Vista Energy, S.A.B. de C.V. 6K Current report | VIST 24 Oct 23

Vista Energy, S.A.B. de C.V. (VIST) 6-KCurrent report (foreign)

Exhibit 1

LOGO

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

Unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

Unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

TABLE OF CONTENTS

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

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2023 and 2022

(Amounts expressed in thousands of US Dollars)


	Notes	Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Revenue from contracts with customers	4		823,874			835,715			289,686			333,502
Cost of sales:
Operating costs	5.1		(72,415	)		(97,272	)		(21,924	)		(34,704	)
Crude oil stock fluctuation	5.2		(3,801	)		(5,222	)		(1,209	)		(4,571	)
Depreciation, depletion and amortization	12/13/14		(197,419	)		(171,714	)		(70,600	)		(66,910	)
Royalties			(94,516	)		(105,427	)		(31,581	)		(39,171	)
Other non-cash costs related to the transfer of conventional assets	1.2.1		(19,567	)		—			(10,169	)		—

Gross profit			436,156			456,080			154,203			188,146

Selling expenses	6		(49,622	)		(41,057	)		(17,673	)		(14,047	)
General and administrative expenses	7		(51,818	)		(44,211	)		(15,031	)		(15,860	)
Exploration expenses	8		(368	)		(567	)		148			(175	)
Other operating income	9.1		120,173			22,983			23,849			9,263
Other operating expenses	9.2		445			(2,606	)		153			(564	)

Operating profit			454,966			390,622			145,649			166,763

Interest income	10.1		802			384			299			294
Interest expense	10.2		(16,205	)		(22,341	)		(4,842	)		(6,744	)
Other financial income (expense)	10.3		(61,657	)		(43,827	)		(27,375	)		(29,453	)

Financial income (expense), net			(77,060	)		(65,784	)		(31,918	)		(35,903	)

Profit before income tax			377,906			324,838			113,731			130,860

Current income tax (expense)	15		(55,963	)		(146,649	)		(1,378	)		(68,457	)
Deferred income tax (expense) benefit	15		(57,926	)		15,842			(29,251	)		14,258

Income tax (expense)			(113,889	)		(130,807	)		(30,629	)		(54,199	)

Profit for the period, net			264,017			194,031			83,102			76,661

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit or loss in subsequent periods
- (Loss) profit from actuarial remediation related to employee benefits	25		(988	)		(3,207	)		91			(53	)
- Deferred income tax benefit (expense)	15		346			1,122			(31	)		18

Other comprehensive income that shall not be reclassified to (loss) profit in subsequent periods, net of taxes			(642	)		(2,085	)		60			(35	)

Total comprehensive profit for the period			263,375			191,946			83,162			76,626

Earnings per share
Basic (in US Dollars per share)	11		2.834			2.207			0.874			0.886
Diluted (in US Dollars per share)	11		2.664			1.879			0.821			0.750

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statements of financial position as of September 30, 2023 and December 31, 2022

(Amounts expressed in thousands of US Dollars)


	Notes		As of September 30, 2023			As of December 31, 2022
Assets
Noncurrent assets
Property, plant and equipment		12		1,814,370			1,606,339
Goodwill		13		22,576			28,288
Other intangible assets		13		7,386			6,792
Right-of-use assets		14		59,584			26,228
Investments in associates				7,075			6,443
Trade and other receivables		16		159,363			15,864
Deferred income tax assets				335			335

Total noncurrent assets				2,070,689			1,690,289

Current assets
Inventories		18		5,426			12,899
Trade and other receivables		16		254,854			90,406
Cash, bank balances and other short-term investments		19		173,789			244,385

Total current assets				434,069			347,690

Total assets				2,504,758			2,037,979

Equity and liabilities
Equity
Capital stock		20.1		517,874			517,873
Other equity instruments				32,144			32,144
Legal reserve				2,603			2,603
Share-based payments				39,738			40,744
Share repurchase reserve				49,465			49,465
Other accumulated comprehensive income (losses)				(9,336	)		(8,694	)
Accumulated profit (losses)				473,942			209,925

Total equity				1,106,430			844,060

Liabilities
Noncurrent liabilities
Deferred income tax liabilities				300,991			243,411
Lease liabilities		14		30,528			20,644
Provisions		21		30,697			31,668
Borrowings		17.1		587,580			477,601
Employee benefits		25		13,154			12,251

Total noncurrent liabilities				962,950			785,575

Current liabilities
Provisions		21		2,043			2,848
Lease liabilities		14		35,325			8,550
Borrowings		17.1		101,095			71,731
Salaries and payroll taxes		22		16,380			25,120
Income tax liability				28,030			58,770
Other taxes and royalties		23		15,580			20,312
Trade and other payables		24		236,925			221,013

Total current liabilities				435,378			408,344

Total liabilities				1,398,328			1,193,919

Total equity and liabilities				2,504,758			2,037,979

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2023

(Amounts expressed in thousands of US Dollars)


	Capital stock		Other equity instruments		Legal reserve		Share-based payments			Share repurchase reserve		Other accumulated comprehensive income (losses)			Accumulated profit (losses)		Total equity
Amounts as of December 31, 2022		517,873		32,144		2,603		40,744			49,465		(8,694	)		209,925		844,060

Profit for the period		—		—		—		—			—		—			264,017		264,017
Other comprehensive income for the period		—		—		—		—			—		(642	)		—		(642	)

Total comprehensive income		—		—		—		—			—		(642	)		264,017		263,375

Share-based payments		1		—		—		(1,006	)⁽¹⁾		—		—			—		(1,005	)

Amounts as of September 30, 2023		517,874		32,144		2,603		39,738			49,465		(9,336	)		473,942		1,106,430

⁽¹⁾	Including 17,275 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statement of changes in equity for the nine-month period ended September 30, 2022

(Amounts expressed in thousands of US Dollars)


	Capital stock			Legal reserve		Share-based payments			Share repurchase reserve		Other accumulated comprehensive income (losses)			Accumulated profit (losses)			Total equity
Amounts as of December 31, 2021		586,706			—		31,601			—		(5,976	)		(47,072	)		565,259

Profit for the period		—			—		—			—		—			194,031			194,031
Other comprehensive income for the period		—			—		—			—		(2,085	)		—			(2,085	)

Total comprehensive income		—			—		—			—		(2,085	)		194,031			191,946

Ordinary and Extraordinary General Shareholders’ meeting on April 26, 2022 ⁽¹⁾:
Creation of legal reserve		—			1,255		—			—		—			(1,255	)		—
Creation of share repurchase reserve		—			—		—			23,840		—			(23,840	)		—
Board of Directors’ meeting on September 27, 2022:
Reduction of capital stock		(39,530	)⁽¹⁾		—		—			—		—			39,530			—
Share repurchase		(23,804	)⁽¹⁾		—		—			—		—			—			(23,804	)
Share-based payments		1			—		6,818	⁽²⁾		—		—			—			6,819

Amounts as of September 30, 2022		523,373			1,255		38,419			23,840		(8,061	)		161,394			740,220

⁽¹⁾	See Note 21.2 to the annual consolidated financial statements as of December 31, 2022.

