Exhibit 1
First Quarter 2021 Earnings Webcast April 28, 2021
About projections and forward-looking statements Additional www.vistaoilandgas information .com about . Vista Oil & Gas, 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 Exchange This presentation Commission does(“SEC”), not constitute the Mexican an offer National to sellSecurities or the solicitation Registryof held any by offer the Mexican to buy any National securities Banking of the and Company, Securities in any Commission jurisdiction (“CNBV”) . Securities or an may exemption not be offered from such or sold registrations in the United . States absent registration with the U.S. Securities the ThisCompany’s presentation website does.not All the contain amounts all the contained Company’s herein financial are unaudited information . . As a result, investors should read this presentation in conjunction with the Company’s consolidated financial statements and other financial information available on basis Rounding of such amounts rounded and figures, percentages: but onCertain the basis amounts of suchand amounts percentages prior toincluded rounding in . For thisthis presentation reason, certain have been percentage rounded amounts for ease inof this presentation presentation . Percentage may vary from figures those included obtained in this by performing presentation the have same notcalculations in all cases using been calculated the figureson in the the financial This presentation statements contains . In addition, certain certain metrics other that amounts do not have that appear standardized in this meanings presentation or standard may not sum methods due to of rounding calculation . and therefore such measures may not be comparable to similar measures used by other companies. Such metrics have compare been included to theherein performance to provide in previous readersperiods 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 No been reliance independently may be placed verified for orany audited purpose . No whatsoever representation on the or warranty, information express contained or implied, in thisis document given or will or on beits given completeness by or on behalf . Certain of the information Company, contained or any ofin its this affiliates presentation (withinhas thebeen meaning obtained of Rule from 405 published under the sources, Act, “Affiliates”), which may members, not have place directors, on them officers willor beemployees at your sole orrisk any . Any other opinions person presented (the “Related herein Parties”) are based as toon thegeneral accuracy, information completeness gathered or fairness at the time of the ofinformation writing andor are opinions subjectcontained to changein without this presentation notice. In addition, or any other no responsibility, material discussed obligation verbally, or liability and any (whether reliance direct you in orconnection indirect, in contract, therewithtort . 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 provided This presentation as at thealso dateincludes of this presentation certain non- and IFRS are (International subject to verification, Financial Reporting completion Standards) and change financial without measures notice. which have not been subject to a financial audit for any period. The information and opinions contained in this presentation are with This presentation the intentionincludes of identifying “forward statements -lookingabout statements” the future concerning . For the the avoidance future.of The doubt, words any such projection, as “believes,” guidance “thinks,” or similar “forecasts,” estimation “expects,” about the “anticipates,” future or future “intends,” results, “should,” performance “seeks,” or “estimates,” achievements “future” is a forward or similar -looking expressions statement are . Although included assumptions the assumptions that and are inherently estimatessubject on which to significant forward-looking uncertainties statements and contingencies, are based aremany believed of which by our aremanagement beyond our control to be .reasonable and based on the best currently available information, such forward-looking statements are based on including There willVista’s be differences anticipated between performance actual and and guidance projectedfor results, 2021and included actual inresults slide No may . 