Group 1 - The article emphasizes the strategy of investing in large oil companies, referred to as Supermajors, for safety and predictability, highlighting their reliable dividend payments [1] - There is a focus on identifying undervalued stocks with a balance of risk and reward, suggesting that the best investment ideas are often straightforward and contrarian [1]

Group 1 - Vista Energy (NYSE: VIST) is granted a Buy rating due to its strong financial position [1] - The company has a gross profit margin of 80.18% and an EBITDA margin of 62.08% [1] - Vista Energy has allocated significant financial resources for growth and development [1] Group 2 - Daniel Mellado, an economist with a Master's Degree in Statistics, has experience in analyzing agricultural commodities and managing trading teams [1] - His expertise includes developing strategies for algorithmic trading and analyzing financial statements, regulations, and macroeconomic variables [1]

Core Insights - Vista Energy S.A.B. de CV reported first-quarter 2025 adjusted earnings per share of 79 cents, missing the Zacks Consensus Estimate of 82 cents, but showing an increase from 49 cents in the prior-year quarter [1] - The company's quarterly revenues reached $438 million, up from $317 million year-over-year, but fell short of the Zacks Consensus Estimate of $457 million [2] Production and Performance - Total production averaged 80,913 barrels of oil equivalent per day (Boe/d), a significant increase from 55,046 Boe/d in the same quarter last year, with 86% of the output being crude oil [3] - Crude oil production rose to 69,623 barrels per day (Bbls/d) from 47,299 Bbls/d year-over-year, while natural gas liquids production surged by 177% and natural gas output increased by 42% [3] Pricing and Costs - The average realized crude oil price was $68.6 per barrel, down from $70.3 a year ago, and the average realized natural gas price decreased to $2.5 per million Btu from $2.8 [4] - Lifting costs totaled $34.1 million, a 58% increase from $21.6 million year-over-year, with lifting costs per barrel of oil equivalent rising to $4.7 from $4.3 [5] Financial Position - As of March 31, 2025, Vista Energy had $739.7 million in cash and short-term investments, with long-term debt of $1,521 million and short-term debt of $182.2 million [6] - Capital expenditure for the quarter was $268.5 million, and net cash provided by operating activities was $66.4 million [6] Guidance and Future Outlook - Vista Energy has withdrawn its previously issued 2025 market guidance due to the acquisition of a 50% stake in La Amarga Chica, indicating a revision of its full-year plan to incorporate new production and reserves [7] - The company expects second-quarter 2025 production to exceed 110,000 Boe/d, up from approximately 81,000 Boe/d in the first quarter, while maintaining existing drilling and capital expenditure plans until revised guidance is released [8]

First Quarter 2025 Earnings Webcast April 24, 2025 About projections and forward-looking statements Additional information about Vista Energy, S.A.B. de C.V., a sociedad anónima bursátil de capital variable organized under the laws of Mexico (the "Company" or"Vista") can be found in the "Investors" section on the website at www.vistaenergy.com. This presentation does not constitute an offerto sell or a solicitation of any offerto buy any securities of the Company, in any jurisdiction. Securities may not be ...

