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6-K 1 d940644d6k.htm 6-K 6-K
 
 

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 April 2025

Commission File No. 001-39000

 

 

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)

Torre Mapfre,

243 Paseo de la Reforma Avenue, 18th Floor

Colonia Renacimiento, Alcaldía Cuauhtémoc

06600, Mexico City

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.

 

 
 


LOGO

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 March  31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024.

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. Vista undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated 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 annual report filed with the SEC on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission’s (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: + 52 55 1555 7104


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: April 23, 2025

 

VISTA ENERGY, S.A.B. DE C.V.
By:  

/s/ Alejandro Cherñacov

Name:   Alejandro Cherñacov
Title:   Strategic Planning and Investor Relations Officer
EX-1 2 d940644dex1.htm EX-1 EX-1

Exhibit 1

 

LOGO

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

Unaudited interim condensed consolidated financial statements as of March 31, 2025 and

December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024


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

Unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

TABLE OF CONTENTS

 

 

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2025 and 2024

 

 

Unaudited interim condensed consolidated statements of financial position as of March 31, 2025 and December 31, 2024

 

 

Unaudited interim condensed consolidated statements of changes in equity for the three-month periods ended March 31, 2025 and 2024

 

 

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2025 and 2024

 

 

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

 

2


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

Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the three-month periods ended March 31, 2025 and 2024

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from
January 1, through
March 31, 2025
    Period from
January 1, through
March 31, 2024
 

Revenue from contracts with customers

   4      438,456       317,352  

Cost of sales:

       

Operating costs

   5.1      (34,064     (21,618

Crude oil stock fluctuation

   5.2      9,032       1,209  

Royalties and others

   5.3      (68,254     (44,782

Depreciation, depletion and amortization

   11/12/13      (125,977     (82,373

Other non-cash costs related to the transfer of conventional assets

   15      (7,240     (9,105
     

 

 

   

 

 

 

Gross profit

        211,953       160,683  
     

 

 

   

 

 

 

Selling expenses

   6      (46,768     (18,839

General and administrative expenses

   7      (28,031     (22,110

Exploration expenses

        (180     (31

Other operating income

   8.1      6,409       9,497  

Other operating expenses

   8.2      (1,192     (115
     

 

 

   

 

 

 

Operating profit

        142,191       129,085  
     

 

 

   

 

 

 

Interest income

   9.1      1,056       481  

Interest expense

   9.2      (24,281     (4,897

Other financial income (expense)

   9.3      15,992       (22,630
     

 

 

   

 

 

 

Financial income (expense), net

        (7,233     (27,046
     

 

 

   

 

 

 

Profit before income tax

        134,958       102,039  
     

 

 

   

 

 

 

Current income tax (expense)

   14      (66,322     (63,789

Deferred income tax benefit

   14      14,157       40,401  
     

 

 

   

 

 

 

Income tax (expense)

        (52,165     (23,388
     

 

 

   

 

 

 

Profit for the period, net

        82,793       78,651  
     

 

 

   

 

 

 

Other comprehensive income

       
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods        

- (Loss) profit from actuarial remeasurement related to employee benefits

   25      (22     49  

- Deferred income tax benefit (expense)

   14      7       (17
     

 

 

   

 

 

 

Other comprehensive income for the period

        (15     32  
     

 

 

   

 

 

 

Total comprehensive profit for the period

        82,778       78,683  
     

 

 

   

 

 

 

Earnings per share

       

Basic (in US Dollars per share)

   10      0.858       0.819  

Diluted (in US Dollars per share)

   10      0.821       0.792  

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 March 31, 2025 and December 31, 2024

(Amounts expressed in thousands of US Dollars)

 

     Notes      As of March 31, 2025     As of December 31, 2024  

Assets

       

Noncurrent assets

       

Property, plant and equipment

     11        3,058,132       2,805,983  

Goodwill

     12        22,576       22,576  

Other intangible assets

     12        15,171       15,443  

Right-of-use assets

     13        89,266       105,333  

Biological assets

        11,408       10,027  

Investments in associates

     17        40,557       11,906  

Trade and other receivables

     15        228,465       205,268  

Deferred income tax assets

        2,070       3,565  
     

 

 

   

 

 

 

Total noncurrent assets

        3,467,645       3,180,101  
     

 

 

   

 

 

 

Current assets

       

Inventories

     18        16,044       6,469  

Trade and other receivables

     15        259,939       281,495  

Cash, bank balances and other short-term investments

     19        739,688       764,307  
     

 

 

   

 

 

 

Total current assets

        1,015,671       1,052,271  
     

 

 

   

 

 

 

Total assets

        4,483,316       4,232,372  
     

 

 

   

 

 

 

Equity and liabilities

       

Equity

       

Capital stock

     20.1        398,065       398,064  

Other equity instruments

        32,144       32,144  

Legal reserve

        8,233       8,233  

Share-based payments

        (16,266     45,628  

Share repurchase reserve

        129,324       129,324  

Other accumulated comprehensive income (losses)

        (11,072     (11,057

Accumulated profit (losses)

        1,101,670       1,018,877  
     

 

 

   

 

 

 

Total equity

        1,642,098       1,621,213  
     

 

 

   

 

 

 

Liabilities

       

Noncurrent liabilities

       

Deferred income tax liabilities

        48,739       64,398  

Lease liabilities

     13        33,498       37,638  

Provisions

     21        28,813       33,058  

Borrowings

     16.1        1,521,007       1,402,343  

Trade and other payables

     24        77,117       —   

Employee benefits

     25        16,049       15,968  
     

 

 

   

 

 

 

Total noncurrent liabilities

        1,725,223       1,553,405  
     

 

 

   

 

 

 

Current liabilities

       

Provisions

     21        4,037       3,910  

Lease liabilities

     13        42,661       58,022  

Borrowings

     16.1        182,191       46,224  

Salaries and payroll taxes

     22        6,664       32,656  

Income tax liability

        427,189       382,041  

Other taxes and royalties

     23        37,329       47,715  

Trade and other payables

     24        415,924       487,186  
     

 

 

   

 

 

 

Total current liabilities

        1,115,995       1,057,754  
     

 

 

   

 

 

 

Total liabilities

        2,841,218       2,611,159  
     

 

 

   

 

 

 

Total equity and liabilities

        4,483,316       4,232,372  
     

 

 

   

 

 

 

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 three-month period ended March 31, 2025

(Amounts expressed in thousands of US Dollars)

 

     Capital stock      Other equity
instruments
     Legal
reserve
     Share-based
payments
    Share
repurchase
reserve
     Other
accumulated
comprehensive
income (losses)
    Accumulated
profit (losses)
     Total equity  

Amounts as of December 31, 2024

     398,064        32,144        8,233        45,628       129,324        (11,057     1,018,877        1,621,213  

Profit for the period, net

     —         —         —         —        —         —        82,793        82,793  

Other comprehensive income for the period

     —         —         —         —        —         (15     —         (15
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total comprehensive income

     —         —         —         —        —         (15     82,793        82,778  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Share-based payments

     1        —         —         (61,894 )(1)      —         —        —         (61,893
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Amounts as of March 31, 2025

     398,065        32,144        8,233        (16,266     129,324        (11,072     1,101,670        1,642,098  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

(1)

Including 10,215 of expenses (Note 7).

