0001292814-22-002274.txt : 20220512 0001292814-22-002274.hdr.sgml : 20220512 20220512161317 ACCESSION NUMBER: 0001292814-22-002274 CONFORMED SUBMISSION TYPE: 6-K PUBLIC DOCUMENT COUNT: 6 CONFORMED PERIOD OF REPORT: 20220331 FILED AS OF DATE: 20220512 DATE AS OF CHANGE: 20220512 FILER: COMPANY DATA: COMPANY CONFORMED NAME: Pampa Energy Inc. CENTRAL INDEX KEY: 0001469395 STANDARD INDUSTRIAL CLASSIFICATION: ELECTRIC SERVICES [4911] IRS NUMBER: 000000000 STATE OF INCORPORATION: C1 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 6-K SEC ACT: 1934 Act SEC FILE NUMBER: 001-34429 FILM NUMBER: 22917939 BUSINESS ADDRESS: STREET 1: MAIPU 1 CITY: CITY OF BUENOS AIRES STATE: C1 ZIP: C1084ABA BUSINESS PHONE: 54-11-4809-9500 MAIL ADDRESS: STREET 1: MAIPU 1 CITY: CITY OF BUENOS AIRES STATE: C1 ZIP: C1084ABA 6-K 1 pampr1q22_6k.htm 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 May, 2022

(Commission File No. 001-34429),

 

PAMPA ENERGIA S.A.
(PAMPA ENERGY INC.)

 

Argentina

(Jurisdiction of incorporation or organization)

 

Maipú 1
C1084ABA
City of Buenos Aires
Argentina

(Address of principal executive offices)

 

(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 ___X___ Form 40-F ______

(Indicate by check mark whether the registrant by furnishing the
information contained in this form is also thereby furnishing the
information to the Commission pursuant to Rule 12g3-2(b) under
the Securities Exchange Act of 1934.)

Yes ______ No ___X___

(If "Yes" is marked, indicate below the file number assigned to the
registrant in connection with Rule 12g3-2(b): 82- .)

 

  

 
 

 

This Form 6-K for Pampa Energía S.A. (“Pampa” or the “Company”) contains:

Exhibit 1: Earnings release March 2022

 
 


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: May 12, 2022

 

Pampa Energía S.A.
     
     
By:

/s/ Gustavo Mariani

  
 

Name: Gustavo Mariani

Title:   Chief Executive Officer

  

 

 

FORWARD-LOOKING STATEMENTS

 

This press release may contain forward-looking statements. These statements are statements that are not historical facts, and are based on management's current view and estimates offuture economic circumstances, industry conditions, company performance and financial results. The words "anticipates", "believes", "estimates", "expects", "plans" and similar expressions, as they relate to the company, are intended to identify forward-looking statements. Statements regarding the declaration or payment of dividends, the implementation of principal operating and financing strategies and capital expenditure plans, the direction of future operations and the factors or trends affecting financial condition, liquidity or results of operations are examples of forward-looking statements. Such statements reflect the current views of management and are subject to a number of risks and uncertainties. There is no guarantee that the expected events, trends or results will a ctually occur. The statements are based on many assumptions and factors, including general economic and market conditions, industry conditions, and operating factors. Any changes in such assumptions or factors could cause actual results to differ materially from current expectations.

 

 

 EX-99.1 2 ex99-1.htm EX-99.1

 

Pampa Energía, an independent company with active participation in Argentina’s electricity and gas value chain, announces the results for the quarter ended on March 31, 2022.

 

Buenos Aires, May 12, 2022

 

 

 

Stock information

 

 

Share capital net of repurchases and reductions,
as of May 11, 2022:
1,383.6 million common shares/
55.3 million ADSs

Market capitalization:
AR$243 billion/US$1,158 million

Information about the videoconference

Date and time: Friday, May 13 10 AM Eastern Standard Time
11 AM Buenos Aires Time

Access link:
bit.ly/Pampa1Q22VC

For further information about Pampa 

· Email:

investor@pampaenergia.com

· Website for investors:

ri.pampaenergia.com/en

· Argentina’s Securities and Exchange Commission:

www.argentina.gob.ar/cnv

· Securities and Exchange Commission:

sec.gov

  

Basis of presentation

Pampa’s financial information adopts US$ as functional currency, and it is expressed in AR$ at transactional FX. However, our affiliates Transener, TGS and Refinor report in local currency. Hence, their figures are adjusted by inflation as of March 31, 2022, except for previous periods already reported.

Main results from the quarter[1]

28% year-on-year increase in sales, recording US$412 million[2] in Q1 22, explained by higher gas volumes and prices, petrochemical products prices and legacy energy sales, partially offset by the PPA maturity at CTLL’s ST.

  Pampa's main operational KPIs Q1 22 Q1 21 Variation
  Power Generation (GWh) 4,892 4,443 +10%
    Gross margin (US$/MWh) 28.9 30.0 -4%
           
  Hydrocarbon Production (k boe/day) 57.5 43.8 +32%
    Gas over total production 91% 90% +1%
    Average gas price (US$/MBTU) 3.5 2.8 +27%
    Average oil price (US$/bbl) 69.0 55.4 +25%
           
  Petrochemicals Volume sold (k ton) 91 98 -7%
    Average price (US$/ton) 1,382 1,052 +31%
           
 

Excellent operating performance, led by hydrocarbon exports and higher thermal generation, above national growth, despite seasonality.

11% year-on-year increase in the adjusted EBITDA[3], recording US$226 million in Q1 22, explained by increases of US$23 million in oil and gas, US$6 million in power generation and US$5 million in holding and others, offset by a decrease of US$12 million in petrochemicals.

Pampa recorded a consolidated profit attributable to the Company’s shareholders of US$99 million, US$66 million higher than Q1 21, mainly due to better operating margin in oil and gas, and lower losses from the holding of financial securities.

Consolidated net debt decreased to US$845 million.

 

 

 

[1] The information is based on FS prepared according to IFRS in force in Argentina. Only continuing operations are considered.

[2] It does not include sales from the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener and TGS, which at our ownership account for US$139 million. Under IFRS they are not consolidated in Pampa, thus shown as ‘Results for participation in joint businesses and associates’.

[3] Consolidated adjusted EBITDA represents the results before financial results, income tax, depreciations and amortizations, extraordinary and non-cash income and expense, equity income and other adjustments from the IFRS implementation, and includes affiliates’ EBITDA at our ownership. For further information, see section 3 of this Earnings Release.

