Q2 2024 Pampa Energía SA Earnings Call

August 8, 2024

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Unknown Executive: We would like to welcome everyone to Pampa Energia's second quarter of 2024 results video conference. We would like to inform you that this event is being recorded. All participants will be in listen-only mode during the presentation.

Speaker Change: Second Quarter 2024 Results Video Conference.

We would like to inform you that this event is being recorded. All participants will be in listen-only mode during the presentation. After the company's remarks, there will be a Q&A session. Questions can only be submitted in writing through phone.

Unknown Executive: After the conference remarks, there will be a Q&N session. Questions can only be submitted in writing through Zoom. Should any participants need assistance, please send us a chat message.

should any parties mira sists place symbol a trag message

Unknown Executive: Before proceeding, please read the disclaimer on the second page of our presentation. Let me mention that for all looking statements are based on Pampa Energia's management beliefs and assumptions and information currently available to the company. They involve risks, uncertainties, and assumptions because they are related to future events that may or may not occur. Investors should understand that general economic and industry conditions, and other operating factors, could also affect the future results of Pampa Energia and could cause results to differ materially from those expressed in such forward-looking statements.

Before proceeding.

Please read the disclaimer in the second page of our presentation. Let me mention that for while looking statements are based on Pampa Energia's management beliefs and assumptions and information currently available to the company.

They involve risks, uncertainties, and assumptions because they are related to future events that may or may not occur.

Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energia and could cause results to differ materially from those expressed in such forward-looking statements.

Unknown Executive: Now I'll turn the video conference over to Lydia. Please go ahead.

Now I'll turn the video conference over to Lidia. Please go ahead.

Lida Wang: Hi. Thank you, Raquel.

Lida Wang: Hello, everyone. And thank you for joining our conference call. I will make the quick summary of the Q2. You may find more details in our earnings release and financial statements.

Hi. Thank you, Raquel. Hello, everyone, and thank you for joining our conference call. I will make a quick summary of the Q2. You may find more details in our earnings release and financial statements.

Lida Wang: Today, we are having a Q&A with our CEO, Mr. Nicolas Mingling. Mr. Rorace Turi, our head of the MPG, is here, and a lot for the viewer, our head of finance is full of here.

Today we are having a Q&A with our CFO , Mr. Nicolas Mindlin, Mr. Horacio Turri, our Head of the MPG is here, and Adolfo Subebular, our Head of Finance, is also here.

Lida Wang: Unfortunately, our CEO, Mr. Mariani, can join us today because he is in Bacamorta hosting our presentation today. The gas production is what definitely stands out the quarter's figures. Again, we've beaten all company records, delivering a 37% increase year-on-year in Q2 and recording a new daily record high of 16.8 million key years per day. The output search is explained by the latest land gas contract. We've been awarded, enabled by the new pipeline bill last year. You also help the early winter freeze, driving retail and thermal power generation. The production increase is backed by Shell gas harvesting the campaign we began last year.

Unfortunately, our CEO , Gustavo Mariani, can't join us today because he is in Pacamuerta hosting our press event.

The gas production is what definitely stands out the quarter's figures.

Again, we've beaten all company records.

delivering a 37% increase year-on-year in Q2 and recording a new daily record high of 16.8 million km per day.

Unknown Executive: The output search is explained by the latest LAMDAS contract we've been awarded, enabled by the new pipeline built last year. It also helped the early winter freeze, driving retail and thermal power generation. The production increase is back because Shell Gas is continuing the campaign we began last year. Therefore, this quarter, the Adjusted BDA amounted to $288 million, an increase of 30% compared to last year's figure, mainly because of the gas outperformance and TGS's contribution, which surged due to the 675% tariffing hike granted in April.

Unknown Executive: The output surge is explained by the latest LAMDAS contract we've been awarded, enabled by the new pipeline built last year. It also helped the early winter freeze, driving retail and thermal power generation.

Unknown Executive: Our research is explained by the latest LAMDAS contract we've been awarded, enabled by the new pipeline built last year. It also helped the early winter freeze, driving retail and thermal power generation. The production increase is back because Shell Gas, harvesting the campaign we began last year, shows that it now represents almost half of our total output this quarter, a significant increase compared to last year's 23%. Therefore, this quarter, the Adjusted BDA amounted to $288 million, an increase of 30% compared to last year's figure, mainly because of the gas outperformance and TGS's contribution, which surged due to the 675% tariffing hike granted in April.

Unknown Executive: The output surge is explained by the latest land gas contract. We've been awarded, enabled by the new pipeline bill last year. It also helped the early winter freeze, driving retail and thermal power generation.

Unknown Executive: The production increase is back because the Shell Gas Harvesting campaign we began last year, which shows does now represent almost half of our total output this quarter, a significant increase compared to last year's 23%. Therefore, this quarter, the Adjusted BDA amounted to $288 million, an increase of 30% compared to last year's figure, mainly because of the gas outperformance and TGS's contribution, which surged by the 675% Grants were granted in April.

Unknown Executive: The production increase is back by Shell Gas, harvesting the campaign we began last year. Shell Gas now represents almost half of our total output this quarter.

Lida Wang: Shell gas now represents almost half of our total output this quarter, a significant increase compared to last year's 23%. Therefore, this quarter, the adjusted VGA amounted to $288 million, an increase of 30% compared to last year's figure, mainly because of the gas performance and PGS distribution, which search by the 675% per week high, granted enabled. Lower gas exports, cells to industries, and some of the starch partially upset this set. The quarter on quarter increase is explained by the seasonality and can make us heard cuts recording Q1 and last year Q4. It is worth noting that almost 80% of the quarter's VDA was dollar-linked, and the share now is led by EMB, which is mainly due to the gas production.

Unknown Executive: A significant increase compared to last year's 23%.

Unknown Executive: and

Unknown Executive: Therefore, this quarter, the Adjusted BDA amounted to $288 million, an increase of 30% compared to last year's figure.

Speaker Change: mainly because of the gas out performance and pgs is contribution which searched by the six hundred andventy five percent pary hiike granted innat lower gas exports cells to industries and othermal dispch partially upset this

Unknown Executive: Lower gas exports, sales to industries, and thermal dispatch partially upset this. The quarter-on-quarter increase is explained by seasonality and can give us haircuts recorded in Q1 and last year's Q4. It is worth noting that almost 80% of the quarters of EDA were dollar linked, and the share is now led by EMB, which is mainly due to the gas product. CapEx in Q2 was 28% lower year-on-year, mainly because, in 2023, we had a strong shale gas drilling and completion campaign and the construction of the P4.

Unknown Executive: Lower gas exports, sales to industries, and thermal dispatch partially upset this. The quarter-on-quarter increase is explained by seasonality and the carnation haircut recorded in Q1 and last year's Q4. It is worth noting that almost 80% of the quarters of EDA were dollar linked, and the share is now led by EFB, which is mainly due to the gas product. CapEx in Q2 was 28% lower year-on-year, mainly because, in 2023, we had a strong shale gas drilling and completion campaign and the construction of the P4.

Unknown Executive: The quarter-on-quarter increase is explained by the seasonality and Camisa's haircuts recorded in Q1 and last year's Q4.

Speaker Change: it is worth noting that almost eighty percent of the quarters to bda with dollar link and the share now is sli by mb which is mainly due to the gas production

Unknown Executive: And the share now is led by EMB, which is mainly due to the gas product. CapEx in Q2 was 28% lower year-on-year, mainly because, in 2023, we had a strong shale gas drilling and completion campaign. We posted an Adjusted BDA of $106 million in Q2.

Lida Wang: Capac in Q2 is 28% lower near on year, mainly because in Q3 in 2023 we had a strong shell gas drilling and completion campaign and the construction of the before. This was partially upset by the last divergence of the 6, which is estimated to be fully commissioned by October this year and the beginning of the pilot plan for Shell oil in Rincondaranda.

Speaker Change: capex q two is twenty eight percent lower nearon year mainmay be because in q three in two thousand and y three we had a strong shelle gas filling and completion campaign and the construction of it before

Unknown Executive: This was partially offset by the last divestment of PP6, which is estimated to be fully commissioned by October this year and the beginning of the pilot plan for Shell Oil in Rincón de Aranda. Moving on to the power generation segment, a scene of Light 4, 5.

Unknown Executive: This was partially offset by the last divestment of PP6, which is estimated to be fully commissioned by October this year, and the beginning of the pilot plan for Shell Oil in Rincon Deranda.

Lida Wang: Moving on to the power generation segment, a scene of light 4, 5, sorry, we posted an adjusted VDA of $160 in Q2. This is 9% higher year-on-year, mainly explained by lower operating costs of the full commissioning of the before in June last year and the strong spot cells in Hinella. Fortunately upset by reduced energy up to sale, which is in line with the decline in industrial activity, in addition to multi-servators by best and last year. Due to this patch increase 3% year-on-year, due to this mainly due to the lower gas availability for several of this patch that mainly affected our CZGT.

Unknown Executive: Moving on to the power generation segment, a scene of Light 4, 5, sorry.

Unknown Executive: We posted an Adjusted BDA of $106 million in Q2. This is 9% higher year-on-year, mainly explained by lower operating costs, the full commissioning of TP4 in June last year, and the strong spot sales in Genelba. Fortunately, affected by reduced energy accrued sales, which is in line with the decline in industrial activity, in addition to Mario Cebreiro's divestment back, Q2 dispatch increased 3% year-on-year. This is mainly due to the lower gas availability for thermal dispatch, which mainly affected our TCGT, although partially upset by a better dispatch in the old CCGT in Geneva, which in Q2 last year had more days out of service for maintenance. Higher Water Levels in Mendoza-Azure and the PEPFORS contribution

Unknown Executive: We posted an Adjusted BDA of $106 million in Q2. This is 9% higher year-on-year.

Unknown Executive: This is 9% higher year-on-year, mainly explained by lower operating costs, the full commissioning of TP4 in June last year, and the strong spot sales in Genelba. However, regionally upset by reduced energy accrued sales, which is in line with the decline in industrial activity, in addition to Mario Cebreiro's divestment back. Q2 dispatch increased 3% year-on-year. This is mainly due to lower gas availability for thermal dispatch, which explained most of the ABDA. It is driven by availability, and in Q2, we reached 98% availability.

Unknown Executive: Mainly explained by lower operating costs, the full commissioning of Tepe 4 in June last year, and the strong spot sales in Genelba.

Unknown Executive: portionallyately offset by reduwce in are here to sales which just in line with the decline in industrial activity in addition to moul raros divestment last year

Unknown Executive: Q2 dispatch increased 3% year-on-year. This is mainly due to the lower gas availability for thermal dispatch that mainly affected our TCGT. Partially upset by a better dispatch in the old CCGT in Geneva, which in Q2 last year had more days out of service for maintenance. Higher Water Levels at Mendoza-Azure and the PEPFORS contribution.

Unknown Executive: Q2 dispatch increased 3% year-on-year. This is mainly due to the lower gas availability for thermal dispatch that mainly affected our CCGT.

Lida Wang: Partially upset by a better dispatch in the old CZGT in Hinella, which in Q2 last year had more days out of service for maintenance, higher water levels at Mendosa, Israel, and the P4's contribution. Take group A capacity payment, especially from PPA, PBAs, explain most of the ABBA. It is with the biodiversity, and in Q2 will reach 98% availability, which is higher than last year's 95%. Mainly due to the previous year's thermal outages that we mentioned.

Unknown Executive: Partially upset by a better dispatch in the old CCGT in Geneva, which in Q2 last year had more days out of service for maintaining.

Unknown Executive: Higher Water Levels at Mendoza Hydro and the PEPFORS Contribution.

Unknown Executive: Single Pay Capacity Payment, especially from PPA, PPA, explains most of the ABDA. It is driven by availability, and in Q2, we reached 98% availability. This is higher than last year's 95%, mainly due to the previous year's thermal outages that we mentioned. No, Attorney.

Unknown Executive: Single Pay Capacity Payment, especially from PPA, PPA, explained most of the ABDA. It is driven by availability, and in Q2, we reached 98% availability. This is higher than last year's 95%, mainly due to the previous year's thermal outages that we mentioned. Now turning.

Unknown Executive: Single Pay Capacity Payment, especially from PPAs, explains most of the ABDA. It is driven by availability, and in Q2, we reached 98% availability, which is higher than last year's 95%.

Unknown Executive: This is higher than last year's 95%, mainly due to the previous year's thermal outages that we mentioned, as well as the Breathe Wind Turbine Circuit. The estimated fuel bill will be in October. The early freeze also helped.

Unknown Executive: mainly due to the previous year's thermal outages that we mentioned.

Lida Wang: So now turning, let me give you a quick brief of PP-6 expansion. The project is highly advanced, 94% between July and August. 10 best swim turbines were commissioned by Canvisa to the link 45 milwats. We are testing the commission another four. The 500 kg of high-voltage grid and transformer stations have been fully energized, as well as breathed with wind turbine circuits. The estimated fuel fuel will be in October and PP-6 the P-6 energy will be full of their B2V-PPAs in the matter.

Unknown Executive: Let me give you a quick overview of PP6. The expansion, the project, it's highly advanced 94% between July and between July and August. Tempestuous wind turbines were commissioned by Compesa, totaling 45 milliwatts. We are testing to commission another four. The 500 kV high-voltage grid and transformer stations have been fully energized, as well as the Breathe Wind Turbine Circuit.

Unknown Executive: Let me give you a quick overview of PP6. The expansion, the project, it's highly advanced, 94% between July and August. Tempestuous wind turbines were commissioned by Compesa, totaling 45 milliwatts. We are testing to commission another four. The 500 kV high-voltage grid and transformer stations have been fully energized, as well as the PREV wind turbine circuit.

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Unknown Executive: so

Unknown Executive: now turning

Unknown Executive: Let me give you a quick brief of PP6.

Unknown Executive: The expansion, the project, it's highly advanced, 94%, between July and August , 10 TESTA wind turbines were commissioned by Caldesa, totaling 45 MW.

Unknown Executive: we are testing to commission number four

Speaker Change: The 500 kV high voltage grid and transformer stations have been fully energized.

Unknown Executive: Before proceeding, please read the disclaimer in the second page of our presentation. Let me mention that for all looking statements are based on Pampa Energia's management beliefs and assumptions and information currently available to the company. They involve risks, uncertainties and assumptions because they are related to future events that may or may not occur. Investors should understand that general economic and industry conditions and other operating factors could also affect the future results of Pampa Energia and could cause results to differ materially from those expressed in such forward-looking statements.

Unknown Executive: as well as Freed Wind Turbine Circuit. Estimated fuel COV will be in October .

Unknown Executive: Estimated fuel COV will be in October, and PPSX Energy will be sold under B2B PPAs in the matter. Going up on slide 8, our EMP business posted an adjusted EPA of $121 million in Q2. This is 24% higher year-on-year. This increase was driven by PlanGas' latest round, unlocked by the commissioning of the new gas pipeline, for which we were awarded a long-term contract for 4.8 million kilometers per day flat during the year. We are yearly free also help.

Unknown Executive: Estimated fuel COV will be in October, and PPSX Energy will be sold under B2B PPAs in Matel. Going up on slide 8, our EMP business posted an adjusted EPA of $121 million in Q2. This is 24% higher year-on-year. These increases were driven by PlanGas' latest round, unlocked by the commissioning of the new gas pipeline, for which we were awarded a long-term contract for 4.8 million kilometers per day flat through the year. The Airbnb free service also helps.

Speaker Change: PPSX Energy will be sold under B2B PPA in the matter.

