6-K
Vista Energy, S.A.B. de C.V. (VIST)
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 6-K
REPORT OF FOREIGN ISSUER
PURSUANT TO RULE 13a-16 OR 15d-16
UNDER SECURITIES EXCHANGE ACT OF 1934
For the month of April 2026
Commission File No. 001-39000
Vista Energy, S.A.B. de C.V.
(Exact Name of the Registrant as Specified in the Charter)
N.A.
(Translation ofRegistrant’s Name into English)
Torre Mapfre,
243 Paseo de la Reforma Avenue, 18th Floor
Cuauhtémoc, Alcaldía Cuauhtémoc
06500, Mexico City
Mexico
(Address ofPrincipal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Contents of this Form 6-K
This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:
Exhibit 1: First Quarter of 2026 Results.
Forward-Looking Statements
Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Vista undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s annual report filed with the SEC on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission’s (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.
Enquiries:
Investor Relations:
Argentina: +54 11 3754 8500
Mexico: + 52 55 1555 7104
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.
Date: April 29, 2026
| VISTA ENERGY, S.A.B. DE C.V. | |
|---|---|
| By: | /s/ Alejandro Cherñacov |
| Name: | Alejandro Cherñacov |
| Title: | Strategic Planning and Investor Relations Officer |
EX-1
Exhibit 1
2026 1st Quarter Results Mexico City, April 29, 2026 NYSE: VIST BMV: VISTA
April 29, 2026, Mexico City, Mexico
Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST; BMV: VISTA) reported today its financial and operational results corresponding to Q1 2026.
The Company will present its Q1 2026 results through a webcast on Thursday, April 30, 2026, at 9:00 am Mexico City time (11:00 am ET; 12:00 pm BAT). At such event, Vista will also present an updated 2026 guidance.
Q1 2026 highlights:
| • | Total production in Q1 2026 was 134,741 boe/d, a 67% increase compared to Q1 2025, mainly driven by the<br>acquisition of 50% working interest in La Amarga Chica block in April 2025 and organic growth. Total production in Q1 2026 was almost flat compared to Q4 2025. Oil production in Q1 2026 was 116,655 bbl/d, a 68% increase y-o-y. |
|---|---|
| • | In Q1 2026, average realized crude oil price was 60.1 $/bbl, a 2% increase compared to Q4 2025, and a 12%<br>decrease compared to Q1 2025, in both cases driven by changes in Brent crude oil. ^(1)^ |
| --- | --- |
| • | Realized natural gas price for Q1 2026 was 2.0 $/MMBtu, a 21% decrease y-o-y, mainly driven by higher volumes sold to the industrial sector at an average price of 1.4 $/MMBtu during the quarter. |
| --- | --- |
| • | Total revenues in Q1 2026 were 694.3 $MM, 58% above Q1 2025, mainly driven by oil production growth. Total<br>revenues were 1% above Q4 2025, as slightly higher oil prices were partially offset by a 1% decrease in oil production. Total net revenues during the quarter were 670.6 $MM. Net oil revenues from sales at export parity prices, combining both<br>international and domestic markets, were 100% of total net oil revenues. Net revenues from oil and gas exports were 431.0 $MM, representing 64% of total net revenues. ^(1)^ |
| --- | --- |
| • | Lifting cost in Q1 2026 was 4.3 $/boe, 8% below Q1 2025, driven by the dilution of fixed costs due to production<br>growth and the focus on cost control. |
| --- | --- |
| • | Selling expenses in Q1 2026 were 3.8 $/boe, a 41% decrease y-o-y, driven by the elimination of trucking as of the end of Q1 2025, as the Oldelval Duplicar pipeline became online. ^(2)^ |
| --- | --- |
| • | Adjusted EBITDA for Q1 2026 was 450.8 $MM, a 64% increase y-o-y, mainly driven by 67% production growth, which offset lower realized oil prices. Adjusted EBITDA margin was 65%, 3 p.p. above Q1 2025, as lower export duties, selling expenses and lifting cost on a per<br>boe basis offset lower realized oil prices. ^(2)^ |
| --- | --- |
| • | Net income in Q1 2026 was 107.7 $MM, compared to 82.8 $MM in Q1 2025, reflecting a higher Profit before income<br>tax and a lower Income tax expense. Adjusted net income during Q1 2026 totaled 93.0 $MM, compared to 75.9 $MM in Q1 2025. EPS was 1.0 $/share in Q1 2026, compared to 0.9 $/share in Q1 2025. Adjusted EPS was 0.9 $/share in Q1 2026, compared to 0.8<br>$/share in Q1 2025. |
| --- | --- |
Page 2
| • | Capex during Q1 2026 was 391.2 $MM. The Company invested 335.6 $MM in drilling, completion and workover of Vaca<br>Muerta wells, mainly in connection with the drilling of 19 net wells, the completion of 25 net wells and the tie-in of 23 net new wells during the quarter. Additionally, the Company invested 26.7 $MM in<br>development facilities, and 28.9 $MM in G&G studies, IT and other projects. |
|---|---|
| • | In Q1 2026, the Company recorded a free cash flow of -341.4 $MM. Free<br>cash flow was -10.1 $MM adjusted by non-recurring items (working capital from VEISA operations, income tax payment in Mexico and payments related to the Equinor Transaction, as explained below).<br> |
| --- | --- |
| • | Cash flow generated by operating activities was 85.7 $MM, reflecting an increase in working capital of 248.2 $MM<br>and income tax payments of 61.4 $MM. These effects were mainly driven by two non-recurring items: 205.6 $MM of working capital related to the initiation of operations of VEISA and 46.0 $MM corresponding to an<br>income tax payment in Mexico. |
| --- | --- |
| • | Cash flow used in investing activities reached 427.1 $MM for the quarter, reflecting accrued capex of 391.2 $MM,<br>payments related to the Equinor Transaction of 79.7 $MM and a decrease in capex-related working capital of 53.0 $MM. |
| --- | --- |
| • | Cash flow from financing activities totaled 418.1 $MM, mainly driven by proceeds from borrowings of 589.5 $MM,<br>partially offset by the repayment of borrowings’ principal of 129.5 $MM and the payment of borrowings’ interests for 26.9 $MM. ^(3)^ |
| --- | --- |
| (1) | Revenues as filed and reported were 865 $MM in Q1 2026 and 719 $MM in Q4 2025. For comparison purposes, revenues<br>and avg. realized oil prices are net of Commodity risk management contracts and Sea freight selling expenses. Commodity risk management contracts were -150.7 $MM in Q1 2026. Sea freight selling expenses were<br>20.0 $MM in Q1 2026 and 29.8 $MM in Q4 2025, which were collected as revenues and incurred by our trading subsidiary VEISA. |
