Pampa Energy Inc 6-K, filed Aug 7, 2024

Pampa Energy Inc. (PAM)

6-K 2024-08-07 For: 2024-06-30

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Added on April 05, 2026

About this 6-K

Pampa Energy Inc filed this 6-K on August 7, 2024.

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Pampa Energía S.A.


By:	/s/ Gustavo Mariani
	Name: Gustavo Mariani Title: Chief Executive Officer

Residential demand segment	Subsidized consumption	Subsidized price	Price without subsidy
N1 (high income)	n.a.	n.a.	US$73 per MWh
N2 (low income/social tariff)	350 kWh/month	US$33 per MWh
N3 (middle income)	250 kWh/month	US$41 per MWh

Demand segment	Subsidized price	Price without subsidy
N1 (high-income residential) and productive sectors (businesses and industries)	n.a.	US$3.3 per MBTU
N2 (low-income residential/social tariff)	US$1.2 per MBTU
N3 (middle income residential)	US$1.5 per MBTU

Figures in million	As of 06.30.2024		As of 12.31.2023
Figures in million	AR$	US$ FX 912	AR$	US$ FX 808.45
ASSETS
Property, plant and equipment	2,395,378	2,627	2,056,974	2,544
Intangible assets	88,689	97	77,898	96
Right-of-use assets	30,308	33	17,259	21
Deferred tax asset	45,252	50	2	0
Investments in joint ventures and associates	824,581	904	542,978	672
Financial assets at fair value through profit and loss	24,857	27	28,040	35
Other assets	357	0	349	0
Trade and other receivables	16,287	18	14,524	18
Total non-current assets	3,425,709	3,756	2,738,024	3,387

Inventories	209,723	230	166,023	205
Financial assets at amortized cost	92,708	102	84,749	105
Financial assets at fair value through profit and loss	602,341	660	451,883	559
Derivative financial instruments	100	0	250	0
Trade and other receivables	500,304	549	238,294	295
Cash and cash equivalents	138,514	152	137,973	171
Total current assets	1,543,690	1,693	1,079,172	1,335

Total assets	4,969,399	5,449	3,817,196	4,722

EQUITY
Equity attributable to owners of the company	2,742,490	3,007	1,943,736	2,404

Total equity	2,750,165	3,016	1,950,696	2,413

LIABILITIES
Provisions	164,997	181	119,863	148
Income tax and presumed minimum income tax liabilities	66,294	73	44,614	55
Deferred tax liabilities	46,807	51	240,686	298
Defined benefit plans	25,033	27	13,172	16
Borrowings	1,217,319	1,335	989,182	1,224
Trade and other payables	35,539	39	37,301	46
Total non-current liabilities	1,555,989	1,706	1,444,818	1,787

Provisions	8,268	9	4,649	6
Income tax liabilities	131,963	145	14,026	17
Taxes payables	44,133	48	11,427	14
Defined benefit plans	2,557	3	2,695	3
Salaries and social security payable	18,618	20	15,537	19
Derivative financial instruments	112	0	191	0
Borrowings	246,274	270	181,357	224
Trade and other payables	211,320	232	191,800	237
Total current liabilities	663,245	727	421,682	522

Total liabilities	2,219,234	2,433	1,866,500	2,309

Total liabilities and equity	4,969,399	5,449	3,817,196	4,722

	First half				Second quarter
Figures in million	2024		2023		2024		2023
	AR$	US$	AR$	US$	AR$	US$	AR$	US$
Sales revenue	783,788	901	194,256	895	446,412	500	110,341	464
Domestic sales	649,186	742	154,309	708	374,607	416	86,900	363
Foreign market sales	134,602	159	39,947	187	71,805	84	23,441	101
Cost of sales	(487,428)	(565)	(117,939)	(555)	(272,245)	(307)	(67,401)	(290)