Group 1 - Vista Energy is identified as having significant growth potential in the Latin American energy sector [1] - In 2024, Vista Energy achieved an average production of 69,660 barrels of oil equivalent per day (boe/d), representing a 36% year-over-year increase [1] - The company plans to drill 50 new wells to support its production growth [1] Group 2 - The article does not provide any additional information on risks or disclaimers related to the investment [2][3]

Core Viewpoint - Vista Energy has acquired 100% of Petronas E&P Argentina S.A. (PEPASA), which holds a 50% working interest in the La Amarga Chica unconventional concession in Vaca Muerta, Argentina, for a total consideration of US$ 1.2 billion, enhancing its production scale and profitability in a high-margin asset [1][3][6]. Transaction Details - The acquisition price includes US$ 900 million in cash, US$ 300 million in deferred payments, and 7,297,507 American Depositary Shares, with lock-up restrictions on the shares [1]. - The deferred cash payments will be made in two installments of 50% each on April 15, 2029, and April 15, 2030, without accruing interest [1]. Asset Overview - La Amarga Chica spans 46,594 acres and had 247 wells in production as of December 31, 2024, with 280 million barrels of oil equivalent (MMboe) of P1 reserves [2]. - The concession produced 79,543 barrels of oil equivalent per day (boe/d) in Q4 2024, with 71,471 barrels per day (bbl/d) being oil [2]. - Vista estimates the potential for 400 new well locations to be drilled in the inventory [2]. Financial Performance - PEPASA reported total revenues of US$ 909 million and an Adjusted EBITDA of US$ 667 million for 2024, resulting in an Adjusted EBITDA margin of 73% [8]. - The net profit for PEPASA in 2024 was US$ 349 million [8]. Strategic Implications - The acquisition is expected to enhance Vista's profitability and free cash flow profile, consolidating a high-margin, low-breakeven asset [3]. - The transaction will increase Vista's production volume by approximately 47%, leading to a pro forma total production of 125,048 boe/d for Q4 2024 [6]. - The proximity of La Amarga Chica to Vista's development hub is anticipated to create operational synergies and cost savings [6]. Company Background - Vista Energy is focused on the Vaca Muerta play in Argentina and was the second-largest oil producer in Vaca Muerta and the third-largest in Argentina in 2024 [9].

[Forward-Looking Statements](index=4&type=section&id=FORWARD-LOOKING%20STATEMENTS) This document contains cautionary statements regarding future projections and the inherent risks involved - This document contains forward-looking statements based on current expectations and projections, which are inherently uncertain and subject to risks[23](index=23&type=chunk)[24](index=24&type=chunk) - The company assumes no obligation to update these statements unless required by law[23](index=23&type=chunk)[24](index=24&type=chunk) - The information is for informational purposes only and should not be solely relied upon for investment decisions[22](index=22&type=chunk)[25](index=25&type=chunk) [Presentation of Financial and Other Information](index=6&type=section&id=PRESENTATION%20OF%20FINANCIAL%20AND%20OTHER%20INFORMATION) The report's financial data is prepared under IFRS, presented in U.S. Dollars, and includes non-IFRS measures - Financial statements are prepared in accordance with **International Financial Reporting Standards (IFRS)** and presented in **U.S. Dollars (US$)**[32](index=32&type=chunk)[33](index=33&type=chunk)[34](index=34&type=chunk) - The report utilizes non-IFRS financial measures, including **Adjusted EBITDA**, **Adjusted EBITDA Margin**, and **Return on Average Capital Employed (ROACE)**[37](index=37&type=chunk)[43](index=43&type=chunk) - **Adjusted EBITDA** is defined as net profit plus income tax, net financial results, D&A, and excludes certain non-recurring or non-cash items[38](index=38&type=chunk) [Defined Terms](index=9&type=section&id=DEFINED%20TERMS) This section provides definitions for key terminology used throughout the report [Executive Summary](index=14&type=section&id=EXECUTIVE%20SUMMARY) Vista Energy is acquiring