 

Pampa Energía ● Q1 22 Earning release ● 1  

 

 

Table of contents

Basis of presentation 1
Main results from the quarter 1
1.   Relevant events 3
1.1   Power generation segment 3
1.2   Other events 3
2.   Financial highlights 5
2.1   Consolidated balance sheet 5
2.2   Consolidated income statement 6
2.3   Cash and financial borrowings 7
2.4   Buyback of own financial securities 9
3.   Analysis of the Q1 22 results 10
3.1   Reconciliation of consolidated adjusted EBITDA 10
3.2   Analysis of the power generation segment 11
3.3   Analysis of the oil and gas segment 13
3.4   Analysis of the petrochemicals segment 15
3.5   Analysis of the holding and others segment 16
3.6   Analysis of the quarter, by subsidiary and segment 17
4.   Appendix 18
4.1   Power generation main operational KPIs 18
4.2   Oil and gas production in the main areas 19
5.   Glossary of terms 19


 

 

Pampa Energía ● Q1 22 Earning release ● 2  

 

1.Relevant events
1.1Power generation segment

Pricing update for legacy energy (‘spot’ or without PPA)

Through SE Res. No. 238/22 of April 21, 2022, a 30% increase, retroactive as of February 2022, and a 10% increase as of June 2022, were established for the legacy energy.

Moreover, the load factor mechanism set by SE Res. No. 440/21 was permanently eliminated (thus, CAMMESA should pay 100% of the power capacity remuneration), and the additional and transitionary remuneration set by SE Res. No. 1037/21 was rendered ineffective as from February 2022.

Maturity of PPA at CTEB

After fulfilling the 10-year PPA under SE Res. No. 220/07, CTEB’s installed capacity of 567 MW started to bill under spot energy scheme as from April 27, 2022, 12 am.

1.2Other events

Transfer of assets in Venezuela

On May 6, 2022, Pampa transferred all the rights and obligations to Integra Petróleo y Gas S.A. (the ‘Assignee’) for its direct and indirect stake in certain mixed companies in Venezuela. Through these companies, Pampa holds stake in the following hydrocarbon blocks: Oritupano Leona (22%), La Concepción (36%), Acema and Mata (34.49% each).

In return, the Assignee will pay Pampa 50% of any compensation, either monetary or in kind, related to these mixed companies and blocks. This transaction is subject to the approval of the change of control by the Minister of Popular Power for Petroleum of the Bolivarian Republic of Venezuela.

TGS: Vaca Muerta midstream service expansion

On March 22, 2022, TGS and the Province of Neuquén executed a supplementary memorandum of understanding, extending the concession granted to TGS under the investment plan for the development of Vaca Muerta. The construction and operation of the new gas pipeline under this concession will have a 32.1 kilometers extension, from Los Toldos block to El Trapial, and will allow for the transportation of up to 17 million m3/day of natural gas. The commissioning is expected for June 2023 and the investment reaches approximately US$48 million.

 

Pampa Energía ● Q1 22 Earning release ● 3  

 

Therefore, TGS continues consolidating its commitment to the country’s energy supply, providing efficient solutions to natural gas producers through a large scale infrastructure.

Currently, the gathering gas pipeline of TGS in the Vaca Muerta formation has a 147 kilometers extension, with a transportation capacity of 60 million m3/day, and a plant in Tratayén with a current conditioning capacity of 7.8 million m3/day. This plant has an ongoing expansion project to add 7 million m3/day in 2022 and 6.6 million m3/day in mid-2023, with a total investment that will exceed US$110 million.

Transener: tariff situation

On May 9, 2022, ENRE Res. No. 147/22 and 148/22 were issued, partially upholding the motions for reconsideration filed by Transener and Transba. Therefore, Transener and Transba’s August 2019 tariff schemes were adjusted by 67% and 69%, respectively, retroactive to February 1, 2022 (replacing the 25% and 23% of ENRE Res. No. 68/22 and 69/22).

Appointment of Board members[4]

Pampa’s Shareholders’ Meeting held on April 27, 2022, approved the renewal of Carlos Correa Urquiza, Juan Santiago Fraschina and Darío Epstein (independents); and the appointment of Carolina Zang (independent), replacing Gabriel Cohen (non-independent).

Consequently, 50% of the Board is comprised of independent Directors and three out of the ten positions are female directors.

[4] For further information, see Board of Directors.

 

Pampa Energía ● Q1 22 Earning release ● 4  

 

2.Financial highlights
2.1Consolidated balance sheet
Figures in million   As of 3.31.2022   As of 12.31.2021
  AR$ US$ FX 111.01   AR$ US$ FX 102.72
ASSETS            
Property, plant and equipment   186,940 1,684   170,390 1,659
Intangible assets   4,262 38   3,956 39
Right-of-use assets   1,107 10   1,231 12
Deferred tax asset   15,477 139   8,675 84
Investments in joint ventures and associates   92,220 831   79,500 774
Financial assets at amortized cost   11,700 105   10,821 105
Financial assets at fair value through profit and loss   3,239 29   2,998 29
Other assets   64 1   61 1
Trade and other receivables   3,203 29   3,379 33
Total non-current assets   318,212 2,867   281,011 2,736
Inventories   19,973 180   15,888 155
Financial assets at amortized cost   580 5   537 5
Financial assets at fair value through profit and loss   52,192 470   47,026 458
Derivative financial instruments   126 1   16 0
Trade and other receivables   45,082 406   40,892 398
Cash and cash equivalents   14,624 132   11,283 110
Total current assets   132,577 1,194   115,642 1,126
Total assets   450,789 4,061   396,653 3,861
             
EQUITY            
Equity attributable to owners of the company   213,213 1,921   183,431 1,786
Non-controlling interest   811 7   609 6
Total equity   214,024 1,928   184,040 1,792
             
LIABILITIES            
Investments in joint ventures   385 3   386 4
Provisions   15,622 141   14,444 141
Income tax and presumed minimum income tax liabilities   19,685 177   19,287 188
Defined benefit plans   2,822 25   2,419 24
Borrowings   153,448 1,382   139,630 1,359
Other payables   2,177 20   1,340 13
Total non-current liabilities   194,139 1,749   177,506 1,728
Provisions   599 5   560 5
Income tax liabilities   7,589 68   2,098 20
Taxes payables   2,831 26   2,314 23
Defined benefit plans   472 4   515 5
Salaries and social security payable    1,983 18   2,876 28
Derivative financial instruments   - -   18 0
Borrowings   7,746 70   8,165 79
Trade and other payables   21,406 193   18,561 181
Total current liabilities   42,626 384   35,107 342
Total liabilities   236,765 2,133   212,613 2,070
             
