# EDGAR Filing Document

**Accession Number:** 0001762506
**File Stem:** 0001193125-23-046518
**Filing Date:** 2023-2
**Character Count:** 113356
**Document Hash:** d58dcf81cf145f3ef762bab58f788c77
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0001193125-23-046518.hdr.sgml**: 20230223

**ACCESSION NUMBER**: 0001193125-23-046518

**CONFORMED SUBMISSION TYPE**: 6-K

**PUBLIC DOCUMENT COUNT**: 3

**CONFORMED PERIOD OF REPORT**: 20230223

**FILED AS OF DATE**: 20230223

**DATE AS OF CHANGE**: 20230223

**FILER**: 

**COMPANY DATA:**
- **COMPANY CONFORMED NAME:** Vista Energy, S.A.B. de C.V.
- **CENTRAL INDEX KEY:** 0001762506
- **STANDARD INDUSTRIAL CLASSIFICATION:** CRUDE PETROLEUM & NATURAL GAS [1311]
- **IRS NUMBER:** 000000000
- **STATE OF INCORPORATION:** O5
- **FISCAL YEAR END:** 1231

**FILING VALUES:**
- **FORM TYPE:** 6-K
- **SEC ACT:** 1934 Act
- **SEC FILE NUMBER:** 001-39000
- **FILM NUMBER:** 23659602

**BUSINESS ADDRESS:**
- **STREET 1:** PEDREGAL 24, FLOOR 4  COLONIA MOLINO
- **STREET 2:** DEL REY, ALCALDIA MIGUEL HIDALGO
- **CITY:** MEXICO CITY
- **STATE:** O5
- **ZIP:** 11040
- **BUSINESS PHONE:** 52-55-9177-2038

**MAIL ADDRESS:**
- **STREET 1:** PEDREGAL 24, FLOOR 4  COLONIA MOLINO
- **STREET 2:** DEL REY, ALCALDIA MIGUEL HIDALGO
- **CITY:** MEXICO CITY
- **STATE:** O5
- **ZIP:** 11040

**FORMER COMPANY:**
- **FORMER CONFORMED NAME:** Vista Oil & Gas, S.A.B. de C.V.
- **DATE OF NAME CHANGE:** 20181219

------

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**UNITED STATES** 

**SECURITIES AND EXCHANGE COMMISSION** 

**Washington, D.C. 20549** 

------

**FORM 6-K** 

------

**REPORT OF FOREIGN ISSUER** 

**PURSUANT TO RULE 13a-16 OR 15d-16** 

**UNDER SECURITIES EXCHANGE ACT OF 1934** 

**For the month of February 2023** 

**Commission File No. 001-39000** 

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## Vista Energy, S.A.B. de C.V.
**(Exact Name of the Registrant as Specified in the Charter)** 

------

**N.A.** 

**(Translation of Registrant's Name into English)** 

**Pedregal 24, Floor 4,** 

**Colonia Molino del Rey, Alcaldía Miguel Hidalgo** 

**Mexico City, 11040** 

**Mexico** 

**(Address of Principal Executive Office)** 

------

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒ Form 40-F ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(1): ☐

Indicate by check mark if the registrant is submitting the Form 6-K in paper as permitted by Regulation S-T Rule 101(b)(7): ☐

Indicate by check mark whether the registrant by furnishing the information contained in this Form is also thereby furnishing the information to the Commission pursuant to Rule 12g3-2(b) under the Securities Exchange Act of 1934:

Yes ☐ No ☒

If "Yes" is marked, indicate below the file number assigned to the registrant in connection with Rule 12g3-2(b): Not applicable.

------

**Contents of this Form 6-K** 

This Form 6-K for Vista Energy, S.A.B. de C.V. ("Vista" or the "Company") contains the following exhibit:

**Exhibit 1**: Unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021, and for the years and for the three-month periods ended December 31, 2022 and 2021.

**Forward-Looking Statements** 

Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista's current expectations or forecasts of future events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista's actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the "Risk Factors," "Forward-Looking Statements" and other applicable sections of Vista's prospectus filed with the United States Securities and Exchange Commission ("SEC") and other applicable filings with the SEC and the Mexican National Banking and Securities Commission (*Comisión Nacional Bancaria y de Valores*).

**Enquiries:** 

Investor Relations:

<u>ir@vistaenergy.com</u>

Argentina: +54 11 3754 8500

México: +52 55 4166 9000

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**SIGNATURE** 

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: February 23, 2023

---

| | |
|:---|:---|
| **VISTA ENERGY, S.A.B. DE C.V.** | **VISTA ENERGY, S.A.B. DE C.V.** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;By: | /s/ Alejandro Cherñacov |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Name: | Alejandro Cherñacov |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;Title: | Strategic Planning and Investor Relations Officer |

---

## Exhibit 99.1

**Exhibit 1**![LOGO](g433098g0219022642345.jpg)

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

Unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021, and for the years and for the three-month periods ended December 31, 2022 and 2021

------

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

**Unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021, and for the years and for the three-month periods ended December 31, 2022 and 2021** 

**TABLE OF CONTENTS** 

**•** 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, 2022 and 2021 3

**•** Unaudited interim condensed consolidated statements of financial position as of December 31, 2022
and 2021 4

**•** Unaudited interim condensed consolidated statements of changes in equity for the years ended
December 31, 2022 and 2021 5

**•** Unaudited interim condensed consolidated statements of cash flows for the years and for the
three-month periods ended December 31, 2022 and 2021 7

**•** Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022
and 2021, and for the years and for the three-month periods ended December 31, 2022 and 2021 9

------

**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, 2022 and 2021** 

(Amounts expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Year ended<br>December 31,<br>2022** | **Year ended<br>December 31,<br>2021** | **Period from<br>October 1<br>through<br>December 31,<br>2022** | **Period from<br>October 1<br>through<br>December 31,<br>2021** |
|  Revenue from contracts with customers | **4** | 1143820 | 652187 | 308105 | 196004 |
|  Cost of sales: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Operating costs | **5.1** | (133385) | (107123) | (36113) | (30311) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Crude oil stock fluctuation | **5.2** | (500) | (905) | 4722 | (1362) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation, depletion and amortization | **12/13/14** | (234862) | (191313) | (63148) | (46886) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Royalties |  | (144837) | (86241) | (39410) | (25858) |
|  **Gross profit** |  | **630236** | **266605** | **174156** | **91587** |
|  Selling expenses | **6** | (59904) | (42748) | (18847) | (11865) |
|  General and administrative expenses | **7** | (63826) | (45858) | (19615) | (14764) |
|  Exploration expenses | **8** | (736) | (561) | (169) | (124) |
|  Other operating income | **9.1** | 26698 | 23285 | 3715 | 5477 |
|  Other operating expenses | **9.2** | (3321) | (4214) | (715) | (2317) |
|  Reversal of impairment of long- lived assets | **2.4.2** |  | 14044 |  | 14044 |
|  **Operating profit** |  | **529147** | **210553** | **138525** | **82038** |
|  Interest income | **10.1** | 809 | 65 | 425 | 23 |
|  Interest expense | **10.2** | (28886) | (50660) | (6545) | (9330) |
|  Other financial income (expense) | **10.3** | (67556) | (7194) | (23729) | (1013) |
|  **Financial income (expense), net** |  | **(95633)** | **(57789)** | **(29849)** | **(10320)** |
|  **Profit before income tax** |  | **433514** | **152764** | **108676** | **71718** |
|  Current income tax (expense) benefit | **15** | (92089) | (62419) | 54560 | (15162) |
|  Deferred income tax (expense) | **15** | (71890) | (39695) | (87732) | (21001) |
|  **Income tax (expense)** |  | **(163979)** | **(102114)** | **(33172)** | **(36163)** |
|  **Profit for the year / period, net** |  | **269535** | **50650** | **75504** | **35555** |
|  **Other comprehensive income** |  |  |  |  |  |
|  *Other comprehensive income that shall not be reclassified to profit or loss in subsequent periods* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - (Loss) from actuarial remediation related to employee benefits | **25** | (4181) | (4513) | (974) | (1463) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; - Deferred income tax benefit | **15** | 1463 | 2048 | 341 | 512 |
|  **Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods, net of taxes** |  | **(2718)** | **(2465)** | **(633)** | **(951)** |
|  **Total comprehensive profit for the year / period** |  | **266817** | **48185** | **74871** | **34604** |
|  **Earnings per share** |  |  |  |  |  |
|  Basic (in US dollars per share) | **11** | **3.068** | **0.574** | **0.861** | **0.402** |
|  Diluted (in US dollars per share) | **11** | **2.755** | **0.543** | **0.762** | **0.374** |

---

Notes 1 through 29 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, 2022 and 2021** 

(Amounts expressed in thousands of US Dollars)

---

| | | | |
|:---|:---|:---|:---|
|  | **Notes** | **As of December 31, 2022** | **As of December 31, 2021** |
|  **Assets** |  |  |  |
|  **Noncurrent assets** |  |  |  |
|  Property, plant and equipment | **12** | 1606339 | 1223982 |
|  Goodwill | **13** | 28288 | 28416 |
|  Other intangible assets | **13** | 6792 | 3878 |
|  Right-of-use assets | **14** | 26228 | 26454 |
|  Investments in associates |  | 6443 | 2977 |
|  Trade and other receivables | **16** | 15864 | 20210 |
|  Deferred income tax assets |  | 335 | 2771 |
|  **Total noncurrent assets** |  | **1690289** | **1308688** |
|  **Current assets** |  |  |  |
|  Inventories | **18** | 12899 | 13961 |
|  Trade and other receivables | **16** | 90406 | 46096 |
|  Cash, bank balances and other short-term investments | **19** | 244385 | 315013 |
|  **Total current assets** |  | **347690** | **375070** |
|  **Total assets** |  | **2037979** | **1683758** |
|  **Equity and liabilities** |  |  |  |
|  **Equity** |  |  |  |
|  Capital stock | **20.1** | 517873 | 586706 |
|  Other equity instruments | **20.1** | 32144 |  |
|  Legal reserve | **20.2** | 2603 |  |
|  Share-based payments |  | 40744 | 31601 |
|  Share repurchase reserve | **20.2** | 49465 |  |
|  Other accumulated comprehensive income (losses) |  | (8694) | (5976) |
|  Accumulated profit (losses) |  | 209925 | (47072) |
|  **Total equity** |  | **844060** | **565259** |
|  **Liabilities** |  |  |  |
|  **Noncurrent liabilities** |  |  |  |
|  Deferred income tax liabilities |  | 243411 | 175420 |
|  Lease liabilities | **14** | 20644 | 19408 |
|  Provisions | **21** | 31668 | 29657 |
|  Borrowings | **17.1** | 477601 | 447751 |
|  Warrants | **17.4** |  | 2544 |
|  Employee benefits | **25** | 12251 | 7822 |
|  Trade and other payables | **24** |  | 50159 |
|  **Total noncurrent liabilities** |  | **785575** | **732761** |
|  **Current liabilities** |  |  |  |
|  Provisions | **21** | 2848 | 2880 |
|  Lease liabilities | **14** | 8550 | 7666 |
|  Borrowings | **17.1** | 71731 | 163222 |
|  Salaries and payroll taxes | **22** | 25120 | 17491 |
|  Income tax liability |  | 58770 | 44625 |
|  Other taxes and royalties | **23** | 20312 | 11372 |
|  Trade and other payables | **24** | 221013 | 138482 |
|  **Total current liabilities** |  | **408344** | **385738** |
|  **Total liabilities** |  | **1193919** | **1118499** |
|  **Total equity and liabilities** |  | **2037979** | **1683758** |