Gross profit	296,360	336	76,317	340	174,167	193	42,940	174

Selling expenses	(31,582)	(36)	(7,723)	(34)	(18,002)	(20)	(4,530)	(18)
Administrative expenses	(71,674)	(83)	(20,202)	(89)	(37,436)	(42)	(11,681)	(48)
Exploration expenses	(167)	-	(1,750)	(7)	(85)	-	(1,702)	(7)
Other operating income	70,781	83	14,289	61	41,789	48	9,430	45
Other operating expenses	(43,054)	(52)	(7,375)	(35)	(16,669)	(21)	(3,530)	(22)
Impairment of financial assets	(49,592)	(56)	(299)	(3)	(19,762)	(22)	(219)	(3)
Recovery/(accrual) of impairment on int. assets & inventories	(142)	-	(323)	(1)	(110)	-	(734)	(3)
Results for participation in joint businesses & associates	31,894	39	8,570	34	(19,522)	(22)	5,370	19
Income from the sale of associates	5,765	7	-	-	4,307	5	-	-

Operating income	208,589	238	61,504	266	108,677	119	35,344	137

Financial income	2,009	2	428	2	662	-	235	2
Financial costs	(81,688)	(94)	(41,078)	(188)	(37,733)	(41)	(26,367)	(112)
Other financial results	62,861	74	55,461	254	19,056	22	40,818	170
Financial results, net	(16,818)	(18)	14,811	68	(18,015)	(19)	14,686	60

Profit before tax	191,771	220	76,315	334	90,662	100	50,030	197

Income tax	121,166	147	(7,087)	(29)	(1,521)	(1)	(7,730)	(33)

Net income for the period	312,937	367	69,228	305	89,141	99	42,300	164
Attributable to the owners of the Company	313,160	367	69,097	305	90,061	100	42,179	164
Attributable to the non-controlling interest	(223)	-	131	-	(920)	(1.0)	121	-

Net income per share to shareholders	230.3	0.3	50.4	0.2	66.2	0.1	31.0	0.1
Net income per ADR to shareholders	5,756.6	6.7	1,259.1	5.6	1,655.5	1.8	775.4	3.0

Average outstanding common shares¹	1,360	1,360	1,372	1,372	1,360	1,360	1,360	1,360.0
Outstanding shares by the end of period¹	1,360	1,360	1,360	1,360	1,360	1,360	1,360	1,360.0

As of March 31, 2024, in US$ million	Cash¹		Financial debt		Net debt
	Consolidated in FS	Ownership adjusted	Consolidated in FS	Ownership adjusted	Consolidated in FS	Ownership adjusted
	Consolidated in FS	Ownership adjusted	Consolidated in FS	Ownership adjusted	Consolidated in FS	Ownership adjusted
Power generation	914	910	549	549	(365)	(361)
Petrochemicals	-	-	-	-	-	-
Holding and others	0	0	9	9	9	9
Oil and gas	0	(0)	1,046	1,046	1,046	1,046
Total under IFRS/Restricted Group	914	911	1,605	1,605	691	694
Affiliates at O/S²	190	190	277	277	87	87
Total with affiliates	1,104	1,101	1,882	1,882	778	781

Type of issuance	Amount in million US$	Legislation	% over total gross debt	Avg coupon
US$¹	1,086	Foreign	70%	8.3%, primarily fixed
US$ Cable	225	Argentine	14%	4.3%
US$ MEP	128	Argentine	8%	5%
AR$	24	Argentine	2%	33.7%, variable
US$-link	98	Argentine	6%	0%

Company In million	Security	Maturity	Amount issued	Amount net of repurchases	Coupon
In US$-Foreign Law
Pampa	CB Series 9 at par & fixed rate	2026	293	179	9.5%
	CB Series 1 at discount & fixed rate	2027	750	597	7.5%
	CB Series 3 at discount & fixed rate	2029	300	293	9.125%
TGS¹	CB at discount at fixed rate	2031	490	490	8.50%

In US$-Argentine Law
Pampa	CB Series 20	2026	108	70	6.00%

In US$-link
Pampa	CB Series 13	2027	98	98	0%
CTEB¹	CB Series 4	2024	96	96	0%
	CB Series 6	2025	84	84	0%
	CB Series 9	2026	50	50	0%

In US$-MEP
Pampa	CB Series 16	2025	56	56	4.99%
Pampa	CB Series 18	2025	72	72	5.00%
In AR$
Pampa	CB Series 19	2025	17,131	17,131	Badlar Privada -1%

Company	Agency	Rating
Company	Agency	Global	Local
Pampa	S&P	b-¹	na
	Moody's	Caa3	na
	FitchRatings²	B-	AA+ (long-term) A1+ (short-term)
TGS	S&P	CCC	na
	Moody's	Caa3	na
	FitchRatings	B-	na
Transener	FitchRatings²	na	A+ (long-term)
CTEB	FitchRatings²	na	AA-

