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 2022

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: Unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021.

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 4166 9000


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 27, 2022

 

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

/s/ Alejandro Cherñacov

      Name:   Alejandro Cherñacov
      Title:   Strategic Planning and Investor Relations Officer

Exhibit 1.1

 

LOGO

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

Unaudited interim condensed consolidated financial statements as of March 31, 2022 and

December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021


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

Unaudited interim condensed consolidated financial statements as of March 31, 2022, and December 31, 2021, and for the three-month periods ended March 31, 2022, and 2021

TABLE OF CONTENTS

 

   

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2022, and 2021

 

   

Unaudited interim condensed consolidated statements of financial position as of March 31, 2022, and December 31, 2021

 

   

Unaudited interim condensed consolidated statements of changes in equity for the three-month periods ended March 31, 2022 and 2021

 

   

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2022 and 2021

 

   

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022, and 2021

 

2


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

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2022 and 2021

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from January 1,
through March 31,
2022
    Period from January 1,
through March 31,
2021
 

Revenue from contracts with customers

   4      207,920       115,901  

Cost of sales:

       

Operating costs

   5.1      (30,839     (23,140

Crude oil stock fluctuation

   5.2      2,655       (3,100

Depreciation, depletion and amortization

   12/13/14      (46,822     (44,730

Royalties

        (29,177     (14,886
     

 

 

   

 

 

 

Gross profit

        103,737       30,045  
     

 

 

   

 

 

 

Selling expenses

   6      (12,566     (7,412

General and administrative expenses

   7      (12,463     (8,851

Exploration expenses

   8      (205     (159

Other operating income

   9.1      2,765       649  

Other operating expenses

   9.2      (1,260     (1,049
     

 

 

   

 

 

 

Operating profit

        80,008       13,223  
     

 

 

   

 

 

 

Interest income

   10.1      16       4  

Interest expense

   10.2      (8,232     (16,758

Other financial results

   10.3      (28,949     12,147  
     

 

 

   

 

 

 

Financial results, net

        (37,165     (4,607
     

 

 

   

 

 

 

Profit before income tax

        42,843       8,616  
     

 

 

   

 

 

 

Current income tax (expense)

   15      (26,559     (1,748

Deferred income tax (expense)

   15      (750     (2,010
     

 

 

   

 

 

 

Income tax (expense)

        (27,309     (3,758
     

 

 

   

 

 

 

Profit for the period, net

        15,534       4,858  
     

 

 

   

 

 

 

Other comprehensive income

       

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

       

- (Loss) from actuarial remediation related to defined benefit plans

   25      (129     (97

- Deferred income tax benefit

   15      45       24  
     

 

 

   

 

 

 

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

        (84     (73
     

 

 

   

 

 

 

Other comprehensive income for the period, net of taxes

        (84     (73
     

 

 

   

 

 

 

Total comprehensive profit for the period

        15,450       4,785  
     

 

 

   

 

 

 

Earnings per share

       

Basic (in US dollars per share)

   11      0.175       0.055  

Diluted (in US dollars per share)

   11      0.163       0.053  

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

 

3


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

Unaudited interim condensed consolidated statements of financial position as of March 31, 2022 and December 31, 2021

(Amounts expressed in thousands of US Dollars)

 

     Notes      As of March 31,
2022
    As of December 31,
2021
 

Assets

       

Noncurrent assets

       

Property, plant and equipment

     12        1,326,731       1,223,982  

Goodwill

     13        28,416       28,416  

Other intangible assets

     13        4,049       3,878  

Right-of-use assets

     14        27,847       26,454  

Investments in associates

        3,747       2,977  

Trade and other receivables

     16        19,025       20,210  

Deferred income tax assets

        4,029       2,771  
     

 

 

   

 

 

 

Total noncurrent assets

        1,413,844       1,308,688  
     

 

 

   

 

 

 

Current assets

       

Inventories

     18        18,262       13,961  

Trade and other receivables

     16        48,947       46,096  

Cash, bank balances and other short-term investments

     19        207,889       315,013  
     

 

 

   

 

 

 

Total current assets

        275,098       375,070  
     

 

 

   

 

 

 

Total assets

        1,688,942       1,683,758  
     

 

 

   

 

 

 

Equity and liabilities

       

Equity

       

Capital stock

     20        586,706       586,706  

Share-based payments

        31,374       31,601  

Other accumulated comprehensive losses

        (6,060     (5,976

Accumulated losses

        (31,538     (47,072
     

 

 

   

 

 

 

Total equity

        580,482       565,259  
     

 

 

   

 

 

 

Liabilities

       

Noncurrent liabilities

       

Deferred income tax liabilities

        177,382       175,420  

Lease liabilities

     14        18,569       19,408  

Provisions

     21        27,879       29,657  

Borrowings

     17.1        430,744       447,751  

Warrants

     17.4        25,321       2,544  

Employee benefits

     25        7,998       7,822  

Trade and other payables

     24        22,857       50,159  
     

 

 

   

 

 

 

Total noncurrent liabilities

        710,750       732,761  
     

 

 

   

 

 

 

Current liabilities

       

Provisions

     21        2,895       2,880  

Lease liabilities

     14        9,762       7,666  

Borrowings

     17.1        145,487       163,222  

Salaries and payroll taxes

     22        8,842       17,491  

Income tax liability

        68,156       44,625  

Other taxes and royalties

     23        14,985       11,372  

Trade and other payables

     24        147,583       138,482  
     

 

 

   

 

 

 

Total current liabilities

        397,710       385,738  
     

 

 

   

 

 

 

Total liabilities

        1,108,460       1,118,499  
     

 

 

   

 

 

 

Total equity and liabilities

        1,688,942       1,683,758  
     

 

 

   

 

 

 

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

 

4


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

Unaudited interim condensed consolidated statement of changes in equity for the three-month period ended March 31, 2022

(Amounts expressed in thousands of US Dollars)

 

     Capital stock      Share-based
payments
    Other accumulated
comprehensive
losses
    Accumulated losses     Total equity  

Amounts as of December 31, 2021

     586,706        31,601       (5,976     (47,072     565,259  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Profit for the period

     —          —         —         15,534       15,534  

Other comprehensive income for the period

     —          —         (84     —         (84
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Total comprehensive income

     —          —         (84     15,534       15,450  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Share-based payments (1)

     —          (227     —         —         (227
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of March 31, 2022