Lida Wang: Point up, on slide 8, our ENP business posted at just CDPA of $21 million in Q2. This is 24% higher, you know, near. This increase was driven by Plan Gas' latest round, blocked by the commission in the new gas pipeline, in which we were awarded a long-term contract for 4.8 million key meters per day flat through the year. We are the early freeze also help lower gas exports and sales to the industries of this in Q2. Our total production average was 91,000 barrels per day. This is 35% higher than last year. When we sue name, cool, it was just 1% to 6% of our EMP output, and 50% of the segment revenue. Total gas just keeps taking the lead, percent to 94% of our total production.

Unknown Executive: Going up on slide 8, our EMP business posted an adjusted EPA of $121 million in Q2. This is 24% higher year-on-year.

Unknown Executive: This increase was driven by PlanGas' latest round, unlocked by the commissioning of the new gas pipeline.

Unknown Executive: Now I'll turn the video conference over to Lydia. Please go ahead.

Speaker Change: which we were i warned that a long-term contracts where four point eight million keymeers day fleat

Lida Wang: Hi. Thank you, Raquel.

Unknown Executive: through the years.

Lida Wang: Hello, everyone. And thank you for joining our conference call. I will make the quick summary of the Q2. You may find more details in our earnings release and financial statements.

Unknown Executive: Lower gas exports and sales to industries offset this. In Q2, our total production averaged almost 91,000 barrels per day. This is 35% higher than last year. But when we zoom in, cool, it just represents 6% of our EMP output and 50% of effectiveness revenue. Poodle Gas just keeps taking the lead, representing 94% of our total production. Higher maintenance and treatment costs due to the increased activity explain that our total listed costs grew by 11% year-on-year. Still, the rising output possibly impacts the listed cost per BOE, which decreased 17% year-on-year.

Unknown Executive: Lower gas exports and sales to industries offset this. In Q2, our total production averaged almost 91,000 barrels per day. This is 35% higher than last year. When we zoom in, cool, it just represents 6% of our EMP output and 50% of the effectiveness revenue. Gas just keeps taking the lead, representing 94% of our total production. Higher maintenance and treatment costs due to the increased activity and explain that our total listed costs grew by 11% year-on-year, but still the rising output possibly impacts the listed cost per BOE, which decreased 17% year-on-year. Recalling $5.3 per BOE and monetizing the economy to scale, and quickly commenting on gas, our production in Q2 increased by 37% year-on-year and 24% quarter-on-quarter. This is averaging almost 15 million kilometers per day in the quarter.

Unknown Executive: The yearly free also helps.

Unknown Executive: Lower gas exports and sales to industries offset this.

Unknown Executive: In Q2, our total production averaged almost 91,000 barrels per day. This is 35% higher than last year. Gas just keeps taking the lead, representing 94% of our total production. Recalling $5.3 per BOE and monetizing the economy to scale, and quickly commenting on gas, our production in Q2 increased by 37% year-on-year and 24% quarter-on-quarter. This is averaging almost 15 million kilometers per day in the quarter. As I have mentioned before, Shell Gas is the main contributor here, and 63% of the core's production came from El Mangrucho and 23% from Sierra Chaco. Reflect Ship, Shill, Gas, and Fuel.

Unknown Executive: In Q2, our total production averaged almost 91,000 barrels per day, which is 35% higher than last year.

Lida Wang: Today, we are having a Q&A with our CEO, Mr. Nicolas Mingling. Mr. Rorace Turi, our head of the MPG is here and a lot for the viewer, our head of finance is full of here.

Unknown Executive: When we zoom in, cool, it just represents 6% of our EMP output and 50% of the segment

Lida Wang: Unfortunately, our CEO, Mr. Mariani, can join us today because he is in Bacamorta hosting our presentation today. The gas production is what definitely stands out the quarter's figures. Again, we've beaten all company records delivering a 37% increase year-on-year in Q2 and recording a new daily record high of 16.8 million key years per day. The output search is explained by the latest land gas contract. We've been awarded, enabled by the new pipeline bill last year.

Unknown Executive: Total gas just keeps taking the lead, representing 94% of our total production.

Lida Wang: Higher maintenance and freeing costs, due to the increased activity, explain that our total listed costs grew by 11% year on year. Still, the rising output possibly impacts the listed cost per DOE, which decreased 17% year on year, including $5.3 per DOE and monetizing the economic scale. Quickly commanding on gas, our production in Q2 increased by 37% year on year, and 24% quarter on quarter. This is average in almost 15 million key meters per day in the quarter. As commended before, Shell gas is the main contributor here, and 63% of the quarter's production came from the Mangrusho and 23% from Siarachata, or flagship Shell gas field.

Unknown Executive: higher maintenance and treatment costs due to the increased activity and explain that our total listed costs

Unknown Executive: grew by 11% year-on-year, but still, the rising output

Unknown Executive: possibly impact the listed cost per BOE, which decreased 17% year-on-year, recalling $5.3 per BOE and monetizing the economies of scale.

Unknown Executive: Recalling $5.3 per BOE and monetizing the economies of scale, quickly commenting on gas, our production in Q2 increased by 37% year-on-year and 24% quarter-on-quarter. This is averaging almost 15 million kilometers per day in the quarter.

Lida Wang: You also help the early winter freeze, driving retail and thermal power generation. The production increase is backed by Shell gas harvesting the campaign we began last year. Shell gas now represents almost half of our total output this quarter, a significant increase compared to last year's 23%. Therefore, this quarter, the adjusted VGA, amounted to $288 million, an increase of 30% compared to last year's figure, mainly because of the gas performance and PGS distribution, which search by the 675% per week high, granted enabled.

Unknown Executive: Quickly commenting on gas, our production in Q2 increased by 37% year-on-year and 24% quarter-on-quarter. This is averaging almost 15 million kilometers per day in the quarter.

Unknown Executive: As mentioned before, Shell Gas is the main contributor here, and 63% of the course production came from El Mangrucho and 23% from Sierra Chaco. Reflecting Ship Shill Gas Field, Sierrachata production grew 50% year-on-year without connecting or drilling a weld score, while El Van Grusho experienced a 45% surge with only free wealth tithing. The average gas price over the quarter stood at $4 per mBtu

Unknown Executive: As mentioned before, Shell Gas is the main contributor here, and 63% of the core's production came from El Mangrucho and 23% from Sierra Chaco. Reflecting Ship Shill Gas Fuel, Sierra Chata production grew 50% year-on-year without connecting or drilling a weld score, while El Van Grusho experienced a 45% surge with only free wealth tithing. The average gas price over the quarter stood at $4 per mB

Unknown Executive: As commented before, shale gas is the main contributor here, and 63% of the quarters production came from El Mangrucho and 23% from Sierra Chata, or flagship shale gas field.

Lida Wang: Siarachata production grew 50% year on year without connecting or drilling a weld score, while the Mangrusho experience 45% search would only free weld pitting. The average gas price of the quarter is $2.4 per millimeter; this is 14% down due to the lower exports to Chile. As you can see right below, the higher deliveries of local gas were destined for thermal tower generation.

Unknown Executive: Sierrachata production grew 50% year-on-year without connecting or drilling a weld score, while Tandang Rusho experienced a 45% surge with only three welds tied in.

Unknown Executive: 45% surge with only free wealth tithing. 1,600 barrels per day once we connected the shutting well in the ship. We have already placed a drilling rig in the block to start drilling a pad of 4 wells, plus another pad next year, meaning to produce by mid-next year and reach a plateau production between 40,000-45,000 barrels per day by 2021. Moving on to another business, posting a $50 million ABDA in Q2. This is 50% of the FVR margin offset by domestic sales due to the economic downturn. We show the restricted group figures that reflect the bomb perimeter.

Lida Wang: Lower gas exports, cells to industries, and some of the starch partially upset this set. The quarter on quarter increase is explained by the seasonality and can make us heard cuts recording Q1 and last year Q4. It is worth noting that almost 80% of the quarter's VDA was dollar-linked and the share now is led by EMB, which is mainly due to the gas production. Capac in Q2 is 28% lower near on year, mainly because in Q3 in 2023 we had a strong shell gas drilling and completion campaign and the construction of the before.

Unknown Executive: This is 14% down due to lower exports to Chile. As you can see right below, the higher deliveries of local gas were destined for thermal power generation. This is a quick review of Rincón de Aranda, sharing the promising results. Horacio surely will comment more on the Q&A.

Speaker Change: The average gas price over the quarter stood at $4.00 per ml BTU. This is 14% down due to the lower exports to Chile. As you can see right below, the higher deliveries of local gas were destined for thermal power generation.

Lida Wang: This is a quick review on Rincondarana, sharing the promising results. Horacio surely will come back more in the Q&A. As you can see here, our world's performance is with being the range in our neighboring Shell oil blocks and our daily production reached above. 1600 barrels per day. Once we connected the shutting weld, you should. We have already placed a drilling rig in the block to start drilling a pad of 4 weld, was another pad next year, meaning to produce by mid next year and reaching a total production between 48, 45,000 barrels per day by 20.

Horacio: This is a quick review of Rincón de Aranda, sharing the promising results. Horacio, surely, will comment more in the Q&A. As you can see here, our world's performance is within the range.

Unknown Executive: As you can see here, our world's performance is within the range in our neighboring Shell Oil Blocks, and our daily production reached above 1,600 barrels per day once we connected the shutting well in the ship. We have already placed a drilling rig in the block to start drilling a pad of 4 wells, plus another pad next year, meaning to produce by mid-next year and reaching a plateau production between 40,000-45,000 barrels per day by 2021. The petrochemical business

Unknown Executive: As you can see here, our world's performance is within the range in our neighboring Shell Oil Blocks, and our daily production reached the bulk. 1600 barrels per day once we connected the shutting well in the ship. We have already placed a drilling rig in the block to start drilling a pad of 4 wells, plus another pad next year, meaning to produce by mid-next year and reaching a plateau production between 40,000-45,000 barrels per day by 2020. The petrochemical business.

Unknown Executive: in the our neighboring shell oil blocks and our daily production reach above sixteen hundred borrels per day once we connected the shutting well in su

Lida Wang: This was partially upset by the last divergence of the 6, which is estimated to be fully commissioned by October this year and the beginning of the pilot plan for shell oil in Rincondaranda. Moving on to the power generation segment, a scene of light 4, 5, sorry, we posted an adjusted VDA of $160 in Q2. This is 9% higher year-on-year, mainly explained by lower operating costs of the full commissioning of the before in June last year and the strong spot cells in Hinella.

Unknown Executive: We have already placed a drilling rig in the block to start drilling a pad of 4 wells, plus another pad next year, meaning to produce by mid-next year and reaching a plateau production between 40,000-45,000 barrels per day by 2027.

Lida Wang: The Petrochemical Business, we don't do another business, post enough $15 million ADDA in Q2, this is 50% growth year-on-year mainly because of the higher sales of reforming and improved exports of SBR margin, offset by the domestic sales due to the economic downturn. Hence, the export share is getting more and more important.

Unknown Executive: Moving on to another business, posting a $50 million ABDA in Q2, this is 50% growth year-on-year, mainly because of the higher sales of reforming and improved export, of FVR margin offset by domestic sales due to the economic downturn. Hence, the export share is getting more and more important. Moving on to slide 12, we show the restricted group figures that reflect the bomb perimeter.

Unknown Executive: the petrochemical business

Unknown Executive: Moving on to another business, hosting a $50 million ABDA in Q2, this is 50% growth year-on-year mainly because of the higher sales of reforming and improved exports

Lida Wang: Fortunately upset by reduced energy up to sale, which is in line with the decline in industrial activity, in addition to multi-servators by best and last year. Due to this patch increase 3% year-on-year due to this mainly due to the lower gas availability for several of this patch that mainly affected our CZGT. Partially upset by a better dispatch in the old CZGT in Hinella, which in Q2 last year had more days out of service for maintenance, higher water levels at Mendosa, Israel and the P4's contribution.

Unknown Executive: of FVR margin offset by the domestic sales due to the economic downturn.

Unknown Executive: Hence, the export share is getting more and more important.

Lida Wang: Moving on to slide 12, we don't slide 12. We show the restricted groups figures that reflect the bomb perimeter in Q2. We recorded a free cash flow of $15 million. We're working capital; we'll have recovered since Canada's capital last quarter. As of today, the base of sales of SBR is 55 days total. This means a delay of only 13 days. The payment or normalization allow us to cancel that, so the net that is significantly below last quarter, as you can see here.

Unknown Executive: Moving on to slide 12.

Speaker Change: we don't flly twelveth we show the restricted group figures that reflect the bomb per bigger

Unknown Executive: In Q2, we recorded a free cash flow of $60 million. Our working capital has recovered since the last quarter. As of today, days of sales outstanding are 55 days total.

Unknown Executive: In Q2, we recorded a free cash flow of $60 million. Our working capital has recovered since the last quarter. As of today, our days of self-outstanding are 55 days total.

Unknown Executive: In Q2, we recorded a free cash flow of $60 million after settling peaceful debts and depreciation. This is 12% year-on-year lower and one time compared to last 12 months' EPTA net leverage. So this concludes our presentation. Now we'll turn the word to Raquel, who will ask for the questions. Thank you very much. Thank you very much, Lida.

Unknown Executive: In Q2, we recorded a free cash flow of $60 million.

Speaker Change: ' working capital will have recover sincems chembe a curical last quarter as of today base of self of c it's kpted by the total this is this means a delay of the thirteen days

Unknown Executive: This means a delay of only 13 days. The payment normalization allows us to cancel that, so the net debt is significantly below last quarter, as you can see here. In summary, we increased $69 million of net cash in the quarter, achieving a $914 million cash position by the end of the period. This slide shows our consolidated financial position, including our affiliate ownership. But let's keep it focused on restricted group figures.

Unknown Executive: This means a delay of only 13 days. The payment normalization allows us to cancel that, so the net debt is significantly below the last quarter, as you can see here. In summary, we increased $69 million of net cash in the quarter, achieving a $914 million cash position by the end of the period. Now, this slide shows our consolidated financial position, including our affiliates of ownership. But let's keep it focused on restricted group figures.

Lida Wang: Take group A capacity payment, especially from PPA, PBAs, explain most of the ABBA. It is with the biodiversity and in Q2 will reach 98% availability, which is higher than last year's 95%. Mainly due to the previous year's thermal outages that we mentioned.

Raquel: The payment normalization allow us to cancel that, so the net debt is significantly below last quarter, as you can see here.

Lida Wang: In summary, we can increase $69 million of net cash in the quarter, which is in 914 million cash positions by the end of the period. While this slide shows our consolidated financial position, including our affiliates of ownership, but let's keep it focusing on restricted groups' figures. We posted a gross debt of $1.6 billion. This is 3% lower year and a 5% growth in cash. After settling peso debts and depreciation of the peso, 92% of the gross debt is US dollars. The net that recorded $6,191 million. This is a 12% year-on-year lower and one time to last 12 months, the PTA net leverage.

Speaker Change: In summary, we increased $69 million of net cash in the quarter, achieving a $914 million cash position by the end of the period.

Lida Wang: So now turning, let me give you a quick brief of PP-6 expansion. The project is highly advanced, 94% between July and August. 10best swim turbines were commissioned by Canvisa to the link 45 milwats. We are testing the commission another four. The 500 kg of high-voltage grid and transformer stations have been fully energized as well as breathed with wind turbine circuits. The estimated fuel fuel will be in October and PP-6 the P-6 energy will be full of their B2V-PPAs in the matter.

Raquel: Well, this slide shows our consolidated financial position, including our affiliates of ownership, but let's keep it focusing on restricted group figures.

