6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER SECURITIES EXCHANGE ACT OF 1934

For the month of October 2022

Commission File No. 001-39000

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

(Exact Name of the Registrant as Specified in the Charter)

N.A.

(Translation of Registrant’s Name into English)

Pedregal 24, Floor 4,

Colonia Molino del Rey, Alcaldía Miguel Hidalgo

Mexico City, 11040

Mexico

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F  ☒            Form 40-F  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1):  ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7):  ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes  ☐            No  ☒

If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

Contents of this Form 6-K

This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:

Exhibit 1: Vista Energy Results of the Third Quarter of 2022.

Forward-Looking Statements

Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s prospectus filed with the United States Securities and Exchange Commission (“SEC”) and other applicable filings with the SEC and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores).

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

México: +52 55 4166 9000

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 26, 2022

VISTA ENERGY, S.A.B. DE C.V.
By:	/s/ Alejandro Cherñacov
Name:	Alejandro Cherñacov
Title:	Strategic Planning and Investor Relations Officer

EX-99.1

Exhibit 1

Vista Results of the Third Quarter of 2022

October 26, 2022, 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, 2022.

Q3 2022 highlights:

• Q3 2022 total production was 50,669 boe/d, a 26% increase compared to Q3 2021. Oil production in Q3 2022 increased 35% y-o-y to 41,909 bbl/d, mainly driven by solid well performance in the Company’s flagship development in Bajada del Palo Oeste.

• In Q3 2022, shale production was 36,345 boe/d, boosted by the tie-in of two 4-well pads in Bajada del Palo Oeste during the quarter, as well as another pad in Bajada del Palo Oeste and two new wells in Aguada Federal put in production during Q2 2022. Shale production increased 51% compared to Q3 2021.

• Revenues in Q3 2022 were 333.6 $MM, 91% above Q3 2021, driven by higher oil production and realized oil prices. In Q3 2022, 48% of oil sales volumes, or 1.95 MMbbl, were exported, for a total of 175.6 $MM in revenues.

• In Q3 2022, the average realized crude oil price was 76.6 $/bbl, a 34% increase compared to Q3 2021, driven by higher prices both in domestic and international markets.

• Realized natural gas price for Q3 2022 was 4.4 $/MMBTU, a 7% increase y-o-y, mainly driven by sales to industrial clients at 4.9 $/MMBTU.

• Lifting cost in Q3 2022 was 7.5 $/boe, a 2% increase y-o-y, and a 4% reduction q-o-q, reflecting the implementation of tactical cost saving initiatives to contain the impact of real term appreciation of the Argentine Peso and the dilution of fixed costs through incremental production volumes.

• Adjusted EBITDA for Q3 2022 was 233.7 $MM, an inter-annual increase of 127%, driven by strong revenue growth amid stable lifting costs. Adjusted EBITDA margin was 70%, 11 p.p. above the Adjusted EBITDA margin of Q3 2021.

• In Q3 2022, CAPEX was 162.8 $MM, reflecting the drilling of six wells and the completion of three 4-well pads during the quarter.

• In Q3 2022, the Company recorded a positive free cash flow of 44.4 $MM. Cash flow generated by operating activities was 196.1 $MM, while cash flow used in investing activities was 151.7 $MM. Cash flow used in financing activities totaled 112.7 $MM, mainly driven the payment of 78.3 $MM of principal.

• Adjusted Net Income during Q3 2022 totaled 79.4 $MM, compared to 18.7 $MM during Q3 2021, an inter-annual increase of 325%. This improvement was mainly driven by a higher Adjusted EBITDA and partially offset by current income tax expense. Adjusted EPS was 0.92 $/share in Q3 2022, compared to 0.21 $/share in Q3 2021.

Page 2

Vista Q3 2022 results

Production

Total average net daily production

	Q3-22		Q2-22		Q3-21		p y/y			p q/q
Total (boe/d)		50,669		44,825		40,267		26	%		13	%
Oil (bbl/d)		41,909		36,899		30,954		35	%		14	%
Natural Gas (MMm3/d)		1.32		1.19		1.40		(6	)%		11	%
NGL (boe/d)		462		426		519		(11	)%		8	%

Average daily production during Q3 2022 was 50,669 boe/d, comprised of 41,909 bbl/d of oil, representing 83% of total production, 1.32 MMm3/d of natural gas and 462 boe/d of NGL. Total shale production was 36,345 boe/d. Total production increased 26% y-o-y and 13% sequentially. Oil production increased 35% y-o-y and 14% sequentially.