12 be of this materially presentation greater –or are materially based onless information than those as of contained the date in of the thisprojections presentation . Projections and reflectrelated numerous to production assumptions results including as well assumptions as costs estimations with respect –to financial type curves information for new in this welldocument designs and should certain notfrac be regarded spacing expectations, as an indication all that of which we or are our difficult management to predict considered and many orof consider which are the beyond projections ourto control be a reliable and remain prediction subject ofto future several events risks . As and such, uncertainties no representation . The inclusion can beof made the projected as to the attainability management of nor projections, any of ourguidances representatives or other hasestimations made or makes of future any representation results, performance to any person or achievements regarding our . We future haveperformance not warranted compared the accuracy, to the information reliability, appropriateness contained in theor projections, completeness and none of the ofprojections them intends to to anyone or undertakes . Neither any our obligation shown to be to in update error.or We otherwise may or may revise not the refer projections back to these to reflect projections circumstances in our future existing periodic after the reports datefiled when under made the orExchange to reflect Act the. occurrence These expectations of futureand events projections in the event are subject that any toor significant all of theknown assumptions and unknown underlying risks the and projections uncertainties are Many which important may causefactors our actual could results, causeperformance our actual results, or achievements, performance or industry or achievements results, to tobe differ materially materially different fromfrom those any expressed expectedor orimplied projected in our results, forward performance -looking statements, or achievements including, expressed among or other implied things: by such uncertainties forward-looking relating statements to future. operate; government changes concessions in law, rules, and exploration regulationspermits; and interpretations adverse outcomes and enforcements in litigationthereto that may applicable arise in to the the future; Argentine general and political, Mexican economic, energy sectors, social, including demographic changes and to business the regulatory conditions environment in Argentina, in which Mexico we and operate in other andcountries changes to in programs which we established may affect the to promote policies or investments attitude in Argentina in the energy and/or industry; Mexico, any and/or unexpected Argentine increases and Mexican in financing companies costs or with an respect inabilityto tofinancings obtain financing extended and/or to or additional investments capital made pursuant in Argentina to attractive and Mexico terms; orany Argentine changes and in the Mexican capital companies; markets in fines general or other that concession penalties and agreements claims by by thethe authorities grantingand/or authority; customers; our ability any tofuture implement restrictions our capital on the expenditures ability to exchange plans orMexican businessor strategy, Argentine including Pesos into our foreign ability to currencies obtain financing or to transfer when necessary funds abroad; and the on reasonable revocation or terms; amendment government of our intervention, respective including Peso or Argentine measures Peso; that any result force in changes majeureto events, the Argentine or fluctuations and Mexican, or reductions labor markets, in the value exchange of Argentine markets public or tax debt; systems; changes continued to the demand and/or higher for energy; ratesuncertainties of inflation and relating fluctuations to the effects in exchange of therates, Covid- including 19 outbreak; the devaluation environmental, of the health Mexican and from safetyhistorical regulations averages; and industry changes standards in the regulation that are becoming of the energy more and stringent; oil and energy gas sector markets, in Argentina including and the timing Mexico, and and extent throughout of changes Latin and America; volatility our inrelationship commodity with prices, our and employees the impact and of any our ability protracted to retain or material key members reduction ofin our oil senior prices management expectations for and future key technical production, employees; costs and the crude ability oil of prices our directors used in our andprojections; officers to identify increased an adequate market competition number of potential in the energy acquisition sectors opportunities; in Argentina and our expectations Mexico; and potential with respect changes to thein performance regulation and of our free recently trade agreements acquired businesses; as a result our of U Forward .S., Mexican -looking or other statements Latin American speak only political as ofconditions 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, forward future events -looking orstatements other factors and . InVista’s light of business these limitations, can be found undue in Vista’s reliance public should disclosures not befiled placed on on EDGAR forward (www -looking .sec.gov) statements or at the web contained page of inthe this Mexican presentation Stock.Exchange Further information (www.bmv.concerning com.mx). risks and uncertainties associated with these You intended should to constitute not take any and statement should not regarding be construed past as trends investment or activities advice 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 Other Vista routinely Information posts important information for investors in the Investor Relations support section on its website, www.vistaoilandgas.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.