Unknown Executive: We posted a gross debt of 1.6 billion dollars. This is 3% lower year on year and a 5% growth in cash. After settling peaceful debts and depreciation of the peso. 92% of the gross debt is in U.S. dollars. The net debt recorded $691 million.

Unknown Executive: We posted a gross debt of 1.6 billion dollars. This is 3% lower year on year and a 5% growth in cash, after settling peaceful debts and depreciation of the peso. 92% of the gross debt is in U.S. dollars. The net debt was $691 million.

Speaker Change: We posted a gross debt of $1.6 billion, which is 3% lower year-on-year, and a 5% growth in cash.

Unknown Executive: After settling pastoral debts and depreciation.

Speaker Change: of the peso. 92% of the gross debt is in U.S. dollars. The net debt recorded $691 million.

Lida Wang: This is 12% year-on-year lower and one time to the last 12 months' EPTA net leverage, and the average life was 2.6 years, and until 2027, we just don't face any relevant debt maturity. So, this concludes our presentation. Now, we'll turn the word to Raquel, who will ask the questions. Thank you very much. Thank you very much, Lida. The floor is now open to questions. If you have any questions, please send them through the Zoom chat. We will read and answer them in the order received.

Unknown Executive: This is 12% year-on-year lower, and one time to last 12 months with EPA Net Leverage.

Lida Wang: The average life was 2.6 years and until 2027, which is on base in the relevant debt maturity.

Speaker Change: and the average life was 2.6 years.

Raquel: years and until twothousand and twenty seven which is on faith and relevant that maturity

Lida Wang: So this concludes our presentation.

Unknown Executive: So, this concludes our presentation. Now we'll turn the word to Raquel, who will poll for the questions. Thank you very much.

Lida Wang: Thank you very much, Lida. The floor is now open to questions. If you have any questions, please send them to us through Zoom chat. We will read and answer them in order to receive them. Also, please make sure your name and company are correctly displayed to introduce yourself to the audience. Should any participant need assistance, send us a chat message or raise your hand. Please hold while we pull for questions. We have one.

Raquel: Thank you very much, Lida. So, the floor is now open for questions. If you have any questions, please send us through Zoom chat. We will read and answer them in order received.

Lida Wang: We are the early freeze also help lower gas exports and sales to the industries of this in Q2, our total production average was 91,000 barrels per day. This is 35% higher than last year. When we sue name, cool, it was just 1% to 6% of our EMP output, and 50% of the segment revenue, total gas just keeps taking the lead, percent to 94% of our total production. Higher maintenance and freeing costs, due to the increased activity, explain that our total listed costs grew by 11% year on year, still the rising output, possibly impact the listed cost per DOE, which decreased 17% year on year, including $5.3 per DOE and monetizing the economic scale.

Raquel: Also, please make sure your name and company are correctly displayed to introduce you to the audience. Should any participant need assistance, send us a chat message or raise your hand. Please hold while we pull for questions.

Raquel Cardasz: Should any parties banit assistance, send us a chat message or raise your hand? Please hold while we pull for questions.

Unknown Executive: You left on.

Speaker Change: isyouhavetooma in one

Unknown Executive: the

Alejandra Andrade: Thank you very much for waiting. Our first question comes from Alejandra Andrade from JP Morgan. First one is, how are Camessa payments? She wants to know how are Camessa payments in nowadays?

Operator: Thank you very much for waiting. Our first question comes from Alejandra Andrade from J.P. Morgan. The first one is: how are CAMESA payments? She wants to know how they are nowadays.

Unknown Executive: Thank you very much for waiting.

Raquel Cardasz: Thank you very much for waiting. Our first question comes from Alejandra Andrade from J.P. Morgan. First one, ASF: How are CAMESA payments? She wants to know how they are nowadays.

Speaker Change: you very much for waiting our first question comes from defendber i'm from dp morgan

Raquel: First one is, how are CAMESA payments, she wants to know how are CAMESA payments nowadays?

Lida Wang: Quickly commanding on gas, our production in Q2 increased by 37% year on year, and 24% quarter on quarter, this is average in almost 15 million key meters per day in the quarter. As commended before, Shell gas is the main contributor here, and 63% of the quarter's production came from the Mangrusho and 23% from Siarachata, or flagship Shell gas field. Siarachata production grew 50% year on year without connecting or drilling a weld score, while the Mangrusho experience 45% search would only free weld pitting.

Lida Wang: Hello, hello everybody. Lida, could you come in? Okay, so Camessa is paying quite well. As of today, we are not experiencing any delay, which is in line with historical minimums, as Lida showed in the presentation.

Unknown Executive: Hello. Hello, everybody. Liliana, can you hear me?

Operator: Hello. Hello, everybody. Liliana, can you hear me?

Unknown Executive: you know and the way we li the other come in

Unknown Executive: Okay, so CAMESA is paying quite well. As of today, we are not experiencing any delay, which is in line with historical minimums, as Lida showed in the presentation. On the other hand, NARSA has been paying... with a delay of almost a month, but we understand that this should normalize in the coming months. And, in any case, we are seeing goodwill and reasonable delays, in line with the historical minimums that we have seen.

Unknown Executive: Okay, so Kamesa is paying quite well. As of today, we are not experiencing any delay, which is in line with historical minimums, as Lida showed in the presentation. On the other hand, in Artsakh, payments have been delayed by almost a month, but we understand that this should normalize in the coming months. And, in any case, we are seeing goodwill and reasonable delays, in line with the historical minimums that we have seen.

Raquel: Okay, so...

Speaker Change: Kamesa is paying quite well.

Speaker Change: As of today, we are not experiencing any delay, which is in line with historical minimums as Lida showed in the presentation.

Lida Wang: On the other hand, Enarsa has been paying with a delay of almost a month, but we understand that this should normalize in the coming months. And in any case, we are seeing goodwill and reasonable delays in line with the historical minimums that we have seen.

Unknown Executive: On the other hand, in Arza has been paying

Speaker Change: with a delay of foremost stamand but we understand that this should normalizing in the coming month

Unknown Executive: And in any case, we are seeing goodwill and reasonable delays.

Raquel: And in any case, we are seeing goodwill and reasonable delays in line with the historical minimums that we have seen.

Lida Wang: The average gas price of the quarter is $2.4 per millimeter, this is 14% down due to the lower exports to Chile, as you can see right below, the higher deliveries of local gas were destined for thermal tower generation.

Unknown Executive: Thank you, Anika.

Unknown Executive: Thank you, Juanico. In line with this, she also was, and she also asks, the $23 million impairments are unrecognized camisa interest.

Unknown Executive: Thank you, Juanico. In line with this, she also was, she also asked: the $23 million impairments are an unrecognized CAMESA interest.

Lida Wang: In line with this, she also asks, the $23 million investments are under nice Camessa interests? Yes, so as we communicated at the time, we have accepted Camessa's proposal to settle transactions for December and January with the A-E-38 ones. So this proposal did not recognize Acrointress.

Juanico: Thank you, Juanico. In line with this, she also asks, the $23 million impairments are unrecognized CAMESA interests.

Lida Wang: This is a quick review on Rincondarana sharing the promising results. Horacio surely will come back more in the Q&A. As you can see here, our world's performance is with being the range in our neighboring Shell oil blocks and our daily production reached above. 1600 barrels per day once we connected the shutting weld, you should.

Unknown Executive: Yes, as we communicated at the time, we accepted Karmesa's proposal to set a transaction for December and January with the AE38 bonds. This proposal did not recognize accruing interest. Therefore, considering the bond market prices at the time of the payment, we recognized a loss of $53 million, of which $23 million were unrecognized interest.

Unknown Executive: Yes, so, as we communicated at the time, we accepted Canessa's proposal to set a transaction for December and January with the AE38 bonds.

Unknown Executive: Yes, as we communicated at the time, we accepted Karmesa's proposal to set a transaction for December and January with the AE38 bonds. This proposal does not recognize accrued interest. Therefore, considering the bond market prices at the time of the payment, we recognize a loss of $53 million, of which $23 million were unrecognized interest.

Raquel: yes so as we come communicated at the time we are accepted ceshas proppos to set transaction for thedecemmer and shmmary with the a thirty eight ones

Speaker Change: so this propose posal did not recognize are growing interest

Lida Wang: So, considering the bond market prices at the time of the payment, we recognize a loss of $53 million, dollars, of which $23 million were unrecognized centers. Thank you, Anika.

Speaker Change: So, considering the bond market prices at the time of the payment, we recognize a loss of $53 million, of which $23 million were unrecognized interest.

Lida Wang: We have already placed a drilling rig in the block to start drilling a pad of 4 weld, was another pad next year, meaning to produce by mid next year and reaching a total production between 48, 45,000 barrels per day by 20.

Unknown Executive: The third question from Alejandra is, she asks, how are the infrastructure projects progressing?

Alejandra Andrade: The third question of Alejandra, she asks, how are the infrastructure projects progressing?

Unknown Executive: Thank you, Nico. The third question of Alejandra, she asks how are the infrastructure projects progressing?

Lida Wang: Good morning, everybody. Well, we have two main lines of infrastructure: the gas pipelines and the oil pipelines. In terms of the first two gas pipelines, we are probably going to see the end of the reversion of the NOAA pipeline by September or October of this year. So, this will provide gas to the north of Argentina and reduce considerably the inputs from Bolivia. On the other hand, TGS has already presented an initiative up to the government in order to expand the transportation capacity of the existing nest location pipeline with the addition of compression in the first tranche and some works in the TGS infrastructure.

Horacio Turri: Good morning, everybody. Well, we have two main lines of infrastructure, the gas pipelines and the oil pipelines. In terms of, let's go first to the gas pipelines. We are probably going to see the end of the reversion of the NOAA pipeline by September or October of this year. So this will provide gas to the north of Argentina and reduce considerably the inputs from Bolivia. On the other hand, TGS has already presented Iniciativa Privada to the government in order to expand the transportation capacity of the existing Néstor Kirchner pipeline, with the addition of compression in the first tranche and some works in the TGS infrastructure that would boost the transport capacity or the transport capacity to approximately 14 million cubic meters per day of additional gas.

Horacio Turri: Good morning, everybody. Well, we have two main lines of infrastructure, the gas pipelines and the oil pipelines. In terms of, let's go first to the gas pipelines. We are probably going to see the end of the reversion of the NOAA pipeline by September or October of this year. So this will provide gas to the north of Argentina and reduce considerably the inputs from Bolivia. On the other hand, DGS has already presented Iniciativa Privada to the government in order to expand the transportation capacity of the existing Néstor Kirchner pipeline, with the addition of compression in the first tranche and some works in the TGS infrastructure that would boost the capacity, transport or the transportation capacity to approximately 14 million cubic meters per day of additional gas.

Unknown Executive: Well, we have two main lines of infrastructure, the gas pipelines and the oil pipelines. In terms of, let's go first to the gas pipelines, we are probably going to see the end of the reversion of the NOAA pipeline by September or October of this year. This will provide gas to the north of Argentina and reduce considerably the inputs from Bolivia, with the addition of compression in the first tranche and some works in the TGS infrastructure that would boost the capacity, transportation, or transportation capacity to approximately 14 million cubic meters per day of additional gas.

Unknown Executive: Good morning, everybody.

Unknown Executive: Well, we have two main lines of infrastructure, the gas pipelines and the oil pipelines. In terms of, let's go first to the gas pipelines.

Unknown Executive: We are probably going to see the end of the reversion of the NOAA pipeline by September or October of this year.

Lida Wang: Hence, the export share is getting more and more important.

Lida Wang: Moving on to slide 12, we don't slide 12. We show the restricted groups figures that reflect the bomb perimeter in Q2, we recorded a free cash flow of $15 million. We're working capital, we'll have recovered since Canada's capital last quarter. As of today, the base of sales of SBR is 55 days total. This means a delay of only 13 days. The payment or normalization allow us to cancel that, so the net that is significantly below last quarter as you can see here.

Speaker Change: so this will provide gas to the north of argentina and reduce considerably the inputs from malia on the other hand tgs has already

Unknown Executive: presented Iniciativa Privada to the government in order to expand the transportation capacity of the existing Néstor Kirchner pipeline.

Unknown Executive: with the addition of compression in the first tranche and some works in the TGS infrastructure. That would boost...

Lida Wang: That would boost the capacity transportation or the transportation capacity to approximately $14 million cubic meters per day of additional gas. This is currently being already presented to the government and is being analyzed. It's a very important infrastructure project to be taken into account.

Unknown Executive: the capacity transportation

Lida Wang: In summary, we can increase $69 million of net cash in the quarter, which is in 914 million cash positions by the end of the period. While this slide shows our consolidated financial position, including our affiliates of ownership, but let's keep it focusing on restricted groups figures. We posted a gross debt of $1.6 billion. This is 3% lower year and a 5% growth in cash. After settling peso debts and depreciation of the peso, 92% of the gross debt is US dollars.

Unknown Executive: This is currently being presented to the government and is being analyzed. It's a very important infrastructure project to take into account. In terms of oil, we will have by the new infrastructure projects that are currently in progress in Argentina.

Horacio Turri: This is currently being presented to the government and is being analyzed. It's a very important infrastructure project to take into account. In terms of oil, we will have by March-April of next year, the Duplicar project of Old El Val, already commissioned, that will give an additional 300,000 barrels per day of transportation capacity. We will also have the Tranch 1 of the Vaca Muerta Sur project from YPF going from Loma Campana to Agen.

Horacio Turri: This is currently being already presented to the government and is being analyzed. It's a very important infrastructure project to take into account. In terms of oil, we will have by, March-April of next year, the Duplicar project of Old El Val, already commissioned, that will give additional 300,000 barrels per day of transportation capacity. We will also have the Tranch 1 of the Vaca Muerta Sur project from YPF, going from Loma Campana to Agen, called the collector of the main pipeline that is also in progress now, in the engineering phase, which is the connection of Agen to Punta Colorada, that will be commissioned by the first Tranch by September of 26, with approximately 180,000 barrels per day, and an additional 180,000 in September 26, and an additional 180,000 barrels per day by September of 27.

Unknown Executive: cubic metres per day of additional gas. This is currently being already presented to the government and it's being analysed. It's a very important infrastructure project to be taken into account.

Lida Wang: In terms of oil, we will have by March April of next year, the Duplicar Project of Oldelval, already commissioned, that will give additional 300,000 barrels per day of transportation capacity. We will also have the French one of the Bacamorta Soule project from YPF, going from Loma Campana to Agen, called as the collector of the main pipeline that is also in work in progress now, in the engineering phase, which is the connection of Agen to Punta Correa, that will be commissioned by the first branch by September of 26, with approximately 180,000 barrels per day, and an additional 180,000 in September 26, and an additional 180,000 barrels per day by September of 27, and currently they are analyzing the possibility of an additional 20,000 cubic meters more or 120,000 barrels more by the end of September 27.

Unknown Executive: In terms of oil, we will have by...

Unknown Executive: March-April of next year, the Duplicar project of Oldelval, already commissioned.

Speaker Change: that will give additional three hundred thousand barlsterday of transportation capacity we will also have the trench one of the bor ual project from yp going from ler compana to agin

Horacio Turri: I call this the collector of the main pipeline that is also in progress now, in the engineering phase, which is the connection of Agen to Punta Colorado that will be commissioned by the first Tranch by September 26, with approximately 180,000 barrels per day, and an additional 180,000 in September 26, and an additional 180,000 barrels per day by September 27. And currently, they're analyzing the possibility of an additional 20,000 cubic meters more, or 120,000 barrels more, by September 27. Uh, this basically resumed the, um... The new infrastructure projects that are currently in progress in Argentina.

