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 April 2024

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’s 2024 First Quarter Results.

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 annual report filed with the United States Securities and Exchange Commission (“SEC”) on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission’s (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: +52 55 8647 0128

2

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: April 24, 2024

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

3

EX-1

Vista first quarter 2024 results

April 24, 2024, 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 corresponding to Q1 2024.

Q1 2024 highlights:

• Total production in Q1 2024 was 55,046 boe/d, a 5% increase compared to Q1 2023. On a pro forma basis, adjusting by the production of the Transferred Conventional Assets (as defined below) as of March 1, 2023 ⁽¹⁾, production increased 14% y-o-y. Oil production in Q1 2024 was 47,299 bbl/d, a 7% increase y-o-y, or 15% on a pro forma basis ⁽¹⁾. In Q1 2024, total production and oil production were both 2% below the previous quarter.

• During Q1 2024, the average realized crude oil price was 70.3 $/bbl, 4% above the average realized crude oil price of Q4 2023, and a 6% increase compared to Q1 2023. In Q1 2024, 57% of oil sales volumes, combining international and domestic markets, were at export parity prices, compared to 58% in Q1 2023.

• The realized natural gas price for Q1 2024 was 2.8 $/MMBtu, a 40% decrease y-o-y, mainly driven by a 61% decrease in industrial gas prices.

• Total revenues in Q1 2024 were 317.4 $MM, stable y-o-y, mainly driven by higher oil realized prices and partially offset by changes to oil inventory. During Q1 2024, net revenues from oil and gas exports were 126.1 $MM and represented 41% of total net revenues, which were 307.8 $MM. Net oil export revenues in Q1 2024 were 119.1 $MM and represented 41% of net oil revenues.

• Lifting cost in Q1 2024 was 4.3 $/boe, a 33% decrease compared to Q1 2023, reflecting the consolidation of our new operating model, fully focused on our shale oil assets, following the Transferred Conventional Assets (as defined below) as of March 1, 2023 ⁽¹⁾.

• Adjusted EBITDA for Q1 2024 was 220.6 $MM, an 8% increase y-o-y, mainly driven by lower lifting costs and stable revenues. Adjusted EBITDA margin was 68%, 4 p.p. above Q1 2023.

• Adjusted Net Income during Q1 2024 totaled 47.4 $MM, compared to 72.0 $MM during Q1 2023, mainly driven by higher Current income tax expense and Depreciation, depletion and amortization, and partially offset by a higher Adjusted EBITDA. Adjusted EPS was 0.5 $/share in Q1 2024, compared to 0.8 $/share in Q1 2023.

• Capex during Q1 2024 was 242.2 $MM. The Company invested 195.5 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 12 wells and the completion of 11 wells in Bajada del Palo Oeste), 38.1 $MM in development facilities, and 8.5 $MM in G&G studies, IT and other projects.

Page 2

• In Q1 2024, Free cash flow was negative at 83.8 $MM. Cash flow generated by operating activities was 53.2 $MM, impacted by a temporary increase of working capital and advanced payments for midstream expansions. Cash flow used in investing activities reached 137.1 $MM for the quarter, reflecting 242.2 $MM of capex and 94.5 $MM decrease in capex-related working capital. Cash flow from financing activities totaled 22.2 $MM ⁽²⁾, mainly driven by proceeds from borrowings of 95.9 $MM and partially offset by the repayment of borrowings of 45.0 $MM.

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

(2) Q1 2024 Cash flow from financing activities is the sum of: (i) Cash flow from financing activities for 32.9 $MM; (ii) Effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for –13.8 $MM; and (iii) the variation in Government bonds for 3.2 $MM.

Page 3

Production

Total average net daily production

	Q1-24		Q4-23		Q1-23		Q1-23 proforma (1)		p y/y proforma  (1)			p y/y			p q/q
Total (boe/d)		55,046		56,353		52,207		48,492		14	%		5	%		(2	)%
Oil (bbl/d)		47,299		48,469		44,048		41,107		15	%		7	%		(2	)%
Natural Gas (MMm3/d)		1.20		1.19		1.23		1.11		8	%		(3	)%		1	%
NGL (boe/d)		212		409		407		407		(48	)%		(48	)%		(48	)%

(1) Adjusted by the Conventional Asset Transaction (shows production as if the transaction had occurred on March 1, 2022). These values were revised after being published in the Company’s Forms 6-K furnished on July 13, 2023, and October 24, 2023.

Average daily production during Q1 2024 was 55,046 boe/d, a 14% increase y-o-y on a proforma basis, adjusting by the Conventional Assets Transaction, driven by solid performance in Vaca Muerta, and a 2% decrease q-o-q. Oil production was 47,299 bbl/d during Q1 2024, an interannual increase of 15% on a pro forma basis, and a 2% decrease compared to Q4 2023. Natural gas production in Q1 2024 was 1.20 MMm3/d, an 8% increase y-o-y on a pro forma basis and a 1% increase compared to Q4 2023. NGL production in Q1 2024 was 212 boe/d, a 48% decrease y-o-y, and 48% decrease q-o-q.