Total liabilities and equity   450,789 4,061   396,653 3,861

 


 

Pampa Energía ● Q1 22 Earning release ● 5  

 

2.2Consolidated income statement

    First quarter
Figures in million   2022   2021
    AR$ US$   AR$ US$
Sales revenue   44,011 412   28,635 321
Cost of sales   (26,387) (248)   (16,353) (185)
             
Gross profit   17,624 164   12,282 136
             
Selling expenses   (1,920) (19)   (542) (7)
Administrative expenses   (3,529) (32)   (2,016) (23)
Exploration expenses   (8) -   (7) -
Other operating income   1,300 11   976 11
Other operating expenses   (1,668) (15)   (3,050) (33)
Impairment of financial assets   (127) (1)   (103) (1)
Impairment of PPE, intangible assets and inventories   (9) -   - -
Results for part. in joint businesses and associates   2,682 25   2,226 26
             
Operating income   14,345 133   9,766 109
             
Financial income   246 3   165 2
Financial costs   (4,195) (39)   (3,986) (45)
Other financial results   (289) (2)   (2,061) (24)
Financial results, net   (4,238) (38)   (5,882) (67)
             
Profit before tax   10,107 95   3,884 42
             
Income tax   347 5   (715) (8)
             
Net income for continuing operations   10,454 100   3,169 34
             
Net income (loss) from discontinued operations   - -   525 5
             
Net income (loss) for the period   10,454 100   3,694 39
Attributable to the owners of the Company   10,304 99   3,152 33
Continuing operations   10,304 99   3,150 34
Discontinued operations   - -   2 (1)
Attributable to the non-controlling interests   150 1   542 6
             
Net income (loss) per share attributable to shareholders   7.45 0.07   2.21 0.02
From continuing operations   7.45 0.07   2.21 0.02
From discontinued operations   - -   0.001 (0.001)
             
Net income (loss) per ADR attributable to shareholders   186.18 1.79   55.29 0.58
From continuing operations   186.18 1.79   55.25 0.60
From discontinued operations   - -   0.04 (0.02)
             
Average outstanding common shares   1,383.6   1,425.3
Outstanding common shares by the end of period   1,383.6   1,410.5

 

Pampa Energía ● Q1 22 Earning release ● 6  

 

2.3Cash and financial borrowings
As of March 31, 2022,
in US$ million		   Cash1   Financial debt   Net debt
  Consolidated
in FS		 Ownership adjusted   Consolidated
in FS		 Ownership adjusted   Consolidated
in FS		 Ownership adjusted
Power generation   256 252   404 404   148 153
Petrochemicals   - -   - -   - -
Holding and others   106 106   - -   (106) (106)
Oil and gas   245 245   1,048 1,048   802 802
Total under IFRS/Restricted Group   607 603   1,452 1,452   845 849
Affiliates at O/S2   128 128   331 331   203 203
Total with affiliates   735 731   1,783 1,783   1,048 1,052

Note: Financial debt includes accrued interests. 1 It includes cash and cash equivalents, financial assets at fair value with changing results and investments at amortized cost. 2 Under IFRS, the affiliates Greenwind, OldelVal, Refinor, CTBSA, Transener, and TGS are not consolidated in Pampa.

Debt transactions

Pampa’s financial debt at the consolidated level under IFRS slightly increased to US$1,452 million as of March 31, 2022 (+US$13 million vs. closing of 2021). However, in terms of net debt, decreased by US$21 million to US$845 million. The average interest rate for US$-bearing indebtedness was 7.8%, currency in which 97.1% of the Company’s gross debt is denominated, mainly at a fixed rate. AR$ indebtedness’s average interest rate was 40.8%. Pampa’s consolidated financial debt averaged 4.1 years.

The following chart shows principal maturity profile, net of repurchases, in US$ million by the end of Q1 22:

 

 

 

Note: It only considers Pampa consolidated under IFRS; it does not include affiliates TGS, OldelVal, Transener, Greenwind, CTBSA and Refinor.

 

In Q1 22, Pampa issued its first Green Bond (Series VIII CB) for a AR$3,107 million FV, at a variable interest rate of Badlar plus 2%, maturing in July 2023, and took net borrowings for AR$148 million. After the closing of the quarter, Pampa paid at maturity bank loans for AR$1,304 million.

Regarding our affiliates, in Q1 22, Transener paid at maturity bank loans for AR$83 million, and CTBSA paid at maturity US$33.2 million of the syndicated loan. Moreover, CTBSA amended the syndicated loan contract, modifying the amortization schedule for the loan with variable interest rate, being October 1, 2022 the new maturity date, besides replacing the reference interest rate from LIBOR to SOFR. After the closing of the quarter, CTBSA paid at maturity US$4 million of the syndicated loan and Transener paid at maturity borrowings for AR$28 million.

As of this Earnings Release issuance, the Company complies with the covenants established in its debt agreements.

 

Pampa Energía ● Q1 22 Earning release ● 7  

 

Summary of debt securities

Company
In million		 Security Maturity Amount issued Amount outstanding Coupon
In US$          
TGS1 CB at discount at fixed rate 2025 500 470 6.75%
Pampa CB Series T at discount & fixed rate 2023 500 390 7.375%
CB Series I at discount & fixed rate 2027 750 636 7.5%
CB Series III at discount & fixed rate 2029 300 293 9.125%
           
In US$-link          
CTEB1 CB Series I 2023 43 43 4%
CB Series IV 2024 96 96 0%
           
In AR$          
Pampa CB Series VIII (Green Bond) 2023 3,107 3,107 Badlar Privada +2%
           
In UVA          
CTEB1 CB Series II 2024 65 65 4%

Note: 1 According to IFRS, affiliates are not consolidated in Pampa’s FS.

Credit rating

The following table shows the Group’s ratings:

Company Agency Rating
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
Transener FitchRatings2 na A+ (long-term)
CTEB FitchRatings2 na A+

Note: 1 Stand-alone rating. 2 Local ratings issued by FIX SCR.

 

Pampa Energía ● Q1 22 Earning release ● 8  

 

 

2.4Buyback of own financial securities[5]

Pampa

The XI share buyback program terminated on April 2, 2022. Moreover, on May 11, 2022, Pampa’s Board of Directors approved the XII share buyback program.

  XI repurchase program XII repurchase program
Maximum amount to buyback US$30 million US$30 million
Maximum price AR$167/common share or US$19/ADR AR$194/common share or US$22/ADR
Period in force 120 days as from December 3, 2021 120 days as from May 13, 2022
Status Terminated In process

In Q1 22, the Company indirectly acquired 95 thousand ADR at an average price of US$18.4/ADR.

