INVESTORPRESENTATION

JUNE 2020

2

Disclaimer

Additional information 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

www.vistaoilandgas.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 may be placed for any purpose whatsoever on the information contained in this document or on its completeness. 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 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. 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 Affiliates, members, directors, officers or employees or any other person 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 of 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. 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. 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; uncertainties relating to future election results in Argentina and Mexico; changes in law, rules, regulations and interpretations and

enforcements thereto applicable to the Argentine and Mexican energy sectors, 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; uncertainties relating to the effects of the Covid-19 outbreak; 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;

changes in the regulation of the energy and oil and gas sector in Argentina and Mexico, and throughout Latin America; 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; increased market competition in the energy sectors in Argentina and Mexico; and potential changes in regulation and free trade agreements as a result of U.S., Mexican or

other Latin American political conditions.

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.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.

1Q20 Production26.5

Mboe/d

2020 1P Reserves(4) 101.8

MMboe

1Q20 Lifting cost 9.9 $/boe

Vaca Muerta acreage~134,000

net acres

LTM Revenue(1) $396MM

LTM Adj. EBITDA(1)(2) $159MM

Net debt $276MM

Net leverage ratio(3) 1.7x

3

Company overview

(1) “LTM” means last twelve months(2) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results,

net + Depreciation + Restructuring expenses + Other adjustments

Concentrated in Argentina’s Premier BasinStrong operating and financial performance

◼ 400+ locations under development in Bajada del Palo Oeste project

◼ Productivity of shale wells among best-in-basin, proving quality of Vaca Muerta acreage

◼ Continuous improvement in drilling and completion efficiency

◼ Conventional assets with production base and infrastructure in place, with spare capacity to treat and evacuate incremental production

◼ Low operating cost, driven by solid cost-reduction track record

◼ Strong cash position and low debt maturities during 2020

Profitable operated asset base with growth potential

(3) Net leverage ratio calculated as total financial debt minus cash & equivalents divided by LTM Adj. EBITDA.

(4) Reserves as of December 31, 2019, as audited by DeGolyer & MacNaughton and NSI.

Vista blocks with unconventional potential Vista conventional blocks

Coirón Amargo Sur

OesteCoirón Amargo Norte

25 de Mayo

Medanito

Águila Mora

Platform poised for growthContinued growth path in 2019

4

(1) All FY 2018 figures were calculated with the Q1 pro forma results from the acquired entities and assets plus Vista’s results for Q2, Q3 and Q4.

Important Note: Projections are forward-looking statements that are based on assumptions that are inherently subject to significant uncertainties and contingencies, many of which are beyond our control. There will bedifferences between actual and projected results, and actual results may be materially greater or materially less than those contained in the projections.

(2) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments

High-growth organic development plan, based on current premium asset base

2019Actuals

29,112 boe/d

171 $MM

41%

10.8 $/boe

224 $MM

Daily Production

Adj. EBITDA(2)

Adj. EBITDA Margin

Operating Expenses

Capex

2018Actuals(1)

24,470 boe/d

195 $MM

45%

13.9 $/boe

130 $MM

%

+19%

(12)%

(4) p.p.

(22)%

+72%

26,485

Q1 2020 2022 Target

Waiting for market conditions to restart growth

boe/d

Vista operational highlights

Shale production from 12 wells in Bajada del Palo Oeste reached 11,500 boe/d in Q1 2020

Reduced average operating cost y-o-y by 18% to 9.9 $/boe

Achieved 19% production growth y-o-y (oil 24%) in 2019

Increased proved reserves from 57.6 MMboe to 101.8 MMboe - implied RRR of 516%

Firm response to Covid-19Low operating cost and solid financial position allow us to cope with low demand environment and restart capex activity when the right conditions are in place

