在整合我们的核心开发中心的同时将油井库存增加三倍 Neuquén Río Negro 油井库存演变油井数量阿吉拉·莫拉(上午)100 21.1万英亩净减风险油井收购阿瓜达联邦(AF)北班杜里亚(BN)24.1万英亩 26.4万英亩巴贾达德尔帕洛埃斯特(BPE)150 48.9k 英亩井 150 口井 150 口井 550 口井 Bajada del Palo Oeste (BPO) BPO BPO AF BPE BPE AM BPE AM CAN Vista 特许权总计 62.6 万英亩 # 油井库存 Coiron Amargo Norte (加拿大) 2019 2022 2022 2022 2023 2023 2023 年 22.5 万英亩净英亩 Vista 开发项目Hub Vista 石油处理厂 21


钻探和完工与 One Team 合作伙伴签订的延期合同 • 2 台钻机 • 我们已经获得了 1 台履带钻机 • 1 套完工套装处理容量模块化设施扩建以收集和处理增量产量 • 我们的全新 Q3-23 结束前 70 mbbl/d • Q2-24 结束前 85 mbbl/d • YE-24 90 mbbl/d 增长目标 • 100 mbbl/d by YE-26 (1) 已签订疏散合同使用 Oldelval、OTE、VMN pipeline 和 OTASA/OTC/ENAP • YE-23 的 68 mbbl/d • 80 mbl/d by YE-24 • 100 mbbl/d by YE-25 (1) 基于 Vista 签署的合同和数据由项目运营商提供。实际交货日期可能会因执行而发生变化。产能包括奥尔德尔瓦尔 35 mbl/d 的固定管道容量以及使用 9 mbbl/d 的 减摩剂的额外产能 22


加快活动以推动进一步增长页岩油井并列 +48% 油井数量先前的目标 46 46 46 +33% 2024-26 31 40 34 30 2023F 2023F 2026F 2026F 2026F 资本支出 725 900 800 800 800 投资于:约 500 ~720 ~720 ~720 口新井 (1) ~225 ~180 ~80 设施、技术和国家统计局 (1) 设施资本支出包括 对收集和运输、气体分离、处理和压缩、石油和水处理、电网等的投资。包括2023年向Vaca Muerta Norte项目支付的2000万美元款项。不包括 Oldelval 和 OTE 扩建项目中的预付款(有关此类付款的详细信息,请参阅幻灯片 33)23


目标是将产量翻一番,进一步提高效率 (1) 产量 起重成本 mboe/d $/boe +82% -27% 6.0 5.5 100 -33% +25% 85 4.2 4.0 70 80 55 62 2023E 2026F 2026F 2026F 2026F 2026F 2026F 先前的目标 (1) 起重成本包括生产、运输、处理和现场支持服务; 不包括原油库存波动、折旧、特许权使用费、直接税、商业、勘探、一般和收购费用以及与传统资产转让有关的其他非现金成本 24


预计大量库存将支持 2026 年以后的增长预计油井库存演变油井数量 1,150 口油井计划到 2026 年产量为 237 口阿吉拉·莫拉和北班杜里亚 27% 上行空间计划在 2026 年之后钻探 913 口井 73% 核心开发中心总库存 25


卓越的股东总回报率 PABLO VERA PINTO 联合创始人兼首席财务官 财务官亚历杭德罗·切尔尼亚科夫联合创始人兼战略规划与投资者关系官 26


北达科他州建造了两家最大的VACA MUERTA石油生产商 (1) 和5年来最大的出口商 (2) 按运营商划分的页岩油产量 Vista 石油出口量 mmbL VISTA ~3x 14% 运营商 1 9.2 58% 6.6 运营商 2 10% 3.1 2.8 运营商 3 7% 55% 44% 运营商 4 28% 44% 2019A 2021A 2022A 2023E 运营商 5 运营商 6 3% 其他 3% 石油总销量3%(1)第四章中按运营商分列的产量数据,“炼油和商业化石油、天然气和衍生品” 数据集中的出口数据。资料来源:阿根廷能源部长 (2) 1H-23 石油 产量。资料来源:第四章,阿根廷能源部长 27


