Pampa Energia Announces First Quarter 2024 Results
Pampa Energia announced its first-quarter 2024 results, noting a 17% year-on-year sales decrease, mainly due to lower gas exports and crude oil sales. Despite this, the company saw a growth in gas production and an 8% decrease in adjusted EBITDA. Net profit attributable to shareholders increased by 89%, while net debt also rose. The company faces challenges with substantial delays in payment collections from CAMMESA.
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Insights
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
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
Net profit attributable to the Company's shareholders of US
Net debt increased to US
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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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