| --- | --- |
| (2) | Selling expenses as filed and reported were 66.2 $MM in Q1 2026 and 81.8 $MM in Q4 2025. For comparison<br>purposes, Selling expenses are net of 20.0 $MM of Sea freight selling expenses incurred by our trading subsidiary VEISA in Q1 2026, equivalent to 1.6 $/boe, which were also collected as revenues, and 29.8 $MM equivalent to 2.4 $/boe in Q4 2025.<br> |
| --- | --- |
| (3) | Q1 2026 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities<br>for 409.1 $MM; (ii) effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents for -7.6 $MM; (iii) the variation in Argentine government bonds<br>for -0.6 $MM; and (iv) Other investments for 17.3 $MM. |
| --- | --- |
Page 3
Vista Q1 2026 results
Production
Average net daily production
| Q1-26 | Q4-25 | Q1-25 | py/y | pq/q | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total (boe/d) | **** | 134,741 | **** | 135,414 | **** | 80,913 | 67 | % | (1 | )% | ||
| Oil (bbl/d) | 116,655 | 118,285 | 69,623 | 68 | % | (1 | )% | |||||
| Natural Gas (MMm^3^/d) | 2.75 | 2.62 | 1.70 | 62 | % | 5 | % | |||||
| NGL (boe/d) | 784 | 666 | 585 | 34 | % | 18 | % |
Total production in Q1 2026 was 134,741 boe/d, a 67% increase compared to Q1 2025, mainly driven by the acquisition of 50% working interest in La Amarga Chica block in April 2025 and organic growth. Total production in Q1 2026 was almost flat compared to Q4 2025. Oil production in Q1 2026 was 116,655 bbl/d, reflecting a 68% increase y-o-y and a 1% decrease q-o-q. Natural gas production during Q1 2026 was 2.75 MMm3/d, a 62% increase compared to Q1 2025 and a 5% increase compared to the previous quarter. NGL production in Q1 2026 was 784 boe/d.
Q1 2026 Average net daily production by asset
| Target | Workinginterest | Oil<br>(bbl/d) | Natural Gas<br>(MMm3/d) | NGL<br>(boe/d) | Total<br>(boe/d) | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Total WI production per concession | **** | 116,655 | **** | 2.75 | **** | 784 | **** | 134,741 | |||||
| Aguada Federal | Shale | 100 | % | 4,405 | 0.11 | 24 | 5,113 | ||||||
| Águila Mora | Shale | 90 | % | 320 | 0.01 | — | 371 | ||||||
| Bajada del Palo Este | Shale | 100 | % | 11,298 | 0.14 | 12 | 12,160 | ||||||
| Bajada del Palo Oeste | Shale | 100 | % | 57,130 | 1.29 | 90 | 65,309 | ||||||
| Bandurria Norte | Shale | 100 | % | — | — | — | — | ||||||
| Bajada del Palo Este | Conventional | 100 | % | — | — | — | — | ||||||
| Bajada del Palo Oeste | Conventional | 100 | % | 3 | 0.04 | 40 | 268 | ||||||
| Coirón Amargo Norte | Conventional | 84.6 | % | — | — | — | — | ||||||
| CS-01 (Mexico) ^(1)^ | Conventional | 100 | % | — | — | — | — | ||||||
| Total operated production | **** | 73,157 | **** | 1.57 | **** | 166 | **** | 83,222 | |||||
| La Amarga Chica | Shale | 50 | % | 42,240 | 0.97 | — | 48,368 | ||||||
| 25 de Mayo-Medanito SE ^(2)^ | Conventional | — | 301 | 0.01 | — | 382 | |||||||
| Acambuco | Conventional | 1.5 | % | 41 | 0.03 | — | 235 | ||||||
| Agua Amarga ^(2)^ | Conventional | — | 40 | 0.01 | 24 | 121 | |||||||
| Entre Lomas ^(2)^ | Conventional | — | 586 | 0.07 | 594 | 1,631 | |||||||
| Jagüel de los Machos ^(2)^ | Conventional | — | 290 | 0.08 | — | 781 | |||||||
| Total non-operated production | **** | 43,499 | **** | 1.18 | **** | 618 | **** | 51,519 | |||||
| Total shale production | 115,394 | 2.51 | 126 | 131,322 | |||||||||
| Total conventional production | 1,261 | 0.24 | 658 | 3,419 | |||||||||
| (1) | On November 6, 2025, the Company submitted a notice of irrevocable relinquishment of the CS-01 block to the Mexican Secretariat of Energy (“SENER” by its acronym in Spanish), which is pending confirmation to the date of issuance of this earnings release. | ||||||||||||
| --- | --- | ||||||||||||
| (2) | Transferred Conventional Assets operated by Tango, effective March 1, 2023. Under the latest amendment to<br>the agreement, entered into in September 2025, Vista is entitled to 20% of crude oil production and reserves, and 100% of natural gas and LPG and condensates production and reserves of the Transferred Conventional Assets. | ||||||||||||
| --- | --- |
Page 4
Revenues
Total revenues per product
| Revenues per product - in $MM | Q1-26 | Q4-25 | Q1-25 | py/y | pq/q | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Revenues | **** | 865.0 | **** | **** | 719.1 | **** | **** | 438.5 | **** | 97 | % | 20 | % | ||
| Commodity risk management contracts | (150.7 | ) | — | — | — | — | |||||||||
| Sea freight selling expenses | (20.0 | ) | (29.8 | ) | — | — | (33 | )% | |||||||
| Revenues, net of the above | **** | 694.3 | **** | **** | 689.2 | **** | **** | 438.5 | **** | 58 | % | 1 | % | ||
| Export Duties | (23.8 | ) | (19.7 | ) | (17.6 | ) | 35 | % | 21 | % | |||||
| Net Revenues | **** | 670.6 | **** | **** | 669.6 | **** | **** | 420.8 | **** | 59 | % | 0 | % | ||
| Oil | 650.8 | 651.8 | 405.3 | 61 | % | (0 | )% | ||||||||
| Export market | 428.5 | 418.7 | 219.1 | 96 | % | 2 | % | ||||||||
| Domestic market | 222.3 | 233.1 | 186.3 | 19 | % | (5 | )% | ||||||||
| Domestic market at export parity | 222.3 | 233.1 | 146.0 | 52 | % | (5 | )% | ||||||||
| Natural Gas | 18.2 | 16.1 | 13.6 | 34 | % | 14 | % | ||||||||
| Export market | 2.5 | 2.4 | 3.3 | (23 | )% | 3 | % | ||||||||
| Domestic market | 15.7 | 13.6 | 10.4 | 52 | % | 16 | % | ||||||||
| NGL | 1.6 | 1.7 | 1.9 | (16 | )% | (9 | )% |
Average realized prices per product
| Product | Q4-25 | Q1-25 | py/y | pq/q | |||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Oil (/bbl) (1) | 60.1 | 58.9 | 68.6 | (12 | )% | 2 | % | ||||
| Export market (1) | 59.2 | 59.0 | 68.0 | (13 | )% | 0 | % | ||||
| Domestic market | 61.9 | 58.7 | 69.4 | (11 | )% | 5 | % | ||||
| Domestic market at export parity | 61.9 | 58.7 | 69.9 | (11 | )% | 5 | % | ||||
| Natural Gas (/MMBTU) | 2.0 | 1.8 | 2.5 | (21 | )% | 10 | % | ||||
| Export market | 4.1 | 5.0 | 5.6 | (26 | )% | (17 | )% | ||||
| Domestic market | 1.8 | 1.6 | 2.1 | (14 | )% | 14 | % | ||||
| NGL (/tn) | 324 | 344 | 453 | (28 | )% | (6 | )% |
All values are in US Dollars.
