Vista Energy, S.A.B. de C.V. 6K Current report | VIST 26 Feb 25

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

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Exhibit 1

LOGO

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

Unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

Unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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 years and for the three-month periods ended December 31, 2024 and 2023

(Amounts expressed in thousands of US Dollars)


	Notes	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Revenue from contracts with customers	4		1,647,768			1,168,774			471,318			309,196
Cost of sales:
Operating costs	5.1		(116,526	)		(94,685	)		(36,556	)		(22,270	)
Crude oil stock fluctuation	5.2		1,720			(2,058	)		3,913			1,743
Royalties and others	5.3		(243,950	)		(176,813	)		(73,896	)		(46,593	)
Depreciation, depletion and amortization	11/12/13		(437,699	)		(276,430	)		(139,618	)		(79,011	)
Other non-cash costs related to the transfer of conventional assets	15		(33,570	)		(27,539	)		(8,521	)		(7,972	)

Gross profit			817,743			591,249			216,640			155,093

Selling expenses	6		(140,334	)		(68,792	)		(62,527	)		(19,170	)
General and administrative expenses	7		(108,954	)		(70,483	)		(35,207	)		(18,665	)
Exploration expenses			(138	)		(16	)		(102	)		352
Other operating income	8.1		54,127			203,812			6,467			83,639
Other operating expenses	8.2		(1,261	)		302			(64	)		(143	)
Reversal (impairment) of long-lived assets	2.4.1		4,207			(24,585	)		4,207			(24,585	)

Operating profit			625,390			631,487			129,414			176,521

Interest income	9.1		4,535			1,235			1,375			433
Interest expense	9.2		(62,499	)		(21,879	)		(25,361	)		(5,674	)
Other financial income (expense)	9.3		23,401			(65,484	)		19,259			(3,827	)

Financial income (expense), net			(34,563	)		(86,128	)		(4,727	)		(9,068	)

Profit before income tax			590,827			545,359			124,687			167,453

Current income tax (expense)	14		(426,288	)		(16,393	)		(106,897	)		39,570
Deferred income tax benefit (expense)	14		312,982			(132,011	)		75,981			(74,085	)

Income tax (expense)			(113,306	)		(148,404	)		(30,916	)		(34,515	)

Profit for the year / period, net			477,521			396,955			93,771			132,938

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods
- (Loss) profit from actuarial remeasurement related to employee benefits	24		(10,200	)		6,565			4,683			7,553
- Deferred income tax benefit (expense)	14		3,570			(2,298	)		(1,639	)		(2,644	)

Other comprehensive income for the year / period			(6,630	)		4,267			3,044			4,909

Total comprehensive profit for the year / period			470,891			401,222			96,815			137,847

Earnings per share
Basic (in US Dollars per share)	10		4.979			4.237			0.985			1.396
Diluted (in US Dollars per share)	10		4.633			4.000			0.913			1.317

Notes 1 through 28 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 December 31, 2024 and December 31, 2023

(Amounts expressed in thousands of US Dollars)


	Notes		As of December 31, 2024			As of December 31, 2023
Assets
Noncurrent assets
Property, plant and equipment		11		2,805,983			1,927,759
Goodwill		12		22,576			22,576
Other intangible assets		12		15,443			10,026
Right-of-use assets		13		105,333			61,025
Biological assets				10,027			—
Investments in associates				11,906			8,619
Trade and other receivables		15		205,268			136,351
Deferred income tax assets				3,565			5,743

Total noncurrent assets				3,180,101			2,172,099

Current assets
Inventories		17		6,469			7,549
Trade and other receivables		15		281,495			205,102
Cash, bank balances and other short-term investments		18		764,307			213,253

Total current assets				1,052,271			425,904

Total assets				4,232,372			2,598,003

Equity and liabilities
Equity
Capital stock		19.1		398,064			517,874
Other equity instruments				32,144			32,144
Legal reserve				8,233			8,233
Share-based payments				45,628			42,476
Share repurchase reserve		19.2		129,324			79,324
Other accumulated comprehensive income (losses)				(11,057	)		(4,427	)
Accumulated profit (losses)				1,018,877			571,391

Total equity				1,621,213			1,247,015

Liabilities
Noncurrent liabilities
Deferred income tax liabilities				64,398			383,128
Lease liabilities		13		37,638			35,600
Provisions		20		33,058			12,339
Borrowings		16.1		1,402,343			554,832
Employee benefits		24		15,968			5,703

Total noncurrent liabilities				1,553,405			991,602

Current liabilities
Provisions		20		3,910			4,133
Lease liabilities		13		58,022			34,868
Borrowings		16.1		46,224			61,223
Salaries and payroll taxes		21		32,656			17,555
Income tax liability				382,041			3
Other taxes and royalties		22		47,715			36,549
Trade and other payables		23		487,186			205,055

Total current liabilities				1,057,754			359,386

Total liabilities				2,611,159			1,350,988

Total equity and liabilities				4,232,372			2,598,003

Notes 1 through 28 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 year ended December 31, 2024

(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, 2023		517,874			32,144		8,233		42,476			79,324		(4,427	)		571,391			1,247,015

Profit for the year, net		—			—		—		—			—		—			477,521			477,521
Other comprehensive income for the year		—			—		—		—			—		(6,630	)		—			(6,630	)

Total comprehensive income		—			—		—		—			—		(6,630	)		477,521			470,891

Ordinary General Shareholders’ meeting on August 6, 2024 ⁽¹⁾:
Creation of share repurchase reserve		—			—		—		—			50,000		—			(50,000	)		—
Board of Directors’ meeting on December 5, 2024 ⁽²⁾:
Reduction of capital stock		(19,965	)		—		—		—			—		—			19,965			—
Share repurchase ⁽²⁾		(99,846	)		—		—		—			—		—			—			(99,846	)
Share-based payments		1			—		—		3,152	⁽³⁾		—		—			—			3,153

Amounts as of December 31, 2024		398,064			32,144		8,233		45,628			129,324		(11,057	)		1,018,877			1,621,213

⁽¹⁾	See Note 19.2.

⁽²⁾	See Note 19.1.

⁽³⁾	Including 34,923 share-based payments (Note 7), net of tax charges.

Notes 1 through 28 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 year ended December 31, 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 year, net		—		—		—		—			—		—			396,955			396,955
Other comprehensive income for the year		—		—		—		—			—		4,267			—			4,267

Total comprehensive income		—		—		—		—			—		4,267			396,955			401,222

Ordinary and Extraordinary General Shareholders’ meeting on April 24, 2023 ⁽¹⁾:
Creation of legal reserve		—		—		5,630		—			—		—			(5,630	)		—
Creation of share repurchase reserve		—		—		—		—			29,859		—			(29,859	)		—
Share-based payments		1		—		—		1,732	⁽²⁾		—		—			—			1,733

Amounts as of December 31, 2023		517,874		32,144		8,233		42,476			79,324		(4,427	)		571,391			1,247,015

⁽¹⁾	See Note 21.2 to the annual consolidated financial statements as of December 31, 2023.

⁽²⁾	Including 23,133 share-based payments (Note 7), net of tax charges.

