Company: VIST
Filing Date: 2025-04-09
Form Type: 20-F
Source: 0001193125-25-076856
Chunk: 9

Company: Vista Energy, S.A.B. de C.V.
Filing Date: 2025-04-09
Form: 20-F
Item: Item 3
Chunk 9
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 In addition, low economic growth in major emerging economies, such as China or India, could negatively impact oil demand. This could have an adverse effect on demand for crude oil and crude oil prices, and therefore impact negatively on our business. Demand for our products is subject to volatility in the future. Demand for crude oil by-products, such as gasoline, may contract under certain conditions, particularly during economic downturns, or due to governmental subsidies and/or changes in consumer preferences following from the energy transition currently underway.

A contraction of the demand of our products would adversely affect our revenues, causing economic losses to our Company. In addition, a contraction in the demand and/or prices of our products can impact the valuation of our reserves. Additionally, in periods of lower commodity prices, we may curtail production and capital spending or may defer or delay drilling wells because of lower cash generation. Continuous poor economic performance could eventually impair our ability to repay our financial debt, lead to a deterioration in our financial coverage ratios and impairment charges. A contraction of crude oil demand could also affect us financially, including our ability to pay our suppliers for their services, or service our financial debt, which could, in turn, lead to further operational distress.

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A potential increase in crude oil supply in the global market could lead to excess supply and result in a reduction in global crude oil prices.

Crude oil is a global commodity and, as such, its price is determined, among other factors, by physical supply and demand. As a crude oil producer, we are exposed to fluctuations in crude oil prices. For example, in early March 2020, OPEC+ countries failed to reach an agreement on extending or increasing oil production cuts in light of a decrease in demand due to the COVID-19pandemic. Shortly thereafter, Saudi Arabia, the world’s largest oil exporter, through its state-owned company Saudi Aramco, decided to lower the official selling price ( OSP) of its Arab light crude by approximately US$8/bbl, the largest monthly decrease in 20 years, and announced plans to increase production to at least 10 million bbl/d as of April 2020. As a result, Brent crude oil prices dropped by US$10.9/bbl (or 24.1%) to US$34.4/bbl, representing the steepest one-daydecline since 1991. From March 16 to April 2, 2020, Brent crude oil prices remained below US$30/bbl, reaching a low