On the other hand, Pampa’s Shareholder’s Meeting held on April 27, 2022, approved the capital stock reduction by cancelling 2.8 million shares (or 0.1 million ADR), held in treasury by Pampa and its subsidiaries, in process of cancellation.

Moreover, in May 2022 shares were granted to employees benefited by the Company’s stock compensation plan for key staff. The Company’s Board approved said program on February 10, 2017. The Company currently holds 3.2 million treasury common shares allocated to fund this plan.

Therefore, as of May 11, 2022, Pampa’s outstanding capital stock amounts to 1,383.6 million common shares (equivalent to 55.3 million ADR)[6].

TGS

As of May 11, 2022, TGS’s outstanding capital stock amounts to 752.8 million common shares (equivalent to 150.6 million ADR).

On the other hand, in Q1 22, Pampa indirectly acquired 137 thousand ADR of TGS at an average cost of US$4.3/ADR. As of May 11, 2022, the Company’s direct and indirect ownership of TGS amounts to 29.3% of its issued capital stock.

Regarding debt securities, in Q1 22 TGS repurchased US$7.3 million FV of its 2025 CB. As of May 11, 2022, the outstanding 2025 CB amounted to US$470.3 million FV.

[5] Deemed to be effected transactions.

[6] For further information, see Ownership Breakdown.

 

Pampa Energía ● Q1 22 Earning release ● 9  

 

3.Analysis of the Q1 22 results
Breakdown by segment
Figures in US$ million		 Q1 22 Q1 21 Variation
Sales Adjusted EBITDA Net Income Sales Adjusted EBITDA Net Income Sales Adjusted EBITDA Net Income
                   
Power generation 166 121 97 161 115 47 +3% +5% +106%
Oil and Gas 137 56 (4) 79 33 (35) +73% +70% -89%
Petrochemicals 126 6 5 103 18 11 +22% -67% -55%
Holding and Others 7 42 1 6 37 11 +17% +13% -91%
Eliminations (24) - - (28) - - -14% NA NA
                   
Total continuing operations 412 226 99 321 204 34 +28% +11% +191%

Note: Net income attributable to the Company’s shareholders.

3.1Reconciliation of consolidated adjusted EBITDA
Reconciliation of consolidated adjusted EBITDA,
in US$ million		   First quarter
  2022 2021
Consolidated operating income   133 109
Consolidated depreciations and amortizations   50 43
EBITDA   183 152
       
Adjustments from generation segment   2 2
Deletion of equity income   (22) (11)
Deletion of gain from commercial interests   (4) (6)
Deletion of PPE activation in operating expenses   4 -
Greenwind's EBITDA adjusted by ownership   3 3
CTBSA's EBITDA adjusted by ownership   21 17
Adjustments from oil and gas segment   0 13
Deletion of gain from commercial interests   (0) (1)
Deletion of provision for environmental remediation   - 14
OldelVal's EBITDA adjusted by ownership   0 0
Adjustments from petrochemicals segment   (0) -
Deletion of gain from commercial interests   (0) -
Adjustments from holding and others segment   40 36
Deletion of equity income   (3) (15)
Deletion of gain from commercial interests   (0) 0
Deletion of contigencies provision    - 13
TGS's EBITDA adjusted by ownership   40 32
Transener's EBITDA adjusted by ownership   2 4
Refinor's EBITDA adjusted by ownership   1 2
       
Consolidated adjusted EBITDA, continuing op.   226 204
At our ownership   225 203

 

Pampa Energía ● Q1 22 Earning release ● 10  

 

3.2Analysis of the power generation segment
Power generation segment, consolidated
Figures in US$ million		   First quarter
  2022 2021 ∆%
Sales revenue   166 161 +3%
Cost of sales   (84) (79) +6%
         
Gross profit   82 82 -
         
Selling expenses   (1) - NA
Administrative expenses   (9) (7) +29%
Other operating income   4 6 -33%
Other operating expenses   (1) (1) -
Results for participation in joint businesses   22 11 +100%
         
Operating income   97 91 +7%
         
Finance income   1 1 -
Finance costs   (13) (12) +8%
Other financial results   9 (17) NA
Financial results, net   (3) (28) -89%
         
Profit (loss) before tax   94 63 +49%
         
Income tax   4 (16) NA
         
Net income (loss) for the period   98 47 +109%
Attributable to owners of the Company   97 47 +106%
Attributable to non-controlling interests   1 - NA
         
Adjusted EBITDA   121 115 +5%
Adjusted EBITDA at our share ownership   120 114 +5%
         
Increases in PPE, intangible and right-of-use assets   10 1 NA
Depreciation and amortization   22 22 -

In Q1 22, the US$5 million year-on-year increase in sales is mainly explained by the increases in the legacy energy remuneration[7], partially offset by the AR$ nominal depreciation. Therefore, the power capacity remuneration was US$4.5 thousand/MW-month for our thermal legacy units (+53% vs. Q1 21) and US$2.2 thousand/MW-month for our hydros (+28% vs. Q1 21). Even though spot energy comprises 63% of the 4,970 MW operated by Pampa[8], it represented 33% of the segment’s sales in Q1 22. Besides, higher volumes and prices sold under Energía Plus were recorded due to the rise in industrial demand.

These effects were partially offset by the maturity of the PPA at CTLL’s ST and at CTP, remunerated as spot energy since November 1 and July 15, 2021, respectively. Moreover, revenues from fuel decreased due to the lower dispatch at PPA under SEE Res. No. 287/17. It is worth mentioning that this revenue only applies for PPA under Energía Plus and SEE Res. No. 287/17, and also affects the cost of sales due to gas purchases to our E&P. The fuel for our remaining thermal units is provided by CAMMESA, not accruing revenues nor costs.

In operating terms, the power generation operated by Pampa increased by 10% vs. Q1 21, above the growth of nationwide generation (+1%) and national demand (+4%). There was higher dispatch at CPB, CTLL’s open-cycle GT, CTG and CTPP (+464 GWh), higher generation requirement in the area of CTEB and CTP, in addition to maintenance and outage at CTEB in Q1 21 (+152 GWh), higher natural resource both at HPPL (+46 GWh) and the wind farms (+24 GWh). These effects were partially offset by a lower dispatch at CTGEBA’s CCGT due to maintenances in Q1 22 (-170 GWh), as well as lower water input at HINISA and HIDISA (-57 GWh).

[7] (i) 29% accrued in May-21, retroactive to Feb-21; (ii) additional remuneration between Sep-21 and Jan-22; and (iii) 30% and permanent elimination of usage factor in Apr-22, retroactive to Feb-22 (accrued as provision since Feb-22). For further information, see section 1.1 of this Earnings Release.