Breakdown by segment Figures in US$ million	Q2 24			Q2 23			*Variation*
Breakdown by segment Figures in US$ million	Sales	Adjusted EBITDA	Net Income	Sales	Adjusted EBITDA	Net Income	Sales	Adjusted EBITDA	Net Income

Power generation	168	106	36	171	98	104	-2%	+9%	-65%
Oil and Gas	218	121	27	187	97	15	+17%	+24%	+80%
Petrochemicals	134	15	15	132	10	6	+2%	+50%	+150%
Holding and Others	7	46	22	4	16	39	+75%	+180%	-44%
Eliminations	(27)	-	-	(30)	-	-	-10%	NA	NA

Total	500	288	100	464	222	164	*+8%*	*+30%*	*-39%*

Reconciliation of adjusted EBITDA, in US$ million	First half		Second quarter
Reconciliation of adjusted EBITDA, in US$ million	2024	2023	2024	2023
Consolidated operating income	238	266	119	137
Consolidated depreciations and amortizations	152	126	84	67
EBITDA	390	392	203	204

*Adjustments from generation segment*	73	(6)	71	(4)
Deletion of equity income	38	(5)	59	(3)
Deletion of gain from commercial interests	(26)	(29)	(13)	(17)
Deletion of CAMMESA's receivable impairment	32	-	12	-
Deletion of PPE activation in operating expenses	2	2	1	1
Deletion of provision in hydros	3	5	2	1
CTBSA's EBITDA adjusted by ownership	25	21	11	14
*Adjustments from oil and gas segment*	(9)	1	(0)	3
Deletion of gain from commercial interests	(13)	(6)	(7)	(4)
Deletion of Río Atuel's reversal losses	-	7	-	7
Deletion of CAMMESA's receivable impairment	4	-	7	-
*Adjustments from petrochemicals segment*	(0)	3	(0)	3
Deletion of inventory impairment	-	3	-	3
Deletion of gain from commercial interests	(0)	(0)	(0)	(0)
*Adjustments from holding & others segment*	20	38	14	15
Deletion of equity income	(77)	(29)	(37)	(16)
Deletion of gain from commercial interests	(0)	(0)	-	(0)
Deletion of contigencies provision	16	-	-	-
Deletion of intang. assets' impairment/(recovery)	-	(2)	-	-
Deletion of the sale of associates	(7)	-	(5)	-
TGS's EBITDA adjusted by ownership	73	52	46	25
Transener's EBITDA adjusted by ownership	15	17	10	7

Consolidated adjusted EBITDA	475	428	288	222
*At our ownership*	*464*	*419*	*294*	*226*

Power generation segment, consolidated Figures in US$ million	First half			Second quarter
	2024	2023	∆%	2024	2023	∆%
Sales revenue	322	344	-6%	168	171	-2%
Domestic sales	319	344	-7%	165	171	-4%
Foreign market sales	3	-	NA	3	-	NA
Cost of sales	(158)	(181)	-13%	(81)	(97)	-16%

Gross profit	164	163	*+1%*	87	74	*+18%*

Selling expenses	(1)	(1)	-	-	-	NA
Administrative expenses	(25)	(26)	-4%	(12)	(14)	-14%
Other operating income	32	35	-9%	15	24	-38%
Other operating expenses	(7)	(14)	-50%	(4)	(9)	-56%
Impairment of financial assets	(46)	-	NA	(12)	-	NA
Results for participation in joint businesses	(38)	5	NA	(59)	3	NA

Operating income	79	162	*-51%*	15	78	*-81%*

Finance income	2	1	+100%	1	1	-
Finance costs	(28)	(66)	-58%	(11)	(41)	-73%
Other financial results	80	124	-35%	27	90	-70%
*Financial results, net*	54	59	*-8%*	17	50	*-66%*

Profit before tax	133	221	*-40%*	32	128	*-75%*

Income tax	100	(21)	NA	3	(24)	NA

Net income for the period	233	200	*+17%*	35	104	*-66%*
Attributable to owners of the Company	233	200	+17%	36	104	-65%
Attributable to non-controlling interests	-	-	NA	(1)	-	NA