Total sales volumes per product
| Product | Q1-26 | Q4-25 | Q1-25 | py/y | pq/q | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Oil (MMbbl) | 10.8 | ^(2)^ | 11.1 | 5.9 | 83 | % | (2 | )% | |||||
| Export market | 7.2 | 7.1 | 3.2 | 125 | % | 2 | % | ||||||
| Domestic market | 3.6 | 4.0 | 2.7 | 34 | % | (10 | )% | ||||||
| Domestic market at export parity | 3.6 | 4.0 | 2.1 | 72 | % | (10 | )% | ||||||
| Natural Gas (millions of MMBTU) | 9.3 | 9.1 | 5.5 | 69 | % | 3 | % | ||||||
| Export market | 0.6 | 0.5 | 0.6 | 4 | % | 24 | % | ||||||
| Domestic market | 8.7 | 8.6 | 4.9 | 77 | % | 2 | % | ||||||
| NGL (Mtn) | 4.8 | 5.0 | 4.1 | 17 | % | (3 | )% | ||||||
| (1) | For comparison purposes, avg. realized oil prices are net of Commodity risk management contracts and Sea freight<br>selling expenses, which were collected as revenues and incurred by VEISA, in Q1 2026 and Q4 2025. | ||||||||||||
| --- | --- | ||||||||||||
| (2) | Reflects inventory withdrawal of 0.18 MMbbl and sales of crude oil from third parties of 0.16 MMbbl, leading to<br>quarterly production of 10.50 MMbbl and sales of 10.83 MMbbl. | ||||||||||||
| --- | --- |
Page 5
During Q4 2025, Vista Energy International S.A. (“VEISA”), the Company’s dedicated trading arm, started operations. VEISA is a company fully owned by Vista. Although VEISA sells mostly on a CIF (Cost, Insurance and Freight), CFR (Cost and Freight) or DAP (Delivered At Place) basis, for consistency purposes we will continue to report sales and realized prices on a FOB (Free On Board) equivalent basis.
During Q1 2026, total revenues as filed and reported were 865.0 $MM. Net of the effect of Commodity risk management contracts and Sea freight selling expenses, total revenues were 694.3 $MM, 58% above Q1 2025, mainly driven by oil production growth. Total revenues were 1% above Q4 2025, as slightly higher oil prices were partially offset by a 1% decrease in total production. Total net revenues were 670.6 $MM. Net revenues from oil and gas exports were 431.0 $MM, representing 64% of total net revenues.
Crude oil net revenues in Q1 2026 totaled 650.8 $MM, representing 97.0% of total net revenues and a 61% increase compared to Q1 2025, driven by oil production growth and partially offset by lower realized oil prices. Average realized oil price during the quarter was 60.1 $/bbl, 12% below Q1 2025 and 2% above Q4 2025, mainly driven by changes in Brent oil prices. Net oil revenues from sales at export parity prices, combining both international and domestic markets, were 100% of total net oil revenues.
During Q1 2026, the Company exported 67% of crude oil sales volumes. Net revenues from the oil export market accounted for 66% of net oil revenues, reaching 428.5 $MM.
Natural gas net revenues in Q1 2026 were 18.2 $MM, representing 2.7% of total net revenues. The average realized natural gas price for the quarter was 2.0 $/MMBtu, a 21% decrease compared to Q1 2025. Plan GasAr represented 36% of total natural gas sales volume, with an average realized price of 2.5 $/MMBtu during the quarter. Sales to industrial clients represented 57% of total natural gas sales volume at an average realized price of 1.4 $/MMBtu. The remaining 7% of total natural gas sales volume was exported at an average realized price of 4.1 $/MMBtu.
NGL net revenues were 1.6 $MM during Q1 2026, representing 0.2% of total net revenues. NGL average price was 324 $/tn.
Page 6
Lifting Cost
| Q4-25 | Q1-25 | py/y | pq/q | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Lifting Cost (MM) | 52.3 | **** | 50.8 | **** | 34.1 | **** | 54 | % | **** | 3 | % |
| Lifting cost (/boe) | 4.3 | 4.1 | 4.7 | (8 | )% | 6 | % |
All values are in US Dollars.
Lifting cost during Q1 2026 was 52.3 $MM, a 54% increase y-o-y and a 3% increase q-o-q.
On a per-unit basis, lifting cost in Q1 2026 was 4.3 $/boe, 8% below Q1 2025, reflecting the dilution of fixed costs due to production growth and focus on cost control.
Selling Expenses
| Q4-25 | Q1-25 | py/y | pq/q | ||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|
| Selling expenses (MM) | 46.2 | **** | 51.9 | **** | 46.8 | **** | (1 | )% | **** | (11 | )% |
| Selling expenses (/boe) | 3.8 | 4.2 | 6.4 | (41 | )% | (9 | )% |
All values are in US Dollars.
Selling expenses as filed and reported were 66.2 $MM in Q1 2026 and 81.8 $MM in Q4 2025. For comparison purposes, figures shown in this section are net of 20.0 $MM and 29.8 $MM of Sea freight selling expenses incurred by VEISA, leading to selling expenses net of such effect of 46.2 $MM and 51.9 $MM in Q1 2026 and Q4 2025, respectively.