---

Notes 1 through 29 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, 2022** 

(Amounts expressed in thousands of US Dollars)

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Capital<br>stock** | **Other equity<br>instruments** | **Legal reserve** | **Share-based<br>payments** | **Share<br>repurchase<br>reserve** | **Other<br>accumulated<br>comprehensive<br>income (losses)** | **Accumulated<br>profit (losses)** | **Total equity** |
|  **Amounts as of December 31, 2021** | **586706** | **—** | **—** | **31601** | **—** | **(5976)** | **(47072)** | **565259** |
|  Profit for the year |  |  |  |  |  |  | 269535 | **269535** |
|  Other comprehensive income for the year |  |  |  |  |  | (2718) |  | **(2718)** |
|  **Total comprehensive income** | **—** | **—** | **—** | **—** | **—** | **(2718)** | **269535** | **266817** |
|  *Ordinary and Extraordinary General Shareholders' meeting on April 26, 2022* <sup>(1)</sup>*:* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation of legal reserve |  |  | 1255 |  |  |  | (1255) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation of share repurchase reserve |  |  |  |  | 23840 |  | (23840) | **—** |
|  *Board of Directors' meeting on September 27, 2022* <sup>(1)</sup>*:* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reduction of capital stock | (39530) |  |  |  |  |  | 39530 | **—** |
|  *Warrant Holders' meeting on October 4, 2022* <sup>(1)</sup>*:* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cashless exercises of warrant |  | 32144<sup>(2)</sup> |  |  |  |  |  | **32144** |
|  *Ordinary and General Shareholders' meeting on December 7, 2022* <sup>(1)</sup>*:* |  |  |  |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation of legal reserve |  |  | 1348 |  |  |  | (1348) | **—** |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Creation of share repurchase reserve |  |  |  |  | 25625 |  | (25625) | **—** |
|  Share repurchase <sup>(1)</sup> | (29304) |  |  |  |  |  |  | **(29304)** |
|  Share-based payments | 1 |  |  | 9143<sup>(3)</sup> |  |  |  | **9144** |
|  **Amounts as of December 31, 2022** | **517873** | **32144** | **2603** | **40744** | **49465** | **(8694)** | **209925** | **844060** |

---

<sup>(1)</sup> See Note 20.

<sup>(2)</sup> Including 32,894 of cashless exercise of warrant (Note 17.4.1.1). net of 750 related to expenses.

<sup>(3)</sup> Including 16,576 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.

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

**Unaudited interim condensed consolidated statement of changes in equity for the year ended December 31, 2021** 

(Amounts expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Capital stock** | **Share-based<br>payments** | **Other accumulated<br>comprehensive<br>income (losses)** | **Accumulated**<br>**profit (losses)** | **Total equity** |
|  **Amounts as of December 31, 2020** | **659400** | **23046** | **(3511)** | **(170417)** | **508518** |
|  Profit for the year |  |  |  | 50650 | **50650** |
|  Other comprehensive income for the year |  |  | (2465) |  | **(2465)** |
|  **Total comprehensive income** | **—** | **—** | **(2465)** | **50650** | **48185** |
|  *Ordinary and General Shareholders' meeting on December 14, 2021* <sup>(1)</sup>*:* |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Reduction of capital stock | (72695) |  |  | 72695 | **—** |
|  Share-based payments | 1 | 8555<sup>(2)</sup> |  |  | **8556** |
|  **Amounts as of December 31, 2021** | **586706** | **31601** | **(5976)** | **(47072)** | **565259** |

---

<sup>(1)</sup> See Note 20.

<sup>(2)</sup> Including 10,592 share-based payment expenses (Note 7), net of tax charges.

Notes 1 through 29 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, 2022 and 2021** 

(Amounts expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Year ended<br>December 31,<br>2022** | **Year ended<br>December 31,<br>2021** | **Period from<br>October 1<br>through<br>December 31,<br>2022** | **Period from<br>October 1<br>through<br>December 31,<br>2021** |
|  **Cash flows from operating activities:** |  |  |  |  |  |
|  Profit for the year / period, net |  | 269535 | 50650 | 75504 | 35555 |
|  **Adjustments to reconcile net cash flows** |  |  |  |  |  |
|  Items related to operating activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; (Reversal of) allowance for expected credit losses | **6** | (36) | 406 |  | 406 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net changes in foreign exchange rate | **10.3** | (33263) | (14328) | 6597 | (3587) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount for well plugging and abandonment | **10.3** | 2444 | 2546 | 619 | 738 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Net increase in provisions | **9.2** | 2790 | 1930 | 715 | 698 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense on lease liabilities | **10.3** | 1925 | 1079 | 360 | 324 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Discount of assets and liabilities at present value | **10.3** | 2561 | 2300 | (2229) | 4958 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share-based payments | **7** | 16576 | 10592 | 4800 | 2494 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Employee benefits | **25** | 502 | 247 | 143 | 84 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax expense | **15** | 163979 | 102114 | 33172 | 36163 |
|  Items related to investing activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Depreciation and depletion | **12/14** | 231746 | 187858 | 62376 | 46076 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortization of intangible assets | **13** | 3116 | 3455 | 772 | 810 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(Reversal) of impairment of long-lived assets | **2.4.2** |  | (14044) |  | (14044) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest income | **10.1** | (809) | (65) | (425) | (23) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from farmout agreement | **9.1** | (18218) | (9050) |  | (4525) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the fair value of financial assets | **10.3** | 17599 | (5061) | (528) | 1198 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Gain from assets disposal | **9.1** |  | (9999) |  |  |
|  Items related to financing activities: |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest expense | **10.2** | 28886 | 50660 | 6545 | 9330 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Changes in the fair value of warrants | **10.3** | 30350 | 2182 | 7762 | (7096) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Amortized cost | **10.3** | 2365 | 4164 | 827 | 630 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Remeasurement in borrowings | **10.3** | 52817 | 19163 | 15148 | 7144 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other financial results | **10.3** | 2515 |  | 2515 |  |
|  **Changes in working capital:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other receivables |  | (46272) | 7475 | 9696 | 18706 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Inventories | **5.2** | 500 | 905 | (4722) | 1362 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Trade and other payables |  | 40183 | 16209 | 18978 | (2528) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments of employee benefits | **25** | (254) | (399) | (68) | (64) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Salaries and payroll taxes |  | 2877 | 3929 | 5289 | 4480 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Other taxes and royalties |  | (8024) | (7311) | (15569) | 1926 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Provisions |  | (2265) | (1918) | (510) | (1501) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Income tax payment |  | (74354) | (4296) | (12397) | (866) |
|  **Net cash flows provided by operating activities** |  | **689771** | **401393** | **215370** | **138848** |
|  **Cash flows from investing activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for acquisitions of property, plant and equipment |  | (479361) | (321286) | (148613) | (79656) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for the acquisition of AFBN assets | **1.2.1** | (115000) |  | (6250) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments received from farmout agreement | **9.1** | 20000 | 10000 |  | 5000 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for acquisitions of other intangible assets | **13** | (6030) | (1611) | (3374) | (502) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of oil and gas properties <sup>(1)</sup> |  |  | 14150 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payments for acquisitions of investments in associates |  | (3466) | (2977) | (744) | (900) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cash received by AFBN assets acquisition <sup>(2)</sup> |  |  | 6203 |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Interest received | **10.1** | 809 | 65 | 425 | 23 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from disposal of other financial assets |  | 336 |  | 336 |  |
|  **Net cash flows (used in) investing activities** |  | **(582712)** | **(295456)** | **(158220)** | **(76035)** |

---

------

**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, 2022 and 2021** 

(Amounts expressed in thousands of US Dollars)

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Notes** | **Year ended<br>December 31,<br>2022** | **Year ended<br>December 31,<br>2021** | **Period from<br>October 1<br>through<br>December 31,<br>2022** | **Period from<br>October 1<br>through<br>December 31,<br>2021** |
|  **Cash flows from financing activities:** |  |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Proceeds from borrowings | **17.2** | 128788 | 358093 | 52618 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of borrowings cost | **17.2** | (1670) | (3326) | (1086) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of borrowings principal | **17.2** | (195091) | (284695) | (30096) | (1593) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of borrowings interest | **17.2** | (34430) | (54636) | (4238) | (3748) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of lease | **14** | (11494) | (8911) | (2892) | (2788) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Share repurchase  | **20.1** | (29304) |  | (5500) |  |
|  **Net cash flow (used in) provided by financing activities** |  | **(143201)** | **6525** | **8806** | **(8129)** |
|  **Net (decrease) increase in cash and cash equivalents** |  | **(36142)** | **112462** | **65956** | **54684** |
|  Cash and cash equivalents at beginning of year /period | **19** | 311217 | 201314 | 180793 | 261424 |
|  Effect of exposure to changes in the foreign currency rate of cash and cash equivalents |  | (33119) | (2559) | (4793) | (4891) |
|  Net (decrease) increase in cash and cash equivalents |  | (36142) | 112462 | 65956 | 54684 |
|  **Cash and cash equivalents at end of year / period** | **19** | **241956** | **311217** | **241956** | **311217** |
|  **Significant transactions that generated no cash flows** |  |  |  |  |  |
|  Acquisition of property, plant and equipment through increase in trade and other payables |  | 138543 | 80321 | 138543 | 80321 |
|  Changes in well plugging and abandonment with an impact in property, plant and equipment | **12** | (713) | 2112 | 3433 | 3899 |
|  AFBN assets acquisition <sup>(2)</sup> |  |  | 69693 |  |  |
|  Acquisition of Mexico's exploration assets <sup>(3)</sup> |  |  | 6174 |  |  |
|  Disposal of Mexico's exploration assets <sup>(3)</sup> |  |  | (5126) |  |  |

---

<sup>(1)</sup> Including 15,000 received from the transfer of the working interest in the Coirón Amargo Sur Oeste concession ("CASO") net of 850 payments related to Mexico exploratory assets transfer. (See Note 1.3 and 1.4 to the annual consolidated financial statements as of December 31, 2021).

