Vista Energy, S.A.B. de C.V 6-K, filed Apr 25, 2023
Vista Energy, S.A.B. de C.V. (VIST)
About this 6-K
Vista Energy, S.A.B. de C.V filed this 6-K on April 25, 2023.
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 2023
Commission File No. 001-39000
Vista Energy, S.A.B. de C.V.
(Exact Name of the Registrant as Specified in the Charter)
N.A.
(Translation of Registrant’s Name into English)
Pedregal 24, Floor 4,
Colonia Molino del Rey, Alcaldía Miguel Hidalgo
Mexico City, 11040
Mexico
(Address of Principal Executive Office)
Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.
Form 20-F ☒ Form 40-F ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐
Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐
Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:
Yes ☐ No ☒
If “Yes” is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.
Contents of this Form 6-K
This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:
Exhibit 1: Vista’s Energy Results of the First Quarter of 2023.
Forward-Looking Statements
Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s prospectus filed with the United States Securities and Exchange Commission (“SEC”) and other applicable filings with the SEC and the Mexican National Banking and Securities Commission (Comisión Nacional Bancaria y de Valores).
Enquiries:
Investor Relations:
ir@vistaenergy.com
Argentina: +54 11 3754 8500
México: +52 55 8646 0128
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 25, 2023
| VISTA ENERGY, S.A.B. DE C.V. | ||
| By: | /s/ Alejandro Cherñacov | |
| Name: | Alejandro Cherñacov | |
| Title: | Strategic Planning and Investor Relations Officer | |
Exhibit 1
2023 1st Quarter Results Mexico City, April 25, 2023 NYSE: VIST BMV: VISTA
Vista Results of the First Quarter of 2023
April 25, 2023, Mexico City, Mexico
Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results for the three-month period ended March 31, 2023.
Q1 2023 highlights:
| • | Q1 2023 total production was 52,207 boe/d, a 19% increase compared to Q1 2022. Oil production in Q1 2023 increased 24% y-o-y to 44,048 bbl/d, mainly driven by a solid well performance in Vista’s development hub in Vaca Muerta (Bajada del Palo Oeste, Aguada Federal and Bajada del Palo Este blocks). |
| • | In Q1 2023, shale production was 41,499 boe/d, boosted by the tie-ins of 5-well pad BPO-15 and well BPE-2301h. Shale production increased 40% compared to Q1 2022. |
| • | Revenues in Q1 2023 were 303.2 $MM, 46% above the 207.9 $MM generated in Q1 2022, driven by an increase in production and realized prices. During Q1 2023, revenues from oil and gas exports were 181.7 $MM, a 128% increase y-o-y and representing 60% of total revenues. Oil exports were 169.0 $MM and represented 60% of oil revenues. |
| • | In Q1 2023, the average realized crude oil price was 66.6 $/bbl, a 4% increase compared to the average realized crude oil price of Q1 2022. |
| • | Realized natural gas price for Q1 2023 was 4.7 $/MMBtu, resulting in a 54% increase y-o-y driven by exports to Chile at 8.9 $/MMBtu (30% of total gas sales volumes). |
| • | Lifting cost in Q1 2023 was 6.4 $/boe, representing an 18% decrease compared to Q1 2022, driven by the transaction to fully-focus on shale oil operations as of March 1, 2023. |
| • | Adjusted EBITDA for Q1 2023 was 204.4 $MM, a 61% increase compared to Q1 2022, driven by the increase in revenues amid lower lifting costs. Adjusted EBITDA margin was 67%, an increase of 6 p.p. vis-à-vis Q1 2022. |
| • | Adjusted Net Income during Q1 2023 totaled 72.0 $MM, compared to 39.1 $MM during Q1 2022, mainly driven by a higher Adjusted EBITDA and partially offset by a higher income tax expense (net of deferred income tax) and higher depreciation, depletion and amortization. Adjusted EPS was 0.80 $/share in Q1 2023, compared to 0.44 $/share in Q1 2022. |
| • | In Q1 2023, CAPEX was 161.8 $MM, mainly driven by the drilling of nine wells and the completion of eight wells in our Vaca Muerta blocks. |
| • | In Q1 2023, the Company recorded a positive free cash flow of 34.7 $MM. Cash flow generated by operating activities was 158.8 $MM, while cash flow used in investing activities reached 124.0 $MM for the quarter. Cash flow generated by financing activities totaled 71.1 $MM, mainly driven by proceeds from borrowings of 135.0 $MM and partially offset by the payment of a 22.5 $MM installment of our term-loan. |
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Transaction to increase focus on shale oil operations
On February 23, 2023, Vista announced a transaction to increase its focus on its shale oil operations in Vaca Muerta and strengthen shareholder returns.
As part of this transaction, its subsidiary Vista Energy Argentina S.A.U. (“Vista Argentina”) reached a two-phased agreement (the “Conventional Assets Transaction”) starting March 1, 2023, with Petrolera Aconcagua Energía S.A. (“Aconcagua”), which will become the operator of concessions Entre Lomas Río Negro, Entre Lomas Neuquén, Jarilla Quemada, Charco del Palenque, 25 de Mayo Medanito SE and Jagüel de los Machos (the “Transferred Conventional Assets”), the gas transportation concessions in Entre Lomas Río Negro and Jarilla Quemada and crude oil transport concession in 25 de Mayo Medanito SE, currently held by Vista (the “Concessions”). During the first phase of the Conventional Assets Transaction , which will end no later than February 28, 2027 (the “Final Closing Date”), Aconcagua will be entitled to 60% of the hydrocarbons produced in the Concessions and will bear 100% of the costs, taxes, and royalties of such Concessions, whereas Vista Argentina, will keep the entitlement to the remaining 40% of the hydrocarbons produced and will receive from Aconcagua an upfront payment. Additionally, Vista Argentina will have the right to purchase up to Aconcagua’s 60% share of the Natural gas produced by the Transferred Conventional Assets at a price of 1 $/MMBtu until the Final Closing Date. Vista Argentina will remain concession title holder until certain provincial authorizations are obtained, which shall be requested no later than the Final Closing Date, when the Concessions will be transferred to Aconcagua, subject to provincial approvals.
Vista´s Financial Statements for the period covering December 31, 2022, through March 31, 2023, reflect the effects of the Conventional Assets Transaction as of March 1, 2023, and so does this document.
For more information on the Conventional Assets Transaction, please refer to the Relevant Fact published on February 23rd, 2023, on our website (https://www.vistaenergy.com/investors).
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Vista Q1 2023 results
Production
Production data for Q1 2023 reflects the Conventional Assets Transaction. Therefore, the tables below reflect, beginning March 1, 2023, Vista’s 40% entitlement to crude oil and natural gas production, as well as 100% of LPG production, of the Transferred Conventional Assets.
Total average net daily production
| Q1-23 | Q4-22 | Q1-22 | p y/y | p q/q | ||||||||||||||||
| Total (boe/d) |
52,207 | 54,718 | 43,900 | 19 | % | (5 | )% | |||||||||||||
| Oil (bbl/d) |
44,048 | 45,745 | 35,638 | 24 | % | (4 | )% | |||||||||||||
| Natural Gas (MMm3/d) |
1.23 | 1.35 | 1.24 | (1 | )% | (9 | )% | |||||||||||||
| NGL (boe/d) |
407 | 460 | 452 | (10 | )% | (12 | )% | |||||||||||||
Average daily production during Q1 2023 was 52,207 boe/d, comprised of 44,048 bbl/d of oil, representing 84% of total production, 1.23 MMm3/d of natural gas and 407 boe/d of NGL. Total shale production was 41,499 boe/d, of which 80% corresponds to shale oil wells in Bajada del Palo Oeste.
On a pro forma basis regarding the Conventional Assets Transaction as if such transaction had occurred on March 1, 2022, average daily production during Q1 2023 increased 7% sequentially and 25% interannually. See table “Pro Forma Historical Production” for further pro forma production details.