     586,706        31,374       (6,060     (31,538     580,482  
  

 

 

    

 

 

   

 

 

   

 

 

   

 

 

 

 

(1) 

Including 2,341 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

 

5


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

Unaudited interim condensed consolidated statement of changes in equity for the three-month period ended March 31, 2021

(Amounts expressed in thousands of US Dollars)

 

     Capital stock      Share-based
payments
     Other accumulated
comprehensive
losses
    Accumulated losses     Total equity  

Amounts as of December 31, 2020

     659,400        23,046        (3,511     (170,417     508,518  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Profit for the period

     —          —          —         4,858       4,858  

Other comprehensive income for the period

     —          —          (73     —         (73
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Total comprehensive income

     —          —          (73     4,858       4,785  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Share-based payments (1)

     —          2,167        —         —         2,167  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

Amounts as of March 31, 2021

     659,400        25,213        (3,584     (165,559     515,470  
  

 

 

    

 

 

    

 

 

   

 

 

   

 

 

 

 

(1)

Including 3,014 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

 

6


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

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2022 and 2021

(Amounts expressed in thousands of US Dollars)

 

     Notes      Period from January 1,
through March 31, 2022
    Period from January 1,
through March 31, 2021
 

Cash flows from operating activities

       

Profit for the period, net

        15,534       4,858  

Adjustments to reconcile net cash flows

       

Items related to operating activities:

       

(Reversal) of the expected credit loss

     6        (36     —    

Net changes in foreign exchange rate

     10.3        (6,696     (7,404

Discount for well plugging and abandonment

     10.3        652       561  

Net increase in provisions

     9.2        988       662  

Interest expense on lease liabilities

     10.3        547       300  

Discount of assets and liabilities at present value

     10.3        681       (3,105

Share-based payments

     7        2,341       3,014  

Employee benefits

     25        104       43  

Income tax expense

     15        27,309       3,758  

Items related to investing activities:

       

Depreciation and depletion

     12/14        46,066       43,944  

Amortization of intangible assets

     13        756       786  

Interest income

     10.1        (16     (4

Changes in the fair value of financial assets

     10.3        581       (7,074

Items related to financing activities:

       

Interest expense

     10.2        8,232       16,758  

Changes in the fair value of warrants

     10.3        22,777       69  

Amortized cost

     10.3        533       2,218  

Remeasurements in borrowings

     10.3        8,679       640  

Changes in working capital:

       

Trade and other receivables

        (4,818     (30,343

Inventories

        (2,655     3,105  

Trade and other payables

        2,551       7,736  

Payments of employee benefits

     25        (57     (212

Salaries and payroll taxes

        (11,031     (5,722

Other taxes and royalties

        3,731       3,273  

Provisions

        (741     (114

Income tax payment

        (3,147     (1,146
     

 

 

   

 

 

 

Net cash flows provided by operating activities

        112,865       36,601  
     

 

 

   

 

 

 

Cash flows from investing activities:

       

Payments for acquisitions of property, plant and equipment

        (78,190     (79,856

Payments for acquisitions of other intangible assets

     13        (927     (111

Payments for acquisitions of investments in associates

        (770     —    

Payments for the acquisition of AFBN assets

     1.2.1        (90,000     —    

Interest received

        16       4  
     

 

 

   

 

 

 

Net cash flows (used in) investing activities

        (169,871     (79,963
     

 

 

   

 

 

 

 

7


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

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2022 and 2021

(Amounts expressed in thousands of US Dollars)

 

     Notes      Period from January 1,
through March 31, 2022
    Period from January 1,
through March 31, 2021
 

Cash flows from financing activities:

       

Proceeds from borrowings

     17.2        32,670       121,444  

Payment of borrowings’ cost

     17.2        (54     (1,964

Payment of borrowings’ principal

     17.2        (62,552     (98,937

Payment of borrowings’ interest

     17.2        (15,213     (19,558

Payment of lease

     14        (2,676     (1,852
     

 

 

   

 

 

 

Net cash flow (used in) financing activities

        (47,825     (867
     

 

 

   

 

 

 

Net (decrease) in cash and cash equivalents

        (104,831     (44,229

Cash and cash equivalents at beginning of period

     19        311,217       201,314  

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

        (2,014     6,152  

Net (decrease) in cash and cash equivalents

        (104,831     (44,229
     

 

 

   

 

 

 

Cash and cash equivalents at end of period

     19        204,372       163,237  
     

 

 

   

 

 

 

Significant transactions that generated no cash flows

       

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

        83,350       79,655  

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

        (2,743     (1,696

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

 

8


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

Note 1. Group information

1.1 Company general information, structure and activities

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

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

On April 26, 2022, Vista Oil & Gas, S.A.B. de C.V. changed the Company’s corporate name to “Vista Energy, S.A.B. de CV”.

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

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

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on April 27, 2022.

Other than mentioned in Note 1.2 there were no changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2021.

1.2 Significant transactions for the period

1.2.1 Acquisition of 50% of operated working interest in the unconventional concessions of Aguada Federal and Bandurria Norte in Vaca Muerta (“acquisition of AFBN assets”)

On January 17, 2022, the Company, through its subsidiary Vista Energy Argentina S.A.U, formerly known as Vista Oil & Gas Argentina S.A.U (“Vista Argentina”), acquired a 50% operated working interest in the Aguada Federal and Bandurria Norte concessions (“the Assets”), from Wintershall.

Vista agreed to pay a purchase price of 140,000, of which 90,000 was paid on the date of the transaction, and the remaining 50,000 (46,923 at present value, see Note 24) will be payable in 8 (eight) equal quarterly instalments starting on April 2022 (See Note 29).

As result of this transaction, Vista recognized an addition of 69,913 in “Property, plant and equipment” (see Note 12), and the transaction effectively cancels the carry consideration of 77,000 the Company had assumed on September 16, 2021.

The effective date of the transaction is January 1, 2022. However, the final closing shall take place upon the issuance of a decree by the Province of Neuquén approving the assignment of the Assets to Vista. As of the date of issuance of these unaudited consolidated interim financial statements the decree is pending approval.

Note 2. Basis of preparation and significant accounting policies

2.1 Bases of preparation and presentation

The unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021, and for the three-month periods ended March 31, 2022 and 2021 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”. The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of March 31, 2022, and the results of operations for the three-month period ended March 31, 2022. Therefore, these interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the Company’s annual consolidated financial statements as of December 31, 2021.