[8] Under IFRS, CTEB (567 MW) and PEMC (100 MW) are affiliates; their results are not consolidated in the FS, but they are operated by Pampa and their EBITDA at our equity stake are included in Pampa’s adjusted EBITDA.

 

Pampa Energía ● Q1 22 Earning release ● 11  

 

In Q1 22, all power units operated by Pampa reached an average availability rate of 97.9%, 293 basis points higher than the 94.9% in Q1 21, mainly due to the forced outage at CTEB in Q1 21. Especially, thermal units recorded an availability of 97.2% in Q1 22, 374 basis points higher than the 93.5% recorded in Q1 21.

Power generation's key performance indicators    2022   2021   Variation
Hydro Wind Thermal Total Hydro Wind Thermal Total Hydro Wind Thermal Total
Installed capacity as of March (MW)   938 206 3,826 4,970   938 206 3,811 4,955   - - +0% +0%
New capacity (%)   - 100% 43% 37%   - 100% 48% 41%   - - -6% -4%
Market share (%)   2% 0% 9% 12%   2% 0% 9% 12%   -0% -0% -0% -0%
                               
First quarter                              
Net generation (GWh)   372 227 4,293 4,892   384 203 3,856 4,443   -3% +12% +11% +10%
Volume sold (GWh)   372 235 4,603 5,210   381 214 4,070 4,665   -2% +10% +13% +12%
                               
Average price (US$/MWh)   24 69 42 42   17 71 45 44   +39% -2% -6% -4%
Average gross margin (US$/MWh)   11 57 29 29   7 58 31 30   +49% -1% -6% -4%

Note: Gross margin before amortization and depreciation. It includes CTEB and PEMC, operated by Pampa (50% of equity stake).

Q1 22 net operating costs, excluding depreciation and amortizations, increased by 17% vs. Q1 21, mainly explained by higher AR$-nominated expenses above the devaluation, in addition to higher energy purchases to cover the rise in Plus demand, and lower commercial interests due to better collection days from CAMMESA. Moreover, in Q1 22 PPE activations were charged in operating expenses for certain legacy energy units. These effects were partially offset by lower consumption of own gas (2.2 million m3/day vs. 2.6 million m3/day in Q1 21) due to lower dispatch at CTGEBA’s PPA under SEE Res. 287/17.

The Q1 22 financial results amounted to a net loss of US$3 million, a US$25 million improvement vs. Q1 21, mainly due to the profits from the holding of financial securities recorded in Q1 22 (whereas in Q1 21 losses were recorded), in addition to lower losses from FX net difference.

In Q1 22, our power generation’s adjusted EBITDA amounted to US$121 million, 5% higher vs. Q1 21, mainly explained by the increase in legacy remuneration and higher sales of Energía Plus, partially offset by the PPA maturity at CTLL’s ST and at CTP, in addition to higher AR$-nominated expenses in US$. The adjusted EBITDA considers our proportional 50% stake in CTEB (CTBSA), contributing US$21 million in Q1 22 (vs. US$17 million in Q1 21, affected by outages), and a 50% stake in PEMC (Greenwind), contributing US$3 million in Q1 22 (the same as Q1 21). Moreover, the adjusted EBITDA excludes the recognition of commercial interests from delayed receivables, mostly from CAMMESA (US$4 million in Q1 22 and US$6 million in Q1 21), in addition to the PPE activation in operating expenses in Q1 22 (US$4 million).

Finally, capital expenditures in Q1 22, excluding CTEB and PEMC, increased by US$9 million vs. Q1 21, mainly explained by PEPE III’s expansion project.

Project MW Marketing Currency Awarded price   Estimated capex in
US$ million1		 Date of
commissioning
Capacity per
MW-month		 Variable
per MWh		 Total
per MWh		   Budget % Executed
@3/31/22
Thermal                    
Loma de la Lata 15 SE Res. No. 238/22 AR$ 452,790 - 716,918(2) 543 1,344   22 91% August 3, 2021
Closing to CCGT Ensenada 280 PPA for 10 years US$ 23,962 10.5 43   233 76% Q4 2022 (est.)
                     
Renewable                    
Pampa Energía III 81 MAT ER US$ na na 58(3)   128 2% Q2 2023 (est.)

Note: 1 Amount without value-added tax. 2 It considers the range of load factor coefficient and the HMRT additional remuneration.
3 Estimated average.

 

Pampa Energía ● Q1 22 Earning release ● 12  

 

3.3Analysis of the oil and gas segment
Oil & gas segment, consolidated
Figures in US$ million		   First quarter
  2022 2021 ∆%
Sales revenue   137 79 +73%
Cost of sales   (72) (52) +38%
         
Gross profit   65 27 +141%
         
Selling expenses   (14) (4) +250%
Administrative expenses   (14) (10) +40%
Other operating income   4 4 -
Other operating expenses   (12) (16) -25%
Impairment of financial assets   - (1) -100%
         
Operating income (loss)   29 - NA
         
Finance income   1 1 -
Finance costs   (24) (32) -25%
Other financial results   (12) (21) -43%
Financial results, net   (35) (52) -33%
         
Profit (loss) before tax   (6) (52) -88%
         
Income tax   2 17 -88%
         
Net income (loss) for the period   (4) (35) -89%
         
Adjusted EBITDA   56 33 +70%
         
Increases in PPE and intangible assets   63 29 +117%
Depreciation and amortization   27 20 +35%

In Q1 22, our oil and gas sales increased by 73% vs. Q1 21, mainly explained by the substantial growth in gas exports (both in volume and price), higher gas demand from industrial segment and oil exports with prices driven by the current context, partially offset by lower gas sales to CAMMESA.

In operating terms, in Q1 22, our oil and gas segment total production registered 57,5 kboe/day (+32% vs. Q1 21 and similar to Q4 21). Gas production reached 8.9 million m3/day (+33% vs. Q1 21 and similar to Q4 21), mainly explained by export permits on a firm basis to Chile. In particular, a significant growth was recorded at El Mangrullo, which reached a 6.1 million m3/day production in Q1 22 (+32% vs. Q1 21 and similar to Q4 21), comprising 69% of our total gas production. A significant production increase was also recorded at Río Neuquén (1.5 million m3/day in Q1 22, +82% vs. Q1 21 and similar to Q4 21), and in Sierra Chata (0.7 million m3/day in Q1 22, +58% vs. Q1 21 and +28% vs. Q4 21). These effects were partially offset by reduced output at Rincón del Mangrullo, due to lower activity and natural decline (0.4 million m3/day in Q1 22, -35% year-on-year and similar to Q4 21).

