6-K

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM 6-K

REPORT OF FOREIGN ISSUER

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

UNDER SECURITIES EXCHANGE ACT OF 1934

For the month of June 2025

Commission File No. 001-39000

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

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

N.A.

(Translation of Registrant’s Name into English)

Torre Mapfre,

243 Paseo de la Reforma Avenue, 18^th Floor

Colonia Renacimiento, Alcaldía Cuauhtémoc

06600, Mexico City

Mexico

(Address of Principal Executive Office)

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

Form 20-F ☒ Form 40-F ☐

LOGO

Vista announces 143 MMboe of estimated P1 reserves in La Amarga Chica and provides operational and financial update

Mexico City, June 2, 2025 – Vista Energy, S.A.B. de C.V. (“Vista” or the “Company”) (NYSE: VIST; BMV: VISTA) announced today an estimation of 143 MMboe of proved (“P1”) reserves corresponding to its 50% working interest in La Amarga Chica and provided an operational and financial update.

As previously announced, on April 15, 2025, Vista Energy Argentina S.A.U. (“Vista Argentina”) and Vista consummated the acquisition of 100% of Vista Energy LACH S.A. (formerly known as Petronas E&P Argentina S.A.) (“PEPASA”)’s capital stock (the “PEPASA Acquisition”). PEPASA owns a 50% non-operated working interest in the La Amarga Chica concession, which is located in Argentina.

PEPASA Reserves

The table below includes PEPASA’s estimates of the proved reserves in La Amarga Chica as of December 31, 2024 (calculated at 50% working interest held by PEPASA). PEPASA has 188 net proved well locations booked at its 50% working interest, of which 122 are booked as proved developed and 66 as proved undeveloped.


	Oil and NGL (MMbbl)		Gas (MMboe)		Total (MMboe)
Net proved developed		54.7		4.4		59.1
Net proved undeveloped		75.8		8.4		84.2

Total net proved		130.5		12.8		143.3

P1 reserves valuation

The estimated future net cash flows attributable to PEPASA’s interests in the P1 reserves as of December 31, 2024, discounted at 10% per annum, amounted to 2,037 $MM.

Future net cash flows were calculated by applying prices of oil, NGL (Natural Gas Liquids) and gas (calculated as the unweighted arithmetic average of the first-day-of-the-month price for each month within the 12-month period prior to the end of the reporting period, unless prices were defined by contractual agreements) to estimated future production of proved oil, NGL and gas reserves as of the date reported, less the estimated future expenditures (based on current costs) to be incurred in developing and producing the proved reserves. Future net cash flows were then discounted using a factor of 10% per annum.

The proved reserves as of December 31, 2024, were calculated using a price of 69.4 $/bbl for oil, 25.7 $/boe for LPG and 4.1 $/mcf for natural gas. Such prices are consistent with SEC regulations.

The estimated certified future net cash flows attributable to PEPASA’s interests in the P1 reserves as of December 31, 2024, are summarized below:


Future net cash flows (Cumulative $MM)	Undiscounted		Discounted at 10% p.a.
Proved developed		1,678		1,107
Proved undeveloped		1,916		930

Total proved		3,594		2,037

Vista Pro Forma Reserves

Vista’s total net proved reserves on a pro forma basis giving effect to the PEPASA Acquisition (as if such transaction had occurred on January 1, 2024) were 518.5 MMboe as of December 31, 2024.

The estimate of future net cash flows attributable to Vista’s interests on a pro forma basis giving effect to the PEPASA Acquisition, discounted at 10% per annum, amounted to 6,069 $MM as of December 31, 2024.


	Vista (without PEPASA)		PEPASA		Total net proved
Net proved reserves (MMboe)		375.2		143.3		518.5
Future net cash flows, discounted at 10% p.a. (Cumulative $MM)		4,032		2,037		6,069

PEPASA Production

The following table sets forth the oil and natural gas historical production volumes, calculated at PEPASA’s working interest percentage of 50% in La Amarga Chica, as filed with the Argentine Secretary of Energy.


	Q1-25		Q1-24		2024		2023		Q1-25 p g/g			2024 p g/g
Oil (bbl/d)		29,837		28,937		32,769		27,755		3	%		18	%
Natural Gas (boe/d)		3,787		3,651		3,937		3,173		4	%		24	%
Total (boe/d)		33,623		32,588		36,705		30,927		3	%		19	%

Summary Pro Forma Financial Data in U.S. Dollars of Vista Energy Argentina S.A.U.

The tables below include unaudited pro forma financial information as of and for the three-month period ended March 31, 2025 and for the year ended December 31, 2024, giving effect to the PEPASA Acquisition on Vista Argentina. The unaudited pro forma statement of financial position as of March 31, 2025 was prepared as if the PEPASA Acquisition had occurred on March 31, 2025. The unaudited pro forma statements of profit or loss for the three-month period ended March 31, 2025 and for the year ended December 31, 2024 have been prepared to give pro forma effect to the PEPASA Acquisition as if such transaction had occurred on January 1, 2024.