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Q1 2023 Average net daily production by asset
| Target | Interest | Oil (bbl/d) |
Natural Gas (MMm3/d) |
NGL (boe/d) |
Total (boe/d) |
% Total daily average |
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| Total WI production per concession |
44,048 | 1.23 | 407 | 52,207 | 100 | % | ||||||||||||||||||||||
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| Bajada del Palo Oeste |
Shale | 100 | % | 29,140 | 0.65 | — | 33,248 | 64 | % | |||||||||||||||||||
| Aguada Federal |
Shale | 100 | % | 4,496 | 0.12 | — | 5,279 | 10 | % | |||||||||||||||||||
| Bajada del Palo Este |
Shale | 100 | % | 2,790 | 0.03 | — | 2,971 | 6 | % | |||||||||||||||||||
| Águila Mora |
Shale | 90 | % | — | — | — | — | — | ||||||||||||||||||||
| Bandurria Norte |
Shale | 100 | % | — | — | — | — | — | ||||||||||||||||||||
| Bajada del Palo Este |
Conventional | 100 | % | 560 | 0.04 | 40 | 844 | 2 | % | |||||||||||||||||||
| Bajada del Palo Oeste |
Conventional | 100 | % | 552 | 0.11 | — | 1,258 | 2 | % | |||||||||||||||||||
| Coirón Amargo Norte |
Conventional | 84.6 | % | 191 | — | — | 191 | 0 | % | |||||||||||||||||||
| Entre Lomas (1) |
Conventional | 100 | % | 2,093 | 0.12 | 256 | 3,119 | 6 | % | |||||||||||||||||||
| Agua Amarga (1) |
Conventional | 100 | % | 145 | 0.00 | 4 | 163 | 0 | % | |||||||||||||||||||
| 25 de Mayo-Medanito (1) |
Conventional | 100 | % | 1,368 | 0.02 | — | 1,464 | 3 | % | |||||||||||||||||||
| Jagüel de los Machos (1) |
Conventional | 100 | % | 1,296 | 0.07 | — | 1,705 | 3 | % | |||||||||||||||||||
| CS-01 (México) |
Conventional | 100 | % | 353 | 0.00 | — | 365 | 1 | % | |||||||||||||||||||
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| Total operated production |
42,984 | 1.16 | 300 | 50,609 | 97 | % | ||||||||||||||||||||||
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| Entre Lomas (1) |
Conventional | — | 434 | 0.03 | 105 | 707 | 1 | % | ||||||||||||||||||||
| Agua Amarga (1) |
Conventional | — | 30 | 0.00 | 2 | 35 | 0 | % | ||||||||||||||||||||
| 25 de Mayo-Medanito (1) |
Conventional | — | 301 | 0.00 | — | 320 | 1 | % | ||||||||||||||||||||
| Jagüel de los Machos (1) |
Conventional | — | 281 | 0.01 | — | 361 | 1 | % | ||||||||||||||||||||
| Acambuco |
Conventional | 1.5 | % | 18 | 0.02 | — | 174 | 0 | % | |||||||||||||||||||
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| Total non-operated production |
1,065 | 0.07 | 107 | 1,598 | 3 | % | ||||||||||||||||||||||
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| (1) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets. Operated production of the Transferred Conventional Assets shows the production of January and February 2023, divided by 90 days. Non-operated production of Transferred Conventional Assets shows the production of March 2023, divided by 90 days. |
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Revenues
Total revenues per product
| Revenues per product – in $MM |
Q1-23 | Q4-22 | Q1-22 | p y/y | p q/q | |||||||||||||||
| Total |
303.2 | 308.1 | 207.9 | 46 | % | (2 | )% | |||||||||||||
| Oil |
280.0 | 285.4 | 193.6 | 45 | % | (2 | )% | |||||||||||||
| Export market |
169.0 | 159.9 | 77.1 | 119 | % | 6 | % | |||||||||||||
| Domestic market |
110.9 | 125.5 | 116.5 | (5 | )% | (12 | )% | |||||||||||||
| Natural Gas |
21.8 | 21.2 | 13.0 | 68 | % | 3 | % | |||||||||||||
| Export market |
12.7 | 10.8 | 2.4 | 420 | % | 17 | % | |||||||||||||
| Domestic market |
9.1 | 10.3 | 10.6 | (14 | )% | (12 | )% | |||||||||||||
| NGL |
1.4 | 1.6 | 1.3 | 11 | % | (10 | )% | |||||||||||||
Average realized prices per product
| Product |
Q1-23 | Q4-22 | Q1-22 | p y/y | p q/q | |||||||||||||||
| Oil ($/bbl) |
66.6 | 68.9 | 64.1 | 4 | % | (3 | )% | |||||||||||||
| Export market |
69.8 | 74.1 | 78.0 | (10 | )% | (6 | )% | |||||||||||||
| Domestic market |
62.2 | 63.3 | 57.4 | 8 | % | (2 | )% | |||||||||||||
| Natural Gas ($/MMBTU) |
4.7 | 4.5 | 3.0 | 54 | % | 4 | % | |||||||||||||
| Export market |
8.9 | 8.8 | 5.9 | 50 | % | 0 | % | |||||||||||||
| Domestic market |
2.8 | 3.0 | 2.7 | 3 | % | (5 | )% | |||||||||||||
| NGL ($/tn) |
351 | 354 | 367 | (4 | )% | (1 | )% | |||||||||||||
Total sales volumes per product
| Product |
Q1-23 | Q4-22 | Q1-22 | p y/y | p q/q | |||||||||||||||
| Oil (MMbbl) |
4.20 | (1) | 4.14 | 3.02 | 39 | % | 2 | % | ||||||||||||
| Export market |
2.42 | 2.16 | 0.99 | 145 | % | 12 | % | |||||||||||||
| Domestic market |
1.78 | 1.98 | 2.03 | (12 | )% | (10 | )% | |||||||||||||
| Natural Gas (MMBTU) |
4.69 | 4.73 | 4.30 | 9 | % | (1 | )% | |||||||||||||
| Export market |
1.43 | 1.23 | 0.41 | 247 | % | 17 | % | |||||||||||||
| Domestic market |
3.25 | 3.51 | 3.89 | (16 | )% | (7 | )% | |||||||||||||
| NGL (Mtn) |
4.01 | 4.43 | 3.47 | 16 | % | (9 | )% | |||||||||||||
| (1) | Total sales volumes were approximately 0.23 MMbbl of oil higher than production. Such volumes were drawn from our inventory. |
During Q1 2023, total revenues were 303.2 $MM, 46% higher than Q1 2022, mostly driven by crude oil revenues. Revenues from oil and gas exports in Q1 2023 were 181.7 $MM, a 128% interannual increase and representing 60% of total revenues.
Crude oil revenues in Q1 2023 totaled 280.0 $MM, representing 92% of total revenues, a 45% increase compared to Q1 2022, mainly driven by shale oil
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production growth, and an improvement in realized oil prices. During Q1 2023, the Company exported 58% of crude oil sales volumes at a realized price of 69.8 $/bbl and sold the remaining 42% to the domestic market at a price of 65.9 $/bbl (62.2 $/bbl net of trucking transportation costs). Average realized oil price was 66.6 $/bbl, 4% above Q1 2022. Revenues from the oil export market accounted for 60% of the total oil revenues, reaching 169.0 $MM.
Natural gas revenues in Q1 2023 were 21.8 $MM, representing 7% of total revenues. The average realized natural gas price for the quarter was 4.7 $/MMBtu, a 54% increase compared to Q1 2022. Plan Gas represented 27% of total natural gas sales volume, with an average realized price of 2.7 $/MMBtu during the quarter. Sales to industrial clients represented 44% of total natural gas sales volume at an average realized price of 3.0 $/MMBtu. The remaining 30% of natural gas sales volume was exported at an average realized price of 8.9 $/MMBtu. Gas revenues also include 1.0 $MM of natural gas purchased from Aconcagua under the terms of the Conventional Assets Transaction and sold to our clients.
NGL sales were 1.4 $MM during Q1 2023, representing 1% of total sales. NGL average price was 351 $/tn.
Lifting Cost
| Q1-23 | Q4-22 | Q1-22 | p y/y | p q/q | ||||||||||||||||
| Lifting Cost ($MM) |
30.1 | 36.1 | 30.8 | (2 | )% | (17 | )% | |||||||||||||
| Lifting cost ($/boe) |
6.4 | 7.2 | 7.8 | (18 | )% | (11 | )% | |||||||||||||
Lifting cost during Q1 2023 was 30.1 $MM, a 2% decrease y-o-y. Lifting cost in Q1 2023 was 6.4 $/boe, a 18% decrease y-o-y.
