About Vista Energy, S.A.B. de C.V.

Vista Energy, S.A.B. de C.V., through its subsidiaries, engages in the exploration and production of oil and gas in Latin America. The company is the holder of conventional producing assets in Argentina and Mexico. Operations During 2022, the company’s average daily production was 48,560 barrel of oil equivalent per day (boe/d). As of December 31, 2022, the company’s portfolio of assets included working interests in 14 hydrocarbon concessions, 13 of which were located in Argentina and one in Mexico. The company operated 13 of those concessions, which represented 99.7% of its net production. Additionally, in Argentina, the company held approximately 570,000 net acres, of which it operated 99%. During the fourth quarter of 2022, the company was the second largest shale oil producer in Argentina. In 2022, the company’s shale production was 41,479 boe/d. Main Operating Subsidiaries Vista Energy Argentina S.A.U. Vista Energy Argentina S.A.U. is an Argentine company with offices in Buenos Aires and Neuquén. In the Neuquina Basin, Vista Argentina holds a 100.00% operated interest in the following blocks: Bajada del Palo Oeste and Bajada del Palo Este unconventional exploitation concessions, located in the Province of Neuquén; 84.62% operated interest in the exploitation concession Coirón Amargo Norte located in the Province of Neuquén; 50% operated interest in the Aguada Federal and Bandurria Norte unconventional exploitation concessions, located in the Province of Neuquén; 90% operated interest in the unconventional exploitation concession Águila Mora located in the Province of Neuquén; and 1.50% non-operating interest in the exploitation concession Acambuco, located in the Province of Salta, operated by Pan American Energy LLC (Argentine Branch). Vista Energy Holding I, S.A. de C.V. Vista Energy Holding I, S.A. de C.V. is a Mexican company. It holds a 100% interest in Vista Energy Argentina S.A.U. and a 100% indirect interest in AFBN S.R.L., Aluvional S.A. and Aleph Midstream S.A. Vista Energy Holding II, S.A. de C.V. Vista Energy Holding II, S.A. de C.V. is a Mexican company with administrative offices in Mexico City incorporated for purposes of exploring and extracting hydrocarbons in Mexico, as well as to participate as a partner, shareholder or investor in all kinds of businesses or entities, whether commercial or civil, associations, trusts, or of any other nature, whether Mexican or foreign, from their inception or by acquiring shares, equity interests or other kind of interests, regardless of the name they are given, in all kind of corporations, as well as carrying-out any activities in the energy sector. It is the holder of 100% working interests in the CS-01. AFBN, S.R.L. AFBN, S.R.L. is a company organized and existing under the laws of Argentina dedicated to the E&P of hydrocarbons and the commercialization of oil, natural gas and natural gas liquid (NGL). In the Neuquina Basin, it holds a 50% non-operated interest in the Aguada Federal and Bandurria Norte unconventional exploitation concessions. Vista Energy Holding I, S.A. de C.V. holds a 4.31% direct interest in AFBN, S.R.L. The remaining interest is held by Vista Energy Argentina S.A.U. with 14,80% and Vista Holding VII S.ár.l with 80,89%, the latter being a wholly-owned legal entity. Aleph Midstream S.A. Aleph Midstream S.A. focuses on providing gathering, processing and evacuation services for oil and gas production in the Neuquina Basin, spearheading a new paradigm for the development of the Vaca Muerta shale play built on the concept of long-term partnerships with upstream-focused producers. Vista Energy Holding I, S.A. de C.V. holds a 36.08% direct interest in Aleph Midstream. The remaining 63.92% interest is held by Vista Oil & Gas Holding V B.V. Aluvional S.A. Aluvional S.A. is a company organized and existing under the laws of Argentina dedicated to the extraction of sand, stone, pebbles, granitic and/or calcareous materials and other natural resources that are used for the hydraulic stimulation of unconventional oil and gas exploitation in the provinces of Neuquén, Río Negro, Mendoza, and La Pampa. Aluvional S.A. holds 10-year term concessions of 15 quarries of siliceous sand, all of them located in the Province of Río Negro. Vista Oil & Gas Holding I, S.A. de C.V. holds a 95% direct interest in Aluvional S.A. The remaining 5% interest is held by Vista Energy Argentina SAU. Aike NBS S.A.U. Aike NBS S.A.U. is a company organized and existing under the laws of Argentina that started operating in 2022 and is dedicated to the management of all types of forestry, livestock and agricultural projects aimed at the generation of certified carbon credits. Vista Energy S.A.B. de C.V. holds 100% direct interest in Aike NBS S.A.U. Argentina During the year ended December 31, 2022, the company’s production was concentrated in the Neuquina Basin, mostly in Bajada del Palo Oeste. As of December 31, 2022, the company also owned some assets in the Noroeste Basin which, together with the Neuquina Basin assets, amount to approximately 570,000 net acres. The company has approximately 183,100 net acres located in the Vaca Muerta shale oil formation