Q1 2024 Average net daily production by asset

	Interest			Oil (bbl/d)		Natural Gas (MMm3/d)		NGL (boe/d)		Total (boe/d)		% Total daily average
Total WI production per concession					47,299		1.20		212		55,046		100	%
Bajada del Palo Oeste		100	%		35,928		0.74		—		40,573		74	%
Aguada Federal		100	%		3,033		0.04		2		3,308		6	%
Bajada del Palo Este		100	%		3,306		0.03		4		3,478		6	%
Águila Mora		90	%		901		0.06		—		1,263		2	%
Bandurria Norte		100	%		—		0.00		—		—		—
Bajada del Palo Oeste		100	%		230		0.10		—		882		2	%
Bajada del Palo Este		100	%		122		0.02		10		280		1	%
Coirón Amargo Norte		84.6	%		119		0.00		—		148		0	%
CS-01 (México)		100	%		732		0.00		—		756		1	%
Total operated production					44,371		1.00		17		50,688		92	%
Entre Lomas (1)		—			1,329		0.12		188		2,284		4	%
Jagüel de los Machos (1)		—			740		0.04		—		969		2	%
25 de Mayo-Medanito (1)		—			763		0.01		—		816		1	%
Agua Amarga (1)		—			80		0.01		7		131		0	%
Acambuco		1.5	%		17		0.02		—		158		0	%
Total non-operated production					2,928		0.20		195		4,358		8	%
Total shale production					43,167		0.87		6		48,622		88	%
Total conventional production					4,132		0.33		205		6,424		12	%

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

Page 4

Revenues

Total revenues per product

Revenues per product - in $MM	Q1-24			Q4-23			Q1-23			p y/y			p q/q
Revenues		317.4			309.2			317.2			0	%		3	%
Export Duties		(9.6	)		(12.4	)		(14.0	)		(32	)%		(23	)%
Net Revenues		307.8			296.8			303.2			1	%		4	%
Oil		293.1			283.8			280.0			5	%		3	%
Export market		119.1			150.8			169.0			(30	)%		(21	)%
Domestic market		174.0			133.1			110.9			57	%		31	%
Domestic market at export parity		58.6			37.4			—			—			56	%
Natural Gas		14.5			12.0			21.9			(34	)%		21	%
Export market		7.0			3.9			12.7			(45	)%		80	%
Domestic market		7.5			8.1			9.1			(18	)%		(7	)%
NGL		0.2			1.0			1.4			(86	)%		(79	)%

Average realized prices per product

Product	Q1-24		Q4-23		Q1-23		p y/y			p q/q
Oil ($/bbl)		70.3		67.8		66.6		6	%		4	%
Export market		74.0		74.2		69.8		6	%		(0	)%
Domestic market		68.0		61.8		62.2		9	%		10	%
Domestic market at export parity		76.5		78.0		—		—			(2	)%
Natural Gas ($/MMBTU)		2.8		2.2		4.7		(40	)%		25	%
Export market		6.9		7.6		8.9		(22	)%		(9	)%
Domestic market		1.8		1.7		2.8		(37	)%		8	%
NGL ($/tn)		236		271		351		(33	)%		(13	)%

Total sales volumes per product

Product	Q1-24			Q4-23		Q1-23		p y/y			p q/q
Oil (MMbbl)		4.17	(1)		4.19		4.20		(1	)%		(0	)%
Export market		1.61			2.03		2.42		(34	)%		(21	)%
Domestic market		2.56			2.15		1.78		44	%		19	%
Domestic market at export parity		0.77			0.48		—		—			60	%
Natural Gas (MMBTU)		5.22			5.41		4.69		11	%		(4	)%
Export market		1.01			0.51		1.43		(30	)%		98	%
Domestic market		4.21			4.90		3.25		30	%		(14	)%
NGL (Mtn)		0.85			3.57		4.01		(79	)%		(76	)%

(1) Inventory build-up of 0.14 MMbbl, resulting from a production of 4.30 MMbbl and sales of 4.17 MMbbl.

Page 5

During Q1 2024, total revenues were 317.4 $MM, stable compared to Q1 2023. In Q1 2024, Net revenues from oil and gas exports were 126.1 $MM, representing 41% of Total net revenues, which were 307.8 $MM.

Crude oil net revenues in Q1 2024 totaled 293.1 $MM, representing 95.2% of total net revenues, a 5% increase compared to Q1 2023, driven by higher realized oil prices. Average realized oil price during the quarter was 70.3 $/bbl, 6% higher than Q1 2023. During Q1 2024, the Company exported 39% of crude oil sales volumes at a realized price of 74.0 $/bbl. Net revenues from the oil export market accounted for 41% of net oil revenues, reaching 119.1 $MM. During Q1 2024, 61% of volumes were sold to the domestic market at a price of 69.3 $/bbl, 5% above Q1 2023, or 68.0 $/bbl net of trucking transportation costs. During Q1 2024, 57% of oil sales volumes were sold at export parity prices.

Natural gas net revenues in Q1 2024 were 14.5 $MM, representing 4.7% of total net revenues. The average realized natural gas price for the quarter was 2.8 $/MMBtu, a 40% decrease compared to Q1 2023. Plan Gas represented 32% of total natural gas sales volume, with an average realized price of 2.7 $/MMBtu during the quarter. Sales to industrial clients represented 49% of total natural gas sales volume at an average realized price of 1.2 $/MMBtu. The remaining 19% of total natural gas sales volume was exported at an average realized price of 6.9 $/MMBtu.

NGL net revenues were 0.2 $MM during Q1 2024, representing 0.1% of total net revenues. NGL average price was 236 $/tn.