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 three-month period ended March 31, 2024

(Amounts expressed in thousands of US Dollars)

 

     Capital stock      Other equity
instruments
     Legal
reserve
     Share-based
payments
    Share
repurchase
reserve
     Other
accumulated
comprehensive
income (losses)
    Accumulated
profit (losses)
     Total equity  

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, net

     —         —         —         —        —         —        78,651        78,651  

Other comprehensive income for the period

     —         —         —         —        —         32       —         32  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Total comprehensive income

     —         —         —         —        —         32       78,651        78,683  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Share-based payments

     —         —         —         (20,902 )(1)      —         —        —         (20,902
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

Amounts as of March 31, 2024

     517,874        32,144        8,233        21,574       79,324        (4,395     650,042        1,304,796  
  

 

 

    

 

 

    

 

 

    

 

 

   

 

 

    

 

 

   

 

 

    

 

 

 

 

(1)

Including 6,643 of expenses (Note 7).

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 three-month periods ended March 31, 2025 and 2024

(Amounts expressed in thousands of US Dollars)

 

     Notes      Period from
January 1, through
March 31, 2025
    Period from
January 1, through
March 31, 2024
 

Cash flows from operating activities:

       

Profit for the period, net

        82,793       78,651  

Adjustments to reconcile net cash flows

       

Items related to operating activities:

       

Share-based payments

     7        10,215       6,643  

Net increase in provisions

     8.2        1,192       115  

Net changes in foreign exchange rate

     9.3        (12,744     12,288  

Discount of assets and liabilities at present value

     9.3        1,154       (371

Discount for well plugging and abandonment

     9.3        426       254  

Income tax expense

     14        52,165       23,388  

Other non-cash costs related to the transfer of conventional assets

     15        7,240       9,105  

Employee benefits

     25        198       81  

Items related to investing activities:

       

Interest income

     9.1        (1,056     (481

Changes in the fair value of financial assets

     9.3        (8,998     8,635  

Depreciation and depletion

     11/13        123,830       81,085  

Amortization of intangible assets

     12        2,147       1,288  

Items related to financing activities:

       

Interest expense

     9.2        24,281       4,897  

Amortized cost

     9.3        467       317  

Interest expense on lease liabilities

     9.3        806       858  

Other financial income (expense)

     9.3        2,897       649  

Changes in working capital:

       

Trade and other receivables

        (19,871     (116,534

Inventories

     5.2        (9,032     (1,209

Trade and other payables

        (72,372     (3,854

Payments of employee benefits

     25        (139     (57

Salaries and payroll taxes

        (77,445     (34,899

Other taxes and royalties

        (35,959     (8,747

Provisions

     8.2        (638     (94

Income tax payment

        (5,151     (8,763
     

 

 

   

 

 

 

Net cash flows provided by operating activities

        66,406       53,245  
     

 

 

   

 

 

 

 

7


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

Unaudited interim condensed consolidated statements of cash flows for the three-month periods ended March 31, 2025 and 2024

(Amounts expressed in thousands of US Dollars)

 

     Notes    Period from
January 1, through
March 31, 2025
    Period from
January 1, through
March 31, 2024
 

Cash flows from investing activities:

       

Payments for acquisitions of property, plant and equipment and biological assets

        (286,155     (147,654

Proceeds from the transfer of conventional assets

   15      5,734       10,734  

Payments for acquisitions of other intangible assets

   12      (1,875     (749

Payments for acquisitions of investments in associates

   17      (28,651     128  

Interest received

   9.1      1,056       481  
     

 

 

   

 

 

 

Net cash flows (used in) investing activities

        (309,891     (137,060
     

 

 

   

 

 

 

Cash flows from financing activities:

       

Proceeds from borrowings

   16.2      341,347       95,876  

Payment of borrowings principal

   16.2      (98,594     (45,000

Payment of borrowings interest

   16.2      (10,566     (5,678

Payment of borrowings cost

   16.2      (608     (357

Payment of lease

   13      (23,074     (11,011

Proceeds from (payments of) other financial results

   9.3      3,278       (933
     

 

 

   

 

 

 

Net cash flow provided by financing activities

        211,783       32,897  
     

 

 

   

 

 

 

Net (decrease) in cash and cash equivalents

        (31,702     (50,918

Cash and cash equivalents at beginning of period

   19      755,610       209,516  

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

        9,495       (13,836

Net (decrease) in cash and cash equivalents

        (31,702     (50,918
     

 

 

   

 

 

 

Cash and cash equivalents at end of period

   19      733,403       144,762  
     

 

 

   

 

 

 

Significant transactions that generated no cash flows

       

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

        309,818       235,096  

Acquisition of property, plant and equipment through increase in trade and other payables related to the Farmout Agreement

   11      109,538       —   

Changes in well plugging and abandonment with an impact in property, plant and equipment

   11      (4,715     1,601  

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 March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Note 1. Group information

1.1 Company general information

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. 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.”.

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 City of Mexico, Mexico, at Mapfre Tower, Paseo de la Reforma Avenue 243, 18th floor, Colonia Renacimiento, Alcaldía Cuauhtémoc, zip code 06600.

As of March 31, 2025, and December 31, 2024, the Company’s main activity, through its subsidiaries, is the exploration and production of crude oil and natural gas (“Upstream”).

Except as mentioned in Note 29, there were no significant changes in the Group’s structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2024.

1.2 Significant transactions for the period

1.2.1 Agreement signed with Trafigura Argentina S.A. (“Trafigura”) related to the joint investment agreements in Bajada del Palo Oeste area (“Farmout Agreement”)

On December 16, 2024, the Company, through its subsidiary Vista Energy Argentina S.A.U. (“Vista Argentina”), agreed to the assignment of Trafigura’s interest in the farmout agreements I and II in its own favor (See Notes 29.2.1.1 and 29.2.1.2 of the consolidated financial statements as of December 31, 2024), effective as from January 1, 2025, at which time the Company holds rights to 100% of the production from the pads subject to the Farmout Agreement.

Under the Farmout Agreement, Vista Argentina will pay 128,000 to Trafigura in 48 monthly and consecutive installments through December 2028 (“purchase price”).

In addition, Vista Argentina and Trafigura signed a crude oil marketing agreement (“COMA”), which is effective since January 1, 2025, by virtue of which Vista Argentina will sell 10,000 m³ of crude oil per month to Trafigura. The amount payable by Trafigura under the COMA its offset with Vista Argentina’s obligations under the Farmout Agreement.

As a consequence of the Farmout Agreement, the Company recognized: (i) an account payable of 107,749 related to the purchase price at fair value; and (ii) a net asset addition of 78,454, including 80,243 in “Property, plant and equipment” under “Production wells and facilities” (Note 11). Finally, the Company recognized an “Oil and gas properties” for 29,295 (Note 11).

As of March 31, 2025, Vista Argentina had offset an amount of 7,000 against the liability under the Farmout Agreement.

Note 2. Basis of preparation and material accounting policies

2.1 Basis of preparation and presentation

These unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024, and for the three-month periods ended March 31, 2025 and 2024 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 March 31, 2025, and the results of operations for the three-month period ended March 31, 2025. 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, 2024.

 

9


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

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, 2024, 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.

These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on April 23, 2025 and the subsequent events through that date are considered.

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.

None of the accounting pronouncements applicable after December 31, 2024, and as of the date of these interim condensed consolidated financial statements had a material effect on the Company’s financial condition or result of its operations.

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 three-month period ended March 31, 2025.

2.4 Summary of material accounting policies

2.4.1 Impairment of goodwill and property, plant and equipment, right-of-use assets and identifiable intangible assets (“long-lived assets”) other than goodwill

Long-lived 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 Cash Generating Units (“CGUs”).

As of March 31, 2025, the Company oil and gas properties were grouped as follow:

 

   

In Argentina: (i) operated exploitation concessions of unconventional oil and gas; and (ii) non-operating exploitation concessions of conventional oil and gas.

 

   

In Mexico: (i) operated exploitation concessions of conventional oil and gas.

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 March 31, 2025, the Company did not identify indications of impairment or reversal of impairment related with goodwill and long-lived assets other than goodwill.