Lifting cost for Q1-23 reflects the Conventional Assets Transaction. Therefore, the table above reflects, beginning March 1, 2023, Vista’s 40% entitlement to crude oil and natural gas production, as well as 100% of LPG production, of the Transferred Conventional Assets.
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Adjusted EBITDA
| Adjusted EBITDA reconciliation ($MM) |
Q1-23 | Q4-22 | Q1-22 | p y | p q | |||||||||||||||
| Net (loss) / profit for the period |
128.7 | 75.5 | 15.5 | 113.2 | 53.2 | |||||||||||||||
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| (+) Income tax (expense) / benefit |
77.3 | 33.2 | 27.3 | 49.9 | 44.1 | |||||||||||||||
| (+) Financial results, net |
20.2 | 29.8 | 37.2 | (17.0 | ) | (9.7 | ) | |||||||||||||
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| Operating profit |
226.1 | 138.5 | 80.0 | 146.1 | 87.6 | |||||||||||||||
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| (+) Depreciation, depletion and amortization |
64.4 | 63.1 | 46.8 | 17.6 | 1.2 | |||||||||||||||
| (+) Restructuring and Reorganization expenses and other adjustments |
0.3 | — | 0.3 | (0.0 | ) | 0.3 | ||||||||||||||
| (+) Impairment of long-lived assets |
— | — | — | 0.0 | 0.0 | |||||||||||||||
| (+) Gain related to the transfer of conventional assets |
(89.7 | ) | — | — | (89.7 | ) | (89.7 | ) | ||||||||||||
| (+) Other non-cash costs related to the transfer of conventional assets |
3.2 | — | — | 3.2 | 3.2 | |||||||||||||||
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| Adjusted EBITDA(1) |
204.4 | 201.7 | 127.1 | 77.3 | 2.7 | |||||||||||||||
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| Adjusted EBITDA Margin (%) |
67 | % | 65 | % | 61 | % | +6p.p. | +2p.p. | ||||||||||||
| (1) | Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long-lived assets + other adj. |
Adjusted EBITDA was 204.4 $MM in Q1 2023, a 61% increase compared to Q1 2022. Adjusted EBITDA was boosted by higher oil production and lower lifting cost, as well as higher oil and gas realization prices. Adjusted EBITDA margin was 67%, 6 p.p. above Q1 2022.
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Adjusted Net Income / Loss
| Adjusted Net Income reconciliation ($MM) |
Q1-23 | Q4-22 | Q1-22 | p y | p q | |||||||||||||||
| Net (loss) / profit for the period |
128.7 | 75.5 | 15.5 | 113.2 | 53.2 | |||||||||||||||
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| Adjustments: |
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| (+) Deferred Income tax |
29.7 | 87.7 | 0.8 | 28.9 | (58.1 | ) | ||||||||||||||
| (+) Changes in the fair value of Warrants |
0.0 | 7.8 | 22.8 | (22.8 | ) | (7.8 | ) | |||||||||||||
| (+) Impairment |
0.0 | 0.0 | 0.0 | 0.0 | 0.0 | |||||||||||||||
| (+) Gain related to the transfer of conventional assets |
(89.7 | ) | 0.0 | 0.0 | (89.7 | ) | (89.7 | ) | ||||||||||||
| (+) Other non-cash costs related to the transfer of conventional assets |
3.2 | 0.0 | 0.0 | 3.2 | 3.2 | |||||||||||||||
| Adjustments to Net Income/Loss |
(56.7 | ) | 95.5 | 23.5 | (80.3 | ) | (152.2 | ) | ||||||||||||
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| Adjusted Net Income/Loss |
72.0 | 171.0 | 39.1 | 32.9 | (99.0 | ) | ||||||||||||||
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| Adjusted EPS ($/share) (3) |
0.80 | 1.95 | 0.44 | 0.36 | (1.15 | ) | ||||||||||||||
Adjusted Net Income in Q1 2023 was 72.0 $MM, compared to an Adjusted Net Income of 39.1 $MM in Q1 2022. The y-o-y change was primarily driven by higher Adjusted EBITDA (204.4 $MM in Q1 2023 compared to 127.1 $MM in Q1 2022), offset by (a) a Current income tax expense of 47.6 $MM in Q1 2023 compared to an expense of 26.6 $MM in Q1 2022, (b) higher Depreciation, depletion and amortization for 64.4 $MM in Q1 2023 compared to 46.8 $MM in Q1 2022, and (c) Financial results (net of changes in the fair value of Warrants) for a total loss of 20.2 $MM in Q1 2023, compared to a loss 14.4 $MM in Q1 2022.
Adjusted EPS (1) was 0.80 $/share in Q1 2023, compared to 1.95 $/share in Q4 2022 and an 0.44 $/share in Q1 2022.
| (1) | Adjusted EPS (earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. The weighted average number of ordinary shares for Q1 2023, Q4 2022 and Q1 2022 were 89,937,525, 87,664,094, and 88,813,607, respectively. |
Capex
Capex during Q1 2023 was 161.8 $MM. The Company invested 110.5 $MM in drilling, completion and workover of Vaca Muerta wells, 6.8 $MM in drilling, completion and workover of wells in conventional assets, 30.8 $MM in development facilities, and 13.8 $MM in G&G studies, IT and other projects.
Financial overview
During Q1 2023, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 350.2 $MM. Cash flow generated by operating activities was 158.8 $MM, a 41% increase y-o-y, and includes 16 $MM of upfront payments to Oldelval for the reservation of capacity in the oil pipeline expansion, and a decrease of 5 $MM in accounts payable. Cash flow used in investing activities was 124.0 $MM, 38 $MM lower than the accrued capex due to an increase of 24 $MM in accounts payable and 10 $MM received from Aconcagua as an upfront payment for the transferred assets. This resulted in a positive free cash flow of 34.7 $MM for the quarter.
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Cash flow generated by financing activities (1) totaled 71.1 $MM, mainly driven by proceeds from borrowings of 135.0 $MM and partially offset by the payment of a 22.5 $MM installment of our term-loan and interest payments of 7.9 $MM.
Gross debt totaled 659.6 $MM as of quarter end, resulting in a net debt of 309.3 $MM. At the end of Q1 2023, Net leverage ratio decreased to 0.37x Adj. EBTIDA from 0.82x Adj. EBITDA at the end of Q1 2022.
| (1) | Cash flow generated by financing activities is the sum of: (i) cash flow generated by financing activities for 92.0 $MM; (ii) effect of exposure to changes in the foreign currency rate of cash and cash equivalents and other financial results for –21.0 $MM; and (iii) the variation in Government bonds for 0.1 $MM. |
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Outstanding bonds
| Instrument |
Issuer | Issue date |
Maturity | Gross proceeds ($MM) |
Type | Interest rate (%) |
Currency | Market | ||||||||
| ON class III |
Vista Energy Argentina S.A.U. |
02/21/20 | 02/21/24 | 9.5 | Bullet at maturity |
3.50% | USD | BCBA Argentina | ||||||||
| ON class VI |
Vista Energy Argentina S.A.U. |
12/04/20 | 12/04/24 | 10.0 | Bullet at maturity |
3.24% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class VII |
Vista Energy Argentina S.A.U. |
03/10/21 | 03/10/24 | 42.4 | Bullet at maturity |
4.25% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class VIII (1) |
Vista Energy Argentina S.A.U. |
03/10/21 | 09/10/24 | 33.5 | Bullet at maturity |
2.73% | ARS | BCBA Argentina | ||||||||
| ON class X (2) |
Vista Energy Argentina S.A.U. |
06/18/21 | 03/18/25 | 32.6 | Bullet at maturity |
4.00% | ARS | BCBA Argentina | ||||||||
| ON class XI |
Vista Energy Argentina S.A.U. |
08/27/21 | 08/27/25 | 9.2 | Bullet at maturity |
3.48% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class XII |
Vista Energy Argentina S.A.U. |
08/27/21 | 08/27/31 | 100.8 | Amortizing (3) |
5.85% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class XIII |
Vista Energy Argentina S.A.U. |
06/16/22 | 08/08/24 | 43.5 | Bullet at maturity |
6.00% | USD | BCBA Argentina | ||||||||
| ON class XIV |
Vista Energy Argentina S.A.U. |
11/10/22 | 11/10/25 | 40.5 | Bullet at maturity |
6.25% | USD | BCBA Argentina | ||||||||
| ON class XV |
Vista Energy Argentina S.A.U. |
12/06/22 | 01/20/25 | 13.5 | Bullet at maturity |
4.00% | USD | BCBA Argentina | ||||||||
| ON class XVI |
Vista Energy Argentina S.A.U. |
12/06/22 | 06/06/26 | 63.5 | Bullet at maturity |
0.00% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class XVII |
Vista Energy Argentina S.A.U. |
12/06/22 | 06/06/26 | 39.1 | Bullet at maturity |
0.00% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class XVIII |
Vista Energy Argentina S.A.U. |
03/03/23 | 03/03/27 | 118.5 | Bullet at maturity |
0.00% | ARS in USD-linked |
BCBA Argentina | ||||||||
| ON class XIX |
Vista Energy Argentina S.A.U. |
03/03/23 | 03/03/28 | 16.5 | Bullet at maturity |
1.00% | ARS in USD-linked |
BCBA Argentina |
| (1) | 7.2 $MM were issued on March 10, 2021, equivalent to 9,323,430 UVA at a price of 1.0000 Argentine Pesos per UVA, and 26.3 $MM were issued on March 26, 2021, equivalent to 33,966,570 UVA at a price of 0.9923 Argentine Pesos per UVA. |
| (2) | 32.6 $MM were issued on June 18, 2021, equivalent to 39,093,997 UVA at a price of 1.0000 Argentine Pesos per UVA. |
| (3) | Class XII to be repaid in 15 semi-annual installments, with a three-year grace period. |
Page 11
Vista Energy S.A.B. de C.V.