⁽²⁾	Including 11,776 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022

(Amounts expressed in thousands of US Dollars)


	Notes		Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Cash flows from operating activities:
Profit for the period, net				264,017			194,031			83,102			76,661
Adjustments to reconcile net cash flows
Items related to operating activities:
(Reversal of) allowance for expected credit losses		6		—			(36	)		—			—
Net changes in foreign exchange rate		10.3		(10,531	)		(39,860	)		(6,509	)		(19,373	)
Discount for well plugging and abandonment		10.3		1,788			1,825			673			617
Net (decrease) increase in provisions		9.2		(721	)		2,075			(153	)		564
Interest expense on lease liabilities		10.3		2,137			1,565			645			499
Discount of assets and liabilities at present value		10.3		(2,943	)		4,790			(6,410	)		668
Share-based payments		7		17,275			11,776			4,025			4,601
Other non-cash costs related to the transfer of conventional assets		1.2.1		19,567			—			10,169			—
Employee benefits		25		124			359			176			150
Income tax expense		15		113,889			130,807			30,629			54,199
Items related to investing activities:
Depreciation and depletion		12/14		194,477			169,370			69,595			66,099
Amortization of intangible assets		13		2,942			2,344			1,005			811
Interest income		10.1		(802	)		(384	)		(299	)		(294	)
Gain from farmout agreement		9.1		(24,429	)		(18,218	)		(18,773	)		(9,049	)
Changes in the fair value of financial assets		10.3		12,222			18,127			19,601			16,377
Gain related to the transfer of conventional assets		9.1 / 1.2.1		(89,659	)		—			—			—
Items related to financing activities:
Interest expense		10.2		16,205			22,341			4,842			6,744
Changes in the fair value of warrants		10.3		—			22,588			—			16,999
Amortized cost		10.3		1,285			1,538			342			467
Remeasurement in borrowings		10.3		48,967			37,669			16,515			15,132
Other financial results		10.3		8,732			(4,415	)		2,518			(1,933	)
Changes in working capital:
Trade and other receivables				(116,720	)		(51,553	)		(91,026	)		(34,520	)
Inventories		5.2		3,801			5,222			1,209			4,571
Trade and other payables				32,637			21,205			24,580			13,232
Payments of employee benefits		25		(209	)		(186	)		(70	)		(73	)
Salaries and payroll taxes				(26,188	)		(2,412	)		3,378			6,652
Other taxes and royalties				(40,834	)		7,545			(9,767	)		2,929
Provisions				(1,270	)		(1,755	)		(380	)		(689	)
Income tax payment				(60,431	)		(61,957	)		(22,331	)		(25,984	)

Net cash flows provided by operating activities				365,328			474,401			117,286			196,057

Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment				(457,513	)		(330,748	)		(162,762	)		(152,792	)
Payments for the acquisition of AFBN assets ⁽¹⁾				(18,750	)		(108,750	)		(6,250	)		(6,250	)
Payments for acquisitions of other intangible assets		13		(3,536	)		(2,656	)		(1,176	)		(999	)
Payments for acquisitions of investments in associates				(632	)		(2,722	)		(100	)		(1,952	)
Prepayment of leases		16		(14,161	)		—			(14,161	)		—
Payments received from farmout agreement		9.1		26,650			20,000			20,400			10,000
Proceeds from the transfer of conventional assets		1.2.1		10,000			—			—			—
Payments for other assets				(2,014	)		—			2,994			—
Interest received		10.1		802			384			299			294

Net cash flows (used in) investing activities				(459,154	)		(424,492	)		(160,756	)		(151,699	)

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

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022

(Amounts expressed in thousands of US Dollars)


	Notes		Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Cash flows from financing activities:
Proceeds from borrowings		17.2		218,500			76,170			70,000			—
Payment of borrowings cost		17.2		(1,699	)		(584	)		(387	)		—
Payment of borrowings principal		17.2		(70,274	)		(164,995	)		(22,500	)		(78,270	)
Payment of borrowings interest		17.2		(18,754	)		(30,192	)		(6,855	)		(10,444	)
Payment of lease		14		(30,437	)		(8,602	)		(10,306	)		(3,156	)
Share repurchase				—			(23,804	)		—			—
Other financial results		10.3		(7,913	)		—			(2,518	)		—

Net cash flow provided by (used in) financing activities				89,423			(152,007	)		27,434			(91,870	)

Net (decrease) in cash and cash equivalents				(4,403	)		(102,098	)		(16,036	)		(47,512	)
Cash and cash equivalents at beginning of period		19		241,956			311,217			219,677			248,560
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents				(66,707	)		(28,326	)		(32,795	)		(20,255	)
Net (decrease) in cash and cash equivalents				(4,403	)		(102,098	)		(16,036	)		(47,512	)

Cash and cash equivalents at end of period		19		170,846			180,793			170,846			180,793

Significant transactions that generated no cash flows
Acquisition of property, plant and equipment through increase in trade and other payables				177,483			137,461			177,483			137,461
Disposal for transfer of conventional assets through increase in trade and other receivables		1.2.1		(116,071	)		—			—			—
Changes in well plugging and abandonment with an impact in property, plant and equipment		12		(2,618	)		(4,146	)		654			(393	)

⁽¹⁾	Related to acquisition of 50% operating working interest in the unconventional concessions of Aguada Federal and Bandurria Norte. (See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2022).

Notes 1 through 30 are an integral part of these unaudited interim condensed consolidated financial statements.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 C.V.”.

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 October 24, 2023.

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, 2022.

1.2 Significant transactions for the period

1.2.1 Agreement signed with Petrolera Aconcagua Energía S.A. (“Aconcagua”) related to conventional assets (“transfer of conventional assets”)

On February 23, 2023, the Company approved the agreement signed by its subsidiary Vista Energy Argentina S.A.U. (“Vista Argentina”) with Aconcagua for the operations of the following concessions in the Neuquina Basin, Argentina (the “Transaction”): (i) the Entre Lomas upstream concession, located in the Province of Neuquén; (ii) the Entre Lomas, Jarilla Quemada, Charco del Palenque, Jagüel de los Machos and 25 de Mayo-Medanito S.E. upstream concessions, located in the Province of Río Negro (jointly, the “Exploitation Concessions”); (iii) the Entre Lomas and Jarilla Quemada gas transportation concession, located in the Province of Río Negro; and (iv) the 25 de Mayo-Medanito S.E. Crude oil transportation concession, located in the Province of Río Negro (jointly with the Exploitation Concessions, the “Concessions”).

The Transaction consists of a two-phased agreement. The first phase was effective as of March 1, 2023 (the “Effective Date”) and will end no later than February 28, 2027.

Under the terms of the Transaction, from the Effective Date, Aconcagua: (i) pays to Vista 26,468 in cash (10,000 on the signing date, and 10,734 and 5,734 in March 2024 and 2025, respectively); (ii) becomes operator of the Concessions; and (iii) pays 100% of Vista’s share of the capex, operating cost, and any other costs associated to the operation of the Concessions, including royalties and taxes.

Vista Argentina retains 40% of the crude oil and natural gas reserves and production, and 100% of Liquified Petroleum Gas (“LPG”) reserves and production, from the Concessions, until the earliest of (i) February 28, 2027, or (ii) the date when Vista Argentina has received a cumulative production of 4 million barrels of crude oil and 300 million m3 of natural gas (the “Final Closing Date”). Aconcagua keep 60% of the crude oil and natural gas production from the Concessions. Additionally, Vista Argentina has the right to purchase up to Aconcagua’s 60% share of the natural gas produced by the Concessions at a price of 1 USD/MMBtu until the Final Closing Date.

Vista Argentina and Aconcagua will work jointly with the Provinces of Río Negro and Neuquén to negotiate an extension of the exploitation and transportation concession titles governing the Concessions, as per the terms set forth in the applicable regulation in Argentina.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

Vista Argentina retains the right to explore and develop the Vaca Muerta formation in the Exploitation Concessions and seek to obtain one or more independent and separate unconventional concessions to develop such resources; and Vista Argentina remains concession title holder of the Concessions until no later than the Final Closing Date, when the Concessions will be transferred to Aconcagua, on an “as is where is basis”, subject to Provincial approvals.