Cash

preservation

▪ With lower demand

forecasts for Q2, we shut-

in our shale oil wells on

March 20th to keep

producing our

conventional assets

▪ Secured floating storage

at very competitive rates

for our expected May

production volumes

▪ Actively working on

intended exports of light

crude oil in Q2

▪ Will evaluate to reopen

shale oil wells and

evaluate the drilling &

completion of 4 additional

ones, if the right demand

and price conditions are

in place during the

second half of 2020

▪ Capex and cost savings

will make our operation

leaner and fitter for the

future

▪ We continue to lower

the development cost of

our Vaca Muerta

acreage

▪ Reinforced our

teamwork and unique

culture to keep

producing outstanding

operational results even

during critical periods

▪ Capex reductions of

50% to 65%

▪ Total Opex and G&A

savings of ~20%, looking

to stabilize opex per

barrel around 10 $/boe

to 11 $/boe in a lower

production environment

▪ Our solid cash position

of +200 $MM leaves us

with enough liquidity to

either re-start drilling and

completion activity in the

short term or remain on

hold until the conditions

to ramp up activity again

are in place

Value

protection

Key tactical

decisions

Vista is prepared

• Short capex cycle with flexible contracts

• Low investment commitments

• Low operating cost

• Low debt maturities in 2020

Investment highlights

6

Only “pure-play” Vaca Muerta public investment opportunity

Low-cost and stable operation

Prime Vaca Muerta locations already under development

with solid results

Strong cash flow generation with significant upside potential

Flat and agile organization led by experienced Oil & Gas

team

16.9

14.1

11.8 12.6 12.0 12.3

9.8 9.3 9.9

1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

27.224.6 24.4 24.2 24.7 25.7

29.031.6

30.026.5

2017 1Q18 2Q18 3Q18 4Q18 1Q19 2Q19 3Q19 4Q19 1Q20

Conventional Shale

7

Low-cost and stable operationOperating milestones

24.1

Lifting cost

($/boe)

Increase in production due shale oil ramp-up

24.1

Total production

(Mboe/d)

Reduced operating expenses

Pro forma

Pro forma Actual

Actual

+8%

(41%)

Shut in shale production

on March 20th

8

2019 total proved reserves(1)

Strong Vaca Muerta productivity drives reserves and production boost

(1) 1 cubic meter of oil = 1,000 cubic meters of gas = 5,615 cubic feet of gas = 6.2898 barrels of oil equivalent(2) For the reserves replacement ratio, oil includes crude oil, condensate and NGL; NGLs represent less than 2% of total reserves(3) 101.5 MMboe in Argentina and 0.3 MMboe in Mexico

MMboe

2019 proved reserves reconciliation Reserve Replacement Ratio(2)

Total

516%

Gas

294%

Oil

633%

68.3%

1.5%

30.2%

Oil NGL Natural gas

%

Reserves breakdown

Oil Natural gas NGL

(3)

MMboe

Oil reserves evolution

34.2

71.0

2018 2019

+108%MMboe

Gas reserves evolution

23.430.8

2018 2019

+31%

52%48%

Shale Conventional

%

Breakdown by type

Block W.I. (%)

2019 1P Net

Reserves

(MMboe)

Net

Acreage

Q1 2020

production

(Mboe/d)

Concession

term Operator

Entre Lomas (EL) 100% 18.9 183,014 6.8 2026 Yes

Bajada del Palo Oeste

(BPO)100% 62.7 62,641 10.3 2053 Yes

Bajada del Palo Este

(BPE)100% 2.9 48,853 1.1 2053 Yes

Agua Amarga 100% 0.9 95,580 0.6 2034/2040 Yes

25 de Mayo Medanito 100% 6.7 32,247 2.9 2026 Yes

Jaguel de los Machos 100% 6.7 48,359 3.7 2025 Yes

Coirón Amargo Norte

(CAN)55% 0.4 14,629 0.3 2037 Yes

Aguila Mora 90% – 21,128 0.2 2054 Yes

Coirón Amargo Sur Oeste

(CASO)10% 1.6 1,644 0.1 2053 Yes

Sur Río Deseado Este 16.9% – 12,807 – 2021 No

No

roeste

Acambuco 1.5% 0.6 4,406 0.2 2036/2040 No

Su

reste

CS-01 50% 0.3 11,758 0.2 2047 Yes

A-10 50% – 42,915 0.2 2047 Yes

TM-01 50% – 8,944 0.0 2047 No

Total 101.8 588,925 26.5

Go

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San

Jo

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Neu

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Tam

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Mis

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9

Low-cost and stable operation High-quality oil-weighted production cluster

(1) In 2Q19, Vista exported its first crude oil cargo(2) LTM as of Q1 2020.(3) Includes Entre Lomas Neuquén and Entre Lomas Río Negro.

