Exhibit 1
Vista Results of the First Quarter of 2022
April 27, 2022, Mexico City, Mexico
Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange) reported today financial and operational results for the three-month period ended March 31, 2022.
Q1 2022 highlights:
| • | Q1 2022 total production was 43,900 boe/d, a 29% increase compared to Q1 2021. Oil production in Q1 2022 increased 35% y-o-y to 35,638 bbl/d, mainly driven by a solid well performance in Bajada del Palo Oeste. |
| • | In Q1 2022, production from shale oil wells was 29,661 boe/d, of which 97% corresponds to shale oil wells in Bajada del Palo Oeste. In this quarter, production was boosted by pads #9 and #10, which were tied-in in Q4 2021 and are producing in line with the Company’s type-curve. |
| • | Revenues in Q1 2022 were 207.9 $MM, 79% above the 115.9 $MM generated in Q1 2021, driven by an increase in oil and gas production and, higher realized prices. In Q1 2022, 33% of oil sales volumes were exported (988.2 Mbbl of oil and 77.1 $MM in revenues). |
| • | In Q1 2022, the average realized crude oil price was 64.1 $/bbl, a 6% increase compared to the average realized crude oil price of Q4 2021 and a 41% increase compared to Q1 2021. |
| • | Realized natural gas price for Q1 2022 was 3.0 $/MMBTU, a 48% increase y-o-y, driven by Plan Gas summer prices of 2.7 $/MMBTU and industrial prices 2.7 $/MMBTU. In addition, 10% of the Company’s gas volumes were sold to the export market for a realized price of 5.9 $/MMBTU. |
| • | Lifting cost in Q1 2022 was 7.8 $/boe, a 3% increase y-o-y, driven by the acquisition of Aguada Federal and Bandurria Norte, and partially offset by incremental production from Bajada del Palo Oeste, which continues to absorb the Company’s fixed cost base. In Q1 2022, lifting cost per boe decreased 3% compared to Q4 2021, driven by the execution of a lifting cost optimization program in Aguada Federal and Bandurria Norte. |
| • | Adjusted EBITDA for Q1 2022 was 127.1 $MM, an inter-annual increase of 118%, driven by strong revenue growth for stable lifting costs. Adjusted EBITDA margin was 61%, 11 p.p. above the Adjusted EBITDA margin of Q1 2021. |
| • | In Q1 2022, CAPEX was 80.6 $MM, reflecting the completion and tie-in of two-well pad #11, the Company’s first two wells in Bajada del Palo Este. This pad was tied-in in February, with 46 average completion stages per well and an average lateral length of 2,224 meters per well. Both wells were landed in La Cocina and average peak production was above 2,400 boe/d per well. |
| • | In Q1 2022, the Company recorded a positive free cash flow of 33.0 $MM (1). Cash flow generated by operating activities was 112.9 $MM, while cash flow used in investing activities, excluding the 90.0 $MM payment |
Page 2
| to Wintershall for the acquisition of Aguada Federal and Bandurria Norte, was 79.9 $MM. Cash flow used in financing activities totaled 50.1 $MM, mainly driven by the payment of 53 $MM of principal of the Company’s maturities. |
| • | Adjusted Net Income during Q1 2022 totaled 39.1 $MM, compared to 6.9 $MM during Q1 2021, mainly driven by a higher Adjusted EBITDA and partially offset by current income tax expense. Adjusted EPS was 0.44 $/share in Q1 2022, compared to 0.08 $/share in Q1 2021. |
| • | The Company is currently executing projects aimed at reducing GHG emissions (scope 1 and 2) intensity by 25% in 2022, compared to 2021. Additionally, Vista is making good progress in the execution of projects that are key to achieving its aspiration to become net zero in scope 1 and 2 GHG emissions in 2026, with carbon offsets from nature-based solutions. |
| (1) | Free cash flow is calculated as Cash flow generated by operating activities (112.9 $MM) minus Cash flow used in Investing activities (169.9 $MM) and adding back payment to Wintershall (90.0 $MM). |
Page 3
Vista Q1 2022 results
Production
Total average net daily production
| Q1-22 | Q4-21 | Q1-21 | p y/y | p q/q | ||||||||||||||||
| Total (boe/d) |
43,900 | 41,064 | 34,067 | 29 | % | 7 | % | |||||||||||||
| Oil (bbl/d) |
35,638 | 32,436 | 26,436 | 35 | % | 10 | % | |||||||||||||
| Natural Gas (MMm3/d) |
1.24 | 1.29 | 1.14 | 9 | % | (4 | )% | |||||||||||||
| NGL (boe/d) |
452 | 524 | 435 | 4 | % | (14 | )% | |||||||||||||
Average daily production during Q1 2022 was 43,900 boe/d, comprised of 35,638 bbl/d of oil, representing 81% of total production, 1.24 MMm3/d of natural gas and 452 boe/d of NGL. Total shale production was 29,661 boe/d, of which 97% corresponds to shale oil wells in Bajada del Palo Oeste.
