(Amounts expressed in thousand U.S. dollars)

	For the period from January 1st to March 31, 2020			For the period from January 1st to March 31, 2019
Net profit / (loss) for the period		(21,332	)		(13,678	)
Adjustments to reconcile net cash flows provided by (used in) operating activities:
Non-cash items related with operating activities:
(Reversal in)/Allowances for expected credit losses		22			(257	)
Foreign currency exchange difference, net		611			(2,712	)
Unwinding of discount on asset retirement obligation		579			398
Increase of provisions, net		7			1,448
Interest expense leases		442			330
Effect of discount of assets and liabilities at present value		(194	)		232
Share-based payment expense		2,566			1,244
Employee defined benefits obligation		53			233
Income tax		4,571			5,705
Non-cash items related with investing activities:
Depreciation and depletion		32,890			24,215
Amortization of intangible assets		577			256
Interest income		(624	)		(75	)
Change in the fair value of financial assets		2,165			(447	)
Non-cash items related with financing activities:
Interest expense		11,151			5,817
Changes in the fair value of Warrants		(10,769	)		16,084
Amortized costs		593			451
Impairment of financial assets		4,839			—
Changes in working capital:
Trade and other receivables		8,329			(8,924	)
Inventories		(1,084	)		(1,257	)
Accounts payable and other payables		(2,187	)		(6,582	)
Employee defined benefits obligations		(197	)		—
Salaries and social security payable		(9,377	)		(1,903	)
Other taxes and royalties payable		(1,692	)		5
Provisions		(235	)		(598	)
Income taxes paid		(707	)		—
Net cash flows generated by operating activities		20,997			19,985
Cash flows from investing activities:
Payments for acquisition of property, plant and equipment		(51,714	)		(91,941	)
Payments for acquisition of other intangible assets		(985	)		(1,132	)
Proceeds from other financial assets		—			433

Page 12

Proceeds from interest received		624			75
Net cash flows (used in) investing activities		(52,075	)		(92,565	)
Cash flows from financing activities
Proceeds from capitalization of Serie A shares net of issue costs		—			54,391
Proceeds from borrowings		80,000			35,000
Payments of cost of borrowings		(580	)		—
Payments of borrowings´ principal		(42,635	)		—
Payments of borrowings´ interests		(16,936	)		(10,809	)
Payments of leases		(3,565	)		—
Proceeds from other financial liabilities, net of restricted cash and cash equivalents		(16,993	)		—
Net cash flows generated by financing activities		(709	)		78,582
	For the period from January 1st to March 31, 2020			For the period from January 1st to March 31, 2019
Net (decrease) in cash and cash equivalents		(31,787	)		6,002
Cash and cash equivalents at the beginning of the period		234,230			66,047
Effects of exchange rate changes on cash and cash equivalents		(321	)		539
Net (decrease) in cash and cash equivalents		(31,787	)		6,002
Cash and cash equivalents at the end of the period		202,122			72,588

Page 13

DISCLAIMER

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.

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. 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 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. 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 Affiliates, members, directors, officers or employees or any other person 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 of achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. 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. 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

Page 14

conditions in Argentina, Mexico and in other countries in which we operate; 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; 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 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; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions.

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.vistaoilandgas.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:

Phone in Argentina +54.11.3754.8532

Phone in Mexico    +52.55.1167.8250

Page 15