Vista Energy Reports 2023 Reserves and Operational Updates

TL;DR

<b>Vista Energy significantly boosted its crude oil and natural gas reserves in 2023 through extensive drilling operations, particularly in the Vaca Muerta formation.</b>

AI Summary

Vista Energy, S.A.B. de C.V. (VSOGF) filed a Foreign Annual Report (20-F) with the SEC on April 23, 2024. Crude oil and natural gas reserves increased by 86.5 MMbbl and 65.5 Bcf respectively, driven by drilling success in the Vaca Muerta formation. Significant drilling activity occurred in Bajada del Oeste, Bajada del Palo Oeste, Aguada Federal, and Aguila Mora, contributing to reserve additions. Internal natural gas consumption was 15.6% as of December 31, 2023, down from 12.9% in 2021. Borrowings related to ON swapping amounted to $40,785 in 2023 and $99,826 in 2022, with no cash flow impact. Crude oil purchases decreased by 5.4 MMbbl and natural gas purchases by 2.6 Bcf, primarily due to an agreement with Aconcagua.

Why It Matters

For investors and stakeholders tracking Vista Energy, S.A.B. de C.V., this filing contains several important signals. The substantial increase in proved reserves, especially in crude oil (+86.5 MMbbl) and natural gas (+65.5 Bcf), highlights the company's successful exploration and development strategy in key formations like Vaca Muerta. The company's operational focus on drilling and farmout agreements is directly translating into reserve growth, which is a critical metric for an oil and gas exploration and production company.

Risk Assessment

Risk Level: medium — Vista Energy, S.A.B. de C.V. shows moderate risk based on this filing. The company's reserve growth is heavily reliant on continued successful drilling and the economic viability of extracting these reserves, which are subject to commodity price fluctuations and operational risks.

Analyst Insight

Investors should monitor Vista Energy's production volumes and cost efficiency to assess the realization of its reserve growth.

Key Numbers

• 86.5 MMbbl — Crude oil reserve increase (Proved developed and undeveloped reserves)
• 65.5 Bcf — Natural gas reserve increase (Proved developed and undeveloped reserves)
• 15.6% — Natural gas internal consumption (As of December 31, 2023)
• 40,785 — ON swapping borrowings (As of December 31, 2023)
• 99,826 — ON swapping borrowings (As of December 31, 2022)
• 5.4 MMbbl — Crude oil purchase decrease (Mainly related to Aconcagua agreement)
• 2.6 Bcf — Natural gas purchase decrease (Mainly related to Aconcagua agreement)
• 12.9% — Natural gas internal consumption (As of December 31, 2021)

Key Players & Entities

• Vista Energy, S.A.B. de C.V. (company) — Filer name
• Aconcagua (company) — Agreement partner
• Vaca Muerta (company) — Geological formation
• Bajada del Oeste (company) — Drilling location
• Bajada del Palo Oeste (company) — Drilling location
• Aguada Federal (company) — Drilling location
• Aguila Mora (company) — Drilling location
• Bajada del Palo Este (company) — Drilling location

FAQ

Risk Factors

• Operational Risks in Exploration and Production [high — operational]: The company's operations are subject to risks inherent in oil and gas exploration and production, including drilling success rates and the ability to economically extract reserves.
• Commodity Price Volatility [high — market]: The financial performance and reserve valuations are highly sensitive to fluctuations in global crude oil and natural gas prices.
• Environmental and Regulatory Compliance [medium — regulatory]: Operations are subject to stringent environmental regulations and permitting requirements in the jurisdictions where the company operates.

Key Financial Figures

• $ — ncies and Rounding All references to "$," "US$," "U.S. Dollars" and "Dollars" a

Filing Documents

• d800792d20f.htm (20-F) — 6417KB
• d800792dex11.htm (EX-1.1) — 180KB
• d800792dex81.htm (EX-8.1) — 4KB
• d800792dex121.htm (EX-12.1) — 11KB
• d800792dex122.htm (EX-12.2) — 11KB
• d800792dex131.htm (EX-13.1) — 5KB
• d800792dex151.htm (EX-15.1) — 4KB
• d800792dex152.htm (EX-15.2) — 2KB
• d800792dex153.htm (EX-15.3) — 2KB
• d800792dex154.htm (EX-15.4) — 2KB
• d800792dex971.htm (EX-97.1) — 33KB
• d800792dex991.htm (EX-99.1) — 64KB
• g800792dsp121.jpg (GRAPHIC) — 120KB
• g800792dsp124.jpg (GRAPHIC) — 68KB
• g800792dsp125.jpg (GRAPHIC) — 11KB
• g800792dsp126.jpg (GRAPHIC) — 41KB
• g800792dsp126a.jpg (GRAPHIC) — 14KB
• g800792dsp134.jpg (GRAPHIC) — 84KB
• g800792dsp135.jpg (GRAPHIC) — 36KB
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• g800792dsp93.jpg (GRAPHIC) — 82KB
• g800792g00a00.jpg (GRAPHIC) — 105KB
• g800792g0420053955148.jpg (GRAPHIC) — 27KB
• 0001193125-24-107031.txt (&nbsp;) — 29444KB
• vist-20231231.xsd (EX-101.SCH) — 246KB
• vist-20231231_cal.xml (EX-101.CAL) — 123KB
• vist-20231231_def.xml (EX-101.DEF) — 834KB
• vist-20231231_lab.xml (EX-101.LAB) — 1282KB
• vist-20231231_pre.xml (EX-101.PRE) — 1122KB
• d800792d20f_htm.xml (XML) — 6327KB