Q1 2022 Average net daily production by asset
| Interest | Oil (bbl/d) |
Natural Gas (MMm3/d) |
NGL (bbl/d) |
Total (boe/d) |
% Total daily average |
|||||||||||||||||||
| Net production per concession |
35,638 | 1.24 | 452 | 43,900 | 100 | % | ||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
| Entre Lomas |
100 | % | 3,305 | 0.16 | 402 | 4,698 | 11 | % | ||||||||||||||||
| Bajada del Palo Este |
100 | % | 416 | 0.07 | 41 | 867 | 2 | % | ||||||||||||||||
| Bajada del Palo Oeste (conventional) |
100 | % | 596 | 0.20 | — | 1,849 | 4 | % | ||||||||||||||||
| Bajada del Palo Oeste (shale) |
100 | % | 24,972 | 0.60 | — | 28,746 | 65 | % | ||||||||||||||||
| Agua Amarga |
100 | % | 226 | 0.03 | 9 | 395 | 1 | % | ||||||||||||||||
| 25 de Mayo-Medanito |
100 | % | 2,325 | 0.03 | — | 2,503 | 6 | % | ||||||||||||||||
| Jagüel de los Machos |
100 | % | 2,363 | 0.12 | — | 3,109 | 7 | % | ||||||||||||||||
| Coirón Amargo Norte |
84.6 | % | 223 | 0.00 | — | 234 | 1 | % | ||||||||||||||||
| Águila Mora |
90 | % | — | 0.00 | — | — | 0 | % | ||||||||||||||||
| Acambuco (non-operated) |
1.5 | % | 17 | 0.02 | — | 148 | 0 | % | ||||||||||||||||
| Aguada Federal |
100 | % | 777 | 0.02 | — | 915 | 2 | % | ||||||||||||||||
| Bandurria Norte |
100 | % | — | — | — | — | — | |||||||||||||||||
| CS-01 (México) |
100 | % | 419 | 0.00 | — | 436 | 1 | % | ||||||||||||||||
Revenues
Total revenues per product
| Revenues per product - in $MM |
Q1-22 | Q4-21 | Q1-21 | p y/y | p q/q | |||||||||||||||
| Total |
207.9 | 196.0 | 115.9 | 79 | % | 6 | % | |||||||||||||
| Oil |
193.6 | 182.1 | 107.2 | 81 | % | 6 | % | |||||||||||||
| Export market |
77.1 | 70.5 | 52.7 | 46 | % | 9 | % | |||||||||||||
| Domestic market |
116.5 | 111.5 | 54.5 | 114 | % | 4 | % | |||||||||||||
| Natural Gas |
13.0 | 12.2 | 7.9 | 65 | % | 6 | % | |||||||||||||
| NGL |
1.27 | 1.67 | 0.82 | 56 | % | (24 | )% | |||||||||||||
Page 4
Average Realized Prices Product Oil ($/bbl) Natural Gas ($/MMBTU) NGL ($/tn) During Q1 2022, total revenues were 207.9 $MM, 79% higher than Q1 2021 and 6% higher q-o-q, mostly driven by an increase in crude oil revenues. Crude oil revenues in Q1 2022 totaled 193.6 $MM,
representing 93% of total revenues, a 81% increase compared to Q1 2021, mainly driven by the boost in shale oil production from Bajada del Palo Oeste and higher realized oil prices. During Q1 2022, the Company exported 33% of crude oil sales
volumes, while the remaining 67% was sold to domestic refineries in Argentina. Total oil sales volumes during Q1 2022 were 3,019 Mbbl. Average realized oil price was 64.1 $/bbl, 41% above Q1 2021 and 6% above Q4 2021. Natural gas revenues in Q1 2022 were 13.0 $MM, representing 6% of total revenues. The average realized natural gas price for the quarter was 3.0 $/MMBTU, a
48% increase compared to Q1 2021. Plan Gas represented 69% of total natural gas sales volume, with an average realized price of 2.7 $/MMBTU. Sales to industrial clients represented 21% of natural gas sales volume at an average realized price of 2.7
$/MMBTU. The remaining 10% of natural gas sales volume were exported at an average realized price of 5.9 $/MMBTU. NGL sales were 1.27 $MM during Q1 2022,
representing 1% of total sales. NGL average price was 367 $/tn. Lifting Cost Lifting Cost ($MM) Lifting cost ($/boe) Lifting cost during Q1 2022 was 30.8 $MM, a 33% increase
y-o-y. The Company maintained a stable lifting cost q-o-q despite Argentine Peso FX
appreciation in real terms. Lifting cost in Q1 2022 was 7.8 $/boe, a 3% increase
y-o-y, driven by the acquisition of Aguada Federal and Bandurria Norte, and partially offset by incremental production from Bajada del Palo Oeste, which continues to
absorb the Company’s fixed cost base. In Q1 2022, lifting cost per boe decreased 3% compared to Q4 2021, driven by a lifting cost optimization program in Aguada Federal and Bandurria Norte. The Company has achieved a 58% sequential cost
reduction in such blocks, from 2.4 $MM at 50% working interest in Q4 2021, to 2.0 $MM at 100% working interest in Q1 2022. Page 5
Adjusted EBITDA Adjusted EBITDA reconciliation ($MM)
Net profit for the period (+) Income tax expense (+) Financial results, net Operating profit (+) Depreciation, depletion and amortization (+) Restructuring and Reorganization expenses and others (+) Impairment of long-lived assets Adjusted
EBITDA(1) Adjusted EBITDA Margin (%)(2) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net +
Depreciation, depletion and amortization + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments. Change expressed as a difference in percentage points. Adjusted EBITDA was 127.1 $MM in Q1 2022, a 118% increase compared to Q1 2021. Adjusted EBITDA was boosted by higher revenues amid stable lifting cost.