Total production (Q1 2020)

64% 33%

2%

Oil Gas NGL

26.5 Mboe/d

◼ Oil and gas production from well-understood reservoirs

◼ Primary and secondary recovery showing attractive returns

◼ Light crude oil production sold mainly to domestic off-takers(1)

◼ Gas production sold to industrial clients (55%), distributors & CNG (38%) and spot sales to power generation and traders (7%)(2)

◼ Treatment and evacuation infrastructure in place with spare capacity

Asset profile

(5)

(5)

(4)

(3)

(4) Includes Jarilla Quemada and Charco del Palenque.(5) Vista will operate the field once approved by the National Hydrocarbons Commission “CNH”. (6) Consolidates the reserves of CS-01, A-10 and TM-01

~1,100 active producing wells

Medanito type crude oil

production with API >30

+200 injector wells2019 Reserve Replacement

Ratio of 516%

(6)

0

50

100

150

200

250

300

2012 2013 2014 2015 2016 2017 2018 2019

Vaca Muerta history recapBuilding momentum

Aug-2012: YPFannounces its 100-Days Plan, with VM as the key driver for growth

Oct-2012: YPFannounces the Plan ExploratorioArgentino (PEA)

Dec-2012: YPF signs MOU with Chevron

Jul-2014: First walking rigs start operating in Argentina

Oct-2014: Congress sanctions New Hydrocarbons Law

Dec-2014: YPFsigns deal with Petronas

Jun-2015: YPF discoversunconventional gas in La Ribera

Mar-2017: Tecpetrolstarts field development in Fortin de Piedra

Apr-2017: YPF signs agreement with Schlumberger

May-2017: YPF signs agreement with Shell

Aug-2017: YPF signs agreement with Equinor

May-2013: First unconventional EPF in Loma La Lata Norte

Jun-2013: EIA report states Vaca Muerta is the 2nd largest shale gas and 4th largest shale oil resource worldwide

Jul-2013: New Loma Campana concession approved (35 years)

Aug-2013: YPF signs agreement with Chevron

Sep-2013: YPF signs agreement with Dow

(Mboe/d)

Mar-2014: YPF introduces walking rigs to Vaca Muerta

Apr-2014: YPF starts full fielddevelopment in Loma Campana

Apr-2018: Vista acquires assets from Pampa and Pluspetrol

Jul-2018: Vista starts full fielddevelopment in Bajada del Palo Oeste

Aug-2018: Vista and Shellannounce asset swap

Nov-2018: Vista obtains CENCH for Bajada del Palo Este and Oeste

Jun-2018: Exxon signsagreement with Qatar Petroleum

Dec-2018: YPF startsfull field developmentin La Amarga Chica

Dec-2018: YPF signs agreement with Petronas

Feb-2019: Vista ties-in first pad in Bajada del Palo Oeste

10

◼ Net acres: 21,128 (90% WI)

◼ License term: 2054

◼ Operator: Vista

◼ Commitment: capital expenditure of $32MM before

November 2021

Vaca Muerta acreageFour blocks in the epicenter of prominent developments

Águila Mora

Bajada del Palo Este

◼ Net acres: 48,853 net acres (100% WI)

◼ License term: 2053

◼ Operator: Vista

◼ Commitment: capital expenditure of $52MM before

December 2021

Bajada del Palo Oeste

◼ Net acres: 62,641 (100% WI)

◼ License term: 2053

◼ Operator: Vista

◼ Commitment: capital expenditure of $106MM before

June 2020 – already fulfilled

◼ Production reached 11,500 boe/d with in March 2020

Coirón Amargo Sur Oeste

◼ Net acres: 1,644 (10% WI)

◼ License term: 2053

◼ Operator: Shell

◼ Four wells currently in production

De-risked areas adjacent to developed fields from global O&G players including ExxonMobil, Chevron, Shell and YPF, among others

Producing areas Pilot / Delineation areas

Contour lines numbers denote API degrees

11

LaCocina

Organic

LowerCarbonate

MidCarbonate

UpperCarbonate

Vaca Muerta developmentBajada del Palo Oeste prime acreage

Stacked pay potential across multiple zones

Potential Best-in-Class Resource Properties(1)

Permian (Wolfcamp)

Eagle FordBajada del Palo Oeste

TOC (%) 3 3 - 54.2

Thickness (m) 200 - 300 30 - 100250

Pressure (psi/ft) 0.6 0.5 – 0.90.9

(1) Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía and the EIA.