Lida Wang: The net that recorded $6191 million. This is a 12% year-on-year lower and one time to last 12 months, the PTA net leverage. The average life was 2.6 years and until 2027, which is on base in the relevant debt maturity.

Speaker Change: so who called this the collector of the main pipeline that is also in project in work and progress now in the engineering facehas

Unknown Executive: which is the connection of Agen U Punta Colorada that will be commissioned by the first tranche by September of 26.

Lida Wang: So this concludes our presentation.

Unknown Executive: with approximately 180,000 barrels per day.

Raquel Cardasz: Now we'll turn the word to Raquel, who will pull for the questions. Thank you very much. So the floor is now open for questions. If you have any questions, please send us through sumta. We will read and answer them in other words. Also, please make sure your name and company are correctly displayed to introduce you to the audience. Should any parties banit assistance send us a chat message or raise your hand? Please hold, while we pull for questions. You left on. Thank you very much for waiting.

Speaker Change: and an additional $180,000 in September 26th and an additional $180,000.

Horacio Turri: And currently, they're analyzing the possibility of an additional 20,000 cubic meters more, or 120,000 barrels more, by the end of September 27. This basically resumes the, um... New infrastructure projects that are currently in progress in Argentina.

Speaker Change: $1,000 per day by September 27. And currently, they're analyzing the possibility of an additional $1,000.

Unknown Executive: 20,000 cubic meters more or 120,000 barrels more by the end of, by September 27. This basically resumes the

Lida Wang: This basically resumed the new infrastructure projects that are currently in progress in Argentina.

Unknown Executive: the new infrastructure projects that are currently inprogressing asse

Alejandra Andrade: Thank you. What has your last question from Alejandra? She asked if we have expectations of returning to international markets.

Unknown Executive: Thank you, Horacio. Last question from Alejandra. She asked if we have expectations of returning to international markets.

Unknown Executive: She asked us if we had expectations of returning to international markets.

Speaker Change: youwhat is your last questions from i come there

Speaker Change: She asked if we have expectations of returning to international markets.

Unknown Executive: Okay, so this is our question. So we know there is currently an interesting window in the market for Argentine corporates. And as you know, our financial position is quite solid, and our next next significant maturity is in January 2027. This is a 750 million bond with a 7.5 present coupon, which is below the yields of Pampas bonds right now and comparables and recent issuance from companies, for example, TGS. On the other hand, our cash position of nearly $1 billion allows us to comfortably meet our debt maturities and growth plans, such as Rincón D'Aranda, in the coming years.

Unknown Executive: Okay, so this is our question. So we know there is currently an interesting window in the market for Argentine corporates. And as you know, our financial position is quite solid, and our next significant maturity is in January 2027. This is a 750 million bond with a 7.5 present coupon, which is below the yields of Pampa's bonds right now and comparables and recent issuance from companies, for example, TGS. And on the other hand, our cash position of nearly $1 billion allows us to comfortably meet our then maturities and growth plans, such as Spring-Conda-Aranda, in the coming years.

Unknown Executive: Okay, so this is our question. So we know there is currently an interesting window in the market for Argentine corporates, if the conditions are favorable or not, or, for example, if there is an M&A opportunity in the market.

Unknown Executive: Okay, so this is a good question. So we know there is currently an interesting window in the market for Argentine corporates.

Speaker Change: As you know, our financial position is quite solid and our next significant maturity is in January 2027. This is a 750 million bond with a 7.5% maturity.

Alejandra Andrade: Our first question comes from Alejandra Andrade from JP Morgan. First one is, how are Camessa Payments?

Lida Wang: This is a 750 million won with a 7.5 percent coupon, which is below the yield of the Pampas bonds right now and comparables and recent issuance from companies, for example, TCS. And, on the other hand, our cash position of nearly $1 billion allows us to comfortably meet our debt materialities and growth plans, such as pre-incondaranda in the coming years. So, for this reason, we are not in a hurry to undertake a liability management at the moment and to tap the markets, but we will closely monitor market conditions and do not rule out doing something early if the conditions are favorable or, for example, if there is an amount of opportunity in the market.

Alejandra Andrade: She wants to know how are Camessa Payments in nowadays?

Speaker Change: Present Coupons, which is below the yields of Pampa's bonds right now, and comparables and recent issuance from companies, for example, TGS.

Lida Wang: Hello, hello everybody, Lida, could you come in? Okay, so Camessa is paying quite well. As of today, we are not experiencing any delay, which is in line with historical minimums as Lida showed in the presentation. On the other hand, Enarsa has been paying with a delay of almost a month, but we understand that this should normalize in the coming months. And in any case, we are seeing goodwill and reasonable delays in line with the historical minimums that we have seen.

Speaker Change: On the other hand, our cash position of nearly $1 billion allows us to comfortably meet our debt maturities and growth plans, such as Rincón-Daranda, in the coming years.

Unknown Executive: So for this reason, we are not in a hurry to undertake liability management at the moment and to tap the markets, but we will closely monitor market conditions and do not rule out doing something early, if the conditions are favorable or, for example, if there is an M&A opportunity in the market.

Unknown Executive: So for this reason, we are not in a hurry to undertake liability management at the moment and to tap the markets, but we will closely monitor market conditions and do not rule out doing something early, if the conditions are favorable or not, or, for example, if there is an M&A opportunity in the market.

Speaker Change: So, for this reason, we are not in a hurry to undertake a liability management at the moment and to tap the markets, but we will closely monitor market conditions and do not rule out doing something early.

Unknown Executive: if the conditions are favorable or not.

Unknown Executive: For example, if there is an M&A opportunity in the market.

Lida Wang: Thank you, Anika. In line with this, she also asks, the $23 million investments are under nice Camessa interests? Yes, so as we communicated at the time, we have accepted Camessa's proposal to settle transactions for December and January with the A-E-38 ones. So this proposal did not recognize Acrointress. So, considering the bond market prices at the time of the payment, we recognize a loss of $53 million, dollars of which $23 million were unrecognized centers.

Unknown Executive: Thank you.

Unknown Executive: Thank you all. The next question comes from Alejandro Demichelis from Jeffreys. He asks, what participation can we expect from Pampa in the recently announced LNG export project? Okay, we

Alejandro DeMichelis: The next question comes from Alejandro Michelis from Jeffries. Yes, well participation can we expect from Pampa in the recently announced LNG project, Expo project? Okay, we definitely will have a very active participation in the LNG Expo project. We are still in the process of analyzing the project and our participation, but it's definitely the way out to our massive gas resources.

Unknown Executive: Thank you. The next question comes from Alejandro Demichelis from Jeffreys. He asks, what participation can we expect from Pampa in the recently announced LNG export project? Okay, we

Lida: Thank you, Lida.

Unknown Executive: The next question comes from Alejandro Demichelis from Jeffreys.

Speaker Change: He asks, what participation can we expect from Pampa in the recently announced LNG export project?

Horacio Turri: We definitely have a very active participation in the LNG export project. We are still in the process of analyzing the project and determining our participation, but it's definitely the way out for our massive gas resources in Bacamor.

Horacio Turri: Okay, we definitely will have a very active participation in the LNG export project. We are still in the process of analyzing the project, uh, our participation, but it's definitely the way out for our massive gas resources in Bacamor.

Unknown Executive: Okay, we definitely will have a very active participation in the LNG export project. We are still in the process of analyzing the project.

Unknown Executive: Okay, we definitely will have a very active participation in the LNG export project. We are still in the process of analyzing the project and

Speaker Change: Thank you very much for our participation, but it's definitely the way out to our massive gas resources in Bacamor.

Horacio Turri: Thank you, Horacio.

Unknown Executive: Thank you, Horacio. The next questions come from Marina Mertens from Latin Securities. Performance, Rincón Nerano has delivered promising results. How do you anticipate crude oil production will develop in 2024 and 2025, given the planned midstream expansions, and what additional evacuation capacity will be needed to meet your 2027 production targets? Okay.

Unknown Executive: Thank you, Horacio. The next questions come from Marina Mertens from Latin Securities. Regarding references, Rincón Terreno has delivered promising results. How do you anticipate crude oil production will develop in 2024 and 2025, given the planned midstream expansions, and what additional evacuation capacity will be needed to meet your 2027 production targets? Okay.

Marina Mertens: Next questions come from Marina Mertens from Latin Securities.

Unknown Executive: Thank you Horacio. Next questions come from Marina Mertens from Latin Securities.

Horacio Turri: Prof. Rincon Nerenna has delivered promising results. How do we anticipate crude oil production will develop in 2024 and 2025, giving the plant mainstream expansions and what additional evacuation capacity will be needed to meet your 2027 production targets. Okay, 2024 we don't foresee an increase in our production in Rincon Nerenna, basically at two wells that are already being hooked into the production lines. But in 2025, as Lida mentioned before, we will be probably drilling and completing two paths, and that will give us the possibility of boosting our production to around 10 to 12 years. 1000 barrels per day, and that matches as well our transportation capacity from on the level and the possibility of acquiring additional capacity from companies that will have idle transportation capacity in the duplicate project.

Speaker Change: References. Rincón Derano has delivered promising results. How do we anticipate crude oil production will develop in 2024 and 2025?

Lida Wang: Thank you, Anika.

Speaker Change: Given the planned midstream expansions and what additional evacuation capacity will be needed to meet your 2027 production targets?

Alejandra Andrade: The third question of Alejandra, she asks, how are the infrastructure projects progressing?

Horacio Turri: Okay. By 2024, we don't foresee an increase in our production in Rincon Deranda, basically two wells that are already being hooked into the production lines. By 2025, as Lida mentioned before, we will probably be drilling and completing two paths, and that will give us the possibility of boosting our production to around 10,000 to 12,000 barrels per day. And that matches, as well, our transportation capacity from Underval and the possibility of acquiring additional capacity from companies that will have idle transportation capacity in the Duplicar project.

Horacio Turri: Okay. In 2024, we don't foresee any increase in our production in Rincon Deranda, basically two wells that are already being hooked into the production lines. By 2025, as Lida mentioned before, we will probably be drilling and completing two paths, and that will give us the possibility of boosting our production to around 10,000 to 12,000 barrels per day. And that matches, as well, our transportation capacity from Onderval and the possibility of acquiring additional capacity from companies that will have idle transportation capacity in the Duplicar project.

Lida Wang: Good morning, everybody. Well, we have two main lines of infrastructure, the gas pipelines and the oil pipelines. In terms of the first two gas pipelines, we are probably going to see the end of the reversion of the NOAA pipeline by September or October of this year. So, this will provide gas to the north of Argentina and reduce considerably the inputs from Bolivia. On the other hand, TGS has already presented a initiative up to the government in order to expand the transportation capacity of the existing nest location pipeline with the addition of compression in the first tranche and some works in the TGS infrastructure.

Unknown Executive: Okay.

Speaker Change: 2024, we don't foresee any increase in our production in Rincon Deranda, basically two wells that are already being hooked.

Unknown Executive: into the production lines. By 2025, as Lida mentioned before, we will be probably drilling and completing

Speaker Change: Too bad.

Unknown Executive: And that will give us the possibility of boosting our production to around...

Speaker Change: 10,000 to 12,000 barrels per day.

Speaker Change: And that, um...

Mattis: Mattis as well.

Speaker Change: our transportation capacity from a the val and the possibility of acquiring additional capacity from companies that will have idle transportation capacity in the duuplicical project

Unknown Executive: Um

Horacio Turri: Um, by 2027, we foresee, as I mentioned before, that the Vaca Muerta Sur Tramo 2 of YPF will be finished, and we have an overall capacity contracted of approximately 48,000 barrels. So, hopefully, by the end of 2027, at least our aim is to be in the range of 45,000 to 48,000 barrels per day.

Horacio Turri: By 2027, we foresee, as I mentioned before, that the Vaca Muerta sur tramodos of YPF will be finished, and we have an overall capacity contracted of approximately 48,000 barrels. So hopefully by the end of 2027, at least our aim is to be in the range of 45,000 to 48,000 barrels per day.

Speaker Change: the by two thousand and twenty seven we foresee as i mentioned before that the vakcomeora throughthe parameolos of ypf will be finished

Speaker Change: And we have an overall capacity contracted of approximately 48,000 barrels.

Speaker Change: So, hopefully, by the end of 2027, at least our aim is to be in the range of 45,000 to 48,000 barrels per day.

Horacio Turri: Thank you, Horacio. Next question from Marina says, considering the increase in natural gas production, is it realistic to expect that it could remain stable through the summer when local demand declines? Argentina is a seasonal market with a strong component of domestic demand, so I don't think it's realistic to think that the demand will be constant during the off-peak or the non-winter season.

Horacio Turri: Thank you, Horacio. The next question from Marina says that considering the increase in natural gas production, is it realistic to expect that it could remain stable through the summer when local demand declines?

Horacio Turri: Thank you, Horacio. Next question from Marina: Considering the increase in natural gas production, is it realistic to expect that it will remain stable through the summer when local demand declines?

Marina: Thank you, Horacio. Next question from Marina says, considering the increase in natural gas production, is it realistic to expect that it could remain stable through the summer when local demand declines?

Horacio Turri: Argentina is a seasonal market with a strong component of domestic demand, so I don't think it's realistic to think that demand will be constant during the off-peak or the non-winter season.

Speaker Change: Argentina is a seasonal market with a strong component of domestic demand, so I don't think it's realistic to think that the demand will be constant during the off-peak or the non-winter season.

Lida Wang: Thank you.

Horacio Turri: Thank you, Horacio.

Horacio Turri: Thank you, Horacio. The next questions come from Bruno Montanari from Morgan Stanley. The first one says, how is natural gas demand performing in the third quarter of 2024? Can we expect higher volumes versus this quarter?

Bruno Montanari: Next questions come from Bruno Montanetti from Morgan Stanley. First one says, how is natural gas demand performing into a third quarter 2024? Can we expect higher volumes versus this quarter?

Horacio Turri: Thank you, Horacio. Next questions come from Bruno Montanari from Morgan Stanley .

Speaker Change: First one says, how is natural gas demand performing into third quarter 2024? Can we expect higher volumes versus this quarter?

Horacio Turri: So far, we only have one month of the third quarter, which is July. In July last year, we delivered around 10.8 million cubic meters of gas per day, compared to 15.3 this year. So we are 42% up on July 24, 23. And August is just starting. So it's hard to say what's going to happen, because it's very much variable, particularly the weather.

Horacio Turri: Okay, well, so far we only have one month of the third quarter, which is July. In July last year, we delivered around 10.8 million cubic meters per day compared to 15.3 this year, so we are 42% up.

Speaker Change: Okay, well so far we only have one month of the third quarter which is July . In July last year we delivered around 10.8 million cubic meters per day compared to 15.3 this year so we are 42%

Horacio Turri: July, July 24, and 23. And August is just starting. So it's hard to say what's going to happen because it's very much variable, depending in particular on the weather.

Horacio Turri: July, July 24, 23, and I was just starting, so it's hard to say what's going to happen because it's very much valuable depending on particularly on the weather.

Horacio Turri: up July 24-23 and August is just starting so it's hard to say what's going to happen because it's very much variable depending on particularly on the weather.

Horacio Turri: Thank you, Horacio.

Horacio Turri: Thank you, Horacio. The next question from Bruno says, What is the potential maximum volume of natural gas production once Gasolto Néstor Kirchner's second tranche is delivered, and how much would Pampa need to achieve that production?

Horacio Turri: Thank you, Horacio. The next question from Bruno says, What is the potential maximum volume of natural gas production once Gasolto Néstor Kirchner's second tranche is delivered? And how much would PAPA need to achieve that production?