Adjusted EBITDA improved 9% q-o-q, even though Q4 2021 included 4.5 $MM of operating income generated by the JV with Trafigura. Adjusted EBITDA margin was 61%, improving
11 p.p. vis-à-vis Q1 2021. Adjusted Net Income reconciliation - in $MM Net Profit Adjustments: (+) Deferred Income tax (+) Changes in the fair value of Warrants (+) Impairment Adjustments to Net Income Adjusted Net Income Adjusted EPS ($/share) (3) Adjusted Net Income
(1) in Q1 2022 was 39.1 $MM, compared to 6.9 $MM in Q1 2021. The y-o-y change was primarily driven by higher Adjusted EBITDA Page 6
(127.1 $MM in Q1 2022 compared to 58.3 $MM in Q1 2021), mainly offset by (a) Income tax expense (net of deferred income tax) of 26.6 $MM in Q1 2022 compared to 1.7 $MM in Q1 2021, (b)
Depreciation, depletion and amortization for 46.8 $MM in Q1 2022 compared to 44.7 $MM in Q1 2021, and (c) Financial results (net of changes in the fair value of the warrants) for a total loss of 14.4 $MM in Q1 2022, compared to a loss of 4.5
$MM in Q1 2021 (2). Adjusted EPS (3) was 0.44 $/share in Q1 2022, compared to 0.40 $/share in Q4 2021 and an 0.08 $/share in Q1 2021. The Company has defined Adjusted Net Income as net income plus deferred income taxes, changes in fair value of
warrants and impairment loss/recoveries. Deferred income taxes was excluded as it relates to recognition of temporary differences between the tax bases of assets and liabilities and the carrying amounts in the financial statement using the liability
method. Changes in the fair value of warrants was excluded because it corresponds to an adjustment valuation of financial liabilities assumed by the Company, likewise impairment (recovery) of long-lived assets was excluded from the determination of
the Company’s adjusted net income because it corresponds to an adjustment to the valuation of the Company’s long-lived assets. The Company’s management believes that excluding such items will allow investors to facilitate the
comparison performance from period to period by removing these identified non-cash items that are mainly driven by external factors and that affect (benefit) the Company’s net income. Please refer to Annex “Historical Adjusted Net Income /
Loss” for further historical information. In Q1 2022, Financial results, net were (37.2) $MM, minus Changes in the fair value of Warrants of (22.8) $MM,
result in (14.4) $MM. 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 2022, Q4 2021 and Q1 2021 were 88,813,607, 88,473,206 and 87,870,909, respectively. Capex Capex during Q1 2022 was 80.6 $MM. The Company
invested 49.8 $MM in drilling and completion of Vaca Muerta wells, 4.9 $MM in drilling, completion and workover of wells in conventional assets, 19.4 $MM in development facilities, and 6.5 $MM in G&G studies, IT projects, and other
infrastructure. Financial overview During Q1 2022,
Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 207.9 $MM. Cash flow generated by operating activities was 112.9 $MM, a 208% increase
y-o-y. In addition, cash flow used in investing activities, excluding the 90.0 $MM payment to Wintershall for the acquisition of Aguada Federal and Bandurria Norte, was
79.9 $MM. This resulted in a positive free cash flow of 33.0 $MM for the quarter (1). In Q1 2022,
cash flow used in financing activities totaled 50.1 $MM (2), driven by the payment of 45.0 $MM of principal of Vista’s syndicated loan, 8.0 $MM of Vista’s bond series IV, 15.2 $MM
of interest and 6.9 $MM of other minor items; and partially offset by proceeds from borrowings under the credit agreement with ConocoPhillips for 25.0 $MM. Gross debt totaled 576.2 $MM as of quarter end, resulting in a net debt of 368.3 $MM. At the end of Q1 2022, net leverage ratio decreased to 0.8x Adj. EBTIDA
from 3.0x Adj. EBITDA at the end of Q1 2021. Free cash flow is calculated as Cash flow generated by operating activities (112.9 $MM) minus Cash flow used in
Investing activities (169.9 $MM) and adding back payment to Wintershall (90.0 $MM). Cash flow generated by financing activities is the sum of: (i) cash flow generated by financing activities
for (47.8) $MM; (ii) effects of exchange rate changes on the balance of cash held in foreign currencies for (2.0) $MM; and (iii) the variation in Government bonds for (0.2) $MM. Page 7
Outstanding bonds Instrument Issuer Type Currency Market ON class II ON class III ON class V
(1) ON class VI ON class VII ON class VIII (2) ON class IX ON class X
(3) ON class XI ON class XII 20 $MM were issued on August 7, 2020, at a price of $ 1.0000, while the remaining 10 $MM were issued on
