Investor Presentation

Important Note Regarding Projections and Other

Forward-Looking Statements

Purpose of this Presentation: The material that follows is a presentation of general information about Vista Oil & Gas, S.A.B. de C.V. (BMV: VISTA) as of the date of this presentation, it is

not illustrative of any transaction, and is distributed for information purposes only. The information contained herein is public, comes from public sources or is informative in nature. All

material information in connection with Vista has been disclosed through the Mexican Stock Exchange and is available at www.bmv.com.mx or otherwise maintained by the Company in

accordance with applicable law We are providing this presentation for informational purposes only. This presentation does not constitute an offer to sell, a solicitation of an offer to buy, or a

recommendation to purchase any securities. Specifically, this presentation does not constitute a placement prospectus (prospecto de colocación) or equivalent document.

Proprietary Information: This presentation contains proprietary information. You may not copy it, excerpt it, summarize it or distribute it or any of its contents to any other person or entity,

in whole or in part. Any person receiving this presentation, by the mere fact of such reception, acknowledges and agrees that it shall not copy, excerpt, summarize, or distribute it or any of its

contents.

Other Matters: This presentation does not constitute an agreement of any kind, or as legal, tax or investment advisory advice or of any other kind. You must consult your own advisors for

any such advice. This presentation is not aimed at, or destined to be distributed or used by any person or entity that is a citizen or resident in any state, country or other jurisdiction in which

its use or distribution are prohibited by law or where any additional registration or license is required. Neither the National Banking and Securities Commission (“CNBV”), nor any other

authority have approved or disproved the information herein, as well as its accuracy or sufficiency.

Forward-Looking Statements: This presentation contains forward-looking statements, including projections, estimates, targets and goals, information regarding potential operational results

and descriptions of our business strategies, intentions and plans. Forward-looking statements may be identified by such words as “anticipate,” “believe,” “continue,” “could,” “estimate,”

“expect,” “intends,” “may,” “might,” “plan,” “possible,” “potential,” “predict,” “project,” “should,” “would” and other similar terms and expressions. Forward-looking statements are not historical

facts. They are based on expectations, beliefs, forecasts and projections, as well as on beliefs by our management team, that, while made on a good faith basis, are inherently uncertain

and beyond our control. Forward-looking statements that cover multiple future periods are, by their nature, more uncertain and subject to factors that could cause them to differ materially

from actual results. Any such expectations, beliefs, forecasts and projections are made only as of the date of this presentation. We undertake no obligation to update any such information or

any forward-looking statement made in this presentation after the date hereof.

Forward-looking statements in this presentation may include, for example, our financial performance, changes in our reserves and operational results and our expansion opportunities and

plans. Factors that could cause actual results to differ from any forward-looking statement include: (1) the occurrence of any event, change or other circumstances that could affect our

business; (2) the outcome of any legal proceedings; (3) competition and our ability to grow and manage growth profitably; (4) changes in applicable laws or regulations; (5) the possibility that

we may be adversely affected by other economic, business, and/or competitive factors; and (6) other additional risks and uncertainties, including the risk factors that we disclose in our filings

with the CNBV and the Mexican Stock Exchange (Bolsa Mexicana de Valores, or “BMV”). We encourage you to read all such filings.

Nothing in this presentation, and in particular, no projection or other forward-looking statement, should be construed as a guarantee of future performance, or as a prediction of

actual results. Actual results may differ materially from the projections or other forward-looking statements contained in this presentation. Due to their inherently uncertain

nature, you are cautioned not to rely on any such projections or forward-looking statements. We and our affiliates, advisors, agents and other representatives expressly

disclaim any liability to you in connection with any undue reliance on the information contained in this presentation, and in particular with respect to any projections or other

forward-looking statements.

2

LTM Revenues(1) $425MM

LTM EBITDA(1) $184MM

Production Q1 2019 25.7 kboed

2018 1P Reserves(2) 57.6 Mmboe

Vaca Muerta Net Acreage ~134,000 acres

Concentrated in Argentina’s Premier BasinCompany Metrics

Listed in Bolsa Mexicana de Valores: VISTA and VTW408A

Total Shares Outstanding: 75.9 MM(3)

• Conventional assets with production base, infrastructure in place, and

top-quality Vaca Muerta acreage ready for full scale development

• Eight operating and one non-operating clusters in the Neuquina basin

• Two non-operated blocks in Noroeste and Golfo San Jorge basins

Neuquina Basin Blocks(4)

3

Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See “Important Note Regarding Projections and Other Forward-Looking Statements.”

1. Based on Q2, Q3 and Q4 2018 and Q1 2019 actual figures in Financial Statements.

2. Reserves as of December 31, 2018, as audited by Gaffney, Cline & Associates

3. 75,909,315 Class A Shares and 2 Class C Shares.

4. Two non-operated blocks in Noroeste and Golfo San Jorge basins not shown.

Vista’s Company OverviewSizable and operated asset base

▪ Premium Neuquina asset base

▪ Strong Financial Position, with $87.5MM

cash and $247.7MM net debt

▪ Actionable and profitable growth plan

consisting of almost 100% operated

assets and over 400 Vaca Muerta drilling

locations

Platform Poised for GrowthDelivered on 2018 guidance, confirmed 2022 targets

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

(2) Includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in operations.

(3) Adj. EBITDA = Operating profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income).