Lifting Cost

	Q1-24		Q4-23		Q1-23		p y/y			p q/q
Lifting Cost ($MM)		21.6		22.3		30.1		(28	)%		(3	)%
Lifting cost ($/boe)		4.3		4.3		6.4		(33	)%		0	%

Lifting cost during Q1 2024 was 21.6 $MM, a 28% decrease y-o-y. Lifting cost in Q1 2024 was 4.3 $/boe, a 33% decrease y-o-y, reflecting the consolidation of our new operating model, fully focused on our shale oil assets, following the Conventional Assets Transaction as of March 1, 2023.

Page 6

Adjusted EBITDA

Adjusted EBITDA reconciliation ($MM)	Q1-24		Q4-23		Q1-23			p y			p q
Profit for the year, net		78.7		132.9		128.7			(50.1	)		(54.3	)
(+) Income tax expense / (benefit)		23.4		34.5		77.3			(53.9	)		(11.1	)
(+) Financial income (expense), net		27.0		9.1		20.2			6.9			18.0
Operating profit		129.1		176.5		226.1			(97.1	)		(47.4	)
(+) Depreciation, depletion and amortization		82.4		79.0		64.4			18.0			3.4
(+) Restructuring and reorganization expenses		—		—		0.3			(0.3	)		(0.0	)
(+) Impairment (reversal) of long-lived assets		—		24.6		—			0.0			(24.6	)
(+) Gain related to the transfer of conventional assets		—		—		(89.7	)		89.7			0.0
(+) Other non-cash costs related to the transfer of conventional assets		9.1		8.0		3.2			5.9			1.1
Adjusted EBITDA (1)		220.6		288.1		204.4			16.2			(67.5	)
Adjusted EBITDA Margin (%) (2)		68%		73%		64%			+4p.p.			(5)p.p.

(1) Adj. EBITDA = Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets.

(2) Adj. EBITDA Margin = Adj. EBITDA / (Total revenues + Gain from Exports Increase Program). Adj. EBITDA Margin for Q1-24 (68%) = Adj. EBITDA (221 $MM) / (Total revenues (317 $MM) + Gain from Exports Increase Program (5 $MM)).

Adjusted EBITDA was 220.6 $MM in Q1 2024, an 8% increase compared to Q1 2023, mainly driven by lower lifting costs and stable revenues. Other operating income includes 7.4 $MM (net of costs) ⁽³⁾ in Q1-24, compared to 81.2 $MM in Q4-23, related to the repatriation of export proceeds of the quarter at the blue-chip swap exchange rate, as per the corresponding resolutions published by the Ministry of Economy, superseded on December 13^th, 2023 by Presidential Decree 28/2023, which set the share of exports to be repatriated at the blue-chip swap exchange rate at 20% (the “Exports Increase Program”).

Adjusted EBITDA Margin was 68%, improving 4 p.p. vis-à-vis Q1 2023. The Company has adjusted the definition of Adjusted EBITDA Margin to add the Gains from the Exports Increase Program, as noted in the table above.

(3) Gain from Exports Increase Program was 5.3 $MM and 7.4 $MM net of cost.

Page 7

Adjusted Net Income

Adjusted Net Income reconciliation ($MM)	Q1-24			Q4-23		Q1-23			p y			p q
Profit for the period, net		78.7			132.9		128.7			(50.1	)		(54.3	)
Adjustments:
(+) Deferred Income tax		(40.4	)		74.1		29.7			(70.1	)		(114.5	)
(+) Changes in the fair value of Warrants		—			—		—			—			—
(+) Impairment (reversal) of long-lived assets		—			24.6		—			—			(24.6	)
(+) Gain related to the transfer of conventional assets		—			—		(89.7	)		89.7			—
(+) Other non-cash costs related to the transfer of conventional assets		9.1			8.0		3.2			5.9			1.1
Adjustments to Net Income		(31.3	)		106.6		(56.7	)		25.4			(137.9	)
Adjusted Net Income		47.4			239.6		72.0			(24.6	)		(192.2	)
Adjusted EPS ($/share) (1)		0.49			2.52		0.80			(0.3	)		(2.0	)

Adjusted Net Income in Q1 2024 was 47.4 $MM, compared to 72.0 $MM in Q1 2023. The y-o-y change was primarily driven by (a) a higher Current income tax expense of 63.8 $MM in Q1 2024 compared to 47.6 $MM in Q1 2023, (b) higher Depreciation, depletion and amortization for 82.4 $MM in Q1 2024 compared to 64.4 $MM in Q1 2023, and (c) Financial results for a total loss of 27.0 $MM in Q1 2024, compared to a loss of 20.2 $MM in Q1 2023; and partially offset by (d) higher Adjusted EBITDA of 220.6 $MM in Q1 2024 compared to 204.4 $MM in Q1 2023.

Adjusted EPS ⁽¹⁾ was 0.49 $/share in Q1 2024, compared to 0.80 $/share in Q1 2023 and 2.52 $/share in Q4 2023.

(1) Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q1 2024, Q4 2023, and Q1 2023 were 95,976,064, 95,218,119, and 89,937,525, respectively.

Capex

Capex during Q1 2024 was 242.2 $MM. The Company invested 195.5 $MM in drilling, completion and workover of Vaca Muerta wells (mainly in connection with the drilling of 12 wells and the completion of 11 wells in Bajada del Palo Oeste), 38.1 $MM in development facilities, and 8.5 $MM in G&G studies, IT and other projects.