2.5 Regulatory framework

 

A-

Argentina

2.5.1 Changes in the foreign exchange framework

On April 11, 2025, the Central Bank of Argentina (“BCRA” by Spanish acronym) published a series of measures to loosen foreign exchange regulations, including:

(i) Establishing fluctuation bands within which the market value of the USD may range between 1,000 Argentine Pesos (“ARS”) and ARS 1,400, with the caps to be increased by 1% every month;

(ii) Removing the Export Increase Program for settling exports (see Note 2.5.2 to the annual financial statements as of December 31, 2024);

(iii) Authorizing profit distribution to foreign shareholders for fiscal years beginning as from 2025;

(iv) Relaxing the payment terms for foreign trade transactions; (v) Lifting the 90-day restriction set by Communiqué “A” 7340 applicable to companies.

 

10


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

As of the date of issuance of these interim condensed consolidated financial statements, the Company is assessing the potential impact of these changes.

2.5.2 Gas market

2.5.2.1 Argentine promotion plan to stimulate natural gas production (“Gas IV Plan”)

For the three-month period ended March 31, 2025, and 2024, the Company received a net amount of 1,218 and 326, respectively.

As of March 31, 2025, and December 31, 2024, the receivables related to such plan stand at 1,071 and 3,007, respectively (Note 15).

Other than mentioned above, there have been no significant changes in Argentina’s regulatory framework for the three-month period ended March 31, 2025 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2024).

 

B-

Mexico

2.5.3 Exploration and production activities regulatory framework

2.5.3.1 Energy Reform

On March 18, 2025, the Mexican government enacted a reform introducing new legislation related to: (i) the Law governing the State-Owned Public Company Law Petróleos Mexicanos (“Pemex”) and (ii) the Hydrocarbons Sector Law. This reform includes, among other measures, the following provisions:

(i) Hydrocarbon exploration and exploitation contracts previously signed with the Mexican State prior to the enactment of the new legal provisions will remain effective and will continue to be governed by the terms and conditions under which they were originally granted, pursuant to laws and provisions in effect upon execution;

(ii) The management of these contracts, along with the regulatory and oversight powers related to hydrocarbon exploration and extraction, have been fully centralized under Mexico’s Secretariat of Energy (“SENER”), which has assumed the roles and responsibilities of the former National Hydrocarbons Commission (“CNH”);

(iii) Regulations issued by regulatory authorities prior to the reform will remain in effect and continue to apply, provided they do not conflict with the new legislation;

(iv) Authorizations and permits previously granted to the upstream sector by the SENER, the CNH or the former Energy Regulatory Commission (“CRE”) will remain valid and retain their legal effect.

(v) The issuance, amendment, or termination of upstream sector authorizations or permits will now be subject to the public policy established by the Mexican State through the SENER;

(vi) All subsidiary production companies of Pemex have been merged into the latter. The agreements entered into by these dissolved companies will remain in force and continue to have the same effects under the originally agreed-upon terms and conditions.

Likewise, the exploration and extraction activities will be carried out under three methods:

(i) Allocations for own development, which will be exclusively owned by Pemex, making it the sole operator. However, Pemex may enter into service provision contracts with third parties, provided that such agreements aim to maximize productivity and profitability, and that the consideration is paid in cash.

(ii) Mixed-use development allocations, which may be granted by SENER. This plan allows private investment in projects operated by Pemex, provided that the latter maintains at least a 40% interest.

(iii) E&P agreements, which may be entered into by the SENER only in exceptional cases if Pemex either refuses or is unable to carry out hydrocarbon development under the aforementioned plans. These contracts may be service agreements, production-or profit-sharing agreements, or licensing agreements.

 

11


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

The Energy Reform also involved an administrative reorganization, under which the responsibilities of the CNH and the CRE were transferred to the SENER and the newly established National Energy Commission (“CNE”). The SENER will oversee the regulation of the upstream sector.

Market Regulations

In February 2025, the Executive signed a voluntary agreement with Mexican gas station owners to cap the price of regular gasoline at Mexican Peso (“MXN”) 24 per liter for an initial six-month period. This measure aims to alleviate financial pressure on consumers.

The import and export of oil byproducts, petrochemicals and hydrocarbons, as well as their sale within Mexico are regulated activities subject to permits issued by the SENER. At present, in onshore projects, private operators sell their entire hydrocarbon production domestically to Pemex.

As of the date of issuance of these interim condensed consolidated financial statements, the Company is assessing the potential impact of the Energy Reform.

Other than mentioned above, there have been no significant changes in Mexico’s regulatory framework during the three-month period ended March 31, 2025 (see Note 2.5 to the annual consolidated financial statements as of December 31, 2024).

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 Liquefied Petroleum Gas (“LPG”) (including Exploration and Production 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 three-month periods ended March 31, 2025 and 2024, 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 March 31, 2025      As of December 31, 2024  

Argentina

     3,416,532        3,128,742  

Mexico

     51,113        51,359  
  

 

 

    

 

 

 

Total noncurrent assets

     3,467,645        3,180,101  
  

 

 

    

 

 

 

Note 4. Revenue from contracts with customers

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Goods sold

     438,456        317,352  
  

 

 

    

 

 

 

Total revenue from contracts with customers

     438,456        317,352  
  

 

 

    

 

 

 

Recognized at a point in time

     438,456        317,352  
  

 

 

    

 

 

 

 

12


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

4.1 Information broken down by revenue from contracts with customers

 

Type of products

   Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Revenues from crude oil sales

     422,970        302,485  

Revenues from natural gas sales

     13,619        14,666  

Revenues from LPG sales

     1,867        201  
  

 

 

    

 

 

 

Total revenue from contracts with customers

     438,456        317,352  
  

 

 

    

 

 

 

 

Distribution channels

   Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Exports of crude oil

     236,699        128,464  

Local crude oil

     186,271        174,021  

Local natural gas

     10,361        7,521  

Exports of natural gas

     3,258        7,145  

LPG sales

     1,867        201  
  

 

 

    

 

 

 

Total revenue from contracts with customers

     438,456        317,352  
  

 

 

    

 

 

 

Note 5. Cost of sales

5.1 Operating costs

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Fees and compensation for services

     17,968        11,917  

Salaries and payroll taxes

     7,233        5,327  

Employee benefits

     3,014        1,495  

Easements and fees

     2,087        658  

Consumption of materials and spare parts

     1,185        734  

Transport

     676        610  

Other

     1,901        877  
  

 

 

    

 

 

 

Total operating costs

     34,064        21,618  
  

 

 

    

 

 

 

5.2 Crude oil stock fluctuation

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Crude oil stock at beginning of the period (Note 18)

     4,384        2,664  

Less: Crude oil stock at end of the period (Note 18)

     (13,416      (3,873
  

 

 

    

 

 

 

Total crude oil stock fluctuation

     (9,032      (1,209
  

 

 

    

 

 

 

5.3 Royalties and others

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Royalties

     50,629        35,228  

Export duties

     17,625        9,554  
  

 

 

    

 

 

 

Total royalties and others

     68,254        44,782  
  

 

 

    

 

 

 

Note 6. Selling expenses

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Transport

     33,484        8,671  

Taxes, rates and contributions

     6,027        5,595  

Fees and compensation for services

     5,119        2,114  

Tax on bank account transactions

     2,138        2,459  
  

 

 

    

 

 

 

Total selling expenses

     46,768        18,839  
  

 

 

    

 

 

 

 

13


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Note 7. General and administrative expenses

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Salaries and payroll taxes

     10,250        9,714  

Share-based payments

     10,215        6,643  

Fees and compensation for services

     5,202        3,147  

Employee benefits

     1,521        902  

Other

     843        1,704  
  

 

 

    

 

 

 

Total general and administrative expenses

     28,031        22,110  
  

 

 

    

 

 

 

Note 8. Other operating income and expenses

8.1 Other operating income

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Gain from Exports Increase Program (1)

     4,961        7,441  

Other income

     1,448        2,056  
  

 

 

    

 

 

 

Total other operating income

     6,409        9,497  
  

 

 

    

 

 

 

 

(1) 

For the three-month periods ended March 31, 2025 and 2024, including 5,378 and 5,296 of gain, net of related costs, respectively (see Note 2.5.2 of the annual consolidated financial statements as of December 31, 2024).