业界领先的财务指标表现优于先前的目标 (1) (4) +8个百分点调整后息税折旧摊销前利润ROACE (3) v.同行 $MM% +29 p.p.40% ~4x +15 765 p.p.p.39% 25% 170 550 11% 195 171 96 2% (2) 2018 2019 2021 2022 年同行调整后息税折旧摊销前利润 (3) +9 个百分点 -5% (3) v.同行调整后息税折旧摊销前利润 (2) 45% 41% 35% 58% 67% 利润率 (%) 2018 2019 2022 2022 年之前的 目标 (1) 调整后息税折旧摊销前利润 = 该期间的净(亏损)/利润 + 所得税(支出)/收益 + 财务业绩,净额 + 折旧,(2) 包括2018年第一季度预计业绩,汇总4月4日收购的资产的产量和成本,2018。 耗尽和摊销 + 与业务合并相关的交易成本 + 重组和重组 (3) 2022 年以下同行的平均值:3R、Canacol、Devon、Devon、Devon、Diamondback、EOG、Frontera、Geopark、Gran Tierra、Matador、支出 + 与转让传统资产相关的收益 + 其他与转让潘帕、Petrorex、Petrorecnavo 相关的非现金成本 Orio、Pioneer、RRC 和 YPF 常规资产 + 长期资产的减值(收回)+ 其他调整 (4) ROACE = 营业利润(亏损)/(平均总债务 +平均总权益)28


稳健的资产负债表支持进一步增长 (2) 债务构成净杠杆率百万美元 x 调整后息税折旧摊销前利润 651 611 549 540 451 国内 305 A+ AAA 信贷 (1) 本地评级 56% 54% 32% 跨境 50% 27% 22% 3.5x 2019 2021 2022 Q2-23 (3) 平均利率 8.9% 8.3% 7.6% 1.1x 5.3% 51 48 0.83% 51 0.83% x 0.7x 3.0% 34 0.4x 年利息支出 29 (4) (百万美元) 22 16 2018 2019 2021 2022 Q2-23 2018 2019 2021 2022 Q2-23 (1) 2019 年评级对应于 Vista Oil and Gas Argentina S.A.:FixSCR(惠誉子公司(2)地方债务 的 A+(arg)评级包括要以阿根廷比索结算的债务。跨境包括以美元结算的债务(评级)。目前的评级对应于阿根廷市场的Vista Energy Argentina S.A.U.:AAA (arg) (3) 包括FixSCR的美元计价和仅限美元 挂钩债务的评级以及穆迪当地的 Aaa.ar 评级 (4) Q2-23 利息支出对应于 2023 年的估计 29


加强我们的股东总回报策略自 2021 年投资者日以来实现的里程碑资本配置优先事项 ✓ 运营和财务目标超额交付高回报和短周期项目更多增长以产生盈利增长 ✓ 承包干线和出口码头出口市场疏散能力的增长 (1) ✓ 运营温室气体排放强度降低运营脱碳等 64% 脱碳NBS项目旨在实现我们的净零脱碳目标 ✓ 启动了NBS {} 冒险 ✓ 扩展到期概况和成本降低更多债务去杠杆化总杠杆率降低去杠杆化 ✓ 大幅减少跨境债务有效利用净现金产生策略 ✓ 收购Aguada 联邦和北班杜里亚根据不断变化的市场保持灵活性 ✓ 执行2900万美元的股票回购灵活性动态 (1) 范围 1 和 2 温室气体排放 30


出口驱动的收入加速增长 (1) 2026年总收入2,350 2,000美元 +42% +60% 石油出口量 1,550 1,650 1,200 Vista 原油出口量预计将增加,因为 Vaca Muerta 的产量预计为1,225,预计将继续超过2023E 2024F 2026F 2026F 2026F 之前的 目标 (1) 假设已实现油价为每桶65美元 1 月 24 日的实际价值 31