<sup>(2)</sup> Related to acquisition of 50% non-operating working interest in the unconventional concessions of Aguada Federal and Bandurria Norte. (See Note 1.5 and 13 to the annual consolidated financial statements as of December 31, 2021). 

<sup>(3)</sup> Related to transfer of assets in Mexico to increase working interest to 100% in the CS-01 operated area (See Note 1.4, 13 and 14 to the annual consolidated financial statements as of December 31, 2021). 

Notes 1 through 29 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, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 1. Group information** 

**1.1 Company general information, structure and activities** 

Vista Energy, S.A.B. de C.V. ("VISTA", the "Company" or the "Group"), formerly known as Vista Oil & Gas, S.A.B. de C.V., was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States ("Mexico"). The Company adopted the public corporation or "*Sociedad Anónima Bursátil de Capital Variable" ("S.A.B. de C.V.")* on July 28, 2017.

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

On April 26, 2022, Vista Oil & Gas, S.A.B. de C.V*.* changed the Company's corporate name to "Vista Energy, S.A.B. de C.V.".

Its main office is located in the City of Mexico, Mexico, at Pedregal 24, floor 4, Colonia Molino del Rey, Alcaldía Miguel Hidalgo, zip code 11040.

Through its subsidiaries, the Company engages in oil and gas exploration and production (upstream segment).

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on February 23, 2023.

Other than mentioned in Note 1.2 there were no changes in the Group's structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2021.

**1.2 Significant transactions for the period** 

**1.2.1 Acquisition of 50% of operated working interest in the unconventional concessions of Aguada Federal and Bandurria Norte in Vaca Muerta ("acquisition of AFBN assets")** 

On January 17, 2022, the Company, through its subsidiary Vista Energy Argentina S.A.U, formerly known as Vista Oil & Gas Argentina S.A.U ("Vista Argentina"), acquired a 50% operated working interest in the Aguada Federal and Bandurria Norte concessions ("the Assets"), from Wintershall DEA Argentina S.A. ("Wintershall").

Vista agreed to pay a purchase price of 140,000, of which 90,000 was paid on the date of the transaction, and the remaining 50,000 will be payable in 8 (eight) equal quarterly instalments starting on April 2022. During the year ended December 31, 2022, Vista paid to Wintershall, 4 (four) equal instalments of 6,250, and the liabilities related to such transaction stand at 23,880, recognized at present value (see Note 24).

As result of this transaction, Vista recognized an addition of 68,743 in "Property, plant and equipment" (see Note 12), and the transaction effectively cancels the carry consideration of 77,000 the Company had assumed on September 16, 2021.

The effective date of the transaction was January 1, 2022. On September 14, 2022, the Province of Neuquén issued Presidential Decrees No. 1,851/22 and No. 1,852/22 approving the assignment by Wintershall to Vista Argentina of the assets located in the Bandurria Norte and Aguada Federal areas, respectively.

**1.2.2 Joint investment agreement ("farmout agreement II") signed with Trafigura Argentina S.A. ("Trafigura") in Bajada del Palo Oeste area** 

On October 11, 2022, the Company, through its subsidiary Vista Argentina entered into a second farmout agreement with Trafigura, whereby it undertook to develop 3 (three) pads in Bajada del Palo Oeste area.

By virtue of the farmout agreement II, a joint venture was established and Trafigura was entitled to contractual rights for 25% of hydrocarbon output in the pads under the agreement and bear 25% of investment costs, as well as royalties and direct taxes. As part of the farmout agreement II, Trafigura agreed to pay to Vista Argentina 1,700 for each tied-in well (equivalent to 6,800 for a 4-well pad). As of December 31, 2022, no wells have been connected

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

Vista Argentina maintains the operation in Bajada del Palo Oeste and 100% of the ownership. It also maintains its rights over 75% of hydrocarbon output in relation to the pads included in the farmout agreement II, and bear 75% of investment costs, as well as royalties, direct taxes and remainder operating and midstream costs.

The effective date of the transaction was October 1, 2022.

**Note 2. Basis of preparation and significant accounting policies** 

**2.1 Bases of preparation and presentation** 

The unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021, and for the years and for the three-month periods ended December 31, 2022 and 2021 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, 2022, and the results of operations for the year ended December 31, 2022. 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 Company's annual consolidated financial statements as of December 31, 2021.

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, 2021.

They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars ("USD") and are rounded to the nearest thousand, unless otherwise stated.

**2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by the Company** 

The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.

**2.3 Basis of consolidation** 

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. Other than the transactions mentioned in Note 1.2 there were no changes in interest in Company subsidiaries during the year ended December 31, 2022.

**2.4 Summary of significant accounting policies** 

**2.4.1 Going concern** 

The Board oversees the Group's cash position regularly and liquidity risk throughout the year to ensure that there are sufficient funds to meet expected financing, operating and investing requirements. Sensitivity tests are conducted to disclose the latest expense expectations, oil and gas prices and other factors so that the Group may manage risk.

Considering the macroeconomic context, the result of operations and the Group's cash position, as of December 31, 2022 and 2021, the Directors asserted, upon approving the financial statements, that the Group may reasonably be expected to fulfill its obligations in the foreseeable future. Therefore, these interim condensed consolidated financial statements were prepared on a going concern basis.

**2.4.2 Impairment testing of goodwill and nonfinancial assets other than goodwill** 

Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generated Units ("CGUs"). To such end, oil and gas properties in Argentina were grouped into 3 (three) CGUs: (i) operated concessions of conventional oil and gas exploration and production; (ii) operated concessions of unconventional oil and gas exploration and production; and (iii) non-operating concessions of conventional oil and gas exploration and production. The Company also identified just 1 (one) CGU in Mexico: (i) operated concessions of conventional oil and gas exploration and production.

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

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, 2021, the Company recognized a reversal for 14,044 related to the CGU of operated concessions of conventional oil and gas exploration and production in Mexico, mainly driven by an increase in estimated recoverable volumes and an increase in oil and prices.

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

<u>Main assumptions used</u> 

The Company's calculation of the value in use related to the aforementioned CGUs is more sensitive to the following assumptions:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2021** | **As of December 31, 2021** |
|  | **Argentina** | **Mexico** | **Argentina** | **Mexico** |
|  Discount rates (after taxes) | 11.9% | 7.9% | 10.4% | 6.1% |
|  Discount rates (before taxes) | 18.7% | 11.6% | 16.6% | 10.0% |
|  **Prices of crude oil, Liquefied Petroleum Gas ("LPG") and natural gas** |  |  |  |  |
|  Crude oil (USD/bbl.) <sup>(1)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2022 |  |  | 73.0 | 65.8 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2023 | 80.3 | 72.2 | 70.1 | 63.0 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2024 | 92.8 | 88.3 | 70.5 | 63.5 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; 2025 | 84.0 | 79.9 | 65.9 | 58.9 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As from 2026 | 79.3 | 78.3 | 64.6 | 58.9 |
|  Natural gas - local prices (USD/MMBTU) <sup>(2)</sup> |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As from | 3.9 | 3.0 | 3.3 | 3.0 |
|  LPG – local prices (USD/tn.) |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; As from | 250.4 |  | 300 |  |

---

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

<sup>(2)</sup> Millions of British Themal Unit ("MMBTU").

**2.5 Regulatory framework** 

---

| | |
|:---|:---|
| **A-** | **Argentina**  |

---

**2.5.1 Gas market** 

<u>2.5.1.1 Argentine promotion plan to stimulate natural gas production: 2020-2024 supply and demand system ("Gas IV Plan")</u> 

On November 13, 2020, through Presidential Decree No. 892/2020, the Argentine Executive approved Gas IV Plan, whereby it declared that the promotion of natural gas production is both a matter of public interest and a priority.

Moreover, through Presidential Decree No. 730/2022 of November 3, 2022, the Argentine government replaced Presidential Decree No. 892/2020, thus extending the term of the Gas IV Plan through December 31, 2028.

On December 15, 2020, through Resolution No. 391/2020, the Department of Energy awarded volumes and prices, for which the Company entered into agreements with Compañía Administradora del Mercado Mayorista Eléctrico SA ("CAMMESA"), Integración Energética Argentina S.A ("IEASA") and other distribution licensees or subdistributors to supply natural gas for electric power generation and residential consumption, respectively.

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

The Company, through its subsidiary Vista Argentina, was awarded a base volume of 0.86 Mcm/day at an average price of 3.29 USD/MMBTU for a four-year period as from January 1, 2021, which was extended through December 31, 2028, by Resolution No. 860/2022 of December 22, 2022.

In 2022, the Company was granted a permit by the Department of Energy to export natural gas to Chile according to the following volumes:

(i) 0.15 Mcm/day for the period elapsed from January through April 2022;

(ii) a variable volume for May through September 2022, and

(iii) 0.45 Mcm/day for the period elapsed from October 2022 through April 2023.

The Company exported a total of 51.4 Mcm to Chile during the year ended December 31, 2022.

For the years ended December 31, 2022 and 2021, the Company received a net amount of 3,149 and 3,660, respectively.

As of December 31, 2022 and 2021, the receivables related to such plan stand at 3,772 and 1,729, respectively (see Note 16).

Other than mentioned above, there have been no significant changes in Argentina's regulatory framework for the year ended December 31, 2022 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2021).

---

| | |
|:---|:---|
| **B-** | **Mexico**  |

---

There have been no significant changes in Mexico's regulatory framework during the year ended December 31, 2022 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2021).