As a consequence of the Transaction, the Company received 10,000 in cash; and recognized: (i) an initial accounts receivable for a total amount of 205,730 in “Trade and other receivables” under “Receivable related to the transfer of conventional assets” (Note 16); (ii) a disposal of 120,529 and 5,542 in “Property, plant and equipment” and “Goodwill”, respectively (Note 12 and 13); and (iii) a gain of 89,659 in “Other operating income” under “Gain related to the transfer of conventional assets” (Note 9.1).

For the nine-month period ended September 30, 2023, the Company recognized 19,567 mainly related to the amortization of the aforementioned accounts receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”.

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 September 30, 2023 and December 31, 2022, and for the nine-month periods ended September 30, 2023 and 2022 were prepared in accordance with the International Accounting Standard (“IAS”) 34 – “Interim Financial Reporting”, issued by the International Accounting Standards Board (“IASB”). 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 September 30, 2023, and the results of operations for the nine-month period ended September 30, 2023. 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 annual consolidated financial statements as of December 31, 2022.

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, 2022, except for 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 effective 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 there were no changes in interest in Company subsidiaries during the nine-month period ended September 30, 2023.

2.4 Summary of significant accounting policies

2.4.1 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”). (See Note 3.2.2 to the annual consolidated financial statements as of December 31, 2022).

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.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

As of September 30, 2023, and December 31, 2022, the Company did not identify indications of impairment related with goodwill and nonfinancial assets other than goodwill.

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 December 22, 2022, through Resolution No. 860/2022, the Department of Energy (“SE” by Spanish acronym) the Company, through its subsidiary Vista Argentina, was awarded a base volume of 0.86 Mcm/day at an annual average price of 3.29 USD/MMBTU, applicable until December 31, 2024.

On April 19, 2023, through Resolution No. 265/2023 of the SE, the base volume awarded to Vista was increased to 1.14 Mcm/day, maintaining the annual average price of 3.29 USD/MMBTU, applicable for a four-year period as from January 1, 2025.

Moreover, the Company was granted a permit by the SE to export natural gas to Chile according to the following volumes:

(i)	0.02 Mcm/day for the period elapsed from July through September 2023;

(ii)	0.43 Mcm/day for the period elapsed from October 2023 through April 2024;

(iii)

0.17 Mcm/day for the period elapsed from May 2024 through September 2024;

(iv)	0.43 Mcm/day for de period elapsed from October 2024 through December 2024; and

(v)	a variable volume until December 2024.

For the nine-month periods ended September 30, 2023 and 2022, the Company received a net amount of 3,491 and 1,077, respectively.

As of September 30, 2023 and December 31, 2022, the receivables related to such plan stand at 4,319 and 3,772, respectively (Note 16).

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework for the nine-month period ended September 30, 2023 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2022).

B-	Mexico

There have been no significant changes in Mexico’s regulatory framework during the nine-month period ended September 30, 2023 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2022).

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 LPG (including Exploration and Production 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 nine-month periods ended September 30, 2023, and 2022, the Company generated 99% and 1% of its revenues related to assets located in Argentina and 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.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

The following chart summarizes noncurrent assets per geographical area:


	As of September 30, 2023		As of December 31, 2022
Argentina		2,004,977		1,638,973
Mexico		65,712		51,316

Total noncurrent assets		2,070,689		1,690,289

Note 4. Revenue from contracts with customers

Period from
January 1, through
September 30, 2023

Period from
January 1, through
September 30, 2022

Period from
July 1, through
September 30, 2023

Period from
July 1, through
September 30, 2022

Goods sold

823,874

835,715

289,686

333,502

Total revenue from contracts with customers

823,874

835,715

289,686

333,502

Recognized at a point in time

823,874

835,715

289,686

333,502

4.1 Information broken down by revenue from contracts with customers


Type of products	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Revenues from crude oil sales		765,137		782,632		272,557		311,986
Revenues from natural gas sales		55,537		49,066		16,396		20,138
Revenues from LPG sales		3,200		4,017		733		1,378

Total revenue from contracts with customers		823,874		835,715		289,686		333,502


Distribution channels	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Exports from crude oil		443,029		399,699		165,359		175,609
Refineries from crude oil		322,108		382,933		107,198		136,377
Exports from natural gas		16,727		4,277		527		1,050
Natural gas for industries		15,766		13,672		4,239		7,188
Retail natural gas distribution companies		15,186		16,230		7,989		7,694
Natural gas for electric power generation		7,858		14,887		3,641		4,206
LPG sales		3,200		4,017		733		1,378

Total revenue from contracts with customers		823,874		835,715		289,686		333,502

Note 5. Cost of sales

5.1 Operating costs


	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Fees and compensation for services		37,120		47,806		10,017		17,800
Salaries and payroll taxes		14,605		15,799		4,558		5,282
Transport		5,198		3,905		2,003		1,260
Employee benefits		4,464		4,418		1,573		1,549
Consumption of materials and spare parts		4,162		13,152		1,161		4,591
Easements and fees		3,796		9,132		1,220		3,296
Other		3,070		3,060		1,392		926

Total operating costs		72,415		97,272		21,924		34,704

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

5.2 Crude oil stock fluctuation


	Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Crude oil stock at beginning of period (Note18)		4,722			5,222		2,130			4,571
Less: Crude oil stock at end of period (Note 18)		(921	)		—		(921	)		—

Total crude oil stock fluctuation		3,801			5,222		1,209			4,571

Note 6. Selling expenses


	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Transport		22,643		16,941			7,251		4,773
Taxes, rates and contributions		11,218		12,514			3,586		4,577
Fees and compensation for services		8,198		4,680			4,099		1,519
Tax on bank account transactions		7,563		6,958			2,737		3,178
(Reversal of) allowances for expected credit losses		—		(36	)		—		—

Total selling expenses		49,622		41,057			17,673		14,047

Note 7. General and administrative expenses


	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Salaries and payroll taxes		18,605		19,348		5,576		7,000
Share-based payments		17,275		11,776		4,025		4,601
Fees and compensation for services		8,172		7,120		2,941		2,350
Employee benefits		3,109		2,213		1,211		848
Institutional promotion and advertising		1,487		1,356		426		415
Taxes, rates and contributions		816		814		200		201
Other		2,354		1,584		652		445

Total general and administrative expenses		51,818		44,211		15,031		15,860

Note 8. Exploration expenses

Period from
January 1, through
September 30, 2023

Period from
January 1, through
September 30, 2022

Period from
July 1, through
September 30, 2023

Period from
July 1, through
September 30, 2022

(Reversal of) geological and geophysical expenses

368

567

(148

)

175

Total exploration expenses

368

567

(148

)

175

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

Note 9. Other operating income and expenses

9.1 Other operating income


	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Gain related to the transfer of conventional assets⁽¹⁾		89,659		—		—		—
Gain from farmout agreement ⁽²⁾		24,429		18,218		18,773		9,049
Other services income ⁽³⁾		6,085		4,765		5,076		214

Total other operating income		120,173		22,983		23,849		9,263

⁽¹⁾	See Note 1.2.1

⁽²⁾

For the nine-month periods ended September 30, 2023, and 2022, including 26,650 and 20,000 of payments received by Trafigura Argentina S.A., related to the farmout agreements, net of disposals of oil and gas properties and goodwill for 2,051 and 170; 1,654 and 128, respectively. See Note 12 and 13. (See Note 29.3.2 to the annual consolidated financial statements as of December 31, 2022).

⁽³⁾	Services not directly related to the Company’s main activity.