双倍调整回报率行业领先的息税折旧摊销前利润 (1) (2) 调整后息税折旧摊销前利润 ROACE 百万美元约2倍 +40% 1,700 36% 1,400 +55% 1,100 1100 800 2023E 2026F 2026F 2026F 2026F 2026F 2026F 调整后息税折旧摊销前利润 70% 71% 71% 72% 利润率 (%) 我们的目标是将毛利率维持在5个百分点以上。此前 65% 67% (3) 的目标是2026年杠杆率为0.4倍之前的 之前的 ta tar rg 获得净利润 (1) 调整后息税折旧摊销前利润 = 该期间的净(亏损)/利润 + 所得税(支出)/收益 + 财务业绩、净值+折旧、损耗和 (2) ROACE = 营业利润(亏损)/(平均总债务 + 平均总额 权益)摊销 + 交易成本与企业合并相关的 + 重组和重组费用 + 与 (3) 总杠杆率相关的收益 = 金融债务总额/调整后的常规资产息税折旧摊销前利润转移 + 其他 非-与传统资产转移相关的现金成本 + 长期资产的减值(收回)+ 其他调整 32


强劲的现金产生预计将为股东带来卓越的总回报 运营活动现金流的用途 500 400 (4) 100 现金产生十亿美元,2022-26 年累计 2024 年至 2026 年度 2025 年F 百万美元 Sources 使用对原油实现价格的敏感度,2024-26 年累计现金产生 1.6 3.8 资本支出现金流 来自 5.0 1.0 运营 (1) 活动 0.4 (2) 0.1 2022-23 A&D 0.1 最低现金 (3) 1.0 可用现金 55 美元/桶 65 美元/桶 75 美元/桶下行计划上行空间 (1) 经营活动现金流 = 调整后息税折旧摊销前利润——所得税、增值税和利息 付款 + 工作变动 (2) 收购阿瓜达联邦和北班杜里亚、传统资产资本转移(包括Oldelval和OTE扩建项目中1.48亿美元的中游预付支出)以及其他调整。(3) 可用现金 =期初现金余额+累计现金产生——最低现金注:上面显示的50亿美元包括0.3亿美元的期初现金余额 (4) 现金产生 = 经营活动产生的现金流——资本支出 — 收购和资产剥离中的现金 33


谢谢!问答


Rolón Cué project • Afforestation project initiated in September 2022, extending Corrientes, Argentina across 3,300 ha Managed by Aike • Successfully planted 2.2 million trees of 15 native and exotic species in degraded grasslands, achieving high growth rates and a survival rate of +90% • Once the project is finalized, 42% of the hectares will be left standing in perpetuity with native species, and the remaining 58% with exotics • Currently undergoing Verified Carbon Standard and Climate, Community and Biodiversity certification processes under the Verra standard 15


OPERATIONAL EXCELLENCE EXPECTED TO DRIVE FURTHER GROWTH, EFFICIENCY AND VALUE JUAN GAROBY CO-FOUNDER AND CHIEF OPERATING OFFICER MATÍAS WEISSEL OPERATIONS MANAGER 16


DOUBLED PRODUCTION AND QUADRUPLED RESERVES WITH STRONG SAFETY PERFORMANCE (2) Production Proved Reserves TRIR Mboe/d MMboe +2x +4x 3.39 252 48.6 Consistently 182 38.8 below 1 128 29.1 26.6 24.5 102 1.30 0.86 58 0.38 0.39 (1) 2018 2019 2020 2021 2022 YE-18 YE-19 YE-20 YE-21 YE-22 2018 2019 2020 2021 2022 Outperformed previous target of 46 Mboe/d by 6% (1) Includes Q1 2018 pro forma results aggregating production and costs from assets acquired on April 4, 2018 (2) TRIR (Total Recordable Injury Rate): Recordable work-related injury rate per 1,000,000 hours worked 17


REDUCED COSTS WITH FASTER WELL DELIVERY (1) (1) OPERATIONAL ACCELERATION COST REDUCTION 2019 2022 2019 2022 Drilling Speed 602 1,056 75% Drilling 775 630 19% ft/day $/lateral ft Completion Speed 6.3 7.9 25% Completion 210 147 30% stages/day $M/stage Pad Construction 130 88 D&C 16.6 12.7 32% 23% (2) (2) Cycle days/pad $MM per well (1) Vintage: 2019 includes pads BPO-1 and BPO-2 , 2022 includes pads BPO-11 to BPO-15 (2) Normalized to a standard well design of 2,800 meters lateral length and 47 completion stages well 18