On a per-unit basis, selling expenses in Q1 2026 were 3.8 $/boe, a 41% decrease y-o-y, driven by the elimination of trucking as of the end of Q1 2025, as the Oldelval Duplicar pipeline became online.
Page 7
Adjusted EBITDA
| Adjusted EBITDA reconciliation ($MM) | Q1-26 | Q4-25 | Q1-25 | p y | p q | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Profit for the period, net | **** | 107.7 | **** | **** | 85.7 | **** | **** | 82.8 | **** | **** | 24.9 | **** | **** | 22.0 | **** |
| (+) Income tax expense / (benefit) | 35.8 | 52.7 | 52.2 | (16.3 | ) | (16.9 | ) | ||||||||
| (+) Financial income (expense), net | 68.4 | 72.9 | 7.2 | 61.1 | (4.5 | ) | |||||||||
| (+) Income (loss) from investment in associates | 3.7 | 1.5 | — | 3.7 | 2.2 | ||||||||||
| Operating profit | **** | 215.6 | **** | **** | 212.8 | **** | **** | 142.2 | **** | **** | 73.4 | **** | **** | 2.8 | **** |
| (+) Depreciation, depletion and amortization | 229.7 | 225.1 | 126.0 | 103.7 | 4.6 | ||||||||||
| (+) Restructuring and Reorganization expenses | 0.5 | 1.2 | — | 0.5 | (0.6 | ) | |||||||||
| (+) Other non-cash costs related to the transfer of<br>conventional assets | 5.0 | 5.0 | 7.2 | (2.2 | ) | (0.0 | ) | ||||||||
| Adjusted EBITDA ^(1)^ | **** | 450.8 | **** | **** | 444.0 | **** | **** | 275.4 | **** | **** | 175.4 | **** | **** | 6.8 | **** |
| Adjusted EBITDA Margin (%)^(2)^ | 65 | % | 64 | % | 62 | % | +3p.p. | +1p.p. |
Adjusted EBITDA was 450.8 $MM in Q1 2026, a 64% increase compared to 275.4 $MM in Q1 2025, mainly driven by a 67% production increase, combining the consolidation of 50% working interest in La Amarga Chica and organic growth. On a sequential basis, Adjusted EBITDA increased 2% in Q1 2026, driven by slightly higher realized oil prices.
Adjusted EBITDA margin was 65%, 3 p.p. above Q1 2025, as lower export duties, lifting cost and selling expenses on a per boe basis offset lower realized oil prices. ^(3)^
| (1) | Adj. EBITDA = Profit for the period, net + Income tax (expense) / benefit + Financial income (expense), net +<br>Depreciation, depletion and amortization + Income (loss) from investments in associates + Impairment of long-lived assets + Gain from business combination + Gain from asset disposals + Restructuring expenses + Gain related to the transfer of<br>conventional assets + Other non-cash costs related to the transfer of conventional assets |
|---|---|
| (2) | Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Exports Increase Program – Sea freight<br>selling expenses + Commodity risk management contracts). Gain from Exports Increase Program is zero as of Q2 2025. Adj. EBITDA Margin for Q1 2026 (65%) = Adj. EBITDA (450.8 $MM) / (Total Revenues (865.0 $MM) + Gain from Exports Increase Program (0.0<br>$MM) – Sea freight selling expenses (20.0 $MM) + Commodity risk management contracts (-150.7 $MM)). |
| --- | --- |
| (3) | Selling expenses as filed and reported were 66.2 $MM in Q1 2026 and 81.8 $MM in Q4 2025. For comparison<br>purposes, Selling expenses are net of 20.0 $MM of Sea freight selling expenses incurred by our trading subsidiary VEISA in Q1 2026, equivalent to 1.6 $/boe, which were also collected as revenues, and 29.8 $MM equivalent to 2.4 $/boe in Q4 2025.<br> |
| --- | --- |
Page 8
Net Income and Adjusted Net Income
| Adjusted Net Income reconciliation (MM) | Q4-25 | Q1-25 | p y | p q | ||||||||||
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| Net (loss) / profit for the period | 107.7 | **** | **** | 85.7 | **** | **** | 82.8 | **** | **** | 24.9 | **** | **** | 22.0 | **** |
| Adjustments: | — | — | ||||||||||||
| (+) Deferred Income tax | (19.7 | ) | (39.2 | ) | (14.2 | ) | (5.5 | ) | 19.5 | |||||
| (+) Other non-cash costs related to the transfer of<br>conventional assets | 5.0 | 5.0 | 7.2 | (2.2 | ) | (0.0 | ) | |||||||
| Adjustments to Net Income/Loss | (14.7 | ) | **** | (34.2 | ) | **** | (6.9 | ) | (7.8 | ) | 19.5 | |||
| Adjusted Net Income/Loss | 93.0 | **** | **** | 51.5 | **** | **** | 75.9 | **** | **** | 17.1 | **** | **** | 41.6 | **** |
| Adjusted EPS (/share) (1) | 0.89 | 0.49 | 0.79 | 0.10 | 0.40 | |||||||||
| EPS (/share) (1) | 1.03 | 0.82 | 0.86 | 0.17 | 0.21 |
All values are in US Dollars.
Net income in Q1 2026 was 107.7 $MM, compared to 82.8 $MM in Q1 2025, mainly driven by (a) higher Adjusted EBITDA of 450.8 $MM in Q1 2026 compared to 275.4 $MM in Q1 2025 and (b) lower Income tax expense of 35.8 $MM in Q1 2026 compared to 52.2 $MM in Q1 2025, partially offset by (c) higher Depreciation, depletion and amortization of 229.7 $MM in Q1 2026 compared to 126.0 $MM in Q1 2025, and (d) higher Financial expense, net of 68.4 $MM in Q1 2026 compared to 7.2 $MM in Q1 2025 (which included a loss of 4.4 $MM related to Net changes in foreign exchange rate in Q1 2026 due to the appreciation of the Argentine Peso, compared to a profit of 12.7 $MM related to Net changes in foreign exchange rate in Q1 2025 due to the devaluation of the Argentine Peso with respect to the US dollar).
Adjusted Net Income in Q1 2026 was 93.0 $MM, compared to an Adjusted Net Income of 75.9 $MM in Q1 2025, mainly driven by (a) higher Adjusted EBITDA and (b) lower Current income tax expense of 55.5 $MM in Q1 2026 compared to 66.3 $MM in Q1 2025, partially offset by (c) higher Depreciation, depletion and amortization, and (d) higher Financial expense, net (as explained above).
