EX-99.1 2 d873025dex991.htm EX-99.1 EX-99.1

Exhibit 1

 

 

LOGO

VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

TABLE OF CONTENTS

 

 

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2024 and 2023

  
 

Unaudited interim condensed consolidated statements of financial position as of September 30, 2024 and December 31, 2023

  
 

Unaudited interim condensed consolidated statements of changes in equity for the nine-month periods ended September 30, 2024 and 2023

  
 

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023

  
•   

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

  

 

2


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from
January 1,
through
September 30,
2024
    Period from
January 1,
through
September 30,
2023
    Period from
July 1,
through
September 30,
2024
    Period from
July 1,
through
September 30,
2023
 

Revenue from contracts with customers

   4      1,176,450       859,578       462,383       302,760  

Cost of sales:

           

Operating costs

   5.1      (79,970     (72,415     (31,614     (21,924

Crude oil stock fluctuation

   5.2      (2,193     (3,801     (7,056     (1,209

Depreciation, depletion and amortization

   11/12/13      (298,081     (197,419     (114,703     (70,600

Royalties and others

   5.3      (170,054     (130,220     (68,482     (44,655

Other non-cash costs related to the transfer of conventional assets

   15      (25,049     (19,567     (8,152     (10,169
     

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit

        601,103       436,156       232,376       154,203  
     

 

 

   

 

 

   

 

 

   

 

 

 

Selling expenses

   6      (77,807     (49,622     (36,828     (17,673

General and administrative expenses

   7      (73,747     (51,818     (29,247     (15,031

Exploration expenses

        (36     (368     (3     148  

Other operating income

   8.1      47,660       120,173       21,176       23,849  

Other operating expenses

   8.2      (1,197     445       (174     153  
     

 

 

   

 

 

   

 

 

   

 

 

 

Operating profit

        495,976       454,966       187,300       145,649  
     

 

 

   

 

 

   

 

 

   

 

 

 

Interest income

   9.1      3,160       802       1,360       299  

Interest expense

   9.2      (37,138     (16,205     (21,022     (4,842

Other financial income (expense)

   9.3      4,142       (61,657     26,902       (27,375
     

 

 

   

 

 

   

 

 

   

 

 

 

Financial income (expense), net

        (29,836     (77,060     7,240       (31,918
     

 

 

   

 

 

   

 

 

   

 

 

 

Profit before income tax

        466,140       377,906       194,540       113,731  
     

 

 

   

 

 

   

 

 

   

 

 

 

Current income tax (expense)

   14      (319,391     (55,963     (149,989     (1,378

Deferred income tax benefit (expense)

   14      237,001       (57,926     120,908       (29,251
     

 

 

   

 

 

   

 

 

   

 

 

 

Income tax (expense)

        (82,390     (113,889     (29,081     (30,629
     

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period, net

        383,750       264,017       165,459       83,102  
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income

           

Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods

           

- (Loss) profit from actuarial remeasurement related to employee benefits

   24      (14,883     (988     (14,949     91  

- Deferred income tax benefit (expense)

   14      5,209       346       5,232       (31
     

 

 

   

 

 

   

 

 

   

 

 

 

Other comprehensive income that shall not be reclassified to profit in subsequent periods, net of taxes

        (9,674     (642     (9,717     60  
     

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive profit for the period

        374,076       263,375       155,742       83,162  
     

 

 

   

 

 

   

 

 

   

 

 

 

Earnings per share

           

Basic (in US Dollars per share)

   10      3.992       2.834       1.728       0.874  

Diluted (in US Dollars per share)

   10      3.843       2.664       1.662       0.821  

Notes 1 through 28 are an integral part of these unaudited interim condensed consolidated financial statements.

 

3


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of financial position as of September 30, 2024 and December 31, 2023

(Amounts expressed in thousands of US Dollars)

 

     Notes      As of September 30, 2024     As of December 31, 2023  

Assets

       

Noncurrent assets

       

Property, plant and equipment

     11        2,596,993       1,927,759  

Goodwill

     12        22,576       22,576  

Other intangible assets

     12        11,047       10,026  

Right-of-use assets

     13        54,170       61,025  

Investments in associates

        10,830       8,619  

Trade and other receivables

     15        177,930       136,351  

Deferred income tax assets

        —        5,743  
     

 

 

   

 

 

 

Total noncurrent assets

        2,873,546       2,172,099  
     

 

 

   

 

 

 

Current assets

       

Inventories

     17        2,434       7,549  

Trade and other receivables

     15        349,674       205,102  

Cash, bank balances and other short-term investments

     18        256,027       213,253  
     

 

 

   

 

 

 

Total current assets

        608,135       425,904  
     

 

 

   

 

 

 

Total assets

        3,481,681       2,598,003  
     

 

 

   

 

 

 

Equity and liabilities

       

Equity

       

Capital stock

     19.1        418,029       517,874  

Other equity instruments

        32,144       32,144  

Legal reserve

        8,233       8,233  

Share-based payments

        41,539       42,476  

Share repurchase reserve

     19.2        129,324       79,324  

Other accumulated comprehensive income (losses)

        (14,101     (4,427

Accumulated profit (losses)

        905,141       571,391  
     

 

 

   

 

 

 

Total equity

        1,520,309       1,247,015  
     

 

 

   

 

 

 

Liabilities

       

Noncurrent liabilities

       

Deferred income tax liabilities

        135,175       383,128  

Lease liabilities

     13        28,677       35,600  

Provisions

     20        25,882       12,339  

Borrowings

     16.1        725,239       554,832  

Employee benefits

     24        20,518       5,703  
     

 

 

   

 

 

 

Total noncurrent liabilities

        935,491       991,602  
     

 

 

   

 

 

 

Current liabilities

       

Provisions

     20        5,052       4,133  

Lease liabilities

     13        16,571       34,868  

Borrowings

     16.1        249,991       61,223  

Salaries and payroll taxes

     21        26,043       17,555  

Income tax liability

        296,852       3  

Other taxes and royalties

     22        28,659       36,549  

Trade and other payables

     23        402,713       205,055  
     

 

 

   

 

 

 

Total current liabilities

        1,025,881       359,386  
     

 

 

   

 

 

 

Total liabilities

        1,961,372       1,350,988  
     

 

 

   

 

 

 

Total equity and liabilities

        3,481,681       2,598,003  
     

 

 

   

 

 

 

Notes 1 through 28 are an integral part of these unaudited interim condensed consolidated financial statements.

 

4


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2024

(Amounts expressed in thousands of US Dollars)

 

     Capital
stock
    Other equity
instruments
     Legal reserve      Share-based
payments
    Share
repurchase
reserve
     Other
accumulated
comprehensive
income (losses)
    Accumulated
profit (losses)
    Total equity  

Amounts as of December 31, 2023

     517,874       32,144        8,233        42,476       79,324        (4,427     571,391       1,247,015  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Profit for the period

     —        —         —         —        —         —        383,750       383,750  

Other comprehensive income for the period

     —        —         —         —        —         (9,674     —        (9,674
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Total comprehensive income

     —        —         —         —        —         (9,674     383,750       374,076  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Ordinary General Shareholders’ meeting on August 6, 2024 (1):

                   

Creation of share repurchase reserve

     —        —         —         —        50,000        —        (50,000     —   

Share repurchase (2)

     (99,846     —         —         —        —         —        —        (99,846

Share-based payments

     1       —         —         (937 )(3)      —         —        —        (936
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2024

     418,029       32,144        8,233        41,539       129,324        (14,101     905,141       1,520,309  
  

 

 

   

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

   

 

 

 

 

(1) 

See Note 19.2.

(2) 

See Note 19.1.

(3) 

Including 28,638 share-based payments (Note 7), net of tax charges.

Notes 1 through 28 are an integral part of these unaudited interim condensed consolidated financial statements.

