Vista Energy B de C : Interim Consolidated Financial Statements Q2 2024

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

Unaudited interim condensed consolidated financial statements as of June 30, 2024 and

December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023

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

Unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023

TABLE OF CONTENTS

• Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the six-month periods ended June 30, 2024 and 2023
• Unaudited interim condensed consolidated statements of financial position as of June 30, 2024 and December 31, 2023
• Unaudited interim condensed consolidated statements of changes in equity for the six-month periods ended June 30, 2024 and 2023
• Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023
• Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023

2

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

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the six-month periods ended June 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

			Period from			Period from		Period from		Period from
	Notes		January 1,			January 1,		April 1,		April 1,
		through June			through June		through June		through June
		30, 2024	30, 2023	30, 2024	30, 2023
Revenue from contracts with customers	4		714,067			556,818		396,715		239,628
Cost of sales:	5.1
Operating costs	(48,356)	(50,491)	(26,738)	(20,347)
Crude oil stock fluctuation	5.2	4,863	(2,592)	3,654	2,130
Depreciation, depletion and amortization	12/13/14	(183,378)	(126,819)	(101,005)	(62,447)
Royalties and others	5.3	(101,572)	(85,565)	(56,790)	(36,593)
Other non-cash costs related to the transfer of		(16,897)	(9,398)	(7,792)	(6,165)
conventional assets
Gross profit			368,727			281,953		208,044		116,206
Selling expenses	6	(40,979)	(31,949)	(22,140)	(15,232)
General and administrative expenses	7	(44,500)	(36,787)	(22,390)	(19,776)
Exploration expenses	8	(33)	(516)	(2)	(294)
Other operating income	9.1	26,484	96,324	16,987	2,268
Other operating expenses	9.2	(1,023)	292	(908)	(4)
Operating profit			308,676			309,317		179,591		83,168
Interest income	10.1	1,800	503	1,319	216
Interest expense	10.2	(16,116)	(11,363)	(11,219)	(5,226)
Other financial income (expense)	10.3	(22,760)	(34,282)	(130)	(19,967)
Financial income (expense), net			(37,076)			(45,142)		(10,030)		(24,977)
Profit before income tax
	271,600		264,175	169,561	58,191
Current income tax (expense)	15	(169,402)	(54,585)	(105,613)	(7,017)
Deferred income tax benefit (expense)	15	116,093	(28,675)	75,692	1,007
Income tax (expense)			(53,309)			(83,260)		(29,921)		(6,010)
Profit for the period, net
	218,291		180,915	139,640	52,181
Other comprehensive income
Other comprehensive income that shall not be
reclassified to profit (loss) in subsequent periods
- Profit (loss) from actuarial remeasurement related	25	66	(1,079)	17	(1,188)
to employee benefits
15
- Deferred income tax (expense) benefit		(23)			377		(6)		415
Other comprehensive income that shall not be		43	(702)
reclassified to profit in subsequent periods, net of		11	(773)
taxes
Total comprehensive profit for the period			218,334			180,213		139,651		51,408
Earnings per share	11	2.266	1.962	1.444	0.553
Basic (in US Dollars per share)
Diluted (in US Dollars per share)	11	2.183	1.844	1.390	0.519

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

3

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

Unaudited interim condensed consolidated statements of financial position as of June 30, 2024 and December 31, 2023

(Amounts expressed in thousands of US Dollars)