12

Bajada del Palo Oeste shale production

Cube development scheduled to minimize parent-child effect

800 – 900ft / 250 – 300m lateral spacing

Base plan

Drilling inventory

+400 wells

PotentialIn base plan

~250m

▪ Consistent strong results across 12 wells in first 3 pads

▪ Completed and tied-in third 4-well pad with improved efficiency

Location of Vista’s first pads

Conceptual cube development

✓ Tested in BdPO

▪ To be tested

✓ Tested in BdPO

0.0

1.5

3.0

4.5

6.0

7.5

9.0

10.5

12.0

13.5

Mar-19 Apr-19 Jun-19 Jul-19 Sep-19 Nov-19 Dec-19 Feb-20

Oil GasShut in

production on

March 20th

Mboe/d

Year 1 Year 2 Year 3 Year 4 Year 5 Year 6 Year 7

Vaca Muerta developmentBajada del Palo Oeste fast track to full-scale development in factory-mode

BAJADA DEL PALO OESTE

Fast track development

Fast track development plan supported by novel One-Team approach

Field Development in Factory ModeRamp-up

Field Development in Factory ModePilot Phase 1Delineation PhaseTypical development

Current stage

Location ready

Frac set completing 1st PAD

Spudder rig already drilled surface and

intermediate sections

Walking rig drilling horizontal sections in

2nd PAD

13Drilling Completions

13.812.6

11.7

Firstpad

Secondpad

Thirdpad

D&C cost per well(1)

$MM(15)%

Completion cost

$M/stage

220200

189

Firstpad

Secondpad

Thirdpad

(14%)

753 796

601

Firstpad

Secondpad

Thirdpad

Vaca Muerta developmentSignificant drilling and completion improvement between first and third pads

14

Drilling speed Cost per lateral foot

Third pad wells vs. previous pads

Improved efficiency in second and third pads

477

726741

Firstpad

Secondpad

Thirdpad

ft/day $/ft+55% (20)%

Drilling:

◼ Drilled surface and intermediate sections with spudder rig

◼ Rotary Steering System during the build-up section

Completion:

◼ Silobags to store proppant near the pad’s location

◼ Monoline frac-manifold system to connect all 4 wells

◼ Rig-lock wireline connection and frac valves remote greasing

◼ Flat-hose to source water, reducing cost and improving logistics

State-of-the-art technology

(1) Normalized to an average well of 2,500 meters lateral length and 34 frac stages

(2) Average of the 4 wells

Well nameFirst

pad(2)

Second

pad(2)

Third pad

2061 2062 2063 2064

Lateral length

(meters)2,550 2,117 2,723 2,624 3,025 1,427

Frac spacing

(meters)75 60 60 60 60 40

Total frac

stages34 36 46 44 51 36

0

30

60

90

120

150

180

210

240

270

300

330

0 40 80 120 160 200 240 280 320 360 400

Vaca Muerta developmentThird pad shows further improvement in production performance, lowering development cost

(1) Normalized to cumulative production per stage by dividing the total cumulative production of each day by the number of stages; the information shown for the first and second pads corresponds to the

average cumulative production per stage of the four wells15

0.0

0.4

0.8

1.2

1.6

2.0

2.4

2.8

0 40 80 120 160 200 240 280 320 360 400

0

100

200

300

400

500

600

700

800

0 5 10 15 20 25 30 35 40

Mboe/d

On average, production from

our first 8 wells is 26% above

type curve after 250 days

Cumulative boe/stage(1)

2063

2061

2062

2064

2063

206120622064

First pad

Second pad

Tested higher density fracs

Individual well performance against type curveBajada del Palo Oeste shale production

Mboe

Vaca MuertaType Curve(1)

Oil Gas Total

EUR 972 Mbbl 0.6 Bcf 1,079 Mboe

Peak IP-30 1,017 bbl/d 0.6 MMcf/d 1,119 boe/d

180-day cumulative 147 Mbbl 0.09 Bcf 163 Mboe

First pad Second pad First pad Second pad

Vaca Muerta developmentVista well productivity is top-decile in both Permian and Vaca Muerta

16

(1) Source: Enverus – Drilling Info; Oil lateral (between 1,900 to 3,000 meters) wells. Companies included: CPE, CXO, FANG, HK, LPI, MTDR, PE, PDCE, PXD, SM, WPX, XEC, EOG and CDEV; Only

includes wells drilled in the Delaweare, Central Platform and Midland Basins, focused on Wolfcamp formation

