VSOGF Vista Oil and Gas SAB de CV (PK)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

PURSUANT TO RULE 13a-16 OR 15d-16

UNDER SECURITIES EXCHANGE ACT OF 1934

For the month of October 2024

Commission File No. 001-39000

Vista Energy, S.A.B. de C.V.

(Exact Name of the Registrant as Specified in the Charter)

N.A.

(Translation of Registrant’s Name into English)

Pedregal 24, Floor 4,

Colonia Molino del Rey, Alcaldía Miguel Hidalgo,

Mexico City, 11040

Mexico

(Address of Principal Executive Office)

Indicate by check mark whether the registrant files or will file annual reports under cover of Form 20-F or Form 40-F.

Form 20-F ☒    Form 40-F ☐

Contents of this Form 6-K

This Form 6-K for Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) contains the following exhibit:

Exhibit 1: Third Quarter of 2024 Results.

Forward-Looking Statements

Any statements contained herein or in the attachments hereto regarding Vista that are not historical or current facts are forward-looking statements. These forward-looking statements convey Vista’s current expectations or forecasts of future events. Vista undertakes no obligation to publicly release any revisions to these forward-looking statements to reflect events or circumstances after the date hereof or to reflect the occurrence of anticipated events. Forward-looking statements regarding Vista involve known and unknown risks, uncertainties and other factors that may cause Vista’s actual results, performance or achievements to be materially different from any future results, performances or achievements expressed or implied by the forward-looking statements. Certain of these risks and uncertainties are described in the “Risk Factors,” “Forward-Looking Statements” and other applicable sections of Vista’s annual report filed with the SEC on Form 20-F and other applicable filings with the SEC and Vista’s latest annual report available on the Mexican Stock Exchange’s (Bolsa Mexicana de Valores, S.A.B. de C.V.) website: www.bmv.com.mx, the Mexican National Banking and Securities Commission’s (Comisión Nacional Bancaria y de Valores) website: www.gob.mx/cnbv and our website: www.vistaenergy.com.

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: +52 55 8647 0128

2

SIGNATURE

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

Date: October 23, 2024

3

Exhibit 1

October 23, 2024, Mexico City, Mexico

Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST in the New York Stock Exchange; BMV: VISTA in the Mexican Stock Exchange), reported today financial and operational results corresponding to Q3 2024.

Q3 2024 highlights:

Page 2

Page 3

Production

Total average net daily production

Average daily production during Q3 2024 was 72,825 boe/d, a 47% increase y-o-y, mainly driven by the ramp-up in well activity, having tied-in 51 new wells in the last twelve months. On a sequential basis, total production increased by 12%, driven by the tie-in of 23 wells between May and September 2024. Oil production was 63,499 bbl/d during Q3 2024, an interannual growth of 53% and an 11% increase compared to Q2 2024. Natural gas production in Q3 2024 was 1.42 MMm3/d, a 16% increase y-o-y and a 12% increase compared to Q2 2024. NGL production in Q3 2024 was 414 boe/d, a 36% increase y-o-y, and a 199% increase q-o-q.

Q3 2024 Average net daily production by asset

Page 4

Revenues

Total revenues per product

Average realized prices per product

Total sales volumes per product

Page 5

During Q3 2024, total revenues were 462.4 $MM, a 53% increase compared to Q3 2023. Net revenues were 443.6 $MM. Net revenues from oil and gas exports were 240.8 $MM, representing 54% of total Net revenues.

Crude oil net revenues in Q3 2024 totaled 422.3 $MM, representing 95.2% of total Net revenues, a 55% increase compared to Q3 2023, driven by strong oil production growth. The average realized oil price during the quarter was 68.4 $/bbl, 1% above the same quarter of last year. During Q3 2024, the Company exported 56% of crude oil sales volumes at a realized price of 68.8 $/bbl. Net revenues from the oil export market accounted for 56% of net oil revenues, reaching 237.9 $MM during the quarter. During Q3 2024, 44% of oil volumes were sold to the domestic market at an average price of 71.2 $/bbl, or 67.8 $/bbl net of trucking transportation costs (see Selling Expenses section for further detail). During the quarter, 37% of domestic volumes were sold at export parity-linked pricing, leading to 72% of total oil sales sold at export parity, combining sales to international buyers and domestic buyers paying export prices.