 

9


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company’s consolidated financial statements as of December 31, 2021, except for the adoption of new standards and interpretations effective as of January 1, 2022; and the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

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

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

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

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Other than the transaction mentioned in Note 1.2.1 there were no changes in interest in Company subsidiaries during the three-month period ended March 31, 2022.

2.4 Summary of significant accounting policies

2.4.1 Going concern

The Board oversees the Group’s cash position regularly and liquidity risk throughout the year to ensure that there are sufficient funds to meet expected financing, operating and investing requirements. Sensitivity tests are conducted to disclose the latest expense expectations, oil and gas prices and other factors so that the Group may manage risk.

Considering the macroeconomic context, the result of operations and the Group’s cash position, as of March 31, 2022, and December 31, 2021, the Directors asserted, upon approving the financial statements, that the Group may reasonably be expected to fulfill its obligations in the foreseeable future. Therefore, these interim condensed consolidated financial statements were prepared on a going concern basis.

2.4.2 Impairment testing of goodwill and nonfinancial assets other than goodwill

Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generated Units (“CGUs”). To such end, oil and gas properties in Argentina were grouped into 4 (four) CGUs: (i) operated concessions of conventional oil and gas exploration and production; (ii) operated concessions of unconventional oil and gas exploration and production; (iii) non-operating concessions of conventional oil and gas exploration and production; and; (iv) non-operating concessions of unconventional oil and gas exploration and production. The Company also identified just one CGU in Mexico: (i) operated concessions of conventional oil and gas exploration and production.

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

As of March 31, 2022 and December 31, 2021, the Company did not identify indications of impairment.

2.5 Regulatory framework

A-    Argentina

2.5.1 Gas market

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

On November 13, 2020, through Presidential Decree No. 892/2020, the Argentine Executive approved Gas IV Plan, whereby it declared that the promotion of natural gas production is both a matter of public interest and a priority.

 

10


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Through Resolution No. 317/2020 of the SE, it invited natural gas producing companies to tender to be awarded 70 billion cubic meters (“bcm”)/day natural gas volume base per year, and an additional volume for each winter period.

On December 15, 2020, through Resolution No. 391/2020, the SE awarded volumes and prices, for which the Company entered into agreements with Compañía Administradora del Mercado Mayorista Eléctrico S.A. (“CAMMESA”), Integración Energética Argentina S.A. (“IEASA”) and other distribution licensees or sub distributors to supply natural gas for electric power generation and residential consumption, respectively.

The Company, through its subsidiary Vista Argentina, was awarded a base volume of 0.86 bcm/day, at an average price of 3.29 US/MMBTU p.a. for a four-year period as from January 1, 2021.

As of March 31, 2022, and December 31, 2021, the Company received a net amount of 269 and 3,660 and the receivables related to such plan stand at 1,808 and 1,729, respectively (see Note 16).

Moreover, the Company was also awarded 0.15 bcm/day for exports between January and April 2022 as the SE authorized 5 bcm/day of exports additional to the permits issued pursuant to SE Resolution No. 360/21.

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework for the three-month period ended March 31, 2022. (For more information, see Note 2.5 to the annual consolidated financial statements as of December 31, 2021).

B-    Mexico

There have been no significant changes in Mexico’s regulatory framework for the three-month period ended March 31, 2022. (For more information, see Note 2.5 to the annual consolidated financial statements as of December 31, 2021).

Note 3. Segment information

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

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

For the three-month periods ended March 31, 2022 and 2021, the Company generated 98% and 99% of its revenues related to assets located in Argentina, and 2% and 1% in Mexico, respectively.

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

The following chart summarizes noncurrent assets per geographical area:

 

     As of March 31,
2022
     As of December 31,
2021
 

Argentina

     1,363,330        1,260,851  

Mexico

     50,514        47,837  
  

 

 

    

 

 

 

Total noncurrent assets

     1,413,844        1,308,688  
  

 

 

    

 

 

 

 

11


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 4. Revenue from contracts with customers

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Goods sold

     207,920        115,901  
  

 

 

    

 

 

 

Total revenue from contracts with customers

     207,920        115,901  
  

 

 

    

 

 

 

Recognized at a point in time

     207,920        115,901  
  

 

 

    

 

 

 

4.1 Information broken down by revenue from contracts with customers

 

Type of products

   Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Revenues from crude oil sales

     193,629        107,202  

Revenues from natural gas sales

     13,020        7,884  

Revenues from LPG sales

     1,271        815  
  

 

 

    

 

 

 

Total revenue from contracts with customers

     207,920        115,901  
  

 

 

    

 

 

 

 

Distribution channels

   Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Refineries

     116,528        54,499  

Exports from crude oil

     77,101        52,703  

Natural gas for electric power generation

     5,944        3,952  

Exports from natural gas

     2,590        —    

Industries

     2,501        1,976  

Retail natural gas distribution companies

     1,985        1,956  

LPG sales

     1,271        815  
  

 

 

    

 

 

 

Total revenue from contracts with customers

     207,920        115,901  
  

 

 

    

 

 

 

Note 5. Cost of sales

5.1 Operating costs

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Fees and compensation for services

     14,500        12,229  

Salaries and payroll taxes

     5,058        3,105  

Consumption of materials and spare parts

     4,239        3,163  

Easements and fees

     3,378        2,041  

Employee benefits

     1,396        1,008  

Transport

     1,203        625  

Other

     1,065        969  
  

 

 

    

 

 

 

Total operating costs

     30,839        23,140  
  

 

 

    

 

 

 

5.2 Crude oil stock fluctuation

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Crude oil stock at beginning of period (Note 18)

     5,222        6,127  

Less: Crude oil stock at end of period (Note 18)

     (7,877      (3,027
  

 

 

    

 

 

 

Total crude oil stock fluctuation

     (2,655      3,100  
  

 

 

    

 

 

 

Note 6. Selling expenses

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Transport

     5,509        3,677  

Taxes, rates and contributions

     3,584        1,720  

Tax on bank account transactions

     1,960        1,435  

Fees and compensation for services

     1,549        580  

(Reversal) of the expected credit loss

     (36      —    
  

 

 

    

 

 

 

Total selling expenses

     12,566        7,412  
  

 

 

    

 

 

 

 

12


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 7. General and administrative expenses

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Salaries and payroll taxes

     4,550        2,396  

Share-based payments

     2,341        3,014  

Employee benefits

     2,162        1,456  

Fees and compensation for services

     2,074        1,375  

Taxes, rates and contributions

     550        119  

Institutional promotion and advertising

     319        270  

Other

     467        221  
  

 

 

    

 

 

 

Total general and administrative expenses

     12,463        8,851  
  

 

 

    

 

 

 

Note 8. Exploration expenses

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Geological and geophysical expenses

     205        159  
  

 

 

    

 

 

 

Total exploration expenses

     205        159  
  

 

 

    

 

 

 

Note 9. Other operating income and expenses

9.1 Other operating income

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Other services charges (1)

     2,765        626  

Other

     —          23  
  

 

 

    

 

 

 

Total other operating income

     2,765        649  
  

 

 

    

 

 

 

 

(1)

Services not directly related to the Company’s main activity.