**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 E&P 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, 2022 and 2021, 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, 2022** | **As of December 31, 2021** |
|  Argentina | 1638973 | 1260851 |
|  Mexico | 51316 | 47837 |
|  **Total noncurrent assets** | **1690289** | **1308688** |

---

**Note 4. Revenue from contracts with customers** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Goods sold | 1143820 | 652187 | 308105 | 196004 |
|  **Total revenue from contracts with customers** | **1143820** | **652187** | **308105** | **196004** |
|  **Recognized at a point in time** | **1143820** | **652187** | **308105** | **196004** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**4.1 Information broken down by revenue from contracts with customers** 

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Type of products** | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Revenues from crude oil sales | 1067997 | 593060 | 285365 | 182088 |
|  Revenues from natural gas sales | 70237 | 54301 | 21171 | 12244 |
|  Revenues from LPG sales | 5586 | 4826 | 1569 | 1672 |
|  **Total revenue from contracts with customers** | **1143820** | **652187** | **308105** | **196004** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Distribution channels** | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Exports from crude oil | 559563 | 182156 | 159864 | 70545 |
|  Refineries | 508434 | 410904 | 125501 | 111543 |
|  Industries | 20093 | 17320 | 6421 | 4291 |
|  Retail natural gas distribution companies | 18829 | 18351 | 2599 | 2736 |
|  Natural gas for electric power generation | 16210 | 18461 | 1323 | 5048 |
|  Exports from natural gas | 15105 | 169 | 10828 | 169 |
|  LPG sales | 5586 | 4826 | 1569 | 1672 |
|  **Total revenue from contracts with customers** | **1143820** | **652187** | **308105** | **196004** |

---

**Note 5. Cost of sales** 

**5.1 Operating costs** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Fees and compensation for services | 66155 | 53024 | 18349 | 13176 |
|  Salaries and payroll taxes | 22344 | 16591 | 6545 | 5729 |
|  Consumption of materials and spare parts | 16824 | 15912 | 3672 | 5283 |
|  Easements and fees | 11427 | 9572 | 2295 | 2561 |
|  Employee benefits | 6481 | 4877 | 2063 | 1437 |
|  Transport | 5963 | 3274 | 2058 | 1069 |
|  Other | 4191 | 3873 | 1131 | 1056 |
|  **Total operating costs** | **133385** | **107123** | **36113** | **30311** |

---

**5.2 Crude oil stock fluctuation** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Crude oil stock at beginning of year / period (Note18) | 5222 | 6127 |  | 6584 |
|  Less: Crude oil stock at end of year / period (Note 18) | (4722) | (5222) | (4722) | (5222) |
|  **Total crude oil stock fluctuation** | **500** | **905** | **(4722)** | **1362** |

---

**Note 6. Selling expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from**<br>**October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Transport | 28686 | 19554 | 11745 | 5509 |
|  Taxes, rates and contributions | 16522 | 13921 | 4008 | 3427 |
|  Tax on bank account transactions | 9595 | 6061 | 2637 | 1592 |
|  Fees and compensation for services | 5137 | 2806 | 457 | 931 |
|  (Reversal of) allowances for expected credit losses | (36) | 406 |  | 406 |
|  **Total selling expenses** | **59904** | **42748** | **18847** | **11865** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 7. General and administrative expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Salaries and payroll taxes | 27178 | 20242 | 7830 | 6187 |
|  Share-based payments | 16576 | 10592 | 4800 | 2494 |
|  Fees and compensation for services | 9848 | 7412 | 2728 | 2700 |
|  Employee benefits | 3360 | 2124 | 1147 | 647 |
|  Institutional promotion and advertising | 2066 | 2237 | 710 | 1014 |
|  Taxes, rates and contributions | 1859 | 1311 | 1045 | 925 |
|  Other | 2939 | 1940 | 1355 | 797 |
|  **Total general and administrative expenses** | **63826** | **45858** | **19615** | **14764** |

---

**Note 8. Exploration expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Geological and geophysical expenses | 736 | 561 | 169 | 124 |
|  **Total exploration expenses** | **736** | **561** | **169** | **124** |

---

**Note 9. Other operating income and expenses** 

**9.1 Other operating income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Gain from farmout agreement <sup>(1)</sup> | 18218 | 9050 |  | 4525 |
|  Other services charges <sup>(2)</sup> | 8480 | 4236 | 3715 | 952 |
|  Gain from assets disposal <sup>(3)</sup> |  | 9999 |  |  |
|  **Total other operating income** | **26698** | **23285** | **3715** | **5477** |

---

<sup>(1)</sup> For the years ended December 31, 2022 and 2021, including 20,000 and 10,000 of payments received by Trafigura, related to the farmout agreement celebrated on June 28, 2021 ("farmout agreement I"), net of disposals of oil and gas properties and goodwill for 1,654 and 882, and 128 and 68, respectively. See Note 12 and 13. (See Note 1.2 to the Company's annual consolidated financial statements as of December 31, 2021). 

<sup>(2)</sup> Services not directly related to the Company's main activity.

<sup>(3)</sup> For the year ended December 31, 2021 including: (i) 9,788 related to the transfer of the working interest in CASO; (ii) 198 related to Mexico exploratory assets transfer and; (iii) 13 related to the expiration of Sur Rio Deseado Este exploitation concession. (See Note 1.3, 1.4 and 30.3.9 to the annual consolidated financial statements as of December 31, 2021). 

**9.2 Other operating expenses** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Provision for environmental remediation <sup>(1)</sup> | (2133) | (1029) | (702) | (454) |
|  Restructuring and reorganization expenses <sup>(2)</sup> | (531) | (2284) |  | (1619) |
|  Provision for contingencies <sup>(1)</sup> | (379) | (652) | (77) | (278) |
|  Provision for materials and spare parts obsolescence <sup>(1)</sup> | (278) | (249) | 64 | 34 |
|  **Total other operating expenses** | **(3321)** | **(4214)** | **(715)** | **(2317)** |

---

<sup>(1)</sup> These transactions did not generate cash flows.

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

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 10. Financial income (expense), net** 

**10.1 Interest income** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Financial interest | 809 | 65 | 425 | 23 |
|  **Total interest income** | **809** | **65** | **425** | **23** |

---

**10.2 Interest expense** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Borrowings interest (Note 17.2) | (28886) | (50660) | (6545) | (9330) |
|  **Total interest expense** | **(28886)** | **(50660)** | **(6545)** | **(9330)** |

---

**10.3 Other financial income (expense)** 

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Amortized cost (Note 17.2) | (2365) | (4164) | (827) | (630) |
|  Changes in the fair value of warrants (Note 17.4.1.1) | (30350) | (2182) | (7762) | 7096 |
|  Net changes in foreign exchange rate | 33263 | 14328 | (6597) | 3587 |
|  Discount of assets and liabilities at present value | (2561) | (2300) | 2229 | (4958) |
|  Changes in the fair value of financial assets | (17599) | 5061 | 528 | (1198) |
|  Interest expense on lease liabilities (Note 14) | (1925) | (1079) | (360) | (324) |
|  Discount for well plugging and abandonment | (2444) | (2546) | (619) | (738) |
|  Remeasurement in borrowings <sup>(1)</sup> | (52817) | (19163) | (15148) | (7144) |
|  Other <sup>(2)</sup> | 9242 | 4851 | 4827 | 3296 |
|  **Total other financial income (expense)** | **(67556)** | **(7194)** | **(23729)** | **(1013)** |

---

<sup>(1)</sup> Related to borrowings in purchasing value units ("UVA", by Spanish acronym) adjusted by the benchmark stabilization coefficient ("CER", by its Spanish acronym). See Note 17.2.

<sup>(2)</sup> Including 2,515 from loss for negotiable obligations ("ON" by its Spanish acronym) swapping. See Notes 17.1 and 17.2.

**Note 11. Earnings per share** 

**a)** **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.

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

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Profit for the year / period, net | 269535 | 50650 | 75504 | 35555 |
|  Weighted average number of ordinary shares | 87862531 | 88242621 | 87664094 | 88473206 |
|  **Basic earnings per share** | **3.068** | **0.574** | **0.861** | **0.402** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Profit for the year / period, net | 269535 | 50650 | 75504 | 35555 |
|  Weighted average number of ordinary shares | 97830538 | 93273978 | 99147328 | 95190469 |
|  **Diluted earnings per share** | **2.755** | **0.543** | **0.762** | **0.374** |

---

As of December 31, 2022, the Company holds the following ordinary shares that, on the date of this unaudited interim condensed consolidated financial statements, are currently out of the money. Consequently, they are not included in the weighted average number of ordinary shares to calculate diluted earnings per share: (i) 4,854,408 Series A shares to be used in the Long-Term Incentive Plan ("LTIP").

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 12. Property, plant and equipment** 

The changes in property, plant and equipment for the year ended December 31, 2022 are as follows:

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Land and<br>buildings** | **Vehicles, machinery,<br>facilities, computer<br>hardware and<br>furniture and<br>fixtures** | **Oil and gas<br>properties** | **Production<br>wells and<br>facilities** | **Works in<br>progress** | **Materials and<br>spare parts** | **Total** |
|  **<u>Cost</u>** |  |  |  |  |  |  |  |
|  **Amounts as of December 31, 2021** | **2709** | **23070** | **446291** | **1174699** | **91245** | **27796** | **1765810** |
|  Additions | 8550 | 285 |  |  | 433942 | 97243 | **540020** |
|  Transfers |  | 20171 |  | 433909 | (371239) | (82841) | **—** |
|  Disposals | (465) | (4) | (1870)<sup>(1)</sup> | (713) <sup>(2)</sup> |  | (240) | **(3292)** |
|  Incorporation for the acquisition of AFBN assets |  |  | 68743<sup>(3)</sup> |  |  |  | **68743** |
|  **Amounts as of December 31, 2022** | **10794** | **43522** | **513164** | **1607895** | **153948** | **41958** | **2371281** |
| **<u>Accumulated depreciation</u>** |  |  |  |  |  |  |  |
|  **Amounts as of December 31, 2021** | **(294)** | **(10834)** | **(53623)** | **(477077)** |  |  | **(541828)** |
|  Depreciation | (17) | (4756) | (14540) | (204031) |  |  | **(223344)** |
|  Disposals | 11 | 3 | 216<sup>(1)</sup> |  |  |  | **230** |
|  **Amounts as of December 31, 2022** | **(300)** | **(15587)** | **(67947)** | **(681108)** |  |  | **(764942)** |
| **<u>Net value</u>** |  |  |  |  |  |  |  |
|  **Amounts as of December 31, 2022** | **10494** | **27935** | **445217** | **926787** | **153948** | **41958** | **1606339** |
|  **Amounts as of December 31, 2021** | **2415** | **12236** | **392668** | **697622** | **91245** | **27796** | **1223982** |

---

<sup>(1)</sup> See Note 9.1.