 

5


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2023

(Amounts expressed in thousands of US Dollars)

 

     Capital
stock
     Other equity
instruments
     Legal reserve      Share-based
payments
    Share
repurchase
reserve
     Other
accumulated
comprehensive
income (losses)
    Accumulated
profit (losses)
     Total equity  

Amounts as of December 31, 2022

     517,873        32,144        2,603        40,744       49,465        (8,694     209,925        844,060  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Profit for the period

     —         —         —         —        —         —        264,017        264,017  

Other comprehensive income for the period

     —         —         —         —        —         (642     —         (642
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total comprehensive income

     —         —         —         —        —         (642     264,017        263,375  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Share-based payments

     1        —         —         (1,006 )(1)      —         —        —         (1,005
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Amounts as of September 30, 2023

     517,874        32,144        2,603        39,738       49,465        (9,336     473,942        1,106,430  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

(1)

Including 17,275 share-based payments (Note 7), net of tax charges.

Notes 1 through 28 are an integral part of these unaudited interim condensed consolidated financial statements.

 

6


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

 

     Notes      Period from
January 1,
through
September 30,
2024
    Period from
January 1,
through
September 30,
2023
    Period from
July 1,

through
September 30,
2024
    Period from
July 1,

through
September 30,
2023
 

Cash flows from operating activities:

           

Profit for the period, net

        383,750       264,017       165,459       83,102  

Adjustments to reconcile net cash flows

           

Items related to operating activities:

           

Share-based payments

     7        28,638       17,275       12,215       4,025  

Net increase (decrease) in provisions

     8.2        1,197       (721     174       (153

Net changes in foreign exchange rate

     9.3        2,305       (10,531     (9,474     (6,509

Discount of assets and liabilities at present value

     9.3        408       (2,943     463       (6,410

Interest expense on lease liabilities

     9.3        2,258       2,137       644       645  

Discount for well plugging and abandonment

     9.3        863       1,788       323       673  

Income tax expense

     14        82,390       113,889       29,081       30,629  

Other non-cash costs related to the transfer of conventional assets

     15        25,049       19,567       8,152       10,169  

Employee benefits

     24        223       124       66       176  

Items related to investing activities:

           

Gain related to the transfer of conventional assets

     8.1        —        (89,659     —        —   

Gain from farmout agreement

     8.1        —        (24,429     —        (18,773

Interest income

     9.1        (3,160     (802     (1,360     (299

Changes in the fair value of financial assets

     9.3        (7,017     12,222       (9,104     19,601  

Depreciation and depletion

     11/13        293,964       194,477       113,232       69,595  

Amortization of intangible assets

     12        4,117       2,942       1,471       1,005  

Items related to financing activities:

           

Interest expense

     9.2        37,138       16,205       21,022       4,842  

Amortized cost

     9.3        1,060       1,285       376       342  

Remeasurement in borrowings

     9.3        —        48,967       —        16,515  

Other financial income (expense)

     9.3        (4,019     8,732       (10,130     2,518  

Changes in working capital:

           

Trade and other receivables

        (226,860     (116,720     (90,529     (91,026

Inventories

     5.2        2,193       3,801       7,056       1,209  

Trade and other payables

        30,758       32,637       18,153       24,580  

Payments of employee benefits

     24        (291     (209     (124     (70

Salaries and payroll taxes

        (20,828     (26,188     11,070       3,378  

Other taxes and royalties

        (20,626     (40,834     (6,811     (9,767

Provisions

        (1,035     (1,270     (194     (380

Income tax payment

        (22,934     (60,431     (6,348     (22,331
     

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows provided by operating activities

        589,541       365,328       254,883       117,286  
     

 

 

   

 

 

   

 

 

   

 

 

 

 

7


VISTA ENERGY, S.A.B. DE C.V.

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

 

     Notes      Period from
January 1,
through
September 30,
2024
    Period from
January 1,
through
September 30,
2023
    Period from
July 1,

through
September 30,
2024
    Period from
July 1,

through
September 30,
2023
 

Cash flows from investing activities:

           

Payments for acquisitions of property, plant and equipment

        (746,044     (457,513     (326,188     (162,762

Proceeds from the transfer of conventional assets (1)

        10,734       10,000       —        —   

Payments for acquisitions of other intangible assets

     12        (5,138     (3,536     (2,710     (1,176

Payments for acquisitions of investments in associates

        (2,211     (632     (1,745     (100

Interest received

     9.1        3,160       802       1,360       299  

Proceeds from farmout agreement

     8.1        —        26,650       —        20,400  

Prepayment of leases

        —        (14,161     —        (14,161

Payments for the acquisition of AFBN assets

        —        (18,750     —        (6,250

Payments for acquisitions of other assets

        —        (2,014     —        2,994  
     

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flows (used in) investing activities

        (739,499     (459,154     (329,283     (160,756
     

 

 

   

 

 

   

 

 

   

 

 

 

Cash flows from financing activities:

           

Proceeds from borrowings

     16.2        485,017       218,500       142,724       70,000  

Payment of borrowings principal

     16.2        (130,647     (70,274     (74,110     (22,500

Payment of borrowings interest

     16.2        (20,714     (18,754     (10,612     (6,855

Payment of borrowings cost

     16.2        (1,437     (1,699     (514     (387

Payment of lease

     13        (32,849     (30,437     (10,922     (10,306

Share repurchase

     19.1        (99,846     —        (49,864     —   

Payments of other financial expense

     9.3        (5,969     (7,913     1,421       (2,518
     

 

 

   

 

 

   

 

 

   

 

 

 

Net cash flow provided by (used in) financing activities

        193,555       89,423       (1,877     27,434  
     

 

 

   

 

 

   

 

 

   

 

 

 

Net increase (decrease) in cash and cash equivalents

        43,597       (4,403     (76,277     (16,036

Cash and cash equivalents at beginning of the period

     18        209,516       241,956       321,562       219,677  

Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents

        (4,051     (66,707     3,777       (32,795

Net increase (decrease) in cash and cash equivalents

        43,597       (4,403     (76,277     (16,036
     

 

 

   

 

 

   

 

 

   

 

 

 

Cash and cash equivalents at end of the period

     18        249,062       170,846       249,062       170,846  
     

 

 

   

 

 

   

 

 

   

 

 

 

Significant transactions that generated no cash flows

           

Acquisition of property, plant and equipment through increase in trade and other payables

        330,590       177,483       330,590       177,483  

Changes in well plugging and abandonment with an impact in property, plant and equipment

     11        10,158       (2,618     5,496       654  

Disposal for transfer of conventional assets through increase in trade and other receivables

        —        (116,071     —        —   

 

(1) 

See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023.

Notes 1 through 28 are an integral part of these unaudited interim condensed consolidated financial statements.

 

8


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

Note 1. Group information

1.1 Company general information, structure and activities

Vista Energy, S.A.B. de C.V. (“VISTA”, the “Company” or the “Group”), formerly known as Vista Oil & Gas, S.A.B. de C.V., was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States (“Mexico”). The Company adopted the public corporation or “Sociedad Anónima Bursátil de Capital Variable (S.A.B. de C.V.) on July 28, 2017.

It is listed on the New York Stock Exchange (“NYSE”) under ticker symbol “VIST” as from July 26, 2019.

Its main office is located in the City of Mexico, Mexico, at Pedregal 24, floor 4, Colonia Molino del Rey, Alcaldía Miguel Hidalgo, zip code 11040.

Through its subsidiaries, the Company engages in oil and gas exploration and production (upstream segment).

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on October 23, 2024.

There were no changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2023.

Note 2. Basis of preparation and material accounting policies

2.1 Bases of preparation and presentation

The unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023, and for the nine-month periods ended September 30, 2024 and 2023 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of September 30, 2024, and the results of operations for the nine-month period ended September 30, 2024. Therefore, these interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2023.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company’s consolidated financial statements as of December 31, 2023, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars (“USD”) and are rounded to the nearest thousand, unless otherwise stated.

2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by the Company

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

Several amendments apply for the first time in 2024, but do not have an impact on the interim condensed consolidated financial statements of the Group.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. There were no changes in interest in Company subsidiaries during the nine-month period ended September 30, 2024.

 

9


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

2.4 Summary of material accounting policies

2.4.1 Impairment testing of goodwill and nonfinancial assets other than goodwill

Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generating Units (“CGUs”).

