Marco
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OPERATIONS
VISTA KEY VALUE DRIVERS
Deep, ready-to-drill, short-cycle well inventory
Up to 1,150 locations under development in Vaca Muerta, including 110 wells already drilled
Productivity of shale oil wells among best-in-basin
318.5 MMboe of proved reserves (85% oil) at YE 2023
Development hub plant capacity to treat and evacuate up to ~70 Mbbl/d of oil (planned expansion to upgrade to ~85 Mbbl/d by Q2-24)
Peer-leading operating performance
Q1-24 total production was 55.0 Mboe/d
Exported 39% of oil sales volumes during Q1-24, with 57% of total volumes sold at export parity
4.3 $/boe lifting cost in Q1-24, down 69% since 2018 (1)
Flat and agile organization, led by an experienced oil & gas management team
Robust balance sheet & financial performance
Sound balance sheet with 151.7 $MM in cash, and a net leverage ratio of 0.58x, as of Q1-24
Adj. EBITDA was 221 $MM in Q1-24, resulting in an Adj. EBITDA margin of 68% at 70.3 $/bbl realized oil price (2)
Sustainability focused culture
Aspiring to become net zero in 2026 (3) by combining strong reduction of operational carbon footprint with own portfolio of Nature Based Solutions to remove remaining emissions

(1) Lifting 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 and Other non-cash costs related to the transfer of conventional assets
(2) Adj. EBITDA = Profit for the year, net + Income tax (expense) / benefit + Financial income (expense), net + Depreciation, depletion and amortization + Transaction costs related to business combinations + Restructuring and reorganization expenses + Gain related to the transfer of conventional assets + Other non-cash costs related to the transfer of conventional assets + Impairment (reversal) of long-lived assets. Adj. EBITDA Margin = Adj. EBITDA / (Total Revenues + Gain from Export Increase Program)
(3) Scope 1 & 2 GHG emissions
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ARGENTINA
Unique 'pure-play' public investment opportunity in Vaca Muerta.
ARGENTINA ASSETSArrow
P1 Reserves: 308.4 MMboe at YE 2023 (98% operated, 85% oil)
Production Q1-24: 54.3 Mboe/d (92% operated, 86% oil)

• ~205,600 net acres in the Vaca Muerta formation
• Identified up to 1,150 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 and 50 in Coirón Amargo Norte
• Potential upside by de-risking additional landing zones, Bajada del Palo Este and Águila Mora
• Development hub plant capacity to treat and evacuate up to ~70 Mbbl/d of oil (planned expansion to upgrade to ~85 Mbbl/d by Q2-24)
• Shale oil concessions expiring in 2050+
Mapa
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 assetsArrow
P1 Reserves: 10.1 MMboe at YE 2023
Q1-24 production: 0.8 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
Mapa