Notes 1 through 28 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 years and for the three-month periods ended December 31, 2024 and 2023

(Amounts expressed in thousands of US Dollars)


	Notes		Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Cash flows from operating activities:
Profit for the year / period, net				477,521			396,955			93,771			132,938
Adjustments to reconcile net cash flows
Items related to operating activities:
Other non-cash costs related to the transfer of conventional assets		15		33,570			27,539			8,521			7,972
Share-based payments		7		34,923			23,133			6,285			5,858
Net increase (decrease) in provisions		8.2		1,261			(578	)		64			143
Net changes in foreign exchange rate		9.3		453			(18,458	)		(1,852	)		(7,927	)
Discount of assets and liabilities at present value		9.3		(933	)		(2,137	)		(1,341	)		806
Discount for well plugging and abandonment		9.3		1,312			2,387			449			599
Income tax expense		14		113,306			148,404			30,916			34,515
Employee benefits		24		489			300			266			176
Items related to investing activities:
Gain related to the transfer of conventional assets		8.1		—			(89,659	)		—			—
(Reversal) impairment of long-lived assets		2.4.1		(4,207	)		24,585			(4,207	)		24,585
Gain from farmout agreement		8.1		—			(24,429	)		—			—
Interest income		9.1		(4,535	)		(1,235	)		(1,375	)		(433	)
Changes in the fair value of financial assets		9.3		(14,120	)		(19,437	)		(7,103	)		(31,659	)
Depreciation and depletion		11/13		431,788			272,371			137,824			77,894
Amortization of intangible assets		12		5,911			4,059			1,794			1,117
Items related to financing activities:
Interest expense		9.2		62,499			21,879			25,361			5,674
Amortized cost		9.3		1,649			1,810			589			525
Interest expense on lease liabilities		9.3		3,093			2,894			835			757
Remeasurement in borrowings		9.3		—			72,044			—			23,077
Other financial income (expense)		9.3		(14,855	)		26,381			(10,836	)		17,649
Changes in working capital:
Trade and other receivables				(210,622	)		(81,260	)		16,238			35,460
Inventories		5.2		(1,720	)		2,058			(3,913	)		(1,743	)
Trade and other payables				109,334			61,230			78,576			28,593
Payments of employee benefits		24		(424	)		(283	)		(133	)		(74	)
Salaries and payroll taxes				(16,247	)		(26,441	)		4,581			(253	)
Other taxes and royalties				(23,396	)		(43,507	)		(2,770	)		(2,673	)
Provisions				2,295			(1,359	)		3,330			(89	)
Income tax payment				(29,319	)		(67,213	)		(6,385	)		(6,782	)

Net cash flows provided by operating activities				959,026			712,033			369,485			346,705

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

Unaudited interim condensed consolidated statements of cash flows for the years and for the three-month periods ended December 31, 2024 and 2023

(Amounts expressed in thousands of US Dollars)


	Notes		Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment and biological assets				(1,052,530	)		(688,437	)		(306,486	)		(228,910	)
Proceeds from the transfer of conventional assets ⁽¹⁾				10,734			10,000			—			—
Payments for acquisitions of other intangible assets		12		(11,328	)		(7,293	)		(6,190	)		(3,757	)
Payments for acquisitions of investments in associates				(3,287	)		(2,176	)		(1,076	)		(1,544	)
Interest received		9.1		4,535			1,235			1,375			433
Proceeds from farmout agreement		8.1		—			26,650			—			—
Prepayment of leases				—			(14,292	)		—			(131	)
Payments for the acquisition of AFBN assets ⁽²⁾				—			(25,000	)		—			(6,250	)

Net cash flows (used in) investing activities				(1,051,876	)		(699,313	)		(312,377	)		(240,159	)

Cash flows from financing activities:
Proceeds from borrowings		16.2		1,320,897			318,169			835,880			99,669
Payment of borrowings principal		16.2		(470,351	)		(211,499	)		(339,704	)		(141,225	)
Payment of borrowings interest		16.2		(53,897	)		(22,993	)		(33,183	)		(4,239	)
Payment of borrowings cost		16.2		(7,631	)		(1,779	)		(6,194	)		(80	)
Payment of lease		13		(56,641	)		(36,780	)		(23,792	)		(6,343	)
Share repurchase		19.1		(99,846	)		—			—			—
Proceeds from (payments of) other financial results		9.3		8,680			(25,562	)		14,649			(17,649	)

Net cash flow provided by (used in) financing activities				641,211			19,556			447,656			(69,867	)

Net increase in cash and cash equivalents				548,361			32,276			504,764			36,679
Cash and cash equivalents at beginning of year / period		18		209,516			241,956			249,062			170,846
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents				(2,267	)		(64,716	)		1,784			1,991
Net increase in cash and cash equivalents				548,361			32,276			504,764			36,679

Cash and cash equivalents at end of year / period		18		755,610			209,516			755,610			209,516

Significant transactions that generated no cash flows
Acquisition of property, plant and equipment through increase in trade and other payables				341,448			152,607			341,448			152,607
Changes in well plugging and abandonment with an impact in property, plant and equipment		11		23,325			(930	)		13,167			1,688
Disposal for transfer of conventional assets through increase in trade and other receivables				—			(116,071	)		—			—

⁽¹⁾	See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023.

⁽²⁾	See Note 29.2.5 to the annual consolidated financial statements as of December 31, 2023.

Notes 1 through 28 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 December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

Note 1. Group information

1.1 Company general information

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. 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.”.

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

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.

As of December 31, 2024 and 2023, the Company´s main activity, through its subsidiaries, is the exploration and production of Crude oil and Natural gas (“Upstream”).

There were no significant changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2023.

1.2 Significant transactions for the year

1.2.1 Corporate bond (“ON”) issuance under New York legislation by Vista Energy Argentina S.A.U. (“Vista Argentina”)

On December 10, 2024, the Company, through its subsidiary Vista Argentina, issued ON XXVII for 600,000 and an average 10-year term. It will be amortized in equal parts in 2033, 2034 and 2035; and has an annual interest rate of 7.625% payable on a semi-annual basis.

This ON is governed by United States and other foreign jurisdictions pursuant to Rule 144A and Regulation S under the U.S. Securities Act of 1933. It is issued under the “Programa de Notas” approved by the National Securities Commission in Argentina (“CNV” by its Spanish acronym).

For further information, see Note 16.1.

1.2.2 Agreement signed with Trafigura Argentina S.A. (“Trafigura”) related to the joint investment agreements (“farmout agreements I and II”) in Bajada del Palo Oeste area

On December 16, 2024, the Company, through its subsidiary Vista Argentina, agreed to the assignment of Trafigura’s interest in the aforementioned farmout agreements I and II in its own favor (See Note 29.2.1 of the consolidated financial statements as of December 31, 2023), effective as from January 1, 2025, at which time the Company will hold rights to 100% of the production from the pads subject to the agreement (the “Agreement”).

Under the Agreement, Vista Argentina will pay 128,000 to Trafigura in 48 monthly and consecutive installments through December 2028.

In addition, Vista Argentina and Trafigura signed a crude oil marketing agreement (“COMA”), which will be effective from January 1, 2025, to December 31, 2028, by virtue of which Vista will sell 10,000 m³ of Crude oil per month to Trafigura.

The amount payable by Trafigura under the COMA will be offset with Vista’s obligations under the Agreement.

As of December 31, 2024, the Agreement had no accounting impacts on the interim condensed consolidated financial statements.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

1.2.3 Agreement for “Vaca Muerta Sur” pipeline (the “Pipeline”)

1.2.3.1 Firm Transportation Service Agreement for Vaca Muerta Center Pipeline (“VMOC” by Spanish Acronym)

On December 18, 2024, the Company, through its subsidiary Vista Argentina, signed an agreement with YPF S.A. (“YPF”) to provide firm transportation services in VMOC. It was thus awarded a crude oil transportation capacity of 4,500 m³/d during phase I, increasing to 6,800 m³/d by phase II, which is expected to begin no later than December 31, 2026.

The agreement has a 15 year-term, beginning when the pipeline starts transporting hydrocarbons (“commencement date”).

Pursuant to this agreement, the Company undertook to make an upfront investment equal to a portion of the capital investments required to build the VMOC, which will be recovered from the monthly service fee in equal and consecutive installments as from commencement date.

As of December 31, 2024, the Company has not made any disbursements related to this agreement (Note 28).

1.2.3.2 Vaca Muerta Sur Pipeline (“VMOS” by Spanish Acronym)

On December 13, 2024, the Company, through its subsidiary Vista Argentina, signed an agreement with YPF, Pampa Energía S.A. and Pan American Sur S.A. (hereinafter, the “shareholders”) to acquire a minority interest in VMOS S.A., created to carry out the Vaca Muerta Sur project aimed at building a crude oil export pipeline for Vaca Muerta Sur (the “Project.”)

The expected extension of the Project is 437 km, joining Allen’s pumping station to Punta Colorada. It is also expected to have a loading and unloading port terminal with interconnected single buoy moorings and a tank and storage yard. In addition, this pipeline will transport up to 550,000 oil barrels per day (“bbl/d”), which may be increased up to 700,000 bbl/d. Business operations are scheduled to begin during the second half of 2027.

This Project will require an estimated investment of 3 billion, to be funded through shareholder contributions and third-party financing.