Historical operational data
Average daily production by concession, totals and by product.
| Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||
| Total production by field (boe/d) |
52,207 | 54,718 | 50,669 | 44,825 | 43,900 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas(3) |
3,826 | 5,081 | 5,395 | 4,688 | 4,698 | |||||||||||||||
| Bajada del Palo Este (conventional) |
844 | 731 | 741 | 807 | 867 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
1,258 | 1,326 | 1,665 | 1,733 | 1,849 | |||||||||||||||
| Bajada del Palo Este (shale) |
2,971 | 2,263 | 2,314 | 2,674 | 681 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
33,248 | 33,368 | 30,104 | 27,996 | 28,065 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) |
198 | 247 | 247 | 213 | 395 | |||||||||||||||
| 25 de Mayo-Medanito(3) |
1,783 | 2,385 | 2,530 | 2,478 | 2,503 | |||||||||||||||
| Jagüel de los Machos(3) |
2,067 | 2,738 | 2,866 | 2,928 | 3,109 | |||||||||||||||
| Coirón Amargo Norte |
191 | 167 | 218 | 257 | 234 | |||||||||||||||
| Águila Mora (shale) |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Acambuco |
174 | 137 | 141 | 145 | 148 | |||||||||||||||
| Aguada Federal (shale) |
5,279 | 5,847 | 3,927 | 397 | 915 | |||||||||||||||
| CS-01 |
365 | 428 | 521 | 509 | 436 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Crude oil production by field (boe/d)(1) |
44,048 | 45,745 | 41,909 | 36,899 | 35,638 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas(3) |
2,527 | 3,339 | 3,428 | 3,237 | 3,305 | |||||||||||||||
| Bajada del Palo Este (conventional) |
560 | 510 | 421 | 395 | 416 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
552 | 530 | 570 | 606 | 596 | |||||||||||||||
| Bajada del Palo Este (shale) |
2,790 | 2,187 | 2,176 | 2,483 | 651 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
29,140 | 28,890 | 26,426 | 24,350 | 24,321 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) |
175 | 222 | 220 | 164 | 226 | |||||||||||||||
| 25 de Mayo-Medanito(3) |
1,669 | 2,213 | 2,243 | 2,306 | 2,325 | |||||||||||||||
| Jagüel de los Machos(3) |
1,577 | 2,102 | 2,177 | 2,252 | 2,363 | |||||||||||||||
| Coirón Amargo Norte |
191 | 167 | 213 | 243 | 223 | |||||||||||||||
| Águila Mora (shale) |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Acambuco |
18 | 16 | 16 | 17 | 17 | |||||||||||||||
| Aguada Federal (shale) |
4,496 | 5,155 | 3,518 | 347 | 777 | |||||||||||||||
| CS-01 |
353 | 413 | 502 | 498 | 419 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Natural Gas production by field (boe/d)(2) |
7,752 | 8,513 | 8,298 | 7,500 | 7,811 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas(3) |
938 | 1,312 | 1,541 | 1,066 | 991 | |||||||||||||||
| Bajada del Palo Este (conventional) |
244 | 198 | 290 | 376 | 410 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
706 | 796 | 1,095 | 1,126 | 1,253 | |||||||||||||||
| Bajada del Palo Este (shale) |
173 | 76 | 139 | 192 | 31 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
4,116 | 4,478 | 3,678 | 3,646 | 3,743 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) |
17 | 19 | 21 | 42 | 161 | |||||||||||||||
| 25 de Mayo-Medanito(3) |
115 | 171 | 288 | 172 | 177 | |||||||||||||||
| Jagüel de los Machos(3) |
489 | 637 | 690 | 677 | 746 | |||||||||||||||
| Coirón Amargo Norte |
0 | 0 | 6 | 14 | 11 | |||||||||||||||
Page 12
| Águila Mora (shale) |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Acambuco |
156 | 121 | 125 | 128 | 132 | |||||||||||||||
| Aguada Federal (shale) |
784 | 692 | 408 | 50 | 139 | |||||||||||||||
| CS-01 |
13 | 15 | 18 | 11 | 17 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| NGL production by field (boe/d) |
407 | 460 | 462 | 426 | 452 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Entre Lomas(3) |
361 | 430 | 426 | 385 | 402 | |||||||||||||||
| Bajada del Palo Este (conventional) |
40 | 24 | 30 | 36 | 41 | |||||||||||||||
| Bajada del Palo Oeste (conventional) |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Bajada del Palo Este (shale) |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Bajada del Palo Oeste (shale) |
0 | 0 | 0 | 0 | 0 | |||||||||||||||
| Agua Amarga (Jarilla Quemada, Charco del Palenque)(3) |
6 | 6 | 6 | 6 | 9 |
| (1) | Acambuco includes condensate. |
| (2) | Excludes natural gas consumption, flared or reinjected natural gas. |
| (3) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets. |
Vista Energy S.A.B. de C.V.
Pro forma historical production
The following pro forma table shows the impact on production regarding the Conventional Assets Transaction as if such transaction had occurred on March 1, 2022.
| Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||||
| Total (boe/d) |
48,709 | 44,294 | 38,871 | 41,808 | ||||||||||||
| Oil (bbl/d) |
41,019 | 37,058 | 32,123 | 33,981 | ||||||||||||
| Natural Gas (MMm3/d) |
1.15 | 1.08 | 1.01 | 1.17 | ||||||||||||
| NGL (boe/d) |
460 | 462 | 426 | 452 | ||||||||||||
Page 13
Vista Energy S.A.B. de C.V.
Oil and gas concessions
| Concessions |
WI (%) | Operated / Non-operated |
Expiration year |
Target | Basin | Country | ||||||
| Entre Lomas Neuquén (1) |
— | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||
| Entre Lomas Río Negro (1) |
— | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||
| Bajada del Palo Oeste |
100% | Operated | 2053 | Shale / Conventional |
Neuquina | Argentina | ||||||
| Bajada del Palo Este |
100% | Operated | 2053 | Shale / Conventional |
Neuquina | Argentina | ||||||
| Charco del Palenque (1) |
— | Non-operated | 2034 | Conventional | Neuquina | Argentina | ||||||
| Jarilla Quemada (1) |
— | Non-operated | 2040 | Conventional | Neuquina | Argentina | ||||||
| 25 de Mayo-Medanito (1) |
— | Non-operated | 2026 | Conventional | Neuquina | Argentina | ||||||
| Jagüel de los Machos (1) |
— | Non-operated | 2025 | Conventional | Neuquina | Argentina | ||||||
| Coirón Amargo Norte |
84.6% | Operated | 2037 | Conventional | Neuquina | Argentina | ||||||
| Águila Mora |
90% | Operated | 2054 | Shale | Neuquina | Argentina | ||||||
| Aguada Federal |
100% | Operated | 2050 | Shale | Neuquina | Argentina | ||||||
| Bandurria Norte |
100% | Operated | 2050 | Shale | Neuquina | Argentina | ||||||
| Acambuco |
1.5% | Non-operated | 2036 / 2040 | Conventional | Noroeste | Argentina | ||||||
| CS-01 |
100% | Operated | 2047 | Conventional | Del Sureste | México |
| (1) | Transferred Conventional Assets operated by Aconcagua, effective as of March 1, 2023. Since that date Vista remains entitled to 40% of crude oil and natural gas production and reserves, and 100% of LPG and condensates production and reserves, of the Transferred Conventional Assets. |
Page 14
Vista Energy S.A.B. de C.V.