9.2 Other operating expenses

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Provision for environmental remediation

     (697      (316

Provision for contingencies

     (274      (32

Restructuring expenses (1)

     (272      (387

(Allowance) provision for materials and spare parts

     (17      (314
  

 

 

    

 

 

 

Total other operating expenses

     (1,260      (1,049
  

 

 

    

 

 

 

 

(1) 

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

Note 10. Financial results

10.1 Interest income

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Financial interest

     16        4  
  

 

 

    

 

 

 

Total interest income

     16        4  
  

 

 

    

 

 

 

10.2 Interest expense

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Borrowings interest (Note 17.2)

     (8,232      (16,758
  

 

 

    

 

 

 

Total interest expense

     (8,232      (16,758
  

 

 

    

 

 

 

 

13


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

10.3 Other financial results

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Amortized cost (Note 17.2)

     (533      (2,218

Changes in the fair value of warrants (Note 17.4.1)

     (22,777      (69

Net changes in foreign exchange rate

     6,696        7,404  

Discount of assets and liabilities at present value

     (681      3,105  

Changes in the fair value of financial assets

     (581      7,074  

Interest expense on lease liabilities (Note 14)

     (547      (300

Discount for well plugging and abandonment

     (652      (561

Remeasurements in borrowings (1) (Note 17.2)

     (8,679      (640

Other

     (1,195      (1,648
  

 

 

    

 

 

 

Total other financial results

     (28,949      12,147  
  

 

 

    

 

 

 

 

(1) 

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

Note 11. Earnings per share

 

a)

Basic

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

 

b)

Diluted

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

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

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

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Profit for the period, net

     15,534        4,858  

Weighted average number of ordinary shares

     88,813,607        87,870,909  
  

 

 

    

 

 

 

Basic earnings per share (in USD per share)

     0.175        0.055  
  

 

 

    

 

 

 

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Profit for the period, net

     15,534        4,858  

Weighted average number of ordinary shares

     95,464,397        92,181,510  
  

 

 

    

 

 

 

Diluted earnings per share (in USD per share)

     0.163        0.053  
  

 

 

    

 

 

 

As of March 31, 2022, the Company holds the following ordinary shares that, on the date of this unaudited interim condensed consolidated financial statements, are currently out of the money. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted earnings per share:

 

  i.

21,666,667 Series A shares related to 65,000,000 Series A warrants;

 

  ii.

9,893,333 Series A shares related to 29,680,000 warrants;

 

  iii.

1,666,667 Series A shares related to 5,000,000 securities (Forward Purchase Agreement (“FPA”) and;

 

  iv.

1,290,677 Series A shares to be used in the Long-Term Incentive Plan (“LTIP”).

There were no other transactions involving ordinary shares or dilutive potential ordinary shares between the reporting date and the date of authorization of these unaudited interim condensed consolidated financial statements.

 

14


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 12. Property, plant and equipment

The changes in property, plant and equipment for the three-month period ended March 31, 2022 are as follows:

 

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

Cost

              

Amounts as of December 31, 2021

     2,709       23,070       446,291       1,174,699       91,245       27,796       1,765,810  

Additions

     —         37       —         2,658       71,303       6,552       80,550  

Transfers

     —         58       —         50,857       (40,925     (9,990     —    

Disposals

     —         —         —         (2,743 ) (1)      —         (12     (2,755

Incorporation for the acquisition of AFBN assets

     —         —         69,913  (2)      —         —         —         69,913  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of March 31, 2022

     2,709       23,165       516,204       1,225,471       121,623       24,346       1,913,518  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Accumulated depreciation

              

Amounts as of December 31, 2021

     (294     (10,834     (53,623     (477,077     —         —         (541,828

Depreciation

     (4     (974     (3,130     (40,851     —         —         (44,959
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of March 31, 2022

     (298     (11,808     (56,753     (517,928     —         —         (586,787
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Net value

              

Amounts as of March 31, 2022

     2,411       11,357       459,451       707,543       121,623       24,346       1,326,731  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Amounts as of December 31, 2021

     2,415       12,236       392,668       697,622       91,245       27,796       1,223,982  
  

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

(1)

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

(2)

See Note 1.2.1.

 

15


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 13. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the three-month period ended March 31, 2022:

 

            Other intangible assets  
     Goodwill      Software licenses  

Cost

     

Amounts as of December 31, 2021

     28,416        12,216  

Additions

     —          927  
  

 

 

    

 

 

 

Amounts as of March 31, 2022

     28,416        13,143  
  

 

 

    

 

 

 

Accumulated amortization

     

Amounts as of December 31, 2021

     —          (8,338

Amortization

     —          (756
  

 

 

    

 

 

 

Amounts as of March 31, 2022

     —          (9,094
  

 

 

    

 

 

 

Net value

     

Amounts as of March 31, 2022

     28,416        4,049  
  

 

 

    

 

 

 

Amounts as of December 31, 2021

     28,416        3,878  
  

 

 

    

 

 

 

Note 14. Right-of-use assets and lease liabilities

The Company has lease contracts for various items of buildings, and plant and machinery, which were recognized under IFRS 16.

The Company recognizes right-of-use assets at the commencement date of the lease (i.e., on the date when the underlying asset is available for use). Right-of-use assets are measured at cost, net of the accumulated depreciation and impairment losses, and are adjusted by the remeasurement of lease liabilities.

Unless the Company is reasonably certain that it will obtain the ownership of the leased asset at the end of the lease term, recognized right-of-use assets are depreciated under the straight-line method during the shortest of its estimated useful life and the lease term. Right-of-use assets are subject to impairment.