The Company, through its subsidiary Vista Argentina, holds an initial minority interest of 14.1%, which may change depending on the entry of other shareholders into the Project, and has been awarded a transportation, storage and dispatch capacity in the Project of 50,000 bbl/d, under a firm transportation contract.

The Company recognizes its investment in VMOS S.A. under the equity method within “Investments in associates”.

As of December 31, 2024, the Company has granted an advance for 4,741 to VMOS S.A., recognized in “Trade and other receivables” under “Balances with related parties” (Note 15 and 28).

Note 2. Basis of preparation and material accounting policies

2.1 Basis of preparation and presentation

These unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023, and for the years and for the three-month periods ended December 31, 2024 and 2023 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 December 31, 2024, and the results of operations for the years and for the three-month period ended December 31, 2024. 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, 2023.

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, 2023. They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

The figures contained herein are stated in US Dollars (“USD”) and are rounded to the nearest thousand, unless otherwise stated.

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on February 26, 2025 and the subsequent events through that date are considered.

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.

Several amendments are applied for the first time in the year ended December 31, 2024, but did not have an impact on the interim condensed consolidated financial statements of the Group.

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. There were no changes in interest in Company subsidiaries during the year ended December 31, 2024.

2.4 Summary of material accounting policies

2.4.1 Impairment of goodwill and property, plant and equipment, right-of-use assets and identifiable intangible assets (“long-lived assets”) other than goodwill

Long-lived 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 Cash Generating Units (“CGUs”).

As of December 31, 2024 and 2023, the Company oil and gas properties in Argentina were grouped as follow: (i) operated exploitation concessions of unconventional oil and gas; and (ii) non-operating concessions of conventional oil and gas.

The Company also identified only 1 CGUs in Mexico: (i) operated exploitation concessions of conventional oil and gas, as of December 31, 2024 and 2023.

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

As of December 31, 2024, the Company did not identify indications of impairment related with goodwill and long-lived assets other than goodwill in Argentina. However, the Company identified reversal of impairment indicators to the CGU in Mexico, mainly resulting from the recovery of the local price of natural gas. Therefore, the Company performed an impairment testing; using estimated cash flows per CGU, to determine the recoverable amount of the long -lived assets and compare it against carrying amount of CGU.

As result of the analysis performed, for the year ended December 31, 2024 the Company recorded a reversal of impairment of 4,207 related to the CGU operated exploitation concessions of conventional oil and gas in Mexico.

As of December 31, 2023, the Company identified impairment indicators, mainly resulting from the decline in the international price of crude oil in Mexico and local price of natural gas in Argentina. Therefore, the Company performed an impairment testing; using estimated cash flows per CGU, to determine the recoverable amount of the long -lived assets and compare it against carrying amount of CGU.

As result of the analysis performed, for the year ended December 31, 2023 the Company recorded an impairment of 22,906 related to the CGU operated exploitation concessions of conventional oil and gas in Mexico and 1,679 related to the CGU for non-operating exploitation concessions of conventional oil and gas in Argentina.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

Main assumptions used

Below are the key assumptions used in assessing the recoverable value of the aforementioned CGUs, if any, and the sensitivity analyses:


	As of December 31, 2024						As of December 31, 2023
	Argentina			Mexico			Argentina			Mexico
Discount rates (after taxes)		9.9	%		7.4	%		12.9	%		6.0	%
Discount rates (before taxes)		18.2	%		8.3	%		21.9	%		8.2	%

Prices of crude oil, natural gas and Liquefied Petroleum Gas (“LPG”)
Crude oil (USD/bbl) ⁽¹⁾
2024		—			—			82.4			73.4
2025		73.3			60.7			79.0			70.9
2026		70.7			61.6			72.6			64.5
2027		67.3			62.9			66.4			61.3
As from 2028		67.4			61.4			66.4			61.3
Natural gas - local prices (USD/MMBTU) ⁽²⁾
As from		3.0			4.0			2.8			3.3

LPG – local prices (USD/tn)
As from		301.8			—			296.3			—

⁽¹⁾	The prices correspond to Brent and Maya, for Argentina and Mexico respectively.

⁽²⁾	Millions of British Themal Unit (“MMBTU”).

Sensitivity to changes in assumptions

Regarding the assessment of the value in use as of December 31, 2024, and 2023, the Company considers that there are no reasonably possible changes in any of the abovementioned main assumptions that may cause the carrying amount of any CGU to decrease its recoverable amount, except for the following:


	As of December 31, 2024					As of December 31, 2023
	Argentina		Mexico			Argentina ⁽¹⁾			Mexico
Discount rate (on the basis)		+10%					+10%
Carrying amount		—		(3,138	)		(136	)		(2,559	)

Expected prices of crude oil, natural gas and LPG		-10%					- 10%
Carrying amount		—		(14,012	)		(349	)		(13,402	)

⁽¹⁾	Related to the non-operating concessions of conventional oil and gas CGU.

The aforementioned sensitivity analysis may not be representative of the actual change in the carrying amount because it is unlikely that the change in the assumptions would occur in isolation, as some assumptions may be correlated.

For further information on climate-related matters see Note 2.4.18 of the consolidated financial statements as of December 31, 2023.

As of December 31, 2024, and 2023, the net carrying amount of property, plant and equipment, intangible assets and right-of-use assets is disclosed in Notes 11, 12 and 13, respectively.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

2.5 Regulatory framework

A-	Argentina

2.5.1 General

2.5.1.1 Bases law

On June 28, 2024, Argentina’s House of Representatives approved Law of Bases and Points of Departure for the Freedom of Argentineans No. 27,742, as well as Law of Palliative and Relevant Tax Measures No. 27,743 (jointly, “the Bases Law”). On July 8, 2024, the Bases Law was enacted through Presidential Decrees No. 592/2024 and No. 593/2024, respectively, published in the Official Bulletin.

These laws´s main objective is deregulate the Argentine economy and adjust the state’s operation and structure; declaring a public administrative, economic, financial, and energetic emergency for a year, and grant the Executive delegated legislative powers, as main measures.

Regarding the main amended to the Argentine Hydrocarbons Law, as follows:

•

Eliminates the concept of hydrocarbon self-supply existing at the time, with the objective of maximizing corporate profits from the exploitation of resources;

•

Establishes that the Executive (National or Provincial, as the case may be) may grant storage permits and authorizations for hydrocarbon processing, under the requirements and conditions set forth by the Argentine Hydrcarbons Law;

•

Grants producers rights to trade, transport, and industrialize hydrocarbons and by-products, while prohibiting the National Executive from intervening or setting prices;

•

Establishes the free export and import of hydrocarbons and by-products, eliminating the Department of Energy’s authority to challenge export permits;

•

Amends the acquisition system and terms for unconventional concessions following the reconversion of conventional concessions;

•

Authorizes the regulatory authority to grant concessions for terms other than those established in Argentine Hydrocarbons Law;

•

Amends the extension system for new concessions;

•

Mandates that new concessions be awarded through a bidding process upon expiration of existing concessions.

The Bases Law also sets forth the creation of an Incentive Regime for Large Investments (the “RIGI” by Spanish acronym), which provides stability and offers tax, customs, and foreign exchange benefits for projects in various sectors, including the energy and oil & gas, subject to specific conditions.

The RIGI was established and published in the Official Bulletin on August 23, 2024, through Presidential Decree No. 749/2024, applicable to the oil & gas sector solely for the following activities: (i) construction of treatments plants, natural gas separation plants, oil & gas pipelines, and polyducts, and storage facilities; (ii) transportation and storage of liquid and gaseous hydrocarbons; (iii) petrochemical plants, including fertilizer production and refinery; (iv) natural gas production, collection, treatment, processing, fractioning, liquefaction and transportation for export of liquefied natural gas, as well as the infrastructure works required to develop the industry, and (v) offshore exploration and exploitation of liquid and gaseous hydrocarbons.

The Bases Law had no significant impact on these interim condensed consolidated financial statements.

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

On September 2, 2024, through Presidential Decree No. 777/2024, the Executive reduced to 7.50% the PAIS tax rate applicable to the acquisition of foreign currency for the payment of imports of goods and freight.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

As of the date of these interim condensed consolidated financial statements, the PAIS tax is no longer in effect, as its validity ended on December 22, 2024, in accordance with Law No. 27,541. (See Note 30.2 of the consolidated financial statements as of December 31, 2023).