(4) 2018A-2022E Compounded Average Growth Rate.4

65,000 boe/d

900 $MM

60%

2018

Actuals (1)

24,500 boe/d

195 $MM

45%

13.9 $/boe

130 $MM

Daily Production(2)

Adj. EBITDA(3)

Adj. EBITDA Margin

Operating Expenses

Capex

2019

Guidance

2018

Guidance

24,100 boe/d

190 $MM

43%

17.3 $/boe

143 $MM

High-growth organic development

plan, based on current premium

asset base

29,900 boe/d

225 $MM

47%

∼13 $/boe

300 $MM

2022

Target

30%

2018A-2022

CAGR(4)

50%

15 p.p.

Proved Reserves (MMboe)Asset Overview

1. Based on reserves certification as of December 2018. Sur Río Deseado Este (a non-operated

JV) is not included. Aguila Mora has not certified 1P reserves.

2. 35-year exploitation concession in the process of being requested to provincial authorities

3. Total net acreage includes 12,807 net acres from Sur Río Deseado Este.

4. The information for 2017 included estimated quantities of proved reserves based on information

provided by the previous owners of the blocks acquired by Vista.

5. Includes approximately 2 MMboe of shale reserves

• Clustered acreage position in the Neuquina Basin covering ~525k acres in the

Provinces of Neuquén, Río Negro and Salta.

• Oil and gas production from well-understood reservoirs through primary and

secondary recovery; ~1,100 active producing wells and more than 200 injector

wells

• Multiple infill drilling and waterflood projects identified; current recovery factor

below 15%

• Light crude oil production (Medanito type API >31°); sold to domestic off-takers

• Gas production sold to industrial clients (58%), distributors & GNC (30%) and

spot sales to power generation and traders (12%) at an average market price of

$3.7/MMbtu in 2018.

• Treatment and evacuation infrastructure in place with spare capacity

• Exploratory upside in the tight gas reservoirs of the Cuyo, Lotena, and Los Molles

formations

5

OPERATED FIELDS NON-OPERATED FIELDS

TOTALNet Metrics

by Asset

Entre Lomas (EL)

Agua Amarga (AA)

Jagüel de los Machos (JDM)

Medanito (MED)

Bajada del Palo Oeste (BDPO)

Bajada del Palo Este (BDPE)

Coirón Amargo Norte (CAN)

Águila Mora (AM)

Acambuco (ACAM)

Coirón Amargo Sur Oeste (CASO)

W.I. (%) 100% 100%100%BDPO - 100%BDPE -

55%CAN – 90% AM1.5%ACAM - 10%CASO -

1P Reserves(1) (MMBoe) 20.6 15.7 19.6 1.7 57.6

Acreage 278,594 80,606 147,251 6,050 525,308(3)

Q1 2019 average daily

production (boed)9,603 8,362 6,495 200 24,700

Concession Term2026 EL

2034 / 2040 AA

2025 JDM

2026 MED

2037 CAN

2053 BDPO

2053 BDPE

2019 AM(2)

2036 / 2040 ACAM

2053 CASO-

32.6 34.2

19.6

14.3

23.4(8.9)

YE 2017 Production Additions YE 2018

52.2

57.6

(4)

Overview of Conventional Assets in ArgentinaHigh-quality oil-prone production cluster

Reserves

Replacement

Ratio

161%

Oil Gas

(5)

(5)

24.3 23.7 23.8 24.4 24.5

Q1 2018 Q2 2018 Q3 2018 Q4 2018 Q1 2019

Conventional Argentina Mexico

Unconventional Argentina Non Operated Argentina

Production

-0.8% -0.8%

2.1%4.0%

Q2 2018 Q3 2018 Q4 2018 Q1 2019

Net production evolution

(kboepd)

24.724.6 24.4 24.2

25.7

24.4 24.4 24.6

0.4 0.4 0.41.7

Jan-19 Feb-19 Mar-19

Conventional Argentina Mexico

Unconventional Argentina Non Operated Argentina

(kboepd)

25.025.0

27.0

Net production growth LTM activity

▪ Tied-in first shale oil 4-well pad in Bajada del Palo Oeste

▪ Tied-in 29 conventional wells:

▪ 22 oil wells in Jagüel de los Machos – Medanito

▪ 2 oil wells in Entre Lomas

▪ 2 gas wells in Entre Lomas

▪ 3 gas wells in Bajada del Palo Oeste

(1) Q1 2019 production includes production from México

Third consecutive quarter of growth in conventional production

Exit rate: >29 kboed

(1)

Q1 monthly breakdown

6

+8.0%

Vaca Muerta History Recap

0

50

100

150

200

250

300

2012 2013 2014 2015 2016 2017 2018 2019

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

Aug-2012: YPF announces

its 100-Days Plan, with VM

as the key driver for growth

Oct-2012: YPF announces

the Plan Exploratorio

Argentino (PEA)

Jan-2014: SOil-4(h) well with 2 landing

zones – discovery of Organico as main

landing zone for horizontal wells

Mar-2014: YPF introduced

walking rigs to Vaca Muerta

Apr-2014: YPF starts full field

development in Loma Campana

Dec-2014: YPF signs deal with

Petronas

Dec-2012: YPF signs

MOU with Chevron

Jun-2014: SOil-72(h): First

horizontal well to Organico

Jul-2014: First walking rigs

start operating in Argentina

Oct-2014: Congress sanctions

New Hydrocarbons Law

Jan-2015: First multi-target

PAD (3 landing zones)

