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Pampa Energia Announces First Quarter 2024 Results

BUENOS AIRES, ARGENTINA / ACCESSWIRE / May 7, 2024 / Pampa Energía S.A. (NYSE: PAM)(BCBA:PAMP), an independent company with active participation in the Argentine electricity and gas value chain, announces the results for the first quarter ended on March 31, 2024.

Pampa's financial information adopts US$ as functional currency, converted into AR$ at transactional FX. However, Transener and TGS adjust their figures for inflation as of March 31, 2024, which are expressed in US$ at the period's closing FX. The previously reported figures remain unchanged.

First quarter 2024 (‘Q1 24') main results1

7% year-on-year sales decrease, recording US$401 million2 in Q1 24, explained by a drop in spot and petrochemical prices and lower gas exports and crude oil sales, partially offset by higher domestic gas sales due to better demand and the commissioning of Presidente Nestor Kirchner Gas Pipeline ('GPNK').

Operating performance highlighted by growing gas production:

Pampa's main operational KPIs
Q1 24 Q1 23 Variation
Power
Generation (GWh)
5,928 5,760 +3 %
Gross margin (US$/MWh)
20.2 20.8 -3 %
Oil and gas
Production (k boe/day)
73.1 57.5 +27 %
Gas over total production
94 % 91 % +3 %
Average gas price (US$/MBTU)
3.2 4.0 -18 %
Average oil price (US$/bbl)
68.6 67.7 +1 %

Petrochemicals
Volume sold (k ton)
110 103 +7 %
Average price (US$/ton)
1,098 1,219 -10 %

Adjusted EBITDA3 reached US$189 million in Q1 24, an 8% decrease compared to Q1 23, mainly explained by a 22% reduction in power generation due to credit impairment on the January invoice to CAMMESA and a 22% reduction in holding and others, offset by improvements of 14% in oil and gas and 58% in petrochemicals.

Net profit attributable to the Company's shareholders of US$267 million, 89% higher than in Q1 23, mainly explained by higher non-cash credit on deferred income tax due to higher inflation than AR$ devaluation, also positively impacted our affiliates' equity income. These effects were offset by the impairment of CAMMESA receivables and lower sales and devaluation profit from AR$ debt.

Net debt increased to US$718 million, resulting in a net leverage ratio of 1.1x, mainly due to the substantial delays in the payment collections from CAMMESA.

_________________________________
1 The information is based on financial statements ('FS') prepared according to International Financial Reporting Standards ('IFRS') in force in Argentina.
2 It does not include sales from the affiliates CTBSA, Transener and TGS, shown as 'Results for participation in joint businesses and associates'.
3 Consolidated adjusted EBITDA represents the flows before financial items, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income, and includes affiliates' EBITDA at our ownership. Further information on section 3.1.

Consolidated balance sheet
(As of March 31, 2024 and December 2023, in millions)


Consolidated income statement
(For the quarters ended on March 31, 2024 and 2023, in millions)

Note: 1 It considers the Employee stock-based compensation plan shares, which amounted to 3.9 million common shares as of March 31, 2023 and 2024.

For the full version of the Earnings Report, please visit Pampa's Investor Relations website: ri.pampa.com/en.

Information about the videoconference

There will be a videoconference to discuss Pampa's Q1 24 results on Wednesday, May 8, 2024, at 10:00 a.m. Eastern Standard Time/11:00 a.m. Buenos Aires Time. The hosts will be Gustavo Mariani, CEO, Nicolás Mindlin, CFO, Horacio Turri, executive director of E&P and Lida Wang, investor relations and sustainability officer at Pampa.

For those interested in participating, please register here.

For further information about Pampa:


SOURCE: 1/3 Pampa Energía S.A.



View the original press release on accesswire.com

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