EPS was 1.0 $/share in Q1 2026, compared to 0.9 $/share in Q1 2025 and 0.8 $/share in Q4 2025. Adjusted EPS was 0.9 $/share in Q1 2026, compared to 0.8 $/share in Q1 2025 and 0.5 $/share in Q4 2025. ^(1)^
| (1) | EPS (Earnings per share): Profit for the period, net divided by weighted average number of ordinary shares.<br>Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q1 2026, Q4 2025 and Q1 2025 were 104,615,383, 104,269,588 and 96,456,618, respectively.<br> |
|---|
Page 9
Capex
Capex during Q1 2026 was 391.2 $MM. The Company invested 335.6 $MM in drilling, completion and workover of Vaca Muerta wells, mainly in connection with the drilling of 19 net wells, the completion of 25 net wells and the tie-in of 23 net new wells during the quarter. Additionally, the Company invested 26.7 $MM in development facilities, and 28.9 $MM in G&G studies, IT and other projects.
Operated wells tied-in during Q1 2026
| Concession | Well name | Pad number | Landing zone | Lateral length (mts) |
|---|---|---|---|---|
| Bajada del Palo Oeste | 2361 | BPO-40 | La Cocina | 2,800 |
| Bajada del Palo Oeste | 2363 | BPO-40 | La Cocina | 2,824 |
| Bajada del Palo Oeste | 2364 | BPO-40 | Organic | 2,800 |
| Bajada del Palo Oeste | 2241 | BPO-41 | La Cocina | 3,063 |
| Bajada del Palo Oeste | 2242 | BPO-41 | Lower Carbonate | 3,144 |
| Bajada del Palo Oeste | 2243 | BPO-41 | Organic | 3,130 |
| Bajada del Palo Oeste | 2244 | BPO-41 | La Cocina | 3,216 |
| Bajada del Palo Oeste | 2245 | BPO-41 | Lower Carbonate | 3,161 |
| Bajada del Palo Oeste | 2911 | BPO-42 | Organic | 1,951 |
| Bajada del Palo Oeste | 2912 | BPO-42 | La Cocina | 2,015 |
| Bajada del Palo Oeste | 2913 | BPO-42 | Lower Carbonate | 2,118 |
| Bajada del Palo Oeste | 2914 | BPO-42 | La Cocina | 1,800 |
| Bajada del Palo Este | 2391 | BPE-11 | La Cocina | 3,273 |
| Bajada del Palo Este | 2392 | BPE-11 | La Cocina | 2,986 |
| Bajada del Palo Este | 2393 | BPE-11 | La Cocina | 3,446 |
| Bajada del Palo Este | 2394 | BPE-11 | La Cocina | 3,503 |
Page 10
Financial overview
During Q1 2026, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 615.1 $MM.
In Q1 2026, the Company recorded a free cash flow of -341.4 $MM. Free cash flow was -10.1 $MM adjusted by non-recurring items (working capital from VEISA operations, income tax payment in Mexico and payments related to the Equinor Transaction, as explained below).
Cash flow generated by operating activities was 85.7 $MM, reflecting an increase in working capital of 248.2 $MM and income tax payments of 61.4 $MM. These effects were mainly driven by two non-recurring items: 205.6 $MM of working capital related to the initiation of operations of VEISA and 46.0 $MM corresponding to an income tax payment in Mexico.
Cash flow used in investing activities reached 427.1 $MM for the quarter, reflecting accrued capex of 391.2 $MM, payments related to the Equinor Transaction of 79.7 $MM and a decrease in capex-related working capital of 53.0 $MM.
Cash flow from financing activities totaled 418.1 $MM, mainly driven by proceeds from borrowings of 589.5 $MM, partially offset by the repayment of borrowings’ principal of 129.5 $MM and the payment of borrowings’ interests for 26.9 $MM. ^(1)^
Gross debt totaled 3,642.3 $MM as of quarter end, resulting in a net debt of 3,027.1 $MM. At the end of Q1 2026, net leverage ratio was 1.71x, compared to 1.49x on a pro forma basis and 1.64x on a non-pro forma basis by year-end 2025. ^(2)^
| (1) | Q1 2026 Cash flow from financing activities is the sum of: (i) cash flow generated by financing activities<br>for 409.1 $MM; (ii) effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents for -7.6 $MM; (iii) the variation in Argentine government bonds for<br>-0.6 $MM; and (iv) Other investments for 17.3 $MM. |
|---|---|
| (2) | Pro forma values calculated as if La Amarga Chica Acquisition had occurred on January 1, 2025. YE-2025 pro forma Net Leverage Ratio (1.49x) = (Gross financial debt (3,154 $MM) – Cash, bank balances and other short-term investments (538 $MM)) / Pro forma LTM Adj. EBITDA (1,752 $MM).<br> |
| --- | --- |
Page 11
Vista Energy S.A.B. de C.V.