Jun-2015: YPF Discovers

unconventional gas in La

Ribera

Mar-2017: YPF signs agreement

with Schlumberger

Mar-2017: Tecpetrol starts field

development in Fortin de Piedra

Apr-2017: YPF signs agreement

with Shell

May-2017: YPF signs agreement

with Equinor

(kboepd)

Apr-2018: Vista acquires assets from

Pampa and Pluspetrol

Jul-2018: Vista starts full field

development in Bajada del Palo

Oeste

Sep-2018: Vista and Shell announce

asset swap

Nov-2018: Vista obtains CENCH for

Bajada del Palo Este and Oeste

Dec-2018: YPF starts full field

development in La Amarga Chica

Feb-2019: Vista ties-in first pad in

Bajada del Palo Oeste

Building momentum attracts new players

(1) Super Majors include Exxon (and subsidiary XTO), Shell, BP (through its subsidiary in Argentina, Pan American Energy), and Chevron.

7

2,5003,622

800

1,696

2012 2017

Vaca Muerta

Permian

Super Majors(1) Focusing on Permian and Vaca Muerta

(Net Acres

Held in ‘000s)

+112%

+45%

Aguila Mora

Bajada de Palo

Oeste

Coirón Amargo

Sur Oeste

Bajada de Palo

Este

Bajada del Palo Oeste

• 62,640 net acres (100% WI)

• License term: 2053

• Commitment: 106$MM in 18

months

• 2019 plan: drill 18 wells, frac & tie

13 wells

• Operated by Vista

Bajada del Palo Este

• 48,850 net acres (100% WI)

• License term: 2053

• Commitment: 52$MM in 3 years

• Operated by Vista

Coirón Amargo Sur Oeste

• 1,631 net acres (10% WI)

• License term: 2053

• Remaining commitment: 3$MM

@WI

• 2019 plan: frac & tie 3 wells, total

Capex 3$MM @WI

• Operated by Shell

Águila Mora

• 20,700 net acres (90% WI)

• Evaluation lot expires by the end

of June, 2019

• CENCH award expected in 2019

• Operated by Vista

Vaca Muerta 134,000 net acres divided in 4 blocks

• Divided Bajada del Palo block into Bajada

del Palo Oeste and Bajada del Palo Este

and obtained 35-years concessions with

12% royalty in both blocks

• Acquired 90% operated WI in Águila Mora

block, surrounded by already delineated

blocks

• Retained 10% non-operated WI in CASO

block

Delivered on 2018 plan

Vista’s Vaca Muerta Acreage Position

PERMIAN

(WOLFCAMP)EAGLE FORD

BAJADA DEL PALO OESTE

TOC (%) 5.5 4.54.2

Thickness (m) 172 41250

Pressure (psi/ft) 0.48 0.800.90

Potential Best-in-Class Resource Properties(1)

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

8

1. Based on third party report. June 2018.

2. Based on Ministerio de Hacienda, Secretaría de Energía

3. Based on Company estimates, Ministerio de Hacienda, Secretaría de Energía. and the EIA

Unconventional Operations Map in Shale Oil WindowCOIRÓN AMARGO SUR OESTE

• First unconventional oil well CASO.x-1 completed and productive

since March 2018, performing above type well curve.

• Total Capex 18.7 MM$, with 2,000 mt (6,560 ft) lateral length and

27 fracs.

• Landing zone in Upper La Cocina.

• First six month of production totalized 137.5 kboe vs estimated

type well curve of 126 kboe.

LOMA CAMPANA

• First unconventional oil pilot completed in Argentina

• In full development mode

• ~559 wells drilled of which ~148 horizontal with up to 10,500ft

(3,200m) lateral length(1)

• Current production: 45kboe/d(2)

SIERRAS BLANCAS/ CRUZ DE LORENA

• 18 wells drilled(2)

• SB-1005 one of the top producing wells in the basin, with IP of

1kbbl/d + 600 MMscfd(2)

• Current production: 3.5kboe/d(2)

LA AMARGA CHICA

• Second unconventional oil pilot in Argentina

• Commenced third pilot phase in 2018(2)

• Current production: 8.1kboe/d(2)

BANDURRIA SUR

• JV signed in 2017 with ~$390 MM committed(2)

• Pilot Phase: two-stage(4)

• Six wells drilled (4 horizontals)(2)

AGUADA FEDERAL

• Two vertical exploration wells

• Four horizontal wells drilled(2)

A

C

D

E

F

B

Águila Mora Block

(90% op WI)

Bajada del Palo

Oeste Block

(100% op WI)

Bajada del Palo

Este Block

(100% op WI)

Coirón Amargo

Sur Oeste Block

(10% non op WI)

A

B

C

D

E

F

Most experienced Management Team in developing Vaca Muerta

• Drilled 500 wells across play (~60% of Vaca Muerta activity to date)

• Delivered 47% well cost reduction

• Reached 50K boe/d, from zero

Ready for full scale development

• Completed pilots and ongoing development in adjacent blocks

• Production results in neighboring blocks supports Vista’s type curve(3)

• Operated infrastructure in place with spare capacity

• Full discretion and flexibility on timing of Bajada del Palo Oeste, Bajada

del Palo Este and Águila Mora development (99% of net acreage)

Vaca Muerta Shale Oil OpportunityActivity significantly mitigates risk of Bajada del Palo Oeste

9

Developing Vaca Muerta in Factory ModeSustainable development since day 1 in Bajada del Palo Oeste

10

• Minimal environmental impact

• 100% guaranteed water availability during frac activities

• Reduced cost

22 Km flat-hose water transfer to tanks

on location (7,500 truck trips avoided)