Horacio Turri: Next question from Bruno: what is the potential maximum volume of natural gas production, once a result of Nestor Kirchner's second tranche is delivered? And how much would buy the gas to achieve that production? Okay. We were awarded in the last round of the Plan Gas with the 4.8 million cubic meters per day on a flood basis. So the commissioning of the compression plants do not change our participation in Plan Gas. So we already reached our demand on Plan Gas basis. So we don't see an additional production due to the commissioning of the two compression plants.

Bruno: Thank you, Horacio. Next question from Bruno says, what is the potential maximum volume of natural gas production once Gasolto Néstor Kirchner's second tranche is delivered? And how much would Pampa need to achieve that production?

Alejandra Andrade: What has your last question from Alejandra? She asked if we have expectations of returning to international markets.

Horacio Turri: Okay, we were awarded in the last round of plant gas with 4.8 million cubic meters per day on a flood basis. So, the commissioning of the compression plants did not change our participation in plant gas. So, we have already reached our demand on a plant gas basis. So, we don't see an additional reduction due to the, and I understand that you are asking about the commissioning of the two compression plants. So, we don't see an additional capacity affecting Pampa's demand for plant gas.

Horacio Turri: Okay. We were awarded in the last round of plant gas with 4.8 million cubic meters per day on a flood basis. So the commissioning of the compression plants does not change our participation in plant gas. Thus, we have already reached our demand on plant gas. So we don't see an additional production due to the, and I understand that you are asking about the commissioning of the two compression plants. So we don't see an additional capacity affecting Pampa's demand for plant gas.

Lida Wang: Okay, so this is our own question. So we know there is currently an interesting window in the market for Arshand and corporates. And, as you know, our financial position is quite solid, and our next significant materiality is in January 2027. This is a 750 million won with a 7.5 percent coupon, which is below the yield of the Pampas bonds right now and comparables and recent issuance from companies, for example, TCS. And, on the other hand, our cash position of nearly $1 billion allows us to comfortably meet our debt materialities and growth plans, such as pre-incondaranda in the coming years.

Horacio Turri: We were awarded in the last round of the PlanGas with the 4.8 million cubic meters per day on a flood basis.

Speaker Change: The commissioning of the compression plants did not change our participation in plant gas, so we already reached

Speaker Change: Our demand on land gas basis so that we don't see an additional

Speaker Change: production due to the, and I understand that you are asking about the commissioning of the two compression plants. So we don't see an additional capacity affecting the Pampa's demand on plant gas. So that was the first question and the other one.

Horacio Turri: So we don't see an additional capacity affecting the Pampa's demand on Plan Gas.

Horacio Turri: So what? That was the first question, and the other one. In order to keep the production levels that we have, both Plan Gas and Plus Experts Plus Industries, we foresee approximately 4 to 6 wells being drilled per year in order to just keep the constant production rates. So that would amount to approximately $100 million per year with no increase in our production curve. Just keeping our curve as it is.

Horacio Turri: So that was the first question and the other one. In order to keep the production levels that we have, both plant gas and uh, plus experts plus uh industries, we foresee approximately four to six wells being drilled per year in order to just keep the uh, the constant production rates, so that would amount to approximately 100 million dollars per year with no increase in our production costs. Just keeping our curve as it is.

Horacio Turri: So, that was the first question and the other one. In order to keep the production levels that we have, both plant gas and uh, plus experts plus uh industries, we foresee approximately four to six wells being drilled per year in order to just keep the uh, the constant production rates, so that would amount to approximately a hundred million dollars per year with no increase in our production. Just keeping our curve as it is.

Horacio Turri: of

Lida Wang: So for this reason, we are not in a hurry to undertake a liability management at the moment, and to tap the markets, but we will closely monitor market conditions and do not rule out doing something early if the conditions are favorable or, for example, if there is an amount of opportunity in the market.

Speaker Change: Both PlanGas plus experts plus industries, we foresee approximately four to six wells being drilled per year in order to just keep the...

Speaker Change: The constant production rates so that would amount to approximately a hundred million dollars per year

Lida Wang: Thank you.

Horacio Turri: with no increase in our production curve.

Horacio Turri: Just keeping our curve as it is.

Horacio Turri: Thank you, Horacio. The last question from Bruno says, can you talk about the evolution of the project to develop the company's Shayloral acreage? Is the company on track to deliver the plan for 40,000 barrels per day plateau by 2027?

Horacio Turri: Thank you, Horacio. The last question from Bruno says, can you talk about the evolution of the project to develop the company's shale oil acreage? Is the company on track to deliver the planned 40,000 barrels per day plateau by 2027? What are the infrastructure bottlenecks and investments required to reach the production plateau?

Horacio Turri: Thank you, Horacio. The last question from Bruno says, can you talk about the evolution of the project to develop the company's shale oil acreage? Is the company on track to deliver the plan for 40,000 barrels per day of production by 2027? What are the infrastructure bottlenecks and investments required to reach the production plateau?

Speaker Change: Thank you, Horacio.

Speaker Change: The last question from Bruno says, can you talk about the evolution of the project to develop the company's shale oil acreage?

Speaker Change: is the company on truack to deliver the plan for forty thousand a barls per day pl au by twothousand and twenty seven what are the infrastructure bor next and investments required to reach the production platau

Horacio Turri: What are the infrastructure bottlenecks and investments required to reach the production plateau? Okay. Well, I already mentioned that we are currently drilling our second path in Drincondaranda, and we will be drilling two paths, additional paths in 2025. The bottlenecks basically have to do with treatment and transportation in terms of treatment. We are already starting the construction of all the necessary evacuation pipelines and pipelines in terms of oil pipelines and gas pipelines and temporary production facilities both owned by Pampa and eventually being negotiated with neighbors in order to be able to deliver those 10 to 12,000 barrels per day mentioned before by 2025.

Horacio Turri: We are still in the process of analyzing the project and our participation but it's definitely the way out to our massive gas resources. Thank you, Horacio.

Horacio Turri: Well, I already mentioned that we are currently drilling our second pad in Rincón de Aranda, and we will be drilling two additional pads in 2025. The bottlenecks basically have to do with treatment and transportation.

Horacio Turri: Okay, well, I already mentioned that we are currently drilling

Speaker Change: Our second part.

Horacio Turri: In Rincón de Aranda, and we will be drilling two pads, additional pads in 2025.

Marina Mertens: Next questions come from Marina Mertens from Latin Securities.

Horacio Turri: Prof. Rincon Nerenna has delivered promising results. How do we anticipate crude oil production will develop in 2024 and 2025, giving the plant mainstream expansions and what additional evacuation capacity will be needed to meet your 2027 production targets. Okay, 2024 we don't foresee an increase in our production in Rincon Nerenna, basically at two wells that are already being hooked into the production lines, but in 2025, as Lida mentioned before, we will be probably drilling and completing two paths and that will give us the possibility of boosting our production to around 10 to 12 years.

Speaker Change: The bottlenecks...

Horacio Turri: In terms of treatment, we are already starting the construction of all the necessary evacuation pipelines and pipelines in terms of oil pipelines and gas pipelines and temporary production facilities, both owned by Pampa and eventually being negotiated with neighbors in order to be able to deliver those 10,000 to 12,000 barrels per day, as mentioned before, by 2025. And also, we are currently finishing the engineering of our central processing facility that will have four blocks, basically the oil plant, the gas treatment plant, the water disposal plant, and the generation plant that will be ready by May 2026 for the first tranche of 3,500 cubic meters per day, and by September 26, the second tranche of abandonment of 3,500, totaling 7,000 cubic meters per day or 42,000 barrels per day.

Horacio Turri: Basically have to do with treatment and transportation. In terms of treatment...

Horacio Turri: We are already starting the construction of all the necessary evacuation pipelines and

Speaker Change: Pipelines in terms of oil pipelines and gas pipelines and temporary production facilities, both owned by Pampa and eventually being

Speaker Change: negotiated with neighbors in otherder to

Speaker Change: be able to deliver at those ten to weve thousand barrels perday i mentioned before by two thousand and twenty five

Horacio Turri: And also, we are currently finishing the engineering of our central processing facility that will have four blocks: basically the oil plant, the gas treatment plant, the water disposal plant, and the generation plant that will be ready by May 2026 for the first branch of 3,500 cubic meters per day, and by September or October 2026, the second branch of our national 3,500, totaling 7,000 cubic meters per day or 42,000 barrels per day. In parallel with our evacuation and treatment from the Rincondaland itself, we are currently negotiating with YPF our participation in the Bacamo Arta Sur, Ramados, connecting Agen to Punta Colorada for, again, I mentioned before, 48,000 barrels per day.

Horacio Turri: And also, we are currently finishing the engineering.

Horacio Turri: of our Central Processing Facility.

Horacio Turri: 1000 barrels per day and that matches as well our transportation capacity from on the level and the possibility of acquiring additional capacity from companies that will have idle transportation capacity in the duplicate project. By 2027, we foresee, as I mentioned before, that the Vaca Muarta sur tramodos of YPF will be finished and we have an overall capacity contracted of approximately 48,000 barrels. So hopefully by the end of 2027, at least our aim is to be in the range of 45 to 48,000 barrels per day.

Horacio Turri: that will have four blocks, basically the oil plant, the gas treatment plant, the water disposal plant, and the generation plant that will be ready by May 2026.

Horacio Turri: for the first tranche of

Horacio Turri: 3,500 cubic meters per day, and by September-October 26th, the second tranche of adonation of 3,500 totaling 7,000 cubic meters per day or 42,000 barrels per day. So, uh...

Horacio Turri: So, in parallel with our evacuation and treatment from the Rincón de Aranda itself, we are currently negotiating with YPF our participation in the Vaca Muerta Sur Tramo 2, connecting Agen to Punta Colorada for, again, as I mentioned before, 48,000 barrels per day. We already have contracted with YPF for transportation from Loma Campana to Agen through the Vaca Muerta Sur Tramo 1 contract.

Speaker Change: In parallel with our evacuation and treatment from the Rincón de Aranda itself, we are currently negotiating with YPF our participation in the Vaca Muerta Sur, Tramo 2.

Horacio Turri: Connecting ASEAN

Horacio Turri: to Punta Colorada for, again, I mentioned before, 48,000 barrels per day. We already have contracted with YPF.

Horacio Turri: We already have contracted with YPF, the transportation from Loma Campana to Agen through the contract, the contract of the Bacamo Arta Sur, Ramo Uno.

Horacio Turri: Thank you Horacio. Next question from Marina says considering the increase in natural gas production, is it realistic to expect that it could remain stable through the summer when local demand declines? Argentina is a seasonal market with a strong component of domestic demand, so I don't think it's realistic to think that the demand will be constant during the off-peak or the non-winter season. Thank you Horacio.

Horacio Turri: The transportation from Loma Campana to Agen through the contract of the Vaca Muerta Sur Tramo 1.

Horacio Turri: Thank you, Horacio.

Horacio Turri: Thank you, Horacio. The next questions come from Anne Mill from Bank of America. The first one, she says, Can you give us an update on the construction of the various infrastructure needed to grow Argentina and Pampa's oil and gas business in Argentina? If there are any delays, how do you think they will be?

Unknown Executive: Thank you, Horacio. The next question comes from Anne Mill from Bank of America.

Anmil: Next questions come from Anmil from, from, from America. First one, she says, can you give us an update on the construction of various infrastructure needed to grow Argentina, Pampa Solenoz Business, Argentina? If there are any delays, how do you think they will be? I think we, we already covered this.

Unknown Executive: Thank you, Horacio. Next questions come from Anne Mill from Bank of America.

Speaker Change: first one she say can you give us an update on the construction of various infrastructure needed to growth gentin zaalanda business certainina if they are any delays how do you think they will be

Horacio Turri: I think we have already covered this.

Unknown Executive: I think we have already covered this.

Bruno Montanari: Next questions come from Bruno Montanetti from Morgan Stanley. First one says how is natural gas demand performing into a third quarter 2024? Can we expect higher volumes versus this quarter?

Horacio Turri: Okay, next one says, is Pampa looking at any other non-conventional oil areas at the moment? We are always looking at new opportunities.

Horacio Turri: Next one says, "Is Pampa looking at any other non-conventional oil areas at the moment?"

Speaker Change: I think we already covered this.

Unknown Executive: Okay.

Speaker Change: Next one says, is Pampa looking at any other non-conventional oil areas at the moment?

Horacio Turri: We are always looking for new opportunities.

Horacio Turri: Okay, the last one says, where do you see Pampa's hydrocarbon production five years from now in terms of volumes and breakdown between natural gas and crude oil?

Horacio Turri: Okay, and the last one says, where do you see Pampa's hydrocarbon production five years from now in terms of volumes and breakdown between natural gas and crude oil? Okay, in terms of oil, we are already mentioned that our aim is to reach a plateau of around 45,000 to 50,000 barrels per day, and that's what we're probably going to be keeping as our goal. Eventually, we are looking at new opportunities, but what we have today in the pipeline is that. And in terms of natural gas, until 2028, we have the Plan Gas, which are currently basically the current volumes that we are delivering into the market. We still have to see what happens with the expansion of the gas pipelines, as I mentioned before, that represents around 40, 14,000, 14 million cubic meters per day.

Speaker Change: We are always looking at new opportunities.

Horacio Turri: Okay, well, so far we only have one month of the third quarter which is July. In July last year we delivered around 10.8 million cubic meters per day compared to 15.3 this year, so we are 42% up. July, July 24, 23 and I was just starting, so it's hard to say what's going to happen because it's very much valuable depending on particularly on the weather.

Speaker Change: And the last one says, where do you see Pampa's hydrocarbon production five years from now in terms of volumes and breakdown between natural gas and crude oil?

Unknown Executive: Okay, in terms of oil, we already mentioned that our aim is to reach a plateau of around 45,000 to 50,000 barrels per day, and that's what we're probably going to be keeping as our goal. Eventually, we are looking at new opportunities, but what we have today in the pipeline is that.

Horacio Turri: Okay, in terms of oil, we already mentioned that our aim is to reach a plateau of around 45,000 to 50,000 barrels per day, and that's what we're probably going to be keeping as our goal. Eventually, we are looking at new opportunities, but what we have today in the pipeline is that.

Unknown Executive: Okay, in terms of oil, we already mentioned that our aim is to reach a plateau of around 45,000 to 50,000 barrels per day, and that's what we're probably going to be...

Unknown Executive: Keeping as our goal, eventually we are looking at new opportunities, but what we have today in the pipeline is that.

Unknown Executive: And in terms of natural gas, until 2028, we have plant gas, which is basically the current volumes that we are delivering into the market. We still have to see what happens with the expansion of the gas pipelines. As I mentioned before, that represents around 14 million kilometers per day. I guess that we will probably keep around 20 to 30 percent of that market share. So we are talking three to four additional million cubic meters per day of natural gas during the winter season, that's approximately 100 to 120 days. So basically, those are the main drivers of our future production, not to mention the possibility of the development of the LNG projects that we have

Horacio Turri: And in terms of natural gas, until 2028, we have plant gas, which is basically the current volumes that we are delivering into the market. We still have to see what happens with the expansion of the gas pipelines. As I mentioned before, that represents around 14 million cubic meters per day. I guess that we will probably keep around 20 to 30 percent of that market share. So we are talking three to four additional million cubic meters per day of natural gas during the winter season, that's approximately 100 to 120 days. So basically, those are the main drivers of our future production, not to mention the possibility of the development of the LNG projects that we have

Horacio Turri: Thank you, Horacio. Next question from Bruno, what is the potential maximum volume of natural gas production, once a result of Nestor Kirchner's second tranche is delivered? And how much would buy the gas to achieve that production? Okay. We were awarded in the last round of the Plan Gas with the 4.8 million cubic meters per day on a flood basis. So the commissioning of the compression plants do not change our participation in Plan Gas.