As of September 30, 2024, and December 31, 2023, the Company identified 2 (two) CGUs in Argentina: (i) operated exploitation concessions of unconventional oil and gas exploration and production; and (ii) non-operating concessions of conventional oil and gas exploration and production.

The Company also identified only 1 (one) CGUs in Mexico: (i) operated exploitation concessions of conventional oil and gas exploration and production, as of September 30, 2024, and December 31, 2023.

The Company conducts its impairment test of nonfinancial assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.

As of September 30, 2024, the Company did not identify indications of impairment or reversal of impairment related with goodwill and nonfinancial assets other than goodwill.

2.5 Regulatory framework

 

A-

Argentina

2.5.1 General

2.5.1.1 Bases law

On June 28, 2024, Argentina’s House of Representatives approved Law of Bases and Points of Departure for the Freedom of Argentineans No. 27,742, as well as Law of Palliative and Relevant Tax Measures No. 27,743 (jointly, “the Bases Law”). On July 8, 2024, the Bases Law was enacted through Presidential Decrees No. 592/2024 and No. 593/2024, respectively, published in the Official Bulletin.

These laws are part of the Argentine Executive’s initiative to deregulate the Argentine economy and adjust the State’s operation and structure. Among its key measures, the Bases Law declare a public administrative, economic, financial, and energetic emergency for a year, and grant the Executive delegated legislative powers. Additionally, they include several reforms aimed at promoting registered employment and introduce a package of tax and social security measures, among others.

Hydrocarbons Law (No. 17,319) was also amended as follows:

 

(i)

It introduces the principle of maximizing corporate profit from the exploitation of resources as it removes the concept of hydrocarbon self-supply previously in place;

(ii)

It authorizes the National or Provincial Executive, as the case may be, to issue storage permits and authorizations for hydrocarbon processing in compliance with Law No. 17,319;

(iii)

It grants producers rights to trade, transport, and industrialize hydrocarbons produced and by-products, and prevents the National Executive from intervening or setting prices;

(iv)

It allows for the free export and import of hydrocarbons and by-products. It also eliminates the Department of Energy’s authority to challenge export permits;

(v)

It amends the acquisition system and terms for unconventional concessions following the reconversion of conventional concessions;

(vi)

It authorizes the regulatory authority to grant concessions for terms other than those established in Hydrocarbons Law;

(vii)

It revises the extension system for new concessions;

(viii)

It mandates that new concessions be awarded through a bidding process upon expiration of existing concessions.

 

10


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

The Bases Law also sets forth the creation of an Incentive Regime for Large Investments (the “RIGI” by Spanish acronym), which provides stability and offers tax, customs, and foreign exchange benefits for projects in various sectors, including the energy and oil & gas, subject to specific conditions.

The RIGI was established and published in the Official Bulletin on August 23, 2024, through Presidential Decree No. 749/2024, applicable to the oil & gas sector solely for the following activities: (i) construction of treatments plants, natural gas separation plants, oil & gas pipelines, and polyducts, and storage facilities; (ii) transportation and storage of liquid and gaseous hydrocarbons; (iii) petrochemical plants, including fertilizer production and refinery; (iv) natural gas production, collection, treatment, processing, fractioning, liquefaction and transportation for export of liquefied natural gas, as well as the infrastructure works required to develop the industry, and (v) offshore exploration and exploitation of liquid and gaseous hydrocarbons.

As of the date of issue of these interim condensed consolidated financial statements, the Bases Law had no significant impact on these.

2.5.1.2 Tax for an inclusive and solidary Argentina (“PAIS tax”)

On September 2, 2024, through Presidential Decree No. 777/2024, the Executive reduced to 7.50% the PAIS tax rate applicable to the acquisition of foreign currency for the payment of imports of goods and freight (See Note 30.2 of the consolidated financial statements as of December 31, 2023).

2.5.2 Gas market

2.5.2.1 Argentine promotion plan to stimulate natural gas production: 2020-2024 supply and demand system (“Gas IV Plan”)

For the nine-month period ended September 30, 2024 and 2023, the Company received a net amount of 2,387 and 3,491, respectively.

As of September 30, 2024, and December 31, 2023, the receivables related to such plan stand at 4,229 and 1,245, respectively (Note 15).

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework for the nine-month period ended September 30, 2024 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2023).

 

B-

Mexico

There have been no significant changes in Mexico’s regulatory framework during the nine-month period ended September 30, 2024 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2023).

2.6 Comparative Information

As of December 31, 2023 the Company has made a change in the “Export Duties” presentation in the “Royalties and others” (Note 5.3), which was previously included in “Revenues from contract with customers”.

The comparative information for the nine-month period ended September 30, 2023, has been reclassified to ensure consistent filing with the unaudited interim condensed consolidated financial statements as of September 30, 2024.

“Revenues from contract with customers” and “Royalties and others” increased by 35,704 for the nine-month periods ended September 30, 2023. These changes had no effect on the net profit for the nine-month period ended September 30, 2023.

Note 3. Segment information

The Chief Operating Decision Maker (the “Committee” or “CODM”) is in charge of allocating resources and assessing the performance of the operating segment. It supervises operating profit (loss), and the performance of the indicators related to its oil and gas properties on an aggregate basis to make decisions regarding the location of resources, negotiate with international suppliers and determine the method for managing contracts with customers.

 

11


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

The CODM considers as a single segment the exploration and production of crude oil, natural gas and liquefied petroleum gas (“LPG”) (including Exploration and Production commercial activities), through its own activities, subsidiaries and interests in joint operations and based on the nature of the business, customer portfolio and risks involved. The Company aggregated no segment as it has only one.

For the nine-month periods ended September 30, 2024, and 2023, the Company generated 99% and 1% of its revenues related to assets located in Argentina and Mexico, respectively.

The accounting criteria used by the subsidiaries to measure profit or loss, assets and liabilities of the segments are consistent with those used in these unaudited interim condensed consolidated financial statements.

The following chart summarizes noncurrent assets per geographical area:

 

     As of September 30, 2024      As of December 31, 2023  

Argentina

     2,827,885        2,122,735  

Mexico

     45,661        49,364  
  

 

 

    

 

 

 

Total noncurrent assets

     2,873,546        2,172,099  
  

 

 

    

 

 

 

Note 4. Revenue from contracts with customers

 

Type of products

   Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Goods sold

     1,176,450        859,578        462,383        302,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue from contracts with customers

     1,176,450        859,578        462,383        302,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

Recognized at a point in time

     1,176,450        859,578        462,383        302,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

4.1 Information broken down by revenue from contracts with customers

 

Type of products

   Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Revenues from crude oil sales

     1,118,366        801,136        441,193        285,639  

Revenues from natural gas sales

     56,499        55,242        20,082        16,388  

Revenues from LPG sales

     1,585        3,200        1,108        733  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue from contracts with customers

     1,176,450        859,578        462,383        302,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

Distribution channels

   Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Local crude oil for refineries

     572,992        322,108        184,386        107,198  

Exports of crude oil

     545,374        479,028        256,807        178,441  

Local natural gas

     40,570        38,810        17,246        15,869  

Exports of natural gas

     15,929        16,432        2,836        519  

LPG sales

     1,585        3,200        1,108        733  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total revenue from contracts with customers

     1,176,450        859,578        462,383        302,760  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

12


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 5. Cost of sales

5.1 Operating costs

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Fees and compensation for services

     41,536        37,120        15,804        10,017  

Salaries and payroll taxes

     19,784        14,605        8,024        4,558  

Employee benefits

     6,501        4,464        2,755        1,573  

Consumption of materials and spare parts

     3,137        4,162        1,178        1,161  

Transport

     2,689        5,198        1,233        2,003  

Easements and fees

     2,412        3,796        926        1,220  

Other

     3,911        3,070        1,694        1,392  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total operating costs

      79,970         72,415         31,614         21,924  
  

 

 

    

 

 

    

 

 

    

 

 

 

5.2 Crude oil stock fluctuation

 

     Period from
January 1, through
September 30, 2024
    Period from
January 1, through
September 30, 2023
    Period from
July 1, through
September 30, 2024
    Period from
July 1, through
September 30, 2023
 