11

Sustainable Development Approach (1/2)No trucking used to transfer frac water since first pad

• Minimal exposure to sand dust

• Improved logistics and reduced trucking costs

• Improved productivity by increasing sand

available on location

12

Sustainable Development Approach (2/2)Entire first pad with 100% of frac sand transported and stored in sand boxes

New record- Pumping time 19.3hrs

New record- fluids and sand on

a given day 12,697 m3 / 42,856 sxs

VISTA Oil & Gas - 8 Stages (14-02-2019)

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

TYPICAL DEVELOPMENT

BAJADA DEL PALO OESTE FAST

TRACK DEVELOPMENTFull-Scale DevelopmentRamp-up

Pilot Phase 1 Field Development in Factory ModeDelineation Phase

Fast Track Development

Bajada del Palo Oeste Shale Oil DevelopmentFirst 4-well pad in Bajada del Palo Oeste tied-in late Q1 2019

Source: Bloomberg

13

Best-in-basin performance supported by novel One-Team approach

• Averaged 5.0 frac

stages per day (record

day of 8 frac stages,

with 19.3 hours of

pumping time)

• 100% of completions

using sandboxes

• No trucking of water

(22 km flat hose)

• Healthier environment

minimizing sand dust

• EPF construction in

record time to minimize

gas flaring and crude

trucking

0.0

1.0

2.0

3.0

4.0

5.0

6.0

7.0

3/1/2019 3/9/2019 3/17/2019 3/25/2019 4/2/2019 4/10/2019 4/18/2019

Gas Oil

• Drilled all surface and

intermediate sections

• Drilled horizontal sections of first

three wells

• Expected tie-in Q3 2019

Bajada del Palo Oeste Update (1/2)Strong results under sustainable development approach since day 1

MetricAverage per

well

Lateral length (mtrs/ft) 2,550 / 8,366

Stages (#) 34

D&C Cost ($MM) 13.8

D&C cost per lateral ft (‘000$) 1.6

Cost per frac stage ($MM) 0.22

Production above expectations

Two successfully tested

landing zones

Second pad update

Drilling and completion cost

within budget

Target Vaca Muerta

Upper Carbonate To be tested

Lower Carbonate To be tested

Upper Organic To be tested

Lower Organic l l

La Cocina l l

Best-in-basin

completion

14

kboed

MDM-2013h

MDM-2014h

MDM-2015h

MDM-2016h

Sustainable

development

First 4-well pad

0 10 20 30 40 50 60

MdM-2014hVista's type curve (1.1 Mmboe)

0

10

20

30

40

50

60

0 10 20 30 40 50 60

Mill

are

s

MdM-2015hVista's type curve (1.1 Mmboe)

0 10 20 30 40 50 60

MdM-2016hVista's type curve (1.1 Mmboe)

0

200

400

600

800

1,000

1,200

1,400

1,600

1,800

2,000

0 30 60 90 120 150

Norm

aliz

ed O

il P

roductio

n (

boe/d

ay p

er

2,5

00 m

)

Days

Vaca Muerta - Horizontal Wells

P50 Type

0

10

20

30

40

50

60

0 10 20 30 40 50 60

Mill

are

s

MdM-2013hVista's type curve (1.1 Mmboe)

Bajada del Palo Oeste Update (2/2)Strong well performance across 4 wells in first pad

Cumulative production per well

(1) Type curve defined in 2018 without reflecting data acquired in Bajada del Palo Oeste first pad

15

MdM-2013hkboe

MdM-2014hkboe

MdM-2015hkboe

MdM-2016hkboe

39.8

52.7

45.1

51.3

Daily production per well

Last 20 days

production (in boed)

MdM-2013h 1,352

MdM-2014h 1,912

MdM-2015h 1,415

MdM-2016h 1,665

Vaca Muerta

Type Curve(1)

Oil EUR (kbbl) 972 Gas EUR (Bcf) 0.6 Total EUR (kboe) 1,079

IP 30 (bbl/d) 662 Dry gas IP 30 (MMcf/d) 0.4 IP 30 (boe/d) 736

180-day cum (kbbl) 147 180-day cum (Bcf) 0.09 180-day cum (kboe) 163

0

0.2

0.4

0.6

0.8

1

1.2

1.4

1.6

1.8

Month 1 Month 2 Month 3

▪ Strict drawdown management policy to preserve frac integrity

▪ Bottom-hole pressure still over 7,000 psi, with wells flowing

naturally through a 6.35 mm choke (16/64 inches)

Top 90 Vaca Muerta producing wells average monthly production(1)

Strong Results of Vaca Muerta Wells First 4 wells performing in line with top-tier wells of the basin

kboed

psi

3

6

9

12

0

2,000

4,000

6,000

8,000

10,000

0 6 12 18 24 30 36 42 48MdM-2013h MdM-2014h

MdM-2015h MdM-2016h

millimeters

Wells with higher deliverability than expected

16(1) Capítulo IV – Argentine Secretariat of Energy; Vista’s month 3 projected with information available until April 23, 2019

0%

20%

40%

60%

80%

100%

120%

140%

55 60 65 70 75

13.5$MM 12.5$MM 11.5$MM 10.5$MM

1. Based on independent third party analysis on Company’s acreage made by WDVG – Petroleum Engineering Laboratories.

2. Does not include capital expenditures for facilities.

Well Cost Reduction Drive Boost in IRRs(2)

(IRR %)