Profit for the period
(Amounts expressed in thousand U.S. Dollars)
| Q1 2026 | Q4 2025 | Q1 2025 | |||||||
|---|---|---|---|---|---|---|---|---|---|
| Total Revenues | **** | 865,012 | **** | **** | 719,064 | **** | **** | 438,456 | **** |
| Oil | 845,183 | 701,318 | 422,970 | ||||||
| Natural gas | 18,268 | 16,036 | 13,619 | ||||||
| NGL and others | 1,561 | 1,710 | 1,867 | ||||||
| Cost of Sales | **** | (392,655 | ) | **** | (378,374 | ) | **** | (226,503 | ) |
| Operating costs | (52,319 | ) | (50,805 | ) | (34,064 | ) | |||
| Crude oil stock fluctuation | (187 | ) | (3,195 | ) | 9,032 | ||||
| Royalties and others | (95,857 | ) | (94,281 | ) | (68,254 | ) | |||
| Purchases of crude oil | (9,569 | ) | — | — | |||||
| Depreciation, depletion and amortization | (229,726 | ) | (225,095 | ) | (125,977 | ) | |||
| Other non-cash costs related to the transfer of<br>conventional assets | (4,997 | ) | (4,998 | ) | (7,240 | ) | |||
| Gross profit | **** | 472,357 | **** | **** | 340,690 | **** | **** | 211,953 | **** |
| Selling expenses | (66,157 | ) | (81,783 | ) | (46,768 | ) | |||
| General and administrative expenses | (41,326 | ) | (52,619 | ) | (28,031 | ) | |||
| Exploration expenses | — | (90 | ) | (180 | ) | ||||
| Other operating income | 2,811 | 8,509 | 6,409 | ||||||
| Other operating expenses | (1,385 | ) | (1,948 | ) | (1,192 | ) | |||
| Impairment of long-lived assets | — | — | — | ||||||
| Commodity risk management contracts | (150,712 | ) | — | — | |||||
| Operating profit | **** | 215,588 | **** | **** | 212,759 | **** | **** | 142,191 | **** |
| Income (loss) from investments in associates | (3,701 | ) | (1,468 | ) | — | ||||
| Interest income | 3,180 | 1,661 | 1,056 | ||||||
| Interest expense | (54,885 | ) | (50,096 | ) | (24,281 | ) | |||
| Other financial income (expense) | (16,653 | ) | (24,462 | ) | 15,992 | ||||
| Other financial income (expense), net | **** | (68,358 | ) | **** | (72,897 | ) | **** | (7,233 | ) |
| Profit before income tax | **** | 143,529 | **** | **** | 138,394 | **** | **** | 134,958 | **** |
| Current income tax (expense)/benefit | (55,506 | ) | (91,930 | ) | (66,322 | ) | |||
| Deferred income tax (expense)/benefit | 19,690 | 39,231 | 14,157 | ||||||
| Income tax (expense)/benefit | **** | (35,816 | ) | **** | (52,699 | ) | **** | (52,165 | ) |
| Profit for the period, net | **** | 107,713 | **** | **** | 85,695 | **** | **** | 82,793 | **** |
Page 12
Vista Energy S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. Dollars)
| As of March 31, 2026 | As of December 31, 2025 | |||
|---|---|---|---|---|
| Property, plant and equipment | 5,708,121 | 5,543,032 | ||
| Goodwill | 22,576 | 22,576 | ||
| Other intangible assets | 16,044 | 18,485 | ||
| Right-of-use<br>assets | 138,259 | 153,283 | ||
| Biological assets | 17,673 | 15,855 | ||
| Investments in associates | 63,116 | 54,542 | ||
| Trade and other receivables | 365,142 | 373,026 | ||
| Deferred income tax assets | 36,514 | 36,514 | ||
| Total noncurrent assets | **** | 6,367,445 | **** | 6,217,313 |
| Inventories | 9,710 | 9,457 | ||
| Trade and other receivables | 728,055 | 347,681 | ||
| Cash, bank balances and other short-term investments | 615,142 | 538,402 | ||
| Total current assets | **** | 1,352,907 | **** | 895,540 |
| Total assets | **** | 7,720,352 | **** | 7,112,853 |
| Deferred income tax liabilities | 278,969 | 298,664 | ||
| Lease liabilities | 77,677 | 88,451 | ||
| Provisions | 55,786 | 51,513 | ||
| Borrowings | 2,624,921 | 2,803,982 | ||
| Employee benefits | 16,324 | 16,226 | ||
| Income tax liability | 14,510 | 13,964 | ||
| Trade and other payables | 293,779 | 292,236 | ||
| Total noncurrent liabilities | **** | 3,361,966 | **** | 3,565,036 |
| Provisions | 9,726 | 10,800 | ||
| Lease liabilities | 50,783 | 55,452 | ||
| Borrowings | 1,017,360 | 350,095 | ||
| Salaries and payroll taxes | 12,993 | 35,891 | ||
| Income tax liability | 96,075 | 120,910 | ||
| Other taxes and royalties | 61,151 | 43,945 | ||
| Trade and other payables | 510,809 | 419,130 | ||
| Total current liabilities | **** | 1,758,897 | **** | 1,036,223 |
| Total liabilities | **** | 5,120,863 | **** | 4,601,259 |
| Total equity | **** | 2,599,489 | **** | 2,511,594 |
| Total equity and liabilities | **** | 7,720,352 | **** | 7,112,853 |
Page 13
Vista Energy S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. Dollars)
| For the period from January 1 toMarch 31, 2026 | For the period from January 1to March 31, 2025 | |||||
|---|---|---|---|---|---|---|
| Revenue from contracts with customers | **** | 865,012 | **** | **** | 438,456 | **** |
| Revenues from crude oil sales | 845,183 | 422,970 | ||||
| Revenues from natural gas sales | 18,268 | 13,619 | ||||
| Revenues from LPG sales | 1,561 | 1,867 | ||||
| Cost of sales | (392,655 | ) | (226,503 | ) | ||
| Operating costs | (52,319 | ) | (34,064 | ) | ||
| Crude oil stock fluctuation | (187 | ) | 9,032 | |||
| Royalties and others | (95,857 | ) | (68,254 | ) | ||
| Purchases of crude oil | (9,569 | ) | — | |||
| Depreciation, depletion and amortization | (229,726 | ) | (125,977 | ) | ||
| Other non-cash costs related to the transfer of<br>conventional assets | (4,997 | ) | (7,240 | ) | ||
| Gross profit | **** | 472,357 | **** | **** | 211,953 | **** |
| Selling expenses | (66,157 | ) | (46,768 | ) | ||
| General and administrative expenses | (41,326 | ) | (28,031 | ) | ||
| Exploration expenses | — | (180 | ) | |||
| Other operating income | 2,811 | 6,409 | ||||
| Other operating expenses | (1,385 | ) | (1,192 | ) | ||
| Commodity risk management contracts | (150,712 | ) | — | |||
| Operating profit | **** | 215,588 | **** | **** | 142,191 | **** |
| Income (loss) from investments in associates | (3,701 | ) | — | |||
| Interest income | 3,180 | 1,056 | ||||
| Interest expense | (54,885 | ) | (24,281 | ) | ||
| Other financial income (expense) | (16,653 | ) | 15,992 | |||
| Financial income (expense), net | **** | (68,358 | ) | **** | (7,233 | ) |
| Profit before income tax | **** | 143,529 | **** | **** | 134,958 | **** |
| Current income tax (expense) | (55,506 | ) | (66,322 | ) | ||
| Deferred income tax benefit | 19,690 | 14,157 | ||||
| Income tax (expense) | **** | (35,816 | ) | **** | (52,165 | ) |
| Profit for the period, net | **** | 107,713 | **** | **** | 82,793 | **** |
| Other comprehensive income for the period | (8 | ) | (15 | ) | ||
| Total comprehensive profit for the period | **** | 107,705 | **** | **** | 82,778 | **** |
Page 14
Vista Energy S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. Dollars) ****
| For the period fromJanuary 1 to March 31,2026 | For the period fromJanuary 1 to March 31,2025 | |||||
|---|---|---|---|---|---|---|
| Cash flows from operating activities | ||||||
| Profit for the period, net | 107,713 | 82,793 | ||||
| Adjustments to reconcile net cash flows | ||||||
| Items related to operating activities: | ||||||
| Allowance for expected credit losses | 26 | — | ||||
| Share-based payments | 18,786 | 10,215 | ||||
| Net increase in provisions | 856 | 1,192 | ||||
| Net changes in foreign exchange rate | 4,418 | (12,744 | ) | |||
| Discount of assets and liabilities at present value | 8,495 | 1,154 | ||||
| Discount for well plugging and abandonment | 808 | 426 | ||||