Q3 2022 Average net daily production by asset

	Interest			Oil (bbl/d)		Natural Gas (MMm3/d)		NGL (bbl/d)		Total (boe/d)		% Total daily average
Total net production per concession					41,909		1.32		462		50,669		100	%
Entre Lomas		100	%		3,428		0.24		426		5,395		11	%
Bajada del Palo Este (conventional)		100	%		421		0.05		30		741		1	%
Bajada del Palo Oeste (conventional)		100	%		570		0.17		—		1,665		3	%
Bajada del Palo Este (shale)		100	%		2,176		0.02		—		2,314		5	%
Bajada del Palo Oeste (shale)		100	%		26,426		0.58		—		30,104		59	%
Agua Amarga		100	%		220		0.00		6		247		0	%
25 de Mayo-Medanito		100	%		2,243		0.05		—		2,530		5	%
Jagüel de los Machos		100	%		2,177		0.11		—		2,866		6	%
Coirón Amargo Norte		84.6	%		213		0.00		—		218		0	%
Águila Mora (shale)		90	%		—		—		—		—		—
Acambuco (non-operated)		1.5	%		16		0.02		—		141		0	%
Aguada Federal (shale)		100	%		3,518		0.06		—		3,927		8	%
Bandurria Norte (shale)		100	%		—		—		—		—		—
CS-01 (Mexico)		100	%		502		0.00		—		521		1	%
Total shale production					32,120		0.67		—		36,345		72	%
Total conventional production					9,789		0.65		462		14,324		28	%

Page 3

Revenues

Total revenues per product

Revenues per product - in $MM	Q3-22		Q2-22		Q3-21		p y/y			p q/q
Total		333.6		294.3		175.0		91	%		13	%
Oil		312.0		277.0		153.9		103	%		13	%
Export market		175.6		147.0		32.2		446	%		19	%
Domestic market		136.4		130.0		121.8		12	%		5	%
Natural Gas		20.1		15.9		19.7		2	%		27	%
NGL		1.45		1.37		1.41		3	%		6	%

Average realized prices

Product	Q3-22		Q2-22		Q3-21		p y/y			p q/q
Oil ($/bbl)		76.6		78.4		57.0		34	%		(2	)%
Export market ($/bbl)		90.2		99.6		64.6		40	%		(9	)%
Domestic market ($/bbl)		64.2		63.2		55.3		16	%		2	%
Natural Gas ($/MMBTU)		4.4		3.9		4.1		7	%		14	%
NGL ($/tn)		380		414		341		12	%		(8	)%

Total sales volumes per product

Product	Q3-22		Q2-22		Q3-21		p y/y			p q/q
Oil (MMbbl)		4.07		3.53		2.70		51	%		15	%
Export market (MMbbl)		1.95		1.48		0.50		291	%		32	%
Domestic market (MMbbl)		2.13		2.06		2.20		(4	)%		3	%
Natural Gas (MMBTU)		4.55		4.09		4.75		(4	)%		11	%
in MMm3/d		1.34		1.22		1.40		(4	)%		11	%
NGL (Mtn)		3.62		3.30		4.13		(12	)%		10	%

During Q3 2022, total revenues were 333.6 $MM, 91% above Q3 2021, mainly driven by a 446% interannual increase in crude oil export revenues.

Crude oil revenues in Q3 2022 totaled 312.0 $MM, representing 93.6% of total revenues, an 103% increase compared to Q3 2021, mainly driven by shale oil production growth, and a substantial improvement in realized oil prices. During Q3 2022, the Company exported 48% of crude oil sales volumes at a realized price of 90.2 $/bbl, while the remaining 52% was sold to the domestic market at a realized price of 64.2 $/bbl. Revenues from the export market accounted for 56% of the total revenues, reaching 175.6 $MM. Total oil sales volumes during Q3 2022 were 4.07 MMbbl. Average realized oil price was 76.6 $/bbl, 34% above Q3 2021 and 2% below Q2 2022.

Natural gas revenues in Q3 2022 were 20.1 $MM, representing 6.0% of total revenues. The average realized natural gas price for the quarter was 4.4 $/MMBTU, a 7% increase compared to Q3 2021. Plan Gas represented 65% of total natural gas sales volume, with an average realized price of 4.1 $/MMBTU

Page 4

during the quarter. Sales to industrial clients represented 32% of total natural gas sales volume at an average realized price of 4.9 $/MMBTU. The remaining 2% of total natural gas sales volume was exported at an average realized price of 9.4 $/MMBTU.

