Exhibit 1 Second Quarter 2021 Earnings Webcast July 28, 2021Exhibit 1 Second Quarter 2021 Earnings Webcast July 28, 2021
2 About projections and forward-looking statements 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.vistaoilandgas.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 theCompany’s financial information. As a result, investors should read this presentation in conjunction with theCompany’s consolidated financial statements and other financial information available on theCompany’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 theCompany’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 presentation 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“RelatedParties”) 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-lookingstatements” 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– includingVista’s anticipated performance and guidance for 2021 included in slide No. 12 of this presentation– are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed 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 andVista’s business can be found inVista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx). You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice. Other Information Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaoilandgas.com. From time to time, Vista may use its website as a channel of distribution of material information. Accordingly, investors should monitorVista’s Investor Relations website, in addition to followingVista’s press releases, SEC filings, public conference calls and webcasts.
3 Q2 2021 highlights A turning point in our performance 39.9 Mboe/d 31.5 Mbbl/d 165 $MM 7.3 $/boe +67% y-o-y +101% y-o-y +223% y-o-y (15)% y-o-y (1) Production Oil Production Revenue Lifting Cost 102 $MM 75 $MM 368 $MM 237 $MM >900% y-o-y +316% y-o-y (2) (3) (4) Cash at end of period Adj. EBITDA CAPEX Net debt (1) Includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in operations (2) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments (3) Property, plant and equipment additions (4) Net Debt: Current borrowings (179 $MM) + Non-current borrowings (426 $MM) – Cash and cash equivalents (237 $MM) = 368 $MM
4 Production Robust sequential performance on the back of Bajada del Palo Oeste growth (1) TOTAL PRODUCTION OIL PRODUCTION NATURAL GAS PRODUCTION Mboe/d Mbbl/d MMm3/d +67% +101% +5% +17% 39.9 +19% 31.5 +10% 1.26 34.1 1.20 26.4 1.14 23.8 15.7 (2) Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 ▪ Total production increased y-o-y and q-o-q, with robust performance YTD leading to an improved production guidance ▪ Strong sequential increase in oil production, driven by tie-in of pad #7 in March ▪ Gas projects contributing new volumes in accordance with Plan Gas commitments (1) LPG production in Q2 2021 totaled 419 boe/d, compared to 435 boe/d in Q1 2021 and 606 boe/d in Q2 2020 (2) Shut-in shale oil wells due to lower demand amid Covid-19 pandemic
5 Revenues and pricing Strong y-o-y and sequential improvements driven by increase in production and higher realized prices REVENUES AVERAGE CRUDE OIL PRICE AVERAGE NATURAL GAS PRICE $MM $/bbl $/MMBtu +223% +107% +59% +21% 54.9 +43% 165.3 +75% 3.5 45.5 115.9 2.2 2.0 26.5 51.2 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 ▪ Strong increase y-o-y, having ▪ 17% of crude oil sales were to ▪ Gas prices boosted by Plan Gas doubled oil production and export markets winter price of 4.1 $/MMBtu realized prices applicable to ~60% of volumes ▪ Already locked-in Q3-21 sales starting May-21, as well as by ▪ Sequential increase driven by with slightly higher realized oil higher prices to industrial tie-in of pad #7 and price prices vis-a-vis Q2-21 customers improvement
6 Lifting Cost Continuous improvement in lifting cost per boe (1) LIFTING COST LIFTING COST PER BOE $MM $/boe +43% (15)% +14% 8.6 26.5 23.1 (3)% 7.5 18.6 7.3 39.9 34.1 23.8 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 Lifting cost per boe Total production (Mboe/d) ▪ Lifting cost per boe down 3% q-o-q, as incremental production continues to absorb fixed cost base (1) Lifting cost includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, royalties, direct taxes, commercial, exploration and G&A costs