2.5.2 Gas market

2.5.2.1 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 of the SE, the Company, through its subsidiary Vista Argentina, was awarded a base volume of 0.86 million cubic meters per day (“Mcm/d”) 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/d, maintaining the annual average price of 3.29 USD/MMBTU, applicable for a 4-year period as from January 1, 2025.

Therefore, as of December 31, 2024, the Company was granted a permit by the SE to export natural gas to Chile according to the following volumes:

(i)	0.17 Mcm/d for the period elapsed from January through April 2025;

(ii)	0.15 Mcm/d for the period elapsed from May through September 2025; and

(iii)

0.17 Mcm/d for the period elapsed from October through December 2025.

For the years ended December 31, 2024 and 2023, the Company received a net amount of 3,839 and 5,189, respectively.

As of December 31, 2024 and 2023, the receivables related to such plan stand at 3,007 and 1,245, respectively (Note 15).

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework for the year ended December 31, 2024 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2023).

B-	Mexico

There have been no significant changes in Mexico’s regulatory framework during the year ended December 31, 2024 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2023).

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 years ended December 31, 2024, and 2023, 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.

The following chart summarizes noncurrent assets per geographical area:


	As of December 31, 2024		As of December 31, 2023
Argentina		3,128,742		2,122,735
Mexico		51,359		49,364

Total noncurrent assets		3,180,101		2,172,099

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

Note 4. Revenue from contracts with customers

Year ended
December 31, 2024

Year ended
December 31, 2023

Period from
October 1, through
December 31, 2024

Period from
October 1, through
December 31, 2023

Goods sold

1,647,768

1,168,774

471,318

309,196

Total revenue from contracts with customers

1,647,768

1,168,774

471,318

309,196

Recognized at a point in time

1,647,768

1,168,774

471,318

309,196

4.1 Information broken down by revenue from contracts with customers


Type of products	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Revenues from crude oil sales		1,573,069		1,097,316		454,703		296,180
Revenues from natural gas sales		71,756		67,290		15,257		12,048
Revenues from LPG sales		2,943		4,168		1,358		968

Total revenue from contracts with customers		1,647,768		1,168,774		471,318		309,196



Distribution channels	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Exports of crude oil		807,526		642,155		262,152		163,127
Local crude oil		765,543		455,161		192,551		133,053
Local natural gas		51,898		46,931		11,328		8,121
Exports of natural gas		19,858		20,359		3,929		3,927
LPG sales		2,943		4,168		1,358		968

Total revenue from contracts with customers		1,647,768		1,168,774		471,318		309,196

Note 5. Cost of sales

5.1 Operating costs


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Fees and compensation for services		62,006		48,729		20,470		11,609
Salaries and payroll taxes		27,310		21,072		7,526		4,633
Employee benefits		9,333		5,926		2,832		1,462
Consumption of materials and spare parts		4,377		4,933		1,240		771
Transport		4,221		5,214		1,532		1,850
Easements and fees		3,288		4,547		876		751
Other		5,991		4,264		2,080		1,194

Total operating costs		116,526		94,685		36,556		22,270

5.2 Crude oil stock fluctuation


	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Crude oil stock at beginning of the year/period (Note 17)		2,664			4,722			471			921
Less: Crude oil stock at end of the year/period (Note 17)		(4,384	)		(2,664	)		(4,384	)		(2,664	)

Total crude oil stock fluctuation		(1,720	)		2,058			(3,913	)		(1,743	)

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

Note 5.3 Royalties and others


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Royalties		184,441		128,723		54,569		34,207
Export duties		59,509		48,090		19,327		12,386

Total royalties and others		243,950		176,813		73,896		46,593

Note 6. Selling expenses


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Transport		88,257		33,006		47,018		10,363
Taxes, rates and contributions		24,960		14,908		6,368		3,690
Fees and compensation for services		15,481		10,490		6,208		2,292
Tax on bank account transactions		11,636		10,388		2,933		2,825

Total selling expenses		140,334		68,792		62,527		19,170

Note 7. General and administrative expenses


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Salaries and payroll taxes		37,587		23,300		10,403		4,695
Share-based payments		34,923		23,133		6,285		5,858
Fees and compensation for services		13,377		11,764		4,227		3,592
Taxes, rates and contributions ⁽¹⁾		9,687		1,884		9,078		1,068
Employee benefits		6,020		4,678		2,009		1,569
Institutional promotion and advertising		2,324		2,174		1,139		687
Other		5,036		3,550		2,066		1,196

Total general and administrative expenses		108,954		70,483		35,207		18,665

⁽¹⁾	For the years ended December 31, 2024 and 2023, including 8,017 and 1,072 respectively, related to personal assets tax.

Note 8. Other operating income and expenses

8.1 Other operating income


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Gain from Exports Increase Program ⁽¹⁾		45,201		81,232		8,898			81,232
Other income		8,926		8,492		(2,431	)		2,407
Gain related to the transfer of conventional assets⁽²⁾		—		89,659		—			—
Gain from farmout agreement ⁽³⁾		—		24,429		—			—

Total other operating income		54,127		203,812		6,467			83,639

⁽¹⁾	The years ended December 31, 2024 and 2023,mainly included 43,911 and 86,173 of gain, net of related costs.

⁽²⁾	See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023.

⁽³⁾

The year ended December 31, 2023, including 26,650 of receipts received by Trafigura, related to the farmout agreements I y II net of disposals of oil and gas properties and goodwill for 2,051 and 170, respectively. (See Note 29.2.1.1 to the annual consolidated financial statements as of December 31, 2023).

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

8.2 Other operating expenses


	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
(Provision for) reversal of contingencies ⁽¹⁾		(688	)		(69	)		33			(77	)
(Provision for) environmental remediation ⁽¹⁾		(359	)		(485	)		(57	)		(58	)
(Provision for) reversal of materials and spare parts obsolescence ⁽¹⁾		(214	)		1,132			(40	)		(8	)
Restructuring and reorganization expenses ⁽²⁾		—			(276	)		—			—

Total other operating expenses		(1,261	)		302			(64	)		(143	)

⁽¹⁾	These transactions did not generate cash flows.

⁽²⁾	For the year ended December 31, 2023, the Company booked restructuring expenses including payments, fees and transaction costs related to the changes in the Group’s structure.

Note 9. Financial income (expense), net

9.1 Interest income

Year ended
December 31, 2024

Year ended
December 31, 2023

Period from
October 1, through
December 31, 2024

Period from
October 1, through
December 31, 2023

Financial interest

4,535

1,235

1,375

433

Total interest income

4,535

1,235

1,375

433

9.2 Interest expense


	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Borrowings interest (Note 16.2)		(62,499	)		(21,879	)		(25,361	)		(5,674	)

Total interest expense		(62,499	)		(21,879	)		(25,361	)		(5,674	)

9.3 Other financial income (expense)


	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Amortized cost (Note 16.2)		(1,649	)		(1,810	)		(589	)		(525	)
Net changes in foreign exchange rate		(453	)		18,458			1,852			7,927
Discount of assets and liabilities at present value		933			2,137			1,341			(806	)
Changes in the fair value of financial assets		14,120			19,437			7,103			31,659
Interest expense on lease liabilities (Note 13)		(3,093	)		(2,894	)		(835	)		(757	)
Discount for well plugging and abandonment		(1,312	)		(2,387	)		(449	)		(599	)
Remeasurement in borrowings ⁽¹⁾		—			(72,044	)		—			(23,077	)
Other ⁽²⁾		14,855			(26,381	)		10,836			(17,649	)

Total other financial income (expense)		23,401			(65,484	)		19,259			(3,827	)

⁽¹⁾	Related to borrowings in purchasing value units (“UVA”, by Spanish acronym) adjusted by the benchmark stabilization coefficient (“CER”, by its Spanish acronym) (Note 16.2).

⁽²⁾	For the years ended December 31, 2024 and 2023, including 6,175 income and 819 from loss related to the ON swapping (Note 16.1 and 16.2), respectively. Both are non-cash.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three-month periods ended December 31, 2024 and 2023

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

Note 10. 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 year / period.