Crude oil stock at beginning of the period (Note 17)

     2,664       4,722       7,527       2,130  

Less: Crude oil stock at end of the period (Note 17)

     (471     (921     (471     (921
  

 

 

   

 

 

   

 

 

   

 

 

 

Total crude oil stock fluctuation

      2,193        3,801        7,056        1,209  
  

 

 

   

 

 

   

 

 

   

 

 

 

Note 5.3 Royalties and others

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Royalties

     129,872        94,516        49,672        31,581  

Export duties

     40,182        35,704        18,810        13,074  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total royalties and others

      170,054         130,220         68,482         44,655  
  

 

 

    

 

 

    

 

 

    

 

 

 

Note 6. Selling expenses

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Transport

     41,239        22,643        22,862        7,251  

Taxes, rates and contributions

     18,592        11,218        6,142        3,586  

Fees and compensation for services

     9,273        8,198        4,554        4,099  

Tax on bank account transactions

     8,703        7,563        3,270        2,737  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total selling expenses

     77,807        49,622        36,828        17,673  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

13


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 7. General and administrative expenses

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Share-based payments

     28,638        17,275        12,215        4,025  

Salaries and payroll taxes

     27,184        18,605        10,370        5,576  

Fees and compensation for services

     9,150        8,172        2,929        2,941  

Employee benefits

     4,011        3,109        1,598        1,211  

Institutional promotion and advertising

     1,185        1,487        446        426  

Taxes, rates and contributions

     609        816        430        200  

Other

     2,970        2,354        1,259        652  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total general and administrative expenses

     73,747        51,818        29,247        15,031  
  

 

 

    

 

 

    

 

 

    

 

 

 

Note 8. Other operating income and expenses

8.1 Other operating income

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Gain from Exports Increase Program

     36,303        —         15,393        —   

Other income

     11,357        6,085        5,783        5,076  

Gain related to the transfer of conventional assets (1)

     —         89,659        —         —   

Gain from farmout agreement (2)

     —         24,429        —         18,773  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total other operating income

     47,660        120,173        21,176        23,849  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023.

(2)

For the nine-month period ended September 30, 2023, including 26,650 of payments received by Trafigura Argentina S.A., related to the farmout agreement net of disposals of oil and gas properties and goodwill for 2,051 and 170, respectively. (See Note 29.2.1.1 to the annual consolidated financial statements as of December 31, 2023).

8.2 Other operating expenses

 

    Period from
January 1, through
September 30, 2024
    Period from
January 1, through
September 30, 2023
    Period from
July 1, through
September 30, 2024
    Period from
July 1, through
September 30, 2023
 

(Provision for) environmental remediation (1)

    (302     (427     (145     (41

(Provision for) reversal of provision for materials and spare parts obsolescence (1)

    (174     1,140       96       196  

(Provision for) reversal of contingencies (1)

    (721     8       (125     (2

Restructuring and reorganization expenses (2)

    —        (276     —        —   
 

 

 

   

 

 

   

 

 

   

 

 

 

Total other operating expenses

    (1,197     445       (174     153  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

These transactions did not generate cash flows.

(2) 

The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure.

 

14


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 9. Financial income (expense), net

9.1 Interest income

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Financial interest

     3,160        802        1,360        299  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total interest income

         3,160            802           1,360           299  
  

 

 

    

 

 

    

 

 

    

 

 

 

9.2 Interest expense

 

     Period from
January 1, through
September 30, 2024
    Period from
January 1, through
September 30, 2023
    Period from
July 1, through
September 30, 2024
    Period from
July 1, through
September 30, 2023
 

Borrowings interest (Note 16.2)

     (37,138     (16,205     (21,022     (4,842
  

 

 

   

 

 

   

 

 

   

 

 

 

Total interest expense

     (37,138     (16,205     (21,022     (4,842
  

 

 

   

 

 

   

 

 

   

 

 

 

9.3 Other financial income (expense)

 

    Period from
January 1, through
September 30, 2024
    Period from
January 1, through
September 30, 2023
    Period from
July 1, through
September 30, 2024
    Period from
July 1, through
September 30, 2023
 

Amortized cost (Note 16.2)

    (1,060     (1,285     (376     (342

Net changes in foreign exchange rate

    (2,305     10,531       9,474       6,509  

Discount of assets and liabilities at present value

    (408     2,943       (463     6,410  

Changes in the fair value of financial assets

    7,017       (12,222     9,104       (19,601

Interest expense on lease liabilities (Note 13)

    (2,258     (2,137     (644     (645

Discount for well plugging and abandonment

    (863     (1,788     (323     (673

Remeasurement in borrowings (1)

    —        (48,967     —        (16,515

Other (2)

    4,019       (8,732     10,130       (2,518
 

 

 

   

 

 

   

 

 

   

 

 

 

Total other financial income (expense)

    4,142       (61,657     26,902       (27,375
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Related to borrowings in purchasing value units (“UVA”, by Spanish acronym) adjusted by the benchmark stabilization coefficient (“CER”, by its Spanish acronym) (Note 16.2).

(2) 

For the nine-month period ended September 30, 2024, including 9,988 of non-cash expense. For the nine-month period ended September 30, 2023, including 819 from loss for negotiable obligations (“ON”, by Spanish acronym) swapping (Note 16.1 and 16.2).

Note 10. Earnings per share

 

a)

Basic

Basic earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period.

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Profit for the period, net

     383,750        264,017        165,459        83,102  

Weighted average number of ordinary shares

     96,135,727        93,161,532        95,745,288        95,066,657  
  

 

 

    

 

 

    

 

 

    

 

 

 

Basic earnings per share

     3.992        2.834        1.728        0.874  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

15


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

b)

Diluted

Diluted earnings per share is calculated by dividing the Company’s profit by the weighted average number of ordinary shares outstanding during the period, plus the weighted average of dilutive potential ordinary shares.

Potential ordinary shares will be considered dilutive when their conversion to ordinary shares may reduce earnings per share or increase losses per share. They will be considered antidilutive when their conversion to ordinary shares may result in an increase in earnings per share or a reduction in loss per share.

The calculation of diluted earnings per share does not involve a conversion; the exercise or other issue of shares that may have an antidilutive effect on loss per share, or when the exercise price is higher than the average price of ordinary shares during the period, no dilution effect is booked, as diluted earnings per share is equal to basic earnings per share.

 

    Period from
January 1, through
September 30, 2024
    Period from
January 1, through
September 30, 2023
    Period from
July 1, through
September 30, 2024
    Period from
July 1, through
September 30, 2023
 

Profit for the period, net

    383,750       264,017       165,459       83,102  

Weighted average number of ordinary shares (1)

    99,863,026       99,093,135       99,557,121       101,178,620  
 

 

 

   

 

 

   

 

 

   

 

 

 

Diluted earnings per share

    3.843       2.664       1.662       0.821  
 

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

As of September 30, 2024, the Company has 95,195,887 outstanding shares (Note 19.1) that cannot exceed 98,781,028 shares. Likewise, in accordance with IFRS the average number of ordinary shares with a potential dilutive effect amounts to 99,863,026.

As of September 30, 2024, the Company holds 5,546,287 Series A shares to be used in the Long-Term Incentive Plan (“LTIP”), that, on the date of this unaudited interim condensed consolidated financial statements, are currently unvested. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted earnings per share.

 

16


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 11. Property, plant and equipment

The changes in property, plant and equipment for the nine- month period ended September 30, 2024 are as follows:

 

     Land and
buildings
    Vehicles, machinery,
facilities, computer
hardware and
furniture and
fixtures
    Oil and gas
properties
    Production
wells and
facilities
    Works in
progress
    Materials and
spare parts
    Total  

Cost

              

Amounts as of December 31, 2023

     12,574       43,524       498,707       2,036,644       123,015       44,955       2,759,419  

Additions

     —        —        —        10,158 (1)      763,536       182,960       956,654  

Transfers

     1,087       5,110       —        761,467       (620,258     (147,406     —   

Disposals

     —        (497     —        —        —        —        (497
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2024

     13,661       48,137       498,707       2,808,269       266,293       80,509       3,715,576  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Accumulated depreciation               

Amounts as of December 31, 2023

     (232     (15,239     (80,655     (735,534     —        —        (831,660

Depreciation

     —        (4,378     (14,618     (268,203     —        —        (287,199

Disposals

     —        276       —        —        —        —        276  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of September 30, 2024

     (232     (19,341     (95,273     (1,003,737     —        —        (1,118,583
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Net value               

Amounts as of September 30, 2024

     13,429       28,796       403,434       1,804,532       266,293       80,509       2,596,993  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of December 31, 2023

     12,342       28,285       418,052       1,301,110       123,015       44,955       1,927,759  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flow.