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

<sup>(3)</sup> See Note 1.2.1.

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 13. Goodwill and other intangible assets** 

Below are the changes in goodwill and other intangible assets for the year ended December 31, 2022:

---

| | | |
|:---|:---|:---|
|  | **Goodwill** | **Other intangible assets** |
| **<u>Cost</u>** |  |  |
|  **Amounts as of December 31, 2021** | **28416** | **12216** |
|  Additions  | **—** | 6030 |
|  Disposals <sup>(1)</sup> | (128) | **—** |
|  **Amounts as of December 31, 2022** | **28288** | **18246** |
| **<u>Accumulated amortization</u>** |  |  |
|  **Amounts as of December 31, 2021** | **—** | **(8338)** |
|  Amortization | **—** | (3116) |
|  **Amounts as of December 31, 2022** | **—** | **(11454)** |
| **<u>Net value</u>** |  |  |
|  **Amounts as of December 31, 2022** | **28288** | **6792** |
|  **Amounts as of December 31, 2021** | **28416** | **3878** |

---

<sup>(1)</sup> See Note 9.1.

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

The carrying amount of the Company's right-of-use assets and lease liabilities, as well as the changes for the year ended December 31 2022, are detailed below:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Right-of-use assets** | **Right-of-use assets** | **Right-of-use assets** | **Total lease<br>liabilities** |
|  | **Buildings** | **Plant and<br>machinery** | **Total** | **Total lease<br>liabilities** |
|  **Amounts as of December 31, 2021** | **1211** | **25243** | **26454** | **(27074)** |
|  Additions |  | 449 | 449 | (449) |
|  Re-estimations | 348 | 9206 | 9554 | (9554) |
|  Depreciation <sup>(1)</sup> | (573) | (9656) | (10229) |  |
|  Payments | **—** | **—** | **—** | 11494 |
|  Interest expense <sup>(2)</sup> | **—** | **—** | **—** | (3611) |
|  **Amounts as of December 31, 2022** | **986** | **25242** | **26228** | **(29194)** |

---

<sup>(1)</sup> Including the depreciation of drilling services capitalized as "Works in progress" for 1,827.

<sup>(2)</sup> Including drilling agreements capitalized as "Works in progress" for 1,686.

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 118 and 152 for the years ended December 31, 2022 and 2021, respectively.

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 15. Income tax** 

The most significant components of the income tax expense in the statements of profit or loss and other comprehensive income of these interim condensed consolidated financial statements are as follows:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
| <u>Income tax</u> |  |  |  |  |
|  Current income tax | (92089) | (62419) | 54560 | (15162) |
|  Deferred income tax | (71890) | (39695) | (87732) | (21001) |
|  **Income tax (expense) disclosed in the statement of profit or loss** | **(163979)** | **(102114)** | **(33172)** | **(36163)** |
|  Deferred income tax charged to other comprehensive income | 1463 | 2048 | 341 | 512 |
|  **Total income tax (expense)** | **(162516)** | **(100066)** | **(32831)** | **(35651)** |

---

For the year ended December 31, 2022, the Company's effective rate was 38%. The significant differences between the effective and statutory rate include (i) the application of the tax adjustment for inflation in Argentina (See Note 28); (ii) the depreciation of the Argentine peso ("ARS") with respect to the USD affecting the Company's tax deductions of nonmonetary assets; and (iii) the accumulative tax losses not recognized in the period. (See Note 33.1 to the annual consolidated financial statements as of December 31, 2021).

**Note 16. Trade and other receivables** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
| <u>Noncurrent</u> |  |  |
|  **Other receivables:** |  |  |
|  **Prepayments, tax receivables and other:** |  |  |
|  Prepayments and other receivables | 13630 | 15236 |
|  Value added tax ("VAT") | 940 | 4010 |
|  Turnover tax | 493 | 765 |
|  | **15063** | **20011** |
|  **Financial assets:** |  |  |
|  Loans to employees | 801 | 199 |
|  | **801** | **199** |
|  **Total noncurrent trade and other receivables** | **15864** | **20210** |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
| <u>Current</u> |  |  |
|  **Trade:** |  |  |
|  Oil and gas accounts receivable (net of allowance for expected credit losses) | 38978 | 25224 |
|  | **38978** | **25224** |
|  **Other receivables**: |  |  |
|  **Prepayments, tax credits and other:** |  |  |
|  VAT | 22939 | 9131 |
|  Prepaid expenses | 13864 | 3633 |
|  Income tax | 2921 | 860 |
|  Turnover tax | 634 | 42 |
|  | **40358** | **13666** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  **Financial assets:** |  |  |
|  Receivables from joint operations | 3854 | 2286 |
|  Gas IV Plan (Note 2.5.1.1) | 3772 | 1729 |
|  Accounts receivable from third parties | 2172 | 2025 |
|  LPG price stability program | 574 | 293 |
|  Advances to directors and loans to employees | 444 | 491 |
|  Other | 254 | 382 |
|  | **11070** | **7206** |
|  **Other receivables** | **51428** | **20872** |
|  **Total current trade and other receivables** | **90406** | **46096** |

---

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, 2022, in general, accounts receivable has a 15-day term for sales of oil and a 50-day term for sales of natural gas and LPG.

The Company sets up a provision for trade receivables when there is information showing that the debtor is facing severe financial difficulties and that there is no realistic probability of recovery, for example, when the debtor goes into liquidation or files for bankruptcy proceedings. Trade receivables that are derecognized are not subject to compliance activities. The Company recognized an allowance for expected credit losses of 100% against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of December 31, 2022 and 2021 an allowance for expected credit losses was recorded for 231 and 406 respectively.

As of the date of these interim condensed consolidated financial statements, maximum exposure to credit risk is related to the carrying amount of each class of accounts receivable.

**Note 17. Financial assets and liabilities** 

**17.1 Borrowings** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
| <u>Noncurrent</u> |  |  |
|  Borrowings | 477601 | 447751 |
|  **Total noncurrent** | **477601** | **447751** |
| <u>Current</u> |  |  |
|  Borrowings | 71731 | 163222 |
|  **Total current** | **71731** | **163222** |
|  **Total Borrowings** | **549332** | **610973** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  **Fixed interest** |  |  |
|  Less than 1 year | 48588 | 109016 |
|  From 1 to 2 years | 154895 | 112860 |
|  From 2 to 5 years | 232279 | 214491 |
|  Over 5 years | 65427 | 75468 |
|  **Total** | **501189** | **511835** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  **Variable interest** |  |  |
|  Less than 1 year | 23143 | 54206 |
|  From 1 to 2 years |  | 44932 |
|  From 2 to 5 years | 25000 |  |
|  Over 5 years | —  |  |
|  **Total** | **48143** | **99138** |
|  **Total Borrowings** | **549332** | **610973** |

---

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

The carrying amount of borrowings as of December 31, 2022 and 2021 of the Company through its subsidiary Vista Argentina, is as follows:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Execution**<br> **date** | **Currency** | **Principal** | **Interest** | **Annual<br>rate** | **Maturity**<br> **date** | **As of December**<br>**31, 2022** | **As of December**<br>**31, 2021** |
|  Banco Galicia, Banco Itaú Unibanco, Banco Santander Rio and Citibank NA | July, 2018 | USD | 150000 | Variable | LIBOR +<br> 4.50% | July, 2023 | 69121<sup>(1)</sup> | 184581 |
|  |  |  | 150000 | Fixed | 8.00% |  |  |  |
|  Banco BBVA S.A. | July, 2019 | USD | 15000 | Fixed | 9.40% | July, 2022 |  | 5081 |
|  Santander International | January, 2021 | USD | 11700 | Fixed | 1.80% | January, 2026 | 68<sup>(1) (2)</sup> | 137<sup>(2)</sup> |
|  Santander International | July, 2021 | USD | 43500 | Fixed | 2.05% | July, 2026 | 79<sup>(1) (2)</sup> | 60<sup>(2)</sup> |
|  Santander International | January, 2022 | USD | 13500 | Fixed | 2.45% | January, 2027 | 28 <sup>(1) (2)</sup> |  |
|  ConocoPhillips Petroleum Holding B.V. | January, 2022 | USD | 25000 | Variable | LIBOR +<br> 2.00% | September, 2026 | 25594<sup>(1)</sup> |  |
|  Bolsas y Mercados Argentinos S.A. | December, 2021 | ARS | 917892 | Fixed | 32.00% | March, 2022 |  | 3191<sup>(3)</sup> |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  |  |  |  |  | **94890** | **193050** |

---

<sup>(1)</sup> See Note 29.<sup></sup>

<sup>(2)</sup> The carrying amount is related to interest, and the principal is collateralized. 

<sup>(3)</sup> Net amount of 6,793 from short-term investments granted as securities. 

Moreover, Vista Argentina issued nonconvertible debt securities, under the name "*Programa de Notas*" approved by the National Securities Commission in Argentina ("CNV" by its Spanish acronym). The following chart shows the carrying amount of ON as of December 31, 2022 and 2021:

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Execution**<br> **date** | **Currency** | **Principal** | **Interest** | **Annual<br>rate** | **Maturity<br>date** | **As of December**<br>**31, 2022** | **As of December**<br>**31, 2021** |
|  ON II | August, 2019 | USD | 50000 | Fixed | 8.50% | August, 2022 |  | 50492 |
|  ON III | February, 2020 | USD | 50000 <sup>(2)</sup> | Fixed | 3.50% | February, 2024 | 9607<sup>(1)</sup> | 50316 |
|  ON IV | August, 2020 | ARS | 725650 | Variable | Badlar +<br> 1.37% | February, 2022 |  | 7427 |
|  ON V | August, 2020 | USD | 20000 <sup>(3)</sup> | Fixed | 0.00% | August, 2023 |  | 19869 |
|  | December, 2020 | USD | 10000<sup>(3)</sup> | Fixed | 0.00% | August, 2023 |  | 9931 |
|  ON VI | December, 2020 | USD | 10000 | Fixed | 3.24% | December,<br> 2024 | 9968 | 9940 |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Company** | **Execution date** | **Currency** | **Principal** | **Interest** | **Annual<br>rate** | **Maturity date** | **As of December 31,<br>2022** | **As of December 31,<br>2021** |
|  ON VII | March, 2021 | USD | 42371 | Fixed | 4.25% | March, 2024 | 42200 | 41970 |
|  ON VIII | March, 2021 | ARS | 3054537 <sup>(4)</sup> | Fixed | 2.73% | September, 2024 | 45185 | 40888 |
|  ON IX | June, 2021 | USD | 38787 <sup>(3)</sup> | Fixed | 4.00% | June, 2023 |  | 38551 |
|  ON X | June, 2021 | ARS | 3104063 <sup>(4)</sup> | Fixed | 4.00% | March, 2025 | 40765 | 36891 |
|  ON XI | August, 2021 | USD | 9230 | Fixed | 3.48% | August, 2025 | 9214 | 9196 |
|  ON XII | August, 2021 | USD | 100769 | Fixed | 5.85% | August, 2031 | 102504 | 102452 |
|  ON XIII | June, 2022 | USD | 43500 | Fixed | 6.00% | August, 2024 | 43211 |  |
|  ON XIV | November, 2022 | USD | 40511 <sup>(2)</sup> | Fixed | 6.25% | November, 2025 | 36408 |  |
|  ON XV | December, 2022 | USD | 13500 | Fixed | 4.00% | January, 2025 | 13413 |  |
|  ON XVI | December, 2022 | USD | 63450 <sup>(3)</sup> | Fixed | 0.00% | June, 2026 | 63079 |  |
|  ON XVII | December, 2022 | USD | 39118 | Fixed | 0.00% | December, 2026 | 38888 |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Total** |  |  |  |  |  |  | **454442** | **417923** |
|  **Total Borrowings** |  |  |  |  |  |  | **549332** | **610973** |