Quantitative and Qualitative Disclosures about Market Risk

Quantitative and Qualitative Disclosures about Market Risk 182 Item 12.

Description of Securities Other Than Equity Securities

Description of Securities Other Than Equity Securities 182 Item 13. Defaults, Dividend Arrearages and Delinquencies 184 Item 14. Material Modifications to the Rights of Security Holders and Use of Proceeds 184 Item 15.

Controls and Procedures

Controls and Procedures 184 Item 16. Reserved 185 Item 16A. Audit Committee Financial Expert 185 Item 16B. Code of Ethics 185 Item 16C. Principal Accountant Fees and Services 186 Item 16D. Exemptions from the Listing Standards for Audit Committees 186 Item 16E. Purchases of Equity Securities by the Issuer and Affiliated Purchasers 186 Item 16F. Change in Registrant's Certifying Accountant 186 Item 16G. Corporate Governance 187 Item 16H. Mine Safety Disclosure 189 Item 16I. Disclosure Regarding Foreign Jurisdictions that Prevent Inspections 189 Item 16J. Insider Trading Policies 189 Item 16K. Cybersecurity 189 Item 17.

Financial Statements

Financial Statements 192 Item 18.

Financial Statements

Financial Statements 192 Item 19. Exhibits 192 PRESENTATION OF INFORMATION This document comprises the annual report of Vista Energy, S.A.B. de C.V. ("Vista") on Form 20-F for the year ended December 31, 2023. References Unless otherwise indicated or the context otherwise requires, (i) the terms "Vista," "Company," "we," "us," and "our," refer to Vista Energy, S.A.B. de C.V. (formerly known as Vista Oil & Gas, S.A.B. de C.V.), a corporation ( sociedad annima burstil de capital variable ) organized under the laws of Mexico, and its consolidated subsidiaries, (ii) the term "Issuer" refers to Vista exclusive of its subsidiaries, (iii) the term "Vista Argentina" refers to Vista Energy Argentina S.A.U. (formerly known as Vista Oil & Gas Argentina S.A.U., prior thereto as Vista Oil & Gas Argentina S.A., and prior thereto, as Petrolera Entre Lomas S.A.); (iv) the term "PELSA" refers to Petrolera Entre Lomas S.A. (or following the change of its corporate name, Vista Argentina); (v) the term "Vista Holding I" refers to Vista Energy Holding I, S.A. de C.V. (formerly known as Vista Oil & Gas Holding I, S.A. de C.V.); (vi) the term "Vista Holding II" refers to Vista Energy Holding II, S.A. de C.V. (formerly known as Vista Oil & Gas Holding I, S.A. de C.V.); (vii) the term "APCO International" refers to APCO Oil & Gas S.A.U. (formerly known as APCO Oil and Gas International, Inc. before its re-domiciliation to Argentina, which was merged into Vista Argentina pursuant to a corporate reorganization and is no longer in existence as of the date of this annual report); and (viii) the term "APCO Argentina" refers to APCO International's subsidiary APCO Argentina S.A. (which was merged into Vista Argentina pursuant to a corporate reorganization and is no longer in existence as of the date of this annual report). See "Item 4—Information on the Company—History and Development of the Company." References to "series A shares" refer to shares of our series A common stock, n

Financial Statements and Information

Financial Statements and Information The consolidated financial statements included in this annual report have been prepared on a historical basis in accordance with IFRS, as described herein. We maintain our books and records in U.S. Dollars, which is the presentation currency for our financial statements and also the functional currency of our operations. The financial information contained, or referred to, in this annual report includes the audited consolidated financial statements as of December 31, 2023 and 2022 and for the years ended December 31, 2023, 2022 and 2021, and the notes thereto (the "Audited Financial Statements"). The Audited Financial Statements have been prepared in accordance with IFRS as issued by the IASB and are presented in U.S. Dollars. Presentation of Currencies and Rounding All references to "$," "US$," "U.S. Dollars" and "Dollars" are to U.S. Dollars, the lawful currency of the United States of America, references to "Mexican Pesos" and "Ps." are to Mexican Pesos, the lawful currency of Mexico and "ARS," "Argentine Pesos" and "AR

View Full Filing

View this 20-F filing on SEC EDGAR