NGL sales were 1.4 $MM during Q3 2022, representing 0.4% of total sales. NGL average price was 380 $/tn.

Lifting Cost

	Q3-22		Q2-22		Q3-21		p y/y			p q/q
Lifting Cost ($MM)		34.8		31.7		27.2		28	%		10	%
Lifting cost ($/boe)		7.5		7.8		7.3		2	%		(4	)%

Lifting cost during Q3 2022 was 34.8 $MM, a 28% increase y-o-y. Lifting cost in Q3 2022 was 7.5 $/boe, a 2% increase y-o-y, and a 4% reduction q-o-q, reflecting the implementation of tactical cost saving initiatives to contain the impact of real term appreciation of the Argentine Peso and the dilution of fixed costs through incremental production volumes.

Adjusted EBITDA

Adjusted EBITDA reconciliation ($MM)	Q3-22			Q2-22			Q3-21			p y		p q
Net profit for the period		76.7			101.8			4.7			71.9		(25.2	)
(+) Income tax expense		54.2			49.3			35.3			18.9		4.9
(+) Financial income (Expense), net		35.9			(7.3	)		24.1			11.8		43.2
Operating profit		166.8			143.9			64.1			102.7		22.9
(+) Depreciation, depletion and amortization		66.9			58.0			48.7			18.2		8.9
(+) Restructuring and Reorganization expenses and other adjustments		—			0.3			(9.8	)		9.8		(0.3	)
Adjusted EBITDA(1)		233.7			202.1			102.9			130.7		31.6
Adjusted EBITDA Margin (%)		70	%		69	%		59	%		+11p.p.		+1p.p.

(1) Adj. EBITDA = Net profit for the period + Income tax expense + Financial income (Expense), net + Depreciation, depletion and amortization + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments

Adjusted EBITDA was 233.7 $MM in Q3 2022, a 127% increase compared to Q3 2021, and a 16% improvement vis-à -vis Q2 2022. Adjusted EBITDA was boosted by higher revenues amid stable lifting cost per boe. Adjusted EBITDA margin was 70% in Q3 2022, improving 11 p.p. vis-à -vis Q3 2021.

Page 5

Adjusted Net Income

Adjusted Net Income reconciliation ($MM)	Q3-22			Q2-22			Q3-21		p y			p q
Net Profit		76.7			101.8			4.7		71.9			(25.2	)
Adjustments:
(+) Deferred Income tax		(14.3	)		(2.3	)		6.0		(20.3	)		(11.9	)
(+) Changes in the fair value of Warrants		17.0			(17.2	)		7.9		9.1			34.2
(+) Impairment		0.0			0.0			0.0		0.0			0.0
Adjustments to Net Income		2.7			(19.5	)		13.9		(11.2	)		22.3
Adjusted Net Income		79.4			82.3			18.7		60.7			(2.9	)
Adjusted EPS ($/share)(3)		0.92			0.93			0.21		0.71			(0.01	)

Adjusted Net Income ⁽¹⁾ in Q3 2022 was 79.4 $MM, compared to 18.7 $MM during Q3 2021, an inter-annual increase of 325%. The y-o-y change was primarily driven by higher Adjusted EBITDA (233.7 $MM in Q3 2022 compared to 102.9 $MM in Q3 2021), offset by (a) Income tax expense (net of deferred income tax) of 68.5 $MM in Q3 2022 compared to 29.3 $MM in Q3 2021, (b) Depreciation, depletion and amortization for 66.9 $MM in Q3 2022 compared to 48.7 $MM in Q3 2021, (c) Restructuring and reorganization expenses of 0 $MM in Q3 2022 compared to an income of 9.8 $MM in Q3 2021, and (d) Financial results (net of changes in the fair value of the Warrants) for a total loss of 18.9 $MM in Q3 2022, compared to a loss of 16.1 $MM in Q3 2021 ⁽²⁾.

Adjusted EPS ⁽³⁾ was 0.92 $/share in Q3 2022, compared to 0.21 $/share in Q3 2021 and 0.93 $/share in Q2 2022.