Natural gas net revenues in Q3 2024 were 20.2 $MM, representing 4.6% of total net revenues. The average realized natural gas price for the quarter was 3.8 $/MMBtu, a 14% increase compared to Q3 2023. Plan Gas represented 49% of total natural gas sales volume, with an average realized price of 4.1 $/MMBtu during the quarter. Sales to industrial clients represented 43% of total natural gas sales volume at an average realized price of 2.9 $/MMBtu. The remaining 8% of total natural gas sales volume was exported at an average realized price of 7.0 $/MMBtu.

NGL net revenues were 1.1 $MM during Q3 2024, representing 0.2% of total net revenues. NGL average price was 315 $/tn.

Lifting Cost

Lifting cost was 31.6 $MM during the quarter, implying a lifting cost per boe of 4.7 $/boe. On a unit cost basis, lifting cost was down 2% interannually, reflecting the dilution of fixed costs as the Company continues to ramp-up production. This effect was partially offset by inflation in US Dollars.

On a sequential basis, lifting cost per boe increased by 5%. This was driven by higher costs in gathering, processing, gas compression and power generation to accommodate current production and future growth.

Page 6

Selling Expenses

Selling expenses during Q3 2024 were 36.8 $MM, a 108% increase y-o-y, and a 66% increase q-o-q, mainly driven by higher oil transportation costs, impacted by higher production and temporary transportation of crude oil by trucks during the quarter.

Midstream oil trucking costs

During Q3 2024, the Company trucked 12.3 Mbbl/d of crude oil, of which 69% was accounted for as Selling expenses for a total of 16.4 $MM, and 31% was deducted from sales price in the oil revenues for a total of 6.7 $MM. During Q2 2024, the Company trucked 7.9 Mbbl/d of crude oil of which 100% was deducted from sales price in the oil revenues for a total of 11.1 $MM. During Q3 2023, the Company trucked 2.9 Mbbl/d of crude oil of which 100% was deducted from sales price in the oil revenues for a total of 4.2 $MM.

Adjusted EBITDA

Page 7

During Q3 2024, Adjusted EBITDA was 310.2 $MM, a 37% increase compared to Q3 2023, mainly driven by strong revenue growth combined with stable oil prices and lifting cost per boe. On a sequential basis, Adjusted EBITDA increased by 8%.

During Q3 2024, Adjusted EBITDA Margin was 65%, 10 p.p. below Q3 2023, impacted by temporary transportation of crude oil by trucks for a total of 23.1 $MM. As of Q4 2023, the Company has adjusted the definition of Adjusted EBITDA Margin to add the Gains from the Exports Increase Program, as noted in the table above. Gains from the Exports Increase Program were 16.7 $MM during Q3 2024, compared to 12.5 $MM in Q2 2024.

Adjusted Net Income

Adjusted Net Income in Q3 2024 was 52.7 $MM, compared to 122.5 $MM in Q3 2023. The y-o-y change was primarily driven by (a) higher Current income tax expense of 150.0 $MM in Q3 2024 compared to 1.4 $MM in Q3 2023, and (b) higher Depreciation, depletion and amortization of 114.7 $MM in Q3 2024 compared to 70.6 $MM in Q3 2023; partially offset by (c) a higher Adjusted EBITDA of 310.2 $MM in Q3 2024 compared to 226.4 $MM in Q3 2023, and (d) positive Financial results of 7.2 $MM in Q3 2024, compared to a loss of 31.9 $MM in Q3 2023.

Adjusted EPS ⁽¹⁾ was 0.55 $/share in Q3 2024, compared to 1.29 $/share in Q3 2023 and 0.74 $/share in Q2 2024.

Page 8

Capex

Capex during Q3 2024 was 368.5 $MM. The Company invested 282.6 $MM in drilling, completion, and workover of Vaca Muerta wells (mainly in connection with the drilling of 12 wells and the completion of 15 wells), 63.3 $MM in development facilities, and 22.6 $MM in G&G studies, IT and other projects.

Wells tied-in during Q3 2024

Financial overview

During Q3 2024, Vista maintained a solid balance sheet, with a cash position at the end of the quarter of 256.0 $MM. Cash flow generated by operating activities was 254.9 $MM, impacted by advanced payments for midstream expansions of 19.5 $MM and an increase in working capital of 51.9 $MM. Cash flow used in investing activities reached 329.3 $MM for the quarter, mostly driven by drilling and completion activity in Vaca Muerta (see Capex section above), reflecting 368.5 $MM of Capex, and partially offset by a 42.3 $MM decrease in capex-related working capital. In Q3 2024, free cash flow was negative at 74.4 $MM.