At the commencement date of the lease, the Company recognizes lease liabilities measured at the present value of the lease payments to be made during the lease term. After the commencement date, of lease liabilities will be increased to reflect the accumulation of interest and will be reduced by the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is an amendment, a change in the lease term, a change in the fixed or in-substance fixed payments or a change in the assessment to buy the underlying asset.

The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the three-month period ended March 31, 2022, are detailed below:

 

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

Amounts as of December 31, 2021

     1,211        25,243        26,454       (27,074

Re-estimations

     —          2,959        2,959       (2,959

Depreciation (1)

     (121      (1,445      (1,566     —    

Payments

     —          —          —         2,676  

Interest expenses (2)

     —          —          —         (974
  

 

 

    

 

 

    

 

 

   

 

 

 

Amounts as of March 31, 2022

     1,090        26,757        27,847       (28,331
  

 

 

    

 

 

    

 

 

   

 

 

 

 

(1)

Including the depreciation of drilling services capitalized as “Works in progress” for 459.

(2)

Including drilling agreements capitalized as “Works in progress” for 427.

 

16


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

The Company applies the exemption to recognize short-term leases of machinery and equipment (i.e., leases for a term under 12 months as from the commencement date and do not contain a purchase option). The low-value asset exemption also applies to low-value office equipment items. The lease payments on short-term leases and leases of low-value assets are recognized as expenses under the straight-line method during the lease term.

Short-term and low-value lease agreements were recognized under “General and administrative expenses” in the statements of profit or loss and other comprehensive income for 38 and 33, for the three-month period ended March 31, 2022 and 2021 respectively.

Note 15. Income tax

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

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Income tax

     

Current income tax

     (26,559      (1,748

Deferred income tax related to the origination and reversal of temporary differences

     (750      (2,010
  

 

 

    

 

 

 

Income tax (expense) disclosed in the statement of profit or loss

     (27,309      (3,758
  

 

 

    

 

 

 

Deferred income tax charged to other comprehensive income

     45        24  
  

 

 

    

 

 

 

Total income tax (expense)

     (27,264      (3,734
  

 

 

    

 

 

 

For the three-months periods ended March 31, 2022, the Company’s effective rate was 64%. The significant differences between the effective and statutory rate include (i) the application of the tax adjustment for inflation in Argentina and; (ii) the depreciation of the Argentine peso (“ARS”) with respect to the USD affecting the Company’s tax deductions of nonmonetary assets (for more information see Note 33.1 to the annual consolidated financial statements as of December 31, 2021).

Note 16. Trade and other receivables

 

     As of March 31,
2022
     As of December 31,
2021
 

Noncurrent

     

Other receivables:

     

Prepayments, tax receivables and other:

     

Prepayments and other receivables

     14,520        15,236  

Value added tax (“VAT”)

     3,420        4,010  

Turnover tax

     828        765  
  

 

 

    

 

 

 
     18,768        20,011  

Financial assets:

     

Loans to employees

     257        199  
  

 

 

    

 

 

 
     257        199  
  

 

 

    

 

 

 

Total noncurrent trade and other receivables

     19,025        20,210  
  

 

 

    

 

 

 

 

17


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

     As of March 31,
2022
     As of December 31,
2021
 

Current

     

Trade:

     

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

     27,959        25,224  
  

 

 

    

 

 

 
     27,959        25,224  
  

 

 

    

 

 

 

Other receivables:

     

Prepayments, tax credits and other:

     

VAT

     6,646        9,131  

Prepaid expenses

     5,103        3,633  

Income tax

     1,496        860  

Turnover tax

     10        42  
  

 

 

    

 

 

 
     13,255        13,666  

Financial assets:

     

Receivables from joint operations

     3,305        2,286  

Accounts receivable from third parties

     1,906        2,025  

Gas IV Plan (Note 2.5.1.1)

     1,808        1,729  

Advances to directors and loans to employees

     356        491  

LPG price stability program

     152        293  

Other

     206        382  
  

 

 

    

 

 

 
     7,733        7,206  
  

 

 

    

 

 

 

Other receivables

     20,988        20,872  
  

 

 

    

 

 

 

Total current trade and other receivables

     48,947        46,096  
  

 

 

    

 

 

 

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

In general, accounts receivable has a 15-day term for sales of oil and a 50-day term for sales of natural gas and LPG.

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

As of March 31, 2022 and December 31, 2021 an allowance for expected credit losses was recorder for 370 and 406 respectively.

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

Note 17. Financial assets and liabilities

17.1 Borrowings

 

     As of March 31,
2022
     As of December 31,
2021
 

Noncurrent

     

Borrowings

     430,744        447,751  
  

 

 

    

 

 

 

Total noncurrent

     430,744        447,751  

Current

     

Borrowings

     145,487        163,222  
  

 

 

    

 

 

 

Total current

     145,487        163,222  
  

 

 

    

 

 

 

Total Borrowings

     576,231        610,973  
  

 

 

    

 

 

 

 

18


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

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

 

     As of March 31,
2022
     As of December 31,
2021
 
Fixed interest              

Less than 1 year

     100,003        109,016  

From 1 to 2 years

     182,892        112,860  

From 2 to 5 years

     154,948        214,491  

Over 5 years

     70,438        75,468  
  

 

 

    

 

 

 

Total

     508,281        511,835  

Variable interest

     

Less than 1 year

     45,484        54,206  

From 1 to 2 years

     22,466        44,932  
  

 

 

    

 

 

 

Total

     67,950        99,138  
  

 

 

    

 

 

 

Total Borrowings

     576,231        610,973  
  

 

 

    

 

 

 

See Note 17.4 for information on the fair value of the borrowings.

The carrying amount of borrowings as of March 31, 2022, is as follows:

 

Subsidiary

 

Company

  Execution
date
  Currency     Principal     Interest   Annual
rate
  Maturity
date
  Carrying
amount
 

Vista Argentina

  Banco Galicia, Banco Itaú Unibanco, Banco Santander Rio and Citibank NA   July, 2018     USD       150,000     Variable   LIBOR

+ 4.5%

  July, 2023     136,192  
    150,000     Fixed   8%

Vista Argentina

  Banco BBVA   July, 2019     USD       15,000     Fixed   9.40%   July, 2022     3,384  

Vista Argentina

 

Santander

International

  January, 2021     USD       11,700     Fixed   1.80%   January, 2026     14  (1) 

Vista Argentina

 

Santander

International

  July, 2021     USD       43,500     Fixed   2.05%   July, 2026     76  (1) 

Vista Argentina

 

Santander

International

  January, 2022     USD       13,500     Fixed   2.45%   January, 2027     32  (1) 

Vista Argentina

 

ConocoPhillips Petroleum

Holding B.V.