Our gas average price was US$3.5/MBTU in Q1 22 (+27% vs. Q1 21), mainly explained by higher export prices to Chile and the gradual convergence of the industrial/spot prices to Plan Gas.Ar.

Our gas deliveries were destined 30% to the industrial/spot market, 30% exported, 28% was consumed as raw material by our thermal power plants[9] and our petrochemical plants, and 12% was destined to the residential segment. The marginal balance was sold to CAMMESA. On the other hand, in Q1 21, 44% of the deliveries went to our thermal power plants and petrochemicals, 25% to CAMMESA, 16% to the residential segment and 12% to the industrial/spot market. The marginal balance was exported.

Oil production reached 5.1 kbbl/day in Q1 22 (+21% vs. Q1 21 and similar to Q4 21), mainly driven by exports and the rise in domestic demand. Production increased at El Tordillo, Los Blancos, Río Neuquén and Gobernador Ayala (4.8 kbbl/day in Q1 22, +26% vs. Q1 21). Moreover, 76% of volume sold during Q1 22 was destined to the domestic market (vs. 100% in Q1 21). Our oil average price in Q1 22 increased by 25% vs. Q1 21, to US$69.0/bbl, explained by the rise of Brent but moderated by local prices.

 

[9] Energía Plus and SEE Res. No. 287/17.

 

Pampa Energía ● Q1 22 Earning release ● 13  

 

By the end of Q1 22, we accounted for 888 productive wells vs. 884 as of December 31, 2021.

Oil and gas'
key performance indicators 		   2022   2021   Variation
Oil Gas Total Oil Gas Total Oil Gas Total
First quarter                        
Volume                        
Production                        
In thousand m3/day   0.8 8,913     0.7 6,721     +21% +33% +32%
In million cubic feet/day     315       237    
In thousand boe/day   5.1 52.5 57.5   4.2 39.6 43.8  
Sales                        
In thousand m3/day   0.8 8,979     0.5 6,825     +62% +32% +34%
In million cubic feet/day     317       241    
In thousand boe/day   5.2 52.8 58.1   3.2 40.2 43.4  
                         
Average Price                        
In US$/bbl   69.0       55.4       +25% +27%  
In US$/MBTU     3.5       2.8      

Note: Net production in Argentina. Gas volume standardized at 9,300 kilocalories (kCal).

Net operating costs in Q1 22, excluding depreciation and amortizations as well as Plan Gas.Ar compensation, increased by 40% vs. Q1 21, mainly explained by increased gas transportation expenses due to higher exports, more royalties and levies from higher volume and prices sold, increased costs related to higher activity (maintenance and contractors), besides higher labor expenses since wage increases outpaced devaluation. Moreover, in Q1 21 a provision of wells’ plugging was recorded. Compared to Q4 21, net operating costs rose 8%, mainly due to higher transportation costs from gas exports, and to a lesser extent, higher royalties and levies, partially offset by lower maintenance expenses. In particular, the lifting cost[10] reached US$5.8/boe produced in Q1 22 (similar to Q1 21 and -25% vs. Q4 21).

In Q1 22, financial results reached a net loss of US$35 million, a US$17 million improvement vs. Q1 21, mainly due to lower financial interests due to lower stock of debt, as well as lower losses from the holding of financial securities.

Our oil and gas’ adjusted EBITDA amounted to US$56 million in Q1 22 vs. US$33 million in Q1 21, mainly due to better prices and volumes as a result of substantial increase in hydrocarbon exports, besides higher gas demand from industrial segment at prices converged to Plan Gas.Ar. These effects were partially offset by higher expenses related to the growing gas activity and transportation. The adjusted EBITDA excludes recognition of commercial interests due to collection delays, mostly charged to CAMMESA (US$0.1 million in Q1 22 and US$1 million in Q1 21) and the wells’ plugging provision in Q1 21 (US$14 million).

Finally, the segment’s capital expenditures amounted to US$63 million in Q1 22, whereas US$29 million was recorded in Q1 21, mainly explained by higher commitments under Plan Gas.Ar.

[10] Metric equivalent to cost of sales excluding purchase and inventory, royalties, direct taxes and depreciations and amortizations.

 

Pampa Energía ● Q1 22 Earning release ● 14  

 

3.4Analysis of the petrochemicals segment
Petrochemicals segment, consolidated
Figures in US$ million		   First quarter
  2022 2021 ∆%
Sales revenue   126 103 +22%
Cost of sales   (116) (82) +41%
         
Gross profit   10 21 -52%
         
Selling expenses   (4) (3) +33%
Administrative expenses   (1) (1) -
         
Operating income (loss)   5 17 -71%
         
Finance costs   (1) (1) -
Other financial results   1 (1) NA
Financial results, net   - (2) -100%
         
Profit (loss) before tax   5 15 -67%
         
Income tax   - (4) -100%
         
Net income (loss) for the period   5 11 -55%
         
Adjusted EBITDA   6 18 -67%
         
Increases in PPE and intangible assets   - 1 -100%
Depreciation and amortization   1 1 -

The adjusted EBITDA of the petrochemicals segment amounted to US$6 million in Q1 22, US$12 million lower than Q1 21, mainly due to higher costs of virgin naphtha and other raw materials (driven by international reference prices), and to a lesser extent, to an increase in US$ of AR$-nominated expenses, which outpaced the AR$ devaluation. These effects were partially offset by the substantial improvement of domestic and international prices. Quarter-on-quarter, adjusted EBITDA decreased by US$3 million, mainly explained by lower volume sold.

Total volume sold decreased by 7% vs. Q1 21, mainly explained by lower sales of reforming products, as during Q1 22 14 thousand ton of bases and gasoline were dispatched as toll processing, which are not recorded as volume sold. Moreover, there was lower foreign demand of SBR, in addition to lower styrene sales due to production reduction in January 2022.

Petrochemicals'
key performance indicators 		   Products   Total
  Styrene & polystyrene1 SBR Reforming  
First quarter            
Volume sold Q1 22 (thousand ton)   27 11 53   91
Volume sold Q1 21 (thousand ton)   29 12 57   98
Variation Q1 22 vs. Q1 21   -5% -12% -8%   -7%
             
Average price Q1 22 (US$/ton)   1,910 2,047 974   1,382
Average price Q1 21 (US$/ton)   1,596 1,580 666   1,052
Variation Q1 22 vs. Q1 21   +20% +30% +46%   +31%

Note: 1 It includes Propylene.