Adjusted EBITDA	192	206	*-7%*	106	98	*+9%*
*Adjusted EBITDA at our share ownership*	*182*	*198*	*-8%*	*112*	*102*	*+10%*

Increases in PPE	43	146	-71%	19	54	-65%
Depreciation and amortization	40	50	-20%	20	24	-17%

Power generation's key performance indicators	2024				2023				*Variation*
Power generation's key performance indicators	Hydro	Wind	Thermal	Total	Hydro	Wind	Thermal	Total	Hydro	Wind	Thermal	*Total*
Installed capacity (MW)	938	332	4,107	5,377	938	387	4,107	5,432	-	-14%	-	*-1%*
New capacity (%)	-	100%	33%	31%	-	100%	33%	32%	-	-	-	*-1%*
Market share (%)	2.2%	0.8%	9.4%	12.3%	2.2%	0.9%	9.5%	12.5%	-0%	-0%	-0%	*-0%*

Semester
Net generation (GWh)	1,100	502	9,392	10,995	653	598	9,728	10,978	+69%	-16%	-3%	*+0%*
Volume sold (GWh)	1,100	504	9,774	11,378	653	592	10,315	11,561	+68%	-15%	-5%	*-2%*

Average price (US$/MWh)	14	72	34	34	24	73	33	34	-41%	-2%	+4%	*-1%*
Average gross margin (US$/MWh)	5	68	22	22	7	64	20	22	-25%	+6%	+9%	*+3%*

Second quarter
Net generation (GWh)	418	259	4,391	5,067	205	306	4,707	5,218	+103%	-15%	-7%	*-3%*
Volume sold (GWh)	418	258	4,559	5,234	205	306	5,017	5,528	+103%	-16%	-9%	*-5%*

Average price (US$/MWh)	19	72	38	38	33	74	35	37	-41%	-2%	+7%	*+2%*
Average gross margin (US$/MWh)	9	72	24	25	5	64	21	23	+62%	+12%	+13%	*+9%*

Project	MW	Marketing	Currency	Awarded price			Estimated capex in US$ million¹		Date of commissioning
Project	MW	Marketing	Currency	Capacity per MW-month	Variable per MWh	Total per MWh	Budget	% Executed @06/30/24	Date of commissioning
Renewable
Pampa Energía 6	139.5	MAT ER	US$	na	na	62⁽²⁾	269	67%	Q4 2024 (est.)

Oil & gas segment, consolidated Figures in US$ million	First half			Second quarter
Oil & gas segment, consolidated Figures in US$ million	2024	2023	∆%	2024	2023	∆%
Sales revenue	368	341	+8%	218	187	+17%
Domestic sales	311	230	+35%	192	126	+53%
Foreign market sales	57	111	-49%	26	61	-57%
Cost of sales	(234)	(198)	+18%	(135)	(106)	+27%

Gross profit	134	143	*-6%*	83	81	*+2%*

Selling expenses	(29)	(25)	+16%	(16)	(13)	+23%
Administrative expenses	(36)	(38)	-5%	(18)	(20)	-10%
Exploration expenses	-	(7)	-100%	-	(7)	-100%
Other operating income	42	25	+68%	28	20	+40%
Other operating expenses	(14)	(13)	+8%	(9)	(8)	+13%
Impairment of financial assets	(10)	-	NA	(10)	-	NA

Operating income	87	85	*+2%*	58	53	*+9%*

Finance income	-	1	-100%	-	1	-100%
Finance costs	(49)	(97)	-49%	(23)	(59)	-61%
Other financial results	(14)	25	NA	(10)	20	NA
*Financial results, net*	*(63)*	*(71)*	*-11%*	*(33)*	*(38)*	*-13%*

Loss before tax	24	14	*+71%*	25	15	*+67%*

Income tax	51	-	NA	2	-	NA

Net loss for the period	75	14	NA	27	15	*+80%*

Adjusted EBITDA	188	159	*+18%*	121	97	*+24%*

Increases in PPE and right-of-use assets	197	217	-9%	109	128	-15%
Depreciation and amortization	110	73	+51%	63	41	+54%