| Income tax expense | 35,816 | 52,165 | ||||
| Other non-cash costs related to the transfer of<br>conventional assets | 4,997 | 7,240 | ||||
| Employee benefits | 205 | 198 | ||||
| Items related to investing activities: | ||||||
| Interest income | (3,180 | ) | (1,056 | ) | ||
| Changes in the fair value of financial assets | (3,489 | ) | (8,998 | ) | ||
| Depreciation and depletion | 227,285 | 123,830 | ||||
| Amortization of intangible assets | 2,441 | 2,147 | ||||
| Income (loss) from investment in associates | 3,701 | — | ||||
| Items related to financing activities: | ||||||
| Interest expense | 54,885 | 24,281 | ||||
| Amortized cost | 1,271 | 467 | ||||
| Interest expense on lease liabilities | 868 | 806 | ||||
| Other taxes interest | 870 | — | ||||
| Other financial income (expense) | 3,412 | 2,897 | ||||
| Changes in working capital: | ||||||
| Trade and other receivables | (338,960 | ) | (19,871 | ) | ||
| Inventories | 187 | (9,032 | ) | |||
| Trade and other payables | 68,717 | (72,372 | ) | |||
| Payments of employee benefits | (120 | ) | (139 | ) | ||
| Salaries and payroll taxes | (40,816 | ) | (77,445 | ) | ||
| Other taxes and royalties | (10,053 | ) | (35,959 | ) | ||
| Provisions | (2,085 | ) | (638 | ) | ||
| Income tax payment | (61,381 | ) | (5,151 | ) | ||
| Net cash flows provided by operating activities | **** | 85,673 | **** | **** | 66,406 | **** |
Page 15
| Cash flows from investing activities: | ||||||
|---|---|---|---|---|---|---|
| Payments for acquisitions of property, plant and equipment and biological assets | (338,241 | ) | (286,155 | ) | ||
| Proceeds from the transfer of conventional assets | — | 5,734 | ||||
| Payments for acquisitions of other intangible assets | — | (1,875 | ) | |||
| Payments for acquisitions of investments in associates | (12,275 | ) | (28,651 | ) | ||
| Payments related to the Business Acquisition | (79,742 | ) | — | |||
| Interest received | 3,180 | 1,056 | ||||
| Net cash flows (used in) investing activities | **** | (427,078 | ) | **** | (309,891 | ) |
| Cash flows from financing activities: | ||||||
| Proceeds from borrowings | 589,500 | 341,347 | ||||
| Payment of borrowings principal | (129,538 | ) | (98,594 | ) | ||
| Payment of borrowings interest | (26,868 | ) | (10,566 | ) | ||
| Payment of borrowings cost | (1,004 | ) | (608 | ) | ||
| Payments of other taxes interest | (870 | ) | — | |||
| (Payment of) proceeds from other financial income (expense) | (3,412 | ) | 3,278 | |||
| Payment of lease | (18,715 | ) | (23,074 | ) | ||
| Net cash flow provided by (used in) financing activities | **** | 409,093 | **** | **** | 211,783 | **** |
| For the period fromJanuary 1 to March 31,2026 | For the period fromJanuary 1 to March 31,2025 | |||||
| Net increase (decrease) in cash and cash equivalents | **** | 67,688 | **** | **** | (31,702 | ) |
| Cash and cash equivalents at beginning of year / period | 526,184 | 755,610 | ||||
| Effect of exposure to changes in the foreign currency rate and other financial results of cash and<br>cash equivalents | (7,568 | ) | 9,495 | |||
| Net increase (decrease) in cash and cash equivalents | 67,688 | (31,702 | ) | |||
| Cash and cash equivalents at end of period | **** | 586,304 | **** | **** | 733,403 | **** |
Note: Vista’s historical operational and financial information is available on the Company’s website (https://www.vistaenergy.com/en/investors) in spreadsheet format.
Page 16
Glossary, currency and definitions:
| • | Note: Amounts are expressed in U.S. Dollars, unless otherwise stated, and in accordance with<br>International Financial Reporting Standards (“IFRS”). Some of the amounts are unaudited. Amounts may not match with totals due to rounding up. |
|---|---|
| • | Conversion metrics: |
| --- | --- |
| • | 1 cubic meter of oil = 6.2898 barrels of oil. |
| --- | --- |
| • | 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent. |
| --- | --- |
| • | 1 million British thermal units = 27.096 cubic meters of gas. |
| --- | --- |
| • | p q/q: Represents the percentage variation quarter on quarter<br> |
| --- | --- |
| • | p y/y: Represents the percentage variation year on year<br> |
| --- | --- |
| • | p q: Represents the variation in million U.S. Dollars quarter<br>on quarter |
| --- | --- |
| • | p y: Represents the variation in million U.S. Dollars year on<br>year |
| --- | --- |
| • | $MM: Million U.S. Dollars. |
| --- | --- |
| • | $M: Thousand U.S. Dollars. |
| --- | --- |
| • | $/bbl: U.S. Dollars per barrel of oil. |
| --- | --- |
| • | $/boe: U.S. Dollars per barrel of oil equivalent. |
| --- | --- |
| • | $/MMBtu: U.S. Dollars per million British thermal unit. |
| --- | --- |
| • | $/tn: U.S. Dollars per metric ton. |
| --- | --- |
| • | Adj. EBITDA / Adjusted EBITDA: Profit for the period, net + Income tax (expense) / benefit + Financial income<br>(expense), net + Depreciation, depletion and amortization + Income (loss) from investments in associates + Impairment of long-lived assets + Gain from business combination + Gain from asset disposals + Restructuring expenses + Gain related to the<br>transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets. |
| --- | --- |
| • | Adjusted EBITDA margin: Adjusted EBITDA divided by (Total Revenues + Gain from Exports Increase Program –<br>Sea freight selling expenses + Commodity risk management contracts). |
| --- | --- |
| • | Adjusted EPS (Earnings per share): Adjusted Net Income divided by weighted average number of ordinary shares.<br> |
| --- | --- |
| • | Adjusted Net Income: Profit for the period, net + Deferred Income Tax (expense)/benefit + Impairment of<br>long-lived assets + Changes in fair value of warrants + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Gain from business<br>combination |
| --- | --- |
| • | boe: Barrels of oil equivalent (see conversion metrics above). |
| --- | --- |
| • | boe/d: Barrels of oil equivalent per day. |
| --- | --- |
| • | bbl/d: Barrels of oil per day. |
| --- | --- |
| • | CNBV: Mexican National Banking and Securities Commission. |
| --- | --- |
| • | Conventional Assets Transaction: assets transferred to Tango (formerly Petrolera Aconcagua Energía S.A.),<br>effective on March 1st, 2023. Under the latest amendment to the agreement, entered into in September 2025, Vista is entitled to 20% of crude oil production and reserves and 100% of natural gas and LPG and condensates production and reserves of the<br>Transferred Conventional Assets. |
| --- | --- |
| • | EPS (Earnings per share): Net Income/Loss divided by weighted average number of ordinary shares.<br> |
| --- | --- |
| • | Equinor Transaction: On February 1, 2026, the Company entered into a series of agreements to acquire a 25.1%<br>non-operating working interest in the Bandurria Sur block and a 35.0% non-operating working interest in the Bajo del Toro block. The closing of the Equinor Transaction<br>is pending as of the date of this earnings release. Closing is expected during the remainder of Q2 2026. For more information, please refer to the Relevant Fact published on February 2, 2026 on our website:<br>https://www.vistaenergy.com/en/investors |
| --- | --- |
Page 17
| • | Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow.<br> |
|---|---|
| • | G&G: Geological and geophysical. |
| --- | --- |