Realized oil price $/bbl

8,200 ft (2,500m) horizontal well cost:

17

Potential for Superior ReturnsWell productivity and well cost reduction drive economics

Vista Vaca Muerta

Type Curve(1)

Oil EUR (kbbl) 972 Gas EUR (Bcf) 0.6 Total EUR (kboe) 1,079

IP 30 (bbl/d) 662 Dry gas IP 30 (MMcf/d) 0.4 IP 30 (boe/d) 736

180-day cum (kbbl) 147 180-day cum (Bcf) 0.09 180-day cum (kboe) 163

• Very close to our Neuquén

operations

2 hours drive to Bajada del

Palo Oeste

• Modern design in a friendly

environment

Attracts stakeholders and

creates an inspiring workplace

for our staff

• Technology hub

Operations monitored in real

time, with state-of-the-art

software and equipment

Not Your Typical HeadquartersVista’s new offices in Neuquén

18

Q1 2019 Vista consolidated cash flow

$MM

80.9

20.0

79.1 92.6

Investment activitiesOperating activitiesBeginning of period Financing activities End of period

87.5

(1) Vista’s LTM Adj. EBITDA

(2) Current borrowings total 55.4 $MM while non current borrowings total $MM 279.9

(3) Borrowings (35.0) – Payments of interests (10.8) + Effects of exchange rate in cash and cash equivalents (0.5)

Financial OverviewSolid financial position

Quarterly Leverage Ratios(1) As of March 31, 2019

Gross Leverage Ratio 1.8x

Net Leverage Ratio 1.3x

19

Financial debt breakdown As of March 31, 2019

5-year unsecured term loan 300.2

Local debt in Argentina (US dollar denomintated) 35.0

Total financial debt(2) 335.2

(-) Cash and cash equivalents 87.5

Net debt 247.7

Equity

Debt(3)

54.4

24.7

11968

130

300

2016P 2017P 2018A 2019E

13 1422

34

2016P 2017P 2018A 2019E

Historical and Target CAPEX(1)

1. 2016 and 2017 proforma from acquired entities and assets based on information provided to the Company, 2018 actuals include Q1 proforma and Q2, Q3 and Q4 Vista, and 2019 expected based on Company estimates.

Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See “Important Note Regarding Projections and Other Forward-Looking Statements.”

Historical and Target Wells(1)

(#)

Historical and Target Production (1)

($MM)

(kboe/d)

+54%

20

UnconventionalConventional

Pro-forma Actual Estimated

Pro-forma Actual Estimated

+131%

29.8

27.1

24.5

29.9

2016P 2017P 2018A 2019E

+22%

Outlook (1/2)Vaca Muerta-driven growth plan leveraging existing conventional operating platform

Pro-forma Actual Estimated

199169

124143

18.316.8

13.9 13.0

0

5

10

15

20

25

30

0

50

100

150

200

250

2016P 2017P 2018A 2019E

480

575

445 435

2016P 2017P 2018A 2019E

111 108

1. 2016 and 2017 proforma from acquired entities and assets based on information provided to the Company, 2018 actuals include Q1 proforma and Q2, Q3 and Q4 Vista, and 2019 expected based on Company estimates.

Historical and Target Revenues(1)

($MM)

Historical and Target OPEX(1)Lifting Cost

($MM)

($MM)

Historical and Target Adj. EBITDA(1)Adj. EBITDA

Margin (%)

2. Does not include cash flow from financing activities.

3. 2019 estimates at oil sales price 55.0 $/bbl and natural gas: @4.0 $/MMBTU

Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See “Important Note Regarding Projections and Other Forward-Looking Statements.”

($ MM)

2016 2018-2021

Cumulative

2022-2025

Cumulative2017E

~1,100

Historical and Target Free Cash Flow(1)(2)

21

~(300)

($/bbl)

240

182 195225

42% 41% 45% 47%

0%

10%

20%

30%

40%

50%

60%

70%

80%

90%

0

50

100

150

200

250

300

2016P 2017P 2018A 2019E

Two-Year Outlook (2/2)Goal is to deliver superior financial results through intended growth strategy

Pro-forma Actual Estimated

Pro-forma Actual Estimated

Pro-forma Actual Estimated

+10%+15%

-6%

(3) (3)

World-class Management team

Development-ready, core Vaca

Muerta shale position

High-growth Development plan

Unique platform for direct exposure

to Vaca Muerta

Cash-flow generating asset

base

Key differentiation factors

Company Highlights

Agenda

Appendix 01

02

Management Team 03

23

Q1 2019 Results

Bajada del Palo Oeste Core Location Map

Bajada del Palo Oeste Overpressure Map

West side

of the block

between

40 and 32

API°

API°:

0 50 10

0

15

0

20

0

25

0

30

0

35

0

Overpressure (kg/cm2):

Prospective Area

20 25 30 35 40 45 50 55 60

Source: WDVG – Petroleum Engineering Laboratories.

(1) A section equals to 1.6 km (1.0 mile).

(2) Includes 413 wells in base plan.

West side

of the block

above 250

kg/cm2

(4,600 psi)

Multiple Stack Pay Zones

~5 wells per section(1)

2,800

2,850

2,900

CA

RB

ON

AT

EO

RG

AN

ICL

A C

OC

INA

Up to five different landing zones being tested in adjacent blocks

Tested

24

PotentialIn base plan

413 Wells +1,100 Wells(2)

Bajada del Palo Oeste Potential Landing ZonesMultiple landing zones generate extensive drilling inventory

Precedent Acquisition Multiples

Source: Press releases and media coverage.