9.2 Other operating expenses


	Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
(Provision) for environmental remediation ⁽¹⁾		(427	)		(1,431	)		(41	)		(536	)
Restructuring and reorganization expenses ⁽²⁾		(276	)		(531	)		—			—
Reversal (Provision) for materials and spare parts obsolescence ⁽¹⁾		1,140			(342	)		196			(26	)
Reversal (Provision) for contingencies ⁽¹⁾		8			(302	)		(2	)		(2	)

Total other operating expenses		445			(2,606	)		153			(564	)

⁽¹⁾	These transactions did not generate cash flows.

⁽²⁾	The Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure.

Note 10. Financial income (expense), net

10.1 Interest income

Period from
January 1, through
September 30, 2023

Period from
January 1, through
September 30, 2022

Period from
July 1, through
September 30, 2023

Period from
July 1, through
September 30, 2022

Financial interest

802

384

299

294

Total interest income

802

384

299

294

10.2 Interest expense


	Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Borrowings interest (Note 17.2)		(16,205	)		(22,341	)		(4,842	)		(6,744	)

Total interest expense		(16,205	)		(22,341	)		(4,842	)		(6,744	)

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

10.3 Other financial income (expense)


	Period from January 1, through September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Amortized cost (Note 17.2)		(1,285	)		(1,538	)		(342	)		(467	)
Changes in the fair value of warrants		—			(22,588	)		—			(16,999	)
Net changes in foreign exchange rate		10,531			39,860			6,509			19,373
Discount of assets and liabilities at present value		2,943			(4,790	)		6,410			(668	)
Changes in the fair value of financial assets		(12,222	)		(18,127	)		(19,601	)		(16,377	)
Interest expense on lease liabilities (Note 14)		(2,137	)		(1,565	)		(645	)		(499	)
Discount for well plugging and abandonment		(1,788	)		(1,825	)		(673	)		(617	)
Remeasurement in borrowings ⁽¹⁾		(48,967	)		(37,669	)		(16,515	)		(15,132	)
Other ⁽²⁾		(8,732	)		4,415			(2,518	)		1,933

Total other financial income (expense)		(61,657	)		(43,827	)		(27,375	)		(29,453	)

⁽¹⁾	Related to borrowings in purchasing value units (“UVA”, by Spanish acronym) adjusted by the benchmark stabilization coefficient (“CER”, by its Spanish acronym). See Note 17.2.

⁽²⁾	For the nine-month period ended September 30, 2023, including 819 from loss for negotiable obligations (“ON” by its Spanish acronym) swapping. See Notes 17.1 and 17.2.

Note 11. Earnings per share

Basic

Basic earnings per share is calculated by dividing the Company’s profit 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 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 September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Profit for the period, net		264,017		194,031		83,102		76,661
Weighted average number of ordinary shares		93,161,532		87,929,404		95,066,657		86,508,194

Basic earnings per share		2.834		2.207		0.874		0.886

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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


	Period from January 1, through September 30, 2023		Period from January 1, through September 30, 2022		Period from July 1, through September 30, 2023		Period from July 1, through September 30, 2022
Profit for the period, net		264,017		194,031		83,102		76,661
Weighted average number of ordinary shares ⁽¹⁾		99,093,135		103,270,233		101,178,620		102,150,088

Diluted earnings per share		2.664		1.879		0.821		0.750

⁽¹⁾	As of September 30, 2023 the Company has 95,164,395 outstanding series A shares (Note 20) that cannot exceed 98,781,026 Series A shares. Likewise, in accordance with IFRS the average number of ordinary shares with a potential dilutive effect amounts to 99,093,135.

As of September 30, 2023, the Company holds 3,982,011Series A shares to be used in the Long-Term Incentive Plan (“LTIP”), 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.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 nine-month period ended September 30, 2023 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, 2022		10,794			43,522			513,164				1,607,895			153,948			41,958			2,371,281
Additions		—			1			—				—			452,757			69,470			522,228
Transfers		3,076			5,165			—				479,726			(429,197	)		(58,770	)		—
Disposals		—			(5	)		(2,475	)	⁽¹⁾		(2,618	)⁽²⁾		—			—			(5,098	)
Disposals related to the transfer of conventional assets ⁽³⁾		(1,694	)		(7,537	)		—				(292,020	)		(383	)		(12,749	)		(314,383	)

Amounts as of September 30, 2023		12,176			41,146			510,689				1,792,983			177,125			39,909			2,574,028

Accumulated depreciation
Amounts as of December 31, 2022		(300	)		(15,587	)		(67,947	)			(681,108	)		—			—			(764,942	)
Depreciation		(3	)		(3,618	)		(9,949	)			(175,426	)		—			—			(188,996	)
Disposals		—			2			424		⁽¹⁾		—			—			—			426
Disposals related to the transfer of conventional assets ⁽³⁾		71			5,259			—				188,524			—			—			193,854

Amounts as of September 30, 2023		(232	)		(13,944	)		(77,472	)			(668,010	)		—			—			(759,658	)

Net value
Amounts as of September 30, 2023		11,944			27,202			433,217				1,124,973			177,125			39,909			1,814,370

Amounts as of December 31, 2022		10,494			27,935			445,217				926,787			153,948			41,958			1,606,339

⁽¹⁾	Related tothe farmout agreement mentioned in Note 9.1.

⁽²⁾	Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flows.

⁽³⁾	See Note 1.2.1.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 nine-month period ended September 30, 2023:


	Goodwill			Other intangible assets
Cost
Amounts as of December 31, 2022		28,288			18,246
Additions		—			3,536
Disposals		(170	)⁽¹⁾		—
Disposals related to the transfer of conventional assets ⁽²⁾		(5,542	)		(1,143	)

Amounts as of September 30, 2023		22,576			20,639

Accumulated amortization
Amounts as of December 31, 2022		—			(11,454	)
Amortization		—			(2,942	)
Disposals related to the transfer of conventional assets ⁽²⁾		—			1,143

Amounts as of September 30, 2023		—			(13,253	)

Net value
Amounts as of September 30, 2023		22,576			7,386

Amounts as of December 31, 2022		28,288			6,792

⁽¹⁾	Related tothe farmout agreement mentioned in Note 9.1.

⁽²⁾	See Note 1.2.1.

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

The carrying amount of the Company’s right-of-use assets and lease liabilities, as well as the changes for the nine-month period ended September 30, 2023, are detailed below:


	Right-of-use assets									Total lease liabilities
	Buildings			Plant and machinery			Total			Total lease liabilities
Amounts as of December 31, 2022		986			25,242			26,228			(29,194	)

Additions		—			53,953			53,953			(59,117	)
Reestimation		—			1,689			1,689			(1,689	)
Depreciation ⁽¹⁾		(435	)		(21,851	)		(22,286	)		—
Payments		—			—			—			30,437
Interest expense ⁽²⁾		—			—			—			(6,290	)

Amounts as of September 30, 2023		551			59,033			59,584			(65,853	)

⁽¹⁾	Including the depreciation of drilling services capitalized as “Works in progress” for 16,805.

⁽²⁾	Including drilling agreements capitalized as “Works in progress” for 4,153.

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 54 and 112 for the nine-month periods ended September 30, 2023 and 2022, respectively.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

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 September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Income tax
Current income tax		(55,963	)		(146,649	)		(1,378	)		(68,457	)
Deferred income tax		(57,926	)		15,842			(29,251	)		14,258

Income tax (expense) disclosed in the statement of profit or loss		(113,889	)		(130,807	)		(30,629	)		(54,199	)

Deferred income tax charged to other comprehensive income		346			1,122			(31	)		18

Total income tax (expense)		(113,543	)		(129,685	)		(30,660	)		(54,181	)

For the nine-month period ended September 30, 2023, the Company’s effective rate was 30%. The significant differences between the effective and statutory rate include (i) the application of the tax adjustment for inflation in Argentina; (ii) the depreciation of the Argentine peso (“ARS”) with respect to the USD affecting the Company’s tax deductions of nonmonetary assets; and (iii) the accumulative tax losses not recognized in the period. (See Note 31.1 to the annual consolidated financial statements as of December 31, 2022).

