The following is a summary of the Pampa Energia S.A. (PAM) Q1 2024 Earnings Call Transcript:

Financial Performance:

• Pampa Energia reported a 31% increase in gas production year-on-year due to the commencement of a new gas pipeline.

• The company had to record a $34 million impairment loss on trade receivables due to significant delays in collecting payments from CAMMESA.

• Adjusted EBITDA for the quarter was $189 million, an 8% decrease, mainly due to payment issues and a drop in energy spot prices.

• Operating costs have reduced owing to increased domestic gas demand.

• Capital expenditures saw a 36% YoY reduction, primarily due to strong shale gas activity in the previous year.

Business Progress:

• The company continues to enhance its shale gas production, now accounting for 40% of its total output.

• Despite a decrease in power generation's adjusted EBITDA, the dispatch saw a 3% YoY increase, helped by the commissioning of PEPE 4.

• Progress of PEPE 6 expansion is at 89%, and the wind farm is expected to be fully commissioned by October.

• Oil accounted for 6% of Q1's E&P output and generated 16% of the segment's revenue.

• Activities in Rincon de Aranda yielded promising results, aligning with the company's strategic focus on shale production.

• The company maintains a strong financial position, with no significant debt maturities anticipated until 2027.

• Ongoing projects, especially Rincon de Aranda, are expected to boost shale production and the regulatory benefits from the recent omnibus bill are regarded as positive.

• The firm plans to maintain high capital expenditure for the development of Rincon de Aranda, alongside efforts to lower shale oil lifting costs.

More details: Pampa Energia IR

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