VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated financial statements as of June 30, 2024 and
December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023
TABLE OF CONTENTS
- Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the six-month periods ended June 30, 2024 and 2023
- Unaudited interim condensed consolidated statements of financial position as of June 30, 2024 and December 31, 2023
- Unaudited interim condensed consolidated statements of changes in equity for the six-month periods ended June 30, 2024 and 2023
- Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023
- Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023
2
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of profit or loss and other comprehensive income for the six-month periods ended June 30, 2024 and 2023
(Amounts expressed in thousands of US Dollars)
Period from | Period from | Period from | Period from | |||||||
Notes | January 1, | January 1, | April 1, | April 1, | ||||||
through June | through June | through June | through June | |||||||
30, 2024 | 30, 2023 | 30, 2024 | 30, 2023 | |||||||
Revenue from contracts with customers | 4 | 714,067 | 556,818 | 396,715 | 239,628 | |||||
Cost of sales: | 5.1 | |||||||||
Operating costs | (48,356) | (50,491) | (26,738) | (20,347) | ||||||
Crude oil stock fluctuation | 5.2 | 4,863 | (2,592) | 3,654 | 2,130 | |||||
Depreciation, depletion and amortization | 12/13/14 | (183,378) | (126,819) | (101,005) | (62,447) | |||||
Royalties and others | 5.3 | (101,572) | (85,565) | (56,790) | (36,593) | |||||
Other non-cash costs related to the transfer of | (16,897) | (9,398) | (7,792) | (6,165) | ||||||
conventional assets | ||||||||||
Gross profit | 368,727 | 281,953 | 208,044 | 116,206 | ||||||
Selling expenses | 6 | (40,979) | (31,949) | (22,140) | (15,232) | |||||
General and administrative expenses | 7 | (44,500) | (36,787) | (22,390) | (19,776) | |||||
Exploration expenses | 8 | (33) | (516) | (2) | (294) | |||||
Other operating income | 9.1 | 26,484 | 96,324 | 16,987 | 2,268 | |||||
Other operating expenses | 9.2 | (1,023) | 292 | (908) | (4) | |||||
Operating profit | 308,676 | 309,317 | 179,591 | 83,168 | ||||||
Interest income | 10.1 | 1,800 | 503 | 1,319 | 216 | |||||
Interest expense | 10.2 | (16,116) | (11,363) | (11,219) | (5,226) | |||||
Other financial income (expense) | 10.3 | (22,760) | (34,282) | (130) | (19,967) | |||||
Financial income (expense), net | (37,076) | (45,142) | (10,030) | (24,977) | ||||||
Profit before income tax | ||||||||||
271,600 | 264,175 | 169,561 | 58,191 | |||||||
Current income tax (expense) | 15 | (169,402) | (54,585) | (105,613) | (7,017) | |||||
Deferred income tax benefit (expense) | 15 | 116,093 | (28,675) | 75,692 | 1,007 | |||||
Income tax (expense) | (53,309) | (83,260) | (29,921) | (6,010) | ||||||
Profit for the period, net | ||||||||||
218,291 | 180,915 | 139,640 | 52,181 | |||||||
Other comprehensive income | ||||||||||
Other comprehensive income that shall not be | ||||||||||
reclassified to profit (loss) in subsequent periods | ||||||||||
- Profit (loss) from actuarial remeasurement related | 25 | 66 | (1,079) | 17 | (1,188) | |||||
to employee benefits | ||||||||||
15 | ||||||||||
- Deferred income tax (expense) benefit | (23) | 377 | (6) | 415 | ||||||
Other comprehensive income that shall not be | 43 | (702) | ||||||||
reclassified to profit in subsequent periods, net of | 11 | (773) | ||||||||
taxes | ||||||||||
Total comprehensive profit for the period | 218,334 | 180,213 | 139,651 | 51,408 | ||||||
Earnings per share | 11 | 2.266 | 1.962 | 1.444 | 0.553 | |||||
Basic (in US Dollars per share) | ||||||||||
Diluted (in US Dollars per share) | 11 | 2.183 | 1.844 | 1.390 | 0.519 |
Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.