1. Based on Ministerio de Hacienda, Secretaría de Energía.

($/acre)

Buyer

Seller

Acres

Area

Date

27,667

Bandurria

Sur

Apr-17

27,500

Bajada de

Añelo

Feb-17

23,095

La Amarga

Chica

Mar-15

49,970

La Escalonada

Apr-14

14,374

Aguada

Federal

Jan-14

48,500

Loma

Campana

Jul-13

5,050

El Orejano

Sep-13

Bajo del

Toro

19,390

Jun-17

Medanito $/bbl(1) 55.1 56.4 57.8 75.6 79.5 72.4 74.6 74.9

No No Yes No Yes No NoNoBuyer Acquired

Operatorship

25

$8,500$7,200 $7,000

$8,600

$6,000$7,300

$8,800

$14,000

Selected Precedent Acquisition MultiplesPrecedent transactions in Vaca Muerta

4 early production faciltiies and new crude oil treatment plant

Bajada del Palo OesteOil Treatment & Disposal

Facilities for Initial Development Phase Facilities for Full-Scale Development

Bajada del Palo OesteGas Treatment & Disposal

Gas pipeline Centro Oeste

Gas pipeline Aguada del ChanarUSP-14 LC - YPF

Gas pipeline Aguada del ArenaBorde Montuoso

Gas pipeline Borde Montuoso NEUBA II

EC-8

EC-9

6km 4km 27km

OTP-Pipeline PH-PR

EC-8

EC-9

1

2

3

4

EPF

Oil Treatment PlantOTP

Entre Lomas

Bajada del Palo

1BMo

2BMo

1BP

N1

pipeline to construct

Battery

Existing Pipeline

Pipeline to Construct

Bajada del Palo

EC-8EC-9

LPG-HRUPlants

Gas pipeline Aguada la ArenaBorde Montuoso

Prospective Area

Existing gas pipelines with spare capacity in the proximity of the block

6,000m pipeline from Entre Lomas to existing pipeline

26Important Note: projections, estimates, targets and goals are forward-looking statements and not guarantees of future performance. See “Important Note Regarding Projections and Other Forward-Looking Statements.”

OTP

Fast Track to Full-Scale DevelopmentFacilities capacity in place allow for initial development phase startup

Agenda

Appendix 01

02

Management Team 03

27

Q1 2019 Results

Daily Production(1) 25,693 boe/d

Revenues 93.7 $MM

Adj. EBITDA(2) 37.1 $MM

Cash 87.5 $MM

Net Debt(3) 247.7 $MM

Net Leverage Ratio(4) 1.3x

1st Quarter 2019 Highlights

28(1) Includes natural gas liquids (NGL) and excludes flared gas, injected gas and gas consumed in operations

(2) Adj. EBITDA = Gross profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income)

(3) Net Debt: Current borrowings (55.4 $MM) + Non-current borrowings (279.9 $MM) – Cash and cash equivalents (87.5 $MM) = 247.7 $MM

(4) Vista’s LTM Adj. EBITDA

Adj. EBITDA margin(2) 40%

Strong results in first Vaca Muerta 4-well pad

Averaged 5.0 frac

stages per day

Reached production of

+6,500 boe/d

Consolidated figures in Vista Oil & Gas, SAB de CV include operations in Mexico and Argentina

24.4 24.2 24.725.7

Q2 2018 Q3 2018 Q4 2018 Q1 2019

14.7 14.8 14.515.1

Q2 2018 Q3 2018 Q4 2018 Q1 2019

1.42 1.381.52 1.59

Q2 2018 Q3 2018 Q4 2018 Q1 2019

744 730 716623

Q2 2018 Q3 2018 Q4 2018 Q1 2019

Total productionkboed

ProductionGrowth in total production, driven by both oil and natural gas

Oil productionkbbld

Natural gas productionMMm3d

NGL productionbbld

+4.0%+4.1%

+4.6%

(13.0)%

29

65.556.7

Q4 2018 Q1 2019

4.0 3.7

Q4 2018 Q1 2019

104.193.7

Q4 2018 Q1 2019

Crude oil average price$/bbl

Natural gas average price$/MMBTU$MM

Revenues

(1) Source: Bloomberg; 57.7 $/bbl in December 2018, 60.2 $/bbl in January and 64.4 $/bbl in February

Revenues and PricingRealized prices declined less than global commodity prices

30

▪ Driven by lower prices in the

quarter▪ Main off-takers were Trafigura

and Shell

▪ Sales prices impacted by export

parity based pricing formula and

an applicable oil benchmark

formula, with an average Brent

price of 60.8 $/bbl (1)

▪ Mainly driven by a decrease of

sales prices to power generation

from 3.32 $/MMBTU to 2.65

$/MMBTU

28.6 27.8

Q4 2018 Q1 2019

Total Opex$MM

Opex per boe$/boe

12.6 12.0

Q4 2018 Q1 2019

OpexContinued focus on lifting cost reduction

31

▪ Continued controlling costs with new contracting model; strong focus on absorbing production growth with

existing cost base

▪ Decrease in lifting cost driven by absorption of shale production ramp-up with minimal incremental cost

▪ Lower revenue was offset by cost

efficiency

▪ 1 p.p. expansion in EBITDA margin

despite lower sales prices

40.437.1

Q4 2018 Q1 2019

Adj. EBITDA(1)

$MM

Adj. EBITDA Margin%

Adjusted EBITDAQ1 2019 EBITDA margin slightly higher despite lower sales prices

32

39% 40%

Q4 2018 Q1 2019

(1) Adj. EBITDA = Operating profit + Fix assets depreciation + Other assets depreciation + Extraordinary expenses (Income).