8.2 Other operating expenses

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

(Provision for) contingencies (1)

     (666      (62

(Provision for) reversal of materials and spare parts obsolescence (1)

     (499      91  

(Provision for) environmental remediation (1)

     (27      (144
  

 

 

    

 

 

 

Total other operating expenses

     (1,192      (115
  

 

 

    

 

 

 

 

(1) 

These transactions did not generate cash flows. For the three-month period ended March 31, 2025, including 638 related to payments of contingencies.

Note 9. Financial income (expense), net

9.1 Interest income

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Financial interest

     1,056        481  
  

 

 

    

 

 

 

Total interest income

     1,056        481  
  

 

 

    

 

 

 

9.2 Interest expense

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Borrowings interest (Note 16.2)

     (24,281      (4,897
  

 

 

    

 

 

 

Total interest expense

     (24,281      (4,897
  

 

 

    

 

 

 

 

14


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

9.3 Other financial income (expense)

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Amortized cost (Note 16.2)

     (467      (317

Net changes in foreign exchange rate

     12,744        (12,288

Discount of assets and liabilities at present value

     (1,154      371  

Changes in the fair value of financial assets

     8,998        (8,635

Interest expense on lease liabilities (Note 13)

     (806      (858

Discount for well plugging and abandonment

     (426      (254

Other (1)

     (2,897      (649
  

 

 

    

 

 

 

Total other financial income (expense)

     15,992        (22,630
  

 

 

    

 

 

 

 

(1) 

For the three-month periods ended March 31, 2025 and 2024, including a loss of 6,175 and an income of 284, respectively. Both are non-cash transactions.

Note 10. 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 period.

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Profit for the period, net

     82,793        78,651  

Weighted average number of ordinary shares

     96,456,618        95,976,064  
  

 

 

    

 

 

 

Basic earnings per share

     0.858        0.819  
  

 

 

    

 

 

 

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 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.

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Profit for the period, net

     82,793        78,651  

Weighted average number of ordinary shares (1)

     100,871,480        99,292,985  
  

 

 

    

 

 

 

Diluted earnings per share

     0.821        0.792  
  

 

 

    

 

 

 

 

(1)

As of March 31, 2025, the Company has 98,150,718 outstanding shares that cannot exceed 98,781,028 shares.

Likewise, in accordance with IFRS the average number of ordinary shares with a potential dilutive effect amounts to 100,871,480.

See Note 29 for information on subsequent events.

 

15


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Note 11. Property, plant and equipment

The changes in property, plant and equipment for the three-month period ended March 31, 2025 are as follows:

 

     Land and
buildings
    Vehicles, machinery,
facilities, computer
hardware and
furniture and
fixtures
    Oil and gas
properties
    Production
wells and
facilities
          Works in
progress
    Materials and
spare parts
    Total  

Cost

                

Amounts as of December 31, 2024

     8,264       54,066       500,908       3,216,787         191,207       89,085       4,060,317  

Additions

     —        —        —        —          224,365       44,130       268,495  

Additions of Farmout Agreement (1)

     —        —        29,295       80,243         —        —        109,538  

Transfers

     —        1,165       —        220,428         (172,514     (49,079     —   

Disposals

     —        (4     —        (4,715     (2      —        —        (4,719
  

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Amounts as of March 31, 2025

     8,264       55,227       530,203       3,512,743         243,058       84,136       4,433,631  
  

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Accumulated depreciation

                

Amounts as of December 31, 2024

     (232     (21,463     (101,791     (1,130,848       —        —        (1,254,334

Depreciation

     —        (1,695     (6,349     (113,125       —        —        (121,169

Disposals

     —        4       —        —          —        —        4  
  

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Amounts as of March 31, 2025

     (232     (23,154     (108,140     (1,243,973       —        —        (1,375,499
  

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Net value

                

Amounts as of March 31, 2025

     8,032       32,073       422,063       2,268,770         243,058       84,136       3,058,132  
  

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

Amounts as of December 31, 2024

     8,032       32,603       399,117       2,085,939         191,207       89,085       2,805,983  
  

 

 

   

 

 

   

 

 

   

 

 

     

 

 

   

 

 

   

 

 

 

 

(1)

See Note 1.2.1.

(2)

Related to the re-estimation of well plugging and abandonment. This transaction did not generate cash flows.

 

16


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Note 12. Goodwill and other intangible assets

Below are the changes in goodwill and other intangible assets for the three-month period ended March 31, 2025: 

 

     Goodwill      Other intangible assets  

Cost

     

Amounts as of December 31, 2024

     22,576        35,724  

Additions

     —         1,875  
  

 

 

    

 

 

 

Amounts as of March 31, 2025

     22,576        37,599  
  

 

 

    

 

 

 

Accumulated amortization

     

Amounts as of December 31, 2024

     —         (20,281

Amortization

     —         (2,147
  

 

 

    

 

 

 

Amounts as of March 31, 2025

     —         (22,428
  

 

 

    

 

 

 

Net value

     

Amounts as of March 31, 2025

     22,576        15,171  
  

 

 

    

 

 

 

Amounts as of December 31, 2024

     22,576        15,443  
  

 

 

    

 

 

 

Note 13. 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 three-month period ended March 31, 2025, are detailed below:

 

     Right-of-use assets      Total lease
liabilities
 
     Land and
Buildings
     Facilities and
machinery
     Total  

Amounts as of December 31, 2024

     15,551        89,782        105,333        (95,660

Depreciation (1)

     (168      (15,899      (16,067      —   

Payments

     —         —         —         23,074  

Interest expense (2)

     —         —         —         (3,573
  

 

 

    

 

 

    

 

 

    

 

 

 

Amounts as of March 31, 2025

     15,383        73,883        89,266        (76,159
  

 

 

    

 

 

    

 

 

    

 

 

 

 

(1)

Including the depreciation of drilling services capitalized as “Works in progress” for 13,406.

(2)

Including drilling agreements capitalized as “Works in progress” for 2,767.

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 23 and 14 for the three-month periods ended March 31, 2025 and 2024, respectively.

Note 14. 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:

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Income tax

     

Current income tax

     (66,322      (63,789

Deferred income tax

     14,157        40,401  
  

 

 

    

 

 

 

Income tax (expense) charged to statement of profit or loss

     (52,165      (23,388
  

 

 

    

 

 

 

Deferred income tax charged to other comprehensive income

     7        (17
  

 

 

    

 

 

 

Total income tax (expense)

     (52,158      (23,405
  

 

 

    

 

 

 

 

17


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

For the three-month periods ended March 31, 2025 and 2024, the Company’s effective rate was 39% and 23%, respectively.

The differences between the effective and statutory rate mainly include: (i) the application of the tax adjustment for inflation in Argentina; (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 30 to the annual consolidated financial statements as of December 31, 2024.