Note 16. Trade and other receivables


	As of September 30, 2023		As of December 31, 2022
Noncurrent
Other receivables:
Prepayments, tax receivables and other:
Prepaid expenses and other receivables ⁽¹⁾		27,487		13,630
Midstream prepaid expenses ⁽²⁾		21,456		—
Value added tax (“VAT”)		1,095		940
Turnover tax		160		493

		50,198		15,063
Financial assets:
Receivables related to the transfer of conventional assets ⁽³⁾		105,351		—
Receivables from joint operations		3,198		—
Loans to employees		616		801

		109,165		801

Total noncurrent trade and other receivables		159,363		15,864

Current
Trade:
Oil and gas accounts receivable (net of allowance for expected credit losses)		105,528		38,978

		105,528		38,978
Other receivables:
Prepayments, tax credits and other:
VAT		27,021		22,939
Prepaid expenses and other receivables		12,170		13,864
Income tax		8,632		2,921
Turnover tax		254		634

		48,077		40,358

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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


	As of September 30, 2023		As of December 31, 2022
Financial assets:
Receivables related to the transfer of conventional assets ⁽³⁾		84,509		—
Accounts receivable from third parties		7,071		2,172
Receivables from joint operations		4,388		3,854
Gas IV Plan (Note 2.5.1.1)		4,319		3,772
Advances to directors and loans to employees		689		444
Other		273		828

		101,249		11,070

Other receivables		149,326		51,428

Total current trade and other receivables		254,854		90,406

⁽¹⁾	Includes 14,161 related to prepayment of leases.

⁽²⁾	Related to the Duplicar Plus Project implemented by Oleoductos del Valle S.A. (“Oldelval”) (See Note 28.1 to the annual consolidated financial statements as of December 31, 2022).

⁽³⁾	Related to the accounts receivable recognized as a result of the Transaction mentioned in Note 1.2.1.

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.

As of September 30, 2023, in general, accounts receivable has a 16-day term for sales of oil and a 46-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 September 30, 2023 and December 31, 2022 an allowance for expected credit losses was recorded in trade and other receivables for 120 and 231 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 September 30, 2023		As of December 31, 2022
Noncurrent
Borrowings		587,580		477,601

Total noncurrent		587,580		477,601

Current
Borrowings		101,095		71,731

Total current		101,095		71,731

Total Borrowings		688,675		549,332

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 September 30, 2023		As of December 31, 2022
Fixed interest
Less than 1 year		100,694		48,588
From 1 to 2 years		93,084		154,895
From 2 to 5 years		414,122		232,279
Over 5 years		55,374		65,427

Total		663,274		501,189


Variable interest
Less than 1 year		401		23,143
From 1 to 2 years		—		—
From 2 to 5 years		25,000		25,000
Over 5 years		—		—

Total		25,401		48,143

Total Borrowings		688,675		549,332

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

The carrying amount of borrowings as of September 30, 2023 and December 31, 2022 of the Company through its subsidiary Vista Argentina, is as follows:

Company

Execution
date

Currency

Principal

Interest

Annual
rate

Maturity
date

As of September
30, 2023

As of December
31, 2022

Banco Galicia, Banco Itaú Unibanco, Banco Santander Rio and Citibank NA

July, 2018

USD

150,000

Variable

LIBOR +
4.50%

July, 2023

—

69,121

150,000

Fixed

8.00%

Santander International

January, 2021

USD

11,700

Fixed

1.80%

January, 2026

⁽¹⁾

Santander International

July, 2021

USD

43,500

Fixed

2.05%

July, 2026

⁽¹⁾⁽³⁾

⁽¹⁾

Santander International

January, 2022

USD

13,500

Fixed

2.45%

January, 2027

⁽¹⁾⁽³⁾

⁽¹⁾

ConocoPhillips Petroleum Holding B.V.

January, 2022

USD

25,000

Variable

SOFR ⁽²⁾

+ 2.01%

September, 2026

25,401

25,594

Total

25,556

94,890

⁽¹⁾	The carrying amount is related to interest, and the principal is collateralized.

⁽²⁾	Secured Overnight Financing Rate (“SOFR”), which replaces LIBOR as of June 30, 2023.

⁽³⁾	See Note 29.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 ON as of September 30, 2023 and December 31, 2022:

Company

Execution
date

Currency

Principal

Interest

Annual
rate

Maturity
date

As of
September 30,
2023

As of December 31,
2022

ON III

February, 2020

USD

50,000

Fixed

3.50%

February, 2024

9,526

9,607

ON VI

December, 2020

USD-linked⁽¹⁾

10,000

Fixed

3.24%

December, 2024

9,989

9,968

ON VII

March, 2021

USD

42,371

⁽²⁾

Fixed

4.25%

March, 2024

—

42,200

ON VIII

March, 2021

ARS

3,054,537

⁽³⁾

Fixed

2.73%

September, 2024

41,759

45,185

ON X

June, 2021

ARS

3,104,063

⁽³⁾

Fixed

4.00%

March, 2025

37,666

40,765

ON XI

August, 2021

USD-linked ⁽¹⁾

9,230

Fixed

3.48%

August, 2025

9,227

9,214

ON XII

August, 2021

USD-linked ⁽¹⁾

100,769

Fixed

5.85%

August, 2031

101,057

102,504

ON XIII

June, 2022

USD

43,500

Fixed

6.00%

August, 2024

43,388

43,211

ON XIV

November, 2022

USD

40,511

Fixed

6.25%

November, 2025

37,029

36,408

ON XV

December, 2022

USD

13,500

Fixed

4.00%

January, 2025

13,459

13,413

ON XVI

December, 2022

USD-linked ⁽¹⁾

63,450

Fixed

0.00%

June, 2026

63,182

63,079

May, 2023

USD-linked ⁽¹⁾

40,785

⁽²⁾

Fixed

0.00%

June, 2026

40,525

—

ON XVII

December, 2022

USD-linked ⁽¹⁾

39,118

Fixed

0.00%

December, 2026

38,933

38,888

ON XVIII

March, 2023

USD-linked ⁽¹⁾

118,542

Fixed

0.00%

March, 2027

117,933

—

ON XIX

March, 2023

USD-linked ⁽¹⁾

16,458

Fixed

1.00%

March, 2028

16,391

—

ON XX

June, 2023

USD

13,500

Fixed

4.50%

July, 2025

13,325

—

ON XXI

August, 2023

USD-linked ⁽¹⁾

70,000

Fixed

0.99%

August, 2028

69,730

—

Total

663,119

454,442

Total Borrowings

688,675

549,332

⁽¹⁾	Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date

⁽²⁾	On May 29, 2023, the Company settled ON VII by: (i) issuing additional ON XVI for 40,785 (which generated no cash flows); and (ii) paid remind principal and interest. The Company recognized 819 related to the loss from the issuance to the swap mentioned.

⁽³⁾	Amount in UVA, adjusted by CER (see Note 10.3).

Under the aforementioned program, Vista Argentina may list 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 September 30, 2023			As of December 31, 2022
Amounts at beginning of period / year		549,332			610,973
Proceeds from borrowings ⁽¹⁾		259,285			228,614
Borrowings interest ⁽²⁾ (Note 10.2)		16,205			28,886
Payment of borrowings cost		(1,699	)		(1,670	)
Payment of borrowings interest		(18,754	)		(34,430	)
Payment of borrowings principal ⁽¹⁾		(111,059	)		(294,917	)
Amortized cost ⁽²⁾ (Note 10.3)		1,285			2,365
Remeasurement in borrowings ⁽²⁾ (Note 10.3)		48,967			52,817
Changes in foreign exchange rate ⁽²⁾		(55,706	)		(45,821	)
Other financial expense ⁽²⁾ (Note 10.3)		819			2,515

Amounts at end of period / year		688,675			549,332

⁽¹⁾	As of September 30, 2023, borrowings received and principal payments include 40,785 related to the ON swapping mentioned in Note 17.1.