PEPASA, gaining a 50% interest in the La Amarga Chica concession in Vaca Muerta - Vista Energy is acquiring 100% of Petronas E&P Argentina S.A. (PEPASA), thereby gaining a **50% non-operated working interest** in the La Amarga Chica (LACh) unconventional hydrocarbon concession[11](index=11&type=chunk)[117](index=117&type=chunk) - The transaction is expected to materially increase Vista's scale, adding **140 MMboe of proven reserves** and an estimated **200 ready-to-drill wells**[125](index=125&type=chunk)[126](index=126&type=chunk)[127](index=127&type=chunk) Purchase Price Composition | Component | Amount / Details | | :--- | :--- | | **Closing Cash Amount** | US$900,000,000 | | **Deferred Payments** | US$150M on April 15, 2029 & US$150M on April 15, 2030 | | **ADS Consideration** | 7,297,507 ADSs, subject to a lock-up period | La Amarga Chica (LACh) Key Statistics | Metric (as of Q4 2024 / YE 2023) | 100% WI | 50% WI (PEPASA's Share) | | :--- | :--- | :--- | | **Surface Area (acres)** | 46,594 | 23,297 | | **Q4 2024 Production (boe/d)** | 79,543 | 39,772 | | **P1 Reserves (YE 2023, MMboe)** | 280 | 140 | | **Lifting Cost (YE 2024, $/boe)** | $4.1 | $4.1 | [Information Regarding the Transaction](index=18&type=section&id=INFORMATION%20REGARDING%20THE%20TRANSACTION) This chapter details the structure, objectives, financing, and tax implications of the PEPASA acquisition [Detailed Description of the Transaction](index=18&type=section&id=Detailed%20Description%20of%20the%20Transaction) Vista acquires a 50% non-operated interest in the LACh concession for cash, deferred payments, and ADSs - As a result of the transaction, Vista acquires a **50% non-operated working interest** in the LACh unconventional hydrocarbon concession, which expires on December 17, 2049[141](index=141&type=chunk)[147](index=147&type=chunk) - The acquisition includes substantial midstream capacity: **36,140 bbl/d** in Oldelval Pipelines, **20,756 bbl/d** in Vaca Muerta Norte, and **27,080 bbl/d** of export dispatch capacity in OTE[150](index=150&type=chunk) Transaction Purchase Price Details | Component | Amount / Details | | :--- | :--- | | **Closing Cash Amount** | US$900,000,000 | | **Deferred Payments** | US$150,000,000 due April 15, 2029<br>US$150,000,000 due April 15, 2030 | | **ADS Consideration** | 7,297,507 ADSs with lock-up periods expiring in Oct 2025 and Apr 2026 | [Objective of the Transaction](index=21&type=section&id=Objective%20of%20the%20Transaction) The acquisition aims to add a high-margin asset to increase scale, reserves, and operational synergies - PEPASA generated total revenues of **US$909 million** and an adjusted EBITDA of **US$667 million** in 2024, with a high adjusted EBITDA margin of **73%** and a low lifting cost of **$4.1/boe**[158](index=158&type=chunk) - The acquisition materially increases Vista's scale, adding **140 MMboe of proven reserves** (as of Dec 31, 2023) to Vista's 375 MMboe (as of Dec 31, 2024)[161](index=161&type=chunk) - Vista expects to add an inventory of approximately **200 ready-to-drill wells** and achieve operational synergies by leveraging the proximity of the LACh block[162](index=162&type=chunk)[163](index=163&type=chunk) [Sources of Financing and Operating Expenses](index=22&type=section&id=Sources%20of%20Financing%20and%20Operating%20Expenses) The acquisition is funded by existing cash and a US$300 million credit facility, with US$8 million in expenses - The acquisition was financed through a mix of existing corporate funds and a new four-year, **US$300 million credit facility** from Banco Santander, S.A[165](index=165&type=chunk) - Total estimated expenses associated with the transaction are approximately **US$8,000,000**[166](index=166&type=chunk) [Transaction Approval Date](index=22&type=section&id=Transaction%20Approval%20Date) The transaction received shareholder and board approval in March and April 2025, respectively - The transaction was approved by the shareholders' meeting on **March 3, 2025**, and by the board of directors on **April 11, 2025**[167](index=167&type=chunk) [Accounting treatment of the Transaction](index=23&type=section&id=Accounting%20treatment%20of%20the%20Transaction) The