(1) Adjusted Net Income = net income plus deferred income taxes, changes in fair value of warrants and impairment loss/recoveries. Please refer to Annex “Historical Adjusted Net Income / Loss” for further information.

(2) In Q3 2022, Financial results, net were (35.9) $MM, plus Changes in the fair value of Warrants of 17.0 $MM, resulting in (18.9) $MM.

(3) Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q3 2022, Q2 2022 and Q3 2021 were 86,508,194, 88,491,745, and 88,418,735, respectively.

Capex

Capex during Q3 2022 was 162.8 $MM. The Company invested 106.4 $MM in drilling, completion and workover of shale wells, 3.8 $MM in drilling, completion and workover of wells in conventional assets, 31.2 $MM in development facilities, and 21.3 $MM in G&G studies, IT projects, and other infrastructure.

During Q3 2022, the Company completed and tied-in pads BPO-13 and BPO-14 in Bajada del Palo Oeste, and completed pad AF-3 in Aguada Federal, which was tied-in during October. Pad BPO-13 has 57 average completion stages per well and an average lateral length of 2,773 meters per well. Pad BPO-14 has 45 average completion stages per well and an average lateral length of 2,822 meters per well. Pad AF-3 has 40 average completion stages per well and an average lateral length of 2,687 meters per well.

Page 6

Financial overview

During Q3 2022, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 182.8 $MM. Cash flow generated by operating activities was 196.1 $MM, a 78% increase y-o-y, and impacted by income tax advances of 26.0 $MM. In addition, cash flow used in investing activities was 151.7 $MM, mostly driven by drilling and completion activity in Bajada del Palo Oeste and Aguada Federal (see Capex above). These results generated a positive free cash flow of 44.4 $MM for the quarter ⁽¹⁾.

In Q3 2022, cash flow used in financing activities totaled 112.7 $MM ⁽²⁾, mainly driven by the payment of 78.3 $MM of principal.

Gross debt totaled 522.6 $MM as of quarter end, resulting in a net debt of 339.9 $MM. Net leverage ratio decreased to 0.5x Adj. EBTIDA by the end of Q3 2022, from 1.1x Adj. EBITDA by the end of Q3 2021.

(1) Free cash flow is calculated as Cash flow generated by operating activities (196.1 $MM) minus Cash flow used in Investing activities (151.7 $MM)

(2) Cash flow used in financing activities is the sum of: (i) cash flow used in by financing activities for (91.9) $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents for (20.3) $MM; and (iii) the variation in Government bonds for (0.5) $MM

Page 7

Outstanding bonds

Instrument

Issuer

Issue date

Maturity

Gross proceeds ($MM)

Type

Interest rate (%)

Currency

Market

ON class III

Vista Energy Argentina S.A.U.

02/21/20

02/21/24

50.0

Bullet at maturity

3.50

%

USD

BCBA Argentina

ON class V(1)

Vista Energy Argentina S.A.U.

08/07/20

08/07/23

30.0

Bullet at maturity

Zero coupon

ARS in USD-linked

BCBA Argentina

ON class VI

Vista Energy Argentina S.A.U.

12/04/20

12/04/24

10.0

Bullet at maturity

3.24

%

ARS in USD-linked

BCBA Argentina

ON class VII

Vista Energy Argentina S.A.U.

03/10/21

03/10/24

42.4

Bullet at maturity

4.25

%

ARS in USD-linked

BCBA Argentina

ON class VIII(2)

Vista Energy Argentina S.A.U.

03/10/21

09/10/24

33.5

Bullet at maturity

2.73

%

ARS

BCBA Argentina

ON class IX

Vista Energy Argentina S.A.U.

06/18/21

06/18/23

38.8

Bullet at maturity

4.00

%

ARS in USD-linked

BCBA Argentina

ON class X(3)

Vista Energy Argentina S.A.U.

06/18/21

03/18/25

32.6

Bullet at maturity

4.00

%

ARS

BCBA Argentina

ON class XI

Vista Energy Argentina S.A.U.

08/27/21

08/27/25

9.2

Bullet at maturity

3.48

%

ARS in USD-linked

BCBA Argentina

ON class XII

Vista Energy Argentina S.A.U.

08/27/21

08/27/31

100.8

Amortizing (4)

5.85

%

ARS in USD-linked

BCBA Argentina

ON class XIII

Vista Energy Argentina S.A.U.