HALVED OPERATING UNIT COSTS THROUGH SCALE AND EFFICIENCY Total operating unit cost $/boe -50% 32.1 (1) Lifting cost 13.9 16.0 65% savings 4.8 (2) Development cost 16.9 40% savings 9.9 (3) Midstream cost 1.3 1.3 2018 Q2-23 (1) Lifting cost includes production, in-field transportation, treatment and field support services; excludes crude stock (2) Development cost is calculated as: (i) D&C cost per well plus 10% (to account for well tie-in costs); divided by (ii) EUR fluctuations, depreciation, royalties, direct taxes, commercial, exploration, G&A costs and other non-cash costs related (3) Trunk pipeline transportation only to the transfer of conventional assets. Includes Q1 2018 pro forma results aggregating production and costs from assets acquired on April 4, 2018 19


CONSISTENT PRODUCTIVITY IMPROVEMENT DELIVERING PRODUCTION GROWTH Development hub productivity (4) Development hub production (1) above type curve Mboe/d Mboe 50 Bajada del Palo Oeste (2) BPO Type Curve Bajada del Palo Este +8% 40 (3) Vista Average Well Aguada Federal 584 543 +1% 30 369 +2% 365 20 +4% 229 224 125 10 120 0 Sep-20 Jan-21 May-21 Aug-21 Dec-21 Apr-22 Aug-22 Dec-22 Apr-23 Aug-23 90 days 180 days 360 days 720 days (1) Includes all wells in Bajada del Palo Oeste, Bajada del Palo Este and Aguada Federal normalized to a standard well (3) Normalized average cumulative production of wells in Bajada del Palo Oeste, Bajada del Palo Este and Aguada Federal design of 2,800 meters lateral length and 47 completion stages well that have been on production for at least 90, 180, 360 and 720 days. The number of wells included in each timeframe is (2) EUR: 1.52 Mmboe 74, 69, 52 and 32 wells, respectively (4) Production prior to shale oil wells shut-in during Q2-20 not shown 20


TRIPLED WELL INVENTORY WHILE CONSOLIDATING OUR CORE DEVELOPMENT HUB Neuquén Río Negro Evolution of well inventory Number of wells Águila Mora (AM) 100 21.1k net acres De-risking wells Acquisitions Aguada Federal (AF) Bandurria Norte (BN) 24.1k acres 26.4k acres Bajada del Palo Este (BPE) 150 48.9k acres wells 150 wells 150 550 wells wells 50 wells Bajada del Palo Oeste (BPO) BPO BPO AF BN BPE BPE AM CAN Vista concessions Total 62.6k acres # Well inventory Coirón Amargo Norte (CAN) 2019 2021 2022 2022 2022 2023 2023 2023 22.5k net acres Vista development hub Vista oil treatment plant 21


Drilling and completion Extended contracts with One Team partners • 2 drilling rigs • 1 spudder rig WE HAVE SECURED • 1 completion set Treatment THE CAPACITY Modular facility expansions to gather and treat incremental production TO DELIVER • 70 Mbbl/d by end of Q3-23 ON OUR NEW • 85 Mbbl/d by end of Q2-24 • 90 Mbbl/d by YE-24 GROWTH TARGETS • 100 Mbbl/d by YE-26 (1) Evacuation Signed contracts with Oldelval, OTE, VMN pipeline and OTASA/OTC/ENAP • 68 Mbbl/d by YE-23 • 80 Mbbl/d by YE-24 • 100 Mbbl/d by YE-25 (1) Based on contracts signed by Vista and data provided by project operators. Actual delivery dates might change subject to execution. Capacities include firm pipeline capacity in Oldelval of 35 Mbbl/d and additional capacity using friction-reducing agents of 9 Mbbl/d 22