3
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of financial position as of June 30, 2024 and December 31, 2023
(Amounts expressed in thousands of US Dollars)
Notes | As of June 30, 2024 | As of December 31, 2023 | |||||
Assets | |||||||
Noncurrent assets | 12 | ||||||
Property, plant and equipment | 2,339,417 | 1,927,759 | |||||
Goodwill | 13 | 22,576 | 22,576 | ||||
Other intangible assets | 13 | 9,808 | 10,026 | ||||
Right-of-use assets | 14 | 61,832 | 61,025 | ||||
Investments in associates | 16 | 9,085 | 8,619 | ||||
Trade and other receivables | 155,415 | 136,351 | |||||
Deferred income tax assets | 3,828 | 5,743 | |||||
Total noncurrent assets | 2,601,961 | 2,172,099 | |||||
Current assets | 18 | ||||||
Inventories | 9,513 | 7,549 | |||||
Trade and other receivables | 16 | 280,332 | 205,102 | ||||
Cash, bank balances and other short-term investments | 19 | 328,241 | 213,253 | ||||
Total current assets | 618,086 | 425,904 | |||||
Total assets | 3,220,047 | 2,598,003 | |||||
Equity and liabilities | |||||||
Equity | 20.1 | ||||||
Capital stock | 467,893 | 517,874 | |||||
Other equity instruments | 32,144 | 32,144 | |||||
Legal reserve | 8,233 | 8,233 | |||||
Share-based payments | 29,571 | 42,476 | |||||
Share repurchase reserve | 79,324 | 79,324 | |||||
Other accumulated comprehensive income (losses) | (4,384) | (4,427) | |||||
Accumulated profit (losses) | 789,682 | 571,391 | |||||
Total equity | 1,402,463 | 1,247,015 | |||||
Liabilities | |||||||
Noncurrent liabilities | |||||||
Deferred income tax liabilities | 14 | 265,143 | 383,128 | ||||
Lease liabilities | 31,120 | 35,600 | |||||
Provisions | 21 | 17,207 | 12,339 | ||||
Borrowings | 17.1 | 699,909 | 554,832 | ||||
Employee benefits | 25 | 5,627 | 5,703 | ||||
Total noncurrent liabilities | 1,019,006 | 991,602 | |||||
Current liabilities | 21 | ||||||
Provisions | 3,958 | 4,133 | |||||
Lease liabilities | 14 | 23,525 | 34,868 | ||||
Borrowings | 17.1 | 205,082 | 61,223 | ||||
Salaries and payroll taxes | 22 | 14,794 | 17,555 | ||||
Income tax liability | 23 | 151,747 | 3 | ||||
Other taxes and royalties | 32,024 | 36,549 | |||||
Trade and other payables | 24 | 367,448 | 205,055 | ||||
Total current liabilities | 798,578 | 359,386 | |||||
Total liabilities | 1,817,584 | 1,350,988 | |||||
Total equity and liabilities | 3,220,047 | 2,598,003 |
Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.
4
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statement of changes in equity for the six-month period ended June 30, 2024
(Amounts expressed in thousands of US Dollars)
Share | Other | |||||||
Capital | Other equity | Legal | Share-based | accumulated | Accumulated | Total equity | ||
repurchase | ||||||||
stock | instruments | reserve | payments | comprehensive | profit (losses) | |||
reserve | income (losses) | |||||||
Amounts as of December 31, 2023 | 517,874 | 32,144 | 8,233 | 42,476 | 79,324 | (4,427) | 571,391 | 1,247,015 |
Profit for the period | - | - | - | - | - | - | 218,291 | 218,291 |
Other comprehensive income for the period | - | - | - | - | - | 43 | - | 43 |
Total comprehensive income | - | - | - | - | - | 43 | 218,291 | 218,334 |
Share repurchase (1) | (49,982) | - | - | - | - | - | - | (49,982) |
Share-based payments | 1 | - | - | (12,905)(2) | - | - | - | (12,904) |
Amounts as of June 30, 2024 | 467,893 | 32,144 | 8,233 | 29,571 | 79,324 | (4,384) | 789,682 | 1,402,463 |
- See Note 20.1.
- Including 16,423 share-based payments (Note 7), net of tax charges.
Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.
5
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statement of changes in equity for the six-month period ended June 30, 2023
(Amounts expressed in thousands of US Dollars)
Share | Other | ||||||||
Capital | Other equity | Legal | Share-based | accumulated | Accumulated | ||||
repurchase | Total equity | ||||||||
stock | instruments | reserve | payments | comprehensive | profit (losses) | ||||
reserve | income (losses) | ||||||||
Amounts as of December 31, 2022 | 517,873 | 32,144 | 2,603 | 40,744 | 49,465 | (8,694) | 209,925 | 844,060 | |
Profit for the period | - | - | - | - | - | - | 180,915 | 180,915 | |
Other comprehensive income for the period | - | - | - | - | - | (702) | - | (702) | |
Total comprehensive income | - | - | - | - | - | (702) | 180,915 | 180,213 | |
Share-based payments | 1 | - | - | (4,404) | (1) | - | - | - | (4,403) |
Amounts as of June 30, 2023 | 517,874 | 32,144 | 2,603 | 36,340 | 49,465 | (9,396) | 390,840 | 1,019,870 |
- Including 13,250 share-based payments (Note 7), net of tax charges.
Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.
6
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023
(Amounts expressed in thousands of US Dollars)
Period from | Period from | Period from | Period from | ||||||||||
Notes | January 1, | January 1, | April 1, | April 1, | |||||||||
through June | through June | through June | through June | ||||||||||
30, 2024 | 30, 2023 | 30, 2024 | 30, 2023 | ||||||||||
Cash flows from operating activities: | |||||||||||||
Profit for the period, net | 218,291 | 180,915 | 139,640 | 52,181 | |||||||||
Adjustments to reconcile net cash flows | |||||||||||||
Items related to operating activities: | |||||||||||||
Other non-cash costs related to the transfer of | 16,897 | 9,398 | 7,792 | 6,165 | |||||||||
conventional assets | |||||||||||||
Share-based payments | 7 | 16,423 | 13,250 | 9,780 | 8,211 | ||||||||
Net increase (decrease) in provisions | 9.2 | 1,023 | (568) | 908 | (1) | ||||||||
Net changes in foreign exchange rate | 10.3 | 11,779 | (4,022) | (509) | 2,548 | ||||||||
Discount for well plugging and abandonment | 10.3 | 540 | 1,115 | 286 | 616 | ||||||||
Interest expense on lease liabilities | 10.3 | 1,614 | 1,492 | 756 | 1,104 | ||||||||
Discount of assets and liabilities at present value | 10.3 | (55) | 3,467 | 316 | 2,758 | ||||||||
Income tax expense | 15 | 53,309 | 83,260 | 29,921 | 6,010 | ||||||||
Employee benefits | 25 | 157 | (52) | 76 | (205) | ||||||||
Items related to investing activities: | |||||||||||||
Gain related to the transfer of conventional assets | 9.1 | - | (89,659) | - | - | ||||||||
Gain from farmout agreement | 9.1 | - | (5,656) | - | - | ||||||||
Interest income | 10.1 | (1,800) | (503) | (1,319) | (216) | ||||||||
Changes in the fair value of financial assets | 10.3 | 2,087 | (7,379) | (6,548) | (10,581) | ||||||||
Depreciation and depletion | 12/14 | 180,732 | 124,882 | 99,647 | 61,448 | ||||||||
Amortization of intangible assets | 13 | 2,646 | 1,937 | 1,358 | 999 | ||||||||
Items related to financing activities: | 10.2 | ||||||||||||
Interest expense | 16,116 | 11,363 | 11,219 | 5,226 | |||||||||
Amortized cost | 10.3 | 684 | 943 | 367 | 579 | ||||||||
Remeasurement in borrowings | 10.3 | - | 32,452 | - | 18,762 | ||||||||
Other financial income (expense) | 10.3 | 6,111 | 6,214 | 5,462 | 4,181 | ||||||||
Changes in working capital: | |||||||||||||
Trade and other receivables | 5.2 | (136,331) | (25,694) | (19,797) | (12,840) | ||||||||
Inventories | (4,863) | 2,592 | (3,654) | (2,130) | |||||||||
Trade and other payables | 25 | 12,605 | 8,057 | 16,459 | 3,975 | ||||||||
Payments of employee benefits | (167) | (139) | (110) | (64) | |||||||||
Salaries and payroll taxes | (31,898) | (29,566) | 3,001 | (3,674) | |||||||||
Other taxes and royalties | (13,815) | (31,067) | (5,068) | (19,049) | |||||||||
Provisions | (841) | (890) | (747) | (361) | |||||||||
Income tax payment | (16,586) | (38,100) | (7,823) | (36,363) | |||||||||
Net cash flows provided by operating activities | 334,658 | 248,042 | 281,413 | 89,279 |
7
VISTA ENERGY, S.A.B. DE C.V.