06/16/22

08/08/24

43.5

Bullet at maturity

6.00

%

USD

BCBA Argentina

(1) 20 $MM were issued on August 7, 2020, at a price of $ 1.0000, while the remaining 10 $MM were issued on December 4, 2020, at a price of $ 0.9685.

(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 3-year grace period.

Page 8

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

Historical operational data

Average daily production by concession, totals and by product

	Q3 2022		Q2 2022		Q1 2022		Q4 2021		Q3 2021
Total production by field (boe/d)		50,669		44,825		43,900		41,064		40,267
Entre Lomas		5,395		4,688		4,698		5,214		5,839
Bajada del Palo Este (conventional)		741		807		867		967		897
Bajada del Palo Oeste (conventional)		1,665		1,733		1,849		2,115		2,610
Bajada del Palo Este (shale)		2,314		2,674		681		0		0
Bajada del Palo Oeste (shale)		30,104		27,996		28,065		25,262		24,103
Agua Amarga (Jarilla Quemada, Charco del Palenque)		247		213		395		458		439
25 de Mayo-Medanito		2,530		2,478		2,503		2,540		2,599
Jagüel de los Machos		2,866		2,928		3,109		3,151		3,065
Coirón Amargo Norte		218		257		234		232		271
Águila Mora (shale)		0		0		0		0		0
Acambuco		141		145		148		151		152
Coirón Amargo Sur Oeste		0		0		0		0		0
Aguada Federal (shale)		3,927		397		915		436		0
CS-01		521		509		436		538		269
A-10		0		0		0		0		17
TM-01		0		0		0		0		5
Crude oil production by field (boe/d)(1)		41,909		36,899		35,638		32,436		30,954
Entre Lomas		3,428		3,237		3,305		3,448		3,605
Bajada del Palo Este (conventional)		421		395		416		437		429
Bajada del Palo Oeste (conventional)		570		606		596		620		579
Bajada del Palo Este (shale)		2,176		2,483		651		0		0
Bajada del Palo Oeste (shale)		26,426		24,350		24,321		21,756		20,890
Agua Amarga (Jarilla Quemada, Charco del Palenque)		220		164		226		243		228
25 de Mayo-Medanito		2,243		2,306		2,325		2,372		2,345
Jagüel de los Machos		2,177		2,252		2,363		2,400		2,328
Coirón Amargo Norte		213		243		223		231		268
Águila Mora (shale)		0		0		0		0		0
Acambuco		16		17		17		17		17
Coirón Amargo Sur Oeste		0		0		0		0		0
Aguada Federal (shale)		3,518		347		777		391		0
CS-01		502		498		419		523		260
A-10		0		0		0		0		0
TM-01		0		0		0		0		5
Natural Gas production by field (boe/d)(2)		8,298		7,500		7,811		8,103		8,793
Entre Lomas		1,541		1,066		991		1,313		1,766
Bajada del Palo Este (conventional)		290		376		410		471		424
Bajada del Palo Oeste (conventional)		1,095		1,126		1,253		1,496		2,031
Bajada del Palo Este (shale)		139		192		31		0		0
Bajada del Palo Oeste (shale)		3,678		3,646		3,743		3,506		3,213
Agua Amarga (Jarilla Quemada, Charco del Palenque)		21		42		161		203		204
25 de Mayo-Medanito		288		172		177		168		254
Jagüel de los Machos		690		677		746		751		737

Page 9

Coirón Amargo Norte	6	14	11	1	3
Águila Mora (shale)	0	0	0	0	0
Acambuco	125	128	132	134	135
Coirón Amargo Sur Oeste	0	0	0	0	0
Aguada Federal (shale)	408	50	139	45	0
CS-01	18	11	17	15	9
A-10	0	0	0	0	17
TM-01	0	0	0	0	0
NGL production by field (boe/d)	462	426	452	524	519
Entre Lomas	426	385	402	454	467
Bajada del Palo Este (conventional)	30	36	41	59	45
Bajada del Palo Oeste (conventional)	0	0	0	0	0
Bajada del Palo Este (shale)	0	0	0	0	0
Bajada del Palo Oeste (shale)	0	0	0	0	0
Agua Amarga (Jarilla Quemada, Charco del Palenque)	6	6	9	12	7