(2) Source: Chapter IV – Argentine Secretariat of Energy; All oil lateral wells included

(3) Calculated as the average of the cumulative oil of the 8 wells

0

50

100

150

200

250

300

350

400

0

50

100

150

200

250

300

P25P75 P50 P10

Vista wells

Vaca Muerta wells - cumulative 180-day oil production(2)

Permian wells - cumulative 180-day oil production (vintage 2017, 2018 and 2019)(1)

Mboe/well - normalized to 2,500 meters lateral length

Mboe/well

Other companies wells

P75 P50 P25 P10

Vista average well(3)

Financial overviewSolid financial position

17

(1) A payment of 17.0 $MM corresponding to Proceeds from other financial liabilities, net was reclassified from financing activities to investing activities in the graph

(2) Calculated using Vista’s LTM Adj. EBITDA of 159.0 $MM

✓ Cash preservation strategy adopted

✓ Drilling and completion activity currently on stand-by

✓ Investing activities driven by drilling and completion until

March 20th

Q1 2020 cash flow

$MM

Financial debt 481.4 $MM

(-) Cash and cash equivalents (205.3) $MM

Net Debt 276.2 $MM

Net leverage ratio(2) 1.7x

Quarterly leverage ratios as of March 31, 2020(2)

(1) (1)

Susan L. Segal – Independent

Member of the Board of Americas Society / Council of the Americas, the Tinker Foundation, Scotiabank and MercadoLibre, as well as President of the Board of Scotiabank USA

▪ Sarah Lawrence University and MBA from Columbia University

Lean organization led by one of the most experienced O&G teams in the region

18(1) Schlumberger Production Management and Schlumberger Integrated Project Management, business segments of Schlumberger Ltd.

Juan Garoby – Chief Operating Officer

+20 years of E&P and oilfield services experience

▪ Former Interim VP E&P, Head of Drilling and Completions, Head Unconventionals at YPF and

former President for YPF Servicios Petroleros (YPF owned drilling contractor)

▪ Prior experience in Baker Hughes and Schlumberger

▪ Petroleum Engineer from Instituto Tecnológico de Buenos Aires

Alejandro Cherñacov – Strategic Planning & Investor Relations Officer

+13 years of LatAm E&P strategy, portfolio management and investor relations experience

▪ Former CFO of small-cap Canada-listed E&P company

▪ Prior experience as Investor Relations Officer at YPF

▪ Masters in Finance from Universidad Di Tella, Strategic Decision & Risk Management

Professional Certificate from Stanford, Economics degree from Universidad de Buenos Aires

Pablo Vera Pinto – Chief Financial Officer

+15 years of international business development, consulting and investment banking experience

▪ Former Business Development Director at YPF; board member at Profertil (Agrium-YPF),

Dock Sud (Enel-YPF) and Metrogas (YPF)

▪ Prior experience at McKinsey and Credit Suisse

▪ MBA INSEAD; Economics degree from Universidad Di Tella

Chairman and CEO

Miguel Galuccio▪ +25 years of energy experience across five continents (integrated oil and gas and oilfield services)

▪ Independent board member of Schlumberger

▪ Former Chairman and CEO of YPF and President of Schlumberger SPM/IPM(1)

▪ Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires

Kenneth Ryan – Non-independent

Partner, Head of Corporate Development, Capital Strategies and Investor Relations at Riverstone in New York

▪ University of Dublin Law School, Trinity College

Mauricio Doehner Cobián – Independent

Executive Vice President of Corporate Affairs & Risk Management at Cemex since 2014

▪ Bachelor’s degree in Economics from Tecnológico de Monterrey, MBA from IESE/IPADE, and a Professional Certificate in Competitive Intelligence by the FULD Academy of Competitive Intelligence in Boston, Massachusetts

Pierre-Jean Sivignon – IndependentAdvisor to the Chairman and CEO of Carrefour Group in Paris until December 2018, where he previously held the position of Deputy CEO, CFO and Member of the Executive Board

▪ French baccalaureate with honors in France and MBA from ESSEC (Ecole Superieure des Sciences Economiques et Commerciales)

Mark Bly – Independent

+30 years of experience in the O&G industry

▪ Occupied various executive positions internationally at BP

▪ Master’s degree in Structural Engineering from the University of California and a Bachelor’s degree in Civil Engineering from the University of California