As of December 31, 2022, borrowings received and principal payments include 99,826 related to the ON swapping mentioned in Note 18.1 to the annual consolidated financial statements as of December 31, 2022. These transactions did not generate cash flows.

⁽²⁾	These transactions did not generate cash flows.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 September 30, 2023	Financial assets / liabilities at amortized cost		Financial assets / liabilities FVTPL		Total financial assets /liabilities
Assets
Plan assets (Note 25)		—		5,364		5,364
Trade and other receivables (Note 16)		109,165		—		109,165

Total noncurrent financial assets		109,165		5,364		114,529

Cash, bank balances and other short-term investments (Note 19)		33,265		133,202		166,467
Trade and other receivables (Note 16)		206,777		—		206,777

Total current financial assets		240,042		133,202		373,244

Liabilities
Borrowings (Note 17.1)		587,580		—		587,580
Lease liabilities (Note 14)		30,528		—		30,528

Total noncurrent financial liabilities		618,108		—		618,108

Borrowings (Note 17.1)		101,095		—		101,095
Trade and other payables (Note 24)		236,925		—		236,925
Lease liabilities (Note 14)		35,325		—		35,325

Total current financial liabilities		373,345		—		373,345


As of December 31, 2022	Financial assets / liabilities at amortized cost		Financial assets / liabilities FVTPL		Total financial assets /liabilities
Assets
Plan assets (Note 25)		—		5,703		5,703
Trade and other receivables (Note 16)		801		—		801

Total noncurrent financial assets		801		5,703		6,504

Cash, bank balances and other short-term investments (Note 19)		17,606		202,869		220,475
Trade and other receivables (Note 16)		50,048		—		50,048

Total current financial assets		67,654		202,869		270,523

Liabilities
Borrowings (Note 17.1)		477,601		—		477,601
Lease liabilities (Note 14)		20,644		—		20,644

Total noncurrent financial liabilities		498,245		—		498,245

Borrowings (Note 17.1)		71,731		—		71,731
Trade and other payables (Note 24)		221,013		—		221,013
Lease liabilities (Note 14)		8,550		—		8,550

Total current financial liabilities		301,294		—		301,294

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

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

For the nine-month period ended September 30, 2023:


	Financial assets/ liabilities at amortized cost			Financial assets/ liabilities at FVTPL			Total financial assets / liabilities
Interest income (Note 10.1)		802			—			802
Interest expense (Note 10.2)		(16,205	)		—			(16,205	)
Amortized cost (Note 10.3)		(1,285	)		—			(1,285	)
Net changes in foreign exchange rate (Note 10.3)		10,531			—			10,531
Discount of assets and liabilities at present value (Note 10.3)		2,943			—			2,943
Changes in the fair value of financial assets (Note 10.3)		—			(12,222	)		(12,222	)
Interest expense on lease liabilities (Note 10.3)		(2,137	)		—			(2,137	)
Discount for well plugging and abandonment (Note 10.3)		(1,788	)		—			(1,788	)
Remeasurement in borrowings (Note 10.3)		(48,967	)		—			(48,967	)
Other (Note 10.3)		(8,732	)		—			(8,732	)

Total		(64,838	)		(12,222	)		(77,060	)

For the nine-month period ended September 30, 2022:


	Financial assets/ liabilities at amortized cost			Financial assets/ liabilities at FVTPL			Total financial assets / liabilities
Interest income (Note 10.1)		384			—			384
Interest expense (Note 10.2)		(22,341	)		—			(22,341	)
Amortized cost (Note 10.3)		(1,538	)		—			(1,538	)
Changes in the fair value of warrants (Note 10.3)		—			(22,588	)		(22,588	)
Net changes in foreign exchange rate (Note 10.3)		39,860			—			39,860
Discount of assets and liabilities at present value (Note 10.3)		(4,790	)		—			(4,790	)
Changes in the fair value of financial assets (Note 10.3)		—			(18,127	)		(18,127	)
Interest expense on lease liabilities (Note 10.3)		(1,565	)		—			(1,565	)
Discount for well plugging and abandonment (Note 10.3)		(1,825	)		—			(1,825	)
Remeasurement in borrowings (Note 10.3)		(37,669	)		—			(37,669	)
Other (Note 10.3)		4,415			—			4,415

Total		(25,069	)		(40,715	)		(65,784	)

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).

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

The following chart shows the Company’s financial assets measured at fair value as of September 30, 2023 and December 31, 2022:


As of September 30, 2023	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss
Plan assets		5,364		—		—		5,364
Short-term investments		133,202		—		—		133,202

Total assets		138,566		—		—		138,566


As of December 31, 2022	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss
Plan assets		5,703		—		—		5,703
Short-term investments		202,869		—		—		202,869

Total assets		208,572		—		—		208,572

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, 2022, through September 30, 2023.

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.

As of September 30, 2023

Carrying amount

Fair value

Level

Liabilities

Borrowings

688,675

552,120

Total liabilities

688,675

552,120

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

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, 2022, except for the following:

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 September 30, 2023 and 2022, the Company performed foreign exchange currency hedge transactions, and the impact in the results of the period is recognized in “Other financial income (expense)”.

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

During the nine-month period ended September 30, 2023 and for the year ended December 31, 2022, ARS depreciated by about 98% and 72%, respectively.

The following chart shows the sensitivity to a modification in the exchange rate 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 September 30, 2023
Changes in exchange rate:		+/-10%
Effect on profit before income taxes		9,479 /(9,479)
Effect on equity before income taxes		9,479 /(9,479)

Interest rate risk

For the nine-month periods ended September 30, 2023, and 2022, the average interest rate was 95% and 51%, respectively.

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 September 30, 2023, and December 31, 2022, about 4 % and 9% of indebtedness was subject to variable interest rates. For the nine-month period ended September 30, 2023, and for the year ended December 31, 2022, the variable interest rate of loans denominated in USD stood at 9.29% and 4.55%, respectively. For the year ended December 31, 2022, the variable rate of loans denominated in ARS stood at 36.31%.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

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 nine-month period ended September 30, 2023, and for the year ended December 31, 2022, the Company did not use derivative financial instruments to mitigate interest rate risks.

Note 18. Inventories


	As of September 30, 2023		As��of December 31, 2022
Materials and spare parts		4,505		8,177
Crude oil stock (Note 5.2)		921		4,722

Total		5,426		12,899

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


	As of September 30, 2023		As of December 31, 2022
Mutual funds		130,848		202,165
Money market funds		32,676		15,881
Cash in banks		7,322		23,910
Government bonds		2,943		2,429

Total		173,789		244,385

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 September 30, 2023			As of December 31, 2022
Cash, bank balances and other short-term investments		173,789			244,385
Less
Government bonds		(2,943	)		(2,429	)

Cash and cash equivalents		170,846			241,956

Note 20. Equity

20.1 Capital stock

The following chart shows a reconciliation of the movements in the Company’s capital stock for the nine-month period ended September 30, 2023:


	Series A		Series C		Total
Amounts as of December 31, 2022		517,873		—		517,873
Number of shares		88,406,478		2		88,406,480

Cashless exercises of warrant		—		—		—
Number of shares		1,176,811		—		1,176,811
Series A shares to be granted in LTIP		1		—		1
Number of shares		5,581,106		—		5,581,106

Amounts as of September 30, 2023		517,874		—		517,874
Number of shares		95,164,395		2		95,164,397

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

As of September 30, 2023 and December 31, 2022, the Company’s authorized capital includes 33,627,844 and 40,385,761 Series A ordinary shares, respectively, held in Treasury.