ACCELERATING ACTIVITY TO DRIVE FURTHER GROWTH Shale wells tied-in +48% Number of wells Previous targets 46 46 46 +33% 2024-26 31 40 34 30 2023E 2024F 2025F 2026F Capex in $MM 725 900 800 800 Investment in: ~500 ~720 ~720 ~720 New wells (1) ~225 ~180 ~80 ~80 Facilities, technology & NBS (1) Facilities capex includes investment in gathering and transportation, gas separation, treatment and compression, oil and water treatment, power grids, and other. Includes 20 $MM of payments to Vaca Muerta Norte project during 2023. Does not include upfront payments in Oldelval and OTE expansion projects (for details on such payments please refer to slide 33) 23


TARGET TO DOUBLE PRODUCTION WITH FURTHER EFFICIENCY GAINS (1) Production Lifting cost Mboe/d $/boe +82% -27% 6.0 5.5 100 -33% +25% 85 4.5 4.2 4.0 70 80 55 62 2023E 2024F 2025F 2026F 2023E 2024F 2025F 2026F Previous targets (1) Lifting cost includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, royalties, direct taxes, commercial, exploration, G&A costs and other non-cash costs related to the transfer of conventional assets 24


SIGNIFICANT INVENTORY EXPECTED TO SUPPORT GROWTH BEYOND 2026 Projected evolution of well inventory Number of wells 1,150 Planned wells on 237 production by 2026 Aguila Mora and Bandurria Norte 27% upside Planned wells to be 913 drilled after 2026 73% Core development hub Total inventory 25


SUPERIOR TOTAL SHAREHOLDER RETURN PABLO VERA PINTO CO-FOUNDER AND CHIEF FINANCIAL OFFICER ALEJANDRO CHERÑACOV CO-FOUNDER AND STRATEGIC PLANNING & INVESTOR RELATIONS OFFICER 26


ND BUILT 2 LARGEST VACA MUERTA OIL PRODUCER (1) AND TOP EXPORTER IN 5 YEARS (2) Shale oil production by operator Vista oil export volumes MMbbl VISTA ~3x 14% Operator 1 9.2 58% 6.6 Operator 2 10% 3.1 2.8 Operator 3 7% 55% 44% 44% Operator 4 28% 4% 2019A 2020A 2021A 2022A 2023E Operator 5 Operator 6 3% Others 3% % of total oil sales volume 3% (1) Production data by operator from Capítulo IV, export data from dataset “Refinación y Comercialización de petróleo, gas y derivados”. Source: Argentine Secretary of Energy (2) 1H-23 oil production. Source: Capítulo IV, Argentine Secretary of Energy 27


INDUSTRY-LEADING FINANCIAL METRICS OUTPERFORMING PREVIOUS TARGETS (1) (4) +8 p.p. Adj. EBITDA ROACE (3) v. peers $MM % +29 p.p. 40% ~4x +15 765 p.p. +39% 25% 17% 380 550 11% 195 171 96 2% (2) 2018 2019 2020 2021 2022 +9 p.p. -5% (3) v. peers Adj. EBITDA (2) 45% 41% 35% 58% 67% margin (%) 2018 2019 2020 2021 2022 Previous targets (1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, (2) Includes Q1 2018 pro forma results aggregating production and costs from assets acquired on April 4, 2018. depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization (3) 2022 average of the following peers: 3R, Canacol, Devon, Diamondback, EOG, Frontera, Geopark, Gran Tierra, Matador, expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of Pampa, Parex, Petroreconcavo, Petrorio, Pioneer, RRC and YPF conventional assets + Impairment (recovery) of long-lived assets + other adjustments (4) ROACE = Operating profit (loss) / (Average total debt + Average total equity) 28