In Q1 22, no financial results has been recorded, whereas in Q1 21 a US$2 million net loss was recorded, mainly due to losses from the holding of financial securities.

In Q1 22, no capital expenditures has been recorded, whereas in Q1 21 it was US$1 million.

 

Pampa Energía ● Q1 22 Earning release ● 15  

 

3.5Analysis of the holding and others segment
Holding and others segment, consolidated
Figures in US$ million		   First quarter
  2022 2021 ∆%
Sales revenue   7 6 +17%
         
Gross profit   7 6 +17%
         
Administrative expenses   (8) (5) +60%
Other operating income   3 1 +200%
Other operating expenses   (2) (16) -88%
Impairment of financial assets   (1) - NA
Results for participation in joint businesses   3 15 -80%
         
Operating income (loss)   2 1 +100%
         
Finance income   3 - NA
Finance costs   (3) - NA
Other financial results   - 15 -100%
Financial results, net   - 15 -100%
         
Profit (loss) before tax   2 16 -88%
         
Income tax   (1) (5) -80%
         
Net income for the period   1 11 -91%
         
Adjusted EBITDA   42 37 +13%
         
Increases in PPE   1 - NA
Depreciation and amortization   - - NA

In the holding and others segment, without considering the equity income from affiliates (Transener, TGS and Refinor), we recorded a US$1 million operating loss, a US$13 million improvement vs. Q1 21, mainly explained by lower provision for contingencies.

No financial results has been recorded in Q1 22, whereas in Q1 21 a net gain of US$15 million was recorded, mainly due to lower profits from FX net difference over the AR$-nominated fiscal liabilities.

The adjusted EBITDA of our holding and others segment increased by 13%, recording US$42 million in Q1 22. The adjusted EBITDA excludes the equity income from our participation in TGS, Transener and Refinor. In turn, it adds the EBITDA adjusted by equity ownership in these businesses. Moreover, excludes provision for contingencies in Q1 21.

The EBITDA from our direct and indirect ownership of 29.3% and 28.7% in TGS were US$40 million in Q1 22 (US$137 million at 100%) vs. US$32 million in Q1 21 (US$113 million at 100%). The increase of total adjusted EBITDA was mainly due to higher international prices, higher propane export volume as well as ethane dispatched to the domestic market, and more midstream revenues from transportation and conditioning service in Vaca Muerta. These effects were partially offset by the higher US$ unit cost of natural gas, which is used to replace thermal reduction at Cerri Complex Plant (in Q1 21 gas supply contracts were managed before Plan Gas.Ar), and lower regulated revenues because the 60% tariff adjustment as from March 2022 was outpaced by the inflation rate and the AR$ devaluation. It is worth mentioning that the previous update was in April 2019. Besides, there was higher export duties charge.

In Transener, the EBITDA adjusted by our indirect stake ownership of 26.3% decreased to US$2 million (US$9 million at 100%) in Q1 22 vs. US$4 million (US$17 million at 100%) in Q1 21, mainly because the tariff adjustment as from February 2022[11] (25% Transener and 23% Transba) was outpaced by the inflation rate and the AR$ devaluation. It is worth mentioning that the previous update was in August 2019.

[11] On May 9, 2022, ENRE partially upheld the motions for reconsideration filed by Transener and Transba, replacing the 25% and 23% adjustment by 67% and 69%, respectively. For further information, see section 1.2 of this Earnings Release.

 

Pampa Energía ● Q1 22 Earning release ● 16  

 

In Refinor, the EBITDA adjusted by our stake ownership of 28.5% in Q1 22 decreased to US$1 million (US$3 million at 100%) vs. US$2 million (US$6 million at 100%) in Q1 21, mainly due to increased crude oil costs, which is the refinery’s main raw material, partially offset by the gradual recovery of demand and higher sales prices.

3.6Analysis of the quarter, by subsidiary and segment
Subsidiary
In US$ million		 Q1 22   Q1 21
% Pampa Adjusted EBITDA Net debt2 Net income3   % Pampa Adjusted EBITDA Net debt2 Net income3
 
Power generation segment                  
Diamante 61.0% 2 (6) 1   61.0% 1 (2) 1
Los Nihuiles 52.0% 0 (4) 2   52.0% 1 (9) 0
                   
Greenwind   6 69 1     5 86 0
Non-controlling stake adjustment   (3) (35) (0)     (3) (43) (0)
Subtotal Greenwind adjusted by ownership 50.0% 3 35 0   50.0% 3 43 0
                   
CTBSA   43 188 43     33 203 21
Non-controlling stake adjustment   (21) (94) (22)     (17) (101) (11)
Subtotal CTBSA adjusted by ownership 50.0% 21 94 22   50.0% 17 101 11
                   
Pampa stand-alone, other companies, adjs. & deletions1   95 158 72     94 271 36
Subtotal power generation   121 277 97     115 406 47
                   
Oil & gas segment                  
OldelVal   18 (29) 8     15 (15) 8
Non-controlling stake adjustment   (18) 28 (8)     (14) 15 (8)
Subtotal OldelVal adjusted by ownership 2.1% 0 (1) 0   2.1% 0 (0) 0
                   
Pampa stand-alone, other companies, adjs. & deletions1   56 802 (4)     33 913 (35)
Subtotal oil & gas   56 802 (4)     33 913 (35)
                   
Petrochemicals segment                  
Pampa Energía 100.0% 6 - 5   100.0% 18 - 11
Subtotal petrochemicals   6 - 5     18 - 11
                   
Holding & others segment                  
Transener   9 (14) 1     17 1 5
Non-controlling stake adjustment   (7) 10 (1)     (13) (1) (4)
Subtotal Transener adjusted by ownership 26.3% 2 (4) 0   26.3% 4 0 1
                   
TGS   137 235 74     113 199 42
Non-controlling stake adjustment   (97) (166) (52)     (80) (142) (30)
Subtotal TGS adjusted by ownership 29.3% 40 69 22   28.7% 32 57 12
                   
Refinor   3 35 (3)     6 24 1
Non-controlling stake adjustment   (2) (25) 2     (4) (17) (1)
Subtotal Refinor adjusted by ownership 28.5% 1 10 (1)   28.5% 2 7 0
                   
Pampa stand-alone, other companies, adjs. & deletions1   (1) (106) (20)     (1) (21) (3)
Subtotal holding & others   42 (31) 1     37 44 11
                   
Deletions   - (203) -     - (208) -
Total consolidated, continuing operations   226 845 99     204 1,154 34
At our share ownership   225 1,052 99     203 1,367 34

Note: 1 The deletions correspond to other companies or inter-companies or debt repurchases. 2 Net debt includes holding companies.
3 Attributable to the Company’s shareholders.