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Financial overview

During Q1 2024, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 151.7 $MM. Cash flow generated by operating activities was 53.2 $MM, impacted by an increase of working capital of 73.7 $MM, mainly driven by a temporary impact of 42.1 $MM from a cargo exported in March and collected the first week of April, and advanced payments for midstream expansions of 24.2 $MM. Cash flow used in investing activities reached 137.1 $MM for the quarter, mostly driven by drilling and completion activity in Vaca Muerta (see Capex section above), reflecting 242.2 $MM of capex and a 94.5 $MM decrease in capex-related working capital. In Q1 2024, Free cash flow was negative at 83.8 $MM.

In Q1 2024, cash flow from financing activities totaled 22.2 $MM ⁽¹⁾, mainly driven by proceeds from borrowings of 95.9 $MM, partially offset by repayment of borrowings of 45.0 $MM.

Gross debt totaled 666.1 $MM as of quarter end, resulting in a net debt of 514.4 $MM. At the end of Q1 2024, net leverage ratio decreased to 0.58x Adj. EBTIDA.

(1) Q1 2024 Cash flow from financing activities is the sum of: (i) Cash flow from financing activities for 32.9 $MM; (ii) Effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for –13.8 $MM; and (iii) the variation in Government bonds for 3.2 $MM.

Financial debt maturity schedule

In $MM	2024		2025		2026		2027		2028		2029		2030		2031
Cross border		43.5		63.4		39.7		40.0		—		—		—		—
Local		23.7		19.3		153.4		128.6		96.5		15.1		20.2		20.2
Total		67.2		82.7		193.1		168.6		96.5		15.1		20.2		20.2

Page 9

Outstanding bonds

Instrument (1)	Issue date	Maturity	Gross proceeds ($MM)	Type	Interest rate (%)	Currency
ON class VI	12/04/20	12/04/24	10.0	Bullet at maturity	3.24% paid quarterly	ARS in USD-linked
ON class XI	08/27/21	08/27/25	9.2	Bullet at maturity	3.48% paid quarterly	ARS in USD-linked
ON class XII	08/27/21	08/27/31	100.8	Amortizing (2)	5.85% paid bi-annually	ARS in USD-linked
ON class XIII	06/16/22	08/08/24	43.5	Bullet at maturity	6% paid quarterly	USD
ON class XIV	11/10/22	11/10/25	40.5	Bullet at maturity	6.25% paid bi-annually	USD
ON class XV	12/06/22	01/20/25	13.5	Bullet at maturity	4% paid quarterly	USD
ON class XVI (3)	12/06/22	06/06/26	104.2	Bullet at maturity	0.00%	ARS in USD-linked
ON class XVII	12/06/22	12/06/26	39.1	Bullet at maturity	0.00%	ARS in USD-linked
ON class XVIII	03/03/23	03/03/27	118.5	Bullet at maturity	0.00%	ARS in USD-linked
ON class XIX	03/03/23	03/03/28	16.5	Bullet at maturity	1% paid quarterly	ARS in USD-linked
ON class XX	06/05/23	07/20/25	13.5	Bullet at maturity	4.5% paid quarterly	USD
ON class XXI	08/11/23	08/11/28	70.0	Bullet at maturity	0.99% paid quarterly	ARS in USD-linked
ON class XXII	12/05/23	06/05/26	14.7	Bullet at maturity	5% paid bi-annually	USD
ON class XXIII	03/06/24	03/06/27	60.0	Bullet at maturity	6.5% paid bi-annually	USD

(1) All instruments issued by Vista Energy Argentina S.A.U. in the BCBA Argentina market.

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

(3) 63.5 $MM were issued on December 6, 2022, and 40.8 $MM were issued on May 29, 2023.

Page 10

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

Historical operational data

Average daily production by concession, totals and by product

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Total production by field (boe/d)		55,046		56,353		49,450		46,557		52,207
Entre Lomas (3)		2,284		2,274		1,940		1,939		3,826
Bajada del Palo Este (conventional)		280		357		516		660		844
Bajada del Palo Oeste (conventional)		882		763		1,235		1,570		1,258
Bajada del Palo Este (shale)		3,478		4,018		5,291		4,705		2,971
Bajada del Palo Oeste (shale)		40,573		39,649		29,000		28,283		33,249
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3)		131		150		203		219		198
25 de Mayo-Medanito (3)		816		839		882		924		1,783
Jagüel de los Machos (3)		969		1,005		952		1,040		2,067
Coirón Amargo Norte		148		162		133		205		191
Águila Mora (shale)		1,263		1,589		2,623		1,003		0
Acambuco		158		157		163		170		174
Aguada Federal (shale)		3,308		4,507		5,736		5,258		5,279
CS-01		756		886		777		583		365
Crude oil production by field (bbl/d)(1)		47,299		48,469		41,490		39,217		44,048
Entre Lomas (3)		1,329		1,271		1,160		1,137		2,527
Bajada del Palo Este (conventional)		122		159		281		367		560
Bajada del Palo Oeste (conventional)		230		284		363		508		552
Bajada del Palo Este (shale)		3,306		3,905		5,034		4,491		2,790
Bajada del Palo Oeste (shale)		35,928		34,872		24,792		24,430		29,141
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3)		80		85		97		98		175
25 de Mayo-Medanito (3)		763		775		806		861		1,669
Jagüel de los Machos (3)		740		776		733		799		1,577
Coirón Amargo Norte		119		139		128		205		191
Águila Mora (shale)		901		1,411		2,245		1,003		0
Acambuco		17		17		17		18		18
Aguada Federal (shale)		3,033		3,914		5,119		4,763		4,496
CS-01		732		860		714		537		353
Natural Gas production by field (boe/d)(2)		7,535		7,476		7,656		6,787		7,752
Entre Lomas (3)		768		664		619		325		938
Bajada del Palo Este (conventional)		148		169		207		256		244
Bajada del Palo Oeste (conventional)		652		479		871		1,062		706
Bajada del Palo Este (shale)		167		88		245		211		173
Bajada del Palo Oeste (shale)		4,645		4,770		4,121		3,832		4,116
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3)		44		58		98		113		17
25 de Mayo-Medanito (3)		53		63		76		62		115
Jagüel de los Machos (3)		229		229		219		241		489
Coirón Amargo Norte		29		23		5		0		0
Águila Mora (shale)		362		178		378		0		0
Acambuco		141		140		145		152		156
Aguada Federal (shale)		274		589		609		487		784
CS-01		23		26		63		45		13