December 4, 2020, at a price of $ 0.9685. 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. 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. Series XII to be repaid in 15 semi-annual installments, with a 3-year
grace period. Environmental, Social and Governance (ESG) The Company is currently executing projects to reduce GHG emissions (scope 1 and 2) intensity by 25% in 2022, compared to 2021. Additionally, Vista is making
good progress in the execution of projects that are key to achieving its aspiration to become net zero in scope 1 and 2 GHG emissions in 2026, with carbon offsets from nature-based solutions (NBS). The 2021 Sustainability Report is scheduled to be published in May 2022. Such report will include disclosure aligned with the Task Force on Climate-related
Financial Disclosures (TCFD), in addition to Global Reporting Initiative (GRI) and Sustainability Accounting Standards Board (SASB). The Company believes TCFD reporting will add transparency regarding its governance, strategy and risks related to
climate change. Page 8
Vista Energy S.A.B. de C.V. Historical operational data Average daily production by
concession, totals and by product Total production by field (boe/d) Entre Lomas Bajada del Palo Este Bajada del Palo Oeste (conventional) Bajada del Palo Oeste (shale) Agua Amarga (Jarilla Quemada, Charco del Palenque) 25 de Mayo-Medanito Jagüel de los Machos Coirón Amargo Norte Águila Mora Acambuco Coirón Amargo Sur Oeste (1) Aguada Federal CS-01 A-10 TM-01 Crude oil production by field (boe/d)(2) Entre Lomas Bajada del Palo Este Bajada del Palo Oeste (conventional) Bajada del Palo Oeste (shale) Agua Amarga (Jarilla Quemada, Charco del Palenque) 25 de Mayo-Medanito Jagüel de los Machos Coirón Amargo Norte Águila Mora Acambuco Coirón Amargo Sur Oeste (1) Aguada Federal CS-01 A-10 TM-01 Natural Gas production by field (boe/d)(3) Entre Lomas Bajada del Palo Este Bajada del Palo Oeste (conventional) Bajada del Palo Oeste (shale) Agua Amarga (Jarilla Quemada, Charco del Palenque) 25 de Mayo-Medanito Jagüel de los Machos Coirón Amargo Norte Águila Mora Acambuco Page 9
Coirón Amargo Sur Oeste (1) Aguada Federal CS-01 A-10 TM-01 NGL production by field (boe/d) Entre Lomas Bajada del Palo Este Bajada del Palo Oeste (conventional) Bajada del Palo Oeste (shale) Agua Amarga (Jarilla Quemada, Charco del Palenque) Notes: Acambuco includes condensate. Excludes natural gas consumption, flared or reinjected natural gas. Oil and Gas concessions Operated
/ Target Basin Country Entre Lomas Neuquén Entre Lomas Río Negro Bajada del Palo Oeste Bajada del Palo Este Agua Amarga 25 de Mayo-Medanito Jagüel de los Machos Coirón Amargo Norte Águila Mora Aguada Federal Bandurria Norte Acambuco CS-01 Vista Energy S.A.B. de C.V. Historical Oil sales export volumes (Amounts expressed in
thousand barrels) Page 10
Vista Energy S.A.B. de C.V. Vaca Muerta operational data Shale oil wells detail Bajada del Palo Oeste Well name 2013 2014 2015 2016 2029 2030 2032 2033 2061 2062 2063 2064 2025 2026 2027 2028 2501 2502 2503 2504 2391 2392 2393 2394 2261 2262 2263 2264 2211 2212 2213 2214 2351 2352 2353 2354 2441 2442 2443 2444 Bajada del Palo Este Well name 2101 2103 Page 11
Aguada Federal Well name Landing zone WIN.Nq.AF-3(h) WIN.Nq.AF-4(h) WIN.Nq.AF-5(h) WIN.Nq.AF-6(h) WIN.Nq.AF-7(h) WIN.Nq.AF-9(h) Bandurria Norte Well name WIN.Nq.BN-3(h) WIN.Nq.BN-2(h) WIN.Nq.BN-1(h) YPF.Nq.LCav.x-11(h) Page 12
Vista Energy S.A.B. de C.V. Key results (Amounts expressed in thousand U.S. dollars)
Key Results - in $M Total Revenues Oil Natural Gas NGL and others Cost of Sales Operating costs Stock fluctuation Depreciation, depletion and amortization Royalties Gross profit Selling expenses General and administrative expenses Exploration expenses Other operating income Other operating expenses Impairment of long-lived assets Operating profit Interest income Interest expense Other financial results Financial results, net Profit before income tax Current income tax (expense) Deferred income tax (expense) Income tax (expense) Profit for the period, net Adjusted EBITDA Reconciliation ($M) Net profit for the period (+) Income tax Profit before income tax (+) Financial results, net Operating profit (loss) (+) Depreciation, depletion and amortization (+) Restructuring and Reorganization expenses and others (+) Impairment of long-lived assets Adjusted EBITDA Adjusted EBITDA Margin (%) Lifting Cost ($MM) Lifting cost ($/boe) Page 13
Vista Energy S.A.B. de C.V. Historical Adjusted Net Income / Loss (Amounts expressed
in thousand U.S. dollars) Adj. Net Income - in $MM
Net Profit/Loss Adjustments: (+) Deferred Income tax (+) Changes in the fair value of Warrants (+) Impairment of long-lived assets Adjustments to Net Income/Loss Adjusted Net Income/Loss Page 14