---

<sup>(1)</sup> See Note 29.<sup></sup>

<sup>(2)</sup> On November 10, 2022, the Company settled in part ON III by issuing ON XIV for 40,511, net of 4,135 of treasury stock, which generated no cash flows. As of December 31, 2022 the carrying amount related to ON III include 118 of interest. 

<sup>(3)</sup> On December 6, 2022, the Company settled ON V and IX for a total amount of 68,787, out of which: i) 60,935 issued ON XVI and; ii) 7,852 are related to the payment of principal remaining. Therefore, the Company issued ON XVI for a total amount of 63,450, out which: i) 60,935 are related to the swap mentioned above and; ii) 2,515 related to the loss from the issuance (see Note 10.3). 

<sup>(4)</sup> Amount in UVA, adjusted by CER (see Note 10.3). 

Under the aforementioned program, Vista Argentina may list and issue debt securities in Argentina for a total principal up to 800,000 or its equivalent in other currencies at any time.

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**17.2 Changes in liabilities from financing activities** 

Changes in the borrowings were as follows:

---

| | | |
|:---|:---|:---|
|  | **As of December 31,**<br>**2022** | **As of December 31,<br>2021** |
|  **Amounts at beginning of year** | **610973** | **539786** |
|  Proceeds from borrowings <sup>(1)</sup>  | 228614 | 361203 |
|  Borrowings interest <sup>(2)</sup> (Note 10.2) | 28886 | 50660 |
|  Payment of borrowings cost | (1670) | (3326) |
|  Payment of borrowings interest | (34430) | (54636) |
|  Payment of borrowings principal <sup>(1)</sup> | (294917) | (284695) |
|  Amortized cost <sup>(2)</sup> (Note 10.3) | 2365 | 4164 |
|  Remeasurement in borrowings <sup>(2)</sup> (Note 10.3) | 52817 | 19163 |
|  Changes in foreign exchange rate <sup>(2)</sup> | (45821) | (21346) |
|  Other financial expense <sup>(2)</sup> (Note 10.3) | 2515 |  |
|  **Amounts at end of year** | **549332** | **610973** |

---

<sup>(1)</sup> As of December 31. 2022, borrowings received and principal payments include 99,826 related to the ON swapping mentioned in note 17.1. As of December 31, 2021, including 358,093 from borrowings received and 3,110 from the release of government bonds granted as security of prior Borrowings. These transactions did not generate cash flows. 

<sup>(2)</sup> These transactions did not generate cash flows.

**17.3 Financial instruments by category** 

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

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2022** | **Financial assets /<br>liabilities at<br>amortized cost** | **Financial assets /<br>liabilities FVTPL** | **Total financial<br>assets / liabilities** |
|  **Assets** |  |  |  |
|  Plan assets (Note 25) | 1055 | 5703 | 6758 |
|  Trade and other receivables (Note 16) | 801 |  | 801 |
|  **Total noncurrent financial assets** | **1856** | **5703** | **7559** |
|  Cash, bank balances and other short-term investments (Note 19) | 41516 | 202869 | 244385 |
|  Trade and other receivables (Note 16) | 50048 |  | 50048 |
|  **Total current financial assets** | **91564** | **202869** | **294433** |
|  **Liabilities** |  |  |  |
|  Borrowings (Note 17.1) | 477601 |  | 477601 |
|  Lease liabilities (Note 14) | 20644 |  | 20644 |
|  **Total noncurrent financial liabilities** | **498245** | **—** | **498245** |
|  Borrowings (Note 17.1) | 71731 |  | 71731 |
|  Trade and other payables (Note 24) | 221013 |  | 221013 |
|  Lease liabilities (Note 14) | 8550 |  | 8550 |
|  **Total current financial liabilities** | **301294** | **—** | **301294** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2021** | **Financial assets /<br>liabilities at<br>amortized cost** | **Financial assets /<br>liabilities FVTPL** | **Total financial<br>assets / liabilities** |
|  **Assets** |  |  |  |
|  Plan assets (Note 25) | 7594 |  | 7594 |
|  Trade and other receivables (Note 16) | 199 |  | 199 |
|  **Total noncurrent financial assets** | **7793** |  | **7793** |
|  Cash, bank balances and other short-term investments (Note 19) | 185546 | 129467 | 315013 |
|  Trade and other receivables (Note 16) | 32430 |  | 32430 |
|  **Total current financial assets** | **217976** | **129467** | **347443** |
|  **Liabilities** |  |  |  |
|  Borrowings (Note 17.1) | 447751 |  | 447751 |
|  Trade and other payables (Note 24) | 50159 |  | 50159 |
|  Warrants (Note 17.4.1.1) |  | 2544 | 2544 |
|  Lease liabilities (Note 14) | 19408 |  | 19408 |
|  **Total noncurrent financial liabilities** | **517318** | **2544** | **519862** |
|  Borrowings (Note 17.1) | 163222 |  | 163222 |
|  Trade and other payables (Note 24) | 138482 |  | 138482 |
|  Lease liabilities (Note 14) | 7666 |  | 7666 |
|  **Total current financial liabilities** | **309370** | **—** | **309370** |

---

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

For the year ended December 31, 2022:

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial assets /<br>liabilities at<br>amortized cost** | **Financial assets /<br>liabilities at<br>FVTPL** | **Total financial<br>assets / liabilities** |
|  Interest income (Note 10.1) | 809 |  | 809 |
|  Interest expense (Note 10.2) | (28886) |  | (28886) |
|  Amortized cost (Note 10.3) | (2365) |  | (2365) |
|  Changes in the fair value of warrants (Note 10.3) |  | (30350) | (30350) |
|  Net changes in foreign exchange rate (Note 10.3) | 33263 |  | 33263 |
|  Discount of assets and liabilities at present value (Note 10.3) | (2561) |  | (2561) |
|  Changes in the fair value of financial assets (Note 10.3) |  | (17599) | (17599) |
|  Interest expense on lease liabilities (Note 10.3) | (1925) |  | (1925) |
|  Discount for well plugging and abandonment (Note 10.3) | (2444) |  | (2444) |
|  Remeasurement in borrowings (Note 10.3) | (52817) |  | (52817) |
|  Other (Note 10.3) | 9242 |  | 9242 |
|  **Total** | **(47684)** | **(47949)** | **(95633)** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

For the year ended December 31, 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **Financial<br>assets/liabilities at<br>amortized cost** | **Financial<br>assets/liabilities<br>at FVTPL** | **Total financial<br>assets / liabilities** |
|  Interest income (Note 10.1) | 65 |  | 65 |
|  Interest expense (Note 10.2) | (50660) |  | (50660) |
|  Amortized cost (Note 10.3) | (4164) |  | (4164) |
|  Changes in the fair value of warrants (Note 10.3) |  | (2182) | (2182) |
|  Net changes in foreign exchange rate (Note 10.3) | 14328 |  | 14328 |
|  Discount of assets and liabilities at present value (Note 10.3) | (2300) |  | (2300) |
|  Changes in the fair value of financial assets (Note 10.3) |  | 5061 | 5061 |
|  Interest expense on lease liabilities (Note 10.3) | (1079) |  | (1079) |
|  Discount for well plugging and abandonment (Note 10.3) | (2546) |  | (2546) |
|  Remeasurement in borrowings (Note 10.3) | (19163) |  | (19163) |
|  Other (Note 10.3) | 4851 |  | 4851 |
|  **Total** | **(60668)** | **2879** | **(57789)** |

---

**17.4 Fair value** 

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

**17.4.1 Fair value of the Company's financial assets and liabilities measured at fair value on a recurring basis** 

The Company classifies the measurements at fair value of financial instruments using a fair value hierarchy, which shows the relevance of the variables applied to carry out these measurements. The fair value hierarchy has the following levels:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• 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).

The following chart shows the Company's financial assets and liabilities measured at fair value as of December 31, 2022 and 2021:

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2022** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets** |  |  |  |  |
|  *Financial assets at fair value through profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 202869 |  |  | 202869 |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Plan assets | 5703 |  |  | 5703 |
|  **Total assets** | **208572** |  |  | **208572** |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2021** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Assets** |  |  |  |  |
|  *Financial assets at fair value through profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Short-term investments | 129467 |  |  | 129467 |
|  **Total assets** | **129467** |  |  | **129467** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

---

| | | | | |
|:---|:---|:---|:---|:---|
| **As of December 31, 2021** | **Level 1** | **Level 2** | **Level 3** | **Total** |
|  **Liabilities** |  |  |  |  |
|  *Financial liabilities at fair value through profit or loss* |  |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Warrants |  |  | 2544 | 2544 |
|  **Total liabilities** |  |  | **2544** | **2544** |

---

The value of financial instruments traded in active markets is based on quoted market prices as of the date of these accompanying unaudited interim condensed consolidated financial statements. A market is considered active when quoted prices are available regularly through a stock exchange, a broker, a specific sector entity or regulatory agency, and these prices reflect regular and current market transactions between parties at arm's length. The quoted market price used for financial assets held by the Company is the current offer price. These instruments are included in Level 1.

