OPERATIONS
VISTA KEY VALUE DRIVERS
Deep, ready-to-drill, short-cycle well inventory
• ~1,160 ready-to-drill locations in Vaca Muerta and 311 net wells on production (171 drilled as an operator and 140 through our WI in LACh) at the end of Q2-25
• Productivity of shale oil wells among best-in-basin
• YE-24 proved reserves were 375.2 MMboe (86% oil, 518.5 MMboe pro forma)(1)
• Crude oil treatment capacity of 103 Mbbl/d in our operated blocks (with additional upside in La Amarga Chica)
Peer-leading operating performance
• Q2-25 total production was 118.0 Mboe/d
• Exported 61% of oil sales volumes during Q2-25, with 100% of total volumes sold at export parity
• 4.7 $/boe lifting cost in Q2-25, down 66% since 2018 (2)
• Flat and agile organization, led by an experienced oil & gas management team
Robust balance sheet & financial performance
• Sound balance sheet with 154 $MM in cash, and a pro forma net leverage ratio of 1.38x(1), as of Q2-25
• Adj. EBITDA was 1,263 $MM in LTM (1,766 $MM pro forma)(1)(3)
• Adj. EBITDA margin was of 66% in Q2-25 at 62.2 $/bbl realized oil price(4)
Sustainability focused culture
• Our goal is to reduce our GHG emissions intensity to 7 kgCO2e/boe(4) and to generate enough carbon credits to match the size of our residual carbon footprint by 2026, through the development of our own portfolio of nature-based projects
(1) Pro forma values calculated as if Petronas E&P Argentina S.A. had been acquired on January 1, 2024.
(2) ifting cost includes production, transportation, treatment and field support services; excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses, other operating income, other operating expense and other non-cash costs related to the transfer of conventional assets
(3) Adj. EBITDA: Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Income (loss) from investments in associates + Depreciation, depletion and amortization + Restructuring and reorganization expenses + Impairment (reversal) of long-lived assets + Other non-cash costs related to the transfer of conventional assets + Gain from business combination
(4) Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Export Increase Program)
(5) Scope 1 & 2 GHG emissions from our operated assets in Argentina at 100% working interest
(2) ifting cost includes production, transportation, treatment and field support services; excludes crude oil stock fluctuations, depreciation, depletion and amortization, royalties and others, selling expenses, exploration expenses, general and administrative expenses, other operating income, other operating expense and other non-cash costs related to the transfer of conventional assets
(3) Adj. EBITDA: Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Income (loss) from investments in associates + Depreciation, depletion and amortization + Restructuring and reorganization expenses + Impairment (reversal) of long-lived assets + Other non-cash costs related to the transfer of conventional assets + Gain from business combination
(4) Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Export Increase Program)
(5) Scope 1 & 2 GHG emissions from our operated assets in Argentina at 100% working interest
ARGENTINA
Unique 'pure-play' public investment opportunity in Vaca Muerta.
ARGENTINA ASSETS
P1 Reserves at YE 2024: 365.5 MMboe (99% operated, 86% oil) (508.8 MMboe pro forma) (1)
Production Q2-25: 117.6 Mboe/d (63% operated, 87% oil)
Production Q2-25: 117.6 Mboe/d (63% operated, 87% oil)
• ~229,000 net acres in the Vaca Muerta formation
• Identified up to 1,473 new well locations, of which 550 are in Bajada del Palo Oeste, 150 in Aguada Federal, 150 in Bajada del Palo Este, 150 in Bandurria Norte, 100 in Águila Mora, 50 in Coirón Amargo Norte and 323 in La Amarga Chica
• Potential upside by de-risking additional landing zones
• Crude oil treatment capacity of 103 Mbbl/d in our operated blocks (with additional upside in La Amarga Chica)
• Shale oil concessions expiring in 2050
(1) Pro forma values calculated as if Petronas E&P Argentina S.A. was acquired on January 1, 2024
Águila Mora
• Net acres: 21,128 (90% WI)
• License term: 2054
• Operator: Vista
• Commitment: capital expenditure of 32 $MM
Bajada del Palo Este
• Net acres: 48,853 (100% WI)
• License term: 2053
• Operator: Vista
• Commitment: capital expenditure of 52 $MM
• Inventory: Identified up to 150 well locations
• Production: 3.0 Mboe/d in Q1-23
Bajada del Palo Oeste
• Net acres: 62,641 (100% WI)
• License term: 2053
• Operator: Vista
• Idetified up to 550 well locations having tested 3 landing zones
• Production: 33.2 Mboe/d in Q1-23
Bandurria Norte
• Net acres: 26,404 (100% WI)
• License term: 2050
• Operator: Vista
• Inventory: Identified up to 150 well locations
Aguada Federal
• Net acres: 24,058 (100% WI)
• License term: 2050
• Operator: Vista
• Inventory: Identified up to 150 well locations
• Production: : 5.3 Mboe/d in Q1-23
MEXICO
Mexico assets
P1 Reserves at YE 2024: 9.8 MMboe
Production Q2-25: 0.4 Mboe/d
Production Q2-25: 0.4 Mboe/d
cs-01
• We hold 100% operating working interest in the contract for block CS-01 in the Macuspana basin
• Incremental production through different activities to produce undeveloped reserves at upper Zargazal and Amate formations, which have original pressure and hydrocarbon saturation
• Future upside will come from field developments, infrastructure upgrades and exploration of untested deeper formations