Vista Energy S.A.B. de C.V. Consolidated Balance Sheet (Amounts expressed in thousand
U.S. dollars) Property, plant and equipment Goodwill Other intangible assets Right-of-use
assets Investments in associates Trade and other receivables Deferred income tax assets Total noncurrent assets Inventories Trade and other receivables Cash, bank balances and other short-term investments Total current assets Total assets Deferred income tax liabilities Lease liabilities Provisions Borrowings Warrants Employee benefits Trade and other payables Total noncurrent liabilities Provisions Lease liabilities Borrowings Salaries and payroll taxes Income tax liability Other taxes and royalties Trade and other payables Total current liabilities Total liabilities Total Equity Total equity and liabilities Page 15
Vista Energy S.A.B. de C.V. Consolidated Income Statement (Amounts expressed in
thousand U.S. dollars) Revenue from contracts with customers Revenues from crude oil sales Revenues from natural gas sales Revenues from LPG sales Cost of sales Operating costs Crude oil stock fluctuation Depreciation, depletion and amortization Royalties Gross profit Selling expenses General and administrative expenses Exploration expenses Other operating income Other operating expenses Operating profit Interest income Interest expense Other financial results Financial results, net Profit before income tax Current income tax (expense) Deferred income tax (expense) Income tax (expense) Profit for the period, net Other comprehensive income Total comprehensive profit for the period Page 16
Vista Energy S.A.B. de C.V. Consolidated Statement of Cash Flows (Amounts expressed
in thousand U.S. dollars) Cash flows from operating activities Profit for the period, net Adjustments to reconcile net cash flows Items related to operating activities: (Reversal) of the expected credit loss Net changes in foreign exchange rate Discount for well plugging and abandonment Net increase in provisions Interest expense on lease liabilities Discount of assets and liabilities at present value Share-based payments Employee benefits Income tax expense Items related to investing activities: Depreciation and depletion Amortization of intangible assets Interest income Changes in the fair value of financial assets Items related to financing activities: Interest expense Changes in the fair value of Warrants Amortized cost Remeasurements in borrowings Changes in working capital: Trade and other receivables Inventories Trade and other payables Payments of employee benefits Salaries and payroll taxes Other taxes and royalties Provisions Income tax payment Net cash flows provided by operating activities Page 17
Cash flows from investing activities: Payments for acquisitions of property, plant and equipment Payments for acquisitions of other intangible assets Payments for acquisitions of investments in associates Payments for the acquisition of AFBN assets Interest received Net cash flows (used in) investing activities Cash flows from financing activities: Proceeds from borrowings Payment of borrowings cost Payment of borrowings principal Payment of borrowings interest Payment of lease Net cash flow (used in) financing activities Net (decrease) in cash and cash equivalents Cash and cash equivalents at beginning of period Effect of exposure to changes in the foreign currency rate of cash and cash equivalents Net (decrease) in cash and cash equivalents Cash and cash equivalents at end of period Page 18
Glossary, currency and definitions: Note: Amounts are expressed in U.S. dollars, unless otherwise stated, and in accordance with International
Financial Reporting Standards (IFRS). All the amounts are unaudited. Amounts may not match with totals due to rounding up Conversion metrics 1 cubic meter of oil = 6.2898 barrels of oil 1,000 cubic meters of gas = 6.2898 barrels of oil equivalent p q/q: Represents the percentage variation quarter on quarter
p y/y: Represents the percentage variation year on year
p q: Represents the variation in million USD Dollars quarter
on quarter p y: Represents the variation in million USD Dollars year on
year $MM: Million US Dollars $M: Thousand US Dollars $/bbl: US Dollars per barrel of oil $/boe: US Dollars per barrel of oil equivalent $/MMBTU: US Dollars per million British thermal unit $/ton: US Dollars per metric ton Adj. EBITDA / Adjusted EBITDA: Net (loss) / profit for the period + Income tax (expense) / benefit + Financial