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Profit for the year / period, net		477,521		396,955		93,771		132,938
Weighted average number of ordinary shares		95,906,449		93,679,904		95,223,600		95,218,119

Basic earnings per share		4.979		4.237		0.985		1.396

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 year / 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 year / period, no dilution effect is booked, as diluted earnings per share is equal to basic earnings per share.


	Year ended December 31, 2024		Year ended December 31, 2023		Period from October 1, through December 31, 2024		Period from October 1, through December 31, 2023
Profit for the year / period, net		477,521		396,955		93,771		132,938
Weighted average number of ordinary shares ⁽¹⁾		103,077,629		99,232,919		102,721,610		100,968,859

Diluted earnings per share		4.633		4.000		0.913		1.317

⁽¹⁾	As of December 31, 2024, the Company has 95,285,453 outstanding shares (Note 19.1) that cannot exceed 98,781,028 shares. Likewise, in accordance with IFRS the average number of ordinary shares with a potential dilutive effect amounts to 103,077,629.

As of December 31, 2024, the Company holds 1,840,530 Series 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 unvested. 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 December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

Note 11. Property, plant and equipment

The changes in property, plant and equipment for the year ended December 31, 2024 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, 2023		12,574			43,524			498,707			2,036,644			123,015			44,955			2,759,419
Additions		—			—			—			23,325	⁽¹⁾		1,034,608			238,831			1,296,764
Transfers		(4,310	)		11,102			—			1,154,325			(966,416	)		(194,701	)		—
Disposals		—			(560	)		—			—			—			—			(560	)
Reversal of impairment of long -lived assets ⁽²⁾		—			—			2,201			2,493			—			—			4,694

Amounts as of December 31, 2024		8,264			54,066			500,908			3,216,787			191,207			89,085			4,060,317

Accumulated depreciation
Amounts as of December 31, 2023		(232	)		(15,239	)		(80,655	)		(735,534	)		—			—			(831,660	)
Depreciation		—			(6,563	)		(21,044	)		(394,919	)		—			—			(422,526	)
Disposals		—			339			—			—			—			—			339
Reversal of impairment of long -lived assets ⁽²⁾		—			—			(92	)		(395	)		—			—			(487	)

Amounts as of December 31, 2024		(232	)		(21,463	)		(101,791	)		(1,130,848	)		—			—			(1,254,334	)

Net value
Amounts as of December 31, 2024		8,032			32,603			399,117			2,085,939			191,207			89,085			2,805,983

Amounts as of December 31, 2023		12,342			28,285			418,052			1,301,110			123,015			44,955			1,927,759

⁽¹⁾	Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flows.

⁽²⁾	See Note 2.4.1.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

Note 12. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the year ended December 31, 2024:


	Goodwill		Other intangible assets
Cost
Amounts as of December 31, 2023		22,576		24,396
Additions		—		11,328

Amounts as of December 31, 2024		22,576		35,724

Accumulated amortization
Amounts as of December 31, 2023		—		(14,370	)
Amortization		—		(5,911	)

Amounts as of December 31, 2024		—		(20,281	)

Net value
Amounts as of December 31, 2024		22,576		15,443

Amounts as of December 31, 2023		22,576		10,026

Note 13. 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 year ended December 31, 2024, are detailed below:


	Right-of-use assets									Total lease liabilities
	Land and Buildings			Facilities and machinery			Total			Total lease liabilities
Amounts as of December 31, 2023		388			60,637			61,025			(70,468	)
Reestimation		1,428			9,799			11,227			(11,301	)
Additions		14,423			63,458			77,881			(63,458	)
Depreciation ⁽¹⁾		(688	)		(44,112	)		(44,800	)		—
Payments		—			—			—			56,641
Interest expense ⁽²⁾		—			—			—			(7,074	)

Amounts as of December 31, 2024		15,551			89,782			105,333			(95,660	)

⁽¹⁾	Including the depreciation of drilling services capitalized as “Works in progress” for 35,538.

⁽²⁾	Including drilling agreements capitalized as “Works in progress” for 3,981.

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 121 and 69 for the years ended December 31, 2024 and 2023, respectively.

Note 14. 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:


	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Income tax
Current income tax		(426,288	)		(16,393	)		(106,897	)		39,570
Deferred income tax		312,982			(132,011	)		75,981			(74,085	)

Income tax (expense) charged to statement of profit or loss		(113,306	)		(148,404	)		(30,916	)		(34,515	)

Deferred income tax charged to other comprehensive income		3,570			(2,298	)		(1,639	)		(2,644	)

Total income tax (expense)		(109,736	)		(150,702	)		(32,555	)		(37,159	)

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

For the year ended December 31, 2024 and 2023, the Company’s effective rate was 19% and 27%, respectively. The differences between the effective and statutory rate mainly 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.

For the year ended December 31, 2024, and despite the disparity in the evolution of the Consumer Price Index (“IPC” by its Spanish acronym) and the exchange rate throughout the period (Note 16.5.1.1), the Argentine Government did not establish a deferral mechanism for tax inflation adjustment, resulting in an increase in the income tax base.

See Note 30 to the annual consolidated financial statements as of December 31, 2023.

Note 15. Trade and other receivables


	As of December 31, 2024		As of December 31, 2023
Noncurrent
Other receivables:
Prepayments, tax receivables and other:
Advance payments for transportation services ⁽¹⁾		134,436		34,660
Receivables related to the transfer of conventional assets ⁽²⁾		57,194		70,526
Prepaid expenses and other receivables ⁽³⁾		11,820		27,414
Turnover tax		164		5
Value added tax (“VAT”)		—		462

		203,614		133,067

Financial assets:
Receivables from joint operations		1,243		2,936
Loans to employees		411		348

		1,654		3,284

Total noncurrent trade and other receivables		205,268		136,351

Current
Trade:
Oil and gas accounts receivable (net of allowance for expected credit losses)		77,351		59,787

		77,351		59,787

Other receivables:
Prepayments, tax credits and other:
VAT		90,704		19,713
Receivables related to the transfer of conventional assets ⁽²⁾		46,018		86,043
Prepaid expenses and other receivables		9,322		9,381
Advance payments for transportation services ⁽¹⁾		7,054		—
Income tax		4,431		13,409
Turnover tax		2,867		385

		160,396		128,931

Financial assets:
Accounts receivable from third parties⁽⁴⁾		29,040		7,804
Receivables from joint operations		5,586		6,581
Balances with related parties (Note 1.2.3.2 and Note 25)		4,741		—
Gas IV Plan (Note 2.5.2.1)		3,007		1,245
Advances to directors and loans to employees		742		557
Other		632		197

		43,748		16,384

Other receivables		204,144		145,315

Total current trade and other receivables		281,495		205,102

⁽¹⁾	Related to the Duplicar Plus Project implemented by Oleoductos del Valle S.A. and the project to expand the Puerto Rosales maritime terminal and pumping station implemented by Oiltanking Ebytem S.A. (See Note 28.1 and 28.2 to the annual consolidated financial statements as of December 31, 2023)

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

⁽²⁾

Related to the agreement signed with Petrolera Aconcagua Energía S.A. (“Aconcagua”) connected with the transfer of conventional assets (“transfer of conventional assets”). For the years ended December 31, 2024 and 2023, the Company recognized 33,570 and 27,539 respectively, mainly related to the amortization of the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”. (See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023).

⁽³⁾	As of December 31, 2023, includes 14,292 related to prepayment of leases.

⁽⁴⁾	As of December 31, 2024, includes 13,200 with Aconcagua, related to the extension of the Concessions (Note 26). (See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2023).

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 December 31, 2024, in general, accounts receivable has a 15-day term for sales of crude oil and a 57-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 against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of December 31, 2024, and 2023, the provision for expected credit losses was recorded for 41 and 52 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 16. Financial assets and liabilities

16.1 Borrowings


	As of December 31, 2024		As of December 31, 2023
Noncurrent
Borrowings		1,402,343		554,832

Total noncurrent		1,402,343		554,832

Current
Borrowings		46,224		61,223

Total current		46,224		61,223

Total Borrowings		1,448,567		616,055

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


	As of December 31, 2024		As of December 31, 2023
Fixed interest
Less than 1 year		45,381		60,373
From 1 to 2 years		185,356		81,900
From 2 to 5 years		404,395		392,550
Over 5 years		787,592		55,382

Total		1,422,724		590,205


Variable interest
Less than 1 year		843		850
From 1 to 2 years		25,000		—
From 2 to 5 years		—		25,000
Over 5 years		—		—

Total		25,843		25,850

Total Borrowings		1,448,567		616,055

See Note 16.4 for information on the fair value of the borrowings.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

The carrying amount of borrowings as of December 31, 2024 and 2023 of the Company through its subsidiary Vista Argentina, is as follows:

Company

Execution
date

Currency

Principal

Interest

Annual
rate

Maturity
date

As of
December 31,
2024

As of
December 31,
2023

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⁾

Santander

International

January, 2022

USD

13,500

Fixed

2.45%

January, 2027

⁽¹⁾

ConocoPhillips Company

January, 2022

USD

25,000

Variable

SOFR ⁽²⁾

+ 2.01%

September, 2026

25,843

25,850

Citibank N.A.