For financial instruments not traded in an active market, the fair value is determined using appropriate valuation techniques. These valuation techniques maximize the use of observable market data, when available, and minimize the use of Company's specific estimates. Should all significant variables used to establish the fair value of a financial instrument be observable, the instrument is included in Level 2.

Should one or more variables used in determining the fair value not be observable in the market, the financial instrument is included in Level 3.

There were no transfers between Level 1 and Level 2 from December 31, 2021, through December 31, 2022.

<u>17.4.1.1 Warrants</u> 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,<br>2022** | **As of December 31,<br>2021** |
|  <u>Noncurrent</u> |  |  |
|  Warrants |  | 2544 |
|  **Total noncurrent** |  | **2544** |

---

On October 4, 2022 the meeting of holders of the Warrants issued by the Company (identified with the ticker symbol "VTW408A-EC001" - the "Warrants"), approved the amendments to the warrant indenture and the global certificate that covers such Warrants, by means of which a cashless exercise mechanism was implemented that entitles the holders, to obtain 1 Series A share representative of the capital stock of the Company for each 31 Warrants owned. As a result, a maximum of 3,215,483 shares will become outstanding once all Warrants are converted. Thus, as of December 31, 2022, a total of 2,038,643 Series A shares were issued (For further information see Note 29). They have no nominal value.

As of October 4, 2022, the liability for warrants was settled for 32,894, an amount equal to the 3,215,483 series "A" shares and was recognized under "Other equity instruments" (See Note 20).

<u>Reconciliation of level 3 measurements at fair value:</u> 

---

| | | |
|:---|:---|:---|
|  | **As of December 31,<br>2022** | **As of December 31,<br>2021** |
|  **Warrants liability amount at beginning of year:** | **2544** | **362** |
|  Loss from changes in the fair value of warrants (Note 10.3) | 30350 | 2182 |
|  Other equity instruments | (32894) |  |
|  **Amount at end of year** | **—** | **2544** |

---

The fair value of warrants was determined using the Black & Scholes model considering the expected volatility of the Company's ordinary shares upon estimating the future volatility of Company share price. The risk-free interest rate for the expected useful life of warrants was based on the available return of benchmark government bonds with an equivalent remainder term upon the grant. The expected life was based on the contractual terms.

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**17.4.2 Fair value of financial assets and liabilities that are not measured at fair value (but require fair value disclosures)** 

Except for the information included in the following chart, the Company considers that the carrying amounts of financial assets and liabilities recognized in the interim condensed consolidated financial statements approximate to its fair values, as explained in the related notes.

---

| | | | |
|:---|:---|:---|:---|
| **As of December 31, 2022** | **Carrying amount** | **Fair value** | **Level** |
|  **Liabilities** |  |  |  |
|  Borrowings | 549332 | 459122 | **2** |
|  **Total liabilities** | **549332** | **459122** |  |

---

**17.5 Risk management objectives and policies concerning financial instruments** 

**17.5.1 Financial risk factors** 

The Company's activities are exposed to several financial risks: market risk (including exchange rate risk, interest rate risk and price risk), credit risk and liquidity risk.

Financial risk management is included in the Company's global policies, and it adopts a comprehensive risk management policy focused on tracking risks affecting the entire Company. This strategy aims at striking a balance between profitability targets and risk exposure levels. Financial risks are derived from the financial instruments to which the Company is exposed during period-end or as of every period-end.

The Company's financial department, controls financial risk by identifying, assessing and covering financial risks. The risk management systems and policies are reviewed regularly to show the changes in market conditions and the Company's activities. The Company reviewed its exposure to financial risk factors and identified no significant changes in the risk analysis included in its annual consolidated financial statements as of December 31, 2021, except for the following:

<u>17.5.1.1 Market risk</u> 

<u>Exchange rate risk</u> 

The Company's financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of December 31, 2022 and 2021, the Company performed foreign exchange currency hedge transactions, and the impact in the results of the year is recognized in "Other financial income (expense)".

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

During the years ended December 31, 2022 and 2021, ARS depreciated by about 72 % and 22%, respectively.

The following chart shows the sensitivity to a reasonable change in the exchange rates 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, 2022** |
|  Changes in interest rates in Argentine pesos | +/- 78% |
|  Effect on profit or loss | (57193) / 57,193 |
|  Effect on equity | (57193) / 57,193 |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

<u>Interest rate risk</u> 

For the years ended December 31, 2022 and 2021, the average interest rate was 57 % and 40%, respectively.

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

Variable-rate indebtedness exposes the Company's cash flows to interest rate risk due to the potential volatility. Fixed-rate indebtedness exposes the Company to interest rate risk on the fair value of its liabilities as they could be considerably higher than variable rates. As of December 31, 2022 and 2021, about 9% and 16% of indebtedness was subject to variable interest rates. For the years ended December, 31 2022 and 2021, the variable interest rate of loans denominated in USD stood at 4.55% and 4.81%, respectively, and it amounted to 36.31% and 35.55%, respectively, for loans denominated in ARS.

The Company expects to lessen its interest rate exposure by analyzing and assessing (i) the different sources of liquidity available in domestic and international financial and capital markets (if available); (ii) alternative (fixed or variable) interest rates, currencies and contractual terms available for companies in a sector, industry and risk similar to the Company's; and (iii) the availability, access and cost of interest rate hedge contracts. Hence, the Company assesses the impact on profit or loss of each strategy on the obligations that represent the main positions to the main interest-bearing positions.

In the case of fixed rates and in view of current market conditions, the Company considers that the risk of a major decrease in interest rates is low; therefore, it does not expect substantial fixed rate debt risk.

For the years ended December 31, 2022 and 2021, the Company did not use derivative financial instruments to mitigate interest rate risks.

**Note 18. Inventories** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  Materials and spare parts | 8177 | 8739 |
|  Crude oil stock (Note 5.2) | 4722 | 5222 |
|  **Total** | **12899** | **13961** |

---

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

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  Mutual funds | 202165 | 126204 |
|  Cash in banks | 23910 | 78098 |
|  Money market funds | 15881 | 106915 |
|  Government bonds | 2429 | 3796 |
|  **Total** | **244385** | **315013** |

---

Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 (three) months. For the consolidated statement of cash flows purposes below is the reconciliation between cash, bank and short-term investments and cash and cash equivalents:

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  Cash, bank balances and other short-term investments | 244385 | 315013 |
|  **Less** |  |  |
|  Government bonds | (2429) | (3796) |
|  **Cash and cash equivalents** | **241956** | **311217** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 20. Equity** 

**20.1 Capital stock** 

The following chart shows a reconciliation of the movements in the Company's capital stock for the years ended as of December 31, 2022 and 2021:

---

| | | | |
|:---|:---|:---|:---|
|  | **Series A** | **Series C** | **Total** |
|  **Amounts as of December 31, 2020** | **659400** | **—** | **659400** |
|  **Number of shares** | **87851286** | **2** | **87851288** |
|  Reduction of share capital adopted at the Ordinary General Shareholders' meeting on December 14, 2021 | (72695) |  | (72695) |
|  Number of shares |  |  |  |
|  Series A shares to be granted in LTIP | 1 |  | 1 |
|  Number of shares | 778591 |  | 778591 |
|  **Amounts as of December 31, 2021** | **586706** | **—** | **586706** |
|  **Number of shares** | **88629877** | **2** | **88629879** |
|  Reduction of capital stock adopted at the Board of Directors' meeting on September 27, 2022 | (39530) |  | (39530) |
|  Number of shares |  |  |  |
|  Cashless exercises of warrant adopted at Warrant Holders' meeting on October 4, 2022 |  |  |  |
|  Number of shares | 2038643 |  | 2038643 |
|  Share repurchase | (29304) |  | (29304) |
|  Number of shares repurchased | (3234163) |  | (3234163) |
|  Series A shares to be granted in LTIP | 1 |  | 1 |
|  Number of shares | 972121 |  | 972121 |
|  **Amounts as of December 31, 2022** | **517873** | **—** | **517873** |
|  **Number of shares** | **88406478** | **2** | **88406480** |

---

On December 14, 2021, the Ordinary General Shareholders' Meeting approved the reduction of the variable portion of the Company's capital stock of 72,695, for the absorption of accumulated losses as of September 30, 2021, 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.

On September 27, 2022, the Board of Directors Meeting approved the reduction of the variable portion of the Company's capital stock of 39,530, for the absorption of accumulated losses as of August 31, 2022, shown on the Company's nonconsolidated financial statements. On December 7, 2022, through Ordinary General Shareholders' Meeting this transaction was ratified .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.

On October 4, 2022 the meeting of holders of the Warrants issued by the Company (identified with the ticker symbol "VTW408A-EC001" - the "Warrants"), approved the amendments to the warrant indenture and the global certificate that covers such Warrants, by means of which a cashless exercise mechanism was implemented that entitles the holders, to obtain 1 Series A share representative of the capital stock of the Company for each 31 Warrants owned (See Note 17.4.1.1). As a result, a maximum of 3,215,483 shares will become outstanding once all Warrants are converted. Thus, as of December 31, 2022, a total of 2,038,643 Series A shares were issued (For further information see Note 29). They have no nominal value, and the remaining amount was recognized under "Other equity instruments".

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

On April 26 and December 7, 2022, through the Extraordinary and Ordinary General Shareholders' Meeting, the Company's shareholders approved the creation of a fund to acquire own shares for 23,840 and 25,625 based on the Company's nonconsolidated financial statements (See Note 20.2). During the year ended as of December 31, 2022 the Company repurchased 3,234,163 Series "A" share for a total amount of 29,304, which, as of the date of issuance of these condensed consolidated financial statements, are held in treasury. As of the date of these interim condensed consolidated financial statements this operation did not generate any tax effect in Mexico.

As of December 31, 2022 and 2021, the Company's authorized capital includes 40,385,761 and 40,162,362 Series A ordinary shares, respectively, held in Treasury that may be used with warrants and LTIP.

**20.2 Legal reserve and share repurchase reserve** 

Under Mexican Business Associations Law, the Company is required to allocate 5% of net profit for the year to increase the legal reserve until it is equal to 20% of capital based on the Company's nonconsolidated financial statements.

On April 26, 2022, through the Ordinary and Extraordinary General Shareholders' Meeting, the Company's shareholders approved the creation of a fund to acquire own shares for 23,840, and the creation of the legal reserve for 1,255, both based on the Company's nonconsolidated financial statements.

On December 7, 2022, through the Ordinary General Shareholders' Meeting, the Company's shareholders approved an increase of a fund to acquire own shares for 25,625 and the creation of the legal reserve for 1,348, both based on the Company's nonconsolidated financial statements.