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		100	%	Operated	Shale / Conventional	Neuquina	Argentina
Bajada del Palo Este		100	%	Operated	Shale / Conventional	Neuquina	Argentina
Agua Amarga		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		84.6	%	Operated	Conventional	Neuquina	Argentina
Águila Mora		90	%	Operated	Shale	Neuquina	Argentina
Aguada Federal		100	%	Operated	Shale	Neuquina	Argentina
Bandurria Norte		100	%	Operated	Shale	Neuquina	Argentina
Acambuco		1.5	%	Non-operated	Conventional	Noroeste	Argentina
CS-01		100	%	Operated	Conventional	Del Sureste	México

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

Historical Oil sales export volumes

(Amounts expressed in thousand barrels)

Oil sales volumes - in Mbbl	Q3-22		Q2-22		Q1-22		Q4-21		Q3-21		Q2-21		Q1-21		Q4-20		Q3-20		Q2-20		Q1-20
Exports (Mbbl)		1,946.9		1,475.7		988.2		995.6		498.1		472.0		1,088.7		300.4		1,382.0		1,108.2		—
Exports ($MM)		175.6		147.0		77.1		70.5		32.2		26.8		52.7		11.8		55.0		28.1		—

Page 10

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
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

Page 11

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

(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%.

Bajada del Palo Este

Well name	Pad number(1)	Landing zone	Lateral length (mts)		Total frac stages
2101	BPE-1	La Cocina		2,372		49
2103	BPE-1	La Cocina		2,081		43

(1) BPE-1 formerly pad #11.

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-102H		AF-2	La Cocina	2,884	57
AF-202H		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

Page 12

Bandurria Norte

Well name	Landing zone	Lateral length (mts)	Total frac stages
WIN.Nq.BN-3(h)	Organic	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	2,500	35

Page 13

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

Key results

(Amounts expressed in thousand U.S. dollars)

Key Results - in $M	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
Total Revenues		333,573			294,293			207,920			196,004			175,005
Oil		311,986			277,017			193,629			182,088			153,908
Natural Gas		20,138			15,908			13,020			12,244			19,687
NGL and others		1,449			1,368			1,271			1,672			1,410
Cost of Sales		(145,405	)		(130,096	)		(104,183	)		(104,417	)		(97,845	)
Operating expenses		(34,753	)		(31,729	)		(30,839	)		(30,311	)		(27,204	)
Stock fluctuation		(4,571	)		(3,306	)		2,655			(1,362	)		1,797
Depreciation, depletion and amortization		(66,910	)		(57,982	)		(46,822	)		(46,886	)		(48,681	)
Royalties		(39,171	)		(37,079	)		(29,177	)		(25,858	)		(23,757	)
Gross profit		188,168			164,197			103,737			91,587			77,160
Selling expenses		(14,047	)		(14,444	)		(12,566	)		(11,865	)		(12,481	)
General and administrative expenses		(15,860	)		(15,888	)		(12,463	)		(14,764	)		(11,173	)
Exploration expenses		(175	)		(187	)		(205	)		(124	)		(153	)
Other operating income		9,241			10,955			2,765			5,477			11,294
Other operating expenses		(564	)		(782	)		(1,260	)		(2,317	)		(554	)
Impairment of long-lived assets		—			—			—			14,044			—
Operating profit (loss)		166,763			143,851			80,008			82,038			64,093
Interest income		294			74			16			23			34
Interest expense		(6,744	)		(7,365	)		(8,232	)		(9,330	)		(12,173	)
Other financial results		(29,453	)		14,575			(28,949	)		(1,013	)		(11,931	)
Financial results, net		(35,903	)		7,284			(37,165	)		(10,320	)		(24,070	)
Profit/(Loss) before income tax		130,860			151,135			42,843			71,718			40,023
Current income tax (expense)/benefit		(68,457	)		(51,633	)		(26,559	)		(15,162	)		(29,285	)
Deferred income tax (expense)/benefit		14,258			2,334			(750	)		(21,001	)		(6,005	)
Income tax (expense)/benefit		(54,199	)		(49,299	)		(27,309	)		(36,163	)		(35,290	)
Profit/(loss) for the period, net		76,661			101,836			15,534			35,555			4,733
Adjusted EBITDA Reconciliation ($M)	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
Net (loss) / profit for the period		76,661			101,836			15,534			35,555			4,733
(+) Income tax		54,199			49,299			27,309			36,163			35,290
(+) Financial results, net		35,903			(7,284	)		37,165			10,320			24,070
Operating profit (loss)		166,763			143,851			80,008			82,038			64,093
(+) Depreciation, depletion and amortization		66,910			57,982			46,822			46,886			48,681
(+) Restructuring and Reorganization expenses and others		—			259			272			1,619			(9,849	)
(+) Impairment of long-lived assets		—			—			—			(14,044	)		—
Adjusted EBITDA		233,674			202,093			127,102			116,497			102,925
Adjusted EBITDA Margin (%)		70	%		69	%		61	%		59	%		59	%
	Q3 2022			Q2 2022			Q1 2022			Q4 2021			Q3 2021
Lifting Cost ($MM)		34.8			31.7			30.8			30.3			27.2
Lifting cost ($/boe)		7.5			7.8			7.8			8.0			7.3