  January, 2022     USD       25,000     Fixed   2.00%   September, 2026     25,107  

 

(1) 

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

 

19


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Moreover, Vista Argentina issued nonconvertible debt securities, under the name “Programa de Notas” approved by the National Securities Commission in Argentina (“CNV” by its Spanish acronym). The following chart shows the carrying amount of negotiable obligations (“ON” by its Spanish acronym):

 

Subsidiary

   Instrument    Execution
date
     Currency     Principal      Interest      Annual
rate
    Maturity
date
   Carrying
amount
 

Vista Argentina

   ON II      August, 2019        USD       50,000        Fixed        8.5   August, 2022      50,533  

Vista Argentina

   ON III      February, 2020        USD       50,000        Fixed        3.5   February, 2024      49,902  

Vista Argentina

   ON V      August, 2020        USD       20,000        Fixed        0   August, 2023      19,889  
     December, 2020        USD       10,000        Fixed        0   August, 2023      9,942  

Vista Argentina

   ON VI      December, 2020        USD       10,000        Fixed        3.24   December, 2024      9,947  

Vista Argentina

   ON VII      March, 2021        USD       42,371        Fixed        4.25   March, 2024      42,027  

Vista Argentina

   ON VIII      March, 2021        ARS  (1)      3,054,537        Fixed        2.73   September, 2024      42,288  

Vista Argentina

   ON IX      June, 2021        USD       38,787        Fixed        4.00   June, 2023      38,600  

Vista Argentina

   ON X      June, 2021        ARS  (1)      3,104,063        Fixed        4.00   March, 2025      38,153  

Vista Argentina

   ON XI      August, 2021        USD       9,230        Fixed        3.48   August, 2025      9,199  

Vista Argentina

   ON XII      August, 2021        USD       100,769        Fixed        5.85   August, 2031      100,946  

 

(1) 

Amount in UVA, adjusted by CER (see Note 10.3).

Under the aforementioned program, Vista Argentina may list and issue debt securities in Argentina for a total principal up to 800,000 or its equivalent in other currencies at any time.

17.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:

 

     As of March 31,
2022
     As of December 31,
2021
 

Amounts at beginning of period / year

     610,973        539,786  

Proceeds from borrowings

     32,670        361,203  

Borrowing interests (1) (Note 10.2)

     8,232        50,660  

Payment of borrowings’ cost

     (54      (3,326

Payment of borrowings’ interest

     (15,213      (54,636

Payment of borrowings’ principal

     (62,552      (284,695

Amortized cost (1) (Note 10.3)

     533        4,164  

Remeasurement in borrowings (1) (Note 10.3)

     8,679        19,163  

Changes in foreign exchange rate (1)

     (7,037      (21,346
  

 

 

    

 

 

 

Amounts at end of period / year

     576,231        610,973  
  

 

 

    

 

 

 

 

(1)

These transactions did not generate cash flows.

 

20


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

17.3 Financial instruments by category

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

 

As of March 31, 2022

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities FVTPL
     Total financial
assets / liabilities
 

Assets

        

Asset’s plan (Note 25)

     1,491        5,853        7,344  

Trade and other receivables (Note 16)

     257        —          257  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     1,748        5,853        7,601  
  

 

 

    

 

 

    

 

 

 

Cash, bank balances and other short-term investments (Note 19)

     132,114        75,775        207,889  

Trade and other receivables (Note 16)

     35,692        —          35,692  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     167,806        75,775        243,581  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 17.1)

     430,744        —          430,744  

Trade and other payables (Note 24)

     22,857        —          22,857  

Warrants (Note 17.4)

     —          25,321        25,321  

Lease liabilities (Note 14)

     18,569        —          18,569  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     472,170        25,321        497,491  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 17.1)

     145,487        —          145,487  

Trade and other payables (Note 24)

     147,583        —          147,583  

Lease liabilities (Note 14)

     9,762        —          9,762  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     302,832        —          302,832  
  

 

 

    

 

 

    

 

 

 

 

As of December 31, 2021

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities FVTPL
     Total financial
assets / liabilities
 

Assets

        

Asset’s plan (Note 25)

     7,594        —          7,594  

Trade and other receivables (Note 16)

     199        —          199  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     7,793        —          7,793  
  

 

 

    

 

 

    

 

 

 

Cash, bank balances and other short-term investments (Note 19)

     185,546        129,467        315,013  

Trade and other receivables (Note 16)

     32,430        —          32,430  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     217,976        129,467        347,443  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 17.1)

     447,751        —          447,751  

Trade and other payables (Note 24)

     50,159        —          50,159  

Warrants (Note 17.4)

     —          2,544        2,544  

Lease liabilities (Note 14)

     19,408        —          19,408  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     517,318        2,544        519,862  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 17.1)

     163,222        —          163,222  

Trade and other payables (Note 24)

     138,482        —          138,482  

Lease liabilities (Note 14)

     7,666        —          7,666  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     309,370        —          309,370  
  

 

 

    

 

 

    

 

 

 

 

21


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

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

For the three-month period ended March 31, 2022:

 

     Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at
FVTPL
     Total  

Interest income (Note 10.1)

     16        —          16  

Interest expense (Note 10.2)

     (8,232      —          (8,232

Amortized cost (Note 10.3)

     (533      —          (533

Changes in the fair value of warrants (Note 10.3)

     —          (22,777      (22,777

Net changes in foreign exchange rate (Note 10.3)

     6,696        —          6,696  

Discount of assets and liabilities at present value (Note 10.3)

     (681      —          (681

Changes in the fair value of financial assets (Note 10.3)

     —          (581      (581

Interest expense on lease liabilities (Note 10.3)

     (547      —          (547

Discount for well plugging and abandonment (Note 10.3)

     (652      —          (652

Remeasurements in borrowings (Note 10.3)

     (8,679      —          (8,679

Other (Note 10.3)

     (1,195      —          (1,195
  

 

 

    

 

 

    

 

 

 

Total

     (13,807      (23,358      (37,165
  

 

