EX-99.1 2 d388322dex991.htm EXHIBIT 1 Exhibit 1

Exhibit 1

 

 

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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.

 

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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 % 
    

 

 

     

 

 

     

 

 

     

 

 

     

 

 

  

 

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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

 

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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.

 

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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.

 

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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

 

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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.

 

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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  

 

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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        —    

 

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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

 

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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

 

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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

 

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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  

 

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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 ) 
  

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

    

 

 

  

 

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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  
  

 

 

     

 

 

  

 

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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  
  

 

 

    

 

 

  

 

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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 ) 

 

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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  
  

 

 

    

 

 

  

 

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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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