Historical oil and gas export volumes and revenues
| Oil exports |
Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | Q2-20 | Q1-20 | |||||||||||||
| Sales volume (Mbbl) |
2,420.5 | 2,156.6 | 1,946.9 | 1,475.7 | 988.2 | 995.6 | 498.1 | 472.0 | 1,088.7 | 300.4 | 1,382.0 | 1,108.2 | — | |||||||||||||
| Revenues ($MM) |
169.0 | 159.9 | 175.6 | 147.0 | 77.1 | 70.5 | 32.2 | 26.8 | 52.7 | 11.8 | 55.0 | 28.1 | — |
| Gas exports |
Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | Q4-20 | Q3-20 | Q2-20 | Q1-20 | |||||||||||||
| Sales volume (MMBTU) |
1.4 | 1.2 | 0.1 | 0.1 | 0.4 | 0.0 | — | — | — | — | — | — | — | |||||||||||||
| Revenues ($MM) |
12.7 | 10.8 | 1.1 | 0.9 | 2.4 | 0.2 | — | — | — | — | — | — | — |
Vista Energy S.A.B. de C.V.
Vaca Muerta operational data
Shale oil wells detail
Bajada del Palo Oeste
| Well name |
Pad number (1) | Landing zone | Lateral length (mts) |
Total frac stages | ||||
| 2013 |
BPO-1 | Organic | 2,483 | 33 | ||||
| 2014 |
BPO-1 | La Cocina | 2,633 | 35 | ||||
| 2015 |
BPO-1 | Organic | 2,558 | 34 | ||||
| 2016 |
BPO-1 | La Cocina | 2,483 | 34 | ||||
| 2029 |
BPO-2 | Organic | 2,189 | 37 | ||||
| 2030 |
BPO-2 | La Cocina | 2,248 | 38 | ||||
| 2032 |
BPO-2 | Organic | 2,047 | 35 | ||||
| 2033 |
BPO-2 | La Cocina | 1,984 | 33 | ||||
| 2061 |
BPO-3 | La Cocina | 2,723 | 46 | ||||
| 2062 |
BPO-3 | Organic | 2,624 | 44 | ||||
| 2063 |
BPO-3 | La Cocina | 3,025 | 51 | ||||
| 2064 |
BPO-3 | Organic | 1,427 | 36 | ||||
| 2025 |
BPO-4 | Lower Carbonate | 2,186 | 26 | ||||
| 2026 |
BPO-4 | La Cocina | 2,177 | 44 | ||||
| 2027 |
BPO-4 | Lower Carbonate | 2,551 | 31 | ||||
| 2028 |
BPO-4 | La Cocina | 2,554 | 51 | ||||
| 2501 |
BPO-5 | La Cocina | 2,538 | 52 | ||||
| 2502 |
BPO-5 | Organic | 2,436 | 50 | ||||
| 2503 |
BPO-5 | La Cocina | 2,468 | 50 | ||||
| 2504 |
BPO-5 | Organic | 2,332 | 44 | ||||
| 2391 |
BPO-6 | La Cocina | 2,715 | 56 | ||||
| 2392 |
BPO-6 | Organic | 2,804 | 54 | ||||
| 2393 |
BPO-6 | La Cocina | 2,732 | 56 | ||||
| 2394 |
BPO-6 | Organic | 2,739 | 57 | ||||
| 2261 |
BPO-7 | La Cocina | 2,710 | 46 | ||||
| 2262 |
BPO-7 | Organic | 2,581 | 45 | ||||
| 2263 |
BPO-7 | La Cocina | 2,609 | 45 | ||||
| 2264 |
BPO-7 | Organic | 2,604 | 46 |
Page 15
| 2211 |
BPO-8 | Organic | 2,596 | 53 | ||||||||
| 2212 |
BPO-8 | La Cocina | 2,576 | 53 | ||||||||
| 2213 |
BPO-8 | Organic | 2,608 | 54 | ||||||||
| 2214 |
BPO-8 | La Cocina | 2,662 | 54 | ||||||||
| 2351 (2) |
BPO-9 | La Cocina | 3,115 | 63 | ||||||||
| 2352 (2) |
BPO-9 | Organic | 3,218 | 62 | ||||||||
| 2353 (2) |
BPO-9 | La Cocina | 3,171 | 61 | ||||||||
| 2354 (2) |
BPO-9 | Organic | 2,808 | 56 | ||||||||
| 2441 (2) |
BPO-10 | La Cocina | 3,094 | 63 | ||||||||
| 2442 (2) |
BPO-10 | Organic | 2,883 | 50 | ||||||||
| 2443 (2) |
BPO-10 | La Cocina | 2,816 | 57 | ||||||||
| 2444 (2) |
BPO-10 | Organic | 2,625 | 45 | ||||||||
| 2081 (2) |
BPO-11 | La Cocina | 2,785 | 49 | ||||||||
| 2082 (2) |
BPO-11 | Organic | 2,662 | 41 | ||||||||
| 2083 (2) |
BPO-11 | La Cocina | 2,365 | 37 | ||||||||
| 2084 (2) |
BPO-11 | Organic | 2,378 | 35 | ||||||||
| 2311 (2) |
BPO-12 | La Cocina | 3,104 | 54 | ||||||||
| 2312 (2) |
BPO-12 | Organic | 3,161 | 55 | ||||||||
| 2313 (2) |
BPO-12 | La Cocina | 3,259 | 55 | ||||||||
| 2481 (2) |
BPO-13 | La Cocina | 2,950 | 61 | ||||||||
| 2482 (2) |
BPO-13 | Organic | 2,826 | 57 | ||||||||
| 2483 (2) |
BPO-13 | La Cocina | 2,738 | 56 | ||||||||
| 2484 (2) |
BPO-13 | Organic | 2,576 | 52 | ||||||||
| 2601 (2) |
BPO-14 | La Cocina | 2,935 | 38 | ||||||||
| 2602 (2) |
BPO-14 | Organic | 2,968 | 51 | ||||||||
| 2603 (2) |
BPO-14 | La Cocina | 2,878 | 49 | ||||||||
| 2604 (2) |
BPO-14 | Organic | 2,508 | 43 | ||||||||
| 2411 (2) |
BPO-15 | La Cocina | 2,319 | 39 | ||||||||
| 2412 (2) |
BPO-15 | Organic | 3,181 | 54 | ||||||||
| 2413 (2) |
BPO-15 | La Cocina | 3,199 | 53 | ||||||||
| 2414 (2) |
BPO-15 | Organic | 3,192 | 55 | ||||||||
| 2415 (2) |
BPO-15 | La Cocina | 3,190 | 53 |
| (1) | BPO-11 formerly pad #12, BPO-12 formerly pad #13, BPO-13 formerly pad #14. |
| (2) | Well included in JV with Trafigura. Vista WI 80%. |
Bajada del Palo Este
| Well name |
Pad number | Landing zone | Lateral length (mts) | Total frac stages | ||||||||
| 2101 |
BPE-1 | La Cocina | 2,372 | 49 | ||||||||
| 2103 |
BPE-1 | La Cocina | 2,081 | 43 | ||||||||
| 2301 |
BPE-3 | La Cocina | 2,818 | 48 | ||||||||
| 2202 |
BPE-2 | La Cocina | 2,809 | 47 | ||||||||
Page 16
Aguada Federal
| Well name |
Pad number | Landing zone |
Lateral length (mts) |
Total frac stages |
||||||||
| WIN.Nq.AF-3(h) |
AF-1 | Organic | 1,000 | 10 | ||||||||
| WIN.Nq.AF-4(h) |
AF-1 | Upper Carbonate | 1,000 | 10 | ||||||||
| WIN.Nq.AF-7(h) |
AF-1 | Upper Carbonate | 1,028 | 10 | ||||||||
| WIN.Nq.AF-9(h) |
AF-1 | Upper Carbonate | 1,000 | 10 | ||||||||
| WIN.Nq.AF-5(h) |
AF-2 | La Cocina | 2,500 | 35 | ||||||||
| WIN.Nq.AF-6(h) |
AF-2 | La Cocina | 2,500 | 35 | ||||||||
| AF-102(h) |
AF-2 | La Cocina | 2,884 | 57 | ||||||||
| AF-202(h) |
AF-2 | Organic | 2,559 | 51 | ||||||||
| AF-303 |
AF-3 | La Cocina | 2,555 | 40 | ||||||||
| AF-403 |
AF-3 | Organic | 2,554 | 33 | ||||||||
| AF-1103 |
AF-3 | La Cocina | 2,800 | 44 | ||||||||
| AF-1203 |
AF-3 | Organic | 2,839 | 43 | ||||||||
| AF-2101 |
AF-4 | La Cocina | 2,855 | 48 | ||||||||
| AF-2102 |
AF-4 | Organic | 2,858 | 49 | ||||||||
| AF-2103 |
AF-4 | La Cocina | 2,876 | 49 | ||||||||
| AF-2104 |
AF-4 | Middle Carbonate | 2,901 | 47 | ||||||||
Bandurria Norte
| Well name |
Landing zone | Lateral length (mts) | Total frac stages | |||||||
| WIN.Nq.BN-3(h) |
Lower Orgánico / Regresivo | 1,000 | 10 | |||||||
| WIN.Nq.BN-2(h) |
Upper Carbonate | 1,000 | 10 | |||||||
| WIN.Nq.BN-1(h) |
La Cocina | 2,500 | 35 | |||||||
| YPF.Nq.LCav.x-11(h) |
La Cocina / Regresivo | 2,500 | 35 | |||||||
Page 17
Vista Energy S.A.B. de C.V.