Page 14

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

Historical Adjusted Net Income / Loss

(Amounts expressed in thousand U.S. dollars)

Adj. Net Income - in $M	Q3-22			Q2-22			Q1-22		Q4-21			Q3-21		Q2-21		Q1-21		Q4-20			Q3-20			Q2-20			Q1-20
Net Profit/Loss		76,661			101,836			15,534		35,555			4,732		5,505		4,858		(13,812	)		(28,402	)		(39,203	)		(21,332	)
Adjustments:
(+) Deferred Income tax		(14,258	)		(2,334	)		750		21,001			6,005		10,679		2,010		(17,410	)		(5,490	)		8,032			4,571
(+) Changes in the fair value of Warrants		16,999			(17,188	)		22,777		(7,096	)		7,927		1,283		69		107			(1,765	)		(4,071	)		(10,769	)
(+) Impairment		—			—			—		(14,044	)		—		—		—		9,484			4,954			—			—
Adjustments to Net Income/Loss		2,741			(19,522	)		23,527		(139	)		13,932		11,962		2,079		(7,819	)		(2,301	)		3,961			(6,198	)
Adjusted Net Income/Loss		79,402			82,314			39,061		35,416			18,664		17,467		6,937		(21,631	)		(30,703	)		(35,242	)		(27,530	)

Adj. Net Income - 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		—			—			—			—			—			—			—			—
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 15

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

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)

	As of September 30, 2022		As of December 31, 2021
Property, plant and equipment		1,517,849		1,223,982
Goodwill		28,288		28,416
Other intangible assets		4,190		3,878
Right-of-use assets		25,208		26,454
Investments in associates		5,699		2,977
Trade and other receivables		19,057		20,210
Deferred income tax assets		4,029		2,771
Total noncurrent assets		1,604,320		1,308,688
Inventories		6,847		13,961
Trade and other receivables		90,297		46,096
Cash, bank balances and other short-term investments		182,751		315,013
Total current assets		279,895		375,070
Total assets		1,884,215		1,683,758
Deferred income tax liabilities		159,714		175,420
Lease liabilities		18,791		19,408
Provisions		28,027		29,657
Borrowings		362,338		447,751
Warrants		25,132		2,544
Employee benefits		11,202		7,822
Trade and other payables		11,679		50,159
Total noncurrent liabilities		616,883		732,761
Provisions		2,167		2,880
Lease liabilities		8,768		7,666
Borrowings		160,263		163,222
Salaries and payroll taxes		18,861		17,491
Income tax liability		113,888		44,625
Other taxes and royalties		19,911		11,372
Trade and other payables		203,254		138,482
Total current liabilities		527,112		385,738
Total liabilities		1,143,995		1,118,499
Total Equity		740,220		565,259
Total equity and liabilities		1,884,215		1,683,758

Page 16

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, 2022			For the period from July 1st to September 30, 2021
Revenue from contracts with customers		333,573			175,005
Revenues from crude oil sales		311,986			153,908
Revenues from natural gas sales		20,138			19,687
Revenues from LPG sales		1,378			1,410
Revenue from other goods		71			—
Cost of sales		(145,405	)		(97,845	)
Operating costs		(34,753	)		(27,204	)
Crude oil stock fluctuation		(4,571	)		1,797
Depreciation, depletion and amortization		(66,910	)		(48,681	)
Royalties		(39,171	)		(23,757	)
Gross profit		188,168			77,160
Selling expenses		(14,047	)		(12,481	)
General and administrative expenses		(15,860	)		(11,173	)
Exploration expenses		(175	)		(153	)
Other operating income		9,241			11,294
Other operating expenses		(564	)		(554	)
Operating profit		166,763			64,093
Interest income		294			34
Interest expense		(6,744	)		(12,173	)
Other financial income (expense)		(29,453	)		(11,932	)
Financial income (expense), net		(35,903	)		(24,071	)
Profit before income tax		130,860			40,022
Current income tax (expense)		(68,457	)		(29,285	)
Deferred income tax benefit (expense)		14,258			(6,005	)
Income tax (expense)		(54,199	)		(35,290	)
Profit for the period, net		76,661			4,732
Other comprehensive income		(35	)		(279	)
Total comprehensive profit for the period		76,626			4,453