Q1 2021 key metrics and highlights Strong y-o-y performance in line with 2021 guidance 34.1 Mboe/d 26.4 Mbbl/d 116 $MM 7.5 $/boe +29% y-o-y +56% y-o-y +58% y-o-y (24)% y-o-y Production (1) Oil Production Revenue Lifting Cost 58 $MM 78 $MM 163 $MM 386 $MM +131% y-o-y +9% y-o-y Adj. EBITDA (2) CAPEX (3) Cash at end of period Net debt (4) [Graphic Appears Here] (2) (1) xcludes period + flared Income gas, tax injected (expense) gas / and benefit gas + consumed Financial in results, operations net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments (3) (4) MM) s + Non-current borrowings (352.7$MM) – Cash and cash equivalents (163.4 $MM) = 386.5 $MM
Production Growth driven by activity ramp-up: 12 new wells tied-in in Bajada del Palo Oeste since Q3-20 TOTAL PRODUCTION (1) Mboe/d +29% +11% 34.1 30.6 26.5 Q1-20 Q4-20 Q1-21 OIL PRODUCTION Mbbl/d +56% +15% 26.4 23.1 17.0 Q1-20 Q4-20 Q1-21 NATURAL GAS PRODUCTION MMm3/d (19)% 1.41 +2% 1.12 1.14 Q1-20 Q4-20 Q1-21 â–ª Strong increase in oil production of 56 % y-o-y and 15% q-o-q, driven by solid performance of the Bajada del Palo Oeste development â–ª Total production increased 29% y-o-y and 11% q-o-q, reaching 34.1 Mboe/d, our highest production in a single quarter (1) LPG production in Q1 2021 totaled 435 boe/d, compared to 518 boe/d in Q4 2020 and 645 boe/d in Q1 2020
Revenues and pricing Strong y-o-y improvement driven by increase in oil production and higher realized oil prices REVENUES $MM +58% +46% 115.9 73.3 79.5 Q1-20 Q4-20 Q1-21 AVERAGE CRUDE OIL PRICE $/bbl +6% +13% 45.5 43.0 40.1 Q1-20 Q4-20 Q1-21 AVERAGE NATURAL GAS PRICE $/MMBtu (9)% 2.2 +25% 2.0 1.6 Q1-20 Q4-20 Q1-21 â–ª 58% y-o-y increase driven by â–ª 46% of crude oil sales were to â–ª De-regulated gas price boost in crude oil production export markets decrease to 1.2 $/mmbtu was â–ª Sequential increase of 46% â–ª Q1-21 prices were locked in when offset by Plan Gas summer also reflecting improvement Brent was trading at 45-50$ price of 2.7 $/MMBtu in realized prices â–ª Already locked-in Q2-21 sales impacting 64% of total with realized oil price of ~53 $/bbl volumes
Lifting Cost Already below 8 $/boe, in line with 2021 guidance LIFTING COST (1) $MM LIFTING COST PER BOE $/boe (3)% +2% 23.8 22.6 23.1 Q1-20 Q4-20 Q1-21 (24)% 9.9 (6)% 8.0 7.5 34.1 30.6 26.5 Q1-20 Q4-20 Q1-21 Lifting cost per boe Total production (Mboe/d) Production growth in Bajada del Palo Oeste continues to dilute lifting cost per barrel, driving a reduction of 24% y-o-y and 6% q-o-q (1) Lifting cost includes production, transportation, treatment and field support services; excludes crude stock fluctuations, depreciation, royalties, direct taxes, commercial, exploration and G&A costs
Adjusted EBITDA Solid Adj. EBITDA margin improvement driven by cost efficiency and pricing ADJ. EBITDA (1) $MM +131% +62% 58.3 35.9 25.3 Q1-20 Q4-20 Q1-21 ADJ. EBITDA MARGIN % +16pp +5p.p. 50% 45% 34% 45.5 43.0 40.1 Q1-20 Q4-20 Q1-21 NETBACK (2) $/boe +81% +50% 19.0 12.7 10.5 37.8 30.4 28.2 Q1-20 Q4-20 Q1-21 Adj. EBITDA margin Realized crude oil price ($/bbl) Netback Revenues per boe (3) Adj. EBITDA increased 131% y-o-y, driven by boost in revenues amid stable lifting cost Adj. EBITDA margin up 16 pp y-o-y at similar oil prices with a higher mix of oil production (from 64% in Q1-20 to 78% in Q1-21) Cost optimization and improved pricing allowed us to almost double netback y-o-y Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments Netback = Adj. EBITDA divided by total production Revenues per boe = Total revenues divided by total production
Financial overview Strong cash flow from operations and successful liability management to extend debt maturities Q1 2021 CASH FLOW EVOLUTION (1) $MM Beginning of period Operating activities Investing activities Financing activities End of period cash position cash flow cash flow cash flow (2) cash position HIGHLIGHTS Strong cash flow from operations, which increased 35% q-o-q and 74% y-o-y Cash flow from investing activities was $MM, in line with capex activity of $MM Raised 75 $MM in bond issuances in the Argentine capital market – proceeds used to replace loans with shorter maturities, extending average life from 1.8 to 2.2 years Cash is defined as Cash and cash equivalents For the purpose of this graph, cash flow from financing activities is the sum of: (i) cash flow from financing activities for (0.9) $MM; (ii) effects of exchange rate changes on the balance of cash held in foreign currencies for 6.2 $MM; and (iii) the variation in Government bonds for (1.5) $MM