results, net + Depreciation, depletion and amortization + Restructuring and Reorganization expenses + Impairment of long-lived assets + Other adjustments Adjusted EBITDA margin: Adjusted EBITDA divided by total revenues Adjusted EPS (Earnings per share): Adjusted Net Income/Loss divided by weighted average number of ordinary shares
Adjusted Net Income/Loss: Net profit /loss for the period + Deferred Income Tax + Changes in the fair value of
the warrants + Impairment of long-lived assets boe: barrels of oil equivalent (see conversion metrics above) boe/d: Barrels of oil equivalent per day bbl/d: Barrels of oil per day CNG: Compressed natural gas ESG: Environmental, Social and Governance GHG: Greenhouse gases Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow
Mts: meters Lifting cost: Includes production, transportation, treatment and field support services; excludes crude stock
fluctuations, depreciation, depletion and amortization, royalties, direct taxes, commercial, exploration and G&A costs. MMboe: Million barrels of oil equivalent MMm3/d: Million cubic meters per day 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 19
DISCLAIMER Additional information about Vista Oil & Gas, 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 Page 20
including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and
remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable
prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability,
appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the
projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all
of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed under the Exchange Act. These expectations and projections are subject to significant
known and unknown risks and uncertainties which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by
such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties
relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in
which we operate; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors, including changes to the regulatory environment in which we operate and changes to programs
established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may
affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and
claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the
granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to
the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or
fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; uncertainties relating to the effects of the Covid-19 outbreak; environmental, health and safety regulations
and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages;
changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the
ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and
crude oil prices used in our projections; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political
conditions. Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates
or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this
presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the
Mexican Stock Exchange (www.bmv.com.mx). Page 21
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: +52.55.4166.9000 Page 22
Q1-22
Q4-21
Q1-21
p y/y
p q/q
64.1
60.6
45.5
41
%
6
%
3.0
2.7
2.0
48
%
11
%
367
407
244
50
%
(10
)%
Q1-22
Q4-21
Q1-21
p y/y
p q/q
30.8
30.3
23.1
33
%
2
%
7.8
8.0
7.5
3
%
(3
)%
Q1-22
Q4-21
Q1-21
p y
p q
15.5
35.6
4.9
10.7
(20.0
)
27.3
36.2
3.8
23.6
(8.9
)
37.2
10.3
4.6
32.6
26.8
80.0
82.0
13.2
66.8
(2.0
)
46.8
46.9
44.7
2.1
(0.1
)
0.3
1.6
0.4
(0.1
)
(1.3
)
—
(14.0
)
—
0.0
14.0
127.1
116.5
58.3
68.8
10.6
61
%
59
%
50
%
+11p.p.
+2p.p.
(1)
(2)
Adjusted Net Income
Q1-22
Q4-21
Q1-21
p y
p q
15.5
35.6
4.9
10.7
(20.0
)
0.8
21.0
2.0
(1.3
)
(20.3
)
22.8
(7.1
)
0.1
22.7
29.9
0.0
(14.0
)
0.0
0.0
14.0
23.5
(0.1
)
2.1
21.4
23.7
39.1
35.4
6.9
32.1
3.6
0.44
0.40
0.08
0.36
0.04
(1)
(2)
(3)
(1)
(2)
Issue
date
Maturity
Gross
proceeds
($MM)
Interest
rate (%)
Vista Energy Argentina S.A.U.
08/07/19
08/07/22
50
Bullet at maturity
8.50
%
USD
BCBA Argentina
Vista Energy Argentina S.A.U.
02/21/20
02/21/24
50
Bullet at maturity
3.50
%
USD
BCBA Argentina
Vista Energy Argentina S.A.U.
08/07/20
08/07/23
30
Bullet at maturity
Zero
coupon
ARS in USD-linked
BCBA Argentina
Vista Energy Argentina S.A.U.
12/04/20
12/04/24
10
Bullet at maturity
3.24
%
ARS in USD-linked
BCBA Argentina
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
Vista Energy Argentina S.A.U.
03/10/21
09/10/24
33.5
Bullet at maturity
2.73
%
ARS
BCBA Argentina
Vista Energy Argentina S.A.U.
06/18/21
06/18/23
38.8
Bullet at maturity
4.00
%
ARS in USD-linked
BCBA Argentina
Vista Energy Argentina S.A.U.
06/18/21
03/18/25
32.6
Bullet at maturity
4.00
%
ARS
BCBA Argentina
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
Vista Energy Argentina S.A.U.