acquisition is accounted for under IFRS, with pro-forma statements reflecting a January 1, 2024 start - The financial impact of the transaction is incorporated into the company's financial statements under **IFRS**[169](index=169&type=chunk) - Pro-forma financial information has been prepared to show the impact as if the acquisition had taken place on **January 1, 2024**[170](index=170&type=chunk) [Tax Consequences of Transaction](index=23&type=section&id=Tax%20Consequences%20of%20Transaction) The transaction is not expected to have adverse tax consequences, with Vista acting as a withholding agent - **No adverse tax consequences** are expected from the transaction[171](index=171&type=chunk) - Vista Argentina is responsible for **withholding income tax** on the acquisition of the shares, with the tax being deducted from the purchase price[172](index=172&type=chunk) [Information of the Parties Involved in the Transaction](index=24&type=section&id=INFORMATION%20OF%20THE%20PARTIES%20INVOLVED%20IN%20THE%20TRANSACTION) This chapter provides an overview of the acquiring entities, Vista and Vista Argentina, and the target, PEPASA [Vista](index=24&type=section&id=Vista) Vista is a public E&P company focused on shale development in Latin America, primarily in Vaca Muerta - Vista's growth plan is based on a pre-transaction inventory of approximately **1,150 wells** in Vaca Muerta, which has driven production to **85,276 Mboe/d** in Q4 2024[176](index=176&type=chunk) - The company highlights its strong financial performance, with a 2024 net income of **US$477.5 million**, Adjusted EBITDA of **US$1,092.4 million** (65% margin), and a low net leverage ratio of **0.63x**[176](index=176&type=chunk) [Vista Argentina](index=26&type=section&id=Vista%20Argentina) Vista Argentina is the operating subsidiary in Argentina and the second-largest shale oil producer in Vaca Muerta - As of December 31, 2024, Vista Argentina had **342.9 MMboe of proven reserves** and an inventory of up to **1,000 potential well locations** in Vaca Muerta[195](index=195&type=chunk) - Total shale production for Vista Argentina was **61,729 boe/d** for the year ended December 31, 2024, with total production reaching **66,641 boe/d**[206](index=206&type=chunk) - Vista Argentina is a **wholly-owned subsidiary** of Vista, with its sole shareholder being Vista Energy Holding I S.A. de C.V[208](index=208&type=chunk) [PEPASA](index=29&type=section&id=PEPASA) PEPASA is an Argentine company whose primary asset is a 50% non-operated interest in the LACh concession - PEPASA's main asset is its **50% ownership** of the unconventional hydrocarbon exploitation concession for the LACh block[211](index=211&type=chunk) - The company operates under a **Joint Operating Agreement (JOA)** with YPF, which serves as the operator of the LACh concession[211](index=211&type=chunk) [Risk Factors](index=31&type=section&id=RISK%20FACTORS) The company faces risks related to the transaction, Argentine political and economic instability, and global events [Risks Related to the Transaction](index=31&type=section&id=Risks%20Related%20to%20the%20Transaction) Key transaction risks include integration challenges, non-operator status, and limited seller liability - As a **non-operator** of the La Amarga Chica concession, Vista is subject to risks related to the performance and actions of the operator, YPF[233](index=233&type=chunk)[234](index=234&type=chunk) - There is a risk of being unable to **successfully integrate PEPASA's operations**, which could involve difficulties in combining organizations and failure to achieve expected synergies[235](index=235&type=chunk)[236](index=236&type=chunk) - The Sale and Purchase Agreement imposes **significant limitations on the sellers' liability**, which may reduce the purchasers' ability to recover losses[229](index=229&type=chunk) [Risks Related to Argentina](index=36&type=section&id=Risks%20Related%20to%20Argentina) Operations are exposed to Argentina's political instability, policy changes, and foreign exchange controls - The business is highly dependent on the **economic and political conditions in Argentina**, where recent political changes introduce