in Bajada del Palo Oeste, Bajada del Palo Este, Águila Mora, Aguada Federal and Bandurria Norte. The company operates 100% of its shale net acreage. The company has a significant inventory of up to approximately 1,000 drilling locations targeting the Vaca Muerta shale oil formation within the company’s core development acreage, which provide it with more than 20 years of drilling inventory. The company’s drilling inventory is located in the Bajada del Palo Oeste, Bajada del Palo Este, Aguada Federal and Bandurria Norte blocks. The company’s average daily production for the year ended December 31, 2022, was 48,087 boe/d, of which 82% was crude oil, 17% natural gas and the remaining 1% was NGL. Concessions As of December 31, 2022, the company had working interests in the following oil and gas concessions in Argentina: Neuquina Basin: A 100% operating interest in the exploitation concessions Bajada del Palo Oeste, Bajada del Palo Este, Aguada Federal, Bandurria Norte (in all cases, as operator); a 84.62% operating interest in the exploitation concession Coirón Amargo Norte (as operator); and a 90% operating working interest in the unconventional exploration concession Águila Mora (as operator); and Noroeste Basin: a 1.5% non-operating interest in the exploitation concessions Acambuco (operated by Pan American Energy). Bajada del Palo Oeste The company is the operator and holder of 100% of the unconventional exploitation concession granted for the Bajada del Palo Oeste block in the Neuquina Basin located in the Province of Neuquen. The 35-year term unconventional exploitation concession was granted to the company in December 2019 and expires on December 19, 2053. During 2022, the company completed and tied-in five pads (pad BPO-11 to BPO-15) and taking the shale oil well count in Bajada del Palo Oeste to 60 at year-end 2022. Total shale production in 2022 increased to 34,671 boe/d, out of which 29,730 boe/d corresponds to the shale production of Bajada del Palo Oeste. Bajada del Palo Oeste has 62,641 gross acres with exposure to core shale oil Vaca Muerta acreage. The company’s drilling inventory targeting the Vaca Muerta shale oil formation amounts to up to 550 locations located in this concession. Bajada del Palo Este The company is the operator and holder of 100% of the exploitation concession granted for the Bajada del Palo Este block in the Neuquina Basin located in the province of Neuquen. A 35-year term unconventional exploitation concession was granted on December 21, 2019, and expires on December 19, 2053. Bajada del Palo Este has 48,853 gross acres with exposure to shale oil Vaca Muerta acreage. Aguada Federal On September 16, 2021, the company acquired a 50% non-operated working interest in Aguada Federal from ConocoPhillips Petroleum Holdings B.V. On January 17, 2022, the company acquired an additional 50% interest from Wintershall DEA Argentina S.A. and, therefore, as of such date, it became the operator and sole concession holder of the block. Aguada Federal is an unconventional exploitation concession in the Neuquina Basin located in the Province of Neuquen, covering approximately 24,058 gross acres. Águila Mora The company is the operator and holder of a 90% participation interest in the unincorporated joint venture with Gas y Petróleo de Neuquén S.A. (G&P) (which owns the remaining 10% participation interest) for the unconventional exploitation concession over the Águila Mora block in the Neuquina Basin located in the Province of Neuquen, which covers approximately 23,475 gross acres, which it intends to delineate in order to expand its shale drilling inventory. GyP holds the mining rights over Águila Mora. Vista holds a 90% working interest in a joint venture with GyP for the exploration and exploitation of the hydrocarbons in Águila Mora; and is the operator of Águila Mora. Bandurria Norte On September 16, 2021, the company acquired a 50% non-operated working interest in the Bandurria Norte from ConocoPhillips Petroleum Holdings B.V. On January 17, 2022, the company acquired an additional 50% working interest from Wintershall DEA Argentina S.A. and therefore, as of such date, it became the operator and sole concession holder of the block. Bandurria Norte is an unconventional exploitation concession in the Neuquina Basin located in the Province of Neuquen, which covers approximately 26,404 gross acres. The concession expires in 2050. Entre Lomas Neuquen and Entre Lomas Río Negro (Entre Lomas) As of December 31, 2022, Vista continued to hold a 100% interest in the Entre Lomas Neuquen and Entre Lomas Río Negro exploitation concessions (together, Entre Lomas) and Aconcagua has become the operator of the blocks, as a result of the Conventional Assets Transaction. The Entre Lomas concessions will expire on January 21, 2026. The productive units are the continental fluvial and aeolian sandstones of the Tordillo, Punta Rosada formations and the carbonatic facies of Quintuco formation. Jarilla Quemada and Charco del Palenque (Agua Amarga) As of December 31, 2022, Vista remained holder of a 100% interest in the exploitation concessions Jarilla Quemada and Charco del Palenque, which it refers to collectively as Agua Amarga, and Aconcagua has become the operator of the blocks. Such concessions cover approximately 47,617 and 47,963 gross acres, respectively. The Charco del Palenque concession expires in October 2034, while the Jarilla Quemada concession expires on August 16, 2040. 