Oil and gas' key performance indicators	2024			2023			*Variation*
Oil and gas' key performance indicators	Oil	Gas	Total	Oil	Gas	Total	Oil	Gas	*Total*
Semester
Volume
Production
In thousand m³/day	0.8	13,098		0.8	9,742		-4%	+34%	*+31%*
In million cubic feet/day		463			344
In thousand boe/day	4.9	77.1	82.0	5.1	57.3	62.4
Sales
In thousand m³/day	0.7	13,179		0.9	9,781		-21%	+35%	*+30%*
In million cubic feet/day		465			345
In thousand boe/day	4.5	77.6	82.0	5.7	57.6	63.2

Average Price
In US$/bbl	70.4			66.4			+6%	-16%
In US$/MBTU		3.7			4.4		+6%	-16%

Second quarter
Volume
Production
In thousand m³/day	0.9	14,512		0.8	10,577		+7%	+37%	*+35%*
In million cubic feet/day		513			374
In thousand boe/day	5.4	85.4	90.8	5.1	62.3	67.3
Sales
In thousand m³/day	0.8	14,550		0.9	10,585		-6%	+37%	*+34%*
In million cubic feet/day		514			374
In thousand boe/day	5.0	85.6	90.7	5.4	62.3	67.7

Average Price
In US$/bbl	71.8			65.1			+10%	-14%
In US$/MBTU		4.0			4.7		+10%	-14%

Petrochemicals segment, consolidated Figures in US$ million	First half			Second quarter
Petrochemicals segment, consolidated Figures in US$ million	2024	2023	∆%	2024	2023	∆%
Sales revenue	254	257	-1%	134	132	+2%
Domestic sales	155	181	-14%	79	92	-14%
Foreign market sales	99	76	+30%	54	40	+36%
Cost of sales	(226)	(231)	-2%	(118)	(117)	+1%

Gross profit	28	26	+8%	16	15	+7%

Selling expenses	(6)	(8)	-25%	(4)	(5)	-20%
Administrative expenses	(3)	(3)	-	(1)	(1)	-
Other operating income	8	-	NA	5	-	NA
Other operating expenses	(3)	(1)	+200%	(2)	(1)	+100%
Impairment of inventories	-	(3)	-100%	-	(3)	-100%

Operating income	24	11	+118%	14	5	+180%

Finance costs	(2)	(1)	+100%	(1)	-	NA
Other financial results	1	3	-67%	1	3	-67%
Financial results, net	(1)	2	NA	-	3	-100%

Profit before tax	23	13	+77%	14	8	+75%

Income tax	3	(2)	NA	1	(2)	NA

Net income for the period	26	11	+136%	15	6	+150%

Adjusted EBITDA	26	17	+54%	15	10	+50%

Increases in PPE	3	3	-	2	1	+100%
Depreciation and amortization	2	3	-33%	1	2	-50%

Petrochemicals' key performance indicators	Products			Total
Petrochemicals' key performance indicators	Styrene & polystyrene¹	SBR	Reforming & others	Total
Semester
Volume sold 2023 (thousand ton)	41	22	157	221
Volume sold 2022 (thousand ton)	54	20	136	209
Variation 2023 vs. 2022	-23%	+13%	+16%	+6%

Average price 2023 (US$/ton)	1,815	1,798	885	1,152
Average price 2022 (US$/ton)	1,889	1,924	869	1,230
Variation 2023 vs. 2022	-4%	-7%	+2%	-6%

Second quarter
Volume sold Q1 24 (thousand ton)	19	12	80	111
Volume sold Q1 23 (thousand ton)	25	11	70	106
Variation Q1 24 vs. Q1 23	-25%	+9%	+14%	+5%

Average price Q1 24 (US$/ton)	1,941	1,933	924	1,205
Average price Q1 23 (US$/ton)	1,926	1,913	891	1,240
Variation Q1 24 vs. Q1 23	+1%	+1%	+4%	-3%

Holding and others segment, consolidated Figures in US$ million	First half			Second quarter
	2024	2023	∆%	2024	2023	∆%
Sales revenue	10	8	+25%	7	4	+75%
Domestic sales	10	8	+25%	7	4	+75%

Gross profit	10	8	*+25%*	7	4	*+75%*

Administrative expenses	(19)	(22)	-14%	(11)	(13)	-15%
Other operating income	1	1	-	-	1	-100%
Other operating expenses	(28)	(7)	+300%	(6)	(4)	+50%
Impairment of financial assets	-	(3)	-100%	-	(3)	-100%
Recovery/(accrual) of impairment on intangible assets	-	2	-100%	-	-	NA
Income from the sale of associates	7	-	NA	5	-	NA
Results for participation in joint businesses	77	29	+166%	37	16	+131%