 

17


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 12. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the nine-month period ended September 30, 2024:

 

     Goodwill      Other intangible assets  
Cost      

Amounts as of December 31, 2023

     22,576        24,396  

Additions

     —         5,138  
  

 

 

    

 

 

 

Amounts as of September 30, 2024

     22,576        29,534  
  

 

 

    

 

 

 
Accumulated amortization      

Amounts as of December 31, 2023

     —         (14,370

Amortization

     —         (4,117
  

 

 

    

 

 

 

Amounts as of September 30, 2024

     —         (18,487
  

 

 

    

 

 

 
Net value      

Amounts as of September 30, 2024

     22,576        11,047  
  

 

 

    

 

 

 

Amounts as of December 31, 2023

              22,576        10,026  
  

 

 

    

 

 

 

Note 13. Right-of-use assets and lease liabilities

The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the nine-month period ended September 30, 2024, are detailed below:

 

     Right-of-use assets      Total lease
liabilities
 
     Buildings      Plant and
machinery
     Total  

Amounts as of December 31, 2023

     388        60,637        61,025        (70,468

Reestimation

     1,428        1,002        2,430        (2,504

Additions

     14,292        —         14,292        —   

Depreciation (1)

     (512      (23,065      (23,577      —   

Payments

     —         —         —         32,849  

Interest expense (2)

     —         —         —         (5,125
  

 

 

    

 

 

    

 

 

    

 

 

 

Amounts as of September 30, 2024

     15,596        38,574        54,170        (45,248
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Including the depreciation of drilling services capitalized as “Works in progress” for 16,812.

(2)

Including drilling agreements capitalized as “Works in progress” for 2,867.

Short-term and low-value lease agreements were recognized under “General and administrative expenses” in the statements of profit or loss and other comprehensive income for 92 and 54 for the nine-month periods ended September 30, 2024 and 2023, respectively.

Note 14. Income tax

The most significant components of the income tax expense in the statements of profit or loss and other comprehensive income of these interim condensed consolidated financial statements are as follows:

 

     Period from
January 1, through
September 30, 2024
    Period from
January 1, through
September 30, 2023
    Period from
July 1, through
September 30, 2024
    Period from
July 1, through
September 30, 2023
 
Income tax         

Current income tax

     (319,391     (55,963     (149,989     (1,378

Deferred income tax

     237,001       (57,926     120,908       (29,251
  

 

 

   

 

 

   

 

 

   

 

 

 

Income tax (expense) charged to statement of profit or loss

     (82,390     (113,889     (29,081     (30,629
  

 

 

   

 

 

   

 

 

   

 

 

 

Deferred income tax charged to other comprehensive income

     5,209       346       5,232       (31
  

 

 

   

 

 

   

 

 

   

 

 

 

Total income tax (expense)

     (77,181     (113,543     (23,849     (30,660
  

 

 

   

 

 

   

 

 

   

 

 

 

 

18


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

For the nine-month period ended September 30, 2024, the Company’s effective rate was 18%. The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (ii) the depreciation of the Argentine peso (“ARS”) with respect to the USD affecting the Company’s tax deductions of nonmonetary assets; and (iii) the accumulative tax losses not recognized in the period. (See Note 30 to the annual consolidated financial statements as of December 31, 2023).

Note 15. Trade and other receivables

 

     As of September 30, 2024      As of December 31, 2023  
Noncurrent      

Other receivables:

     

Prepayments, tax receivables and other:

     

Midstream prepaid expenses (1)

     108,009        34,660  

Receivables related to the transfer of conventional assets (2)

     38,598        70,526  

Prepaid expenses and other receivables

     17,228        27,414  

Income tax

     11,612        —   

Turnover tax

     426        5  

Value added tax (“VAT”)

     —         462  
  

 

 

    

 

 

 
     175,873        133,067  

Financial assets:

     

Receivables from joint operations

     1,702        2,936  

Loans to employees

     355        348  
  

 

 

    

 

 

 
     2,057        3,284  
  

 

 

    

 

 

 

Total noncurrent trade and other receivables

     177,930        136,351  
  

 

 

    

 

 

 
Current      

Trade:

     

Oil and gas accounts receivable (net of allowance for expected credit losses)

     139,899        59,787  
  

 

 

    

 

 

 
     139,899        59,787  

Other receivables:

     

Prepayments, tax credits and other:

     

Receivables related to the transfer of conventional assets

     81,811        86,043  

VAT

     74,980        19,713  

Prepaid expenses and other receivables

     11,027        9,381  

Midstream prepaid expenses (1)

     6,820        —   

Income tax

     1,098        13,409  

Turnover tax

     1,074        385  
  

 

 

    

 

 

 
     176,810        128,931  

Financial assets:

     

Accounts receivable from third parties

     22,485        7,804  

Receivables from joint operations

     5,382        6,581  

Gas IV Plan (Note 2.5.2.1)

     4,229        1,245  

Advances to directors and loans to employees

     628        557  

Other

     241        197  
  

 

 

    

 

 

 
     32,965        16,384  
  

 

 

    

 

 

 

Other receivables

     209,775        145,315  
  

 

 

    

 

 

 

Total current trade and other receivables

     349,674        205,102  
  

 

 

    

 

 

 

 

(1)

Related to the Duplicar Plus Project implemented by Oleoductos del Valle S.A. and the project to expand the Puerto Rosales maritime terminal and pumping station implemented by Oiltanking Ebytem S.A. (See Note 28.1 and 28.2 to the annual consolidated financial statements as of December 31, 2023)

(2)

Related to the agreement signed with Petrolera Aconcagua Energía S.A. connected with the transfer of conventional assets. For the period ended September 30, 2024, the Company recognized 25,049 mainly related to the amortization of the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”. (See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023).

Due to the short-term nature of current trade and other receivables, it carrying amount is considered similar to its fair value. The fair values of noncurrent trade and other receivables do not differ significantly from it carrying amounts either.

 

19


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

As of September 30, 2024, in general, accounts receivable has a 16-day term for sales of crude oil and a 57-day term for sales of natural gas and LPG.

The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties and that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. Trade receivables that are derecognized are not subject to compliance activities. The Company recognized an allowance for expected credit losses of 100% against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of September 30, 2024, and December 31, 2023, an allowance for expected credit losses was recorded in trade and other receivables for 43 and 52 respectively.

As of the date of these interim condensed consolidated financial statements, maximum exposure to credit risk is related to the carrying amount of each class of accounts receivable.

Note 16. Financial assets and liabilities

16.1 Borrowings

 

     As of September 30, 2024      As of December 31, 2023  
Noncurrent      

Borrowings

     725,239        554,832  
  

 

 

    

 

 

 

Total noncurrent

     725,239        554,832  
  

 

 

    

 

 

 
Current      

Borrowings

     249,991        61,223  
  

 

 

    

 

 

 

Total current

     249,991        61,223  
  

 

 

    

 

 

 

Total Borrowings

     975,230        616,055  
  

 

 

    

 

 

 

Below are the maturity dates of Company borrowings (excluding lease liabilities) and their exposure to interest rates:

 

     As of September 30, 2024      As of December 31, 2023  

Fixed interest

     

Less than 1 year

     249,607        60,373  

From 1 to 2 years

     209,412        81,900  

From 2 to 5 years

     450,541        392,550  

Over 5 years

     40,286        55,382  
  

 

 

    

 

 

 

Total

     949,846        590,205  
  

 

 

    

 

 

 

Variable interest

     

Less than 1 year

     384        850  

From 1 to 2 years

     —         —   

From 2 to 5 years

     25,000        25,000  

Over 5 years

     —         —   
  

 

 

    

 

 

 

Total

     25,384        25,850  
  

 

 

    

 

 

 

Total Borrowings

     975,230        616,055  
  

 

 

    

 

 

 

See Note 16.4 for information on the fair value of the borrowings.