Closing remarks

Ignited the Vaca Muerta profitable production growth

engine

Best-in-basin completion performance in our first pad

Bajada del Palo Oeste production reached 6,500 barrels

per day with four wells

Exit rate above 29,000 boe per day

Continued success in cost reduction

33

On track to achieve 2019 guidance

Agenda

Appendix 01

02

Management Team 03

34

Q1 2019 Results

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

Juan Garoby • More than 20 years of E&P and oilfield services experience

• Previously, Interim VP E&P, Head of Drilling and Completions, Head Unconventionals at YPF

• Former President for YPF Servicios Petroleros S.A. (YPF owned drilling contractor)

• Prior experience with Baker Hughes Inc. (Brazil, Peru, Ecuador) and Schlumberger Ltd. (Europe and Africa)

• Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires

Chief Operating Officer

Alejandro Cherñacov• More than 10 years of LatAm E&P strategy, portfolio management and investor relations experience

• Previously CFO of small-cap Canada-listed E&P company

• Prior experience as Investor Relations Officer and ran the Upstream Project Portfolio at YPF in Argentina

• Masters in Finance from Universidad Di Tella, Strategic Decision and Risk Management professional certificate from Stanford

University; Economics degree from Universidad de Buenos Aires

Strategic Planning and

Investor Relations

Officer

Pablo Vera Pinto

• More than 15 years of international business development, consulting and investment banking experience

• Previously Business Development Director at YPF in Argentina

• Former member of the board of fertilizing company Profertil (Agrium-YPF), power generation company Central

Dock Sud S.A. (Enel-YPF) and gas distributor Metrogas S.A. (YPF, acquired from British Gas)

• Prior experience gained at private equity group in South America as Restructuring Manager, CFO and General Manager

of portfolio companies, management consulting at McKinsey & Co. in Europe and investment banking at Credit Suisse in N.Y.

• MBA INSEAD; Economics degree from Universidad Torcuato Di Tella

Chairman and CEO

Miguel Galuccio

Chief Financial Officer

• 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)

• Previously Schlumberger Geomarket Manager for Mexico and Central America

• Prior experience with YPF International and Maxus Energy in Argentina and Southeast Asia

• Petroleum Engineering degree from Instituto Tecnológico de Buenos Aires

35

Gastón Remy• More than 15 years of energy industry experience

• Previously, president of Dow Argentina and south region of Latin America (Argentina, Bolivia, Chile, Paraguay and Urug.)

• Prior experience as Legal Director for Latin America and Director for global projects, mergers and acquisitions at the Legal

Department of Dow

• Mr. Remy is Vice-president 1°for the Instituto para el Desarrollo Empresarial de la Argentina (IDEA) and was the President for

the 53°Coloquio Anual (2017).

• He is a lawyer from Universidad de Buenos Aires, and holds an LLM from University of Columbia, New York.

Argentina General

Manager

Management TeamExperienced team with a solid track record working together

ABILITY TO ATTRACT TALENT

AND GENERATE NETWORK

STRATEGIC THOUGHT LEADER

• More than 12 years in various senior leadership positions, including President of Schlumberger IPM and SPM,

current independent board member of Schlumberger and Geomarket Manager for Mexico and Central America

• Under his leadership, the company conceptualized and implemented novel strategic initiatives with lasting impact

❖ Led the creation of SPM, which currently is a focus growth segment for SLB globally having reached 235

kboe/d

❖ Led Schlumberger’s repositioning with PEMEX, which became one of the top Schlumberger clients globally

• Led IPM to become a benchmark among oil field service companies for operational excellence

– Executed complex projects across five continents in extremely challenging conditions (e.g. Iraq re-entry,

Russia, Algeria)

• Developed new business models integrating services with E&P risk-returns under SPM

❖ Burgos, Chicontepec, Alianza and Mesozoico projects with PEMEX (more than 2,000 wells drilled over

eight years)

❖ Casabe project with Ecopetrol; SPM tripled production in five years

❖ Shushufindi contract with Petroamazonas (Ecuador): operated by SPM, co-funded by E&P company Tecpetrol

(Techint Group) and US private equity firm KKR; SPM doubled production in four years

❖ Barnett shale gas project (Texas) and Bakken shale oil project (North Dakota)

❖ Other projects in China, Romania and Malaysia

• Managed fast-growing global organization with more than 6,300 employees in 55 projects across six

regions

❖ Pushed out-of-the-box solutions with strong bottom-line impact by motivating teams and engraining

a can-do attitude in the company’s engineers and geoscientists

• Developed vast global network across oil and gas industry

❖ Strong relationships with CEOs of majors, independents and national oil companies

EXECUTION FOCUSED AND RESULTS

DRIVEN

36

Miguel Galuccio’s Track Record at SchlumbergerLed high-growth “company-shaping” global businesses

STRATEGIC LEADERSHIP WITH

VISIBLE IMPACT

• Contributed to shaping key market reforms including gas pricing incentive scheme, domestic crude pricing support,

amended federal hydrocarbons law and reversed decade-long decline in production and reserves

• Laid foundations for economic development of Vaca Muerta:

❖ 500 wells drilled (60% of Vaca Muerta activity to date)