Pro Forma Statements of Profit or Loss and Other Comprehensive Income

(Amounts expressed in thousands of U.S. dollars)


	For the three-month period ended March 31, 2025
	Vista Argentina			PEPASA			PEPASA Pro forma adjustments			Vista Argentina + PEPASA Pro forma Consolidated
Revenue from contracts with customers		436,156			216,235			—			652,391
Cost of sales
Operating costs		(32,518	)		(17,360	)		—			(49,878	)
Crude oil stock fluctuation		9,032			(112	)		—			8,920
Royalties and others		(67,047	)		(22,716	)		—			(89,763	)
Depreciation, depletion and amortization		(123,643	)		(69,816	)		—			(193,459	)
Other non-cash costs related to the transfer of conventional assets		(7,240	)		—			—			(7,240	)

Gross profit		214,740			106,231			—			320,971

Selling expenses		(46,594	)		(12,572	)		—			(59,166	)
Administrative expenses		(8,422	)		(7,201	)		—			(15,623	)
Other operating income		5,947			(609	)		—			5,338
Other operating expenses		(1,192	)		—			—			(1,192	)
Profit (loss) from investments in associates		(24	)		—			—			(24	)

Operating profit		164,455			85,849			—			250,304

Interest income		3,196			—			—			3,196
Interest expense		(24,281	)		(10,328	)		(1,819	)		(36,428	)
Other financial income (expense)		15,481			40,560			(5,808	)		50,232

Financial income (expense), net		(5,604	)		30,232			(7,627	)		17,001

Profit before income tax		158,851			116,081			(7,627	)		267,305

Income tax (expense)		(49,838	)		(36,034	)		6,029			(79,843	)

Profit for the period		109,013			80,047			(1,598	)		187,462

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods
Profit (loss) from actuarial remediation related to defined benefit plan		(22	)		—			—			(22	)
Deferred income tax (expense) benefit		7			—			—			7
Other comprehensive income		(15	)		—			—			(15	)

Total comprehensive profit for the period		108,998			80,047			(1,598	)		187,447

Adjusted EBITDA		295,362			155,665			—			451,027
Adjusted EBITDA Margin		67	%		72	%		—			69	%
Adjusted Net Income		99,769			85,710			(1,598	)		183,881
Leverage Ratio		1.49			0.07			—			1.12
Net Leverage Ratio		0.97			(0.01	)		—			1.09


	For the year ended December 31, 2024
	Vista Argentina + AFBN ⁽¹⁾			PEPASA ⁽²⁾			PEPASA Pro forma adjustments			Vista Argentina + AFBN + PEPASA Pro forma Consolidated
Revenue from contracts with customers		1,635,012			908,776			—			2,543,788
Cost of sales
Operating costs		(130,703	)		(62,836	)		—			(193,536	)
Crude oil stock fluctuation		1,722			—			—			1,722
Royalties and others		(237,021	)		(104,245	)		—			(341,266	)
Depreciation, depletion and amortization		(430,717	)		(262,081	)		—			(692,798	)
Other non-cash costs related to the transfer of conventional assets		(33,570	)		—			—			(33,570	)

Gross profit		804,723			479,614			—			1,284,337

Selling expenses		(139,867	)		(45,758	)		—			(185,625	)
Administrative expenses		(102,917	)		(28,778	)		—			(131,697	)
Other operating income		53,767			3,533			202,474			259,774
Other operating expenses		(747	)		—			—			(748	)
Profit (loss) from investments in associates		(30	)		—			—			(30	)

Operating profit		614,929			408,611			202,474			1,226,014

Interest income		12,582			81,582			—			94,164
Interest expense		(62,763	)		(141,415	)		(24,677	)		(228,855	)
Other financial income (expense)		22,721			—			(23,233	)		(512	)

Financial income (expense), net		(27,461	)		-59,833			(47,910	)		(135,204	)

Profit before income tax		587,468			348,778			154,564			1,090,810

Income tax (expense)		(63,911	)		77,207			24,114			37,410

Profit for the period		523,557			425,985			178,678			1,128,220

Other comprehensive income
Other comprehensive income that shall not be reclassified to profit (loss) in subsequent periods
Profit (loss) from actuarial remediation related to defined benefit plan		(10,200	)		—			—			(10,200	)
Deferred income tax (expense) benefit		3,570			—			—			3,570
Other comprehensive income		(6,630	)		—			—			(6,630	)

Total comprehensive profit for the period		516,927			425,985			178,678			1,121,590

Adjusted EBITDA		1,079,246			670,692			—			1,749,938
Adjusted EBITDA Margin		64	%		74	%		—			68	%
Adjusted Net Income		210,168			210,697			(31,928	)		388,937
Leverage Ratio		1.34			N/A			N/A			N/A
Net Leverage Ratio		0.84			N/A			N/A			N/A

(1)

“Vista Argentina + AFBN” column reflects Vista Argentina’s statement of profit or loss for the year ended December 31, 2024, giving pro forma effect to the intercompany merger between Vista Argentina and our subsidiary AFBN S.R.L. (which became effective on January 1, 2025), as if such transaction had occurred on January 1, 2022.