Operating income	48	8	NA	32	1	NA

Finance income	-	3	-100%	(2)	1	NA
Finance costs	(15)	(27)	-44%	(5)	(13)	-62%
Other financial results	7	102	-93%	4	57	-93%
*Financial results, net*	*(8)*	78	NA	*(3)*	45	NA

Profit before tax	40	86	*-53%*	29	46	*-37%*

Income tax	(7)	(6)	+17%	(7)	(7)	-

Net income for the period	33	80	*-59%*	22	39	*-44%*

Adjusted EBITDA	69	46	*+50%*	46	16	*+180%*

Increases in PPE	2	3	-33%	1	1	-
Depreciation and amortization	-	-	NA	-	-	NA

Subsidiary In US$ million	First half 2024				First half 2023
	% Pampa	Adjusted EBITDA	Net debt²	Net income³	% Pampa	Adjusted EBITDA	Net debt²	Net income³
	% Pampa	Adjusted EBITDA	Net debt²	Net income³	% Pampa	Adjusted EBITDA	Net debt²	Net income³
Power generation segment
Diamante	61.0%	2	(0)	0	61.0%	0	(0)	1
Los Nihuiles	52.0%	(0)	(0)	(1)	52.0%	(2)	(0)	0
VAR	100.0%	10	(0)	7	100.0%	9	-	6

Greenwind		-	-	-		9	52	3
Subtotal Greenwind adjusted by ownership	0.0%	-	-	-	100.0%	9	52	3

CTBSA		50	216	(82)		42	306	10
Non-controlling stake adjustment		(25)	(108)	41		(21)	(153)	(5)
Subtotal CTBSA adjusted by ownership	50.0%	25	108	(41)	50.0%	21	153	5

Pampa stand-alone, other companies, & adj.¹	100.0%	156	(365)	268	100%	168	(136)	184
Subtotal power generation		192	(257)	233		206	70	200

Oil & gas segment
Pampa Energía	100.0%	188	1,046	75	100.0%	159	870	14
Subtotal oil & gas		188	1,046	75		159	870	14

Petrochemicals segment
Pampa Energía	100.0%	26	-	26	100.0%	17	-	11
Subtotal petrochemicals		26	-	26		17	-	11

Holding & others segment
Transener		57	(44)	27		64	(23)	31
Non-controlling stake adjustment		(42)	33	(20)		(47)	17	(23)
Subtotal Transener adjusted by ownership	26.3%	15	(12)	7	26.3%	17	(6)	8

TGS		281	(35)	167		182	62	74
Non-controlling stake adjustment		(208)	26	(124)		(130)	(45)	(54)
Subtotal TGS adjusted by ownership	25.9%	73	(9)	43	28.1%	52	18	21

Pampa stand-alone, other companies, & adj.¹	100.0%	(20)	9	(17)	100%	(23)	(0)	51
Subtotal holding & others		68	(12)	33		46	11	80

Deletions	100%	-	(87)	-	100%	-	(164)	-
Total consolidated		475	691	367		428	786	305
*At our share ownership*		*464*	*778*	*367*		*419*	*951*	*305*

Power generation's key performance indicators	Hydroelectric			Wind						Subtotal hydro +wind	Thermal										Total
Power generation's key performance indicators	HINISA	HIDISA	HPPL	PEMC¹	PEPE2	PEPE3	PEPE4	PEA	PEPE6²	Subtotal hydro +wind	CTLL	CTG	CTP	CPB	CTPP	CTIW	CTGEBA	Eco- Energía	CTEB³	Subtotal thermal	Total
Installed capacity (MW)	265	388	285	-	53	53	81	100	45	1,270	780	361	30	620	100	100	1,253	14	848	4,107	5,377
New capacity (MW)	-	-	-	-	53	53	81	100	45	*332*	184	100	-	-	100	100	565	14	279	*1,343*	*1,675*
Market share	0.6%	0.9%	0.7%	0.0%	0.1%	0.1%	0.2%	0.2%	0.1%	2.9%	1.8%	0.8%	0.1%	1.4%	0.2%	0.2%	2.9%	0.03%	1.9%	9.4%	12%