See Note 21 to the annual consolidated financial statements as of December 31, 2022.

Note 21. Provisions


	As of September 30, 2023		As of December 31, 2022
Noncurrent
Well plugging and abandonment		30,489		31,389
Environmental remediation		208		279

Total noncurrent		30,697		31,668

Current
Well plugging and abandonment		1,111		1,135
Environmental remediation		877		1,542
Contingencies		55		171

Total current		2,043		2,848

Note 22. Salaries and payroll taxes


	As of September 30, 2023		As of December 31, 2022
Current
Provision for bonuses and incentives		10,453		17,599
Salaries and social security contributions		5,927		7,521

Total current		16,380		25,120

Note 23. Other taxes and royalties


	As of September 30, 2023		As of December 31, 2022
Current
Royalties		13,999		12,642
Tax withholdings		1,378		7,205
Other		203		465

Total current		15,580		20,312

Note 24. Trade and other payables


	As of September 30, 2023		As of December 31, 2022
Current
Accounts payable:
Suppliers		226,805		196,484

Total current accounts payables		226,805		196,484

Other accounts payables:
Payables to third parties ⁽¹⁾		6,162		23,880
Payables to partners of joint operations		3,397		161
Extraordinary fee for Gas IV Plan		561		488

Total other current accounts payables		10,120		24,529

Total current		236,925		221,013

⁽¹⁾	Related to acquisition of 50% operating working interest in the unconventional concessions of Aguada Federal and Bandurria Norte. (See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2022).

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.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

(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 September 30, 2023			Period from January 1, through September 30, 2022			Period from July 1, through September 30, 2023			Period from July 1, through September 30, 2022
Cost of services		(19	)		(35	)		(7	)		(14	)
Cost of interest		(469	)		(324	)		(169	)		(136	)
Settlement		364			—			—			—

Total		(124	)		(359	)		(176	)		(150	)


	As of September 30, 2023
	Present value of the obligation			Plan assets			Net liabilities
Amounts at beginning of period		(19,009	)		6,758			(12,251	)
Items classified as loss or profit
Cost of services		(19	)		—			(19	)
Cost of interest		(682	)		213			(469	)
Settlement		364			—			364
Items classified in other comprehensive income
Actuarial remediation gain		(1,190	)		202			(988	)
Benefit payments		777			(777	)		—
Payment of contributions		957			(748	)		209

Amounts at end of period		(18,802	)		5,648			(13,154	)

The fair value of plan assets as of every period end per category, is as follows:


	As of September 30, 2023		As of December 31, 2022
US government bonds		5,364		5,703
Cash and cash equivalents		284		1,055

Total		5,648		6,758

See Note 23 to the annual consolidated financial statements as of December 31, 2022.

Note 26. Related parties transactions and balances

As of September 30, 2023 and December 31, 2022, 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, 2022.

Note 2.3 to the annual consolidated financial statements as of December 31, 2022 and Note 1.2 of these unaudited interim condensed consolidated financial statements provide information on the Group’s structure, including information on Company subsidiaries.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

Note 27. Commitments and contingencies

27.1 “Vaca Muerta Norte” Pipeline Agreement

On May 16, 2023, through its subsidiary Vista Argentina, the Company entered into an agreement with YPF S.A. (“YPF”), Equinor Argentina B.V. Sucursal Argentina (“Equinor”) and Shell Argentina S.A. (“Shell”) (jointly the “Parties”) , whereby YPF, in its capacity as the hydrocarbon transportation concession owner of the pipeline (the “Pipeline”) located in the Province of Neuquén from “La Amarga Chica” area to “Puesto Hernández” area (the “Transportation Concession”), assigns to the remainder parties an undivided interest of the rights and obligations over the Transportation Concession amounting to: (i) 3.5% (three point five percent) in favour of Equinor; (ii) 13.3% (thirteen point three percent) to Shell, and (iii) 8% (eight percent) to Vista Argentina (the “Assignment”).

The Transportation Concession will be used to carry off the production of all oil and gas areas in which the Parties have, now or hereafter, a Pipeline interest.

In addition, the Parties signed (i) an agency agreement whereby Equinor, Shell and Vista Argentina entrusted YPF with the acts and tasks required to build the Pipeline and set the costs and expenses to be contributed by each concession holder in proportion to their interests, and; (ii) an agreement for the joint construction of the Pipeline, which establishes the terms and conditions to operate, maintain and use the Pipeline transportation capacity and the Transportation Concession.

Moreover, this Assignment is pending approval by the Executive Power of the Province of Neuquén.

As of the date of these unaudited interim condensed consolidated financial statements, Vista Argentina paid 16,912 related to this agreement.

Other than mentioned above, there were no significant changes in commitments and contingencies for the nine-month period ended September 30, 2023 (see Notes 28 and 29 to the annual consolidated financial statements as of December 31, 2022).

Note 28. Tax regulations

A- Argentina

28.1. Income tax

On July 20, 2023, the Federal Public Revenue Agency (“AFIP” by Spanish acronym) issued General Resolution No. 5,391/2023, which establishes a one-time payment towards income tax.

For taxpayers whose taxable income as of December 31, 2022, before computing prior-year NOLs, is equal to or higher than ARS 600,000,000, and who have not assessed income tax for that same period, this one-time payment towards income tax amounts to 15% of such taxable income. This amount is payable in 3 (three) equal and consecutive instalments as from August 2023 and will be computed towards income tax assessed for the year ended December 31, 2023, or the following years.

As of September 30, 2023, the Company, through its subsidiary AFBN S.R.L., made payments towards income tax for 653.

28.2 Tax for an inclusive and solidary Argentina (“PAIS Tax”)

On July 24, 2023, through Presidential Decree No. 377/2023, the Argentine Executive set forth that PAIS tax shall also be applied to the acquisition of foreign currency for the payments of imports of goods and services, at a 7.5% rate for imports of goods and freight, and at a 25% for imports of services. This tax extension does not apply to imports of goods related to power generation.

Other than mentioned above, there were no significant changes in Argentina’s and Mexico’s tax regulations during the nine-month period ended September 30, 2023 (see Note 31 to the annual consolidated financial statements as of December 31, 2022).

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

Note 29. Subsequent events

The Company assessed events subsequent to September 30, 2023, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through October 24, 2023, date in which these financial statements were made available for issue.

•

On October 3, the Department of Energy Resolution No. 808/23, as amended, (hereinafter, the “Resolution”) authorized that, under certain conditions, exporters of crude oil, petroleum oil, gas and by-products settle the funds obtained from their exports at a preferential exchange rate. Such rate results from bringing 75% of the foreign currency into Argentina through the single and free foreign exchange market and the remainder 25% through securities bought in foreign currency and sold in local currency (“O&G dollar”).

To be eligible to the O&G dollar, exports should meet certain criteria, including settling such exports from October 2, 2023, through October 20, 2023, and exporting these products no later than November 30, 2023.

•

On October 4, 2023, Vista Argentina paid interest for an amount of 110 corresponding to loan agreements signed with Banco Santander International in July 2021 and January 2022.

•

On October 17, 2023, Vista Argentina entered into two export prefinancing agreements with Citibank N.A. in the amount of 38,000 for 70 (seventy) days subject to early settlement, at an annual interest rate of SOFR + 9%.

•

On October 17, 2023, Vista Argentina entered into an export prefinancing agreement with Itaú Unibanco S.A. in the amount of 10,000 for 60 (sixty) days subject to early settlement, at an annual interest rate of 8.75%.