	Notes			As of June 30, 2024			As of December 31, 2023
Assets
Noncurrent assets	12
Property, plant and equipment	2,339,417	1,927,759
Goodwill	13	22,576	22,576
Other intangible assets	13	9,808	10,026
Right-of-use assets	14	61,832	61,025
Investments in associates	16	9,085	8,619
Trade and other receivables	155,415	136,351
Deferred income tax assets		3,828	5,743
Total noncurrent assets				2,601,961			2,172,099
Current assets	18
Inventories	9,513	7,549
Trade and other receivables	16	280,332	205,102
Cash, bank balances and other short-term investments	19	328,241	213,253
Total current assets				618,086			425,904
Total assets				3,220,047			2,598,003
Equity and liabilities
Equity	20.1
Capital stock	467,893	517,874
Other equity instruments		32,144	32,144
Legal reserve		8,233	8,233
Share-based payments		29,571	42,476
Share repurchase reserve		79,324	79,324
Other accumulated comprehensive income (losses)		(4,384)	(4,427)
Accumulated profit (losses)		789,682	571,391
Total equity				1,402,463			1,247,015
Liabilities
Noncurrent liabilities
Deferred income tax liabilities	14	265,143	383,128
Lease liabilities	31,120	35,600
Provisions	21	17,207	12,339
Borrowings	17.1	699,909	554,832
Employee benefits	25	5,627	5,703
Total noncurrent liabilities				1,019,006			991,602
Current liabilities	21
Provisions	3,958	4,133
Lease liabilities	14	23,525	34,868
Borrowings	17.1	205,082	61,223
Salaries and payroll taxes	22	14,794	17,555
Income tax liability	23	151,747	3
Other taxes and royalties	32,024	36,549
Trade and other payables	24	367,448	205,055
Total current liabilities				798,578			359,386
Total liabilities				1,817,584			1,350,988
Total equity and liabilities				3,220,047			2,598,003

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

4

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

Unaudited interim condensed consolidated statement of changes in equity for the six-month period ended June 30, 2024

(Amounts expressed in thousands of US Dollars)

					Share	Other
	Capital	Other equity	Legal	Share-based	accumulated	Accumulated	Total equity
	repurchase
	stock	instruments	reserve	payments	comprehensive	profit (losses)
					reserve	income (losses)
Amounts as of December 31, 2023	517,874	32,144	8,233	42,476	79,324	(4,427)	571,391	1,247,015
Profit for the period	-	-	-	-	-	-	218,291	218,291
Other comprehensive income for the period	-	-	-	-	-	43	-	43
Total comprehensive income	-	-	-	-	-	43	218,291	218,334
Share repurchase (1)	(49,982)	-	-	-	-	-	-	(49,982)
Share-based payments	1	-	-	(12,905)(2)	-	-	-	(12,904)
Amounts as of June 30, 2024	467,893	32,144	8,233	29,571	79,324	(4,384)	789,682	1,402,463

1. See Note 20.1.
2. Including 16,423 share-based payments (Note 7), net of tax charges.

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

5

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

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

(Amounts expressed in thousands of US Dollars)

						Share	Other
	Capital	Other equity	Legal	Share-based		accumulated	Accumulated
		repurchase	Total equity
	stock	instruments	reserve	payments		comprehensive	profit (losses)
						reserve	income (losses)
Amounts as of December 31, 2022	517,873	32,144	2,603	40,744		49,465	(8,694)	209,925	844,060
Profit for the period	-	-	-	-		-	-	180,915	180,915
Other comprehensive income for the period	-	-	-	-		-	(702)	-	(702)
Total comprehensive income	-	-	-	-		-	(702)	180,915	180,213
Share-based payments	1	-	-	(4,404)	(1)	-	-	-	(4,403)
Amounts as of June 30, 2023	517,874	32,144	2,603	36,340		49,465	(9,396)	390,840	1,019,870