Page 17

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, 2022			For the period from July 1st to September 30, 2021
Cash flows from operating activities
Profit for the period, net		76,661			4,732
Adjustments to reconcile net cash flows
Items related to operating activities:
(Reversal of) allowance for expected credit losses		—			(29	)
Net changes in foreign exchange rate		(19,373	)		(1,926	)
Discount for well plugging and abandonment		617			634
Net increase in provisions		564			417
Interest expense on lease liabilities		499			221
Discount of assets and liabilities at present value		668			57
Share-based payments		4,601			2,457
Employee benefits		150			77
Income tax expense		54,199			35,290
Items related to investing activities:
Depreciation and depletion		66,099			47,651
Amortization of intangible assets		811			1,030
Interest income		(294	)		(34	)
Gain from farmout agreement		(9,049	)		—
Changes in the fair value of financial assets		16,377			956
Gain from assets disposal		—			(9,986	)
Items related to financing activities:
Interest expense		6,744			12,173
Changes in the fair value of Warrants		16,999			7,926
Amortized cost		467			611
Remeasurement in borrowings		15,132			6,452
Changes in working capital:
Trade and other receivables		(36,453	)		(7,066	)
Inventories		4,571			(1,797	)

Page 18

Trade and other payables		13,232			7,804
Payments of employee benefits		(73	)		(55	)
Salaries and payroll taxes		6,652			3,642
Other taxes and royalties		2,929			(1,027	)
Provisions		(689	)		386
Income tax payment		(25,984	)		(642	)
Net cash flows provided by operating activities		196,057			109,954
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment		(152,792	)		(76,876	)
Payments for the acquisition of AFBN assets		(6,250	)		—
Payments received from farmout agreement		10,000			—
Payments for acquisitions of investments in associates		(1,952	)		(2,077	)
Payments for acquisitions of other intangible assets		(999	)		(348	)
Interest received		294			34
Proceeds from disposal of oil and gas properties		—			14,150
Cash received by AFBN assets acquisition		—			6,203
Net cash flows (used in) investing activities		(151,699	)		(58,914	)
Cash flows from financing activities:
Proceeds from borrowings		—			158,395
Payment of borrowings cost		—			(615	)
Payment of borrowings principal		(78,270	)		(153,609	)
Payment of borrowings interest		(10,444	)		(25,496	)
Payment of lease		(3,156	)		(2,133	)
Net cash flow (used in) provided by financing activities		(91,870	)		(23,458	)
	For the period from July 1st to September 30, 2022			For the period from July 1st to September 30, 2021
Net (decrease) in cash and cash equivalents		(47,512	)		27,582
Cash and cash equivalents at beginning of period		248,560			236,510
Effect of exposure to changes in the foreign currency rate of cash and cash equivalents		(20,255	)		(2,668	)
Net (decrease) in cash and cash equivalents		(47,512	)		27,582
Cash and cash equivalents at end of period		180,793			261,424

Page 19

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

• 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 US Dollars quarter on quarter

• p y: Represents the variation in million US Dollars year on year

• $MM: Million US Dollars

• $M: Thousand US Dollars

• $/bbl: US Dollars per barrel of oil

• $/boe: US Dollars per barrel of oil equivalent

• $/MMBTU: US Dollars per million British thermal unit

• $/tn: US 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 + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments

• 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 profit /loss for the period + Deferred Income Tax + Changes in the fair value of the warrants + Impairment 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

• Free cash flow: Operating activities cash flow plus Investing activities cash flow

• Mts: meters

• Lifting cost: Includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration and G&A costs.

• MMboe: Million barrels of oil equivalent

• MMm3/d: Million cubic meters per day

• NGL: Natural Gas Liquids

• 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

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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.

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

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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; 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.

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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:

ir@vistaenergy.com

Phone in Argentina: +54.11.3754.8500

Phone in Mexico: +52.55.86470128

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