April, 2024

USD

45,000

Fixed

5.00%

April, 2026

20,009

—

Banco Patagonia S.A.

July, 2024

USD

548

Fixed

11.00%

January, 2025

144

—

Total

46,171

26,025

⁽¹⁾	As of December 31, 2024 and 2023, it includes 24,350 of collateralized capital. The carrying amount corresponds to interest.

⁽²⁾	Secured Overnight Financing Rate (“SOFR”).

Moreover, Vista Argentina issued ON, under the name “Programa de Notas” approved by CNV. The following chart shows the carrying amount of ON as of December 31, 2024 and 2023:

Instrument

Execution
date

Currency

Principal

Interest

Annual
rate

Maturity
date

As of
December 31,
2024

As of December 31,
2023

ON VI

December, 2020

USD-linked ⁽¹⁾

10,000

Fixed

3.24%

December, 2024

—

9,997

ON XI

August, 2021

USD-linked ⁽¹⁾

9,230

Fixed

3.48%

August, 2025

—

⁽²⁾

9,231

ON XII

August, 2021

USD-linked ⁽¹⁾

100,769

Fixed

5.85%

August, 2031

97,467

102,556

ON XIII

June, 2022

USD

43,500

Fixed

6.00%

August, 2024

—

43,458

ON XIV

November, 2022

USD

40,511

Fixed

6.25%

November, 2025

—

⁽²⁾

36,484

ON XV

December, 2022

USD

13,500

Fixed

4.00%

January, 2025

13,539

13,476

ON XVI

December, 2022

USD-linked ⁽¹⁾

63,450

Fixed

0.00%

June, 2026

63,429

63,231

May, 2023

USD-linked ⁽¹⁾

40,785

⁽³⁾

Fixed

0.00%

June, 2026

40,525

ON XVII

December, 2022

USD-linked ⁽¹⁾

39,118

Fixed

0.00%

December, 2026

37,805

⁽⁴⁾

38,948

ON XVIII

March, 2023

USD-linked ⁽¹⁾

118,542

Fixed

0.00%

March, 2027

115,657

⁽⁴⁾

117,979

ON XIX

March, 2023

USD-linked ⁽¹⁾

16,458

Fixed

1.00%

March, 2028

16,414

16,396

ON XX

June, 2023

USD

13,500

Fixed

4.50%

July, 2025

13,477

13,357

ON XXI

August, 2023

USD-linked ⁽¹⁾

70,000

Fixed

0.99%

August, 2028

67,170

⁽⁴⁾

69,749

ON XXII

December, 2023

USD

14,669

Fixed

5.00%

June, 2026

14,657

14,643

ON XXIII

March, 2024

USD

60,000

Fixed

6.50%

March, 2027

40,569

⁽⁴⁾

—

May, 2024

USD

32,203

Fixed

6.50%

March, 2027

32,722

—

ON XXIV

May, 2024

USD

46,562

Fixed

8.00%

May, 2029

46,860

—

ON XXV

July, 2024

USD-linked⁽¹⁾

53,195

Fixed

3.00%

July, 2028

53,111

—

ON XXVI

October, 2024

USD

150,000

Fixed

7.65%

October, 2031

151,573

—

ON XXVII

December, 2024

USD

600,000

Fixed

7.63%

December, 2035

597,421

⁽⁵⁾

—

Total

1,402,396

590,030

Total Borrowings

1,448,567

616,055

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

⁽²⁾	As of December 31, 2024 the Company pre-settled ON XI and XIV.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

⁽³⁾	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 of the swap mentioned (Note 9.3).

⁽⁴⁾	The carrying amounts of ONs XVII; XVIII; XXI and XXIII include 1,200, 2,500, 2,650 and 20,000, respectively, of ONs repurchased by the Company.

⁽⁵⁾	See Note 1.2.1.

As of December 31, 2024, Vista Argentina should meet the following incurrence financial ratios according to the parameters defined in the agreement:

(i) The Net Leverage Ratio (“NLR”) would not exceed 3.50. NLR is calculated as the proportion of (a) Net debt (Borrowings and Lease liabilities minus Cash, bank balances and other short-term investments) to (b) EBITDA (“Earnings Before Interest, Tax, Depreciation and Amortization”);

(ii) The Interest Coverage ratio would not be less than 2.00. The Interest Coverage rate is calculated as the proportion of (a) EBITDA to (b) interest expenses for the period/year.

Some permitted indebtedness and permitted baskets would apply. The Agreement includes some limitations, but not prohibitions, among other things, to Vista Argentina ability to: (i) incur or guarantee additional debt; (ii) create liens on its assets to secure debt; (iii) dispose of assets; (iv) merge or consolidate with another Company or sell or otherwise dispose of all or substantially all of its assets; (v) change their existing line of business; (vi) declare or pay any dividends or return any capital; (vii) make investments; (viii) enter into transactions with affiliates; and (ix) change their existing accounting practices.

If: (i) the ON have an Investment Grade Rating from at least two Rating Agencies and (ii) no event of default has occurred and is continuing, then Vista Argentina will not be subject to any of the financial ratios or limitations described above.

As of December 31, 2024, there was no non-compliance of said affirmative, negative and financial covenants.

See Note 28 for information on subsequent borrowings events.

On October 29, 2024, Vista Argentina increased the amount of the “Programa de Notas” through an addendum approved by CNV, for a total principal up to 3,000,000 or its equivalent in other currencies.

16.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:


	As of December 31, 2024			As of December 31, 2023
Amounts at beginning of year		616,055			549,332
Proceeds from borrowings ⁽¹⁾		1,320,897			358,954
Payment of borrowings principal ⁽¹⁾		(470,351	)		(252,284	)
Payment of borrowings interest		(53,897	)		(22,993	)
Payment of borrowings cost		(7,631	)		(1,779	)
Borrowings interest ⁽²⁾ (Note 9.2)		62,499			21,879
Amortized cost ⁽²⁾ (Note 9.3)		1,649			1,810
Remeasurement in borrowings ^{(2) (3)} (Note 9.3)		—			72,044
Changes in foreign exchange rate ⁽²⁾		(20,654	)		(111,727	)
Other financial expense ⁽²⁾ (Note 9.3)		—			819

Amounts at end of year		1,448,567			616,055

⁽¹⁾	As of December 31, 2023, proceeds of borrowings and payment of borrowings principal include 40,785 related to the ON swapping mentioned in Note 16.1. These transactions did not generate cash flows.

⁽²⁾	These transactions did not generate cash flows.