1. Including 13,250 share-based payments (Note 7), net of tax charges.

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

6

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

Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

				Period from			Period from			Period from			Period from
	Notes			January 1,			January 1,			April 1,			April 1,
			through June			through June			through June			through June
		30, 2024	30, 2023	30, 2024	30, 2023
Cash flows from operating activities:
Profit for the period, net		218,291	180,915	139,640	52,181
Adjustments to reconcile net cash flows
Items related to operating activities:
Other non-cash costs related to the transfer of		16,897	9,398	7,792	6,165
conventional assets
Share-based payments	7	16,423	13,250	9,780	8,211
Net increase (decrease) in provisions	9.2	1,023	(568)	908	(1)
Net changes in foreign exchange rate	10.3	11,779	(4,022)	(509)	2,548
Discount for well plugging and abandonment	10.3	540	1,115	286	616
Interest expense on lease liabilities	10.3	1,614	1,492	756	1,104
Discount of assets and liabilities at present value	10.3	(55)	3,467	316	2,758
Income tax expense	15	53,309	83,260	29,921	6,010
Employee benefits	25	157	(52)	76	(205)
Items related to investing activities:
Gain related to the transfer of conventional assets	9.1	-	(89,659)	-	-
Gain from farmout agreement	9.1	-	(5,656)	-	-
Interest income	10.1	(1,800)	(503)	(1,319)	(216)
Changes in the fair value of financial assets	10.3	2,087	(7,379)	(6,548)	(10,581)
Depreciation and depletion	12/14	180,732	124,882	99,647	61,448
Amortization of intangible assets	13	2,646	1,937	1,358	999
Items related to financing activities:	10.2
Interest expense	16,116	11,363	11,219	5,226
Amortized cost	10.3	684	943	367	579
Remeasurement in borrowings	10.3	-	32,452	-	18,762
Other financial income (expense)	10.3	6,111	6,214	5,462	4,181
Changes in working capital:
Trade and other receivables	5.2	(136,331)	(25,694)	(19,797)	(12,840)
Inventories	(4,863)	2,592	(3,654)	(2,130)
Trade and other payables	25	12,605	8,057	16,459	3,975
Payments of employee benefits	(167)	(139)	(110)	(64)
Salaries and payroll taxes		(31,898)	(29,566)	3,001	(3,674)
Other taxes and royalties		(13,815)	(31,067)	(5,068)	(19,049)
Provisions		(841)	(890)	(747)	(361)
Income tax payment		(16,586)	(38,100)	(7,823)	(36,363)
Net cash flows provided by operating activities				334,658			248,042			281,413			89,279

7

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

Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023

(Amounts expressed in thousands of US Dollars)

		Period from		Period from		Period from		Period from
Notes		January 1,		January 1,		April 1,		April 1,
	through June		through June		through June		through June
		30, 2024		30, 2023		30, 2024		30, 2023

Cash flows from investing activities:

Payments for acquisitions of property, plant and equipment

Payments for the acquisition of AFBN assets Payments for other assets

Payments for acquisitions of other intangible assets

Payments for acquisitions of investments in associates

Proceeds from farmout agreement

Proceeds from the transfer of conventional assets Interest received

Net cash flows (used in) investing activities

Cash flows from financing activities:

Proceeds from borrowings

Payment of borrowings cost

Payment of borrowings principal

Payment of borrowings interest

Payment of lease

Share repurchase

Payments of other financial expense

Net cash flow provided by (used in) financing activities

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at beginning of the period

Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents

Net increase (decrease) in cash and cash equivalents

Cash and cash equivalents at end of the period

Significant transactions that generated no cash flows

Acquisition of property, plant and equipment through increase in trade and other payables

Changes in well plugging and abandonment with an impact in property, plant and equipment Disposal for transfer of conventional assets through increase in trade and other receivables

	(419,856)	(294,751)	(272,202)	(161,803)
	-	(12,500)	-	(6,250)
13	-	(5,008)	-	(5,008)
(2,428)	(2,360)	(1,679)	(1,520)
	(466)	(532)	(594)	-
9.1	-	6,250	-	-
10.1	10,734	10,000	-	-
1,800	503	1,319	216
	(410,216)		(298,398)		(273,156)		(174,365)
17.2	342,293	148,500	246,417	13,500
17.2	(923)	(1,312)	(566)	(584)
17.2	(56,537)	(47,774)	(11,537)	(25,274)
17.2	(10,102)	(11,899)	(4,424)	(4,022)
14	(21,927)	(20,131)	(10,916)	(10,237)
20.1	(49,982)	-	(49,982)	-
10.3	(7,390)		(5,395)		(6,457)		(3,362)
	195,432	61,989	162,535	(29,979)
	119,874	11,633	170,792	(115,065)
19	209,516	241,956	144,762	347,665
	(7,828)	(33,912)	6,008	(12,923)
19	119,874	11,633	170,792	(115,065)
321,562		219,677		321,562		219,677

	299,950	167,683	299,950	167,683
12	4,662	(3,272)	3,061	(368)
	-	(116,071)	-	-

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

8

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023

(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.