 

    

 

 

    

 

 

 

For the three-month period ended March 31, 2021:

 

     Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at
FVTPL
     Total  

Interest income (Note 10.1)

     4        —          4  

Interest expense (Note 10.2)

     (16,758      —          (16,758

Amortized cost (Note 10.3)

     (2,218      —          (2,218

Changes in the fair value of warrants (Note 10.3)

     —          (69      (69

Net changes in foreign exchange rate (Note 10.3)

     7,404        —          7,404  

Discount of assets and liabilities at present value (Note 10.3)

     3,105        —          3,105  

Changes in the fair value of financial assets (Note 10.3)

     —          7,074        7,074  

Interest expense on lease liabilities (Note 10.3)

     (300      —          (300

Discount for well plugging and abandonment (Note 10.3)

     (561      —          (561

Remeasurements in borrowings (Note 10.3)

     (640      —          (640

Other (Note 10.3)

     (1,648      —          (1,648
  

 

 

    

 

 

    

 

 

 

Total

     (11,612      7,005        (4,607
  

 

 

    

 

 

    

 

 

 

17.4 Fair value

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

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

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

 

   

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

 

   

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

 

   

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

 

22


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

The following chart shows the Company’s financial assets and liabilities measured at fair value as of March 31, 2022 and December 31, 2021:

 

As of March 31, 2022

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Short term investments

     75,775                      75,775  

Asset’s plan

     5,853        —          —          5,853  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     81,628        —          —          81,628  
  

 

 

    

 

 

    

 

 

    

 

 

 

As of March 31, 2022

   Level 1      Level 2      Level 3      Total  

Liabilities

           

Financial liabilities at fair value through profit or loss

           

Warrants

     —          —          25,321        25,321  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     —          —          25,321        25,321  
  

 

 

    

 

 

    

 

 

    

 

 

 

As of December 31, 2021

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Short term investments

     129,467                      129,467  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     129,467        —          —          129,467  
  

 

 

    

 

 

    

 

 

    

 

 

 

As of December 31, 2021

   Level 1      Level 2      Level 3      Total  

Liabilities

           

Financial liabilities at fair value through profit or loss

           

Warrants

     —          —          2,544        2,544  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total liabilities

     —          —          2,544        2,544  
  

 

 

    

 

 

    

 

 

    

 

 

 

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

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

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

There were no transfers between Level 1 and Level 2 from December 31, 2021, through March 31, 2022.

The fair value of warrants is determined using the Black & Scholes model considering the expected volatility of the Company’s ordinary shares upon estimating the future volatility of Company share price. The risk-free interest rate for the expected useful life of warrants is based on the available return of benchmark government bonds with an equivalent remainder term upon the grant. The expected life is based on the contractual terms.

 

23


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

The following assumptions were used in estimating the fair value of warrants as of March 31, 2022:

 

     As of March 31,
2022
    As of December 31,
2021
 

Annualized volatility

     40.13     39.94

Risk free domestic interest rate

     8.25     7.15

Risk free foreign interest rate

     2.29     0.55

Remainder useful life in years

     1.03 years       1.29 years  

It is a recurring Level 3 fair value measurement. The key Level 3 inputs used by Management to assess fair value are market price and expected volatility. As of March 31, 2022: (i) should market price increase by 0.10 it would increase the obligation by about 1,070; (ii) should market price decrease by 0.10 it would drop the obligation by about 1,051; (iii) should volatility increase by 50 basis points, it would rise the obligation by about 330 and; (iv) should volatility slip by 50 basis points, it would reduce the obligation by about 337.

Reconciliation of level 3 measurements at fair value:

 

     As of March 31,
2022
     As of December 31,
2021
 

Warrants liability amount at beginning of period:

     2,544        362  

Loss from changes in the fair value of warrants (Note 10.3)

     22,777        2,182  
  

 

 

    

 

 

 

Amount at end of period

     25,321        2,544  
  

 

 

    

 

 

 

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

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

 

     Carrying amount      Fair value      Level  

Liabilities

        

Borrowings

     576,231        526,429        2  
  

 

 

    

 

 

    

Total liabilities as of March 31, 2022

     576,231        526,429     
  

 

 

    

 

 

    

17.5 Risk management objectives and policies concerning financial instruments

17.5.1 Financial risk factors

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

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

The Company’s financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company’s activities. The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2021, except for the following:

 

24


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

17.5.1.1 Market risk

Exchange rate risk

The Company’s financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of March 31, 2022, the Company performed foreign exchange currency hedge transactions, and the impact in the results of the period is recognized in “Other financial results”.

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

During the period between January 1, 2022, and March 31, 2022, ARS depreciated by about 8%.

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

 

     As of March 31, 2022

Changes in interest rates in Argentine pesos

   +/- 43%

Effect on profit or loss

   (85,794) / 85,794

Effect on equity

   (85,794) / 85,794

Interest rate risk

For the three-month period ended March 31, 2022 the average interest rate was 42%.

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

Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to the potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of March 31, 2022 and December 31, 2021, about 12% and 16% of indebtedness was subject to variable interest rates. For the three-month period ended March 31, 2022 and for the year ended December 31, 2021, the variable interest rate of loans denominated in USD stood at 4.67% and 4.81%, respectively, and it amounted to 36.32% and 35.55%, respectively, for loans denominated in ARS.

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

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

For the three-month period ended March 31, 2022 and for the year ended December 31, 2021, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 18. Inventories

 

     As of March 31,
2022
     As of December 31,
2021
 

Materials and spare parts

     10,385        8,739  

Crude oil stock (Note 5.2)

     7,877        5,222  
  

 

 

    

 

 

 

Total

     18,262        13,961  
  

 

 

    

 

 

 

 

25


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 19. Cash, bank balances and other short-term investments

 

     As of March 31,
2022
     As of December 31,
2021
 

Money market funds

     105,344        106,915  

Mutual funds

     72,678        126,204  

Cash in banks

     26,350        78,098  

Government bonds

     3,517        3,796  
  

 

 

    

 

 

 

Total

     207,889        315,013  
  

 

 

    

 

 

 

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

 

     As of March 31,
2022
     As of December 31,
2021
 

Cash, bank balances and other short-term investments

     207,889        315,013  

Less

     

Government bonds

     (3,517      (3,796
  

 

 

    

 

 

 

Cash and cash equivalents

     204,372        311,217  
  

 

 

    

 

 

 

Note 20. Capital stock

During the three-month period ended March 31, 2022, 548,352 Series A shares were issued as part of the LTIP granted to Company employees (for more information see Note 34 to the annual consolidated financial statements as of December 31, 2021).