In Q3 2024, cash flow from financing activities totaled 2.2 $MM ⁽¹⁾, mainly driven by proceeds from borrowings of 142.7 $MM, partially offset by repurchase of shares of 49.9 $MM and repayment of borrowings of 74.1 $MM.

Gross debt totaled 975.2 $MM as of quarter end, resulting in a net debt of 719.2 $MM. At the end of Q3 2024, maintained net leverage ratio at 0.65x Adj. EBITDA compared to 0.66x at the quarter end Q3 2023.

Page 9

Vista Energy S.A.B. de C.V.

Profit for the period

(Amounts expressed in thousand U.S. dollars)

Page 10

Vista Energy S.A.B. de C.V.

Consolidated Balance Sheet

(Amounts expressed in thousand U.S. dollars)

Page 11

Vista Energy S.A.B. de C.V.

Consolidated Income Statement

(Amounts expressed in thousand U.S. dollars)

Page 12

Vista Energy S.A.B. de C.V.

Consolidated Statement of Cash Flows

(Amounts expressed in thousand U.S. dollars)

Page 13

Note: Vista’s historical operational and financial information is available on the Company’s website (www.vistaenergy.com/investors) in spreadsheet format.

Page 14

Glossary, currency and definitions:

Page 15

Page 16

DISCLAIMER

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 offer to sell or the solicitation of any offer to buy any securities of the Company, in any jurisdiction. Securities may not be offered or sold in the United States absent registration with the U.S. Securities Exchange Commission (“SEC”), the Mexican National Securities Registry held by the Mexican National Banking and Securities Commission (“CNBV”) or an exemption from such registrations.

This presentation does not contain all the Company’s financial information. As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on the Company’s website. All the amounts contained herein are unaudited.

Rounding amounts and percentages: Certain amounts and percentages included in this presentation have been rounded for ease of presentation. Percentage figures included in this presentation have not in all cases been calculated on the basis of such rounded figures, but on the basis of such amounts prior to rounding. For this reason, certain percentage amounts in this presentation may vary from those obtained by performing the same calculations using the figures in the financial statements. In addition, certain other amounts that appear in this presentation may not sum due to rounding.

This presentation contains certain metrics that do not have standardized meanings or standard methods of calculation and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have been included herein to provide readers with additional measures to evaluate the Company’s performance; however, such measures are not reliable indicators of the future performance of the Company and future performance may not compare to the performance in previous periods.

No reliance should be placed for any purpose whatsoever on the information contained in this document or on its completeness. Certain information contained in this document has been obtained from published sources, which may not have been independently verified or audited. No representation or warranty, express or implied, is given or will be given by or on behalf of the Company, or any of its affiliates (within the meaning of Rule 405 under the Act, “Affiliates”), members, directors, officers or employees or any other person (the “Related Parties”) as to the accuracy, completeness or fairness of the information or opinions contained in this presentation or any other material discussed verbally, and any reliance you place on them will be at your sole risk. Any opinions presented herein are based on general information gathered at the time of writing and are subject to change without notice. In addition, no responsibility, obligation or liability (whether direct or indirect, in contract, tort or otherwise) is or will be accepted by the Company or any of its Related Parties in relation to such information or opinions or any other matter in connection with this presentation or its contents or otherwise arising in connection therewith.

This presentation also includes certain non-IFRS (International Financial Reporting Standards) financial measures which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are provided as at the date of this presentation and are subject to verification, completion and change without notice.

This presentation includes “forward-looking statements” concerning the future. The words such as “believes,” “thinks,” “forecasts,” “expects,” “anticipates,” “intends,” “should,” “seeks,” “estimates,” “future” or similar expressions are included with the intention of identifying statements about the future. For the avoidance of doubt, any projection, guidance or similar estimation about the future or future results, performance or achievements is a forward-looking statement. Although the assumptions and estimates on which forward-looking statements are based are believed by our management to be reasonable and based on the best currently available information, such forward-looking statements are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control.