Page 11

NGL production by field (boe/d)	212	409	304	553	407
Entre Lomas (3)	188	338	162	477	361
Bajada del Palo Este (conventional)	10	28	28	37	40
Bajada del Palo Oeste (conventional)	—	0	0	0	0
Bajada del Palo Este (shale)	4	25	11	3	0
Bajada del Palo Oeste (shale)	—	7	88	21	0
Aguada Federal (shale)	2	4	8	7	0
Agua Amarga (Jarilla Quemada, Charco del Palenque) (3)	7	7	8	8	6

(1) Acambuco includes condensate.

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

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

Page 12

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

Oil and gas concessions

Concessions	WI (%)	Operated / Non-operated	Expiration year	Target	Basin	Country
Entre Lomas Neuquén (1)	—	Non-operated	2026	Conventional	Neuquina	Argentina
Entre Lomas Río Negro (1)	—	Non-operated	2026	Conventional	Neuquina	Argentina
Bajada del Palo Oeste	100%	Operated	2053	Shale / Conventional	Neuquina	Argentina
Bajada del Palo Este	100%	Operated	2053	Shale / Conventional	Neuquina	Argentina
Charco del Palenque (1)	—	Non-operated	2034	Conventional	Neuquina	Argentina
Jarilla Quemada (1)	—	Non-operated	2040	Conventional	Neuquina	Argentina
25 de Mayo-Medanito (1)	—	Non-operated	2026	Conventional	Neuquina	Argentina
Jagüel de los Machos (1)	—	Non-operated	2025	Conventional	Neuquina	Argentina
Coirón Amargo Norte	84.60%	Operated	2037	Conventional	Neuquina	Argentina
Águila Mora	90%	Operated	2054	Shale	Neuquina	Argentina
Aguada Federal	100%	Operated	2050	Shale	Neuquina	Argentina
Bandurria Norte	100%	Operated	2050	Shale	Neuquina	Argentina
Acambuco	1.50%	Non-operated	2036 / 2040	Conventional	Noroeste	Argentina
CS-01	100%	Operated	2047	Conventional	Del Sureste	Mexico

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

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

Historical oil and gas export volumes and revenues

Oil exports	Q1-24		Q4-23		Q3-23		Q2-23		Q1-23		Q4-22		Q3-22		Q2-22		Q1-22
Sales volume (Mbbl)		1,608.1		2,033.2		2,207.8		1,583.3		2,420.5		2,156.6		1,946.9		1,475.7		988.2
Revenues ($MM)		119.1		150.8		165.4		108.6		169.0		159.9		175.6		147.0		77.1

Gas exports	Q1-24		Q4-23		Q3-23		Q2-23		Q1-23		Q4-22		Q3-22		Q2-22		Q1-22
Sales volume (MMm3)		27.3		13.8		1.5		12.6		38.8		33.2		3.0		3.9		11.2
Revenues ($MM)		7.0		3.9		0.5		3.5		12.7		10.8		1.1		0.9		2.4