⁽³⁾	Related to ON VIII and X, which amounts were in UVA and adjusted by CER. As of December 31, 2023, they were pre- settled by the Company.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

16.3 Financial instruments by category

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


As of December 31, 2024	Financial assets / liabilities at amortized cost		Financial assets / liabilities at fair value		Total financial assets / liabilities
Assets
Trade and other receivables (Note 15)		1,654		—		1,654

Total noncurrent financial assets		1,654		—		1,654

Cash, bank balances and other short-term investments (Note 18)		119,841		124,065		243,906
Trade and other receivables (Note 15)		121,099		—		121,099

Total current financial assets		240,940		124,065		365,005

Liabilities
Borrowings (Note 16.1)		1,402,343		—		1,402,343
Lease liabilities (Note 13)		37,638		—		37,638

Total noncurrent financial liabilities		1,439,981		—		1,439,981

Borrowings (Note 16.1)		46,224		—		46,224
Trade and other payables (Note 23)		487,186		—		487,186
Lease liabilities (Note 13)		58,022		—		58,022

Total current financial liabilities		591,432		—		591,432


As of December 31, 2023	Financial assets / liabilities at amortized cost		Financial assets / liabilities at fair value		Total financial assets / liabilities
Assets
Plan assets (Note 24)		—		5,438		5,438
Trade and other receivables (Note 15)		3,284		—		3,284

Total noncurrent financial assets		3,284		5,438		8,722

Cash, bank balances and other short-term investments (Note 18)		35,292		156,163		191,455
Trade and other receivables (Note 15)		76,171		—		76,171

Total current financial assets		111,463		156,163		267,626

Liabilities
Borrowings (Note 16.1)		554,832		—		554,832
Lease liabilities (Note 13)		35,600		—		35,600

Total noncurrent financial liabilities		590,432		—		590,432

Borrowings (Note 16.1)		61,223		—		61,223
Trade and other payables (Note 23)		205,055		—		205,055
Lease liabilities (Note 13)		34,868		—		34,868

Total current financial liabilities		301,146		—		301,146

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

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

For the year ended December 31, 2024:


	Financial assets/ liabilities at amortized cost			Financial assets/ liabilities at fair value		Total financial assets / liabilities
Interest income (Note 9.1)		4,535			—		4,535
Interest expense (Note 9.2)		(62,499	)		—		(62,499	)
Amortized cost (Note 9.3)		(1,649	)		—		(1,649	)
Net changes in foreign exchange rate (Note 9.3)		(453	)		—		(453	)
Discount of assets and liabilities at present value (Note 9.3)		933			—		933
Changes in the fair value of financial assets (Note 9.3)		—			14,120		14,120
Interest expense on lease liabilities (Note 9.3)		(3,093	)		—		(3,093	)
Discount for well plugging and abandonment (Note 9.3)		(1,312	)		—		(1,312	)
Other (Note 9.3)		14,855			—		14,855

Total		(48,683	)		14,120		(34,563	)

For the year ended December 31, 2023:


	Financial assets/ liabilities at amortized cost			Financial assets/ liabilities at fair value		Total financial assets / liabilities
Interest income (Note 9.1)		1,235			—		1,235
Interest expense (Note 9.2)		(21,879	)		—		(21,879	)
Amortized cost (Note 9.3)		(1,810	)		—		(1,810	)
Net changes in foreign exchange rate (Note 9.3)		18,458			—		18,458
Discount of assets and liabilities at present value (Note 9.3)		2,137			—		2,137
Changes in the fair value of financial assets (Note 9.3)		—			19,437		19,437
Interest expense on lease liabilities (Note 9.3)		(2,894	)		—		(2,894	)
Discount for well plugging and abandonment (Note 9.3)		(2,387	)		—		(2,387	)
Remeasurement in borrowings (Note 9.3)		(72,044	)		—		(72,044	)
Other (Note 9.3)		(26,381	)		—		(26,381	)

Total		(105,565	)		19,437		(86,128	)

16.4 Fair value

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

16.4.1 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 December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

(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 December 31, 2024 and 2023:

As of December 31, 2024

Level 1

Level 2

Level 3

Total

Assets

Financial assets at fair value through profit or loss

Short-term investments

124,065

—

124,065

Total assets

124,065

—

124,065


As of December 31, 2023	Level 1		Level 2		Level 3		Total
Assets
Financial assets at fair value through profit or loss
Plan assets		5,438		—		—		5,438
Short-term investments		156,163		—		—		156,163

Total assets		161,601		—		—		161,601

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, Level 2 and Level 3 from December 31, 2023, through December 31, 2024.

16.4.2 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 December 31, 2024

Carrying amount

Fair value

Level

Liabilities

Borrowings

1,448,567

1,391,352

Total liabilities

1,448,567

1,391,352

16.5 Risk management objectives and policies concerning financial instruments

16.5.1 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 each period or as of every period-end.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

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, 2023, except for the following:

16.5.1.1 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 December 31, 2024 and 2023, the Company performed foreign exchange currency transactions, and the impact in the results of the period is recognized in the consolidated statement of profit or loss in “Other financial income (expense)”.

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

During the years ended December 31, 2024 and 2023, ARS depreciated by about 28% and 356%, 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 December 31, 2024	As of December 31, 2023
Changes in exchange rate:	+/- 10%	+/- 10%
Effect on profit or loss before income taxes	38,108 / (38,108)	658 / (658)
Effect on equity before income taxes	38,108 / (38,108)	658 / (658)

Inflation in Argentina

For the years ended December 31, 2024 and 2023, the inflation rate was 117.8% and 211.4%, respectively.

Interest rate risk

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

For the years ended December 31, 2024, and 2023, the average interest rate for borrowings in ARS was 41.98% and 3.37%, respectively.

Variable-rate indebtedness exposes the Company’s cash flows to interest rate risk due to 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 December 31, 2024 and 2023, about 2% and 4% of indebtedness was subject to variable interest rates, respectively.

For the years ended December 31, 2024, and 2023, the variable interest rate of borrowings denominated in USD stood at 7.42% and 9.32%, respectively.

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.

The Company considers that the risk of an increase in interest rates is low; therefore, it does not expect substantial debt risk.

For the years ended December 31, 2024 and 2023, the Company did not use derivative financial instruments to mitigate interest rate risks.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

Note 17. Inventories


	As of December 31, 2024		As of December 31, 2023
Crude oil stock (Note 5.2)		4,384		2,664
Materials and spare parts		2,082		4,651
Assigned crude oil stock		3		234

Total inventories		6,469		7,549

Note 18. Cash, bank balances and other short-term investments


	As of December 31, 2024		As of December 31, 2023
Cash in banks		520,401		21,798
Money market funds		119,841		35,292
Mutual funds		115,368		152,426
Argentine government bonds		8,697		3,737

Total cash, banks balances and other short-term investments		764,307		213,253

Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 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 December 31, 2024			As of December 31, 2023
Cash, bank balances and other short-term investments		764,307			213,253
Less
Argentine government bonds		(8,697	)		(3,737	)

Cash and cash equivalents		755,610			209,516

Note 19. Equity

19.1 Capital stock

The following chart shows a reconciliation of the movements in the Company’s capital stock for the year ended December 31, 2024:


	Series A			Series C		Total
Amounts as of December 31, 2023		517,874			—		517,874
Number of shares		95,355,430			2		95,355,432

Reduction of capital stock		(19,965	)				(19,965	)
Number of shares		—			—		—
Share repurchase		(99,846	)		—		(99,846	)
Number of shares repurchased ⁽¹⁾		(2,081,198	)		—		(2,081,198	)
Shares to be granted in LTIP		1			—		1
Number of shares		2,011,219			—		2,011,219

Amounts as of December 31, 2024		398,064			—		398,064
Number of shares		95,285,451			2		95,285,453

⁽¹⁾	As of the date of issuance of these interim condensed consolidated financial statements, the shares repurchased are held in Treasury.

On December 5, 2024, the Board of Directors Meeting approved the reduction of the variable portion of the Company’s capital stock of 19,965, for the absorption of accumulated losses as of October 31, 2024, shown on the Company’s nonconsolidated financial statements. This transaction did not require the cancellation of Series A shares as they have no nominal value. Likewise, this operation did not generate any tax effect in Mexico.

As of December 31, 2024 and 2023, the Company’s authorized capital includes 33,506,788 and 33,436,809 Series A ordinary shares, respectively, held in Treasury.

As of December 31, 2024, the Company holds the 2 outstanding Series C shares.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

See Note 21 to the annual consolidated financial statements as of December 31, 2023.

19.2 Share repurchase reserve

On August 6, 2024, through the Ordinary General Shareholders’ Meeting, the Company’s shareholders approved an increase of a fund to acquire own shares for 50,000 based on the Company’s nonconsolidated financial statements. As of December 31, 2024 and 2023, the total amount of share repurchase reserve is 129,324 y 79,324, respectively.