Note 15. Trade and other receivables

 

     As of March 31, 2025      As of December 31, 2024  

Noncurrent

     

Other receivables:

     

Prepayments, tax receivables and other:

     

Advance payments for transportation services (1)

     166,264        134,436  

Receivables related to the transfer of conventional assets (2)

     49,385        57,194  

Prepaid expenses and other receivables

     11,333        11,820  

Turnover tax

     398        164  
  

 

 

    

 

 

 
     227,380        203,614  
  

 

 

    

 

 

 

Financial assets:

     

Receivables from joint operations

     948        1,243  

Loans to employees

     137        411  
  

 

 

    

 

 

 
     1,085        1,654  
  

 

 

    

 

 

 

Total noncurrent trade and other receivables

     228,465        205,268  
  

 

 

    

 

 

 

Current

     

Trade:

     

Oil and gas accounts receivable (net of allowance for expected credit losses)

     82,434        77,351  
  

 

 

    

 

 

 
     82,434        77,351  
  

 

 

    

 

 

 

Other receivables:

     

Prepayments, tax credits and other:

     

Value added tax (“VAT”)

     89,751        90,704  

Receivables related to the transfer of conventional assets (2)

     40,046        46,018  

Advance payments for transportation services (1)

     11,298        7,054  

Prepaid expenses and other receivables

     9,521        9,322  

Income tax

     4,112        4,431  

Turnover tax

     2,645        2,867  
  

 

 

    

 

 

 
     157,373        160,396  
  

 

 

    

 

 

 

Financial assets:

     

Accounts receivable from third parties (3)

     11,286        29,040  

Balances with related parties (Note 26)

     4,741        4,741  

Receivables from joint operations

     1,979        5,586  

Gas IV Plan (Note 2.5.2.1)

     1,071        3,007  

Advances to directors and loans to employees

     475        742  

Other

     580        632  
  

 

 

    

 

 

 
     20,132        43,748  
  

 

 

    

 

 

 

Other receivables

     177,505        204,144  
  

 

 

    

 

 

 

Total current trade and other receivables

     259,939        281,495  
  

 

 

    

 

 

 

 

(1)

See Note 27.

(2)

Related to the agreement signed with Petrolera Aconcagua Energía S.A. (“Aconcagua”) connected with the transfer of conventional assets (“transfer of conventional assets”). For the three-month periods ended March 31, 2025 and 2024, the Company recognized 7,240 and 9,105, respectively, mainly related to the amortization of the account receivable, in the unaudited interim condensed consolidated statement of profit or loss under “Other non-cash costs related to the transfer of conventional assets”. Additionally, the Company received 5,734 and 10,734, respectively, related to the transaction (See Note 3.2.7 to the annual consolidated financial statements as of December 31, 2024).

(3) 

As of March 31, 2025, and December 31, 2024, includes 5,280 and 13,200 with Aconcagua, related to the extension of the Concessions (See Note 28.5 to the annual consolidated financial statements as of December 31, 2024).

 

18


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

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 March 31, 2025, in general, accounts receivable has a 14-day term for sales of crude oil and a 57-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 against all trade receivables that are 90 days past due because based on its history these receivables are generally not recovered.

As of March 31, 2025, and December 31, 2024, the provision for expected credit losses was recorded for 39 and 41 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 16. Financial assets and liabilities

16.1 Borrowings

 

     As of March 31, 2025      As of December 31, 2024  

Noncurrent

     

Borrowings

     1,521,007        1,402,343  
  

 

 

    

 

 

 

Total noncurrent

     1,521,007        1,402,343  
  

 

 

    

 

 

 

Current

     

Borrowings

     182,191        46,224  
  

 

 

    

 

 

 

Total current

     182,191        46,224  
  

 

 

    

 

 

 

Total Borrowings

     1,703,198        1,448,567  
  

 

 

    

 

 

 

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

 

     As of March 31, 2025      As of December 31, 2024  

Fixed interest

     

Less than 1 year

     181,811        45,381  

From 1 to 2 years

     402,289        185,356  

From 2 to 5 years

     316,073        404,395  

Over 5 years

     777,645        787,592  
  

 

 

    

 

 

 

Total

     1,677,818        1,422,724  
  

 

 

    

 

 

 

Variable interest

     

Less than 1 year

     380        843  

From 1 to 2 years

     25,000        25,000  

From 2 to 5 years

     —         —   

Over 5 years

     —         —   
  

 

 

    

 

 

 

Total

     25,380        25,843  
  

 

 

    

 

 

 

Total Borrowings

     1,703,198        1,448,567  
  

 

 

    

 

 

 

See Note 16.4 for information on the fair value of the borrowings.

 

19


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

The carrying amount of borrowings as of March 31, 2025 and December 31, 2024 of the Company through its subsidiary Vista Argentina, is as follows:

 

Company

  

Execution date

  

Currency

   Principal     

Interest

   Annual
rate
    

Maturity date

   As of
March
31, 2025
     As of
December
31, 2024
 

Santander International

   January, 2021    USD      11,700      Fixed      1.80    January, 2026      13 (1)        68 (1)  

Santander International

   July, 2021    USD      43,500      Fixed      2.05    July, 2026      75 (1)        79 (1)  

Santander International

   January, 2022    USD      13,500      Fixed      2.45    January, 2027      27 (1)        28 (1)  

ConocoPhillips Company

   January, 2022    USD      25,000      Variable     

SOFR 

+ 2.01

(2) 

   September, 2026      25,380        25,843  

Citibank N.A.

   April, 2024    USD      45,000      Fixed      5.00    April, 2026      20,140        20,009  

Banco Patagonia S.A.

   July, 2024    USD      548      Fixed      11.00    January, 2025      —         144  

Citibank N.A.

   January, 2025    USD      25,000      Fixed      5.00    April, 2026      25,211        —   

Banco de Galicia y Buenos Aires S.A.U.

   January, 2025    USD      18,000      Fixed      1.90    April, 2025      18,072        —   

Banco de Galicia y Buenos Aires S.A.U.

   January, 2025    USD      30,000      Fixed      1.90    April, 2025      30,120        —   

Banco de la Nación Argentina

   January, 2025    USD      30,000      Fixed      2.00    July, 2025      30,108        —   

Banco de la Provincia de Buenos Aires

   January, 2025    USD      20,000      Fixed      1.90    May, 2025      20,069        —   

Banco de la Provincia de Buenos Aires

   January, 2025    USD      20,000      Fixed      1.90    May, 2025      20,064        —   

Banco Ciudad de Buenos Aires

   February, 2025    USD      18,000      Fixed      2.50    June, 2025      18,051        —   
                    

 

 

    

 

 

 
                 Total      207,330        46,171  
                    

 

 

    

 

 

 

 

(1) 

As of March 31, 2025 and December 31, 2024, it includes 24,350 of collateralized capital. The carrying amount corresponds to interest.

(2) 

Secured Overnight Financing Rate (“SOFR”).

Moreover, Vista Argentina issued Corporate bond (“ON”), 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 March 31, 2025 and December 31, 2024:

 

Instrument

  

Execution

date

  

Currency

   Principal     

Interest

   Annual
rate
    

Maturity

date

   As of
March
31, 2025
     As of
December
31, 2024
 

ON XII

   August, 2021    USD-linked (1)      100,769      Fixed      5.85    August, 2031      90,972        97,467  

ON XV

   December, 2022    USD      13,500      Fixed      4.00    January, 2025      —         13,539  

ON XVI

   December, 2022    USD-linked (1)      63,450      Fixed      0.00    June, 2026      63,477        63,429  
   May, 2023    USD-linked (1)      40,785      Fixed      0.00    June, 2026      40,525        40,525  

ON XVII

   December, 2022    USD-linked (1)      39,118      Fixed      0.00    December, 2026      39,020       
37,805
 
(2) 

ON XVIII

   March, 2023    USD-linked (1)      118,542      Fixed      0.00    March, 2027      118,200       
115,657
 
(2) 

ON XIX

   March, 2023    USD-linked (1)      16,458      Fixed      1.00    March, 2028      16,418        16,414  

ON XX

   June, 2023    USD      13,500      Fixed      4.50    July, 2025      13,507        13,477  