Page 13

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

Page 14

2082 (2)	BPO-11	Organic	2,662	41
2083 (2)	BPO-11	La Cocina	2,365	37
2084 (2)	BPO-11	Organic	2,378	35
2311 (2)	BPO-12	La Cocina	3,104	54
2312 (2)	BPO-12	Organic	3,161	55
2313 (2)	BPO-12	La Cocina	3,259	55
2481 (2)	BPO-13	La Cocina	2,950	61
2482 (2)	BPO-13	Organic	2,826	57
2483 (2)	BPO-13	La Cocina	2,738	56
2484 (2)	BPO-13	Organic	2,576	52
2601 (2)	BPO-14	La Cocina	2,935	38
2602 (2)	BPO-14	Organic	2,968	51
2603 (2)	BPO-14	La Cocina	2,878	49
2604 (2)	BPO-14	Organic	2,508	43
2411 (2)	BPO-15	La Cocina	2,319	39
2412 (2)	BPO-15	Organic	3,181	54
2413 (2)	BPO-15	La Cocina	3,199	53
2414 (2)	BPO-15	Organic	3,192	55
2415 (2)	BPO-15	La Cocina	3,190	53
2341 (3)	BPO-16	La Cocina	3,128	54
2342 (3)	BPO-16	Organic	3,101	54
2343 (3)	BPO-16	La Cocina	1,969	34
2344 (3)	BPO-16	Organic	3,101	54
2321 (3)	BPO-17	La Cocina	2,722	47
2322 (3)	BPO-17	Organic	2,813	49
2323 (3)	BPO-17	La Cocina	2,490	43
2324 (3)	BPO-17	Organic	2,526	44
2007	BPO-18	La Cocina	2,026	35
2008	BPO-18	Organic	1,893	33
2009	BPO-18	La Cocina	1,968	34
2010	BPO-18	Organic	2,066	36
2681 (3)	BPO-19	La Cocina	3,012	52
2682 (3)	BPO-19	Organic	2,986	52
2683 (3)	BPO-19	La Cocina	2,780	48
2684 (3)	BPO-19	Organic	2,756	48
2942	BPO-20	La Cocina	2,490	43
2943	BPO-20	Organic	2,698	47
2944	BPO-20	La Cocina	2,664	46
2251	BPO-21	La Cocina	2,931	51
2252	BPO-21	Organic	2,920	51
2253	BPO-21	La Cocina	2,884	51
2254	BPO-21	Organic	2,889	51
2801	BPO-22	Organic	1,112	24
2802	BPO-22	La Cocina	3,243	56
2804	BPO-22	La Cocina	3,244	56
2051	BPO-23	Organic	2,641	46

Page 15

2052	BPO-23	La Cocina	2,606	45
2053	BPO-23	Lower Carbonate	2,641	46
2054	BPO-23	La Cocina	2,664	46
2055	BPO-23	Lower Carbonate	2,698	47
2531	BPO-24	La Cocina	571	10
2532	BPO-24	Organic	2,928	51
2533	BPO-24	La Cocina	2,664	46

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

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

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

Bajada del Palo Este

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

Aguada Federal

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

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 16

Aguila Mora

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

Page 17

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

Key results

(Amounts expressed in thousand U.S. dollars)

Key Results - in $M	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
Total Revenues		317,352			309,196			302,760			239,628			317,190
Oil		302,465			296,180			285,639			221,584			293,913
Natural Gas		14,666			12,048			16,388			16,987			21,867
NGL and others		221			968			733			1,057			1,410
Cost of Sales		(156,669	)		(154,103	)		(148,557	)		(123,422	)		(151,443	)
Operating expenses		(21,618	)		(22,270	)		(21,924	)		(20,347	)		(30,144	)
Stock fluctuation		1,209			1,743			(1,209	)		2,130			(4,722	)
Depreciation, depletion and amortization		(82,373	)		(79,011	)		(70,600	)		(62,447	)		(64,372	)
Royalties and others		(44,782	)		(46,593	)		(44,655	)		(36,593	)		(48,972	)
Other non-cash costs related to the transfer of conventional assets		(9,105	)		(7,972	)		(10,169	)		(6,165	)		(3,233	)
Gross profit		160,683			155,093			154,203			116,206			165,747
Selling expenses		(18,839	)		(19,170	)		(17,673	)		(15,232	)		(16,717	)
General and administrative expenses		(22,110	)		(18,665	)		(15,031	)		(19,776	)		(17,011	)
Exploration expenses		(31	)		352			148			(294	)		(222	)
Other operating income		9,497			83,639			23,849			2,268			95,315
Other operating expenses		(115	)		(143	)		153			(4	)		(963	)
Impairment (reversal) of long-lived assets		—			(24,585	)		—			—			—
Operating profit		129,085			176,521			145,649			83,168			226,149
Interest income		481			433			299			216			287
Interest expense		(4,897	)		(5,674	)		(4,842	)		(5,226	)		(6,137	)
Other financial results		(22,630	)		(3,827	)		(27,376	)		(19,967	)		(14,315	)
Financial results, net		(27,046	)		(9,068	)		(31,919	)		(24,977	)		(20,165	)
Profit before income tax		102,039			167,453			113,730			58,191			205,984
Current income tax (expense)/benefit		(63,789	)		39,570			(1,378	)		(7,017	)		(47,568	)
Deferred income tax (expense)/benefit		40,401			(74,085	)		(29,251	)		1,007			(29,682	)
Income tax (expense)/benefit		(23,388	)		(34,515	)		(30,629	)		(6,010	)		(77,250	)
Profit for the period, net		78,651			132,938			83,101			52,181			128,734
Adjusted EBITDA Reconciliation ($M)	Q1 2024			Q4 2023			Q3 2023			Q2 2023			Q1 2023
Profit for the period, net		78,651			132,938			83,101			52,181			128,734
(+) Income tax		23,388			34,515			30,629			6,010			77,250
(+) Financial results, net		27,046			9,068			31,919			24,977			20,165
Operating profit		129,085			176,521			145,649			83,168			226,149
(+) Depreciation, depletion and amortization		82,373			79,011			70,600			62,447			64,372
(+) Restructuring and Reorganization expenses and others		—			—			—			5			271
(+)Impairment (reversal) of long-lived assets		—			24,585			—			—			—
(+) Gain related to the transfer of conventional assets		—			—			—			—			(89,659	)
(+) Other non-cash costs related to the transfer of conventional assets		9,105			7,972			10,169			6,165			3,233
Adjusted EBITDA		220,563			288,088			226,420			151,785			204,365
Adjusted EBITDA Margin (%)		68	%		73	%		75	%		63	%		64	%