Key results
(Amounts expressed in thousand U.S. dollars)
| Key Results - in $M |
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||||||
| Total Revenues |
303,213 | 308,105 | 333,573 | 294,293 | 207,920 | |||||||||||||||
| Oil |
279,958 | 285,365 | 311,986 | 277,017 | 193,629 | |||||||||||||||
| Natural Gas |
21,845 | 21,171 | 20,138 | 15,908 | 13,020 | |||||||||||||||
| NGL and others |
1,410 | 1,569 | 1,449 | 1,368 | 1,271 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Cost of Sales |
(137,466 | ) | (133,949 | ) | (145,405 | ) | (130,096 | ) | (104,183 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating costs |
(30,144 | ) | (36,113 | ) | (34,753 | ) | (31,729 | ) | (30,839 | ) | ||||||||||
| Crude oil stock fluctuation |
(4,722 | ) | 4,722 | (4,571 | ) | (3,306 | ) | 2,655 | ||||||||||||
| Depreciation, depletion and amortization |
(64,372 | ) | (63,148 | ) | (66,910 | ) | (57,982 | ) | (46,822 | ) | ||||||||||
| Royalties |
(34,995 | ) | (39,410 | ) | (39,171 | ) | (37,079 | ) | (29,177 | ) | ||||||||||
| Other non-cash costs related to the transfer of conventional assets |
(3,233 | ) | — | — | — | — | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Gross profit |
165,747 | 174,156 | 188,168 | 164,197 | 103,737 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Selling expenses |
(16,717 | ) | (18,847 | ) | (14,047 | ) | (14,444 | ) | (12,566 | ) | ||||||||||
| General and administrative expenses |
(17,011 | ) | (19,615 | ) | (15,860 | ) | (15,888 | ) | (12,463 | ) | ||||||||||
| Exploration expenses |
(222 | ) | (169 | ) | (175 | ) | (187 | ) | (205 | ) | ||||||||||
| Other operating income |
95,315 | 3,715 | 9,241 | 10,955 | 2,765 | |||||||||||||||
| Other operating expenses |
(963 | ) | (715 | ) | (564 | ) | (782 | ) | (1,260 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating profit |
226,149 | 138,525 | 166,763 | 143,851 | 80,008 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Interest income |
287 | 425 | 294 | 74 | 16 | |||||||||||||||
| Interest expense |
(6,137 | ) | (6,545 | ) | (6,744 | ) | (7,365 | ) | (8,232 | ) | ||||||||||
| Other financial income (expense) |
(14,315 | ) | (23,729 | ) | (29,453 | ) | 14,575 | (28,949 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Financial results, net |
(20,165 | ) | (29,849 | ) | (35,903 | ) | 7,284 | (37,165 | ) | |||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Profit/(Loss) before income tax |
205,984 | 108,676 | 130,860 | 151,135 | 42,843 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Current income tax (expense)/benefit |
(47,568 | ) | 54,560 | (68,457 | ) | (51,633 | ) | (26,559 | ) | |||||||||||
| Deferred income tax (expense)/benefit |
(29,682 | ) | (87,732 | ) | 14,258 | 2,334 | (750 | ) | ||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Income tax (expense)/benefit |
(77,250 | ) | (33,172 | ) | (54,199 | ) | (49,299 | ) | (27,309 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Profit/(loss) for the period, net |
128,734 | 75,504 | 76,661 | 101,836 | 15,534 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA Reconciliation ($M) |
Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | |||||||||||||||
| Net (loss) / profit for the period |
128,734 | 75,504 | 76,661 | 101,836 | 15,534 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (+) Income tax |
77,250 | 33,172 | 54,199 | 49,299 | 27,309 | |||||||||||||||
| (+) Financial results, net |
20,165 | 29,849 | 35,903 | (7,284 | ) | 37,165 | ||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Operating profit (loss) |
226,149 | 138,525 | 166,763 | 143,851 | 80,008 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| (+) Depreciation, depletion and amortization |
64,372 | 63,148 | 66,910 | 57,982 | 46,822 | |||||||||||||||
| (+) Restructuring and Reorganization expenses and others |
271 | — | — | 259 | 272 | |||||||||||||||
| (+) Impairment of long-lived assets |
— | — | — | — | — | |||||||||||||||
| (+) Gain related to the transfer of conventional assets |
(89,659 | ) | — | — | — | — | ||||||||||||||
| (+) Other non-cash costs related to the transfer of conventional assets |
3,233 | — | — | — | — | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA |
204,365 | 201,673 | 233,673 | 202,092 | 127,102 | |||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
| Adjusted EBITDA Margin (%) |
67 | % | 65 | % | 70 | % | 69 | % | 61 | % | ||||||||||
| Q1 2023 | Q4 2022 | Q3 2022 | Q2 2022 | Q1 2022 | ||||||||||||||||
| Lifting Cost ($MM) |
30.1 | 36.1 | 34.8 | 31.7 | 30.8 | |||||||||||||||
| Lifting cost ($/boe) |
6.4 | 7.2 | 7.5 | 7.8 | 7.8 | |||||||||||||||
Page 18
Vista Energy S.A.B. de C.V.