ON XXI

   August, 2023    USD-linked (1)      70,000      Fixed      0.99    August, 2028      69,839       
67,170
 
(2) 

ON XXII

   December, 2023    USD      14,669      Fixed      5.00    June, 2026      14,849        14,657  

ON XXIII

   March, 2024    USD      60,000      Fixed      6.50    March, 2027      39,951 (2)      
40,569
 
(2) 
   May, 2024    USD      32,203      Fixed      6.50    March, 2027      32,217        32,722  

 

20


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Instrument

  

Execution

date

  

Currency

   Principal     

Interest

   Annual
rate
    

Maturity

date

   As of
March
31, 2025
     As of
December
31, 2024
 

ON XXIV

   May, 2024    USD      46,562      Fixed      8.00    May, 2029      47,798        46,860  

ON XXV

   July, 2024    USD-linked (1)      53,195      Fixed      3.00    July, 2028      53,134        53,111  

ON XXVI

   October, 2024    USD      150,000      Fixed      7.65    October, 2031      154,446        151,573  

ON XXVII

   December, 2024    USD      600,000      Fixed      7.63    December, 2035      609,172 (3)       597,421 (3) 

ON XXVIII

   March, 2025    USD      92,414      Fixed      7.50    March, 2030      92,343        —   
                    

 

 

    

 

 

 
                  Total      1,495,868        1,402,396  
                    

 

 

    

 

 

 
                 Total Borrowings      1,703,198        1,448,567  
                    

 

 

    

 

 

 

 

(1)

Subscribed in USD, payable in ARS at the exchange rate applicable on maturity date.

(2)

As of March 31, 2025, the carrying amount of ON XXIII include 20,000 ONs repurchased by the Company, and as of December 31, 2024, the carrying amounts of ONs XVII; XVIII; XXI and XXIII include 1,200, 2,500, 2,650 and 20,000, respectively, of ONs repurchased by the Company.

(3) 

As of March 31, 2025 and December 31, 2024, the ON contain covenants that will limit its ability to, among other things: (i) incur additional indebtedness and guarantee indebtedness; (ii) pay dividends or make other distributions or repurchase or redeem our capital stock; (iii) prepay, redeem or repurchase certain debt; (iv) make loans and investments; (v) enter into agreements that restrict its subsidiaries’ ability to pay dividends, transfer assets or make intercompany loans; (vi) incur or permit to exist certain Liens; (vii) sell, transfer or otherwise dispose of assets; (viii) enter into sale and lease-back transactions; (ix) enter into transactions with affiliates; and (x) consolidate, amalgamate, merge.

With respect to the limitation on incurrence of indebtedness, Vista Argentina will not, and will not permit any of its subsidiaries, if any, to, directly or indirectly, incur any indebtedness. The company or any of its subsidiaries may incur indebtedness if, at the time of and immediately after giving pro forma effect to the incurrence thereof and the application of the net proceeds therefrom:

(i) its Net Leverage Ratio (“NLR”) would not exceed 3.50. The NLR is calculated as the proportion of (a) Net debt (Borrowings and Lease liabilities minus Cash, bank balances and other short-term investments) to (b) EBITDA (“Earnings Before Interest, Tax, Depreciation and Amortization”);

(ii) its Interest Coverage ratio (“ICR”) would not be less than 2.00. The ICR is calculated as the proportion of (a) EBITDA to (b) interest expenses for the year.

All of the financial ratios and limitations described above will no longer apply if (i) the ON have an Investment Grade Rating from at least two Rating Agencies and (ii) no event of default has occurred and is continuing.

As of March 31, 2025 and December 31, 2024, Vista Argentina has been in compliance with all the covenants of its ON.

See Note 1.2.1 to the annual consolidated financial statements as of December 31, 2024.

See Note 29 for information on subsequent borrowings events.

Under the aforementioned program, Vista Argentina may list ON in Argentina for a total principal up to 3,000,000 or its equivalent in other currencies at any time.

16.2 Changes in liabilities from financing activities

Changes in the borrowings were as follows:

 

     As of March 31, 2025      As of December 31, 2024  

Amounts at beginning of period

     1,448,567        616,055  

Proceeds from borrowings

     341,347        1,320,897  

Payment of borrowings principal

     (98,594      (470,351

Payment of borrowings interest

     (10,566      (53,897

Payment of borrowings cost

     (608      (7,631

Borrowings interest (1) (Note 9.2)

     24,281        62,499  

Amortized cost (1) (Note 9.3)

     467        1,649  

Changes in foreign exchange rate (1)

     (1,696      (20,654
  

 

 

    

 

 

 

Amounts at end of period

     1,703,198        1,448,567  
  

 

 

    

 

 

 

 

(1) 

These transactions did not generate cash flows.

 

21


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

16.3 Financial instruments by category

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

 

As of March 31, 2025

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at fair
value
     Total financial
assets / liabilities
 

Assets

        

Plan assets (Note 25)

     —         3,666        3,666  

Trade and other receivables (Note 15)

     1,085        —         1,085  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     1,085        3,666        4,751  
  

 

 

    

 

 

    

 

 

 

Cash, bank balances and other short-term investments (Note 19)

     80,089        75,387        155,476  

Trade and other receivables (Note 15)

     102,566        —         102,566  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     182,655        75,387        258,042  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 16.1)

     1,521,007        —         1,521,007  

Trade and other payables (Note 24)

     77,117        —         77,117  

Lease liabilities (Note 13)

     33,498        —         33,498  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     1,631,622        —         1,631,622  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 16.1)

     182,191        —         182,191  

Trade and other payables (Note 24)

     415,924        —         415,924  

Lease liabilities (Note 13)

     42,661        —         42,661  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     640,776        —         640,776  
  

 

 

    

 

 

    

 

 

 

 

As of December 31, 2024

   Financial assets /
liabilities at
amortized cost
     Financial assets /
liabilities at fair
value
     Total financial
assets / liabilities
 

Assets

        

Trade and other receivables (Note 15)

     1,654        —         1,654  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial assets

     1,654        —         1,654  
  

 

 

    

 

 

    

 

 

 

Cash, bank balances and other short-term investments (Note 19)

     119,841        124,065        243,906  

Trade and other receivables (Note 15)

     121,099        —         121,099  
  

 

 

    

 

 

    

 

 

 

Total current financial assets

     240,940        124,065        365,005  
  

 

 

    

 

 

    

 

 

 

Liabilities

        

Borrowings (Note 16.1)

     1,402,343        —         1,402,343  

Lease liabilities (Note 13)

     37,638        —         37,638  
  

 

 

    

 

 

    

 

 

 

Total noncurrent financial liabilities

     1,439,981        —         1,439,981  
  

 

 

    

 

 

    

 

 

 

Borrowings (Note 16.1)

     46,224        —         46,224  

Trade and other payables (Note 24)

     487,186        —         487,186  

Lease liabilities (Note 13)

     58,022        —         58,022  
  

 

 

    

 

 

    

 

 

 

Total current financial liabilities

     591,432        —         591,432  
  

 

 

    

 

 

    

 

 

 

 

22


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

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

For the three-month period ended March 31, 2025:

 

     Financial
assets/liabilities
at amortized cost
     Financial
assets/liabilities
at fair value
     Total financial
assets / liabilities
 

Interest income (Note 9.1)

     1,056        —         1,056  

Interest expense (Note 9.2)

     (24,281      —         (24,281

Amortized cost (Note 9.3)

     (467      —         (467

Net changes in foreign exchange rate (Note 9.3)

     12,744        —         12,744  

Discount of assets and liabilities at present value (Note 9.3)

     (1,154      —         (1,154

Changes in the fair value of financial assets (Note 9.3)

     —         8,998        8,998  

Interest expense on lease liabilities (Note 9.3)