Note 20. Provisions


	As of December 31, 2024		As of December 31, 2023
Noncurrent
Well plugging and abandonment		31,026		12,191
Environmental remediation		2,032		148

Total noncurrent provisions		33,058		12,339

Current
Environmental remediation		2,484		936
Well plugging and abandonment		1,412		3,096
Contingencies		14		101

Total current provisions		3,910		4,133

Note 21. Salaries and payroll taxes


	As of December 31, 2024		As of December 31, 2023
Current
Provision for bonuses and incentives		23,450		12,657
Salaries and social security contributions		9,206		4,898

Total current salaries and payroll taxes		32,656		17,555

Note 22. Other taxes and royalties


	As of December 31, 2024		As of December 31, 2023
Current
Royalties and others		26,008		33,862
Tax withholdings		12,497		1,603
Personal assets tax		8,132		912
Other		1,078		172

Total current other taxes and royalties		47,715		36,549

Note 23. Trade and other payables


	As of December 31, 2024		As of December 31, 2023
Current
Accounts payables:
Suppliers		435,768		197,019
Customer advances		37,651		7,677

Total current accounts payables		473,419		204,696

Other accounts payables:
Payables to third parties ⁽¹⁾		13,200		—
Extraordinary fee for Gas IV Plan		415		162
Payables to partners of joint operations		152		197

Total other current accounts payables		13,767		359

Total current trade and other payables		487,186		205,055

⁽¹⁾	As mentioned in Note 26, the Company has a payable for 13,200, related to the extension of the Concessions.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

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.

Note 24. 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:


	Year ended December 31, 2024			Year ended December 31, 2023			Period from October 1, through December 31, 2024			Period from October 1, through December 31, 2023
Cost of interest		(476	)		(639	)		(258	)		(170	)
Cost of services		(13	)		(25	)		(8	)		(6	)
Settlement		—			364			—			—

Total		(489	)		(300	)		(266	)		(176	)


	As of December 31, 2024
	Present value of the obligation			Plan assets			Net liabilities
Amounts at beginning of year		(11,295	)		5,592			(5,703	)
Items classified as loss or profit
Cost of interest		(712	)		236			(476	)
Cost of services		(13	)		—			(13	)
Items classified in other comprehensive income
Actuarial remeasurement		(10,331	)		131			(10,200	)
Payment of contributions		1,805			(1,381	)		424

Amounts at end of year		(20,546	)		4,578			(15,968	)

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


	As of December 31, 2024		As of December 31, 2023
Cash and cash equivalents		4,578		154
US government bonds		—		5,438

Total		4,578		5,592

See Note 23 to the annual consolidated financial statements as of December 31, 2023.

Note 25. Related parties’ transactions and balances

Related to the agreement mentioned in Note 1.2.3.2, as of December 31, 2024, the Company has granted an advanced to the VMOS S.A. of 4,741, booked under “Trade and other receivables” within the line “Balances with related parties” (Note 15).

As of December 31, 2024 and 2023, other than mentioned above and for the information including in Note 27 to the annual consolidated financial statements as of December 31, 2023, the Company carries no other balances with related parties and relevant transactions.

Note 2.3 to the annual consolidated financial statements as of December 31, 2023, provides 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 December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

Note 26. Commitments and contingencies

On December 6, 2024, through Decree No. 491/2024, the Province of Río Negro approved in favor of Vista Argentina the extension of (non-operated) conventional exploitation concessions for 10 years in the areas: (i) Entre Lomas and 25 de Mayo - Medanito S.E., and the associated transportation concessions, in both cases due in 2036, and (ii) Jagüel de los Machos through 2035.

As part of the extension of the concessions mentioned above, Vista Argentina, undertook to pay the Province of Río Negro: (i) 22,000 for the extension, and (ii) a contribution of 4,400 to support institutional development and strengthening.

Under the terms of the agreement signed with Aconcagua for the transfer of conventional assets (see Note 1.2.1 of the consolidated financial statements as of December 31, 2023), the Company retains the ownership of the concessions and will pay the province the aforementioned amounts. However, Aconcagua, as the operator, will reimburse Vista for the payments made in relation to these items.

As of December 31, 2024, a total payment of 13,200 was made, related to 50% of the commitments assumed. The amount owed is booked under “Trade and other payables” within the line “Payables to third parties” (Note 23). Also, the receivable from Aconcagua for the same item is booked in “Trade and other receivables” within the line “Receivables from third parties” (Note 15).

Other than mentioned above, there were no significant changes in commitments and contingencies for the year ended December 31, 2024 (See Notes 28 and 29 to the annual consolidated financial statements as of December 31, 2023).

Note 27. Tax regulations

Other than mentioned in Note 2.5.1.1, 2.5.1.2 and 14, there were no other significant changes in Argentina’s and Mexico’s tax regulations during the year ended December 31, 2024 (See Note 30 to the annual consolidated financial statements as of December 31, 2023).

Note 28. Subsequent events

The Company assessed events subsequent to December 31, 2024, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through February 26, 2025, date in which these financial statements were made available for issue:

•

On January 2, 2025, Vista Argentina signed a loan agreement with Banco de la Nacion Argentina in ARS for an amount equivalent of 43,584, at an annual interest rate of 32.88%, with expiration date as of March 31, 2025.

•

On January 6, 2025, Vista Argentina paid interest for an amount of 114 corresponding to loan agreements signed with Banco Santander International in July 2021 and January 2022.

•

On January 6, 2025, under the VMOS, Vista Argentina made payments to VMOS S.A. for 16,690 (Note 1.2.3.2).

•

On January 8, 2025, Vista Argentina paid principal and interest for a total amount of 144 corresponding to loan agreement signed with Banco Patagonia.

•

On January 8, 2025, Vista Argentina paid interest for a total amount of 402 corresponding to ON XXV.

•

On January 8, 2025, under de VMOC, Vista Argentina made payments to YPF for 16,741 net of taxes (Note 1.2.3.1).

•

On January 13, 2025, Vista Argentina paid interest for a total amount of 911 corresponding to loan agreement signed with ConocoPhillips Company.

•

On January 13, 2025, Vista Argentina signed loans agreements with Banco de Galicia y Buenos Aires S.A.U. for a total amount of 66,000; at an annual interest rate between 1.50%, and 1.90%, and expiration date between February 18, 2025 and April 21, 2025. Likewise, on February 8, 2025, Vista Argentina paid a total amount of principal and interest of 18,027, related to the mentioned agreements.

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

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years and for the three periods ended December 31, 2024 and 2023

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

•

On January 20, 2025, Vista Argentina paid interest for an amount of 73 corresponding to loan agreement signed with Banco Santander International in January 2021.

•

On January 20, 2025, Vista Argentina paid principal and interest corresponding to ON XV for an amount of 13,567.

•

On January 24, 2025, Vista Argentina signed a loan agreement with Banco de la Nacion Argentina for an amount of 30,000; at an annual interest rate of 2.00%, and an expiration date on July 23, 2025.

•

On January 24, 2025, Vista Argentina signed a loan agreement with Banco de la Provincia de Buenos Aires for an amount of 20,000 at an annual interest rate of 1.90% and an expiration date on May 29, 2025.

•

On January 27, 2025, Vista Argentina signed a loan agreement with Banco Citibank N.A. for an amount of 25,000 at an annual interest rate of 5.00% and an expiration date on April 26, 2026.

•

On January 27, 2025, Vista Argentina signed a loan agreement with Banco ICBC for an amount of 20,000 at an annual interest rate of 1.75% and an expiration date on March 28, 2025.

•

On January 28, 2025, Vista Argentina paid interest corresponding to a loan agreement with Banco Citibank N.A. for an amount of 71.

•

On January 29, 2025, Vista Argentina signed a loan agreement with Banco de la Provincia de Buenos Aires for an amount of 20,000 at an annual interest rate of 1.90% and an expiration date on May 29, 2025.

•

On February 11, 2025, Vista Argentina paid interest corresponding to ON XXI for an amount of 175.

•

On February 18, 2025, Vista Argentina signed a loan agreement with Banco Ciudad de Buenos Aires for an amount of 18,000 at an annual interest rate of 2.50% and an expiration date on June 18, 2025.

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.

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the years and for the three-month periods ended December 31, 2024 and 2023

Unaudited interim condensed consolidated statements of financial position as of December 31, 2024 and 2023

Unaudited interim condensed consolidated statements of changes in equity for the years ended December 31, 2024 and 2023

Unaudited interim condensed consolidated statements of cash flows for the years and for the three-month periods ended December 31, 2024 and 2023

Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2024 and 2023 and for the years ended December 31, 2024 and 2023