 

20


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

The carrying amount of borrowings as of September 30, 2024 and December 31, 2023 of the Company through its subsidiary Vista Argentina, is as follows:

 

Company

   Execution
date
     Currency     Principal      Interest      Annual
rate
    Maturity
date
     As of
September 30,
2024
    As of
December 31,
2023
 

Santander

International

     January, 2021        USD       11,700        Fixed        1.80%       January, 2026        50 (1)       68 (1)  

Santander

International

     July, 2021        USD       43,500        Fixed        2.05%       July, 2026        77 (1)       79 (1)  

Santander

International

     January, 2022        USD       13,500        Fixed        2.45%       January, 2027        28 (1)       28 (1)  

ConocoPhillips Company

     January, 2022        USD       25,000        Variable       

SOFR(2)

+ 2.01%

 

 

    September, 2026        25,384      
25,850
 
 

Citibank N.A.

     April, 2024        USD       45,000        Fixed        5.00%       April, 2026        45,366       —   

Banco BBVA Argentina

     April, 2024        ARS(3)       7,000,000        Fixed        55.00%       November, 2024        7,539       —   

Banco Ciudad de Buenos Aires

     May, 2024        USD       12,000        Fixed        2.50%       November, 2024        12,108       —   

Banco Santander Argentina

     May, 2024        ARS(3)       15,000,000        Fixed        41.22%       November, 2024        17,746       —   

Banco BBVA Argentina

     May, 2024        ARS(3)       10,000,000        Fixed        43.40%       December, 2024        11,835       —   

Banco Santander Argentina

     June, 2024        ARS(3)       40,000,000        Fixed        43.00%       December, 2024        46,800       —   

Banco Santander Argentina

     June, 2024        ARS(3)       2,000,000        Fixed        41.22%       November, 2024        2,328       —   

Banco Galicia

     July, 2024        ARS(3)       40,000,000        Fixed        43.00%       December, 2024        45,586       —   

Banco Patagonia S.A.

     July, 2024        USD       548        Fixed        11.00%       January, 2025        561       —   

Banco de la Nación Argentina

     September, 2024        USD       222        Fixed        9.23%       November, 2024        223       —   

Eurobanco Bank Ltd.

     September, 2024        USD       40,000        Fixed        7.00%       November, 2024        40,093       —   

Santander International

     September, 2024        USD       30,000        Fixed        6.75%       January, 2025        68 (1)      —   

Macro Bank Ltd.

     September, 2024        USD       30,000        Fixed        7.00%       November, 2024        5,056 (4)      —   
                  

 

 

   

 

 

 

Total

                     260,848       26,025  
                  

 

 

   

 

 

 

 

(1) 

The carrying amount is related to interest, and the principal is collateralized.

(2) 

Secured Overnight Financing Rate (“SOFR”).

(3)

Principal expressed in thousands of ARS.

(4)

The carrying amount is related to interest, and 25,000 of the principal is collateralized.

 

21


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Moreover, Vista Argentina issued ON, under the name “Programa de Notas” approved by the National Securities Commission in Argentina (“CNV” by its Spanish acronym). The following chart shows the carrying amount of ON of September 30, 2024 and December 31, 2023:

 

Instrument

   Execution
date
     Currency     Principal     Interest      Annual
rate
    Maturity
date
     As of
September 30,
2024
    As of December 31,
2023
 

ON VI

     December, 2020        USD-linked(1)       10,000       Fixed        3.24%       December, 2024        10,018       9,997  

ON XI

     August, 2021        USD-linked(1)       9,230       Fixed        3.48%       August, 2025        9,244       9,231  

ON XII

     August, 2021        USD-linked(1)       100,769       Fixed        5.85%       August, 2031        96,043       102,556  

ON XIII

     June, 2022        USD       43,500       Fixed        6.00%       August, 2024        —        43,458  

ON XIV

     November, 2022        USD       40,511       Fixed        6.25%       November, 2025        37,141       36,484  

ON XV

     December, 2022        USD       13,500       Fixed        4.00%       January, 2025        13,522       13,476  

ON XVI

     December, 2022        USD-linked(1)       63,450       Fixed        0.00%       June, 2026        63,379       63,231  
     May, 2023        USD-linked(1)       40,785 (2)      Fixed        0.00%       June, 2026        40,525       40,525  

ON XVII

     December, 2022        USD-linked(1)       39,118       Fixed        0.00%       December, 2026        38,991       38,948  

ON XVIII

     March, 2023        USD-linked(1)       118,542       Fixed        0.00%       March, 2027        118,112       117,979  

ON XIX

     March, 2023        USD-linked(1)       16,458       Fixed        1.00%       March, 2028        16,409       16,396  

ON XX

     June, 2023        USD       13,500       Fixed        4.50%       July, 2025        13,445       13,357  

ON XXI

     August, 2023        USD-linked(1)       70,000       Fixed        0.99%       August, 2028        69,805       69,749  

ON XXII

     December, 2023        USD       14,669       Fixed        5.00%       June, 2026        14,828       14,643  

ON XXIII

     March, 2024        USD       60,000       Fixed        6.50%       March, 2027        39,905 (3)      —   
     May, 2024        USD       32,203       Fixed        6.50%       March, 2027        32,157       —   

ON XXIV

     May, 2024        USD       46,562       Fixed        8.00%       May, 2029        47,779       —   

ON XXV

     July, 2024        USD-linked(1)       53,195       Fixed        3.00%       July, 2028        53,079       —   
                 

 

 

   

 

 

 

Total

                    714,382       590,030  
                 

 

 

   

 

 

 
Total Borrowings                     975,230       616,055  
                 

 

 

   

 

 

 

 

(1)

Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date.

(2) 

On May 29, 2023, the Company settled ON VII by: (i) issuing additional ON XVI for 40,785 (which generated no cash flows); and (ii) paid remind principal and interest. The Company recognized 819 related to the loss from the issuance of the swap mentioned (Note 9.3).

(3)

The carrying amount includes 20,000 ON repurchased by the Company.

See Note 28 for information on subsequent borrowings events.

Under the aforementioned program, Vista Argentina may list ON in Argentina for a total principal up to 1,500,000 or its equivalent in other currencies at any time.

 

22


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

16.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:

 

     As of September 30,
2024
     As of December 31,
2023
 

Amounts at beginning of period

     616,055        549,332  

Proceeds from borrowings (1)

     485,017        358,954  

Payment of borrowings principal (1)

     (130,647      (252,284

Payment of borrowings interest

     (20,714      (22,993

Payment of borrowings cost

     (1,437      (1,779

Borrowings interest (2) (Note 9.2)

     37,138        21,879  

Amortized cost (2) (Note 9.3)

     1,060        1,810  

Remeasurement in borrowings (2)

     —         72,044  

Changes in foreign exchange rate (2)

     (11,242      (111,727

Other financial expense (3) (Note 9.3)

     —         819  
  

 

 

    

 

 

 

Amounts at end of period

     975,230        616,055  
  

 

 

    

 

 

 

 

(1) 

As of December 31, 2023, proceeds of borrowings and payment of borrowings principal include 40,785 related to the ON swapping mentioned in Note 16.1. These transactions did not generate cash flows.

(2) 

These transactions did not generate cash flows.

(3) 

Related to ON VIII and X, which amounts were in UVA and adjusted by CER. As of December 31, 2023, they were pre- settled by the Company.