There will be differences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections. Projections related to production results as well as costs estimations are based on information as of the date of this presentation and reflect numerous assumptions including assumptions with respect to type curves for new well designs and certain frac spacing expectations, all of which are difficult to predict and

Page 17

many of which are beyond our control and remain subject to several risks and uncertainties. The inclusion of the projected financial information in this document should not be regarded as an indication that we or our management considered or consider the projections to be a reliable prediction of future events. As such, no representation can be made as to the attainability of projections, guidances or other estimations of future results, performance or achievements. We have not warranted the accuracy, reliability, appropriateness or completeness of the projections to anyone. Neither our management nor any of our representatives has made or makes any representation to any person regarding our future performance compared to the information contained in the projections, and none of them intends to or undertakes any obligation to update or otherwise revise the projections to reflect circumstances existing after the date when made or to reflect the occurrence of future events in the event that any or all of the assumptions underlying the projections are shown to be in error. We may or may not refer back to these projections in our future periodic reports filed or furnished under the Exchange Act. These expectations and projections are subject to significant known and unknown risks and uncertainties, which may cause our actual results, performance or achievements, or industry results, to be materially different from any expected or projected results, performance or achievements expressed or implied by such forward-looking statements. Many important factors could cause our actual results, performance or achievements to differ materially from those expressed or implied in our forward-looking statements, including, among other things: uncertainties relating to future government concessions and exploration permits; adverse outcomes in litigation that may arise in the future; general political, economic, social, demographic and business conditions in Argentina, Mexico and in other countries in which we operate; the impact of political developments and uncertainties relating to political and economic conditions in Argentina, including the policies of the newly elected government in Argentina; significant economic or political developments in Mexico and the United States; uncertainties regarding the new administration that took office in Mexico in October 2024; changes in law, rules, regulations and interpretations and enforcements thereto applicable to the Argentine and Mexican energy sectors and throughout Latin America, including changes to the regulatory environment in which we operate and changes to programs established to promote investments in the energy industry; any unexpected increases in financing costs or an inability to obtain financing and/or additional capital pursuant to attractive terms; any changes in the capital markets in general that may affect the policies or attitude in Argentina and/or Mexico, and/or Argentine and Mexican companies with respect to financings extended to or investments made in Argentina and Mexico or Argentine and Mexican companies; fines or other penalties and claims by the authorities and/or customers; any future restrictions on the ability to exchange Mexican or Argentine Pesos into foreign currencies or to transfer funds abroad; the revocation or amendment of our respective concession agreements by the granting authority; our ability to implement our capital expenditures plans or business strategy, including our ability to obtain financing when necessary and on reasonable terms; government intervention, including measures that result in changes to the Argentine and Mexican, labor markets, exchange markets or tax systems; continued and/or higher rates of inflation and fluctuations in exchange rates, including the devaluation of the Mexican Peso or Argentine Peso; any force majeure events, or fluctuations or reductions in the value of Argentine public debt; changes to the demand for energy; the effects of pandemic or epidemic and any subsequent mandatory regulatory restrictions or containment measures; environmental, health and safety regulations and industry standards that are becoming more stringent; energy markets, including the timing and extent of changes and volatility in commodity prices, and the impact of any protracted or material reduction in oil prices from historical averages; our relationship with our employees and our ability to retain key members of our senior management and key technical employees; the ability of our directors and officers to identify an adequate number of potential acquisition opportunities; our expectations with respect to the performance of our recently acquired businesses; our expectations for future production, costs and crude oil prices used in our projections; uncertainties inherent in making estimates of our oil and gas reserves including recently discovered oil and gas reserves; increased market competition in the energy sectors in Argentina and Mexico; potential changes in regulation and free trade agreements as a result of U.S., Mexican or other Latin American political conditions; environmental regulations and internal policies to achieve global climate targets; the ongoing conflict involving Russia and Ukraine; and more recently, the Israel-Hamas conflict.

Page 18

Forward-looking statements speak only as of the date on which they were made, and we undertake no obligation to release publicly any updates or revisions to any forward-looking statements contained herein because of new information, future events or other factors. In light of these limitations, undue reliance should not be placed on forward-looking statements contained in this presentation. Further information concerning risks and uncertainties associated with these forward-looking statements and Vista’s business can be found in Vista’s public disclosures filed on EDGAR (www.sec.gov) or at the web page of the Mexican Stock Exchange (www.bmv.com.mx).

You should not take any statement regarding past trends or activities as a representation that the trends or activities will continue in the future. Accordingly, you should not put undue reliance on these statements. This presentation is not intended to constitute and should not be construed as investment advice.

Other Information

Vista routinely posts important information for investors in the Investor Relations support section on its website, www.vistaenergy.com. From time to time, Vista may use its website as a channel of distribution of material information. Accordingly, investors should monitor Vista’s Investor Relations website, in addition to following Vista’s press releases, SEC filings, public conference calls and webcasts.

INVESTORS CONTACT:

ir@vistaenergy.com

Phone in Argentina: +54.11.3754.8500

Phone in Mexico: +52.55.8647.0128

Page 19