     (806      —         (806

Discount for well plugging and abandonment (Note 9.3)

     (426      —         (426

Other (Note 9.3)

     (2,897      —         (2,897
  

 

 

    

 

 

    

 

 

 

Total

     (16,231      8,998        (7,233
  

 

 

    

 

 

    

 

 

 

For the three-month period ended March 31, 2024:

 

     Financial
assets/liabilities
at amortized cost
     Financial
assets/liabilities
at fair value
     Total financial
assets / liabilities
 

Interest income (Note 9.1)

     481        —         481  

Interest expense (Note 9.2)

     (4,897      —         (4,897

Amortized cost (Note 9.3)

     (317      —         (317

Net changes in foreign exchange rate (Note 9.3)

     (12,288      —         (12,288

Discount of assets and liabilities at present value (Note 9.3)

     371        —         371  

Changes in the fair value of financial assets (Note 9.3)

     —         (8,635      (8,635

Interest expense on lease liabilities (Note 9.3)

     (858      —         (858

Discount for well plugging and abandonment (Note 9.3)

     (254      —         (254

Other (Note 9.3)

     (649      —         (649
  

 

 

    

 

 

    

 

 

 

Total

     (18,411      (8,635      (27,046
  

 

 

    

 

 

    

 

 

 

16.4 Fair value

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

16.4.1 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:

- Level 1: quoted (unadjusted) prices in active markets for identical assets or liabilities.

- 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).

- 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).

 

23


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

The following chart shows the Company’s financial assets measured at fair value as of March 31, 2025 and December 31, 2024:

 

As of March 31, 2025

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Plan assets

     3,666        —         —         3,666  

Short-term investments

     75,387        —         —         75,387  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     79,053        —         —         79,053  
  

 

 

    

 

 

    

 

 

    

 

 

 

 

As of December 31, 2024

   Level 1      Level 2      Level 3      Total  

Assets

           

Financial assets at fair value through profit or loss

           

Short-term investments

     124,065        —         —         124,065  
  

 

 

    

 

 

    

 

 

    

 

 

 

Total assets

     124,065        —         —         124,065  
  

 

 

    

 

 

    

 

 

    

 

 

 

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, Level 2 and Level 3 from December 31, 2024, through March 31, 2025.

16.4.2 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 March 31, 2025

   Carrying
amount
     Fair value      Level  

Liabilities

        

Borrowings

     1,703,198        1,640,451        2  
  

 

 

    

 

 

    

Total liabilities

     1,703,198        1,640,451     
  

 

 

    

 

 

    

16.5 Risk management objectives and policies concerning financial instruments

16.5.1 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 each period or as of every period-end.

 

24


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

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, 2024, except for the following:

16.5.1.1 Market risk

Exchange rate risk

The Company’s financial position and results of operations are sensitive to exchange rate changes between USD and ARS. As of March 31, 2025 and 2024, the Company performed foreign exchange currency transactions, and the impact in the results of the period is recognized in the consolidated statement of profit or loss in “Other financial income (expense)”.

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

During the three-month period ended March 31, 2025 and for the year ended December 31, 2024, ARS depreciated by about 4% and 28%, respectively.

The following chart shows the sensitivity to a modification in the exchange rate 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 March 31, 2025   As of December 31, 2024

Changes in exchange rate:

   +/-10%   +/-10%

Effect on profit or loss before income taxes

   43,287 / (43,287)   38,108 / (38,108)

Effect on equity before income taxes

   43,287 / (43,287)   38,108 / (38,108)

Interest rate risk

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 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 March 31, 2025 and December 31, 2024, about 1% and 2% of indebtedness was subject to variable interest rates, respectively.

For the three-month periods ended March 31, 2025, and 2024, the average interest rate for borrowings in ARS was 32.88% and 59.00%, respectively.

For the three-month period ended March 31, 2025, and 2024, the variable interest rate of borrowings denominated in USD stood at 7.19% and 9.60%, respectively.

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.

The Company considers that the risk of an increase in interest rates is low; therefore, it does not expect substantial debt risk.

For the three-month period ended March 31, 2025, and for the year ended December 31, 2024, the Company did not use derivative financial instruments to mitigate interest rate risks.

 

25


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Note 17. Investments in associates

As of March 31, 2025, and December 31, 2024, the Company holds the following interests in associates:

 

     Equity interest     Investments in associates       

Company

   As of March
31, 2025
    As of December
31, 2024
    As of March
31, 2025
     As of December
31, 2024
     Main activity

VX Ventures Asociación en Participación

     100     100     11,894        11,894      Holding company

VMOS S.A. (1)

     11,1     14,1     28,663        12      Midstream
      

 

 

    

 

 

    

Total investments in associates

         40,557        11,906     
      

 

 

    

 

 

    

 

(1) 

For the three-month period ended March 31, 2025, the Company, through its subsidiary Vista Argentina, made contributions to VMOS S.A. for an amount of 28,651.

Note 18. Inventories

 

     As of March 31, 2025      As of December 31, 2024  

Crude oil stock (Note 5.2)

     13,416        4,384  

Materials and spare parts

     2,390        2,082  

Assigned crude oil stock

     238        3  
  

 

 

    

 

 

 

Total inventories

     16,044        6,469  
  

 

 

    

 

 

 

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

 

     As of March 31, 2025      As of December 31, 2024  

Cash in banks

     584,212        520,401  

Money market funds

     80,089        119,841  

Mutual funds

     69,102        115,368  

Argentine government bonds

     6,285        8,697  
  

 

 

    

 

 

 

Total cash, banks balances and other short-term investments

     739,688        764,307  
  

 

 

    

 

 

 

Cash and cash equivalents include cash on hand and at bank and investments maturing within 3 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 March 31, 2025      As of December 31, 2024  

Cash, bank balances and other short-term investments

     739,688        764,307  

Less

     

Argentine government bonds

     (6,285      (8,697
  

 

 

    

 

 

 

Cash and cash equivalents

     733,403        755,610  
  

 

 

    

 

 

 

Note 20. Equity

20.1 Capital stock

As of March 31, 2025, and December 31,2024, the Company’s variable capital stock amounted to 398,065 and 398,064, respectively, represented by 98,150,716 and 95,285,451 fully subscribed and paid Series A shares with no face value, each entitled to one vote.

During the three-month period ended March 31, 2025, 2,865,265 Series A shares were issued as part of the LTIP granted to Company employees.

As of March 31, 2025, and December 31, 2024, the Company’s authorized capital includes 30,641,523 and 33,506,788 Series A ordinary shares, respectively, held in Treasury.

As of March 31, 2025 and December 31, 2024, the Company holds the 2 outstanding Series C shares.

 

26


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

For further information see Note 21 to the annual consolidated financial statements as of December 31, 2024.

See Note 29 for information on subsequent events.