Unknown Executive: And in terms of natural gas, until 2028.

Speaker Change: we have the plangas which are current basically the current volumes that we are delivering into the market we still have to see what happens with the expansion of the gaap pipelines as you mentioned before that represents around or ty fourteen thousand and fourteen million two m per day

Horacio Turri: I guess that probably we will keep around 20 to 30% out of that market share, so we are talking three to four additional million cubic meters per day of natural gas during the winter season that is approximately 100 to 120 days.

Unknown Executive: I guess that probably we will keep around 20-30% out of that market share. So we are talking 3-4 additional million cubic meters per day of natural gas during the winter season, that's approximately 100-120 days.

Horacio Turri: So we already reached our demand on Plan Gas basis. So we don't see an additional production due to the, and the commissioning of the two compression plants. So we don't see an additional capacity affecting the Pampa's demand on Plan Gas.

Horacio Turri: So basically, those are the main drivers of our future production, not to mention the possibility of the development of the LNG projects that we mentioned before.

Unknown Executive: so basically those are the main drivers of our future production not not to mention the possibility of the development of the energy projects that we mentioned

Gustavo Faria: Thank you, Horacio.

Horacio Turri: Thank you, Horacio. The next questions come from Gustavo Faria from Bank of America. First one, he says, how do you see the demand for gas exports in the second half of this year? And could you give a little disclosure on the export prices in the second half of 2024?

Unknown Executive: Thank you, Horacio. The next question comes from Gustavo Faria from Bank of America. First one, he says, how do you see the demand for gas exports in the second half of this year?

Horacio Turri: Thank you, Horacio. The next question comes from Gustavo Faria from Bank of America. First one, he says, how do you see the demand for gas exports in the second half of this year? And could you give a little disclosure on the export prices in the second half of 2024?

Horacio Turri: Next questions come from Gustavo Faria from Bank of America. First one, he says, how do you see the demand for gas export in the second half of this year, and could you give a little disclosure on the export prices in the second half of 2024? Okay, for the second half of 2024, we have committed 600,000 cubic meters per day to Chile through Gasanles, the minimum price and the price at the same time that was approved by the Secretary of Energy 70% of Brent, which turns out to be around $5.5 million per million with you well-haired.

Horacio Turri: So what that was the first question and the other one. In order to keep the production levels that we have both Plan Gas and plus experts plus industries, we foresee approximately 4 to 6 wells being drilled per year in order to just keep the constant production rates. So that would amount to approximately $100 million per year with no increase in our production curve. Just keeping our curve as it is.

Unknown Executive: for

Speaker Change: thankyou what us your next questions come from able to sto right ia from marko america

Horacio Turri: Thank you, Horacio.

Gustavo Faria: First one, he says, how do you see the demand for gas export in the second half of this year? And could you give a little disclosure on the export prices in the second half of 2024?

Horacio Turri: For the second half of 2024, we have committed 600,000 cubic meters of gas per day to Chile through Gazández. The minimum price and the price at the same time that was approved by the Secretary of Energy are 7% of Brent, which turns out to be around $5.5 per million BTU.

Unknown Executive: For the second half of 2024, we have committed 600,000 cubic meters of gas per day to Chile through Gazández. The minimum price and the price at the same time that was approved by the Secretary of Energy are 7% of Brent, which turns out to be around $5.5 per million BTU.

Unknown Executive: For the second half of 2024, we have committed 600,000 cubic meters per day to Chile through Gazández.

Unknown Executive: The minimum price and the price at the same time that was approved by the Secretary of Energy is 7% of Brent, which turns out to be around $5.5 per million BTU well ahead.

Unknown Executive: Thank you, Horacio.

Horacio Turri: Thank you, Horacio. Next question from Gustavo.

Horacio Turri: Next question from Otao. He says, with an important drop in the listing cost in the second quarter of 2024, do you see any room for additional listing cost improvement in the gas upstream segment, or do you consider the current level as the plateau? No, we consider that what we reached is probably the plateau.

Horacio Turri: The last question from Bruno says, can you talk about the evolution of the project to develop the company's shayloral acreage? Is the company on track to deliver the plan for 40,000 barrels per day plateau by 2027? What are the infrastructure bottlenecks and investments required to reach the production plateau?

Unknown Executive: Thank you, Horacio. Next question from Gustavo.

Horacio Turri: He says, "We saw an important drop in the lifting cost in the second quarter of 2024. Do you see any room for additional lifting cost improvement in the gas upstream segment? Or do you consider the current level as a plateau?

Horacio Turri: She says, We saw an important drop in the lifting cost in the second quarter of 2024. Do you see any room for additional lifting cost improvement in the gas upstream segment? Or do you consider the current level as a plateau?

Speaker Change: He says, with an important drop in the lifting cost in the second quarter of 2024, do you see any room for additional lifting cost improvement in the gas upstream segment, or do you consider the current level as the plateau?

Horacio Turri: Now we consider that what we have reached is probably the plateau. We won't be seeing any substantial decrease in

Horacio Turri: Now, we consider that what we have reached is probably the plateau. We won't be seeing any substantial decrease in

Horacio Turri: We won't be seeing any substantial decrease in the future.

Unknown Executive: Now, we consider that what we reached is probably the plateau.

Horacio Turri: Okay. Well, I already mentioned that we are currently drilling our second path in Drincondaranda, and we will be drilling two paths, additional paths in 2025. The bottlenecks basically have to do with treatment and transportation in terms of treatment. We are already starting the construction of the all the necessary evocuation pipelines and pipelines in terms of oil pipelines and gas pipelines and temporary production facilities both owned by Pampa and eventually being negotiated with neighbors in order to be able to deliver those 10 to 12,000 barrels per day and mentioned before by 2025.

Unknown Executive: we won't be seeing any substantial decrease in fge

Horacio Turri: Thank you, Horacio.

Unknown Executive: Thank you, Horacio. Regarding future increases in regulated prices, do you have any estimation of when these hikes will finally translate into effectively higher income for the company rather than merely substituting subsidies?

Horacio Turri: Thank you, Horacio. The next question comes from Ignacio Znietkowski from Invertida Bolsa. First of all, he says, Regarding future increases in regulated prices, do you have any estimation of when this hike will finally translate into effectively higher income for the company rather than merely substituting subsidies?

Horacio Turri: Thank you, Horacio. The next questions come from Ignacio Snietkowski from Invertida Mulsa. First one, he says, Regarding future increases in regulated prices, do you have any estimation of when these hikes will finally translate into effectively higher income for the company rather than merely substituting subsidies?

Ignacio Nietowski: Next question comes from Ignacio Nietowski, from Immertida Molso. First one, he says, regarding future increases in regulated prices, do you have any estimation of when this hike will finally translate into effectively higher income for the company, rather than merely substituting subsidies? It's a good question. So less subsidies means less dependence on carbon cell delays, and it's more reliance on the demand. Basically, the higher hikes on electricity, the thing with electricity will price the final bills. That means less subsidies, that means lesser subsidies for Kamesha, and then Kamesha gets faster. It's not going to be materially, we get more money.

Speaker Change: thank you one of you next question come from inertia neoski from americanamosa first point he says

Speaker Change: Regarding future increases in regulated prices, do you have any estimation of when these hikes will finally translate into effectively higher income for the company, rather than merely substituting subsidies?

Unknown Executive: It's a good question. Less subsidies means less dependence on CAMESA delays, and it's more reliant on demand. Basically, the higher hikes on the electricity, the famous electricity roll price in the final bill, that means less subsidies, that means less subsidies for CAMESA, and then CAMESA can pay us faster. It's not going to be materially us getting more money, but it means we get a better quality on the collections, on the payment side, on the receivables.

Unknown Executive: It's a good question. Less subsidies means less dependence on CAMESA delays, and it's more reliant on demand. Basically, the higher hikes on electricity, the famous electricity roll price in the final bill, that means less subsidies, that means less subsidies for CAMESA, and then CAMESA can pay us faster. It's not going to be materially different for us getting more money. We as a company are getting more money, but that means we are getting better quality on the collections, on the payment side, on the receivables.

Speaker Change: It's a good question. So less subsidies means less dependence on...

Unknown Executive: oh

Speaker Change: coming any lays and it's more reliance on the deiness basically the higher hiights on the electricity the time was of lectricity ro price the final bills

Horacio Turri: And also, we are currently finishing the engineering of our central processing facility that will have four blocks, basically the oil plant, the gas treatment plant, the water disposal plant and the generation plant that will be ready by May 2026 for the first branch of 3,500 cubic meters per day and by September of October 26, the second branch of our national 3,500, totaling 7,000 cubic meters per day or 42,000 barrels per day. In parallel with our evacuation and treatment from the Rincondaland itself, we are currently negotiating with YPF, our participation in the Bacamo Arta Sur, Ramados, connecting Agen to Punta Colorada for, again, I mentioned before, 48,000 barrels per day. We already have contracted with YPF, the transportation from Loma Campana to Agen through the contract, the contract of the Bacamo Arta Sur, Ramo Uno.

Speaker Change: That means lesser subsidies, that means lesser subsidies for Camisa, and then Camisa can pay us faster.

Unknown Executive: It's not going to be materially more money for us, we as a company getting more money, but it means we get better quality on the collections, on the payment side, on the receivables. This is mainly the biggest importance here behind the lowering of subsidies. Another thing that's very important is that the other regulated prices, the gas price, the final deal, the higher the gas prices for retail, the lower the subsidies it is. So we collect less plant gas compensation. But again, we collect this from the distribution.

Unknown Executive: It's not going to be materially, we getting more money. We as a company getting more money, but that's meaning we getting a better quality on the

Horacio Turri: We as a company get more money, but that's meaning we get in a better quality on the collections, on the payment side, on the receivables. This is mainly the biggest importance here, behind the lowering of subsidies. There have been a very important that the other regulated prices, the gas prices, the final bills, the higher the gas prices for retail, the lower the subsidies it is, so we collect a less planned gas compensation. But again, we collect this for the distribution, so it's getting a better credit profile and a lesser dependence on the government's divergence.

Speaker Change: collections on the payment side, on the receivables. This is mainly the biggest importance here behind the lowering of subsidies. Another thing that is very important is that the other regulated prices, the gas price, the final bill.

Unknown Executive: This is mainly the biggest importance here behind the lowering of subsidies. Another thing that's very important is that the other regulated prices, the gas price, the final deal: the higher the gas prices for retail, the lower the subsidies it is. So we collect less plant gas compensation. But again, we collect this from the distribution. I mean, it's getting a better credit profile and a lesser dependence on the government's diversity. Just to notice, the government just passed a few, actually they passed regulated prices until the end of this year for electricity and gas.

Unknown Executive: The higher the gas prices for retail, the lower the subsidies it is, so we collect less plant gas compensation, but again, we collect it from the distribution.

Unknown Executive: I mean, it's getting a better credit profile and a lesser dependence on government diversity. Just to notice, the government just passed a few, actually they passed regulated prices until the end of this year for electricity and gas. They already put out a look for what's going to be the subsidies until the end of the year as well as for what kind of subsidies will be for those that are under retail, social tariff, or middle income, as well as the government just passed just a few days ago the monthly increase for inflation, 6% for transmission, 4% for TGS, and 3% for legacy prices.

Speaker Change: I mean, it's getting a better credit profile and a lesser dependence on the government diversions.

Horacio Turri: Just to notice, the government just passed a few; actually, they passed last June the regulated prices until the end of the year for electricity and for gas. They already put their outlook for what's going to be the subsidies until the end of the year as well for what kind of subsidies will be for those that are under retail social care and for middle income, as well as the government just passed just a few days ago, the monthly increase for inflation, 6% for transmission, 4% for TGS, and 3% for a legacy price, legacy energy, that will be.

Unknown Executive: yeah

Speaker Change: Just to notice, the government just passed a bill, actually they passed last June, the regulated prices until the end of this year for electricity and for gas.

Unknown Executive: Margarita Chun, Lida Wang, Margarita Chun, Nicols Mindlin, Gustavo Mariani, Alejandro Demichelis, Lilyanna Yang, Pampa Energia Sponsored ADR Margarita Chun, Lida Wang, Margarita Chun, Nicols Mindlin, Gustavo Mariani, Alejandro Demichelis, Lilyanna Yang, Pampa Energia Margarita Chun, Lida Wang, Margarita Chun, Nicols Mindlin, Gustavo Mariani, Alejandro Demichelis, Lilyanna Yang, Pampa Energia

Unknown Executive: They already put the outlook for what's going to be the subsidies until the end of the year as well for what kind of subsidies will be.

Horacio Turri: Thank you, Horacio.

Unknown Executive: Next questions come from Anmil from, from, from America.

Unknown Executive: First one, she says, can you give us an update on the construction of various infrastructure needed to grow Argentina, Pampa Solenoz Business, Argentina, if they are any delay, how do you think they will be? I think we, we already covered this.

Speaker Change: For those that are under retail, social care, or middle income, as well as

Speaker Change: The government just passed, just a few days ago, the monthly increase for inflation, 6% for transmission, 4% for TGS, and 3% for legacy prices.

Unknown Executive: Okay, next one says, is Pampa looking at any other non-conventional oil areas at the moment? We are always looking at new opportunities.

Unknown Executive: Thank you all.

Unknown Executive: Thank you, Oli. The next question from Ignacio is about gas production volumes going forward. Do you see these levels of production being sustained in the forthcoming quarters or was this peak due to an exceptionally cooler quarter?

Unknown Executive: Thank you, Lily. The next question from Ignacio is about gas production volumes going forward. Do you see these levels of production being sustained in the forthcoming quarters or was this peak due to an exceptionally cooler quarter? We're, I think we've covered that. Okay. So the final question is, are there any M&A opportunities being considered, or will all the cash be devoted to CAPEX in order to accelerate and ramp up Trincon de

Speaker Change: Legacy Energy

Ignacio Nietowski: Next question from Ignacio: it's about gas production volumes going forward. Do you see these levels of production being sustained in the forthcoming quarters, or was this big due to an exceptionally color quarter?

Liz: Thank you, Liz. Next question from Ignacio is about gas production volumes going forward. Do you see these levels of production being sustained in the forthcoming quarters or was this peak due to an exceptionally cooler quarter?

Unknown Executive: We're, I think we've covered that. Okay. So the final question is, are there any M&A opportunities being considered, or will all the cash be devoted to CAPEX in order to accelerate and ramp up Trincon de Arana?

Horacio Turri: Okay, so the final question is: are there any MLA opportunities being considered, or will all the cash be devoted to cash? Okay, so we know that our financial position and level of independence allow us to grow inorganically, and we have been analyzing all the opportunities that have been in the market recently, particularly in our core segments, including unconventional areas. But unfortunately, no attractive opportunities in terms of price have appeared yet.

Unknown Executive: but think we're i think we're going that okay

Unknown Executive: So the final question is, are there any M&A opportunities being considered or all the cash will be devoted to CAPEX?

Speaker Change: in order to accelerate and ramp up Trincon de Aranda.

Horacio Turri: And in terms of natural gas, until 2028, we have the Plan Gas, which are currently basically the current volumes that we are delivering into the market, we still have to see what happens with the expansion of the gas pipelines, as I mentioned before, that represents around 40, 14,000, 14 million cubic meters per day. I guess that probably we will keep around 20 to 30% out of that market share, so we are talking three to four additional million cubic meters per day of natural gas during the winter season that approximately 100 to 120 days. So basically those are the main drivers of our future production, not to mention the possibility of the development of the LNG projects that we mentioned before.