| • | La Amarga Chica Acquisition: On April 15, 2025, the Company acquired 100% of the capital stock of Vista<br>Energy LACh S.A. (formerly known as Petronas E&P Argentina S.A.), which holds 50% working interest in La Amarga Chica unconventional concession, located in Vaca Muerta. |
| --- | --- |
| • | Lifting cost includes production, transportation, treatment and field support services; excludes crude oil stock<br>fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses and Other non-cash costs related to the transfer of<br>conventional assets. |
| --- | --- |
| • | Mbbl: Thousands of barrels of oil. |
| --- | --- |
| • | MMboe: Million barrels of oil equivalent. |
| --- | --- |
| • | MMbbl: Million barrels of oil. |
| --- | --- |
| • | MMm^3^/d: Million cubic meters per day. |
| --- | --- |
| • | Mts: meters. |
| --- | --- |
| • | Plan GasAr: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86<br>MMm3/d volume at an average annual price of 3.29 $/MMBtu for a four-year term ending on December 31, 2024. Through Resolutions 860/2022 and 265/2023, Vista’s allocated volume increased to 1.14 MMm3/d at the same average annual price for a<br>second four-year term ending on December 31, 2028. |
| --- | --- |
| • | p.p: percentage points. |
| --- | --- |
| • | Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year. |
| --- | --- |
| • | q-o-q: Quarter on quarter<br> |
| --- | --- |
| • | SEC: U.S. Securities Exchange Commission. |
| --- | --- |
| • | Tango: Tango Energy S.A., formerly Petrolera Aconcagua Energía S.A. |
| --- | --- |
| • | Transferred Conventional Assets: Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada,<br>Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos concessions operated by Tango, effective as of March 1, 2023. |
| --- | --- |
| • | VEISA: Vista Energy International S.A. |
| --- | --- |
| • | y-o-y: Year on year<br> |
| --- | --- |
Page 18
DISCLAIMER
Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at https://www.vistaenergy.com/en/investors.
This presentation does not constitute an offer to sell or a solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the SEC, the Mexican National Securities Registry held by the CNBV or an exemption from such registrations.
This presentation does not contain all of the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on the Company’s website. Some of the amounts contained herein are unaudited.
Rounding of amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.
This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of future performance of the Company and future results may not be comparable to past performance.
No reliance should be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company or any of its affiliates (within the meaning of Rule 405 under the U.S. Securities Act of 1933, as amended, “Affiliates”), members, directors, officers, employees, or any other person (the “Related Parties”) as to the accuracy, completeness, or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance placed on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation, or liability (whether direct or indirect, in contract, tort, or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.
This presentation also includes certain non-IFRS financial measures, which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as of the date of this presentation and are subject to verification, completion, and change without notice.
This presentation includes “forward-looking statements” concerning the future. Words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” and “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance, or similar estimation about future results, performance, or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.
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There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results, as well as cost estimations, are based on information as of the date of this presentation and reflect numerous assumptions, including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances, or other estimations of future results, performance, or achievements. We have not warranted the accuracy, reliability, appropriateness, or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed or furnished under the Securities Exchange Act of 1934. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward looking statements, including, among other things uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we may operate in the future; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the current government in Argentina; significant economic or political developments in Mexico, Argentina and the United States; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the imposition of import restrictions on goods that are key for the maintenance of our assets; the revocation or amendment of our respective concession agreements by the granting authority; our ability to renew certain hydrocarbon exploitation concessions; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation and/or appreciation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for oil and gas in particular, and energy in general, both in Argentina and globally; the effects of a pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of
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our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses, including Vista Energy LACh S.A.; our expectations for future production, costs and crude oil prices used in our projections; changes to our capital expenditure plans; uncertainties inherent in making estimates of our oil and gas reserves, including recently discovered oil and gas reserves, and changes to our previous reserves estimates; increased market competition in the energy sectors in Argentina and Mexico; potential regulatory changes and modifications to free trade agreements driven by evolving U.S. trade policies and political developments in Argentina, Mexico or other Latin American countries; climate change and severe weather events; any potential adverse effects that may arise in connection with any prospective mergers, acquisitions, divestitures, or other corporate reorganizations; adverse global macroeconomic environments, including trade wars, high inflation, a global recession, and increasing market volatility, especially in relation to commodities prices; and ongoing and potential geopolitical conflicts, including, among others, those involving Russia and Ukraine; the United States, Israel, Hamas, Iran and several countries in the Middle East; and tensions between China and Taiwan.
Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).
You should not take any statement regarding past trends or activities as a representation that such trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.
Other Information
Vista routinely publishes important information for investors in the Investor Relations support section on its website, www.vistaenergy.com/en/investors. From time to time, Vista may use its website as a channel for distributing material information. Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls, and webcasts.
Enquiries:
Argentina: +54.11.3754.8500
Mexico: +52.55.1555.7104
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