Note 21. Provisions

 

     As of March 31, 2025      As of December 31, 2024  

Noncurrent

     

Well plugging and abandonment

     26,738        31,026  

Environmental remediation

     2,075        2,032  
  

 

 

    

 

 

 

Total noncurrent provisions

     28,813        33,058  
  

 

 

    

 

 

 

Current

     

Environmental remediation

     2,566        2,484  

Well plugging and abandonment

     1,430        1,412  

Contingencies

     41        14  
  

 

 

    

 

 

 

Total current provisions

     4,037        3,910  
  

 

 

    

 

 

 

Note 22. Salaries and payroll taxes

 

     As of March 31, 2025      As of December 31, 2024  

Current

     

Provision for bonuses and incentives

     4,498        23,450  

Salaries and social security contributions

     2,166        9,206  
  

 

 

    

 

 

 

Total current salaries and payroll taxes

     6,664        32,656  
  

 

 

    

 

 

 

Note 23. Other taxes and royalties

 

     As of March 31, 2025      As of December 31, 2024  

Current

     

Royalties and others

     25,428        26,008  

Tax withholdings

     3,777        12,497  

Personal assets tax

     7,814        8,132  

Other

     310        1,078  
  

 

 

    

 

 

 

Total current other taxes and royalties

     37,329        47,715  
  

 

 

    

 

 

 

Note 24. Trade and other payables

 

     As of March 31, 2025      As of December 31, 2024  

Noncurrent

     

Payables to third parties (1)

     77,117        —   
  

 

 

    

 

 

 

Total other noncurrent accounts payables

     77,117     
  

 

 

    

 

 

 

Total noncurrent accounts payables

     77,117        —   
  

 

 

    

 

 

 

Current

     

Accounts payables:

     

Suppliers

     385,357        435,768  

Customer advances

     —         37,651  
  

 

 

    

 

 

 

Total current accounts payables

     385,357        473,419  
  

 

 

    

 

 

 

Other accounts payables:

     

Payables to third parties (1) (2)

     30,277        13,200  

Extraordinary fee for Gas IV Plan

     168        415  

Payables to partners of joint operations

     122        152  
  

 

 

    

 

 

 

Total other current accounts payables

     30,567        13,767  
  

 

 

    

 

 

 

Total current trade and other payables

     415,924        487,186  
  

 

 

    

 

 

 

 

(1)

As of March 31, 2025, includes 77,117 and 24,997 related to the Farmout Agreement mentioned in Note 1.2.1.

(2)

As of March 31, 2025 and December 31, 2024, the Company had a payable for 5,280 and 13,200, respectively, related to the extension of the Concessions. (See Note 28.5 to the annual consolidated financial statements as of December 31, 2024).

 

 

27


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

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:

 

     Period from January 1,
through March 31, 2025
     Period from January 1,
through March 31, 2024
 

Cost of interest

     (196      (79

Cost of services

     (2      (2
  

 

 

    

 

 

 

Total

     (198      (81
  

 

 

    

 

 

 

 

     As of March 31, 2025  
     Present value of the
obligation
     Plan assets      Net liabilities  

Amounts at beginning of period

     (20,546      4,578        (15,968

Items classified as loss or profit

        

Cost of interest

     (248      52        (196

Cost of services

     (2      —         (2

Items classified in other comprehensive income

        

Actuarial remeasurement

     —         (22      (22

Payment of contributions

     491        (352      139  
  

 

 

    

 

 

    

 

 

 

Amounts at end of period

     (20,305      4,256        (16,049
  

 

 

    

 

 

    

 

 

 

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

 

     As of March 31, 2025      As of December 31, 2024  

US government bonds

     3,666        —   

Cash and cash equivalents

     590        4,578  
  

 

 

    

 

 

 

Total

     4,256        4,578  
  

 

 

    

 

 

 

See Note 23 to the annual consolidated financial statements as of December 31, 2024.

Note 26. Related parties’ transactions and balances

As of March 31, 2025 and December 31, 2024, including 4,741, with VMOS S.A. booked under “Trade and other receivables” within the line “Balances with related parties” (Note 15).

As of March 31, 2025 and December 31, 2024, other than mentioned above, the Company carries no other balances with related parties and relevant transactions.

Note 2.3 to the annual consolidated financial statements as of December 31, 2024, provides information on the Company’s structure.

 

28


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

Note 27. Commitments and contingencies

The Company, through its subsidiary Vista Argentina, made disbursements related to the commitments, as detailed below:

(i) As of March 31, 2025 and December 31, 2024, 131,970 and 121,813, respectively, related to the Duplicar Plus Project implemented by Oleoductos del Valle S.A.;

(ii) As of March 31, 2025 and December 31, 2024, 25,644 and 19,677, respectively, related to the project to expand the Puerto Rosales maritime terminal and pumping station implemented by Oiltanking Ebytem S.A.; and

(iii) As of March 31, 2025, 19,948 related to the Transportation Service Agreement for Vaca Muerta Centro Pipeline (“VMOC” by Spanish acronym),

See Notes 1.2.3.1; 28.1 and 28.2 to the annual consolidated financial statements as of December 31, 2024 for more information about the commitments.

There were no significant changes in commitments and contingencies for the three-month period ended March 31, 2025 (See Notes 28 and 29 to the annual consolidated financial statements as of December 31, 2024).

Note 28. Tax regulations

There were no significant changes in Argentina’s and Mexico’s tax regulations during the three-month period ended March 31, 2025 (See Note 30 to the annual consolidated financial statements as of December 31, 2024).

Note 29. Subsequent events

The Company assessed events subsequent to March 31, 2025, to determine the need of a potential recognition or disclosure in these interim condensed consolidated financial statements. The Company assessed such events through April 23, 2025, date in which these financial statements were made available for issue:

 

   

On April 1, 2025, Vista Argentina signed loans agreements with Banco de Galicia y Buenos Aires S.A.U. in ARS for a total amount equivalent of 65,177, at an annual interest rate between 37.50% and 38.50% and an expiration date between April 30 and May 30, 2025.

 

   

On April 4, 2025, Vista Argentina paid interest for an amount of 107 corresponding to loan agreements signed with Banco Santander International in July 2021 and January 2022.

 

   

On April 7, 2025, Vista Argentina signed a loan agreement with Banco Ciudad de Buenos Aires for an amount of 27,000, at an annual interest rate of 3% and an expiration date on September 2, 2025.

 

   

On April 8, 2025, Vista Argentina paid interest for an amount of 393 corresponding to ON XXV.

 

   

On April 9, 2025, though the Ordinary Shareholders’ Meeting, the Company’s shareholders approved an increase of a fund to acquire own shares for 50,000, based on the Company’s nonconsolidated financial statements as of December 31, 2024.

 

   

On April 10, 2025, Vista Argentina paid interest for an amount of 5,722 corresponding to ON XXVI.

 

   

On April 10, 2025, Vista Argentina signed a loan agreement with Banco Santander in ARS for an amount equivalent of 9,285, at an annual interest rate of 42.50% and an expiration date on June 30, 2025.

 

   

On April 10, 2025, Vista Argentina signed a loan agreement with Banco BBVA in ARS for an amount equivalent of 20,774, at an annual interest rate of 40.00% and an expiration date on May 30, 2025.

 

   

On April 10, 2025, Vista Argentina signed a loan agreement with Banco de Galicia y Buenos Aires S.A.U. in ARS for an amount equivalent of 41,375, at an annual interest rate of 42.45% and an expiration date on June 30, 2025.

 

   

On April 11, 2025, Vista Argentina signed a loan agreement with Banco Santander S.A. for an amount of 300,000, at an annual interest rate of SOFR plus 2.85% with step up to 6.50% after 36 months, and an expiration date on April 11, 2029.

 

29


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

Notes to the unaudited interim condensed consolidated financial statements as of March 31, 2025 and December 31, 2024 and for the three-month periods ended March 31, 2025 and 2024

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

 

   

On April 15, 2025, the Company through its subsidiary Vista Argentina, acquired the 100% of the capital stock of Petronas E&P Argentina S.A. (“PEPASA”), which holds a 50% working interest in La Amarga Chica unconventional concession (“LACh”), located in the Province of Neuquén, Argentina, from Petronas Carigali Canada B.V. and Petronas Carigali International E&P B.V. (the “Transaction”).

Under the terms of the Transaction, Vista paid (i) 900,000 in cash; and (ii) 7,297,507 American Depositary Shares representing an identical number of Vista’s Serie A shares (“ADSs”) which are subject to lock-up restrictions; and will pay (iii) 300,000 in deferred cash payments, payable 50% on April 15, 2029, and 50% on April 15, 2030, without accruing interest.

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.

 

30