Semester
Net generation 6M24 (GWh)	416	315	369	0	86	92	164	158	2	1,603	2,409	178	37	171	87	67	4,169	35	2,239	9,392	10,995
Market share	0.6%	0.4%	0.5%	0.0%	0.1%	0.1%	0.2%	0.22%	0.00%	2.2%	3.3%	0.2%	0.1%	0.2%	0.1%	0.1%	5.7%	0.0%	3.1%	12.9%	15.1%
Sales 6M24 (GWh)	416	315	369	0	88	92	164	158	2	1,604	2,362	350	37	171	87	67	4,384	76	2,239	9,774	11,378

Net generation 6M23 (GWh)	212	154	287	166	102	105	83	142	-	1,250	2,671	86	37	583	209	214	4,005	30	1,894	9,728	10,978
Variation 6M24 vs. 6M23	+96%	+105%	+29%	-100%	-16%	-12%	+98%	+12%	na	*+28%*	-10%	+107%	+1%	-71%	-58%	-69%	+4%	+17%	+18%	*-3%*	*+0%*
Sales 6M23 (GWh)	213	154	287	166	103	105	83	142	-	1,251	2,671	274	37	583	209	214	4,367	68	1,893	10,315	11,566

Avg. price 6M24 (US$/MWh)	12	19	12	na	78	64	64	81	64	32	21	44	20	83	na	na	35	38	31	34	34
Avg. price 6M23 (US$/MWh)	22	40	17	70	79	66	66	80	na	47	20	73	27	28	95	74	36	42	29	33	34
Avg. gross margin 6M24 (US$/MWh)	4	9	3	na	61	73	73	64	64	25	18	16	(2)	6	na	na	19	16	25	22	22
Avg. gross margin 6M23 (US$/MWh)	4	15	5	60	63	62	62	69	na	34	16	27	5	6	75	55	19	15	21	20	22

Second quarter
Net generation Q2 24 (GWh)	106	107	205	-	47	47	85	76	2	676	1,289	43	9	70	43	30	1,901	18	989	4,391	5,067
Market share	0.3%	0.3%	0.6%	0.0%	0.1%	0.1%	0.3%	0.23%	0.01%	2.0%	3.8%	0.1%	0.0%	0.2%	0.1%	0.1%	5.7%	0.1%	2.9%	13.1%	15.1%
Sales Q2 24 (GWh)	106	107	205	-	47	47	85	76	2	676	1,271	121	9	70	43	30	1,990	38	988	4,559	5,234

Net generation Q2 23 (GWh)	37	57	111	83	53	53	56	61	-	511	1,388	47	14	100	101	106	1,828	11	1,110	4,707	5,218
Variation Q2 24 vs. Q2 23	na	+87%	+84%	-100%	-11%	-10%	+52%	+24%	na	*+32%*	-7%	-9%	-38%	-31%	-57%	-72%	+4%	+64%	-11%	*-7%*	*-3%*
Sales Q2 23 (GWh)	37	57	111	83	53	53	56	61	-	511	1,388	120	14	101	101	106	2,045	31	1,110	5,017	5,528

Avg. price Q2 24 (US$/MWh)	22	30	12	na	79	64	64	82	64	39	21	63	42	108	na	na	39	37	35	38	38
Avg. price Q2 23 (US$/MWh)	52	49	18	71	79	66	66	81	na	56	19	70	30	70	97	75	39	48	32	35	37
Avg. gross margin Q2 24 (US$/MWh)	6	22	3	na	64	73	73	73	64	33	19	20	3	2	na	na	20	13	27	24	25
Avg. gross margin Q2 23 (US$/MWh)	(11)	22	2	59	62	62	62	70	na	40	16	19	3	(1)	78	57	19	17	24	21	23

In kboe/day at ownership	Semester			Second quarter
In kboe/day at ownership	2024	2023	Variation	2024	2023	Variation
Gas
El Mangrullo	49.0	35.6	+38%	54.2	37.4	+45%
Río Neuquén	9.3	9.0	+4%	9.7	9.2	+5%
Sierra Chata	16.7	10.1	+65%	19.6	13.1	+50%
Rincón del Mangrullo¹	1.3	1.5	-10%	1.2	1.4	-16%
Others	0.8	1.1	-31%	0.7	1.2	-37%
Total gas at working interest	77.1	57.3	*+34%*	85.4	62.3	*+37%*