(2)

“PEPASA” column reflects certain reclassifications made during the auditing process of PEPASA’s financial statements for the year ended December 31, 2024. As a result of these reclassifications, PEPASA’s lifting cost (calculated as Operating costs divided by total production for the period) for the year ended on December 31, 2024, was updated to 4.7 $/boe (compared to the 4.1 $/boe previously reported).

Pro Forma Statement of Financial Position

(Amounts expressed in thousands of U.S. dollars)


	As of March 31, 2025
	Vista Argentina		PEPASA		PEPASA Pro forma adjustments			Vista Argentina + PEPASA Pro forma Consolidated
Assets
Noncurrent assets
Property, plant and equipment		3,008,453		1,594,064		—			4,602,517
Goodwill		36,244		—		—			36,244
Other intangible assets		15,139		—		—			15,139
Right-of-use assets		89,226		499		—			89,725
Biological assets		11,408		—		—			11,408
Investments in associates		49,930		—		—			49,930
Trade and other receivables		387,159		133,014		—			520,173
Deferred income tax assets		75,353		36,682		(32,527	)		79,508
Total noncurrent assets		3,672,912		1,764,259		(32,527	)		5,404,644
Current assets
Inventories		16,044		1,451		—			17,495
Trade and other receivables		246,801		188,072		—			434,873
Cash, bank balances and other short-term investments		597,872		58,132		(599,687	)		56,317
Total current assets		860,717		247,655		(599,687	)		508,685

Total assets		4,533,629		2,011,914		(632,213	)		5,913,330

Equity and liabilities
Equity

Total equity		1,669,425		1,446,429		(1,243,955	)		1,871,899

Liabilities
Noncurrent liabilities
Provisions		28,341		12,013		—			40,354
Defined benefit plan		16,045		—		—			16,045
Borrowings		1,524,832		—		300,000			1,824,832
Lease liabilities		33,485		184		—			33,669
Salaries and payroll taxes		25,973		—		—			25,973
Trade and other payables		77,118		195,012		311,742			583,872
Total noncurrent liabilities		1,705,794		207,209		611,742			2,524,745
Current liabilities
Provisions		4,037		—		—			4,037
Salaries and payroll taxes		20,896		562		—			21,458
Borrowings		182,191		50,505		—			232,696
Lease liabilities		42,633		410		—			43,043
Income tax liability		427,186		116,859		—			544,045
Other taxes and royalties		36,241		7,733		—			43,974
Trade and other payables		445,226		182,207		—			627,433
Total current liabilities		1,158,410		358,276		—			1,516,686

Total liabilities		2,864,204		565,485		611,742			4,041,431

Total equity and liabilities		4,533,629		2,011,914		(632,213	)		5,913,330

Definitions and Methodology

•

The information included herein regarding estimated quantities of proved reserves as of December 31, 2024 is derived from the reports dated January 27, 2025 and May 22, 2025, prepared by DeGolyer and MacNaughton for Vista’s concessions located in Argentina and Mexico and for La Amarga Chica concession, respectively.

•

Oil and NGL include crude oil and condensate, C5+ and NGL; NGLs represent 5.5% of PEPASA total reserves and less than 1% of Vista total reserves (before the PEPASA Acquisition).

•

Natural gas consumption represented 10% of PEPASA’s total natural gas reserves (consumption plus natural gas sales) as of December 31, 2024.

•

Net production volumes are measured based on PEPASA’s working interest. There was no production due to others during the applicable periods.

•

Units:

•

$MM: million U.S. Dollars

•

Bbl: barrels

•

Bbl/d: barrels per day

•

Boe: barrels of oil equivalent

•

Boe/d: Barrels of oil equivalent per day

•

Mcf: thousand cubic feet

•

MMm3: million cubic meters

•

MMboe: million barrels of oil equivalent

•

Conversion metrics:

•

1 cubic meter of oil = 6.2898 barrels of oil

•

1,000 cubic meters of gas = 6.2898 barrels of oil equivalent

•

Note on the tables of this document. Totals in tables might not add-up to the components of the individual lines due to rounding.

Forward-Looking Statements

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

Enquiries:

Investor Relations:

ir@vistaenergy.com

Argentina: +54 11 3754 8500

Mexico: + 52 55 1555 7104

SIGNATURE

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

Date: June 2, 2025


VISTA ENERGY, S.A.B. DE C.V.

By:		/s/ Alejandro Cherñacov
Name:		Alejandro Cherñacov
Title:		Strategic Planning and Investor Relations Officer