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 July 11, 2024.

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, 2023.

Note 2. Basis of preparation and material accounting policies

2.1 Bases of preparation and presentation

The unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023, and for the six- month periods ended June 30, 2024 and 2023 were prepared in accordance with the International Accounting Standard ("IAS") 34

• "Interim Financial Reporting", issued by the International Accounting Standards Board ("IASB"). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of June 30, 2024, and the results of operations for the six-month period ended June 30, 2024. Therefore, these interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2023.

These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company's consolidated financial statements as of December 31, 2023, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.

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

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

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

2.3 Basis of consolidation

These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. There were no changes in interest in Company subsidiaries during the six-month period ended June 30, 2024.

9

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

Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023

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

2.4 Summary of material accounting policies

2.4.1 Impairment testing of goodwill and nonfinancial assets other than goodwill

Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generating Units ("CGUs").

As of June 30, 2024, and December 31, 2023, the Company identified 2 (two) CGUs in Argentina: (i) operated exploitation concessions of unconventional oil and gas exploration and production; and (ii) non-operating concessions of conventional oil and gas exploration and production.

The Company also identified only 1 (one) CGUs in Mexico: (i) operated exploitation concessions of conventional oil and gas exploration and production, as of June 30, 2024, and December 31, 2023.

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

As of June 30, 2024, the Company did not identify indications of impairment or reversal of impairment related with goodwill and nonfinancial assets other than goodwill.

2.5 Regulatory framework A- Argentina

2.5.1 General

2.5.1.1 Exports Increase Program

For the six-month period ended June 30, 2024, the Company recognized 20,910 in "Other operating income" under "Gain from Exports Increase Program" (Note 9.1). See Note 2.5.1.1 to the annual consolidated financial statements as of December 31, 2023.

2.5.1.2 Bases Law and Fiscal Package

On June 28, 2024, Argentina's House of Representatives approved Law of Bases and Points of Departure for the Freedom of Argentineans No. 27,742, as well as Law of Palliative and Relevant Tax Measures No. 27,743; jointly, the "Bases Law and Fiscal Package". These laws are part of the Argentine Executive's initiative to deregulate the Argentine economy and adjust the State's operation and structure. Among its key measures, the Bases Law and Fiscal Package declare a public administrative, economic, financial, and energetic emergency for a year, and grant the Executive delegated legislative powers. Additionally, they include several reforms aimed at promoting registered employment and introduce a package of tax and social security measures, among others.

Hydrocarbons Law (No. 17,319) was also amended as follows:

1. It introduces the principle of maximizing corporate profit from the exploitation of resources as it removes the concept of hydrocarbon self-supply previously in place;
2. It authorizes the National or Provincial Executive, as the case may be, to issue storage permits and authorizations for hydrocarbon processing in compliance with Law No. 17,319;
3. It grants producers rights to trade, transport, and industrialize hydrocarbons produced and by-products, and prevents the National Executive from intervening or setting prices;
4. It allows for the free export and import of hydrocarbons and by-products. It also eliminates the Department of Energy's authority to challenge export permits;
5. It amends the acquisition system and terms for unconventional concessions following the reconversion of conventional concessions;
6. It authorizes the regulatory authority to grant concessions for terms other than those established in Hydrocarbons Law;
7. It revises the extension system for new concessions;
8. It mandates that new concessions be awarded through a bidding process upon expiration of existing concessions.

10