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.

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

Note 30. Supplementary pro forma financial information (unaudited)

As mentioned in Note 1.2.1, the Company, thought it subsidiary Vista Argentina signed an agreement with Aconcagua for the operations of the following concessions in the Neuquina Basin, Argentina (the “Transaction”): (i) the Entre Lomas upstream concession, located in the Province of Neuquén; (ii) the Entre Lomas, Jarilla Quemada, Charco del Palenque, Jagüel de los Machos and 25 de Mayo-Medanito S.E. upstream concessions, located in the Province of Río Negro (jointly, the “Exploitation Concessions”); (iii) the Entre Lomas and Jarilla Quemada gas transportation concession, located in the Province of Río Negro; and (iv) the 25 de Mayo-Medanito SE Crude oil transportation concession, located in the Province of Río Negro (jointly with the Exploitation Concessions, the “Concessions”).

The Company has prepared these financial information to comply with the regulatory requirements set forth by the Mexican Banking and Securities Commission (“CNBV” by Spanish acronym), which have been prepared in accordance with IFRS as issued by the IASB. They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value.

This pro forma financial information should not be considered a statement, guarantee or suggestion about past or future performance. No person should rely on the usefulness or accuracy of this pro forma financial information, which is disclosed exclusively to comply with the CNBV. To the maximum extent allowed by applicable law, Vista Energy S.A.B. de C.V. and its directors, Board members, employees, affiliates and subsidiaries are released from all liability related to such pro forma information.

30.1 Pro forma consolidated statement of profit or loss and other comprehensive income for the nine-month period ended as of September 30, 2022 (unaudited)


	Nine-month period									Three-month period
	From January 1, through September 30, 2022			Pro forma adjustments			From January 1, through September 30, 2022 Pro forma			From July 1, through September 30, 2022			Pro forma adjustments			From July 1, through September 30, 2022 Pro forma
Revenue from contracts with customers		835,715			(78,849	)		756,866			333,502			(32,383	)		301,119
Cost of sales:
Operating costs		(97,272	)		41,469			(55,803	)		(34,704	)		16,898			(17,806	)
Crude oil stock fluctuation		(5,222	)		2,473			(2,749	)		(4,571	)		2,441			(2,130	)
Depreciation, depletion and amortization		(171,714	)		21,055			(150,659	)		(66,910	)		9,668			(57,242	)
Royalties		(105,427	)		20,897			(84,530	)		(39,171	)		8,857			(30,314	)
Other non-cash costs related to the transfer of conventional assets		—			(19,695	)		(19,695	)		—			(8,783	)		(8,783	)

Gross profit		456,080			(12,650	)		443,430			188,146			(3,302	)		184,844

Selling expenses		(41,057	)		1,794			(39,263	)		(14,047	)		1,108			(12,939	)
General and administrative expenses		(44,211	)		—			(44,211	)		(15,860	)		—			(15,860	)
Exploration expenses		(567	)		—			(567	)		(175	)		—			(175	)
Other operating income		22,983			60,622			83,605			9,263			6,398			15,661
Other operating expenses		(2,606	)		—			(2,606	)		(564	)		—			(564	)

Operating profit		390,622			49,766			440,388			166,763			4,204			170,967

Interest income		384			—			384			294			—			294
Interest expense		(22,341	)		—			(22,341	)		(6,744	)		—			(6,744	)
Other financial income (expense)		(43,827	)		—			(43,827	)		(29,453	)		—			(29,453	)

Financial income (expense), net		(65,784	)		—			(65,784	)		(35,903	)		—			(35,903	)

Profit before income tax		324,838			49,766			374,604			130,860			4,204			135,064

Current income tax (expense)		(146,649	)		(8,871	)		(155,520	)		(68,457	)		(749	)		(69,206	)
Deferred income tax (expense) benefit		15,842			(8,547	)		7,295			14,258			(722	)		13,536

Income tax (expense)		(130,807	)		(17,418	)		(148,225	)		(54,199	)		(1,471	)		(55,670	)

Profit for the period, net		194,031			32,348			226,379			76,661			2,733			79,394

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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


	Nine-month period								Three-month period
	From January 1, through September 30, 2022			Pro forma adjustments		From January 1, through September 30, 2022 Pro forma			From July 1, through September 30, 2022			Pro forma adjustments		From July 1, through September 30, 2022 Pro forma
Other comprehensive income
Other comprehensive income that shall not be reclassified to profit or loss in subsequent periods
- (Loss) from actuarial remediation related to employee benefits		(3,207	)		—		(3,207	)		(53	)		—		(53	)
- Deferred income tax benefit		1,122			—		1,122			18			—		18

Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods, net of taxes		(2,085	)		—		(2,085	)		(35	)		—		(35	)

Total comprehensive profit for the period		191,946			32,348		224,294			76,626			2,733		79,359

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

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022

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

30.2 Pro forma consolidated statement of financial position as of September 30, 2022 (unaudited)


	As of September 30, 2022			Pro forma adjustments			As of September 30, 2022 Pro forma
Assets
Noncurrent assets
Property, plant and equipment		1,517,849			(121,327	)		1,396,522
Goodwill		28,288			(5,542	)		22,746
Other intangible assets		4,190			—			4,190
Right-of-use assets		25,208			(3,131	)		22,077
Investments in associates		5,699			—			5,699
Trade and other receivables		19,057			163,787			182,844
Deferred income tax assets		4,029			—			4,029

Total noncurrent assets		1,604,320			33,787			1,638,107


Current assets
Inventories		6,847			(901	)		5,946
Trade and other receivables		90,297			12,826			103,123
Cash, bank balances and other short-term investments		182,751			(14,236	)		168,515

Total current assets		279,895			(2,311	)		277,584

Total assets		1,884,215			31,476			1,915,691


Equity and liabilities
Equity
Capital stock		523,373			—			523,373
Legal reserve		1,255			—			1,255
Share-based payments		38,419			—			38,419
Share repurchase reserve		23,840			—			23,840
Other accumulated comprehensive income (losses)		(8,061	)		—			(8,061	)
Accumulated profit (losses)		161,394			32,348			193,742

Total equity		740,220			32,348			772,568


Liabilities
Noncurrent liabilities
Deferred income tax liabilities		159,714			8,547			168,261
Lease liabilities		18,791			(3,131	)		15,660
Provisions		28,027			—			28,027
Borrowings		362,338			—			362,338
Warrants		25,132			—			25,132
Employee benefits		11,202			—			11,202
Trade and other payables		11,679			—			11,679

Total noncurrent liabilities		616,883			5,416			622,299


Current liabilities
Provisions		2,167			—			2,167
Lease liabilities		8,768			—			8,768
Borrowings		160,263			—			160,263
Salaries and payroll taxes		18,861			—			18,861
Income tax liability		113,888			8,871			122,759
Other taxes and royalties		19,911			—			19,911
Trade and other payables		203,254			(15,159	)		188,095

Total current liabilities		527,112			(6,288	)		520,824

Total liabilities		1,143,995			(872	)		1,143,123

Total equity and liabilities		1,884,215			31,476			1,915,691

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the nine-month periods ended September 30, 2023 and 2022

Unaudited interim condensed consolidated statements of financial position as of September 30, 2023 and December 31, 2022

Unaudited interim condensed consolidated statements of changes in equity for the nine-month periods ended September 30, 2023 and 2022

Unaudited interim condensed consolidated statements of cash flows for the nine-month periods ended September 30, 2023 and 2022

Notes to the unaudited interim condensed consolidated financial statements as of September 30, 2023 and December 31, 2022 and for the nine-month periods ended September 30, 2023 and 2022