Board of directors of world class professionalsTop performing executive team

Closing remarks

19

Only “pure-play” Vaca Muerta public investment opportunity

Low-cost and stable operation

Prime Vaca Muerta locations already under development

with solid results

Strong cash flow generation with significant upside potential

Flat and agile organization led by experienced Oil & Gas

team

CU

ST

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Appendix

22 Km flat-hose water transfer to tanks

on location

• 100% guaranteed water availability during frac activities

• Reduced cost

• Minimal environmental impact

• 7,500 truck trips avoided

Vaca Muerta developmentBajada del Palo Oeste fast track to full-scale development in factory-mode

21

100% of completion using sand boxes

• Minimal exposure to sand dust

• Improved logistics and reduced trucking costs

• Improved productivity by increasing sand available on location

Vaca Muerta developmentBajada del Palo Oeste fast track to full-scale development in factory-mode

22

Funding: capital markets activityRaised $250 million through dual listing in NYSE, a two-tranche Argentine bond issuances and a subsequent 48-month Argentine bond

23

Vista Argentina raised $50 million in 24-month local bond

issuance and raised additional $50 million in 36-month

subsequent local bond issuance

• 7.88% and 8.50% annual interest rate for the 24-month and

36-month class, respectively

• Bullet at maturity on July 31, 2021 and August 7, 2022

• Quarterly interest payments

Vista closed and settled a global offering of 10,906,257

shares in NYSE and BMV and began trading on the NYSE

• Gross proceeds totaled approximately $ 101 million

• Following the closing of the transaction, Vista’s outstanding

shares reached 86,835,259

• Shares were issued at 9.25 $/share

• After the offering, shares are traded under the ticker VIST in

NYSE

Vista Argentina raised $50 million in 48-month local bond

issuance

• 3.5% annual interest rate

• Bullet at maturity on February 21, 2024

• Bi-annual interest payments

Revenues and pricingProduction growth offset by lower realized prices

24

56.748.1

43.0

Q1 2019 Q4 2019 Q1 2020

3.7

2.2 2.2

Q1 2019 Q4 2019 Q1 2020

93.7 96.4

73.3

Q1 2019 Q4 2019 Q1 2020

Crude oil average price$/bbl

Natural gas average price$/MMBtu$MM

Revenues

▪ Average sales price was 55.7

$/bbl for January, 48.2 $/bbl for

February and 26.5 $/bbl for March

▪ In March, most of our sales made

at international export parity

formula were affected by lower

Brent price

▪ Mainly driven by a decrease of

∼50% in industry segment prices

and ∼35% in the power

generation segment prices

(24)%(41)%

(22)%

OpexStable q-o-q opex per boe despite lower production

25

27.825.7

23.8

Q1 2019 Q4 2019 Q1 2020

Total Opex$MM

Opex per boe$/boe

12.0

9.3 9.9

Q1 2019 Q4 2019 Q1 2020

▪ Optimized field operations and absorbed fixed cost base with incremental shale production ramp-up

▪ Implemented cost-cutting measures by the end of Q1 2020

▪ Reduced pulling activities during March as crude oil prices softened

(14)%

(18)%

Adjusted EBITDALower margins driven by low realization price environment

26

(1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments

37.1 35.7

25.3

Q1 2019 Q4 2019 Q1 2020

40%37%

34%

Q1 2019 Q4 2019 Q1 2020

(32)% (6)p.p.

Adj. EBITDA(1)

