在整合我們的核心開發中心的同時將油井庫存增加三倍 Neuquén Río Negro 油井庫存演變油井數量阿吉拉·莫拉（上午）100 21.1萬英畝淨減風險油井收購阿瓜達聯邦（AF）北班杜裏亞（BN）24.1萬英畝 26.4萬英畝巴賈達德爾帕洛埃斯特（BPE）150 48.9k 英畝井 150 口井 150 口井 550 口井 Bajada del Palo Oeste (BPO) BPO BPO AF BPE BPE AM BPE AM CAN Vista 特許權總計 62.6 萬英畝 # 油井庫存 Coiron Amargo Norte (加拿大) 2019 2022 2022 2022 2023 2023 2023 年 22.5 萬英畝淨英畝 Vista 開發項目Hub Vista 石油處理廠 21

鑽探和完工與 One Team 合作伙伴簽訂的延期合同 • 2 臺鑽機 • 我們已經獲得了 1 台履帶鑽機 • 1 套完工套裝處理容量模塊化設施擴建以收集和處理增量產量 • 我們的全新 Q3-23 結束前 70 mbbl/d • Q2-24 結束前 85 mbbl/d • YE-24 90 mbbl/d 增長目標 • 100 mbbl/d by YE-26 (1) 已簽訂疏散合同使用 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) 基於 Vista 簽署的合同和數據由項目運營商提供。實際交貨日期可能會因執行而發生變化。產能包括奧爾德爾瓦爾 35 mbl/d 的固定管道容量以及使用 9 mbbl/d 的 減摩劑的額外產能 22

加快活動以推動進一步增長頁巖油井並列 +48% 油井數量先前的目標 46 46 46 +33% 2024-26 31 40 34 30 2023F 2023F 2026F 2026F 2026F 資本支出 725 900 800 800 800 投資於：約 500 ~720 ~720 ~720 口新井 (1) ~225 ~180 ~80 設施、技術和國家統計局 (1) 設施資本支出包括 對收集和運輸、氣體分離、處理和壓縮、石油和水處理、電網等的投資。包括2023年向Vaca Muerta Norte項目支付的2000萬美元款項。不包括 Oldelval 和 OTE 擴建項目中的預付款（有關此類付款的詳細信息，請參閲幻燈片 33）23

目標是將產量翻一番，進一步提高效率 (1) 產量 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 先前的目標 (1) 起重成本包括生產、運輸、處理和現場支持服務； 不包括原油庫存波動、折舊、特許權使用費、直接税、商業、勘探、一般和收購費用以及與傳統資產轉讓有關的其他非現金成本 24

預計大量庫存將支持 2026 年以後的增長預計油井庫存演變油井數量 1,150 口油井計劃到 2026 年產量為 237 口阿吉拉·莫拉和北班杜裏亞 27% 上行空間計劃在 2026 年之後鑽探 913 口井 73% 核心開發中心總庫存 25

卓越的股東總回報率 PABLO VERA PINTO 聯合創始人兼首席財務官 財務官亞歷杭德羅·切爾尼亞科夫聯合創始人兼戰略規劃與投資者關係官 26

北達科他州建造了兩家最大的VACA MUERTA石油生產商 (1) 和5年來最大的出口商 (2) 按運營商劃分的頁巖油產量 Vista 石油出口量 mmbL VISTA ~3x 14% 運營商 1 9.2 58% 6.6 運營商 2 10% 3.1 2.8 運營商 3 7% 55％ 44% 運營商 4 28% 44% 2019A 2021A 2022A 2023E 運營商 5 運營商 6 3% 其他 3% 石油總銷量3％（1）第四章中按運營商分列的產量數據，“煉油和商業化石油、天然氣和衍生品” 數據集中的出口數據。資料來源：阿根廷能源部長 (2) 1H-23 石油 產量。資料來源：第四章，阿根廷能源部長 27

業界領先的財務指標表現優於先前的目標 (1) (4) +8個百分點調整後息税折舊攤銷前利潤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 年同行調整後息税折舊攤銷前利潤 (3) +9 個百分點 -5% (3) v.同行調整後息税折舊攤銷前利潤 (2) 45% 41% 35% 58% 67% 利潤率 (%) 2018 2019 2022 2022 年之前的 目標 (1) 調整後息税折舊攤銷前利潤 = 該期間的淨（虧損）/利潤 + 所得税（支出）/收益 + 財務業績，淨額 + 折舊，(2) 包括2018年第一季度預計業績，彙總4月4日收購的資產的產量和成本，2018。 耗盡和攤銷 + 與業務合併相關的交易成本 + 重組和重組 (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 + 與轉讓傳統資產相關的收益 + 其他與轉讓潘帕、Petrorex、Petrorecnavo 相關的非現金成本 Orio、Pioneer、RRC 和 YPF 常規資產 + 長期資產的減值（收回）+ 其他調整 (4) ROACE = 營業利潤（虧損）/（平均總債務 +平均總權益）28