Page 18

	Q1 2024		Q4 2023		Q3 2023		Q2 2023		Q1 2023
Lifting Cost ($MM)		21.6		22.3		21.9		20.3		30.1
Lifting cost ($/boe)		4.3		4.3		4.8		4.8		6.4

Page 19

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

Historical Adjusted Net Income

(Amounts expressed in thousand U.S. dollars)

Adj. Net Income reconciliation - in $M	Q1-24			Q4-23		Q3-23		Q2-23			Q1-23
Net Profit		78,651			132,938		83,101		52,181			128,734
Adjustments:
(+) Deferred Income tax		(40,401	)		74,085		29,251		(1,007	)		29,682
(+) Changes in the fair value of Warrants		—			—		—		—			—
(+) Impairment of long-lived assets		—			24,585		—		—			—
(+) Gain related to the transfer of conventional assets		—			—		—		—			(89,659	)
(+) Other non-cash costs related to the transfer of conventional assets		9,105			7,972		10,169		6,165			3,233
Adjustments to Net Income/Loss		(31,296	)		106,642		39,420		5,158			(56,744	)
Adjusted Net Income		47,355			239,580		122,521		57,339			71,990

Adj. Net Income reconciliation - in $M	Q4-22		Q3-22			Q2-22			Q1-22
Net Profit		75,504		76,661			101,836			15,534
Adjustments:
(+) Deferred Income tax		87,732		(14,258	)		(2,334	)		750
(+) Changes in the fair value of Warrants		7,762		16,999			(17,188	)		22,777
(+) Impairment of long-lived assets		—		—			—			—
(+) Gain related to the transfer of conventional assets		—		—			—			—
(+) Other non-cash costs related to the transfer of conventional assets		—		—			—			—
Adjustments to Net Income/Loss		95,494		2,741			(19,522	)		23,527
Adjusted Net Income		170,998		79,402			82,314			39,061

Adj. Net Income reconciliation - in $M	Q4-21			Q3-21		Q2-21		Q1-21
Net Profit		35,555			4,732		5,505		4,858
Adjustments:
(+) Deferred Income tax		21,001			6,005		10,679		2,010
(+) Changes in the fair value of Warrants		(7,096	)		7,927		1,283		69
(+) Impairment of long-lived assets		(14,044	)		—		—		—
(+) Gain related to the transfer of conventional assets		—			—		—		—
(+) Other non-cash costs related to the transfer of conventional assets		—			—		—		—
Adjustments to Net Income/Loss		(139	)		13,932		11,962		2,079
Adjusted Net Income		35,416			18,664		17,467		6,937

Page 20

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

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)

	As of March 31, 2024		As of December 31, 2023
Property, plant and equipment		2,091,011		1,927,759
Goodwill		22,576		22,576
Other intangible assets		9,487		10,026
Right-of-use assets		55,336		61,025
Investments in associates		8,491		8,619
Trade and other receivables		143,129		136,351
Deferred income tax assets		5,743		5,743
Total noncurrent assets		2,335,773		2,172,099
Inventories		5,404		7,549
Trade and other receivables		302,849		205,102
Cash, bank balances and other short-term investments		151,653		213,253
Total current assets		459,906		425,904
Total assets		2,795,679		2,598,003
Deferred income tax liabilities		342,744		383,128
Lease liabilities		33,655		35,600
Provisions		13,796		12,339
Borrowings		576,282		554,832
Employee benefits		5,678		5,703
Total noncurrent liabilities		972,155		991,602
Provisions		4,118		4,133
Lease liabilities		30,194		34,868
Borrowings		89,774		61,223
Salaries and payroll taxes		10,123		17,555
Income tax liability		51,451		3
Other taxes and royalties		35,433		36,549
Trade and other payables		297,635		205,055
Total current liabilities		518,728		359,386
Total liabilities		1,490,883		1,350,988
Total Equity		1,304,796		1,247,015
Total equity and liabilities		2,795,679		2,598,003

Page 21

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

Consolidated Income Statement

(Amounts expressed in thousand U.S. dollars)

	For the period from January 1st to March 31, 2024			For the period from January 1st to March 31, 2023
Revenue from contracts with customers		317,352			317,190
Revenues from crude oil sales		302,485			293,913
Revenues from natural gas sales		14,666			21,867
Revenues from LPG sales		201			1,410
Cost of sales		(156,669	)		(137,466	)
Operating costs		(21,618	)		(30,144	)
Crude oil stock fluctuation		1,209			(4,722	)
Depreciation, depletion and amortization		(82,373	)		(64,372	)
Royalties and others		(44,782	)		(48,972	)
Other non-cash costs related to the transfer of conventional assets		(9,105	)		(3,233	)
Gross profit		160,683			165,747
Selling expenses		(18,839	)		(16,717	)
General and administrative expenses		(22,110	)		(17,011	)
Exploration expenses		(31	)		(222	)
Other operating income		9,497			95,315
Other operating expenses		(115	)		(963	)
Operating profit		129,085			226,149
Interest income		481			287
Interest expense		(4,897	)		(6,137	)
Other financial income (expense)		(22,630	)		(14,315	)
Financial income (expense), net		(27,046	)		(20,165	)
Profit before income tax		102,039			205,984
Current income tax expense		(63,789	)		(47,568	)
Deferred income tax (expense) benefit		40,401			(29,682	)
Income tax (expense)		(23,388	)		(77,250	)
Profit for the period, net		78,651			128,734
Other comprehensive income		32			71
Total comprehensive profit for the period		78,683			128,805