Historical Adjusted Net Income / Loss
(Amounts expressed in thousand U.S. dollars)
| Adj. Net Income reconciliation - in $M |
Q1-23 | Q4-22 | Q3-22 | Q2-22 | Q1-22 | Q4-21 | Q3-21 | Q2-21 | Q1-21 | |||||||||||||||||||||||||||
| Net Profit/Loss |
128,734 | 75,504 | 76,661 | 101,836 | 15,534 | 35,555 | 4,732 | 5,505 | 4,858 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||||||||||||||
| (+) Deferred Income tax |
29,682 | 87,732 | (14,258 | ) | (2,334 | ) | 750 | 21,001 | 6,005 | 10,679 | 2,010 | |||||||||||||||||||||||||
| (+) Changes in the fair value of Warrants |
— | 7,762 | 16,999 | (17,188 | ) | 22,777 | (7,096 | ) | 7,927 | 1,283 | 69 | |||||||||||||||||||||||||
| (+) Impairment |
— | — | — | — | — | (14,044 | ) | — | — | — | ||||||||||||||||||||||||||
| (+) Gain related to the transfer of conventional assets |
(89,659 | ) | — | — | — | — | — | — | — | — | ||||||||||||||||||||||||||
| (+) Other non-cash costs related to the transfer of conventional assets |
3,233 | — | — | — | — | — | — | — | — | |||||||||||||||||||||||||||
| Adjustments to Net Income/Loss |
(56,744 | ) | 95,494 | 2,741 | (19,522 | ) | 23,527 | (139 | ) | 13,932 | 11,962 | 2,079 | ||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Adjusted Net Income/Loss |
71,990 | 170,998 | 79,402 | 82,314 | 39,061 | 35,416 | 18,664 | 17,467 | 6,937 | |||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
| Adj. Net Income reconciliation - in $M |
Q4-20 | Q3-20 | Q2-20 | Q1-20 | Q4-19 | Q3-19 | Q2-19 | Q1-19 | ||||||||||||||||||||||||
| Net Profit/Loss |
(13,812 | ) | (28,402 | ) | (39,203 | ) | (21,332 | ) | (44,249 | ) | 21,502 | 3,702 | (13,678 | ) | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjustments: |
||||||||||||||||||||||||||||||||
| (+) Deferred Income tax |
(17,410 | ) | (5,490 | ) | 8,032 | 4,571 | 14,324 | (911 | ) | (1,703 | ) | 2,636 | ||||||||||||||||||||
| (+) Changes in the fair value of Warrants |
107 | (1,765 | ) | (4,071 | ) | (10,769 | ) | 14,278 | (33,145 | ) | (4,057 | ) | 16,084 | |||||||||||||||||||
| (+) Impairment |
9,484 | 4,954 | — | — | — | — | — | — | ||||||||||||||||||||||||
| (+) Gain related to the transfer of conventional assets |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| (+) Other non-cash costs related to the transfer of conventional assets |
— | — | — | — | — | — | — | — | ||||||||||||||||||||||||
| Adjustments to Net Income/Loss |
(7,819 | ) | (2,301 | ) | 3,961 | (6,198 | ) | 28,602 | (34,056 | ) | (5,760 | ) | 18,720 | |||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adjusted Net Income/Loss |
(21,631 | ) | (30,703 | ) | (35,242 | ) | (27,530 | ) | (15,647 | ) | (12,554 | ) | (2,058 | ) | 5,042 | |||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
| Adj. Net Income reconciliation - in $M |
Q4-18 | Q3-18 | Q2-18 | Q1-18 | ||||||||||||
| Net Profit/Loss |
42,379 | (27,887 | ) | (40,876 | ) | (3,466 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjustments: |
||||||||||||||||
| (+) Deferred Income tax |
(18,224 | ) | 14,915 | 15,291 | (7 | ) | ||||||||||
| (+) Changes in the fair value of Warrants |
5,787 | 3,073 | — | — | ||||||||||||
| (+) Impairment |
— | — | — | — | ||||||||||||
| (+) Gain related to the transfer of conventional assets |
— | — | — | — | ||||||||||||
| (+) Other non-cash costs related to the transfer of conventional assets |
— | — | — | — | ||||||||||||
| Adjustments to Net Income/Loss |
(12,437 | ) | 17,988 | 15,291 | (7 | ) | ||||||||||
|
|
|
|
|
|
|
|
|
|||||||||
| Adjusted Net Income/Loss |
29,942 | (9,899 | ) | (25,585 | ) | (3,473 | ) | |||||||||
|
|
|
|
|
|
|
|
|
|||||||||
Page 19
Vista Energy S.A.B. de C.V.
Consolidated Balance Sheet
(Amounts expressed in thousand U.S. dollars)
| As of March 31, 2023 |
As of December 31, 2022 |
|||||||
| Property, plant and equipment |
1,582,192 | 1,606,339 | ||||||
| Goodwill |
22,703 | 28,288 | ||||||
| Other intangible assets |
6,694 | 6,792 | ||||||
| Right-of-use assets |
61,016 | 26,228 | ||||||
| Investments in associates |
6,975 | 6,443 | ||||||
| Trade and other receivables |
175,769 | 15,864 | ||||||
| Deferred income tax assets |
335 | 335 | ||||||
| Total noncurrent assets |
1,855,684 | 1,690,289 | ||||||
| Inventories |
8,464 | 12,899 | ||||||
| Trade and other receivables |
144,594 | 90,406 | ||||||
| Cash, bank balances and other short-term investments |
350,242 | 244,385 | ||||||
| Total current assets |
503,300 | 347,690 | ||||||
| Total assets |
2,358,984 | 2,037,979 | ||||||
|
|
|
|
|
|||||
| Deferred income tax liabilities |
273,131 | 243,411 | ||||||
| Lease liabilities |
34,080 | 20,644 | ||||||
| Provisions |
29,315 | 31,668 | ||||||
| Borrowings |
560,321 | 477,601 | ||||||
| Employee benefits |
12,220 | 12,251 | ||||||
| Total noncurrent liabilities |
909,067 | 785,575 | ||||||
| Provisions |
2,579 | 2,848 | ||||||
| Lease liabilities |
29,099 | 8,550 | ||||||
| Borrowings |
99,246 | 71,731 | ||||||
| Salaries and payroll taxes |
8,836 | 25,120 | ||||||
| Income tax liability |
91,374 | 58,770 | ||||||
| Other taxes and royalties |
17,602 | 20,312 | ||||||
| Trade and other payables |
233,131 | 221,013 | ||||||
| Total current liabilities |
481,867 | 408,344 | ||||||
|
|
|
|
|
|||||
| Total liabilities |
1,390,934 | 1,193,919 | ||||||
|
|
|
|
|
|||||
| Total Equity |
968,050 | 844,060 | ||||||
|
|
|
|
|
|||||
| Total equity and liabilities |
2,358,984 | 2,037,979 | ||||||
|
|
|
|
|
|||||
Page 20
Vista Energy S.A.B. de C.V.
Consolidated Income Statement
(Amounts expressed in thousand U.S. dollars)
| For the period from January 1 to March 31, 2023 |
For the period from January 1 to March 31, 2022 |
|||||||
| Revenue from contracts with customers |
303,213 | 207,920 | ||||||
| Revenues from crude oil sales |
279,958 | 193,629 | ||||||
| Revenues from natural gas sales |
21,845 | 13,020 | ||||||
| Revenues from LPG sales |
1,410 | 1,271 | ||||||
| Cost of sales |
(137,466 | ) | (104,183 | ) | ||||
| Operating costs |
(30,144 | ) | (30,839 | ) | ||||
| Crude oil stock fluctuation |
(4,722 | ) | 2,655 | |||||
| Depreciation, depletion and amortization |
(64,372 | ) | (46,822 | ) | ||||
| Royalties |
(34,995 | ) | (29,177 | ) | ||||
| Other non-cash costs related to the transfer of conventional assets |
(3,233 | ) | — | |||||
|
|
|
|
|
|||||
| Gross profit |
165,747 | 103,737 | ||||||
|
|
|
|
|
|||||
| Selling expenses |
(16,717 | ) | (12,566 | ) | ||||
| General and administrative expenses |
(17,011 | ) | (12,463 | ) | ||||
| Exploration expenses |
(222 | ) | (205 | ) | ||||
| Other operating income |
95,315 | 2,765 | ||||||
| Other operating expenses |
(963 | ) | (1,260 | ) | ||||
|
|
|
|
|
|||||
| Operating profit |
226,149 | 80,008 | ||||||
|
|
|
|
|
|||||
| Interest income |
287 | 16 | ||||||
| Interest expense |
(6,137 | ) | (8,232 | ) | ||||
| Other financial income (expense) |
(14,315 | ) | (28,949 | ) | ||||
|
|
|
|
|
|||||
| Financial income (expense), net |
(20,165 | ) | (37,165 | ) | ||||
|
|
|
|
|
|||||
| Profit before income tax |
205,984 | 42,843 | ||||||
|
|
|
|
|
|||||
| Current income tax (expense) |
(47,568 | ) | (26,559 | ) | ||||
| Deferred income tax (expense) |
(29,682 | ) | (750 | ) | ||||
|
|
|
|
|
|||||
| Income tax (expense) |
(77,250 | ) | (27,309 | ) | ||||
|
|
|
|
|
|||||
| Profit for the period, net |
128,734 | 15,534 | ||||||
|
|
|
|
|
|||||
| Other comprehensive income |
71 | (84 | ) | |||||
|
|
|
|
|
|||||
| Total comprehensive profit for the period |
128,805 | 15,450 | ||||||
|
|
|
|
|
|||||
Page 21
Vista Energy S.A.B. de C.V.