Unaudited interim condensed consolidated statements of cash flows for the six-month periods ended June 30, 2024 and 2023
(Amounts expressed in thousands of US Dollars)
Period from | Period from | Period from | Period from | |||||
Notes | January 1, | January 1, | April 1, | April 1, | ||||
through June | through June | through June | through June | |||||
30, 2024 | 30, 2023 | 30, 2024 | 30, 2023 |
Cash flows from investing activities:
Payments for acquisitions of property, plant and equipment
Payments for the acquisition of AFBN assets Payments for other assets
Payments for acquisitions of other intangible assets
Payments for acquisitions of investments in associates
Proceeds from farmout agreement
Proceeds from the transfer of conventional assets Interest received
Net cash flows (used in) investing activities
Cash flows from financing activities:
Proceeds from borrowings
Payment of borrowings cost
Payment of borrowings principal
Payment of borrowings interest
Payment of lease
Share repurchase
Payments of other financial expense
Net cash flow provided by (used in) financing activities
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at beginning of the period
Effect of exposure to changes in the foreign currency rate and other financial results of cash and cash equivalents
Net increase (decrease) in cash and cash equivalents
Cash and cash equivalents at end of the period
Significant transactions that generated no cash flows
Acquisition of property, plant and equipment through increase in trade and other payables
Changes in well plugging and abandonment with an impact in property, plant and equipment Disposal for transfer of conventional assets through increase in trade and other receivables
(419,856) | (294,751) | (272,202) | (161,803) | ||||
- | (12,500) | - | (6,250) | ||||
13 | - | (5,008) | - | (5,008) | |||
(2,428) | (2,360) | (1,679) | (1,520) | ||||
(466) | (532) | (594) | - | ||||
9.1 | - | 6,250 | - | - | |||
10.1 | 10,734 | 10,000 | - | - | |||
1,800 | 503 | 1,319 | 216 | ||||
(410,216) | (298,398) | (273,156) | (174,365) | ||||
17.2 | 342,293 | 148,500 | 246,417 | 13,500 | |||
17.2 | (923) | (1,312) | (566) | (584) | |||
17.2 | (56,537) | (47,774) | (11,537) | (25,274) | |||
17.2 | (10,102) | (11,899) | (4,424) | (4,022) | |||
14 | (21,927) | (20,131) | (10,916) | (10,237) | |||
20.1 | (49,982) | - | (49,982) | - | |||
10.3 | (7,390) | (5,395) | (6,457) | (3,362) | |||
195,432 | 61,989 | 162,535 | (29,979) | ||||
119,874 | 11,633 | 170,792 | (115,065) | ||||
19 | 209,516 | 241,956 | 144,762 | 347,665 | |||
(7,828) | (33,912) | 6,008 | (12,923) | ||||
19 | 119,874 | 11,633 | 170,792 | (115,065) | |||
321,562 | 219,677 | 321,562 | 219,677 |
299,950 | 167,683 | 299,950 | 167,683 | |
12 | 4,662 | (3,272) | 3,061 | (368) |
- | (116,071) | - | - |
Notes 1 through 29 are an integral part of these unaudited interim condensed consolidated financial statements.
8
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
Note 1. Group information
1.1 Company general information, structure and activities
Vista Energy, S.A.B. de C.V. ("VISTA", the "Company" or the "Group"), formerly known as Vista Oil & Gas, S.A.B. de C.V., was organized as a variable-capital stock company on March 22, 2017, under the laws of the United Mexican States ("Mexico"). The Company adopted the public corporation or "Sociedad Anónima Bursátil de Capital Variable" ("S.A.B. de C.V.") on July 28, 2017.
It is listed on the New York Stock Exchange ("NYSE") under ticker symbol "VIST" as from July 26, 2019.
Its main office is located in the City of Mexico, Mexico, at Pedregal 24, floor 4, Colonia Molino del Rey, Alcaldía Miguel Hidalgo, zip code 11040.
Through its subsidiaries, the Company engages in oil and gas exploration and production (upstream segment).
These unaudited interim condensed consolidated financial statements were approved for publication by the Board of Directors on July 11, 2024.
There were no changes in the Group's structure and activities as from the date of issuance of the annual consolidated financial statements as of December 31, 2023.
Note 2. Basis of preparation and material accounting policies
2.1 Bases of preparation and presentation
The unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023, and for the six- month periods ended June 30, 2024 and 2023 were prepared in accordance with the International Accounting Standard ("IAS") 34
- "Interim Financial Reporting", issued by the International Accounting Standards Board ("IASB"). The Company prepared its interim financial statements on a condensed basis pursuant to IAS 34. Certain explanatory notes are included to describe the events and transactions that are relevant to understand the changes in the financial position as of June 30, 2024, and the results of operations for the six-month period ended June 30, 2024. Therefore, these interim condensed consolidated financial statements do not include all the information and disclosures required in the annual financial statements and should be read together with the annual consolidated financial statements as of December 31, 2023.