uncertainty[247](index=247&type=chunk)[248](index=248&type=chunk)[249](index=249&type=chunk) - Argentine **exchange controls restrict access to the foreign exchange market**, which could affect the company's ability to make payments on foreign debt and pay dividends[261](index=261&type=chunk)[263](index=263&type=chunk) - The imposition of **export duties**, currently capped at 8% for hydrocarbons, could negatively affect realization prices and margins[259](index=259&type=chunk) [Risks Related to Recent Events.](index=40&type=section&id=Risks%20Related%20to%20Recent%20Events.) Global geopolitical conflicts, U.S. trade policy, and OPEC+ decisions pose external risks to the business - **Global conflicts**, such as those involving Russia/Ukraine and Israel/Hamas, create significant volatility in international oil prices and could disrupt supply chains[277](index=277&type=chunk)[285](index=285&type=chunk) - The **2024 U.S. presidential election** and resulting changes in U.S. trade policy could negatively impact global trade and economic growth[287](index=287&type=chunk)[288](index=288&type=chunk) - Decisions by **OPEC+** to manage production quotas can significantly impact global crude oil prices and affect profitability[283](index=283&type=chunk) [Selected Financial Information](index=44&type=section&id=SELECTED%20FINANCIAL%20INFORMATION) This section presents key pro forma consolidated financial statements reflecting the impact of the acquisition Pro Forma Consolidated Statement of Profit or Loss (Year Ended Dec 31, 2024) | (in thousands of US$) | Year ended Dec 31, 2024 | Pro forma adjustments 2024 | Year ended Dec 31, 2024 Proforma | | :--- | :--- | :--- | :--- | | **Revenues from sales to clients** | 1,647,768 | 908,923 | 2,556,691 | | **Gross profit** | 817,743 | 487,056 | 1,304,799 | | **Operating income** | 625,390 | 404,652 | 1,030,042 | | **Net income for the year** | 477,521 | 348,782 | 826,303 | Reconciliation of Pro Forma Adjusted EBITDA (Year Ended Dec 31, 2024) | (in thousands of US$) | Year ended Dec 31, 2024 | Pro forma adjustments 2024 | Year ended Dec 31, 2024 Proforma | | :--- | :--- | :--- | :--- | | **Operating income** | 625,390 | 404,652 | 1,030,042 | | **Depreciation, depletion and amortization** | 437,699 | 262,081 | 699,780 | | **Adjusted EBITDA** | **1,092,452** | **666,733** | **1,759,185** | Pro Forma Consolidated Statement of Financial Position (As of Dec 31, 2024) | (in thousands of US$) | As of Dec 31, 2024 | Pro forma adjustments 2024 | As of Dec 31, 2024 Proforma | | :--- | :--- | :--- | :--- | | **Total assets** | 4,232,372 | 1,250,138 | 5,482,510 | | **Total stockholders' equity** | 1,621,213 | 300,000 | 1,921,213 | | **Total liabilities** | 2,611,159 | 950,138 | 3,561,297 | [Management's Discussion and Analysis of Operating Results and Financial Condition](index=48&type=section&id=MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20OPERATING%20RESULTS%20AND%20FINANCIAL%20CONDITION) This chapter analyzes the pro forma impact of the acquisition on the company's results and financial position [Results of operations](index=48&type=section&id=i%29%20Results%20of%20operations) The acquisition would have significantly increased pro forma revenue, operating income, and net income for 2024 - Pro forma revenues for 2024 would have increased by **US$908.9 million (55%)** to US$2,556.7 million[305](index=305&type=chunk) - Pro forma operating income for 2024 would have increased by **US$404.7 million (65%)** to US$1,030.0 million[313](index=313&type=chunk) - Pro forma net income for 2024 would have increased by **US$348.8 million (73%)** to US$826.3 million[316](index=316&type=chunk) [Financial position, liquidity and capital resources](index=49&type=section&id=ii%29%20Financial%20position%2C%20liquidity%20and%20capital%20resources) The transaction significantly increases assets and debt while reducing cash on the pro forma balance sheet - Pro forma Property, Plant, and Equipment would increase by **US$1,387.6 million (49%)** as of Dec 31, 2024[317](index=317&type=chunk) - Pro forma cash and investments would decrease by **US$471.9 million (62%)** due to the cash payment for the acquisition[321](index=321&type=chunk) - Pro