16.3 Financial instruments by category

The following chart includes the financial instruments broken down by category:

 

As of September 30, 2024

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at fair
value
     Total financial
assets / liabilities
 

Assets

        

Plan assets (Note 24)

     —         4,383        4,383  

Trade and other receivables (Note 15)

     2,057        —         2,057  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     2,057        4,383        6,440  
  

 

 

    

 

 

    

 

 

 

Cash, bank balances and other short-term investments (Note 18)

     58,660        151,715        210,375  

Trade and other receivables (Note 15)

     172,864        —         172,864  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     231,524        151,715        383,239  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 16.1)

     725,239        —         725,239  

Lease liabilities (Note 13)

     28,677        —         28,677  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     753,916        —         753,916  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 16.1)

     249,991        —         249,991  

Trade and other payables (Note 23)

     402,713        —         402,713  

Lease liabilities (Note 13)

     16,571        —         16,571  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     669,275        —         669,275  
  

 

 

    

 

 

    

 

 

 

 

23


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

As of December 31, 2023

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at
fair value
     Total financial
assets / liabilities
 

Assets

        

Plan assets (Note 24)

     —         5,438        5,438  

Trade and other receivables (Note 15)

     3,284        —         3,284  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     3,284        5,438        8,722  
  

 

 

    

 

 

    

 

 

 

Cash, bank balances and other short-term investments (Note 18)

     35,292        156,163        191,455  

Trade and other receivables (Note 15)

     76,171        —         76,171  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     111,463        156,163        267,626  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 16.1)

     554,832        —         554,832  

Lease liabilities (Note 13)

     35,600        —         35,600  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     590,432        —         590,432  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 16.1)

     61,223        —         61,223  

Trade and other payables (Note 23)

     205,055        —         205,055  

Lease liabilities (Note 13)

     34,868        —         34,868  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     301,146        —         301,146  
  

 

 

    

 

 

    

 

 

 

Below are income, expenses, profit, or loss from each financial instrument:

For the nine-month period ended September 30, 2024:

 

     Financial assets/
liabilities at
amortized cost
     Financial assets/
liabilities at
fair value
     Total financial
assets / liabilities
 

Interest income (Note 9.1)

     3,160        —         3,160  

Interest expense (Note 9.2)

     (37,138      —         (37,138

Amortized cost (Note 9.3)

     (1,060      —         (1,060

Net changes in foreign exchange rate (Note 9.3)

     (2,305      —         (2,305

Discount of assets and liabilities at present value (Note 9.3)

     (408      —         (408

Changes in the fair value of financial assets (Note 9.3)

     —         7,017        7,017  

Interest expense on lease liabilities (Note 9.3)

     (2,258      —         (2,258

Discount for well plugging and abandonment (Note 9.3)

     (863      —         (863

Other (Note 9.3)

     4,019        —         4,019  
  

 

 

    

 

 

    

 

 

 

Total

     (36,853      7,017        (29,836
  

 

 

    

 

 

    

 

 

 

For the nine-month period ended September 30, 2023:

 

     Financial assets/
liabilities at
amortized cost
     Financial assets/
liabilities at
fair value
     Total financial
assets / liabilities
 

Interest income (Note 9.1)

     802        —         802  

Interest expense (Note 9.2)

     (16,205      —         (16,205

Amortized cost (Note 9.3)

     (1,285      —         (1,285

Net changes in foreign exchange rate (Note 9.3)

     10,531        —         10,531  

Discount of assets and liabilities at present value (Note 9.3)

     2,943        —         2,943  

Changes in the fair value of financial assets (Note 9.3)

     —         (12,222      (12,222

Interest expense on lease liabilities (Note 9.3)

     (2,137      —         (2,137

Discount for well plugging and abandonment (Note 9.3)

     (1,788      —         (1,788

Remeasurement in borrowings (Note 9.3)

     (48,967      —         (48,967

Other (Note 9.3)

     (8,732      —         (8,732
  

 

 

    

 

 

    

 

 

 

Total

     (64,838      (12,222      (77,060
  

 

 

    

 

 

    

 

 

 

 

24


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

16.4 Fair value

This note includes information on the Company’s method for assessing the fair value of its financial assets and liabilities.

16.4.1 Fair value of the Company’s financial assets and liabilities measured at fair value on a recurring basis

The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The fair value hierarchy has the following levels:

 

   

Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

 

   

Level 2: data other than the quoted prices included in Level 1 that are observable for assets or liabilities, either directly (that is prices) or indirectly (that is derived from prices).

 

   

Level 3: data on the asset or liability that are based on information that cannot be observed in the market (that is, non-observable data).

The following chart shows the Company’s financial assets measured at fair value as of September 30, 2024 and December 31, 2023:

 

As of September 30, 2024

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Plan assets

     4,383        —         —         4,383  

Short-term investments

     151,715        —         —         151,715  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     156,098        —         —         156,098  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

As of December 31, 2023

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Plan assets

     5,438        —         —         5,438  

Short-term investments

     156,163        —         —         156,163  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     161,601        —         —         161,601  
  

 

 

    

 

 

    

 

 

    

 

 

 

The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying unaudited interim condensed consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm’s length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company’s specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2.

Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3.

There were no transfers between Level 1, Level 2 and Level 3 from December 31, 2023, through September 30, 2024.

16.4.2 Fair value of financial assets and liabilities that are not measured at fair value (but require fair value disclosures)

Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the interim condensed consolidated financial statements approximate to its fair values, as explained in the related notes.

 

25


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

As of September 30, 2024

   Carrying amount      Fair value      Level  

Liabilities

        

Borrowings

     975,230        792,826        2  
  

 

 

    

 

 

    

Total liabilities

     975,230        792,826     
  

 

 

    

 

 

    

16.5 Risk management objectives and policies concerning financial instruments

16.5.1 Financial risk factors

The Company’s activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk.

Financial risk management is included in the Company’s global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during each period or as of every period-end.

The Company’s financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company’s activities.

The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2023, except for the following:

16.5.1.1 Market risk

Exchange rate risk

The Company’s financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of September 30, 2024 and 2023, the Company performed foreign exchange currency transactions, and the impact in the results of the period is recognized in “Other financial income (expense)”.

Most Company sales are denominated in USD, or the changes in sales follow the changes in USD listed price.

During the nine-month period ended September 30, 2024 and 2023, ARS depreciated by about 20% and 98%, respectively.

The following chart shows the sensitivity to a modification in the exchange rate of ARS to USD while maintaining the remainder variables constant. Impact on profit before taxes is related to changes in the fair value of monetary assets and liabilities denominated in currencies other than the USD, the Company’s functional currency. The Company’s exposure to changes in foreign exchange rates for the remainder currencies is immaterial.

 

     As of September 30, 2024

Changes in exchange rate:

   +/- 10%

Effect on profit or loss before income taxes

   9,686 / (9,686)

Effect on equity before income taxes

   9,686 / (9,686)

Interest rate risk

For the nine-month periods ended September 30, 2024, and 2023, the average market interest rate in Argentina was 62% and 95%, respectively.

The purpose of interest rate risk management is to minimize finance costs and limit the Company’s exposure to interest rate increases.

 

26


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to the potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of September 30, 2024, and December 31, 2023, about 3% and 4% of indebtedness was subject to variable interest rates, respectively.

For the nine-month period ended September 30, 2024, and for the year ended December 31, 2023, the variable interest rate of loans denominated in USD stood at 7.31% and 9.32%, respectively.

The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company’s; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions.

In the case of fixed rates and in view of current market conditions, the Company considers that the risk of an increase in interest rates is low; therefore, it does not expect substantial fixed rate debt risk.