Unknown Executive: Okay, so we know that our financial position and level of indebtedness allow us to grow inorganically. And we have been analyzing all the opportunities that have emerged in the market recently, particularly in our core segments, including unconventional areas. But unfortunately, no attractive opportunities in terms of price have appeared yet. So currently, developing our best gas fields, such as El Mangrucho and Sierra Charta and now Rincón D'Aranda in oil, along with all the necessary infrastructure, is much more profitable for Pampa than paying a high entry price for Newark. So, as always, we remain open to potential opportunities that may appear in the market and are always evaluating what is best for the company, but we haven't found anything interesting so far. Thank you, Nico. Next,

Unknown Executive: Okay, so we know that our financial position and level of indebtedness allow us to grow inorganically. And we have been analyzing all the opportunities that have emerged in the market recently, particularly in our core segments, including unconventional areas. But unfortunately, no attractive opportunities in terms of price have appeared yet. So, currently developing our best gas fields, such as El Mangrucho and Sierra Charta and now Rincón D'Aranda in oil, along with all the necessary infrastructure, is much more profitable for Pampa than paying a high entry price for Newark. So, as always, we remain open to potential opportunities that may appear in the market and are always evaluating what is best for the company, but we haven't found anything interesting so far. Thank you, Nicol. Next,

Unknown Executive: Okay.

Unknown Executive: So, we know that our financial position and level of indebtedness allow us to grow inorganically.

Unknown Executive: And we have been analyzing all the opportunities that have been in the market recently.

Speaker Change: Particularly in our core segments, including unconventional areas. But unfortunately, no attractive opportunities in terms of price have appeared yet.

Horacio Turri: Thank you, Horacio.

Horacio Turri: So currently developing our best gas fields such as the Mangruxo and Sierra Chadda, and now we're in Condoranda in oil, along with all the necessary infrastructure. It's much more profitable for Pampa than paying a high entry price for new assets. So, as always, we remain open to potential opportunities that may appear in the market and are always evaluating what is best for the company, but we haven't found anything interesting so far.

Speaker Change: So, currently developing our best gas fields such as El Mangrucho and Sierra Charta, and now Rincón de Aranda in oil, along with all the necessary infrastructure.

Unknown Executive: It is much more profitable for Pampa than paying a high entry price for Newark. Thank you, Nico.

Unknown Executive: It's much more profitable for Pampa than paying a high entry price for new assets.

Speaker Change: So, as always, we remain open to potential opportunities that may appear in the market and are always evaluating what is best for the company, but we haven't found anything interesting so far.

Gustavo Faria: Next questions come from Agustavo Faria from Bank of America. First one, he says, how do you see the demand for gas export in the second half of this year, and could you give a little disclosure on the export prices in the second half of 2024? Okay, for the second half of 2024, we have committed 600,000 cubic meters per day to Chile through Gasanles, the minimum price and the price at the same time that was approved by the Secretary of Energy 70% of Brent, which turns out to be around $5.5 million per million with you well-haired.

Unknown Executive: Thank you very much.

Unknown Executive: Thank you. The next question comes from Fernando Pueyrredon. He asked, have you discussed alternatives with the government regarding the cancelled Geneva III Greenfield and Barragán expansion project?

Unknown Executive: Thank you, Nicol. The next question comes from Fernando Pueyrredon. He asks, have you discussed alternatives with the government regarding the cancelled Geneva III Greenfield and Barragán expansion project?

Horacio Turri: And the next question comes from Fernando Poesrador. He asked, have you discussed alternatives with the government regarding the Council to can invite three Greenfield and Barayan expansion projects? So let me go ahead. If you don't take it here. We have presented the two projects; the big one, the 300, of course, is not going to pursue because this would cancel. But the other one actually we did proceed a presented we wanted. The third comes from this cancel, but we're doing it anyways. This is a way to improve the efficiency even further. The printed efficiency of the plan that we are doing is very small.

Horacio Turri: Thank you, Horacio.

Nico: Thank you, Nico. Next question comes from Fernando Pueyrredon. He asked, have you discussed alternatives with the government regarding the cancelled Geneva III Greenfield and Barragán expansion projects?

Unknown Executive: So I'll speak a little if you don't speak here. We have presented two projects. The big one, the 300 megawatts, of course, it's not going to pursue because this would cancel. But the other one, actually, we did present that we want it. Well, the Tercon oxygen is canceled, but we're doing it anyway. This is a way to improve the efficiency even further. And we are doing a very small capex of $15 million for increasing 111 megawatts.

Unknown Executive: So I'll speak a little bit if you don't speak here. We have presented two projects. The big one, the 300 MW, of course, we're not going to pursue because this can sell. But the other one, actually, we did present that we want it. Well, the Tercon oxygen is cancelled, but we're doing it anyway. This is a way to improve efficiency even further, the efficiency of the plant. And we are doing a very small capex of $15 million for increasing 11 MW.

Unknown Executive: So I'll speak if you don't speak here. We have presented two projects. The big one, the 300MW, of course, we're not going to pursue it because it can't sell. But the other one, actually, we did present it, and we won it. Well, the Tercon oxygen is cancelled, but we're doing it anyway. This is a way to improve the efficiency even further, the efficiency of the plant, and we are doing a very small capex of $15 million for increasing 11MW.

Unknown Executive: So, I'll speak if you don't speak here.

Unknown Executive: We have presented two projects. The big one, the 300 MW, of course, which we're not going to pursue because this...

Unknown Executive: But the other one, actually, we did present, we won it.

Unknown Executive: Well, the Tercon Oxygen is cancelled, but we're doing it anyways. This is a way to improve the efficiency even further, the efficiency of the plant. And we are doing a very small CAPEX of $15 million. We're increasing 111 megawatts.

Horacio Turri: Thank you, Horacio.

Horacio Turri: Cadets is $15 million for increasing 11 million. We're doing it.

Unknown Executive: Thank you.

Unknown Executive: Thank you, William. The next question comes from Walter Charvezio from Santander. The first one says, can you please update on Ringo Miranda, the total regional production curve, and evacuation capacity?

Unknown Executive: Thank you, Wally. The next question comes from Walter Charvezio from Santander. The first one says, can you please update on RINGONERANDA, the total regional introduction curve, and evacuation capacity?

Walter Jarvisio: Well, in next question comes from a Walter Jarvisio from Thunder. First one says, can you please update on the commander and the total region and production car evaluation capacity, etc? I think we already covered it.

Unknown Executive: So we're doing it.

Unknown Executive: Thank you all. Next question comes from Walter Charvezio from Santander.

Unknown Executive: The first one says, can you please update on the GONERANDA, the total drilling and production curve, and the evacuation capacity?

Speaker Change: First one says, can you please update on Rincon Deranda, total drilling and production curve, evacuation capacity?

Horacio Turri: Next question come from Ignacio Nietowski, from Immertida Molso. First one, he says, regarding future increases in regulated prices, do you have any estimation of when this hike will finally translate into effectively higher income for the company, rather than merely substituting subsidies? It's a good question. So less subsidies means less dependence on carbon cell delays and it's more reliance on the demand. Basically the higher hikes on electricity, the thing with electricity will price the final bills.

Unknown Executive: I think we have already covered this. Next one, any update on the potential...

Unknown Executive: I think we've already covered this. Next one, any update on...

Speaker Change: It's SIDR.

Unknown Executive: Next one, any update on potential energy price regimes to be introduced by the regulator? Now we've covered that. Good. Next question comes from Florencia Manchorga from MetLife. She says there is deterioration. She told me that recently. Okay.

Unknown Executive: Next one, any update on potential energy price regimes to be introduced by the regulator? Yeah, we'll cover that. Good. Next question comes from Florencia Machorda from MetLife. She says the deterioration... So, she gave me that piece of paper. Okay.

Unknown Executive: Next one, any update on potential energy price regimes to be introduced by the regulator? Yeah, we'll cover that. Okay.

Unknown Executive: Next one, any update on potential energy price regimes to be introduced by the regulator?

Unknown Executive: I think we already covered this.

Unknown Executive: OK.

Unknown Executive: Next one, any update on potential energy price regimes to be introduced by the regulator?

Unknown Executive: Yeah, we'll cover that. Okay.

Unknown Executive: yes

Unknown Executive: The next question comes from Florencia Machorda from MetLife. She says, "the deterioration." She gave me that piece of paper. Okay.

Unknown Executive: Next question comes from Salencia, my shoulder from my life. She says, the deterioration.

Speaker Change: Yeah, we'll cover that.

Florencia Manchorga: Okay. Thank you.

Unknown Executive: Next question comes from Florencia Manchorga from MetLife.

Unknown Executive: Please follow me there. Please subscribe. Okay.

Unknown Executive: Also, please follow me there. Please subscribe.

Pedro Lederera: Okay. So next question comes from Pedro Lederera. He wants to know, do you have some color related to export in terms of restrictions? Can you sell that I want abroad? All that is very wrong? We are talking about oil, gas, or electricity, but I'm not sure if it is oil. There's no restriction whatsoever. And in terms of gas, is the same thing; we are restricted by the transportation capacity.

Florencia Manchorga: She says, the deterioration. So she told me that recently. Okay.

Speaker Change: there's an no you don't opinue

Unknown Executive: The next question comes from Pedro Letelier. He wants to know, do you have any color related to export in terms of restrictions? Can you sell all that you want abroad for it?

Unknown Executive: The next question comes from Pedro Letellera.

Unknown Executive: Next question comes from Pedro Letelier.

Pedro Letellera: He wants to know, do you have some color related to export in terms of restrictions? Can you sell all that you want abroad for it?

Horacio Turri: That means less subsidies, that means lesser subsidies for Kamesha, and then Kamesha gets faster. It's not going to be materially, we get more money. We as a company get more money, but that's meaning we get in a better quality on the collections, on the payment side, on the receivables. This is mainly the biggest importance here, behind the lowering of subsidies. There have been a very important that the other regulated prices, the gas prices, the final bills, the higher the gas prices for retail, the lower the subsidies it is, so we collect a less planned gas compensation. But again, we collect this for the distribution, so it's getting a better credit profile and a lesser dependence on the government's divergence.

Unknown Executive: We are talking about oil, gas, or electricity, but I'm not so sure about that. If it is oil, there's no restriction whatsoever. And in terms of gas, it's the same thing. We are restricted by the transportation capacity. There's no regulatory restriction under the new Ley de Bases in order to export. A free market. Thank you, Horacio. Now, yes, from.

Unknown Executive: We are talking about oil, gas or electricity, but I'm not so sure about it. If it is oil, there's no restriction whatsoever. And in terms of gas, it's the same thing. We are restricted by the transportation capacity.

Horacio Turri: There's no regulatory restriction under the new lady buses in order to export the free market.

Unknown Executive: There's no regulatory restriction under the new Ley de Bases in order to export.

Pedro Lederera: Thank you, Horacio. Now, yes, from the Lederera from Madrid, regarding hydros, we are recognizing a provision of termination of mandrofo hydros, which was the value. Any update on next steps? Yes, we've been making provisions. If you can see, in light of this very close escalation, the only update we have is that we've been granted 12 months' extension. So this is complicated because there's two concessions in the this hydro; one is the provincial, one is the national. The provincial one has been granted for 12 months, but the state, the national one, for only for six months, extend over another six months.

Unknown Executive: Thank you, Horacio. Now, yes, from Florencia Marshall from MEDLINE.

Unknown Executive: Thank you, Horacio. Now, yes, from Florencia Marshall from MEDLINE. Regarding hydros, we are recognizing a provision of termination of Mrandova hydros, which was the value. Any update on next steps?

Unknown Executive: Thank you, Horacio. Now, yes, from Florence and Marcia from MEDLINE. Regarding hydroelectricity, we are recognizing a provision of termination of Maldonado hydroelectricity, which was the value. Any update on next steps?

Speaker Change: A free market.

Florencia Marshall: Thank you, Horacio. Now, yes, from Florencia Majora from MEDLINE, regarding hydros, we are recognizing approbation of termination of Mrandova hydros, which was the value. Any update on next steps?

Horacio Turri: Just to notice the government just passed a few, actually they passed last June the regulated prices until the end of the year for electricity and for gas. They already put their outlook for what's going to be the subsidies until the end of the year as well for what kind of subsidies will be for those that are under retail social care and for middle income, as well as the government just passed just a few days ago, the monthly increase for inflation, 6% for transmission, 4% for TGS, and 3% for a legacy price, legacy energy, that will be.

Unknown Executive: Yes, we've been making provisions. If you can see, quarter on quarter in light of this This very close expiration. The only update we have is that we'll be granted a 12 month extension. So, and there's two this is complicated because there's two concessions in India that this hydro that is one is the provincial or one is the national one the provincial one has been granted for 12 months but the state the national one it's only for six months extendable for another six months so in light of this uh it looks like it's gonna in ISA it will this will be expiring if there's no extension provided granted uh on November of this year we'll see it's uh That's how it is.

Unknown Executive: Yes, we've been making provisions. If you can see, quarter on quarter in light of this This very close expiration. The only update we have is that we'll be granted a 12 month extension. So, and there's two this is complicated because there's two concessions in India that this hydro that is one is the provincial or one is the national one the provincial one has been granted for 12 months but the state the national one it's only for six months extended for another six months so in light of this uh it looks like it's gonna in ISA in Willis will be expiring if there's no extension provided granted uh on November of this year we'll see it's uh That's how it is.

Speaker Change: Yes, we've been making provisions, as you can see, in light of this very close expiration. The only update we have is that we've been granted a 12-month extension.

Unknown Executive: This is a very close exploration. The only update we have is that we'll be granted a 12-month extension, so.., and there's two this is complicated because there's two concessions in this hydro that is one is the provincial or one is the national one the provincial one has been granted for 12 months but the state the national one it's only for six months extended for another six months so in light of this uh it looks like it's gonna in ISA it will this will be expiring if there's no extension provided granted uh on November of this year we'll see it's a That's how it is.

Unknown Executive: There's two, this is complicated because there's two concessions in...

Speaker Change: yeah that is hyro

Unknown Executive: that is one is the provincial or one is the national one. The provincial one has been granted for 12 months, but the state, the national one, it's only for six months, extended for another six months. So.

Horacio Turri: So, in light of this, it looks like it's going to miss out. We will be inspiring if there's no extension provided, granted on November of this year. We think it's that that's how it is.

Speaker Change: In light of this, it looks like it's going to, in ISA, Willis will be expiring, if there's no extension provided, granted, on November of this year. We'll see.

Unknown Executive: Thank you, only.

Horacio Turri: Thank you all. Next question from Ignacio, it's about gas production volumes going forward. Do you see these levels of production being sustained in the forthcoming quarters or was this big due to an exceptionally color quarter?

Unknown Executive: That's how it is.

Unknown Executive: The next question comes from Ludovica Frosch. According to the press, some companies have signed export contracts of natural gas to Brazil. With the reversion of the North Gas Pipeline, PASPA will export gas to Brazil too. Uh, yeah.

Unknown Executive: Next question comes from Ludovica Frus. First one says, according to the press, some companies have signed export contracts of natural gas to Brazil. With the reversion of the North Gas Pipeline, PASPA will export gas to Brazil too. Uh, yeah.

Unknown Executive: Next question comes from Ludovic Cash Rush. First one says, according to the press, some companies have signed export contracts of natural gas to Brazil. With the rejection of no gas pipeline, it's for gas to Brazil too.

Speaker Change: Thank you, Roly. Next question comes from Ludovica Frosch.

