The following is a summary of the Pampa Energía S.A. (PAM) Q4 2023 Earnings Call Transcript:
Financial Performance:
Pampa Energía reported a 30% increase in sales in natural gas in 2024 compared to 2023.
Net debt position reduced from $900 million at the end of 2022 to $600 million at the end of 2023, less than one time EBITDA.
Revenues impacted due to payment delays from CAMMESA accounting for around 40%-45% of total revenue.
Adjusted EBITDA for Q4 2023 down 12% year-on-year due to reduced gas sales and peso depreciation.
Net debt for Q4 reduced to $613 million.
The E&P business posted an adjusted EBITDA of $50 million in Q4, 30% less year-on-year due to weak demand and exchange rate.
Petrochemical business posted a 33% increase in EBITDA for Q4 compared to last year due to lower costs and increased export income.
Business Progress:
Power generation capacity was increased by 80 megawatts through capital investments in 2022 and 2023.
Production capability was increased from 11 million cubic meters per day in 2022 to 16.5 million cubic meters per day in 2023.
Plans to participate in larger national projects considering the significance of natural gas energy export for Argentina.
A 74% increase in the legacy capacity was granted, accounting for one-third of the EBITDA generation of the power generation segment.
Construction of a new wind farm of 140 MW is under way, expected to be fully operational by the third quarter of this year.
Sierra Chata field is expected to grow, increasing gas production from approximately 6 million a day to 9.5 million a day.
Rincon de Aranda oil field is being actively explored and developed.
Plans to fully supply Chile with natural gas exports during the winter season through the GasAndes pipeline.
Adjusted EBITDA from power generation in Q4 was $94 million, marking a 10% increase due to lower operating costs and new Power Purchase Agreements (PPAs).
An 11% increase in reserves to 199 million BOE was recorded due to productive drilling.
More details: Pampa Energia IR
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