❖ 47% well cost reduction down to $8MM per horizontal well

❖ Reached 50,000 boe/d (largest economic shale development outside North America)

STRONG FINANCIAL AND

OPERATIONAL PERFORMANCE

• Tripled share price in first 24 months

• Grew production by more than 100 kboe/d to reach more than 580 kboe/d

• Achieved 45% EBITDA growth to reach more than $5Bn

• Ramped up activity from 25 to 74 drilling rigs at peak maintaining best-in-class safety record

• Achieved reserves growth of 25% to reach more than 1.2 Bnboe

SUCCESSFUL BD, M&A AND

CAPITAL MARKETS EFFORT

ABILITY TO ATTRACT TALENT

AND SOURCE TRANSACTIONS

• Led complex integrated oil and gas organization with more than 20,000 direct employees

• Promoted and recruited best-in-class managers for key positions; implemented world-class talent

management initiatives

• Mr. Galuccio voted Best CEO of Argentina (PwC survey 2014) and LatAm CEO of the Year (BRAVO Latin

Trade business awards 2014)

37

• Closed 20+ transactions with deal value in excess of $4Bn; including company-shaping Apache Argentina acquisition ($800

MM) and landmark shale JVs with Chevron ($1.4Bn), Petronas ($550MM) and Dow ($180MM)

• Raised more than $8Bn from international and local capital markets with over 30 new issuances between 2012 and 2016 (with

yields below Argentina’s sovereign benchmark); representing 90%+ of all Argentine international issuances

• Stock covered by more than 20 research analysts from top tier institutions; YPF Management voted top 2 Investor Relations

Team for LatAm oil and gas sector by Institutional Investor

Decades of oil and gas experience in leadership roles consistently delivering remarkable results

Experienced Management With Proven Track RecordMr. Galuccio led a remarkable turnaround of YPF in a complex scenario

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

Miguel Galuccio • Please refer to page 39 for Mr. Galuccio’s biographical information

Chairman of the Board

Kenneth Ryan • Partner at Riverstone based in the New York office and Partner and Head of Corporate Development, Capital Strategies, and Investor Relations

• Prior to joining Riverstone in 2011, Mr. Ryan worked for Gleacher & Company and Gleacher Partners in London and New York, more recently as Managing

Director and Co-Head of Investment Banking

• Currently he serves as member of the investment committee at Riverstone Credit Partners and as member of the board of Riverstone Energy Limited, HES

International and Trailstone

• Mr. Ryan graduated from the University of Dublin Law School, Trinity College

Member of the Board

by Riverstone

Susan L. Segal• Ms. Segal was appointed President and General Director of Americas Society / Council of the Americas in 2003, after working in the private sector in Latin

America and other emerging markets throughout more than 30 years

• She was a Partner at Chase Capital Partners / JPMorgan Partners with a focus on private equity and pioneering venture capital investments in the region

• Ms. Segal is a member of the Board of Americas Society / Council of the Americas, the Tinker Foundation, Scotiabank and Mercado Libre, as well as President

of the Board of Scotiabank USA

• Ms. Segal graduated from Sarah Lawrence University and received an MBA from Columbia University in the United States

Independent member

of the Board

Mauricio Doehner Cobián• Mr. Doehner has been Executive Vice President of Corporate Affairs and Enterprise Risk Management at Cemex since May 2014

• Mr. Doehner began work with Cemex in 1996 and has held various executive positions in areas such as Strategic Planning, Institutional Relationships and

Communications and Business Risk Management for Europe, Asia, Middle East, South America and Mexico

• He worked in Mexico’s Presidential administration leading the relationship with the Mexican public, including diverse issues such as government reforms

and the national budget

• Mr. Doehner holds a Bachelor’s degree in Economics from Tecnológico de Monterrey, an MBA from IESE/IPADE, and a Professional Certificate in

Competitive Intelligence by the FULD Academy of Competitive Intelligence in Boston, Massachusetts

Independent member

of the Board

Pierre-Jean Sivignon• Mr. Sivignon is an advisor to the Chairman and CEO of Carrefour Group in Paris, where he previously held the position of Deputy CEO, CFO and Member of the

Executive Board. Prior to his Carrefour Group experience, he was Chief Financial Officer, Executive Vice President, Member of the Board of Management at

Royal Philips Electronics in Amsterdam.

• He held various financial positions of high level at Faurecia in Paris and Schlumberger Limited in New York and Paris.

• Mr. Sivignon graduated from French baccalaureate with honors in France and received an MBA from ESSEC (Ecole Superieure des Sciences Economiques et

Commerciales) also in France.

Mark Bly• Mr. Bly has more than 30 years of experience in the oil and gas industry, having occupied various executive positions at an international level at BP serving

most recently as Executive Vice President of Safety and Operational Risk

• Mr. Bly was a part of BP’s E&P Executive Group, responsible for monitoring an international portfolio of Angola, Trinidad, Egypt, Algeria, and the Gulf of Mexico

• Mr. Bly led the internal investigation of the Deepwater Horizon incident in 2010, and is the author of “Bly Report” that defined the understanding of such event by

the industry and represented the founding of the new organization and global drilling practices program within BP

• Mr. Bly received a Master’s degree in Structural Engineering from the University of California at Berkeley and a Bachelor’s degree in Civil Engineering from the

University of California at Davis

Independent member

of the Board

Independent member

of the Board

38

Board of Directors of World Class ProfessionalsStrong corporate governance, with majority independent composition