Page 22

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

Consolidated Statement of Cash Flows

(Amounts expressed in thousand U.S. dollars)

	For the period from January 1st to March 31, 2024			For the period from January 1st to March 31, 2023
Cash flows from operating activities
Profit for the period, net		78,651			128,734
Adjustments to reconcile net cash flows
Items related to operating activities:
Other non-cash costs related to the transfer of conventional assets		9,105			3,233
Share-based payments		6,643			5,039
Net (increase) decrease in provisions		115			(567	)
Net changes in foreign exchange rate		12,288			(6,570	)
Discount for well plugging and abandonment		254			499
Interest expense on lease liabilities		858			388
Discount of assets and liabilities at present value		(371	)		709
Income tax expense		23,388			77,250
Employee benefits		81			153
Items related to investing activities:
Gain related to the transfer of conventional assets		—			(89,659	)
Gain from farmout agreement		—			(5,656	)
Interest income		(481	)		(287	)
Changes in the fair value of financial assets		8,635			3,202
Depreciation and depletion		81,085			63,434
Amortization of intangible assets		1,288			938
Items related to financing activities:
Interest expense		4,897			6,137
Amortized cost		317			364
Remeasurement in borrowings		—			13,690
Other financial income (expense)		649			2,033
Changes in working capital:
Trade and other receivables		(116,534	)		(12,854	)
Inventories		(1,209	)		4,722
Trade and other payables		(3,854	)		4,082
Payments of employee benefits		(57	)		(75	)
Salaries and payroll taxes		(34,899	)		(25,892	)
Other taxes and royalties		(8,747	)		(12,018	)
Provisions		(94	)		(529	)
Income tax payment		(8,763	)		(1,737	)
Net cash flows provided by operating activities		53,245			158,763
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment		(147,654	)		(132,948	)
Payments for the acquisition of AFBN assets		—			(6,250	)
Payments for acquisitions of other intangible assets		(749	)		(840	)
Payments for acquisitions of investments in associates		128			(532	)
Payments received from farmout agreement		—			6,250

Page 23

Proceeds from the transfer of conventional assets	10,734		10,000
Interest received	481		287
Net cash flows (used in) investing activities	(137,060	)	(124,033	)
Cash flows from financing activities:
Proceeds from borrowings	95,876		135,000
Payment of borrowings cost	(357	)	(728	)
Payment of borrowings principal	(45,000	)	(22,500	)
Payment of borrowings interest	(5,678	)	(7,877	)
Payment of lease	(11,011	)	(9,894	)
Payments of other financial cost	(933	)	(2,033	)
Net cash flow provided by financing activities	32,897		91,968

	For the period from January 1st to March 31, 2024			For the period from January 1st to March 31, 2023
Net increase (decrease) increase in cash and cash equivalents		(50,918	)		126,698
Cash and cash equivalents at beginning of period		209,516			241,956
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents		(13,836	)		(20,989	)
Net increase (decrease) increase in cash and cash equivalents		(50,918	)		126,698
Cash and cash equivalents at end of period		144,762			347,665

Page 24

Glossary, currency and definitions:

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

• Conversion metrics

• 1 cubic meter of oil = 6.2898 barrels of oil

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

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

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

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

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

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

• $MM: Million U.S. dollars

• $M: Thousand U.S. dollars

• $/bbl: U.S. dollars per barrel of oil

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

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

• $/ton: U.S. dollars per metric ton

• Adj. EBITDA / Adjusted EBITDA: Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets

• Adjusted EBITDA margin: Adjusted EBITDA divided by Total Revenues plus Gain from Exports Increase Program

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

• Adjusted Net Income/Loss: Profit for the year, net + Deferred Income Tax (expense) + Changes in the fair value of the warrants + Impairment (reversal) of long-lived assets + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets

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

• boe/d: Barrels of oil equivalent per day

• bbl/d: Barrels of oil per day

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

• CNG: Compressed natural gas

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

• Lifting cost includes production, transportation, treatment and field support services; excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses and Other non-cash costs related to the transfer of conventional assets

Page 25

• MMboe: Million barrels of oil equivalent

• MMm3/d: Million cubic meters per day

• Mts: meters

• 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 ending of December 31, 2025

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

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

• q-o-q: Quarter on quarter

• 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.

Page 27

There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the newly elected government in Argentina; significant economic or political developments in Mexico and the United States; uncertainties relating to the upcoming Mexican presidential and congressional elections in June 2024; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, 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; the effects of pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; 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; uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves; increased market competition in the energy sectors in Argentina and Mexico; potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions; environmental regulations and internal policies to achieve global climate targets; the ongoing conflict involving Russia and Ukraine; and more recently, the Israel-Hamas conflict.

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

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

Other Information

Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel of distribution of material information. Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.

INVESTORS CONTACT:

ir@vistaenergy.com

Phone in Argentina: +54.11.3754.8500

Phone in Mexico: +52.55.8647.0128

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