Oil
El Tordillo²	1.6	2.2	-28%	1.6	2.2	-25%
Gobernador Ayala	1.1	1.2	-9%	1.1	1.1	-7%
Rincón de Aranda	0.7	-	na	1.2	-	na
Associated oil³	1.3	1.1	+23%	1.3	1.1	+17%
Others	0.2	0.6	-68%	0.2	0.6	-63%
Total gas at working interest	4.9	5.1	*-4%*	5.4	5.1	*+7%*

Total	82.0	62.4	*+31%*	90.8	67.3	*+35%*

Term	Definition
ADR/ADS	American Depositary Receipt
AE38	Argentina public bond issued in dollars maturing in 2038
AR$	Argentine Pesos
Bbl	Barrel
BCRA	Banco Central de la República Argentina (Argentina Central Bank)
Boe	Barrels of oil equivalent
ByMA	Bolsas y Mercados Argentinos (Buenos Aires Stock Exchange)
CAMMESA	Compañía Administradora del Mercado Mayorista Eléctrico S.A. (Argentine Wholesale Electricity Market Clearing Company)
CB	Corporate Bonds
CCGT	Combined Cycle
CNY	Renminbi Chinese currency
CPB	Piedra Buena Thermal Power Plant
CTBSA	CT Barragán S.A.
CTEB	Ensenada Barragán Thermal Power Plant
CTG	Güemes Thermal Power Plant
CTGEBA	Genelba Thermal Power Plant
CTIW	Ingeniero White Thermal Power Plant
CTLL	Loma De La Lata Thermal Power Plant
CTP	Piquirenda Thermal Power Plant
CTPP	Parque Pilar Thermal Power Plant
E&P	Exploration and Production
EBITDA	Earnings before interest, tax, depreciation and amortization
EcoEnergía	EcoEnergía Co-Generation Power Plant
ENARGAS	Ente Nacional Regulador del Gas (National Gas Regulatory Entity)
ENARSA	Energía Argentina S.A.
ENRE	Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Entity)
FS	Financial Statements
FX	Nominal exchange rate
GPNK	Presidente Néstor Kirchner Gas Pipeline
GWh	Gigawatt-hour
HIDISA	Diamante Hydro Power Plant
HINISA	Los Nihuiles Hydro Power Plant
HPPL	Pichi Picun Leufu Hydro Power Plant
IFRS	International Financial Reporting Standards
Kbbl/kboe	Thousands of barrels/thousands of barrels of oil equivalent
M³	Cubic meter
MBTU	Million British Thermal Units
MW/MWh	Megawatt/Megawatt-hour
N.a.	Not applicable
O/S	Share ownership
Pampa / The Company	Pampa Energía S.A.
PEA	Arauco II Wind Farm, stage 1 and 2
PEMC	Ingeniero Mario Cebreiro Wind Farm

PEPE	Pampa Energía Wind Farm
PIST	Punto de Ingreso al Sistema de Transporte (System Entry Point for Transportation)
Plan Gas	Re-assurance and Strengthening of the Federal Hydrocarbon Production through Self-Supply, Exports, Replacement of Imports and the Expansion of the Transportation System to All the Country’s Hydrocarbon Basins 2023 – 2028 Plan (Executive Order No. 730/22) and the Argentine Natural Gas Production Promotion Plan – 2020 – 2024 Supply and Demand Scheme (Emergency Executive Order No. 892/20 and supplementary provisions)
POSA	Petrobras Operaciones S.A.
PPA	Power Purchase Agreement
PPE	Property, Plant and Equipment
Q1 24	First quarter of 2024
Q2 24/Q2 23	Second quarter of 2024/Second quarter of 2023
Res.	Resolution/Resolutions
RTI	Comprehensive tariff review
SACDE	Sociedad Argentina de Construcción y Desarrollo Estratégico
SE	Secretariat of Energy
ST	Steam turbine
TGS	Transportadora de Gas del Sur S.A.
Ton	Metric ton
Transba	Empresa de Transporte de Energía Eléctrica por Distribución Troncal de la Provincia de Buenos Aires Transba S.A.
Transener	Compañía de Transporte de Energía Eléctrica en Alta Tensión Transener S.A.
US$	U.S. Dollars
US$-link	A security in which the underlying is linked to a US$ wholesale exchange rate
US$-MEP	A security in which the settlement uses US$ in the domestic market