08/27/21
08/27/31
100.8
Amortizing (4)
5.85
%
ARS in USD-linked
BCBA Argentina
(1)
(2)
(3)
(4)
Q1 2022
Q4 2021
Q3 2021
Q2 2021
Q1 2021
43,900
41,064
40,267
39,888
34,067
4,698
5,214
5,839
5,014
4,846
867
967
897
876
885
1,849
2,115
2,610
2,244
2,546
28,746
25,262
24,103
24,662
18,794
395
458
439
458
486
2,503
2,540
2,599
2,769
2,591
3,109
3,151
3,065
3,098
3,144
234
232
271
288
265
0
0
0
0.0
0
148
151
152
157
163
0
0
0
0
72
915
436
0
436
538
269
155
100
0
0
17
151
168
0
0
5
17
6
35,638
32,436
30,954
31,539
26,436
3,305
3,448
3,605
3,361
3,315
416
437
429
419
385
596
620
579
642
672
24,972
21,756
20,890
21,553
16,613
226
243
228
254
249
2,325
2,372
2,345
2,492
2,432
2,363
2,400
2,328
2,346
2,318
223
231
268
283
261
0
0
0.0
0
0
17
17
17
18
22
0
0
0
0
67
777
391
0
419
523
260
153
98
0
0
0
0
0
0
0
5
17
6
7,811
8,103
8,793
7,930
7,196
991
1,313
1,766
1,288
1,166
410
471
424
412
442
1,253
1,496
2,031
1,601
1,874
3,774
3,506
3,213
3,109
2,181
161
203
204
194
225
177
168
254
277
159
746
751
737
752
826
11
1
3
4
4
0
0
0
0
0
132
134
135
140
141
0
0
0
0
6
139
45
0
17
15
9
3
2
0
0
17
151
168
0
0
0
0
0
452
524
519
419
435
402
454
467
365
366
41
59
45
45
57
0
0
0
0
0
0
0
0
0
0
9
12
7
9
12
(1)
(2)
WI (%)
Non-Operated
100
%
Operated
Conventional
Neuquina
Argentina
100
%
Operated
Conventional
Neuquina
Argentina
100
%
Operated
Shale / Conventional
Neuquina
Argentina
100
%
Operated
Shale / Conventional
Neuquina
Argentina
100
%
Operated
Conventional
Neuquina
Argentina
100
%
Operated
Conventional
Neuquina
Argentina
100
%
Operated
Conventional
Neuquina
Argentina
84.6
%
Operated
Conventional
Neuquina
Argentina
90
%
Operated
Shale
Neuquina
Argentina
100
%
Operated
Shale
Neuquina
Argentina
100
%
Operated
Shale
Neuquina
Argentina
1.5
%
Non-operated
Conventional
Noroeste
Argentina
100
%
Operated
Conventional
Del Sureste
México
Pad number
Landing zone
Lateral length
(mts)
Total frac
stages
#1
Organic
2,483
33
#1
La Cocina
2,633
35
#1
Organic
2,558
34
#1
La Cocina
2,483
34
#2
Organic
2,189
37
#2
La Cocina
2,248
38
#2
Organic
2,047
35
#2
La Cocina
1,984
33
#3
La Cocina
2,723
46
#3
Organic
2,624
44
#3
La Cocina
3,025
51
#3
Organic
1,427
36
#4
Lower Carbonate
2,186
26
#4
La Cocina
2,177
44
#4
Lower Carbonate
2,551
31
#4
La Cocina
2,554
51
#5
La Cocina
2,538
52
#5
Organic
2,436
50
#5
La Cocina
2,468
50
#5
Organic
2,332
44
#6
La Cocina
2,715
56
#6
Organic
2,804
54
#6
La Cocina
2,732
56
#6
Organic
2,739
57
#7
La Cocina
2,710
46
#7
Organic
2,581
45
#7
La Cocina
2,609
45
#7
Organic
2,604
46
#8
Organic
2,596
53
#8
La Cocina
2,576
53
#8
Organic
2,608
54
#8
La Cocina
2,662
54
#9
La Cocina
3,115
63
#9
Organic
3,218
62
#9
La Cocina
3,171
61
#9
Organic
2,808
56
#10
La Cocina
3,094
63
#10
Organic
2,883
50
#10
La Cocina
2,816
57
#10
Organic
2,625
45
Pad number
Landing zone
Lateral length
(mts)
Total frac
stages
#11
La Cocina
2,372
49
#11
La Cocina
2,081
43
Lateral length (mts)
Total frac stages
Lower Orgánico/Regresivo
1,000
10
Upper Carbonate
1,000
10
La Cocina
2,500
35
La Cocina/Regresivo
2,500
35
Upper Carbonate
1,028
10
Upper Carbonate
1,000
10
Landing zone
Lateral length (mts)
Total frac stages
Lower Orgánico/Regresivo
1,000
10
Upper Carbonate
1,000
10
La Cocina
2,500
35
La Cocina/Regresivo
2,500
35
Q1-22
Q4-21
Q3-21
Q2-21
Q1-21
207,920
196,004
175,005
165,277
115,901
193,629
182,088
153,908
149,862
107,202
13,020
12,244
19,687
14,486
7,884
1,271
1,672
1,410
929
815
(104,183
)
(104,417
)
(97,845
)
(97,464
)
(85,856
)
(30,839
)
(30,311
)
(27,204
)
(26,468
)
(23,140
)
2,655
(1,362
)
1,797
1,760
(3,100
)
(46,822
)
(46,886
)
(48,681
)
(51,016
)
(44,730
)
(29,177
)
(25,858
)
(23,757
)
(21,740
)
(14,886
)
103,737
91,587
77,160
67,813
30,045
(12,566