Consolidated Statement of Cash Flows
(Amounts expressed in thousand U.S. dollars)
| For the period from January 1 to March 31, 2023 |
For the period from January 1 to March 31, 2022 |
|||||||
| Cash flows from operating activities |
||||||||
| Profit for the period, net |
128,734 | 15,534 | ||||||
| Adjustments to reconcile net cash flows |
||||||||
| Items related to operating activities: |
||||||||
| (Reversal of) allowance for expected credit losses |
— | (36 | ) | |||||
| Net changes in foreign exchange rate |
(6,570 | ) | (6,696 | ) | ||||
| Discount for well plugging and abandonment |
499 | 652 | ||||||
| Net (decrease) increase in provisions |
(567 | ) | 988 | |||||
| Interest expense on lease liabilities |
388 | 547 | ||||||
| Discount of assets and liabilities at present value |
709 | 681 | ||||||
| Share-based payments |
5,039 | 2,341 | ||||||
| Other non-cash costs related to the transfer of conventional assets |
3,233 | — | ||||||
| Employee benefits |
153 | 104 | ||||||
| Income tax expense |
77,250 | 27,309 | ||||||
| Items related to investing activities: |
||||||||
| Depreciation and depletion |
63,434 | 46,066 | ||||||
| Amortization of intangible assets |
938 | 756 | ||||||
| Interest income |
(287 | ) | (16 | ) | ||||
| Gain from farmout agreement |
(5,656 | ) | — | |||||
| Changes in the fair value of financial assets |
3,202 | 581 | ||||||
| Gain related to the transfer of conventional assets |
(89,659 | ) | — | |||||
| Items related to financing activities: |
||||||||
| Interest expense |
6,137 | 8,232 | ||||||
| Changes in the fair value of Warrants |
— | 22,777 | ||||||
| Amortized cost |
364 | 533 | ||||||
| Remeasurement in borrowings |
13,690 | 8,679 | ||||||
| Other financial results |
2,033 | — | ||||||
| Changes in working capital: |
||||||||
| Trade and other receivables |
(12,854 | ) | (4,818 | ) | ||||
| Inventories |
4,722 | (2,655 | ) | |||||
Page 22
| Trade and other payables |
4,082 | 2,551 | ||||||
| Payments of employee benefits |
(75 | ) | (57 | ) | ||||
| Salaries and payroll taxes |
(25,892 | ) | (11,031 | ) | ||||
| Other taxes and royalties |
(12,018 | ) | 3,731 | |||||
| Provisions |
(529 | ) | (741 | ) | ||||
| Income tax payment |
(1,737 | ) | (3,147 | ) | ||||
|
|
|
|
|
|||||
| Net cash flows provided by operating activities |
158,763 | 112,865 | ||||||
|
|
|
|
|
|||||
| Cash flows from investing activities: |
||||||||
| Payments for acquisitions of property, plant and equipment |
(132,948 | ) | (78,190 | ) | ||||
| Payments for the acquisition of AFBN assets |
(6,250 | ) | (90,000 | ) | ||||
| Payments received from farmout agreement |
6,250 | — | ||||||
| Payments for acquisitions of other intangible assets |
(840 | ) | (927 | ) | ||||
| Payments for acquisitions of investments in associates |
(532 | ) | (770 | ) | ||||
| Proceeds from transfer of conventional assets |
10,000 | — | ||||||
| Interest received |
287 | 16 | ||||||
| Net cash flows (used in) investing activities |
(124,033 | ) | (169,871 | ) | ||||
|
|
|
|
|
|||||
| Cash flows from financing activities: |
||||||||
| Proceeds from borrowings |
135,000 | 32,670 | ||||||
| Payment of borrowings cost |
(728 | ) | (54 | ) | ||||
| Payment of borrowings principal |
(22,500 | ) | (62,552 | ) | ||||
| Payment of borrowings interest |
(7,877 | ) | (15,213 | ) | ||||
| Payment of lease |
(9,894 | ) | (2,676 | ) | ||||
| Other financial results |
(2,033 | ) | — | |||||
|
|
|
|
|
|||||
| Net cash flow provided by (used in) financing activities |
91,968 | (47,825 | ) | |||||
|
|
|
|
|
| For the period from January 1 to March 31, 2023 |
For the period from January 1 to March 31, 2022 |
|||||||
| Net increase (decrease) in cash and cash equivalents |
126,698 | (104,831 | ) | |||||
|
|
|
|
|
|||||
| Cash and cash equivalents at beginning of period |
241,956 | 311,217 | ||||||
| Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents |
(20,989 | ) | (2,014 | ) | ||||
| Net increase (decrease) in cash and cash equivalents |
126,698 | (104,831 | ) | |||||
|
|
|
|
|
|||||
| Cash and cash equivalents at end of period |
347,665 | 204,372 | ||||||
|
|
|
|
|
|||||
Page 23
Glossary, currency and definitions:
| • | Note: Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals due to rounding up. |
| • | Conversion metrics: |
| • | 1 cubic meter of oil = 6.2898 barrels of oil. |
| • | 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent. |
| • | 1 million British thermal units = 27.096 cubic meters of gas. |
| • | p q/q: Represents the percentage variation quarter on quarter. |
| • | p y/y: Represents the percentage variation year on year. |
| • | p q: Represents the variation in million U.S. Dollars quarter on quarter. |
| • | p y: Represents the variation in million U.S. Dollars year on year. |
| • | $MM: Million U.S. Dollars. |
| • | $M: Thousand U.S. Dollars. |
| • | $/bbl: U.S. Dollars per barrel of oil. |
| • | $/boe: U.S. Dollars per barrel of oil equivalent. |
| • | $/MMBtu: U.S. Dollars per million British thermal unit. |
| • | $/ton: U.S. Dollars per metric ton. |
| • | Adj. EBITDA / Adjusted EBITDA: Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long-lived assets + other adj. |
| • | Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues. |
| • | Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares. |
| • | Adjusted Net Income/Loss: Net (loss)/profit + Deferred income tax + 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 + impairment (recovery) of long-lived assets. |
| • | boe: barrels of oil equivalent (see conversion metrics above). |
| • | boe/d: Barrels of oil equivalent per day. |
| • | bbl/d: Barrels of oil per day. |
| • | NGL: Natural gas liquids. |
| • | Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow. |
| • | Mts: meters. |
| • | Lifting cost: production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration and G&A costs. |
| • | MMboe: Million barrels of oil equivalent. |
| • | MMm3/d: Million cubic meters per day. |
| • | Plan Gas: refers to the regulation set forth by Resolution No. 391/2020 whereby Vista was allocated 0.86 MMm3/d volume over a total of 67.4 MMm3/d at an average annual price of 3.29 $/MMBtu for a four-year term as of January 1, 2021. |
| • | Q#: Q followed by 1, 2, 3 or 4 represents the corresponding quarter of a certain year. |
| • | q-o-q: Quarter on quarter. |
| • | UVA: Acquisitive value units. |
| • | y-o-y: Year on year. |
Page 24
DISCLAIMER
Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the “Company” or “Vista”) can be found in the “Investors” section on the website at www.vistaenergy.com.
This presentation does not constitute an offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission (“CNBV”) or an exemption from such registrations.
This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on the Company’s website. All the amounts contained herein are unaudited.
Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.
This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods. No reliance may be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.
This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.
This presentation includes “forward-looking statements” concerning the future. The words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain
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frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; uncertainties relating to the effects of the Covid-19 outbreak; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions.
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Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).
You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.
Other Information
Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel of distribution of material information.
Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.
INVESTORS CONTACT:
ir@vistaenergy.com
Phone in Argentina: +54.11.3754.8500
Phone in Mexico: +52.55.8647.0128
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