**Note 21. Provisions** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  <u>Noncurrent</u> |  |  |
|  Well plugging and abandonment | 31389 | 28920 |
|  Environmental remediation | 279 | 737 |
|  **Total noncurrent** | **31668** | **29657** |

---

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  <u>Current</u> |  |  |
|  Environmental remediation | 1542 | 862 |
|  Well plugging and abandonment | 1135 | 1876 |
|  Contingencies | 171 | 142 |
|  **Total current** | **2848** | **2880** |

---

**Note 22. Salaries and payroll taxes** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  <u>Current</u> |  |  |
|  Provision for bonuses and incentives | 17599 | 12102 |
|  Salaries and social security contributions | 7521 | 5389 |
|  **Total current** | **25120** | **17491** |

---

**Note 23. Other taxes and royalties** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  <u>Current</u> |  |  |
|  Royalties | 12642 | 9547 |
|  Tax withholdings | 7205 | 873 |
|  Turnover tax | 102 |  |
|  VAT | 10 | 33 |
|  Other | 353 | 919 |
|  **Total current** | **20312** | **11372** |

---

------

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

**Note 24. Trade and other payables** 

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  <u>Noncurrent</u> |  |  |
|  **Other accounts payables:** |  |  |
|  Payables to partners of joint operations <sup>(1)</sup> |  | 50159 |
|  **Total other noncurrent accounts payable** | **—** | **50159** |
|  **Total noncurrent** | **—** | **50159** |
|  <u>Current</u> |  |  |
|  **Accounts payable:** |  |  |
|  Suppliers | 196484 | 119255 |
|  **Total current accounts payables** | **196484** | **119255** |
|  **Other accounts payables:** |  |  |
|  Payables to third parties <sup>(2)</sup> | 23880 |  |
|  Extraordinary fee for Gas IV Plan | 488 | 220 |
|  Payables to partners of joint operations <sup>(1)</sup> | 161 | 19007 |
|  **Total other current accounts payables** | **24529** | **19227** |
|  **Total current** | **221013** | **138482** |

---

<sup>(1)</sup> As of December 31, 2021, including 50,159 and 18,913 in noncurrent and current accounts, respectively, related to the carry agreement, recognized at present value (see Note 1.5 to the annual consolidated financial statements as of December 31, 2021).

<sup>(2)</sup> See note 1.2.1.

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 25. Employee benefits** 

The following chart summarizes net expense components and the changes in the liability for long-term employee benefits in the unaudited interim condensed consolidated financial statements:

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Year ended<br>December 31, 2022** | **Year ended<br>December 31, 2021** | **Period from<br>October 1 through<br>December 31, 2022** | **Period from<br>October 1 through<br>December 31, 2021** |
|  Cost of services | (44) | (28) | (9) | (9) |
|  Cost of interest | (458) | (219) | (134) | (75) |
|  **Total** | **(502)** | **(247)** | **(143)** | **(84)** |

---

---

| | | | |
|:---|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2022** | **As of December 31, 2022** |
|  | **Present value of the<br>obligation** | **Plan assets** | **Net liabilities** |
|  **Amounts at beginning of year** | **(15416)** | **7594** | **(7822)** |
|  *Items classified as loss or profit* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of services | (44) |  | (44) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Cost of interest | (806) | 348 | (458) |
|  *Items classified in other comprehensive income* |  |  |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Actuarial remediation (losses) | (3911) | (270) | (4181) |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Benefit payments | 1168 | (1168) |  |
| &nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; Payment of contributions |  | 254 | 254 |
|  **Amounts at end of year** | **(19009)** | **6758** | **(12251)** |

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

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

---

| | | |
|:---|:---|:---|
|  | **As of December 31, 2022** | **As of December 31, 2021** |
|  US government bonds | 5703 |  |
|  Cash and cash equivalents | 1055 | 7594 |
|  **Total** | **6758** | **7594** |

---

See Note 23 to the Company's annual consolidated financial statements as of December 31, 2021.

**Note 26. Related parties transactions and balances** 

As of December 31, 2022 and 2021, the Company carries no balances with related parties and relevant transactions other than those included in Note 27 to the annual consolidated financial statements as of December 31, 2021.

Note 2.3 to the Company's annual consolidated financial statements as of December 31, 2021 and Note 1.2 of these unaudited interim condensed consolidated financial statements provide information on the Group's structure, including information on Company subsidiaries.

**Note 27. Commitments and contingencies** 

<u>Duplicar Plus Project implemented by Oleoductos del Valle SA ("Oldelval")</u> 

On December 21, 2022, the Company, through its subsidiary Vista Argentina, was awarded a crude oil transportation capacity of 5,010 m3/day under the project to extend the current line from Allen to Puerto Rosales implemented by Oldelval (transportation concession holder) for 50,000 m3/day. Thus, the Company undertook to make an upfront investment of 118,000 between 2023 and 2025, to be recovered from the service monthly fee. As of the date of issuance of these financial statements, the Company made disbursements related to this commitment for a total amount of 16,378.

Other than mentioned above, there were no significant changes in commitments and contingencies for year ended December 31, 2022. For a description on the Company's contingencies and investment commitments related to its oil and gas properties see Notes 29 and 30 to the annual consolidated financial statements as of December 31, 2021.

**Note 28. Tax regulations** 

**28.1 Income tax** 

<u>General Resolution No. 5,248/2022</u> 

On August 16, 2022, the Federal Public Revenue Agency ("AFIP") in Argentina issued General Resolution No. 5,248/2022 whereby it established one-time payment towards income tax.

For taxpayers whose tax assessed as of December 31, 2021, was equal to or higher than ARS 100,000,000 and which calculation base for the advance payments for the following tax period exceeded 0 (zero), the one-time payment towards income tax will amount to 25% of such calculation base. Such amount was paid in three equal and consecutive installments equivalents to 8,300 and computed as payment towards income tax for the year ended as of December 31, 2022.

<u>Law No. 27,701</u> 

Law No. 27,701, published in the Official Bulletin on December 1, 2022, set forth the option to defer the tax adjustment for inflation for the first two fiscal years beginning as from January 1, 2022. Thus, a third of such positive adjustment may be distributed to the fiscal year in which the adjustment is assessed and the remaining two thirds, in equal parts, to the two subsequent fiscal years.

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

This alternative applies to the companies promoting investments in property, plant and equipment for an amount equal to or higher than ARS 30,000,000 during each of the two fiscal periods subsequent to the computation of the first third. Failing to comply with this requirement will result in the forfeiture of the benefit.

As of December 31, 2022, the Company, through its subsidiary Vista Argentina, applied the option mentioned above.

Other than mentioned above there were no changes in Argentina's and Mexico's tax regulations during the year ended December 31, 2022 (see Note 33 to the annual consolidated financial statements as of December 31, 2021).

**Note 29. Subsequent events** 

The Company assessed events subsequent to December 31, 2022, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through February 23, 2023, date in which these financial statements were made available for issue.

• On January 4, 2023, Vista Argentina paid interest for an amount of 111 corresponding to loan agreements
signed with Banco Santander International in July 2021 and January 2022.

• On January 13, 2023, Vista Argentina paid interest for a total amount of 639 corresponding to loan agreement
signed with ConocoPhillips BV.

• On January 19 and 21, 2023, Vista Argentina paid interest for an amount of 72 corresponding to loan
agreement signed with Banco Santander International in January 2021.

• On January 20, 2023, Vista Argentina paid principal and interest for a total amount of 24,340 corresponding
to loan agreement signed with Banco Galicia, Banco Itaú Unibanco, Banco Santander Rio and Citibank NA ("Syndicated Loan").

• On January 27, 2023, the Company, through its subsidiary Vista Argentina, was awarded a storage and dispatch
capacity of 35,644 m3 and 5,944 m3/day, respectively, under the program to extend Puerto Rosales marine terminal and pumping station, in which Oiltanking Ebytem S.A. bidded for a storage and dispatch capacity of 300,000 m3 and 50,000 m3/day,
respectively.

Thus, the Company undertook to make an upfront investment of 28,400 between 2023 and 2025, to be recovered from the service monthly fee as from 2026. As of the date of issuance of these financial statements, the Company made no disbursements related to this commitment.

• On February 22, 2023, Vista Argentina paid interest for a total amount of 167 corresponding to ON III.

• During January and February 2023, the Company issued 352,965 Serie A shares related to the cashless exercise of
Warrants mentioned in Note 17.4.1.1. They have no nominal value.

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

The Transaction consist in a two-phased agreement. The first phase will be effective as of March 1, 2023 (the "Effective Date") and will end no later than February 28, 2027. Under the terms of the Transaction, from the Effective Date:

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(i) Aconcagua will become operator of the Concessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(ii) Aconcagua will pay to Vista 26,468 in cash (10,000 on February 15, 2023, and 10,734 and 5,734 to be paid in March 2024 and 2025, respectively);

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

**Notes to the unaudited interim condensed consolidated financial statements as of December 31, 2022 and 2021 and for the years and for the three-month periods ended December 31, 2022 and 2021** 

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

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iii) Vista will retain 40% of the crude oil and natural gas reserves and production, and 100% of liquified petroleum gas reserves and production, from the Concessions, until the earliest of (i) February 28, 2027, or (ii) the date when Vista has received a cumulative production of 4 million barrels of crude oil and 300 million m3 of natural gas (the "Final Closing Date"). Aconcagua will keep 60% of the crude oil and natural gas production from the Concessions;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(iv) Aconcagua will pay 100% of Vista's share of the capex, opex, and any other costs associated to the operation of the Concessions, including royalties and taxes;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(v) Vista will have the right to purchase up to Aconcagua's 60% share of the natural gas (net of internal consumption) produced by the Concessions at a price of 1 USD/MMBtu until the Final Closing Date;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vi) Vista Argentina and Aconcagua will work jointly with the Provinces of Río Negro and Neuquén to negotiate an extension of the exploitation and transportation concession titles governing the Concessions, including an upfront payment and an investment commitment, as per the terms set forth in the applicable regulation in Argentina;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(vii) Vista Argentina will retain the right to explore and develop the Vaca Muerta formation in the Exploitation Concessions and seek to obtain one or more independent and separate unconventional concessions to develop such resources;

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;(viii) Vista will remain concession title holder until no later than the Final Closing Date, when the Concessions will be transferred to Aconcagua, on an "as is where is basis", subject to Provincial approvals.

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.