Bajada del Palo Oeste development Continued improvement in well cost drives development cost close to 7 $/boe D&C COST PER WELL (1) CUMMULATIVE PRODUCTION PER WELL (1) $MM (45)% 17.4 15.9 14.3 11.4 10.9 9.9 9.5 Pad #1 #2 #3 #4 #5 #6 #7 Mboe Vista Type Curve (2) Vista Average Well (3) +15% 418 365 +22% 275 224 180 Days 360 Days Pad #7, tied-in late March, confirms continued progress in drilling and completion metrics, driving cost per well down to 9.5 $MM (1) Drilling speed down to ~17 days per well, from 35 days per well in pad #1 (1,122 ft/day and 477 ft/day, respectively) Completion cost down to ~110 M$/stage, from ~220 M$/stage in pad #1 After 360 days, wells continue to perform solidly above type curve (Pads #1 and #2) Bajada del Palo Oeste shale production was 21.1 Mboe/d in Mar-21, boosted by tie-in of pad #6 in Feb-21, which is in line with type curve after initial 60 days of production TOTAL SHALE PRODUCTION Mboe/d #7 25 #6 #5 20 #4 15 10 #2 #3 2 5 #1 1 0 Feb-19 May-19 Sep-19 Dec-19 Mar-20 Jun-20 Sep-20 Dec-20 Mar-21 1 Shut-in shale oil wells due to lower demand amid Covid-19 pandemic 2 Partial shut-in of pads #1, #2 and #3 during completion of pad #4 Pad tie-in Normalized to a standard well design of 2,800 mts lateral length and 47 frac stages well EUR: 1.52 MMboe Normalized average cumulative production of wells in pads #1 to #4 for 180 days, and pads #1 to #2 for 360 days
Developing our business in a sustainable way Published inaugural 2020 report â–ª Aligned with Global Reporting Initiative (GRI) as the primary disclosure for comprehensive coverage of ESG factors and Sustainability Accounting Standards Board (SASB) for industry-specific ESG topics most relevant to financial performance and long-term value creation â–ª Signatory to the Ten Principles of the United Nations Global Compact on human rights, labor, environment and anti-corruption â–ª Board oversight of ESG strategy, with Corporate Practices Committee responsible for evaluating the ESG-related programs, policies and procedures. Committee includes two subject matter experts â–ª Conducted environmental assessment of greenhouse gas (GHG) emissions and set a baseline for the operational carbon footprint (Scope 1 and 2 emissions), to serve as a reference point to set short, medium and long-term corporate reduction goals â–ª Safety is bedrock of organization; operating with the highest oil & gas industry standards in accordance with IOGP and IPIECA â–ª Our “One Team” approach seeks to build strategic alliances for the provision of critical long-term services/supplies with suppliers based on their high working standards, to work fully aligned with Vista and jointly run our operations sustainably Focusing our sustainable development to contribute towards 8 of the 17 UN SDG goals
Select key ESG achievements Embedded sustainability in our business strategy ENVIROMENTAL PERFORMANCE GHG 99% emissions inventory completed for of total hydrocarbon production 2019 and 2020, with a total of transferred by pipelines, minimizing 416,700 tons of CO2e of Scope 1 trucking transportation and Scope 2 emissions in 2020 0% 100% water and oil routine trucking use of sand boxes to handle in the Bajada del Palo Oeste shale proppant on location, minimizing development project the amount of silica in the air SAFETY PERFORMANCE 0 fatalities 0.38TRIR accomplished our ambition to reach TRIR < 1 in line with Tier 1 International oil & gas company performance 571Hours 90% of HSE training sessions reduction in TRIR since operations takeover in 2018 SOCIAL PERFORMANCE 50% 100% of 2020 new hires were women reworked safety standards since operations takeover in 2018 $345,000+ social contribution to the communities where we operate, in Argentina and Mexico, including donations to mitigate the COVID-19 pandemic GOVERNANCE AND COMPLIANCE 100% 100% of our employee’s short-term of Board committee seats incentive compensation include a (Audit Corporate Practices and relevant component of Compensation) covered by sustainability goals independent Board members 67% of Board members 340 training hours are 100% independent on human rights awareness of Vista employees and relevant contractors signed the Code of Ethics and Conduct 11
On track to deliver on 2021 guidance Shale oil wells Production Lifting cost Adj. EBITDA (1) CAPEX Gross debt (2) 2021 guidance 16 wells tied-in 37.0—38.0 Mboe/d <8.0 $/boe 275 $MM 275 $MM ~500 $MM YTD progress 8 wells already tied-in and performing in line with type curve 4 additional wells already drilled and waiting for completion Steady sequential growth in line with guidance On track to deliver 37-38 Mboe/d on average Below 8 $/boe in Q1-21 Q1-21 consistent with guidance Tie-in of first 2 pads and lock-in of Q2-21 prices put us on track to finish 1H-21 ahead of guidance Q1-21 execution in line with guidance Marginal gross debt increase in Q1-21 Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring and Reorganization expenses + Loss for impairment of assets+ Other adjustments Excludes accrued interest
Closing remarks Ebitda D&c On track to deliver on 2021 guidance
THANKS! Q&A