7 Adjusted EBITDA Adjusted EBITDA sequentially boosted by revenue growth amid stable costs (1) (2) ADJ. EBITDA ADJ. EBITDA MARGIN NETBACK $MM % $/boe +904% +42 pp +500% +12pp +75% 102.3 62% +48% 28.2 50% 19.0 58.3 20% 54.9 45.5 45.5 4.7 37.8 10.2 26.5 23.6 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 Q2-20 Q1-21 Q2-21 (3) Adj. EBITDA margin Realized crude oil price ($/bbl) Netback Revenues per boe ▪ Adj. EBITDA increase driven by boost in revenues amid stable costs ▪ Netback improved ~9 $/boe q-o-q, as stable costs per boe allowed us to capture full increase in realized prices (1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments (2) Netback = Adj. EBITDA divided by total production (3) Revenues per boe = Total revenues divided by total production
8 Financial overview Positive free cash flow supporting a solid financial position (1) nd Q2 2021 CASH FLOW EVOLUTION FORECASTED GROSS DEBT THRU AUG 2 $MM $MM 116.0 (45) (50) Beginning of period Operating activities Investing activities Financing activities End of period Debt at the end Debt at the end New bank Bank & bond Debt at (2) (3) cash position cash flow cash flow of Q1-21 of Q2-21 debt repayments 2-Aug -21 (F) cash flow cash position (4) ▪ Positive free cash flow quarter, for a total of 35.5 $MM FORECASTED NET LEVERAGE RATIO AT YE x Adj. EBITDA ▪ Strong cash flow generated by operations, which increased 217% q-o-q ▪ Cash flow used in investing activities was 80.5 $MM, in line with capex 3.5x 3.0x activity of 74.6 $MM 1.7x ▪ Cash flow generated by financing activities was 37.8 $MM, which ~1.1x includes debt repayments of 30.6 $MM and 71.4 $MM raised in bond issuances in the Argentine capital markets nd ▪ By August 2 , 2021, will have repaid 45 $MM of term loan and 50 $MM Q4-20 Q1-21 Q2-21 Q4-21 (F) of series 1 bond, and drawn 24 $MM from Argentine banks credit line (1) Cash is defined as Cash and cash equivalents (2) For the purpose of this graph, cash flow generated by financing activities is the sum of: (i) cash flow generated by financing activities for 39.0 $MM; (ii) effects of exchange rate changes on the balance of cash held in foreign currencies for (1.2) $MM; and (iii) the variation in Government bonds for 0.0 $MM (3) Reflects initial 5 $MM payment from Trafigura and does not include 15 $MM payment from Shell (received in July 2021) (4) Free cash flow is calculated as Operating activities cash flow plus Investing activities cash flow
9 Bajada del Palo Oeste development Continued strong execution, ahead of original 2021 guidance (1) (2) TOTAL SHALE PRODUCTION D&C COST PER WELL Mboe/d $MM 35 (42)% 30 #8 #7 3 25 16.6 #6 20 #5 12.2 9.6 15 #4 10 #2 2 #3 1 5 #1 0 Feb-19 May-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 Jun-21 2019 2020 2021 1 Shut-in shale oil wells due to lower demand amid Covid-19 pandemic 2 Partial shut-in of pads #1, #2 and #3 during completion of pad #4 3 Partial shut-in of pads #2 and #3 during completion of pad #8 Pad tie-in ▪ Tied-in pad #8 in late June (third pad of the year) which leaves us ahead of original 2021 guidance (4 pads) o Landed two wells in La Cocina and two wells in Orgánico o Average lateral length of 2,611 mts and 54 average frac stages per well (1) o Total D&C cost of 9.5 $MM, in line with pad #7, consolidating a 42% cost reduction since our 2019 new well campaign ▪ Currently drilling last well of pad #9, which is scheduled for completion and tie-in by end of Q3-21 (1) Normalized to a standard well design of 2,800 mts lateral length and 47 frac stages well (2) Average D&C cost per well: 2019 includes pads #1 and #2 , 2020 includes pads #3, #4 and #5, 2021 includes pads #6, #7 and #8