25 de Mayo-Medanito As of December 31. 2022, Vista remained holder of a 100% interest in the exploitation concession 25 de Mayo-Medanito (Medanito) and Aconcagua has become the operator of the block. As of December 31, 2022, this block had Proved Reserves of 3.0 MMboe and reported production of 2.5 Mboe/d (92% oil) for the year ended December 31, 2022. The concession expires on October 28, 2026. Jagüel de los Machos Vista remains holder of a 100% interest in the exploitation concession Jagüel de los Machos, and Aconcagua has become the operator of the block. The concession expires on September 6, 2025. Coirón Amargo Norte The company is the operator and holder of an 84.6% working interest in the unincorporated joint venture for the exploitation concession for Coirón Amargo Norte in the Neuquina Basin located in the Province of Neuquen, which covers approximately 26,598 gross acres. Acambuco The company holds a 1.5% working interest in the unincorporated joint venture for the exploitation concession for Acambuco in the Noroeste Basin located in the Province of Salta, which covers approximately 293,747 gross acres. The operator of this assessment block is Pan American Energy which holds a 52% interest. The remaining interests are held by YPF, which holds 22.5% interest, Shell Argentina, which holds 22.5%, and Northwest Argentina, which holds the remaining 1.5% interest. Coirón Amargo Sur Oeste Coirón Amargo Sur Oeste is an unconventional exploitation concession which covers approximately 16,440 gross acres located in the core of the Vaca Muerta shale play located in the Province of Neuquen. On June 24, 2021, the Province of Neuquen approved the addendum to the joint venture agreement reflecting the sale for the company’s remaining 10% working interest in Coirón Amargo Sur Oeste concession to Shell Argentina. This transaction was effective retroactively as of April 1, 2021. Sur Río Deseado Este On March 21, 2021, the 25-year term of the exploitation concession over the Sur Río Deseado Este area in the San Jorge Gulf Basin, Province of Santa Cruz in which Vista Argentina held a 16.94% participating interest, expired. The operator of the exploitation concession was Alianza Petrolera Argentina S.A. (Alianza) with a 79.05% participating interest, and the remaining partner, SECRA S.A, had a 4% participating interest. In addition, Vista Argentina held a 44% interest in a separate exploration agreement over a portion of the Sur Rio Deseado exploitation concession operated by Quintana E&P Argentina SRL. Mexico Farm-in to blocks held by Jaguar On March 25, 2021, the governing body of the CNH approved the assignment of Jaguar’s entire working interest in block CS-01 in favor of Vista Holding II. In addition, on August 16, 2021, Vista Holding II executed with the CNH the third amendment to the license contract for block CS-01, effectively acquiring 100% of the working interest in such block. On April 29, 2021, the CNH approved the assignment of the entire working interest that Vista had in blocks TM-01 and A-10, in favor of Jaguar and Pantera, respectively. Finally, on August 23, 2021, Jaguar and Pantera executed with the CNH the second amendments to the license contracts for blocks TM-01 and A-10, effectively acquiring 100% of the working interests in the blocks TM-01 and A-10, respectively. In August 2021, the company announced an asset transfer whereby, through one of its subsidiaries, it increased its interest in operated block CS-01 to 100%, and divested its entire interest in blocks TM-01 and A-10 in favor of Jaguar and Pantera, respectively. CS-01 Block The company holds a 100% interest in the license agreement entered into with CNH for block CS-01, which it operates. The block covers approximately 23,517 gross acres and is located in the state of Tabasco. This license agreement will terminate in 2047. Customers and Marketing Oil Markets In Argentina, the company’s crude oil production was both sold to domestic refineries and exported during 2022. The company’s main domestic customers are Raizen and Trafigura, which combined represented 48% of its total oil revenues for the year ended December 31, 2022. Approximately 99% of the company’s oil is produced in the Neuquina Basin and is referred to Medanito crude oil, a high-quality oil generally in demanded by Argentine refiners for subsequent distribution in the domestic market. Natural Gas Markets and NGL In Argentina, the company has established a diversified portfolio of customers for natural gas. The company’s properties are well situated in the Basin with two major pipelines in close proximity. In Mexico, all the natural gas production is sold to Pemex. The company’s remaining NGL production is marketed within the Neuquina Basin. History The company was founded in 2017. The company was incorporated in 2017. The company was formerly known as Vista Oil & Gas, S.A.B. de C.V. and changed its name to Vista Energy, S.A.B. de C.V. in April 2022.