$MM

Adj. EBITDA Margin%

27

Consolidated Balance SheetAmounts expressed in $MM

As of March 31, 2020 As of December 31, 2019

Property, plant and equipment 953,608 917,066

Goodwill 28,484 28,484

Other intangible assets 34,437 34,029

Right-of-use assets 16,047 16,624

Trade and other receivables 14,375 15,883

Deferred income tax 357 476

Total non-current assets 1,047,308 1,012,562

Inventories 14,754 19,106

Trade and other receivables 79,841 93,437

Cash, bank balances and other short-term

investments205,257 260,028

Total current assets 299,852 372,571

Total assets 1,347,160 1,385,133

Deferred income tax liabilities 151,511 147,019

Leases liabilities 9,766 9,372

Provisions 18,557 21,146

Borrowings 382,467 389,096

Warrants 6,091 16,860

Employee defined benefit plans obligation 4,325 4,469

Accounts payable and accrued liabilities 213 419

Total non-current liabilities 572,930 588,381

Provisions 3,023 3,423

Leases liabilities 5,117 7,395

Borrowings 98,981 62,317

Salaries and social security payable 4,362 12,553

Income tax payable 2,908 3,039

Other taxes and royalties payable 3,354 6,040

Accounts payable and accrued liabilities 72,722 98,269

Total current liabilities 190,467 193,036

Total liabilities 763,397 781,417

Total equity 583,763 603,716

Total liabilities and equity 1,347,160 1,385,133

Consolidated Income StatementAmounts expressed in $MM

28(1) Adj. EBITDA = Net (loss) / profit for the period + Income tax (expense) / benefit + Financial results, net + Depreciation + Restructuring expenses + Other adjustments

Adjusted EBITDA(1) reconciliation

Adjusted EBITDA for Q1 2020 was 25.3 $MM, with an Adjusted

EBITDA margin of 34%

Net Result

Vista recorded a Net Result of (21.3) $MM for Q1 2020

Adjusted EBITDA Reconciliation ($M)

For the period

from January

1st to March

31, 2020

For the period

from January

1st to March

31, 2019

Net (loss) / profit for the period (21,332) (13,678)

(+) Income tax (expense) / benefit 4,571 5,705

(+) Financial results, net 7,335 19,970

(+) Investments results - -

Operating profit (loss) (9,426) 11,997

(+) Depreciation 33,467 24,471

(+) Restructuring expenses 1,244 667

Adjusted EBITDA 25,285 37,135

Adjusted EBITDA Margin (%) 34% 40%

For the period from

January 1st to March

31, 2020

For the period from

January 1st to March

31, 2019

Revenue from contract with

customers 73,320 93,727

Revenues from crude oil sales 61,985 73,271

Revenues from natural gas sales 10,113 19,075

Revenues from NGL 1,222 1,381

Cost of sales (67,996) (65,713)

Operating expenses (23,833) (27,769)

Crude oil stock fluctuation 449 1,326

Depreciation, depletion and

amortization(33,467) (24,471)

Royalties (11,145) (14,799)

Gross profit 5,324 28,014

Selling expenses (6,152) (5,695)

General and administrative expenses (9,367) (8,705)

Exploration expenses (131) (126)

Other operating income 2,153 627

Other operating expenses (1,253) (2,118)

Operating profit (loss) (9,426) 11,997

29

Mexican assets overviewFirst steps towards platform regionalization

C

AB

Key facts Background / development strategyLocation

TM-01

◼ State: Veracruz

◼ Net area: 8,944 acres(1)

◼ Fluid: Oil

◼ Fields: 3

◼ 3D Seismic coverage

◼ Wells Drilled: 40

◼ Lithology: Reef limestone

◼ 1Q20 net production: 0.0 Mboe/d(1)

◼ Quick production with workovers in existing wells and new drilling in Abra, Tamabra and San Andrés formations

◼ Exploration potential in underexploited, shallower sandstone reservoirs

◼ Upside through EOR implementation and facilities upgrades

C

CS-01

◼ State: Tabasco

◼ Net area: 11,758 acres(1)

◼ Fluid: Oil and Condensate

◼ Fields: 2

◼ Wells Drilled: 50

◼ Lithology: Sandstone

◼ 1Q20 net production: 0.2 Mboe/d(1)

◼ Incremental production through workover activities and new drilling prospects to produce undeveloped reserves at upper Zargazal and Amate formations which have original pressure and hydrocarbon saturation

◼ Future upside will come from field redevelopments, infrastructure upgrades and exploration of untested deeper formations

A

A-10

◼ State: Tabasco

◼ Net area: 42,915 acres(1)

◼ Fluid: Gas

◼ Fields: 4

◼ Drilled Wells: 19

◼ Lithology: Coarse Grained Sands

◼ 1Q20 net production: 0.2 Mboe/d(1)

◼ 13 wells have been drilled supporting assessment potential

◼ Exploratory area with gas potential in AmateFormation

◼ Tepetitán Field (Pemex) is used as analogous

B

Operator

Vista(2)

Vista(2)

Jaguar

(1) At Vista’s 50% working interest.(2) Vista will operate the field once approved by the National Hydrocarbons Commission “CNH”.