10 Business development A&D activity supporting improved financial position, allowing us to accelerate high ROI investments in BDPO JOINT VENTURE WITH TRAFIGURA IN BDPO ▪ Investment agreement for the joint development of 5 pads (of 4 wells each) in Bajada del Palo Oeste NEUQUÉN RÍO NEGRO ▪ Vista remains operator of the block and 100% title holder ▪ Vista & Trafigura hold 80%/20% WI, respectively, of capex and production Águila Mora ▪ Entry price of 5$MM per pad, adding to 25 $MM, equates to ~55,000 21.1k net acres (1) $/acre CASO DIVESTURE TO SHELL ▪ Sold remaining 10% working interest (1,644 acres) in Coirón Amargo (2) Bajada del Palo Este Sur Oeste concession to Shell for 21.5 $MM 48.9k acres ▪ Implied valuation of ~13,100 $/acre among the highest Vaca Muerta Bajada del Palo Oeste (1) M&A multiples 62.6k acres ▪ Non-strategic asset divestiture provides net cash impact to Vista of ~32 $MM in 2021 (sale proceeds and capex reduction) Coirón Amargo Sur Oeste STRATEGIC RATIONALE 1.6k net acres Concessions with shale oil acres ▪ Strengthen financial position to continue profitable growth path and Concessions with conventional production and shale oil acres potentially accelerate development Conventional concessions ▪ Focus resources on Bajada del Palo Oeste, our highest ROI asset ▪ Strengthen strategic partnership with our main domestic off-taker and one of the largest global crude oil traders, bringing a new player to Vaca Muerta (1) Bajada del Palo Oeste has 62.6k acres, with 550 drilling locations identified, implying ~455 acres per 4-well pad. Trafigura is acquiring a 20% working interest of five 4-well pads, equivalent to ~455 acres, for 25 $MM, leading to an implied valuation of ~55,000 $/acre. CASO implied valuation of 13,100 $/acre is calculated as 21.5 $MM for 1,644 net acres. (2) Payment detail: (i) 15 $MM in cash, and (ii) 6.5 $MM as carry for the extension of infrastructure works for the collection and supply of water, which is operated by Shell and supplies Vista's operation
11 ESG progress Ongoing action plan to reduce GHG emissions in our operations ~30% reduction in GHG emissions (1) intensity y-o-y ▪ Finished baseline study with GHG scope 1 & 2 actuals for 2019 and 2020 ▪ Defined plan to be executed in H2-21 in order to ✓ Study provides granularity at the asset- reduce 100% emissions generated by 2021 level and identifies main offenders, to incremental production give way to an actionable reduction plan ✓ We expect to reduce emissions intensity to ~29 kg (1) CO e per boe in 2021, a ~30% reduction y-o-y 2 ▪ Developing a multi-year action plan to reduce GHG emissions and ▪ 58% of new hires YTD were women, increasing share of set short, medium and long-term corporate reduction goals women from 14% at YE-20 to 17% at Q2-21 consistent with the 2015 Paris Agreement ▪ Completed first stage of 8 km bicycle lane project in Catriel ▪ Assigned company premises in Catriel to be used as a Covid- ✓ To be presented with our next sustainability report 19 vaccination center We believe Vista is on track to becoming a low-cost and increasingly low-carbon energy producer (1) See “About projections and forward-looking statements”
12 (1) Updating 2021 guidance Executing ahead of original guidance; increase in activity positions us for a strong start in 2022 SHALE OIL WELLS PRODUCTION LIFTING COST tied-in # Mboe/d $/boe 20 <8 ~ 7.5 38.0 - 39.0 16 37.0 - 38.0 Original Guidance Updated Original Guidance Updated Original Guidance Updated ▪ 12 wells already tied-in (three 4-well pads)▪ New well BDPO productivity in line with ▪ Below 8 $/boe in both Q1-21 and Q2-21, type curve driven by additional volumes at marginal ▪ Currently drilling last well of fourth pad, incremental costs per boe which is scheduled for completion and tie-in ▪ Drilling and completion speed ahead of by end of Q3-21 plan, adding incremental production and enabling early tie-in of fifth pad in Q4-21 ▪ Fifth 4-well pad added to plan, to be drilled in Q3-21 and completed in Q4-21 (2) ADJ. EBITDA CAPEX DEBT $MM $MM $MM 325 ~500 310 275 275 ~ 1.1x (2) Original Guidance Updated Original Guidance Updated Gross debt Net debt (3) ▪ Positively impacted by additional production ▪ Additional pad in BDPO in Q4-21, on the ▪ Maintaining gross debt guidance at ~500 $MM and higher realization prices in Q2-21 and back of higher returns and stronger ▪ Adding net leverage at YE 2021 of ~1.1x adj. Q3-21 financial position EBITDA (1) See “About projections and forward-looking statements” (2) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments (3) Excludes accrued interest
13 Closing remarks
THANKS! Q&A 14