forma financial debt would increase by a combined **US$633.4 million**, reflecting debt taken on to finance the transaction[325](index=325&type=chunk) [Other Financial Information](index=52&type=section&id=OTHER%20FINANCIAL%20INFORMATION) This section is reserved for supplementary financial data not covered in previous chapters [Relevant Agreements](index=53&type=section&id=RELEVANT%20AGREEMENTS) The transaction is governed by a Sale and Purchase Agreement and a Convertible Note Agreement - The primary legal document is the **Sale and Purchase Agreement**, governed by the laws of England and Wales[331](index=331&type=chunk)[332](index=332&type=chunk)[338](index=338&type=chunk) - A **Convertible Note Agreement** was executed to secure the deferred cash payments, granting sellers conditional conversion rights into Vista shares[335](index=335&type=chunk)[341](index=341&type=chunk) - Under the agreement, Vista assumes **all liabilities related to PEPASA's business operations**, including environmental and decommissioning liabilities[337](index=337&type=chunk) [Responsible Parties](index=56&type=section&id=RESPONSIBLE%20PARTIES) Key executives have signed and attested to the accuracy of the information presented in this document - The disclosure document was signed under oath by **Miguel Galuccio (CEO)**, **Pablo Vera Pinto (CFO)**, and **Javier Rodríguez Galli (General Counsel)**[346](index=346&type=chunk) [Exhibits](index=57&type=section&id=EXHIBITS) This chapter contains supplementary documents, including the pro forma financial statements and auditor's report [Pro Forma Financial Statements and Independent Accountant's Report](index=57&type=section&id=1.%20PRO%20FORMA%20FINANCIAL%20STATEMENTS%20AND%20REPORT%20OF%20THE%20INDEPENDENT%20PUBLIC%20ACCOUNTANT%20ON%20THE%20COMPILATION%20OF%20THE%20PRO%20FORMA%20FINANCIAL%20INFORMATION%20TO%20BE%20INCLUDED%20IN%20THE%20DISCLOSURE%20DOCUMENT) This exhibit includes the unaudited pro forma financial statements and the independent accountant's report - The exhibit includes the full **unaudited pro forma consolidated statement of profit or loss** and **statement of financial position** for the year ended December 31, 2024[351](index=351&type=chunk)[353](index=353&type=chunk) - The independent accountant's report confirms the pro forma financial information has been **reasonably compiled** to show the impact of the PEPASA acquisition[355](index=355&type=chunk)[356](index=356&type=chunk) - The accountant's opinion states that the pro forma information has been compiled, in all material respects, in accordance with the requirements of the **Circular Única de Emisoras**[368](index=368&type=chunk)

MEXICO CITY, April 9, 2025 /PRNewswire/ -- Vista Energy, S.A.B. de C.V. ("Vista" or the "Company") (NYSE: VIST; BMV: VISTA) announced that it has filed its Form 20-F for the fiscal year ended December 31, 2024, with the U.S. Securities and Exchange Commission earlier today. Vista's Form 20-F can be accessed and downloaded from the Investor Relations section of the Company's website at https://www.vistaenergy.com/investors. In addition, shareholders may receive a hard copy of Vista's complete financial state ...

Table of Contents UNITED STATES SECURITIES AND EXCHANGE COMMISSION Washington, DC 20549 FORM 20-F ANNUAL REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the fiscal year ended December 31, 2024 Commission File Number: 001- 39000 Vista Energy, S.A.B. de C.V. (Exact name of registrant as specified in its charter) N.A. (Translation of registrant's name into English) United Mexican States (Jurisdiction of incorporation or organization) Torre Mapfre 243 Paseo de la Reforma Avenue ...

Vista Energy S.A.B. de CV’s (VIST) shares lost 1.4% on Feb. 26 after reporting weak fourth-quarter 2024 earnings, closing at $50.78 in the latest trading session.Find the latest EPS estimates and surprises on Zacks Earnings Calendar.VIST’s Q4 Earnings & RevenuesThe upstream energy player reported adjusted earnings per share of 23 cents, which missed the Zacks Consensus Estimate of 90 cents. The bottom line also decreased from the prior-year quarter’s level of $2.52.The leading independent oil and gas produc ...