Company: VIST
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001193125-25-076856
Chunk: 15

Company: Vista Energy, S.A.B. de C.V.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 3
Chunk 15
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 many of which are beyond our control and are subject to change over time.

Table of Contents

Consequently, measures of reserves are not precise and are subject to revision. Any downward revision in our estimated quantities of proved reserves could adversely impact our financial condition and results of operations, and ultimately have a material adverse effect on the market value of our series A shares or ADSs. In addition, the estimation of “ proved oil and natural gas reserves” based on SdE Resolution No. 324/2006 and Argentine Secretariat of Hydrocarbon Resources ( Secretaría de Recursos Hidrocarburíferos) Resolution No. 69-E/2016may differ from the standards required by SEC’s regulations.

As a result, reserve estimates could be materially different from the amounts that are ultimately extracted, and if such amounts are significantly lower than the initial reserves estimates it could result in a material adverse effect on our financial performance, including our ability to service financial debt obligations, operating results and the market value of our series A shares and ADSs. See “ Item 4 - Information on the Company - Industry and Regulatory Overview - Oil and Gas Regulatory Framework in Argentina - Reserves and Resources Certification in Argentina” and the 2024 Reserves Report attached hereto as Exhibit 99.1.

Our business operations rely heavily on our production facilities

A material portion of our revenues depends on our oil and gas facilities, which are key to producing, transporting, treating and injecting oil and gas into transportation infrastructure for sale. In order to execute our strategic plan and meet our targets, we need to expand our capacity to transport, treat and inject our oil and gas production. If we are not able to execute these expansion projects, our growth plan could be affected.

In addition, while we believe that we maintain adequate insurance coverage and appropriate security measures in respect of such facilities, any material damage to, accident at, or other disruption at such production facilities could have a material adverse effect on our production capacity, financial condition and results of operations.

The lack of availability of midstream capacity may limit our possibility of increasing hydrocarbon production and may adversely affect our financial condition and results of operations.

Our capacity to exploit our hydrocarbon reserves largely depends upon the availability of midstream infrastructure on commercially acceptable terms to transport the produced hydrocarbons from our oilfields to the markets in which they are sold. Typically, oil is transported by pipelines, trucks and tankers to refineries, and gas is usually treated, compressed and transported by pipeline to customers. The lack of