 

Pampa Energía ● Q1 22 Earning release ● 17  

 

4.Appendix
4.1Power generation main operational KPIs
Power generation's
key performance indicators 		   Hydroelectric   Wind   Subtotal
hydro
+wind		 Thermal   Total
  HINISA HIDISA HPPL   PEMC1 PEPE2 PEPE3   CTLL CTG CTP CPB CTPP CTIW CTGEBA2 Eco-
Energía		 CTEB1 Subtotal  
Installed capacity (MW)   265 388 285   100 53 53   1,144 780 361 30 620 100 100 1,253 14 567 3,826   4,970
New capacity (MW)   - - -   100 53 53   206 184 100 - - 100 100 565 14 567 1,631   1,837
Market share   0.6% 0.9% 0.7%   0.2% 0.1% 0.1%   2.7% 1.8% 0.8% 0.1% 1.4% 0.2% 0.2% 2.9% 0.03% 1.3% 8.9%   11.6%
                                             
First quarter                                            
Net generation Q1 22 (GWh)   117 81 174   101 62 64   599 1,266 166 20 295 81 68 2,118 18 260 4,293   4,892
Market share   0.3% 0.2% 0.5%   0.3% 0.2% 0.2%   1.7% 3.6% 0.5% 0.1% 0.8% 0.2% 0.2% 6.0% 0.1% 0.7% 12.1%   13.8%
Sales Q1 22 (GWh)   117 81 174   101 70 64   607 1,266 225 20 295 81 68 2,347 40 260 4,603   5,210
                                             
Net generation Q1 21 (GWh)   156 99 128   89 52 62   587 1,144 124 17 18 65 70 2,288 19 111 3,856   4,443
Variation Q1 22 vs. Q1 21   -25% -18% +35%   +14% +19% +3%   +2% +11% +34% +19% na +26% -3% -7% -1% #### +11%   +10%
Sales Q1 21 (GWh)   155 98 128   89 63 62   595 1,140 190 17 19 65 70 2,412 47 111 4,070   4,665
                                             
Avg. price Q1 22 (US$/MWh)   23 40 18   69 72 68   42 21 42 32 34 116 108 35 38 na 42   42
Avg. price Q1 21 (US$/MWh)   14 25 16   70 74 67   37 33 33 101 na 141 105 32 30 na 45   44
Avg. gross margin Q1 22 (US$/MWh)   5 24 9   59 54 58   29 16 20 14 16 93 80 20 16 na 29   29
Avg. gross margin Q1 21 (US$/MWh)   5 12 7   60 54 58   25 29 10 66 2 117 86 17 11 na 31   30

Note: Gross margin before amortization and depreciation. 1 Operated by Pampa (50% of equity stake).

 

Pampa Energía ● Q1 22 Earning release ● 18  

 

4.2Oil and gas production in the main areas
Main areas' production   First quarter
2022 2021 Variation
Gas (k boe/day)        
El Mangrullo   36.2 27.4 +32%
Río Neuquén   8.6 4.7 +82%
Sierra Chata   4.2 2.7 +58%
Rincón del Mangrullo1   2.3 3.5 -35%
Others   1.1 1.2 -5%
Total gas at O/S   52.5 39.6 +33%
         
Oil (k boe/day)        
El Tordillo2   2.7 2.3 +16%
Gobernador Ayala   1.0 0.9 +12%
Associated oil3   0.9 0.8 +18%
Others   0.4 0.2 +149%
Total oil at O/S   5.1 4.2 +21%
Total at O/S (kboe/day)   57.5 43.8 +32%

Note: Production in Argentina. 1 It doesn’t include shale formation. 2 It includes La Tapera - Puesto Quiroga field. 3 From gas fields.

5.Glossary of terms
Term Definition
Q1 22/Q1 21 First quarter of 2022/First quarter of 2021
Q4 21 Fourth quarter of 2021
ADRs/ADSs American Depositary Receipts
AR$ Argentine Pesos
Bbl Barrel
Boe Barrels of oil equivalent
CAMMESA Compañía Administradora del Mercado Mayorista Eléctrico S.A. (Argentine Wholesale Electricity Market Clearing Company)
CB Corporate Bonds
CCGT Combined cycle gas turbine
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
DNU Decreto de Necesidad y Urgencia (Necessity and Urgency Executive Order)
E&P Exploration and Production
EBITDA Earnings before interest, tax, depreciation and amortization
EcoEnergía EcoEnergía Co-Generation Power Plant
Energía Plus Energía Plus Program, SE Res. No. 1,281/06
ENRE Ente Nacional Regulador de la Electricidad (National Electricity Regulatory Entity)
FS Financial Statements
FV Face Value

 

Pampa Energía ● Q1 22 Earning release ● 19  

 

 

FX Nominal exchange rate
Greenwind Greenwind S.A.
GWh Gigawatt-hour
HIDISA Diamante Hydroelectric Power Plant
HINISA Los Nihuiles Hydroelectric Power Plant
HMRT Horas de Alto Requerimiento Térmico del Mes (Hours of the month with a high thermal demand)
HPPL Pichi Picún Leufú Hydroelectric Power Plant
IFRS International Financial Reporting Standards
Kbbl/kboe Thousands of barrels/thousands of barrels of oil equivalent
Libor London InterBank Offered Rate
M3 Cubic meter
MAT ER Term Market from Renewable Energy Sources
MBTU Million British Thermal Unit
MW/MWh Megawatt/Megawatt-hour
N.a. Not applicable
O/S At equity ownership
OldelVal Oleoductos del Valle S.A.
Pampa / the Company Pampa Energía S.A.
Pampa Group Pampa Energía S.A. and its subsidiaries
PEMC Ingeniero Mario Cebreiro Wind Farm
PEPE Pampa Energía Wind Farm
Plan Gas.Ar Argentine Natural Gas Production Promotion Program – 2020 – 2024 Supply and Demand Scheme (DNU No. 892/20 and supplementary regulations)
PPA Power Purchase Agreement
PPE Property, Plant and Equipment
Refinor Refinería del Norte S.A.
Res. Resolution/Resolutions
SBR Styrene-Butadiene Rubber
SE Secretariat of Energy
SEE Under Secretariat of Electric Energy (former Secretariat of Electric Energy)
SOFR Secured Overnight Financing Rate
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
UVA Unidad de Valor Adquisitivo (Acquisitive Value Units)

 

Pampa Energía ● Q1 22 Earning release ● 20  

 

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