These unaudited interim condensed consolidated financial statements were prepared using the same accounting policies as used in preparing the Company's consolidated financial statements as of December 31, 2023, except for the income tax expense that is recognized in each interim period based on the best estimate of the weighted average annual income tax rate expected for the full financial year.
They were prepared on a historical cost basis, except for certain financial assets and liabilities that were measured at fair value. The figures contained herein are stated in US Dollars ("USD") and are rounded to the nearest thousand, unless otherwise stated.
2.2 New effective accounting standards, amendments and interpretations issued by the IASB adopted by the Company
The Group has not early adopted any standard, interpretation or amendment that has been issued but is not yet effective.
2.3 Basis of consolidation
These unaudited interim condensed consolidated financial statements contain the financial statements of the Company and its subsidiaries. There were no changes in interest in Company subsidiaries during the six-month period ended June 30, 2024.
9
VISTA ENERGY, S.A.B. DE C.V.
Notes to the unaudited interim condensed consolidated financial statements as of June 30, 2024 and December 31, 2023 and for the six-month periods ended June 30, 2024 and 2023
(Amounts expressed in thousands of US Dollars, except otherwise indicated)
2.4 Summary of material accounting policies
2.4.1 Impairment testing of goodwill and nonfinancial assets other than goodwill
Nonfinancial assets, including identifiable intangible assets, are tested for impairment at the lowest level in which there are separately identifiable cash flows largely independent of the cash flows of other groups of assets or Cash Generating Units ("CGUs").
As of June 30, 2024, and December 31, 2023, the Company identified 2 (two) CGUs in Argentina: (i) operated exploitation concessions of unconventional oil and gas exploration and production; and (ii) non-operating concessions of conventional oil and gas exploration and production.
The Company also identified only 1 (one) CGUs in Mexico: (i) operated exploitation concessions of conventional oil and gas exploration and production, as of June 30, 2024, and December 31, 2023.
The Company conducts its impairment test of nonfinancial assets when there is an indication that the carrying amount may be impaired. Moreover, Goodwill is tested every December. The Company bases the impairment test on the calculation of value in use and reviews the relationship between the recoverable amount and the carrying amount of its assets.
As of June 30, 2024, the Company did not identify indications of impairment or reversal of impairment related with goodwill and nonfinancial assets other than goodwill.
2.5 Regulatory framework A- Argentina
2.5.1 General
2.5.1.1 Exports Increase Program
For the six-month period ended June 30, 2024, the Company recognized 20,910 in "Other operating income" under "Gain from Exports Increase Program" (Note 9.1). See Note 2.5.1.1 to the annual consolidated financial statements as of December 31, 2023.
2.5.1.2 Bases Law and Fiscal Package
On June 28, 2024, Argentina's House of Representatives approved Law of Bases and Points of Departure for the Freedom of Argentineans No. 27,742, as well as Law of Palliative and Relevant Tax Measures No. 27,743; jointly, the "Bases Law and Fiscal Package". These laws are part of the Argentine Executive's initiative to deregulate the Argentine economy and adjust the State's operation and structure. Among its key measures, the Bases Law and Fiscal Package declare a public administrative, economic, financial, and energetic emergency for a year, and grant the Executive delegated legislative powers. Additionally, they include several reforms aimed at promoting registered employment and introduce a package of tax and social security measures, among others.
Hydrocarbons Law (No. 17,319) was also amended as follows:
- It introduces the principle of maximizing corporate profit from the exploitation of resources as it removes the concept of hydrocarbon self-supply previously in place;
- It authorizes the National or Provincial Executive, as the case may be, to issue storage permits and authorizations for hydrocarbon processing in compliance with Law No. 17,319;
- It grants producers rights to trade, transport, and industrialize hydrocarbons produced and by-products, and prevents the National Executive from intervening or setting prices;
- It allows for the free export and import of hydrocarbons and by-products. It also eliminates the Department of Energy's authority to challenge export permits;
- It amends the acquisition system and terms for unconventional concessions following the reconversion of conventional concessions;
- It authorizes the regulatory authority to grant concessions for terms other than those established in Hydrocarbons Law;
- It revises the extension system for new concessions;
- It mandates that new concessions be awarded through a bidding process upon expiration of existing concessions.
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Vista Energy SAB de CV published this content on 11 July 2024 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 11 July 2024 20:26:08 UTC.