Ludovica Frus: According to the press, some companies have signed export contracts of natural gas to Brazil.

Horacio Turri: Okay, so the final question is are there any MLA opportunities being considered or all the cash will be devoted to cash? Okay, so we know that our financial position and level of independence allow us to grow in organically and we have been analyzing all the opportunities that have been in the market recently, particularly in our core segments, including unconventional area. But unfortunately no attractive opportunities in terms of price have appeared yet.

Unknown Executive: With the reversion of North Gas Pipeline, PAPPA exported gas to Brazil too.

Unknown Executive: Yes, we could export gas to Brazil, absolutely. And we can also export gas to the north of Chile, which is a market that will compete with Brazil. Definitely, we can do that.

Unknown Executive: Yes, we could export gas to Brazil, absolutely, and we can also export gas to the north of Chile, which is a market that will compete with Brazil. Definitely, we can do that.

Horacio Turri: Yes, we could export gas to Brazil, absolutely. And we can also export gas to the north of Chile, which is a market that will compete with Brazil. Definitely, we can do that.

Unknown Executive: Yes, we could export gas to Brazil, absolutely, and we can also export gas to the north of Chile, which is a market that will compete with Brazil, definitely we can do that.

Unknown Executive: Thank you.

Jorge Luis Mauro: And next question from Jorge Luis Mauro. After the recent increase in gas prices and electricity prices, how much of the cost is paid by end users for gas and electricity? For electricity, the other day I got the number is the cost was $91, the average cost of the grid. and the coverage was 61. So the coverage was 61%. That's pretty high. Last year was the coverage with 20%. So it's inclusions. The government has diverse the other 40%. For example, for users, retail users that are non-foxidates, such as me, I'm not foxidates at all. I am paying in my bill $72 per minute an hour.

Unknown Executive: And next question from Jorge Luis Mauro: After the recent increase in gas prices and electricity prices, how much of the cost is paid by end-users for gas and electricity?

Unknown Executive: And next question from Jorge Luis Mauro:

Unknown Executive: And next question from Jorge Luis Mauro: After the recent increase in gas prices and electricity prices, how much of the cost is paid by end-users for gas and electricity?

Speaker Change: Thank you.

Unknown Executive: And next question from Jorge Luis Mauro

Speaker Change: After the recent increase in gas prices and electricity prices, how much of the cost is paid by end-users for gas and electricity?

Unknown Executive: For electricity, the other day I got the number, the cost was $91, the average cost of the grid, and the coverage was 61. So it's pretty much, the coverage was 61%. So it's pretty high. Last year, the coverage was 20%, so it's increasing. Thank you. Garment has diversed the other 40%, right?

Speaker Change: For electricity, the other day I got the number. The cost was $91, the average cost of the grid.

Horacio Turri: So currently developing our best gas fields such as the Mangruxo and Sierra Chadda and now we're in Condoranda in oil, along with all the necessary infrastructure. It's much more profitable for Pampa than paying a high entry price for new assets. So as always we remain open to potential opportunities that may appear in the market and are always evaluating what is best for the company but we haven't found anything interesting and so far.

Unknown Executive: and the coverage was 61. So it's... For example, for users, retail users that are non-subsidized, such as me, I'm not subsidized at all. I am paying $72 in my bill for mail an hour. Of course, again, the real cost is $91 still subsidized, but I've been hiked from $20 last year. Sponsored, But, for example, for non-subsidized people, I choose such. Me, I'm paying $3, $3.3 from UDTU, and low-income people are paying instead of cents, 30 cents, 20 cents; now they're paying 1.8, but just for a block. If they consume more than that, if they exceed in consumption, they have to pay the full fare, that's 3.3. So the idea is to lift it up, the prices, little by little. Sponsored ADR

Unknown Executive: Thank you, Lee. Thank you.

Speaker Change: and the coverage was 61 so it's pretty much the coverage was 61% it's pretty high

Unknown Executive: Last year, the coverage was 20%, so it's increasing, so the government has to divest the other 40%, right? For example, for users that are retail users that are non-subsidized, such as me, I'm not subsidized at all. I am paying $72 in my bill for mail an hour. Of course, again, the real cost, $91, still subsidized, but I've been hiked from $20 last year. Sponsored AdSense, But, for example, for non-subscriber people, I use such.

Speaker Change: Last year, the coverage was 20%, so it's increasing.

Unknown Executive: Very close. Do we have more questions? Hmm.

Unknown Executive: For example, for users, retail users that are non-subsidized, such as me, I'm not subsidized at all. I am paying $72 per mail per hour. Of course, again, the real cost, $91, still subsidized, but I've been hiked from $20 last year. Thank you. But, for example, for non-subscriber people, I use such.

Unknown Executive: The garment has to diverge the other 40%, right?

Unknown Executive: For example, for, for, for...

Speaker Change: users, retail users that are non-subsidized, such as me, I'm not subsidized at all. I am paying in my bill $72 per mile an hour. Of course, again, the real cost, $91 still subsidized, but I've been hiked from $20 last year. So,

Jorge Luis Mauro: Of course, again, against the real cost, 91, still subsidized, but I've been hiked from $20 that year. So it's been increasing hiked.

Horacio Turri: Thank you very much.

Fernando Poesrador: And next question comes from Fernando Poesrador. He asked, have you discussed alternatives with the government regarding the Council to can invite three Greenfield and Barayan expansion projects?

Jorge Luis Mauro: Then in gas, gas, I don't remember the coverage, because winter, the prices go up very much because of the liquids. It's difficult to assess. But for example, fully full non-foxidates people like such that me, I'm paying $3.3 from the deal. Last year, I was paying $1.50 from the deal. So it's been increased. And low income people are paying, instead of cents, 30 cents, 20 cents, now they're paying $1.8, but just for a block. If they're, they're consumed more than that. If they accept a consumption, they have to pay the full fare that's $3.3. So the idea is to lift it up the prices a little by little.

Speaker Change: in gradation. Um, then in gas, in gas I don't remember the coverage, uh, because winter it's...the prices go up very much because of the liquid. It's difficult to assess.

Speaker Change: But, for example, for non-subsidized people like me, I'm paying $3.3 from the LDTO.

Horacio Turri: So let me go ahead if you don't take it here. We have presented the two projects, the big one, the 300, of course, is not going to pursue because this would cancel. But the other one actually we did proceed a presented we wanted. The third comes from this cancel but we're doing it anyways. This is a way to improve the efficiency even further the printed efficiency of the plan that we are doing is very small. Cadets is $15 million for increasing 11 million. We're doing it. Thank you.

Unknown Executive: Me, I'm paying $3, $3.3 from UDTU. Last year I was paying one and a half dollars per minute to you, so it's been increasing, and low-income people are paying instead of cents, 30 cents, 20 cents; now they're paying 1.8, but just for a block. If they consume more than that, if they exceed in consumption, they have to pay the full fare, that's 3.3. So the idea is to lift it up, the prices, little by little. Sponsored ADR

Unknown Executive: Me, I'm paying $3, $3.3 from UDTU. Last year I was paying one and a half dollars per minute to you, so it's been incredible, and low-income people are paying instead of cents, 30 cents, 20 cents; now they're paying 1.8, but just for a block. If they consume more than that, if they exceed in consumption, they have to pay the full fare, that's 3.3. So the idea is to lift it up, the prices, little by little. Sponsored ADR

Unknown Executive: Last year I was paying...

Unknown Executive: One-and-a-half dollars per million BTU, so it's been increased.

Unknown Executive: And low-income people are paying instead of cents, 30 cents, 20 cents, now they're paying 1.8. But just for a block.

Unknown Executive: They're consumed more, and if they excess in consumption they have to pay the full fare, and that's 3.3. So the idea is to lift it up, the prices, a little by little.

Jorge Luis Mauro: In the case of the people that can afford it, such as myself, it's the full fare, but it's still a little bit lower than we'll cost, but very close, as you can see.

Walter Jarvisio: Well, in next question comes from a Walter Jarvisio from Thunder. First one says can you please update on the commander and the total region and production car evaluation capacity, etc? I think we already covered it.

Unknown Executive: In the case of the people that can afford it, such as myself, it's the full fare, but it's still a little bit lower than real cost, but very close, as you can see.

Unknown Executive: Thank you, Oli. That close. Do we have more questions?

Unknown Executive: Thank you, Lee. Ezequiel Fernández, Margarita

Unknown Executive: Thank you, Lee. OK.

Unknown Executive: Very close. Do we have more questions? Hmmm. Thank you for listening.

Unknown Executive: All right, close. Do we have more questions? Hmm, and I think it's a kind of love. (inaudible)

Unknown Executive: Next one any update on potential energy price regimes to be introduced by the regulator? Yeah, we'll cover that. Okay.

Speaker Change: that course do we have more questions

Unknown Executive: Okay, I think that's a little bit. So next question comes from a little bit of rules to, you have just announced a share via that program, but you can see that you return more cash to shareholders. So we just announced the program, and you're already asking for more. In the last five years, less than five years, we have a purchase, almost $600 million of shares at another price of $22 per year. And now we are announcing a new program, and so that's all for now.

Unknown Executive: hmmm

Speaker Change: the c shaar week

Unknown Executive: So, the next question comes from Ludlovica Fruch. You have just announced a share buyback program. Would you consider returning more cash to shareholders?

Unknown Executive: Next question comes from Salencia, my shoulder from my life. She says, the deterioration. Okay.

Unknown Executive: So, next question comes from Ludlovica Frus, you have just announced a share buyback program, would you consider to return more cash to shareholders?

Unknown Executive: So we just announced the program, and you're already asking for more. In the last five years... Ladies and gentlemen, we have repurchased almost 600 million dollars of shares at an average price of $22 per ADR.

Unknown Executive: So we just announced the program, and you're already asking for more. In the last five years... Less than five years, we have repurchased almost 600 million dollars of shares at an average price of $22 per ADR.

Pedro Lederera: So next question comes from Pedro Lederera. He wants to know, do you have some color related to export in terms of restrictions? Can you sell that I want abroad?

Speaker Change: so we just announced the program and you're already as you for a more

Unknown Executive: in the last five we

Speaker Change: later than tivier we have very repurchased

Unknown Executive: Almost 600 million dollars of shares.

Horacio Turri: All that is very wrong? We are talking about oil, gas or electricity, but I'm not sure if it is oil, there's no restriction whatsoever. And in terms of gas is the same thing, we are restricted by the transportation capacity. There's no regulatory restriction under the new lady buses in order to export the free market.

Unknown Executive: at an average price of $22 per ADR.

Unknown Executive: And now we are announcing a new program. So, that's all for now. We are not considering anything more personal.

Unknown Executive: And now we are announcing a new program. So that's all for now. We are not considering anything more personal.

Unknown Executive: And now we are announcing a new program. So, that's all for now. We are not... considering anything more personal.

Unknown Executive: We are not considering anything more personal.

Unknown Executive: So, that's all for now.

Speaker Change: confianisanything mark r

Unknown Executive: okay

Unknown Executive: So we don't have any more questions.

Unknown Executive: So we don't have any more questions. I think I don't see more questions. If you have any questions about the financial statements or anything, you can just do it.

Unknown Executive: So we don't have any more questions.

Speaker Change: Thank you. Bye.

Unknown Executive: no

Unknown Executive: I think so. I don't see any more questions.

Unknown Executive: I think I don't see any more questions. If you have any questions about the financial statements or anything, you can just ask them. We just uploaded our website, the earnings. We have all the backup information there. I think we have hit the top of the hour. We appreciate very much your joining us on this call. I appreciate you, Horacio, Adolfo, and Nico.

Unknown Executive: so we don't anymore questions

Horacio Turri: Thank you Horacio.

Unknown Executive: Now, yes, from the Lederera from Madrid, regarding hydros, we are recognizing a provision of termination of mandrofo hydros, which was the value.

Unknown Executive: We just uploaded the website, the earnings. We have all the backup information there. I think we had hit the top of the hour.

Unknown Executive: Any update on next steps? Yes, we've been making provisions. If you can see, in light of this very close escalation, the only update we have is that we've been granted 12 months extension. So this is complicated because there's two concessions in the this hydro that is one is the provincial one is the national one, the provincial one has been granted for 12 months, but the state the national one for only for six months, extend over another six months. So in light of this, it looks like it's going to miss out. We will be inspiring if there's no extension provided, granted on November of this year. We think it's that's that's how it is.

Unknown Executive: We appreciate very much you joining us on this call. I appreciate you, Horacio. And Nico for joining us for the Q&A.

Unknown Executive: I think we hit the top of the hour.

Unknown Executive: We appreciate very much you.

Unknown Executive: joining us from this co

Unknown Executive: Thank you, only.

Unknown Executive: Any questions you may have, please send us an email. We will be more than happy to help you. I hope it will be a good day. Thank you very much. All the best.

Unknown Executive: Goodbye.

Horacio Turri: Next question comes from Ludovic cash rush. First one says, according to the press, some companies have signed export contracts of natural gas to Brazil. With the rejection of no gas pipeline, it's for gas to Brazil too. Yes, we could export gas to Brazil, absolutely. And we can also export gas to the north of Chile, which is a market that will compete with Brazil. Definitely we can do that.

Unknown Executive: Thank you.

Horacio Turri: And next question from Jorge Luis Mauro. After the recent increase in gas prices and electricity prices, how much of the cost is paid by end users for gas and electricity? For electricity, the other day I got the number is the cost was $91, the average cost of the grid, and the coverage was 61. So the coverage was 61%. That's pretty high. Last year was the coverage with 20%. So it's inclusions. The government has diverse the other 40%.

Horacio Turri: For example, for users, retail users that are non-foxidates, such as me, I'm not foxidates at all. I am paying in my bill $72 per minute an hour. Of course, again, against the real cost, 91, still subsidized, but I've been hiked from $20 that year. So it's been increasing hiked. Then in gas, gas, I don't remember the coverage, because winter, the prices go up very much because of the liquids. It's difficult to assess.

Horacio Turri: But for example, fully full non-foxidates people like such that me, I'm paying $3.3 from the deal. Last year, I was paying $1.5 from the deal. So it's been increased. And low income people are paying, instead of cents, 30 cents, 20 cents, now they're paying $1.8, but just for a block. If they're, they're consumed more than that. If they accept a consumption, they have to pay the full fare that's $3.3. So the idea is to, to lift it up the prices a little by little. In the case of the people that can afford it, such as myself, it's the full fare, but it's still a little bit lower than we'll cost, but very close, as you can see.

Unknown Executive: Thank you, Oli. That close. Do we have more questions?

Unknown Executive: Okay, I think that's a little bit.

Unknown Executive: So next question comes from a little bit of rules to, you have just announced a share via that program, but you can see that you return more cash to share holders.

Unknown Executive: So we just announced the program and you're already asking for more. In the last five years, less than five years, we have a purchase, almost $600 million of shares at another price of $22 per year.

Unknown Executive: And now we are announcing a new program and so that's all for now.

Unknown Executive: We are not considering anything more personal.

Unknown Executive: So we don't have any more questions. I think I don't see more questions.

Unknown Executive: If you have any questions about the financial statements or anything, you can just do it. We just uploaded the website, the earnings, we have all the backup information there.

Unknown Executive: I think we had hit the top of the hour.

Unknown Executive: We appreciate very much you joining us on this call.

Horacio Turri: I appreciate you, Horacio.

Unknown Executive: And Nico for joining us for the Q&A. Any questions you may have, please send us an email. We will be more than happy to help you.

Unknown Executive: I hope it will be a good day. Thank you very much, all the best.

Unknown Executive: Goodbye.

Q2 2024 Pampa Energía SA Earnings Call

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