SOLID BALANCE SHEET SUPPORTS FURTHER GROWTH (2) Debt composition Net Leverage Ratio $MM x Adj. EBITDA 651 611 549 540 451 Domestic 305 A+ AAA credit (1) Local rating 56% 54% 32% Cross border 50% 27% 22% 3.5x 2018 2019 2020 2021 2022 Q2-23 (3) Average interest rate 8.9% 8.3% 7.8% 7.6% 1.1x 1.1x 5.3% 51 48 0.8x 0.7x 3.0% 34 0.4x Interest expense 29 (4) p.a. ($MM) 22 16 2018 2019 2020 2021 2022 Q2-23 2018 2019 2020 2021 2022 Q2-23 (1) 2019 rating corresponds to Vista Oil and Gas Argentina S.A.: A+(arg) rating from FixScr (affiliate of Fitch (2) Local debt includes debt to be settled in ARS pesos. Cross border includes debt to be settled in US dollars Ratings). Current rating corresponds to Vista Energy Argentina S.A.U. for the Argentine market: AAA(arg) (3) Includes dollar denominated and dollar linked debt only rating from FixScr and AAA.ar rating from Moody’s Local (4) Q2-23 interest expense corresponds to 2023 estimate 29


REINFORCING OUR TOTAL SHAREHOLDER RETURN STRATEGY Milestones met since 2021 Investor Day Capital allocation priorities ✓ Overdelivered on operational and financial targets High-return and short-cycle projects MORE Growth to generate profitable growth driven ✓ Contracted trunk pipeline and export terminal Growth by the export market evacuation capacity (1) ✓ Reduced operational GHG emission intensity Operational decarbonization and MORE by 64% Decarbonization NBS projects to pursue our net zero Decarbonization ambition ✓ Launched NBS venture ✓ Extended maturity profile and reduced cost MORE of debt Deleveraging Gross leverage ratio reduction Deleveraging ✓ Significantly reduced cross-border debt Efficiently use net cash generation Strategic ✓ Acquired Aguada Federal and Bandurria Norte MAINTAIN according to changing market Flexibility ✓ Executed 29 $MM of share buybacks flexibility dynamics (1) Scope 1 and 2 GHG emissions 30


ACCELERATING EXPORT-DRIVEN REVENUE GROWTH (1) Total revenues $MM 2,350 2,000 +42% +60% oil export volumes in 2026 1,550 1,650 1,200 Vista crude oil export volumes are projected to increase as Vaca Muerta production is 1,225 expected to continue outpacing the growth of domestic demand 2023E 2024F 2025F 2026F Previous targets (1) Assumes a realized oil price of 65 $/bbl flat in real terms of Jan-24 31


DOUBLING ADJ. EBITDA WITH INDUSTRY-LEADING RETURNS (1) (2) Adj. EBITDA ROACE $MM % ~2x +40% 1,700 36% 1,400 +55% 1,100 850 1,100 800 2023E 2026F 2023E 2024F 2025F 2026F Adj. EBITDA 70% 71% 71% 72% margin (%) We target to maintain gross +5p.p. Previous 65% 67% (3) targets leverage ratio at 0.4x for 2026 Previous Previous ta tar rg gets ets (1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation, depletion and (2) ROACE = Operating profit (loss) / (Average total debt + Average total equity) amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the (3) Gross leverage ratio = Total financial debt / Adj. EBITDA transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (recovery) of long- lived assets + other adjustments 32


ROBUST CASH GENERATION EXPECTED TO DELIVER SUPERIOR TOTAL SHAREHOLDER RETURNS Uses of cash flow from operating activities 500 400 (4) 100 Cash generation $Bn, cumulative 2022-26 $MM 2024F 2025F 2026F Sources Uses Sensitivity to crude oil realized price $Bn, cumulative cash generation 2024-26 1.6 3.8 Capex Cash flow from 5.0 1.0 operating (1) activities 0.4 (2) 0.1 2022-23 A&D 0.1 Minimum cash (3) 1.0 Cash available 55 $/bbl 65 $/bbl 75 $/bbl Downside Plan Upside (1) Cash flow from operating activities = Adjusted EBITDA – income tax, VAT and interest payments + changes in working (2) Acquisition of Aguada Federal & Bandurria Norte, transfer of conventional assets capital (includes midstream prepaid expenses of 148 $MM in Oldelval and OTE expansion projects) and other adjustments. (3) Cash available = opening cash balance + cumulative cash generation – minimum cash Note: 5.0 $Bn shown above include 0.3 $Bn of opening cash balance (4) Cash generation = cash flow from operating activities – capital expenditures – cash in/from acquisitions & divestitures 33


THANK YOU! Q&A