For the nine-month period ended September 30, 2024, and for the year ended December 31, 2023, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 17. Inventories

 

     As of September 30, 2024      As of December 31, 2023  

Materials and spare parts

     1,906        4,651  

Crude oil stock (Note 5.2)

     471        2,664  

Assigned crude oil stock

     57        234  
  

 

 

    

 

 

 

Total inventories

     2,434        7,549  
  

 

 

    

 

 

 

Note 18. Cash, bank balances and other short-term investments

 

     As of September 30, 2024      As of December 31, 2023  

Mutual funds

     144,750        152,426  

Money market funds

     58,660        35,292  

Cash in banks

     45,652        21,798  

Government bonds

     6,965        3,737  
  

 

 

    

 

 

 

Total cash, banks balances and other short-term investments

     256,027        213,253  
  

 

 

    

 

 

 

Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents:

 

     As of September 30, 2024      As of December 31, 2023  

Cash, bank balances and other short-term investments

     256,027        213,253  

Less

     

Government bonds

     (6,965      (3,737
  

 

 

    

 

 

 

Cash and cash equivalents

     249,062        209,516  
  

 

 

    

 

 

 

 

27


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 19. Equity

19.1 Capital stock

The following chart shows a reconciliation of the movements in the Company’s capital stock for the nine-month period ended September 30, 2024:

 

     Series A      Series C      Total  

Amounts as of December 31, 2023

     517,874        —         517,874  

Number of shares

     95,355,430        2        95,355,432  
  

 

 

    

 

 

    

 

 

 

Share repurchase

     (99,846      —         (99,846

Number of shares repurchased (1)

     (2,081,198      —         (2,081,198

Shares to be granted in LTIP

     1        —         1  

Number of shares

     1,921,653        —         1,921,653  
  

 

 

    

 

 

    

 

 

 

Amounts as of September 30, 2024

     418,029        —         418,029  

Number of shares

     95,195,885        2        95,195,887  
  

 

 

    

 

 

    

 

 

 

 

(1) 

As of the date of issuance of these interim condensed consolidated financial statements, the shares repurchased are held in the Treasury.

As of September 30, 2024 and December 31, 2023, the Company’s authorized capital includes 33,596,354 and 33,436,809 Series A ordinary shares, respectively, held in Treasury.

As of September 30, 2024 the Company holds the 2 (two) outstanding Series C shares.

See Note 21 to the annual consolidated financial statements as of December 31, 2023.

19.2 Share repurchase reserve

On August 6, 2024, through the Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase of a fund to acquire own shares for 50,000 based on the Company’s nonconsolidated financial statements.

Note 20. Provisions

 

     As of September 30, 2024      As of December 31, 2023  

Noncurrent

     

Well plugging and abandonment

     25,620        12,191  

Environmental remediation

     262        148  
  

 

 

    

 

 

 

Total noncurrent provisions

     25,882        12,339  
  

 

 

    

 

 

 

Current

     

Well plugging and abandonment

     4,140        3,096  

Environmental remediation

     835        936  

Contingencies

     77        101  
  

 

 

    

 

 

 

Total current provisions

     5,052        4,133  
  

 

 

    

 

 

 

Note 21. Salaries and payroll taxes

 

     As of September 30, 2024      As of December 31, 2023  

Current

     

Provision for bonuses and incentives

     16,847        12,657  

Salaries and social security contributions

     9,196        4,898  
  

 

 

    

 

 

 

Total current salaries and payroll taxes

     26,043        17,555  
  

 

 

    

 

 

 

 

28


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

Note 22. Other taxes and royalties

 

     As of September 30, 2024      As of December 31, 2023  

Current

     

Royalties and others

     24,205        33,862  

Tax withholdings

     3,894        1,603  

Other

     560        1,084  
  

 

 

    

 

 

 

Total current other taxes and royalties

     28,659        36,549  
  

 

 

    

 

 

 

Note 23. Trade and other payables

 

     As of September 30, 2024      As of December 31, 2023  

Current

     

Accounts payables:

     

Suppliers

     402,035        204,696  
  

 

 

    

 

 

 

Total current accounts payables

     402,035        204,696  
  

 

 

    

 

 

 

Other accounts payables:

     

Extraordinary fee for Gas IV Plan

     571        162  

Payables to partners of joint operations

     107        197  
  

 

 

    

 

 

 

Total other current accounts payables

     678        359  
  

 

 

    

 

 

 

Total current trade and other payables

     402,713        205,055  
  

 

 

    

 

 

 

Other than mentioned above, due to the short-term nature of current trade and other payables, their carrying amount is deemed to be the same as its fair value. The carrying amount of noncurrent trade and other payable does not differ considerably from its fair value.

Note 24. Employee benefits

The following chart summarizes net expense components and the changes in the liability for long-term employee benefits in the unaudited interim condensed consolidated financial statements:

 

     Period from
January 1, through
September 30, 2024
     Period from
January 1, through
September 30, 2023
     Period from
July 1, through
September 30, 2024
     Period from
July 1, through
September 30, 2023
 

Cost of interest

     (218      (469      (64      (169

Cost of services

     (5      (19      (2      (7

Settlement

     —         364        —         —   
  

 

 

    

 

 

    

 

 

    

 

 

 

Total

     (223      (124      (66      (176
  

 

 

    

 

 

    

 

 

    

 

 

 

 

     As of September 30, 2024  
     Present value of
the obligation
     Plan assets      Net liabilities  

Amounts at beginning of period

     (11,295      5,592        (5,703

Items classified as loss or profit

        

Cost of interest

     (405      187        (218

Cost of services

     (5      —         (5

Items classified in other comprehensive income

        

Actuarial remeasurement gain

     (14,991      108        (14,883

Payment of contributions

     1,283        (992      291  
  

 

 

    

 

 

    

 

 

 

Amounts at end of period

     (25,413      4,895        (20,518
  

 

 

    

 

 

    

 

 

 

 

29


VISTA ENERGY, S.A.B. DE C.V.

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2024 and December 31, 2023 and for the nine-month periods ended September 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars, except otherwise indicated)

 

The fair value of plan assets as of every year end per category, is as follows:

 

     As of September 30, 2024      As of December 31, 2023  

US government bonds

     4,383        5,438  

Cash and cash equivalents

     512        154  
  

 

 

    

 

 

 

Total

     4,895        5,592  
  

 

 

    

 

 

 

See Note 23 to the annual consolidated financial statements as of December 31, 2023.

Note 25. Related parties’ transactions and balances

As of September 30, 2024 and December 31, 2023, the Company carries no balances with related parties and relevant transactions other than those included in Note 27 to the annual consolidated financial statements as of December 31, 2023.

Note 2.3 to the annual consolidated financial statements as of December 31, 2023, provides information on the Group’s structure, including information on Company subsidiaries.

Note 26. Commitments and contingencies

There were no significant changes in commitments and contingencies for the nine-month period ended September 30, 2024 (See Notes 28 and 29 to the annual consolidated financial statements as of December 31, 2023).

Note 27. Tax regulations

Other than mentioned in Note 2.5.1.1 and 2.5.1.2, there were no other significant changes in Argentina’s and Mexico’s tax regulations during the nine-month period ended September 30, 2024 (See Note 30 to the annual consolidated financial statements as of December 31, 2023).

Note 28. Subsequent events

The Company assessed events subsequent to September 30, 2024, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through October 23, 2024, date in which these financial statements were made available for issue.

 

   

On October 1, 2024, Vista Argentina paid interest for an amount of 326 corresponding to loan agreement signed with Banco BBVA Argentina in April 2024.

 

   

On October 2, 2024, Vista Argentina signed a loan agreement with Banco de la Nación Argentina for a total amount of ARS 30,880; at an annual interest rate of 39.63%, and expiration date in March 2025.

 

   

On October 4, 2024, Vista Argentina paid interest for an amount of 110 corresponding to loan agreement signed with Banco Santander International in January 2021, July 2021 and January 2022.

 

   

On October 8, 2024, Vista Argentina, paid interest corresponding to ON XXV for an amount of 402.

 

   

On October 10, 2024, Vista Argentina, issued ON XXVI for an amount of 150,000, at an annual interest rate of 7.65%, and expiration date in October 2031. Additionally, Vista Argentina paid principal and interest for an amount of 141 corresponding to loan agreement signed with Banco Patagonia.

 

   

On October 16, 2024, Vista Argentina cancelled ON XIV for an amount of principal and interest of 37,366.

 

   

On October 18, 2024, Vista Argentina cancelled loan agreements signed with Eurobanco Bank Ltd., Macro Bank Ltd. y Santander International in September 2024, for an amount of principal and interest of 40,233, 30,161 y 30,214, respectively.

There are no other events or transactions between the closing date and the date of issuance of these unaudited interim condensed consolidated financial statements that could significantly affect the Company’s financial position or profit or loss.

 

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