)
(11,865
)
(12,481
)
(10,990
)
(7,412
)
(12,463
)
(14,764
)
(11,173
)
(11,070
)
(8,851
)
(205
)
(124
)
(153
)
(125
)
(159
)
2,765
5,477
11,294
5,865
649
(1,260
)
(2,317
)
(554
)
(294
)
(1,049
)
—
14,044
—
—
—
80,008
82,038
64,093
51,199
13,223
16
23
34
4
4
(8,232
)
(9,330
)
(12,173
)
(11,759
)
(17,398
)
(28,949
)
(1,013
)
(11,931
)
(7,036
)
12,787
(37,165
)
(10,320
)
(24,070
)
(18,791
)
(4,607
)
42,843
71,718
40,023
32,408
8,616
(26,559
)
(15,162
)
(29,285
)
(16,224
)
(1,748
)
(750
)
(21,001
)
(6,005
)
(10,679
)
(2,010
)
(27,309
)
(36,163
)
(35,290
)
(26,903
)
(3,758
)
15,534
35,555
4,733
5,505
4,858
Q1-22
Q4-21
Q3-21
Q2-21
Q1-21
15,534
35,555
4,733
5,505
4,858
27,309
36,163
35,290
26,903
3,758
37,165
10,320
24,070
18,791
4,607
80,008
82,038
64,093
51,199
13,223
46,822
46,886
48,681
51,016
44,730
272
1,619
(9,849
)
128
387
—
(14,044
)
—
—
—
127,102
116,497
102,925
102,343
58,340
61
%
59
%
59
%
62
%
50
%
Q1-22
Q4-21
Q3-21
Q2-21
Q1-21
30.8
30.3
27.2
26.5
23.1
7.8
8.0
7.3
7.3
7.5
Q1-22
Q4-21
Q3-21
Q2-21
Q1-21
Q4-20
Q3-20
Q2-20
Q1-20
Q4-19
Q3-19
Q2-19
Q1-19
Q4-18
Q3-18
Q2-18
Q1-18
15,534
35,555
4,732
5,505
4,858
(13,812
)
(28,402
)
(39,203
)
(21,332
)
(44,249
)
21,502
3,702
(13,678
)
42,379
(27,887
)
(40,876
)
(3,466
)
750
21,001
6,005
10,679
2,010
(17,410
)
(5,490
)
8,032
4,571
14,324
(911
)
(1,703
)
2,636
(18,224
)
14,915
15,291
(7
)
22,777
(7,096
)
7,927
1,283
69
107
(1,765
)
(4,071
)
(10,769
)
14,278
(33,145
)
(4,057
)
16,084
5,787
3,073
—
—
(14,044
)
9,484
4,954
23,527
(139
)
13,932
11,962
2,079
(7,819
)
(2,301
)
3,961
(6,198
)
28,602
(34,056
)
(5,760
)
18,720
(12,437
)
17,988
15,291
(7
)
39,061
35,416
18,664
17,467
6,937
(21,631
)
(30,703
)
(35,242
)
(27,530
)
(15,647
)
(12,554
)
(2,058
)
5,042
29,942
(9,899
)
(25,585
)
(3,473
)
As of March 31,
2022
As of December 31,
2021
1,326,731
1,223,982
28,416
28,416
4,049
3,878
27,847
26,454
3,747
2,977
19,025
20,210
4,029
2,771
1,413,844
1,308,688
18,262
13,961
48,947
46,096
207,889
315,013
275,098
375,070
1,688,942
1,683,758
177,382
175,420
18,569
19,408
27,879
29,657
430,744
447,751
25,321
2,544
7,998
7,822
22,857
50,159
710,750
732,761
2,895
2,880
9,762
7,666
145,487
163,222
8,842
17,491
68,156
44,625
14,985
11,372
147,583
138,482
397,710
385,738
1,108,460
1,118,499
580,482
565,259
1,688,942
1,683,758
For the period from
January 1, to March 31,
2022
For the period from
January 1st to March 31,
2021
207,920
115,901
193,629
107,202
13,020
7,884
1,271
815
(104,183
)
(85,856
)
(30,839
)
(23,140
)
2,655
(3,100
)
(46,822
)
(44,730
)
(29,177
)
(14,886
)
103,737
30,045
(12,566
)
(7,412
)
(12,463
)
(8,851
)
(205
)
(159
)
2,765
649
(1,260
)
(1,049
)
80,008
13,223
16
4
(8,232
)
(16,758
)
(28,949
)
12,147
(37,165
)
(4,607
)
42,843
8,616
(26,559
)
(1,748
)
(750
)
(2,010
)
(27,309
)
(3,758
)
15,534
4,858
(84
)
(73
)
15,450
4,785
For the period from
January 1, to March 31,
2022
For the period from
January 1 to March 31,
2021
15,534
4,858
(36
)
—
(6,696
)
(7,404
)
652
561
988
662
547
300
681
(3,105
)
2,341
3,014
104
43
27,309
3,758
46,066
43,944
756
786
(16
)
(4
)
581
(7,074
)
8,232
16,758
22,777
69
533
2,218
8,679
640
(4,818
)
(30,343
)
(2,655
)
3,105
2,551
7,736
(57
)
(212
)
(11,031
)
(5,722
)
3,731
3,273
(741
)
(114
)
(3,147
)
(1,146
)
112,865
36,601
(78,190
)
(79,856
)
(927
)
(111
)
(770
)
—
(90,000
)
—
16
4
(169,871
)
(79,963
)
32,670
121,444
(54
)
(1,964
)
(62,552
)
(98,937
)
(15,213
)
(19,558
)
(2,676
)
(1,852
)
(47,825
)
(867
)
For the period from
January 1, to March 31,
2022
For the period from
January 1 to March 31,
2021
(104,831
)
(44,229
)
311,217
201,314
(2,014
)
6,152
(104,831
)
(44,229
)
204,372
163,237
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•
•