穩健的資產負債表支持進一步增長 (2) 債務構成淨槓桿率百萬美元 x 調整後息税折舊攤銷前利潤 651 611 549 540 451 國內 305 A+ AAA 信貸 (1) 本地評級 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) (百萬美元) 22 16 2018 2019 2021 2022 Q2-23 2018 2019 2021 2022 Q2-23 (1) 2019 年評級對應於 Vista Oil and Gas Argentina S.A.：FixSCR（惠譽子公司（2）地方債務 的 A+（arg）評級包括要以阿根廷比索結算的債務。跨境包括以美元結算的債務（評級）。目前的評級對應於阿根廷市場的Vista Energy Argentina S.A.U.：AAA (arg) (3) 包括FixSCR的美元計價和僅限美元 掛鈎債務的評級以及穆迪當地的 Aaa.ar 評級 (4) Q2-23 利息支出對應於 2023 年的估計 29

加強我們的股東總回報策略自 2021 年投資者日以來實現的里程碑資本配置優先事項 ✓ 運營和財務目標超額交付高回報和短週期項目更多增長以產生盈利增長 ✓ 承包乾線和出口碼頭出口市場疏散能力的增長 (1) ✓ 運營温室氣體排放強度降低運營脱碳等 64% 脱碳NBS項目旨在實現我們的淨零脱碳目標 ✓ 啟動了NBS {} 冒險 ✓ 擴展到期概況和成本降低更多債務去槓桿化總槓桿率降低去槓桿化 ✓ 大幅減少跨境債務有效利用淨現金產生策略 ✓ 收購Aguada 聯邦和北班杜裏亞根據不斷變化的市場保持靈活性 ✓ 執行2900萬美元的股票回購靈活性動態 (1) 範圍 1 和 2 温室氣體排放 30

出口驅動的收入加速增長 (1) 2026年總收入2,350 2,000美元 +42% +60% 石油出口量 1,550 1,650 1,200 Vista 原油出口量預計將增加，因為 Vaca Muerta 的產量預計為1,225，預計將繼續超過2023E 2024F 2026F 2026F 2026F 之前的 目標 (1) 假設已實現油價為每桶65美元 1 月 24 日的實際價值 31

雙倍調整回報率行業領先的息税折舊攤銷前利潤 (1) (2) 調整後息税折舊攤銷前利潤 ROACE 百萬美元約2倍 +40% 1,700 36% 1,400 +55% 1,100 1100 800 2023E 2026F 2026F 2026F 2026F 2026F 2026F 調整後息税折舊攤銷前利潤 70% 71% 71% 72% 利潤率 (%) 我們的目標是將毛利率維持在5個百分點以上。此前 65% 67% (3) 的目標是2026年槓桿率為0.4倍之前的 之前的 ta tar rg 獲得淨利潤 (1) 調整後息税折舊攤銷前利潤 = 該期間的淨（虧損）/利潤 + 所得税（支出）/收益 + 財務業績、淨值+折舊、損耗和 (2) ROACE = 營業利潤（虧損）/（平均總債務 + 平均總額 權益）攤銷 + 交易成本與企業合併相關的 + 重組和重組費用 + 與 (3) 總槓桿率相關的收益 = 金融債務總額/調整後的常規資產息税折舊攤銷前利潤轉移 + 其他 非-與傳統資產轉移相關的現金成本 + 長期資產的減值（收回）+ 其他調整 32

強勁的現金產生預計將為股東帶來卓越的總回報 運營活動現金流的用途 500 400 (4) 100 現金產生十億美元，2022-26 年累計 2024 年至 2026 年度 2025 年F 百萬美元 Sources 使用對原油實現價格的敏感度，2024-26 年累計現金產生 1.6 3.8 資本支出現金流 來自 5.0 1.0 運營 (1) 活動 0.4 (2) 0.1 2022-23 A&D 0.1 最低現金 (3) 1.0 可用現金 55 美元/桶 65 美元/桶 75 美元/桶下行計劃上行空間 (1) 經營活動現金流 = 調整後息税折舊攤銷前利潤——所得税、增值税和利息 付款 + 工作變動 (2) 收購阿瓜達聯邦和北班杜裏亞、傳統資產資本轉移（包括Oldelval和OTE擴建項目中1.48億美元的中游預付支出）以及其他調整。(3) 可用現金 =期初現金餘額+累計現金產生——最低現金注：上面顯示的50億美元包括0.3億美元的期初現金餘額 (4) 現金產生 = 經營活動產生的現金流——資本支出 — 收購和資產剝離中的現金 33

謝謝！問答

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

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