As of March 31, 2022, and December 31,2021, the Company’s variable capital stock amounts to 89,178,229 and 88,629,877 fully subscribed and paid Series A shares with no face value, respectively, each entitled to one vote. As of March 31, 2022, and December 31,2021, the Company’s authorized capital includes 39,614,010 and 40,162,362 Series A ordinary shares held in Treasury that may be used with warrants, forward purchase agreements and LTIP.

The variable portion of capital stock is an unlimited amount according to the Company’s bylaws and laws applicable, whereas the fixed amount is divided into 2 Class C shares.

Note 21. Provisions

 

     As of March 31,
2022
     As of December 31,
2021
 

Noncurrent

     

Well plugging and abandonment

     26,761        28,920  

Environmental remediation

     1,118        737  
  

 

 

    

 

 

 

Total noncurrent

     27,879        29,657  
  

 

 

    

 

 

 

 

     As of March 31,
2022
     As of December 31,
2021
 

Current

     

Well plugging and abandonment

     1,950        1,876  

Environmental remediation

     779        862  

Contingencies

     166        142  
  

 

 

    

 

 

 

Total current

     2,895        2,880  
  

 

 

    

 

 

 

 

26


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 22. Salaries and payroll taxes

 

     As of March 31,
2022
     As of December 31,
2021
 

Current

     

Salaries and social security contributions

     4,800        5,389  

Provision for gratifications and bonus

     4,042        12,102  
  

 

 

    

 

 

 

Total current

     8,842        17,491  
  

 

 

    

 

 

 

Note 23. Other taxes and royalties

 

     As of March 31,
2022
     As of December 31,
2021
 

Current

     

Royalties

     10,693        9,547  

Tax withholdings

     3,226        873  

Turnover tax

     144        —    

VAT

     —          33  

Other

     922        919  
  

 

 

    

 

 

 

Total current

     14,985        11,372  
  

 

 

    

 

 

 

Note 24. Trade and other payables

 

     As of March 31,
2022
     As of December 31,
2021
 

Noncurrent

     

Accounts payable:

     

Payables to partners for joint operations (1)

     22,857        50,159  
  

 

 

    

 

 

 

Total noncurrent accounts payable

     22,857        50,159  
  

 

 

    

 

 

 

Total noncurrent

     22,857        50,159  
  

 

 

    

 

 

 

Current

     

Accounts payable:

     

Suppliers

     121,247        119,255  
  

 

 

    

 

 

 

Total current accounts payables

     121,247        119,255  
  

 

 

    

 

 

 

Other accounts payables:

     

Payables to partners for joint operations (1)

     26,105        19,007  

Extraordinary fee for Gas IV Plan (Note 2.5.1.1)

     231        220  
  

 

 

    

 

 

 

Total other current accounts payables

     26,336        19,227  
  

 

 

    

 

 

 

Total current

     147,583        138,482  
  

 

 

    

 

 

 

 

(1) 

As of March 31, 2022 , including 22,857 and 24,066 in noncurrent and current accounts, respectively, related to the agreement mentioned in Note 1.2.1, recognized at present value (see Note 29).

As of December 31, 2021, including 50,159 and 18,913 in noncurrent and current accounts, respectively, related to the carry agreement, recognized at present value (see Note 1.5 to the annual consolidated financial statements as of December 31, 2021).

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

 

27


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 25. Employee benefits

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

 

     Period from January 1,
through March 31, 2022
     Period from January 1,
through March 31, 2021
 

Cost of services

     (10      (5

Cost of interest

     (94      (38
  

 

 

    

 

 

 

Total

     (104      (43
  

 

 

    

 

 

 

 

     As of March 31, 2022  
     Present value of
the obligation
     Asset’s plan      Net liabilities  

Amounts at beginning of period

     (15,416      7,594        (7,822

Items classified as loss or profit

        

Cost of services

     (10      —          (10

Cost of interest

     (185      91        (94

Items classified in other comprehensive income

        

Actuarial remediation (losses)

     —          (129      (129

Benefit payments

     269        (269      —    

Payment of contributions

     —          57        57  
  

 

 

    

 

 

    

 

 

 

Amounts at end of period

     (15,342      7,344        (7,998
  

 

 

    

 

 

    

 

 

 

The fair value of asset’s plan as of every period end per category, is as follows:

 

     As of March 31,
2022
     As of December 31,
2021
 

US government bonds

     5,853        —    

Cash and cash equivalents

     1,491        7,594  
  

 

 

    

 

 

 

Total

     7,344        7,594  
  

 

 

    

 

 

 

For more information, see Note 23 to the Company’s annual consolidated financial statements as of December 31, 2021.

Note 26. Related parties transactions and balances

As of March 31, 2022, and December 31, 2021, the Company carries no balances with related parties and relevant transactions other than those included in Note 27 to the annual consolidated financial statements as of December 31, 2021.

Note 2.3 to the Company’s annual consolidated financial statements as of December 31, 2021 and Note 1.2 of these unaudited interim condensed consolidated financial statements provide information on the Group’s structure, including information on Company subsidiaries.

Note 27. Commitments and contingencies

There were no significant changes in commitments and contingencies for the three-months period ended March 31, 2022. For a description on the Company’s contingency commitments and investment related to its oil and gas properties see Notes 29 and 30 to the annual consolidated financial statements as of December 31, 2021.

Note 28. Tax regulations

There have been no significant changes in Argentina’s and Mexico’s tax regulations during the three-months period ended March 31, 2022 (for more information, see Note 33 to the annual consolidated financial statements as of December 31, 2021).

 

28


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2022 and December 31, 2021 and for the three-month periods ended March 31, 2022 and 2021

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

 

Note 29. Subsequent events

The Company assessed events subsequent to March 31, 2022, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through April 27, 2022, date in which these financial statements were made available for issue.

 

   

On April 1, 2022, Vista Argentina paid the first installments to Wintershall for an amount of 6,250 (See Note 1.2.1).

 

   

On April 4, 2022, Vista Argentina paid interest for a total amount of 164 corresponding to the loan agreements signed with Banco Santander International in July 2021 and January 2022.

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

 

29